# DWS Invest Global Bonds High Conviction
DWS INVEST GLOBAL BONDS HIGH CONVICTION

### Performance of share classes (in euro)

#### Share class	ISIN	6 months

##### Class FC	LU1445758144	-8.9%

##### Class FD	LU1445758227	-8.9%

##### Class LC	LU1445758573	-9.2%

##### Class LD	LU1445758656	-9.2%

##### Class RC	LU1717102278	-9.0%

##### Class TFC	LU1663910088	-9.0%

##### Class TFD	LU1663908264	-9.0%
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Global Bonds High Conviction
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 37 977 605.40 | 60.69 |
| Central governments | 18 358 534.57 | 29.34 |
| Total bonds | 56 336 139.97 | 90.03 |
| 2. Investment fund units Bond funds | 0.21 | 0.00 |
| Total investment fund units | 0.21 | 0.00 |
| 3. Derivatives | -135 239.39 | - 0.21 |
| 4. Cash at bank | 6 599 723.83 | 10.55 |
| 5. Other assets | 516 168.29 | 0.82 |
| 6. Receivables from share certificate transactions | 1 391.70 | 0.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -741 124.65 | - 1.18 |
| 2. Liabilities from share certificate transactions | -8 902.51 | - 0.01 |
| III. Net assets | 62 568 157.45 | 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/ | principal | additions | disposals |  | value in | net assets |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 51 918 102.22 | 82.98 |
| Interest-bearing securities 1.875 % AIB Group PLC (MTN) 2019/2029 * ............  | EUR | 100 000 |  |  | % | 95.15 | 95 150.50 | 0.15 |
| 1.50  % Arkema SA 2020/perpetual * .................  | EUR | 1 000 000 | 2 400 000 | 1 400 000 | % | 94.396 | 943 960.00 | 1.51 |
| 2.875 % AT&T, Inc. 2020/perpetual * ..................  | EUR | 900 000 | 900 000 |  | % | 95.16 | 856 444.50 | 1.37 |
| 3.125 % Bayer AG 2019/2079 * ......................  | EUR | 1 000 000 |  |  | % | 99.53 | 995 295.00 | 1.59 |
| 3.00 % Bertelsmann SE & Co., KGaA 2015/2075 * ......  | EUR | 500 000 |  | 500 000 | % | 98.768 | 493 837.50 | 0.79 |
| 3.625 % BP Capital Markets PLC 2020/perpetual * .......  1.375 % Bright Food Singapore Holdings Pte Ltd (MTN) 2019/2024 ................................  | EUR EUR | 390 000 1 000 000 | 390 000 500 000 |  | % % | 100.539 97.938 | 392 102.10 979 375.00 | 0.63 1.57 |
| 1.125 % Bright Food Singapore Holdings Pte Ltd 2017/2020 | EUR | 1 500 000 |  |  | % | 99.948 | 1 499 212.50 | 2.40 |
| 1.50  % Bundesrepublik Deutschland (MTN) 2012/2022 ...  | EUR | 200 000 |  |  | % | 104.901 | 209 802.00 | 0.34 |
| 1.00  % Bundesrepublik Deutschland (MTN) 2014/2024 ...  | EUR | 200 000 |  |  | % | 107.263 | 214 526.00 | 0.34 |
| 0.25  % Bundesrepublik Deutschland (MTN) 2015/2020 ...  | EUR | 100 000 |  |  | % | 100.246 | 100 246.00 | 0.16 |
| 0.00  % Bundesrepublik Deutschland (MTN) 2016/2021 ...  | EUR | 200 000 |  |  | % | 100.855 | 201 710.00 | 0.32 |
| 0.50  % Bundesrepublik Deutschland (MTN) 2017/2027 ...  0.50 % Bundesrepublik Deutschland Bundesanleihe (MTN) 2018/2028 ................................  | EUR EUR | 200 000 200 000 |  |  | % % | 108.496 108.92 | 216 993.00 217 841.00 | 0.35 0.35 |
| 0.10  % Bundesrepublik Deutschland Inflation Linked Bond 2012/2023 ................................  | EUR | 217 128 | 2 612 | 2 810 | % | 101.945 | 221 351.14 | 0.35 |
| 0.00  % Bundesschatzanweisungen 2019/2021..........  | EUR | 1 000 000 | 1 000 000 |  | % | 100.799 | 1 007 990.00 | 1.61 |
| 0.35  % Buoni Poliennali Del Tes (MTN) 2019/2025 ......  | EUR | 1 500 000 | 4 000 000 | 2 500 000 | % | 98.92 | 1 483 800.00 | 2.37 |
| 0.625 % Capgemini SE (MTN) 2020/2025...............  | EUR | 100 000 | 100 000 |  | % | 100.054 | 100 054.50 | 0.16 |
| 1.25  % Celanese US Holdings LLC (MTN) 2017/2025 ....  | EUR | 400 000 | 400 000 |  | % | 98.106 | 392 426.00 | 0.63 |
| 2.75  % Cemex SAB de CV -Reg- (MTN) 2017/2024 ......  | EUR | 200 000 |  |  | % | 92.474 | 184 947.00 | 0.30 |
| 1.125 % Conti-Gummi Finance BV 2020/2024 ...........  | EUR | 340 000 | 340 000 |  | % | 99.844 | 339 469.60 | 0.54 |
| 0.875 % Covestro AG (MTN) 2020/2026................  | EUR | 170 000 | 170 000 |  | % | 99.866 | 169 772.20 | 0.27 |
| 0.375 % Deutsche Bank AG (MTN) 2018/2021...........  | EUR | 1 000 000 |  |  | % | 99.728 | 997 285.00 | 1.59 |
| 1.625 % Deutsche Bank AG (MTN) 2019/2021...........  | EUR | 2 100 000 |  |  | % | 100.478 | 2 110 027.50 | 3.37 |
| 4.00  % Energo-Pro AS (MTN) 2017/2022 ..............  | EUR | 190 000 |  |  | % | 96.476 | 183 304.40 | 0.29 |
| 0.835 % Exxon Mobil Corp. 2020/2032.................  | EUR | 1 000 000 | 1 000 000 |  | % | 98.746 | 987 455.00 | 1.58 |
| 0.025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 1 000 000 |  |  | % | 91.262 | 912 625.00 | 1.46 |
| 0.10  % France Government Bond OAT (MTN) 2016/2021 . | EUR | 104 883 | 1 261 | 1 356 | % | 99.67 | 104 536.89 | 0.17 |
| 0.00  % France Government Bond OAT (MTN) 2016/2021 . 1.75 % French Republic Government Bond OAT (MTN) 2013/2023 ................................  | EUR EUR | 200 000 200 000 |  |  | % % | 100.536 106.928 | 201 072.00 213 856.00 | 0.32 0.34 |
| 0.10  % French Republic Government Bond OAT (MTN) 2015/2025 ................................  | EUR | 103 943 | 632 | 104 943 | % | 104.4 | 108 517.01 | 0.17 |
| 0.25  % French Republic Government Bond OAT (MTN) 2016/2026 ................................  | EUR | 100 000 |  |  | % | 104.458 | 104 457.50 | 0.17 |
| 0.75  % French Republic Government Bond OAT (MTN) 2018/2028 ................................  | EUR | 100 000 |  |  | % | 108.926 | 108 926.00 | 0.17 |
| 2.25  % French Republic Government Bond OAT 2013/2024 ................................  | EUR | 200 000 |  |  | % | 111.224 | 222 449.00 | 0.36 |
| 0.75  % French Republic Government Bond OAT 2017/2028 ................................  | EUR | 100 000 |  |  | % | 108.684 | 108 684.00 | 0.17 |
| 0.20  % General Motors Financial Co., Inc. (MTN) 2019/2022 ................................  | EUR | 200 000 | 200 000 |  | % | 96.242 | 192 483.00 | 0.31 |
| 1.125 % Hannover Rueck SE 2019/2039 * ..............  | EUR | 500 000 |  | 500 000 | % | 95.914 | 479 567.50 | 0.77 |
| 2.75  % Helvetia Europe SA 2020/2041 * ..............  1.45 % Indonesia Government International Bond (MTN) 2019/2026 ................................  | EUR EUR | 300 000 1 500 000 | 300 000 500 000 |  | % % | 100.679 99.399 | 302 037.00 1 490 985.00 | 0.48 2.38 |
| 0.90  % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ................................  | EUR | 420 000 | 420 000 | % | 95.246 | 400 031.10 | 0.64 |
| 0.157 % Industrial & Commercial Bank of China Ltd/ Luxembourg (MTN) 2017/2020 * ..............  | EUR | 700 000 |  |  | % | 99.98 | 699 856.50 | 1.12 |
| 0.75  % Infineon Technologies AG (MTN) 2020/2023 .....  | EUR | 400 000 | 400 000 |  | % | 100.498 | 401 990.00 | 0.64 |
| 3.625 % Infineon Technologies AG 2019/perpetual *......  | EUR | 1 500 000 |  |  | % | 99.75 | 1 496 250.00 | 2.39 |
| 0.85  % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 600 000 | 600 000 |  | % | 99.694 | 598 167.00 | 0.96 |
| 1.00  % Italy Buoni Poliennali Del Tesoro 2019/2022......  | EUR | 1 000 000 | 1 000 000 |  | % | 101.884 | 1 018 840.00 | 1.63 |
| 0.60 % Italy Buoni Poliennali Del Tesoro 2020/2023...... 4.875 % Macedonia Government International Bond -Reg- (MTN) 2015/2020 ..........................  | EUR EUR | 1 000 000 2 000 000 | 1 000 000 |  | % % | 101.048 101.694 | 1 010 485.00 2 033 870.00 | 1.61 3.25 |
| 4.00  % Mexico Government International Bond 2015/2115 . 0.127 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2018/2023 * ..............................  | EUR EUR | 2 500 000 500 000 | 500 000 |  | % % | 94.25 99.276 | 2 356 237.50 496 380.00 | 3.77 0.79 |
| 2.50  % Petroleos Mexicanos (MTN) 2017/2021 .........  0.75 % Powszechna Kasa Oszczednosci Bank Polski SA (MTN) 2017/2021 ..........................  | EUR EUR | 200 000 110 000 | 200 000 | 354 000 | % % | 97.056 99.885 | 194 112.00 109 873.50 | 0.31 0.18 |
| 2.00  % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2032 ................................  | EUR | 200 000 | 200 000 | % | 93.621 | 187 242.00 | 0.30 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 1 000 000 | 1 000 000 | % | 92.329 | 923 290.00 | 1.48 |
| 0.875 % SES SA (MTN) 2019/2027 ....................  | EUR | 700 000 | 700 000 | % | 93.02 | 651 140.00 | 1.04 |
| 4.625 % SES SA 2016/2049 * ........................  | EUR | 1 000 000 |  | % | 101.531 | 1 015 310.00 | 1.62 |
| 4.25  % Solvay SA 2018/perpetual * ..................  | EUR | 500 000 |  | % | 103.546 | 517 727.50 | 0.83 |
| 3.75  % Stena International SA -Reg- (MTN) 2020/2025 ...  | EUR | 500 000 | 500 000 | % | 93.329 | 466 645.00 | 0.75 |
| 0.75  % Takeda Pharmaceutical Co., Ltd (MTN) 2020/2027. | EUR | 640 000 | 640 000 | % | 100.463 | 642 963.20 | 1.03 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.698 % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2022 * | EUR | 1 940 000 |  |  | % | 100.716 | 1 953 890.40 | 3.12 |
| 2.375 % Turkiye Vakiflar Bankasi TAO (MTN) 2016/2021 ...  | EUR | 600 000 |  |  | % | 99.35 | 596 097.00 | 0.95 |
| 3.875 % UniCredit SpA (MTN) 2020/perpetual *. . . . . . . . . . | EUR | 400 000 | 900 000 | 500 000 | % | 74.388 | 297 552.00 | 0.48 |
| 2.75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 ..  | EUR | 100 000 | 100 000 |  | % | 101.672 | 101 671.50 | 0.16 |
| 5.50  % Allianz SE (MTN) 2012/2049 ..................  | USD | 1 000 000 |  | 1 000 000 | % | 100.635 | 897 925.85 | 1.44 |
| 3.875 % Allianz SE (MTN) 2016/2049 ..................  3.50 % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ................................  | USD USD | 600 000 1 440 000 | 600 000 |  | % % | 94.982 102.978 | 508 491.84 1 323 123.79 | 0.81 2.11 |
| 4.375 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 690 000 | 690 000 |  | % | 101.625 | 625 663.87 | 1.00 |
| 2.625 % CDBL Funding 2 (MTN) 2017/2020 .............  3.875 % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2022 ................................  | USD USD | 800 000 500 000 |  |  | % % | 100.085 102.399 | 714 414.74 456 832.66 | 1.14 0.73 |
| 3.875 % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2022 ................................  | USD | 200 000 | 200 000 |  | % | 102.399 | 182 733.06 | 0.29 |
| 2.75 % Novartis Capital Corp. 2020/2050 .............. 3.625 % Oman Government International Bond -Reg- (MTN) 2016/2021 ................................  | USD USD | 940 000 400 000 | 2 500 000 400 000 | 1 560 000 | % % | 105.322 99.482 | 883 357.12 355 053.45 | 1.41 0.57 |
| 4.75  % Oman Government International Bond -Reg- (MTN) 2016/2026 ................................  | USD | 400 000 | 400 000 |  | % | 92.79 | 331 169.44 | 0.53 |
| 3.875 % Oman Government International Bond -Reg- (MTN) 2017/2022 ................................  | USD | 1 200 000 | 1 200 000 |  | % | 98.96 | 1 059 581.95 | 1.69 |
| 6.50  % Oman Government International Bond -Reg- 2017/2047 ................................  | USD | 200 000 | 400 000 | 200 000 | % | 86.874 | 155 029.28 | 0.25 |
| 8.75  % Senegal Government International Bond -Reg- (MTN) 2011/2021 ................................  | USD | 400 000 | 400 000 |  | % | 103.618 | 369 818.57 | 0.59 |
| 1.50  % United States Treasury Note/Bond (MTN) 2015/2022 ................................  | USD | 200 000 |  | 300 000 | % | 102.123 | 182 240.62 | 0.29 |
| 1.125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ................................  | USD | 200 000 | 300 000 | % | 101.225 | 180 637.34 | 0.29 |
| 1.75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ................................  | USD | 200 000 | 800 000 | % | 102.26 | 182 484.60 | 0.29 |
| 1.375 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ................................  | USD | 200 000 | 300 000 | % | 103.914 | 185 436.73 | 0.30 |
| 1.50  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ................................  | USD | 200 000 | 300 000 | % | 106.695 | 190 399.92 | 0.30 |
| 1.25  % United States Treasury Note/Bond (MTN) 2019/2024 ................................  | USD | 200 000 | 2 000 000 | 1 800 000 | % | 104.258 | 186 050.16 | 0.30 |
| 1.625 % United States Treasury Note/Bond (MTN) 2019/2029 ................................  | USD | 200 000 | 1 500 000 | 1 300 000 | % | 109.359 | 195 153.99 | 0.31 |
| 1.125 % United States Treasury Note/Bond 2020/2040 ....  | USD | 1 000 000 | 1 000 000 |  | % | 99.688 | 889 471.69 | 1.42 |
| 1.25 % United States Treasury Note/Bond 2020/2050 .... 6.902 % Vnesheconombank Via VEB Finance PLC (MTN) 2010/2020 ................................  | USD USD | 1 000 000 3 000 000 | 3 300 000 | 2 300 000 | % % | 96.906 100.276 | 864 655.71 2 684 181.30 | 1.38 4.29 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 4 418 037.75 | 7.06 |
| Interest-bearing securities 2.25 % CK Hutchison International 17 II Ltd -Reg- 2017/2020 ................................  | USD | 800 000 |  |  | % | 100.223 | 715 399.79 | 1.14 |
| 2.605 % CVS Health Corp. 2018/2021 * ................  4.767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ................................  | USD USD | 500 000 500 000 |  |  | % % | 100.349 104.186 | 447 686.99 464 805.00 | 0.72 0.74 |
| 2.707 % Hyundai Capital America -Reg- (MTN) 2018/2021 * | USD | 1 000 000 |  |  | % | 99.172 | 884 876.55 | 1.41 |
| 2.20 % National Bank of Canada 2017/2020 ............ 1.625 % United States Treasury Note/Bond (MTN) 2016/2026 ................................  | USD USD | 1 000 000 200 000 |  | 1 000 000 300 000 | % % | 100.461 107.297 | 896 373.32 191 473.42 | 1.43 0.31 |
| 1.625 % United States Treasury Note/Bond 2019/2021 ....  | USD | 200 000 |  | 300 000 | % | 101.463 | 181 062.56 | 0.29 |
| 1.83  % Walt Disney Co./The 2019/2021 * .............  | USD | 714 000 |  |  | % | 99.888 | 636 360.12 | 1.02 |
| Investment fund units |  |  |  |  |  |  | 0.21 | 0.00 |
| In-group fund units DWS Invest SICAV - Global Short Duration -FCH- EUR - (0.450%) .........................................  | Units | 0 |  | 5 000 | EUR | 103.26 | 0.21 | 0.00 |
| Total securities portfolio |  |  |  |  |  |  | 56 336 140.18 | 90.04 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -58 331.16 | -0.09 |
| Interest rate futures Canada Government Bonds 10 year Futures 09/2020 (DB) ..  | Count | -30 |  | 30 |  |  | -51 782.06 | -0.08 |
| Euro BTP Futures 09/2020 (DB) .......................  | Count | -10 |  | 10 |  |  | -2 157.50 | 0.00 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Option contracts |  |  |  |  |  |
| Options on interest rate futures Call US Treasury Bond Futures 07/2020 175 USD (DB) .....  | Count | -15 000 |  | -4 391.60 | -0.01 |
| Currency derivatives Receivables/payables |  |  |  | -28 108.75 | -0.04 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |
| Open positions JPY/EUR 200 million ................................  |  |  |  | -4 541.27 | -0.01 |
| Closed positions MXN/EUR 50 million ................................  |  |  |  | -65 404.66 | -0.10 |
| MXN/USD 50 million ................................  |  |  |  | 2 675.82 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/USD 14 million ................................  |  |  |  | -46 824.88 | -0.07 |
| JPY/NOK 58 million .................................  |  |  |  | -22 457.67 | -0.04 |
| USD/MXN 45.4 million ..............................  |  |  |  | 41 268.03 | 0.07 |
| Closed positions EUR/USD 2 million .................................  |  |  |  | -6 806.64 | -0.01 |
| JPY/NOK 31.2 million ...............................  |  |  |  | 73 982.52 | 0.12 |
| Swaps Receivables/payables |  |  |  | -48 799.48 | -0.08 |
| Credit default swaps |  |  |  |  |  |
| Protection seller Republic of Italy / 1% / 20/06/2022 (OTC) (JP) ............  | Count | 2 000 000 |  | 922.74 | 0.00 |
| Republic of Turkey / 1% / 20/06/2022 (OTC) (JP) ..........  | Count | 1 000 000 |  | -55 397.85 | -0.09 |
| United Mexican States / 1% / 20/06/2022 (OTC) (JP).......  | Count | 2 000 000 |  | 5 675.63 | 0.01 |
| Cash at bank |  |  |  | 6 599 723.83 | 10.55 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 4 745 102.33 | 7.58 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 42 701 |  | 46 863.79 | 0.07 |
| Danish krone ......................................  | DKK | 522 931 |  | 70 166.57 | 0.11 |
| Norwegian krone ...................................  | NOK | 766 648 |  | 70 460.66 | 0.11 |
| Polish zloty .......................................  | PLN | 165 856 |  | 37 311.08 | 0.06 |
| Swedish krona.....................................  | SEK | 76 697 |  | 7 321.04 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 51 662 |  | 31 654.03 | 0.05 |
| Chinese yuan renminbi ..............................  | CNY | 1 008 999 |  | 127 265.52 | 0.20 |
| Hong Kong dollar ..................................  | HKD | 364 552 |  | 41 969.13 | 0.07 |
| Japanese yen .....................................  | JPY | 503 567 |  | 4 171.70 | 0.01 |
| Canadian dollar ....................................  | CAD | 133 804 |  | 87 326.43 | 0.14 |
| Mexican peso .....................................  | MXN | 1 586 |  | 61.09 | 0.00 |
| New Zealand dollar .................................  | NZD | 65 083 |  | 37 205.80 | 0.06 |
| Russian rouble.....................................  | RUB | 3 374 863 |  | 42 316.68 | 0.07 |
| Swiss franc .......................................  | CHF | 75 356 |  | 70 772.57 | 0.11 |
| Singapore dollar ...................................  | SGD | 29 233 |  | 18 681.89 | 0.03 |
| South African rand..................................  | ZAR | 64 812 |  | 3 327.33 | 0.01 |
| Thai baht .........................................  | THB | 342 860 |  | 9 897.93 | 0.02 |
| U.S. dollar ........................................  | USD | 1 286 450 |  | 1 147 848.26 | 1.84 |
| Other assets |  |  |  | 516 168.29 | 0.82 |
| Dividends/Distributions receivable .....................  |  |  |  | 0.00 | 0.00 |
| Interest receivable .................................  |  |  |  | 454 660.83 | 0.72 |
| Receivables from exceeding the expense cap ............  |  |  |  | 61 507.46 | 0.10 |
| Receivables from share certificate transactions |  |  |  | 1 391.70 | 0.00 |
| Total assets ** |  |  |  | 63 577 948.74 | 101.61 |
| Other liabilities |  |  |  | -741 124.65 | -1.18 |
| Additional other liabilities.............................  |  |  |  | -741 124.65 | -1.18 |
| Liabilities from share certificate transactions |  |  |  | -8 902.51 | -0.01 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total liabilities |  |  |  |  |  | -1 009 791.29 | -1.61 |
| Net assets |  |  |  |  |  | 62 568 157.45 | 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 | 94.56 |
| Class FD .........................................  | EUR | 89.79 |
| Class LC .........................................  | EUR | 92.87 |
| Class LD .........................................  | EUR | 89.59 |
| Class RC .........................................  | EUR | 94.69 |
| Class TFC ........................................  | EUR | 94.74 |
| Class TFD ........................................  | EUR | 91.01 |
| Number of shares outstanding Class FC .........................................  | Count | 223 117.000 |
| Class FD .........................................  | Count | 4 000.000 |
| Class LC .........................................  | Count | 5 874.000 |
| Class LD .........................................  | Count | 1 110.000 |
| Class RC .........................................  | Count | 427 315.661 |
| Class TFC ........................................  | Count | 20.000 |
| Class TFD ........................................  | Count | 20.000 |

Presentation of the maximum limit (according to CSSF circular 11/512) 10% of portfolio value (January 1, 2020 - May 14, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.445 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 11.589 |
| Average market risk exposure ........................  | % | 3.462 |

The values-at-risk were calculated for the period from January 1, 2020, through May 14, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.
Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (May 15, 2020 - June 30, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 2.307 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 6.066 |
| Average market risk exposure ........................  | % | 3.935 |

The values-at-risk were calculated for the period from May 15, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 1.2, 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 64 396 783.81 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
CIT = Citigroup Global Markets Limited DB = Deutsche Bank AG Frankfurt
HS = HSBC Bank PLC
Contracting parties for forward currency transactions
Bofa Securities Europe, Credit Suisse London Branch (GFX), HSBC France, Morgan Stanley and Co. International, Royal Bank of Canada (UK), State Street Bank London and UBS AG
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ..................     | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ..................  | CAD | 1.532233 | = | EUR | 1 |
| Swiss franc .....................  | CHF | 1.064768 | = | EUR | 1 |
| Chinese yuan renminbi ............  | CNY | 7.928294 | = | EUR | 1 |
| Danish krone ....................  | DKK | 7.452704 | = | EUR | 1 |
| British pound ...................  | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 8.686201 | = | EUR | 1 |
| Japanese yen ...................  | JPY | 120.710331 | = | EUR | 1 |
| Mexican peso ...................  | MXN | 25.965526 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.880517 | = | EUR | 1 |
| New Zealand dollar ...............  | NZD | 1.749258 | = | EUR | 1 |
| Polish zloty .....................  | PLN | 4.445229 | = | EUR | 1 |
| Russian rouble...................  | RUB | 79.752538 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar .................  | SGD | 1.564791 | = | EUR | 1 |
| Thai baht .......................  | THB | 34.639567 | = | EUR | 1 |
| U.S. dollar ......................  | USD | 1.120750 | = | EUR | 1 |
| South African rand................  | ZAR | 19.478627 | = | EUR | 1 |

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

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

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse FC | LU1445758144 | -8,9% |
| Klasse FD | LU1445758227 | -8,9% |
| Klasse LC | LU1445758573 | -9,2% |
| Klasse LD | LU1445758656 | -9,2% |
| Klasse RC | LU1717102278 | -9,0% |
| Klasse TFC | LU1663910088 | -9,0% |
| Klasse TFD | LU1663908264 | -9,0% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Global Bonds High Conviction
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 37 977 605,40 | 60,69 |
| Zentralregierungen | 18 358 534,57 | 29,34 |
| Summe Anleihen | 56 336 139,97 | 90,03 |
| 2. Investmentanteile Rentenfonds | 0,21 | 0,00 |
| Summe Investmentanteile | 0,21 | 0,00 |
| 3. Derivate | -135 239,39 | - 0,21 |
| 4. Bankguthaben | 6 599 723,83 | 10,55 |
| 5. Sonstige Vermögensgegenstände | 516 168,29 | 0,82 |
| 6. Forderungen aus Anteilscheingeschäften | 1 391,70 | 0,00 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -741 124,65 | - 1,18 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -8 902,51 | - 0,01 |
| III. Fondsvermögen | 62 568 157,45 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 51 918 102,22 | 82,98 |
| Verzinsliche Wertpapiere 1,875 % AIB Group PLC (MTN) 2019/2029 * ............  | EUR | 100 000 |  |  | % | 95,15 | 95 150,50 | 0,15 |
| 1,50  % Arkema SA 2020/perpetual * .................  | EUR | 1 000 000 | 2 400 000 | 1 400 000 | % | 94,396 | 943 960,00 | 1,51 |
| 2,875 % AT&T, Inc. 2020/perpetual * .................  | EUR | 900 000 | 900 000 |  | % | 95,16 | 856 444,50 | 1,37 |
| 3,125 % Bayer AG 2019/2079 * ......................  | EUR | 1 000 000 |  |  | % | 99,53 | 995 295,00 | 1,59 |
| 3,00 % Bertelsmann SE & Co., KGaA 2015/2075 * ......  | EUR | 500 000 |  | 500 000 | % | 98,768 | 493 837,50 | 0,79 |
| 3,625 % BP Capital Markets PLC 2020/perpetual * ....... 1,375 % Bright Food Singapore Holdings Pte Ltd (MTN) 2019/2024 ...............................  | EUR EUR | 390 000 1 000 000 | 390 000 500 000 |  | % % | 100,539 97,938 | 392 102,10 979 375,00 | 0,63 1,57 |
| 1,125 % Bright Food Singapore Holdings Pte Ltd 2017/2020 | EUR | 1 500 000 |  |  | % | 99,948 | 1 499 212,50 | 2,40 |
| 1,50  % Bundesrepublik Deutschland (MTN) 2012/2022 ..  | EUR | 200 000 |  |  | % | 104,901 | 209 802,00 | 0,34 |
| 1,00  % Bundesrepublik Deutschland (MTN) 2014/2024 ..  | EUR | 200 000 |  |  | % | 107,263 | 214 526,00 | 0,34 |
| 0,25  % Bundesrepublik Deutschland (MTN) 2015/2020 ..  | EUR | 100 000 |  |  | % | 100,246 | 100 246,00 | 0,16 |
| 0,00  % Bundesrepublik Deutschland (MTN) 2016/2021 ..  | EUR | 200 000 |  |  | % | 100,855 | 201 710,00 | 0,32 |
| 0,50 % Bundesrepublik Deutschland (MTN) 2017/2027 .. 0,50  % Bundesrepublik Deutschland Bundesanleihe (MTN) 2018/2028 ...............................  | EUR EUR | 200 000 200 000 |  |  | % % | 108,496 108,92 | 216 993,00 217 841,00 | 0,35 0,35 |
| 0,10  % Bundesrepublik Deutschland Inflation Linked Bond 2012/2023 ...............................  | EUR | 217 128 | 2 612 | 2 810 | % | 101,945 | 221 351,14 | 0,35 |
| 0,00  % Bundesschatzanweisungen 2019/2021 .........  | EUR | 1 000 000 | 1 000 000 |  | % | 100,799 | 1 007 990,00 | 1,61 |
| 0,35  % Buoni Poliennali Del Tes (MTN) 2019/2025 ......  | EUR | 1 500 000 | 4 000 000 | 2 500 000 | % | 98,92 | 1 483 800,00 | 2,37 |
| 0,625 % Capgemini SE (MTN) 2020/2025 ..............  | EUR | 100 000 | 100 000 |  | % | 100,054 | 100 054,50 | 0,16 |
| 1,25  % Celanese US Holdings LLC (MTN) 2017/2025 ....  | EUR | 400 000 | 400 000 |  | % | 98,106 | 392 426,00 | 0,63 |
| 2,75  % Cemex SAB de CV -Reg- (MTN) 2017/2024 .....  | EUR | 200 000 |  |  | % | 92,474 | 184 947,00 | 0,30 |
| 1,125 % Conti-Gummi Finance BV 2020/2024 ...........  | EUR | 340 000 | 340 000 |  | % | 99,844 | 339 469,60 | 0,54 |
| 0,875 % Covestro AG (MTN) 2020/2026 ...............  | EUR | 170 000 | 170 000 |  | % | 99,866 | 169 772,20 | 0,27 |
| 0,375 % Deutsche Bank AG (MTN) 2018/2021 ..........  | EUR | 1 000 000 |  |  | % | 99,728 | 997 285,00 | 1,59 |
| 1,625 % Deutsche Bank AG (MTN) 2019/2021 ..........  | EUR | 2 100 000 |  |  | % | 100,478 | 2 110 027,50 | 3,37 |
| 4,00  % Energo-Pro AS (MTN) 2017/2022 ..............  | EUR | 190 000 |  |  | % | 96,476 | 183 304,40 | 0,29 |
| 0,835 % Exxon Mobil Corp. 2020/2032 ................  | EUR | 1 000 000 | 1 000 000 |  | % | 98,746 | 987 455,00 | 1,58 |
| 0,025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 1 000 000 |  |  | % | 91,262 | 912 625,00 | 1,46 |
| 0,10  % France Government Bond OAT (MTN) 2016/2021 | EUR | 104 883 | 1 261 | 1 356 | % | 99,67 | 104 536,89 | 0,17 |
| 0,00 % France Government Bond OAT (MTN) 2016/2021 1,75 % French Republic Government Bond OAT (MTN) 2013/2023 ...............................  | EUR EUR | 200 000 200 000 |  |  | % % | 100,536 106,928 | 201 072,00 213 856,00 | 0,32 0,34 |
| 0,10  % French Republic Government Bond OAT (MTN) 2015/2025 ...............................  | EUR | 103 943 | 632 | 104 943 | % | 104,4 | 108 517,01 | 0,17 |
| 0,25  % French Republic Government Bond OAT (MTN) 2016/2026 ...............................  | EUR | 100 000 |  |  | % | 104,458 | 104 457,50 | 0,17 |
| 0,75  % French Republic Government Bond OAT (MTN) 2018/2028 ...............................  | EUR | 100 000 |  |  | % | 108,926 | 108 926,00 | 0,17 |
| 2,25  % French Republic Government Bond OAT 2013/2024 ...............................  | EUR | 200 000 |  |  | % | 111,224 | 222 449,00 | 0,36 |
| 0,75  % French Republic Government Bond OAT 2017/2028 ...............................  | EUR | 100 000 |  |  | % | 108,684 | 108 684,00 | 0,17 |
| 0,20  % General Motors Financial Co., Inc. (MTN) 2019/2022 ...............................  | EUR | 200 000 | 200 000 |  | % | 96,242 | 192 483,00 | 0,31 |
| 1,125 % Hannover Rueck SE 2019/2039 * .............  | EUR | 500 000 |  | 500 000 | % | 95,914 | 479 567,50 | 0,77 |
| 2,75 % Helvetia Europe SA 2020/2041 * .............. 1,45 % Indonesia Government International Bond (MTN) 2019/2026 ...............................  | EUR EUR | 300 000 1 500 000 | 300 000 500 000 |  | % % | 100,679 99,399 | 302 037,00 1 490 985,00 | 0,48 2,38 |
| 0,90  % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ...............................  | EUR | 420 000 | 420 000 | % | 95,246 | 400 031,10 | 0,64 |
| 0,157 % Industrial & Commercial Bank of China Ltd/ Luxembourg (MTN) 2017/2020 * ..............  | EUR | 700 000 |  |  | % | 99,98 | 699 856,50 | 1,12 |
| 0,75  % Infineon Technologies AG (MTN) 2020/2023 .....  | EUR | 400 000 | 400 000 |  | % | 100,498 | 401 990,00 | 0,64 |
| 3,625 % Infineon Technologies AG 2019/perpetual * .....  | EUR | 1 500 000 |  |  | % | 99,75 | 1 496 250,00 | 2,39 |
| 0,85  % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 600 000 | 600 000 |  | % | 99,694 | 598 167,00 | 0,96 |
| 1,00  % Italy Buoni Poliennali Del Tesoro 2019/2022 .....  | EUR | 1 000 000 | 1 000 000 |  | % | 101,884 | 1 018 840,00 | 1,63 |
| 0,60 % Italy Buoni Poliennali Del Tesoro 2020/2023 ..... 4,875 % Macedonia Government International Bond -Reg- (MTN) 2015/2020 ..........................  | EUR EUR | 1 000 000 2 000 000 | 1 000 000 |  | % % | 101,048 101,694 | 1 010 485,00 2 033 870,00 | 1,61 3,25 |
| 4,00 % Mexico Government International Bond 2015/2115 0,127 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2018/2023 * ..............................  | EUR EUR | 2 500 000 500 000 | 500 000 |  | % % | 94,25 99,276 | 2 356 237,50 496 380,00 | 3,77 0,79 |
| 2,50 % Petroleos Mexicanos (MTN) 2017/2021 . . . . . . . . . 0,75 % Powszechna Kasa Oszczednosci Bank Polski SA (MTN) 2017/2021 ..........................  | EUR EUR | 200 000 110 000 | 200 000 | 354 000 | % % | 97,056 99,885 | 194 112,00 109 873,50 | 0,31 0,18 |
| 2,00  % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2032 ...............................  | EUR | 200 000 | 200 000 | % | 93,621 | 187 242,00 | 0,30 |
| 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 1 000 000 | 1 000 000 | % | 92,329 | 923 290,00 | 1,48 |
| 0,875 % SES SA (MTN) 2019/2027 ...................  | EUR | 700 000 | 700 000 | % | 93,02 | 651 140,00 | 1,04 |
| 4,625 % SES SA 2016/2049 * .......................  | EUR | 1 000 000 |  | % | 101,531 | 1 015 310,00 | 1,62 |
| 4,25  % Solvay SA 2018/perpetual * ..................  | EUR | 500 000 |  | % | 103,546 | 517 727,50 | 0,83 |
| 3,75  % Stena International SA -Reg- (MTN) 2020/2025 ...  | EUR | 500 000 | 500 000 | % | 93,329 | 466 645,00 | 0,75 |
| 0,75  % Takeda Pharmaceutical Co., Ltd (MTN) 2020/2027 | EUR | 640 000 | 640 000 | % | 100,463 | 642 963,20 | 1,03 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Wäjhrung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,698 % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2022 * | EUR | 1 940 000 |  |  | % | 100,716 | 1 953 890,40 | 3,12 |
| 2,375 % Turkiye Vakiflar Bankasi TAO (MTN) 2016/2021 ..  | EUR | 600 000 |  |  | % | 99,35 | 596 097,00 | 0,95 |
| 3,875 % UniCredit SpA (MTN) 2020/perpetual * .........  | EUR | 400 000 | 900 000 | 500 000 | % | 74,388 | 297 552,00 | 0,48 |
| 2,75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 ..  | EUR | 100 000 | 100 000 |  | % | 101,672 | 101 671,50 | 0,16 |
| 5,50  % Allianz SE (MTN) 2012/2049 .................  | USD | 1 000 000 |  | 1 000 000 | % | 100,635 | 897 925,85 | 1,44 |
| 3,875 % Allianz SE (MTN) 2016/2049 .................  | USD | 600 000 | 600 000 |  | % | 94,982 | 508 491,84 | 0,81 |
| 3,50  % Black Sea Trade & Development Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | USD | 1 440 000 |  |  | % | 102,978 | 1 323 123,79 | 2,11 |
| 4,375 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 690 000 | 690 000 |  | % | 101,625 | 625 663,87 | 1,00 |
| 2,625 % CDBL Funding 2 (MTN) 2017/2020 ............  | USD | 800 000 |  |  | % | 100,085 | 714 414,74 | 1,14 |
| 3,875 % KazMunayGas National Co., JSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | USD | 500 000 |  |  | % | 102,399 | 456 832,66 | 0,73 |
| 3,875 % KazMunayGas National Co., JSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | USD | 200 000 | 200 000 |  | % | 102,399 | 182 733,06 | 0,29 |
| 2,75  % Novartis Capital Corp. 2020/2050 .............  | USD | 940 000 | 2 500 000 | 1 560 000 | % | 105,322 | 883 357,12 | 1,41 |
| 3,625 % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ...............................  | USD | 400 000 | 400 000 |  | % | 99,482 | 355 053,45 | 0,57 |
| 4,75  % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ...............................  | USD | 400 000 | 400 000 |  | % | 92,79 | 331 169,44 | 0,53 |
| 3,875 % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | USD | 1 200 000 | 1 200 000 |  | % | 98,96 | 1 059 581,95 | 1,69 |
| 6,50  % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2017/2047 ...............................  | USD | 200 000 | 400 000 | 200 000 | % | 86,874 | 155 029,28 | 0,25 |
| 8,75  % Senegal Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2011/2021 ...............................  | USD | 400 000 | 400 000 |  | % | 103,618 | 369 818,57 | 0,59 |
| 1,50  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2015/2022 ...............................  | USD | 200 000 |  | 300 000 | % | 102,123 | 182 240,62 | 0,29 |
| 1,125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ...............................  | USD | 200 000 | 300 000 | % | 101,225 | 180 637,34 | 0,29 |
| 1,75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ...............................  | USD | 200 000 | 800 000 | % | 102,26 | 182 484,60 | 0,29 |
| 1,375 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ...............................  | USD | 200 000 | 300 000 | % | 103,914 | 185 436,73 | 0,30 |
| 1,50  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ...............................  | USD | 200 000 | 300 000 | % | 106,695 | 190 399,92 | 0,30 |
| 1,25  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | USD | 200 000 | 2 000 000 | 1 800 000 | % | 104,258 | 186 050,16 | 0,30 |
| 1,625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 200 000 | 1 500 000 | 1 300 000 | % | 109,359 | 195 153,99 | 0,31 |
| 1,125 % United States Treasury Note/Bond 2020/2040 ...  | USD | 1 000 000 | 1 000 000 |  | % | 99,688 | 889 471,69 | 1,42 |
| 1,25  % United States Treasury Note/Bond 2020/2050 ...  | USD | 1 000 000 | 3 300 000 | 2 300 000 | % | 96,906 | 864 655,71 | 1,38 |
| 6,902 % Vnesheconombank Via VEB Finance PLC (MTN) |  |  |  |  |  |  |  |  |
| 2010/2020 ...............................  | USD | 3 000 000 |  |  | % | 100,276 | 2 684 181,30 | 4,29 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	4 418 037,75	7,06 Verzinsliche Wertpapiere
| 2017/2020 ...............................  | USD | 800 000 |  | % | 100,223 | 715 399,79 | 1,14 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2,605 % CVS Health Corp. 2018/2021 * ...............  4,767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ...............................  | USD USD | 500 000 500 000 |  | % % | 100,349 104,186 | 447 686,99 464 805,00 | 0,72 0,74 |
| 2,707 % Hyundai Capital America -Reg- (MTN) 2018/2021 * | USD | 1 000 000 |  | % | 99,172 | 884 876,55 | 1,41 |
| 2,20 % National Bank of Canada 2017/2020 ........... 1,625 % United States Treasury Note/Bond (MTN) 2016/2026 ...............................  | USD USD | 1 000 000 200 000 | 1 000 000 300 000 | % % | 100,461 107,297 | 896 373,32 191 473,42 | 1,43 0,31 |
| 1,625 % United States Treasury Note/Bond 2019/2021 ...  | USD | 200 000 | 300 000 | % | 101,463 | 181 062,56 | 0,29 |
| 1,83  % Walt Disney Co./The 2019/2021 * .............  | USD | 714 000 |  | % | 99,888 | 636 360,12 | 1,02 |
| Investmentanteile |  |  |  |  | 0,21 | 0,00 |
| DWS Invest SICAV - Global Short Duration -FCH- EUR - (0,450%)	Anteile | 0 | 5 000 | EUR | 103,26 | 0,21 | 0,00 |
| Summe Wertpapiervermögen |  |  |  |  | 56 336 140,18 | 90,04 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -58 331,16 | -0,09 |
| Zinsterminkontrakte Canada Government Bonds 10 year Futures 09/2020 (DB) ..	Stück | -30 | 30 | -51 782,06 | -0,08 |
| Euro BTP Futures 09/2020 (DB)	Stück | -10 | 10 | -2 157,50 | 0,00 |

2,25  % CK Hutchison International 17 II Ltd -Reg-
Gruppeneigene Investmentanteile
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Optionsrechte |  |  |  |  |  |
| Optionsrechte auf Zinsterminkontrakte Call US Treasury Bond Futures 07/2020 175 USD (DB) ....  | Stück | -15 000 |  | -4 391,60 | -0,01 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -28 108,75 | -0,04 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen JPY/EUR 200 Mio. .................................  |  |  |  | -4 541,27 | -0,01 |
| Geschlossene Positionen MXN/EUR 50 Mio. .................................  |  |  |  | -65 404,66 | -0,10 |
| MXN/USD 50 Mio.  ................................  |  |  |  | 2 675,82 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen EUR/USD 14 Mio. .................................  |  |  |  | -46 824,88 | -0,07 |
| JPY/NOK 58 Mio.  .................................  |  |  |  | -22 457,67 | -0,04 |
| USD/MXN 45,4 Mio. ...............................  |  |  |  | 41 268,03 | 0,07 |
| Geschlossene Positionen EUR/USD 2 Mio. ..................................  |  |  |  | -6 806,64 | -0,01 |
| JPY/NOK 31,2 Mio. ................................  |  |  |  | 73 982,52 | 0,12 |
| Swaps Forderungen/Verbindlichkeiten |  |  |  | -48 799,48 | -0,08 |
| Credit Default Swaps |  |  |  |  |  |
| Protection Seller Republic of Italy / 1% / 20/06/2022 (OTC) (JP) ...........  | Stück | 2 000 000 |  | 922,74 | 0,00 |
| Republic of Turkey / 1% / 20/06/2022 (OTC) (JP) .........  | Stück | 1 000 000 |  | -55 397,85 | -0,09 |
| United Mexican States / 1% / 20/06/2022 (OTC) (JP) ......  | Stück | 2 000 000 |  | 5 675,63 | 0,01 |
| Bankguthaben |  |  |  | 6 599 723,83 | 10,55 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 4 745 102,33 | 7,58 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 42 701 |  | 46 863,79 | 0,07 |
| Dänische Kronen ..................................  | DKK | 522 931 |  | 70 166,57 | 0,11 |
| Norwegische Kronen ...............................  | NOK | 766 648 |  | 70 460,66 | 0,11 |
| Polnischer Zloty ...................................  | PLN | 165 856 |  | 37 311,08 | 0,06 |
| Schwedische Kronen ...............................  | SEK | 76 697 |  | 7 321,04 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 51 662 |  | 31 654,03 | 0,05 |
| Chinesischer Renminbi ..............................  | CNY | 1 008 999 |  | 127 265,52 | 0,20 |
| Hongkong Dollar ...................................  | HKD | 364 552 |  | 41 969,13 | 0,07 |
| Japanischer Yen ...................................  | JPY | 503 567 |  | 4 171,70 | 0,01 |
| Kanadischer Dollar .................................  | CAD | 133 804 |  | 87 326,43 | 0,14 |
| Mexikanischer Peso ................................  | MXN | 1 586 |  | 61,09 | 0,00 |
| Neuseeländischer Dollar .............................  | NZD | 65 083 |  | 37 205,80 | 0,06 |
| Russischer Rubel ..................................  | RUB | 3 374 863 |  | 42 316,68 | 0,07 |
| Schweizer Franken .................................  | CHF | 75 356 |  | 70 772,57 | 0,11 |
| Singapur Dollar ....................................  | SGD | 29 233 |  | 18 681,89 | 0,03 |
| Südafrikanischer Rand ..............................  | ZAR | 64 812 |  | 3 327,33 | 0,01 |
| Thailändischer Baht ................................  | THB | 342 860 |  | 9 897,93 | 0,02 |
| US-Dollar ........................................  | USD | 1 286 450 |  | 1 147 848,26 | 1,84 |
| Sonstige Vermögensgegenstände |  |  |  | 516 168,29 | 0,82 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 0,00 | 0,00 |
| Zinsansprüche ....................................  |  |  |  | 454 660,83 | 0,72 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 61 507,46 | 0,10 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 1 391,70 | 0,00 |
| Summe der Vermögensgegenstände ** |  |  |  | 63 577 948,74 | 101,61 |
| Sonstige Verbindlichkeiten |  |  |  | -741 124,65 | -1,18 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -741 124,65 | -1,18 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -8 902,51 | -0,01 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Summe der Verbindlichkeiten |  |  |  | -1 009 791,29 | -1,61 |
| Fondsvermögen |  |  |  | 62 568 157,45 | 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 | 94,56 |
| Klasse FD ........................................  | EUR | 89,79 |
| Klasse LC ........................................  | EUR | 92,87 |
| Klasse LD ........................................  | EUR | 89,59 |
| Klasse RC ........................................  | EUR | 94,69 |
| Klasse TFC .......................................  | EUR | 94,74 |
| Klasse TFD .......................................  | EUR | 91,01 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 223 117,000 |
| Klasse FD ........................................  | Stück | 4 000,000 |
| Klasse LC ........................................  | Stück | 5 874,000 |
| Klasse LD ........................................  | Stück | 1 110,000 |
| Klasse RC ........................................  | Stück | 427 315,661 |
| Klasse TFC .......................................  | Stück | 20,000 |
| Klasse TFD .......................................  | Stück | 20,000 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 10% vom Portfoliowert (1.1.2020 - 14.5.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,445 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 11,589 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 3,462 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 14.5.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14.14% vom Portfoliowert (15.5.2020 - 30.6.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 2,307 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 6,066 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 3,935 |

Die Risikokennzahlen wurden für den Zeitraum vom 15.5.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 1,2, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 64 396 783,81.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
CIT = Citigroup Global Markets Limited DB = Deutsche Bank AG Frankfurt
HS = HSBC Bank PLC
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe, Credit Suisse London Branch (GFX), HSBC France, Morgan Stanley and Co. International, Royal Bank of Canada (UK), State Street Bank London und UBS AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,532233 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Chinesischer Renminbi ............  | CNY | 7,928294 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 25,965526 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,749258 | = | EUR | 1 |
| Polnischer Zloty .................  | PLN | 4,445229 | = | EUR | 1 |
| Russischer Rubel ................  | RUB | 79,752538 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| Thailändischer Baht ..............  | THB | 34,639567 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 19,478627 | = | EUR | 1 |

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