# DWS Invest Green Bonds
DWS INVEST GREEN BONDS

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1873225616 | -1.4% |
| Class FD | LU1873225533 | -1.3% |
| Class LC | LU1982200609 | -1.4% |
| Class ND | LU1914384265 | -1.6% |
| Class TFC | LU1956017633 | -1.3% |
| Class XD | LU1873225707 | -1.1% |

“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 Green Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 78 722 634.89 | 89.00 |
| Central governments | 5 855 066.40 | 6.61 |
| Total bonds | 84 577 701.29 | 95.61 |
| 2. Derivatives | -305 702.04 | - 0.34 |
| 3. Cash at bank | 4 065 200.37 | 4.59 |
| 4. Other assets | 440 447.26 | 0.50 |
| 5. Receivables from share certificate transactions | 265 854.69 | 0.30 |
| II. Liabilities |  |  |
| 1. Other liabilities | -497 615.60 | - 0.56 |
| 2. Liabilities from share certificate transactions | -85 223.08 | - 0.10 |
| III. Net assets | 88 460 662.89 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 82 750 300.70 | 93.54 |
| Interest-bearing securities 0.625 % ABN AMRO Bank NV (MTN) 2016/2022 .........  | EUR | 400 000 |  |  | % | 101.36 | 405 442.00 | 0.46 |
| 0.875 % ABN AMRO Bank NV (MTN) 2018/2025 .........  | EUR | 500 000 | 500 000 |  | % | 103.994 | 519 972.50 | 0.59 |
| 0.95  % Adif - Alta Velocidad (MTN) 2019/2027 ..........  | EUR | 1 000 000 | 400 000 |  | % | 104.303 | 1 043 030.00 | 1.18 |
| 0.55  % Adif Alta Velocidad (MTN) 2020/2030 ...........  | EUR | 400 000 | 400 000 |  | % | 99.303 | 397 212.00 | 0.45 |
| 0.875 % Alliander NV (MTN) 2016/2026 ................  | EUR | 900 000 | 300 000 |  | % | 105.13 | 946 174.50 | 1.07 |
| 0.375 % Alliander NV (MTN) 2020/2030 ................  | EUR | 300 000 | 300 000 |  | % | 101.474 | 304 423.50 | 0.34 |
| 0.00  % Apple, Inc. (MTN) 2019/2025 .................  | EUR | 400 000 |  |  | % | 100.076 | 400 302.00 | 0.45 |
| 0.50  % Apple, Inc. 2019/2031 .......................  0.625 % Australia & New Zealand Banking Group Ltd (MTN) 2018/2023 ................................  | EUR EUR | 280 000 200 000 |  |  | % % | 102.364 101.784 | 286 617.80 203 567.00 | 0.32 0.23 |
| 0.827 % Autonomous Community of Madrid Spain (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ................................  | EUR | 240 000 | 240 000 | % | 103.616 | 248 678.40 | 0.28 |
| 1.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2025 | EUR | 200 000 |  | % | 102.086 | 204 171.00 | 0.23 |
| 1.00 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2026 | EUR | 1 000 000 | 400 000 | % | 99.789 | 997 890.00 | 1.13 |
| 3.871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 200 000 |  | % | 93.045 | 186 090.00 | 0.21 |
| 1.75  % Banco de Sabadell SA (MTN) 2020/2023 *.......  | EUR | 100 000 | 100 000 | % | 100.668 | 100 668.50 | 0.11 |
| 0.30  % Banco Santander SA (MTN) 2019/2026 .........  | EUR | 1 400 000 | 700 000 | % | 99.788 | 1 397 025.00 | 1.58 |
| 1.125 % Banco Santander SA (MTN) 2020/2027 .........  | EUR | 500 000 | 500 000 | % | 100.656 | 503 280.00 | 0.57 |
| 0.625 % Bankinter SA (MTN) 2020/2027 ...............  | EUR | 1 100 000 | 1 100 000 | % | 94.695 | 1 041 645.00 | 1.18 |
| 0.625 % Barclays PLC (MTN) 2017/2023 * ..............  | EUR | 900 000 | 500 000 | % | 99.624 | 896 620.50 | 1.01 |
| 0.25  % BASF SE (MTN) 2020/2027...................  | EUR | 600 000 | 600 000 | % | 100.628 | 603 771.00 | 0.68 |
| 0.50  % Berlin Hyp AG (MTN) 2016/2023 ..............  | EUR | 400 000 |  | % | 100.792 | 403 168.00 | 0.46 |
| 0.50  % Berlin Hyp AG (MTN) 2019/2029 ..............  | EUR | 700 000 | 400 000 | % | 100.52 | 703 643.50 | 0.80 |
| 0.50  % BNP Paribas SA (MTN) 2016/2022 .............  | EUR | 250 000 |  | % | 101.015 | 252 537.50 | 0.29 |
| 1.125 % BNP Paribas SA (MTN) 2019/2024 .............  | EUR | 600 000 |  | % | 102.236 | 613 416.00 | 0.69 |
| 0.50  % BNP Paribas SA (MTN) 2019/2026 *............  | EUR | 500 000 | 200 000 | % | 98.906 | 494 532.50 | 0.56 |
| 1.125 % BPCE SA (MTN) 2015/2022 ..................  | EUR | 200 000 |  | % | 102.3 | 204 599.00 | 0.23 |
| 0.125 % BPCE SA (MTN) 2019/2024 ..................  | EUR | 700 000 |  | % | 99.751 | 698 257.00 | 0.79 |
| 0.125 % Bpifrance Financement SA (MTN) 2020/2027	EUR | 200 000 | 200 000 |  | % | 101.506 | 203 013.00 | 0.23 |
| 0.75  % Cadent Finance PLC (MTN) 2020/2032	EUR | 140 000 | 140 000 |  | % | 98.201 | 137 481.40 | 0.16 |
| 2019/2029	EUR | 700 000 | 300 000 |  | % | 102.588 | 718 112.50 | 0.81 |
| 0.83  % Chile Government International Bond 2019/2031 ..  | EUR | 800 000 | 400 000 |  | % | 98.089 | 784 712.00 | 0.89 |
| 0.50  % Citigroup, Inc. (MTN) 2019/2022 ...............  | EUR | 190 000 |  |  | % | 100.534 | 191 014.60 | 0.22 |
| 0.50  % Citigroup, Inc. (MTN) 2019/2022 ...............  | EUR | 1 010 000 | 700 000 |  | % | 100.534 | 1 015 393.40 | 1.15 |
| 1.25  % Commerzbank AG (MTN) 2018/2023 ...........  | EUR | 1 100 000 | 400 000 |  | % | 100.692 | 1 107 617.50 | 1.25 |
| 0.25  % Cooperatieve Rabobank UA (MTN) 2019/2026 ....  | EUR | 1 000 000 | 400 000 |  | % | 98.736 | 987 360.00 | 1.12 |
| 0.625 % Corp Andina de Fomento (MTN) 2019/2026 ......  | EUR | 320 000 |  |  | % | 96.118 | 307 579.20 | 0.35 |
| 0.375 % Credit Agricole SA (MTN) 2019/2025 ...........  | EUR | 400 000 |  |  | % | 98.71 | 394 840.00 | 0.45 |
| 0.75  % Credit Agricole SA/London (MTN) 2018/2023 .....  | EUR | 200 000 |  |  | % | 102.469 | 204 938.00 | 0.23 |
| 0.375 % Credit Mutuel Arkea SA (MTN) 2019/2028 .......  | EUR | 200 000 |  |  | % | 98.551 | 197 102.00 | 0.22 |
| 1.25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 200 000 | 200 000 |  | % | 100.094 | 200 189.00 | 0.23 |
| 0.45  % Credit Suisse AG/London (MTN) 2020/2025 ......  | EUR | 530 000 | 530 000 |  | % | 101.036 | 535 493.45 | 0.61 |
| 0.95  % Deutsche Bahn Finance GMBH 2019/perpetual * . | EUR | 600 000 | 200 000 |  | % | 96.585 | 579 510.00 | 0.66 |
| 1.60  % Deutsche Bahn Finance GMBH 2019/perpetual * . | EUR | 200 000 |  |  | % | 97.479 | 194 958.00 | 0.22 |
| 1.375 % Deutsche Bank AG (MTN) 2020/2026 * .........  | EUR | 510 000 | 640 000 | 130 000 | % | 101.726 | 518 802.60 | 0.59 |
| 0.625 % Deutsche Kreditbank AG (MTN) 2016/2021 ......  | EUR | 200 000 |  |  | % | 99.661 | 199 322.00 | 0.23 |
| 0.01  % Deutsche Kreditbank AG (MTN) 2019/2029 ......  | EUR | 300 000 |  |  | % | 101.512 | 304 536.00 | 0.34 |
| 0.75  % DH Europe Finance II Sarl 2019/2031 ...........  | EUR | 150 000 |  |  | % | 96.688 | 145 032.00 | 0.16 |
| 0.35  % E.ON SE (MTN) 2019/2030 ...................  | EUR | 900 000 |  |  | % | 97.132 | 874 188.00 | 0.99 |
| 0.375 % E.ON SE (MTN) 2020/2027 ...................  | EUR | 820 000 | 820 000 |  | % | 99.895 | 819 139.00 | 0.93 |
| 1.625 % EDP - Energias de Portugal SA (MTN) 2020/2027 . | EUR | 100 000 | 100 000 |  | % | 106.297 | 106 297.00 | 0.12 |
| 4.496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 800 000 | 200 000 |  | % | 106.54 | 852 324.00 | 0.96 |
| 1.875 % EDP Finance BV (MTN) 2018/2025 .............  | EUR | 400 000 |  |  | % | 107.52 | 430 078.00 | 0.49 |
| 0.375 % EDP Finance BV (MTN) 2019/2026 .............  | EUR | 130 000 |  |  | % | 98.687 | 128 293.10 | 0.14 |
| 1.70  % EDP Via Energias de Portugal SA 2020/2080 * ...  | EUR | 600 000 | 600 000 |  | % | 93.888 | 563 331.00 | 0.64 |
| 1.625 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * | EUR | 1 300 000 | 700 000 |  | % | 97.433 | 1 266 629.00 | 1.43 |
| 1.875 % EnBW Energie Baden-Wuerttemberg AG 2020/2080 * | EUR | 300 000 | 300 000 |  | % | 99.246 | 297 738.00 | 0.34 |
| 1.875 % EnBW International Finance BV (MTN) 2018/2033 . | EUR | 300 000 |  |  | % | 117.126 | 351 376.50 | 0.40 |
| 1.00  % Enel Finance International NV (MTN) 2017/2024 ..  | EUR | 200 000 |  |  | % | 103.349 | 206 698.00 | 0.23 |
| 1.50  % Enel Finance International NV (MTN) 2019/2025 ..  | EUR | 800 000 | 200 000 |  | % | 106.105 | 848 840.00 | 0.96 |
| 0.625 % Enexis Holding NV (MTN) 2020/2032 ...........  | EUR | 310 000 | 310 000 |  | % | 101.824 | 315 652.85 | 0.36 |
| 0.875 % Erste Group Bank AG (MTN) 2019/2026 .........  | EUR | 300 000 |  |  | % | 101.277 | 303 831.00 | 0.34 |
| 0.15  % EUROFIMA (MTN) 2019/2034 ................  | EUR | 300 000 |  |  | % | 99.64 | 298 918.50 | 0.34 |
| 1.113 % Eurogrid GmbH (MTN) 2020/2032 .............  | EUR | 200 000 | 200 000 |  | % | 105.596 | 211 193.00 | 0.24 |
| 0.50  % European Investment Bank (MTN) 2015/2023 ....  1.375 % Firmenich Productions Participations SAS (MTN) 2020/2026 ................................  | EUR EUR | 300 000 360 000 | 360 000 |  | % % | 103.88 102.927 | 311 638.50 370 537.20 | 0.35 0.42 |
| 1.75  % Firmenich Productions Participations SAS (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | EUR | 280 000 | 280 000 | % | 104.407 | 292 339.60 | 0.33 |
| 0.875 % Hera SpA (MTN) 2019/2027 ..................  | EUR | 800 000 | 500 000 | % | 101.996 | 815 972.00 | 0.92 |
| 1.75  % Hungary Government International Bond 2020/2035 | EUR | 200 000 | 200 000 | % | 98.624 | 197 248.00 | 0.22 |
| 2.50 % Iberdrola International BV (MTN) 2014/2022......  | EUR | 200 000 |  | % | 105.617 | 211 234.00 | 0.24 |
| 1.875 % Iberdrola International BV 2017/perpetual * ......  | EUR | 700 000 | 200 000 | % | 100.104 | 700 728.00 | 0.79 |
| 0.75  % ING Bank NV (MTN) 2015/2020 ...............  | EUR | 100 000 |  | % | 100.351 | 100 351.00 | 0.11 |

0.10  % Caisse Francaise de Financement Local (MTN)
| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2.50  % ING Groep NV (MTN) 2018/2030 ..............  | EUR | 700 000 | 300 000 |  | % | 118.674 | 830 714.50 | 0.94 |
| 1.25  % innogy Finance BV (MTN) 2017/2027 ...........  | EUR | 1 000 000 | 250 000 |  | % | 105.935 | 1 059 350.00 | 1.20 |
| 0.875 % Intesa Sanpaolo SpA (MTN) 2017/2022 .........  | EUR | 1 000 000 | 300 000 |  | % | 100.188 | 1 001 885.00 | 1.13 |
| 1.35  % Ireland Government Bond 2018/2031 ...........  | EUR | 1 000 000 | 200 000 |  | % | 114.656 | 1 146 555.00 | 1.30 |
| 1.50  % Iren SpA (MTN) 2017/2027 ...................  | EUR | 750 000 | 300 000 |  | % | 106.562 | 799 215.00 | 0.90 |
| 0.875 % Iren SpA (MTN) 2019/2029 ...................  | EUR | 500 000 | 250 000 |  | % | 101.221 | 506 105.00 | 0.57 |
| 0.375 % KBC Group NV (MTN) 2020/2027 * ............  | EUR | 400 000 | 400 000 |  | % | 100.104 | 400 414.00 | 0.45 |
| 0.50  % Koninklijke Philips NV (MTN) 2019/2026 .........  | EUR | 1 000 000 | 300 000 |  | % | 101.156 | 1 011 560.00 | 1.14 |
| 0.05  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2024 | EUR | 400 000 |  |  | % | 102.292 | 409 168.00 | 0.46 |
| 1.375 % La Banque Postale SA (MTN) 2019/2029 ........  | EUR | 800 000 | 200 000 |  | % | 104.826 | 838 608.00 | 0.95 |
| 2.125 % La Mondiale SAM 2020/2031 .................  | EUR | 100 000 | 100 000 |  | % | 98.848 | 98 848.00 | 0.11 |
| 1.45  % La Poste SA (MTN) 2018/2028 ................  | EUR | 1 000 000 | 400 000 |  | % | 108.028 | 1 080 285.00 | 1.22 |
| 0.375 % Landesbank Baden-Wuerttemberg (MTN) 2019/2024 | EUR | 400 000 |  |  | % | 99.77 | 399 080.00 | 0.45 |
| 0.375 % Landesbank Baden-Wuerttemberg (MTN) 2019/2026 | EUR | 300 000 |  |  | % | 98.746 | 296 236.50 | 0.33 |
| 0.375 % Lloyds Bank Corp.orate Markets PLC (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 250 000 | 250 000 |  | % | 98.685 | 246 712.50 | 0.28 |
| 2.875 % Merck KGaA 2019/2079 * ....................  | EUR | 100 000 |  |  | % | 104.518 | 104 518.00 | 0.12 |
| 0.956 % Mizuho Financial Group, Inc. (MTN) 2017/2024 ...  | EUR | 1 300 000 | 400 000 |  | % | 101.708 | 1 322 204.00 | 1.49 |
| 0.25  % Muenchener Hypothekenbank eG (MTN) 2018/2023 | EUR | 200 000 |  |  | % | 102.221 | 204 442.00 | 0.23 |
| 0.35  % National Australia Bank Ltd (MTN) 2017/2022 ....  | EUR | 200 000 |  |  | % | 100.984 | 201 969.00 | 0.23 |
| 0.875 % Naturgy Finance BV (MTN) 2017/2025 ..........  | EUR | 700 000 |  |  | % | 103 | 720 996.50 | 0.81 |
| 0.05 % NORD/LB Luxembourg SA Covered Bond Bank |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 ..........................  | EUR | 600 000 | 600 000 |  | % | 100.764 | 604 587.00 | 0.68 |
| 0.30  % Nordea Bank Abp (MTN) 2017/2022 ............  | EUR | 100 000 |  |  | % | 100.788 | 100 788.50 | 0.11 |
| 0.375 % Nordea Bank Abp (MTN) 2019/2026 ............  | EUR | 300 000 |  |  | % | 102.185 | 306 555.00 | 0.35 |
| 0.375 % Nordic Investment Bank (MTN) 2015/2022. . . . . . . | EUR | 100 000 |  |  | % | 101.91 | 101 910.50 | 0.12 |
| 0.875 % NRW Bank (MTN) 2015/2025 .................  | EUR | 350 000 |  |  | % | 106.597 | 373 089.50 | 0.42 |
| 0.375 % OP Corporate Bank plc (MTN) 2019/2024........  | EUR | 900 000 | 290 000 |  | % | 101.444 | 912 996.00 | 1.03 |
| 1.50  % Orsted A/S 2017/2029.......................  | EUR | 600 000 | 350 000 |  | % | 110.034 | 660 201.00 | 0.75 |
| 2.25  % Orsted A/S 2017/3017 * .....................  | EUR | 800 000 | 300 000 |  | % | 102.269 | 818 152.00 | 0.92 |
| 1.75  % Orsted A/S 2019/2099 * .....................  | EUR | 400 000 | 300 000 |  | % | 98.706 | 394 824.00 | 0.45 |
| 0.625 % PostNL NV (MTN) 2019/2026 .................  | EUR | 1 200 000 | 550 000 |  | % | 98.222 | 1 178 658.00 | 1.33 |
| 0.375 % Prologis Euro Finance LLC (MTN) 2020/2028 .....  | EUR | 400 000 | 900 000 | 500 000 | % | 98.439 | 393 756.00 | 0.45 |
| 1.625 % Prologis International Funding II SA (MTN) 2020/2032 | EUR | 130 000 | 130 000 |  | % | 104.762 | 136 190.60 | 0.15 |
| 2.375 % Prologis International Funding II SA 2018/2030 ...  | EUR | 500 000 | 250 000 |  | % | 113.708 | 568 537.50 | 0.64 |
| 0.375 % Raiffeisen Bank International AG (MTN) 2019/2026 | EUR | 1 000 000 | 500 000 |  | % | 99.448 | 994 485.00 | 1.12 |
| 0.375 % Red Electrica Financiaciones SAU (MTN) 2020/2028 | EUR | 1 100 000 | 1 100 000 |  | % | 101.07 | 1 111 764.50 | 1.26 |
| 0.10  % Region of Ile de France (MTN) 2020/2030 .......  | EUR | 400 000 | 400 000 |  | % | 100.504 | 402 014.00 | 0.45 |
| 0.25  % Royal Bank of Canada (MTN) 2019/2024 ........  | EUR | 1 000 000 | 600 000 |  | % | 100.135 | 1 001 350.00 | 1.13 |
| 1.50  % Royal Schiphol Group NV (MTN) 2018/2030 ......  | EUR | 300 000 |  |  | % | 105.408 | 316 224.00 | 0.36 |
| 2.00  % Royal Schiphol Group NV (MTN) 2020/2029 ......  | EUR | 180 000 | 180 000 |  | % | 110.91 | 199 638.90 | 0.23 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 150 000 | 150 000 |  | % | 92.329 | 138 493.50 | 0.16 |
| 0.30  % Skandinaviska Enskilda Banken AB (MTN) 2017/2022 | EUR | 100 000 |  |  | % | 100.547 | 100 547.00 | 0.11 |
| 0.875 % SKF AB (MTN) 2019/2029 ....................  | EUR | 1 400 000 | 1 020 000 |  | % | 99.456 | 1 392 384.00 | 1.57 |
| 0.125 % Société Générale SA (MTN) 2016/2021 .........  | EUR | 200 000 |  |  | % | 100.084 | 200 169.00 | 0.23 |
| 0.625 % Societe Nationale SNCF SA (MTN) 2020/2030 ....  | EUR | 400 000 | 400 000 |  | % | 102.52 | 410 080.00 | 0.46 |
| 0.125 % State of North Rhine-Westphalia Germany (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ................................  | EUR | 300 000 |  |  | % | 101.47 | 304 411.50 | 0.34 |
| 0.50  % Stedin Holding NV (MTN) 2019/2029 ...........  | EUR | 900 000 | 300 000 |  | % | 100.288 | 902 596.50 | 1.02 |
| 0.25  % Stryker Corp. (MTN) 2019/2024 ...............  | EUR | 160 000 |  |  | % | 99.018 | 158 428.00 | 0.18 |
| 0.934 % Sumitomo Mitsui Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ................................  | EUR | 900 000 | 250 000 |  | % | 102.128 | 919 156.50 | 1.04 |
| 0.375 % Swisscom Finance BV (MTN) 2020/2028 ........  | EUR | 800 000 | 800 000 |  | % | 100.721 | 805 768.00 | 0.91 |
| 3.625 % Telecom Italia SpA/Milano (MTN) 2016/2024 .....  | EUR | 150 000 |  |  | % | 104.238 | 156 356.25 | 0.18 |
| 1.069 % Telefonica Emisiones SA (MTN) 2019/2024 ......  | EUR | 900 000 | 200 000 |  | % | 102.825 | 925 425.00 | 1.05 |
| 2.502 % Telefonica Europe BV 2020/perpetual * .........  | EUR | 700 000 | 700 000 |  | % | 94.906 | 664 342.00 | 0.75 |
| 3.50  % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
| 2017/2028 ................................  | EUR | 200 000 |  |  | % | 101.794 | 203 589.00 | 0.23 |
| 1.375 % Telia Co. AB 2020/2081 * ....................  | EUR | 1 000 000 | 1 000 000 |  | % | 94.608 | 946 080.00 | 1.07 |
| 1.00  % TenneT Holding BV (MTN) 2016/2026 ..........  | EUR | 700 000 | 400 000 |  | % | 104.822 | 733 750.50 | 0.83 |
| 1.50  % TenneT Holding BV (MTN) 2019/2039 ..........  | EUR | 400 000 | 290 000 |  | % | 108.996 | 435 984.00 | 0.49 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  | EUR | 1 200 000 | 600 000 |  | % | 103.577 | 1 242 924.00 | 1.40 |
| 1.00  % Terna Rete Elettrica Nazionale SpA (MTN) 2019/2026 | EUR | 1 000 000 | 400 000 |  | % | 103.257 | 1 032 570.00 | 1.17 |
| 2.50  % Unibail-Rodamco SE (MTN) 2014/2024..........  | EUR | 200 000 |  |  | % | 105.031 | 210 062.00 | 0.24 |
| 1.00  % Unibail-Rodamco SE (MTN) 2015/2025..........  | EUR | 550 000 | 200 000 |  | % | 99.196 | 545 580.75 | 0.62 |
| 1.50  % Unione di Banche Italiane SpA (MTN) 2019/2024..  | EUR | 1 000 000 | 600 000 |  | % | 101.567 | 1 015 670.00 | 1.15 |
| 0.50  % Vattenfall AB (MTN) 2019/2026 ...............  | EUR | 900 000 | 300 000 |  | % | 100.399 | 903 591.00 | 1.02 |
| 0.05  % Vattenfall AB (MTN) 2020/2025 ...............  | EUR | 1 500 000 | 1 500 000 |  | % | 99.117 | 1 486 755.00 | 1.68 |
| 1.50  % Verbund AG (MTN) 2014/2024 ................  | EUR | 600 000 | 200 000 |  | % | 105.701 | 634 206.00 | 0.72 |
| 0.25  % VF Corp. (MTN) 2020/2028 ...................  | EUR | 1 100 000 | 1 100 000 |  | % | 94.774 | 1 042 519.50 | 1.18 |
| 0.90  % Vodafone Group PLC (MTN) 2019/2026 .........  | EUR | 1 000 000 | 200 000 |  | % | 102.074 | 1 020 745.00 | 1.15 |
| 1.50  % Landesbank Baden-Wuerttemberg (MTN) 2020/2025 | GBP | 300 000 | 300 000 |  | % | 100.685 | 331 499.31 | 0.37 |
| 2.125 % Orsted A/S (MTN) 2019/2027 .................  | GBP | 400 000 | 300 000 |  | % | 107.109 | 470 199.93 | 0.53 |
| 2.25  % Scottish Hydro Electric Transmission PLC (MTN) |  |  |  |  |  |  |  |  |
| 2019/2035 ................................  | GBP | 300 000 | 300 000 |  | % | 108.126 | 355 996.71 | 0.40 |
| 1.75  % Asian Development Bank (MTN) 2016/2026......  | USD | 200 000 |  |  | % | 106.724 | 190 452.00 | 0.22 |
| 2.704 % Banco del Estado de Chile -144A- (MTN) 2020/2025 | USD | 200 000 | 200 000 |  | % | 102.933 | 183 686.00 | 0.21 |
| 1.875 % European Bank for Reconstruction & Development |  |  |  |  |  |  |  |  |
| (MTN) 2017/2021 ..........................  | USD | 100 000 |  |  | % | 101.681 | 90 725.89 | 0.10 |
| 2.50  % European Investment Bank (MTN) 2014/2024 ....  | USD | 200 000 |  |  | % | 109.068 | 194 633.14 | 0.22 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4.625 % ING Groep NV -Reg- (MTN) 2018/2026..........  | USD | 200 000 |  |  | % | 117.42 | 209 538.34 | 0.24 |
| 2.527 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2016/2023 2.20 % PNC Financial Services Group, Inc./The (MTN) 2019/2024 ................................  | USD USD | 500 000 600 000 |  |  | % % | 104.876 106.198 | 467 885.53 568 534.69 | 0.53 0.64 |
| 1.50 % Prudential Financial, Inc. (MTN) 2020/2026. . . . . . . | USD | 365 000 | 365 000 |  | % | 102.406 | 333 509.01 | 0.38 |
| 4.15  % Southern Power Co. (MTN) 2015/2025..........  | USD | 150 000 |  |  | % | 113.68 | 152 148.84 | 0.17 |
| 2.15  % Toyota Motor Credit Corp. (MTN) 2020/2030 .....  | USD | 1 500 000 | 1 500 000 |  | % | 104.87 | 1 403 569.59 | 1.59 |
| 2.00  % UnitedHealth Group, Inc. (MTN) 2020/2030 ......  | USD | 285 000 | 285 000 |  | % | 104.464 | 265 647.06 | 0.30 |
| 3.875 % Verizon Communications, Inc. (MTN) 2019/2029 ..  | USD | 1 000 000 | 520 000 |  | % | 118.148 | 1 054 187.35 | 1.19 |
| 2.70  % Welltower, Inc. (MTN) 2019/2027..............  | USD | 900 000 |  |  | % | 103.732 | 832 999.21 | 0.94 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 1 827 400.59 | 2.07 |
| Interest-bearing securities 4.375 % Ball Corp. 2015/2023 ........................  | EUR | 100 000 |  |  | % | 108.57 | 108 570.50 | 0.12 |
| 2.85  % Apple, Inc. (MTN) 2016/2023 .................  | USD | 150 000 |  |  | % | 106.051 | 141 937.60 | 0.16 |
| 1.678 % Citigroup, Inc. 2020/2024 * ...................  3.40  % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -144A- (MTN) 2020/2030 .....................     | USD USD | 600 000 570 000 | 600 000 570 000 |  | % % | 102.165 107.816 | 546 946.46 548 342.00 | 0.62 0.62 |
| 2.875 % PepsiCo, Inc. 2019/2049 .....................  | USD | 500 000 |  |  | % | 107.952 | 481 604.03 | 0.55 |
| Total securities portfolio |  |  |  |  |  |  | 84 577 701.29 | 95.61 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -305 023.37 | -0.34 |
| Interest rate futures Germany Federal Republic Bonds 5 year 09/2020 (MS) .....  | Count | -96 |  | 96 |  |  | -72 000.00 | -0.08 |
| Germany Federal Republic Notes 10 year 09/2020 (MS) ....  | Count | -101 |  | 101 |  |  | -225 230.00 | -0.25 |
| US Treasury Notes 5 year Futures 09/2020 (MS) ..........  | Count | -25 |  | 25 |  |  | -8 072.19 | -0.01 |
| US Ultra Bond 09/2020 (MS)..........................  | Count | -5 |  | 5 |  |  | 278.82 | 0.00 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -678.67 | 0.00 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 1.3 million ................................  |  |  |  |  |  |  | 9 428.38 | 0.01 |
| EUR/USD 8.7 million ................................  |  |  |  |  |  |  | -10 107.05 | -0.01 |
| Cash at bank |  |  |  |  |  |  | 4 065 200.37 | 4.60 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 3 728 871.92 | 4.22 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 278 632 |  |  |  |  | 305 792.97 | 0.35 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 34 223 |  |  |  |  | 30 535.48 | 0.03 |
| Other assets | 440 447.26 | 0.50 |
| Interest receivable .................................  | 368 629.20 | 0.42 |
| Receivables from exceeding the expense cap ............  | 71 818.06 | 0.08 |
| Receivables from share certificate transactions | 265 854.69 | 0.30 |
| Total assets ** | 89 358 910.81 | 101.02 |
| Other liabilities | -497 615.60 | -0.56 |
| Liabilities from cost items ............................  | -497 615.60 | -0.56 |
| Liabilities from share certificate transactions | -85 223.08 | -0.10 |
| Total liabilities | -898 247.92 | -1.02 |
| Net assets | 88 460 662.89 | 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 FD .........................................  | EUR | 102.31 |
| Class LC .........................................  | EUR | 100.82 |
| Class LD .........................................  | EUR | 102.15 |
| Class ND .........................................  | EUR | 102.63 |
| Class TFC ........................................  | EUR | 102.07 |
| Class XD .........................................  | EUR | 102.58 |
| Number of shares outstanding Class FD .........................................  | Count | 99 800.000 |
| Class LC .........................................  | Count | 111.000 |
| Class LD .........................................  | Count | 701 779.655 |
| Class ND .........................................  | Count | 229.000 |
| Class TFC ........................................  | Count | 8 515.000 |
| Class XD .........................................  | Count | 55 150.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
70% ICE BofAML Green Bond 100% EUR Hedged Index, 20% ICE BofAML Global Corporate 100% EUR Hedged Index, 10% ICE BofAML Global High Yield Index (HW00), 100% EUR Hedged
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 20.939 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 119.084 |
| Average market risk exposure ........................  | % | 70.505 |

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 0.4, 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 32 661 251.71 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	 Futures exchanges
MS = Morgan Stanley & Co. International
Contracting parties for forward currency transactions
Deutsche Bank AG and JP Morgan
 Exchange rates (indirect quotes)	
As of June 30, 2020
| British pound	GBP | 0.911178 | = EUR | 1 |
| --- | --- | --- | --- |
| U.S. dollar	USD | 1.120750 | = EUR | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Green Bonds
DWS INVEST GREEN BONDS

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1873225616 | -1,4% |
| Klasse FD | LU1873225533 | -1,3% |
| Klasse LC | LU1982200609 | -1,4% |
| Klasse ND | LU1914384265 | -1,6% |
| Klasse TFC | LU1956017633 | -1,3% |
| Klasse XD | LU1873225707 | -1,1% |

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 Green Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 78 722 634,89 | 89,00 |
| Zentralregierungen | 5 855 066,40 | 6,61 |
| Summe Anleihen | 84 577 701,29 | 95,61 |
| 2. Derivate | -305 702,04 | - 0,34 |
| 3. Bankguthaben | 4 065 200,37 | 4,59 |
| 4. Sonstige Vermögensgegenstände | 440 447,26 | 0,50 |
| 5. Forderungen aus Anteilscheingeschäften | 265 854,69 | 0,30 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -497 615,60 | - 0,56 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -85 223,08 | - 0,10 |
| III. Fondsvermögen | 88 460 662,89 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 82 750 300,70 | 93,54 |
| Verzinsliche Wertpapiere 0,625 % ABN AMRO Bank NV (MTN) 2016/2022 ........  | EUR | 400 000 |  | % | 101,36 | 405 442,00 | 0,46 |
| 0,875 % ABN AMRO Bank NV (MTN) 2018/2025 ........  | EUR | 500 000 | 500 000 | % | 103,994 | 519 972,50 | 0,59 |
| 0,95  % Adif - Alta Velocidad (MTN) 2019/2027 .........  | EUR | 1 000 000 | 400 000 | % | 104,303 | 1 043 030,00 | 1,18 |
| 0,55  % Adif Alta Velocidad (MTN) 2020/2030 ..........  | EUR | 400 000 | 400 000 | % | 99,303 | 397 212,00 | 0,45 |
| 0,875 % Alliander NV (MTN) 2016/2026 ...............  | EUR | 900 000 | 300 000 | % | 105,13 | 946 174,50 | 1,07 |
| 0,375 % Alliander NV (MTN) 2020/2030 ...............  | EUR | 300 000 | 300 000 | % | 101,474 | 304 423,50 | 0,34 |
| 0,00  % Apple, Inc. (MTN) 2019/2025 .................  | EUR | 400 000 |  | % | 100,076 | 400 302,00 | 0,45 |
| 0,50  % Apple, Inc. 2019/2031 ......................  0,625 % Australia & New Zealand Banking Group Ltd (MTN) 2018/2023 ...............................  | EUR EUR | 280 000 200 000 |  | % % | 102,364 101,784 | 286 617,80 203 567,00 | 0,32 0,23 |
| 0,827 % Autonomous Community of Madrid Spain (MTN) 2020/2027 ...............................  | EUR | 240 000 | 240 000 |  | % | 103,616 | 248 678,40 | 0,28 |
| 1,375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2025 | EUR | 200 000 |  |  | % | 102,086 | 204 171,00 | 0,23 |
| 1,00 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2026 | EUR | 1 000 000 | 400 000 |  | % | 99,789 | 997 890,00 | 1,13 |
| 3,871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 200 000 |  |  | % | 93,045 | 186 090,00 | 0,21 |
| 1,75  % Banco de Sabadell SA (MTN) 2020/2023 * ......  | EUR | 100 000 | 100 000 |  | % | 100,668 | 100 668,50 | 0,11 |
| 0,30  % Banco Santander SA (MTN) 2019/2026 .........  | EUR | 1 400 000 | 700 000 |  | % | 99,788 | 1 397 025,00 | 1,58 |
| 1,125 % Banco Santander SA (MTN) 2020/2027 .........  | EUR | 500 000 | 500 000 |  | % | 100,656 | 503 280,00 | 0,57 |
| 0,625 % Bankinter SA (MTN) 2020/2027 ...............  | EUR | 1 100 000 | 1 100 000 |  | % | 94,695 | 1 041 645,00 | 1,18 |
| 0,625 % Barclays PLC (MTN) 2017/2023 * .............  | EUR | 900 000 | 500 000 |  | % | 99,624 | 896 620,50 | 1,01 |
| 0,25  % BASF SE (MTN) 2020/2027 ..................  | EUR | 600 000 | 600 000 |  | % | 100,628 | 603 771,00 | 0,68 |
| 0,50  % Berlin Hyp AG (MTN) 2016/2023 ..............  | EUR | 400 000 |  |  | % | 100,792 | 403 168,00 | 0,46 |
| 0,50  % Berlin Hyp AG (MTN) 2019/2029 ..............  | EUR | 700 000 | 400 000 |  | % | 100,52 | 703 643,50 | 0,80 |
| 0,50  % BNP Paribas SA (MTN) 2016/2022 .............  | EUR | 250 000 |  |  | % | 101,015 | 252 537,50 | 0,29 |
| 1,125 % BNP Paribas SA (MTN) 2019/2024 .............  | EUR | 600 000 |  |  | % | 102,236 | 613 416,00 | 0,69 |
| 0,50  % BNP Paribas SA (MTN) 2019/2026 * ...........  | EUR | 500 000 | 200 000 |  | % | 98,906 | 494 532,50 | 0,56 |
| 1,125 % BPCE SA (MTN) 2015/2022 ..................  | EUR | 200 000 |  |  | % | 102,3 | 204 599,00 | 0,23 |
| 0,125 % BPCE SA (MTN) 2019/2024 ..................  | EUR | 700 000 |  |  | % | 99,751 | 698 257,00 | 0,79 |
| 0,125 % Bpifrance Financement SA (MTN) 2020/2027 ....  | EUR | 200 000 | 200 000 |  | % | 101,506 | 203 013,00 | 0,23 |
| 0,75  % Cadent Finance PLC (MTN) 2020/2032 .........  0,10 % Caisse Francaise de Financement Local (MTN) 2019/2029 ...............................  | EUR EUR | 140 000 700 000 | 140 000 300 000 |  | % % | 98,201 102,588 | 137 481,40 718 112,50 | 0,16 0,81 |
| 0,83  % Chile Government International Bond 2019/2031 . | EUR | 800 000 | 400 000 |  | % | 98,089 | 784 712,00 | 0,89 |
| 0,50  % Citigroup, Inc. (MTN) 2019/2022 ..............  | EUR | 190 000 |  |  | % | 100,534 | 191 014,60 | 0,22 |
| 0,50  % Citigroup, Inc. (MTN) 2019/2022 ..............  | EUR | 1 010 000 | 700 000 |  | % | 100,534 | 1 015 393,40 | 1,15 |
| 1,25  % Commerzbank AG (MTN) 2018/2023 ...........  | EUR | 1 100 000 | 400 000 |  | % | 100,692 | 1 107 617,50 | 1,25 |
| 0,25  % Cooperatieve Rabobank UA (MTN) 2019/2026 ...  | EUR | 1 000 000 | 400 000 |  | % | 98,736 | 987 360,00 | 1,12 |
| 0,625 % Corp Andina de Fomento (MTN) 2019/2026 .....  | EUR | 320 000 |  |  | % | 96,118 | 307 579,20 | 0,35 |
| 0,375 % Credit Agricole SA (MTN) 2019/2025 ...........  | EUR | 400 000 |  |  | % | 98,71 | 394 840,00 | 0,45 |
| 0,75  % Credit Agricole SA/London (MTN) 2018/2023 ....  | EUR | 200 000 |  |  | % | 102,469 | 204 938,00 | 0,23 |
| 0,375 % Credit Mutuel Arkea SA (MTN) 2019/2028 ......  | EUR | 200 000 |  |  | % | 98,551 | 197 102,00 | 0,22 |
| 1,25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 200 000 | 200 000 |  | % | 100,094 | 200 189,00 | 0,23 |
| 0,45  % Credit Suisse AG/London (MTN) 2020/2025 .....  | EUR | 530 000 | 530 000 |  | % | 101,036 | 535 493,45 | 0,61 |
| 0,95  % Deutsche Bahn Finance GMBH 2019/perpetual * . | EUR | 600 000 | 200 000 |  | % | 96,585 | 579 510,00 | 0,66 |
| 1,60  % Deutsche Bahn Finance GMBH 2019/perpetual * . | EUR | 200 000 |  |  | % | 97,479 | 194 958,00 | 0,22 |
| 1,375 % Deutsche Bank AG (MTN) 2020/2026 * ........  | EUR | 510 000 | 640 000 | 130 000 | % | 101,726 | 518 802,60 | 0,59 |
| 0,625 % Deutsche Kreditbank AG (MTN) 2016/2021 ......  | EUR | 200 000 |  |  | % | 99,661 | 199 322,00 | 0,23 |
| 0,01  % Deutsche Kreditbank AG (MTN) 2019/2029 ......  | EUR | 300 000 |  |  | % | 101,512 | 304 536,00 | 0,34 |
| 0,75  % DH Europe Finance II Sarl 2019/2031 ..........  | EUR | 150 000 |  |  | % | 96,688 | 145 032,00 | 0,16 |
| 0,35  % E.ON SE (MTN) 2019/2030 ..................  | EUR | 900 000 |  |  | % | 97,132 | 874 188,00 | 0,99 |
| 0,375 % E.ON SE (MTN) 2020/2027 ..................  | EUR | 820 000 | 820 000 |  | % | 99,895 | 819 139,00 | 0,93 |
| 1,625 % EDP - Energias de Portugal SA (MTN) 2020/2027 . | EUR | 100 000 | 100 000 |  | % | 106,297 | 106 297,00 | 0,12 |
| 4,496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 800 000 | 200 000 |  | % | 106,54 | 852 324,00 | 0,96 |
| 1,875 % EDP Finance BV (MTN) 2018/2025 ............  | EUR | 400 000 |  |  | % | 107,52 | 430 078,00 | 0,49 |
| 0,375 % EDP Finance BV (MTN) 2019/2026 ............  | EUR | 130 000 |  |  | % | 98,687 | 128 293,10 | 0,14 |
| 1,70  % EDP Via Energias de Portugal SA 2020/2080 * ...  | EUR | 600 000 | 600 000 |  | % | 93,888 | 563 331,00 | 0,64 |
| 1,625 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * | EUR | 1 300 000 | 700 000 |  | % | 97,433 | 1 266 629,00 | 1,43 |
| 1,875 % EnBW Energie Baden-Wuerttemberg AG 2020/2080 * | EUR | 300 000 | 300 000 |  | % | 99,246 | 297 738,00 | 0,34 |
| 1,875 % EnBW International Finance BV (MTN) 2018/2033 | EUR | 300 000 |  |  | % | 117,126 | 351 376,50 | 0,40 |
| 1,00  % Enel Finance International NV (MTN) 2017/2024 ..  | EUR | 200 000 |  |  | % | 103,349 | 206 698,00 | 0,23 |
| 1,50  % Enel Finance International NV (MTN) 2019/2025 ..  | EUR | 800 000 | 200 000 |  | % | 106,105 | 848 840,00 | 0,96 |
| 0,625 % Enexis Holding NV (MTN) 2020/2032 ..........  | EUR | 310 000 | 310 000 |  | % | 101,824 | 315 652,85 | 0,36 |
| 0,875 % Erste Group Bank AG (MTN) 2019/2026 ........  | EUR | 300 000 |  |  | % | 101,277 | 303 831,00 | 0,34 |
| 0,15  % EUROFIMA (MTN) 2019/2034 ................  | EUR | 300 000 |  |  | % | 99,64 | 298 918,50 | 0,34 |
| 1,113 % Eurogrid GmbH (MTN) 2020/2032 .............  | EUR | 200 000 | 200 000 |  | % | 105,596 | 211 193,00 | 0,24 |
| 0,50 % European Investment Bank (MTN) 2015/2023 .... 1,375 % Firmenich Productions Participations SAS (MTN) 2020/2026 ...............................  | EUR EUR | 300 000 360 000 | 360 000 |  | % % | 103,88 102,927 | 311 638,50 370 537,20 | 0,35 0,42 |
| 1,75  % Firmenich Productions Participations SAS (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ...............................  | EUR | 280 000 | 280 000 | % | 104,407 | 292 339,60 | 0,33 |
| 0,875 % Hera SpA (MTN) 2019/2027 ..................  | EUR | 800 000 | 500 000 | % | 101,996 | 815 972,00 | 0,92 |
| 1,75  % Hungary Government International Bond 2020/2035 | EUR | 200 000 | 200 000 | % | 98,624 | 197 248,00 | 0,22 |
| 2,50 % Iberdrola International BV (MTN) 2014/2022 .....  | EUR | 200 000 |  | % | 105,617 | 211 234,00 | 0,24 |
| 1,875 % Iberdrola International BV 2017/perpetual * ......  | EUR | 700 000 | 200 000 | % | 100,104 | 700 728,00 | 0,79 |
| 0,75  % ING Bank NV (MTN) 2015/2020 ...............  | EUR | 100 000 |  | % | 100,351 | 100 351,00 | 0,11 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 2,50  % ING Groep NV (MTN) 2018/2030 ..............  | EUR | 700 000 | 300 000 |  | % | 118,674 | 830 714,50 | 0,94 |
| 1,25  % innogy Finance BV (MTN) 2017/2027 ..........  | EUR | 1 000 000 | 250 000 |  | % | 105,935 | 1 059 350,00 | 1,20 |
| 0,875 % Intesa Sanpaolo SpA (MTN) 2017/2022 .........  | EUR | 1 000 000 | 300 000 |  | % | 100,188 | 1 001 885,00 | 1,13 |
| 1,35  % Ireland Government Bond 2018/2031 ..........  | EUR | 1 000 000 | 200 000 |  | % | 114,656 | 1 146 555,00 | 1,30 |
| 1,50  % Iren SpA (MTN) 2017/2027 ..................  | EUR | 750 000 | 300 000 |  | % | 106,562 | 799 215,00 | 0,90 |
| 0,875 % Iren SpA (MTN) 2019/2029 ..................  | EUR | 500 000 | 250 000 |  | % | 101,221 | 506 105,00 | 0,57 |
| 0,375 % KBC Group NV (MTN) 2020/2027 * ............  | EUR | 400 000 | 400 000 |  | % | 100,104 | 400 414,00 | 0,45 |
| 0,50  % Koninklijke Philips NV (MTN) 2019/2026 ........  | EUR | 1 000 000 | 300 000 |  | % | 101,156 | 1 011 560,00 | 1,14 |
| 0,05  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2024 | EUR | 400 000 |  |  | % | 102,292 | 409 168,00 | 0,46 |
| 1,375 % La Banque Postale SA (MTN) 2019/2029 .......  | EUR | 800 000 | 200 000 |  | % | 104,826 | 838 608,00 | 0,95 |
| 2,125 % La Mondiale SAM 2020/2031 ................  | EUR | 100 000 | 100 000 |  | % | 98,848 | 98 848,00 | 0,11 |
| 1,45  % La Poste SA (MTN) 2018/2028 ...............  | EUR | 1 000 000 | 400 000 |  | % | 108,028 | 1 080 285,00 | 1,22 |
| 0,375 % Landesbank Baden-Wuerttemberg (MTN) 2019/2024 | EUR | 400 000 |  |  | % | 99,77 | 399 080,00 | 0,45 |
| 0,375 % Landesbank Baden-Wuerttemberg (MTN) 2019/2026 | EUR | 300 000 |  |  | % | 98,746 | 296 236,50 | 0,33 |
| 0,375 % Lloyds Bank Corp.orate Markets PLC (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | EUR | 250 000 | 250 000 |  | % | 98,685 | 246 712,50 | 0,28 |
| 2,875 % Merck KGaA 2019/2079 * ...................  | EUR | 100 000 |  |  | % | 104,518 | 104 518,00 | 0,12 |
| 0,956 % Mizuho Financial Group, Inc. (MTN) 2017/2024 ...  | EUR | 1 300 000 | 400 000 |  | % | 101,708 | 1 322 204,00 | 1,49 |
| 0,25  % Muenchener Hypothekenbank eG (MTN) 2018/2023 | EUR | 200 000 |  |  | % | 102,221 | 204 442,00 | 0,23 |
| 0,35  % National Australia Bank Ltd (MTN) 2017/2022 ....  | EUR | 200 000 |  |  | % | 100,984 | 201 969,00 | 0,23 |
| 0,875 % Naturgy Finance BV (MTN) 2017/2025 .........  | EUR | 700 000 |  |  | % | 103 | 720 996,50 | 0,81 |
| 0,05 % NORD/LB Luxembourg SA Covered Bond Bank |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 ..........................  | EUR | 600 000 | 600 000 |  | % | 100,764 | 604 587,00 | 0,68 |
| 0,30  % Nordea Bank Abp (MTN) 2017/2022 ...........  | EUR | 100 000 |  |  | % | 100,788 | 100 788,50 | 0,11 |
| 0,375 % Nordea Bank Abp (MTN) 2019/2026 ...........  | EUR | 300 000 |  |  | % | 102,185 | 306 555,00 | 0,35 |
| 0,375 % Nordic Investment Bank (MTN) 2015/2022 ......  | EUR | 100 000 |  |  | % | 101,91 | 101 910,50 | 0,12 |
| 0,875 % NRW Bank (MTN) 2015/2025 ................  | EUR | 350 000 |  |  | % | 106,597 | 373 089,50 | 0,42 |
| 0,375 % OP Corporate Bank plc (MTN) 2019/2024 .......  | EUR | 900 000 | 290 000 |  | % | 101,444 | 912 996,00 | 1,03 |
| 1,50  % Orsted A/S 2017/2029 ......................  | EUR | 600 000 | 350 000 |  | % | 110,034 | 660 201,00 | 0,75 |
| 2,25  % Orsted A/S 2017/3017 * ....................  | EUR | 800 000 | 300 000 |  | % | 102,269 | 818 152,00 | 0,92 |
| 1,75  % Orsted A/S 2019/2099 * ....................  | EUR | 400 000 | 300 000 |  | % | 98,706 | 394 824,00 | 0,45 |
| 0,625 % PostNL NV (MTN) 2019/2026 ................  | EUR | 1 200 000 | 550 000 |  | % | 98,222 | 1 178 658,00 | 1,33 |
| 0,375 % Prologis Euro Finance LLC (MTN) 2020/2028 ....  | EUR | 400 000 | 900 000 | 500 000 | % | 98,439 | 393 756,00 | 0,45 |
| 1,625 % Prologis International Funding II SA (MTN) 2020/2032 | EUR | 130 000 | 130 000 |  | % | 104,762 | 136 190,60 | 0,15 |
| 2,375 % Prologis International Funding II SA 2018/2030 ...  | EUR | 500 000 | 250 000 |  | % | 113,708 | 568 537,50 | 0,64 |
| 0,375 % Raiffeisen Bank International AG (MTN) 2019/2026 | EUR | 1 000 000 | 500 000 |  | % | 99,448 | 994 485,00 | 1,12 |
| 0,375 % Red Electrica Financiaciones SAU (MTN) 2020/2028 | EUR | 1 100 000 | 1 100 000 |  | % | 101,07 | 1 111 764,50 | 1,26 |
| 0,10  % Region of Ile de France (MTN) 2020/2030 .......  | EUR | 400 000 | 400 000 |  | % | 100,504 | 402 014,00 | 0,45 |
| 0,25  % Royal Bank of Canada (MTN) 2019/2024 ........  | EUR | 1 000 000 | 600 000 |  | % | 100,135 | 1 001 350,00 | 1,13 |
| 1,50  % Royal Schiphol Group NV (MTN) 2018/2030 .....  | EUR | 300 000 |  |  | % | 105,408 | 316 224,00 | 0,36 |
| 2,00  % Royal Schiphol Group NV (MTN) 2020/2029 .....  | EUR | 180 000 | 180 000 |  | % | 110,91 | 199 638,90 | 0,23 |
| 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 150 000 | 150 000 |  | % | 92,329 | 138 493,50 | 0,16 |
| 0,30  % Skandinaviska Enskilda Banken AB (MTN) 2017/2022 | EUR | 100 000 |  |  | % | 100,547 | 100 547,00 | 0,11 |
| 0,875 % SKF AB (MTN) 2019/2029 ...................  | EUR | 1 400 000 | 1 020 000 |  | % | 99,456 | 1 392 384,00 | 1,57 |
| 0,125 % Société Générale SA (MTN) 2016/2021 .........  | EUR | 200 000 |  |  | % | 100,084 | 200 169,00 | 0,23 |
| 0,625 % Societe Nationale SNCF SA (MTN) 2020/2030 ...  | EUR | 400 000 | 400 000 |  | % | 102,52 | 410 080,00 | 0,46 |
| 0,125 % State of North Rhine-Westphalia Germany (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ...............................  | EUR | 300 000 |  |  | % | 101,47 | 304 411,50 | 0,34 |
| 0,50  % Stedin Holding NV (MTN) 2019/2029 ...........  | EUR | 900 000 | 300 000 |  | % | 100,288 | 902 596,50 | 1,02 |
| 0,25  % Stryker Corp. (MTN) 2019/2024 ...............  | EUR | 160 000 |  |  | % | 99,018 | 158 428,00 | 0,18 |
| 0,934 % Sumitomo Mitsui Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ...............................  | EUR | 900 000 | 250 000 |  | % | 102,128 | 919 156,50 | 1,04 |
| 0,375 % Swisscom Finance BV (MTN) 2020/2028 .......  | EUR | 800 000 | 800 000 |  | % | 100,721 | 805 768,00 | 0,91 |
| 3,625 % Telecom Italia SpA/Milano (MTN) 2016/2024 ....  | EUR | 150 000 |  |  | % | 104,238 | 156 356,25 | 0,18 |
| 1,069 % Telefonica Emisiones SA (MTN) 2019/2024 .....  | EUR | 900 000 | 200 000 |  | % | 102,825 | 925 425,00 | 1,05 |
| 2,502 % Telefonica Europe BV 2020/perpetual * .........  | EUR | 700 000 | 700 000 |  | % | 94,906 | 664 342,00 | 0,75 |
| 3,50  % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
| 2017/2028 ...............................  | EUR | 200 000 |  |  | % | 101,794 | 203 589,00 | 0,23 |
| 1,375 % Telia Co. AB 2020/2081 * ...................  | EUR | 1 000 000 | 1 000 000 |  | % | 94,608 | 946 080,00 | 1,07 |
| 1,00  % TenneT Holding BV (MTN) 2016/2026 ..........  | EUR | 700 000 | 400 000 |  | % | 104,822 | 733 750,50 | 0,83 |
| 1,50  % TenneT Holding BV (MTN) 2019/2039 ..........  | EUR | 400 000 | 290 000 |  | % | 108,996 | 435 984,00 | 0,49 |
| 2,995 % TenneT Holding BV 2017/perpetual * ..........  | EUR | 1 200 000 | 600 000 |  | % | 103,577 | 1 242 924,00 | 1,40 |
| 1,00  % Terna Rete Elettrica Nazionale SpA (MTN) 2019/2026 | EUR | 1 000 000 | 400 000 |  | % | 103,257 | 1 032 570,00 | 1,17 |
| 2,50  % Unibail-Rodamco SE (MTN) 2014/2024 .........  | EUR | 200 000 |  |  | % | 105,031 | 210 062,00 | 0,24 |
| 1,00  % Unibail-Rodamco SE (MTN) 2015/2025 .........  | EUR | 550 000 | 200 000 |  | % | 99,196 | 545 580,75 | 0,62 |
| 1,50  % Unione di Banche Italiane SpA (MTN) 2019/2024 . | EUR | 1 000 000 | 600 000 |  | % | 101,567 | 1 015 670,00 | 1,15 |
| 0,50  % Vattenfall AB (MTN) 2019/2026 ...............  | EUR | 900 000 | 300 000 |  | % | 100,399 | 903 591,00 | 1,02 |
| 0,05  % Vattenfall AB (MTN) 2020/2025 ...............  | EUR | 1 500 000 | 1 500 000 |  | % | 99,117 | 1 486 755,00 | 1,68 |
| 1,50  % Verbund AG (MTN) 2014/2024 ................  | EUR | 600 000 | 200 000 |  | % | 105,701 | 634 206,00 | 0,72 |
| 0,25  % VF Corp. (MTN) 2020/2028 ..................  | EUR | 1 100 000 | 1 100 000 |  | % | 94,774 | 1 042 519,50 | 1,18 |
| 0,90  % Vodafone Group PLC (MTN) 2019/2026 ........  | EUR | 1 000 000 | 200 000 |  | % | 102,074 | 1 020 745,00 | 1,15 |
| 1,50  % Landesbank Baden-Wuerttemberg (MTN) 2020/2025 | GBP | 300 000 | 300 000 |  | % | 100,685 | 331 499,31 | 0,37 |
| 2,125 % Orsted A/S (MTN) 2019/2027 ................  | GBP | 400 000 | 300 000 |  | % | 107,109 | 470 199,93 | 0,53 |
| 2,25  % Scottish Hydro Electric Transmission PLC (MTN) |  |  |  |  |  |  |  |  |
| 2019/2035 ...............................  | GBP | 300 000 | 300 000 |  | % | 108,126 | 355 996,71 | 0,40 |
| 1,75  % Asian Development Bank (MTN) 2016/2026 .....  | USD | 200 000 |  |  | % | 106,724 | 190 452,00 | 0,22 |
| 2,704 % Banco del Estado de Chile -144A- (MTN) 2020/2025 | USD | 200 000 | 200 000 |  | % | 102,933 | 183 686,00 | 0,21 |
| 1,875 % European Bank for Reconstruction & Development |  |  |  |  |  |  |  |  |
| (MTN) 2017/2021 ..........................  | USD | 100 000 |  |  | % | 101,681 | 90 725,89 | 0,10 |
| 2,50  % European Investment Bank (MTN) 2014/2024 ....  | USD | 200 000 |  |  | % | 109,068 | 194 633,14 | 0,22 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 4,625 % ING Groep NV -Reg- (MTN) 2018/2026 .........  | USD | 200 000 |  | % | 117,42 | 209 538,34 | 0,24 |
| 2,527 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2016/2023 | USD | 500 000 |  | % | 104,876 | 467 885,53 | 0,53 |
| 2,20  % PNC Financial Services Group, Inc./The (MTN) |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | USD | 600 000 |  | % | 106,198 | 568 534,69 | 0,64 |
| 1,50  % Prudential Financial, Inc. (MTN) 2020/2026 ......  | USD | 365 000 | 365 000 | % | 102,406 | 333 509,01 | 0,38 |
| 4,15  % Southern Power Co. (MTN) 2015/2025 .........  | USD | 150 000 |  | % | 113,68 | 152 148,84 | 0,17 |
| 2,15  % Toyota Motor Credit Corp. (MTN) 2020/2030 ....  | USD | 1 500 000 | 1 500 000 | % | 104,87 | 1 403 569,59 | 1,59 |
| 2,00  % UnitedHealth Group, Inc. (MTN) 2020/2030 .....  | USD | 285 000 | 285 000 | % | 104,464 | 265 647,06 | 0,30 |
| 3,875 % Verizon Communications, Inc. (MTN) 2019/2029 . | USD | 1 000 000 | 520 000 | % | 118,148 | 1 054 187,35 | 1,19 |
| 2,70  % Welltower, Inc. (MTN) 2019/2027 .............  | USD | 900 000 |  | % | 103,732 | 832 999,21 | 0,94 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	1 827 400,59	2,07
| Verzinsliche Wertpapiere 4,375 % Ball Corp. 2015/2023 .......................  | EUR | 100 000 |  | % | 108,57 | 108 570,50 | 0,12 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2,85  % Apple, Inc. (MTN) 2016/2023 .................  | USD | 150 000 |  | % | 106,051 | 141 937,60 | 0,16 |
| 1,678 % Citigroup, Inc. 2020/2024 * .................. 3,40 % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -144A- (MTN) 2020/2030 ....................  | USD USD | 600 000 570 000 | 600 000 570 000 | % % | 102,165 107,816 | 546 946,46 548 342,00 | 0,62 0,62 |
| 2,875 % PepsiCo, Inc. 2019/2049 ....................  | USD | 500 000 |  | % | 107,952 | 481 604,03 | 0,55 |
| Summe Wertpapiervermögen |  | 84 577 701,29 | 95,61 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  | -305 023,37 | -0,34 |
| Zinsterminkontrakte Germany Federal Republic Bonds 5 year 09/2020 (MS) ....	Stück	-96 | 96 | -72 000,00 | -0,08 |
| Germany Federal Republic Notes 10 year 09/2020 (MS) ....	Stück	-101 | 101 | -225 230,00 | -0,25 |
| US Treasury Notes 5 year Futures 09/2020 (MS) .........	Stück	-25 | 25 | -8 072,19 | -0,01 |
| US Ultra Bond 09/2020 (MS) .........................	Stück	-5 | 5 | 278,82 | 0,00 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | -678,67 | 0,00 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |
| Offene Positionen EUR/GBP 1,3 Mio. .................................  |  | 9 428,38 | 0,01 |
| EUR/USD 8,7 Mio.  ................................  |  | -10 107,05 | -0,01 |
| Bankguthaben |  | 4 065 200,37 | 4,60 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  | 3 728 871,92 | 4,22 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |
| Britisches Pfund ...................................	GBP	278 632 |  | 305 792,97 | 0,35 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| US-Dollar ........................................	USD	34 223 |  | 30 535,48 | 0,03 |
| Sonstige Vermögensgegenstände |  | 440 447,26 | 0,50 |
| Zinsansprüche ....................................  |  | 368 629,20 | 0,42 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  | 71 818,06 | 0,08 |
| Forderungen aus Anteilscheingeschäften |  | 265 854,69 | 0,30 |
| Summe der Vermögensgegenstände ** |  | 89 358 910,81 | 101,02 |
| Sonstige Verbindlichkeiten |  | -497 615,60 | -0,56 |
| Verbindlichkeiten aus Kostenpositionen ................  |  | -497 615,60 | -0,56 |
| Verbindlichkeiten aus Anteilscheingeschäften |  | -85 223,08 | -0,10 |
| Summe der Verbindlichkeiten |  | -898 247,92 | -1,02 |
| Fondsvermögen |  | 88 460 662,89 | 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 FD ........................................  | EUR | 102,31 |
| Klasse LC ........................................  | EUR | 100,82 |
| Klasse LD ........................................  | EUR | 102,15 |
| Klasse ND ........................................  | EUR | 102,63 |
| Klasse TFC .......................................  | EUR | 102,07 |
| Klasse XD ........................................  | EUR | 102,58 |
| Umlaufende Anteile Klasse FD ........................................  | Stück | 99 800,000 |
| Klasse LC ........................................  | Stück | 111,000 |
| Klasse LD ........................................  | Stück | 701 779,655 |
| Klasse ND ........................................  | Stück | 229,000 |
| Klasse TFC .......................................  | Stück | 8 515,000 |
| Klasse XD ........................................  | Stück | 55 150,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
70% ICE BofAML Green Bond 100% EUR Hedged Index, 20% ICE BofAML Global Corporate 100% EUR Hedged Index, 10% ICE BofAML Global High Yield Index (HW00), 100% EUR Hedged
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 20,939 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 119,084 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 70,505 |

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 0,4, 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 32 661 251,71. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley & Co. International
Vertragspartner der Devisentermingeschäfte
Deutsche Bank AG und JP Morgan
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| --- | --- | --- | --- |
| US-Dollar	USD | 1,120750 | = EUR | 1 |

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