# DWS Invest Global Short Duration
DWS INVEST GLOBAL SHORT DURATION

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD LC | LU1211655896 | 2.6% |
| Class USD FC | LU1211655540 | 2.7% |
| Class USD TFC | LU1663932058 | 2.7% |
| Class FCH 1 | LU1189352500 | 1.6% |
| Class FDH 1 | LU1479553916 | 1.6% |
| Class IDH50 1 | LU1599084024 | 1.7% |
| Class LCH 1 | LU1189343186 | 1.5% |
| Class NCH 1 | LU1189343772 | 1.2% |
| Class PFCH 1 | LU1496318871 | 1.6% |
| Class TFCH 1 | LU1663931837 | 1.6% |
| Class TFDH 1 | LU1663931910 | 1.5% |


##### Barclays Global Aggregate 1-3y	1.8% (hedged in USD)
1 
in EUR
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Global Short Duration
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 31 624 396.11 | 52.97 |
| Institutions | 18 077.00 | 0.03 |
| Central governments | 26 558 840.89 | 44.46 |
| Total bonds | 58 201 314.00 | 97.46 |
| 2. Derivativess | 27 636.79 | 0.06 |
| 3. Cash at bank | 1 016 333.55 | 1.70 |
| 4. Other assets | 539 566.10 | 0.90 |
| 5. Receivables from share certificate transactions | 109 500.78 | 0.18 |
| II. Liabilities |  |  |
| 1. Other liabilities | -180 700.38 | - 0.29 |
| 2. Liabilities from share certificate transactions | -43 202.34 | - 0.07 |
| III. Net assets | 62 151 599.56 | 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 USD | net assets |
| Securities traded on an exchange |  |  |  |  |  | 46 992 344.70 | 78.69 |
| Interest-bearing securities |  |  |  |  |  |  |  |
| 0.50 | % European Investment Bank (MTN) 2011/2023 ....  | AUD | 300 000 |  |  | % | 99.346 | 204 661.66 | 0.34 |
| 0.00 | % European Investment Bank 2006/2021..........  | AUD | 700 000 |  |  | % | 99.557 | 478 560.54 | 0.80 |
| 1.00 | % Canadian Government Bond (MTN) 2017/2022 ...  | CAD | 1 000 000 |  |  | % | 101.593 | 743 100.61 | 1.24 |
| 0.75 | % UBS Group Funding Switzerland AG (MTN) 2016/2022 ................................  | CHF | 400 000 |  |  | % | 100.922 | 424 912.37 | 0.71 |
| 0.45 | % Czech Republic Government Bond (MTN) 2015/2023 ................................  | CZK | 4 000 000 | 4 000 000 |  | % | 100.438 | 168 517.17 | 0.28 |
| 3.75 | % Czech Republic Government Bond 2005/2020 ....  | CZK | 4 000 000 |  |  | % | 100.708 | 168 971.87 | 0.28 |
| 3.85 | % Czech Republic Government Bond 2010/2021 ....  | CZK | 4 000 000 |  |  | % | 104.846 | 175 914.73 | 0.30 |
| 0.75 | % Czech Republic Government Bond 2018/2021 ....  | CZK | 4 000 000 |  |  | % | 100.611 | 168 808.28 | 0.28 |
| 3.00 | % Denmark Government Bond (MTN) 2011/2021 ...  | DKK | 1 000 000 |  |  | % | 104.929 | 157 793.90 | 0.26 |
| 1.00 | % Nykredit Realkredit A/S (MTN) 2016/2022 .......  | DKK | 2 000 000 |  |  | % | 102.31 | 307 710.82 | 0.52 |
| 0.50 | % AbbVie, Inc. -Reg- 2020/2021 .................  | EUR | 350 000 | 350 000 |  | % | 100.015 | 392 321.18 | 0.66 |
| 6.375 | % ABN AMRO Bank NV (MTN) 2011/2021 .........  | EUR | 400 000 |  |  | % | 104.855 | 470 064.78 | 0.79 |
| 1.50 | % Akelius Residential Property AB (MTN) 2016/2022 | EUR | 200 000 |  |  | % | 101.369 | 227 218.52 | 0.38 |
| 3.375 | % Argentina Republic Government International Bond (MTN) 2017/2023 ..........................  | EUR | 500 000 |  |  | % | 39.48 | 221 238.76 | 0.37 |
| 0.321 | % Asahi Group Holdings Ltd 2017/2021 ...........  | EUR | 200 000 |  |  | % | 99.6 | 223 252.19 | 0.37 |
| 0.75 | % Banco Comercial Portugues SA (MTN) 2017/2022 . | EUR | 200 000 |  |  | % | 101.722 | 228 008.65 | 0.38 |
| 5.625 | % Banque Centrale de Tunisie International Bond (MTN) 2017/2024 ..........................  | EUR | 250 000 |  |  | % | 92.122 | 258 115.63 | 0.43 |
| 3.375 | % Barclays PLC (MTN) 2020/2025 * ..............  | EUR | 250 000 | 710 000 | 460 000 | % | 107.435 | 301 019.32 | 0.50 |
| 4.875 | % Bulgarian Energy Holding EAD (MTN) 2016/2021..  | EUR | 300 000 |  |  | % | 102.237 | 343 746.22 | 0.58 |
| 1.00 | % Corporacion Andina de Fomento (MTN) 2015/2020 ................................  | EUR | 300 000 |  |  | % | 100.23 | 336 999.87 | 0.56 |
| 1.625 | % Deutsche Bank AG (MTN) 2019/2021...........  | EUR | 1 200 000 |  |  | % | 100.478 | 1 351 321.36 | 2.26 |
| 0.875 | % Deutsche Pfandbriefbank AG (MTN) 2017/2021...  | EUR | 400 000 |  |  | % | 100.196 | 449 176.25 | 0.75 |
| 4.00 | % Energo-Pro AS (MTN) 2017/2022 ..............  | EUR | 250 000 |  |  | % | 96.476 | 270 313.59 | 0.45 |
| 0.869 | % FCE Bank PLC (MTN) 2017/2021 ..............  | EUR | 300 000 |  |  | % | 96.655 | 324 978.15 | 0.54 |
| 1.25 | % Glencore Finance Europe SA (MTN) 2015/2021 ...  | EUR | 400 000 |  |  | % | 100.074 | 448 633.81 | 0.75 |
| 0.305 | % Intesa Sanpaolo SpA (MTN) 2019/2022 * ........  | EUR | 800 000 |  | 200 000 | % | 98.649 | 884 486.58 | 1.48 |
| 1.00 | % Italy Buoni Poliennali Del Tesoro 2019/2022......  | EUR | 300 000 |  | 200 000 | % | 101.884 | 342 559.34 | 0.57 |
| 4.50 | % Morocco Government International Bond (MTN) 2010/2020 ................................  | EUR | 400 000 |  |  | % | 101.122 | 453 329.75 | 0.76 |
| 1.00 | % Norddeutsche Landesbank Girozentrale (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ................................  | EUR | 1 000 000 | % | 100.226 | 1 123 288.06 | 1.88 |
| 0.75 | % Powszechna Kasa Oszczednosci Bank Polski SA |  |  |  |  |  |  |  |  |
| (MTN) 2017/2021 ..........................  | EUR | 100 000 |  | 250 000 | % | 99.885 | 111 946.07 | 0.19 |
| 6.375 % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 .. 3.624 % Romanian Government International Bond -Reg- (MTN) 2020/2030 ..........................  | EUR EUR | 250 000 350 000 | 350 000 |  | % % | 69.716 108.182 | 195 334.04 424 359.21 | 0.33 0.71 |
| 3.125 % Serbia International Bond -Reg- (MTN) 2020/2027 . | EUR | 400 000 | 620 000 | 220 000 | % | 104.798 | 469 807.01 | 0.79 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 400 000 | 630 000 | 230 000 | % | 101.28 | 454 038.06 | 0.76 |
| 1.125 % Sixt Leasing SE 2017/2021 ...................  0.698 % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2022 * ..............................  | EUR EUR | 400 000 300 000 |  |  | % % | 97.918 100.716 | 438 968.46 338 632.24 | 0.74 0.57 |
| 1.125 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2016/2024 ..........................  | EUR | 400 000 |  | % | 87.941 | 394 239.35 | 0.66 |
| 3.875 | % UniCredit SpA (MTN) 2020/perpetual *. . . . . . . . . . | EUR | 890 000 | 890 000 | % | 74.388 | 741 995.83 | 1.24 |
| 0.50 | % Volkswagen International Finance NV 2017/2021..  | EUR | 500 000 |  | % | 99.941 | 560 044.16 | 0.94 |
| 2.375 | % Volkswagen Leasing GmbH (MTN) 2012/2022 ....  | EUR | 500 000 |  | % | 102.912 | 576 692.89 | 0.97 |
| 1.375 | % DNB Bank ASA 2019/2023 ...................  | GBP | 400 000 |  | % | 102.235 | 502 996.28 | 0.84 |
| 1.375 | % First Abu Dhabi Bank PJSC (MTN) 2020/2023 ....  | GBP | 330 000 | 330 000 | % | 100.672 | 408 629.74 | 0.68 |
| 1.00 | % Henkel AG & Co. KGaA 2019/2022.............  | GBP | 200 000 |  | % | 100.954 | 248 346.88 | 0.42 |
| 5.75 | % Nationwide Building Society 2020/perpetual * ....  | GBP | 200 000 | 200 000 | % | 100.875 | 248 152.54 | 0.42 |
| 1.75 | % New York Life Global Funding (MTN) 2018/2022 ..  | GBP | 200 000 |  | % | 102.356 | 251 797.03 | 0.42 |
| 0.10 | % Japan Government Five Year Bond (MTN) 2015/2020 ................................  | JPY | 100 000 000 |  | % | 100.058 | 928 995.87 | 1.56 |
| 0.10 | % Japan Government Five Year Bond (MTN) 2015/2020 ................................  | JPY | 200 000 000 |  | % | 100.126 | 1 859 263.73 | 3.11 |
| 0.10 | % Japan Government Five Year Bond (MTN) 2016/2021 ................................  | JPY | 200 000 000 |  | % | 100.264 | 1 861 817.00 | 3.12 |
| 0.10 | % Japan Government Five Year Bond (MTN) 2016/2021 ................................  | JPY | 200 000 000 |  | % | 100.322 | 1 862 912.59 | 3.12 |
| 0.10 | % Japan Government Five Year Bond (MTN) 2016/2021 ................................  | JPY | 100 000 000 |  | % | 100.38 | 931 994.80 | 1.56 |
| 0.10 | % Japan Government Five Year Bond (MTN) 2017/2022 ................................  | JPY | 100 000 000 |  | % | 100.432 | 932 477.60 | 1.56 |
| 0.70 | % Japan Government Ten Year Bond (MTN) 2012/2022 ................................  | JPY | 100 000 000 | 100 000 000 | % | 102.098 | 947 945.78 | 1.59 |
| 7.25 | % Mexican Bonos 2018/2021 ...................  | MXN | 4 000 000 |  | % | 103.598 | 178 863.09 | 0.30 |
| 2.21 | % SpareBank 1 Boligkreditt AS (MTN) 2017/2023 * ..  | NOK | 2 000 000 |  | % | 100.608 | 207 263.93 | 0.35 |
| 2.25 | % Republic of Poland Government Bond (MTN) 2016/2022 ................................  | PLN | 500 000 |  | % | 103.984 | 131 083.76 | 0.22 |
| 2.50 | % Republic of Poland Government Bond (MTN) 2017/2023 ................................  | PLN | 500 000 | 500 000 | % | 105.925 | 133 531.25 | 0.22 |
| 3.50 | % European Investment Bank (MTN) 2010/2021 ....  | SEK | 2 000 000 |  | % | 101.83 | 217 874.20 | 0.37 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3.063 % Telia Co., AB 2017/2077 * ...................  | SEK | 2 500 000 |  |  | % | 101.5 | 271 461.51 | 0.46 |
| 2.25  % Singapore Government Bond (MTN) 2011/2021...  | SGD | 150 000 |  |  | % | 101.796 | 109 363.45 | 0.18 |
| 1.75  % Singapore Government Bond (MTN) 2018/2023...  | SGD | 150 000 |  |  | % | 103.678 | 111 386.44 | 0.19 |
| 3.25  % Singapore Government Bond 2005/2020 ........  | SGD | 200 000 |  |  | % | 100.51 | 143 976.51 | 0.24 |
| 5.15  % Boeing Co./The (MTN) 2020/2030..............  | USD | 500 000 | 1 500 000 | 1 000 000 | % | 111.44 | 557 197.50 | 0.93 |
| 4.508 % Boeing Co./The 2020/2023 ...................  | USD | 1 000 000 | 1 890 000 | 890 000 | % | 105.76 | 1 057 605.00 | 1.77 |
| 2.375 % Corp. Andina de Fomento 2020/2023 ...........  | USD | 800 000 | 1 000 000 | 200 000 | % | 102.438 | 819 504.00 | 1.37 |
| 2.50  % Doosan Infracore Co., Ltd 2017/2020 ...........  | USD | 500 000 |  |  | % | 100.088 | 500 442.50 | 0.84 |
| 6.875 % Ecopetrol SA (MTN) 2020/2030 ...............  | USD | 250 000 | 940 000 | 690 000 | % | 114.195 | 285 487.50 | 0.48 |
| 6.875 % Howmet Aerospace, Inc. (MTN) 2020/2025 ......  4.75 % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2020/2025 ..........................  | USD USD | 350 000 340 000 | 350 000 340 000 |  | % % | 108.776 107.308 | 380 716.00 364 848.90 | 0.64 0.61 |
| 5.45  % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2020/2030 ..........................  | USD | 300 000 | 1 000 000 | 700 000 | % | 111.521 | 334 563.00 | 0.56 |
| 5.23  % Indonesia Asahan Aluminium Persero PT -Reg- 2018/2021 ................................  | USD | 400 000 |  |  | % | 104.376 | 417 506.00 | 0.70 |
| 11.75 % Kaisa Group Holdings Ltd 2019/2021 ...........  2.375 % Lotte Shopping Business Management Hong Kong Ltd 2017/2020 ...................  | USD USD | 400 000 250 000 |  |  | % % | 103.036 100.206 | 412 146.00 250 513.75 | 0.69 0.42 |
| 2.90  % Occidental Petroleum Corp. (MTN) 2019/2024 ....  | USD | 600 000 |  |  | % | 85.612 | 513 672.00 | 0.86 |
| 2.988 % QNB Finance Ltd (MTN) 2018/2021 *...........  | USD | 500 000 |  |  | % | 100.526 | 502 627.50 | 0.84 |
| 3.50  % REC Ltd (MTN) 2019/2024 ...................  2.375 % Republic of Italy Government International Bond (MTN) 2019/2024 ..........................  | USD USD | 610 000 600 000 |  | 200 000 | % % | 99.588 101.624 | 607 489.85 609 744.00 | 1.02 1.02 |
| 3.174 % Riyad Bank (MTN) 2020/2030 * ...............  | USD | 230 000 | 230 000 |  | % | 100.368 | 230 846.40 | 0.39 |
| 3.068 % Rural Electrification Corp., Ltd 2017/2020. . . . . . . . | USD | 750 000 |  |  | % | 100.152 | 751 140.00 | 1.26 |
| 2.75  % Saudi Arabian Oil Co. -Reg- 2019/2022 ..........  | USD | 500 000 |  |  | % | 102.297 | 511 485.00 | 0.86 |
| 11.00 % Silknet JSC (MTN) 2019/2024 .................  | USD | 300 000 |  |  | % | 103.725 | 311 175.00 | 0.52 |
| 2.90 % Southern California Edison Co. 2018/2021 ....... 1.625 % United States Treasury Note/Bond (MTN) 2012/2022 ** .............................  | USD USD | 500 000 1 000 000 | 500 000 | 500 000 | % % | 101.618 103.477 | 508 087.50 1 034 765.63 | 0.85 1.73 |
| 2.125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2.25 | 2014/2021 ................................  % United States Treasury Note/Bond (MTN) 2014/2021 ................................  | USD USD | 1 000 000 1 000 000 | 500 000 500 000 | 500 000 500 000 | % % | 102.463 102.25 | 1 024 628.91 1 022 500.00 | 1.72 1.71 |
| 1.75 | % United States Treasury Note/Bond (MTN) 2015/2022 ................................  | USD | 1 000 000 | 500 000 | 500 000 | % | 103.578 | 1 035 781.25 | 1.73 |
| 2.25 | % United States Treasury Note/Bond 2019/2022 ....  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 103.738 | 1 037 382.81 | 1.74 |
| 1.75 | % United States Treasury Note/Bond 2019/2022 ....  | USD | 1 000 000 | 500 000 | 500 000 | % | 103.242 | 1 032 421.88 | 1.73 |
| 1.50 | % United States Treasury Note/Bond 2020/2023 ....  | USD | 1 000 000 | 2 500 000 | 1 500 000 | % | 103.391 | 1 033 906.25 | 1.73 |
| 0.125 % United States Treasury Note/Bond 2020/2023 ....  | USD | 1 000 000 | 1 000 000 |  | % | 99.895 | 998 945.31 | 1.67 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 10 709 401.23 | 17.93 |
| Interest-bearing securities 0.75  % Canadian Government Bond (MTN) 2016/2021 ...  | CAD | 500 000 |  |  | % | 100.631 | 368 032.04 | 0.62 |
| 10.50 % Canadian Government Bond 1990/2021 .........  | CAD | 500 000 |  |  | % | 107.202 | 392 065.61 | 0.66 |
| 1.486 % Bank of America Corp. (MTN) 2020/2024 * ......  | USD | 300 000 | 800 000 | 500 000 | % | 101.712 | 305 134.50 | 0.51 |
| 2.312 % Citigroup, Inc. 2019/2022 * ...................  4.767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ................................  | USD USD | 300 000 200 000 |  | 200 000 | % % | 102.156 104.186 | 306 469.50 208 372.00 | 0.51 0.35 |
| 7.00  % Expedia Group, Inc. -144A- (MTN) 2020/2025 ....  | USD | 440 000 | 440 000 |  | % | 104.828 | 461 241.00 | 0.77 |
| 2.837 % General Motors Financial Co., Inc. 2018/2021 *...  | USD | 300 000 |  |  | % | 98.368 | 295 105.50 | 0.49 |
| 2.899 % Hyundai Capital America -Reg- (MTN) 2017/2020 * | USD | 500 000 |  |  | % | 99.854 | 499 272.50 | 0.84 |
| 2.67  % Microchip Technology, Inc. -144A- 2020/2023 ....  | USD | 500 000 | 500 000 |  | % | 103.036 | 515 177.50 | 0.86 |
| 3.922 % Microchip Technology, Inc. 2018/2021 ..........  | USD | 400 000 |  |  | % | 101.963 | 407 852.00 | 0.68 |
| 3.25  % Mosaic Co./The (MTN) 2017/2022 .............  | USD | 250 000 |  |  | % | 102.547 | 256 367.50 | 0.43 |
| 2.375 % NatWest Markets PLC -144A- 2020/2023........  | USD | 1 000 000 | 1 000 000 |  | % | 102.242 | 1 022 420.00 | 1.71 |
| 2.957 % Occidental Petroleum Corp. 2019/2021 *........  4.00  % Penske Truck Leasing Co. Lp Via PTL Finance Corp. | USD | 300 000 |  |  | % | 95.71 | 287 131.50 | 0.48 |
| -144A- (MTN) 2020/2025	USD | 300 000 | 1 265 000 | 965 000 | % | 109.334 | 328 002.00 | 0.55 |
| 3.03 | % Santander Drive Auto Receivables Trust 2018-2 |  |  |  |  |  |  |  |  |
| 2018/2022 ................................  3.36  % Sprint Spectrum Co. LLC Via Sprint Spectrum Co. II LLC Via Sprint Spectrum Co. III LLC -144A- (MTN) 2016/2023 ..........................  | USD USD | 18 055 62 500 |  | 146 128 25 000 | % % | 100.123 101.488 | 18 077.00 63 430.31 | 0.03 0.11 |
| 2.875 % United States Treasury Note/Bond 2018/2021 ....  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 103.729 | 1 037 285.16 | 1.74 |
| 2.50  % United States Treasury Note/Bond 2019/2022 ....  | USD | 1 000 000 | 500 000 |  | % | 103.604 | 1 036 035.16 | 1.73 |
| 0.50  % United States Treasury Note/Bond 2020/2023 ....  | USD | 1 000 000 | 1 000 000 |  | % | 100.922 | 1 009 218.75 | 1.69 |
| 1.125 % Upjohn, Inc. -144A- 2020/2022 ................  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 100.651 | 1 006 510.00 | 1.69 |
| 1.654 % Wells Fargo & Co. (MTN) 2020/2024 *..........  | USD | 300 000 | 705 000 | 405 000 | % | 101.707 | 305 121.00 | 0.51 |
| 2.258 % Wells Fargo Bank NA 2019/2022 * .............  | USD | 250 000 |  | 250 000 | % | 100.196 | 250 490.00 | 0.42 |
| 2.75  % Welltower, Inc. 2020/2031 ...................  | USD | 330 000 | 330 000 |  | % | 100.179 | 330 590.70 | 0.55 |
| Unlisted securities |  |  |  |  |  |  | 499 568.07 | 0.84 |
| Interest-bearing securities 3.03  % PSP Capital, Inc. (MTN) 2013/2020 .............  | CAD | 500 000 |  |  | % | 100.852 | 368 840.29 | 0.62 |
| 2.875 % Asian Development Bank (MTN) 2016/2021......  | NZD | 200 000 |  |  | % | 102.02 | 130 727.78 | 0.22 |
| Total securities portfolio |  |  |  |  |  |  | 58 201 314.00 | 97.46 |

Derivatives
(Minus signs denote short positions)
Currency derivatives	27 636.79	0.06
Receivables/payables
Forward currency transactions Forward currency transactions (long) Open positions
EUR/USD 52.8 million ...............................	-350 444.99	-0.58
Closed positions
EUR/USD 0.1 million ................................	-154.11	0.00
Forward currency transactions (short) Open positions
USD/AUD 1 million .................................	12 362.63	0.02
USD/CAD 2.6 million ................................	35 530.19	0.06
USD/CHF 0.4 million ................................	2 024.58	0.00
USD/CZK 16.3 million ...............................	12 489.64	0.02
USD/DKK 3.1 million ................................	6 081.28	0.01
USD/EUR 12 million ................................	171 596.10	0.30
USD/GBP 1.4 million ................................	58 429.98	0.10
USD/JPY 1005 million ...............................	47 961.75	0.08
USD/MXN 4 million .................................	9 372.29	0.02
USD/NOK 2 million .................................	7 885.02	0.01
USD/NZD 0.2 million ................................	2 395.74	0.00
USD/PLN 1 million..................................	2 451.11	0.00
USD/SEK 4.6 million ................................	5 698.82	0.01
USD/SGD 0.5 million ................................	3 067.51	0.01
Closed positions
USD/EUR 0.5 million ................................	889.25	0.00
| Cash at bank | 1 016 333.55 | 1.71 |
| --- | --- | --- |
| Demand deposits at Depositary EUR deposits	EUR | 91 692 | 102 764.30 | 0.18 |
| Deposits in other EU/EEA currencies |  |  |  |  |
| British pound .....................................  | GBP | 84 | 103.89 | 0.00 |
| Danish krone ......................................  | DKK | 747 | 112.29 | 0.00 |
| Norwegian krone ...................................  | NOK | 11 707 | 1 205.90 | 0.00 |
| Polish zloty .......................................  | PLN | 210 | 53.07 | 0.00 |
| Swedish krona.....................................  | SEK | 483 | 51.66 | 0.00 |
| Czech koruna......................................  | CZK | 978 | 41.04 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |
| Australian dollar ....................................         | AUD | 664 | 456.30 | 0.00 |
| Chinese yuan renminbi ..............................  | CNY | 197 | 27.91 | 0.00 |
| Japanese yen .....................................  | JPY | 92 109 | 855.20 | 0.00 |
| Canadian dollar ....................................  | CAD | 14 | 10.33 | 0.00 |
| Mexican peso .....................................  | MXN | 508 | 21.92 | 0.00 |
| New Zealand dollar .................................  | NZD | 15 | 9.85 | 0.00 |
| Swiss franc .......................................  | CHF | 11 | 11.93 | 0.00 |
| Singapore dollar ...................................  | SGD | 684 | 489.92 | 0.00 |
| South African rand..................................  | ZAR | 247 | 14.22 | 0.00 |
| U.S. dollar ........................................  | USD |  | 910 103.82 | 1.53 |

| Other assets | 539 566.10 | 0.90 |
| --- | --- | --- |
| Prepaid placement fee *** ...........................  | 963.30 | 0.00 |
| Interest receivable .................................  | 333 487.45 | 0.56 |
| Receivables from exceeding the expense cap ............  | 205 115.35 | 0.34 |
| Receivables from share certificate transactions | 109 500.78 | 0.18 |
| Total assets **** | 60 244 950.32 | 100.89 |
| Other liabilities | -173 727.11 | -0.29 |
| Liabilities from cost items ............................  | -173 727.11 | -0.29 |
| Liabilities from share certificate transactions | -4 465.54 | -0.01 |
| Total liabilities | -528 791.75 | -0.89 |
| Net assets | 59 716 158.57 | 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 FCH ........................................  | EUR | 103.26 |
| Class FDH ........................................  | EUR | 96.84 |
| Class IDH50.......................................  | EUR | 97.77 |
| Class LCH ........................................  | EUR | 102.30 |
| Class NCH ........................................  | EUR | 98.69 |
| Class PFCH .......................................  | EUR | 98.78 |
| Class TFCH .......................................  | EUR | 101.10 |
| Class TFDH .......................................  | EUR | 98.02 |
| Class USD FC .....................................  | USD | 114.12 |
| Class USD LC .....................................  | USD | 113.03 |
| Class USD TFC ....................................  | USD | 108.48 |
| Number of shares outstanding Class FCH ........................................  | Count | 235 001.536 |
| Class FDH ........................................  | Count | 500.000 |
| Class IDH50.......................................  | Count | 100.000 |
| Class LCH ........................................  | Count | 250 012.552 |
| Class NCH ........................................  | Count | 23 230.235 |
| Class PFCH .......................................  | Count | 6 905.000 |
| Class TFCH .......................................  | Count | 1 081.000 |
| Class TFDH .......................................  | Count | 20.000 |
| Class USD FC .....................................  | Count | 1 000.000 |
| Class USD LC .....................................  | Count | 1 891.524 |
| Class USD TFC ....................................  | Count | 24.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
90% BBG Barc Global Aggregate 1-3 yr Index, 100% USD Hedged, 10% BBG Barc Global Aggregate 10+ Years Index in USD
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 50.095 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 268.658 |
| Average market risk exposure ........................  | % | 122.762 |

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 0.6, 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 USD 32 300 347.72 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Goldman Sachs International, HSBC France, JP Morgan, Morgan Stanley Europe, Royal Bank of Canada (UK), State Street Bank London and UBS AG

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 1.625 % United States Treasury Note/Bond (MTN) |
| 2012/2022	USD | 1 000 00 | 1 034 765.63 |  |
| Total receivables from securities loans |  | 1 034 765.63 | 1 034 765.63 |
| Contracting parties for securities loans BNP Paribas S.A., UBS AG London Branch |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Equities |  | USD USD | 865 844.36 865 844.36 |

 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ..................     | AUD | 1.456240 | = | USD | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ..................  | CAD | 1.367150 | = | USD | 1 |
| Swiss franc .....................  | CHF | 0.950050 | = | USD | 1 |
| Chinese yuan renminbi ............  | CNY | 7.074100 | = | USD | 1 |
| Czech koruna....................  | CZK | 23.840300 | = | USD | 1 |
| Danish krone ....................  | DKK | 6.649750 | = | USD | 1 |
| Euro ..........................  | EUR | 0.892260 | = | USD | 1 |
| British pound ...................  | GBP | 0.813008 | = | USD | 1 |
| Japanese yen ...................  | JPY | 107.705000 | = | USD | 1 |
| Mexican peso ...................  | MXN | 23.168000 | = | USD | 1 |
| Norwegian krone .................  | NOK | 9.708250 | = | USD | 1 |
| New Zealand dollar ...............  | NZD | 1.560793 | = | USD | 1 |
| Polish zloty .....................  | PLN | 3.966300 | = | USD | 1 |
| Swedish krona...................  | SEK | 9.347550 | = | USD | 1 |
| Singapore dollar .................  | SGD | 1.396200 | = | USD | 1 |
| South African rand................  | ZAR | 17.380000 | = | USD | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnotes	
* Floating interest rate.
** Some or all of these securities are lent.
*** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
**** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Global Short Duration
DWS INVEST GLOBAL SHORT DURATION

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD LC | LU1211655896 | 2,6% |
| Klasse USD FC | LU1211655540 | 2,7% |
| Klasse USD TFC | LU1663932058 | 2,7% |
| Klasse FCH 1) | LU1189352500 | 1,6% |
| Klasse FDH 1) | LU1479553916 | 1,6% |
| Klasse IDH50 1) | LU1599084024 | 1,7% |
| Klasse LCH 1) | LU1189343186 | 1,5% |
| Klasse NCH 1) | LU1189343772 | 1,2% |
| Klasse PFCH 1) | LU1496318871 | 1,6% |
| Klasse TFCH 1) | LU1663931837 | 1,6% |
| Klasse TFDH 1) | LU1663931910 | 1,5% |


##### Barclays Global Aggregate 1-3y	1,8% (hedged in USD)
1) 
in EUR
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Global Short Duration
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 31 624 396,11 | 52,97 |
| Institute | 18 077,00 | 0,03 |
| Zentralregierungen | 26 558 840,89 | 44,46 |
| Summe Anleihen | 58 201 314,00 | 97,46 |
| 2. Derivate | 27 636,79 | 0,06 |
| 3. Bankguthaben | 1 016 333,55 | 1,70 |
| 4. Sonstige Vermögensgegenstände | 539 566,10 | 0,90 |
| 5. Forderungen aus Anteilscheingeschäften | 109 500,78 | 0,18 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -180 700,38 | - 0,29 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -43 202,34 | - 0,07 |
| III. Fondsvermögen | 62 151 599,56 | 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	USD	vermögen |

Börsengehandelte Wertpapiere	46 992 344,70	78,69
Verzinsliche Wertpapiere
| 0,50 | % European Investment Bank (MTN) 2011/2023 ..  | AUD | 300 000 |  |  | % | 99,346 | 204 661,66 | 0,34 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0,00 | % European Investment Bank 2006/2021 ........  | AUD | 700 000 |  |  | % | 99,557 | 478 560,54 | 0,80 |
| 1,00 | % Canadian Government Bond (MTN) 2017/2022 ..  | CAD | 1 000 000 |  |  | % | 101,593 | 743 100,61 | 1,24 |
| 0,75 | % UBS Group Funding Switzerland AG (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2022 ..............................  | CHF | 400 000 |  |  | % | 100,922 | 424 912,37 | 0,71 |
| 0,45 | % Czech Republic Government Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ..............................  | CZK | 4 000 000 | 4 000 000 |  | % | 100,438 | 168 517,17 | 0,28 |
| 3,75 | % Czech Republic Government Bond 2005/2020 ..  | CZK | 4 000 000 |  |  | % | 100,708 | 168 971,87 | 0,28 |
| 3,85 | % Czech Republic Government Bond 2010/2021 ..  | CZK | 4 000 000 |  |  | % | 104,846 | 175 914,73 | 0,30 |
| 0,75 | % Czech Republic Government Bond 2018/2021 ..  | CZK | 4 000 000 |  |  | % | 100,611 | 168 808,28 | 0,28 |
| 3,00 | % Denmark Government Bond (MTN) 2011/2021 ..  | DKK | 1 000 000 |  |  | % | 104,929 | 157 793,90 | 0,26 |
| 1,00 | % Nykredit Realkredit A/S (MTN) 2016/2022 ......  | DKK | 2 000 000 |  |  | % | 102,31 | 307 710,82 | 0,52 |
| 0,50 | % AbbVie, Inc. -Reg- 2020/2021 ...............  | EUR | 350 000 | 350 000 |  | % | 100,015 | 392 321,18 | 0,66 |
| 6,375 | % ABN AMRO Bank NV (MTN) 2011/2021 .......  | EUR | 400 000 |  |  | % | 104,855 | 470 064,78 | 0,79 |
| 1,50 | % Akelius Residential Property AB (MTN) 2016/2022 | EUR | 200 000 |  |  | % | 101,369 | 227 218,52 | 0,38 |
| 3,375 | % Argentina Republic Government International Bond |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2023 .........................  | EUR | 500 000 |  |  | % | 39,48 | 221 238,76 | 0,37 |
| 0,321 | % Asahi Group Holdings Ltd 2017/2021 .........  | EUR | 200 000 |  |  | % | 99,6 | 223 252,19 | 0,37 |
| 0,75 | % Banco Comercial Portugues SA (MTN) 2017/2022 | EUR | 200 000 |  |  | % | 101,722 | 228 008,65 | 0,38 |
| 5,625 | % Banque Centrale de Tunisie International Bond |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2024 .........................  | EUR | 250 000 |  |  | % | 92,122 | 258 115,63 | 0,43 |
| 3,375 | % Barclays PLC (MTN) 2020/2025 * ............  | EUR | 250 000 | 710 000 | 460 000 | % | 107,435 | 301 019,32 | 0,50 |
| 4,875 | % Bulgarian Energy Holding EAD (MTN) 2016/2021 | EUR | 300 000 |  |  | % | 102,237 | 343 746,22 | 0,58 |
| 1,00 | % Corporacion Andina de Fomento (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2020 ..............................  | EUR | 300 000 |  |  | % | 100,23 | 336 999,87 | 0,56 |
| 1,625 | % Deutsche Bank AG (MTN) 2019/2021 .........  | EUR | 1 200 000 |  |  | % | 100,478 | 1 351 321,36 | 2,26 |
| 0,875 | % Deutsche Pfandbriefbank AG (MTN) 2017/2021 . | EUR | 400 000 |  |  | % | 100,196 | 449 176,25 | 0,75 |
| 4,00 | % Energo-Pro AS (MTN) 2017/2022 ............  | EUR | 250 000 |  |  | % | 96,476 | 270 313,59 | 0,45 |
| 0,869 | % FCE Bank PLC (MTN) 2017/2021 .............  | EUR | 300 000 |  |  | % | 96,655 | 324 978,15 | 0,54 |
| 1,25 | % Glencore Finance Europe SA (MTN) 2015/2021 . | EUR | 400 000 |  |  | % | 100,074 | 448 633,81 | 0,75 |
| 0,305 | % Intesa Sanpaolo SpA (MTN) 2019/2022 * ......  | EUR | 800 000 |  | 200 000 | % | 98,649 | 884 486,58 | 1,48 |
| 1,00 | % Italy Buoni Poliennali Del Tesoro 2019/2022 ....  | EUR | 300 000 |  | 200 000 | % | 101,884 | 342 559,34 | 0,57 |
| 4,50 | % Morocco Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2010/2020 ..............................  | EUR | 400 000 |  |  | % | 101,122 | 453 329,75 | 0,76 |
| 1,00 | % Norddeutsche Landesbank Girozentrale (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2021 ..............................  | EUR | 1 000 000 |  |  | % | 100,226 | 1 123 288,06 | 1,88 |
| 0,75 | % Powszechna Kasa Oszczednosci Bank Polski SA |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2021 .........................  | EUR | 100 000 |  | 250 000 | % | 99,885 | 111 946,07 | 0,19 |
| 6,375 | % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 . | EUR | 250 000 |  |  | % | 69,716 | 195 334,04 | 0,33 |
| 3,624 | % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2030 .........................  | EUR | 350 000 | 350 000 |  | % | 108,182 | 424 359,21 | 0,71 |
| 3,125 | % Serbia International Bond -Reg- (MTN) 2020/2027 | EUR | 400 000 | 620 000 | 220 000 | % | 104,798 | 469 807,01 | 0,79 |
| 2,00 | % Signify NV 2020/2024 .....................  | EUR | 400 000 | 630 000 | 230 000 | % | 101,28 | 454 038,06 | 0,76 |
| 1,125 | % Sixt Leasing SE 2017/2021 .................  | EUR | 400 000 |  |  | % | 97,918 | 438 968,46 | 0,74 |
| 0,698 | % Takeda Pharmaceutical Co., Ltd -Reg- |  |  |  |  |  |  |  |  |
|  | 2018/2022 * .............................  | EUR | 300 000 |  |  | % | 100,716 | 338 632,24 | 0,57 |
| 1,125 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2016/2024 .........................  | EUR | 400 000 |  |  | % | 87,941 | 394 239,35 | 0,66 |
| 3,875 | % UniCredit SpA (MTN) 2020/perpetual * ........  | EUR | 890 000 | 890 000 |  | % | 74,388 | 741 995,83 | 1,24 |
| 0,50 | % Volkswagen International Finance NV 2017/2021 | EUR | 500 000 |  |  | % | 99,941 | 560 044,16 | 0,94 |
| 2,375 | % Volkswagen Leasing GmbH (MTN) 2012/2022 ..  | EUR | 500 000 |  |  | % | 102,912 | 576 692,89 | 0,97 |
| 1,375 | % DNB Bank ASA 2019/2023 .................  | GBP | 400 000 |  |  | % | 102,235 | 502 996,28 | 0,84 |
| 1,375 | % First Abu Dhabi Bank PJSC (MTN) 2020/2023 ..  | GBP | 330 000 | 330 000 |  | % | 100,672 | 408 629,74 | 0,68 |
| 1,00 | % Henkel AG & Co. KGaA 2019/2022 ...........  | GBP | 200 000 |  |  | % | 100,954 | 248 346,88 | 0,42 |
| 5,75 | % Nationwide Building Society 2020/perpetual * ..  | GBP | 200 000 | 200 000 |  | % | 100,875 | 248 152,54 | 0,42 |
| 1,75 | % New York Life Global Funding (MTN) 2018/2022 | GBP | 200 000 |  |  | % | 102,356 | 251 797,03 | 0,42 |
| 0,10 | % Japan Government Five Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2020 ..............................  | JPY | 100 000 000 |  |  | % | 100,058 | 928 995,87 | 1,56 |
| 0,10 | % Japan Government Five Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2020 ..............................  | JPY | 200 000 000 |  |  | % | 100,126 | 1 859 263,73 | 3,11 |
| 0,10 | % Japan Government Five Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2021 ..............................  | JPY | 200 000 000 |  |  | % | 100,264 | 1 861 817,00 | 3,12 |
| 0,10 | % Japan Government Five Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2021 ..............................  | JPY | 200 000 000 |  |  | % | 100,322 | 1 862 912,59 | 3,12 |
| 0,10 | % Japan Government Five Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2021 ..............................  | JPY | 100 000 000 |  |  | % | 100,38 | 931 994,80 | 1,56 |
| 0,10 | % Japan Government Five Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | JPY | 100 000 000 |  |  | % | 100,432 | 932 477,60 | 1,56 |
| 0,70 | % Japan Government Ten Year Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2012/2022 ..............................  | JPY | 100 000 000 | 100 000 000 |  | % | 102,098 | 947 945,78 | 1,59 |
| 7,25 | % Mexican Bonos 2018/2021 .................  | MXN | 4 000 000 |  |  | % | 103,598 | 178 863,09 | 0,30 |
| 2,21 | % SpareBank 1 Boligkreditt AS (MTN) 2017/2023 * | NOK | 2 000 000 |  |  | % | 100,608 | 207 263,93 | 0,35 |
| 2,25 | % Republic of Poland Government Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2022 ..............................  | PLN | 500 000 |  |  | % | 103,984 | 131 083,76 | 0,22 |
| 2,50 | % Republic of Poland Government Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2023 ..............................  | PLN | 500 000 | 500 000 |  | % | 105,925 | 133 531,25 | 0,22 |
| 3,50 | % European Investment Bank (MTN) 2010/2021 ..  | SEK | 2 000 000 |  |  | % | 101,83 | 217 874,20 | 0,37 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 3,063 | % Telia Co., AB 2017/2077 * ..................  | SEK | 2 500 000 |  |  | % | 101,5 | 271 461,51 | 0,46 |
| 2,25 | % Singapore Government Bond (MTN) 2011/2021 . | SGD | 150 000 |  |  | % | 101,796 | 109 363,45 | 0,18 |
| 1,75 | % Singapore Government Bond (MTN) 2018/2023 . | SGD | 150 000 |  |  | % | 103,678 | 111 386,44 | 0,19 |
| 3,25 | % Singapore Government Bond 2005/2020 ......  | SGD | 200 000 |  |  | % | 100,51 | 143 976,51 | 0,24 |
| 5,15 | % Boeing Co./The (MTN) 2020/2030 ............  | USD | 500 000 | 1 500 000 | 1 000 000 | % | 111,44 | 557 197,50 | 0,93 |
| 4,508 | % Boeing Co./The 2020/2023 .................  | USD | 1 000 000 | 1 890 000 | 890 000 | % | 105,76 | 1 057 605,00 | 1,77 |
| 2,375 | % Corp. Andina de Fomento 2020/2023 .........  | USD | 800 000 | 1 000 000 | 200 000 | % | 102,438 | 819 504,00 | 1,37 |
| 2,50 | % Doosan Infracore Co., Ltd 2017/2020 .........  | USD | 500 000 |  |  | % | 100,088 | 500 442,50 | 0,84 |
| 6,875 | % Ecopetrol SA (MTN) 2020/2030 ..............  | USD | 250 000 | 940 000 | 690 000 | % | 114,195 | 285 487,50 | 0,48 |
| 6,875 | % Howmet Aerospace, Inc. (MTN) 2020/2025 ....  | USD | 350 000 | 350 000 |  | % | 108,776 | 380 716,00 | 0,64 |
| 4,75 | % Indonesia Asahan Aluminium Persero PT -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2025 .........................  | USD | 340 000 | 340 000 |  | % | 107,308 | 364 848,90 | 0,61 |
| 5,45 | % Indonesia Asahan Aluminium Persero PT -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2030 .........................  | USD | 300 000 | 1 000 000 | 700 000 | % | 111,521 | 334 563,00 | 0,56 |
| 5,23 | % Indonesia Asahan Aluminium Persero PT -Reg- |  |  |  |  |  |  |  |  |
|  | 2018/2021 ..............................  | USD | 400 000 |  |  | % | 104,376 | 417 506,00 | 0,70 |
| 11,75 | % Kaisa Group Holdings Ltd 2019/2021 .........  | USD | 400 000 |  |  | % | 103,036 | 412 146,00 | 0,69 |
| 2,375 | % Lotte Shopping Business Management |  |  |  |  |  |  |  |  |
|  | Hong Kong Ltd 2017/2020 ..................  | USD | 250 000 |  |  | % | 100,206 | 250 513,75 | 0,42 |
| 2,90 | % Occidental Petroleum Corp. (MTN) 2019/2024 ..  | USD | 600 000 |  |  | % | 85,612 | 513 672,00 | 0,86 |
| 2,988 | % QNB Finance Ltd (MTN) 2018/2021 * .........  | USD | 500 000 |  |  | % | 100,526 | 502 627,50 | 0,84 |
| 3,50 | % REC Ltd (MTN) 2019/2024 ..................  | USD | 610 000 |  |  | % | 99,588 | 607 489,85 | 1,02 |
| 2,375 | % Republic of Italy Government International Bond |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2024 .........................  | USD | 600 000 |  | 200 000 | % | 101,624 | 609 744,00 | 1,02 |
| 3,174 | % Riyad Bank (MTN) 2020/2030 * ..............  | USD | 230 000 | 230 000 |  | % | 100,368 | 230 846,40 | 0,39 |
| 3,068 | % Rural Electrification Corp., Ltd 2017/2020 ......  | USD | 750 000 |  |  | % | 100,152 | 751 140,00 | 1,26 |
| 2,75 | % Saudi Arabian Oil Co. -Reg- 2019/2022 ........  | USD | 500 000 |  |  | % | 102,297 | 511 485,00 | 0,86 |
| 11,00 | % Silknet JSC (MTN) 2019/2024 ...............  | USD | 300 000 |  |  | % | 103,725 | 311 175,00 | 0,52 |
| 2,90 | % Southern California Edison Co. 2018/2021 .....  | USD | 500 000 |  |  | % | 101,618 | 508 087,50 | 0,85 |
| 1,625 | % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2012/2022 ** ............................  | USD | 1 000 000 | 500 000 | 500 000 | % | 103,477 | 1 034 765,63 | 1,73 |
| 2,125 | % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2021 ..............................  | USD | 1 000 000 | 500 000 | 500 000 | % | 102,463 | 1 024 628,91 | 1,72 |
| 2,25 | % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2021 ..............................  | USD | 1 000 000 | 500 000 | 500 000 | % | 102,25 | 1 022 500,00 | 1,71 |
| 1,75 | % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2022 ..............................  | USD | 1 000 000 | 500 000 | 500 000 | % | 103,578 | 1 035 781,25 | 1,73 |
| 2,25 | % United States Treasury Note/Bond 2019/2022 ..  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 103,738 | 1 037 382,81 | 1,74 |
| 1,75 | % United States Treasury Note/Bond 2019/2022 ..  | USD | 1 000 000 | 500 000 | 500 000 | % | 103,242 | 1 032 421,88 | 1,73 |
| 1,50 | % United States Treasury Note/Bond 2020/2023 ..  | USD | 1 000 000 | 2 500 000 | 1 500 000 | % | 103,391 | 1 033 906,25 | 1,73 |
| 0,125 | % United States Treasury Note/Bond 2020/2023 ..  | USD | 1 000 000 | 1 000 000 |  | % | 99,895 | 998 945,31 | 1,67 |

| 0,75 | % Canadian Government Bond (MTN) 2016/2021 ..  | CAD | 500 000 |  |  | % | 100,631 | 368 032,04 | 0,62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 10,50 | % Canadian Government Bond 1990/2021 .......  | CAD | 500 000 |  |  | % | 107,202 | 392 065,61 | 0,66 |
| 1,486 | % Bank of America Corp. (MTN) 2020/2024 * .....  | USD | 300 000 | 800 000 | 500 000 | % | 101,712 | 305 134,50 | 0,51 |
| 2,312 | % Citigroup, Inc. 2019/2022 * .................  | USD | 300 000 |  | 200 000 | % | 102,156 | 306 469,50 | 0,51 |
| 4,767 | % Eurasian Development Bank -Reg- (MTN) 2012/2022 ..............................  | USD | 200 000 |  |  | % | 104,186 | 208 372,00 | 0,35 |
| 7,00 | % Expedia Group, Inc. -144A- (MTN) 2020/2025 ...  | USD | 440 000 | 440 000 |  | % | 104,828 | 461 241,00 | 0,77 |
| 2,837 | % General Motors Financial Co., Inc. 2018/2021 * . | USD | 300 000 |  |  | % | 98,368 | 295 105,50 | 0,49 |
| 2,899 | % Hyundai Capital America -Reg- (MTN) 2017/2020 * | USD | 500 000 |  |  | % | 99,854 | 499 272,50 | 0,84 |
| 2,67 | % Microchip Technology, Inc. -144A- 2020/2023 ..  | USD | 500 000 | 500 000 |  | % | 103,036 | 515 177,50 | 0,86 |
| 3,922 | % Microchip Technology, Inc. 2018/2021 ........  | USD | 400 000 |  |  | % | 101,963 | 407 852,00 | 0,68 |
| 3,25 | % Mosaic Co./The (MTN) 2017/2022 ............  | USD | 250 000 |  |  | % | 102,547 | 256 367,50 | 0,43 |
| 2,375 | % NatWest Markets PLC -144A- 2020/2023 ......  | USD | 1 000 000 | 1 000 000 |  | % | 102,242 | 1 022 420,00 | 1,71 |
| 2,957 | % Occidental Petroleum Corp. 2019/2021 * ......  | USD | 300 000 |  |  | % | 95,71 | 287 131,50 | 0,48 |
| 4,00 | % Penske Truck Leasing Co. Lp Via PTL Finance Corp. |  |  |  |  |  |  |  |  |
| -144A- (MTN) 2020/2025	USD | 300 000 | 1 265 000 | 965 000 | % | 109,334 | 328 002,00 | 0,55 |
| 3,03 | % Santander Drive Auto Receivables Trust 2018-2 2018/2022 ..............................  | USD | 18 055 |  | 146 128 | % | 100,123 | 18 077,00 | 0,03 |
| 3,36 | % Sprint Spectrum Co. LLC Via Sprint Spectrum Co. II LLC Via Sprint Spectrum Co. III LLC -144A- (MTN) 2016/2023 .........................  | USD | 62 500 |  | 25 000 | % | 101,488 | 63 430,31 | 0,11 |
| 2,875 | % United States Treasury Note/Bond 2018/2021 ..  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 103,729 | 1 037 285,16 | 1,74 |
| 2,50 | % United States Treasury Note/Bond 2019/2022 ..  | USD | 1 000 000 | 500 000 |  | % | 103,604 | 1 036 035,16 | 1,73 |
| 0,50 | % United States Treasury Note/Bond 2020/2023 ..  | USD | 1 000 000 | 1 000 000 |  | % | 100,922 | 1 009 218,75 | 1,69 |
| 1,125 | % Upjohn, Inc. -144A- 2020/2022 ..............  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 100,651 | 1 006 510,00 | 1,69 |
| 1,654 | % Wells Fargo & Co. (MTN) 2020/2024 * ........  | USD | 300 000 | 705 000 | 405 000 | % | 101,707 | 305 121,00 | 0,51 |
| 2,258 | % Wells Fargo Bank NA 2019/2022 * ...........  | USD | 250 000 |  | 250 000 | % | 100,196 | 250 490,00 | 0,42 |
| 2,75 | % Welltower, Inc. 2020/2031 ..................  | USD | 330 000 | 330 000 |  | % | 100,179 | 330 590,70 | 0,55 |
| Nichtnotierte Wertpapiere |  |  |  |  | 499 568,07 | 0,84 |
| Verzinsliche Wertpapiere 3,03	% PSP Capital, Inc. (MTN) 2013/2020 ...........  | CAD | 500 000 | % | 100,852 | 368 840,29 | 0,62 |
| 2,875  % Asian Development Bank (MTN) 2016/2021 ....  | NZD | 200 000 | % | 102,02 | 130 727,78 | 0,22 |
| Summe Wertpapiervermögen |  |  |  |  | 58 201 314,00 | 97,46 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	10 709 401,23	17,93 Verzinsliche Wertpapiere
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |
| --- | --- |
| Devisen-Derivate Forderungen/Verbindlichkeiten | 27 636,79 | 0,06 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen EUR/USD 52,8 Mio.  ...............................  | -350 444,99 | -0,58 |
| Geschlossene Positionen EUR/USD 0,1 Mio.  ................................  | -154,11 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen USD/AUD 1 Mio. ..................................  | 12 362,63 | 0,02 |
| USD/CAD 2,6 Mio.  ................................  | 35 530,19 | 0,06 |
| USD/CHF 0,4 Mio. .................................  | 2 024,58 | 0,00 |
| USD/CZK 16,3 Mio. ................................  | 12 489,64 | 0,02 |
| USD/DKK 3,1 Mio. .................................  | 6 081,28 | 0,01 |
| USD/EUR 12 Mio. .................................  | 171 596,10 | 0,30 |
| USD/GBP 1,4 Mio.  ................................  | 58 429,98 | 0,10 |
| USD/JPY 1005 Mio.  ...............................  | 47 961,75 | 0,08 |
| USD/MXN 4 Mio.  .................................  | 9 372,29 | 0,02 |
| USD/NOK 2 Mio. ..................................  | 7 885,02 | 0,01 |
| USD/NZD 0,2 Mio.  ................................  | 2 395,74 | 0,00 |
| USD/PLN 1 Mio.  ..................................  | 2 451,11 | 0,00 |
| USD/SEK 4,6 Mio. .................................  | 5 698,82 | 0,01 |
| USD/SGD 0,5 Mio.  ................................  | 3 067,51 | 0,01 |
| Geschlossene Positionen USD/EUR 0,5 Mio.  ................................  | 889,25 | 0,00 |
| Bankguthaben | 1 016 333,55 | 1,71 |
| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... EUR	91 692 | 102 764,30 | 0,18 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |
| Britisches Pfund ...................................	GBP	84 | 103,89 | 0,00 |
| Dänische Kronen ..................................	DKK	747 | 112,29 | 0,00 |
| Norwegische Kronen ...............................	NOK	11 707 | 1 205,90 | 0,00 |
| Polnischer Zloty ...................................	PLN	210 | 53,07 | 0,00 |
| Schwedische Kronen ...............................	SEK	483 | 51,66 | 0,00 |
| Tschechische Kronen ...............................	CZK	978 | 41,04 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |
| Australischer Dollar ................................	AUD	664 | 456,30 | 0,00 |
| Chinesischer Renminbi ..............................	CNY	197 | 27,91 | 0,00 |
| Japanischer Yen ...................................	JPY	92 109 | 855,20 | 0,00 |
| Kanadischer Dollar .................................	CAD	14 | 10,33 | 0,00 |
| Mexikanischer Peso ................................	MXN	508 | 21,92 | 0,00 |
| Neuseeländischer Dollar .............................	NZD	15 | 9,85 | 0,00 |
| Schweizer Franken .................................	CHF	11 | 11,93 | 0,00 |
| Singapur Dollar ....................................	SGD	684 | 489,92 | 0,00 |
| Südafrikanischer Rand ..............................	ZAR	247 | 14,22 | 0,00 |
| US-Dollar	USD | 910 103,82 | 1,53 |

| Sonstige Vermögensgegenstände | 539 566,10 | 0,90 |
| --- | --- | --- |
| Abgegrenzte Platzierungsgebühr *** ...................  | 963,30 | 0,00 |
| Zinsansprüche ....................................  | 333 487,45 | 0,56 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 205 115,35 | 0,34 |
| Forderungen aus Anteilscheingeschäften | 109 500,78 | 0,18 |
| Summe der Vermögensgegenstände **** | 60 244 950,32 | 100,89 |
| Sonstige Verbindlichkeiten | -173 727,11 | -0,29 |
| Verbindlichkeiten aus Kostenpositionen ................  | -173 727,11 | -0,29 |
| Verbindlichkeiten aus Anteilscheingeschäften | -4 465,54 | -0,01 |
| Summe der Verbindlichkeiten | -528 791,75 | -0,89 |
| Fondsvermögen | 59 716 158,57 | 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 FCH .......................................  | EUR | 103,26 |
| Klasse FDH .......................................  | EUR | 96,84 |
| Klasse IDH50 .....................................  | EUR | 97,77 |
| Klasse LCH .......................................  | EUR | 102,30 |
| Klasse NCH ......................................  | EUR | 98,69 |
| Klasse PFCH ......................................  | EUR | 98,78 |
| Klasse TFCH ......................................  | EUR | 101,10 |
| Klasse TFDH ......................................  | EUR | 98,02 |
| Klasse USD FC ....................................  | USD | 114,12 |
| Klasse USD LC ....................................  | USD | 113,03 |
| Klasse USD TFC ...................................  | USD | 108,48 |
| Umlaufende Anteile Klasse FCH .......................................  | Stück | 235 001,536 |
| Klasse FDH .......................................  | Stück | 500,000 |
| Klasse IDH50 .....................................  | Stück | 100,000 |
| Klasse LCH .......................................  | Stück | 250 012,552 |
| Klasse NCH ......................................  | Stück | 23 230,235 |
| Klasse PFCH ......................................  | Stück | 6 905,000 |
| Klasse TFCH ......................................  | Stück | 1 081,000 |
| Klasse TFDH ......................................  | Stück | 20,000 |
| Klasse USD FC ....................................  | Stück | 1 000,000 |
| Klasse USD LC ....................................  | Stück | 1 891,524 |
| Klasse USD TFC ...................................  | Stück | 24,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
90% BBG Barc Global Aggregate 1-3 yr Index, 100% USD Hedged, 10% BBG Barc Global Aggregate 10+ Years Index in USD
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 50,095 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 268,658 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 122,762 |

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 0,6, 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 USD 32 300 347,72. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Goldman Sachs International, HSBC France, JP Morgan, Morgan Stanley Europe, Royal Bank of Canada (UK), State Street Bank London und UBS AG

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in USD unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 1,625 % United States Treasury Note/Bond (MTN) |
| 2012/2022	USD | 1 000 00 | 1 034 765,63 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 1 034 765,63 | 1 034 765,63 |
| Vertragspartner der Wertpapier-Darlehen BNP Paribas S.A., UBS AG London Branch |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Aktien |  | USD USD | 865 844,36 865 844,36 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,456240 | = | USD | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,367150 | = | USD | 1 |
| Schweizer Franken ...............  | CHF | 0,950050 | = | USD | 1 |
| Chinesischer Renminbi ............  | CNY | 7,074100 | = | USD | 1 |
| Tschechische Kronen .............  | CZK | 23,840300 | = | USD | 1 |
| Dänische Kronen ................  | DKK | 6,649750 | = | USD | 1 |
| Euro ..........................  | EUR | 0,892260 | = | USD | 1 |
| Britisches Pfund .................  | GBP | 0,813008 | = | USD | 1 |
| Japanischer Yen .................  | JPY | 107,705000 | = | USD | 1 |
| Mexikanischer Peso ..............  | MXN | 23,168000 | = | USD | 1 |
| Norwegische Kronen .............  | NOK | 9,708250 | = | USD | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,560793 | = | USD | 1 |
| Polnischer Zloty .................  | PLN | 3,966300 | = | USD | 1 |
| Schwedische Kronen .............  | SEK | 9,347550 | = | USD | 1 |
| Singapur Dollar ..................  | SGD | 1,396200 | = | USD | 1 |
| Südafrikanischer Rand ............  | ZAR | 17,380000 | = | USD | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
 Fußnoten	
* Variabler Zinssatz.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
**** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.