# DWS Invest Euro-Gov Bonds
DWS INVEST EURO-GOV BONDS

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0145652052 | -13.0% |
| Class FC | LU0145654009 | -12.9% |
| Class FC100 | LU2437447506 | -9.0% 1 |
| Class IC | LU1370690676 | -12.9% |
| Class IC100 | LU1820805940 | -12.8% |
| Class ID100 | LU2081275609 | -12.8% |
| Class LD | LU0145652300 | -13.0% |
| Class NC | LU0145652649 | -13.3% |
| Class TFC | LU1663881479 | -12.9% |
| Class TFD | LU1663883681 | -12.9% |


##### iBoxx Sovereign Eurozone Overall	-12.3%
1 
Launched on February 15, 2022
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Euro-Gov Bonds
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 23 744 330.20 | 2.65 |
| Central governments | 809 894 587.60 | 90.62 |
| Regional governments | 48 394 309.00 | 5.42 |
| Total bonds | 882 033 226.80 | 98.69 |
| 2. Investment fund units Other funds | 2 011 398.06 | 0.23 |
| Total investment fund units | 2 011 398.06 | 0.23 |
| 3. Derivatives | 785 552.13 | 0.09 |
| 4. Cash at bank | 1 286 300.84 | 0.14 |
| 5. Other assets | 8 910 079.14 | 1.00 |
| 6. Receivables from share certificate transactions | 308 386.97 | 0.03 |
| II. Liabilities |  |  |
| 1. Other liabilities | -666 399.23 | -0.08 |
| 2. Liabilities from share certificate transactions | -933 256.07 | -0.10 |
| III. Net assets | 893 735 288.64 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ | principal | additions | disposals |  |  | value in | net assets |
| currency	amount	in the reporting period	EUR |

Securities traded on an exchange	882 033 226.80	98.69
Interest-bearing securities
4.25  % Bundesrepublik Deutschland Bundesanleihe
2007/2039 * ..............................	EUR	10 000 000	%	138.775	13 877 500.00	1.55
0.00  % Bundesrepublik Deutschland Bundesanleihe (MTN)
2020/2030 * ..............................	EUR	20 000 000	%	91.179	18 235 800.00	2.04
0.00  % Bundesrepublik Deutschland Bundesanleihe (MTN)
2020/2030 * ..............................	EUR	13 020 000	%	90.546	11 789 089.20	1.32
0.00  % Bundesrepublik Deutschland Bundesanleihe
2021/2050 * ..............................	EUR	25 000 000	%	63.998	15 999 500.00	1.79
0.125 % Caixa Economica Montepio Geral Caixa Economica
Bancaria SA (MTN) 2019/2024 ................	EUR	6 300 000	%	96.642	6 088 446.00	0.68
0.555 % Chile Government International Bond (MTN)
2021/2029 ................................	EUR	7 850 000	%	82.646	6 487 711.00	0.73
0.05  % CPPIB Capital, Inc. (MTN) 2021/2031 ...........	EUR	14 940 000	4 000 000	%	82.619	12 343 278.60	1.38
0.00  % European Union (MTN) 2020/2030 * ...........	EUR	6 590 000	%	85.253	5 618 172.70	0.63
0.10  % European Union 2020/2040 * ................	EUR	10 530 000	%	65.679	6 915 998.70	0.77
5.50  % French Republic Government Bond OAT
1998/2029 * ..............................	EUR	15 000 000	10 000 000	%	125.36	18 804 000.00	2.10
5.75  % French Republic Government Bond OAT
2001/2032 * ..............................	EUR	20 000 000	%	135.391	27 078 200.00	3.03
4.75  % French Republic Government Bond OAT
2004/2035 * ..............................	EUR	13 000 000	%	129.171	16 792 230.00	1.88
4.00  % French Republic Government Bond OAT
-144A- 2005/2055 * ........................	EUR	10 000 000	%	131.717	13 171 700.00	1.47
4.00  % French Republic Government Bond OAT
2006/2038 * ..............................	EUR	15 000 000	%	123.601	18 540 150.00	2.08
2.00  % French Republic Government Bond OAT -144A-
2017/2048 * ..............................	EUR	15 000 000	%	91.536	13 730 400.00	1.54
0.00  % French Republic Government Bond OAT (MTN)
2019/2029 * ..............................	EUR	20 000 000	%	88.587	17 717 400.00	1.98
1.125 % Hungary Government International Bond (MTN)
2020/2026 * ..............................	EUR	20 000 000	%	91.397	18 279 400.00	2.05
2.625 % Indonesia Government International Bond -Reg-
(MTN) 2016/2023 ..........................	EUR	10 000 000	%	101.05	10 105 000.00	1.13
0.90  % Indonesia Government International Bond (MTN)
2020/2027 ................................	EUR	15 000 000	%	88.449	13 267 350.00	1.49
2.00  % Ireland Government Bond 2015/2045 ...........	EUR	15 000 000	15 000 000	%	92.832	13 924 800.00	1.56
0.40  % Ireland Government Bond 2020/2035 *.........	EUR	7 500 000	%	80.15	6 011 250.00	0.67
0.20  % Ireland Government Bond (MTN) 2020/2030 * ...	EUR	30 000 000	20 000 000	%	87.712	26 313 600.00	2.94
7.25  % Italy Buoni Poliennali Del Tesoro 1997/2026 * ...	EUR	10 000 000	%	121.243	12 124 300.00	1.36
6.50  % Italy Buoni Poliennali Del Tesoro 1997/2027 * ...	EUR	30 000 000	%	120.619	36 185 700.00	4.05
5.75  % Italy Buoni Poliennali Del Tesoro 2002/2033 * ...	EUR	10 000 000	%	121.742	12 174 200.00	1.36
5.00  % Italy Buoni Poliennali Del Tesoro -144A-
2009/2025 * ..............................	EUR	10 000 000	%	108.7	10 870 000.00	1.22
4.50  % Italy Buoni Poliennali Del Tesoro -144A-
2010/2026 * ..............................	EUR	25 000 000	%	108.814	27 203 500.00	3.04
3.25  % Italy Buoni Poliennali Del Tesoro -144A- 2015/2046	EUR	10 000 000	10 000 000	%	95.612	9 561 200.00	1.07
2.70  % Italy Buoni Poliennali Del Tesoro -144A- 2016/2047	EUR	10 000 000	10 000 000	%	86.346	8 634 600.00	0.97
1.25  % Italy Buoni Poliennali Del Tesoro (MTN) 2016/2026	EUR	20 000 000	%	95.911	19 182 200.00	2.15
3.10  % Italy Buoni Poliennali Del Tesoro -144A- 2019/2040	EUR	10 000 000	%	94.64	9 464 000.00	1.06
0.85  % Italy Buoni Poliennali Del Tesoro (MTN)
2019/2027 * ..............................	EUR	15 000 000	%	93.808	14 071 200.00	1.58
2.45  % Italy Buoni Poliennali Del Tesoro -144A- 2020/2050	EUR	10 000 000	10 000 000	%	79.908	7 990 800.00	0.89
1.45  % Italy Buoni Poliennali Del Tesoro -144A-
2020/2036 * ..............................	EUR	10 000 000	10 000 000	%	78.685	7 868 500.00	0.88
1.85  % Italy Buoni Poliennali Del Tesoro -144A- (MTN)
2020/2025 ................................	EUR	25 000 000	%	99.872	24 968 000.00	2.79
1.80  % Italy Buoni Poliennali Del Tesoro -144A- 2020/2041	EUR	10 000 000	10 000 000	%	76.474	7 647 400.00	0.86
1.50  % Italy Buoni Poliennali Del Tesoro -144A- 2021/2045	EUR	10 000 000	10 000 000  16 500 000	%	69.042	6 904 200.00	0.77
1.20  % Italy Buoni Poliennali Del Tesoro 2022/2025. . . . . .	EUR	25 000 000	25 000 000	%	97.665	24 416 250.00	2.73
5.00  % Kingdom of Belgium Government Bond -144A-
2004/2035 * ..............................	EUR	7 000 000	%	130.777	9 154 390.00	1.02
4.25  % Kingdom of Belgium Government Bond -144A-
2010/2041 * ..............................	EUR	10 000 000	%	125.263	12 526 300.00	1.40
4.00  % Kingdom of Belgium Government Bond
2012/2032 * ..............................	EUR	35 000 000	%	118.372	41 430 200.00	4.64
0.00  % Korea Housing Finance Co. (MTN) 2021/2026 ....	EUR	23 360 000	%	92.882	21 697 235.20	2.43
0.00  % Korea International Bond (MTN) 2020/2025 * ....	EUR	5 010 000	%	94.924	4 755 692.40	0.53
0.35  % Land Berlin 2020/2050 * ....................	EUR	20 000 000	%	59.504	11 900 800.00	1.33
0.125 % Ministeries Van de Vlaamse Gemeenschap (MTN)
2020/2035 ................................	EUR	11 900 000	%	74.161	8 825 159.00	0.99
0.00  % Philippine Government International Bond
2020/2023 ................................	EUR	12 640 000	%	99.394	12 563 401.60	1.41
4.10  % Portugal Obrigacoes do Tesouro OT -144A-
2006/2037 ................................	EUR	10 000 000	%	117.882	11 788 200.00	1.32
0.00  % Region of Ile de France (MTN) 2021/2028 .......	EUR	8 100 000	%	90.35	7 318 350.00	0.82
3.15  % Republic of Austria Government Bond -144A-
2012/2044 * ..............................	EUR	12 000 000	%	116.435	13 972 200.00	1.56
| 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 |
| 2.40  % Republic of Austria Government Bond -144A- 2013/2034 *	EUR | 5 000 000 |  | % | 104.023	5 201 150.00	0.58 |
| 0.125 % Slovenia Government Bond (MTN) 2021/2031	EUR | 9 260 000 |  | % | 82.929	7 679 225.40	0.86 |
| 1.175 | % Slovenia Government Bond 2022/2062 .........  | EUR | 15 500 000 | 15 500 000 |  | % | 61.876 | 9 590 780.00 | 1.07 |
| 6.00 | % Spain Government Bond 1998/2029 *..........  | EUR | 15 000 000 |  |  | % | 125.366 | 18 804 900.00 | 2.10 |
| 5.75 | % Spain Government Bond 2001/2032 *..........  | EUR | 10 000 000 |  |  | % | 130.276 | 13 027 600.00 | 1.46 |
| 4.20 | % Spain Government Bond -144A- 2005/2037 * ....  | EUR | 10 000 000 |  |  | % | 118.29 | 11 829 000.00 | 1.32 |
| 4.70 | % Spain Government Bond -144A- 2009/2041 * ....  | EUR | 6 000 000 |  |  | % | 127.522 | 7 651 320.00 | 0.86 |
| 4.65 | % Spain Government Bond -144A- 2010/2025 ......  | EUR | 15 000 000 |  |  | % | 110.137 | 16 520 550.00 | 1.85 |
| 5.90 | % Spain Government Bond -144A- 2011/2026 * ....  | EUR | 15 000 000 |  | 15 000 000 | % | 117.36 | 17 604 000.00 | 1.97 |
| 5.15 | % Spain Government Bond -144A- 2013/2044 * ....  | EUR | 5 000 000 |  | 10 000 000 | % | 136.957 | 6 847 850.00 | 0.77 |
| 3.45 | % Spain Government Bond -144A- 2016/2066 ......  | EUR | 3 000 000 |  |  | % | 104.543 | 3 136 290.00 | 0.35 |
| 1.45 | % Spain Government Bond -144A- (MTN) 2019/2029 * | EUR | 2 500 000 |  | 2 200 000 | % | 96.706 | 2 417 650.00 | 0.27 |
| 1.25 | % Spain Government Bond -144A- (MTN) 2020/2030 | EUR | 13 680 000 |  |  | % | 92.919 | 12 711 319.20 | 1.42 |
| 0.50 | % Spain Government Bond -144A- (MTN) 2021/2031 | EUR | 9 650 000 |  |  | % | 84.526 | 8 156 759.00 | 0.91 |
| 1.00 | % Spain Government Bond -144A- 2021/2042 ......  | EUR | 3 050 000 |  |  | % | 71.596 | 2 183 678.00 | 0.24 |
| 2.375 | % State of North Rhine-Westphalia Germany 2013/2033 * ..............................  | EUR | 20 000 000 |  |  | % | 101.75 | 20 350 000.00 | 2.28 |
| 1.75 | % UNEDIC ASSEO (MTN) 2022/2032 *...........  | EUR | 7 200 000 | 7 200 000 |  | % | 95.979 | 6 910 488.00 | 0.77 |
| 0.01 | % Yorkshire Building Society (MTN) 2020/2027 .....  | EUR | 5 680 000 |  |  | % | 90.171 | 5 121 712.80 | 0.57 |
| Investment fund units |  |  |  |  |  |  | 2 011 398.06 | 0.23 |
| In-group fund units DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.110%) ......................  | Units | 147 | 25 692 | 28 426 | EUR | 13 682.98 | 2 011 398.06 | 0.23 |
| Total securities portfolio |  |  |  |  |  |  | 884 044 624.86 | 98.92 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 785 552.13 | 0.09 |
| Interest rate futures Euro SCHATZ Futures 09/2022 (DB) ....................  | Count | -1 464 |  | 1 464 |  |  | 77 214.29 | 0.01 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Count | -567 | 172 | 739 |  |  | 708 337.84 | 0.08 |
| Cash at bank |  |  |  |  |  |  | 1 286 300.84 | 0.14 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 1 286 300.84 | 0.14 |
| Other assets |  |  |  |  |  |  | 8 910 079.14 | 1.00 |
| Interest receivable .................................  |  |  |  |  |  |  | 8 904 636.42 | 1.00 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 640.20 | 0.00 |
| Other receivables ..................................  |  |  |  |  |  |  | 4 802.52 | 0.00 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 308 386.97 | 0.03 |
| Total assets |  |  |  |  |  |  | 895 334 943.94 | 100.18 |
| Other liabilities |  |  |  |  |  |  | -666 399.23 | -0.08 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -666 399.23 | -0.08 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -933 256.07 | -0.10 |
| Total liabilities |  |  |  |  |  |  | -1 599 655.30 | -0.18 |
| Net assets |  |  |  |  |  |  | 893 735 288.64 | 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 | 187.56 |
| Class FC100 ......................................  | EUR | 90.95 |
| Class IC ..........................................  | EUR | 96.82 |
| Class IC100 .......................................  | EUR | 97.89 |
| Class ID100 .......................................  | EUR | 82.61 |
| Class LC .........................................  | EUR | 176.04 |
| Class LD .........................................  | EUR | 96.24 |
| Class NC .........................................  | EUR | 158.19 |
| Class TFC ........................................  | EUR | 93.41 |
| Class TFD ........................................  | EUR | 83.05 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class FC .........................................  | Count | 1 588 238.883 |
| Class FC100 ......................................  | Count | 1 291 844.331 |
| Class IC ..........................................  | Count | 481 297.000 |
| Class IC100 .......................................  | Count | 2 541 318.000 |
| Class ID100 .......................................  | Count | 117.000 |
| Class LC .........................................  | Count | 311 079.430 |
| Class LD .........................................  | Count | 385 736.081 |
| Class NC .........................................  | Count | 70 374.243 |
| Class TFC ........................................  | Count | 4 350.001 |
| Class TFD ........................................  | Count | 957 813.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) FTSE EMU Government Bond Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 86.032 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 103.732 |
| Average market risk exposure ........................  | % | 95.720 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, 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 195 320 505.00.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security | name | Currency | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- | --- |
| 4.25 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |
|  | 2007/2039 ................................  | EUR | 10 000 000 | 13 877 500.00 |  |
| 0.00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) |  |  |  |  |
|  | 2020/2030 ................................  | EUR | 20 000 000 | 18 235 800.00 |  |
| 0.00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) |  |  |  |  |
|  | 2020/2030 ................................  | EUR | 13 000 000 | 11 770 980.00 |  |
| 0.00 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |
|  | 2021/2050 ................................  | EUR | 24 000 000 | 15 359 520.00 |  |
| 0.00 | % European Union (MTN) 2020/2030 .............  | EUR | 6 500 000 | 5 541 445.00 |  |
| 0.10 | % European Union 2020/2040...................  | EUR | 10 530 000 | 6 915 998.70 |  |
| 5.50 | % French Republic Government Bond OAT 1998/2029 | EUR | 14 600 000 | 18 302 560.00 |  |
| 5.75 | % French Republic Government Bond OAT 2001/2032 | EUR | 19 500 000 | 26 401 245.00 |  |
| 4.75 | % French Republic Government Bond OAT 2004/2035 | EUR | 12 500 000 | 16 146 375.00 |  |
| 4.00 | % French Republic Government Bond OAT -144A- |  |  |  |  |
|  | 2005/2055 ................................  | EUR | 9 500 000 | 12 513 115.00 |  |
| 4.00 | % French Republic Government Bond OAT 2006/2038 | EUR | 14 500 000 | 17 922 145.00 |  |
| 2.00 | % French Republic Government Bond OAT -144A- |  |  |  |  |
|  | 2017/2048 ................................  | EUR | 15 000 000 | 13 730 400.00 |  |
| 0.00 | % French Republic Government Bond OAT (MTN) |  |  |  |  |
|  | 2019/2029 ................................  | EUR | 19 000 000 | 16 831 530.00 |  |
| 1.125 | % Hungary Government International Bond (MTN) |  |  |  |  |
| 2020/2026 ................................  | EUR | 14 600 000 | 13 343 962.00 |
| 0.40  % Ireland Government Bond 2020/2035 ...........  | EUR | 7 500 000 | 6 011 250.00 |
| 0.20  % Ireland Government Bond (MTN) 2020/2030 .....  | EUR | 10 000 000 | 8 771 200.00 |
| 7.25  % Italy Buoni Poliennali Del Tesoro 1997/2026......  | EUR | 9 900 000 | 12 003 057.00 |
| 6.50  % Italy Buoni Poliennali Del Tesoro 1997/2027......  | EUR | 27 000 000 | 32 567 130.00 |
| 5.75  % Italy Buoni Poliennali Del Tesoro 2002/2033......  | EUR | 10 000 000 | 12 174 200.00 |
| 5.00  % Italy Buoni Poliennali Del Tesoro -144A- 2009/2025 | EUR | 9 000 000 | 9 783 000.00 |
| 4.50  % Italy Buoni Poliennali Del Tesoro -144A- 2010/2026 | EUR | 24 000 000 | 26 115 360.00 |

| Security name	Currency | Quantity/ principal amount | Securities loans	Total Total market value in EUR No fixed maturity |
| --- | --- | --- |
| 50.85 % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 EUR | 14 500 000 | 13 602 160.00 |
| 1.45  % Italy Buoni Poliennali Del Tesoro -144A- 2020/2036 EUR 5.00  % Kingdom of Belgium Government Bond -144A- | 10 000 000 | 7 868 500.00 |
| 4.25 | 2004/2035 ................................  % Kingdom of Belgium Government Bond -144A- 2010/2041 ................................  | EUR EUR | 7 000 000 10 000 000 | 9 154 390.00 12 526 300.00 |
| 4.00 | % Kingdom of Belgium Government Bond 2012/2032 | EUR | 35 000 000 | 41 430 200.00 |
| 0.00 | % Korea International Bond (MTN) 2020/2025 ......  | EUR | 3 600 000 | 3 417 264.00 |
| 0.35 | % Land Berlin 2020/2050 ......................  | EUR | 19 700 000 | 11 722 288.00 |
| 3.15 | % Republic of Austria Government Bond -144A- 2012/2044 ................................  | EUR | 11 700 000 | 13 622 895.00 |
| 2.40 | % Republic of Austria Government Bond -144A- 2013/2034 ................................  | EUR | 5 000 000 | 5 201 150.00 |
| 6.00 | % Spain Government Bond 1998/2029 ............  | EUR | 15 000 000 | 18 804 900.00 |
| 5.75 | % Spain Government Bond 2001/2032 ............  | EUR | 10 000 000 | 13 027 600.00 |
| 4.20 | % Spain Government Bond -144A- 2005/2037 ......  | EUR | 10 000 000 | 11 829 000.00 |
| 4.70 | % Spain Government Bond -144A- 2009/2041 ......  | EUR | 6 000 000 | 7 651 320.00 |
| 5.90 | % Spain Government Bond -144A- 2011/2026 ......  | EUR | 15 000 000 | 17 604 000.00 |
| 5.15 | % Spain Government Bond -144A- 2013/2044 ......  | EUR | 5 000 000 | 6 847 850.00 |
| 1.45 2.375 | % Spain Government Bond -144A- (MTN) 2019/2029 % State of North Rhine-Westphalia Germany | EUR | 2 500 000 | 2 417 650.00 |
| 2013/2033 ................................  | EUR | 20 000 000 | 20 350 000.00 |
| 1.75  % UNEDIC ASSEO (MTN) 2022/2032 .............  | EUR | 1 800 000 | 1 727 622.00 |
| 0.2	% Ireland Government Bond (MTN) 2020/2030 .....  | EUR | 10 000 000 | 10 118 700.00 |
| 0.4	% Ireland Government Bond 2020/2035 ...........  | EUR | 7 500 000 | 7 522 800.00 |

Total receivables from securities loans	533 122 861.70	533 122 861.70
Contracting parties for securities loans
Barclays Bank Ireland PLC FI, BNP Paribas Arbitrage SNC, BNP Paribas S.A., BofA Securities Europe SA BB, Crédit Agricole CIB S.A., DekaBank Deutsche Girozentrale, Deutsche Bank AG FI, Morgan Stanley Europe SE FI, Société Générale, UBS AG London Branch, Unicredit Bank AG
| Total collateral pledged by third parties for securities loans | EUR | 564 924 650.47 |
| --- | --- | --- |
| thereof: |  |  |
| Bonds | EUR | 96 036 339.78 |
| Equities | EUR | 468 888 310.69 |

 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 valued to a small extent at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnote	
* Some or all of these securities are lent.

Translation (ENDE, 2022-06-30):
# DWS Invest Euro-Gov Bonds
DWS INVEST EURO-GOV BONDS

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0145652052 | -13,0% |
| Klasse FC | LU0145654009 | -12,9% |
| Klasse FC100 | LU2437447506 | -9,0% 1) |
| Klasse IC | LU1370690676 | -12,9% |
| Klasse IC100 | LU1820805940 | -12,8% |
| Klasse ID100 | LU2081275609 | -12,8% |
| Klasse LD | LU0145652300 | -13,0% |
| Klasse NC | LU0145652649 | -13,3% |
| Klasse TFC | LU1663881479 | -12,9% |
| Klasse TFD | LU1663883681 | -12,9% |


##### iBoxx Sovereign Eurozone Overall	-12,3%
1) 
aufgelegt am 15.2.2022
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest Euro-Gov Bonds
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 23 744 330,20 | 2,65 |
| Zentralregierungen | 809 894 587,60 | 90,62 |
| Regionalregierungen | 48 394 309,00 | 5,42 |
| Summe Anleihen | 882 033 226,80 | 98,69 |
| 2. Investmentanteile Sonstige Fonds | 2 011 398,06 | 0,23 |
| Summe Investmentanteile | 2 011 398,06 | 0,23 |
| 3. Derivate | 785 552,13 | 0,09 |
| 4. Bankguthaben | 1 286 300,84 | 0,14 |
| 5. Sonstige Vermögensgegenstände | 8 910 079,14 | 1,00 |
| 6. Forderungen aus Anteilscheingeschäften | 308 386,97 | 0,03 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -666 399,23 | -0,08 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -933 256,07 | -0,10 |
| III. Fondsvermögen | 893 735 288,64 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | 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 |  |  |  |  | 882 033 226,80 | 98,69 |
| Verzinsliche Wertpapiere 4,25  % Bundesrepublik Deutschland Bundesanleihe 2007/2039 *	EUR | 10 000 000 |  | % | 138,775 | 13 877 500,00 | 1,55 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) 2020/2030 * .............................  | EUR | 20 000 000 | % | 91,179 | 18 235 800,00 | 2,04 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) 2020/2030 * .............................  | EUR | 13 020 000 | % | 90,546 | 11 789 089,20 | 1,32 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |  |  |  |  |
| 2021/2050 * .............................  0,125 % Caixa Economica Montepio Geral Caixa Economica Bancaria SA (MTN) 2019/2024 ...............  | EUR EUR | 25 000 000 6 300 000 | % % | 63,998 96,642 | 15 999 500,00 6 088 446,00 | 1,79 0,68 |
| 0,555 | % Chile Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2029  ..............................  | EUR | 7 850 000 |  | % | 82,646 | 6 487 711,00 | 0,73 |
| 0,05 | % CPPIB Capital, Inc. (MTN) 2021/2031  .........  | EUR | 14 940 000 | 4 000 000 | % | 82,619 | 12 343 278,60 | 1,38 |
| 0,00 | % European Union (MTN) 2020/2030 * ..........  | EUR | 6 590 000 |  | % | 85,253 | 5 618 172,70 | 0,63 |
| 0,10 | % European Union 2020/2040 * ................  | EUR | 10 530 000 |  | % | 65,679 | 6 915 998,70 | 0,77 |
| 5,50 | % French Republic Government Bond OAT |  |  |  |  |  |  |  |

| EUR | 15 000 000 |  | 10 000 000 | % | 125,36 | 18 804 000,00 | 2,10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR | 20 000 000 |  |  | % | 135,391 | 27 078 200,00 | 3,03 |
| EUR | 13 000 000 |  |  | % | 129,171 | 16 792 230,00 | 1,88 |
| EUR | 10 000 000 |  |  | % | 131,717 | 13 171 700,00 | 1,47 |
| EUR | 15 000 000 |  |  | % | 123,601 | 18 540 150,00 | 2,08 |
| EUR | 15 000 000 |  |  | % | 91,536 | 13 730 400,00 | 1,54 |
| 2019/2029 *	EUR | 20 000 000 |  |  | % | 88,587 | 17 717 400,00 | 1,98 |
| 2020/2026 *	EUR | 20 000 000 |  |  | % | 91,397 | 18 279 400,00 | 2,05 |
| (MTN) 2016/2023	EUR 0,90  % Indonesia Government International Bond (MTN) | 10 000 000 |  |  | % | 101,05 | 10 105 000,00 | 1,13 |
|  | 2020/2027  ..............................  | EUR | 15 000 000 |  | % | 88,449 | 13 267 350,00 | 1,49 |
| 2,00 | % Ireland Government Bond 2015/2045  .........  | EUR | 15 000 000 | 15 000 000 | % | 92,832 | 13 924 800,00 | 1,56 |
| 0,40 | % Ireland Government Bond 2020/2035 * ........  | EUR | 7 500 000 |  | % | 80,15 | 6 011 250,00 | 0,67 |
| 0,20 | % Ireland Government Bond (MTN) 2020/2030 * ...  | EUR | 30 000 000 | 20 000 000 | % | 87,712 | 26 313 600,00 | 2,94 |
| 7,25 | % Italy Buoni Poliennali Del Tesoro 1997/2026 * ...  | EUR | 10 000 000 |  | % | 121,243 | 12 124 300,00 | 1,36 |
| 6,50 | % Italy Buoni Poliennali Del Tesoro 1997/2027 * ...  | EUR | 30 000 000 |  | % | 120,619 | 36 185 700,00 | 4,05 |
| 5,75 | % Italy Buoni Poliennali Del Tesoro 2002/2033 * ...  | EUR | 10 000 000 |  | % | 121,742 | 12 174 200,00 | 1,36 |
| 5,00 | % Italy Buoni Poliennali Del Tesoro -144A- |  |  |  |  |  |  |  |
| 2009/2025 *	EUR | 10 000 000 |  |  | % | 108,7 | 10 870 000,00 | 1,22 |
| 4,50 | % Italy Buoni Poliennali Del Tesoro -144A- |  |  |  |  |  |  |  |  |
|  | 2010/2026 * .............................  | EUR | 25 000 000 |  | % | 108,814 | 27 203 500,00 | 3,04 |
| 3,25 | % Italy Buoni Poliennali Del Tesoro -144A- 2015/2046 | EUR | 10 000 000 | 10 000 000 | % | 95,612 | 9 561 200,00 | 1,07 |
| 2,70 | % Italy Buoni Poliennali Del Tesoro -144A- 2016/2047 | EUR | 10 000 000 | 10 000 000 | % | 86,346 | 8 634 600,00 | 0,97 |
| 1,25 | % Italy Buoni Poliennali Del Tesoro (MTN) 2016/2026 | EUR | 20 000 000 |  | % | 95,911 | 19 182 200,00 | 2,15 |
| 3,10 | % Italy Buoni Poliennali Del Tesoro -144A- 2019/2040 | EUR | 10 000 000 |  | % | 94,64 | 9 464 000,00 | 1,06 |
| 0,85 | % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 * .............................  | EUR | 15 000 000 |  | % | 93,808 | 14 071 200,00 | 1,58 |
| 2,45 | % Italy Buoni Poliennali Del Tesoro -144A- 2020/2050 | EUR | 10 000 000 | 10 000 000 | % | 79,908 | 7 990 800,00 | 0,89 |
| 1,45 | % Italy Buoni Poliennali Del Tesoro -144A- |  |  |  |  |  |  |  |
| 2020/2036 *	EUR | 10 000 000 |  | 10 000 000 | % | 78,685 | 7 868 500,00 | 0,88 |
| 1,85 | % Italy Buoni Poliennali Del Tesoro -144A- (MTN) 2020/2025  ..............................  | EUR | 25 000 000 |  |  | % | 99,872 | 24 968 000,00 | 2,79 |
| 1,80 | % Italy Buoni Poliennali Del Tesoro -144A- 2020/2041 | EUR | 10 000 000 | 10 000 000 |  | % | 76,474 | 7 647 400,00 | 0,86 |
| 1,50 | % Italy Buoni Poliennali Del Tesoro -144A- 2021/2045 | EUR | 10 000 000 | 10 000 000 | 16 500 000 | % | 69,042 | 6 904 200,00 | 0,77 |
| 1,20 | % Italy Buoni Poliennali Del Tesoro 2022/2025 ....  | EUR | 25 000 000 | 25 000 000 |  | % | 97,665 | 24 416 250,00 | 2,73 |
| 5,00 | % Kingdom of Belgium Government Bond -144A- |  |  |  |  |  |  |  |  |
| 2004/2035 *	EUR | 7 000 000 |  |  | % | 130,777 | 9 154 390,00 | 1,02 |
| 2010/2041 *	EUR | 10 000 000 |  |  | % | 125,263 | 12 526 300,00 | 1,40 |
| 4,00 | % Kingdom of Belgium Government Bond |  |  |  |  |  |  |  |  |
|  | 2012/2032 * .............................  | EUR | 35 000 000 | % | 118,372 | 41 430 200,00 | 4,64 |
| 0,00 | % Korea Housing Finance Co. (MTN) 2021/2026  ..  | EUR | 23 360 000 | % | 92,882 | 21 697 235,20 | 2,43 |
| 0,00 | % Korea International Bond (MTN) 2020/2025 * ...  | EUR | 5 010 000 | % | 94,924 | 4 755 692,40 | 0,53 |
| 0,35 | % Land Berlin 2020/2050 * ....................  | EUR | 20 000 000 | % | 59,504 | 11 900 800,00 | 1,33 |
| 0,125 | % Ministeries Van de Vlaamse Gemeenschap (MTN) |  |  |  |  |  |  |  |  |
| 2020/2035	EUR | 11 900 000 |  |  | % | 74,161 | 8 825 159,00 | 0,99 |
| 2020/2023	EUR | 12 640 000 |  |  | % | 99,394 | 12 563 401,60 | 1,41 |
| 4,10 | % Portugal Obrigacoes do Tesouro OT -144A- |  |  |  |  |  |  |  |  |
|  | 2006/2037 ................................  | EUR | 10 000 000 | % | 117,882 | 11 788 200,00 | 1,32 |
| 0,00 | % Region of Ile de France (MTN) 2021/2028 ......  | EUR | 8 100 000 | % | 90,35 | 7 318 350,00 | 0,82 |
| 3,15 | % Republic of Austria Government Bond -144A- |  |  |  |  |  |  |
| 2012/2044 *	EUR | 12 000 000 |  |  | % | 116,435 | 13 972 200,00 | 1,56 |

|  | 1998/2029 * .............................  |
| --- | --- |
| 5,75 | % French Republic Government Bond OAT |
|  | 2001/2032 * .............................  |
| 4,75 | % French Republic Government Bond OAT |
|  | 2004/2035 * .............................  |
| 4,00 | % French Republic Government Bond OAT |
|  | -144A- 2005/2055 * ........................  |
| 4,00 | % French Republic Government Bond OAT |
|  | 2006/2038 * .............................  |
| 2,00 | % French Republic Government Bond OAT -144A- |
|  | 2017/2048 * .............................  |
| 0,00 | % French Republic Government Bond OAT (MTN) |

1,125 % Hungary Government International Bond (MTN) 2,625 % Indonesia Government International Bond -Reg-
4,25  % Kingdom of Belgium Government Bond -144A-
0,00  % Philippine Government International Bond
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. Währung | Nominalbetrag bzw. Bestand | Käufe/	Verkäufe/ Zugänge	Abgänge im Berichtszeitraum | Währung | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2,40 % Republic of Austria Government Bond -144A- 2013/2034 * .............................  | EUR | 5 000 000 |  | % | 104,023 | 5 201 150,00 | 0,58 |
| 0,125 % Slovenia Government Bond (MTN) 2021/2031  ..  | EUR | 9 260 000 |  | % | 82,929 | 7 679 225,40 | 0,86 |
| 1,175 % Slovenia Government Bond 2022/2062  ........  | EUR | 15 500 000 | 15 500 000 | % | 61,876 | 9 590 780,00 | 1,07 |
| 6,00 | % Spain Government Bond 1998/2029 * .........  | EUR | 15 000 000 |  | % | 125,366 | 18 804 900,00 | 2,10 |
| 5,75 | % Spain Government Bond 2001/2032 * .........  | EUR | 10 000 000 |  | % | 130,276 | 13 027 600,00 | 1,46 |
| 4,20 | % Spain Government Bond -144A- 2005/2037 * ...  | EUR | 10 000 000 |  | % | 118,29 | 11 829 000,00 | 1,32 |
| 4,70 | % Spain Government Bond -144A- 2009/2041 * ...  | EUR | 6 000 000 |  | % | 127,522 | 7 651 320,00 | 0,86 |
| 4,65 | % Spain Government Bond -144A- 2010/2025  ....  | EUR | 15 000 000 |  | % | 110,137 | 16 520 550,00 | 1,85 |
| 5,90 | % Spain Government Bond -144A- 2011/2026 * ...  | EUR | 15 000 000 | 15 000 000 | % | 117,36 | 17 604 000,00 | 1,97 |
| 5,15 | % Spain Government Bond -144A- 2013/2044 * ...  | EUR | 5 000 000 | 10 000 000 | % | 136,957 | 6 847 850,00 | 0,77 |
| 3,45 | % Spain Government Bond -144A- 2016/2066  ....  | EUR | 3 000 000 |  | % | 104,543 | 3 136 290,00 | 0,35 |
| 1,45 | % Spain Government Bond -144A- (MTN) 2019/2029 * | EUR | 2 500 000 | 2 200 000 | % | 96,706 | 2 417 650,00 | 0,27 |
| 1,25 | % Spain Government Bond -144A- (MTN) 2020/2030 | EUR | 13 680 000 |  | % | 92,919 | 12 711 319,20 | 1,42 |
| 0,50 | % Spain Government Bond -144A- (MTN) 2021/2031 | EUR | 9 650 000 |  | % | 84,526 | 8 156 759,00 | 0,91 |
| 1,00 2,375 | % Spain Government Bond -144A- 2021/2042  ....  % State of North Rhine-Westphalia Germany | EUR | 3 050 000 |  | % | 71,596 | 2 183 678,00 | 0,24 |
| 2013/2033 * .............................  | EUR | 20 000 000 |  | % | 101,75 | 20 350 000,00 | 2,28 |
| 1,75  % UNEDIC ASSEO (MTN) 2022/2032 * ..........  | EUR | 7 200 000 | 7 200 000 | % | 95,979 | 6 910 488,00 | 0,77 |
| 0,01  % Yorkshire Building Society (MTN) 2020/2027  ...  | EUR | 5 680 000 |  | % | 90,171 | 5 121 712,80 | 0,57 |

Investmentanteile	2 011 398,06	0,23
Gruppeneigene Investmentanteile
DWS Institutional - DWS Institutional ESG Euro Money
Market Fund -IC- EUR - (0,110%) .....................	Anteile	147	25 692	28 426	EUR	13 682,98	2 011 398,06	0,23
Summe Wertpapiervermögen	884 044 624,86	98,92
Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 785 552,13 | 0,09 |
| --- | --- | --- | --- | --- | --- | --- |
| Zinsterminkontrakte Euro SCHATZ Futures 09/2022 (DB) ...................  | Stück | -1 464 |  | 1 464 | 77 214,29 | 0,01 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Stück | -567 | 172 | 739 | 708 337,84 | 0,08 |
| Bankguthaben |  |  |  |  | 1 286 300,84 | 0,14 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  | 1 286 300,84 | 0,14 |
| Sonstige Vermögensgegenstände |  |  |  |  | 8 910 079,14 | 1,00 |
| Zinsansprüche .....................................  |  |  |  |  | 8 904 636,42 | 1,00 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  | 640,20 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  |  | 4 802,52 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  | 308 386,97 | 0,03 |
| Summe der Vermögensgegenstände |  |  |  |  | 895 334 943,94 | 100,18 |
| Sonstige Verbindlichkeiten |  |  |  |  | -666 399,23 | -0,08 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  |  | -666 399,23 | -0,08 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  | -933 256,07 | -0,10 |
| Summe der Verbindlichkeiten |  |  |  |  | -1 599 655,30 | -0,18 |
| Fondsvermögen |  |  |  |  | 893 735 288,64 | 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 | 187,56 |
| Klasse FC100 .....................................  | EUR | 90,95 |
| Klasse IC .........................................  | EUR | 96,82 |
| Klasse IC100 ......................................  | EUR | 97,89 |
| Klasse ID100 .....................................  | EUR | 82,61 |
| Klasse LC ........................................  | EUR | 176,04 |
| Klasse LD ........................................  | EUR | 96,24 |
| Klasse NC ........................................  | EUR | 158,19 |
| Klasse TFC .......................................  | EUR | 93,41 |
| Klasse TFD .......................................  | EUR | 83,05 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse FC ........................................  | Stück | 1 588 238,883 |
| Klasse FC100 .....................................  | Stück | 1 291 844,331 |
| Klasse IC .........................................  | Stück | 481 297,000 |
| Klasse IC100 ......................................  | Stück | 2 541 318,000 |
| Klasse ID100 .....................................  | Stück | 117,000 |
| Klasse LC ........................................  | Stück | 311 079,430 |
| Klasse LD ........................................  | Stück | 385 736,081 |
| Klasse NC ........................................  | Stück | 70 374,243 |
| Klasse TFC .......................................  | Stück | 4 350,001 |
| Klasse TFD .......................................  | Stück | 957 813,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) FTSE EMU Government Bond Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 86,032 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 103,732 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 95,720 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 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 195 320 505,00.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
Wertpapierbezeichnung	Währung	Nominalbetrag	Wertpapier-Darlehen	gesamt bzw. Bestand	Kurswert in EUR
unbefristet
| 4,25 | % Bundesrepublik Deutschland Bundesanleihe |  |
| --- | --- | --- |
|  | 2007/2039 ...............................  | EUR | 10 000 000 | 13 877 500,00 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) |  |  |  |
|  | 2020/2030 ...............................  | EUR | 20 000 000 | 18 235 800,00 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) |  |  |  |
|  | 2020/2030 ...............................  | EUR | 13 000 000 | 11 770 980,00 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |
|  | 2021/2050 ...............................  | EUR | 24 000 000 | 15 359 520,00 |
| 0,00 | % European Union (MTN) 2020/2030 ............  | EUR | 6 500 000 | 5 541 445,00 |
| 0,10 | % European Union 2020/2040  .................  | EUR | 10 530 000 | 6 915 998,70 |
| 5,50 | % French Republic Government Bond OAT 1998/2029 | EUR | 14 600 000 | 18 302 560,00 |
| 5,75 | % French Republic Government Bond OAT 2001/2032 | EUR | 19 500 000 | 26 401 245,00 |
| 4,75 | % French Republic Government Bond OAT 2004/2035 | EUR | 12 500 000 | 16 146 375,00 |
| 4,00 | % French Republic Government Bond OAT -144A- |  |  |  |
|  | 2005/2055 ...............................  | EUR | 9 500 000 | 12 513 115,00 |
| 4,00 | % French Republic Government Bond OAT 2006/2038 | EUR | 14 500 000 | 17 922 145,00 |
| 2,00 | % French Republic Government Bond OAT -144A- |  |  |  |
|  | 2017/2048 ...............................  | EUR | 15 000 000 | 13 730 400,00 |
| 0,00 | % French Republic Government Bond OAT (MTN) |  |  |  |
|  | 2019/2029 ...............................  | EUR | 19 000 000 | 16 831 530,00 |
| 1,125 | % Hungary Government International Bond (MTN) |  |  |  |
| 2020/2026 ...............................  | EUR | 14 600 000 | 13 343 962,00 |
| 0,40  % Ireland Government Bond 2020/2035 ..........  | EUR | 7 500 000 | 6 011 250,00 |
| 0,20  % Ireland Government Bond (MTN) 2020/2030 ....  | EUR | 10 000 000 | 8 771 200,00 |
| 7,25  % Italy Buoni Poliennali Del Tesoro 1997/2026 ....  | EUR | 9 900 000 | 12 003 057,00 |
| 6,50  % Italy Buoni Poliennali Del Tesoro 1997/2027 ....  | EUR | 27 000 000 | 32 567 130,00 |
| 5,75  % Italy Buoni Poliennali Del Tesoro 2002/2033 ....  | EUR | 10 000 000 | 12 174 200,00 |
| 5,00  % Italy Buoni Poliennali Del Tesoro -144A- 2009/2025 | EUR | 9 000 000 | 9 783 000,00 |
| 4,50  % Italy Buoni Poliennali Del Tesoro -144A- 2010/2026 | EUR | 24 000 000 | 26 115 360,00 |

| Wertpapierbezeichnung | Währung | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen	gesamt Kurswert in EUR unbefristet |
| --- | --- | --- | --- |
| 50,85 % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 14 500 000 | 13 602 160,00 |
| 1,45 | % Italy Buoni Poliennali Del Tesoro -144A- 2020/2036 | EUR | 10 000 000	7 868 500,00 |
| 5,00 | % Kingdom of Belgium Government Bond -144A- |  |  |
| 4,25 | 2004/2035 ...............................  % Kingdom of Belgium Government Bond -144A- 2010/2041 ...............................  | EUR EUR | 7 000 000 10 000 000 | 9 154 390,00 12 526 300,00 |
| 4,00 | % Kingdom of Belgium Government Bond 2012/2032 | EUR | 35 000 000 | 41 430 200,00 |
| 0,00 | % Korea International Bond (MTN) 2020/2025 .....  | EUR | 3 600 000 | 3 417 264,00 |
| 0,35 | % Land Berlin 2020/2050 .....................  | EUR | 19 700 000 | 11 722 288,00 |
| 3,15 | % Republic of Austria Government Bond -144A- 2012/2044 ...............................  | EUR | 11 700 000 | 13 622 895,00 |
| 2,40 | % Republic of Austria Government Bond -144A- 2013/2034 ...............................  | EUR | 5 000 000 | 5 201 150,00 |
| 6,00 | % Spain Government Bond 1998/2029 ...........  | EUR | 15 000 000 | 18 804 900,00 |
| 5,75 | % Spain Government Bond 2001/2032 ...........  | EUR | 10 000 000 | 13 027 600,00 |
| 4,20 | % Spain Government Bond -144A- 2005/2037 .....  | EUR | 10 000 000 | 11 829 000,00 |
| 4,70 | % Spain Government Bond -144A- 2009/2041 .....  | EUR | 6 000 000 | 7 651 320,00 |
| 5,90 | % Spain Government Bond -144A- 2011/2026 .....  | EUR | 15 000 000 | 17 604 000,00 |
| 5,15 | % Spain Government Bond -144A- 2013/2044 .....  | EUR | 5 000 000 | 6 847 850,00 |
| 1,45 2,375 | % Spain Government Bond -144A- (MTN) 2019/2029 % State of North Rhine-Westphalia Germany | EUR | 2 500 000 | 2 417 650,00 |
| 2013/2033 ................................  | EUR | 20 000 000 | 20 350 000,00 |
| 1,75  % UNEDIC ASSEO (MTN) 2022/2032 ............  | EUR | 1 800 000 | 1 727 622,00 |
| 0,2	% Ireland Government Bond (MTN) 2020/2030 .....  | EUR | 10 000 000 | 10 118 700,00 |
| 0,4	% Ireland Government Bond 2020/2035 ..........  | EUR | 7 500 000 | 7 522 800,00 |

Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen	533 122 861,70	533 122 861,70 Vertragspartner der Wertpapier-Darlehen
Barclays Bank Ireland PLC FI, BNP Paribas Arbitrage SNC, BNP Paribas S.A., BofA Securities Europe SA BB, Crédit Agricole CIB S.A., DekaBank Deutsche Girozentrale, Deutsche Bank AG FI, Morgan Stanley Europe SE FI, Société Générale, UBS AG London Branch, Unicredit Bank AG
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 564 924 650,47 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 96 036 339,78 |
| Aktien | EUR | 468 888 310,69 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnote	
* Diese Wertpapiere sind ganz oder teilweise verliehen.