# DWS Invest Euro High Yield
DWS INVEST EURO HIGH YIELD

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | Since inception 1 |
| --- | --- | --- |
| Class LC | LU2111935651 | -6.7% |
| Class FC | LU2111935495 | -6.5% |
| Class FD | LU2111935578 | -6.5% |
| Class LD | LU2111935735 | -6.7% |
| Class TFC | LU2111935909 | -6.5% |
| Class TFD | LU2111936030 | -6.5% |
| Class XC | LU2111936113 | -6.3% |
| Class XD | LU2111936204 | -6.3% |


##### ML Euro High Yield Const. Index (BB-B rated)	-4.7%
1 
Launched on February 14, 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 High Yield
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 28 668 182.96 | 92.89 |
| Total bonds | 28 668 182.96 | 92.89 |
| 2. Derivatives | 11 601.21 | 0.03 |
| 3. Cash at bank | 1 779 260.82 | 5.77 |
| 4. Other assets | 528 886.40 | 1.72 |
| II. Liabilities |  |  |
| 1. Other liabilities | -125 301.30 | - 0.41 |
| III. Net assets | 30 862 630.09 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Market price | Total market | % of |
| Security name | units/ | principal | additions | disposals |  | value in | net assets |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 27 764 593.70 | 89.96 |
| Interest-bearing securities 2.625 % Accor SA 2019/perpetual * ...................  | EUR | 200 000 | 200 000 |  | % | 82.142 | 164 285.00 | 0.53 |
| 3.50  % Adient Global Holdings Ltd -Reg- (MTN) 2016/2024. | EUR | 200 000 | 200 000 |  | % | 89.236 | 178 471.00 | 0.58 |
| 2.125 % ADLER Real Estate AG (MTN) 2017/2024 .......  | EUR | 200 000 | 200 000 |  | % | 96.777 | 193 554.00 | 0.63 |
| 1.50  % ADLER Real Estate AG 2019/2022 .............  | EUR | 200 000 | 200 000 |  | % | 97.537 | 195 074.00 | 0.63 |
| 3.875 % Akelius Residential Property AB 2018/2078 * ....  | EUR | 150 000 | 150 000 |  | % | 100.696 | 151 044.00 | 0.49 |
| 1.125 % Amplifon SpA (MTN) 2020/2027 ...............  | EUR | 200 000 | 200 000 |  | % | 98.543 | 197 086.00 | 0.64 |
| 2.00  % Ashland Services BV -Reg- (MTN) 2020/2028.....  | EUR | 100 000 | 200 000 | 100 000 | % | 93.207 | 93 207.00 | 0.30 |
| 5.00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 200 000 | 200 000 |  | % | 95 | 190 000.00 | 0.62 |
| 4.75 % Avantor, Inc. -Reg- (MTN) 2017/2024 ...........  | EUR | 200 000 | 300 000 | 100 000 | % | 103.32 | 206 639.00 | 0.67 |
| 4.25 % Axalta Coating Systems LLC -Reg- (MTN) 2016/2024 | EUR | 200 000 | 200 000 |  | % | 99.522 | 199 044.00 | 0.64 |
| 0.875 % Ball Corp. (MTN) 2019/2024 ..................  | EUR | 100 000 | 100 000 |  | % | 96.338 | 96 338.50 | 0.31 |
| 1.50  % Ball Corp. (MTN) 2019/2027 ..................  | EUR | 200 000 | 200 000 |  | % | 96.061 | 192 122.00 | 0.62 |
| 4.50 % Banco Comercial Portuges SA 2 (MTN) 2017/2027 *. | EUR | 200 000 | 200 000 |  | % | 100.076 | 200 151.00 | 0.65 |
| 6.125 % Banco de Sabadell SA 2017/perpetual * .........  | EUR | 200 000 | 400 000 | 200 000 | % | 81.022 | 162 045.00 | 0.52 |
| 6.50  % Banijay Group SAS -Reg- (MTN) 2020/2026 ......  | EUR | 100 000 | 100 000 |  | % | 90.12 | 90 120.50 | 0.29 |
| 3.75  % Bankia SA (MTN) 2019/2029 * ................  | EUR | 200 000 | 200 000 |  | % | 99.064 | 198 129.00 | 0.64 |
| 6.00  % Blitz F18-674 GmbH -Reg- (MTN) 2018/2026 .....  | EUR | 300 000 | 300 000 |  | % | 102.62 | 307 860.00 | 1.00 |
| 10.75 % Caixa Geral de Depositos SA 2017/perpetual * ...  | EUR | 200 000 | 200 000 |  | % | 109.695 | 219 390.00 | 0.71 |
| 6.75  % CaixaBank SA 2017/perpetual * ...............  | EUR | 200 000 | 200 000 |  | % | 100.534 | 201 069.00 | 0.65 |
| 5.976 % Casino Guichard Perrachon SA (MTN) 2011/2021 * . | EUR | 100 000 | 100 000 |  | % | 101.346 | 101 345.50 | 0.33 |
| 4.561 % Casino Guichard Perrachon SA (MTN) 2013/2023 * . | EUR | 400 000 | 400 000 |  | % | 96.117 | 384 468.00 | 1.25 |
| 1.865 % Casino Guichard Perrachon SA (MTN) 2017/2022 . | EUR | 200 000 | 200 000 |  | % | 96.644 | 193 287.00 | 0.63 |
| 4.00  % Chemours Co./The (MTN) 2018/2026 ...........  3.50 % Cheplapharm Arzneimittel GmbH -Reg- (MTN) 2020/2027 ................................  | EUR EUR | 200 000 100 000 | 200 000 100 000 |  | % % | 90.488 97.516 | 180 975.00 97 516.50 | 0.59 0.32 |
| 4.00  % Commerzbank AG (MTN) 2020/2030 *..........  | EUR | 100 000 | 100 000 |  | % | 100.606 | 100 606.00 | 0.33 |
| 6.125 % Commerzbank AG 2020/perpetual * ............  5.375 % Constantin Investissement 3 SASU -Reg- (MTN) 2018/2025 ................................  | EUR EUR | 200 000 150 000 | 200 000 150 000 |  | % % | 95.285 100.432 | 190 570.00 150 648.00 | 0.62 0.49 |
| 4.25  % Constellium NV -Reg- (MTN) 2017/2026 .........  | EUR | 250 000 | 250 000 |  | % | 98.579 | 246 447.50 | 0.80 |
| 3.25 % Cooperatieve Rabobank UA 2019/perpetual * .... 2.875 % Crown European Holdings SA -Reg- (MTN) 2018/2026 ................................  | EUR EUR | 200 000 200 000 | 200 000 200 000 |  | % % | 92.16 101.557 | 184 320.00 203 114.00 | 0.60 0.66 |
| 5.25  % CTC BondCo GmbH -Reg- (MTN) 2017/2025 .....  | EUR | 100 000 | 100 000 |  | % | 97.968 | 97 967.50 | 0.32 |
| 2.875 % Deutsche Pfandbriefbank AG (MTN) 2017/2027 * . | EUR | 200 000 | 200 000 |  | % | 95.931 | 191 862.00 | 0.62 |
| 0.625 % Digital Dutch Finco BV (MTN) 2020/2025 ........  | EUR | 100 000 | 100 000 |  | % | 98.926 | 98 926.00 | 0.32 |
| 1.25  % Digital Dutch Finco BV 2020/2031 .............  | EUR | 100 000 | 300 000 | 200 000 | % | 99.574 | 99 574.50 | 0.32 |
| 7.00  % DKT Finance ApS (MTN) 2018/2023 ............  | EUR | 200 000 | 200 000 |  | % | 99.904 | 199 809.00 | 0.65 |
| 3.00  % Dometic Group AB (MTN) 2019/2026 ...........  8.50 % Dtek Renewables Finance BV -Reg- (MTN) 2019/2024 ................................  | EUR EUR | 150 000 300 000 | 150 000 300 000 |  | % % | 95.214 87.162 | 142 821.00 261 487.50 | 0.46 0.85 |
| 1.75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 200 000 | 200 000 |  | % | 98.646 | 197 291.00 | 0.64 |
| 4.496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 300 000 | 300 000 |  | % | 106.54 | 319 621.50 | 1.04 |
| 5.50  % eDreams ODIGEO SA -Reg- (MTN) 2018/2023 ...  | EUR | 150 000 | 150 000 |  | % | 82.518 | 123 777.00 | 0.40 |
| 6.375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 .......  | EUR | 100 000 | 100 000 |  | % | 84.121 | 84 121.00 | 0.27 |
| 4.50  % Energo-Pro AS (MTN) 2018/2024 ..............  | EUR | 100 000 | 100 000 |  | % | 95.312 | 95 312.50 | 0.31 |
| 2.875 % Equinix, Inc. (MTN) 2017/2025 ................  | EUR | 300 000 | 300 000 |  | % | 101.782 | 305 347.50 | 0.99 |
| 6.50  % Erste Group Bank AG 2017/perpetual * .........  | EUR | 200 000 | 200 000 |  | % | 104.5 | 209 001.00 | 0.68 |
| 3.125 % Faurecia SA (MTN) 2019/2026 ................  | EUR | 300 000 | 300 000 |  | % | 98.178 | 294 534.00 | 0.95 |
| 1.134 % FCE Bank PLC (MTN) 2015/2022 ..............  | EUR | 100 000 | 100 000 |  | % | 96.551 | 96 551.00 | 0.31 |
| 2.124 % Ferrovial Netherlands BV 2017/perpetual *. . . . . . . | EUR | 200 000 | 200 000 |  | % | 94.086 | 188 173.00 | 0.61 |
| 3.021 % Ford Motor Credit Co. LLC (MTN) 2019/2024 ....  | EUR | 100 000 | 300 000 | 200 000 | % | 96.109 | 96 109.00 | 0.31 |
| 0.025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 200 000 | 200 000 |  | % | 91.262 | 182 525.00 | 0.59 |
| 6.875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ...  3.50 % Gestamp Funding Luxembourg SA -Reg- (MTN) 2016/2023 ................................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 69.133 97.824 | 69 133.00 97 823.50 | 0.22 0.32 |
| 3.20  % Grifols SA -Reg- (MTN) 2017/2025 .............  | EUR | 400 000 | 400 000 |  | % | 100.073 | 400 292.00 | 1.30 |
| 3.25 % Grupo-Antolin Irausa SA -Reg- (MTN) 2017/2024 ..  | EUR | 100 000 | 100 000 |  | % | 88.382 | 88 382.50 | 0.29 |
| 3.248 % Heimstaden Bostad AB 2019/perpetual *........  | EUR | 100 000 | 300 000 | 200 000 | % | 95.806 | 95 806.50 | 0.31 |
| 3.25  % Hornbach Baumarkt AG (MTN) 2019/2026 .......  | EUR | 200 000 | 200 000 |  | % | 101.986 | 203 971.00 | 0.66 |
| 4.375 % House of Finance NV/The -Reg- (MTN) 2019/2026. | EUR | 200 000 | 200 000 |  | % | 88.15 | 176 299.00 | 0.57 |
| 9.25  % HT Troplast GmbH -Reg- (MTN) 2020/2025 ......  4.875 % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ................................  | EUR EUR | 100 000 95 733 | 100 000 96 833 | 1 100 | % % | 102.525 96 | 102 525.00 91 904.00 | 0.33 0.30 |
| 6.50  % International Design Group SPA -Reg- (MTN) 2018/2025 ................................  | EUR | 200 000 | 200 000 |  | % | 93.336 | 186 671.00 | 0.60 |
| 3.375 % Intertrust Group BV -Reg- (MTN) 2018/2025 .....  | EUR | 100 000 | 200 000 | 100 000 | % | 100.31 | 100 310.00 | 0.32 |
| 7.75  % Intesa Sanpaolo SpA 2017/2049 * .............  | EUR | 200 000 | 200 000 |  | % | 109.558 | 219 116.00 | 0.71 |
| 3.50  % Intrum AB -Reg- (MTN) 2019/2026 .............  | EUR | 250 000 | 250 000 |  | % | 88.002 | 220 006.25 | 0.71 |
| 2.75  % Intrum Justitia AB -Reg- (MTN) 2017/2022 .......  | EUR | 200 000 | 200 000 |  | % | 95.329 | 190 658.00 | 0.62 |
| 3.50 % IQVIA, Inc. -Reg- (MTN) 2016/2024 ............  | EUR | 300 000 | 300 000 |  | % | 101.884 | 305 652.00 | 0.99 |
| 2.25 % IQVIA, Inc. -Reg- (MTN) 2019/2028 ............  | EUR | 150 000 | 150 000 |  | % | 96.329 | 144 493.50 | 0.47 |
| 2.875 % IQVIA, Inc. -Reg- (MTN) 2020/2028 ............  | EUR | 290 000 | 290 000 |  | % | 99.653 | 288 993.70 | 0.94 |
| 3.00  % K+S AG (MTN) 2012/2022 ...................  | EUR | 100 000 | 100 000 |  | % | 93.575 | 93 575.00 | 0.30 |
| 4.125 % K+S AG (MTN) 2013/2021 ...................  5.50  % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ..........................  | EUR EUR | 100 000 140 000 | 100 000 140 000 |  | % % | 98.804 91.562 | 98 804.00 128 186.80 | 0.32 0.42 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | currency | amount | in the | reporting period |  |  | EUR |  |
| 5.00 | % Kongsberg Actuation Systems BV -Reg- (MTN) 2018/2025 ................................  | EUR | 100 000 | 100 000 |  | % | 74.595 | 74 595.00 | 0.24 |
| 2.00 | % Koninklijke KPN NV 2019/perpetual * ...........  | EUR | 200 000 | 200 000 |  | % | 94.513 | 189 026.00 | 0.61 |
| 2.25 | % Kraft Heinz Foods Co. 2016/2028 ..............  | EUR | 250 000 | 250 000 |  | % | 98.984 | 247 460.00 | 0.80 |
| 5.25 | % Kraton Polymers LLC Via Kraton Polymers Capital Corp. -Reg- (MTN) 2018/2026 .................  | EUR | 100 000 | 100 000 |  | % | 102.272 | 102 271.50 | 0.33 |
| 4.00 | % La Financiere Atalian SAS -Reg- (MTN) 2017/2024. | EUR | 100 000 | 100 000 |  | % | 75.49 | 75 489.50 | 0.24 |
| 5.125 | % La Financiere Atalian SASU -Reg- (MTN) 2018/2025 | EUR | 100 000 | 100 000 |  | % | 75.568 | 75 568.00 | 0.24 |
| 3.125 | % La Poste SA 2018/perpetual * ................  | EUR | 200 000 | 200 000 |  | % | 103.146 | 206 291.00 | 0.67 |
| 3.625 | % Lincoln Financing SARL -Reg- (MTN) 2019/2024 ..  | EUR | 100 000 | 100 000 |  | % | 91.919 | 91 919.00 | 0.30 |
| 7.75 | % LSF9 Balta Issuer SARL -Reg- (MTN) 2015/2022 ..  | EUR | 81 000 | 81 000 |  | % | 65.287 | 52 882.88 | 0.17 |
| 5.75 | % Mediobanca Banca di Credito Finanziario SpA (MTN) 2013/2023 ................................  | EUR | 100 000 | 100 000 |  | % | 109.455 | 109 455.00 | 0.35 |
| 2.875 | % Merck KGaA 2019/2079 * ....................  | EUR | 200 000 | 200 000 |  | % | 104.518 | 209 036.00 | 0.68 |
| 7.00 | % Motion Finco Sarl -Reg- (MTN) 2020/2025 .......  | EUR | 100 000 | 100 000 |  | % | 103.05 | 103 049.50 | 0.33 |
| 7.125 | % NAK Naftogaz Ukraine via Kondor Finance PLC (MTN) 2019/2024 ..........................  | EUR | 200 000 | 200 000 |  | % | 98.006 | 196 012.00 | 0.63 |
| 4.125 | % Naturgy Finance BV 2014/2049 * ..............  | EUR | 200 000 | 200 000 |  | % | 102.918 | 205 835.00 | 0.67 |
| 1.75 | % Nexi SpA (MTN) 2019/2024 ..................  | EUR | 300 000 | 300 000 |  | % | 97.676 | 293 026.50 | 0.95 |
| 3.75 | % NH Hotel Group SA -Reg- (MTN) 2016/2023 .....  | EUR | 224 802 | 224 802 |  | % | 90.592 | 203 652.22 | 0.66 |
| 7.00 | % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) 2018/2025 | EUR | 100 000 | 100 000 |  | % | 90.537 | 90 537.00 | 0.29 |
| 3.25 | % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 | EUR | 200 000 | 200 000 |  | % | 101.075 | 202 150.00 | 0.65 |
| 5.25 | % Novem Group GmbH -Reg- (MTN) 2019/2024 *...  | EUR | 100 000 | 100 000 |  | % | 94.265 | 94 265.00 | 0.31 |
| 5.00 | % Orange SA 2014/2049 * .....................  | EUR | 100 000 | 100 000 |  | % | 116.12 | 116 120.50 | 0.38 |
| 4.00 | % Paprec Holding SA -Reg- (MTN) 2018/2025 ......  | EUR | 230 000 | 230 000 |  | % | 90.555 | 208 276.50 | 0.67 |
| 3.50 | % Peach Property Finance GmbH -Reg- 2019/2023 ..  | EUR | 200 000 | 200 000 |  | % | 99.784 | 199 567.00 | 0.65 |
| 5.375 | % Platin 1426 GmbH -Reg- (MTN) 2017/2023 ......  | EUR | 200 000 | 200 000 |  | % | 93.576 | 187 151.00 | 0.61 |
| 4.00 | % Polygon AB (MTN) 2018/2023.................  | EUR | 200 000 | 200 000 |  | % | 99.5 | 199 000.00 | 0.64 |
| 3.50 | % PPF Telecom Group BV (MTN) 2020/2024 .......  | EUR | 110 000 | 110 000 |  | % | 102.206 | 112 426.05 | 0.36 |
| 3.50 | % PPF Telecom Group BV 2020/2024 ............  | EUR | 120 000 | 120 000 |  | % | 101.981 | 122 377.20 | 0.40 |
| 3.50 | % Prokon Regenerative Energien eG 2016/2030 ....  | EUR | 121 552 | 196 000 | 74 448 | % | 95.36 | 115 911.99 | 0.38 |
| 6.875 | % Radisson Hotel Holdings AB -Reg- (MTN) 2018/2023 | EUR | 300 000 | 300 000 |  | % | 96.428 | 289 282.50 | 0.94 |
| 6.375 | % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 ..  | EUR | 100 000 | 100 000 |  | % | 69.716 | 69 715.50 | 0.23 |
| 6.125 | % Raiffeisen Bank International AG 2017/perpetual * | EUR | 200 000 | 200 000 |  | % | 98.122 | 196 243.00 | 0.64 |
| 3.25 | % RCS & RDS SA -Reg- (MTN) 2020/2028 .........  | EUR | 100 000 | 100 000 |  | % | 94.334 | 94 334.00 | 0.31 |
| 6.75 | % Rossini Sarl -Reg- (MTN) 2018/2025 ............  | EUR | 200 000 | 200 000 |  | % | 107.09 | 214 179.00 | 0.69 |
| 3.75 | % Salini Impregilo SpA (MTN) 2016/2021 ..........  | EUR | 100 000 | 100 000 |  | % | 100.038 | 100 038.50 | 0.32 |
| 3.625 | % Salini Impregilo SpA (MTN) 2020/2027 ..........  | EUR | 100 000 | 100 000 |  | % | 85.312 | 85 311.50 | 0.28 |
| 2.624 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ...........................  | EUR | 300 000 | 300 000 |  | % | 92.329 | 276 987.00 | 0.90 |
| 5.75 | % Sarens Finance Co. NV (MTN) 2020/2027 .......  | EUR | 100 000 | 100 000 |  | % | 78.996 | 78 995.50 | 0.26 |
| 4.25 | % SASU Newco SAB 20 SAS -Reg- (MTN) 2017/2024 | EUR | 100 000 | 100 000 |  | % | 94.128 | 94 128.50 | 0.30 |
| 6.375 | % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 200 000 | 200 000 |  | % | 97.002 | 194 005.00 | 0.63 |
| 5.625 | % SES SA 2016/2049 * ........................  | EUR | 100 000 | 100 000 |  | % | 103.121 | 103 121.00 | 0.33 |
| 2.125 | % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) 2020/2025 ................................  | EUR | 100 000 | 100 000 |  | % | 101.986 | 101 985.50 | 0.33 |
| 4.75 | % SoftBank Group Corp. (MTN) 2015/2025 ........  | EUR | 100 000 | 100 000 |  | % | 103.747 | 103 747.00 | 0.34 |
| 5.00 | % SoftBank Group Corp. (MTN) 2018/2028 ........  | EUR | 100 000 | 400 000 | 300 000 | % | 104.115 | 104 115.00 | 0.34 |
| 4.00 | % SoftBank Group Corp. 2017/2029 ..............  | EUR | 100 000 | 100 000 |  | % | 98.712 | 98 711.50 | 0.32 |
| 5.425 | % Solvay Finance SA 2013/2049 * ...............  | EUR | 100 000 | 100 000 |  | % | 108.502 | 108 502.00 | 0.35 |
| 3.125 | % SPIE SA (MTN) 2017/2024 ...................  | EUR | 100 000 | 100 000 |  | % | 100.115 | 100 115.00 | 0.32 |
| 2.625 | % SPIE SA (MTN) 2019/2026 ...................  | EUR | 100 000 | 200 000 | 100 000 | % | 97.363 | 97 363.00 | 0.32 |
| 4.75 | % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ....  | EUR | 120 000 | 120 000 |  | % | 100.234 | 120 280.20 | 0.39 |
| 3.875 | % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 170 000 | 170 000 |  | % | 101.468 | 172 496.45 | 0.56 |
| 5.375 | % Takko Luxembourg 2 SCA -Reg- (MTN) 2017/2023 | EUR | 100 000 | 100 000 |  | % | 54.868 | 54 868.50 | 0.18 |
| 5.375 | % Takko Luxembourg 2 SCA -Reg- (MTN) 2017/2023 * | EUR | 100 000 | 100 000 |  | % | 54.15 | 54 150.50 | 0.18 |
| 3.875 | % Tele Columbus AG -Reg- (MTN) 2018/2025 ......  | EUR | 100 000 | 100 000 |  | % | 93.548 | 93 547.50 | 0.30 |
| 7.75 | % Telecom Italia Finance SA (MTN) 2003/2033 .....  | EUR | 500 000 | 500 000 |  | % | 140.406 | 702 027.50 | 2.27 |
| 4.00 | % Telecom Italia SpA/Milano (MTN) 2019/2024 .....  | EUR | 200 000 | 200 000 |  | % | 104.87 | 209 740.00 | 0.68 |
| 5.875 | % Telefonica Europe BV 2014/2049 *.............  | EUR | 1 000 000 | 1 000 000 |  | % | 108.166 | 1 081 660.00 | 3.50 |
| 3.50 | % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ................................  | EUR | 200 000 | 200 000 |  | % | 101.794 | 203 589.00 | 0.66 |
| 5.00 | % Tendam Brands SAU -Reg- (MTN) 2017/2024 ....  | EUR | 100 000 | 100 000 |  | % | 87.262 | 87 261.50 | 0.28 |
| 5.00 | % Tenneco, Inc. -Reg- (MTN) 2017/2024 ..........  | EUR | 100 000 | 100 000 |  | % | 92.22 | 92 220.50 | 0.30 |
| 2.995 | % TenneT Holding BV 2017/perpetual * ...........  | EUR | 100 000 | 100 000 |  | % | 103.577 | 103 577.00 | 0.34 |
| 1.125 | % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 ..........................  | EUR | 150 000 | 150 000 |  | % | 87.941 | 131 911.50 | 0.43 |
| 4.50 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2018/2025 ..........................  | EUR | 200 000 | 200 000 | % | 99.738 | 199 476.00 | 0.65 |
| 1.625 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2016/2028 ................................  | EUR | 300 000 | 300 000 |  | % | 81.718 | 245 155.50 | 0.79 |
| 1.375 % Thyssenkrupp AG (MTN) 2017/2022............  | EUR | 300 000 | 300 000 |  | % | 97.365 | 292 095.00 | 0.95 |
| 1.875 % thyssenkrupp AG (MTN) 2019/2023 ............  | EUR | 400 000 | 400 000 |  | % | 96.408 | 385 634.00 | 1.25 |
| 6.50  % Transcom Holding AB (MTN) 2018/2023 ........  | EUR | 200 000 | 200 000 |  | % | 90.99 | 181 980.00 | 0.59 |
| 6.625 % UniCredit SpA 2017/perpetual * ...............  | EUR | 200 000 | 200 000 |  | % | 98.268 | 196 536.00 | 0.64 |
| 2.731 % UniCredit SpA 2020/2032 *...................  | EUR | 200 000 | 200 000 |  | % | 90.784 | 181 567.00 | 0.59 |
| 5.75  % Unilabs Subholding AB -Reg- (MTN) 2017/2025 ...  | EUR | 200 000 | 200 000 |  | % | 99.35 | 198 701.00 | 0.64 |
| 1.625 % Unione di Banche Italiane SpA (MTN) 2019/2025..  | EUR | 250 000 | 250 000 |  | % | 97.739 | 244 347.50 | 0.79 |
| 3.625 % UPCB Finance VII Ltd -Reg- 2017/2029 .........  | EUR | 150 000 | 150 000 |  | % | 97.904 | 146 856.00 | 0.48 |
| 5.25  % Victoria PLC -Reg- (MTN) 2019/2024 ...........  4.00 % Viridian Group FinanceCo PLC Via Viridian Power and Energy -Reg- (MTN) 2017/2025 ............  | EUR EUR | 100 000 100 000 | 100 000 200 000 | 100 000 | % % | 95.062 97.422 | 95 062.00 97 421.50 | 0.31 0.32 |
| 3.00  % Vivion Investments Sarl (MTN) 2019/2024 .......  | EUR | 200 000 | 200 000 |  | % | 91.808 | 183 616.00 | 0.59 |

| 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 % VZ Vendor Financing BV (MTN) 2019/2024....... 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2027 ................................  | EUR EUR | 300 000 200 000 | 300 000 200 000 |  | % % | 98.198 98.22 | 294 594.00 196 441.00 | 0.95 0.64 |
| 2.75  % ZF North America Capital, Inc. (MTN) 2015/2023 ..  | EUR | 100 000 | 100 000 |  | % | 99.696 | 99 696.50 | 0.32 |
| 3.375 % Ziggo Bond Co. BV -Reg- (MTN) 2020/2030 ......  | EUR | 100 000 | 100 000 |  | % | 94.538 | 94 538.00 | 0.31 |
| 2.875 % Ziggo BV -Reg- 2019/2030 ...................  4.75  % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2017/2027 ......  | EUR GBP | 100 000 100 000 | 100 000 100 000 |  | % % | 98.944 97.542 | 98 944.50 107 050.39 | 0.32 0.35 |
| 6.75  % Arqiva Broadcast Finance PLC (MTN) 2018/2023 ..  4.125 % B&M European Value Retail SA -Reg- (MTN) 2017/2022 ................................  | GBP GBP | 200 000 150 000 | 200 000 150 000 |  | % % | 104.07 100.308 | 228 429.48 165 128.21 | 0.74 0.53 |
| 3.125 % Bank of Ireland Group PLC (MTN) 2017/2027 * ...  | GBP | 200 000 | 200 000 |  | % | 99.156 | 217 642.35 | 0.70 |
| 4.25  % Drax Finco PLC -Reg- (MTN) 2017/2022 .........  | GBP | 100 000 | 100 000 |  | % | 100.446 | 110 237.47 | 0.36 |
| 5.125 % Lloyds Banking Group PLC 2019/perpetual * .....  | GBP | 200 000 | 200 000 |  | % | 91.686 | 201 246.00 | 0.65 |
| 3.25  % Pinewood Finance Co., Ltd -Reg- (MTN) 2019/2025 | GBP | 200 000 | 200 000 |  | % | 98.89 | 217 060.69 | 0.70 |
| 3.375 % Saga PLC (MTN) 2017/2024 ..................  | GBP | 100 000 | 100 000 |  | % | 78.5 | 86 152.18 | 0.28 |
| 7.75  % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 . | GBP | 200 000 | 200 000 |  | % | 91.748 | 201 382.09 | 0.65 |
| 3.875 % TalkTalk Telecom Group PLC (MTN) 2020/2025 ...  5.00 % Virgin Media Secured Finance PLC -Reg- (MTN) 2017/2027 ................................  | GBP GBP | 100 000 200 000 | 100 000 400 000 | 200 000 | % % | 96.812 104.286 | 106 249.23 228 904.69 | 0.34 0.74 |
| 4.50  % Crown Americas LLC Via Crown Americas Capital Corp. IV (MTN) 2013/2023 ...................  | USD | 200 000 | 200 000 |  | % | 102.96 | 183 735.07 | 0.59 |
| 7.125 % Sprint Corp. (MTN) 2014/2024 ................  | USD | 150 000 | 150 000 |  | % | 112.451 | 150 503.29 | 0.49 |
| 6.00  % Standard Chartered PLC -Reg- 2020/perpetual * ..  | USD | 200 000 | 200 000 |  | % | 99.977 | 178 410.96 | 0.58 |
| 6.25  % Vodafone Group PLC 2018/2078 * .............  | USD | 200 000 | 200 000 |  | % | 107.535 | 191 898.36 | 0.62 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 903 589.26 | 2.93 |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 1.00  % Ford Motor Credit Co. LLC (MTN) 2017/2021 * ...	EUR | 100 000 | 100 000 |  | % | 94.302 | 94 302.50 | 0.31 |
| 4.875 % Vodafone Group PLC 2018/2078 *	GBP | 200 000 | 200 000 |  | % | 104.388 | 229 127.48 | 0.74 |
| 2020/2030	USD | 500 000 | 500 000 |  | % | 100.107 | 446 607.36 | 1.45 |
| 4.75  % ZF North America Capital, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2025 ................................  | USD | 150 000 | 150 000 | % | 99.786 | 133 551.92 | 0.43 |
| Total securities portfolio |  |  |  |  |  | 28 668 182.96 | 92.89 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | 11 601.21 | 0.03 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions GBP/EUR 2.3 million ................................  |  |  |  |  |  | 13 725.60 | 0.04 |
| USD/EUR 1.4 million ................................  |  |  |  |  |  | -2 124.39 | -0.01 |
| Cash at bank |  |  |  |  |  | 1 779 260.82 | 5.76 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  | 1 531 501.81 | 4.95 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 134 301 |  |  |  | 147 392.14 | 0.48 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 112 486 |  |  |  | 100 366.87 | 0.33 |

4.50  % Virgin Media Secured Finance PLC -Reg- (MTN)
| Other assets | 528 886.40 | 1.72 |
| --- | --- | --- |
| Interest receivable .................................  | 406 385.66 | 1.32 |
| Receivables from exceeding the expense cap ............  | 14 045.19 | 0.05 |
| Other receivables ..................................  | 108 455.55 | 0.35 |
| Total assets ** | 30 990 055.78 | 100.41 |
| Other liabilities | -125 301.30 | -0.41 |
| Liabilities from cost items ............................  | -25 301.30 | -0.08 |
| Additional other liabilities.............................  | -100 000.00 | -0.33 |
| Total liabilities | -127 425.69 | -0.41 |
| Net assets | 30 862 630.09 | 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 | 93.50 |
| Class FD .........................................  | EUR | 93.50 |
| Class LC .........................................  | EUR | 93.32 |
| Class LD .........................................  | EUR | 93.33 |
| Class TFC ........................................  | EUR | 93.50 |
| Class TFD ........................................  | EUR | 93.50 |
| Class XC .........................................  | EUR | 93.68 |
| Class XD .........................................  | EUR | 93.68 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class FD .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 100.000 |
| Class LD .........................................  | Count | 131.000 |
| Class TFC ........................................  | Count | 100.000 |
| Class TFD ........................................  | Count | 100.000 |
| Class XC .........................................  | Count | 328 732.000 |
| Class XD .........................................  | Count | 100.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) ICE BofAML BB-B Rated Euro High Yield Constrained Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 46.395 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 131.965 |
| Average market risk exposure ........................  | % | 100.827 |

The values-at-risk were calculated for the period from February 14, 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 0.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 5 814 622.54 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
Citigroup Global Markets and Royal Bank Of Canada
 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.
DWS Invest Euro High Yield Corporates
DWS INVEST EURO HIGH YIELD CORPORATES

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0616839501 | -5.4% |
| Class FC | LU0616840772 | -5.1% |
| Class FD | LU0813334322 | -5.1% |
| Class IC | LU1054331407 | -5.0% |
| Class IC50 | LU1506496410 | -5.0% |
| Class ID | LU1054331589 | -5.0% |
| Class ID50 | LU1432415641 | -5.0% |
| Class LD | LU0616839766 | -5.4% |
| Class NC | LU0616840186 | -5.5% |
| Class ND | LU0616840426 | -5.6% |
| Class NDQ | LU1054332397 | -5.6% |
| Class PFC | LU1054332470 | -5.8% |
| Class PFDQ | LU1054332553 | -5.8% |
| Class RDQ | LU1808738642 | -4.9% |
| Class TFC | LU1663875406 | -5.1% |
| Class TFD | LU1663877287 | -5.1% |
| Class CHF FCH 1 | LU1426784200 | -5.4% |
| Class SEK LCH 2 | LU1322113298 | -5.5% |
| Class USD FCH 3 | LU0911036480 | -4.1% |
| Class USD LCH 3 | LU0911036308 | -4.3% |
| Class USD LDMH 3 | LU0616840939 | -4.3% |
| Class USD TFCH 3 | LU1663879069 | -4.3% |


##### ML Euro BB-B Non-Financial Fixed & FRN HY Constr. Index
1 
in CHF
2 
in SEK
3 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.

##### -5.8%
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 High Yield Corporates
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 2 460 735 040.08 | 95.47 |
| Institutions | 15 282 694.21 | 0.59 |
| Total bonds | 2 476 017 734.29 | 96.06 |
| 2. Derivatives | 559 971.98 | 0.02 |
| 3. Cash at bank | 79 884 265.67 | 3.10 |
| 4. Other assets | 44 515 367.78 | 1.72 |
| 5. Receivables from share certificate transactions | 20 270 614.37 | 0.79 |
| II. Liabilities |  |  |
| 1. Other liabilities | -42 910 688.02 | - 1.66 |
| 2. Liabilities from share certificate transactions | -737 801.21 | - 0.03 |
| III. Net assets | 2 577 599 464.86 | 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 |  |  |  |  |  |  | 2 336 133 207.26 | 90.63 |
| Interest-bearing securities 1.50  % Petroleos Mexicanos (MTN) 2015/2020 .........  | CHF | 6 580 000 | 6 580 000 |  | % | 98.702 | 6 099 567.03 | 0.24 |
| 0.50  % Teva Pharmaceutical Finance Netherlands IV BV (MTN) 2016/2022 ..........................  | CHF | 4 180 000 |  |  | % | 94.033 | 3 691 488.63 | 0.14 |
| 4.00 % 3AB Optique Developpement SAS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 ................................  | EUR | 2 500 000 | % | 97.238 | 2 430 937.50 | 0.09 |
| 4.125 % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 * ..............................  | EUR | 1 301 143 |  |  | % | 97.426 | 1 267 644.94 | 0.05 |
| 3.00  % Abertis Infraestructuras SA (MTN) 2019/2031 ....  | EUR | 2 500 000 | 5 000 000 | 2 500 000 | % | 103.678 | 2 591 962.50 | 0.10 |
| 4.125 % Adler Pelzer Holding GmbH -Reg- (MTN) 2017/2024 ................................  | EUR | 7 000 000 | 2 000 000 | 2 500 000 | % | 73.356 | 5 134 885.00 | 0.20 |
| 2.125 % ADLER Real Estate AG (MTN) 2017/2024 .......  | EUR | 1 910 000 |  | 1 000 000 | % | 96.777 | 1 848 440.70 | 0.07 |
| 1.875 % ADLER Real Estate AG (MTN) 2018/2023 .......  | EUR | 10 000 000 | 1 000 000 | 3 000 000 | % | 97.216 | 9 721 550.00 | 0.38 |
| 3.00  % ADLER Real Estate AG (MTN) 2018/2026 ** .....  | EUR | 3 000 000 | 3 000 000 | 1 000 000 | % | 99.559 | 2 986 770.00 | 0.12 |
| 1.50  % ADLER Real Estate AG 2017/2021 .............  | EUR | 18 000 000 | 9 000 000 |  | % | 98.174 | 17 671 230.00 | 0.69 |
| 1.50  % ADLER Real Estate AG 2019/2022 .............  | EUR | 3 000 000 |  | 2 000 000 | % | 97.537 | 2 926 110.00 | 0.11 |
| 3.875 % Akelius Residential Property AB 2018/2078 * ....  6.50 % Algeco Scotsman Global Finance PLC -Reg- (MTN) 2018/2023 ** ........................  | EUR EUR | 5 730 000 5 000 000 |  | 5 000 000 | % % | 100.696 96.455 | 5 769 880.80 4 822 750.00 | 0.22 0.19 |
| 6.25 % Algeco Scotsman Global Finance PLC -Reg- (MTN) 2018/2023 * .........................  | EUR | 1 000 000 |  |  | % | 93.892 | 938 920.00 | 0.04 |
| 7.25 % Almaviva-The Italian Innovation Co. SpA -Reg- (MTN) 2017/2022 ** ........................  | EUR | 5 960 000 |  |  | % | 89.89 | 5 357 444.00 | 0.21 |
| 2.25  % Altice Financing SA -Reg- (MTN) 2020/2025......  | EUR | 7 570 000 | 7 570 000 |  | % | 93.886 | 7 107 132.35 | 0.28 |
| 5.875 % Altice France SA/France -Reg- (MTN) 2018/2027 ..  | EUR | 21 334 000 | 12 114 000 |  | % | 105.623 | 22 533 610.83 | 0.87 |
| 2.50  % Altice France SA/France -Reg- (MTN) 2019/2025 ..  | EUR | 5 920 000 |  |  | % | 95.559 | 5 657 092.80 | 0.22 |
| 2.125 % Altice France SA/France -Reg- (MTN) 2020/2025 ** | EUR | 5 000 000 | 5 000 000 |  | % | 93.81 | 4 690 525.00 | 0.18 |
| 1.125 % Amplifon SpA (MTN) 2020/2027 ...............  2.125 % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026 ** ...  | EUR EUR | 3 000 000 6 700 000 | 4 700 000 6 700 000 | 1 700 000 | % % | 98.543 96.449 | 2 956 290.00 6 462 083.00 | 0.11 0.25 |
| 2.00  % Ashland Services BV -Reg- (MTN) 2020/2028 ** ..  | EUR | 4 000 000 | 5 030 000 | 1 030 000 | % | 93.207 | 3 728 280.00 | 0.14 |
| 5.00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 9 000 000 |  | 1 280 000 | % | 95 | 8 550 000.00 | 0.33 |
| 0.25  % AT&T, Inc. (MTN) 2019/2026 .................  | EUR | 3 200 000 | 3 200 000 |  | % | 96.536 | 3 089 168.00 | 0.12 |
| 2.35  % AT&T, Inc. 2018/2029 .......................  | EUR | 1 299 000 | 1 299 000 |  | % | 109.258 | 1 419 254.93 | 0.05 |
| 5.875 % Atlantia SpA (MTN) 2004/2024 ................  | EUR | 1 000 000 | 2 000 000 | 1 000 000 | % | 110.703 | 1 107 030.00 | 0.04 |
| 4.375 % Autodis SA (MTN) -Reg- 2016/2022 *...........  | EUR | 3 440 777 |  | 2 270 913 | % | 96.778 | 3 329 932.07 | 0.13 |
| 2.875 % Autostrade per l‘Italia SpA (MTN) 2013/2021 .....  | EUR | 11 070 000 | 13 070 000 | 2 000 000 | % | 99.482 | 11 012 602.05 | 0.43 |
| 4.75 % Avantor, Inc. -Reg- (MTN) 2017/2024 ...........  3.75 % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 ..........................  | EUR EUR | 7 000 000 3 000 000 |  | 4 300 000 | % % | 103.32 99.05 | 7 232 365.00 2 971 515.00 | 0.28 0.12 |
| 4.25  % Axalta Coating Systems LLC -Reg- (MTN) 2016/2024 ................................  | EUR | 14 000 000 |  |  | % | 99.522 | 13 933 080.00 | 0.54 |
| 0.875 % Ball Corp. (MTN) 2019/2024 ..................  3.50 % Banijay Entertainment SASU -Reg- (MTN) 2020/2025 ** .............................  | EUR EUR | 6 000 000 3 000 000 | 5 810 000 | 2 700 000 2 810 000 | % % | 96.338 95.706 | 5 780 310.00 2 871 180.00 | 0.22 0.11 |
| 6.50  % Banijay Group SAS -Reg- (MTN) 2020/2026 ......  4.50 % Bausch Health Companies, Inc. -Reg- (MTN) 2015/2023 ................................  | EUR EUR | 3 192 000 24 000 000 | 3 192 000 7 000 000 | 2 000 000 | % % | 90.12 99.238 | 2 876 646.36 23 817 240.00 | 0.11 0.92 |
| 1.00  % Berry Global, Inc. -Reg- (MTN) 2020/2025 .......  | EUR | 5 000 000 | 7 000 000 | 5 050 000 | % | 94.784 | 4 739 225.00 | 0.18 |
| 3.625 % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 4 670 000 | 4 670 000 |  | % | 100.539 | 4 695 171.30 | 0.18 |
| 4.75  % BWAY Holding Co. (MTN) 2018/2024 ...........  | EUR | 11 000 000 |  |  | % | 97.806 | 10 758 715.00 | 0.42 |
| 1.875 % Carnival Corp. (MTN) 2015/2022 ...............  | EUR | 2 000 000 | 2 000 000 |  | % | 74.424 | 1 488 470.00 | 0.06 |
| 5.976 % Casino Guichard Perrachon SA (MTN) 2011/2021 * | EUR | 2 000 000 | 2 000 000 |  | % | 101.346 | 2 026 910.00 | 0.08 |
| 4.561 % Casino Guichard Perrachon SA (MTN) 2013/2023 * | EUR | 18 900 000 |  |  | % | 96.117 | 18 166 113.00 | 0.70 |
| 4.498 % Casino Guichard Perrachon SA (MTN) 2014/2024 . | EUR | 3 000 000 |  | 2 500 000 | % | 90.397 | 2 711 910.00 | 0.11 |
| 3.58  % Casino Guichard Perrachon SA (MTN) 2014/2025 * | EUR | 3 500 000 |  |  | % | 85.203 | 2 982 105.00 | 0.12 |
| 4.048 % Casino Guichard Perrachon SA (MTN) 2014/2026 . | EUR | 5 000 000 |  |  | % | 85.162 | 4 258 125.00 | 0.17 |
| 1.865 % Casino Guichard Perrachon SA (MTN) 2017/2022 . | EUR | 20 000 000 |  |  | % | 96.644 | 19 328 700.00 | 0.75 |
| 1.875 % Cellnex Telecom SA (MTN) 2020/2029 ..........  | EUR | 5 700 000 | 5 700 000 |  | % | 98.812 | 5 632 312.50 | 0.22 |
| 4.625 % Cemex Finance LLC -Reg- (MTN) 2016/2024 .....  | EUR | 4 000 000 |  |  | % | 99.275 | 3 971 000.00 | 0.15 |
| 2.75  % Cemex SAB de CV -Reg- (MTN) 2017/2024 ** ...  | EUR | 4 200 000 |  |  | % | 92.474 | 3 883 887.00 | 0.15 |
| 4.00  % Chemours Co./The (MTN) 2018/2026 ** ........  3.50 % Cheplapharm Arzneimittel GmbH -Reg- (MTN) 2020/2027 ................................  | EUR EUR | 31 000 000 3 000 000 | 2 000 000 3 000 000 | 8 225 000 | % % | 90.488 97.516 | 28 051 125.00 2 925 495.00 | 1.09 0.11 |
| 6.50  % CMA CGM SA -Reg- (MTN) 2017/2022 ** .......  | EUR | 2 000 000 | 2 000 000 | 10 000 000 | % | 93.366 | 1 867 310.00 | 0.07 |
| 5.25 % CMA CGM SA -Reg- (MTN) 2017/2025 .........  | EUR | 7 000 000 | 2 000 000 | 7 000 000 | % | 83.034 | 5 812 415.00 | 0.23 |
| 9.00  % CMF SpA -Reg- (MTN) 2017/2022 ** ...........  5.375 % Constantin Investissement 3 SASU -Reg- (MTN) 2018/2025 ................................  | EUR EUR | 12 000 000 2 170 000 |  | 2 000 000 | % % | 97.568 100.432 | 11 708 220.00 2 179 374.40 | 0.45 0.08 |
| 4.625 % Constellium NV -Reg- (MTN) 2014/2021 .........  | EUR | 5 856 667 | 1 066 667 |  | % | 100.18 | 5 867 238.24 | 0.23 |
| 4.25  % Constellium NV -Reg- (MTN) 2017/2026 .........  | EUR | 6 360 000 | 1 200 000 |  | % | 98.579 | 6 269 624.40 | 0.24 |
| 9.625 % Consus Real Estate AG -Reg- (MTN) 2019/2024 ** 3.375 % ContourGlobal Power Holdings SA -Reg- (MTN) 2018/2023 ................................  | EUR EUR | 15 389 000 21 700 000 | 2 000 000 | 6 611 000 | % % | 109 101.446 | 16 774 010.00 22 013 890.50 | 0.65 0.85 |
| 4.125 % ContourGlobal Power Holdings SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ................................  | EUR | 2 960 000 | 310 000 | % | 103.028 | 3 049 614.00 | 0.12 |
| 5.50  % Cott Corp. -Reg- (MTN) 2016/2024 ** ..........  | EUR | 3 000 000 |  | % | 100.966 | 3 028 980.00 | 0.12 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.375 % Crown European Holdings SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2025 ................................  | EUR | 19 193 000 |  | 1 200 000 | % | 103.922 | 19 945 653.50 | 0.77 |
| 0.75  % Crown European Holdings SA -Reg- 2019/2023 ...  | EUR | 16 660 000 | 6 300 000 |  | % | 96.719 | 16 113 385.40 | 0.63 |
| 4.25  % Crystal Almond SARL -Reg- (MTN) 2019/2024 ....  | EUR | 13 000 000 |  | 6 650 000 | % | 98.764 | 12 839 255.00 | 0.50 |
| 5.25  % CTC BondCo GmbH -Reg- (MTN) 2017/2025 .....  | EUR | 2 000 000 | 4 600 000 | 2 600 000 | % | 97.968 | 1 959 350.00 | 0.08 |
| 1.875 % DEMIRE Deutsche Mittelstand Real Estate AG |  |  |  |  |  |  |  |  |
| (MTN) 2019/2024 ..........................  | EUR | 10 000 000 |  | 11 500 000 | % | 95.272 | 9 527 150.00 | 0.37 |
| 1.25  % Deutsche Boerse AG 2020/2047 * ** ..........  | EUR | 2 600 000 | 2 600 000 |  | % | 99.942 | 2 598 505.00 | 0.10 |
| 3.875 % Diocle Spa -Reg- (MTN) 2019/2026 * ...........  | EUR | 2 740 000 |  |  | % | 98.934 | 2 710 805.30 | 0.11 |
| 7.00  % DKT Finance ApS (MTN) 2018/2023 ............  | EUR | 15 000 000 | 1 890 000 | 4 890 000 | % | 99.904 | 14 985 675.00 | 0.58 |
| 3.00  % Dometic Group AB (MTN) 2018/2023 ** ........  | EUR | 2 000 000 |  |  | % | 99.292 | 1 985 840.00 | 0.08 |
| 3.00  % Dometic Group AB (MTN) 2019/2026 ...........  | EUR | 9 400 000 | 400 000 |  | % | 95.214 | 8 950 116.00 | 0.35 |
| 2.50  % Dufry One BV (MTN) 2017/2024 ** ............  | EUR | 1 000 000 |  |  | % | 84.193 | 841 930.00 | 0.03 |
| 2.00  % Dufry One BV (MTN) 2019/2027 ...............  | EUR | 5 030 000 |  | 1 000 000 | % | 78.407 | 3 943 872.10 | 0.15 |
| 2.375 % EC Finance PLC -Reg- (MTN) 2017/2022 ........  | EUR | 8 000 000 |  |  | % | 91.605 | 7 328 400.00 | 0.28 |
| 4.496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 4 700 000 |  |  | % | 106.54 | 5 007 403.50 | 0.19 |
| 1.75  % eircom Finance DAC (MTN) 2019/2024 ** .......  | EUR | 8 000 000 | 2 860 000 | 3 000 000 | % | 95.6 | 7 648 040.00 | 0.30 |
| 3.50  % eircom Finance DAC (MTN) 2019/2026 .........  | EUR | 4 000 000 |  | 2 000 000 | % | 100.752 | 4 030 080.00 | 0.16 |
| 3.00  % El Corte Ingles SA -Reg- (MTN) 2018/2024 ** ....  | EUR | 13 500 000 | 1 510 000 | 2 000 000 | % | 98.318 | 13 272 930.00 | 0.51 |
| 6.375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ** .....  | EUR | 7 510 000 | 1 410 000 | 2 000 000 | % | 84.121 | 6 317 487.10 | 0.24 |
| 3.75  % ELM BV for Firmenich International SA 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 5 220 000 | 5 220 000 |  | % | 102.922 | 5 372 528.40 | 0.21 |
| 2.045 % EP Infrastructure AS (MTN) 2019/2028. . . . . . . . . . | EUR | 5 850 000 |  |  | % | 97.287 | 5 691 289.50 | 0.22 |
| 2.875 % Equinix, Inc. (MTN) 2017/2025 ................  | EUR | 14 730 000 |  | 2 000 000 | % | 101.782 | 14 992 562.26 | 0.58 |
| 2.875 % Equinix, Inc. (MTN) 2017/2026 ................  | EUR | 3 000 000 |  | 1 970 000 | % | 102.001 | 3 060 030.00 | 0.12 |
| 2.875 % Equinix, Inc. (MTN) 2018/2025 ................  | EUR | 8 090 000 |  |  | % | 101.92 | 8 245 368.45 | 0.32 |
| 4.25  % Evoca SpA -Reg- (MTN) 2019/2026 * ** ........  | EUR | 6 000 000 |  | 5 260 000 | % | 85.808 | 5 148 450.00 | 0.20 |
| 3.125 % Faurecia SA (MTN) 2019/2026 ................  | EUR | 2 000 000 |  | 5 650 000 | % | 98.178 | 1 963 560.00 | 0.08 |
| 1.875 % FCE Bank PLC (MTN) 2014/2021 ..............  | EUR | 4 000 000 | 4 000 000 |  | % | 98.01 | 3 920 400.00 | 0.15 |
| 1.528 % FCE Bank PLC (MTN) 2015/2020 ..............  | EUR | 16 000 000 | 16 000 000 |  | % | 99.482 | 15 917 040.00 | 0.62 |
| 1.134 % FCE Bank PLC (MTN) 2015/2022 ..............  | EUR | 4 000 000 | 4 000 000 |  | % | 96.551 | 3 862 040.00 | 0.15 |
| 1.66  % FCE Bank PLC (MTN) 2016/2021 ..............  | EUR | 15 000 000 | 15 000 000 |  | % | 98.838 | 14 825 625.00 | 0.58 |
| 0.086 % FCE Bank PLC (MTN) 2017/2020 *.............  | EUR | 2 000 000 | 2 000 000 |  | % | 99.576 | 1 991 530.00 | 0.08 |
| 0.869 % FCE Bank PLC (MTN) 2017/2021 ..............  | EUR | 6 500 000 | 6 500 000 |  | % | 96.655 | 6 282 575.00 | 0.24 |
| 4.75  % Fiat Chrysler Finance & Trade SA (MTN) |  |  |  |  |  |  |  |  |
| 2014/2022 ................................  | EUR | 6 000 000 |  | 2 200 000 | % | 104.114 | 6 246 870.00 | 0.24 |
| 4.75  % Fire BC SpA -Reg- (MTN) 2018/2024 * ..........  | EUR | 5 000 000 | 5 000 000 |  | % | 89.136 | 4 456 775.00 | 0.17 |
| 0.017 % Ford Motor Credit Co. LLC (MTN) 2018/2021 * ...  | EUR | 10 010 000 | 10 010 000 |  | % | 96.796 | 9 689 229.55 | 0.38 |
| 0.317 % Ford Motor Credit Co. LLC (MTN) 2018/2023 * ...  | EUR | 4 000 000 | 4 000 000 |  | % | 86.693 | 3 467 720.00 | 0.13 |
| 3.021 % Ford Motor Credit Co. LLC (MTN) 2019/2024 ....  | EUR | 4 000 000 | 4 000 000 |  | % | 96.109 | 3 844 360.00 | 0.15 |
| 0.025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 7 225 000 | 7 225 000 |  | % | 91.262 | 6 593 715.63 | 0.26 |
| 6.875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ...  | EUR | 9 920 000 | 9 920 000 |  | % | 69.133 | 6 857 993.60 | 0.27 |
| 5.375 % Galapagos SA/Luxembourg -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2014/2021 ................................  | EUR | 302 600 |  |  | % | 0 | 0.30 | 0.00 |
| 5.125 % Garrett LX I Sarl / Garrett Borrowing LLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2026 ** ........................  | EUR | 12 300 000 | 300 000 | 1 000 000 | % | 82.375 | 10 132 125.00 | 0.39 |
| 0.281 % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2017/2021 * ..............................  | EUR | 5 000 000 | 5 000 000 | % | 98.342 | 4 917 100.00 | 0.19 |
| 3.50  % Gestamp Funding Luxembourg SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ................................  | EUR | 8 000 000 | 4 000 000 | % | 97.824 | 7 825 880.00 | 0.30 |
| 2.875 % Globalworth Real Estate Investments Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ................................  | EUR | 3 000 000 | 4 000 000 | % | 100.162 | 3 004 845.00 | 0.12 |
| 3.00  % Globalworth Real Estate Investments Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ................................  | EUR | 2 700 000 | 5 910 000 | % | 100.766 | 2 720 682.00 | 0.11 |
| 3.75  % Goodyear Dunlop Tires Europe BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2023 ................................  | EUR | 9 150 000 | % | 96.962 | 8 872 068.75 | 0.34 |
| 7.375 % Greif Nevada Holdings, Inc. SCS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2011/2021 ................................  | EUR | 1 038 000 |  |  | % | 105.128 | 1 091 233.83 | 0.04 |
| 3.20  % Grifols SA -Reg- (MTN) 2017/2025 .............  | EUR | 13 002 000 | 1 702 000 | 1 000 000 | % | 100.073 | 13 011 491.46 | 0.50 |
| 1.625 % Grifols SA -Reg- (MTN) 2019/2025 .............  | EUR | 2 000 000 |  | 1 580 000 | % | 97.92 | 1 958 410.00 | 0.08 |
| 3.25 % Grupo-Antolin Irausa SA -Reg- (MTN) 2017/2024 ..  | EUR | 3 470 000 | 1 470 000 |  | % | 88.382 | 3 066 872.75 | 0.12 |
| 3.375 % Grupo-Antolin Irausa SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2026 ** .............................  | EUR | 1 000 000 |  | 1 000 000 | % | 85.18 | 851 795.00 | 0.03 |
| 3.248 % Heimstaden Bostad AB 2019/perpetual *........  | EUR | 12 280 000 |  | 1 000 000 | % | 95.806 | 11 765 038.20 | 0.46 |
| 6.25  % Hema Bondco I BV -Reg- (MTN) 2017/2022 * ....  | EUR | 6 300 000 |  | 1 700 000 | % | 65.554 | 4 129 902.00 | 0.16 |
| 3.25  % Hornbach Baumarkt AG (MTN) 2019/2026 .......  | EUR | 8 000 000 |  | 3 100 000 | % | 101.986 | 8 158 840.00 | 0.32 |
| 4.375 % House of Finance NV/The -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ** .............................  | EUR | 6 500 000 | 1 500 000 | 1 800 000 | % | 88.15 | 5 729 717.50 | 0.22 |
| 9.25  % HT Troplast GmbH -Reg- (MTN) 2020/2025 ......  | EUR | 10 980 000 | 10 980 000 |  | % | 102.525 | 11 257 245.00 | 0.44 |
| 2.875 % INEOS Finance PLC -Reg- (MTN) 2019/2026 .....  | EUR | 4 000 000 | 4 000 000 | 9 180 000 | % | 95.745 | 3 829 800.00 | 0.15 |
| 5.375 % INEOS Group Holdings SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2024 ** .............................  | EUR | 6 000 000 | 4 000 000 | 6 600 000 | % | 98.338 | 5 900 250.00 | 0.23 |
| 4.875 % Inter Media and Communication SpA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ................................  | EUR | 7 266 160 |  | 1 046 965 | % | 96 | 6 975 513.60 | 0.27 |
| 6.50  % International Design Group SPA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ................................  | EUR | 16 500 000 | 1 000 000 | 500 000 | % | 93.336 | 15 400 357.50 | 0.60 |
| 3.50  % International Game Technology PLC (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ................................  | EUR | 2 210 000 |  |  | % | 95.061 | 2 100 848.10 | 0.08 |
| 4.75  % International Game Technology PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2023 ................................  | EUR | 8 500 000 | 1 500 000 | 1 250 000 | % | 101.087 | 8 592 395.00 | 0.33 |
| 3.375 % Intertrust Group BV -Reg- (MTN) 2018/2025 .....  | EUR | 16 000 000 |  | 2 000 000 | % | 100.31 | 16 049 600.00 | 0.62 |
| 3.50  % Intrum AB -Reg- (MTN) 2019/2026 ** ..........  | EUR | 4 000 000 |  | 1 470 000 | % | 88.002 | 3 520 100.00 | 0.14 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.00 | % Intrum AB -Reg- (MTN) 2019/2027 ** ..........  | EUR | 6 000 000 |  | 1 510 000 | % | 84.115 | 5 046 900.00 | 0.20 |
| 2.75 | % Intrum Justitia AB -Reg- (MTN) 2017/2022 ** ....  | EUR | 3 012 500 |  |  | % | 95.329 | 2 871 786.13 | 0.11 |
| 3.50 | % IQVIA, Inc. -Reg- (MTN) 2016/2024 ............  | EUR | 12 710 000 |  | 1 000 000 | % | 101.884 | 12 949 456.40 | 0.50 |
| 2.875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ............  | EUR | 5 750 000 | 5 750 000 |  | % | 99.653 | 5 730 047.50 | 0.22 |
| 3.00 | % Iron Mountain, Inc. -Reg- (MTN) 2017/2025 ......  | EUR | 2 000 000 |  |  | % | 98 | 1 960 010.00 | 0.08 |
| 3.625 | % JAMES HARDIE INTL FIN (MTN) 2018/2026 .....  | EUR | 8 000 000 | 3 000 000 | 1 610 000 | % | 102.437 | 8 194 960.00 | 0.32 |
| 3.00 | % K+S AG (MTN) 2012/2022 ...................  | EUR | 5 600 000 | 5 600 000 |  | % | 93.575 | 5 240 200.00 | 0.20 |
| 4.125 | % K+S AG (MTN) 2013/2021 ** .................  | EUR | 10 850 000 | 10 850 000 |  | % | 98.804 | 10 720 234.00 | 0.42 |
| 5.50 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2024 ** .............................  | EUR | 11 000 000 | 1 000 000 | 1 300 000 | % | 91.562 | 10 071 820.00 | 0.39 |
| 8.75 | % Kirk Beauty One GmbH -Reg- (MTN) 2015/2023 ..  | EUR | 6 000 000 | 1 000 000 |  | % | 50.912 | 3 054 690.00 | 0.12 |
| 6.75 | % KME AG -Reg- (MTN) 2018/2023 **............  | EUR | 26 000 000 |  | 2 000 000 | % | 69.746 | 18 133 960.00 | 0.70 |
| 5.00 | % Kongsberg Actuation Systems BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2025 ** .............................  | EUR | 5 500 000 |  |  | % | 74.595 | 4 102 725.00 | 0.16 |
| 2.00 | % Koninklijke KPN NV 2019/perpetual * ...........  | EUR | 13 000 000 |  | 2 500 000 | % | 94.513 | 12 286 690.00 | 0.48 |
| 2.00 | % Kraft Heinz Foods Co. (MTN) 2015/2023 ........  | EUR | 5 100 000 | 5 100 000 |  | % | 101.492 | 5 176 117.50 | 0.20 |
| 2.25 | % Kraft Heinz Foods Co. 2016/2028 ..............  | EUR | 3 000 000 | 3 000 000 |  | % | 98.984 | 2 969 520.00 | 0.12 |
| 5.25 | % Kraton Polymers LLC Via Kraton Polymers Capital |  |  |  |  |  |  |  |  |
|  | Corp. -Reg- (MTN) 2018/2026 .................  | EUR | 7 621 000 | 1 750 000 | 1 129 000 | % | 102.272 | 7 794 111.02 | 0.30 |
| 3.75 | % Kronos International, Inc. -Reg- (MTN) 2017/2025 . | EUR | 17 000 000 |  | 5 000 000 | % | 98.324 | 16 714 995.00 | 0.65 |
| 4.00 | % La Financiere Atalian SAS -Reg- (MTN) 2017/2024. | EUR | 6 010 000 |  | 2 000 000 | % | 75.49 | 4 536 918.95 | 0.18 |
| 5.125 | % La Financiere Atalian SASU -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ** .............................  | EUR | 7 830 000 | 2 000 000 | 1 000 000 | % | 75.568 | 5 916 974.40 | 0.23 |
| 3.125 % La Poste SA 2018/perpetual * ** ..............  | EUR | 7 000 000 |  | 2 300 000 | % | 103.146 | 7 220 185.00 | 0.28 |
| 4.125 % LHC3 PLC -Reg- (MTN) 2017/2024 .............  | EUR | 5 000 000 | 1 560 000 | 1 100 000 | % | 100.562 | 5 028 125.00 | 0.19 |
| 6.25  % LHMC Finco Sarl (MTN) 2018/2023 ............  | EUR | 16 500 000 |  |  | % | 91.376 | 15 076 957.50 | 0.58 |
| 3.875 % Lincoln Financing SARL -Reg- (MTN) 2019/2024 *. | EUR | 2 000 000 |  |  | % | 92.799 | 1 855 980.00 | 0.07 |
| 3.625 % LKQ European Holdings BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2026 ................................  | EUR | 3 000 000 |  | 1 720 000 | % | 101.998 | 3 059 925.00 | 0.12 |
| 3.875 % LKQ Italia Bondco SpA -Reg- (MTN) 2016/2024 ...  | EUR | 1 500 000 |  | 1 000 000 | % | 103.898 | 1 558 470.00 | 0.06 |
| 3.25  % Loxam SAS (MTN) 2019/2025.................  | EUR | 6 500 000 | 4 000 000 | 2 150 000 | % | 91.913 | 5 974 345.00 | 0.23 |
| 5.75  % Loxam SAS (MTN) 2019/2027.................  | EUR | 5 271 000 |  | 8 729 000 | % | 79.596 | 4 195 478.81 | 0.16 |
| 3.50  % Loxam SAS -Reg- (MTN) 2016/2023 ............  | EUR | 8 155 000 | 2 000 000 |  | % | 96.222 | 7 846 904.10 | 0.30 |
| 3.50  % Loxam SAS -Reg- (MTN) 2017/2022 ** .........  | EUR | 4 000 000 |  |  | % | 98.187 | 3 927 480.00 | 0.15 |
| 4.25  % Loxam SAS -Reg- (MTN) 2017/2024 ** .........  | EUR | 2 000 000 |  |  | % | 95.7 | 1 914 000.00 | 0.07 |
| 6.00  % Loxam SAS -Reg- (MTN) 2017/2025 ** .........  | EUR | 7 170 000 |  |  | % | 86.032 | 6 168 530.25 | 0.24 |
| 2.875 % Loxam SAS -Reg- (MTN) 2019/2026 ............  | EUR | 4 000 000 | 4 000 000 |  | % | 86.431 | 3 457 240.00 | 0.13 |
| 5.00  % LSF10 Wolverine Investments SCA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2024 ** .............................  | EUR | 2 340 000 |  |  | % | 99.17 | 2 320 578.00 | 0.09 |
| 7.75  % LSF9 Balta Issuer SARL -Reg- (MTN) 2015/2022 ..  | EUR | 5 135 400 |  |  | % | 65.287 | 3 352 774.28 | 0.13 |
| 6.125 % Maxeda Diy Holding BV -Reg- (MTN) 2017/2022 ** | EUR | 16 532 000 | 7 532 000 | 3 000 000 | % | 92.342 | 15 265 896.78 | 0.59 |
| 5.50  % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ** . | EUR | 6 700 000 | 1 500 000 |  | % | 95.574 | 6 403 491.50 | 0.25 |
| 7.75  % Moby SpA -Reg- (MTN) 2016/2023 .............  | EUR | 18 000 000 |  |  | % | 21.04 | 3 787 110.00 | 0.15 |
| 9.50 % Monitchem HoldCo 2 SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ** .............................  | EUR | 11 000 000 |  |  | % | 100.552 | 11 060 665.00 | 0.43 |
| 5.25  % Monitchem HoldCo 3 SA -Reg- (MTN) 2019/2025 . | EUR | 6 000 000 |  | 7 310 000 | % | 101.882 | 6 112 920.00 | 0.24 |
| 7.00  % Motion Finco Sarl -Reg- (MTN) 2020/2025 .......  | EUR | 5 470 000 | 5 470 000 |  | % | 103.05 | 5 636 807.65 | 0.22 |
| 4.00  % MPT Operating Partnership LP Via MPT Finance |  |  |  |  |  |  |  |  |
| Corp. (MTN) 2015/2022......................  | EUR | 2 500 000 |  | 3 590 000 | % | 104.642 | 2 616 037.50 | 0.10 |
| 2.50 % Mytilineos Financial Partners SA (MTN) 2019/2024 | EUR | 10 320 000 |  |  | % | 100.5 | 10 371 600.00 | 0.40 |
| 7.125 % NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |  |  |  |  |  |
| (MTN) 2019/2024 ..........................  | EUR | 9 526 000 | 3 526 000 |  | % | 98.006 | 9 336 051.56 | 0.36 |
| 4.125 % Naturgy Finance BV 2014/2049 * ..............  | EUR | 10 000 000 |  |  | % | 102.918 | 10 291 750.00 | 0.40 |
| 3.375 % Naturgy Finance BV 2015/2049 * ..............  | EUR | 5 800 000 |  | 1 000 000 | % | 100.748 | 5 843 413.00 | 0.23 |
| 6.50  % Naviera Armas SA -Reg- (MTN) 2016/2023 * .....  | EUR | 11 000 000 |  | 5 100 000 | % | 56.462 | 6 210 875.00 | 0.24 |
| 4.25  % Naviera Armas SA -Reg- (MTN) 2017/2024 * .....  | EUR | 5 000 000 |  | 3 000 000 | % | 55.024 | 2 751 200.00 | 0.11 |
| 3.625 % Netflix, Inc. (MTN) 2017/2027 .................  | EUR | 23 080 000 | 2 000 000 | 7 000 000 | % | 104.452 | 24 107 637.00 | 0.94 |
| 4.625 % Netflix, Inc. 2018/2029 ......................  | EUR | 17 000 000 | 3 000 000 |  | % | 111.286 | 18 918 705.00 | 0.73 |
| 3.625 % Netflix, Inc. 2019/2030 ......................  | EUR | 4 000 000 |  | 2 380 000 | % | 103.02 | 4 120 800.00 | 0.16 |
| 3.875 % Netflix, Inc. -Reg- (MTN) 2019/2029 ............  | EUR | 6 900 000 | 5 900 000 | 1 000 000 | % | 105.28 | 7 264 320.00 | 0.28 |
| 3.00  % Netflix, Inc. -Reg- (MTN) 2020/2025 ............  | EUR | 2 660 000 | 2 660 000 |  | % | 103.205 | 2 745 253.00 | 0.11 |
| 1.75  % Nexi SpA (MTN) 2019/2024 ..................  | EUR | 3 000 000 |  | 1 620 000 | % | 97.676 | 2 930 265.00 | 0.11 |
| 3.75  % NH Hotel Group SA -Reg- (MTN) 2016/2023 ** ...  | EUR | 8 713 308 | 3 596 825 |  | % | 90.592 | 7 893 560.44 | 0.31 |
| 7.25  % Nidda BondCo GmbH -Reg- (MTN) 2018/2025 ** . | EUR | 4 000 000 | 1 000 000 |  | % | 102.766 | 4 110 620.00 | 0.16 |
| 3.50  % Nidda Healthcare Holding GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ** .............................  | EUR | 8 000 000 | 6 000 000 |  | % | 98.821 | 7 905 680.00 | 0.31 |
| 7.00 | % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ................................  | EUR | 18 210 000 |  |  | % | 90.537 | 16 486 787.70 | 0.64 |
| 3.125 % Nokia Oyj (MTN) 2020/2028 **................  | EUR | 1 880 000 | 1 880 000 |  | % | 103.438 | 1 944 643.80 | 0.08 |
| 3.25 % Nomad Foods Bondco PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ** .............................  | EUR | 3 125 000 | 1 125 000 |  | % | 101.075 | 3 158 593.75 | 0.12 |
| 4.50  % Norican A/S (MTN) 2017/2023 ** ..............  | EUR | 4 000 000 | 4 000 000 |  | % | 73.024 | 2 920 980.00 | 0.11 |
| 8.00  % Novasep Holding SA 2016/2019 ...............  | EUR | 472 000 |  |  | % | 95.668 | 451 555.32 | 0.02 |
| 5.25  % Novem Group GmbH -Reg- (MTN) 2019/2024 *...  | EUR | 16 346 000 | 2 346 000 |  | % | 94.265 | 15 408 556.90 | 0.60 |
| 4.75  % Obrascon Huarte Lain SA (MTN) 2014/2022......  | EUR | 5 000 000 |  |  | % | 54.576 | 2 728 825.00 | 0.11 |
| 3.125 % OCI NV -Reg- (MTN) 2019/2024 **.............  | EUR | 15 000 000 |  | 4 230 000 | % | 97.954 | 14 693 025.00 | 0.57 |
| 3.125 % OI European Group BV -Reg- (MTN) 2016/2024 ** | EUR | 4 000 000 |  |  | % | 98.808 | 3 952 340.00 | 0.15 |
| 5.00  % Orange SA 2014/2049 * **...................  | EUR | 3 000 000 |  | 4 000 000 | % | 116.12 | 3 483 615.00 | 0.14 |
| 3.50  % Orano SA (MTN) 2010/2021 ..................  | EUR | 1 500 000 |  | 500 000 | % | 101.298 | 1 519 477.50 | 0.06 |
| 3.25  % Orano SA (MTN) 2013/2020 ..................  | EUR | 3 100 000 |  |  | % | 100.583 | 3 118 073.00 | 0.12 |
| 3.375 % Orano SA (MTN) 2019/2026 ..................  | EUR | 1 000 000 |  | 3 000 000 | % | 100.654 | 1 006 535.00 | 0.04 |
| 4.00  % Paprec Holding SA -Reg- (MTN) 2018/2025 ......  | EUR | 11 000 000 |  | 3 000 000 | % | 90.555 | 9 961 050.00 | 0.39 |
| 5.50  % Parts Europe SA -Reg- 2019/2022 * ............  | EUR | 4 640 000 |  |  | % | 97 | 4 500 800.00 | 0.17 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.50  % Peach Property Finance GmbH -Reg- 2019/2023 ..  | EUR | 15 000 000 | 4 210 000 | 1 500 000 | % | 99.784 | 14 967 525.00 | 0.58 |
| 1.875 % Petroleos Mexicanos (MTN) 2015/2022 .........  | EUR | 2 000 000 | 2 000 000 |  | % | 93.542 | 1 870 850.00 | 0.07 |
| 1.99  % Petroleos Mexicanos (MTN) 2018/2023 *. . . . . . . . | EUR | 8 610 000 | 8 610 000 |  | % | 87.582 | 7 540 853.25 | 0.29 |
| 3.125 % Petroleos Mexicanos -Reg- (MTN) 2013/2020 ....  | EUR | 2 380 000 | 2 380 000 |  | % | 99.254 | 2 362 245.20 | 0.09 |
| 3.625 % Piaggio & C SpA -Reg- (MTN) 2018/2025 ........  | EUR | 3 000 000 |  |  | % | 99.428 | 2 982 825.00 | 0.12 |
| 5.375 % Platin 1426 GmbH -Reg- (MTN) 2017/2023 ** ....  | EUR | 11 877 000 |  | 3 323 000 | % | 93.576 | 11 113 962.14 | 0.43 |
| 6.875 % Platin 1426 GmbH -Reg- (MTN) 2018/2023 ......  | EUR | 7 500 000 |  |  | % | 97.39 | 7 304 250.00 | 0.28 |
| 3.75  % Playtech Plc (MTN) 2018/2023 ................  | EUR | 11 000 000 | 4 570 000 | 1 000 000 | % | 99.007 | 10 890 770.00 | 0.42 |
| 4.00  % Polygon AB (MTN) 2018/2023 ** ..............  | EUR | 10 300 000 |  |  | % | 99.5 | 10 248 500.00 | 0.40 |
| 3.50  % PPF Telecom Group BV (MTN) 2020/2024 .......  | EUR | 6 790 000 | 6 790 000 |  | % | 102.206 | 6 939 753.45 | 0.27 |
| 3.50  % PPF Telecom Group BV 2020/2024 ............  | EUR | 4 900 000 | 4 900 000 |  | % | 101.981 | 4 997 069.00 | 0.19 |
| 3.25  % Pro-Gest SpA -Reg- (MTN) 2017/2024 ..........  | EUR | 21 948 000 |  |  | % | 68.638 | 15 064 777.98 | 0.58 |
| 3.00  % ProGroup AG -Reg- (MTN) 2018/2026 ** ........  | EUR | 15 500 000 | 1 290 000 | 6 790 000 | % | 97.215 | 15 068 325.00 | 0.58 |
| 3.50  % Prokon Regenerative Energien eG 2016/2030 ....  | EUR | 11 274 544 |  | 4 516 024 | % | 95.36 | 10 751 404.75 | 0.42 |
| 2.00  % Q-Park Holding I BV -Reg- (MTN) 2020/2026 *....  | EUR | 2 850 000 | 2 850 000 |  | % | 94.5 | 2 693 250.00 | 0.10 |
| 2.00  % Q-Park Holding I BV -Reg- (MTN) 2020/2027 .....  | EUR | 5 970 000 | 5 970 000 |  | % | 92 | 5 492 400.00 | 0.21 |
| 5.875 % Quatrim SASU -Reg- (MTN) 2019/2024 .........  | EUR | 4 210 000 | 1 000 000 | 1 000 000 | % | 102.673 | 4 322 533.30 | 0.17 |
| 3.25  % Quintiles IMS, Inc. -Reg- (MTN) 2017/2025 ......  | EUR | 2 000 000 | 2 000 000 |  | % | 100.949 | 2 018 980.00 | 0.08 |
| 6.875 % Radisson Hotel Holdings AB -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | EUR | 10 000 000 | 1 760 000 |  | % | 96.428 | 9 642 750.00 | 0.37 |
| 6.375 % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 ** | EUR | 15 380 000 |  | 800 000 | % | 69.716 | 10 722 243.90 | 0.42 |
| 3.25  % RCS & RDS SA -Reg- (MTN) 2020/2028 ** ......  | EUR | 3 500 000 | 3 500 000 |  | % | 94.334 | 3 301 690.00 | 0.13 |
| 6.875 % Refinitiv US Holdings, Inc. -Reg- (MTN) 2018/2026 | EUR | 11 000 000 | 1 000 000 | 5 000 000 | % | 106.612 | 11 727 375.00 | 0.45 |
| 4.50  % Refinitiv US Holdings, Inc. -Reg- (MTN) 2018/2026 | EUR | 9 140 000 |  |  | % | 104.498 | 9 551 162.90 | 0.37 |
| 4.875 % Reuters Orano SA 2009/2024 .................  | EUR | 12 250 000 |  | 2 000 000 | % | 109.236 | 13 381 471.25 | 0.52 |
| 2.625 % Rexel SA (MTN) 2017/2024...................  | EUR | 1 500 000 |  |  | % | 99.852 | 1 497 787.50 | 0.06 |
| 2.75  % Rexel SA (MTN) 2019/2026...................  | EUR | 1 500 000 |  | 6 670 000 | % | 99.608 | 1 494 127.50 | 0.06 |
| 6.75  % Rossini Sarl -Reg- (MTN) 2018/2025 ............  | EUR | 16 390 000 |  | 1 000 000 | % | 107.09 | 17 551 969.05 | 0.68 |
| 5.625 % Rubis Terminal Infra SAS -Reg- (MTN) 2020/2025 . | EUR | 4 950 000 | 4 950 000 |  | % | 104.074 | 5 151 687.75 | 0.20 |
| 3.75  % Salini Impregilo SpA (MTN) 2016/2021 ** .......  | EUR | 6 410 000 | 2 000 000 |  | % | 100.038 | 6 412 467.85 | 0.25 |
| 1.75  % Salini Impregilo SpA (MTN) 2017/2024 ** .......  | EUR | 7 000 000 | 2 000 000 |  | % | 88.479 | 6 193 530.00 | 0.24 |
| 3.625 % Salini Impregilo SpA (MTN) 2020/2027 ** .......  | EUR | 8 295 000 | 8 295 000 |  | % | 85.312 | 7 076 588.93 | 0.27 |
| 4.625 % Samhallsbyggnadsbolaget i Norden AB 2019/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 18 700 000 | 700 000 | 2 000 000 | % | 101.102 | 18 906 167.50 | 0.73 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 1 000 000 | 1 460 000 | 460 000 | % | 92.329 | 923 290.00 | 0.04 |
| 3.50  % Samsonite Finco Sarl -Reg- (MTN) 2018/2026 **..  | EUR | 10 000 000 | 430 000 |  | % | 87.482 | 8 748 200.00 | 0.34 |
| 5.75  % Sarens Finance Co. NV (MTN) 2020/2027 .......  | EUR | 3 000 000 | 3 000 000 |  | % | 78.996 | 2 369 865.00 | 0.09 |
| 4.25  % SASU Newco SAB 20 SAS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ................................  | EUR | 4 267 000 |  | 4 233 000 | % | 94.128 | 4 016 463.10 | 0.16 |
| 4.125 % Sazka Group AS -Reg- (MTN) 2019/2024 ........  | EUR | 13 000 000 | 1 000 000 | 4 890 000 | % | 97.277 | 12 646 010.00 | 0.49 |
| 3.875 % Sazka Group AS -Reg- (MTN) 2020/2027 ........  | EUR | 6 996 000 | 6 996 000 |  | % | 90.468 | 6 329 176.26 | 0.25 |
| 6.375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 20 700 000 | 6 700 000 | 3 790 000 | % | 97.002 | 20 079 517.50 | 0.78 |
| 5.625 % SES SA 2016/2049 * ........................  | EUR | 8 000 000 |  | 3 070 000 | % | 103.121 | 8 249 680.00 | 0.32 |
| 3.00  % SGL Carbon SE (MTN) 2018/2023 .............  | EUR | 8 500 000 | 3 000 000 |  | % | 69.554 | 5 912 047.50 | 0.23 |
| 4.625 % SGL Carbon SE (MTN) 2019/2024 ** ...........  | EUR | 10 000 000 |  | 2 000 000 | % | 79.625 | 7 962 500.00 | 0.31 |
| 2.125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 5 200 000 | 5 200 000 |  | % | 101.986 | 5 303 246.00 | 0.21 |
| 2.375 % Smurfit Kappa Acquisitions -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ** .............................  | EUR | 1 000 000 | 1 000 000 |  | % | 102.572 | 1 025 715.00 | 0.04 |
| 1.50  % Smurfit Kappa Treasury ULC (MTN) 2019/2027 ...  | EUR | 2 000 000 |  | 5 250 000 | % | 96.02 | 1 920 390.00 | 0.07 |
| 4.00  % SoftBank Group Corp. (MTN) 2018/2023 ........  | EUR | 7 000 000 |  | 2 000 000 | % | 101.414 | 7 098 980.00 | 0.28 |
| 5.00  % SoftBank Group Corp. (MTN) 2018/2028 ........  | EUR | 2 000 000 |  | 9 000 000 | % | 104.115 | 2 082 300.00 | 0.08 |
| 5.869 % Solvay Finance SA 2015/2049 * **.............  | EUR | 13 000 000 |  |  | % | 109.654 | 14 255 020.00 | 0.55 |
| 4.25  % Solvay SA 2018/perpetual * ..................  | EUR | 2 700 000 |  |  | % | 103.546 | 2 795 728.50 | 0.11 |
| 2.875 % SPCM SA -Reg- (MTN) 2015/2023 .............  | EUR | 6 000 000 | 2 000 000 | 1 100 000 | % | 99.523 | 5 971 380.00 | 0.23 |
| 5.75 % Summer BC Holdco B SARL -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ** .............................  | EUR | 19 500 000 |  | 2 500 000 | % | 95.751 | 18 671 445.00 | 0.72 |
| 9.00  % Summer BidCo BV -Reg- (MTN) 2019/2025 * ....  | EUR | 3 146 250 | 146 250 |  | % | 94.566 | 2 975 267.04 | 0.12 |
| 9.00  % Summer BidCo BV -Reg- (MTN) 2020/2025 * ....  | EUR | 6 776 959 | 6 776 959 |  | % | 93.634 | 6 345 571.86 | 0.25 |
| 2.00  % Summit Germany Ltd -144A- (MTN) 2018/2025 ...  | EUR | 7 000 000 |  | 2 000 000 | % | 92.324 | 6 462 680.00 | 0.25 |
| 2.00  % Summit Properties Ltd -Reg- (MTN) 2018/2025 ...  | EUR | 500 000 |  |  | % | 92.316 | 461 580.00 | 0.02 |
| 6.00 % Superior Industries International, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2025 ** .............................  | EUR | 4 000 000 |  |  | % | 83.48 | 3 339 180.00 | 0.13 |
| 4.75  % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ** . | EUR | 11 050 000 | 11 050 000 |  | % | 100.234 | 11 075 801.75 | 0.43 |
| 3.875 % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 8 620 000 | 8 620 000 |  | % | 101.468 | 8 746 584.70 | 0.34 |
| 5.375 % Takko Luxembourg 2 SCA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 ................................  | EUR | 5 000 000 | 1 000 000 |  | % | 54.868 | 2 743 425.00 | 0.11 |
| 5.375 % Takko Luxembourg 2 SCA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 * ** ............................  | EUR | 8 000 000 | 5 000 000 | % | 54.15 | 4 332 040.00 | 0.17 |
| 5.625 % TAP-Transportes Aereos Portugueses SGPS SA |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2019/2024 ......................      | EUR | 6 000 000 |  | 2 200 000 | % | 69.201 | 4 152 060.00 | 0.16 |
| 5.00  % TDC A/S (MTN) 2012/2022 ...................  | EUR | 1 000 000 |  |  | % | 104.484 | 1 044 840.00 | 0.04 |
| 2.00  % Techem Verwaltungsgesellschaft 675 mbH -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 ..........................  | EUR | 10 290 000 | 10 290 000 |  | % | 95.734 | 9 850 977.15 | 0.38 |
| 3.875 % Tele Columbus AG -Reg- (MTN) 2018/2025 ......  | EUR | 2 690 000 | 2 690 000 | 1 500 000 | % | 93.548 | 2 516 427.75 | 0.10 |
| 7.75  % Telecom Italia Finance SA (MTN) 2003/2033 .....  | EUR | 11 855 000 | 1 000 000 |  | % | 140.406 | 16 645 072.03 | 0.65 |
| 2.50  % Telecom Italia SpA (MTN) 2017/2023 ...........  | EUR | 5 180 000 |  | 1 000 000 | % | 102.1 | 5 288 754.10 | 0.21 |
| 5.25  % Telecom Italia SpA/Milano (MTN) 2010/2022 .....  | EUR | 5 000 000 | 1 000 000 |  | % | 106.47 | 5 323 525.00 | 0.21 |
| 2.875 % Telecom Italia SpA/Milano (MTN) 2018/2026 .....  | EUR | 8 140 000 |  |  | % | 101.138 | 8 232 633.20 | 0.32 |
| 4.00  % Telecom Italia SpA/Milano (MTN) 2019/2024 .....  | EUR | 8 410 000 |  |  | % | 104.87 | 8 819 567.00 | 0.34 |
| 2.75  % Telecom Italia SpA/Milano (MTN) 2019/2025 .....  | EUR | 550 000 |  |  | % | 100.652 | 553 586.00 | 0.02 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5.875 % Telefonica Europe BV 2014/2049 *.............  | EUR | 37 100 000 | 9 400 000 |  | % | 108.166 | 40 129 586.00 | 1.56 |
| 3.875 % Telefonica Europe BV 2018/perpetual * .........  | EUR | 4 900 000 |  |  | % | 100.218 | 4 910 706.50 | 0.19 |
| 4.375 % Telefonica Europe BV 2019/perpetual * **.......  | EUR | 7 000 000 | 2 000 000 | 2 000 000 | % | 103.466 | 7 242 655.00 | 0.28 |
| 3.50  % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
| 2017/2028 ................................  | EUR | 10 500 000 |  | 1 000 000 | % | 101.794 | 10 688 422.50 | 0.41 |
| 5.00  % Tendam Brands SAU -Reg- (MTN) 2017/2024 ** ..  | EUR | 5 400 000 |  |  | % | 87.262 | 4 712 121.00 | 0.18 |
| 5.25  % Tendam Brands SAU -Reg- (MTN) 2017/2024 * ...  | EUR | 4 000 000 |  |  | % | 87.092 | 3 483 700.00 | 0.14 |
| 4.875 % Tenneco, Inc. -Reg- (MTN) 2017/2022 ..........  | EUR | 8 000 000 |  |  | % | 95.54 | 7 643 240.00 | 0.30 |
| 5.00  % Tenneco, Inc. -Reg- (MTN) 2017/2024 ** .......  | EUR | 1 850 000 |  |  | % | 92.22 | 1 706 079.25 | 0.07 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  | EUR | 2 690 000 |  |  | % | 103.577 | 2 786 221.30 | 0.11 |
| 1.125 % Teollisuuden Voima Oyj (MTN) 2019/2026 .......  | EUR | 8 000 000 |  |  | % | 92.922 | 7 433 760.00 | 0.29 |
| 4.125 % Tereos Finance Groupe I SA (MTN) 2016/2023 ...  | EUR | 5 000 000 |  |  | % | 86.984 | 4 349 225.00 | 0.17 |
| 1.25  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2015/2023 ..........................  | EUR | 2 000 000 | 2 000 000 |  | % | 93.34 | 1 866 790.00 | 0.07 |
| 1.125 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2016/2024 ..........................  | EUR | 30 000 000 | % | 87.941 | 26 382 300.00 | 1.02 |
| 4.50  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2018/2025 ** ........................  | EUR | 3 500 000 | 1 000 000 | % | 99.738 | 3 490 830.00 | 0.14 |
| 1.875 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2015/2027 ................................  | EUR | 11 000 000 | 2 000 000 | % | 84.776 | 9 325 360.00 | 0.36 |
| 0.375 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2016/2020 ** .............................  | EUR | 7 894 871 | 6 021 175 | 2 364 420 | % | 99.83 | 7 881 409.97 | 0.31 |
| 1.625 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2016/2028 ................................  | EUR | 3 000 000 | 2 000 000 | % | 81.718 | 2 451 555.00 | 0.10 |
| 6.00  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2019/2025 ......................      | EUR | 2 740 000 |  |  | % | 105.914 | 2 902 043.60 | 0.11 |
| 1.75  % thyssenkrupp AG (MTN) 2015/2020 ............  | EUR | 3 302 000 | 3 302 000 |  | % | 99.51 | 3 285 820.20 | 0.13 |
| 2.75  % thyssenkrupp AG (MTN) 2016/2021 ............  | EUR | 2 000 000 | 2 000 000 |  | % | 99.826 | 1 996 510.00 | 0.08 |
| 1.375 % Thyssenkrupp AG (MTN) 2017/2022............  | EUR | 11 000 000 | 2 000 000 |  | % | 97.365 | 10 710 150.00 | 0.42 |
| 1.875 % thyssenkrupp AG (MTN) 2019/2023 ............  | EUR | 24 000 000 | 7 000 000 |  | % | 96.408 | 23 138 040.00 | 0.90 |
| 2.875 % thyssenkrupp AG (MTN) 2019/2024 ............  | EUR | 13 000 000 | 2 300 000 | 3 000 000 | % | 96.557 | 12 552 410.00 | 0.49 |
| 2.375 % Titan Global Finance PLC (MTN) 2017/2024 ** ...  | EUR | 4 970 000 |  |  | % | 100.876 | 5 013 512.35 | 0.19 |
| 7.50  % Trafigura Group Pte Ltd 2019/perpetual *........  | EUR | 6 299 000 |  |  | % | 95.424 | 6 010 757.76 | 0.23 |
| 6.50  % Transcom Holding AB (MTN) 2018/2023 ........  | EUR | 12 500 000 |  |  | % | 90.99 | 11 373 750.00 | 0.44 |
| 3.75  % Trivium Packaging Finance BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 * ..............................  | EUR | 3 000 000 | 1 000 000 | 1 890 000 | % | 97.037 | 2 911 110.00 | 0.11 |
| 3.25  % UGI International LLC -Reg- (MTN) 2018/2025 ....  | EUR | 8 000 000 |  | 4 000 000 | % | 98.098 | 7 847 800.00 | 0.30 |
| 5.75  % Unilabs Subholding AB -Reg- (MTN) 2017/2025 ...  | EUR | 4 610 000 | 1 800 000 |  | % | 99.35 | 4 580 058.05 | 0.18 |
| 4.875 % United Group BV -Reg- (MTN) 2017/2024........  | EUR | 2 000 000 | 2 000 000 |  | % | 99.51 | 1 990 200.00 | 0.08 |
| 3.125 % United Group BV -Reg- (MTN) 2020/2026........  | EUR | 7 900 000 | 7 900 000 |  | % | 94.793 | 7 488 647.00 | 0.29 |
| 3.75  % Unitymedia GmbH -Reg- 2015/2027 ............  | EUR | 6 055 000 | 3 055 000 |  | % | 101.956 | 6 173 405.53 | 0.24 |
| 4.00  % UPCB Finance IV Ltd -Reg- 2015/2027 ..........  | EUR | 12 780 000 |  |  | % | 101.198 | 12 933 168.30 | 0.50 |
| 3.625 % UPCB Finance VII Ltd -Reg- 2017/2029 .........  | EUR | 11 000 000 |  | 1 625 000 | % | 97.904 | 10 769 440.00 | 0.42 |
| 4.125 % Vallourec SA (MTN) 2017/2022 ................  | EUR | 15 619 630 |  |  | % | 59.993 | 9 370 644.48 | 0.36 |
| 6.625 % Vallourec SA -Reg- (MTN) 2017/2022 ** ........  | EUR | 1 160 000 | 4 000 000 | 7 840 000 | % | 63.722 | 739 175.20 | 0.03 |
| 6.375 % Vallourec SA -Reg- (MTN) 2018/2023 ** ........  | EUR | 4 500 000 |  |  | % | 60.797 | 2 735 865.00 | 0.11 |
| 5.75  % Verisure Midholding AB -Reg- (MTN) 2017/2023 ..  | EUR | 8 625 000 |  |  | % | 100.532 | 8 670 885.00 | 0.34 |
| 5.25  % Victoria PLC -Reg- (MTN) 2019/2024 ** .........  | EUR | 11 110 000 | 11 110 000 |  | % | 95.062 | 10 561 388.20 | 0.41 |
| 4.00 % Viridian Group FinanceCo PLC Via Viridian Power |  |  |  |  |  |  |  |  |
| and Energy -Reg- (MTN) 2017/2025 **..........  | EUR | 2 800 000 |  |  | % | 97.422 | 2 727 802.00 | 0.11 |
| 3.00  % Vivion Investments Sarl (MTN) 2019/2024 .......  | EUR | 24 000 000 | 3 500 000 | 2 300 000 | % | 91.808 | 22 033 920.00 | 0.85 |
| 4.20  % Vodafone Group PLC 2018/2078 * ** ..........  | EUR | 1 000 000 |  |  | % | 108.68 | 1 086 800.00 | 0.04 |
| 3.875 % Volkswagen International Finance NV 2017/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 8 000 000 |  | 3 000 000 | % | 99.887 | 7 990 960.00 | 0.31 |
| 4.625 % Volkswagen International Finance NV 2018/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 8 000 000 | 3 300 000 | % | 104.091 | 8 327 280.00 | 0.32 |
| 3.50  % Volkswagen International Finance NV 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 5 700 000 | 5 700 000 | % | 98.812 | 5 632 312.50 | 0.22 |
| 2.50  % VZ Vendor Financing BV (MTN) 2019/2024.......  | EUR | 13 160 000 |  | % | 98.198 | 12 922 856.80 | 0.50 |
| 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |
| 2019/2026 * ..............................  | EUR | 9 000 000 | 2 140 000 | % | 98.023 | 8 822 070.00 | 0.34 |
| 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2027 ................................  | EUR | 5 610 000 | 1 500 000 |  | % | 98.22 | 5 510 170.05 | 0.21 |
| 2.75  % Wienerberger AG (MTN) 2020/2025 ............  | EUR | 9 400 000 | 9 400 000 |  | % | 101.725 | 9 562 150.00 | 0.37 |
| 2.75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 ..  | EUR | 8 680 000 | 8 680 000 |  | % | 101.672 | 8 825 086.20 | 0.34 |
| 3.00  % ZF Europe Finance BV (MTN) 2019/2029 ........  | EUR | 4 000 000 |  | 4 600 000 | % | 89.992 | 3 599 660.00 | 0.14 |
| 2.75  % ZF North America Capital, Inc. (MTN) 2015/2023 ..  | EUR | 2 000 000 | 2 000 000 |  | % | 99.696 | 1 993 930.00 | 0.08 |
| 3.375 % Ziggo Bond Co. BV -Reg- (MTN) 2020/2030 ......  | EUR | 7 560 000 | 7 560 000 |  | % | 94.538 | 7 147 072.80 | 0.28 |
| 4.25  % Ziggo Secured Finance BV -Reg- 2016/2027......  | EUR | 1 350 000 |  | 150 000 | % | 103.425 | 1 396 237.50 | 0.05 |
| 6.75  % Arqiva Broadcast Finance PLC (MTN) 2018/2023 ..  | GBP | 11 110 000 | 2 000 000 |  | % | 104.07 | 12 689 257.73 | 0.49 |
| 4.125 % B&M European Value Retail SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ................................  | GBP | 1 000 000 |  | 1 000 000 | % | 100.308 | 1 100 854.73 | 0.04 |
| 5.50  % Boparan Finance PLC -Reg- (MTN) 2014/2021 ....  | GBP | 3 225 000 | 3 225 000 |  | % | 91.443 | 3 236 508.78 | 0.13 |
| 4.25  % CPUK Finance Ltd -Reg- (MTN) 2017/2022.......  | GBP | 3 300 000 | 3 300 000 |  | % | 96.111 | 3 480 836.63 | 0.13 |
| 3.25  % FCE Bank PLC (MTN) 2013/2020 ..............  | GBP | 2 000 000 | 2 000 000 |  | % | 99.557 | 2 185 236.28 | 0.08 |
| 3.25  % Pinewood Finance Co., Ltd -Reg- (MTN) 2019/2025 | GBP | 6 000 000 | 1 450 000 | 3 500 000 | % | 98.89 | 6 511 820.61 | 0.25 |
| 7.75  % Shop Direct Funding PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ** .............................  | GBP | 7 000 000 |  |  | % | 91.748 | 7 048 373.08 | 0.27 |
| 3.875 % TalkTalk Telecom Group PLC (MTN) 2020/2025 ** | GBP | 500 000 | 5 450 000 | 4 950 000 | % | 96.812 | 531 246.16 | 0.02 |
| 6.875 % TDC A/S (MTN) 2011/2023 * .................  | GBP | 6 200 000 | 5 000 000 |  | % | 107.536 | 7 317 119.59 | 0.28 |
| 5.875 % Telecom Italia SpA/Milano (MTN) 2006/2023 .....  | GBP | 14 000 000 | 3 000 000 |  | % | 108.388 | 16 653 589.17 | 0.65 |
| 5.00  % Virgin Media Secured Finance PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 ................................  | GBP | 1 722 000 | 722 000 |  | % | 104.286 | 1 970 869.39 | 0.08 |

| 6.25  % Virgin Media Secured Finance PLC -Reg- 2014/2029 ................................  | GBP | 3 600 000 | 3 600 000 | % | 105.944 | 4 185 771.07 | 0.16 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4.875 % Virgin Media Secured Finance PLC -Reg- |  |  |  |  |  |  |  |
| 2015/2027 ................................  | GBP | 2 000 000 | % | 104.627 | 2 296 520.75 | 0.09 |
| 4.25  % Virgin Media Secured Finance PLC -Reg- |  |  |  |  |  |  |  |
| 2019/2030 ................................  | GBP | 6 640 000 |  |  | % | 99.348 | 7 239 717.62 | 0.28 |
| 3.813 % Ford Motor Credit Co., LLC 2018/2021..........  | USD | 3 000 000 | 3 000 000 |  | % | 98.825 | 2 645 327.84 | 0.10 |
| 10.00 % Medya Holding International Ltd 1996/2049 ......  5.25 % MPT Operating Partnership LP Via MPT Finance Corp. (MTN) 2016/2026......................  | USD USD | 2 500 000 700 000 |  |  | % % | 0 104.202 | 2.23 650 830.06 | 0.00 0.03 |
| 5.25  % OCI NV -Reg- (MTN) 2019/2024 **.............  4.875 % Samvardhana Motherson Automotive Systems Group BV (MTN) 2016/2021 ..................  | USD USD | 3 000 000 2 070 000 | 3 000 000 |  | % % | 96.452 98.27 | 2 581 794.46 1 815 034.71 | 0.10 0.07 |
| 5.303 % Telecom Italia SpA/Milano (MTN) 2014/2024 .....  3.65 % Teva Pharmaceutical Finance IV BV (MTN) 2011/2021 ................................  | USD USD | 3 000 000 2 000 000 | 2 000 000 |  | % % | 105.284 99.036 | 2 818 234.44 1 767 326.15 | 0.11 0.07 |
| 6.25  % Vodafone Group PLC 2018/2078 * ** ..........  | USD | 6 000 000 |  |  | % | 107.535 | 5 756 950.75 | 0.22 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 121 896 554.79 | 4.73 |
| Interest-bearing securities 4.375 % Ball Corp. 2015/2023 ** .....................  | EUR | 6 500 000 |  | 500 000 | % | 108.57 | 7 057 082.50 | 0.27 |
| 1.00  % Ford Motor Credit Co. LLC (MTN) 2017/2021 * ...  4.326 % Galapagos SA/Luxembourg -Reg- (MTN) 2014/2021 * ..............................  | EUR EUR | 4 730 000 200 000 | 4 730 000 | 270 000 | % % | 94.302 0 | 4 460 508.25 0.20 | 0.17 0.00 |
| 3.625 % Getlink SE (MTN) 2018/2023..................  | EUR | 2 000 000 |  | 5 000 000 | % | 101.938 | 2 038 760.00 | 0.08 |
| 6.25 % OMV AG 2015/2049 * ** ....................  | EUR | 4 000 000 |  | 5 090 000 | % | 117.596 | 4 703 820.00 | 0.18 |
| 4.50  % Repsol International Finance BV 2015/2075 * ....  | EUR | 3 000 000 |  | 7 000 000 | % | 104.262 | 3 127 875.00 | 0.12 |
| 3.10  % Vodafone Group PLC 2018/2079 * .............  | EUR | 5 000 000 | 2 500 000 |  | % | 100.309 | 5 015 450.00 | 0.19 |
| 4.875 % Vodafone Group PLC 2018/2078 * ** ..........  5.50 % Barry Callebaut Services NV -144A- (MTN) 2013/2023 ................................  | GBP USD | 1 000 000 1 183 000 |  |  | % % | 104.388 108.113 | 1 145 637.40 1 141 179.83 | 0.04 0.04 |
| 11.50 % Carnival Corp. -144A- 2020/2023...............  | USD | 5 845 000 | 5 845 000 |  | % | 106.482 | 5 553 312.84 | 0.22 |
| 7.375 % Cemex SAB de CV -Reg- (MTN) 2020/2027 ** ...  | USD | 2 500 000 | 2 500 000 |  | % | 102.118 | 2 277 895.17 | 0.09 |
| 9.375 % DKT Finance ApS -144A- (MTN) 2018/2023 ......  6.25  % International Game Technology PLC -144A- (MTN) 2015/2022 ..........................  | USD USD | 2 000 000 891 000 |  | 659 000 | % % | 101.117 101.85 | 1 804 453.09 809 711.23 | 0.07 0.03 |
| 5.25  % International Game Technology PLC -144A- (MTN) 2020/2029 ..........................  | USD | 1 200 000 | 1 200 000 |  | % | 97.927 | 1 048 516.14 | 0.04 |
| 5.00 % Iron Mountain, Inc. -144A- (MTN) 2020/2028 .....  | USD | 1 330 000 | 1 330 000 |  | % | 98.759 | 1 171 978.78 | 0.05 |
| 3.875 % Kraft Heinz Foods Co. -144A- (MTN) 2020/2027...  | USD | 1 500 000 | 1 500 000 |  | % | 104.4 | 1 397 285.85 | 0.05 |
| 7.125 % Kraft Heinz Foods Co. 2009/2039 ..............  | USD | 3 326 000 | 3 326 000 |  | % | 125.751 | 3 731 858.05 | 0.15 |
| 4.625 % Kraft Heinz Foods Co. 2018/2029 ..............  | USD | 5 000 000 | 8 000 000 | 3 000 000 | % | 107.868 | 4 812 337.39 | 0.19 |
| 0.00  % Nyrstar Holding PLC (MTN) 2019/2026..........  | USD | 8 014 000 | 2 000 000 |  | % | 62.979 | 4 503 358.51 | 0.18 |
| 5.35  % Petroleos Mexicanos (MTN) 2018/2028 *. . . . . . . . | USD | 3 000 000 | 3 000 000 |  | % | 83.39 | 2 232 180.23 | 0.09 |
| 6.49  % Petroleos Mexicanos -144A- (MTN) 2019/2027 ...  | USD | 5 000 000 | 5 000 000 |  | % | 90.7 | 4 046 399.10 | 0.16 |
| 6.84  % Petroleos Mexicanos -144A- 2019/2030 .........  | USD | 24 000 000 | 24 000 000 |  | % | 87.008 | 18 631 994.87 | 0.72 |
| 6.625 % Petroleos Mexicanos 2006/2035...............  | USD | 10 000 000 | 10 000 000 |  | % | 80.868 | 7 215 528.17 | 0.28 |
| 10.875 % Royal Caribbean Cruises Ltd -144A- 2020/2023 ...  | USD | 4 500 000 | 7 510 000 | 3 010 000 | % | 101.626 | 4 080 436.59 | 0.16 |
| 7.50  % Sappi Papier Holding GmbH -144A- 2002/2032 ...  5.50 % Telenet Finance Luxembourg Notes Sarl -144A- 2017/2028 ................................  | USD USD | 500 000 3 000 000 | 3 000 000 |  | % % | 85.442 104.608 | 381 184.63 2 800 112.64 | 0.02 0.11 |
| 7.00  % Vodafone Group PLC 2019/2079 * .............  4.75 % ZF North America Capital, Inc. -144A- (MTN) 2015/2025 ................................  | USD USD | 5 000 000 24 165 000 | 24 165 000 |  | % % | 116.39 99.786 | 5 192 484.76 21 515 213.57 | 0.20 0.83 |
| Unlisted securities |  |  |  |  |  |  | 17 987 972.24 | 0.70 |
| Interest-bearing securities 8.00  % Altice France Holding SA -144A- (MTN) 2020/2027 ................................  | EUR | 3 500 000 | 3 500 000 |  | % | 105.85 | 3 704 767.50 | 0.14 |
| 12.00 % Cammell Laird Holdings PLC -Reg- (MTN) 2000/2010 ................................  | EUR | 13 250 000 |  |  | % | 0 | 13.25 | 0.00 |
| 4.375 % Panther BF Aggregator 2 LP Via Panther Finance |  |  |  |  |  |  |  |  |
| Co., Inc. -Reg- (MTN) 2019/2026 ** ............  | EUR | 4 000 000 | % | 111.326 | 3 973 280.00 | 0.16 |
| 4.125 % Virgin Media Secured Finance PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | GBP | 9 510 000 | 9 510 000 | % | 98.782 | 10 309 911.49 | 0.40 |
| Total securities portfolio |  |  |  |  |  | 2 476 017 734.29 | 96.06 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Derivatives on individual securities |  |  |  |  |  | 15.00 | 0.00 |
| Warrants on securities |  |  |  |  |  |  |  |
| Equity warrants Novasep Holding 31/05/2019 .........................  | Count | 150 000 |  | EUR | 0 | 15.00 | 0.00 |

| 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 |  |
| Currency derivatives Receivables/payables |  |  |  | 559 956.98 | 0.02 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |
| Open positions SEK/EUR 0.5 million ................................  |  |  |  | 212.44 | 0.00 |
| Closed positions CHF/EUR 1 million..................................  |  |  |  | 5 926.12 | 0.00 |
| USD/EUR 34.5 million ...............................  |  |  |  | 134 135.70 | 0.01 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/CHF 9.6 million ................................  |  |  |  | 8 526.34 | 0.00 |
| EUR/GBP 83.2 million ...............................  |  |  |  | 554 725.13 | 0.02 |
| EUR/USD 102.3 million ..............................  |  |  |  | -143 568.75 | -0.01 |
| Cash at bank |  |  |  | 79 884 265.67 | 3.10 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 70 701 259.15 | 2.74 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 2 248 374 |  | 2 467 545.89 | 0.10 |
| Swedish krona.....................................  | SEK | 249 535 |  | 23 819.13 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Swiss franc .......................................  | CHF | 104 346 |  | 97 999.15 | 0.00 |
| U.S. dollar ........................................  | USD | 7 389 822 |  | 6 593 642.35 | 0.26 |
| Time deposits EUR deposits (Norddeutsche Landesbank, Hanover) .......  | EUR |  |  | 76 550 000.00 | 2.76 |
| Other assets |  |  |  | 44 515 367.78 | 1.72 |
| Prepaid placement fee *** ...........................  |  |  |  | 128 167.97 | 0.00 |
| Interest receivable .................................  |  |  |  | 33 327 469.45 | 1.29 |
| Receivables from exceeding the expense cap ............  |  |  |  | 740.87 | 0.00 |
| Other receivables ..................................  |  |  |  | 11 058 989.49 | 0.43 |
| Receivables from share certificate transactions |  |  |  | 20 270 614.37 | 0.79 |
| Total assets **** |  |  |  | 2 621 391 522.84 | 101.70 |
| Other liabilities |  |  |  | -42 910 688.02 | -1.66 |
| Additional other liabilities.............................  |  |  |  | -42 910 688.02 | -1.66 |
| Liabilities from share certificate transactions |  |  |  | -737 801.21 | -0.03 |
| Total liabilities |  |  |  | -43 792 057.98 | -1.70 |
| Net assets |  |  |  | 2 577 599 464.86 | 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 CHF FCH ....................................  | CHF | 111.88 |
| Class FC .........................................  | EUR | 156.92 |
| Class FD .........................................  | EUR | 100.88 |
| Class IC ..........................................  | EUR | 105.13 |
| Class IC50 ........................................  | EUR | 110.21 |
| Class ID ..........................................  | EUR | 97.16 |
| Class ID50 ........................................  | EUR | 97.48 |
| Class LC .........................................  | EUR | 151.42 |
| Class LD .........................................  | EUR | 108.92 |
| Class NC .........................................  | EUR | 136.06 |
| Class ND .........................................  | EUR | 98.41 |
| Class NDQ........................................  | EUR | 93.34 |
| Class PFC ........................................  | EUR | 117.68 |
| Class PFDQ .......................................  | EUR | 97.79 |
| Class RDQ ........................................  | EUR | 93.14 |
| Class TFC ........................................  | EUR | 100.56 |
| Class TFD ........................................  | EUR | 92.16 |
| Class SEK LCH ....................................  | SEK | 1 152.61 |
| Class USD FCH ....................................  | USD | 139.02 |
| Class USD LCH ....................................  | USD | 135.09 |
| Class USD LDMH ..................................  | USD | 105.22 |
| Class USD TFCH ...................................  | USD | 107.48 |
| Number of shares outstanding Class CHF FCH ....................................  | Count | 9 081.000 |
| Class FC .........................................  | Count | 2 073 859.389 |
| Class FD .........................................  | Count | 286 969.006 |
| Class IC ..........................................  | Count | 1 673 421.000 |
| Class IC50 ........................................  | Count | 7 309 405.000 |
| Class ID ..........................................  | Count | 99 251.000 |
| Class ID50 ........................................  | Count | 5 071 348.000 |
| Class LC .........................................  | Count | 765 527.303 |
| Class LD .........................................  | Count | 3 064 371.822 |
| Class NC .........................................  | Count | 334 334.350 |
| Class ND .........................................  | Count | 105 171.084 |
| Class NDQ........................................  | Count | 179 334.000 |
| Class PFC ........................................  | Count | 83 699.000 |
| Class PFDQ .......................................  | Count | 93 875.000 |
| Class RDQ ........................................  | Count | 1 483 998.000 |
| Class TFC ........................................  | Count | 186 752.102 |
| Class TFD ........................................  | Count | 84 362.350 |
| Class SEK LCH ....................................  | Count | 443.000 |
| Class USD FCH ....................................  | Count | 234 380.170 |
| Class USD LCH ....................................  | Count | 1 780.297 |
| Class USD LDMH ..................................  | Count | 14 155.000 |
| Class USD TFCH ...................................  | Count | 97.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
Bank of America Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constrained
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 97.853 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 120.069 |
| Average market risk exposure ........................  | % | 106.116 |

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 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 222 742 217.89 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for forward currency transactions
Citigroup Global Markets Limited, Deutsche Bank AG, Goldman Sachs International, Morgan Stanley Europe and State Street Bank London

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security | name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- | --- |
| 3 | % ADLER Real Estate AG (MTN) 2018/2026 ......  | EUR | 200 000 | 199 118.00 |  |
| 6.5 | % Algeco Scotsman Global Finance PLC -Reg- (MTN) 2018/2023 ...............................  | EUR | 2 200 000 | 2 122 010.00 |  |
| 7.25 | % Almaviva-The Italian Innovation Co. SpA -Reg- (MTN) 2017/2022 .........................  | EUR | 2 950 000 | 2 651 755.00 |  |
| 2.125 | % Altice France SA/France -Reg- (MTN) 2020/2025 . | EUR | 2 900 000 | 2 720 504.50 |  |
| 2.125 | % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026 .....  | EUR | 850 000 | 819 816.50 |  |
| 2 | % Ashland Services BV -Reg- (MTN) 2020/2028 ...  | EUR | 500 000 | 466 035.00 |  |
| 4.375 | % Ball Corp. 2015/2023.......................  | EUR | 500 000 | 542 852.50 |  |
| 3.5 | % Banijay Entertainment SASU -Reg- (MTN) 2020/2025 ...............................  | EUR | 2 300 000 | 2 201 238.00 |  |
| 2.75 | % Cemex SAB de CV -Reg- (MTN) 2017/2024 .....  | EUR | 500 000 | 462 367.50 |  |
| 4 | % Chemours Co./The (MTN) 2018/2026 ..........  | EUR | 2 069 000 | 1 872 186.38 |  |
| 6.5 | % CMA CGM SA -Reg- (MTN) 2017/2022 ........  | EUR | 500 000 | 466 827.50 |  |
| 9 | % CMF SpA -Reg- (MTN) 2017/2022 ............  | EUR | 2 400 000 | 2 341 644.00 |  |
| 9.625 | % Consus Real Estate AG -Reg- (MTN) 2019/2024 . | EUR | 510 000 | 555 900.00 |  |
| 5.5 | % Cott Corp. -Reg- (MTN) 2016/2024 ............  | EUR | 200 000 | 201 932.00 |  |
| 1.25 | % Deutsche Boerse AG 2020/2047 * ............  | EUR | 2 600 000 | 2 598 505.00 |  |
| 3 | % Dometic Group AB (MTN) 2018/2023..........  | EUR | 1 900 000 | 1 886 548.00 |  |
| 2.5 | % Dufry One BV (MTN) 2017/2024..............  | EUR | 1 000 000 | 841 930.00 |  |
| 1.75 | % eircom Finance DAC (MTN) 2019/2024 ........  | EUR | 570 000 | 544 922.85 |  |
| 3 | % El Corte Ingles SA -Reg- (MTN) 2018/2024 .....  | EUR | 2 000 000 | 1 966 360.00 |  |
| 6.375 | % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ......  | EUR | 7 200 000 | 6 056 712.00 |  |
| 4.25 | % Evoca SpA -Reg- (MTN) 2019/2026 * ..........  | EUR | 5 400 000 | 4 633 605.00 |  |
| 5.125 | % Garrett LX I Sarl / Garrett Borrowing LLC -Reg- |  |  |  |  |
| (MTN) 2018/2026	EUR | 12 300 000 | 10 132 125.00 |
| 3.375 | % Grupo-Antolin Irausa SA -Reg- (MTN) 2018/2026 . | EUR | 400 000 | 340 718.00 |
| 4.375 | % House of Finance NV/The -Reg- (MTN) 2019/2026 | EUR | 4 300 000 | 3 790 428.50 |
| 5.375 | % INEOS Group Holdings SA -Reg- (MTN) 2016/2024 | EUR | 1 500 000 | 1 475 062.50 |
| 3.5 | % Intrum AB -Reg- (MTN) 2019/2026 ............  | EUR | 3 275 000 | 2 882 081.88 |
| 3 | % Intrum AB -Reg- (MTN) 2019/2027 ............  | EUR | 4 000 000 | 3 364 600.00 |
| 2.75 | % Intrum Justitia AB -Reg- (MTN) 2017/2022......  | EUR | 2 900 000 | 2 764 541.00 |
| 4.125 | % K+S AG (MTN) 2013/2021 ..................  | EUR | 200 000 | 197 608.00 |
| 5.5 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 .........................  | EUR | 500 000 | 457 810.00 |
| 6.75 | % KME AG -Reg- (MTN) 2018/2023 .............  | EUR | 7 000 000 | 4 882 220.00 |
| 5 | % Kongsberg Actuation Systems BV -Reg- (MTN) 2018/2025 ...............................  | EUR | 600 000 | 447 570.00 |
| 5.125 | % La Financiere Atalian SASU -Reg- (MTN) 2018/2025 ...............................  | EUR | 800 000 | 604 544.00 |
| 3.125 | % La Poste SA 2018/perpetual * ...............  | EUR | 5 200 000 | 5 363 566.00 |
| 3.5 | % Loxam SAS -Reg- (MTN) 2017/2022 ...........  | EUR | 2 600 000 | 2 552 862.00 |
| 4.25 | % Loxam SAS -Reg- (MTN) 2017/2024 ...........  | EUR | 500 000 | 478 500.00 |
| 6 | % Loxam SAS -Reg- (MTN) 2017/2025 ...........  | EUR | 6 570 000 | 5 652 335.25 |
| 5 | % LSF10 Wolverine Investments SCA -Reg- (MTN) 2018/2024 ...............................  | EUR | 2 230 000 | 2 211 491.00 |
| 6.125 | % Maxeda Diy Holding BV -Reg- (MTN) 2017/2022 . | EUR | 11 800 000 | 10 896 297.00 |
| 5.5 | % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ...  | EUR | 1 000 000 | 955 745.00 |
| 9.5 | % Monitchem HoldCo 2 SA -Reg- (MTN) 2019/2026 | EUR | 300 000 | 301 654.50 |
| 3.75 | % NH Hotel Group SA -Reg- (MTN) 2016/2023 ....  | EUR | 9 300 000 | 8 425 056.00 |
| 7.25 | % Nidda BondCo GmbH -Reg- (MTN) 2018/2025 ...  | EUR | 4 000 000 | 4 110 620.00 |
| 3.5 | % Nidda Healthcare Holding GmbH -Reg- (MTN) 2017/2024 ...............................  | EUR | 1 900 000 | 1 877 599.00 |
| 3.125 | % Nokia Oyj (MTN) 2020/2028 .................  | EUR | 800 000 | 827 508.00 |
| 3.25 | % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 ...............................  | EUR | 1 400 000 | 1 415 050.00 |
| 4.5 | % Norican A/S (MTN) 2017/2023 ...............  | EUR | 200 000 | 146 049.00 |
| 3.125 | % OCI NV -Reg- (MTN) 2019/2024 ..............  | EUR | 1 700 000 | 1 665 209.50 |
| 3.125 | % OI European Group BV -Reg- (MTN) 2016/2024 ..  | EUR | 4 000 000 | 3 952 340.00 |
| 6.25 | % OMV AG 2015/2049 *......................  | EUR | 4 000 000 | 4 703 820.00 |
| 5 | % Orange SA 2014/2049 * ....................  | EUR | 2 000 000 | 2 322 410.00 |
| 4.375 | % Panther BF Aggregator 2 LP Via Panther Finance Co., Inc. -Reg- (MTN) 2019/2026 .............  | EUR | 200 000 | 198 664.00 |
| 5.375 | % Platin 1426 GmbH -Reg- (MTN) 2017/2023 .....  | EUR | 375 000 | 350 908.13 |
| 4 | % Polygon AB (MTN) 2018/2023 ...............  | EUR | 500 000 | 497 500.00 |
| 3 | % ProGroup AG -Reg- (MTN) 2018/2026 .........  | EUR | 16 416 000 | 15 958 814.40 |
| 6.375 | % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 . | EUR | 4 800 000 | 3 346 344.00 |
| 3.25 | % RCS & RDS SA -Reg- (MTN) 2020/2028 ........  | EUR | 3 500 000 | 3 301 690.00 |
| 3.75 | % Salini Impregilo SpA (MTN) 2016/2021 .........  | EUR | 6 410 000 | 6 412 467.85 |
| 1.75 | % Salini Impregilo SpA (MTN) 2017/2024 .........  | EUR | 6 814 000 | 6 028 959.06 |
| 3.625 | % Salini Impregilo SpA (MTN) 2020/2027 .........  | EUR | 8 100 000 | 6 910 231.50 |
| 3.5 | % Samsonite Finco Sarl -Reg- (MTN) 2018/2026 ...  | EUR | 6 200 000 | 5 423 884.00 |
| 4.625 | % SGL Carbon SE (MTN) 2019/2024 ............  | EUR | 700 000 | 557 375.00 |
| 2.375 | % Smurfit Kappa Acquisitions -Reg- (MTN) 2017/2024 ...............................  | EUR | 1 000 000 | 1 025 715.00 |
| 5.869 | % Solvay Finance SA 2015/2049 * ..............  | EUR | 400 000 | 438 616.00 |
| 5.75 | % Summer BC Holdco B SARL -Reg- (MTN) 2019/2026 ...............................  | EUR | 3 100 000 | 2 968 281.00 |

| Security | name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- | --- |
| 6 | % Superior Industries International, Inc. -Reg- |  |  |  |  |
|  | (MTN) 2017/2025 .........................  | EUR | 285 000 | 237 916.58 |  |
| 4.75 | % Synlab Bondco PLC -Reg- (MTN) 2020/2025 *...  | EUR | 7 000 000 | 7 016 345.00 |  |
| 5.375 | % Takko Luxembourg 2 SCA -Reg- (MTN) 2 |  |  |  |  |
|  | 017/2023 * ..............................  | EUR | 500 000 | 270 752.50 |  |
| 4.375 | % Telefonica Europe BV 2019/perpetual * ........  | EUR | 500 000 | 517 332.50 |  |
| 5 | % Tendam Brands SAU -Reg- (MTN) 2017/2024 ...  | EUR | 3 325 000 | 2 901 444.88 |  |
| 5 | % Tenneco, Inc. -Reg- (MTN) 2017/2024 .........  | EUR | 1 850 000 | 1 706 079.25 |  |
| 4.5 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |
|  | (MTN) 2018/2025 .........................  | EUR | 100 000 | 99 738.00 |  |
| 0.375 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |
|  | 2016/2020 ...............................  | EUR | 10 000 000 | 9 982 950.00 |  |
| 2.375 | % Titan Global Finance PLC (MTN) 2017/2024 .....  | EUR | 3 600 000 | 3 631 518.00 |  |
| 6.625 | % Vallourec SA -Reg- (MTN) 2017/2022 ..........  | EUR | 400 000 | 254 888.00 |  |
| 6.375 | % Vallourec SA -Reg- (MTN) 2018/2023 ..........  | EUR | 2 500 000 | 1 519 925.00 |  |
| 5.25 | % Victoria PLC -Reg- (MTN) 2019/2024 ..........  | EUR | 4 800 000 | 4 562 976.00 |  |
| 4 | % Viridian Group FinanceCo PLC Via Viridian Power |  |  |  |  |
|  | and Energy -Reg- (MTN) 2017/2025 ...........  | EUR | 2 000 000 | 1 948 430.00 |  |
| 4.2 | % Vodafone Group PLC 2018/2078 * ............  | EUR | 1 000 000 | 1 086 800.00 |  |
| 7.75 | % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 | GBP | 7 000 000 | 7 048 373.08 |  |
| 3.875 | % TalkTalk Telecom Group PLC (MTN) 2020/2025..  | GBP | 500 000 | 531 246.16 |  |
| 7.375 | % Cemex SAB de CV -Reg- (MTN) 2020/2027 .....  | USD | 2 050 000 | 1 867 874.04 |  |

Total receivables from securities loans . . . . . . . . . . . . . . .	223 954 229.76	223 954 229.76
Contracting parties for securities loans
BNP Paribas Arbitrage SNC, BNP Paribas S.A., Barclays Capital Securities Limited, BofA SECURITIES EUROPE - FI, Citigroup Global Markets Limited FI, Crédit Suisse Securities (Europe) Ltd. FI, Deutsche Bank AG FI, Goldman Sachs Int., HSBC Bank PLC FI, J.P. Morgan Sec Ltd., J.P. Morgan Securities plc (Fixed Income), Morgan Stanley Europe SE FI, RBC Europe Limited, UBS AG LDN BRANCH, Unicredit Bank AG, A105
| Total collateral pledged by third parties for securities loans | EUR | 235 675 100.87 |
| --- | --- | --- |
| thereof: |  |  |
| Bonds | EUR | 143 094 384.31 |
| Equities | EUR | 92 580 716.56 |

 Exchange rates (indirect quotes)	
As of June 30, 2020
| Swiss franc	CHF | 1.064768 | = EUR | 1 |
| --- | --- | --- | --- |
| British pound	GBP | 0.911178 | = EUR | 1 |
| Swedish krona	SEK | 10.476263 | = 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	
* Some or all of these securities are lent.
** Floating interest rate.
*** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
**** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Euro High Yield
DWS INVEST EURO HIGH YIELD

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | seit Auflegung 1) |
| --- | --- | --- |
| Klasse LC | LU2111935651 | -6,7% |
| Klasse FC | LU2111935495 | -6,5% |
| Klasse FD | LU2111935578 | -6,5% |
| Klasse LD | LU2111935735 | -6,7% |
| Klasse TFC | LU2111935909 | -6,5% |
| Klasse TFD | LU2111936030 | -6,5% |
| Klasse XC | LU2111936113 | -6,3% |
| Klasse XD | LU2111936204 | -6,3% |


##### ML Euro High Yield Const. Index (BB-B rated)	-4,7%
1) 
aufgelegt am 14.2.2020
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 High Yield
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 28 668 182,96 | 92,89 |
| Summe Anleihen | 28 668 182,96 | 92,89 |
| 2. Derivate | 11 601,21 | 0,03 |
| 3. Bankguthaben | 1 779 260,82 | 5,77 |
| 4. Sonstige Vermögensgegenstände | 528 886,40 | 1,72 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -125 301,30 | - 0,41 |
| III. Fondsvermögen | 30 862 630,09 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 27 764 593,70 | 89,96 |
| Verzinsliche Wertpapiere 2,625 % Accor SA 2019/perpetual * ..................  | EUR | 200 000 | 200 000 |  | % | 82,142 | 164 285,00 | 0,53 |
| 3,50  % Adient Global Holdings Ltd -Reg- (MTN) 2016/2024 | EUR | 200 000 | 200 000 |  | % | 89,236 | 178 471,00 | 0,58 |
| 2,125 % ADLER Real Estate AG (MTN) 2017/2024 .......  | EUR | 200 000 | 200 000 |  | % | 96,777 | 193 554,00 | 0,63 |
| 1,50  % ADLER Real Estate AG 2019/2022 ............  | EUR | 200 000 | 200 000 |  | % | 97,537 | 195 074,00 | 0,63 |
| 3,875 % Akelius Residential Property AB 2018/2078 * ....  | EUR | 150 000 | 150 000 |  | % | 100,696 | 151 044,00 | 0,49 |
| 1,125 % Amplifon SpA (MTN) 2020/2027 ..............  | EUR | 200 000 | 200 000 |  | % | 98,543 | 197 086,00 | 0,64 |
| 2,00  % Ashland Services BV -Reg- (MTN) 2020/2028 ....  | EUR | 100 000 | 200 000 | 100 000 | % | 93,207 | 93 207,00 | 0,30 |
| 5,00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 200 000 | 200 000 |  | % | 95 | 190 000,00 | 0,62 |
| 4,75 % Avantor, Inc. -Reg- (MTN) 2017/2024 ..........  | EUR | 200 000 | 300 000 | 100 000 | % | 103,32 | 206 639,00 | 0,67 |
| 4,25 % Axalta Coating Systems LLC -Reg- (MTN) 2016/2024 | EUR | 200 000 | 200 000 |  | % | 99,522 | 199 044,00 | 0,64 |
| 0,875 % Ball Corp. (MTN) 2019/2024 ..................  | EUR | 100 000 | 100 000 |  | % | 96,338 | 96 338,50 | 0,31 |
| 1,50  % Ball Corp. (MTN) 2019/2027 ..................  | EUR | 200 000 | 200 000 |  | % | 96,061 | 192 122,00 | 0,62 |
| 4,50 % Banco Comercial Portuges SA 2 (MTN) 2017/2027 * | EUR | 200 000 | 200 000 |  | % | 100,076 | 200 151,00 | 0,65 |
| 6,125 % Banco de Sabadell SA 2017/perpetual * ........  | EUR | 200 000 | 400 000 | 200 000 | % | 81,022 | 162 045,00 | 0,52 |
| 6,50  % Banijay Group SAS -Reg- (MTN) 2020/2026 .....  | EUR | 100 000 | 100 000 |  | % | 90,12 | 90 120,50 | 0,29 |
| 3,75  % Bankia SA (MTN) 2019/2029 * ................  | EUR | 200 000 | 200 000 |  | % | 99,064 | 198 129,00 | 0,64 |
| 6,00  % Blitz F18-674 GmbH -Reg- (MTN) 2018/2026 ....  | EUR | 300 000 | 300 000 |  | % | 102,62 | 307 860,00 | 1,00 |
| 10,75 % Caixa Geral de Depositos SA 2017/perpetual * ...  | EUR | 200 000 | 200 000 |  | % | 109,695 | 219 390,00 | 0,71 |
| 6,75  % CaixaBank SA 2017/perpetual * ...............  | EUR | 200 000 | 200 000 |  | % | 100,534 | 201 069,00 | 0,65 |
| 5,976 % Casino Guichard Perrachon SA (MTN) 2011/2021 * | EUR | 100 000 | 100 000 |  | % | 101,346 | 101 345,50 | 0,33 |
| 4,561 % Casino Guichard Perrachon SA (MTN) 2013/2023 * | EUR | 400 000 | 400 000 |  | % | 96,117 | 384 468,00 | 1,25 |
| 1,865 % Casino Guichard Perrachon SA (MTN) 2017/2022 . | EUR | 200 000 | 200 000 |  | % | 96,644 | 193 287,00 | 0,63 |
| 4,00  % Chemours Co./The (MTN) 2018/2026 ..........  3,50 % Cheplapharm Arzneimittel GmbH -Reg- (MTN) 2020/2027 ...............................  | EUR EUR | 200 000 100 000 | 200 000 100 000 |  | % % | 90,488 97,516 | 180 975,00 97 516,50 | 0,59 0,32 |
| 4,00  % Commerzbank AG (MTN) 2020/2030 * .........  | EUR | 100 000 | 100 000 |  | % | 100,606 | 100 606,00 | 0,33 |
| 6,125 % Commerzbank AG 2020/perpetual * ........... 5,375 % Constantin Investissement 3 SASU -Reg- (MTN) 2018/2025 ...............................  | EUR EUR | 200 000 150 000 | 200 000 150 000 |  | % % | 95,285 100,432 | 190 570,00 150 648,00 | 0,62 0,49 |
| 4,25  % Constellium NV -Reg- (MTN) 2017/2026 ........  | EUR | 250 000 | 250 000 |  | % | 98,579 | 246 447,50 | 0,80 |
| 3,25 % Cooperatieve Rabobank UA 2019/perpetual * .... 2,875 % Crown European Holdings SA -Reg- (MTN) 2018/2026 ...............................  | EUR EUR | 200 000 200 000 | 200 000 200 000 |  | % % | 92,16 101,557 | 184 320,00 203 114,00 | 0,60 0,66 |
| 5,25  % CTC BondCo GmbH -Reg- (MTN) 2017/2025 ....  | EUR | 100 000 | 100 000 |  | % | 97,968 | 97 967,50 | 0,32 |
| 2,875 % Deutsche Pfandbriefbank AG (MTN) 2017/2027 * | EUR | 200 000 | 200 000 |  | % | 95,931 | 191 862,00 | 0,62 |
| 0,625 % Digital Dutch Finco BV (MTN) 2020/2025 .......  | EUR | 100 000 | 100 000 |  | % | 98,926 | 98 926,00 | 0,32 |
| 1,25  % Digital Dutch Finco BV 2020/2031 .............  | EUR | 100 000 | 300 000 | 200 000 | % | 99,574 | 99 574,50 | 0,32 |
| 7,00  % DKT Finance ApS (MTN) 2018/2023 ...........  | EUR | 200 000 | 200 000 |  | % | 99,904 | 199 809,00 | 0,65 |
| 3,00  % Dometic Group AB (MTN) 2019/2026 ..........  8,50 % Dtek Renewables Finance BV -Reg- (MTN) 2019/2024 ...............................  | EUR EUR | 150 000 300 000 | 150 000 300 000 |  | % % | 95,214 87,162 | 142 821,00 261 487,50 | 0,46 0,85 |
| 1,75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 200 000 | 200 000 |  | % | 98,646 | 197 291,00 | 0,64 |
| 4,496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 300 000 | 300 000 |  | % | 106,54 | 319 621,50 | 1,04 |
| 5,50  % eDreams ODIGEO SA -Reg- (MTN) 2018/2023 ...  | EUR | 150 000 | 150 000 |  | % | 82,518 | 123 777,00 | 0,40 |
| 6,375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 .......  | EUR | 100 000 | 100 000 |  | % | 84,121 | 84 121,00 | 0,27 |
| 4,50  % Energo-Pro AS (MTN) 2018/2024 ..............  | EUR | 100 000 | 100 000 |  | % | 95,312 | 95 312,50 | 0,31 |
| 2,875 % Equinix, Inc. (MTN) 2017/2025 ................  | EUR | 300 000 | 300 000 |  | % | 101,782 | 305 347,50 | 0,99 |
| 6,50  % Erste Group Bank AG 2017/perpetual * .........  | EUR | 200 000 | 200 000 |  | % | 104,5 | 209 001,00 | 0,68 |
| 3,125 % Faurecia SA (MTN) 2019/2026 ................  | EUR | 300 000 | 300 000 |  | % | 98,178 | 294 534,00 | 0,95 |
| 1,134 % FCE Bank PLC (MTN) 2015/2022 ..............  | EUR | 100 000 | 100 000 |  | % | 96,551 | 96 551,00 | 0,31 |
| 2,124 % Ferrovial Netherlands BV 2017/perpetual * ......  | EUR | 200 000 | 200 000 |  | % | 94,086 | 188 173,00 | 0,61 |
| 3,021 % Ford Motor Credit Co. LLC (MTN) 2019/2024 ....  | EUR | 100 000 | 300 000 | 200 000 | % | 96,109 | 96 109,00 | 0,31 |
| 0,025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 200 000 | 200 000 |  | % | 91,262 | 182 525,00 | 0,59 |
| 6,875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ... 3,50 % Gestamp Funding Luxembourg SA -Reg- (MTN) 2016/2023 ...............................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 69,133 97,824 | 69 133,00 97 823,50 | 0,22 0,32 |
| 3,20  % Grifols SA -Reg- (MTN) 2017/2025 .............  | EUR | 400 000 | 400 000 |  | % | 100,073 | 400 292,00 | 1,30 |
| 3,25  % Grupo-Antolin Irausa SA -Reg- (MTN) 2017/2024 . | EUR | 100 000 | 100 000 |  | % | 88,382 | 88 382,50 | 0,29 |
| 3,248 % Heimstaden Bostad AB 2019/perpetual * .......  | EUR | 100 000 | 300 000 | 200 000 | % | 95,806 | 95 806,50 | 0,31 |
| 3,25  % Hornbach Baumarkt AG (MTN) 2019/2026 ......  | EUR | 200 000 | 200 000 |  | % | 101,986 | 203 971,00 | 0,66 |
| 4,375 % House of Finance NV/The -Reg- (MTN) 2019/2026 | EUR | 200 000 | 200 000 |  | % | 88,15 | 176 299,00 | 0,57 |
| 9,25  % HT Troplast GmbH -Reg- (MTN) 2020/2025 ......  4,875 % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ...............................  | EUR EUR | 100 000 95 733 | 100 000 96 833 | 1 100 | % % | 102,525 96 | 102 525,00 91 904,00 | 0,33 0,30 |
| 6,50  % International Design Group SPA -Reg- (MTN) 2018/2025 ...............................  | EUR | 200 000 | 200 000 |  | % | 93,336 | 186 671,00 | 0,60 |
| 3,375 % Intertrust Group BV -Reg- (MTN) 2018/2025 .....  | EUR | 100 000 | 200 000 | 100 000 | % | 100,31 | 100 310,00 | 0,32 |
| 7,75  % Intesa Sanpaolo SpA 2017/2049 * .............  | EUR | 200 000 | 200 000 |  | % | 109,558 | 219 116,00 | 0,71 |
| 3,50  % Intrum AB -Reg- (MTN) 2019/2026 ............  | EUR | 250 000 | 250 000 |  | % | 88,002 | 220 006,25 | 0,71 |
| 2,75  % Intrum Justitia AB -Reg- (MTN) 2017/2022 ......  | EUR | 200 000 | 200 000 |  | % | 95,329 | 190 658,00 | 0,62 |
| 3,50 % IQVIA, Inc. -Reg- (MTN) 2016/2024 ............  | EUR | 300 000 | 300 000 |  | % | 101,884 | 305 652,00 | 0,99 |
| 2,25 % IQVIA, Inc. -Reg- (MTN) 2019/2028 ............  | EUR | 150 000 | 150 000 |  | % | 96,329 | 144 493,50 | 0,47 |
| 2,875 % IQVIA, Inc. -Reg- (MTN) 2020/2028 ............  | EUR | 290 000 | 290 000 |  | % | 99,653 | 288 993,70 | 0,94 |
| 3,00  % K+S AG (MTN) 2012/2022 ...................  | EUR | 100 000 | 100 000 |  | % | 93,575 | 93 575,00 | 0,30 |
| 4,125 % K+S AG (MTN) 2013/2021 ...................  5,50  % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ..........................  | EUR EUR | 100 000 140 000 | 100 000 140 000 |  | % % | 98,804 91,562 | 98 804,00 128 186,80 | 0,32 0,42 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | EUR |  | vermögen |
| 5,00 | % Kongsberg Actuation Systems BV -Reg- (MTN) 2018/2025 ...............................  | EUR | 100 000 | 100 000 | % | 74,595 |  | 74 595,00 | 0,24 |
| 2,00 | % Koninklijke KPN NV 2019/perpetual * ..........  | EUR | 200 000 | 200 000 | % | 94,513 |  | 189 026,00 | 0,61 |
| 2,25 | % Kraft Heinz Foods Co. 2016/2028 .............  | EUR | 250 000 | 250 000 | % | 98,984 |  | 247 460,00 | 0,80 |
| 5,25 | % Kraton Polymers LLC Via Kraton Polymers Capital Corp. -Reg- (MTN) 2018/2026 ................  | EUR | 100 000 | 100 000 | % | 102,272 |  | 102 271,50 | 0,33 |
| 4,00 | % La Financiere Atalian SAS -Reg- (MTN) 2017/2024 | EUR | 100 000 | 100 000 | % | 75,49 |  | 75 489,50 | 0,24 |
| 5,125 % La Financiere Atalian SASU -Reg- (MTN) 2018/2025 | EUR | 100 000 | 100 000 |  | % | 75,568 | 75 568,00 | 0,24 |
| 3,125 % La Poste SA 2018/perpetual * ................  | EUR | 200 000 | 200 000 |  | % | 103,146 | 206 291,00 | 0,67 |
| 3,625 % Lincoln Financing SARL -Reg- (MTN) 2019/2024 ..  | EUR | 100 000 | 100 000 |  | % | 91,919 | 91 919,00 | 0,30 |
| 7,75  % LSF9 Balta Issuer SARL -Reg- (MTN) 2015/2022 . 5,75 % Mediobanca Banca di Credito Finanziario SpA (MTN) 2013/2023 ...............................  | EUR EUR | 81 000 100 000 | 81 000 100 000 |  | % % | 65,287 109,455 | 52 882,88 109 455,00 | 0,17 0,35 |
| 2,875 % Merck KGaA 2019/2079 * ...................  | EUR | 200 000 | 200 000 |  | % | 104,518 | 209 036,00 | 0,68 |
| 7,00 % Motion Finco Sarl -Reg- (MTN) 2020/2025 ...... 7,125 % NAK Naftogaz Ukraine via Kondor Finance PLC (MTN) 2019/2024 ..........................  | EUR EUR | 100 000 200 000 | 100 000 200 000 |  | % % | 103,05 98,006 | 103 049,50 196 012,00 | 0,33 0,63 |
| 4,125 % Naturgy Finance BV 2014/2049 * .............  | EUR | 200 000 | 200 000 |  | % | 102,918 | 205 835,00 | 0,67 |
| 1,75  % Nexi SpA (MTN) 2019/2024 ..................  | EUR | 300 000 | 300 000 |  | % | 97,676 | 293 026,50 | 0,95 |
| 3,75  % NH Hotel Group SA -Reg- (MTN) 2016/2023 .....  | EUR | 224 802 | 224 802 |  | % | 90,592 | 203 652,22 | 0,66 |
| 7,00  % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) 2018/2025 | EUR | 100 000 | 100 000 |  | % | 90,537 | 90 537,00 | 0,29 |
| 3,25  % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 | EUR | 200 000 | 200 000 |  | % | 101,075 | 202 150,00 | 0,65 |
| 5,25  % Novem Group GmbH -Reg- (MTN) 2019/2024 * ..  | EUR | 100 000 | 100 000 |  | % | 94,265 | 94 265,00 | 0,31 |
| 5,00  % Orange SA 2014/2049 * .....................  | EUR | 100 000 | 100 000 |  | % | 116,12 | 116 120,50 | 0,38 |
| 4,00  % Paprec Holding SA -Reg- (MTN) 2018/2025 ......  | EUR | 230 000 | 230 000 |  | % | 90,555 | 208 276,50 | 0,67 |
| 3,50  % Peach Property Finance GmbH -Reg- 2019/2023 . | EUR | 200 000 | 200 000 |  | % | 99,784 | 199 567,00 | 0,65 |
| 5,375 % Platin 1426 GmbH -Reg- (MTN) 2017/2023 ......  | EUR | 200 000 | 200 000 |  | % | 93,576 | 187 151,00 | 0,61 |
| 4,00  % Polygon AB (MTN) 2018/2023 ................  | EUR | 200 000 | 200 000 |  | % | 99,5 | 199 000,00 | 0,64 |
| 3,50  % PPF Telecom Group BV (MTN) 2020/2024 ......  | EUR | 110 000 | 110 000 |  | % | 102,206 | 112 426,05 | 0,36 |
| 3,50  % PPF Telecom Group BV 2020/2024 ............  | EUR | 120 000 | 120 000 |  | % | 101,981 | 122 377,20 | 0,40 |
| 3,50  % Prokon Regenerative Energien eG 2016/2030 ....  | EUR | 121 552 | 196 000 | 74 448 | % | 95,36 | 115 911,99 | 0,38 |
| 6,875 % Radisson Hotel Holdings AB -Reg- (MTN) 2018/2023 | EUR | 300 000 | 300 000 |  | % | 96,428 | 289 282,50 | 0,94 |
| 6,375 % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 ..  | EUR | 100 000 | 100 000 |  | % | 69,716 | 69 715,50 | 0,23 |
| 6,125 % Raiffeisen Bank International AG 2017/perpetual * | EUR | 200 000 | 200 000 |  | % | 98,122 | 196 243,00 | 0,64 |
| 3,25  % RCS & RDS SA -Reg- (MTN) 2020/2028 ........  | EUR | 100 000 | 100 000 |  | % | 94,334 | 94 334,00 | 0,31 |
| 6,75  % Rossini Sarl -Reg- (MTN) 2018/2025 ...........  | EUR | 200 000 | 200 000 |  | % | 107,09 | 214 179,00 | 0,69 |
| 3,75  % Salini Impregilo SpA (MTN) 2016/2021 .........  | EUR | 100 000 | 100 000 |  | % | 100,038 | 100 038,50 | 0,32 |
| 3,625 % Salini Impregilo SpA (MTN) 2020/2027 ......... 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ..........................  | EUR EUR | 100 000 300 000 | 100 000 300 000 |  | % % | 85,312 92,329 | 85 311,50 276 987,00 | 0,28 0,90 |
| 5,75  % Sarens Finance Co. NV (MTN) 2020/2027 .......  | EUR | 100 000 | 100 000 |  | % | 78,996 | 78 995,50 | 0,26 |
| 4,25  % SASU Newco SAB 20 SAS -Reg- (MTN) 2017/2024 | EUR | 100 000 | 100 000 |  | % | 94,128 | 94 128,50 | 0,30 |
| 6,375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 200 000 | 200 000 |  | % | 97,002 | 194 005,00 | 0,63 |
| 5,625 % SES SA 2016/2049 * .......................  2,125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) 2020/2025 ...............................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 103,121 101,986 | 103 121,00 101 985,50 | 0,33 0,33 |
| 4,75  % SoftBank Group Corp. (MTN) 2015/2025 ........  | EUR | 100 000 | 100 000 |  | % | 103,747 | 103 747,00 | 0,34 |
| 5,00  % SoftBank Group Corp. (MTN) 2018/2028 ........  | EUR | 100 000 | 400 000 | 300 000 | % | 104,115 | 104 115,00 | 0,34 |
| 4,00  % SoftBank Group Corp. 2017/2029 .............  | EUR | 100 000 | 100 000 |  | % | 98,712 | 98 711,50 | 0,32 |
| 5,425 % Solvay Finance SA 2013/2049 * ...............  | EUR | 100 000 | 100 000 |  | % | 108,502 | 108 502,00 | 0,35 |
| 3,125 % SPIE SA (MTN) 2017/2024 ...................  | EUR | 100 000 | 100 000 |  | % | 100,115 | 100 115,00 | 0,32 |
| 2,625 % SPIE SA (MTN) 2019/2026 ...................  | EUR | 100 000 | 200 000 | 100 000 | % | 97,363 | 97 363,00 | 0,32 |
| 4,75  % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ...  | EUR | 120 000 | 120 000 |  | % | 100,234 | 120 280,20 | 0,39 |
| 3,875 % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 170 000 | 170 000 |  | % | 101,468 | 172 496,45 | 0,56 |
| 5,375 % Takko Luxembourg 2 SCA -Reg- (MTN) 2017/2023 | EUR | 100 000 | 100 000 |  | % | 54,868 | 54 868,50 | 0,18 |
| 5,375 % Takko Luxembourg 2 SCA -Reg- (MTN) 2017/2023 * | EUR | 100 000 | 100 000 |  | % | 54,15 | 54 150,50 | 0,18 |
| 3,875 % Tele Columbus AG -Reg- (MTN) 2018/2025 .....  | EUR | 100 000 | 100 000 |  | % | 93,548 | 93 547,50 | 0,30 |
| 7,75  % Telecom Italia Finance SA (MTN) 2003/2033 .....  | EUR | 500 000 | 500 000 |  | % | 140,406 | 702 027,50 | 2,27 |
| 4,00  % Telecom Italia SpA/Milano (MTN) 2019/2024 ....  | EUR | 200 000 | 200 000 |  | % | 104,87 | 209 740,00 | 0,68 |
| 5,875 % Telefonica Europe BV 2014/2049 * ............ 3,50 % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ...............................  | EUR EUR | 1 000 000 200 000 | 1 000 000 200 000 |  | % % | 108,166 101,794 | 1 081 660,00 203 589,00 | 3,50 0,66 |
| 5,00  % Tendam Brands SAU -Reg- (MTN) 2017/2024 ....  | EUR | 100 000 | 100 000 |  | % | 87,262 | 87 261,50 | 0,28 |
| 5,00  % Tenneco, Inc. -Reg- (MTN) 2017/2024 .........  | EUR | 100 000 | 100 000 |  | % | 92,22 | 92 220,50 | 0,30 |
| 2,995 % TenneT Holding BV 2017/perpetual * .......... 1,125 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 ..........................  | EUR EUR | 100 000 150 000 | 100 000 150 000 |  | % % | 103,577 87,941 | 103 577,00 131 911,50 | 0,34 0,43 |
| 4,50 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |
| (MTN) 2018/2025 ..........................  | EUR | 200 000 | 200 000 | % | 99,738 | 199 476,00 | 0,65 |
| 1,625 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |
| 2016/2028 ...............................  | EUR | 300 000 | 300 000 |  | % | 81,718 | 245 155,50 | 0,79 |
| 1,375 % Thyssenkrupp AG (MTN) 2017/2022 ...........  | EUR | 300 000 | 300 000 |  | % | 97,365 | 292 095,00 | 0,95 |
| 1,875 % thyssenkrupp AG (MTN) 2019/2023 ...........  | EUR | 400 000 | 400 000 |  | % | 96,408 | 385 634,00 | 1,25 |
| 6,50  % Transcom Holding AB (MTN) 2018/2023 ........  | EUR | 200 000 | 200 000 |  | % | 90,99 | 181 980,00 | 0,59 |
| 6,625 % UniCredit SpA 2017/perpetual * ..............  | EUR | 200 000 | 200 000 |  | % | 98,268 | 196 536,00 | 0,64 |
| 2,731 % UniCredit SpA 2020/2032 * ..................  | EUR | 200 000 | 200 000 |  | % | 90,784 | 181 567,00 | 0,59 |
| 5,75  % Unilabs Subholding AB -Reg- (MTN) 2017/2025 ..  | EUR | 200 000 | 200 000 |  | % | 99,35 | 198 701,00 | 0,64 |
| 1,625 % Unione di Banche Italiane SpA (MTN) 2019/2025 . | EUR | 250 000 | 250 000 |  | % | 97,739 | 244 347,50 | 0,79 |
| 3,625 % UPCB Finance VII Ltd -Reg- 2017/2029 .........  | EUR | 150 000 | 150 000 |  | % | 97,904 | 146 856,00 | 0,48 |
| 5,25  % Victoria PLC -Reg- (MTN) 2019/2024 ...........  4,00 % Viridian Group FinanceCo PLC Via Viridian Power and Energy -Reg- (MTN) 2017/2025 ............  | EUR EUR | 100 000 100 000 | 100 000 200 000 | 100 000 | % % | 95,062 97,422 | 95 062,00 97 421,50 | 0,31 0,32 |
| 3,00  % Vivion Investments Sarl (MTN) 2019/2024 ......  | EUR | 200 000 | 200 000 |  | % | 91,808 | 183 616,00 | 0,59 |

| 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 % VZ Vendor Financing BV (MTN) 2019/2024 ...... 2,875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2027 ...............................  | EUR EUR | 300 000 200 000 | 300 000 200 000 | % % | 98,198 98,22 | 294 594,00 196 441,00 | 0,95 0,64 |
| 2,75  % ZF North America Capital, Inc. (MTN) 2015/2023 . | EUR | 100 000 | 100 000 | % | 99,696 | 99 696,50 | 0,32 |
| 3,375 % Ziggo Bond Co. BV -Reg- (MTN) 2020/2030 .....  | EUR | 100 000 | 100 000 | % | 94,538 | 94 538,00 | 0,31 |
| 2,875 % Ziggo BV -Reg- 2019/2030 ...................  4,75  % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2017/2027 .....  | EUR GBP | 100 000 100 000 | 100 000 100 000 | % % | 98,944 97,542 | 98 944,50 107 050,39 | 0,32 0,35 |
| 6,75 % Arqiva Broadcast Finance PLC (MTN) 2018/2023 . 4,125 % B&M European Value Retail SA -Reg- (MTN) 2017/2022 ...............................  | GBP GBP | 200 000 150 000 | 200 000 150 000 | % % | 104,07 100,308 | 228 429,48 165 128,21 | 0,74 0,53 |
| 3,125 % Bank of Ireland Group PLC (MTN) 2017/2027 * ..  | GBP | 200 000 | 200 000 | % | 99,156 | 217 642,35 | 0,70 |
| 4,25  % Drax Finco PLC -Reg- (MTN) 2017/2022 ........  | GBP | 100 000 | 100 000 | % | 100,446 | 110 237,47 | 0,36 |
| 5,125 % Lloyds Banking Group PLC 2019/perpetual * ....  | GBP | 200 000 | 200 000 | % | 91,686 | 201 246,00 | 0,65 |
| 3,25  % Pinewood Finance Co., Ltd -Reg- (MTN) 2019/2025 | GBP | 200 000 | 200 000 | % | 98,89 | 217 060,69 | 0,70 |
| 3,375 % Saga PLC (MTN) 2017/2024 ..................  | GBP | 100 000 | 100 000 | % | 78,5 | 86 152,18 | 0,28 |
| 7,75  % Shop Direct Funding PLC -Reg- (MTN) 2017/2022	GBP | 200 000 | 200 000 |  | % | 91,748 | 201 382,09 | 0,65 |
| 3,875 % TalkTalk Telecom Group PLC (MTN) 2020/2025 ..	GBP | 100 000 | 100 000 |  | % | 96,812 | 106 249,23 | 0,34 |
| 5,00  % Virgin Media Secured Finance PLC -Reg- (MTN) 2017/2027 ...............................  | GBP | 200 000 | 400 000 | 200 000 | % | 104,286 | 228 904,69 | 0,74 |
| 4,50  % Crown Americas LLC Via Crown Americas Capital Corp. IV (MTN) 2013/2023 ...................  | USD | 200 000 | 200 000 |  | % | 102,96 | 183 735,07 | 0,59 |
| 7,125 % Sprint Corp. (MTN) 2014/2024 ................  | USD | 150 000 | 150 000 |  | % | 112,451 | 150 503,29 | 0,49 |
| 6,00  % Standard Chartered PLC -Reg- 2020/perpetual * ..  | USD | 200 000 | 200 000 |  | % | 99,977 | 178 410,96 | 0,58 |
| 6,25  % Vodafone Group PLC 2018/2078 * ............  | USD | 200 000 | 200 000 |  | % | 107,535 | 191 898,36 | 0,62 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	903 589,26	2,93
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 1,00  % Ford Motor Credit Co. LLC (MTN) 2017/2021 * ..  | EUR | 100 000 | 100 000 | % | 94,302 | 94 302,50 | 0,31 |
| 4,875 % Vodafone Group PLC 2018/2078 * ............  | GBP | 200 000 | 200 000 | % | 104,388 | 229 127,48 | 0,74 |
| 4,50  % Virgin Media Secured Finance PLC -Reg- (MTN) |  |  |  |  |  |  |  |
| 2020/2030 ...............................  | USD | 500 000 | 500 000 | % | 100,107 | 446 607,36 | 1,45 |
| 4,75  % ZF North America Capital, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |
| 2015/2025 ...............................  | USD | 150 000 | 150 000 | % | 99,786 | 133 551,92 | 0,43 |

Summe Wertpapiervermögen	28 668 182,96	92,89
Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 11 601,21 | 0,03 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen GBP/EUR 2,3 Mio. .................................  |  |  | 13 725,60 | 0,04 |
| USD/EUR 1,4 Mio.  ................................  |  |  | -2 124,39 | -0,01 |
| Bankguthaben |  |  | 1 779 260,82 | 5,76 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  | 1 531 501,81 | 4,95 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 134 301 | 147 392,14 | 0,48 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar .........................................  | USD | 112 486 | 100 366,87 | 0,33 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Sonstige Vermögensgegenstände | 528 886,40 | 1,72 |
| Zinsansprüche ....................................  | 406 385,66 | 1,32 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 14 045,19 | 0,05 |
| Sonstige Ansprüche ................................  | 108 455,55 | 0,35 |
| Summe der Vermögensgegenstände ** | 30 990 055,78 | 100,41 |
| Sonstige Verbindlichkeiten | -125 301,30 | -0,41 |
| Verbindlichkeiten aus Kostenpositionen ................  | -25 301,30 | -0,08 |
| Andere sonstige Verbindlichkeiten .....................  | -100 000,00 | -0,33 |
| Summe der Verbindlichkeiten | -127 425,69 | -0,41 |
| Fondsvermögen | 30 862 630,09 | 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 | 93,50 |
| Klasse FD ........................................  | EUR | 93,50 |
| Klasse LC ........................................  | EUR | 93,32 |
| Klasse LD ........................................  | EUR | 93,33 |
| Klasse TFC .......................................  | EUR | 93,50 |
| Klasse TFD .......................................  | EUR | 93,50 |
| Klasse XC ........................................  | EUR | 93,68 |
| Klasse XD ........................................  | EUR | 93,68 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 100,000 |
| Klasse LD ........................................  | Stück | 131,000 |
| Klasse TFC .......................................  | Stück | 100,000 |
| Klasse TFD .......................................  | Stück | 100,000 |
| Klasse XC ........................................  | Stück | 328 732,000 |
| Klasse XD ........................................  | Stück | 100,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) ICE BofAML BB-B Rated Euro High Yield Constrained Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 46,395 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 131,965 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 100,827 |

Die Risikokennzahlen wurden für den Zeitraum vom 14.2.2020 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 0,2, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 5 814 622,54.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Citigroup Global Markets und Royal Bank Of Canada
 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.
DWS Invest Euro High Yield Corporates
DWS INVEST EURO HIGH YIELD CORPORATES

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0616839501 | -5,4% |
| Klasse FC | LU0616840772 | -5,1% |
| Klasse FD | LU0813334322 | -5,1% |
| Klasse IC | LU1054331407 | -5,0% |
| Klasse IC50 | LU1506496410 | -5,0% |
| Klasse ID | LU1054331589 | -5,0% |
| Klasse ID50 | LU1432415641 | -5,0% |
| Klasse LD | LU0616839766 | -5,4% |
| Klasse NC | LU0616840186 | -5,5% |
| Klasse ND | LU0616840426 | -5,6% |
| Klasse NDQ | LU1054332397 | -5,6% |
| Klasse PFC | LU1054332470 | -5,8% |
| Klasse PFDQ | LU1054332553 | -5,8% |
| Klasse RDQ | LU1808738642 | -4,9% |
| Klasse TFC | LU1663875406 | -5,1% |
| Klasse TFD | LU1663877287 | -5,1% |
| Klasse CHF FCH 1) | LU1426784200 | -5,4% |
| Klasse SEK LCH 2) | LU1322113298 | -5,5% |
| Klasse USD FCH 3) | LU0911036480 | -4,1% |
| Klasse USD LCH 3) | LU0911036308 | -4,3% |
| Klasse USD LDMH 3) | LU0616840939 | -4,3% |
| Klasse USD TFCH 3) | LU1663879069 | -4,3% |


##### ML Euro BB-B Non-Financial Fixed & FRN HY Constr. Index
1) 
in CHF
2) 
in SEK
3) 
in USD

##### -5,8%
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 High Yield Corporates
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 2 460 735 040,08 | 95,47 |
| Institute | 15 282 694,21 | 0,59 |
| Summe Anleihen | 2 476 017 734,29 | 96,06 |
| 2. Derivate | 559 971,98 | 0,02 |
| 3. Bankguthaben | 79 884 265,67 | 3,10 |
| 4. Sonstige Vermögensgegenstände | 44 515 367,78 | 1,72 |
| 5. Forderungen aus Anteilscheingeschäften | 20 270 614,37 | 0,79 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -42 910 688,02 | - 1,66 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -737 801,21 | - 0,03 |
| III. Fondsvermögen | 2 577 599 464,86 | 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	2 336 133 207,26	90,63
Verzinsliche Wertpapiere
| 1,50 | % Petroleos Mexicanos (MTN) 2015/2020 .......  | CHF | 6 580 000 | 6 580 000 |  | % | 98,702 | 6 099 567,03 | 0,24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0,50 | % Teva Pharmaceutical Finance Netherlands IV BV (MTN) 2016/2022 .........................  | CHF | 4 180 000 |  |  | % | 94,033 | 3 691 488,63 | 0,14 |
| 4,00 | % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 ..............................  | EUR | 2 500 000 |  |  | % | 97,238 | 2 430 937,50 | 0,09 |
| 4,125 | % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 * .............................  | EUR | 1 301 143 |  |  | % | 97,426 | 1 267 644,94 | 0,05 |
| 3,00 | % Abertis Infraestructuras SA (MTN) 2019/2031 ...  | EUR | 2 500 000 | 5 000 000 | 2 500 000 | % | 103,678 | 2 591 962,50 | 0,10 |
| 4,125 | % Adler Pelzer Holding GmbH -Reg- (MTN) 2017/2024 ..............................  | EUR | 7 000 000 | 2 000 000 | 2 500 000 | % | 73,356 | 5 134 885,00 | 0,20 |
| 2,125 | % ADLER Real Estate AG (MTN) 2017/2024 ......  | EUR | 1 910 000 |  | 1 000 000 | % | 96,777 | 1 848 440,70 | 0,07 |
| 1,875 | % ADLER Real Estate AG (MTN) 2018/2023 ......  | EUR | 10 000 000 | 1 000 000 | 3 000 000 | % | 97,216 | 9 721 550,00 | 0,38 |
| 3,00 | % ADLER Real Estate AG (MTN) 2018/2026 ** ...  | EUR | 3 000 000 | 3 000 000 | 1 000 000 | % | 99,559 | 2 986 770,00 | 0,12 |
| 1,50 | % ADLER Real Estate AG 2017/2021 ...........  | EUR | 18 000 000 | 9 000 000 |  | % | 98,174 | 17 671 230,00 | 0,69 |
| 1,50 | % ADLER Real Estate AG 2019/2022 ...........  | EUR | 3 000 000 |  | 2 000 000 | % | 97,537 | 2 926 110,00 | 0,11 |
| 3,875 | % Akelius Residential Property AB 2018/2078 * ...  | EUR | 5 730 000 |  |  | % | 100,696 | 5 769 880,80 | 0,22 |
| 6,50 | % Algeco Scotsman Global Finance PLC -Reg- (MTN) 2018/2023 ** ......................  | EUR | 5 000 000 |  | 5 000 000 | % | 96,455 | 4 822 750,00 | 0,19 |
| 6,25 | % Algeco Scotsman Global Finance PLC -Reg- (MTN) 2018/2023 * .......................  | EUR | 1 000 000 |  |  | % | 93,892 | 938 920,00 | 0,04 |
| 7,25 | % Almaviva-The Italian Innovation Co. SpA -Reg- (MTN) 2017/2022 ** ......................  | EUR | 5 960 000 |  |  | % | 89,89 | 5 357 444,00 | 0,21 |
| 2,25 | % Altice Financing SA -Reg- (MTN) 2020/2025 ....  | EUR | 7 570 000 | 7 570 000 |  | % | 93,886 | 7 107 132,35 | 0,28 |
| 5,875 | % Altice France SA/France -Reg- (MTN) 2018/2027 | EUR | 21 334 000 | 12 114 000 |  | % | 105,623 | 22 533 610,83 | 0,87 |
| 2,50 | % Altice France SA/France -Reg- (MTN) 2019/2025 | EUR | 5 920 000 |  |  | % | 95,559 | 5 657 092,80 | 0,22 |
| 2,125 | % Altice France SA/France -Reg- (MTN) 2020/2025 ** | EUR | 5 000 000 | 5 000 000 |  | % | 93,81 | 4 690 525,00 | 0,18 |
| 1,125 | % Amplifon SpA (MTN) 2020/2027 .............  | EUR | 3 000 000 | 4 700 000 | 1 700 000 | % | 98,543 | 2 956 290,00 | 0,11 |
| 2,125 | % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026 ** ..  | EUR | 6 700 000 | 6 700 000 |  | % | 96,449 | 6 462 083,00 | 0,25 |
| 2,00 | % Ashland Services BV -Reg- (MTN) 2020/2028 ** | EUR | 4 000 000 | 5 030 000 | 1 030 000 | % | 93,207 | 3 728 280,00 | 0,14 |
| 5,00 | % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 9 000 000 |  | 1 280 000 | % | 95 | 8 550 000,00 | 0,33 |
| 0,25 | % AT&T, Inc. (MTN) 2019/2026 ................  | EUR | 3 200 000 | 3 200 000 |  | % | 96,536 | 3 089 168,00 | 0,12 |
| 2,35 | % AT&T, Inc. 2018/2029 .....................  | EUR | 1 299 000 | 1 299 000 |  | % | 109,258 | 1 419 254,93 | 0,05 |
| 5,875 | % Atlantia SpA (MTN) 2004/2024 ..............  | EUR | 1 000 000 | 2 000 000 | 1 000 000 | % | 110,703 | 1 107 030,00 | 0,04 |
| 4,375 | % Autodis SA (MTN) -Reg- 2016/2022 * .........  | EUR | 3 440 777 |  | 2 270 913 | % | 96,778 | 3 329 932,07 | 0,13 |
| 2,875 | % Autostrade per l‘Italia SpA (MTN) 2013/2021 ...  | EUR | 11 070 000 | 13 070 000 | 2 000 000 | % | 99,482 | 11 012 602,05 | 0,43 |
| 4,75 | % Avantor, Inc. -Reg- (MTN) 2017/2024 .........  | EUR | 7 000 000 |  |  | % | 103,32 | 7 232 365,00 | 0,28 |
| 3,75 | % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 .........................  | EUR | 3 000 000 |  | 4 300 000 | % | 99,05 | 2 971 515,00 | 0,12 |
| 4,25 | % Axalta Coating Systems LLC -Reg- (MTN) 2016/2024 ..............................  | EUR | 14 000 000 |  |  | % | 99,522 | 13 933 080,00 | 0,54 |
| 0,875 | % Ball Corp. (MTN) 2019/2024 ................  | EUR | 6 000 000 |  | 2 700 000 | % | 96,338 | 5 780 310,00 | 0,22 |
| 3,50 | % Banijay Entertainment SASU -Reg- (MTN) 2020/2025 ** ............................  | EUR | 3 000 000 | 5 810 000 | 2 810 000 | % | 95,706 | 2 871 180,00 | 0,11 |
| 6,50 | % Banijay Group SAS -Reg- (MTN) 2020/2026 ....  | EUR | 3 192 000 | 3 192 000 |  | % | 90,12 | 2 876 646,36 | 0,11 |
| 4,50 | % Bausch Health Companies, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2023	EUR | 24 000 000 | 7 000 000 | 2 000 000 | % | 99,238 | 23 817 240,00 | 0,92 |
| 1,00 | % Berry Global, Inc. -Reg- (MTN) 2020/2025 ......  | EUR | 5 000 000 | 7 000 000 | 5 050 000 | % | 94,784 | 4 739 225,00 | 0,18 |
| 3,625 | % BP Capital Markets PLC 2020/perpetual * . . . . . . | EUR | 4 670 000 | 4 670 000 |  | % | 100,539 | 4 695 171,30 | 0,18 |
| 4,75 | % BWAY Holding Co. (MTN) 2018/2024 .........  | EUR | 11 000 000 |  |  | % | 97,806 | 10 758 715,00 | 0,42 |
| 1,875 | % Carnival Corp. (MTN) 2015/2022 .............  | EUR | 2 000 000 | 2 000 000 |  | % | 74,424 | 1 488 470,00 | 0,06 |
| 5,976 | % Casino Guichard Perrachon SA (MTN) 2011/2021 * | EUR | 2 000 000 | 2 000 000 |  | % | 101,346 | 2 026 910,00 | 0,08 |
| 4,561 | % Casino Guichard Perrachon SA (MTN) 2013/2023 * | EUR | 18 900 000 |  |  | % | 96,117 | 18 166 113,00 | 0,70 |
| 4,498 | % Casino Guichard Perrachon SA (MTN) 2014/2024 | EUR | 3 000 000 |  | 2 500 000 | % | 90,397 | 2 711 910,00 | 0,11 |
| 3,58 | % Casino Guichard Perrachon SA (MTN) 2014/2025 * | EUR | 3 500 000 |  |  | % | 85,203 | 2 982 105,00 | 0,12 |
| 4,048 | % Casino Guichard Perrachon SA (MTN) 2014/2026 | EUR | 5 000 000 |  |  | % | 85,162 | 4 258 125,00 | 0,17 |
| 1,865 | % Casino Guichard Perrachon SA (MTN) 2017/2022 | EUR | 20 000 000 |  |  | % | 96,644 | 19 328 700,00 | 0,75 |
| 1,875 | % Cellnex Telecom SA (MTN) 2020/2029 ........  | EUR | 5 700 000 | 5 700 000 |  | % | 98,812 | 5 632 312,50 | 0,22 |
| 4,625 | % Cemex Finance LLC -Reg- (MTN) 2016/2024 ...  | EUR | 4 000 000 |  |  | % | 99,275 | 3 971 000,00 | 0,15 |
| 2,75 | % Cemex SAB de CV -Reg- (MTN) 2017/2024 ** ..  | EUR | 4 200 000 |  |  | % | 92,474 | 3 883 887,00 | 0,15 |
| 4,00 | % Chemours Co./The (MTN) 2018/2026 ** .......  | EUR | 31 000 000 | 2 000 000 | 8 225 000 | % | 90,488 | 28 051 125,00 | 1,09 |
| 3,50 | % Cheplapharm Arzneimittel GmbH -Reg- (MTN) 2020/2027 ..............................  | EUR | 3 000 000 | 3 000 000 |  | % | 97,516 | 2 925 495,00 | 0,11 |
| 6,50 | % CMA CGM SA -Reg- (MTN) 2017/2022 ** .....  | EUR | 2 000 000 | 2 000 000 | 10 000 000 | % | 93,366 | 1 867 310,00 | 0,07 |
| 5,25 | % CMA CGM SA -Reg- (MTN) 2017/2025 ........  | EUR | 7 000 000 | 2 000 000 | 7 000 000 | % | 83,034 | 5 812 415,00 | 0,23 |
| 9,00 | % CMF SpA -Reg- (MTN) 2017/2022 ** .........  | EUR | 12 000 000 |  | 2 000 000 | % | 97,568 | 11 708 220,00 | 0,45 |
| 5,375 | % Constantin Investissement 3 SASU -Reg- (MTN) 2018/2025 ..............................  | EUR | 2 170 000 |  |  | % | 100,432 | 2 179 374,40 | 0,08 |
| 4,625 | % Constellium NV -Reg- (MTN) 2014/2021 .......  | EUR | 5 856 667 | 1 066 667 |  | % | 100,18 | 5 867 238,24 | 0,23 |
| 4,25 | % Constellium NV -Reg- (MTN) 2017/2026 .......  | EUR | 6 360 000 | 1 200 000 |  | % | 98,579 | 6 269 624,40 | 0,24 |
| 9,625 | % Consus Real Estate AG -Reg- (MTN) 2019/2024 ** | EUR | 15 389 000 |  | 6 611 000 | % | 109 | 16 774 010,00 | 0,65 |
| 3,375 | % ContourGlobal Power Holdings SA -Reg- (MTN) 2018/2023 ..............................  | EUR | 21 700 000 | 2 000 000 |  | % | 101,446 | 22 013 890,50 | 0,85 |
| 4,125 | % ContourGlobal Power Holdings SA -Reg- (MTN) 2018/2025 ..............................  | EUR | 2 960 000 |  | 310 000 | % | 103,028 | 3 049 614,00 | 0,12 |
| 5,50 | % Cott Corp. -Reg- (MTN) 2016/2024 ** .........  | EUR | 3 000 000 |  |  | % | 100,966 | 3 028 980,00 | 0,12 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,375  % Crown European Holdings SA -Reg- (MTN) |
|  | 2015/2025 ..............................  | EUR | 19 193 000 |  | 1 200 000 | % | 103,922 | 19 945 653,50 | 0,77 |
| 0,75 | % Crown European Holdings SA -Reg- 2019/2023 . | EUR | 16 660 000 | 6 300 000 |  | % | 96,719 | 16 113 385,40 | 0,63 |
| 4,25 | % Crystal Almond SARL -Reg- (MTN) 2019/2024 ..  | EUR | 13 000 000 |  | 6 650 000 | % | 98,764 | 12 839 255,00 | 0,50 |
| 5,25 | % CTC BondCo GmbH -Reg- (MTN) 2017/2025 ...  | EUR | 2 000 000 | 4 600 000 | 2 600 000 | % | 97,968 | 1 959 350,00 | 0,08 |
| 1,875 | % DEMIRE Deutsche Mittelstand Real Estate AG |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2024 .........................  | EUR | 10 000 000 |  | 11 500 000 | % | 95,272 | 9 527 150,00 | 0,37 |
| 1,25 | % Deutsche Boerse AG 2020/2047 * ** .........  | EUR | 2 600 000 | 2 600 000 |  | % | 99,942 | 2 598 505,00 | 0,10 |
| 3,875 | % Diocle Spa -Reg- (MTN) 2019/2026 * .........  | EUR | 2 740 000 |  |  | % | 98,934 | 2 710 805,30 | 0,11 |
| 7,00 | % DKT Finance ApS (MTN) 2018/2023 ..........  | EUR | 15 000 000 | 1 890 000 | 4 890 000 | % | 99,904 | 14 985 675,00 | 0,58 |
| 3,00 | % Dometic Group AB (MTN) 2018/2023 ** ......  | EUR | 2 000 000 |  |  | % | 99,292 | 1 985 840,00 | 0,08 |
| 3,00 | % Dometic Group AB (MTN) 2019/2026 .........  | EUR | 9 400 000 | 400 000 |  | % | 95,214 | 8 950 116,00 | 0,35 |
| 2,50 | % Dufry One BV (MTN) 2017/2024 ** ..........  | EUR | 1 000 000 |  |  | % | 84,193 | 841 930,00 | 0,03 |
| 2,00 | % Dufry One BV (MTN) 2019/2027 .............  | EUR | 5 030 000 |  | 1 000 000 | % | 78,407 | 3 943 872,10 | 0,15 |
| 2,375 | % EC Finance PLC -Reg- (MTN) 2017/2022 .......  | EUR | 8 000 000 |  |  | % | 91,605 | 7 328 400,00 | 0,28 |
| 4,496 | % EDP - Energias de Portugal SA 2019/2079 * ....  | EUR | 4 700 000 |  |  | % | 106,54 | 5 007 403,50 | 0,19 |
| 1,75 | % eircom Finance DAC (MTN) 2019/2024 ** .....  | EUR | 8 000 000 | 2 860 000 | 3 000 000 | % | 95,6 | 7 648 040,00 | 0,30 |
| 3,50 | % eircom Finance DAC (MTN) 2019/2026 ........  | EUR | 4 000 000 |  | 2 000 000 | % | 100,752 | 4 030 080,00 | 0,16 |
| 3,00 | % El Corte Ingles SA -Reg- (MTN) 2018/2024 ** ..  | EUR | 13 500 000 | 1 510 000 | 2 000 000 | % | 98,318 | 13 272 930,00 | 0,51 |
| 6,375 | % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ** ...  | EUR | 7 510 000 | 1 410 000 | 2 000 000 | % | 84,121 | 6 317 487,10 | 0,24 |
| 3,75 | % ELM BV for Firmenich International SA 2020/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 5 220 000 | 5 220 000 |  | % | 102,922 | 5 372 528,40 | 0,21 |
| 2,045 | % EP Infrastructure AS (MTN) 2019/2028 ........  | EUR | 5 850 000 |  |  | % | 97,287 | 5 691 289,50 | 0,22 |
| 2,875 | % Equinix, Inc. (MTN) 2017/2025 ..............  | EUR | 14 730 000 |  | 2 000 000 | % | 101,782 | 14 992 562,26 | 0,58 |
| 2,875 | % Equinix, Inc. (MTN) 2017/2026 ..............  | EUR | 3 000 000 |  | 1 970 000 | % | 102,001 | 3 060 030,00 | 0,12 |
| 2,875 | % Equinix, Inc. (MTN) 2018/2025 ..............  | EUR | 8 090 000 |  |  | % | 101,92 | 8 245 368,45 | 0,32 |
| 4,25 | % Evoca SpA -Reg- (MTN) 2019/2026 * ** .......  | EUR | 6 000 000 |  | 5 260 000 | % | 85,808 | 5 148 450,00 | 0,20 |
| 3,125 | % Faurecia SA (MTN) 2019/2026 ...............  | EUR | 2 000 000 |  | 5 650 000 | % | 98,178 | 1 963 560,00 | 0,08 |
| 1,875 | % FCE Bank PLC (MTN) 2014/2021 .............  | EUR | 4 000 000 | 4 000 000 |  | % | 98,01 | 3 920 400,00 | 0,15 |
| 1,528 | % FCE Bank PLC (MTN) 2015/2020 .............  | EUR | 16 000 000 | 16 000 000 |  | % | 99,482 | 15 917 040,00 | 0,62 |
| 1,134 | % FCE Bank PLC (MTN) 2015/2022 .............  | EUR | 4 000 000 | 4 000 000 |  | % | 96,551 | 3 862 040,00 | 0,15 |
| 1,66 | % FCE Bank PLC (MTN) 2016/2021 .............  | EUR | 15 000 000 | 15 000 000 |  | % | 98,838 | 14 825 625,00 | 0,58 |
| 0,086 | % FCE Bank PLC (MTN) 2017/2020 * ...........  | EUR | 2 000 000 | 2 000 000 |  | % | 99,576 | 1 991 530,00 | 0,08 |
| 0,869 | % FCE Bank PLC (MTN) 2017/2021 .............  | EUR | 6 500 000 | 6 500 000 |  | % | 96,655 | 6 282 575,00 | 0,24 |
| 4,75 | % Fiat Chrysler Finance & Trade SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2022 ..............................  | EUR | 6 000 000 |  | 2 200 000 | % | 104,114 | 6 246 870,00 | 0,24 |
| 4,75 | % Fire BC SpA -Reg- (MTN) 2018/2024 * ........  | EUR | 5 000 000 | 5 000 000 |  | % | 89,136 | 4 456 775,00 | 0,17 |
| 0,017 | % Ford Motor Credit Co. LLC (MTN) 2018/2021 * . | EUR | 10 010 000 | 10 010 000 |  | % | 96,796 | 9 689 229,55 | 0,38 |
| 0,317 | % Ford Motor Credit Co. LLC (MTN) 2018/2023 * . | EUR | 4 000 000 | 4 000 000 |  | % | 86,693 | 3 467 720,00 | 0,13 |
| 3,021 | % Ford Motor Credit Co. LLC (MTN) 2019/2024 ...  | EUR | 4 000 000 | 4 000 000 |  | % | 96,109 | 3 844 360,00 | 0,15 |
| 0,025 | % Ford Motor Credit Co., LLC (MTN) 2018/2022 * . | EUR | 7 225 000 | 7 225 000 |  | % | 91,262 | 6 593 715,63 | 0,26 |
| 6,875 | % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ..  | EUR | 9 920 000 | 9 920 000 |  | % | 69,133 | 6 857 993,60 | 0,27 |
| 5,375 | % Galapagos SA/Luxembourg -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2021 ..............................  | EUR | 302 600 |  |  | % | 0 | 0,30 | 0,00 |
| 5,125 | % Garrett LX I Sarl / Garrett Borrowing LLC -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2026 ** ......................  | EUR | 12 300 000 | 300 000 | 1 000 000 | % | 82,375 | 10 132 125,00 | 0,39 |
| 0,281 | % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2021 * .............................  | EUR | 5 000 000 | 5 000 000 |  | % | 98,342 | 4 917 100,00 | 0,19 |
| 3,50 | % Gestamp Funding Luxembourg SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2023 ..............................  | EUR | 8 000 000 | 4 000 000 |  | % | 97,824 | 7 825 880,00 | 0,30 |
| 2,875 | % Globalworth Real Estate Investments Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | EUR | 3 000 000 |  | 4 000 000 | % | 100,162 | 3 004 845,00 | 0,12 |
| 3,00 | % Globalworth Real Estate Investments Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2025 ..............................  | EUR | 2 700 000 |  | 5 910 000 | % | 100,766 | 2 720 682,00 | 0,11 |
| 3,75 | % Goodyear Dunlop Tires Europe BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ..............................  | EUR | 9 150 000 |  |  | % | 96,962 | 8 872 068,75 | 0,34 |
| 7,375 | % Greif Nevada Holdings, Inc. SCS -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2011/2021 ..............................  | EUR | 1 038 000 |  |  | % | 105,128 | 1 091 233,83 | 0,04 |
| 3,20 | % Grifols SA -Reg- (MTN) 2017/2025 ...........  | EUR | 13 002 000 | 1 702 000 | 1 000 000 | % | 100,073 | 13 011 491,46 | 0,50 |
| 1,625 | % Grifols SA -Reg- (MTN) 2019/2025 ...........  | EUR | 2 000 000 |  | 1 580 000 | % | 97,92 | 1 958 410,00 | 0,08 |
| 3,25 | % Grupo-Antolin Irausa SA -Reg- (MTN) 2017/2024 | EUR | 3 470 000 | 1 470 000 |  | % | 88,382 | 3 066 872,75 | 0,12 |
| 3,375 | % Grupo-Antolin Irausa SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2026 ** ............................  | EUR | 1 000 000 |  | 1 000 000 | % | 85,18 | 851 795,00 | 0,03 |
| 3,248 | % Heimstaden Bostad AB 2019/perpetual * ......  | EUR | 12 280 000 |  | 1 000 000 | % | 95,806 | 11 765 038,20 | 0,46 |
| 6,25 | % Hema Bondco I BV -Reg- (MTN) 2017/2022 * ...  | EUR | 6 300 000 |  | 1 700 000 | % | 65,554 | 4 129 902,00 | 0,16 |
| 3,25 | % Hornbach Baumarkt AG (MTN) 2019/2026 .....  | EUR | 8 000 000 |  | 3 100 000 | % | 101,986 | 8 158 840,00 | 0,32 |
| 4,375 | % House of Finance NV/The -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ** ............................  | EUR | 6 500 000 | 1 500 000 | 1 800 000 | % | 88,15 | 5 729 717,50 | 0,22 |
| 9,25 | % HT Troplast GmbH -Reg- (MTN) 2020/2025 ....  | EUR | 10 980 000 | 10 980 000 |  | % | 102,525 | 11 257 245,00 | 0,44 |
| 2,875 | % INEOS Finance PLC -Reg- (MTN) 2019/2026 ...  | EUR | 4 000 000 | 4 000 000 | 9 180 000 | % | 95,745 | 3 829 800,00 | 0,15 |
| 5,375 | % INEOS Group Holdings SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2024 ** ............................  | EUR | 6 000 000 | 4 000 000 | 6 600 000 | % | 98,338 | 5 900 250,00 | 0,23 |
| 4,875 | % Inter Media and Communication SpA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | EUR | 7 266 160 |  | 1 046 965 | % | 96 | 6 975 513,60 | 0,27 |
| 6,50 | % International Design Group SPA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2025 ..............................  | EUR | 16 500 000 | 1 000 000 | 500 000 | % | 93,336 | 15 400 357,50 | 0,60 |
| 3,50 | % International Game Technology PLC (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ..............................  | EUR | 2 210 000 |  |  | % | 95,061 | 2 100 848,10 | 0,08 |
| 4,75 | % International Game Technology PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ..............................  | EUR | 8 500 000 | 1 500 000 | 1 250 000 | % | 101,087 | 8 592 395,00 | 0,33 |
| 3,375 | % Intertrust Group BV -Reg- (MTN) 2018/2025 ....  | EUR | 16 000 000 |  | 2 000 000 | % | 100,31 | 16 049 600,00 | 0,62 |
| 3,50 | % Intrum AB -Reg- (MTN) 2019/2026 ** .........  | EUR | 4 000 000 |  | 1 470 000 | % | 88,002 | 3 520 100,00 | 0,14 |

| 3,00 | % Intrum AB -Reg- (MTN) 2019/2027 ** .........  | EUR | 6 000 000 |  | 1 510 000 | % | 84,115 | 5 046 900,00 | 0,20 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2,75 | % Intrum Justitia AB -Reg- (MTN) 2017/2022 ** ..  | EUR | 3 012 500 |  |  | % | 95,329 | 2 871 786,13 | 0,11 |
| 3,50 | % IQVIA, Inc. -Reg- (MTN) 2016/2024 ...........  | EUR | 12 710 000 |  | 1 000 000 | % | 101,884 | 12 949 456,40 | 0,50 |
| 2,875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ...........  | EUR | 5 750 000 | 5 750 000 |  | % | 99,653 | 5 730 047,50 | 0,22 |
| 3,00 | % Iron Mountain, Inc. -Reg- (MTN) 2017/2025 ....  | EUR | 2 000 000 |  |  | % | 98 | 1 960 010,00 | 0,08 |
| 3,625 | % JAMES HARDIE INTL FIN (MTN) 2018/2026 ...  | EUR | 8 000 000 | 3 000 000 | 1 610 000 | % | 102,437 | 8 194 960,00 | 0,32 |
| 3,00 | % K+S AG (MTN) 2012/2022 ..................  | EUR | 5 600 000 | 5 600 000 |  | % | 93,575 | 5 240 200,00 | 0,20 |
| 4,125 | % K+S AG (MTN) 2013/2021 ** ...............  | EUR | 10 850 000 | 10 850 000 |  | % | 98,804 | 10 720 234,00 | 0,42 |
| 5,50 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2024 ** ............................  | EUR | 11 000 000 | 1 000 000 | 1 300 000 | % | 91,562 | 10 071 820,00 | 0,39 |
| 8,75 | % Kirk Beauty One GmbH -Reg- (MTN) 2015/2023 . | EUR | 6 000 000 | 1 000 000 |  | % | 50,912 | 3 054 690,00 | 0,12 |
| 6,75 | % KME AG -Reg- (MTN) 2018/2023 ** ..........  | EUR | 26 000 000 |  | 2 000 000 | % | 69,746 | 18 133 960,00 | 0,70 |
| 5,00 | % Kongsberg Actuation Systems BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2025 ** ............................  | EUR | 5 500 000 |  |  | % | 74,595 | 4 102 725,00 | 0,16 |
| 2,00 | % Koninklijke KPN NV 2019/perpetual * .........  | EUR | 13 000 000 |  | 2 500 000 | % | 94,513 | 12 286 690,00 | 0,48 |
| 2,00 | % Kraft Heinz Foods Co. (MTN) 2015/2023 .......  | EUR | 5 100 000 | 5 100 000 |  | % | 101,492 | 5 176 117,50 | 0,20 |
| 2,25 | % Kraft Heinz Foods Co. 2016/2028 ............  | EUR | 3 000 000 | 3 000 000 |  | % | 98,984 | 2 969 520,00 | 0,12 |
| 5,25 | % Kraton Polymers LLC Via Kraton Polymers Capital |  |  |  |  |  |  |  |  |
|  | Corp. -Reg- (MTN) 2018/2026 ...............  | EUR | 7 621 000 | 1 750 000 | 1 129 000 | % | 102,272 | 7 794 111,02 | 0,30 |
| 3,75 | % Kronos International, Inc. -Reg- (MTN) 2017/2025 | EUR | 17 000 000 |  | 5 000 000 | % | 98,324 | 16 714 995,00 | 0,65 |
| 4,00 | % La Financiere Atalian SAS -Reg- (MTN) 2017/2024 | EUR | 6 010 000 |  | 2 000 000 | % | 75,49 | 4 536 918,95 | 0,18 |
| 5,125 | % La Financiere Atalian SASU -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2025 ** ............................  | EUR | 7 830 000 | 2 000 000 | 1 000 000 | % | 75,568 | 5 916 974,40 | 0,23 |
| 3,125 | % La Poste SA 2018/perpetual * ** ............  | EUR | 7 000 000 |  | 2 300 000 | % | 103,146 | 7 220 185,00 | 0,28 |
| 4,125 | % LHC3 PLC -Reg- (MTN) 2017/2024 ...........  | EUR | 5 000 000 | 1 560 000 | 1 100 000 | % | 100,562 | 5 028 125,00 | 0,19 |
| 6,25 | % LHMC Finco Sarl (MTN) 2018/2023 ...........  | EUR | 16 500 000 |  |  | % | 91,376 | 15 076 957,50 | 0,58 |
| 3,875 | % Lincoln Financing SARL -Reg- (MTN) 2019/2024 * | EUR | 2 000 000 |  |  | % | 92,799 | 1 855 980,00 | 0,07 |
| 3,625 | % LKQ European Holdings BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2026 ..............................  | EUR | 3 000 000 |  | 1 720 000 | % | 101,998 | 3 059 925,00 | 0,12 |
| 3,875 | % LKQ Italia Bondco SpA -Reg- (MTN) 2016/2024 . | EUR | 1 500 000 |  | 1 000 000 | % | 103,898 | 1 558 470,00 | 0,06 |
| 3,25 | % Loxam SAS (MTN) 2019/2025 ...............  | EUR | 6 500 000 | 4 000 000 | 2 150 000 | % | 91,913 | 5 974 345,00 | 0,23 |
| 5,75 | % Loxam SAS (MTN) 2019/2027 ...............  | EUR | 5 271 000 |  | 8 729 000 | % | 79,596 | 4 195 478,81 | 0,16 |
| 3,50 | % Loxam SAS -Reg- (MTN) 2016/2023 ..........  | EUR | 8 155 000 | 2 000 000 |  | % | 96,222 | 7 846 904,10 | 0,30 |
| 3,50 | % Loxam SAS -Reg- (MTN) 2017/2022 ** ........  | EUR | 4 000 000 |  |  | % | 98,187 | 3 927 480,00 | 0,15 |
| 4,25 | % Loxam SAS -Reg- (MTN) 2017/2024 ** ........  | EUR | 2 000 000 |  |  | % | 95,7 | 1 914 000,00 | 0,07 |
| 6,00 | % Loxam SAS -Reg- (MTN) 2017/2025 ** ........  | EUR | 7 170 000 |  |  | % | 86,032 | 6 168 530,25 | 0,24 |
| 2,875 | % Loxam SAS -Reg- (MTN) 2019/2026 ..........  | EUR | 4 000 000 | 4 000 000 |  | % | 86,431 | 3 457 240,00 | 0,13 |
| 5,00 | % LSF10 Wolverine Investments SCA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2024 ** ............................  | EUR | 2 340 000 |  |  | % | 99,17 | 2 320 578,00 | 0,09 |
| 7,75 | % LSF9 Balta Issuer SARL -Reg- (MTN) 2015/2022 | EUR | 5 135 400 |  |  | % | 65,287 | 3 352 774,28 | 0,13 |
| 6,125 | % Maxeda Diy Holding BV -Reg- (MTN) 2017/2022 ** | EUR | 16 532 000 | 7 532 000 | 3 000 000 | % | 92,342 | 15 265 896,78 | 0,59 |
| 5,50 | % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ** | EUR | 6 700 000 | 1 500 000 |  | % | 95,574 | 6 403 491,50 | 0,25 |
| 7,75 | % Moby SpA -Reg- (MTN) 2016/2023 ...........  | EUR | 18 000 000 |  |  | % | 21,04 | 3 787 110,00 | 0,15 |
| 9,50 | % Monitchem HoldCo 2 SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ** ............................  | EUR | 11 000 000 |  |  | % | 100,552 | 11 060 665,00 | 0,43 |
| 5,25 | % Monitchem HoldCo 3 SA -Reg- (MTN) 2019/2025 | EUR | 6 000 000 |  | 7 310 000 | % | 101,882 | 6 112 920,00 | 0,24 |
| 7,00 | % Motion Finco Sarl -Reg- (MTN) 2020/2025 .....  | EUR | 5 470 000 | 5 470 000 |  | % | 103,05 | 5 636 807,65 | 0,22 |
| 4,00 | % MPT Operating Partnership LP Via MPT Finance |  |  |  |  |  |  |  |  |
|  | Corp. (MTN) 2015/2022 ....................  | EUR | 2 500 000 |  | 3 590 000 | % | 104,642 | 2 616 037,50 | 0,10 |
| 2,50 | % Mytilineos Financial Partners SA (MTN) 2019/2024 | EUR | 10 320 000 |  |  | % | 100,5 | 10 371 600,00 | 0,40 |
| 7,125 | % NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2024 .........................  | EUR | 9 526 000 | 3 526 000 |  | % | 98,006 | 9 336 051,56 | 0,36 |
| 4,125 | % Naturgy Finance BV 2014/2049 * ............  | EUR | 10 000 000 |  |  | % | 102,918 | 10 291 750,00 | 0,40 |
| 3,375 | % Naturgy Finance BV 2015/2049 * ............  | EUR | 5 800 000 |  | 1 000 000 | % | 100,748 | 5 843 413,00 | 0,23 |
| 6,50 | % Naviera Armas SA -Reg- (MTN) 2016/2023 * ...  | EUR | 11 000 000 |  | 5 100 000 | % | 56,462 | 6 210 875,00 | 0,24 |
| 4,25 | % Naviera Armas SA -Reg- (MTN) 2017/2024 * ...  | EUR | 5 000 000 |  | 3 000 000 | % | 55,024 | 2 751 200,00 | 0,11 |
| 3,625 | % Netflix, Inc. (MTN) 2017/2027 ...............  | EUR | 23 080 000 | 2 000 000 | 7 000 000 | % | 104,452 | 24 107 637,00 | 0,94 |
| 4,625 | % Netflix, Inc. 2018/2029 .....................  | EUR | 17 000 000 | 3 000 000 |  | % | 111,286 | 18 918 705,00 | 0,73 |
| 3,625 | % Netflix, Inc. 2019/2030 .....................  | EUR | 4 000 000 |  | 2 380 000 | % | 103,02 | 4 120 800,00 | 0,16 |
| 3,875 | % Netflix, Inc. -Reg- (MTN) 2019/2029 ..........  | EUR | 6 900 000 | 5 900 000 | 1 000 000 | % | 105,28 | 7 264 320,00 | 0,28 |
| 3,00 | % Netflix, Inc. -Reg- (MTN) 2020/2025 ..........  | EUR | 2 660 000 | 2 660 000 |  | % | 103,205 | 2 745 253,00 | 0,11 |
| 1,75 | % Nexi SpA (MTN) 2019/2024 .................  | EUR | 3 000 000 |  | 1 620 000 | % | 97,676 | 2 930 265,00 | 0,11 |
| 3,75 | % NH Hotel Group SA -Reg- (MTN) 2016/2023 ** . | EUR | 8 713 308 | 3 596 825 |  | % | 90,592 | 7 893 560,44 | 0,31 |
| 7,25 | % Nidda BondCo GmbH -Reg- (MTN) 2018/2025 ** | EUR | 4 000 000 | 1 000 000 |  | % | 102,766 | 4 110 620,00 | 0,16 |
| 3,50 | % Nidda Healthcare Holding GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2024 ** ............................  | EUR | 8 000 000 | 6 000 000 |  | % | 98,821 | 7 905 680,00 | 0,31 |
| 7,00 | % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2025 ..............................  | EUR | 18 210 000 |  |  | % | 90,537 | 16 486 787,70 | 0,64 |
| 3,125 | % Nokia Oyj (MTN) 2020/2028 ** ..............  | EUR | 1 880 000 | 1 880 000 |  | % | 103,438 | 1 944 643,80 | 0,08 |
| 3,25 | % Nomad Foods Bondco PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2024 ** ............................  | EUR | 3 125 000 | 1 125 000 |  | % | 101,075 | 3 158 593,75 | 0,12 |
| 4,50 | % Norican A/S (MTN) 2017/2023 ** ............  | EUR | 4 000 000 | 4 000 000 |  | % | 73,024 | 2 920 980,00 | 0,11 |
| 8,00 | % Novasep Holding SA 2016/2019 .............  | EUR | 472 000 |  |  | % | 95,668 | 451 555,32 | 0,02 |
| 5,25 | % Novem Group GmbH -Reg- (MTN) 2019/2024 * . | EUR | 16 346 000 | 2 346 000 |  | % | 94,265 | 15 408 556,90 | 0,60 |
| 4,75 | % Obrascon Huarte Lain SA (MTN) 2014/2022 ....  | EUR | 5 000 000 |  |  | % | 54,576 | 2 728 825,00 | 0,11 |
| 3,125 | % OCI NV -Reg- (MTN) 2019/2024 ** ...........  | EUR | 15 000 000 |  | 4 230 000 | % | 97,954 | 14 693 025,00 | 0,57 |
| 3,125 | % OI European Group BV -Reg- (MTN) 2016/2024 ** | EUR | 4 000 000 |  |  | % | 98,808 | 3 952 340,00 | 0,15 |
| 5,00 | % Orange SA 2014/2049 * ** .................  | EUR | 3 000 000 |  | 4 000 000 | % | 116,12 | 3 483 615,00 | 0,14 |
| 3,50 | % Orano SA (MTN) 2010/2021 ................  | EUR | 1 500 000 |  | 500 000 | % | 101,298 | 1 519 477,50 | 0,06 |
| 3,25 | % Orano SA (MTN) 2013/2020 ................  | EUR | 3 100 000 |  |  | % | 100,583 | 3 118 073,00 | 0,12 |
| 3,375 | % Orano SA (MTN) 2019/2026 ................  | EUR | 1 000 000 |  | 3 000 000 | % | 100,654 | 1 006 535,00 | 0,04 |
| 4,00 | % Paprec Holding SA -Reg- (MTN) 2018/2025 ....  | EUR | 11 000 000 |  | 3 000 000 | % | 90,555 | 9 961 050,00 | 0,39 |
| 5,50 | % Parts Europe SA -Reg- 2019/2022 * ..........  | EUR | 4 640 000 |  |  | % | 97 | 4 500 800,00 | 0,17 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,50 | % Peach Property Finance GmbH -Reg- 2019/2023 | EUR | 15 000 000 | 4 210 000 | 1 500 000 | % | 99,784 | 14 967 525,00 | 0,58 |
| 1,875 | % Petroleos Mexicanos (MTN) 2015/2022 .......  | EUR | 2 000 000 | 2 000 000 |  | % | 93,542 | 1 870 850,00 | 0,07 |
| 1,99 | % Petroleos Mexicanos (MTN) 2018/2023 * ......  | EUR | 8 610 000 | 8 610 000 |  | % | 87,582 | 7 540 853,25 | 0,29 |
| 3,125 | % Petroleos Mexicanos -Reg- (MTN) 2013/2020 ...  | EUR | 2 380 000 | 2 380 000 |  | % | 99,254 | 2 362 245,20 | 0,09 |
| 3,625 | % Piaggio & C SpA -Reg- (MTN) 2018/2025 ......  | EUR | 3 000 000 |  |  | % | 99,428 | 2 982 825,00 | 0,12 |
| 5,375 | % Platin 1426 GmbH -Reg- (MTN) 2017/2023 ** ..  | EUR | 11 877 000 |  | 3 323 000 | % | 93,576 | 11 113 962,14 | 0,43 |
| 6,875 | % Platin 1426 GmbH -Reg- (MTN) 2018/2023 .....  | EUR | 7 500 000 |  |  | % | 97,39 | 7 304 250,00 | 0,28 |
| 3,75 | % Playtech Plc (MTN) 2018/2023 ..............  | EUR | 11 000 000 | 4 570 000 | 1 000 000 | % | 99,007 | 10 890 770,00 | 0,42 |
| 4,00 | % Polygon AB (MTN) 2018/2023 ** ............  | EUR | 10 300 000 |  |  | % | 99,5 | 10 248 500,00 | 0,40 |
| 3,50 | % PPF Telecom Group BV (MTN) 2020/2024 .....  | EUR | 6 790 000 | 6 790 000 |  | % | 102,206 | 6 939 753,45 | 0,27 |
| 3,50 | % PPF Telecom Group BV 2020/2024 ...........  | EUR | 4 900 000 | 4 900 000 |  | % | 101,981 | 4 997 069,00 | 0,19 |
| 3,25 | % Pro-Gest SpA -Reg- (MTN) 2017/2024 .........  | EUR | 21 948 000 |  |  | % | 68,638 | 15 064 777,98 | 0,58 |
| 3,00 | % ProGroup AG -Reg- (MTN) 2018/2026 ** ......  | EUR | 15 500 000 | 1 290 000 | 6 790 000 | % | 97,215 | 15 068 325,00 | 0,58 |
| 3,50 | % Prokon Regenerative Energien eG 2016/2030 ...  | EUR | 11 274 544 |  | 4 516 024 | % | 95,36 | 10 751 404,75 | 0,42 |
| 2,00 | % Q-Park Holding I BV -Reg- (MTN) 2020/2026 * ..  | EUR | 2 850 000 | 2 850 000 |  | % | 94,5 | 2 693 250,00 | 0,10 |
| 2,00 | % Q-Park Holding I BV -Reg- (MTN) 2020/2027 ....  | EUR | 5 970 000 | 5 970 000 |  | % | 92 | 5 492 400,00 | 0,21 |
| 5,875 | % Quatrim SASU -Reg- (MTN) 2019/2024 ........  | EUR | 4 210 000 | 1 000 000 | 1 000 000 | % | 102,673 | 4 322 533,30 | 0,17 |
| 3,25 | % Quintiles IMS, Inc. -Reg- (MTN) 2017/2025 .....  | EUR | 2 000 000 | 2 000 000 |  | % | 100,949 | 2 018 980,00 | 0,08 |
| 6,875 | % Radisson Hotel Holdings AB -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2023 ..............................  | EUR | 10 000 000 | 1 760 000 |  | % | 96,428 | 9 642 750,00 | 0,37 |
| 6,375 | % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 ** | EUR | 15 380 000 |  | 800 000 | % | 69,716 | 10 722 243,90 | 0,42 |
| 3,25 | % RCS & RDS SA -Reg- (MTN) 2020/2028 ** .....  | EUR | 3 500 000 | 3 500 000 |  | % | 94,334 | 3 301 690,00 | 0,13 |
| 6,875 | % Refinitiv US Holdings, Inc. -Reg- (MTN) 2018/2026 | EUR | 11 000 000 | 1 000 000 | 5 000 000 | % | 106,612 | 11 727 375,00 | 0,45 |
| 4,50 | % Refinitiv US Holdings, Inc. -Reg- (MTN) 2018/2026 | EUR | 9 140 000 |  |  | % | 104,498 | 9 551 162,90 | 0,37 |
| 4,875 | % Reuters Orano SA 2009/2024 ...............  | EUR | 12 250 000 |  | 2 000 000 | % | 109,236 | 13 381 471,25 | 0,52 |
| 2,625 | % Rexel SA (MTN) 2017/2024 .................  | EUR | 1 500 000 |  |  | % | 99,852 | 1 497 787,50 | 0,06 |
| 2,75 | % Rexel SA (MTN) 2019/2026 .................  | EUR | 1 500 000 |  | 6 670 000 | % | 99,608 | 1 494 127,50 | 0,06 |
| 6,75 | % Rossini Sarl -Reg- (MTN) 2018/2025 ..........  | EUR | 16 390 000 |  | 1 000 000 | % | 107,09 | 17 551 969,05 | 0,68 |
| 5,625 | % Rubis Terminal Infra SAS -Reg- (MTN) 2020/2025 | EUR | 4 950 000 | 4 950 000 |  | % | 104,074 | 5 151 687,75 | 0,20 |
| 3,75 | % Salini Impregilo SpA (MTN) 2016/2021 ** ......  | EUR | 6 410 000 | 2 000 000 |  | % | 100,038 | 6 412 467,85 | 0,25 |
| 1,75 | % Salini Impregilo SpA (MTN) 2017/2024 ** ......  | EUR | 7 000 000 | 2 000 000 |  | % | 88,479 | 6 193 530,00 | 0,24 |
| 3,625 | % Salini Impregilo SpA (MTN) 2020/2027 ** ......  | EUR | 8 295 000 | 8 295 000 |  | % | 85,312 | 7 076 588,93 | 0,27 |
| 4,625 | % Samhallsbyggnadsbolaget i Norden AB 2019/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 18 700 000 | 700 000 | 2 000 000 | % | 101,102 | 18 906 167,50 | 0,73 |
| 2,624 | % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 1 000 000 | 1 460 000 | 460 000 | % | 92,329 | 923 290,00 | 0,04 |
| 3,50 | % Samsonite Finco Sarl -Reg- (MTN) 2018/2026 ** | EUR | 10 000 000 | 430 000 |  | % | 87,482 | 8 748 200,00 | 0,34 |
| 5,75 | % Sarens Finance Co. NV (MTN) 2020/2027 ......  | EUR | 3 000 000 | 3 000 000 |  | % | 78,996 | 2 369 865,00 | 0,09 |
| 4,25 | % SASU Newco SAB 20 SAS -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2024 ..............................  | EUR | 4 267 000 |  | 4 233 000 | % | 94,128 | 4 016 463,10 | 0,16 |
| 4,125 | % Sazka Group AS -Reg- (MTN) 2019/2024 .......  | EUR | 13 000 000 | 1 000 000 | 4 890 000 | % | 97,277 | 12 646 010,00 | 0,49 |
| 3,875 | % Sazka Group AS -Reg- (MTN) 2020/2027 .......  | EUR | 6 996 000 | 6 996 000 |  | % | 90,468 | 6 329 176,26 | 0,25 |
| 6,375 | % Schoeller Packaging BV -Reg- (MTN) 2019/2024 . | EUR | 20 700 000 | 6 700 000 | 3 790 000 | % | 97,002 | 20 079 517,50 | 0,78 |
| 5,625 | % SES SA 2016/2049 * ......................  | EUR | 8 000 000 |  | 3 070 000 | % | 103,121 | 8 249 680,00 | 0,32 |
| 3,00 | % SGL Carbon SE (MTN) 2018/2023 ............  | EUR | 8 500 000 | 3 000 000 |  | % | 69,554 | 5 912 047,50 | 0,23 |
| 4,625 | % SGL Carbon SE (MTN) 2019/2024 ** .........  | EUR | 10 000 000 |  | 2 000 000 | % | 79,625 | 7 962 500,00 | 0,31 |
| 2,125 | % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ..............................  | EUR | 5 200 000 | 5 200 000 |  | % | 101,986 | 5 303 246,00 | 0,21 |
| 2,375 | % Smurfit Kappa Acquisitions -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2024 ** ............................  | EUR | 1 000 000 | 1 000 000 |  | % | 102,572 | 1 025 715,00 | 0,04 |
| 1,50 | % Smurfit Kappa Treasury ULC (MTN) 2019/2027 . | EUR | 2 000 000 |  | 5 250 000 | % | 96,02 | 1 920 390,00 | 0,07 |
| 4,00 | % SoftBank Group Corp. (MTN) 2018/2023 .......  | EUR | 7 000 000 |  | 2 000 000 | % | 101,414 | 7 098 980,00 | 0,28 |
| 5,00 | % SoftBank Group Corp. (MTN) 2018/2028 .......  | EUR | 2 000 000 |  | 9 000 000 | % | 104,115 | 2 082 300,00 | 0,08 |
| 5,869 | % Solvay Finance SA 2015/2049 * ** ...........  | EUR | 13 000 000 |  |  | % | 109,654 | 14 255 020,00 | 0,55 |
| 4,25 | % Solvay SA 2018/perpetual * .................  | EUR | 2 700 000 |  |  | % | 103,546 | 2 795 728,50 | 0,11 |
| 2,875 | % SPCM SA -Reg- (MTN) 2015/2023 ............  | EUR | 6 000 000 | 2 000 000 | 1 100 000 | % | 99,523 | 5 971 380,00 | 0,23 |
| 5,75 | % Summer BC Holdco B SARL -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ** ............................  | EUR | 19 500 000 |  | 2 500 000 | % | 95,751 | 18 671 445,00 | 0,72 |
| 9,00 | % Summer BidCo BV -Reg- (MTN) 2019/2025 * ...  | EUR | 3 146 250 | 146 250 |  | % | 94,566 | 2 975 267,04 | 0,12 |
| 9,00 | % Summer BidCo BV -Reg- (MTN) 2020/2025 * ...  | EUR | 6 776 959 | 6 776 959 |  | % | 93,634 | 6 345 571,86 | 0,25 |
| 2,00 | % Summit Germany Ltd -144A- (MTN) 2018/2025 . | EUR | 7 000 000 |  | 2 000 000 | % | 92,324 | 6 462 680,00 | 0,25 |
| 2,00 | % Summit Properties Ltd -Reg- (MTN) 2018/2025 . | EUR | 500 000 |  |  | % | 92,316 | 461 580,00 | 0,02 |
| 6,00 | % Superior Industries International, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2025 ** ............................  | EUR | 4 000 000 |  |  | % | 83,48 | 3 339 180,00 | 0,13 |
| 4,75 | % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ** | EUR | 11 050 000 | 11 050 000 |  | % | 100,234 | 11 075 801,75 | 0,43 |
| 3,875 | % Synthomer PLC -Reg- (MTN) 2020/2025 .......  | EUR | 8 620 000 | 8 620 000 |  | % | 101,468 | 8 746 584,70 | 0,34 |
| 5,375 | % Takko Luxembourg 2 SCA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2023 ..............................  | EUR | 5 000 000 | 1 000 000 |  | % | 54,868 | 2 743 425,00 | 0,11 |
| 5,375 | % Takko Luxembourg 2 SCA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2023 * ** ..........................  | EUR | 8 000 000 | 5 000 000 |  | % | 54,15 | 4 332 040,00 | 0,17 |
| 5,625 | % TAP-Transportes Aereos Portugueses SGPS SA |  |  |  |  |  |  |  |  |
|  | -Reg- (MTN) 2019/2024 ....................  | EUR | 6 000 000 |  | 2 200 000 | % | 69,201 | 4 152 060,00 | 0,16 |
| 5,00 | % TDC A/S (MTN) 2012/2022 .................  | EUR | 1 000 000 |  |  | % | 104,484 | 1 044 840,00 | 0,04 |
| 2,00 | % Techem Verwaltungsgesellschaft 675 mbH -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2025 .........................  | EUR | 10 290 000 | 10 290 000 |  | % | 95,734 | 9 850 977,15 | 0,38 |
| 3,875 | % Tele Columbus AG -Reg- (MTN) 2018/2025 ....  | EUR | 2 690 000 | 2 690 000 | 1 500 000 | % | 93,548 | 2 516 427,75 | 0,10 |
| 7,75 | % Telecom Italia Finance SA (MTN) 2003/2033 ...  | EUR | 11 855 000 | 1 000 000 |  | % | 140,406 | 16 645 072,03 | 0,65 |
| 2,50 | % Telecom Italia SpA (MTN) 2017/2023 .........  | EUR | 5 180 000 |  | 1 000 000 | % | 102,1 | 5 288 754,10 | 0,21 |
| 5,25 | % Telecom Italia SpA/Milano (MTN) 2010/2022 ...  | EUR | 5 000 000 | 1 000 000 |  | % | 106,47 | 5 323 525,00 | 0,21 |
| 2,875 | % Telecom Italia SpA/Milano (MTN) 2018/2026 ...  | EUR | 8 140 000 |  |  | % | 101,138 | 8 232 633,20 | 0,32 |
| 4,00 | % Telecom Italia SpA/Milano (MTN) 2019/2024 ...  | EUR | 8 410 000 |  |  | % | 104,87 | 8 819 567,00 | 0,34 |
| 2,75 | % Telecom Italia SpA/Milano (MTN) 2019/2025 ...  | EUR | 550 000 |  |  | % | 100,652 | 553 586,00 | 0,02 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 5,875 | % Telefonica Europe BV 2014/2049 * ...........  | EUR | 37 100 000 | 9 400 000 |  | % | 108,166 | 40 129 586,00 | 1,56 |
| 3,875 | % Telefonica Europe BV 2018/perpetual * .......  | EUR | 4 900 000 |  |  | % | 100,218 | 4 910 706,50 | 0,19 |
| 4,375 | % Telefonica Europe BV 2019/perpetual * ** .....  | EUR | 7 000 000 | 2 000 000 | 2 000 000 | % | 103,466 | 7 242 655,00 | 0,28 |
| 3,50 | % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
|  | 2017/2028 ..............................  | EUR | 10 500 000 |  | 1 000 000 | % | 101,794 | 10 688 422,50 | 0,41 |
| 5,00 | % Tendam Brands SAU -Reg- (MTN) 2017/2024 ** | EUR | 5 400 000 |  |  | % | 87,262 | 4 712 121,00 | 0,18 |
| 5,25 | % Tendam Brands SAU -Reg- (MTN) 2017/2024 * . | EUR | 4 000 000 |  |  | % | 87,092 | 3 483 700,00 | 0,14 |
| 4,875 | % Tenneco, Inc. -Reg- (MTN) 2017/2022 ........  | EUR | 8 000 000 |  |  | % | 95,54 | 7 643 240,00 | 0,30 |
| 5,00 | % Tenneco, Inc. -Reg- (MTN) 2017/2024 ** ......  | EUR | 1 850 000 |  |  | % | 92,22 | 1 706 079,25 | 0,07 |
| 2,995 | % TenneT Holding BV 2017/perpetual * .........  | EUR | 2 690 000 |  |  | % | 103,577 | 2 786 221,30 | 0,11 |
| 1,125 | % Teollisuuden Voima Oyj (MTN) 2019/2026 .....  | EUR | 8 000 000 |  |  | % | 92,922 | 7 433 760,00 | 0,29 |
| 4,125 | % Tereos Finance Groupe I SA (MTN) 2016/2023 ..  | EUR | 5 000 000 |  |  | % | 86,984 | 4 349 225,00 | 0,17 |
| 1,25 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2015/2023 .........................  | EUR | 2 000 000 | 2 000 000 |  | % | 93,34 | 1 866 790,00 | 0,07 |
| 1,125 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2016/2024 .........................  | EUR | 30 000 000 |  |  | % | 87,941 | 26 382 300,00 | 1,02 |
| 4,50 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2025 ** ......................  | EUR | 3 500 000 | 1 000 000 |  | % | 99,738 | 3 490 830,00 | 0,14 |
| 1,875 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | 2015/2027 ..............................  | EUR | 11 000 000 |  | 2 000 000 | % | 84,776 | 9 325 360,00 | 0,36 |
| 0,375 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | 2016/2020 ** ............................  | EUR | 7 894 871 | 6 021 175 | 2 364 420 | % | 99,83 | 7 881 409,97 | 0,31 |
| 1,625 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | 2016/2028 ..............................  | EUR | 3 000 000 |  | 2 000 000 | % | 81,718 | 2 451 555,00 | 0,10 |
| 6,00 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | -Reg- (MTN) 2019/2025 ....................  | EUR | 2 740 000 |  |  | % | 105,914 | 2 902 043,60 | 0,11 |
| 1,75 | % thyssenkrupp AG (MTN) 2015/2020 ..........  | EUR | 3 302 000 | 3 302 000 |  | % | 99,51 | 3 285 820,20 | 0,13 |
| 2,75 | % thyssenkrupp AG (MTN) 2016/2021 ..........  | EUR | 2 000 000 | 2 000 000 |  | % | 99,826 | 1 996 510,00 | 0,08 |
| 1,375 | % Thyssenkrupp AG (MTN) 2017/2022 ..........  | EUR | 11 000 000 | 2 000 000 |  | % | 97,365 | 10 710 150,00 | 0,42 |
| 1,875 | % thyssenkrupp AG (MTN) 2019/2023 ..........  | EUR | 24 000 000 | 7 000 000 |  | % | 96,408 | 23 138 040,00 | 0,90 |
| 2,875 | % thyssenkrupp AG (MTN) 2019/2024 ..........  | EUR | 13 000 000 | 2 300 000 | 3 000 000 | % | 96,557 | 12 552 410,00 | 0,49 |
| 2,375 | % Titan Global Finance PLC (MTN) 2017/2024 ** ..  | EUR | 4 970 000 |  |  | % | 100,876 | 5 013 512,35 | 0,19 |
| 7,50 | % Trafigura Group Pte Ltd 2019/perpetual * ......  | EUR | 6 299 000 |  |  | % | 95,424 | 6 010 757,76 | 0,23 |
| 6,50 | % Transcom Holding AB (MTN) 2018/2023 .......  | EUR | 12 500 000 |  |  | % | 90,99 | 11 373 750,00 | 0,44 |
| 3,75 | % Trivium Packaging Finance BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 * .............................  | EUR | 3 000 000 | 1 000 000 | 1 890 000 | % | 97,037 | 2 911 110,00 | 0,11 |
| 3,25 | % UGI International LLC -Reg- (MTN) 2018/2025 ..  | EUR | 8 000 000 |  | 4 000 000 | % | 98,098 | 7 847 800,00 | 0,30 |
| 5,75 | % Unilabs Subholding AB -Reg- (MTN) 2017/2025 . | EUR | 4 610 000 | 1 800 000 |  | % | 99,35 | 4 580 058,05 | 0,18 |
| 4,875 | % United Group BV -Reg- (MTN) 2017/2024 ......  | EUR | 2 000 000 | 2 000 000 |  | % | 99,51 | 1 990 200,00 | 0,08 |
| 3,125 | % United Group BV -Reg- (MTN) 2020/2026 ......  | EUR | 7 900 000 | 7 900 000 |  | % | 94,793 | 7 488 647,00 | 0,29 |
| 3,75 | % Unitymedia GmbH -Reg- 2015/2027 ..........  | EUR | 6 055 000 | 3 055 000 |  | % | 101,956 | 6 173 405,53 | 0,24 |
| 4,00 | % UPCB Finance IV Ltd -Reg- 2015/2027 ........  | EUR | 12 780 000 |  |  | % | 101,198 | 12 933 168,30 | 0,50 |
| 3,625 | % UPCB Finance VII Ltd -Reg- 2017/2029 ........  | EUR | 11 000 000 |  | 1 625 000 | % | 97,904 | 10 769 440,00 | 0,42 |
| 4,125 | % Vallourec SA (MTN) 2017/2022 ..............  | EUR | 15 619 630 |  |  | % | 59,993 | 9 370 644,48 | 0,36 |
| 6,625 | % Vallourec SA -Reg- (MTN) 2017/2022 ** .......  | EUR | 1 160 000 | 4 000 000 | 7 840 000 | % | 63,722 | 739 175,20 | 0,03 |
| 6,375 | % Vallourec SA -Reg- (MTN) 2018/2023 ** .......  | EUR | 4 500 000 |  |  | % | 60,797 | 2 735 865,00 | 0,11 |
| 5,75 | % Verisure Midholding AB -Reg- (MTN) 2017/2023 | EUR | 8 625 000 |  |  | % | 100,532 | 8 670 885,00 | 0,34 |
| 5,25 | % Victoria PLC -Reg- (MTN) 2019/2024 ** .......  | EUR | 11 110 000 | 11 110 000 |  | % | 95,062 | 10 561 388,20 | 0,41 |
| 4,00 | % Viridian Group FinanceCo PLC Via Viridian Power |  |  |  |  |  |  |  |  |
|  | and Energy -Reg- (MTN) 2017/2025 ** ........  | EUR | 2 800 000 |  |  | % | 97,422 | 2 727 802,00 | 0,11 |
| 3,00 | % Vivion Investments Sarl (MTN) 2019/2024 .....  | EUR | 24 000 000 | 3 500 000 | 2 300 000 | % | 91,808 | 22 033 920,00 | 0,85 |
| 4,20 | % Vodafone Group PLC 2018/2078 * ** .........  | EUR | 1 000 000 |  |  | % | 108,68 | 1 086 800,00 | 0,04 |
| 3,875 | % Volkswagen International Finance NV 2017/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 8 000 000 |  | 3 000 000 | % | 99,887 | 7 990 960,00 | 0,31 |
| 4,625 | % Volkswagen International Finance NV 2018/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 8 000 000 |  | 3 300 000 | % | 104,091 | 8 327 280,00 | 0,32 |
| 3,50 | % Volkswagen International Finance NV 2020/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 5 700 000 | 5 700 000 |  | % | 98,812 | 5 632 312,50 | 0,22 |
| 2,50 | % VZ Vendor Financing BV (MTN) 2019/2024 .....  | EUR | 13 160 000 |  |  | % | 98,198 | 12 922 856,80 | 0,50 |
| 2,875 | % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 * .............................  | EUR | 9 000 000 | 2 140 000 |  | % | 98,023 | 8 822 070,00 | 0,34 |
| 2,875 | % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2027 ..............................  | EUR | 5 610 000 | 1 500 000 |  | % | 98,22 | 5 510 170,05 | 0,21 |
| 2,75 | % Wienerberger AG (MTN) 2020/2025 ..........  | EUR | 9 400 000 | 9 400 000 |  | % | 101,725 | 9 562 150,00 | 0,37 |
| 2,75 | % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 | EUR | 8 680 000 | 8 680 000 |  | % | 101,672 | 8 825 086,20 | 0,34 |
| 3,00 | % ZF Europe Finance BV (MTN) 2019/2029 ......  | EUR | 4 000 000 |  | 4 600 000 | % | 89,992 | 3 599 660,00 | 0,14 |
| 2,75 | % ZF North America Capital, Inc. (MTN) 2015/2023 | EUR | 2 000 000 | 2 000 000 |  | % | 99,696 | 1 993 930,00 | 0,08 |
| 3,375 | % Ziggo Bond Co. BV -Reg- (MTN) 2020/2030 ....  | EUR | 7 560 000 | 7 560 000 |  | % | 94,538 | 7 147 072,80 | 0,28 |
| 4,25 | % Ziggo Secured Finance BV -Reg- 2016/2027 ....  | EUR | 1 350 000 |  | 150 000 | % | 103,425 | 1 396 237,50 | 0,05 |
| 6,75 | % Arqiva Broadcast Finance PLC (MTN) 2018/2023 | GBP | 11 110 000 | 2 000 000 |  | % | 104,07 | 12 689 257,73 | 0,49 |
| 4,125 | % B&M European Value Retail SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | GBP | 1 000 000 |  | 1 000 000 | % | 100,308 | 1 100 854,73 | 0,04 |
| 5,50 | % Boparan Finance PLC -Reg- (MTN) 2014/2021 ..  | GBP | 3 225 000 | 3 225 000 |  | % | 91,443 | 3 236 508,78 | 0,13 |
| 4,25 | % CPUK Finance Ltd -Reg- (MTN) 2017/2022 .....  | GBP | 3 300 000 | 3 300 000 |  | % | 96,111 | 3 480 836,63 | 0,13 |
| 3,25 | % FCE Bank PLC (MTN) 2013/2020 .............  | GBP | 2 000 000 | 2 000 000 |  | % | 99,557 | 2 185 236,28 | 0,08 |
| 3,25 | % Pinewood Finance Co., Ltd -Reg- (MTN) 2019/2025 | GBP | 6 000 000 | 1 450 000 | 3 500 000 | % | 98,89 | 6 511 820,61 | 0,25 |
| 7,75 | % Shop Direct Funding PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ** ............................  | GBP | 7 000 000 |  |  | % | 91,748 | 7 048 373,08 | 0,27 |
| 3,875 | % TalkTalk Telecom Group PLC (MTN) 2020/2025 ** | GBP | 500 000 | 5 450 000 | 4 950 000 | % | 96,812 | 531 246,16 | 0,02 |
| 6,875 | % TDC A/S (MTN) 2011/2023 * ................  | GBP | 6 200 000 | 5 000 000 |  | % | 107,536 | 7 317 119,59 | 0,28 |
| 5,875 | % Telecom Italia SpA/Milano (MTN) 2006/2023 ...  | GBP | 14 000 000 | 3 000 000 |  | % | 108,388 | 16 653 589,17 | 0,65 |
| 5,00 | % Virgin Media Secured Finance PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2027 ..............................  | GBP | 1 722 000 | 722 000 |  | % | 104,286 | 1 970 869,39 | 0,08 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| 6,25 | % Virgin Media Secured Finance PLC -Reg- 2014/2029 ..............................  | GBP | 3 600 000 | 3 600 000 | % | 105,944 | 4 185 771,07 | 0,16 |
| 4,875 | % Virgin Media Secured Finance PLC -Reg- 2015/2027 ..............................  | GBP | 2 000 000 |  | % | 104,627 | 2 296 520,75 | 0,09 |
| 4,25 | % Virgin Media Secured Finance PLC -Reg- 2019/2030 ..............................  | GBP | 6 640 000 |  | % | 99,348 | 7 239 717,62 | 0,28 |
| 3,813 | % Ford Motor Credit Co., LLC 2018/2021 ........  | USD | 3 000 000 | 3 000 000 | % | 98,825 | 2 645 327,84 | 0,10 |
| 10,00 | % Medya Holding International Ltd 1996/2049 ....  | USD | 2 500 000 |  | % | 0 | 2,23 | 0,00 |
| 5,25 | % MPT Operating Partnership LP Via MPT Finance Corp. (MTN) 2016/2026 ....................  | USD | 700 000 |  | % | 104,202 | 650 830,06 | 0,03 |
| 5,25 | % OCI NV -Reg- (MTN) 2019/2024 ** ...........  | USD | 3 000 000 | 3 000 000 | % | 96,452 | 2 581 794,46 | 0,10 |
| 4,875 | % Samvardhana Motherson Automotive Systems Group BV (MTN) 2016/2021 ................  | USD | 2 070 000 |  | % | 98,27 | 1 815 034,71 | 0,07 |
| 5,303 | % Telecom Italia SpA/Milano (MTN) 2014/2024 ...  | USD | 3 000 000 |  | % | 105,284 | 2 818 234,44 | 0,11 |
| 3,65 | % Teva Pharmaceutical Finance IV BV (MTN) 2011/2021 ..............................  | USD | 2 000 000 | 2 000 000 | % | 99,036 | 1 767 326,15 | 0,07 |
| 6,25 | % Vodafone Group PLC 2018/2078 * ** .........  | USD | 6 000 000 |  | % | 107,535 | 5 756 950,75 | 0,22 |

| 4,375 | % Ball Corp. 2015/2023 ** ...................  | EUR | 6 500 000 |  | 500 000 | % | 108,57 | 7 057 082,50 | 0,27 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,00 | % Ford Motor Credit Co. LLC (MTN) 2017/2021 * . | EUR | 4 730 000 | 4 730 000 |  | % | 94,302 | 4 460 508,25 | 0,17 |
| 4,326 | % Galapagos SA/Luxembourg -Reg- (MTN) 2014/2021 * .............................  | EUR | 200 000 |  | 270 000 | % | 0 | 0,20 | 0,00 |
| 3,625 | % Getlink SE (MTN) 2018/2023 ................  | EUR | 2 000 000 |  | 5 000 000 | % | 101,938 | 2 038 760,00 | 0,08 |
| 6,25 | % OMV AG 2015/2049 * ** ..................  | EUR | 4 000 000 |  | 5 090 000 | % | 117,596 | 4 703 820,00 | 0,18 |
| 4,50 | % Repsol International Finance BV 2015/2075 * ...  | EUR | 3 000 000 |  | 7 000 000 | % | 104,262 | 3 127 875,00 | 0,12 |
| 3,10 | % Vodafone Group PLC 2018/2079 * ...........  | EUR | 5 000 000 | 2 500 000 |  | % | 100,309 | 5 015 450,00 | 0,19 |
| 4,875 | % Vodafone Group PLC 2018/2078 * ** .........  | GBP | 1 000 000 |  |  | % | 104,388 | 1 145 637,40 | 0,04 |
| 5,50 | % Barry Callebaut Services NV -144A- (MTN) 2013/2023 ..............................  | USD | 1 183 000 |  |  | % | 108,113 | 1 141 179,83 | 0,04 |
| 11,50 | % Carnival Corp. -144A- 2020/2023 .............  | USD | 5 845 000 | 5 845 000 |  | % | 106,482 | 5 553 312,84 | 0,22 |
| 7,375 | % Cemex SAB de CV -Reg- (MTN) 2020/2027 ** ..  | USD | 2 500 000 | 2 500 000 |  | % | 102,118 | 2 277 895,17 | 0,09 |
| 9,375 | % DKT Finance ApS -144A- (MTN) 2018/2023 ....  | USD | 2 000 000 |  |  | % | 101,117 | 1 804 453,09 | 0,07 |
| 6,25 | % International Game Technology PLC -144A- (MTN) 2015/2022 .........................  | USD | 891 000 |  | 659 000 | % | 101,85 | 809 711,23 | 0,03 |
| 5,25 | % International Game Technology PLC -144A- (MTN) 2020/2029 .........................  | USD | 1 200 000 | 1 200 000 |  | % | 97,927 | 1 048 516,14 | 0,04 |
| 5,00 | % Iron Mountain, Inc. -144A- (MTN) 2020/2028 ...  | USD | 1 330 000 | 1 330 000 |  | % | 98,759 | 1 171 978,78 | 0,05 |
| 3,875 | % Kraft Heinz Foods Co. -144A- (MTN) 2020/2027 . | USD | 1 500 000 | 1 500 000 |  | % | 104,4 | 1 397 285,85 | 0,05 |
| 7,125 | % Kraft Heinz Foods Co. 2009/2039 ............  | USD | 3 326 000 | 3 326 000 |  | % | 125,751 | 3 731 858,05 | 0,15 |
| 4,625 | % Kraft Heinz Foods Co. 2018/2029 ............  | USD | 5 000 000 | 8 000 000 | 3 000 000 | % | 107,868 | 4 812 337,39 | 0,19 |
| 0,00 | % Nyrstar Holding PLC (MTN) 2019/2026 ........  | USD | 8 014 000 | 2 000 000 |  | % | 62,979 | 4 503 358,51 | 0,18 |
| 5,35 | % Petroleos Mexicanos (MTN) 2018/2028 * ......  | USD | 3 000 000 | 3 000 000 |  | % | 83,39 | 2 232 180,23 | 0,09 |
| 6,49 | % Petroleos Mexicanos -144A- (MTN) 2019/2027 ..  | USD | 5 000 000 | 5 000 000 |  | % | 90,7 | 4 046 399,10 | 0,16 |
| 6,84 | % Petroleos Mexicanos -144A- 2019/2030 .......  | USD | 24 000 000 | 24 000 000 |  | % | 87,008 | 18 631 994,87 | 0,72 |
| 6,625 | % Petroleos Mexicanos 2006/2035 .............  | USD | 10 000 000 | 10 000 000 |  | % | 80,868 | 7 215 528,17 | 0,28 |
| 10,875 | % Royal Caribbean Cruises Ltd -144A- 2020/2023 . | USD | 4 500 000 | 7 510 000 | 3 010 000 | % | 101,626 | 4 080 436,59 | 0,16 |
| 7,50 | % Sappi Papier Holding GmbH -144A- 2002/2032 ..  | USD | 500 000 |  |  | % | 85,442 | 381 184,63 | 0,02 |
| 5,50 | % Telenet Finance Luxembourg Notes Sarl -144A- 2017/2028 ..............................  | USD | 3 000 000 | 3 000 000 |  | % | 104,608 | 2 800 112,64 | 0,11 |
| 7,00 | % Vodafone Group PLC 2019/2079 * ...........  | USD | 5 000 000 |  |  | % | 116,39 | 5 192 484,76 | 0,20 |
| 4,75 | % ZF North America Capital, Inc. -144A- (MTN) 2015/2025 ..............................  | USD | 24 165 000 | 24 165 000 |  | % | 99,786 | 21 515 213,57 | 0,83 |
| Nichtnotierte Wertpapiere |  |  |  |  |  | 17 987 972,24 | 0,70 |
| Verzinsliche Wertpapiere 8,00	% Altice France Holding SA -144A- (MTN) 2020/2027 ..............................  | EUR | 3 500 000 | 3 500 000 | % | 105,85 | 3 704 767,50 | 0,14 |
| 12,00 | % Cammell Laird Holdings PLC -Reg- (MTN) 2000/2010 ..............................  | EUR | 13 250 000 |  | % | 0 | 13,25 | 0,00 |
| 4,375 | % Panther BF Aggregator 2 LP Via Panther Finance Co., Inc. -Reg- (MTN) 2019/2026 ** ..........  | EUR | 4 000 000 |  | % | 111,326 | 3 973 280,00 | 0,16 |
| 4,125 | % Virgin Media Secured Finance PLC -Reg- (MTN) 2020/2030 ..............................  | GBP | 9 510 000 | 9 510 000 | % | 98,782 | 10 309 911,49 | 0,40 |
| Summe Wertpapiervermögen |  |  | 2 476 017 734,29 | 96,06 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Derivate auf einzelne Wertpapiere |  |  | 15,00 | 0,00 |
| Wertpapier-Optionsscheine |  |  |  |  |
| Optionsscheine auf Aktien Novasep Holding 31/05/2019 .........................	Stück	150 000 | EUR | 0 | 15,00 | 0,00 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	121 896 554,79	4,73 Verzinsliche Wertpapiere
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | 559 956,98 | 0,02 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen SEK/EUR 0,5 Mio. .................................  |  |  |  | 212,44 | 0,00 |
| Geschlossene Positionen CHF/EUR 1 Mio.  ..................................  |  |  |  | 5 926,12 | 0,00 |
| USD/EUR 34,5 Mio.  ...............................  |  |  |  | 134 135,70 | 0,01 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen EUR/CHF 9,6 Mio. .................................  |  |  |  | 8 526,34 | 0,00 |
| EUR/GBP 83,2 Mio. ................................  |  |  |  | 554 725,13 | 0,02 |
| EUR/USD 102,3 Mio.  ..............................  |  |  |  | -143 568,75 | -0,01 |
| Bankguthaben |  |  |  | 79 884 265,67 | 3,10 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 70 701 259,15 | 2,74 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 2 248 374 |  | 2 467 545,89 | 0,10 |
| Schwedische Kronen ...............................  | SEK | 249 535 |  | 23 819,13 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Schweizer Franken .................................  | CHF | 104 346 |  | 97 999,15 | 0,00 |
| US-Dollar ........................................  | USD | 7 389 822 |  | 6 593 642,35 | 0,26 |
| Termingelder EUR - Guthaben (Norddeutsche Landesbank, Hanover) ....  | EUR |  |  | 76 550 000,00 | 2,76 |
| Sonstige Vermögensgegenstände |  |  |  | 44 515 367,78 | 1,72 |
| Abgegrenzte Platzierungsgebühr *** ...................  |  |  |  | 128 167,97 | 0,00 |
| Zinsansprüche ....................................  |  |  |  | 33 327 469,45 | 1,29 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 740,87 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  | 11 058 989,49 | 0,43 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 20 270 614,37 | 0,79 |
| Summe der Vermögensgegenstände **** |  |  |  | 2 621 391 522,84 | 101,70 |
| Sonstige Verbindlichkeiten |  |  |  | -42 910 688,02 | -1,66 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -42 910 688,02 | -1,66 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -737 801,21 | -0,03 |
| Summe der Verbindlichkeiten |  |  |  | -43 792 057,98 | -1,70 |
| Fondsvermögen |  |  |  | 2 577 599 464,86 | 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 CHF FCH ...................................  | CHF | 111,88 |
| Klasse FC ........................................  | EUR | 156,92 |
| Klasse FD ........................................  | EUR | 100,88 |
| Klasse IC .........................................  | EUR | 105,13 |
| Klasse IC50 .......................................  | EUR | 110,21 |
| Klasse ID ........................................  | EUR | 97,16 |
| Klasse ID50 ......................................  | EUR | 97,48 |
| Klasse LC ........................................  | EUR | 151,42 |
| Klasse LD ........................................  | EUR | 108,92 |
| Klasse NC ........................................  | EUR | 136,06 |
| Klasse ND ........................................  | EUR | 98,41 |
| Klasse NDQ ......................................  | EUR | 93,34 |
| Klasse PFC .......................................  | EUR | 117,68 |
| Klasse PFDQ .....................................  | EUR | 97,79 |
| Klasse RDQ ......................................  | EUR | 93,14 |
| Klasse TFC .......................................  | EUR | 100,56 |
| Klasse TFD .......................................  | EUR | 92,16 |
| Klasse SEK LCH ...................................  | SEK | 1 152,61 |
| Klasse USD FCH ..................................  | USD | 139,02 |
| Klasse USD LCH ..................................  | USD | 135,09 |
| Klasse USD LDMH .................................  | USD | 105,22 |
| Klasse USD TFCH .................................  | USD | 107,48 |
| Umlaufende Anteile Klasse CHF FCH ...................................  | Stück | 9 081,000 |
| Klasse FC ........................................  | Stück | 2 073 859,389 |
| Klasse FD ........................................  | Stück | 286 969,006 |
| Klasse IC .........................................  | Stück | 1 673 421,000 |
| Klasse IC50 .......................................  | Stück | 7 309 405,000 |
| Klasse ID ........................................  | Stück | 99 251,000 |
| Klasse ID50 ......................................  | Stück | 5 071 348,000 |
| Klasse LC ........................................  | Stück | 765 527,303 |
| Klasse LD ........................................  | Stück | 3 064 371,822 |
| Klasse NC ........................................  | Stück | 334 334,350 |
| Klasse ND ........................................  | Stück | 105 171,084 |
| Klasse NDQ ......................................  | Stück | 179 334,000 |
| Klasse PFC .......................................  | Stück | 83 699,000 |
| Klasse PFDQ .....................................  | Stück | 93 875,000 |
| Klasse RDQ ......................................  | Stück | 1 483 998,000 |
| Klasse TFC .......................................  | Stück | 186 752,102 |
| Klasse TFD .......................................  | Stück | 84 362,350 |
| Klasse SEK LCH ...................................  | Stück | 443,000 |
| Klasse USD FCH ..................................  | Stück | 234 380,170 |
| Klasse USD LCH ..................................  | Stück | 1 780,297 |
| Klasse USD LDMH .................................  | Stück | 14 155,000 |
| Klasse USD TFCH .................................  | Stück | 97,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Bank of America Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constrained
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 97,853 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 120,069 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 106,116 |

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 0,1, 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 222 742 217,89. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Citigroup Global Markets Limited, Deutsche Bank AG, Goldman Sachs International, Morgan Stanley Europe und State Street Bank London

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 3 | % ADLER Real Estate AG (MTN) 2018/2026 ......  | EUR | 200 000 | 199 118,00 |
| 6,5 | % Algeco Scotsman Global Finance PLC -Reg- (MTN) 2018/2023 ..............................  | EUR | 2 200 000 | 2 122 010,00 |
| 7,25 | % Almaviva-The Italian Innovation Co. SpA -Reg- (MTN) 2017/2022 .........................  | EUR | 2 950 000 | 2 651 755,00 |
| 2,125 | % Altice France SA/France -Reg- (MTN) 2020/2025 | EUR | 2 900 000	2 720 504,50 |
| 2,125 | % Ardagh Packaging Finance PLC Via Ardagh |  |  |
|  | Holdings USA, Inc. -Reg- (MTN) 2020/2026 ....  | EUR | 850 000 | 819 816,50 |
| 2 | % Ashland Services BV -Reg- (MTN) 2020/2028 ...  | EUR | 500 000 | 466 035,00 |
| 4,375 | % Ball Corp. 2015/2023 ......................  | EUR | 500 000 | 542 852,50 |
| 3,5 | % Banijay Entertainment SASU -Reg- (MTN) 2020/2025 ..............................  | EUR | 2 300 000 | 2 201 238,00 |
| 2,75 | % Cemex SAB de CV -Reg- (MTN) 2017/2024 ....  | EUR | 500 000 | 462 367,50 |
| 4 | % Chemours Co./The (MTN) 2018/2026 .........  | EUR | 2 069 000 | 1 872 186,38 |
| 6,5 | % CMA CGM SA -Reg- (MTN) 2017/2022 ........  | EUR | 500 000 | 466 827,50 |
| 9 | % CMF SpA -Reg- (MTN) 2017/2022 ............  | EUR | 2 400 000 | 2 341 644,00 |
| 9,625 | % Consus Real Estate AG -Reg- (MTN) 2019/2024 . | EUR | 510 000 | 555 900,00 |
| 5,5 | % Cott Corp. -Reg- (MTN) 2016/2024 ...........  | EUR | 200 000 | 201 932,00 |
| 1,25 | % Deutsche Boerse AG 2020/2047 * ...........  | EUR | 2 600 000 | 2 598 505,00 |
| 3 | % Dometic Group AB (MTN) 2018/2023 .........  | EUR | 1 900 000 | 1 886 548,00 |
| 2,5 | % Dufry One BV (MTN) 2017/2024 .............  | EUR | 1 000 000 | 841 930,00 |
| 1,75 | % eircom Finance DAC (MTN) 2019/2024 ........  | EUR | 570 000 | 544 922,85 |
| 3 | % El Corte Ingles SA -Reg- (MTN) 2018/2024 .....  | EUR | 2 000 000 | 1 966 360,00 |
| 6,375 | % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ......  | EUR | 7 200 000 | 6 056 712,00 |
| 4,25 | % Evoca SpA -Reg- (MTN) 2019/2026 * .........  | EUR | 5 400 000 | 4 633 605,00 |
| 5,125 | % Garrett LX I Sarl / Garrett Borrowing LLC -Reg- (MTN) 2018/2026 .........................  | EUR | 12 300 000 | 10 132 125,00 |
| 3,375 | % Grupo-Antolin Irausa SA -Reg- (MTN) 2018/2026 | EUR | 400 000 | 340 718,00 |
| 4,375 | % House of Finance NV/The -Reg- (MTN) 2019/2026 | EUR | 4 300 000 | 3 790 428,50 |
| 5,375 | % INEOS Group Holdings SA -Reg- (MTN) 2016/2024 | EUR | 1 500 000 | 1 475 062,50 |
| 3,5 | % Intrum AB -Reg- (MTN) 2019/2026 ...........  | EUR | 3 275 000 | 2 882 081,88 |
| 3 | % Intrum AB -Reg- (MTN) 2019/2027 ...........  | EUR | 4 000 000 | 3 364 600,00 |
| 2,75 | % Intrum Justitia AB -Reg- (MTN) 2017/2022 .....  | EUR | 2 900 000 | 2 764 541,00 |
| 4,125 | % K+S AG (MTN) 2013/2021 ..................  | EUR | 200 000 | 197 608,00 |
| 5,5 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 .........................  | EUR | 500 000 | 457 810,00 |
| 6,75 | % KME AG -Reg- (MTN) 2018/2023 .............  | EUR | 7 000 000 | 4 882 220,00 |
| 5 | % Kongsberg Actuation Systems BV -Reg- (MTN) 2018/2025 ..............................  | EUR | 600 000 | 447 570,00 |
| 5,125 | % La Financiere Atalian SASU -Reg- (MTN) 2018/2025 ..............................  | EUR | 800 000 | 604 544,00 |
| 3,125 | % La Poste SA 2018/perpetual * ...............  | EUR | 5 200 000 | 5 363 566,00 |
| 3,5 | % Loxam SAS -Reg- (MTN) 2017/2022 ..........  | EUR | 2 600 000 | 2 552 862,00 |
| 4,25 | % Loxam SAS -Reg- (MTN) 2017/2024 ..........  | EUR | 500 000 | 478 500,00 |
| 6 | % Loxam SAS -Reg- (MTN) 2017/2025 ..........  | EUR | 6 570 000 | 5 652 335,25 |
| 5 | % LSF10 Wolverine Investments SCA -Reg- (MTN) 2018/2024 ..............................  | EUR | 2 230 000 | 2 211 491,00 |
| 6,125 | % Maxeda Diy Holding BV -Reg- (MTN) 2017/2022 | EUR | 11 800 000 | 10 896 297,00 |
| 5,5 | % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ..  | EUR | 1 000 000 | 955 745,00 |
| 9,5 | % Monitchem HoldCo 2 SA -Reg- (MTN) 2019/2026 | EUR | 300 000 | 301 654,50 |
| 3,75 | % NH Hotel Group SA -Reg- (MTN) 2016/2023 ....  | EUR | 9 300 000 | 8 425 056,00 |
| 7,25 | % Nidda BondCo GmbH -Reg- (MTN) 2018/2025 ..  | EUR | 4 000 000 | 4 110 620,00 |
| 3,5 | % Nidda Healthcare Holding GmbH -Reg- (MTN) 2017/2024 ..............................  | EUR | 1 900 000 | 1 877 599,00 |
| 3,125 | % Nokia Oyj (MTN) 2020/2028 ................  | EUR | 800 000 | 827 508,00 |
| 3,25 | % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 ..............................  | EUR | 1 400 000 | 1 415 050,00 |
| 4,5 | % Norican A/S (MTN) 2017/2023 ...............  | EUR | 200 000 | 146 049,00 |
| 3,125 | % OCI NV -Reg- (MTN) 2019/2024 .............  | EUR | 1 700 000 | 1 665 209,50 |
| 3,125 | % OI European Group BV -Reg- (MTN) 2016/2024 . | EUR | 4 000 000 | 3 952 340,00 |
| 6,25 | % OMV AG 2015/2049 * .....................  | EUR | 4 000 000 | 4 703 820,00 |
| 5 | % Orange SA 2014/2049 * ...................  | EUR | 2 000 000 | 2 322 410,00 |
| 4,375 | % Panther BF Aggregator 2 LP Via Panther Finance Co., Inc. -Reg- (MTN) 2019/2026 .............  | EUR | 200 000 | 198 664,00 |
| 5,375 | % Platin 1426 GmbH -Reg- (MTN) 2017/2023 .....  | EUR | 375 000 | 350 908,13 |
| 4 | % Polygon AB (MTN) 2018/2023 ...............  | EUR | 500 000 | 497 500,00 |
| 3 | % ProGroup AG -Reg- (MTN) 2018/2026 .........  | EUR | 16 416 000 | 15 958 814,40 |
| 6,375 | % Raffinerie Heide GmbH -Reg- (MTN) 2017/2022 . | EUR | 4 800 000 | 3 346 344,00 |
| 3,25 | % RCS & RDS SA -Reg- (MTN) 2020/2028 .......  | EUR | 3 500 000 | 3 301 690,00 |
| 3,75 | % Salini Impregilo SpA (MTN) 2016/2021 ........  | EUR | 6 410 000 | 6 412 467,85 |
| 1,75 | % Salini Impregilo SpA (MTN) 2017/2024 ........  | EUR | 6 814 000 | 6 028 959,06 |
| 3,625 | % Salini Impregilo SpA (MTN) 2020/2027 ........  | EUR | 8 100 000 | 6 910 231,50 |
| 3,5 | % Samsonite Finco Sarl -Reg- (MTN) 2018/2026 ...  | EUR | 6 200 000 | 5 423 884,00 |
| 4,625 | % SGL Carbon SE (MTN) 2019/2024 ............  | EUR | 700 000 | 557 375,00 |
| 2,375 | % Smurfit Kappa Acquisitions -Reg- (MTN) 2017/2024 ..............................  | EUR | 1 000 000 | 1 025 715,00 |
| 5,869 | % Solvay Finance SA 2015/2049 * .............  | EUR | 400 000 | 438 616,00 |
| 5,75 | % Summer BC Holdco B SARL -Reg- (MTN) 2019/2026 ..............................  | EUR | 3 100 000 | 2 968 281,00 |

| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 6 | % Superior Industries International, Inc. -Reg- |  |  |  |
|  | (MTN) 2017/2025 .........................  | EUR | 285 000 | 237 916,58 |
| 4,75 | % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ..  | EUR | 7 000 000 | 7 016 345,00 |
| 5,375 | % Takko Luxembourg 2 SCA -Reg- (MTN) 2 |  |  |  |
|  | 017/2023 * ..............................  | EUR | 500 000 | 270 752,50 |
| 4,375 | % Telefonica Europe BV 2019/perpetual * .......  | EUR | 500 000 | 517 332,50 |
| 5 | % Tendam Brands SAU -Reg- (MTN) 2017/2024 ...  | EUR | 3 325 000 | 2 901 444,88 |
| 5 | % Tenneco, Inc. -Reg- (MTN) 2017/2024 ........  | EUR | 1 850 000 | 1 706 079,25 |
| 4,5 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
|  | (MTN) 2018/2025 .........................  | EUR | 100 000 | 99 738,00 |
| 0,375 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
|  | 2016/2020 ..............................  | EUR | 10 000 000 | 9 982 950,00 |
| 2,375 | % Titan Global Finance PLC (MTN) 2017/2024 ....  | EUR | 3 600 000 | 3 631 518,00 |
| 6,625 | % Vallourec SA -Reg- (MTN) 2017/2022 .........  | EUR | 400 000 | 254 888,00 |
| 6,375 | % Vallourec SA -Reg- (MTN) 2018/2023 .........  | EUR | 2 500 000 | 1 519 925,00 |
| 5,25 | % Victoria PLC -Reg- (MTN) 2019/2024 ..........  | EUR | 4 800 000 | 4 562 976,00 |
| 4 | % Viridian Group FinanceCo PLC Via Viridian Power |  |  |  |
|  | and Energy -Reg- (MTN) 2017/2025 ..........  | EUR | 2 000 000 | 1 948 430,00 |
| 4,2 | % Vodafone Group PLC 2018/2078 * ...........  | EUR | 1 000 000 | 1 086 800,00 |
| 7,75 | % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 | GBP | 7 000 000 | 7 048 373,08 |
| 3,875 | % TalkTalk Telecom Group PLC (MTN) 2020/2025 . | GBP | 500 000 | 531 246,16 |
| 7,375 | % Cemex SAB de CV -Reg- (MTN) 2020/2027 ....  | USD | 2 050 000 | 1 867 874,04 |

Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen	223 954 229,76	223 954 229,76 Vertragspartner der Wertpapier-Darlehen
BNP Paribas Arbitrage SNC, BNP Paribas S.A., Barclays Capital Securities Limited, BofA SECURITIES EUROPE - FI, Citigroup Global Markets Limited FI, Crédit Suisse Securities (Europe) Ltd. FI, Deutsche Bank AG FI, Goldman Sachs Int., HSBC Bank PLC FI, J.P. Morgan Sec Ltd., J.P. Morgan Securities plc (Fix Income), Morgan Stanley Europe SE FI, RBC Europe Limited, UBS AG LDN BRANCH, Unicredit Bank AG, A105
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 235 675 100,87 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 143 094 384,31 |
| Aktien | EUR | 92 580 716,56 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Schweizer Franken	CHF | 1,064768 | = EUR | 1 |
| --- | --- | --- | --- |
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| Schwedische Kronen	SEK | 10,476263 | = 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	
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Variabler Zinssatz.
*** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
**** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.