# DWS Invest ESG USD Corporate Bonds
DWS INVEST ESG USD CORPORATE BONDS

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD LD | LU1333038807 | 7.2% |
| Class USD FC | LU1333038633 | 7.5% |
| Class USD TFC | LU1663959333 | 7.5% |
| Class USD TFD | LU1663959507 | 7.5% |
| Class USD XC | LU1333038989 | 7.7% |
| Class FCH 1 | LU1333038393 | 6.0% |
| Class LCH 1 | LU1333038476 | 5.7% |
| Class TFCH 1 | LU1663958368 | 5.8% |
| Class XCH 1 | LU1333039011 | 6.3% |


##### Barclays Capital

##### U.S. Credit Index
1 
in EUR
“BVI method” performance, i.e., excluding the initial sales charge.

##### 4.7%
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 ESG USD Corporate Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 23 679 818.97 | 87.49 |
| Central governments | 2 630 515.01 | 9.72 |
| Total bonds | 26 310 333.98 | 97.21 |
| 2. Derivatives | -48 674.72 | - 0.18 |
| 3. Cash at bank | 500 213.47 | 1.85 |
| 4. Other assets | 390 489.83 | 1.44 |
| II. Liabilities |  |  |
| 1. Other liabilities | -86 174.88 | - 0.32 |
| III. Net assets | 27 066 187.68 | 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	USD |
| Securities traded on an exchange |  |  |  |  |  |  | 12 615 870.30 | 46.61 |
| Interest-bearing securities 3.70  % 3M Co. 2020/2050 .........................  | USD | 35 000 | 35 000 |  | % | 119.496 | 41 823.43 | 0.15 |
| 4.45  % AbbVie, Inc. 2016/2046 ......................  | USD | 55 000 |  |  | % | 122.214 | 67 217.70 | 0.25 |
| 4.875 % AbbVie, Inc. 2018/2048 ......................  | USD | 80 000 |  |  | % | 130.78 | 104 624.40 | 0.39 |
| 2.10  % Agilent Technologies, Inc. (MTN) 2020/2030 .....  | USD | 70 000 | 70 000 |  | % | 102.835 | 71 984.50 | 0.27 |
| 5.50  % Aircastle Ltd (MTN) 2015/2022 ................  | USD | 230 000 |  |  | % | 100.566 | 231 300.65 | 0.85 |
| 3.125 % American Express Co. (MTN) 2019/2026 ........  | USD | 290 000 |  |  | % | 111.14 | 322 306.00 | 1.19 |
| 2.10  % American Tower Corp. (MTN) 2020/2030 ........  4.90 % Anheuser-Busch Cos LLC Via Anheuser-Busch InBev Worldwide, Inc. 2019/2046..............  | USD USD | 80 000 164 000 | 80 000 | 116 000 | % % | 100.177 122.217 | 80 141.60 200 435.88 | 0.30 0.74 |
| 2.875 % Anthem, Inc. (MTN) 2019/2029................  | USD | 80 000 |  |  | % | 108.969 | 87 175.20 | 0.32 |
| 2.25  % Anthem, Inc. (MTN) 2020/2030................  | USD | 80 000 | 80 000 |  | % | 103.165 | 82 532.00 | 0.30 |
| 4.10  % AT&T, Inc. (MTN) 2018/2028 .................  | USD | 240 000 |  | 80 000 | % | 114.612 | 275 070.00 | 1.02 |
| 4.35  % AT&T, Inc. (MTN) 2019/2029 .................  | USD | 100 000 |  |  | % | 116.7 | 116 700.00 | 0.43 |
| 4.50  % AT&T, Inc. 2016/2048 .......................  | USD | 95 000 |  | 55 000 | % | 117.412 | 111 540.93 | 0.41 |
| 2.75  % AT&T, Inc. 2020/2031 .......................  | USD | 150 000 | 150 000 |  | % | 103.983 | 155 974.50 | 0.58 |
| 3.65  % AT&T, Inc. 2020/2051 .......................  | USD | 120 000 | 120 000 |  | % | 104.746 | 125 694.60 | 0.46 |
| 2.704 % Banco del Estado de Chile -Reg- (MTN) 2020/2025 | USD | 200 000 | 200 000 |  | % | 102.933 | 205 866.00 | 0.76 |
| 2.706 % Banco Santander SA (MTN) 2019/2024 .........  | USD | 400 000 |  |  | % | 105.196 | 420 786.00 | 1.55 |
| 3.00  % Bancolombia SA (MTN) 2020/2025 .............  | USD | 200 000 | 200 000 |  | % | 98.21 | 196 420.00 | 0.73 |
| 4.61  % Barclays PLC (MTN) 2018/2023 * ..............  | USD | 500 000 |  |  | % | 105.335 | 526 675.00 | 1.95 |
| 4.50  % Boston Properties LP (MTN) 2018/2028 .........  | USD | 235 000 |  |  | % | 119.949 | 281 880.15 | 1.04 |
| 4.00  % Boston Scientific Corp. (MTN) 2019/2029. . . . . . . . | USD | 103 000 |  |  | % | 114.698 | 118 138.43 | 0.44 |
| 4.375 % Cigna Corp. (MTN) 2019/2028.................  | USD | 110 000 |  |  | % | 118.598 | 130 458.35 | 0.48 |
| 2.40  % Cigna Corp. (MTN) 2020/2030.................  | USD | 35 000 | 35 000 |  | % | 104 | 36 400.00 | 0.13 |
| 3.20  % Cigna Corp. 2020/2040 ......................  | USD | 15 000 | 15 000 |  | % | 106.969 | 16 045.35 | 0.06 |
| 3.20  % Citigroup, Inc. (MTN) 2016/2026 ...............  4.50 % Colombia Government International Bond 2018/2029 ................................  | USD USD | 340 000 200 000 |  |  | % % | 109.81 109.222 | 373 352.30 218 444.00 | 1.38 0.81 |
| 5.30  % Conagra Brands, Inc. 2018/2038 ...............  4.125 % Consolidated Edison Co. of New York, Inc. 2019/2049 ................................  | USD USD | 50 000 110 000 |  |  | % % | 131.928 121.754 | 65 963.75 133 929.95 | 0.24 0.49 |
| 2.875 % Constellation Brands, Inc. (MTN) 2020/2030 .....  | USD | 35 000 | 35 000 |  | % | 106.679 | 37 337.65 | 0.14 |
| 2.60  % DH Europe Finance II Sarl (MTN) 2019/2029 .....  | USD | 40 000 |  |  | % | 106.398 | 42 559.40 | 0.16 |
| 3.40  % DH Europe Finance II Sarl 2019/2049 ...........  | USD | 80 000 |  |  | % | 112.242 | 89 793.20 | 0.33 |
| 2.169 % DuPont de Nemours, Inc. 2020/2023 ...........  | USD | 100 000 | 190 000 | 90 000 | % | 102.031 | 102 031.00 | 0.38 |
| 5.375 % Ecopetrol SA 2015/2026 .....................  | USD | 160 000 |  |  | % | 104.809 | 167 694.40 | 0.62 |
| 3.95  % Eli Lilly & Co. 2019/2049 .....................  | USD | 60 000 |  |  | % | 127.736 | 76 641.60 | 0.28 |
| 4.15  % Eli Lilly & Co. 2019/2059 .....................  | USD | 60 000 |  |  | % | 132.185 | 79 311.00 | 0.29 |
| 2.375 % Estee Lauder Cos, Inc./The (MTN) 2019/2029 ....  | USD | 38 000 |  |  | % | 107.343 | 40 790.34 | 0.15 |
| 2.60  % Estee Lauder Cos, Inc./The (MTN) 2020/2030 ....  | USD | 25 000 | 25 000 |  | % | 109.44 | 27 360.00 | 0.10 |
| 3.125 % Estee Lauder Cos, Inc./The 2019/2049 ..........  | USD | 56 000 |  |  | % | 110.038 | 61 621.56 | 0.23 |
| 4.05  % FedEx Corp. 2018/2048 .....................  | USD | 75 000 |  |  | % | 103.3 | 77 474.63 | 0.29 |
| 4.346 % Ford Motor Co. (MTN) 2016/2026..............  | USD | 100 000 |  |  | % | 93.673 | 93 673.00 | 0.35 |
| 9.00  % Ford Motor Co. (MTN) 2020/2025..............  | USD | 20 000 | 20 000 |  | % | 108.438 | 21 687.70 | 0.08 |
| 8.50  % Ford Motor Co. 2020/2023 ...................  | USD | 30 000 | 30 000 |  | % | 105.662 | 31 698.45 | 0.12 |
| 3.45  % General Electric Co. (MTN) 2020/2027 ..........  | USD | 65 000 | 65 000 |  | % | 102.499 | 66 624.35 | 0.25 |
| 3.625 % General Electric Co. (MTN) 2020/2030 ..........  | USD | 50 000 | 50 000 |  | % | 99.934 | 49 966.75 | 0.18 |
| 2.875 % General Mills, Inc. (MTN) 2020/2030 ...........  2.80  % Hartford Financial Services Group, Inc./The (MTN) 2019/2029 ..........................  | USD USD | 35 000 60 000 | 35 000 |  | % % | 109.026 105.982 | 38 159.28 63 588.90 | 0.14 0.23 |
| 5.625 % HCA, Inc. (MTN) 2018/2028 ..................  | USD | 160 000 |  |  | % | 111.636 | 178 616.80 | 0.66 |
| 4.125 % HCA, Inc. (MTN) 2019/2029 ..................  | USD | 130 000 |  |  | % | 110.489 | 143 635.70 | 0.53 |
| 3.50  % HCA, Inc. (MTN) 2020/2030 ..................  | USD | 225 000 | 225 000 |  | % | 95.691 | 215 304.75 | 0.80 |
| 5.50  % HCA, Inc. 2017/2047 ........................  | USD | 160 000 |  |  | % | 123.126 | 197 002.40 | 0.73 |
| 4.45  % Hewlett Packard Enterprise Co. 2020/2023 ......  | USD | 60 000 | 125 000 | 65 000 | % | 109.324 | 65 594.10 | 0.24 |
| 3.125 % Home Depot, Inc./The 2020/2049..............  | USD | 80 000 | 80 000 |  | % | 109.717 | 87 773.60 | 0.32 |
| 1.80  % Hormel Foods Corp. (MTN) 2020/2030 ..........  | USD | 65 000 | 65 000 |  | % | 102.356 | 66 531.40 | 0.25 |
| 3.875 % Host Hotels & Resorts LP (MTN) 2017/2024 .....  | USD | 150 000 |  |  | % | 102.183 | 153 274.50 | 0.57 |
| 2.20  % HP, Inc. (MTN) 2020/2025....................  3.50  % International Business Machines Corp. (MTN) 2019/2029 ..........................  | USD USD | 210 000 320 000 | 210 000 |  | % % | 103.485 115.899 | 217 318.50 370 876.80 | 0.80 1.37 |
| 3.20  % Keurig Dr Pepper, Inc. (MTN) 2020/2030 ........  | USD | 35 000 | 35 000 |  | % | 110.698 | 38 744.48 | 0.14 |
| 3.80  % Keurig Dr Pepper, Inc. 2020/2050 ..............  | USD | 50 000 | 50 000 |  | % | 113.394 | 56 697.25 | 0.21 |
| 4.50  % Kroger Co./The (MTN) 2019/2029 ..............  | USD | 150 000 |  |  | % | 122.004 | 183 006.75 | 0.68 |
| 4.05  % Lowe‘s Cos, Inc. 2017/2047 ..................  | USD | 50 000 |  |  | % | 118.112 | 59 055.75 | 0.22 |
| 4.55  % Lowe‘s Cos, Inc. 2019/2049 ..................  | USD | 30 000 |  | 30 000 | % | 127.356 | 38 206.65 | 0.14 |
| 5.00  % Lowe‘s Cos, Inc. 2020/2040 ..................  | USD | 50 000 | 50 000 |  | % | 130.677 | 65 338.50 | 0.24 |
| 2.125 % McDonald‘s Corp. (MTN) 2020/2030 ...........  | USD | 60 000 | 60 000 |  | % | 102.84 | 61 703.70 | 0.23 |
| 4.20  % McDonald‘s Corp. (MTN) 2020/2050 ...........  | USD | 70 000 | 70 000 |  | % | 121.53 | 85 071.00 | 0.31 |
| 2.45  % Merck & Co., Inc. 2020/2050 .................  4.50 % Mexico Government International Bond (MTN) 2019/2029 ................................  | USD USD | 135 000 200 000 | 135 000 |  | % % | 101.044 108.521 | 136 409.40 217 042.00 | 0.50 0.80 |
| 3.25  % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | USD | 250 000 | 250 000 | % | 98.816 | 247 041.25 | 0.91 |

| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | currency | amount | in the reporting period |  |  | USD |  |  |
| 4.75 | % Mexico Government International Bond 2012/2044 ................................  | USD | 26 000 |  | % | 104.852 |  | 27 261.65 | 0.10 |
| 2.70 | % Nucor Corp. (MTN) 2020/2030 ................  | USD | 15 000 | 15 000 | % | 105.334 |  | 15 800.18 | 0.06 |
| 4.00 | % Oracle Corp. (MTN) 2017/2047 ................  | USD | 70 000 | 30 000 | % | 118.598 |  | 83 018.25 | 0.31 |
| 2.65 | % PayPal Holdings, Inc. (MTN) 2019/2026 .........  | USD | 51 000 |  | % | 108.853 |  | 55 515.03 | 0.21 |
| 2.85 | % PayPal Holdings, Inc. (MTN) 2019/2029 .........  | USD | 100 000 |  | % | 108.729 |  | 108 729.00 | 0.40 |
| 4.20 | % Pfizer, Inc. 2018/2048 .......................  | USD | 150 000 |  | % | 130.163 |  | 195 244.50 | 0.72 |
| 3.50 | % PNC Financial Services Group, Inc./The (MTN) 2019/2024 ................................  | USD | 110 000 |  | % | 109.506 |  | 120 457.15 | 0.45 |
| 4.35 | % Prudential Financial, Inc. (MTN) 2019/2050. . . . . . . | USD | 55 000 | 55 000 | % | 120.845 |  | 66 464.75 | 0.25 |
| 2.95 | % Ralph Lauren Corp. (MTN) 2020/2030 ..........  | USD | 35 000 | 35 000 | % | 102.702 |  | 35 945.88 | 0.13 |
| 4.00 | % Sempra Energy 2018/2048...................  | USD | 85 000 |  | % | 114.382 |  | 97 225.13 | 0.36 |
| 3.885 % Standard Chartered PLC -Reg- (MTN) 2018/2024 *. | USD | 520 000 |  |  | % | 105.128 | 546 668.20 | 2.02 |
| 2.40  % State Street Corp. (MTN) 2020/2030 ...........  | USD | 118 000 | 118 000 |  | % | 107.786 | 127 186.89 | 0.47 |
| 2.60  % Thermo Fisher Scientific, Inc. (MTN) 2019/2029 ..  | USD | 140 000 |  |  | % | 108.388 | 151 742.50 | 0.56 |
| 3.70  % Union Pacific Corp. (MTN) 2019/2029...........  0.625 % United States Treasury Note/Bond (MTN) 2020/2030 ................................  | USD USD | 190 000 1 053 000 | 1 228 000 | 175 000 | % % | 116.941 99.977 | 222 187.90 1 052 753.21 | 0.82 3.89 |
| 2.375 % United States Treasury Note/Bond 2019/2049 ....  | USD | 35 000 | 359 800 | 324 800 | % | 124.461 | 43 561.33 | 0.16 |
| 2.875 % UnitedHealth Group, Inc. (MTN) 2019/2029 ......  | USD | 78 000 |  |  | % | 111.903 | 87 284.34 | 0.32 |
| 4.45  % UnitedHealth Group, Inc. 2018/2048............  | USD | 50 000 |  | 10 000 | % | 132.395 | 66 197.50 | 0.24 |
| 2.90  % UnitedHealth Group, Inc. 2020/2050............  | USD | 70 000 | 70 000 |  | % | 105.738 | 74 016.25 | 0.27 |
| 4.522 % Verizon Communications, Inc. 2015/2048........  | USD | 100 000 |  |  | % | 132.716 | 132 716.00 | 0.49 |
| 5.50  % Verizon Communications, Inc. 2017/2047........  | USD | 60 000 |  |  | % | 146.758 | 88 054.80 | 0.33 |
| 2.05  % Visa, Inc. (MTN) 2020/2030...................  | USD | 55 000 | 55 000 |  | % | 105.275 | 57 901.25 | 0.21 |
| 2.65  % Walt Disney Co./The 2020/2031 ...............  | USD | 70 000 | 70 000 |  | % | 106.626 | 74 638.55 | 0.28 |
| 3.60  % Walt Disney Co./The 2020/2051 ...............  | USD | 70 000 | 70 000 |  | % | 111.74 | 78 218.35 | 0.29 |
| 3.45  % Waste Management, Inc. (MTN) 2019/2029. . . . . . | USD | 60 000 |  |  | % | 103.76 | 62 256.00 | 0.23 |
| 3.10  % Welltower, Inc. 2019/2030 ...................  | USD | 60 000 |  |  | % | 103.872 | 62 323.50 | 0.23 |
| 3.00  % WRKCo, Inc. 2020/2033 .....................  | USD | 30 000 | 30 000 |  | % | 104.544 | 31 363.05 | 0.12 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 13 357 889.55 | 49.35 |
| Interest-bearing securities 3.20  % AbbVie, Inc. -Reg- (MTN) 2019/2029 ...........  | USD | 80 000 |  |  | % | 110.086 | 88 069.20 | 0.33 |
| 4.25  % AbbVie, Inc. -Reg- 2019/2049 .................  | USD | 50 000 |  |  | % | 121.698 | 60 848.75 | 0.22 |
| 3.00  % Alcon Finance Corp. -Reg- (MTN) 2019/2029 .....  | USD | 200 000 |  |  | % | 106.264 | 212 527.00 | 0.79 |
| 2.50  % Amazon.com, Inc. 2020/2050 .................  | USD | 30 000 | 30 000 |  | % | 101.914 | 30 574.20 | 0.11 |
| 4.563 % Amgen, Inc. 2017/2048 ......................  | USD | 50 000 |  |  | % | 130.26 | 65 129.75 | 0.24 |
| 3.375 % Amgen, Inc. 2020/2050 ......................  3.40 % ANZ New Zealand Int‘l Ltd/London -Reg- (MTN) 2019/2024 ................................  | USD USD | 100 000 412 000 | 120 000 | 20 000 | % % | 111.13 108.446 | 111 130.00 446 795.46 | 0.41 1.65 |
| 2.05  % Apple, Inc. (MTN) 2019/2026 .................  | USD | 155 000 |  |  | % | 106.654 | 165 314.48 | 0.61 |
| 3.45  % Apple, Inc. 2015/2045 .......................  | USD | 190 000 |  |  | % | 117.957 | 224 118.30 | 0.83 |
| 3.75  % Apple, Inc. 2017/2047 .......................  | USD | 60 000 |  |  | % | 123.138 | 73 882.50 | 0.27 |
| 6.375 % Aramark Services, Inc. -Reg- (MTN) 2020/2025 ...  | USD | 17 000 | 17 000 |  | % | 103.238 | 17 550.38 | 0.06 |
| 3.067 % AT&T, Inc. (MTN) 2018/2024 * ................  5.125 % Avolon Holdings Funding Ltd -Reg- (MTN) 2018/2023 ................................  | USD USD | 98 000 120 000 |  |  | % % | 100.4 91.914 | 98 392.00 110 296.80 | 0.36 0.41 |
| 3.25 | % Avolon Holdings Funding Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2020/2027 ................................  | USD | 91 000 | 91 000 |  | % | 82.474 | 75 051.34 | 0.28 |
| 5.75  % Bahia Sul Holdings GmbH -Reg- (MTN) 2016/2026 . | USD | 200 000 |  |  | % | 109.648 | 219 297.00 | 0.81 |
| 3.824 % Bank of America Corp. (MTN) 2017/2028 * ......  | USD | 358 000 |  | 64 000 | % | 113.57 | 406 578.81 | 1.50 |
| 3.974 % Bank of America Corp. (MTN) 2019/2030 * ......  | USD | 85 000 |  | 50 000 | % | 116.478 | 99 006.30 | 0.37 |
| 2.884 % Bank of America Corp. (MTN) 2019/2030 * ......  | USD | 90 000 |  | 90 000 | % | 108.203 | 97 382.70 | 0.36 |
| 2.676 % Bank of America Corp. (MTN) 2020/2041 * ......  | USD | 70 000 | 70 000 |  | % | 102.756 | 71 929.20 | 0.27 |
| 2.90  % Bank of Montreal (MTN) 2019/2022 ............  | USD | 180 000 |  |  | % | 104.207 | 187 572.60 | 0.69 |
| 3.50  % Bank of New Zealand -Reg- (MTN) 2019/2024 ....  | USD | 650 000 |  |  | % | 108.516 | 705 354.00 | 2.61 |
| 3.15  % Biogen, Inc. 2020/2050 ......................  | USD | 70 000 | 70 000 |  | % | 97.408 | 68 185.60 | 0.25 |
| 5.198 % BNP Paribas SA -Reg- 2019/2030 * ............  2.90  % BNZ International Funding Ltd/London -Reg- (MTN) 2017/2022 ..........................  | USD USD | 450 000 50 000 |  |  | % % | 122.47 103.479 | 551 112.75 51 739.50 | 2.04 0.19 |
| 4.625 % BPCE SA -Reg- (MTN) 2018/2028 ..............  | USD | 300 000 |  |  | % | 117.126 | 351 379.50 | 1.30 |
| 4.25  % Bristol-Myers Squibb Co. -Reg- 2019/2049 .......  | USD | 70 000 |  |  | % | 132.89 | 93 023.35 | 0.34 |
| 4.11  % Broadcom, Inc. -Reg- (MTN) 2020/2028 .........  | USD | 116 000 | 116 845 | 845 | % | 109.683 | 127 232.28 | 0.47 |
| 5.00  % Broadcom, Inc. -Reg- (MTN) 2020/2030 .........  | USD | 95 000 | 95 000 |  | % | 115.406 | 109 636.18 | 0.40 |
| 2.976 % Citigroup, Inc. 2019/2030 * ...................  | USD | 80 000 |  |  | % | 106.814 | 85 450.80 | 0.32 |
| 4.412 % Citigroup, Inc. 2020/2031 * ...................  | USD | 110 000 | 110 000 |  | % | 118.614 | 130 475.95 | 0.48 |
| 2.572 % Citigroup, Inc. 2020/2031 * ...................  | USD | 75 000 | 75 000 |  | % | 103.616 | 77 712.00 | 0.29 |
| 4.60  % Comcast Corp. 2018/2038 ...................  | USD | 100 000 |  |  | % | 127.68 | 127 680.50 | 0.47 |
| 4.95  % Comcast Corp. 2018/2058 ...................  | USD | 145 000 |  | 40 000 | % | 142.33 | 206 377.78 | 0.76 |
| 1.95  % Comcast Corp. 2020/2031 ...................  | USD | 50 000 | 50 000 |  | % | 102.022 | 51 011.25 | 0.19 |
| 2.80  % Comcast Corp. 2020/2051 ...................  | USD | 50 000 | 50 000 |  | % | 103.05 | 51 525.00 | 0.19 |
| 5.50  % CommScope, Inc. -Reg- (MTN) 2019/2024 .......  3.95 % Consolidated Edison Co. of New York, Inc. 2020/2050 ................................  | USD USD | 85 000 10 000 | 10 000 |  | % % | 101.721 119.376 | 86 462.85 11 937.55 | 0.32 0.04 |
| 4.50  % CSX Corp. 2019/2049 .......................  | USD | 31 000 |  |  | % | 129.716 | 40 212.12 | 0.15 |
| 3.35  % CSX Corp. 2019/2049 .......................  | USD | 100 000 |  |  | % | 112.562 | 112 562.00 | 0.42 |
| 4.78  % CVS Health Corp. 2018/2038 .................  | USD | 155 000 |  | 55 000 | % | 124.032 | 192 248.83 | 0.71 |
| 4.25  % CVS Health Corp. 2020/2050 .................  | USD | 30 000 | 30 000 |  | % | 121.243 | 36 372.90 | 0.13 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2.411 % Daimler Finance North America LLC -Reg- 2018/2021 * ..............................  | USD | 410 000 |  |  | % | 99.036 | 406 049.65 | 1.50 |
| 4.90  % Dell International LLC Via EMC Corp. -Reg- (MTN) 2019/2026 ..........................  | USD | 60 000 |  |  | % | 110.411 | 66 246.60 | 0.24 |
| 2.625 % Equinix, Inc. (MTN) 2019/2024 ................  | USD | 91 000 |  |  | % | 106.737 | 97 130.67 | 0.36 |
| 3.20  % Equinix, Inc. (MTN) 2019/2029 ................  | USD | 97 000 |  |  | % | 108.854 | 105 587.90 | 0.39 |
| 2.15  % Equinix, Inc. (MTN) 2020/2030 ................  | USD | 41 000 | 41 000 |  | % | 99.792 | 40 914.72 | 0.15 |
| 4.15  % ERP Operating LP (MTN) 2018/2028 ...........  | USD | 160 000 |  |  | % | 118.76 | 190 016.00 | 0.70 |
| 3.814 % Goldman Sachs Group, Inc. 2018/2029 * ........  | USD | 410 000 |  |  | % | 113.111 | 463 755.10 | 1.71 |
| 4.40  % Goldman Sachs Group, Inc./The 2020/perpetual * . | USD | 23 000 | 23 000 |  | % | 89.956 | 20 689.88 | 0.08 |
| 3.55  % Hasbro, Inc. (MTN) 2019/2026 ................  | USD | 109 000 |  |  | % | 105.944 | 115 478.42 | 0.43 |
| 3.35  % Home Depot, Inc./The 2020/2050..............  | USD | 70 000 | 70 000 |  | % | 114.743 | 80 320.10 | 0.30 |
| 3.25  % Intel Corp. 2019/2049 .......................  | USD | 40 000 | 40 000 |  | % | 114.224 | 45 689.60 | 0.17 |
| 4.875 % Iron Mountain, Inc. -Reg- (MTN) 2019/2029 ......  | USD | 45 000 |  |  | % | 97.723 | 43 975.35 | 0.16 |
| 5.00 % Iron Mountain, Inc. -Reg- (MTN) 2020/2028 ......  | USD | 30 000 | 30 000 |  | % | 98.759 | 29 627.70 | 0.11 |
| 5.25 % Iron Mountain, Inc. -Reg- (MTN) 2020/2030 ......  | USD | 65 000 | 65 000 |  | % | 98.752 | 64 188.80 | 0.24 |
| 3.782 % JPMorgan Chase & Co. 2017/2028 * ...........  | USD | 340 000 |  |  | % | 113.75 | 386 750.00 | 1.43 |
| 2.956 % JPMorgan Chase & Co. 2020/2031 * ...........  | USD | 70 000 | 70 000 |  | % | 106.248 | 74 373.60 | 0.27 |
| 3.30  % KLA Corp. 2020/2050 .......................  | USD | 47 000 | 47 000 |  | % | 103.614 | 48 698.58 | 0.18 |
| 4.00  % Lam Research Corp. (MTN) 2019/2029 .........  | USD | 185 000 |  |  | % | 118.914 | 219 990.90 | 0.81 |
| 2.875 % Lam Research Corp. 2020/2050 ...............  | USD | 34 000 | 34 000 |  | % | 103.596 | 35 222.47 | 0.13 |
| 3.75  % Lamar Media Corp. -Reg- (MTN) 2020/2028 ......  | USD | 45 000 | 45 000 |  | % | 94.886 | 42 698.48 | 0.16 |
| 5.125 % Lowe‘s Cos, Inc. 2020/2050 ..................  | USD | 35 000 | 35 000 |  | % | 138.492 | 48 472.20 | 0.18 |
| 8.375 % Macy‘s, Inc. -Reg- (MTN) 2020/2025 ...........  | USD | 3 000 | 3 000 |  | % | 99.642 | 2 989.28 | 0.01 |
| 4.061 % Manulife Financial Corp. 2017/2032 *...........  | USD | 110 000 |  |  | % | 106.044 | 116 648.95 | 0.43 |
| 2.67  % Microchip Technology, Inc. -Reg- 2020/2023 .....  | USD | 80 000 | 80 000 |  | % | 103.036 | 82 428.40 | 0.30 |
| 4.64  % Micron Technology, Inc. (MTN) 2019/2024.......  | USD | 190 000 |  |  | % | 110.53 | 210 007.00 | 0.78 |
| 2.497 % Micron Technology, Inc. 2020/2023 ............  | USD | 110 000 | 110 000 |  | % | 103.89 | 114 278.45 | 0.42 |
| 3.70  % Microsoft Corp. 2016/2046 ...................  | USD | 150 000 |  |  | % | 125.866 | 188 799.00 | 0.70 |
| 4.431 % Morgan Stanley (MTN) 2019/2030 *............  | USD | 170 000 |  | 170 000 | % | 119.424 | 203 020.80 | 0.75 |
| 2.699 % Morgan Stanley (MTN) 2020/2031 *............  | USD | 152 000 | 152 000 |  | % | 106.247 | 161 495.44 | 0.60 |
| 3.591 % Morgan Stanley 2017/2028 * .................  | USD | 230 000 |  |  | % | 112.276 | 258 234.80 | 0.95 |
| 2.25  % Newmont Corp. (MTN) 2020/2030 .............  | USD | 45 000 | 45 000 |  | % | 101.393 | 45 626.85 | 0.17 |
| 3.50  % NVIDIA Corp. 2020/2040 .....................  | USD | 20 000 | 20 000 |  | % | 115.982 | 23 196.30 | 0.09 |
| 3.50  % NVIDIA Corp. 2020/2050 .....................  3.875 % NXP BV Via NXP Funding LLC -Reg- (MTN) 2016/2022 ................................  | USD USD | 30 000 300 000 | 30 000 |  | % % | 115.562 105.692 | 34 668.75 317 076.00 | 0.13 1.17 |
| 3.875 % NXP BV Via NXP Funding LLC Via NXP USA, |  |  |  |  |  |  |  |  |
| 4.30 | Inc. -Reg- (MTN) 2019/2026 ..................  % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -Reg- (MTN) 2019/2029 ..................  | USD USD | 55 000 30 000 |  |  | % % | 111.772 114.057 | 61 474.60 34 217.10 | 0.23 0.13 |
| 2.70 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -Reg- (MTN) 2020/2025 ..................  | USD | 20 000 | 20 000 |  | % | 104.98 | 20 996.10 | 0.08 |
| 3.60 | % Oracle Corp. 2020/2050 .....................  | USD | 35 000 | 70 000 | 35 000 | % | 113.093 | 39 582.55 | 0.15 |
| 3.375 | % PepsiCo, Inc. 2019/2049 .....................  | USD | 55 000 |  |  | % | 115.082 | 63 295.10 | 0.23 |
| 3.50 | % PepsiCo, Inc. 2020/2040 .....................  | USD | 40 000 | 40 000 |  | % | 118.436 | 47 374.20 | 0.17 |
| 2.625 | % Societe Generale SA -Reg- (MTN) 2020/2025.....  | USD | 200 000 | 200 000 |  | % | 102.016 | 204 032.00 | 0.75 |
| 4.00 | % Stanley Black & Decker, Inc. 2020/2060 * .......  | USD | 70 000 | 70 000 |  | % | 100.252 | 70 176.40 | 0.26 |
| 4.50 | % Starbucks Corp. 2018/2048 ...................  | USD | 110 000 |  |  | % | 119.296 | 131 226.15 | 0.48 |
| 2.90 | % Stryker Corp. 2020/2050 .....................  | USD | 90 000 | 90 000 |  | % | 100.733 | 90 659.70 | 0.33 |
| 3.95 | % Symantec Corp. (MTN) 2012/2022 .............  | USD | 230 000 |  |  | % | 101.39 | 233 195.85 | 0.86 |
| 2.65 | % Target Corp. (MTN) 2020/2030 ................  | USD | 45 000 | 45 000 |  | % | 110.292 | 49 631.63 | 0.18 |
| 4.25 | % Teleflex, Inc. -Reg- (MTN) 2020/2028 ...........  | USD | 15 000 | 15 000 |  | % | 102.652 | 15 397.80 | 0.06 |
| 3.875 | % T-Mobile USA, Inc. -Reg- (MTN) 2020/2030 ......  | USD | 120 000 | 120 000 |  | % | 110.95 | 133 140.00 | 0.49 |
| 4.375 | % T-Mobile USA, Inc. -Reg- 2020/2040............  | USD | 65 000 | 65 000 |  | % | 115.675 | 75 188.75 | 0.28 |
| 4.50 | % T-Mobile USA, Inc. -Reg- 2020/2050............  | USD | 70 000 | 110 000 | 40 000 | % | 118.07 | 82 649.00 | 0.31 |
| 1.50 | % United States Treasury Note/Bond - When Issued (MTN) 2020/2030.....................  | USD | 406 000 | 1 261 000 | 855 000 | % | 108.359 | 439 939.06 | 1.63 |
| 2.00 | % United States Treasury Note/Bond - When |  |  |  |  |  |  |  |  |
|  | Issued 2020/2050 ..........................  | USD | 85 000 | 85 000 | % | 115.438 | 98 121.88 | 0.36 |
| 4.329 | % Verizon Communications, Inc. (MTN) 2018/2028 ..  | USD | 410 000 |  | % | 120.798 | 495 269.75 | 1.83 |
| 4.25 | % Vodafone Group PLC 2019/2050...............  | USD | 80 000 | 80 000 | % | 117.588 | 94 070.40 | 0.35 |
| 3.75 | % WEA Finance LLC Via Westfield UK & Europe Finance PLC -Reg- (MTN) 2014/2024 .....  | USD | 200 000 |  | % | 103.169 | 206 338.00 | 0.76 |
| 2.75 | % Welltower, Inc. 2020/2031 ...................  | USD | 40 000 | 40 000 | % | 100.179 | 40 071.60 | 0.15 |
| 4.75 | % Western Digital Corp. (MTN) 2018/2026 ........  | USD | 55 000 |  | % | 103.124 | 56 717.93 | 0.21 |
| 3.20 | % Westinghouse Air Brake Technologies Corp. (MTN) 2020/2025 ..........................  | USD | 40 000 | 40 000 | % | 102.362 | 40 945.00 | 0.15 |
| 5.50 | % William Carter Co./The -Reg- (MTN) 2020/2025 ...  | USD | 20 000 | 20 000 | % | 103.464 | 20 692.80 | 0.08 |
| Unlisted securities |  |  |  |  |  | 336 574.13 | 1.25 |
| Interest-bearing securities 2.55  % Chile Government International Bond 2020/2032 ..  | USD | 275 000 | 275 000 | % | 104.128 | 286 350.63 | 1.06 |
| 4.375 % Molina Healthcare, Inc. -Reg- (MTN) 2020/2028 ...  | USD | 50 000 | 50 000 | % | 100.447 | 50 223.50 | 0.19 |
| Total securities portfolio |  |  |  |  |  | 26 310 333.98 | 97.21 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/	Sales/ additions	disposals in the reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  | 2 164.07 | 0.01 |
| Interest rate futures US Treasury Notes 5 year Futures 09/2020 (MS) ..........  | Count | 7 | 7 |  | 3 226.57 | 0.01 |
| US Treasury Notes 10 year Futures 09/2020 (MS) .........  | Count | 4 | 4 |  | 5 406.25 | 0.02 |
| US Ultra Bond 09/2020 (MS)..........................  | Count | -3 | 3 |  | -6 468.75 | -0.02 |
| Currency derivatives Receivables/payables |  |  |  |  | -50 838.79 | -0.19 |
| Forward currency transactions |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |
| Open positions EUR/USD 7.6 million ................................  |  |  |  |  | -50 838.79 | -0.19 |
| Cash at bank |  |  |  |  | 500 213.47 | 1.85 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 913 |  |  | 1 023.55 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD |  |  |  | 499 189.92 | 1.85 |
| Other assets |  |  |  |  | 390 489.83 | 1.44 |
| Interest receivable .................................  |  |  |  |  | 220 054.32 | 0.81 |
| Receivables from exceeding the expense cap ............  |  |  |  |  | 170 435.51 | 0.63 |
| Total assets ** |  |  |  |  | 27 209 670.10 | 100.53 |
| Other liabilities |  |  |  |  | -86 174.88 | -0.32 |
| Liabilities from cost items ............................  |  |  |  |  | -86 174.88 | -0.32 |
| Total liabilities |  |  |  |  | -143 482.42 | -0.53 |
| Net assets |  |  |  |  | 27 066 187.68 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FCH ........................................  | EUR | 118.62 |
| Class LCH ........................................  | EUR | 115.31 |
| Class TFCH .......................................  | EUR | 109.33 |
| Class XCH ........................................  | EUR | 120.94 |
| Class USD FC .....................................  | USD | 131.60 |
| Class USD LD .....................................  | USD | 116.27 |
| Class USD TFC ....................................  | USD | 117.98 |
| Class USD TFD ....................................  | USD | 110.20 |
| Class USD XC .....................................  | USD | 134.24 |
| Number of shares outstanding Class FCH ........................................  | Count | 100.000 |
| Class LCH ........................................  | Count | 1 400.109 |
| Class TFCH .......................................  | Count | 21.000 |
| Class XCH ........................................  | Count | 61 823.667 |
| Class USD FC .....................................  | Count | 109.000 |
| Class USD LD .....................................  | Count | 9 565.000 |
| Class USD TFC ....................................  | Count | 26.000 |
| Class USD TFD ....................................  | Count | 24.000 |
| Class USD XC .....................................  | Count | 129 299.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Barclays Capital U.S. Credit Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 77.311 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 115.515 |
| Average market risk exposure ........................  | % | 106.261 |

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 USD 1 575 054.68 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for forward currency transactions
Citigroup Global Markets Limited, Goldman Sachs International and JP Morgan
 Exchange rates (indirect quotes)	
As of June 30, 2020 Euro ......................... . EUR	0.892260	= USD	1
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnotes	
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest ESG USD Corporate Bonds
DWS INVEST ESG USD CORPORATE BONDS

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD LD | LU1333038807 | 7,2% |
| Klasse USD FC | LU1333038633 | 7,5% |
| Klasse USD TFC | LU1663959333 | 7,5% |
| Klasse USD TFD | LU1663959507 | 7,5% |
| Klasse USD XC | LU1333038989 | 7,7% |
| Klasse FCH 1) | LU1333038393 | 6,0% |
| Klasse LCH 1) | LU1333038476 | 5,7% |
| Klasse TFCH 1) | LU1663958368 | 5,8% |
| Klasse XCH 1) | LU1333039011 | 6,3% |


##### Barclays Capital

##### U.S. Credit Index
1) 
in EUR

##### 4,7%
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 ESG USD Corporate Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 23 679 818,97 | 87,49 |
| Zentralregierungen | 2 630 515,01 | 9,72 |
| Summe Anleihen | 26 310 333,98 | 97,21 |
| 2. Derivate | -48 674,72 | - 0,18 |
| 3. Bankguthaben | 500 213,47 | 1,85 |
| 4. Sonstige Vermögensgegenstände | 390 489,83 | 1,44 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -86 174,88 | - 0,32 |
| III. Fondsvermögen | 27 066 187,68 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |

Börsengehandelte Wertpapiere	12 615 870,30	46,61
Verzinsliche Wertpapiere
| 3,70 | % 3M Co. 2020/2050 ........................  | USD | 35 000 | 35 000 |  | % | 119,496 | 41 823,43 | 0,15 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4,45 | % AbbVie, Inc. 2016/2046 ....................  | USD | 55 000 |  |  | % | 122,214 | 67 217,70 | 0,25 |
| 4,875 | % AbbVie, Inc. 2018/2048 ....................  | USD | 80 000 |  |  | % | 130,78 | 104 624,40 | 0,39 |
| 2,10 | % Agilent Technologies, Inc. (MTN) 2020/2030 ....  | USD | 70 000 | 70 000 |  | % | 102,835 | 71 984,50 | 0,27 |
| 5,50 | % Aircastle Ltd (MTN) 2015/2022 ..............  | USD | 230 000 |  |  | % | 100,566 | 231 300,65 | 0,85 |
| 3,125 | % American Express Co. (MTN) 2019/2026 ......  | USD | 290 000 |  |  | % | 111,14 | 322 306,00 | 1,19 |
| 2,10 | % American Tower Corp. (MTN) 2020/2030 ......  | USD | 80 000 | 80 000 |  | % | 100,177 | 80 141,60 | 0,30 |
| 4,90 | % Anheuser-Busch Cos LLC Via Anheuser-Busch |  |  |  |  |  |  |  |  |
|  | InBev Worldwide, Inc. 2019/2046 ............  | USD | 164 000 |  | 116 000 | % | 122,217 | 200 435,88 | 0,74 |
| 2,875 | % Anthem, Inc. (MTN) 2019/2029 ..............  | USD | 80 000 |  |  | % | 108,969 | 87 175,20 | 0,32 |
| 2,25 | % Anthem, Inc. (MTN) 2020/2030 ..............  | USD | 80 000 | 80 000 |  | % | 103,165 | 82 532,00 | 0,30 |
| 4,10 | % AT&T, Inc. (MTN) 2018/2028 ................  | USD | 240 000 |  | 80 000 | % | 114,612 | 275 070,00 | 1,02 |
| 4,35 | % AT&T, Inc. (MTN) 2019/2029 ................  | USD | 100 000 |  |  | % | 116,7 | 116 700,00 | 0,43 |
| 4,50 | % AT&T, Inc. 2016/2048 .....................  | USD | 95 000 |  | 55 000 | % | 117,412 | 111 540,93 | 0,41 |
| 2,75 | % AT&T, Inc. 2020/2031 .....................  | USD | 150 000 | 150 000 |  | % | 103,983 | 155 974,50 | 0,58 |
| 3,65 | % AT&T, Inc. 2020/2051 .....................  | USD | 120 000 | 120 000 |  | % | 104,746 | 125 694,60 | 0,46 |
| 2,704 | % Banco del Estado de Chile -Reg- (MTN) 2020/2025 | USD | 200 000 | 200 000 |  | % | 102,933 | 205 866,00 | 0,76 |
| 2,706 | % Banco Santander SA (MTN) 2019/2024 ........  | USD | 400 000 |  |  | % | 105,196 | 420 786,00 | 1,55 |
| 3,00 | % Bancolombia SA (MTN) 2020/2025 ...........  | USD | 200 000 | 200 000 |  | % | 98,21 | 196 420,00 | 0,73 |
| 4,61 | % Barclays PLC (MTN) 2018/2023 * ............  | USD | 500 000 |  |  | % | 105,335 | 526 675,00 | 1,95 |
| 4,50 | % Boston Properties LP (MTN) 2018/2028 .......  | USD | 235 000 |  |  | % | 119,949 | 281 880,15 | 1,04 |
| 4,00 | % Boston Scientific Corp. (MTN) 2019/2029 ......  | USD | 103 000 |  |  | % | 114,698 | 118 138,43 | 0,44 |
| 4,375 | % Cigna Corp. (MTN) 2019/2028 ...............  | USD | 110 000 |  |  | % | 118,598 | 130 458,35 | 0,48 |
| 2,40 | % Cigna Corp. (MTN) 2020/2030 ...............  | USD | 35 000 | 35 000 |  | % | 104 | 36 400,00 | 0,13 |
| 3,20 | % Cigna Corp. 2020/2040 ....................  | USD | 15 000 | 15 000 |  | % | 106,969 | 16 045,35 | 0,06 |
| 3,20 | % Citigroup, Inc. (MTN) 2016/2026 .............  | USD | 340 000 |  |  | % | 109,81 | 373 352,30 | 1,38 |
| 4,50 | % Colombia Government International Bond |  |  |  |  |  |  |  |  |
|  | 2018/2029 ..............................  | USD | 200 000 |  |  | % | 109,222 | 218 444,00 | 0,81 |
| 5,30 | % Conagra Brands, Inc. 2018/2038 .............  | USD | 50 000 |  |  | % | 131,928 | 65 963,75 | 0,24 |
| 4,125 | % Consolidated Edison Co. of New York, Inc. |  |  |  |  |  |  |  |  |
|  | 2019/2049 ..............................  | USD | 110 000 |  |  | % | 121,754 | 133 929,95 | 0,49 |
| 2,875 | % Constellation Brands, Inc. (MTN) 2020/2030 ....  | USD | 35 000 | 35 000 |  | % | 106,679 | 37 337,65 | 0,14 |
| 2,60 | % DH Europe Finance II Sarl (MTN) 2019/2029 ....  | USD | 40 000 |  |  | % | 106,398 | 42 559,40 | 0,16 |
| 3,40 | % DH Europe Finance II Sarl 2019/2049 .........  | USD | 80 000 |  |  | % | 112,242 | 89 793,20 | 0,33 |
| 2,169 | % DuPont de Nemours, Inc. 2020/2023 .........  | USD | 100 000 | 190 000 | 90 000 | % | 102,031 | 102 031,00 | 0,38 |
| 5,375 | % Ecopetrol SA 2015/2026 ...................  | USD | 160 000 |  |  | % | 104,809 | 167 694,40 | 0,62 |
| 3,95 | % Eli Lilly & Co. 2019/2049 ...................  | USD | 60 000 |  |  | % | 127,736 | 76 641,60 | 0,28 |
| 4,15 | % Eli Lilly & Co. 2019/2059 ...................  | USD | 60 000 |  |  | % | 132,185 | 79 311,00 | 0,29 |
| 2,375 | % Estee Lauder Cos, Inc./The (MTN) 2019/2029 ..  | USD | 38 000 |  |  | % | 107,343 | 40 790,34 | 0,15 |
| 2,60 | % Estee Lauder Cos, Inc./The (MTN) 2020/2030 ..  | USD | 25 000 | 25 000 |  | % | 109,44 | 27 360,00 | 0,10 |
| 3,125 | % Estee Lauder Cos, Inc./The 2019/2049 ........  | USD | 56 000 |  |  | % | 110,038 | 61 621,56 | 0,23 |
| 4,05 | % FedEx Corp. 2018/2048 ...................  | USD | 75 000 |  |  | % | 103,3 | 77 474,63 | 0,29 |
| 4,346 | % Ford Motor Co. (MTN) 2016/2026 ............  | USD | 100 000 |  |  | % | 93,673 | 93 673,00 | 0,35 |
| 9,00 | % Ford Motor Co. (MTN) 2020/2025 ............  | USD | 20 000 | 20 000 |  | % | 108,438 | 21 687,70 | 0,08 |
| 8,50 | % Ford Motor Co. 2020/2023 .................  | USD | 30 000 | 30 000 |  | % | 105,662 | 31 698,45 | 0,12 |
| 3,45 | % General Electric Co. (MTN) 2020/2027 ........  | USD | 65 000 | 65 000 |  | % | 102,499 | 66 624,35 | 0,25 |
| 3,625 | % General Electric Co. (MTN) 2020/2030 ........  | USD | 50 000 | 50 000 |  | % | 99,934 | 49 966,75 | 0,18 |
| 2,875 | % General Mills, Inc. (MTN) 2020/2030 ..........  | USD | 35 000 | 35 000 |  | % | 109,026 | 38 159,28 | 0,14 |
| 2,80 | % Hartford Financial Services Group, Inc./The |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2029 .........................  | USD | 60 000 |  |  | % | 105,982 | 63 588,90 | 0,23 |
| 5,625 | % HCA, Inc. (MTN) 2018/2028 .................  | USD | 160 000 |  |  | % | 111,636 | 178 616,80 | 0,66 |
| 4,125 | % HCA, Inc. (MTN) 2019/2029 .................  | USD | 130 000 |  |  | % | 110,489 | 143 635,70 | 0,53 |
| 3,50 | % HCA, Inc. (MTN) 2020/2030 .................  | USD | 225 000 | 225 000 |  | % | 95,691 | 215 304,75 | 0,80 |
| 5,50 | % HCA, Inc. 2017/2047 ......................  | USD | 160 000 |  |  | % | 123,126 | 197 002,40 | 0,73 |
| 4,45 | % Hewlett Packard Enterprise Co. 2020/2023 .....  | USD | 60 000 | 125 000 | 65 000 | % | 109,324 | 65 594,10 | 0,24 |
| 3,125 | % Home Depot, Inc./The 2020/2049 ............  | USD | 80 000 | 80 000 |  | % | 109,717 | 87 773,60 | 0,32 |
| 1,80 | % Hormel Foods Corp. (MTN) 2020/2030 ........  | USD | 65 000 | 65 000 |  | % | 102,356 | 66 531,40 | 0,25 |
| 3,875 | % Host Hotels & Resorts LP (MTN) 2017/2024 ...  | USD | 150 000 |  |  | % | 102,183 | 153 274,50 | 0,57 |
| 2,20 | % HP, Inc. (MTN) 2020/2025 ..................  | USD | 210 000 | 210 000 |  | % | 103,485 | 217 318,50 | 0,80 |
| 3,50 | % International Business Machines Corp. |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2029 .........................  | USD | 320 000 |  |  | % | 115,899 | 370 876,80 | 1,37 |
| 3,20 | % Keurig Dr Pepper, Inc. (MTN) 2020/2030 ......  | USD | 35 000 | 35 000 |  | % | 110,698 | 38 744,48 | 0,14 |
| 3,80 | % Keurig Dr Pepper, Inc. 2020/2050 ............  | USD | 50 000 | 50 000 |  | % | 113,394 | 56 697,25 | 0,21 |
| 4,50 | % Kroger Co./The (MTN) 2019/2029 ............  | USD | 150 000 |  |  | % | 122,004 | 183 006,75 | 0,68 |
| 4,05 | % Lowe‘s Cos, Inc. 2017/2047 ................  | USD | 50 000 |  |  | % | 118,112 | 59 055,75 | 0,22 |
| 4,55 | % Lowe‘s Cos, Inc. 2019/2049 ................  | USD | 30 000 |  | 30 000 | % | 127,356 | 38 206,65 | 0,14 |
| 5,00 | % Lowe‘s Cos, Inc. 2020/2040 ................  | USD | 50 000 | 50 000 |  | % | 130,677 | 65 338,50 | 0,24 |
| 2,125 | % McDonald‘s Corp. (MTN) 2020/2030 ..........  | USD | 60 000 | 60 000 |  | % | 102,84 | 61 703,70 | 0,23 |
| 4,20 | % McDonald‘s Corp. (MTN) 2020/2050 ..........  | USD | 70 000 | 70 000 |  | % | 121,53 | 85 071,00 | 0,31 |
| 2,45 | % Merck & Co., Inc. 2020/2050 ................  | USD | 135 000 | 135 000 |  | % | 101,044 | 136 409,40 | 0,50 |
| 4,50 | % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2029 ..............................  | USD | 200 000 |  |  | % | 108,521 | 217 042,00 | 0,80 |
| 3,25 | % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2030 ..............................  | USD | 250 000 | 250 000 |  | % | 98,816 | 247 041,25 | 0,91 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. Währung | Nominalbetrag bzw. Bestand | Käufe/ Zugänge im | Verkäufe/ Abgänge Berichtszeitraum | Kurs | Kurswert in USD | %-Anteil am Fonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4,75	% Mexico Government International Bond |  |  |  |  |  |  |  |
|  | 2012/2044 ..............................  | USD | 26 000 |  |  | % | 104,852 | 27 261,65 | 0,10 |
| 2,70 | % Nucor Corp. (MTN) 2020/2030 ...............  | USD | 15 000 | 15 000 |  | % | 105,334 | 15 800,18 | 0,06 |
| 4,00 | % Oracle Corp. (MTN) 2017/2047 ..............  | USD | 70 000 |  | 30 000 | % | 118,598 | 83 018,25 | 0,31 |
| 2,65 | % PayPal Holdings, Inc. (MTN) 2019/2026 .......  | USD | 51 000 |  |  | % | 108,853 | 55 515,03 | 0,21 |
| 2,85 | % PayPal Holdings, Inc. (MTN) 2019/2029 .......  | USD | 100 000 |  |  | % | 108,729 | 108 729,00 | 0,40 |
| 4,20 | % Pfizer, Inc. 2018/2048 .....................  | USD | 150 000 |  |  | % | 130,163 | 195 244,50 | 0,72 |
| 3,50 | % PNC Financial Services Group, Inc./The (MTN) 2019/2024 ..............................  | USD | 110 000 |  |  | % | 109,506 | 120 457,15 | 0,45 |
| 4,35 | % Prudential Financial, Inc. (MTN) 2019/2050 .....  | USD | 55 000 |  | 55 000 | % | 120,845 | 66 464,75 | 0,25 |
| 2,95 | % Ralph Lauren Corp. (MTN) 2020/2030 .........  | USD | 35 000 | 35 000 |  | % | 102,702 | 35 945,88 | 0,13 |
| 4,00 | % Sempra Energy 2018/2048 .................  | USD | 85 000 |  |  | % | 114,382 | 97 225,13 | 0,36 |
| 3,885 | % Standard Chartered PLC -Reg- (MTN) 2018/2024 * | USD | 520 000 |  |  | % | 105,128 | 546 668,20 | 2,02 |
| 2,40 | % State Street Corp. (MTN) 2020/2030 ..........  | USD | 118 000 | 118 000 |  | % | 107,786 | 127 186,89 | 0,47 |
| 2,60 | % Thermo Fisher Scientific, Inc. (MTN) 2019/2029 . | USD | 140 000 |  |  | % | 108,388 | 151 742,50 | 0,56 |
| 3,70 | % Union Pacific Corp. (MTN) 2019/2029 .........  | USD | 190 000 |  |  | % | 116,941 | 222 187,90 | 0,82 |
| 0,625 | % United States Treasury Note/Bond (MTN) 2020/2030 ..............................  | USD | 1 053 000 | 1 228 000 | 175 000 | % | 99,977 | 1 052 753,21 | 3,89 |
| 2,375 | % United States Treasury Note/Bond 2019/2049 ..  | USD | 35 000 | 359 800 | 324 800 | % | 124,461 | 43 561,33 | 0,16 |
| 2,875 | % UnitedHealth Group, Inc. (MTN) 2019/2029 ....  | USD | 78 000 |  |  | % | 111,903 | 87 284,34 | 0,32 |
| 4,45 | % UnitedHealth Group, Inc. 2018/2048 ..........  | USD | 50 000 |  | 10 000 | % | 132,395 | 66 197,50 | 0,24 |
| 2,90 | % UnitedHealth Group, Inc. 2020/2050 ..........  | USD | 70 000 | 70 000 |  | % | 105,738 | 74 016,25 | 0,27 |
| 4,522 | % Verizon Communications, Inc. 2015/2048 ......  | USD | 100 000 |  |  | % | 132,716 | 132 716,00 | 0,49 |
| 5,50 | % Verizon Communications, Inc. 2017/2047 ......  | USD | 60 000 |  |  | % | 146,758 | 88 054,80 | 0,33 |
| 2,05 | % Visa, Inc. (MTN) 2020/2030 .................  | USD | 55 000 | 55 000 |  | % | 105,275 | 57 901,25 | 0,21 |
| 2,65 | % Walt Disney Co./The 2020/2031 .............  | USD | 70 000 | 70 000 |  | % | 106,626 | 74 638,55 | 0,28 |
| 3,60 | % Walt Disney Co./The 2020/2051 .............  | USD | 70 000 | 70 000 |  | % | 111,74 | 78 218,35 | 0,29 |
| 3,45 | % Waste Management, Inc. (MTN) 2019/2029 ....  | USD | 60 000 |  |  | % | 103,76 | 62 256,00 | 0,23 |
| 3,10 | % Welltower, Inc. 2019/2030 ..................  | USD | 60 000 |  |  | % | 103,872 | 62 323,50 | 0,23 |
| 3,00 | % WRKCo, Inc. 2020/2033 ....................  | USD | 30 000 | 30 000 |  | % | 104,544 | 31 363,05 | 0,12 |

| 3,20 | % AbbVie, Inc. -Reg- (MTN) 2019/2029 ..........  | USD | 80 000 |  |  | % | 110,086 | 88 069,20 | 0,33 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4,25 | % AbbVie, Inc. -Reg- 2019/2049 ...............  | USD | 50 000 |  |  | % | 121,698 | 60 848,75 | 0,22 |
| 3,00 | % Alcon Finance Corp. -Reg- (MTN) 2019/2029 ...  | USD | 200 000 |  |  | % | 106,264 | 212 527,00 | 0,79 |
| 2,50 | % Amazon.com, Inc. 2020/2050 ...............  | USD | 30 000 | 30 000 |  | % | 101,914 | 30 574,20 | 0,11 |
| 4,563 | % Amgen, Inc. 2017/2048 ....................  | USD | 50 000 |  |  | % | 130,26 | 65 129,75 | 0,24 |
| 3,375 | % Amgen, Inc. 2020/2050 ....................  | USD | 100 000 | 120 000 | 20 000 | % | 111,13 | 111 130,00 | 0,41 |
| 3,40 | % ANZ New Zealand Int‘l Ltd/London -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2024 ..............................  | USD | 412 000 |  |  | % | 108,446 | 446 795,46 | 1,65 |
| 2,05 | % Apple, Inc. (MTN) 2019/2026 ................  | USD | 155 000 |  |  | % | 106,654 | 165 314,48 | 0,61 |
| 3,45 | % Apple, Inc. 2015/2045 .....................  | USD | 190 000 |  |  | % | 117,957 | 224 118,30 | 0,83 |
| 3,75 | % Apple, Inc. 2017/2047 .....................  | USD | 60 000 |  |  | % | 123,138 | 73 882,50 | 0,27 |
| 6,375 | % Aramark Services, Inc. -Reg- (MTN) 2020/2025 . | USD | 17 000 | 17 000 |  | % | 103,238 | 17 550,38 | 0,06 |
| 3,067 | % AT&T, Inc. (MTN) 2018/2024 * ..............  | USD | 98 000 |  |  | % | 100,4 | 98 392,00 | 0,36 |
| 5,125 | % Avolon Holdings Funding Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2023 ..............................  | USD | 120 000 |  |  | % | 91,914 | 110 296,80 | 0,41 |
| 3,25 | % Avolon Holdings Funding Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2027 ..............................  | USD | 91 000 | 91 000 |  | % | 82,474 | 75 051,34 | 0,28 |
| 5,75 | % Bahia Sul Holdings GmbH -Reg- (MTN) 2016/2026 | USD | 200 000 |  |  | % | 109,648 | 219 297,00 | 0,81 |
| 3,824 | % Bank of America Corp. (MTN) 2017/2028 * .....  | USD | 358 000 |  | 64 000 | % | 113,57 | 406 578,81 | 1,50 |
| 3,974 | % Bank of America Corp. (MTN) 2019/2030 * .....  | USD | 85 000 |  | 50 000 | % | 116,478 | 99 006,30 | 0,37 |
| 2,884 | % Bank of America Corp. (MTN) 2019/2030 * .....  | USD | 90 000 |  | 90 000 | % | 108,203 | 97 382,70 | 0,36 |
| 2,676 | % Bank of America Corp. (MTN) 2020/2041 * .....  | USD | 70 000 | 70 000 |  | % | 102,756 | 71 929,20 | 0,27 |
| 2,90 | % Bank of Montreal (MTN) 2019/2022 ..........  | USD | 180 000 |  |  | % | 104,207 | 187 572,60 | 0,69 |
| 3,50 | % Bank of New Zealand -Reg- (MTN) 2019/2024 ..  | USD | 650 000 |  |  | % | 108,516 | 705 354,00 | 2,61 |
| 3,15 | % Biogen, Inc. 2020/2050 ....................  | USD | 70 000 | 70 000 |  | % | 97,408 | 68 185,60 | 0,25 |
| 5,198 | % BNP Paribas SA -Reg- 2019/2030 * ...........  | USD | 450 000 |  |  | % | 122,47 | 551 112,75 | 2,04 |
| 2,90 | % BNZ International Funding Ltd/London -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2022 .........................  | USD | 50 000 |  |  | % | 103,479 | 51 739,50 | 0,19 |
| 4,625 | % BPCE SA -Reg- (MTN) 2018/2028 ............  | USD | 300 000 |  |  | % | 117,126 | 351 379,50 | 1,30 |
| 4,25 | % Bristol-Myers Squibb Co. -Reg- 2019/2049 .....  | USD | 70 000 |  |  | % | 132,89 | 93 023,35 | 0,34 |
| 4,11 | % Broadcom, Inc. -Reg- (MTN) 2020/2028 .......  | USD | 116 000 | 116 845 | 845 | % | 109,683 | 127 232,28 | 0,47 |
| 5,00 | % Broadcom, Inc. -Reg- (MTN) 2020/2030 .......  | USD | 95 000 | 95 000 |  | % | 115,406 | 109 636,18 | 0,40 |
| 2,976 | % Citigroup, Inc. 2019/2030 * .................  | USD | 80 000 |  |  | % | 106,814 | 85 450,80 | 0,32 |
| 4,412 | % Citigroup, Inc. 2020/2031 * .................  | USD | 110 000 | 110 000 |  | % | 118,614 | 130 475,95 | 0,48 |
| 2,572 | % Citigroup, Inc. 2020/2031 * .................  | USD | 75 000 | 75 000 |  | % | 103,616 | 77 712,00 | 0,29 |
| 4,60 | % Comcast Corp. 2018/2038 ..................  | USD | 100 000 |  |  | % | 127,68 | 127 680,50 | 0,47 |
| 4,95 | % Comcast Corp. 2018/2058 ..................  | USD | 145 000 |  | 40 000 | % | 142,33 | 206 377,78 | 0,76 |
| 1,95 | % Comcast Corp. 2020/2031 ..................  | USD | 50 000 | 50 000 |  | % | 102,022 | 51 011,25 | 0,19 |
| 2,80 | % Comcast Corp. 2020/2051 ..................  | USD | 50 000 | 50 000 |  | % | 103,05 | 51 525,00 | 0,19 |
| 5,50 | % CommScope, Inc. -Reg- (MTN) 2019/2024 .....  | USD | 85 000 |  |  | % | 101,721 | 86 462,85 | 0,32 |
| 3,95 | % Consolidated Edison Co. of New York, Inc. |  |  |  |  |  |  |  |  |
|  | 2020/2050 ..............................  | USD | 10 000 | 10 000 |  | % | 119,376 | 11 937,55 | 0,04 |
| 4,50 | % CSX Corp. 2019/2049 ......................  | USD | 31 000 |  |  | % | 129,716 | 40 212,12 | 0,15 |
| 3,35 | % CSX Corp. 2019/2049 ......................  | USD | 100 000 |  |  | % | 112,562 | 112 562,00 | 0,42 |
| 4,78 | % CVS Health Corp. 2018/2038 ................  | USD | 155 000 |  | 55 000 | % | 124,032 | 192 248,83 | 0,71 |
| 4,25 | % CVS Health Corp. 2020/2050 ................  | USD | 30 000 | 30 000 |  | % | 121,243 | 36 372,90 | 0,13 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	13 357 889,55	49,35 Verzinsliche Wertpapiere
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 2,411 | % Daimler Finance North America LLC -Reg- 2018/2021 * .............................  | USD | 410 000 | % | 99,036 | 406 049,65 | 1,50 |
| 4,90 | % Dell International LLC Via EMC Corp. -Reg- |  |  |  |  |  |  |
|  | (MTN) 2019/2026 .........................  | USD | 60 000 |  |  | % | 110,411 | 66 246,60 | 0,24 |
| 2,625 | % Equinix, Inc. (MTN) 2019/2024 ..............  | USD | 91 000 |  |  | % | 106,737 | 97 130,67 | 0,36 |
| 3,20 | % Equinix, Inc. (MTN) 2019/2029 ..............  | USD | 97 000 |  |  | % | 108,854 | 105 587,90 | 0,39 |
| 2,15 | % Equinix, Inc. (MTN) 2020/2030 ..............  | USD | 41 000 | 41 000 |  | % | 99,792 | 40 914,72 | 0,15 |
| 4,15 | % ERP Operating LP (MTN) 2018/2028 ..........  | USD | 160 000 |  |  | % | 118,76 | 190 016,00 | 0,70 |
| 3,814 | % Goldman Sachs Group, Inc. 2018/2029 * ......  | USD | 410 000 |  |  | % | 113,111 | 463 755,10 | 1,71 |
| 4,40 | % Goldman Sachs Group, Inc./The 2020/perpetual * | USD | 23 000 | 23 000 |  | % | 89,956 | 20 689,88 | 0,08 |
| 3,55 | % Hasbro, Inc. (MTN) 2019/2026 ...............  | USD | 109 000 |  |  | % | 105,944 | 115 478,42 | 0,43 |
| 3,35 | % Home Depot, Inc./The 2020/2050 ............  | USD | 70 000 | 70 000 |  | % | 114,743 | 80 320,10 | 0,30 |
| 3,25 | % Intel Corp. 2019/2049 .....................  | USD | 40 000 | 40 000 |  | % | 114,224 | 45 689,60 | 0,17 |
| 4,875 | % Iron Mountain, Inc. -Reg- (MTN) 2019/2029 ....  | USD | 45 000 |  |  | % | 97,723 | 43 975,35 | 0,16 |
| 5,00 | % Iron Mountain, Inc. -Reg- (MTN) 2020/2028 ....  | USD | 30 000 | 30 000 |  | % | 98,759 | 29 627,70 | 0,11 |
| 5,25 | % Iron Mountain, Inc. -Reg- (MTN) 2020/2030 ....  | USD | 65 000 | 65 000 |  | % | 98,752 | 64 188,80 | 0,24 |
| 3,782 | % JPMorgan Chase & Co. 2017/2028 * .........  | USD | 340 000 |  |  | % | 113,75 | 386 750,00 | 1,43 |
| 2,956 | % JPMorgan Chase & Co. 2020/2031 * .........  | USD | 70 000 | 70 000 |  | % | 106,248 | 74 373,60 | 0,27 |
| 3,30 | % KLA Corp. 2020/2050 ......................  | USD | 47 000 | 47 000 |  | % | 103,614 | 48 698,58 | 0,18 |
| 4,00 | % Lam Research Corp. (MTN) 2019/2029 ........  | USD | 185 000 |  |  | % | 118,914 | 219 990,90 | 0,81 |
| 2,875 | % Lam Research Corp. 2020/2050 .............  | USD | 34 000 | 34 000 |  | % | 103,596 | 35 222,47 | 0,13 |
| 3,75 | % Lamar Media Corp. -Reg- (MTN) 2020/2028 ....  | USD | 45 000 | 45 000 |  | % | 94,886 | 42 698,48 | 0,16 |
| 5,125 | % Lowe‘s Cos, Inc. 2020/2050 ................  | USD | 35 000 | 35 000 |  | % | 138,492 | 48 472,20 | 0,18 |
| 8,375 | % Macy‘s, Inc. -Reg- (MTN) 2020/2025 ..........  | USD | 3 000 | 3 000 |  | % | 99,642 | 2 989,28 | 0,01 |
| 4,061 | % Manulife Financial Corp. 2017/2032 * .........  | USD | 110 000 |  |  | % | 106,044 | 116 648,95 | 0,43 |
| 2,67 | % Microchip Technology, Inc. -Reg- 2020/2023 ...  | USD | 80 000 | 80 000 |  | % | 103,036 | 82 428,40 | 0,30 |
| 4,64 | % Micron Technology, Inc. (MTN) 2019/2024 .....  | USD | 190 000 |  |  | % | 110,53 | 210 007,00 | 0,78 |
| 2,497 | % Micron Technology, Inc. 2020/2023 ..........  | USD | 110 000 | 110 000 |  | % | 103,89 | 114 278,45 | 0,42 |
| 3,70 | % Microsoft Corp. 2016/2046 .................  | USD | 150 000 |  |  | % | 125,866 | 188 799,00 | 0,70 |
| 4,431 | % Morgan Stanley (MTN) 2019/2030 * ..........  | USD | 170 000 |  | 170 000 | % | 119,424 | 203 020,80 | 0,75 |
| 2,699 | % Morgan Stanley (MTN) 2020/2031 * ..........  | USD | 152 000 | 152 000 |  | % | 106,247 | 161 495,44 | 0,60 |
| 3,591 | % Morgan Stanley 2017/2028 * ................  | USD | 230 000 |  |  | % | 112,276 | 258 234,80 | 0,95 |
| 2,25 | % Newmont Corp. (MTN) 2020/2030 ...........  | USD | 45 000 | 45 000 |  | % | 101,393 | 45 626,85 | 0,17 |
| 3,50 | % NVIDIA Corp. 2020/2040 ...................  | USD | 20 000 | 20 000 |  | % | 115,982 | 23 196,30 | 0,09 |
| 3,50 | % NVIDIA Corp. 2020/2050 ...................  | USD | 30 000 | 30 000 |  | % | 115,562 | 34 668,75 | 0,13 |
| 3,875 | % NXP BV Via NXP Funding LLC -Reg- (MTN) 2016/2022 ..............................  | USD | 300 000 |  |  | % | 105,692 | 317 076,00 | 1,17 |
| 3,875 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -Reg- (MTN) 2019/2026 .................  | USD | 55 000 |  |  | % | 111,772 | 61 474,60 | 0,23 |
| 4,30 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -Reg- (MTN) 2019/2029 .................  | USD | 30 000 |  |  | % | 114,057 | 34 217,10 | 0,13 |
| 2,70 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -Reg- (MTN) 2020/2025 .................  | USD | 20 000 | 20 000 |  | % | 104,98 | 20 996,10 | 0,08 |
| 3,60 | % Oracle Corp. 2020/2050 ....................  | USD | 35 000 | 70 000 | 35 000 | % | 113,093 | 39 582,55 | 0,15 |
| 3,375 | % PepsiCo, Inc. 2019/2049 ...................  | USD | 55 000 |  |  | % | 115,082 | 63 295,10 | 0,23 |
| 3,50 | % PepsiCo, Inc. 2020/2040 ...................  | USD | 40 000 | 40 000 |  | % | 118,436 | 47 374,20 | 0,17 |
| 2,625 | % Societe Generale SA -Reg- (MTN) 2020/2025 ...  | USD | 200 000 | 200 000 |  | % | 102,016 | 204 032,00 | 0,75 |
| 4,00 | % Stanley Black & Decker, Inc. 2020/2060 * .....  | USD | 70 000 | 70 000 |  | % | 100,252 | 70 176,40 | 0,26 |
| 4,50 | % Starbucks Corp. 2018/2048 .................  | USD | 110 000 |  |  | % | 119,296 | 131 226,15 | 0,48 |
| 2,90 | % Stryker Corp. 2020/2050 ...................  | USD | 90 000 | 90 000 |  | % | 100,733 | 90 659,70 | 0,33 |
| 3,95 | % Symantec Corp. (MTN) 2012/2022 ...........  | USD | 230 000 |  |  | % | 101,39 | 233 195,85 | 0,86 |
| 2,65 | % Target Corp. (MTN) 2020/2030 ..............  | USD | 45 000 | 45 000 |  | % | 110,292 | 49 631,63 | 0,18 |
| 4,25 | % Teleflex, Inc. -Reg- (MTN) 2020/2028 .........  | USD | 15 000 | 15 000 |  | % | 102,652 | 15 397,80 | 0,06 |
| 3,875 | % T-Mobile USA, Inc. -Reg- (MTN) 2020/2030 ....  | USD | 120 000 | 120 000 |  | % | 110,95 | 133 140,00 | 0,49 |
| 4,375 | % T-Mobile USA, Inc. -Reg- 2020/2040 ..........  | USD | 65 000 | 65 000 |  | % | 115,675 | 75 188,75 | 0,28 |
| 4,50 | % T-Mobile USA, Inc. -Reg- 2020/2050 ..........  | USD | 70 000 | 110 000 | 40 000 | % | 118,07 | 82 649,00 | 0,31 |
| 1,50 | % United States Treasury Note/Bond - When Issued (MTN) 2020/2030 ...................  | USD | 406 000 | 1 261 000 | 855 000 | % | 108,359 | 439 939,06 | 1,63 |
| 2,00 | % United States Treasury Note/Bond - When Issued 2020/2050 ........................  | USD | 85 000 | 85 000 |  | % | 115,438 | 98 121,88 | 0,36 |
| 4,329 | % Verizon Communications, Inc. (MTN) 2018/2028 | USD | 410 000 |  |  | % | 120,798 | 495 269,75 | 1,83 |
| 4,25 | % Vodafone Group PLC 2019/2050 .............  | USD | 80 000 | 80 000 |  | % | 117,588 | 94 070,40 | 0,35 |
| 3,75 | % WEA Finance LLC Via Westfield UK & Europe Finance PLC -Reg- (MTN) 2014/2024 ...  | USD | 200 000 |  |  | % | 103,169 | 206 338,00 | 0,76 |
| 2,75 | % Welltower, Inc. 2020/2031 ..................  | USD | 40 000 | 40 000 |  | % | 100,179 | 40 071,60 | 0,15 |
| 4,75 | % Western Digital Corp. (MTN) 2018/2026 ......  | USD | 55 000 |  |  | % | 103,124 | 56 717,93 | 0,21 |
| 3,20 | % Westinghouse Air Brake Technologies Corp. (MTN) 2020/2025 .........................  | USD | 40 000 | 40 000 |  | % | 102,362 | 40 945,00 | 0,15 |
| 5,50 | % William Carter Co./The -Reg- (MTN) 2020/2025 . | USD | 20 000 | 20 000 |  | % | 103,464 | 20 692,80 | 0,08 |
| Nichtnotierte Wertpapiere |  |  |  |  |  | 336 574,13 | 1,25 |
| Verzinsliche Wertpapiere 2,55	% Chile Government International Bond 2020/2032 | USD | 275 000 | 275 000 | % | 104,128 | 286 350,63 | 1,06 |
| 4,375  % Molina Healthcare, Inc. -Reg- (MTN) 2020/2028 . | USD | 50 000 | 50 000 | % | 100,447 | 50 223,50 | 0,19 |
| Summe Wertpapiervermögen |  |  |  |  |  | 26 310 333,98 | 97,21 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand | im Berichtszeitraum |  | USD | vermögen |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  | 2 164,07 | 0,01 |
| Zinsterminkontrakte US Treasury Notes 5 year Futures 09/2020 (MS)	Stück | 7 | 7 |  | 3 226,57 | 0,01 |
| US Treasury Notes 10 year Futures 09/2020 (MS)	Stück | 4 | 4 |  | 5 406,25 | 0,02 |
| US Ultra Bond 09/2020 (MS)	Stück | -3 |  | 3 | -6 468,75 | -0,02 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -50 838,79 | -0,19 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen EUR/USD 7,6 Mio.  ................................  |  |  |  | -50 838,79 | -0,19 |
| Bankguthaben |  |  |  | 500 213,47 | 1,85 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR | 913 |  |  | 1 023,55 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar	USD |  |  |  | 499 189,92 | 1,85 |
| Sonstige Vermögensgegenstände |  |  |  | 390 489,83 | 1,44 |
| Zinsansprüche ....................................  |  |  |  | 220 054,32 | 0,81 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 170 435,51 | 0,63 |
| Summe der Vermögensgegenstände ** |  |  |  | 27 209 670,10 | 100,53 |
| Sonstige Verbindlichkeiten |  |  |  | -86 174,88 | -0,32 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -86 174,88 | -0,32 |
| Summe der Verbindlichkeiten | -143 482,42 | -0,53 |
| Fondsvermögen | 27 066 187,68 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FCH .......................................  | EUR | 118,62 |
| Klasse LCH .......................................  | EUR | 115,31 |
| Klasse TFCH ......................................  | EUR | 109,33 |
| Klasse XCH .......................................  | EUR | 120,94 |
| Klasse USD FC ....................................  | USD | 131,60 |
| Klasse USD LD ....................................  | USD | 116,27 |
| Klasse USD TFC ...................................  | USD | 117,98 |
| Klasse USD TFD ...................................  | USD | 110,20 |
| Klasse USD XC ....................................  | USD | 134,24 |
| Umlaufende Anteile Klasse FCH .......................................  | Stück | 100,000 |
| Klasse LCH .......................................  | Stück | 1 400,109 |
| Klasse TFCH ......................................  | Stück | 21,000 |
| Klasse XCH .......................................  | Stück | 61 823,667 |
| Klasse USD FC ....................................  | Stück | 109,000 |
| Klasse USD LD ....................................  | Stück | 9 565,000 |
| Klasse USD TFC ...................................  | Stück | 26,000 |
| Klasse USD TFD ...................................  | Stück | 24,000 |
| Klasse USD XC ....................................  | Stück | 129 299,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Barclays Capital U.S. Credit Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 77,311 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 115,515 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 106,261 |

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 USD 1 575 054,68. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Devisentermingeschäfte
Citigroup Global Markets Limited, Goldman Sachs International und JP Morgan
 Devisenkurse (in Mengennotiz)	
per 30.6.2020 Euro .......................... EUR	0,892260	= USD	1
 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
 Fußnoten	
* Variabler Zinssatz.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.