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

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0145652052 | 1.3% |
| Class FC | LU0145654009 | 1.5% |
| Class IC | LU1370690676 | 1.5% |
| Class IC100 | LU1820805940 | 1.6% |
| Class ID100 | LU2081275609 | -0.7% 1 |
| Class LD | LU0145652300 | 1.3% |
| Class NC | LU0145652649 | 1.0% |
| Class TFC | LU1663881479 | 1.5% |
| Class TFD | LU1663883681 | 1.5% |


##### iBoxx Sovereign Eurozone Overall	2.0%
1 
Launched on January 31, 2020
“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 Euro-Gov Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 36 838 422.00 | 2.88 |
| Central governments | 1 120 498 619.35 | 87.79 |
| Regional governments | 26 188 600.00 | 2.05 |
| Total bonds | 1 183 525 641.35 | 92.72 |
| 2. Investment fund units Other funds | 81 175 886.35 | 6.36 |
| Total investment fund units | 81 175 886.35 | 6.36 |
| 3. Derivate | -81 540.00 | - 0.01 |
| 4. Cash at bank | 3 617 342.88 | 0.29 |
| 5. Other assets | 12 876 055.15 | 1.01 |
| 6. Receivables from share certificate transactions | 773 034.49 | 0.06 |
| II. Liabilities |  |  |
| 1. Other liabilities | -707 263.22 | - 0.06 |
| 2. Liabilities from share certificate transactions | -4 721 300.31 | - 0.37 |
| III. Net assets | 1 276 457 856.69 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 1 002 331 231.35 | 78.52 |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 0.50 | % Action Logement Services (MTN) 2019/2034 .....  | EUR | 13 200 000 |  |  | % | 102.366 | 13 512 378.00 | 1.06 |
| 3.15 | % Austria Government Bond 2012/2044 * .........  | EUR | 12 000 000 | 12 000 000 |  | % | 170.144 | 20 417 280.00 | 1.60 |
| 2.40 | % Austria Government Bond 2013/2034 * .........  | EUR | 5 000 000 |  |  | % | 134.308 | 6 715 375.00 | 0.53 |
| 5.00 | % Belgium Government Bond 2004/2035 * ........  | EUR | 7 000 000 |  |  | % | 171.526 | 12 006 855.00 | 0.94 |
| 4.25 | % Belgium Government Bond 2010/2041 * ........  | EUR | 10 000 000 |  |  | % | 177.15 | 17 715 050.00 | 1.39 |
| 4.00 | % Belgium Government Bond 2012/2032 * ........  | EUR | 35 000 000 |  |  | % | 147.816 | 51 735 775.00 | 4.05 |
| 0.00 | % Bundesobligation (MTN) 2020/2025 *...........  | EUR | 20 000 000 | 50 000 000 | 30 000 000 | % | 103.492 | 20 698 400.00 | 1.62 |
| 6.25 | % Bundesrepublik Deutschland 2000/2030 * .......  | EUR | 25 000 000 | 20 000 000 |  | % | 166.456 | 41 613 875.00 | 3.26 |
| 4.25 | % Bundesrepublik Deutschland 2007/2039 * .......  | EUR | 10 000 000 |  |  | % | 187.448 | 18 744 800.00 | 1.47 |
| 0.00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) 2020/2030 * ..............................  | EUR | 20 000 000 | 20 000 000 |  | % | 105.144 | 21 028 900.00 | 1.65 |
| 0.125 | % Caixa Economica Montepio Geral Caixa |  |  |  |  |  |  |  |  |
| Economica Bancaria SA (MTN) 2019/2024 .......  | EUR | 6 300 000 | % | 100.144 | 6 309 072.00 | 0.49 |
| 0.125 | % China Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ................................  | EUR | 12 290 000 |  | % | 99.534 | 12 232 790.05 | 0.96 |
| 0.01 | % Deutsche Hypothekenbank AG (MTN) 2020/2027 . | EUR | 20 000 000 | 20 000 000 | % | 101.713 | 20 342 600.00 | 1.59 |
| 4.75 | % France Government Bond OAT 2004/2035.......  | EUR | 13 000 000 | 3 000 000 | % | 169.371 | 22 018 230.00 | 1.72 |
| 4.00 | % France Government Bond OAT 2005/2055 * .....  | EUR | 10 000 000 |  | % | 208.242 | 20 824 200.00 | 1.63 |
| 4.00 | % France Government Bond OAT 2006/2038 * .....  | EUR | 15 000 000 |  | % | 168.264 | 25 239 675.00 | 1.98 |
| 0.00 | % French Republic Government Bond OAT (MTN) 2019/2029 * ..............................  | EUR | 20 000 000 | 20 000 000 | % | 102.058 | 20 411 600.00 | 1.60 |
| 5.50 | % French Republic Government Bond OAT 1998/2029 * ..............................  | EUR | 25 000 000 |  | % | 151.77 | 37 942 375.00 | 2.97 |
| 5.75 | % French Republic Government Bond OAT 2001/2032 * ..............................  | EUR | 40 000 000 |  | % | 172.26 | 68 904 200.00 | 5.40 |
| 2.50 | % French Republic Government Bond OAT 2014/2030 * ..............................  | EUR | 17 000 000 | 17 000 000 | % | 127.05 | 21 598 585.00 | 1.69 |
| 0.75 | % French Republic Government Bond OAT 2017/2028 * ..............................  | EUR | 30 000 000 | 30 000 000 | % | 108.684 | 32 605 200.00 | 2.55 |
| 2.00 | % French Republic Government Bond OAT 2017/2048 * ..............................  | EUR | 15 000 000 | 15 000 000 | % | 139.454 | 20 918 025.00 | 1.64 |
| 1.125 | % Hungary Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2026 ................................  | EUR | 20 000 000 | 20 000 000 | % | 101.274 | 20 254 900.00 | 1.59 |
| 0.90 | % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ................................  | EUR | 15 000 000 | 15 000 000 | % | 95.246 | 14 286 825.00 | 1.12 |
| 2.625 | % Indonesia Government International Bond -Reg- (MTN) 2016/2023 ..........................  | EUR | 10 000 000 | 10 000 000 |  | % | 104.073 | 10 407 300.00 | 0.82 |
| 0.20 | % Ireland Government Bond (MTN) 2020/2030 .....  | EUR | 10 000 000 | 10 000 000 |  | % | 102.37 | 10 236 950.00 | 0.80 |
| 0.40 | % Ireland Government Bond 2020/2035 ...........  | EUR | 7 500 000 | 7 500 000 |  | % | 102.776 | 7 708 200.00 | 0.60 |
| 2.875 | % Israel Government International Bond (MTN) 2014/2024 ................................  | EUR | 10 000 000 | 10 000 000 |  | % | 109.31 | 10 930 950.00 | 0.86 |
| 4.75 | % Italy Buoni Poliennali Del Tesoro (MTN) 2011/2021 * ..............................  | EUR | 7 000 000 |  | 10 000 000 | % | 105.672 | 7 397 005.00 | 0.58 |
| 5.50 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 * ..............................  | EUR | 20 000 000 |  | 20 000 000 | % | 111.656 | 22 331 100.00 | 1.75 |
| 5.50 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 * ..............................  | EUR | 15 000 000 |  | 10 000 000 | % | 112.386 | 16 857 900.00 | 1.32 |
| 4.50 | % Italy Buoni Poliennali Del Tesoro (MTN) 2013/2023 ................................  | EUR | 10 500 000 |  |  | % | 112.016 | 11 761 627.50 | 0.92 |
| 2.15 | % Italy Buoni Poliennali Del Tesoro (MTN) 2014/2021 * ..............................  | EUR | 15 000 000 |  |  | % | 103.248 | 15 487 125.00 | 1.21 |
| 3.75 | % Italy Buoni Poliennali Del Tesoro (MTN) 2014/2024 * ..............................  | EUR | 15 000 000 |  | 20 000 000 | % | 113.13 | 16 969 575.00 | 1.33 |
| 0.85 | % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 15 000 000 | 15 000 000 |  | % | 99.694 | 14 954 175.00 | 1.17 |
| 9.00 | % Italy Buoni Poliennali Del Tesoro 1993/2023......  | EUR | 20 000 000 |  | 45 000 000 | % | 128.697 | 25 739 400.00 | 2.02 |
| 7.25 | % Italy Buoni Poliennali Del Tesoro 1997/2026......  | EUR | 10 000 000 |  | 20 000 000 | % | 139.234 | 13 923 350.00 | 1.09 |
| 6.50 | % Italy Buoni Poliennali Del Tesoro 1997/2027 * ....  | EUR | 10 000 000 |  | 20 000 000 | % | 138.354 | 13 835 400.00 | 1.08 |
| 5.75 | % Italy Buoni Poliennali Del Tesoro 2002/2033 * ....  | EUR | 10 000 000 |  | 20 000 000 | % | 148.404 | 14 840 350.00 | 1.16 |
| 5.00 | % Italy Buoni Poliennali Del Tesoro 2009/2025......  | EUR | 10 000 000 |  | 20 000 000 | % | 120.084 | 12 008 400.00 | 0.94 |
| 4.50 | % Italy Buoni Poliennali Del Tesoro 2010/2026......  | EUR | 5 000 000 |  | 30 000 000 | % | 120.57 | 6 028 500.00 | 0.47 |
| 5.00 | % Italy Buoni Poliennali Del Tesoro 2011/2022 * ....  | EUR | 20 000 000 |  | 20 000 000 | % | 108.338 | 21 667 500.00 | 1.70 |
| 1.45 | % Italy Buoni Poliennali Del Tesoro 2020/2036......  | EUR | 20 000 000 | 20 000 000 |  | % | 97.121 | 19 424 200.00 | 1.52 |
| 2.45 | % Italy Buoni Poliennali Del Tesoro 2020/2050......  | EUR | 15 000 000 | 15 000 000 |  | % | 105.188 | 15 778 125.00 | 1.24 |
| 1.50 | % Kazakhstan Government International Bond -Reg- 2019/2034 ...........................  | EUR | 10 000 000 | 7 860 000 |  | % | 92.202 | 9 220 250.00 | 0.72 |
| 2.75 | % Mexico Government International Bond (MTN) 2013/2023 * ..............................  | EUR | 10 000 000 | 10 000 000 |  | % | 104.45 | 10 445 000.00 | 0.82 |
| 0.00 | % Philippine Government International Bond 2020/2023 ................................  | EUR | 12 640 000 | 12 640 000 |  | % | 98.33 | 12 428 975.20 | 0.97 |
| 4.125 | % Portugal Obrigacoes do Tesouro OT -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2027 ..........................  | EUR | 15 000 000 | % | 127.262 | 19 089 225.00 | 1.50 |
| 0.50 | % Republic of Austria Government Bond (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 * ..............................  1.00 % Republic of Poland Government International Bond (MTN) 2019/2029 ..........................  | EUR EUR | 15 000 000 10 000 000 | 10 000 000 | % % | 106.485 107.628 | 15 972 750.00 10 762 750.00 | 1.25 0.84 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | currency | amount | in the reporting period |  |  | EUR |  |
| 2.00 | % Romanian Government International Bond -Reg- 2020/2032 ................................  | EUR | 7 050 000 | 7 050 000 | % | 93.621 | 6 600 280.50 | 0.52 |
| 2.00 | % Saudi Government International Bond -Reg- 2019/2039 * ..............................  | EUR | 5 000 000 | 5 000 000 | % | 102.576 | 5 128 775.00 | 0.40 |
| 1.45 | % Spain Government Bond (MTN) 2019/2029 *.....  | EUR | 4 700 000 |  | % | 109.996 | 5 169 788.50 | 0.41 |
| 1.25 | % Spain Government Bond (MTN) 2020/2030 ......  | EUR | 13 680 000 | 13 680 000 | % | 107.997 | 14 773 989.60 | 1.16 |
| 2.375 | % State of North Rhine-Westphalia Germany |  |  |  |  |  |  |  |  |
| 2013/2033 * ..............................  | EUR | 20 000 000 |  |  | % | 130.943 | 26 188 600.00 | 2.05 |
| 0.01  % UniCredit Bank AG (MTN) 2019/2027 ...........  | EUR | 10 000 000 |  |  | % | 101.868 | 10 186 750.00 | 0.80 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 181 194 410.00 | 14.20 |
| Interest-bearing securities 3.80  % Spain Government Bond (MTN) 2014/2024 ......  | EUR | 10 000 000 |  |  | % | 115.622 | 11 562 200.00 | 0.91 |
| 6.00  % Spain Government Bond 1998/2029 ............  | EUR | 15 000 000 |  | 30 000 000 | % | 148.456 | 22 268 400.00 | 1.75 |
| 5.75  % Spain Government Bond 2001/2032 * ..........  | EUR | 10 000 000 | 10 000 000 | 4 000 000 | % | 160.852 | 16 085 200.00 | 1.26 |
| 4.20  % Spain Government Bond 2005/2037 * ..........  | EUR | 10 000 000 |  |  | % | 152.473 | 15 247 300.00 | 1.19 |
| 4.70  % Spain Government Bond 2009/2041 * ..........  | EUR | 6 000 000 |  |  | % | 169.716 | 10 182 960.00 | 0.80 |
| 4.65  % Spain Government Bond 2010/2025 ............  | EUR | 15 000 000 |  | 10 000 000 | % | 124.308 | 18 646 200.00 | 1.46 |
| 5.90  % Spain Government Bond 2011/2026 * ..........  | EUR | 40 000 000 |  | 5 000 000 | % | 135.889 | 54 355 600.00 | 4.26 |
| 5.15  % Spain Government Bond 2013/2044 * ..........  | EUR | 15 000 000 |  |  | % | 185.852 | 27 877 875.00 | 2.18 |
| 3.45  % Spain Government Bond 2016/2066 ............  | EUR | 3 000 000 |  |  | % | 165.622 | 4 968 675.00 | 0.39 |
| Investment fund units |  |  |  |  |  |  | 81 175 886.35 | 6.36 |
| In-group fund units DWS Institutional SICAV - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.110%) ................  | Units | 5 855 | 22 551 | 18 042 | EUR | 13 864.37 | 81 175 886.35 | 6.36 |
| Total securities portfolio |  |  |  |  |  |  | 1 264 701 527.70 | 99.08 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -81 540.00 | -0.01 |
| Interest rate futures Euro Buxl Futures 09/2020 (DB) .......................  | Count | -100 |  | 100 |  |  | -81 540.00 | -0.01 |
| Cash at bank |  |  |  |  |  |  | 3 617 342.88 | 0.28 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 3 617 342.88 | 0.28 |
| Other assets |  |  |  |  |  |  | 12 876 055.15 | 1.01 |
| Interest receivable .................................  |  |  |  |  |  |  | 12 873 240.37 | 1.01 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 2 814.78 | 0.00 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 773 034.49 | 0.06 |
| Total assets ** |  |  |  |  |  |  | 1 281 967 960.22 | 100.43 |
| Other liabilities |  |  |  |  |  |  | -707 263.22 | -0.06 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -707 263.22 | -0.06 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -4 721 300.31 | -0.37 |
| Total liabilities |  |  |  |  |  |  | -5 510 103.53 | -0.43 |
| Net assets |  |  |  |  |  |  | 1 276 457 856.69 | 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 | 216.71 |
| Class IC ..........................................  | EUR | 111.66 |
| Class IC100 .......................................  | EUR | 112.57 |
| Class ID100 .......................................  | EUR | 99.34 |
| Class LC .........................................  | EUR | 204.42 |
| Class LD .........................................  | EUR | 116.06 |
| Class NC .........................................  | EUR | 185.91 |
| Class TFC ........................................  | EUR | 107.84 |
| Class TFD ........................................  | EUR | 100.15 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class FC .........................................  | Count | 2 655 363.649 |
| Class IC ..........................................  | Count | 2 068 761.000 |
| Class IC100 .......................................  | Count | 789 851.000 |
| Class ID100 .......................................  | Count | 1 021 310.000 |
| Class LC .........................................  | Count | 878 998.552 |
| Class LD .........................................  | Count | 426 490.272 |
| Class NC .........................................  | Count | 67 881.836 |
| Class TFC ........................................  | Count | 241 988.215 |
| Class TFD ........................................  | Count | 117 269.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) FTSE EMU Government Bond Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 94.243 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 127.701 |
| Average market risk exposure ........................  | % | 111.472 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 16 799 700.00 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security | name | Currency | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- | --- |
| 3.15 | % Austria Government Bond 2012/2044...........  | EUR | 11 000 000 | 18 715 840.00 |  |
| 2.4 | % Austria Government Bond 2013/2034...........  | EUR | 3 500 000 | 4 700 762.50 |  |
| 5 | % Belgium Government Bond 2004/2035..........  | EUR | 5 000 000 | 8 576 325.00 |  |
| 4.25 | % Belgium Government Bond 2010/2041..........  | EUR | 7 000 000 | 12 400 535.00 |  |
| 4 | % Belgium Government Bond 2012/2032..........  | EUR | 16 000 000 | 23 650 640.00 |  |
| 0.01 | % Bundesobligation (MTN) 2020/2025 ............  | EUR | 20 000 000 | 20 698 400.00 |  |
| 6.25 | % Bundesrepublik Deutschland 2000/2030 ........  | EUR | 24 000 000 | 39 949 320.00 |  |
| 4.25 | % Bundesrepublik Deutschland 2007/2039 ........  | EUR | 9 000 000 | 16 870 320.00 |  |
| 0.01 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |
|  | (MTN) 2020/2030 ..........................  | EUR | 20 000 000 | 21 028 900.00 |  |
| 4 | % France Government Bond OAT 2005/2055.......  | EUR | 3 900 000 | 8 121 438.00 |  |
| 4 | % France Government Bond OAT 2006/2038.......  | EUR | 3 000 000 | 5 047 935.00 |  |
| 0.01 | % French Republic Government Bond OAT |  |  |  |  |
|  | (MTN) 2019/2029 ..........................  | EUR | 19 000 000 | 19 391 020.00 |  |
| 5.5 | % French Republic Government Bond OAT 1998/2029 | EUR | 11 100 000 | 16 846 414.50 |  |
| 5.75 | % French Republic Government Bond OAT 2001/2032 | EUR | 39 800 000 | 68 559 679.00 |  |
| 2.5 | % French Republic Government Bond OAT 2014/2030 | EUR | 15 000 000 | 19 057 575.00 |  |
| 0.75 | % French Republic Government Bond OAT 2017/2028 | EUR | 30 000 000 | 32 605 200.00 |  |
| 2 | % French Republic Government Bond OAT 2017/2048 | EUR | 9 500 000 | 13 248 082.50 |  |
| 4.75 | % Italy Buoni Poliennali Del Tesoro (MTN) 2011/2021 | EUR | 7 000 000 | 7 397 005.00 |  |
| 5.5 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 | EUR | 20 000 000 | 22 331 100.00 |  |
| 5.5 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 | EUR | 15 000 000 | 16 857 900.00 |  |
| 2.15 | % Italy Buoni Poliennali Del Tesoro (MTN) 2014/2021 | EUR | 14 000 000 | 14 454 650.00 |  |
| 3.75 | % Italy Buoni Poliennali Del Tesoro (MTN) 2014/2024 | EUR | 15 000 000 | 16 969 575.00 |  |
| 6.5 | % Italy Buoni Poliennali Del Tesoro 1997/2027......  | EUR | 7 500 000 | 10 376 550.00 |  |
| 5.75 | % Italy Buoni Poliennali Del Tesoro 2002/2033......  | EUR | 10 000 000 | 14 840 350.00 |  |
| 5 | % Italy Buoni Poliennali Del Tesoro 2011/2022......  | EUR | 20 000 000 | 21 667 500.00 |  |
| 2.75 | % Mexico Government International Bond |  |  |  |  |
|  | (MTN) 2013/2023 ..........................  | EUR | 1 000 000 | 1 044 500.00 |  |
| 0.5 | % Republic of Austria Government Bond |  |  |  |  |
|  | (MTN) 2017/2027 ..........................  | EUR | 12 500 000 | 13 310 625.00 |  |
| 2 | % Saudi Government International Bond -Reg- |  |  |  |  |
|  | 2019/2039 ................................  | EUR | 3 579 000 | 3 671 177.15 |  |

Security name	Currency	Quantity/	Securities loans	Total principal amount	Total market value in EUR
No fixed maturity
| 1.45  % Spain Government Bond (MTN) 2019/2029	EUR | 4 000 000 | 4 399 820.00 |  |
| --- | --- | --- | --- |
| 5.75  % Spain Government Bond 2001/2032	EUR | 10 000 000 | 16 085 200.00 |  |
| 4.2	% Spain Government Bond 2005/2037	EUR | 9 900 000 | 15 094 827.00 |  |
| 4.7	% Spain Government Bond 2009/2041	EUR | 5 000 000 | 8 485 800.00 |  |
| 5.9	% Spain Government Bond 2011/2026	EUR | 30 000 000 | 40 766 700.00 |  |
| 5.15  % Spain Government Bond 2013/2044	EUR | 14 000 000 | 26 019 350.00 |  |
| 2.375 % State of North Rhine-Westphalia Germany 2013/2033 EUR | 20 000 000 | 26 188 600.00 |  |
| Total receivables from securities loans |  | 629 429 615.65 | 629 429 615.65 |

Contracting parties for securities loans
BNP Paribas Arbitrage SNC, BofA SECURITIES EUROPE SA - BB, Citigroup Global Markets Limited FI, Crédit Agricole CIB S.A., DekaBank Deutsche Girozentrale, Deutsche Bank AG FI, Goldman Sachs Int. FI, Morgan Stanley Europe SE FI, Société Générale, UBS AG London Branch
| Total collateral pledged by third parties for securities loans | EUR | 670 391 041.41 |
| --- | --- | --- |
| thereof: |  |  |
| Bonds | EUR | 48 504 466.20 |
| Equities | EUR | 621 886 575.21 |

 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	
* Some or all of these securities are lent.
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Euro-Gov Bonds
DWS INVEST EURO-GOV BONDS

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0145652052 | 1,3% |
| Klasse FC | LU0145654009 | 1,5% |
| Klasse IC | LU1370690676 | 1,5% |
| Klasse IC100 | LU1820805940 | 1,6% |
| Klasse ID100 | LU2081275609 | -0,7% 1) |
| Klasse LD | LU0145652300 | 1,3% |
| Klasse NC | LU0145652649 | 1,0% |
| Klasse TFC | LU1663881479 | 1,5% |
| Klasse TFD | LU1663883681 | 1,5% |


##### iBoxx Sovereign Eurozone Overall	2,0%
1) 
aufgelegt am 31.1.2020
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 Euro-Gov Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 36 838 422,00 | 2,88 |
| Zentralregierungen | 1 120 498 619,35 | 87,79 |
| Regionalregierungen | 26 188 600,00 | 2,05 |
| Summe Anleihen | 1 183 525 641,35 | 92,72 |
| 2. Investmentanteile Sonstige Fonds | 81 175 886,35 | 6,36 |
| Summe Investmentanteile | 81 175 886,35 | 6,36 |
| 3. Derivate | -81 540,00 | - 0,01 |
| 4. Bankguthaben | 3 617 342,88 | 0,29 |
| 5. Sonstige Vermögensgegenstände | 12 876 055,15 | 1,01 |
| 6. Forderungen aus Anteilscheingeschäften | 773 034,49 | 0,06 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -707 263,22 | - 0,06 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -4 721 300,31 | - 0,37 |
| III. Fondsvermögen | 1 276 457 856,69 | 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	1 002 331 231,35	78,52
Verzinsliche Wertpapiere
| 0,50 | % Action Logement Services (MTN) 2019/2034 ....  | EUR | 13 200 000 |  |  | % | 102,366 | 13 512 378,00 | 1,06 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3,15 | % Austria Government Bond 2012/2044 * ........  | EUR | 12 000 000 | 12 000 000 |  | % | 170,144 | 20 417 280,00 | 1,60 |
| 2,40 | % Austria Government Bond 2013/2034 * ........  | EUR | 5 000 000 |  |  | % | 134,308 | 6 715 375,00 | 0,53 |
| 5,00 | % Belgium Government Bond 2004/2035 * .......  | EUR | 7 000 000 |  |  | % | 171,526 | 12 006 855,00 | 0,94 |
| 4,25 | % Belgium Government Bond 2010/2041 * .......  | EUR | 10 000 000 |  |  | % | 177,15 | 17 715 050,00 | 1,39 |
| 4,00 | % Belgium Government Bond 2012/2032 * .......  | EUR | 35 000 000 |  |  | % | 147,816 | 51 735 775,00 | 4,05 |
| 0,00 | % Bundesobligation (MTN) 2020/2025 * ..........  | EUR | 20 000 000 | 50 000 000 | 30 000 000 | % | 103,492 | 20 698 400,00 | 1,62 |
| 6,25 | % Bundesrepublik Deutschland 2000/2030 * ......  | EUR | 25 000 000 | 20 000 000 |  | % | 166,456 | 41 613 875,00 | 3,26 |
| 4,25 | % Bundesrepublik Deutschland 2007/2039 * ......  | EUR | 10 000 000 |  |  | % | 187,448 | 18 744 800,00 | 1,47 |
| 0,00 | % Bundesrepublik Deutschland Bundesanleihe (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2030 * ..............................  | EUR | 20 000 000 | 20 000 000 |  | % | 105,144 | 21 028 900,00 | 1,65 |
| 0,125 | % Caixa Economica Montepio Geral Caixa |  |  |  |  |  |  |  |  |
| Economica Bancaria SA (MTN) 2019/2024 ......  | EUR | 6 300 000 | % | 100,144 | 6 309 072,00 | 0,49 |
| 0,125 | % China Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ...............................  | EUR | 12 290 000 |  | % | 99,534 | 12 232 790,05 | 0,96 |
| 0,01 | % Deutsche Hypothekenbank AG (MTN) 2020/2027 . | EUR | 20 000 000 | 20 000 000 | % | 101,713 | 20 342 600,00 | 1,59 |
| 4,75 | % France Government Bond OAT 2004/2035 ......  | EUR | 13 000 000 | 3 000 000 | % | 169,371 | 22 018 230,00 | 1,72 |
| 4,00 | % France Government Bond OAT 2005/2055 * ....  | EUR | 10 000 000 |  | % | 208,242 | 20 824 200,00 | 1,63 |
| 4,00 | % France Government Bond OAT 2006/2038 * ....  | EUR | 15 000 000 |  | % | 168,264 | 25 239 675,00 | 1,98 |
| 0,00 | % French Republic Government Bond OAT (MTN) |  |  |  |  |  |  |  |
|  | 2019/2029 * ..............................  | EUR | 20 000 000 | 20 000 000 | % | 102,058 | 20 411 600,00 | 1,60 |
| 5,50 | % French Republic Government Bond OAT |  |  |  |  |  |  |  |
|  | 1998/2029 * ..............................  | EUR | 25 000 000 |  | % | 151,77 | 37 942 375,00 | 2,97 |
| 5,75 | % French Republic Government Bond OAT |  |  |  |  |  |  |  |
|  | 2001/2032 * ..............................  | EUR | 40 000 000 |  | % | 172,26 | 68 904 200,00 | 5,40 |
| 2,50 | % French Republic Government Bond OAT |  |  |  |  |  |  |  |
|  | 2014/2030 * ..............................  | EUR | 17 000 000 | 17 000 000 | % | 127,05 | 21 598 585,00 | 1,69 |
| 0,75 | % French Republic Government Bond OAT |  |  |  |  |  |  |  |
|  | 2017/2028 * ..............................  | EUR | 30 000 000 | 30 000 000 | % | 108,684 | 32 605 200,00 | 2,55 |
| 2,00 | % French Republic Government Bond OAT |  |  |  |  |  |  |  |
|  | 2017/2048 * ..............................  | EUR | 15 000 000 | 15 000 000 | % | 139,454 | 20 918 025,00 | 1,64 |
| 1,125 | % Hungary Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2026 ...............................  | EUR | 20 000 000 | 20 000 000 | % | 101,274 | 20 254 900,00 | 1,59 |
| 0,90 | % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ...............................  | EUR | 15 000 000 | 15 000 000 | % | 95,246 | 14 286 825,00 | 1,12 |
| 2,625 | % Indonesia Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2016/2023 ..........................  | EUR | 10 000 000 | 10 000 000 |  | % | 104,073 | 10 407 300,00 | 0,82 |
| 0,20 | % Ireland Government Bond (MTN) 2020/2030 .....  | EUR | 10 000 000 | 10 000 000 |  | % | 102,37 | 10 236 950,00 | 0,80 |
| 0,40 | % Ireland Government Bond 2020/2035 ..........  | EUR | 7 500 000 | 7 500 000 |  | % | 102,776 | 7 708 200,00 | 0,60 |
| 2,875 | % Israel Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2024 ...............................  | EUR | 10 000 000 | 10 000 000 |  | % | 109,31 | 10 930 950,00 | 0,86 |
| 4,75 | % Italy Buoni Poliennali Del Tesoro (MTN) |  |  |  |  |  |  |  |  |
|  | 2011/2021 * ..............................  | EUR | 7 000 000 |  | 10 000 000 | % | 105,672 | 7 397 005,00 | 0,58 |
| 5,50 | % Italy Buoni Poliennali Del Tesoro (MTN) |  |  |  |  |  |  |  |  |
|  | 2012/2022 * ..............................  | EUR | 20 000 000 |  | 20 000 000 | % | 111,656 | 22 331 100,00 | 1,75 |
| 5,50 | % Italy Buoni Poliennali Del Tesoro (MTN) |  |  |  |  |  |  |  |  |
|  | 2012/2022 * ..............................  | EUR | 15 000 000 |  | 10 000 000 | % | 112,386 | 16 857 900,00 | 1,32 |
| 4,50 | % Italy Buoni Poliennali Del Tesoro (MTN) |  |  |  |  |  |  |  |  |
|  | 2013/2023 ...............................  | EUR | 10 500 000 |  |  | % | 112,016 | 11 761 627,50 | 0,92 |
| 2,15 | % Italy Buoni Poliennali Del Tesoro (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2021 * ..............................  | EUR | 15 000 000 |  |  | % | 103,248 | 15 487 125,00 | 1,21 |
| 3,75 | % Italy Buoni Poliennali Del Tesoro (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2024 * ..............................  | EUR | 15 000 000 |  | 20 000 000 | % | 113,13 | 16 969 575,00 | 1,33 |
| 0,85 | % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 15 000 000 | 15 000 000 |  | % | 99,694 | 14 954 175,00 | 1,17 |
| 9,00 | % Italy Buoni Poliennali Del Tesoro 1993/2023 .....  | EUR | 20 000 000 |  | 45 000 000 | % | 128,697 | 25 739 400,00 | 2,02 |
| 7,25 | % Italy Buoni Poliennali Del Tesoro 1997/2026 .....  | EUR | 10 000 000 |  | 20 000 000 | % | 139,234 | 13 923 350,00 | 1,09 |
| 6,50 | % Italy Buoni Poliennali Del Tesoro 1997/2027 * ...  | EUR | 10 000 000 |  | 20 000 000 | % | 138,354 | 13 835 400,00 | 1,08 |
| 5,75 | % Italy Buoni Poliennali Del Tesoro 2002/2033 * ...  | EUR | 10 000 000 |  | 20 000 000 | % | 148,404 | 14 840 350,00 | 1,16 |
| 5,00 | % Italy Buoni Poliennali Del Tesoro 2009/2025 .....  | EUR | 10 000 000 |  | 20 000 000 | % | 120,084 | 12 008 400,00 | 0,94 |
| 4,50 | % Italy Buoni Poliennali Del Tesoro 2010/2026 .....  | EUR | 5 000 000 |  | 30 000 000 | % | 120,57 | 6 028 500,00 | 0,47 |
| 5,00 | % Italy Buoni Poliennali Del Tesoro 2011/2022 * ...  | EUR | 20 000 000 |  | 20 000 000 | % | 108,338 | 21 667 500,00 | 1,70 |
| 1,45 | % Italy Buoni Poliennali Del Tesoro 2020/2036 .....  | EUR | 20 000 000 | 20 000 000 |  | % | 97,121 | 19 424 200,00 | 1,52 |
| 2,45 | % Italy Buoni Poliennali Del Tesoro 2020/2050 .....  | EUR | 15 000 000 | 15 000 000 |  | % | 105,188 | 15 778 125,00 | 1,24 |
| 1,50 | % Kazakhstan Government International Bond |  |  |  |  |  |  |  |  |
|  | -Reg- 2019/2034 ...........................  | EUR | 10 000 000 | 7 860 000 |  | % | 92,202 | 9 220 250,00 | 0,72 |
| 2,75 | % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2013/2023 * ..............................  | EUR | 10 000 000 | 10 000 000 |  | % | 104,45 | 10 445 000,00 | 0,82 |
| 0,00 | % Philippine Government International Bond |  |  |  |  |  |  |  |  |
|  | 2020/2023 ...............................  | EUR | 12 640 000 | 12 640 000 |  | % | 98,33 | 12 428 975,20 | 0,97 |
| 4,125 | % Portugal Obrigacoes do Tesouro OT -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2027 ..........................  | EUR | 15 000 000 | % | 127,262 | 19 089 225,00 | 1,50 |
| 0,50 | % Republic of Austria Government Bond (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 * ..............................  | EUR | 15 000 000 |  | % | 106,485 | 15 972 750,00 | 1,25 |
| 1,00  % Republic of Poland Government International Bond |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | EUR | 10 000 000 | 10 000 000 | % | 107,628 | 10 762 750,00 | 0,84 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| 2,00 | % Romanian Government International Bond -Reg- 2020/2032 ...............................  | EUR | 7 050 000 | 7 050 000 | % | 93,621 | 6 600 280,50 | 0,52 |
| 2,00 | % Saudi Government International Bond -Reg- 2019/2039 * ..............................  | EUR | 5 000 000 | 5 000 000 | % | 102,576 | 5 128 775,00 | 0,40 |
| 1,45 | % Spain Government Bond (MTN) 2019/2029 * ....  | EUR | 4 700 000 |  | % | 109,996 | 5 169 788,50 | 0,41 |
| 1,25 | % Spain Government Bond (MTN) 2020/2030 ......  | EUR | 13 680 000 | 13 680 000 | % | 107,997 | 14 773 989,60 | 1,16 |
| 2,375 | % State of North Rhine-Westphalia Germany |  |  |  |  |  |  |  |  |
| 2013/2033 * ..............................  | EUR | 20 000 000 | % | 130,943 | 26 188 600,00 | 2,05 |
| 0,01  % UniCredit Bank AG (MTN) 2019/2027 ..........  | EUR | 10 000 000 | % | 101,868 | 10 186 750,00 | 0,80 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	181 194 410,00	14,20
| Verzinsliche Wertpapiere 3,80  % Spain Government Bond (MTN) 2014/2024 ......  | EUR | 10 000 000 | % | 115,622 | 11 562 200,00 | 0,91 |
| --- | --- | --- | --- | --- | --- | --- |
| 6,00 | % Spain Government Bond 1998/2029 ...........  | EUR | 15 000 000 |  | 30 000 000 | % | 148,456 | 22 268 400,00 | 1,75 |
| 5,75 | % Spain Government Bond 2001/2032 * ..........  | EUR | 10 000 000 | 10 000 000 | 4 000 000 | % | 160,852 | 16 085 200,00 | 1,26 |
| 4,20 | % Spain Government Bond 2005/2037 * ..........  | EUR | 10 000 000 |  |  | % | 152,473 | 15 247 300,00 | 1,19 |
| 4,70 | % Spain Government Bond 2009/2041 * ..........  | EUR | 6 000 000 |  |  | % | 169,716 | 10 182 960,00 | 0,80 |
| 4,65 | % Spain Government Bond 2010/2025 ...........  | EUR | 15 000 000 |  | 10 000 000 | % | 124,308 | 18 646 200,00 | 1,46 |
| 5,90 | % Spain Government Bond 2011/2026 * ..........  | EUR | 40 000 000 |  | 5 000 000 | % | 135,889 | 54 355 600,00 | 4,26 |
| 5,15 | % Spain Government Bond 2013/2044 * ..........  | EUR | 15 000 000 |  |  | % | 185,852 | 27 877 875,00 | 2,18 |
| 3,45 | % Spain Government Bond 2016/2066 ...........  | EUR | 3 000 000 |  |  | % | 165,622 | 4 968 675,00 | 0,39 |
| Investmentanteile |  |  |  |  |  |  | 81 175 886,35 | 6,36 |
| Gruppeneigene Investmentanteile DWS Institutional SICAV - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0,110%) ...............  | Anteile | 5 855 | 22 551 | 18 042 | EUR | 13 864,37 | 81 175 886,35 | 6,36 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 1 264 701 527,70 | 99,08 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -81 540,00 | -0,01 |
| Zinsterminkontrakte Euro Buxl Futures 09/2020 (DB)	Stück | -100 | 100 | -81 540,00 | -0,01 |
| Bankguthaben |  |  | 3 617 342,88 | 0,28 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 3 617 342,88 | 0,28 |
| Sonstige Vermögensgegenstände | 12 876 055,15 | 1,01 |
| Zinsansprüche ....................................  | 12 873 240,37 | 1,01 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 2 814,78 | 0,00 |
| Forderungen aus Anteilscheingeschäften | 773 034,49 | 0,06 |
| Summe der Vermögensgegenstände ** | 1 281 967 960,22 | 100,43 |
| Sonstige Verbindlichkeiten | -707 263,22 | -0,06 |
| Verbindlichkeiten aus Kostenpositionen ................  | -707 263,22 | -0,06 |
| Verbindlichkeiten aus Anteilscheingeschäften | -4 721 300,31 | -0,37 |
| Summe der Verbindlichkeiten | -5 510 103,53 | -0,43 |
| Fondsvermögen | 1 276 457 856,69 | 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 | 216,71 |
| Klasse IC .........................................  | EUR | 111,66 |
| Klasse IC100 ......................................  | EUR | 112,57 |
| Klasse ID100 .....................................  | EUR | 99,34 |
| Klasse LC ........................................  | EUR | 204,42 |
| Klasse LD ........................................  | EUR | 116,06 |
| Klasse NC ........................................  | EUR | 185,91 |
| Klasse TFC .......................................  | EUR | 107,84 |
| Klasse TFD .......................................  | EUR | 100,15 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse FC ........................................  | Stück | 2 655 363,649 |
| Klasse IC .........................................  | Stück | 2 068 761,000 |
| Klasse IC100 ......................................  | Stück | 789 851,000 |
| Klasse ID100 .....................................  | Stück | 1 021 310,000 |
| Klasse LC ........................................  | Stück | 878 998,552 |
| Klasse LD ........................................  | Stück | 426 490,272 |
| Klasse NC ........................................  | Stück | 67 881,836 |
| Klasse TFC .......................................  | Stück | 241 988,215 |
| Klasse TFD .......................................  | Stück | 117 269,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) FTSE EMU Government Bond Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 94,243 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 127,701 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 111,472 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 16 799 700,00.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
Wertpapierbezeichnung	Währung	Nominalbetrag	Wertpapier-Darlehen	gesamt bzw. Bestand	Kurswert in EUR
unbefristet
| 3,15 | % Austria Government Bond 2012/2044 ..........  | EUR | 11 000 000 | 18 715 840,00 |
| --- | --- | --- | --- | --- |
| 2,4 | % Austria Government Bond 2013/2034 ..........  | EUR | 3 500 000 | 4 700 762,50 |
| 5 | % Belgium Government Bond 2004/2035 .........  | EUR | 5 000 000 | 8 576 325,00 |
| 4,25 | % Belgium Government Bond 2010/2041 .........  | EUR | 7 000 000 | 12 400 535,00 |
| 4 | % Belgium Government Bond 2012/2032 .........  | EUR | 16 000 000 | 23 650 640,00 |
| 0,01 | % Bundesobligation (MTN) 2020/2025 ............  | EUR | 20 000 000 | 20 698 400,00 |
| 6,25 | % Bundesrepublik Deutschland 2000/2030 ........  | EUR | 24 000 000 | 39 949 320,00 |
| 4,25 | % Bundesrepublik Deutschland 2007/2039 ........  | EUR | 9 000 000 | 16 870 320,00 |
| 0,01 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |
|  | (MTN) 2020/2030 ..........................  | EUR | 20 000 000 | 21 028 900,00 |
| 4 | % France Government Bond OAT 2005/2055 ......  | EUR | 3 900 000 | 8 121 438,00 |
| 4 | % France Government Bond OAT 2006/2038 ......  | EUR | 3 000 000 | 5 047 935,00 |
| 0,01 | % French Republic Government Bond OAT |  |  |  |
|  | (MTN) 2019/2029 ..........................  | EUR | 19 000 000 | 19 391 020,00 |
| 5,5 | % French Republic Government Bond OAT 1998/2029 | EUR | 11 100 000 | 16 846 414,50 |
| 5,75 | % French Republic Government Bond OAT 2001/2032 | EUR | 39 800 000 | 68 559 679,00 |
| 2,5 | % French Republic Government Bond OAT 2014/2030 | EUR | 15 000 000 | 19 057 575,00 |
| 0,75 | % French Republic Government Bond OAT 2017/2028 | EUR | 30 000 000 | 32 605 200,00 |
| 2 | % French Republic Government Bond OAT 2017/2048 | EUR | 9 500 000 | 13 248 082,50 |
| 4,75 | % Italy Buoni Poliennali Del Tesoro (MTN) 2011/2021 | EUR | 7 000 000 | 7 397 005,00 |
| 5,5 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 | EUR | 20 000 000 | 22 331 100,00 |
| 5,5 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 | EUR | 15 000 000 | 16 857 900,00 |
| 2,15 | % Italy Buoni Poliennali Del Tesoro (MTN) 2014/2021 | EUR | 14 000 000 | 14 454 650,00 |
| 3,75 | % Italy Buoni Poliennali Del Tesoro (MTN) 2014/2024 | EUR | 15 000 000 | 16 969 575,00 |
| 6,5 | % Italy Buoni Poliennali Del Tesoro 1997/2027 .....  | EUR | 7 500 000 | 10 376 550,00 |
| 5,75 | % Italy Buoni Poliennali Del Tesoro 2002/2033 .....  | EUR | 10 000 000 | 14 840 350,00 |
| 5 | % Italy Buoni Poliennali Del Tesoro 2011/2022 .....  | EUR | 20 000 000 | 21 667 500,00 |
| 2,75 | % Mexico Government International Bond |  |  |  |
|  | (MTN) 2013/2023 ..........................  | EUR | 1 000 000 | 1 044 500,00 |
| 0,5 | % Republic of Austria Government Bond |  |  |  |
|  | (MTN) 2017/2027 ..........................  | EUR | 12 500 000 | 13 310 625,00 |
| 2 | % Saudi Government International Bond -Reg- |  |  |  |
|  | 2019/2039 ...............................  | EUR | 3 579 000 | 3 671 177,15 |

Wertpapierbezeichnung	Währung	Nominalbetrag	Wertpapier-Darlehen	gesamt bzw. Bestand	Kurswert in EUR
unbefristet
| 1,45  % Spain Government Bond (MTN) 2019/2029	EUR | 4 000 000 | 4 399 820,00 |  |
| --- | --- | --- | --- |
| 5,75  % Spain Government Bond 2001/2032	EUR | 10 000 000 | 16 085 200,00 |  |
| 4,2	% Spain Government Bond 2005/2037	EUR | 9 900 000 | 15 094 827,00 |  |
| 4,7	% Spain Government Bond 2009/2041	EUR | 5 000 000 | 8 485 800,00 |  |
| 5,9	% Spain Government Bond 2011/2026	EUR | 30 000 000 | 40 766 700,00 |  |
| 5,15  % Spain Government Bond 2013/2044	EUR | 14 000 000 | 26 019 350,00 |  |
| 2,375 % State of North Rhine-Westphalia Germany 2013/2033 EUR | 20 000 000 | 26 188 600,00 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 629 429 615,65 | 629 429 615,65 |

Vertragspartner der Wertpapier-Darlehen
BNP Paribas Arbitrage SNC, BofA SECURITIES EUROPE SA - BB, Citigroup Global Markets Limited FI, Crédit Agricole CIB S.A., DekaBank Deutsche Girozentrale, Deutsche Bank AG FI, Goldman Sachs Int. FI, Morgan Stanley Europe SE FI, Société Générale, UBS AG London Branch
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 670 391 041,41 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 48 504 466,20 |
| Aktien | EUR | 621 886 575,21 |

 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	
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.