# DWS Invest ESG Euro High Yield
DWS INVEST ESG EURO HIGH YIELD

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU2111935651 | -14.5% |
| Class FC | LU2111935495 | -14.3% |
| Class FD | LU2111935578 | -14.3% |
| Class IC | LU2399999486 | -14.2% |
| Class IC50 | LU2399999569 | -14.2% |
| Class LD | LU2111935735 | -14.5% |
| Class TFC | LU2111935909 | -14.3% |
| Class TFD | LU2111936030 | -14.3% |
| Class XC | LU2111936113 | -14.1% |
| Class XD | LU2111936204 | -14.1% |


##### ML Euro High Yield Const. Index (BB-B rated)	-15.0%
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest ESG Euro High Yield
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 116 892 063.93 | 93.26 |
| Total bonds | 116 892 063.93 | 93.26 |
| 2. Derivatives | -87 801.73 | -0.07 |
| 3. Cash at bank | 5 801 578.64 | 4.63 |
| 4. Other assets | 1 734 454.05 | 1.39 |
| 5. Receivables from share certificate transactions | 2 644 269.27 | 2.11 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 645 379.66 | -1.32 |
| III. Net assets | 125 339 184.50 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 116 661 445.89 | 93.08 |
| Interest-bearing securities 3.248 % Abertis Infraestructuras Finance BV 2020/ perpetual * ...............................  | EUR | 900 000 |  |  | % | 80.254 | 722 286.00 | 0.58 |
| 2.625 % Abertis Infraestructuras Finance BV 2021/ perpetual * ...............................  | EUR | 400 000 | 100 000 |  | % | 72.407 | 289 628.00 | 0.23 |
| 1.375 % Acciona Energia Financiacion Filiales SA (MTN) |  |  |  |  |  |  |  |  |
| 2022/2032 ...............................  | EUR | 300 000 | 300 000 |  | % | 81.699 | 245 097.00 | 0.20 |
| 3.00  % Accor SA (MTN) 2019/2026 .................  | EUR | 200 000 | 200 000 |  | % | 91.973 | 183 946.00 | 0.15 |
| 2.625 % Accor SA 2019/perpetual * ..................  | EUR | 400 000 | 200 000 |  | % | 78.09 | 312 360.00 | 0.25 |
| 2.375 % Accor SA (MTN) 2021/2028 .................  | EUR | 400 000 | 100 000 |  | % | 79.677 | 318 708.00 | 0.25 |
| 2.625 % Adevinta ASA -Reg- (MTN) 2020/2025 .........  | EUR | 900 000 |  |  | % | 90.315 | 812 835.00 | 0.65 |
| 3.00  % Adevinta ASA -Reg- (MTN) 2020/2027 .........  | EUR | 300 000 | 200 000 |  | % | 83.878 | 251 634.00 | 0.20 |
| 3.25  % ADLER Group SA (MTN) 2020/2025 ...........  | EUR | 100 000 |  | 400 000 | % | 54.952 | 54 952.00 | 0.04 |
| 2.25  % ADLER Group SA (MTN) 2021/2029 ...........  3.625 % Ahlstrom-Munksjo Holding 3 Oy -Reg- (MTN) 2021/2028 ...............................  | EUR EUR | 1 000 000 200 000 |  | 200 000 | % % | 47.86 81.574 | 478 600.00 163 148.00 | 0.38 0.13 |
| 6.25  % AIB Group PLC 2020/perpetual * ..............  | EUR | 400 000 |  |  | % | 93.261 | 373 044.00 | 0.30 |
| 2.875 % Akropolis Group Uab (MTN) 2021/2026 ........  5.25  % Albion Financing 1 SARL Via Aggreko Holdings, Inc. -Reg- (MTN) 2021/2026 .................  | EUR EUR | 200 000 400 000 |  | 160 000 | % % | 87.352 83.703 | 174 704.00 334 812.00 | 0.14 0.27 |
| 3.625 % Allied Universal Holdco LLC Via Allied Universal Finance Corp Via Atlas Luxco 4 Sarl -Reg- (MTN) 2021/2028 .........................  | EUR | 200 000 |  | 400 000 | % | 76.242 | 152 484.00 | 0.12 |
| 2.125 % Almirall SA -Reg- (MTN) 2021/2026 ...........  | EUR | 600 000 |  |  | % | 89.112 | 534 672.00 | 0.43 |
| 1.125 % Amplifon SpA (MTN) 2020/2027 ..............  | EUR | 500 000 | 200 000 |  | % | 86.703 | 433 515.00 | 0.35 |
| 6.00  % ams-OSRAM AG -Reg- (MTN) 2020/2025 ** ....  | EUR | 500 000 | 500 000 |  | % | 93.278 | 466 390.00 | 0.37 |
| 3.00  % Arcelik AS (MTN) 2021/2026 .................  1.875 % Arena Luxembourg Finance Sarl -Reg- (MTN) 2020/2028 ...............................  | EUR EUR | 500 000 800 000 | 150 000 |  | % % | 85.741 72.637 | 428 705.00 581 096.00 | 0.34 0.46 |
| 5.00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * ..............................  | EUR | 200 000 | 200 000 | % | 96.738 | 193 476.00 | 0.15 |
| 4.596 % Assicurazioni Generali SpA (MTN) 2014/ perpetual * ** .............................  | EUR | 550 000 |  | % | 96.792 | 532 356.00 | 0.42 |
| 5.00 % AT&S Austria Technologie & Systemtechnik AG |  |  |  |  |  |  |  |
| 2022/perpetual * ..........................  | EUR | 1 000 000 | 1 000 000 |  | % | 85.925 | 859 250.00 | 0.69 |
| 3.875 % Avantor Funding, Inc. -Reg- (MTN) 2020/2028 ...  | EUR | 300 000 | 300 000 |  | % | 86.969 | 260 907.00 | 0.21 |
| 2.625 % Avantor Funding, Inc. -Reg- (MTN) 2020/2025 ...  3.75  % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 .....................  | EUR EUR | 300 000 300 000 | 300 000 |  | % % | 93.087 90.702 | 279 261.00 272 106.00 | 0.22 0.22 |
| 0.875 % Ball Corp. (MTN) 2019/2024 .................  | EUR | 300 000 | 300 000 |  | % | 94.364 | 283 092.00 | 0.23 |
| 1.50  % Ball Corp. (MTN) 2019/2027 .................  6.00 % Banco Bilbao Vizcaya Argentaria SA 2019/ perpetual * ...............................  | EUR EUR | 600 000 200 000 | 200 000 |  | % % | 84.393 94.023 | 506 358.00 188 046.00 | 0.40 0.15 |
| 6.125 % Banco de Sabadell SA 2017/perpetual * ........  | EUR | 400 000 |  |  | % | 94.036 | 376 144.00 | 0.30 |
| 2.00  % Banco de Sabadell SA (MTN) 2020/2030 * ......  | EUR | 100 000 |  |  | % | 87.545 | 87 545.00 | 0.07 |
| 6.50  % Banijay Group SAS -Reg- (MTN) 2020/2026 .....  | EUR | 200 000 | 100 000 |  | % | 84.134 | 168 268.00 | 0.13 |
| 6.00  % Bank of Ireland Group PLC 2020/perpetual * ....  | EUR | 400 000 | 200 000 |  | % | 92.34 | 369 360.00 | 0.29 |
| 5.375 % Bayer AG 2022/2082 * ......................  | EUR | 900 000 | 900 000 |  | % | 83.84 | 754 560.00 | 0.60 |
| 5.25  % BK LC Lux Finco1 Sarl -Reg- (MTN) 2021/2029 ..  | EUR | 900 000 | 300 000 |  | % | 79.641 | 716 769.00 | 0.57 |
| 4.75  % Burger King France SAS -Reg- (MTN) 2021/2026 * | EUR | 210 000 |  |  | % | 92.589 | 194 436.90 | 0.15 |
| 6.75  % CaixaBank SA 2017/perpetual * ...............  | EUR | 400 000 |  |  | % | 96.624 | 386 496.00 | 0.31 |
| 3.75  % CaixaBank SA (MTN) 2019/2029 * .............  | EUR | 200 000 |  |  | % | 98.927 | 197 854.00 | 0.16 |
| 4.561 % Casino Guichard Perrachon SA (MTN) 2013/2023 ** | EUR | 700 000 | 600 000 | 200 000 | % | 98.331 | 688 317.00 | 0.55 |
| 4.498 % Casino Guichard Perrachon SA (MTN) 2014/2024 | EUR | 800 000 | 200 000 |  | % | 81.006 | 648 048.00 | 0.52 |
| 3.58  % Casino Guichard Perrachon SA (MTN) 2014/2025 | EUR | 100 000 |  | 100 000 | % | 74.271 | 74 271.00 | 0.06 |
| 6.625 % Casino Guichard Perrachon SA (MTN) 2020/2026 | EUR | 100 000 | 200 000 | 100 000 | % | 73.293 | 73 293.00 | 0.06 |
| 6.00  % Castor SpA -Reg- (MTN) 2022/2029 ...........  2.375 % Catalent Pharma Solutions, Inc. -Reg- (MTN) 2020/2028 ...............................  | EUR EUR | 660 000 900 000 | 660 000 550 000 |  | % % | 90.152 81.893 | 595 003.20 737 037.00 | 0.47 0.59 |
| 1.75  % Ceconomy AG (MTN) 2021/2026 .............  | EUR | 300 000 |  |  | % | 72.11 | 216 330.00 | 0.17 |
| 1.00  % Cellnex Finance Co. SA (MTN) 2021/2027 ......  | EUR | 800 000 | 500 000 |  | % | 79.292 | 634 336.00 | 0.51 |
| 1.00  % Cellnex Telecom SA (MTN) 2020/2027 .........  | EUR | 700 000 |  |  | % | 82.051 | 574 357.00 | 0.46 |
| 1.875 % Cellnex Telecom SA (MTN) 2020/2029 .........  | EUR | 800 000 |  |  | % | 76.624 | 612 992.00 | 0.49 |
| 1.75  % Cellnex Telecom SA (MTN) 2020/2030 .........  | EUR | 700 000 |  |  | % | 71.435 | 500 045.00 | 0.40 |
| 5.875 % Centurion Bidco SpA -Reg- (MTN) 2020/2026 ...  | EUR | 700 000 | 110 000 |  | % | 88.477 | 619 339.00 | 0.49 |
| 4.00  % Chemours Co. (MTN) 2018/2026 .............  | EUR | 900 000 | 700 000 |  | % | 89.044 | 801 396.00 | 0.64 |
| 3.50  % Chrome Bidco SASU -Reg- (MTN) 2021/2028  ...  | EUR | 700 000 | 450 000 |  | % | 82.42 | 576 940.00 | 0.46 |
| 7.50 % CMA CGM SA -Reg- (MTN) 2020/2026 ........  | EUR | 500 000 | 200 000 |  | % | 102.641 | 513 205.00 | 0.41 |
| 4.00  % Commerzbank AG (MTN) 2020/2030 * .........  | EUR | 300 000 |  |  | % | 95.153 | 285 459.00 | 0.23 |
| 6.125 % Commerzbank AG 2020/perpetual * ...........  | EUR | 400 000 | 200 000 |  | % | 90.73 | 362 920.00 | 0.29 |
| 4.25  % Constellium SE -Reg- (MTN) 2017/2026 ........  | EUR | 800 000 | 450 000 |  | % | 90.881 | 727 048.00 | 0.58 |
| 3.125 % Constellium SE -Reg- (MTN) 2021/2029 ........  | EUR | 400 000 |  |  | % | 77.393 | 309 572.00 | 0.25 |
| 3.25 % Cooperatieve Rabobank UA 2019/perpetual * .... 2.875 % Crown European Holdings SA -Reg- (MTN) 2018/2026 ...............................  | EUR EUR | 400 000 400 000 |  |  | % % | 82.019 94.149 | 328 076.00 376 596.00 | 0.26 0.30 |
| 4.625 % Cullinan Holdco Scsp -Reg- (MTN) 2021/2026 ...  | EUR | 450 000 | 200 000 |  | % | 81.399 | 366 295.50 | 0.29 |
| 4.00  % Deutsche Bank AG (MTN) 2022/2032 * ........  | EUR | 1 000 000 | 1 000 000 |  | % | 91.593 | 915 930.00 | 0.73 |
| 3.00  % Deutsche Lufthansa AG (MTN) 2020/2026 ......  | EUR | 700 000 |  |  | % | 84.613 | 592 291.00 | 0.47 |
| 3.75  % Deutsche Lufthansa AG (MTN) 2021/2028 ......  | EUR | 500 000 |  |  | % | 80.808 | 404 040.00 | 0.32 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1.625 % Deutsche Lufthansa AG (MTN) 2021/2023 ......  | EUR | 300 000 |  |  | % | 96.226 | 288 678.00 | 0.23 |
| 4.679 % Deutsche Pfandbriefbank AG (MTN) 2017/2027 * | EUR | 300 000 |  |  | % | 93.858 | 281 574.00 | 0.22 |
| 2.25  % DIC Asset AG (MTN) 2021/2026 ..............  | EUR | 900 000 | 300 000 |  | % | 67.532 | 607 788.00 | 0.48 |
| 3.875 % Diocle Spa -Reg- (MTN) 2019/2026 * ** ........  | EUR | 412 340 | 412 340 |  | % | 97.159 | 400 625.83 | 0.32 |
| 3.00  % Dometic Group AB (MTN) 2018/2023 ..........  | EUR | 300 000 | 300 000 |  | % | 97.179 | 291 537.00 | 0.23 |
| 2.00  % Dometic Group AB (MTN) 2021/2028 ..........  | EUR | 400 000 |  |  | % | 71.453 | 285 812.00 | 0.23 |
| 5.00  % doValue SpA -Reg- (MTN) 2020/2025 ..........  | EUR | 800 000 | 400 000 |  | % | 95.444 | 763 552.00 | 0.61 |
| 3.375 % doValue SpA -Reg- (MTN) 2021/2026 ..........  | EUR | 300 000 |  |  | % | 86.737 | 260 211.00 | 0.21 |
| 2.625 % Drax Finco PLC (MTN) 2020/2025  ............  | EUR | 1 000 000 |  |  | % | 91.736 | 917 360.00 | 0.73 |
| 2.50  % Dufry One BV (MTN) 2017/2024 **............  | EUR | 600 000 |  |  | % | 90.984 | 545 904.00 | 0.44 |
| 3.375 % DUFRY ONE BV (MTN) 2021/2028 ............  | EUR | 270 000 | 150 000 |  | % | 76.698 | 207 084.60 | 0.16 |
| 3.00  % EC Finance PLC -Reg- (MTN) 2021/2026 .......  | EUR | 400 000 |  |  | % | 87.757 | 351 028.00 | 0.28 |
| 4.496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 700 000 | 200 000 |  | % | 97.119 | 679 833.00 | 0.54 |
| 1.70  % EDP - Energias de Portugal SA 2020/2080 * .....  | EUR | 300 000 | 200 000 |  | % | 86.18 | 258 540.00 | 0.21 |
| 1.875 % EDP - Energias de Portugal SA 2021/2081 * .....  | EUR | 900 000 | 600 000 |  | % | 81.066 | 729 594.00 | 0.58 |
| 1.875 % EDP - Energias de Portugal SA 2021/2082 * .....  | EUR | 300 000 |  |  | % | 69.753 | 209 259.00 | 0.17 |
| 5.50  % eDreams ODIGEO SA -Reg- (MTN) 2022/2027 ..  | EUR | 600 000 | 600 000 |  | % | 80.262 | 481 572.00 | 0.38 |
| 3.75  % Elior Group SA (MTN) 2021/2026 .............  | EUR | 400 000 |  | 200 000 | % | 78.162 | 312 648.00 | 0.25 |
| 1.875 % Elis SA (MTN) 2018/2023 ...................  | EUR | 100 000 |  |  | % | 99.487 | 99 487.00 | 0.08 |
| 2.875 % Elis SA (MTN) 2018/2026 ...................  | EUR | 100 000 |  |  | % | 92.547 | 92 547.00 | 0.07 |
| 1.625 % Elis SA (MTN) 2019/2028 ...................  | EUR | 200 000 |  |  | % | 79.554 | 159 108.00 | 0.13 |
| 4.125 % Elis SA (MTN) 2022/2027 ...................  | EUR | 100 000 | 100 000 |  | % | 95.223 | 95 223.00 | 0.08 |
| 6.375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ......  | EUR | 200 000 |  | 500 000 | % | 96.324 | 192 648.00 | 0.15 |
| 4.875 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2025 | EUR | 500 000 |  |  | % | 96.801 | 484 005.00 | 0.39 |
| 6.50  % Erste Group Bank AG 2017/perpetual * .........  | EUR | 400 000 |  |  | % | 97.57 | 390 280.00 | 0.31 |
| 3.00  % Fastighets AB Balder 2017/2078 * ............  | EUR | 400 000 |  |  | % | 75.928 | 303 712.00 | 0.24 |
| 3.125 % Faurecia SE (MTN) 2019/2026 ...............  | EUR | 800 000 | 100 000 |  | % | 84.064 | 672 512.00 | 0.54 |
| 2.375 % Faurecia SE (MTN) 2019/2027 ...............  | EUR | 200 000 | 200 000 |  | % | 75.166 | 150 332.00 | 0.12 |
| 3.75  % Faurecia SE (MTN) 2020/2028 ...............  | EUR | 300 000 |  |  | % | 77.624 | 232 872.00 | 0.19 |
| 2.75  % Faurecia SE (MTN) 2021/2027 ...............  | EUR | 500 000 | 300 000 |  | % | 78.241 | 391 205.00 | 0.31 |
| 2.124 % Ferrovial Netherlands BV 2017/perpetual * ......  | EUR | 400 000 |  |  | % | 83.54 | 334 160.00 | 0.27 |
| 5.625 % FIS Fabbrica Italiana Sintetici SpA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2022/2027 ...............................  | EUR | 620 000 | 620 000 |  | % | 85.111 | 527 688.20 | 0.42 |
| 5.00  % Flamingo Lux II SCA -Reg- (MTN) 2021/2029 ....  | EUR | 400 000 |  |  | % | 74.25 | 297 000.00 | 0.24 |
| 6.875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ..  | EUR | 650 000 |  |  | % | 54.126 | 351 819.00 | 0.28 |
| 3.50  % Getlink SE (MTN) 2020/2025  ................  | EUR | 1 100 000 |  |  | % | 95.868 | 1 054 548.00 | 0.84 |
| 4.875 % Golden Goose SpA -Reg- (MTN) 2021/2027 * ....  | EUR | 400 000 | 300 000 |  | % | 87.543 | 350 172.00 | 0.28 |
| 5.375 % Goldstory SASU -Reg- (MTN) 2021/2026 .......  | EUR | 250 000 |  |  | % | 84.81 | 212 025.00 | 0.17 |
| 2.625 % Graphic Packaging International LLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2029 ...............................  | EUR | 800 000 | 500 000 |  | % | 81.733 | 653 864.00 | 0.52 |
| 3.20  % Grifols SA -Reg- (MTN) 2017/2025 ............  | EUR | 1 300 000 | 600 000 |  | % | 91.153 | 1 184 989.00 | 0.95 |
| 1.625 % Grifols SA -Reg- (MTN) 2019/2025 ............  | EUR | 500 000 | 269 000 | 269 000 | % | 92.042 | 460 210.00 | 0.37 |
| 2.25  % Grifols SA -Reg- (MTN) 2019/2027 ** ..........  | EUR | 100 000 |  |  | % | 83.724 | 83 724.00 | 0.07 |
| 4.125 % Gruenenthal GmbH -Reg- (MTN) 2021/2028  ....  | EUR | 600 000 | 600 000 |  | % | 85.908 | 515 448.00 | 0.41 |
| 3.375 % Grupo Antolin-Irausa SA -Reg- (MTN) 2018/2026 ** | EUR | 700 000 |  |  | % | 74.88 | 524 160.00 | 0.42 |
| 3.248 % Heimstaden Bostad AB 2019/perpetual * .......  | EUR | 500 000 |  |  | % | 60.779 | 303 895.00 | 0.24 |
| 3.00  % Heimstaden Bostad AB 2021/perpetual * .......  | EUR | 600 000 | 300 000 |  | % | 51.014 | 306 084.00 | 0.24 |
| 3.25  % Hornbach Baumarkt AG (MTN) 2019/2026 ** ....  | EUR | 200 000 |  |  | % | 95.1 | 190 200.00 | 0.15 |
| 4.375 % House of Finance NV/The -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ** .............................  | EUR | 500 000 | 150 000 |  | % | 97.392 | 486 960.00 | 0.39 |
| 7.50  % House of HR -Reg- (MTN) 2020/2027 ..........  | EUR | 300 000 | 300 000 |  | % | 97.639 | 292 917.00 | 0.23 |
| 5.25  % HSBC Holdings PLC 2014/perpetual * ..........  | EUR | 300 000 |  |  | % | 98.797 | 296 391.00 | 0.24 |
| 5.625 % HSE Finance Sarl (MTN) 2021/2026 ...........  | EUR | 200 000 | 200 000 |  | % | 68.969 | 137 938.00 | 0.11 |
| 9.25  % HT Troplast GmbH -Reg- (MTN) 2020/2025 .....  | EUR | 600 000 | 400 000 |  | % | 89.22 | 535 320.00 | 0.43 |
| 4.25  % Huhtamaki Oyj (MTN) 2022/2027 .............  | EUR | 300 000 | 300 000 |  | % | 96.814 | 290 442.00 | 0.23 |
| 3.625 % IHO Verwaltungs GmbH -Reg- (MTN) 2019/2025 . | EUR | 700 000 |  |  | % | 87.619 | 613 333.00 | 0.49 |
| 5.125 % Iliad Holding SASU -Reg- (MTN) 2021/2026 .....  | EUR | 1 200 000 | 500 000 |  | % | 89.53 | 1 074 360.00 | 0.86 |
| 5.625 % Iliad Holding SASU -Reg- (MTN) 2021/2028 .....  | EUR | 100 000 | 100 000 |  | % | 85.608 | 85 608.00 | 0.07 |
| 2.875 % Infineon Technologies AG (MTN) 2019/perpetual * | EUR | 400 000 |  |  | % | 91.404 | 365 616.00 | 0.29 |
| 3.625 % Infineon Technologies AG 2019/perpetual * ** ...  | EUR | 500 000 | 500 000 |  | % | 87.653 | 438 265.00 | 0.35 |
| 1.875 % Infrastrutture Wireless Italiane SpA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2026 ...............................  | EUR | 500 000 |  |  | % | 92.494 | 462 470.00 | 0.37 |
| 1.625 % Infrastrutture Wireless Italiane SpA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2028 ** .............................  | EUR | 100 000 | % | 84.848 | 84 848.00 | 0.07 |
| 4.25  % International Design Group SpA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2026 * ..............................  | EUR | 200 000 | 200 000 | % | 90.863 | 181 726.00 | 0.14 |
| 6.50  % International Design Group SPA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ...............................  | EUR | 800 000 | 100 000 | % | 90.025 | 720 200.00 | 0.57 |
| 3.375 % Intertrust Group BV -Reg- (MTN) 2018/2025 ....  | EUR | 550 000 |  | % | 95.261 | 523 935.50 | 0.42 |
| 7.75  % Intesa Sanpaolo SpA 2017/perpetual * .........  | EUR | 600 000 | 200 000 | % | 95.133 | 570 798.00 | 0.46 |
| 6.25  % Intesa Sanpaolo SpA 2017/perpetual * .........  | EUR | 200 000 | 200 000 | % | 95.387 | 190 774.00 | 0.15 |
| 5.875 % Intesa Sanpaolo SpA (MTN) 2020/perpetual * ....  | EUR | 900 000 | 500 000 | % | 92.194 | 829 746.00 | 0.66 |
| 6.375 % Intesa Sanpaolo SpA 2022/perpetual * .........  | EUR | 260 000 | 260 000 | % | 84.684 | 220 178.40 | 0.18 |
| 3.125 % Intrum AB -Reg- (MTN) 2017/2024 ............  | EUR | 100 000 |  | % | 92.779 | 92 779.00 | 0.07 |
| 3.50  % Intrum AB -Reg- (MTN) 2019/2026 ............  | EUR | 450 000 |  | % | 84.051 | 378 229.50 | 0.30 |
| 4.875 % Intrum AB -Reg- (MTN) 2020/2025 ............  | EUR | 600 000 |  | % | 91.027 | 546 162.00 | 0.44 |
| 5.50  % IPD 3 BV -Reg- (MTN) 2020/2025 * ............  | EUR | 300 000 |  | % | 95.209 | 285 627.00 | 0.23 |
| 5.50  % IPD 3 BV -Reg- (MTN) 2020/2025 .............  | EUR | 200 000 | 200 000 | % | 89.774 | 179 548.00 | 0.14 |
| 4.25  % Iqera Group SAS -Reg- (MTN) 2017/2024 .......  | EUR | 200 000 |  | % | 93.116 | 186 232.00 | 0.15 |
| 6.50  % Iqera Group SAS -Reg- 2020/2024 ............  | EUR | 250 000 |  | % | 95.917 | 239 792.50 | 0.19 |
| 2.875 % IQVIA, Inc. -Reg- (MTN) 2017/2025 ...........  | EUR | 100 000 | 100 000 | % | 96.238 | 96 238.00 | 0.08 |
| 2.25 % IQVIA, Inc. -Reg- (MTN) 2019/2028 ...........  | EUR | 300 000 | 150 000 | % | 83.086 | 249 258.00 | 0.20 |
| 2.875 % IQVIA, Inc. -Reg- (MTN) 2020/2028 ...........  | EUR | 1 300 000 | 500 000 | % | 85.446 | 1 110 798.00 | 0.89 |
| 2.25 % IQVIA, Inc. -Reg- (MTN) 2021/2029 ...........  | EUR | 300 000 | 300 000 | % | 79.477 | 238 431.00 | 0.19 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.625 % James Hardie International Finance DAC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2026 .........................  | EUR | 600 000 | 600 000 |  | % | 92.93 | 557 580.00 | 0.44 |
| 5.125 % Kaixo Bondco Telecom SA (MTN) 2021/2029 ....  | EUR | 200 000 | 200 000 |  | % | 76.245 | 152 490.00 | 0.12 |
| 4.25  % Kleopatra Finco Sarl -Reg- (MTN) 2021/2026 ....  | EUR | 300 000 | 200 000 |  | % | 82.372 | 247 116.00 | 0.20 |
| 6.50  % Kleopatra Holdings 2 SCA -Reg- (MTN) 2021/2026 | EUR | 400 000 |  | 100 000 | % | 65.535 | 262 140.00 | 0.21 |
| 5.00  % Kongsberg Actuation Systems BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ...............................  | EUR | 581 818 | 507 454 | 225 636 | % | 82.729 | 481 332.36 | 0.38 |
| 2.00  % Koninklijke KPN NV 2019/perpetual * ..........  | EUR | 900 000 | 500 000 |  | % | 92.171 | 829 539.00 | 0.66 |
| 3.125 % La Poste SA 2018/perpetual * ................  | EUR | 500 000 |  |  | % | 89.903 | 449 515.00 | 0.36 |
| 5.75  % Lenzing AG 2020/perpetual * .................  | EUR | 900 000 | 400 000 |  | % | 95.624 | 860 616.00 | 0.69 |
| 6.50  % Loarre Investments Sarl -Reg- (MTN) 2022/2029 . | EUR | 340 000 | 340 000 |  | % | 93.627 | 318 331.80 | 0.25 |
| 4.00  % Lorca Telecom Bondco SA -Reg- (MTN) 2020/2027 | EUR | 400 000 | 140 000 |  | % | 83.854 | 335 416.00 | 0.27 |
| 3.25  % Loxam SAS (MTN) 2019/2025  ...............  | EUR | 700 000 | 200 000 |  | % | 90.471 | 633 297.00 | 0.50 |
| 5.75  % Loxam SAS (MTN) 2019/2027  ...............  | EUR | 200 000 |  |  | % | 79 | 158 000.00 | 0.13 |
| 7.25  % LSF XI Magpie Bidco Sarl -Reg- (MTN) 2022/2027 | EUR | 300 000 | 300 000 |  | % | 85.285 | 255 855.00 | 0.20 |
| 8.75  % LSF9 Balta Issuer Sarl -Reg- 2021/2024 ........  | EUR | 304 077 | 205 120 | 202 044 | % | 95.313 | 289 824.57 | 0.23 |
| 5.625 % Lune Holdings Sarl -Reg- (MTN) 2021/2028 .....  | EUR | 600 000 | 600 000 |  | % | 81.082 | 486 492.00 | 0.39 |
| 6.125 % Marcolin SpA -Reg- (MTN) 2021/2026 .........  | EUR | 300 000 |  | 200 000 | % | 86.988 | 260 964.00 | 0.21 |
| 2.30  % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
| (MTN) 2020/2030 * ........................  | EUR | 250 000 |  |  | % | 88.143 | 220 357.50 | 0.18 |
| 4.25  % Mobilux Finance SAS -Reg- (MTN) 2021/2028 ...  | EUR | 900 000 | 790 000 |  | % | 73.824 | 664 416.00 | 0.53 |
| 5.25  % Monitchem HoldCo 3 SA -Reg- (MTN) 2019/2025 | EUR | 300 000 | 300 000 |  | % | 92.088 | 276 264.00 | 0.22 |
| 4.125 % Naturgy Finance BV 2014/perpetual * ..........  | EUR | 200 000 |  |  | % | 98.955 | 197 910.00 | 0.16 |
| 2.374 % Naturgy Finance BV 2021/perpetual * ..........  | EUR | 1 000 000 | 500 000 |  | % | 77.725 | 777 250.00 | 0.62 |
| 4.50  % Neinor Homes SA -Reg- (MTN) 2021/2026 ......  | EUR | 400 000 |  | 280 000 | % | 81.775 | 327 100.00 | 0.26 |
| 2.75  % Nexans SA (MTN) 2017/2024 ................  | EUR | 100 000 |  |  | % | 99.127 | 99 127.00 | 0.08 |
| 1.75  % Nexi SpA (MTN) 2019/2024 .................  | EUR | 500 000 |  |  | % | 92.638 | 463 190.00 | 0.37 |
| 1.625 % Nexi SpA (MTN) 2021/2026 .................  | EUR | 800 000 |  |  | % | 81.697 | 653 576.00 | 0.52 |
| 2.125 % Nexi SpA (MTN) 2021/2029 .................  | EUR | 200 000 | 200 000 |  | % | 70.046 | 140 092.00 | 0.11 |
| 1.625 % NGG Finance PLC 2019/2079 * ...............  | EUR | 500 000 |  |  | % | 90.183 | 450 915.00 | 0.36 |
| 4.00  % NH Hotel Group SA -Reg- (MTN) 2021/2026 ....  | EUR | 200 000 | 200 000 |  | % | 89.474 | 178 948.00 | 0.14 |
| 3.50  % Nidda Healthcare Holding GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ...............................  | EUR | 300 000 | 300 000 |  | % | 88.826 | 266 478.00 | 0.21 |
| 7.00  % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ...............................  | EUR | 100 000 |  |  | % | 87.086 | 87 086.00 | 0.07 |
| 3.625 % Nobian Finance BV -Reg- (MTN) 2021/2026 ** ...  | EUR | 200 000 | 100 000 |  | % | 77.754 | 155 508.00 | 0.12 |
| 2.00  % Nokia Oyj (MTN) 2019/2026 ** ...............  | EUR | 700 000 | 150 000 |  | % | 91.72 | 642 040.00 | 0.51 |
| 2.50  % Nomad Foods Bondco Plc -Reg- (MTN) 2021/2028 | EUR | 1 000 000 | 510 000 |  | % | 79.009 | 790 090.00 | 0.63 |
| 4.50  % Norican A/S (MTN) 2017/2023 ...............  | EUR | 500 000 | 500 000 |  | % | 88.184 | 440 920.00 | 0.35 |
| 5.00  % Novafives SAS -Reg- (MTN) 2018/2025 ........  | EUR | 100 000 |  |  | % | 65.733 | 65 733.00 | 0.05 |
| 3.375 % Novelis Sheet Ingot GmbH (MTN) 2021/2029 ...  | EUR | 400 000 | 100 000 | 100 000 | % | 79.386 | 317 544.00 | 0.25 |
| 3.50  % Ontex Group NV (MTN) 2021/2026  ...........  | EUR | 500 000 | 280 000 | 200 000 | % | 80.224 | 401 120.00 | 0.32 |
| 5.00  % Orange SA (MTN) 2014/perpetual * **..........  | EUR | 300 000 |  |  | % | 100.991 | 302 973.00 | 0.24 |
| 2.875 % Organon & Co. Via Organon Foreign Debt Co-Issuer |  |  |  |  |  |  |  |  |
| BV -Reg- (MTN) 2021/2028 ..................  | EUR | 900 000 | 150 000 |  | % | 84.06 | 756 540.00 | 0.60 |
| 6.25  % Orsted AS 2013/3013 * .....................  | EUR | 400 000 | 400 000 |  | % | 101.843 | 407 372.00 | 0.32 |
| 4.00  % Paprec Holding SA -Reg- (MTN) 2018/2025 .....  | EUR | 230 000 |  |  | % | 87.591 | 201 459.30 | 0.16 |
| 3.50  % Paprec Holding SA -Reg- (MTN) 2021/2028 .....  | EUR | 600 000 | 320 000 |  | % | 78.504 | 471 024.00 | 0.38 |
| 3.50  % Peach Property Finance GmbH -Reg- 2019/2023 . | EUR | 500 000 |  | 200 000 | % | 85.897 | 429 485.00 | 0.34 |
| 4.375 % Peach Property Finance GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | EUR | 300 000 |  |  | % | 79.107 | 237 321.00 | 0.19 |
| 3.625 % Piaggio & C SpA -Reg- (MTN) 2018/2025 .......  | EUR | 500 000 | 400 000 |  | % | 95.515 | 477 575.00 | 0.38 |
| 4.625 % PLT VII Finance Sarl -Reg- (MTN) 2020/2026 ** ..  | EUR | 800 000 | 200 000 |  | % | 87.956 | 703 648.00 | 0.56 |
| 6.25  % PrestigeBidCo GmbH -Reg- (MTN) 2016/2023 ...  | EUR | 100 000 | 100 000 |  | % | 97.535 | 97 535.00 | 0.08 |
| 3.00  % ProGroup AG -Reg- (MTN) 2018/2026 .........  | EUR | 900 000 |  |  | % | 88.489 | 796 401.00 | 0.64 |
| 3.50  % Prokon Regenerative Energien eG 2016/2030 ...  | EUR | 93 328 |  | 66 673 | % | 98.715 | 92 128.58 | 0.07 |
| 5.875 % Quatrim SASU -Reg- (MTN) 2019/2024 ........  | EUR | 100 000 |  | 200 000 | % | 95.501 | 95 501.00 | 0.08 |
| 6.125 % Raiffeisen Bank International AG 2017/perpetual * | EUR | 400 000 |  |  | % | 80.973 | 323 892.00 | 0.26 |
| 4.25  % Rakuten Group, Inc. -Reg- 2021/perpetual * .....  | EUR | 300 000 |  |  | % | 69.897 | 209 691.00 | 0.17 |
| 2.50  % RCS & RDS SA -Reg- (MTN) 2020/2025 ........  | EUR | 200 000 |  |  | % | 88.297 | 176 594.00 | 0.14 |
| 7.25  % Rekeep SpA -Reg- (MTN) 2021/2026 ..........  | EUR | 450 000 |  |  | % | 86.968 | 391 356.00 | 0.31 |
| 1.25  % Renault SA (MTN) 2019/2025 ** ..............  | EUR | 600 000 |  |  | % | 87.038 | 522 228.00 | 0.42 |
| 4.247 % Repsol International Finance BV 2020/perpetual * | EUR | 300 000 | 300 000 |  | % | 86.04 | 258 120.00 | 0.21 |
| 2.50  % Repsol International Finance BV 2021/perpetual * | EUR | 400 000 |  |  | % | 83.208 | 332 832.00 | 0.27 |
| 2.125 % Rexel SA (MTN) 2021/2028  .................  | EUR | 500 000 | 100 000 |  | % | 79.185 | 395 925.00 | 0.32 |
| 2.125 % Rexel SA (MTN) 2021/2028  .................  | EUR | 540 000 |  |  | % | 77.768 | 419 947.20 | 0.33 |
| 5.25  % Rimini Bidco SpA -Reg- (MTN) 2021/2026 * .....  | EUR | 400 000 | 400 000 |  | % | 85.544 | 342 176.00 | 0.27 |
| 6.75  % Rossini Sarl -Reg- (MTN) 2018/2025 **.........  | EUR | 1 000 000 | 550 000 |  | % | 96.484 | 964 840.00 | 0.77 |
| 5.625 % Rubis Terminal Infra SAS -Reg- (MTN) 2020/2025 | EUR | 800 000 | 400 000 |  | % | 97.084 | 776 672.00 | 0.62 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
| 2020/perpetual * ..........................  | EUR | 300 000 |  |  | % | 33.807 | 101 421.00 | 0.08 |
| 2.875 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
| 2021/perpetual * ..........................  | EUR | 290 000 | % | 33.117 | 96 039.30 | 0.08 |
| 3.125 % Sappi Papier Holding GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | EUR | 200 000 |  | 200 000 | % | 89.093 | 178 186.00 | 0.14 |
| 3.375 % Schaeffler AG (MTN) 2020/2028 ..............  | EUR | 300 000 |  |  | % | 81.313 | 243 939.00 | 0.19 |
| 5.375 % Schenck Process Holding GmbH/Darmstadt |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2017/2023 .....................  | EUR | 750 000 | 200 000 |  | % | 96.523 | 723 922.50 | 0.58 |
| 6.875 % Schenck Process Holding GmbH/Darmstadt |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2018/2023 .....................  | EUR | 100 000 |  | % | 98.079 | 98 079.00 | 0.08 |
| 6.375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 . | EUR | 800 000 | 200 000 | % | 84.508 | 676 064.00 | 0.54 |
| 2.25  % Seche Environnement SA (MTN) 2021/2028 ....  | EUR | 600 000 | 200 000 | % | 79.55 | 477 300.00 | 0.38 |
| 5.625 % SES SA 2016/perpetual * ....................  | EUR | 600 000 | 400 000 | % | 97.044 | 582 264.00 | 0.46 |
| 4.625 % SGL Carbon SE (MTN) 2019/2024  ............  | EUR | 500 000 | 500 000 | % | 95.649 | 478 245.00 | 0.38 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4.50  % Shiba Bidco SpA -Reg- (MTN) 2021/2028 .......  | EUR | 430 000 |  |  | % | 82.893 | 356 439.90 | 0.28 |
| 2.125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | EUR | 400 000 | 200 000 |  | % | 95.59 | 382 360.00 | 0.30 |
| 5.25  % SIG PLC (MTN) 2021/2026 ..................  | EUR | 600 000 |  |  | % | 80.316 | 481 896.00 | 0.38 |
| 5.50  % Signa Development Finance SCS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2026 ...............................  | EUR | 300 000 |  | 300 000 | % | 73.747 | 221 241.00 | 0.18 |
| 4.75  % SoftBank Group Corp. (MTN) 2015/2025 ** .....  | EUR | 700 000 |  |  | % | 89.383 | 625 681.00 | 0.50 |
| 4.00  % SoftBank Group Corp. 2017/2029 .............  | EUR | 100 000 |  |  | % | 71.713 | 71 713.00 | 0.06 |
| 2.125 % SoftBank Group Corp. 2021/2024 .............  | EUR | 600 000 | 290 000 |  | % | 90.12 | 540 720.00 | 0.43 |
| 2.875 % SoftBank Group Corp. (MTN) 2021/2027 .......  | EUR | 400 000 | 400 000 |  | % | 77.855 | 311 420.00 | 0.25 |
| 5.869 % Solvay Finance SACA 2015/perpetual * .........  | EUR | 800 000 | 200 000 |  | % | 98.564 | 788 512.00 | 0.63 |
| 3.125 % SPIE SA (MTN) 2017/2024 ..................  | EUR | 100 000 |  |  | % | 99.212 | 99 212.00 | 0.08 |
| 2.625 % SPIE SA (MTN) 2019/2026 ..................  | EUR | 500 000 | 200 000 |  | % | 89.64 | 448 200.00 | 0.36 |
| 4.00  % SSE PLC 2022/perpetual * ...................  | EUR | 330 000 | 330 000 |  | % | 86.594 | 285 760.20 | 0.23 |
| 5.75 % Summer BC Holdco B SARL -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | EUR | 600 000 | 500 000 |  | % | 87.503 | 525 018.00 | 0.42 |
| 3.875 % Synthomer PLC -Reg- (MTN) 2020/2025  .......  | EUR | 700 000 | 200 000 |  | % | 91.076 | 637 532.00 | 0.51 |
| 3.50  % TeamSystem SpA -Reg- (MTN) 2021/2028 ......  | EUR | 100 000 |  | 100 000 | % | 84.363 | 84 363.00 | 0.07 |
| 6.00  % Techem Verwaltungsgesellschaft 674 mbH -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2026 ** .......................  | EUR | 615 439 | 89 690 |  | % | 84.933 | 522 710.39 | 0.42 |
| 2.00  % Techem Verwaltungsgesellschaft 675 mbH -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 .........................  | EUR | 300 000 | 300 000 |  | % | 87.939 | 263 817.00 | 0.21 |
| 3.875 % Tele Columbus AG -Reg- (MTN) 2018/2025 .....  | EUR | 300 000 |  | 500 000 | % | 84.194 | 252 582.00 | 0.20 |
| 7.75  % Telecom Italia Finance SA (MTN) 2003/2033 ....  | EUR | 800 000 | 200 000 |  | % | 103.995 | 831 960.00 | 0.66 |
| 2.375 % Telecom Italia SpA (MTN) 2017/2027 ..........  | EUR | 900 000 |  |  | % | 82.171 | 739 539.00 | 0.59 |
| 2.875 % Telecom Italia SpA (MTN) 2018/2026 ..........  | EUR | 200 000 |  |  | % | 90.249 | 180 498.00 | 0.14 |
| 4.00  % Telecom Italia SpA (MTN) 2019/2024 ..........  | EUR | 600 000 |  |  | % | 98.71 | 592 260.00 | 0.47 |
| 5.875 % Telefonica Europe BV 2014/perpetual * .........  | EUR | 1 700 000 | 300 000 |  | % | 99.137 | 1 685 329.00 | 1.34 |
| 3.875 % Telefonica Europe BV 2018/perpetual * .........  | EUR | 700 000 |  |  | % | 89.825 | 628 775.00 | 0.50 |
| 2.88  % Telefonica Europe BV 2021/perpetual * .........  | EUR | 600 000 |  |  | % | 77.133 | 462 798.00 | 0.37 |
| 3.50  % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
| 2017/2028 ** .............................  | EUR | 600 000 |  |  | % | 85.562 | 513 372.00 | 0.41 |
| 5.00  % Tendam Brands SAU -Reg- (MTN) 2017/2024 ...  | EUR | 500 000 | 400 000 |  | % | 95.714 | 478 570.00 | 0.38 |
| 2.995 % TenneT Holding BV 2017/perpetual * ..........  | EUR | 300 000 |  |  | % | 96.462 | 289 386.00 | 0.23 |
| 2.374 % TenneT Holding BV 2020/perpetual * ..........  | EUR | 350 000 |  |  | % | 92.626 | 324 191.00 | 0.26 |
| 7.50  % Tereos Finance Groupe I SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ** .............................  | EUR | 200 000 | 200 000 |  | % | 98.5 | 197 000.00 | 0.16 |
| 2.375 % Terna - Rete Elettrica Nazionale 2022/perpetual * . | EUR | 200 000 | 200 000 |  | % | 74.95 | 149 900.00 | 0.12 |
| 1.625 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2016/2028 ** .............................  | EUR | 600 000 | 600 000 |  | % | 70.854 | 425 124.00 | 0.34 |
| 3.75  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2021/2027 .........................  | EUR | 600 000 | 600 000 | % | 84.916 | 509 496.00 | 0.41 |
| 4.375 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 .........................  | EUR | 300 000 | 300 000 |  | % | 79.923 | 239 769.00 | 0.19 |
| 2.875 % Unibail-Rodamco-Westfield SE 2018/perpetual * . | EUR | 400 000 |  |  | % | 70.09 | 280 360.00 | 0.22 |
| 6.625 % UniCredit SpA 2017/perpetual * ..............  | EUR | 400 000 |  |  | % | 95.107 | 380 428.00 | 0.30 |
| 5.375 % UniCredit SpA 2017/perpetual * ..............  | EUR | 200 000 |  |  | % | 86.477 | 172 954.00 | 0.14 |
| 7.50  % UniCredit SpA 2019/perpetual * ..............  | EUR | 200 000 | 200 000 |  | % | 92.598 | 185 196.00 | 0.15 |
| 2.731 % UniCredit SpA 2020/2032 * ..................  | EUR | 400 000 |  |  | % | 84.864 | 339 456.00 | 0.27 |
| 1.625 % Unione di Banche Italiane SpA (MTN) 2019/2025 | EUR | 250 000 |  |  | % | 95.45 | 238 625.00 | 0.19 |
| 3.875 % UPC Holding BV -Reg- 2017/2029  ............  | EUR | 300 000 | 300 000 |  | % | 80.846 | 242 538.00 | 0.19 |
| 3.625 % UPCB Finance VII Ltd -Reg- 2017/2029 ........  | EUR | 500 000 |  |  | % | 82.89 | 414 450.00 | 0.33 |
| 1.625 % Valeo (MTN) 2016/2026 ....................  | EUR | 700 000 |  |  | % | 90.465 | 633 255.00 | 0.50 |
| 1.50  % Valeo (MTN) 2018/2025 ....................  | EUR | 500 000 | 500 000 |  | % | 92.104 | 460 520.00 | 0.37 |
| 2.25  % Veolia Environnement SA 2020/perpetual * .....  | EUR | 200 000 |  |  | % | 86.498 | 172 996.00 | 0.14 |
| 2.50  % Veolia Environnement SA 2020/perpetual * .....  | EUR | 1 200 000 | 500 000 |  | % | 76.002 | 912 024.00 | 0.73 |
| 4.625 % Verde Bidco SpA (MTN) 2021/2026 ...........  | EUR | 100 000 |  |  | % | 82.504 | 82 504.00 | 0.07 |
| 5.25  % Via Celere Desarrollos Inmobiliarios SA -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2026 .........................  | EUR | 300 000 |  | 410 000 | % | 86.392 | 259 176.00 | 0.21 |
| 3.00  % Vodafone Group PLC 2020/2080 * ............  | EUR | 700 000 | 600 000 |  | % | 76.069 | 532 483.00 | 0.42 |
| 4.25  % Volvo Car AB (MTN) 2022/2028 ..............  | EUR | 340 000 | 340 000 |  | % | 93.691 | 318 549.40 | 0.25 |
| 3.50  % VZ Secured Financing BV -Reg- (MTN) 2022/2032 | EUR | 710 000 | 710 000 |  | % | 75.693 | 537 420.30 | 0.43 |
| 2.875 % VZ Vendor Financing II BV -Reg- (MTN) 2020/2029 | EUR | 700 000 | 500 000 |  | % | 74.569 | 521 983.00 | 0.42 |
| 3.625 % Webuild SpA (MTN) 2020/2027 ..............  | EUR | 250 000 |  |  | % | 83.156 | 207 890.00 | 0.17 |
| 5.875 % Webuild SpA (MTN) 2020/2025 ** ............  | EUR | 600 000 |  | 200 000 | % | 91.623 | 549 738.00 | 0.44 |
| 3.875 % Webuild SpA 2022/2026 ....................  | EUR | 510 000 | 510 000 |  | % | 82.951 | 423 050.10 | 0.34 |
| 2.75  % Wienerberger AG (MTN) 2020/2025 ...........  | EUR | 500 000 | 300 000 |  | % | 96.616 | 483 080.00 | 0.39 |
| 2.499 % Wintershall Dea Finance BV 2021/perpetual * . . . . | EUR | 400 000 | 100 000 | 700 000 | % | 70.762 | 283 048.00 | 0.23 |
| 3.75  % WP/AP Telecom Holdings IV BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2029 ...............................  | EUR | 200 000 | 200 000 |  | % | 82.256 | 164 512.00 | 0.13 |
| 3.00  % ZF Europe Finance BV (MTN) 2019/2029 .......  | EUR | 300 000 | 200 000 |  | % | 73.288 | 219 864.00 | 0.18 |
| 3.00  % ZF Finance GmbH (MTN) 2020/2025 ..........  | EUR | 300 000 |  |  | % | 88.046 | 264 138.00 | 0.21 |
| 3.75  % ZF Finance GmbH (MTN) 2020/2028 ..........  | EUR | 200 000 | 200 000 |  | % | 78.894 | 157 788.00 | 0.13 |
| 2.00  % ZF Finance GmbH (MTN) 2021/2027 ..........  | EUR | 700 000 |  |  | % | 77.397 | 541 779.00 | 0.43 |
| 3.375 % Ziggo Bond Co., BV -Reg- (MTN) 2020/2030 ....  | EUR | 600 000 | 300 000 |  | % | 70.669 | 424 014.00 | 0.34 |
| 2.875 % Ziggo BV -Reg- 2019/2030 ** ................  | EUR | 100 000 |  |  | % | 76.517 | 76 517.00 | 0.06 |
| 3.625 % B&M European Value Retail SA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | GBP | 550 000 | 100 000 |  | % | 84.98 | 545 741.08 | 0.44 |
| 4.00  % B&M European Value Retail SA (MTN) |  |  |  |  |  |  |  |  |
| 2021/2028 ...............................  | GBP | 110 000 |  | 100 000 | % | 78.796 | 101 205.49 | 0.08 |
| 7.625 % Boparan Finance PLC -Reg- (MTN) 2020/2025 ...  | GBP | 100 000 |  | 350 000 | % | 71.37 | 83 334.13 | 0.07 |
| 5.375 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2026 | GBP | 200 000 |  |  | % | 94.219 | 220 026.87 | 0.18 |
| 3.875 % Ocado Group Plc -Reg- (MTN) 2021/2026 ......  | GBP | 900 000 | 400 000 |  | % | 80.834 | 849 461.71 | 0.68 |
| 3.50  % Premier Foods Finance PLC (MTN) 2021/2026  ..  | GBP | 600 000 | 140 000 |  | % | 87.479 | 612 861.43 | 0.49 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3.75  % Travis Perkins PLC (MTN) 2020/2026 ..........  5.00 % Virgin Media Secured Finance PLC -Reg- (MTN) 2017/2027 ...............................  | GBP GBP | 200 000 400 000 | % % | 87.194 90.935 | 203 621.59 424 715.68 | 0.16 0.34 |
| 4.25  % Virgin Media Secured Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| 2019/2030 ...............................  | GBP | 200 000 | 200 000 | % | 80.886 | 188 890.70 | 0.15 |
| 4.875 % Vodafone Group PLC 2018/2078 * ............  | GBP | 900 000 |  | % | 91.944 | 966 213.57 | 0.77 |
| 3.20  % Allianz SE -Reg- 2021/perpetual * .............  | USD | 400 000 |  | % | 73.543 | 282 436.89 | 0.23 |
| 8.75  % Enel SpA -144A- 2013/2073 * ................  | USD | 500 000 |  | % | 102.716 | 493 092.27 | 0.39 |
| 5.75  % ING Groep NV 2019/perpetual * ..............  | USD | 300 000 |  | % | 91.951 | 264 848.67 | 0.21 |
| 7.875 % Societe Generale SA -Reg- 2013/perpetual * ....  | USD | 400 000 |  | % | 98.358 | 377 737.21 | 0.30 |
| 5.375 % SoftBank Group Corp. (MTN) 2015/2022 .......  | USD | 250 000 |  | % | 99.569 | 238 992.48 | 0.19 |
| 6.25  % Vodafone Group PLC 2018/2078 * ............  | USD | 200 000 |  | % | 96.052 | 184 440.59 | 0.15 |
| Securities admitted to or included in organized markets |  |  |  |  |  | 230 618.04 | 0.18 |
| Interest-bearing securities 4.75 % Axalta Coating Systems LLC ViA Axalta Coating Systems Dutch Holding B BV -144A- (MTN) 2020/2027 ...............................  | USD | 150 000 |  | % | 89.572 | 128 998.19 | 0.10 |
| 4.875 % Covanta Holding Corp. -144A- (MTN) 2021/2029 . | USD | 130 000 | 130 000 | % | 81.417 | 101 619.85 | 0.08 |
| Total securities portfolio |  |  |  |  |  | 116 892 063.93 | 93.26 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | -87 801.73 | -0.07 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |
| Open positions EUR/GBP 4.3 million ................................  |  |  |  |  |  | -41 442.45 | -0.03 |
| EUR/USD 3.0 million ................................  |  |  |  |  |  | -46 359.28 | -0.04 |
| Cash at bank |  |  |  |  |  | 5 801 578.64 | 4.63 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  | 4 389 475.67 | 3.50 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 570 495 |  |  |  | 666 129.73 | 0.53 |
| U.S. dollar ........................................  | USD | 776 968 |  |  |  | 745 973.24 | 0.60 |
| Other assets | 1 734 454.05 | 1.39 |
| Interest receivable .................................  | 1 656 005.92 | 1.32 |
| Receivables from exceeding the expense cap ............  | 58 016.59 | 0.05 |
| Other receivables ..................................  | 20 431.54 | 0.02 |
| Receivables from share certificate transactions | 2 644 269.27 | 2.11 |
| Total assets *** | 127 072 365.89 | 101.39 |
| Other liabilities | -1 645 379.66 | -1.32 |
| Additional other liabilities.............................  | -1 645 379.66 | -1.32 |
| Total liabilities | -1 733 181.39 | -1.39 |
| Net assets | 125 339 184.50 | 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 | 87.95 |
| Class FD .........................................  | EUR | 83.11 |
| Class IC ..........................................  | EUR | 85.92 |
| Class IC50 ........................................  | EUR | 85.96 |
| Class LC .........................................  | EUR | 86.96 |
| Class LD .........................................  | EUR | 82.92 |
| Class TFC ........................................  | EUR | 87.91 |
| Class TFD ........................................  | EUR | 83.11 |
| Class XC .........................................  | EUR | 88.98 |
| Class XD .........................................  | EUR | 83.29 |
| Number of shares outstanding Class FC .........................................  | Count | 575.184 |
| Class FD .........................................  | Count | 100.000 |
| Class IC ..........................................  | Count | 65 835.000 |
| Class IC50 ........................................  | Count | 298 833.000 |
| Class LC .........................................  | Count | 100.000 |
| Class LD .........................................  | Count | 1 706.000 |
| Class TFC ........................................  | Count | 137 890.849 |
| Class TFD ........................................  | Count | 100.000 |
| Class XC .........................................  | Count | 913 046.000 |
| Class XD .........................................  | Count | 4 913.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) ICE BofA BB-B Rated Euro High Yield Constrained Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 94.148 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 112.099 |
| Average market risk exposure.........................  | % | 102.658 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, 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 14 445 301.31 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
HSBC France and Royal Bank of Canada (UK).

####  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 |
| --- | --- | --- | --- |
| 6.00 | % ams-OSRAM AG -Reg- (MTN) 2020/2025 .........................  | EUR | 500 000 | 466 390.00 |
| 4.596 | % Assicurazioni Generali SpA (MTN) 2014/perpetual * ..................  | EUR | 500 000 | 483 960.00 |
| 4.561 | % Casino Guichard Perrachon SA (MTN) 2013/2023 ....................  | EUR | 500 000 | 491 655.00 |
| 3.875 | % Diocle Spa -Reg- (MTN) 2019/2026 *..............................  | EUR | 500 000 | 485 795.00 |
| 2.50 | % Dufry One BV (MTN) 2017/2024 .................................  | EUR | 500 000 | 454 920.00 |
| 2.25 | % Grifols SA -Reg- (MTN) 2019/2027 ...............................  | EUR | 100 000 | 83 724.00 |
| 3.375 | % Grupo Antolin-Irausa SA -Reg- (MTN) 2018/2026 ....................  | EUR | 700 000 | 524 160.00 |
| 3.25 | % Hornbach Baumarkt AG (MTN) 2019/2026 .........................  | EUR | 200 000 | 190 200.00 |
| 4.375 | % House of Finance NV/The -Reg- (MTN) 2019/2026 ...................  | EUR | 500 000 | 486 960.00 |
| 3.625 | % Infineon Technologies AG 2019/perpetual * .........................      | EUR | 500 000 | 438 265.00 |
| 1.625 | % Infrastrutture Wireless Italiane SpA (MTN) 2020/2028 ................  | EUR | 100 000 | 84 848.00 |
| 3.625 | % Nobian Finance BV -Reg- (MTN) 2021/2026 ........................  | EUR | 200 000 | 155 508.00 |
| 2.00 | % Nokia Oyj (MTN) 2019/2026 . . . . . . . . . . . . . . ......................  | EUR | 700 000 | 642 040.00 |
| 5.00 | % Orange SA (MTN) 2014/perpetual *...............................  | EUR | 300 000 | 302 973.00 |
| 4.625 | % PLT VII Finance Sarl -Reg- (MTN) 2020/2026 .......................  | EUR | 800 000 | 703 648.00 |
| 1.25 | % Renault SA (MTN) 2019/2025 ...................................  | EUR | 600 000 | 522 228.00 |
| 6.75 | % Rossini Sarl -Reg- (MTN) 2018/2025 ..............................  | EUR | 500 000 | 482 420.00 |
| 4.75 | % SoftBank Group Corp. (MTN) 2015/2025 ..........................  | EUR | 700 000 | 625 681.00 |
| 6.00 | % Techem Verwaltungsgesellschaft 674 mbH -Reg- (MTN) 2018/2026 ......  | EUR | 500 000 | 424 665.00 |
| 3.50 | % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 .............  | EUR | 600 000 | 513 372.00 |
| 7.50 | % Tereos Finance Groupe I SA -Reg- (MTN) 2020/2025 .................  | EUR | 200 000 | 197 000.00 |
| 1.625 | % Teva Pharmaceutical Finance Netherlands II BV 2016/2028 ............  | EUR | 500 000 | 354 270.00 |
| 5.875 | % Webuild SpA (MTN) 2020/2025 .................................  | EUR | 510 000 | 467 277.30 |
| 2.875 | % Ziggo BV -Reg- 2019/2030 .....................................  | EUR | 100 000 | 76 517.00 |
| Total receivables from securities loans | 9 658 476.30 | 9 658 476.30 |
| Contracting parties for securities loans Deutsche Bank AG FI |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds | EUR EUR | 13 208 976.67 13 208 976.67 |

 Exchange rates (indirect quotes)	
As of June 30, 2022
| British pound	GBP | 0.856432 | = EUR | 1 |
| --- | --- | --- | --- |
| U.S. dollar	USD | 1.041549 | = 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.
** Some or all of these securities are lent.
*** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Euro High Yield
DWS INVEST ESG EURO HIGH YIELD

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU2111935651 | -14,5% |
| Klasse FC | LU2111935495 | -14,3% |
| Klasse FD | LU2111935578 | -14,3% |
| Klasse IC | LU2399999486 | -14,2% |
| Klasse IC50 | LU2399999569 | -14,2% |
| Klasse LD | LU2111935735 | -14,5% |
| Klasse TFC | LU2111935909 | -14,3% |
| Klasse TFD | LU2111936030 | -14,3% |
| Klasse XC | LU2111936113 | -14,1% |
| Klasse XD | LU2111936204 | -14,1% |
| ML Euro High Yield Const. | Index (BB-B rated) | -15,0% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest ESG Euro High Yield
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 116 892 063,93 | 93,26 |
| Summe Anleihen | 116 892 063,93 | 93,26 |
| 2. Derivate | -87 801,73 | -0,07 |
| 3. Bankguthaben | 5 801 578,64 | 4,63 |
| 4. Sonstige Vermögensgegenstände | 1 734 454,05 | 1,39 |
| 5. Forderungen aus Anteilscheingeschäften | 2 644 269,27 | 2,11 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 645 379,66 | -1,32 |
| III. Fondsvermögen | 125 339 184,50 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Vermögensaufstellung zum 30.6.2022
Börsengehandelte Wertpapiere	116 661 445,89	93,08
| Verzinsliche Wertpapiere 3,248 % Abertis Infraestructuras Finance BV 2020/ |  |
| --- | --- |
| perpetual * ..............................  2,625 % Abertis Infraestructuras Finance BV 2021/ perpetual * ..............................  | EUR EUR | 900 000 400 000 | 100 000 | % % | 80,254 72,407 | 722 286,00 289 628,00 | 0,58 0,23 |
| 1,375 % Acciona Energia Financiacion Filiales SA (MTN) |  |  |  |  |  |  |  |
| 2022/2032  ..............................  | EUR | 300 000 | 300 000 |  | % | 81,699 | 245 097,00 | 0,20 |
| 3,00  % Accor SA (MTN) 2019/2026 .................  | EUR | 200 000 | 200 000 |  | % | 91,973 | 183 946,00 | 0,15 |
| 2,625 % Accor SA 2019/perpetual * ..................  | EUR | 400 000 | 200 000 |  | % | 78,09 | 312 360,00 | 0,25 |
| 2,375 % Accor SA (MTN) 2021/2028 .................  | EUR | 400 000 | 100 000 |  | % | 79,677 | 318 708,00 | 0,25 |
| 2,625 % Adevinta ASA -Reg- (MTN) 2020/2025  ........  | EUR | 900 000 |  |  | % | 90,315 | 812 835,00 | 0,65 |
| 3,00  % Adevinta ASA -Reg- (MTN) 2020/2027  ........  | EUR | 300 000 | 200 000 |  | % | 83,878 | 251 634,00 | 0,20 |
| 3,25  % ADLER Group SA (MTN) 2020/2025  ..........  | EUR | 100 000 |  | 400 000 | % | 54,952 | 54 952,00 | 0,04 |
| 2,25  % ADLER Group SA (MTN) 2021/2029  ..........  3,625 % Ahlstrom-Munksjo Holding 3 Oy -Reg- (MTN) 2021/2028 ..............................  | EUR EUR | 1 000 000 200 000 |  | 200 000 | % % | 47,86 81,574 | 478 600,00 163 148,00 | 0,38 0,13 |
| 6,25  % AIB Group PLC 2020/perpetual * .............  | EUR | 400 000 |  |  | % | 93,261 | 373 044,00 | 0,30 |
| 2,875 % Akropolis Group Uab (MTN) 2021/2026 ........ 5,25 % Albion Financing 1 SARL Via Aggreko Holdings, Inc. -Reg- (MTN) 2021/2026 .................  | EUR EUR | 200 000 400 000 |  | 160 000 | % % | 87,352 83,703 | 174 704,00 334 812,00 | 0,14 0,27 |
| 3,625 % Allied Universal Holdco LLC Via Allied Universal Finance Corp Via Atlas Luxco 4 Sarl -Reg- (MTN) 2021/2028 .........................  | EUR | 200 000 |  | 400 000 | % | 76,242 | 152 484,00 | 0,12 |
| 2,125 % Almirall SA -Reg- (MTN) 2021/2026 ...........  | EUR | 600 000 |  |  | % | 89,112 | 534 672,00 | 0,43 |
| 1,125 % Amplifon SpA (MTN) 2020/2027  .............  | EUR | 500 000 | 200 000 |  | % | 86,703 | 433 515,00 | 0,35 |
| 6,00  % ams-OSRAM AG -Reg- (MTN) 2020/2025 ** ....  | EUR | 500 000 | 500 000 |  | % | 93,278 | 466 390,00 | 0,37 |
| 3,00  % Arcelik AS (MTN) 2021/2026  ................  1,875 % Arena Luxembourg Finance Sarl -Reg- (MTN) 2020/2028 ..............................  | EUR EUR | 500 000 800 000 | 150 000 |  | % % | 85,741 72,637 | 428 705,00 581 096,00 | 0,34 0,46 |
| 5,00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * .............................  | EUR | 200 000 | 200 000 | % | 96,738 | 193 476,00 | 0,15 |
| 4,596 % Assicurazioni Generali SpA (MTN) 2014/ perpetual * ** ............................  | EUR | 550 000 |  | % | 96,792 | 532 356,00 | 0,42 |
| 5,00 % AT&S Austria Technologie & Systemtechnik AG |  |  |  |  |  |  |  |
| 2022/perpetual * ..........................  | EUR | 1 000 000 | 1 000 000 |  | % | 85,925 | 859 250,00 | 0,69 |
| 3,875 % Avantor Funding, Inc. -Reg- (MTN) 2020/2028  ..  | EUR | 300 000 | 300 000 |  | % | 86,969 | 260 907,00 | 0,21 |
| 2,625 % Avantor Funding, Inc. -Reg- (MTN) 2020/2025 .. 3,75 % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 ....................  | EUR EUR | 300 000 300 000 | 300 000 |  | % % | 93,087 90,702 | 279 261,00 272 106,00 | 0,22 0,22 |
| 0,875 % Ball Corp. (MTN) 2019/2024  ................  | EUR | 300 000 | 300 000 |  | % | 94,364 | 283 092,00 | 0,23 |
| 1,50  % Ball Corp. (MTN) 2019/2027  ................  6,00 % Banco Bilbao Vizcaya Argentaria SA 2019/ perpetual * ..............................  | EUR EUR | 600 000 200 000 | 200 000 |  | % % | 84,393 94,023 | 506 358,00 188 046,00 | 0,40 0,15 |
| 6,125 % Banco de Sabadell SA 2017/perpetual * ........  | EUR | 400 000 |  |  | % | 94,036 | 376 144,00 | 0,30 |
| 2,00  % Banco de Sabadell SA (MTN) 2020/2030 * ......  | EUR | 100 000 |  |  | % | 87,545 | 87 545,00 | 0,07 |
| 6,50  % Banijay Group SAS -Reg- (MTN) 2020/2026  ....  | EUR | 200 000 | 100 000 |  | % | 84,134 | 168 268,00 | 0,13 |
| 6,00  % Bank of Ireland Group PLC 2020/perpetual * ....  | EUR | 400 000 | 200 000 |  | % | 92,34 | 369 360,00 | 0,29 |
| 5,375 % Bayer AG 2022/2082 * .....................  | EUR | 900 000 | 900 000 |  | % | 83,84 | 754 560,00 | 0,60 |
| 5,25  % BK LC Lux Finco1 Sarl -Reg- (MTN) 2021/2029 ..  | EUR | 900 000 | 300 000 |  | % | 79,641 | 716 769,00 | 0,57 |
| 4,75  % Burger King France SAS -Reg- (MTN) 2021/2026 * | EUR | 210 000 |  |  | % | 92,589 | 194 436,90 | 0,15 |
| 6,75  % CaixaBank SA 2017/perpetual * ..............  | EUR | 400 000 |  |  | % | 96,624 | 386 496,00 | 0,31 |
| 3,75  % CaixaBank SA (MTN) 2019/2029 * ............  | EUR | 200 000 |  |  | % | 98,927 | 197 854,00 | 0,16 |
| 4,561 % Casino Guichard Perrachon SA (MTN) 2013/2023 ** | EUR | 700 000 | 600 000 | 200 000 | % | 98,331 | 688 317,00 | 0,55 |
| 4,498 % Casino Guichard Perrachon SA (MTN) 2014/2024 | EUR | 800 000 | 200 000 |  | % | 81,006 | 648 048,00 | 0,52 |
| 3,58  % Casino Guichard Perrachon SA (MTN) 2014/2025 | EUR | 100 000 |  | 100 000 | % | 74,271 | 74 271,00 | 0,06 |
| 6,625 % Casino Guichard Perrachon SA (MTN) 2020/2026 | EUR | 100 000 | 200 000 | 100 000 | % | 73,293 | 73 293,00 | 0,06 |
| 6,00  % Castor SpA -Reg- (MTN) 2022/2029  ..........  2,375 % Catalent Pharma Solutions, Inc. -Reg- (MTN) 2020/2028 ..............................  | EUR EUR | 660 000 900 000 | 660 000 550 000 |  | % % | 90,152 81,893 | 595 003,20 737 037,00 | 0,47 0,59 |
| 1,75  % Ceconomy AG (MTN) 2021/2026 .............  | EUR | 300 000 |  |  | % | 72,11 | 216 330,00 | 0,17 |
| 1,00  % Cellnex Finance Co. SA (MTN) 2021/2027  .....  | EUR | 800 000 | 500 000 |  | % | 79,292 | 634 336,00 | 0,51 |
| 1,00  % Cellnex Telecom SA (MTN) 2020/2027  ........  | EUR | 700 000 |  |  | % | 82,051 | 574 357,00 | 0,46 |
| 1,875 % Cellnex Telecom SA (MTN) 2020/2029  ........  | EUR | 800 000 |  |  | % | 76,624 | 612 992,00 | 0,49 |
| 1,75  % Cellnex Telecom SA (MTN) 2020/2030  ........  | EUR | 700 000 |  |  | % | 71,435 | 500 045,00 | 0,40 |
| 5,875 % Centurion Bidco SpA -Reg- (MTN) 2020/2026 ...  | EUR | 700 000 | 110 000 |  | % | 88,477 | 619 339,00 | 0,49 |
| 4,00  % Chemours Co. (MTN) 2018/2026 .............  | EUR | 900 000 | 700 000 |  | % | 89,044 | 801 396,00 | 0,64 |
| 3,50  % Chrome Bidco SASU -Reg- (MTN) 2021/2028  ...  | EUR | 700 000 | 450 000 |  | % | 82,42 | 576 940,00 | 0,46 |
| 7,50 % CMA CGM SA -Reg- (MTN) 2020/2026 ........  | EUR | 500 000 | 200 000 |  | % | 102,641 | 513 205,00 | 0,41 |
| 4,00  % Commerzbank AG (MTN) 2020/2030 * .........  | EUR | 300 000 |  |  | % | 95,153 | 285 459,00 | 0,23 |
| 6,125 % Commerzbank AG 2020/perpetual * ...........  | EUR | 400 000 | 200 000 |  | % | 90,73 | 362 920,00 | 0,29 |
| 4,25  % Constellium SE -Reg- (MTN) 2017/2026  .......  | EUR | 800 000 | 450 000 |  | % | 90,881 | 727 048,00 | 0,58 |
| 3,125 % Constellium SE -Reg- (MTN) 2021/2029  .......  | EUR | 400 000 |  |  | % | 77,393 | 309 572,00 | 0,25 |
| 3,25 % Cooperatieve Rabobank UA 2019/perpetual * ... 2,875 % Crown European Holdings SA -Reg- (MTN) 2018/2026  ..............................  | EUR EUR | 400 000 400 000 |  |  | % % | 82,019 94,149 | 328 076,00 376 596,00 | 0,26 0,30 |
| 4,625 % Cullinan Holdco Scsp -Reg- (MTN) 2021/2026 ...  | EUR | 450 000 | 200 000 |  | % | 81,399 | 366 295,50 | 0,29 |
| 4,00  % Deutsche Bank AG (MTN) 2022/2032 * ........  | EUR | 1 000 000 | 1 000 000 |  | % | 91,593 | 915 930,00 | 0,73 |
| 3,00  % Deutsche Lufthansa AG (MTN) 2020/2026  .....  | EUR | 700 000 |  |  | % | 84,613 | 592 291,00 | 0,47 |
| 3,75  % Deutsche Lufthansa AG (MTN) 2021/2028  .....  | EUR | 500 000 |  |  | % | 80,808 | 404 040,00 | 0,32 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 1,625 % Deutsche Lufthansa AG (MTN) 2021/2023  .....  | EUR | 300 000 |  |  | % | 96,226 | 288 678,00 | 0,23 |
| 4,679 % Deutsche Pfandbriefbank AG (MTN) 2017/2027 * | EUR | 300 000 |  |  | % | 93,858 | 281 574,00 | 0,22 |
| 2,25  % DIC Asset AG (MTN) 2021/2026  .............  | EUR | 900 000 | 300 000 |  | % | 67,532 | 607 788,00 | 0,48 |
| 3,875 % Diocle Spa -Reg- (MTN) 2019/2026 * ** ........  | EUR | 412 340 | 412 340 |  | % | 97,159 | 400 625,83 | 0,32 |
| 3,00  % Dometic Group AB (MTN) 2018/2023  .........  | EUR | 300 000 | 300 000 |  | % | 97,179 | 291 537,00 | 0,23 |
| 2,00  % Dometic Group AB (MTN) 2021/2028  .........  | EUR | 400 000 |  |  | % | 71,453 | 285 812,00 | 0,23 |
| 5,00  % doValue SpA -Reg- (MTN) 2020/2025  .........  | EUR | 800 000 | 400 000 |  | % | 95,444 | 763 552,00 | 0,61 |
| 3,375 % doValue SpA -Reg- (MTN) 2021/2026  .........  | EUR | 300 000 |  |  | % | 86,737 | 260 211,00 | 0,21 |
| 2,625 % Drax Finco PLC (MTN) 2020/2025  ............  | EUR | 1 000 000 |  |  | % | 91,736 | 917 360,00 | 0,73 |
| 2,50  % Dufry One BV (MTN) 2017/2024 ** ...........  | EUR | 600 000 |  |  | % | 90,984 | 545 904,00 | 0,44 |
| 3,375 % DUFRY ONE BV (MTN) 2021/2028  ...........  | EUR | 270 000 | 150 000 |  | % | 76,698 | 207 084,60 | 0,16 |
| 3,00  % EC Finance PLC -Reg- (MTN) 2021/2026 .......  | EUR | 400 000 |  |  | % | 87,757 | 351 028,00 | 0,28 |
| 4,496 % EDP - Energias de Portugal SA 2019/2079 * ....  | EUR | 700 000 | 200 000 |  | % | 97,119 | 679 833,00 | 0,54 |
| 1,70  % EDP - Energias de Portugal SA 2020/2080 * ....  | EUR | 300 000 | 200 000 |  | % | 86,18 | 258 540,00 | 0,21 |
| 1,875 % EDP - Energias de Portugal SA 2021/2081 * ....  | EUR | 900 000 | 600 000 |  | % | 81,066 | 729 594,00 | 0,58 |
| 1,875 % EDP - Energias de Portugal SA 2021/2082 * ....  | EUR | 300 000 |  |  | % | 69,753 | 209 259,00 | 0,17 |
| 5,50  % eDreams ODIGEO SA -Reg- (MTN) 2022/2027 ..  | EUR | 600 000 | 600 000 |  | % | 80,262 | 481 572,00 | 0,38 |
| 3,75  % Elior Group SA (MTN) 2021/2026  ............  | EUR | 400 000 |  | 200 000 | % | 78,162 | 312 648,00 | 0,25 |
| 1,875 % Elis SA (MTN) 2018/2023 ...................  | EUR | 100 000 |  |  | % | 99,487 | 99 487,00 | 0,08 |
| 2,875 % Elis SA (MTN) 2018/2026 ...................  | EUR | 100 000 |  |  | % | 92,547 | 92 547,00 | 0,07 |
| 1,625 % Elis SA (MTN) 2019/2028 ...................  | EUR | 200 000 |  |  | % | 79,554 | 159 108,00 | 0,13 |
| 4,125 % Elis SA (MTN) 2022/2027 ...................  | EUR | 100 000 | 100 000 |  | % | 95,223 | 95 223,00 | 0,08 |
| 6,375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ......  | EUR | 200 000 |  | 500 000 | % | 96,324 | 192 648,00 | 0,15 |
| 4,875 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2025 | EUR | 500 000 |  |  | % | 96,801 | 484 005,00 | 0,39 |
| 6,50  % Erste Group Bank AG 2017/perpetual * ........  | EUR | 400 000 |  |  | % | 97,57 | 390 280,00 | 0,31 |
| 3,00  % Fastighets AB Balder 2017/2078 * ............  | EUR | 400 000 |  |  | % | 75,928 | 303 712,00 | 0,24 |
| 3,125 % Faurecia SE (MTN) 2019/2026 ...............  | EUR | 800 000 | 100 000 |  | % | 84,064 | 672 512,00 | 0,54 |
| 2,375 % Faurecia SE (MTN) 2019/2027 ...............  | EUR | 200 000 | 200 000 |  | % | 75,166 | 150 332,00 | 0,12 |
| 3,75  % Faurecia SE (MTN) 2020/2028 ...............  | EUR | 300 000 |  |  | % | 77,624 | 232 872,00 | 0,19 |
| 2,75  % Faurecia SE (MTN) 2021/2027 ...............  | EUR | 500 000 | 300 000 |  | % | 78,241 | 391 205,00 | 0,31 |
| 2,124 % Ferrovial Netherlands BV 2017/perpetual * .....  | EUR | 400 000 |  |  | % | 83,54 | 334 160,00 | 0,27 |
| 5,625 % FIS Fabbrica Italiana Sintetici SpA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2022/2027  ..............................  | EUR | 620 000 | 620 000 |  | % | 85,111 | 527 688,20 | 0,42 |
| 5,00  % Flamingo Lux II SCA -Reg- (MTN) 2021/2029  ...  | EUR | 400 000 |  |  | % | 74,25 | 297 000,00 | 0,24 |
| 6,875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ..  | EUR | 650 000 |  |  | % | 54,126 | 351 819,00 | 0,28 |
| 3,50  % Getlink SE (MTN) 2020/2025  ................  | EUR | 1 100 000 |  |  | % | 95,868 | 1 054 548,00 | 0,84 |
| 4,875 % Golden Goose SpA -Reg- (MTN) 2021/2027 * ...  | EUR | 400 000 | 300 000 |  | % | 87,543 | 350 172,00 | 0,28 |
| 5,375 % Goldstory SASU -Reg- (MTN) 2021/2026 .......  | EUR | 250 000 |  |  | % | 84,81 | 212 025,00 | 0,17 |
| 2,625 % Graphic Packaging International LLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2029  ..............................  | EUR | 800 000 | 500 000 |  | % | 81,733 | 653 864,00 | 0,52 |
| 3,20  % Grifols SA -Reg- (MTN) 2017/2025  ...........  | EUR | 1 300 000 | 600 000 |  | % | 91,153 | 1 184 989,00 | 0,95 |
| 1,625 % Grifols SA -Reg- (MTN) 2019/2025  ...........  | EUR | 500 000 | 269 000 | 269 000 | % | 92,042 | 460 210,00 | 0,37 |
| 2,25  % Grifols SA -Reg- (MTN) 2019/2027 ** .........  | EUR | 100 000 |  |  | % | 83,724 | 83 724,00 | 0,07 |
| 4,125 % Gruenenthal GmbH -Reg- (MTN) 2021/2028  ....  | EUR | 600 000 | 600 000 |  | % | 85,908 | 515 448,00 | 0,41 |
| 3,375 % Grupo Antolin-Irausa SA -Reg- (MTN) 2018/2026 ** | EUR | 700 000 |  |  | % | 74,88 | 524 160,00 | 0,42 |
| 3,248 % Heimstaden Bostad AB 2019/perpetual *  ......  | EUR | 500 000 |  |  | % | 60,779 | 303 895,00 | 0,24 |
| 3,00  % Heimstaden Bostad AB 2021/perpetual *  ......  | EUR | 600 000 | 300 000 |  | % | 51,014 | 306 084,00 | 0,24 |
| 3,25  % Hornbach Baumarkt AG (MTN) 2019/2026 ** ...  | EUR | 200 000 |  |  | % | 95,1 | 190 200,00 | 0,15 |
| 4,375 % House of Finance NV/The -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ** ............................  | EUR | 500 000 | 150 000 |  | % | 97,392 | 486 960,00 | 0,39 |
| 7,50  % House of HR -Reg- (MTN) 2020/2027  .........  | EUR | 300 000 | 300 000 |  | % | 97,639 | 292 917,00 | 0,23 |
| 5,25  % HSBC Holdings PLC 2014/perpetual * .........  | EUR | 300 000 |  |  | % | 98,797 | 296 391,00 | 0,24 |
| 5,625 % HSE Finance Sarl (MTN) 2021/2026  ..........  | EUR | 200 000 | 200 000 |  | % | 68,969 | 137 938,00 | 0,11 |
| 9,25  % HT Troplast GmbH -Reg- (MTN) 2020/2025  ....  | EUR | 600 000 | 400 000 |  | % | 89,22 | 535 320,00 | 0,43 |
| 4,25  % Huhtamaki Oyj (MTN) 2022/2027  ............  | EUR | 300 000 | 300 000 |  | % | 96,814 | 290 442,00 | 0,23 |
| 3,625 % IHO Verwaltungs GmbH -Reg- (MTN) 2019/2025 | EUR | 700 000 |  |  | % | 87,619 | 613 333,00 | 0,49 |
| 5,125 % Iliad Holding SASU -Reg- (MTN) 2021/2026  ....  | EUR | 1 200 000 | 500 000 |  | % | 89,53 | 1 074 360,00 | 0,86 |
| 5,625 % Iliad Holding SASU -Reg- (MTN) 2021/2028  ....  | EUR | 100 000 | 100 000 |  | % | 85,608 | 85 608,00 | 0,07 |
| 2,875 % Infineon Technologies AG (MTN) 2019/perpetual * | EUR | 400 000 |  |  | % | 91,404 | 365 616,00 | 0,29 |
| 3,625 % Infineon Technologies AG 2019/perpetual * ** ...  | EUR | 500 000 | 500 000 |  | % | 87,653 | 438 265,00 | 0,35 |
| 1,875 % Infrastrutture Wireless Italiane SpA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2026  ..............................  | EUR | 500 000 |  |  | % | 92,494 | 462 470,00 | 0,37 |
| 1,625 % Infrastrutture Wireless Italiane SpA (MTN) |  |  |  |  |  |  |  |  |  |
| 2020/2028 ** ............................  | EUR | 100 000 | % | 84,848 | 84 848,00 | 0,07 |
| 4,25  % International Design Group SpA -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2021/2026 * .............................  | EUR | 200 000 | 200 000 | % | 90,863 | 181 726,00 | 0,14 |
| 6,50  % International Design Group SPA -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2018/2025  ..............................  | EUR | 800 000 | 100 000 | % | 90,025 | 720 200,00 | 0,57 |
| 3,375 % Intertrust Group BV -Reg- (MTN) 2018/2025 ....  | EUR | 550 000 |  | % | 95,261 | 523 935,50 | 0,42 |
| 7,75  % Intesa Sanpaolo SpA 2017/perpetual * .........  | EUR | 600 000 | 200 000 | % | 95,133 | 570 798,00 | 0,46 |
| 6,25  % Intesa Sanpaolo SpA 2017/perpetual * .........  | EUR | 200 000 | 200 000 | % | 95,387 | 190 774,00 | 0,15 |
| 5,875 % Intesa Sanpaolo SpA (MTN) 2020/perpetual * ...  | EUR | 900 000 | 500 000 | % | 92,194 | 829 746,00 | 0,66 |
| 6,375 % Intesa Sanpaolo SpA 2022/perpetual * .........  | EUR | 260 000 | 260 000 | % | 84,684 | 220 178,40 | 0,18 |
| 3,125 % Intrum AB -Reg- (MTN) 2017/2024  ...........  | EUR | 100 000 |  | % | 92,779 | 92 779,00 | 0,07 |
| 3,50  % Intrum AB -Reg- (MTN) 2019/2026  ...........  | EUR | 450 000 |  | % | 84,051 | 378 229,50 | 0,30 |
| 4,875 % Intrum AB -Reg- (MTN) 2020/2025  ...........  | EUR | 600 000 |  | % | 91,027 | 546 162,00 | 0,44 |
| 5,50  % IPD 3 BV -Reg- (MTN) 2020/2025 * ...........  | EUR | 300 000 |  | % | 95,209 | 285 627,00 | 0,23 |
| 5,50  % IPD 3 BV -Reg- (MTN) 2020/2025  ............  | EUR | 200 000 | 200 000 | % | 89,774 | 179 548,00 | 0,14 |
| 4,25  % Iqera Group SAS -Reg- (MTN) 2017/2024  ......  | EUR | 200 000 |  | % | 93,116 | 186 232,00 | 0,15 |
| 6,50  % Iqera Group SAS -Reg- 2020/2024 ............  | EUR | 250 000 |  | % | 95,917 | 239 792,50 | 0,19 |
| 2,875 % IQVIA, Inc. -Reg- (MTN) 2017/2025 ...........  | EUR | 100 000 | 100 000 | % | 96,238 | 96 238,00 | 0,08 |
| 2,25 % IQVIA, Inc. -Reg- (MTN) 2019/2028 ...........  | EUR | 300 000 | 150 000 | % | 83,086 | 249 258,00 | 0,20 |
| 2,875 % IQVIA, Inc. -Reg- (MTN) 2020/2028 ...........  | EUR | 1 300 000 | 500 000 | % | 85,446 | 1 110 798,00 | 0,89 |
| 2,25 % IQVIA, Inc. -Reg- (MTN) 2021/2029 ...........  | EUR | 300 000 | 300 000 | % | 79,477 | 238 431,00 | 0,19 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,625 % James Hardie International Finance DAC -Reg- |
| (MTN) 2018/2026 .........................  | EUR | 600 000 | 600 000 |  | % | 92,93 | 557 580,00 | 0,44 |
| 5,125 % Kaixo Bondco Telecom SA (MTN) 2021/2029  ...  | EUR | 200 000 | 200 000 |  | % | 76,245 | 152 490,00 | 0,12 |
| 4,25  % Kleopatra Finco Sarl -Reg- (MTN) 2021/2026 ....  | EUR | 300 000 | 200 000 |  | % | 82,372 | 247 116,00 | 0,20 |
| 6,50  % Kleopatra Holdings 2 SCA -Reg- (MTN) 2021/2026 | EUR | 400 000 |  | 100 000 | % | 65,535 | 262 140,00 | 0,21 |
| 5,00  % Kongsberg Actuation Systems BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025  ..............................  | EUR | 581 818 | 507 454 | 225 636 | % | 82,729 | 481 332,36 | 0,38 |
| 2,00  % Koninklijke KPN NV 2019/perpetual * ..........  | EUR | 900 000 | 500 000 |  | % | 92,171 | 829 539,00 | 0,66 |
| 3,125 % La Poste SA 2018/perpetual *  ...............  | EUR | 500 000 |  |  | % | 89,903 | 449 515,00 | 0,36 |
| 5,75  % Lenzing AG 2020/perpetual * ................  | EUR | 900 000 | 400 000 |  | % | 95,624 | 860 616,00 | 0,69 |
| 6,50  % Loarre Investments Sarl -Reg- (MTN) 2022/2029 | EUR | 340 000 | 340 000 |  | % | 93,627 | 318 331,80 | 0,25 |
| 4,00  % Lorca Telecom Bondco SA -Reg- (MTN) 2020/2027 | EUR | 400 000 | 140 000 |  | % | 83,854 | 335 416,00 | 0,27 |
| 3,25  % Loxam SAS (MTN) 2019/2025  ...............  | EUR | 700 000 | 200 000 |  | % | 90,471 | 633 297,00 | 0,50 |
| 5,75  % Loxam SAS (MTN) 2019/2027  ...............  | EUR | 200 000 |  |  | % | 79 | 158 000,00 | 0,13 |
| 7,25  % LSF XI Magpie Bidco Sarl -Reg- (MTN) 2022/2027 | EUR | 300 000 | 300 000 |  | % | 85,285 | 255 855,00 | 0,20 |
| 8,75  % LSF9 Balta Issuer Sarl -Reg- 2021/2024  .......  | EUR | 304 077 | 205 120 | 202 044 | % | 95,313 | 289 824,57 | 0,23 |
| 5,625 % Lune Holdings Sarl -Reg- (MTN) 2021/2028  ....  | EUR | 600 000 | 600 000 |  | % | 81,082 | 486 492,00 | 0,39 |
| 6,125 % Marcolin SpA -Reg- (MTN) 2021/2026 .........  | EUR | 300 000 |  | 200 000 | % | 86,988 | 260 964,00 | 0,21 |
| 2,30  % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
| (MTN) 2020/2030 * ........................  | EUR | 250 000 |  |  | % | 88,143 | 220 357,50 | 0,18 |
| 4,25  % Mobilux Finance SAS -Reg- (MTN) 2021/2028  ..  | EUR | 900 000 | 790 000 |  | % | 73,824 | 664 416,00 | 0,53 |
| 5,25  % Monitchem HoldCo 3 SA -Reg- (MTN) 2019/2025 | EUR | 300 000 | 300 000 |  | % | 92,088 | 276 264,00 | 0,22 |
| 4,125 % Naturgy Finance BV 2014/perpetual * .........  | EUR | 200 000 |  |  | % | 98,955 | 197 910,00 | 0,16 |
| 2,374 % Naturgy Finance BV 2021/perpetual * .........  | EUR | 1 000 000 | 500 000 |  | % | 77,725 | 777 250,00 | 0,62 |
| 4,50  % Neinor Homes SA -Reg- (MTN) 2021/2026  .....  | EUR | 400 000 |  | 280 000 | % | 81,775 | 327 100,00 | 0,26 |
| 2,75  % Nexans SA (MTN) 2017/2024  ...............  | EUR | 100 000 |  |  | % | 99,127 | 99 127,00 | 0,08 |
| 1,75  % Nexi SpA (MTN) 2019/2024 .................  | EUR | 500 000 |  |  | % | 92,638 | 463 190,00 | 0,37 |
| 1,625 % Nexi SpA (MTN) 2021/2026 .................  | EUR | 800 000 |  |  | % | 81,697 | 653 576,00 | 0,52 |
| 2,125 % Nexi SpA (MTN) 2021/2029 .................  | EUR | 200 000 | 200 000 |  | % | 70,046 | 140 092,00 | 0,11 |
| 1,625 % NGG Finance PLC 2019/2079 *  ..............  | EUR | 500 000 |  |  | % | 90,183 | 450 915,00 | 0,36 |
| 4,00  % NH Hotel Group SA -Reg- (MTN) 2021/2026 ....  | EUR | 200 000 | 200 000 |  | % | 89,474 | 178 948,00 | 0,14 |
| 3,50  % Nidda Healthcare Holding GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024  ..............................  | EUR | 300 000 | 300 000 |  | % | 88,826 | 266 478,00 | 0,21 |
| 7,00  % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2018/2025  ..............................  | EUR | 100 000 |  |  | % | 87,086 | 87 086,00 | 0,07 |
| 3,625 % Nobian Finance BV -Reg- (MTN) 2021/2026 ** ..  | EUR | 200 000 | 100 000 |  | % | 77,754 | 155 508,00 | 0,12 |
| 2,00  % Nokia Oyj (MTN) 2019/2026 ** ..............  | EUR | 700 000 | 150 000 |  | % | 91,72 | 642 040,00 | 0,51 |
| 2,50  % Nomad Foods Bondco Plc -Reg- (MTN) 2021/2028 | EUR | 1 000 000 | 510 000 |  | % | 79,009 | 790 090,00 | 0,63 |
| 4,50  % Norican A/S (MTN) 2017/2023 ...............  | EUR | 500 000 | 500 000 |  | % | 88,184 | 440 920,00 | 0,35 |
| 5,00  % Novafives SAS -Reg- (MTN) 2018/2025 ........  | EUR | 100 000 |  |  | % | 65,733 | 65 733,00 | 0,05 |
| 3,375 % Novelis Sheet Ingot GmbH (MTN) 2021/2029 ...  | EUR | 400 000 | 100 000 | 100 000 | % | 79,386 | 317 544,00 | 0,25 |
| 3,50  % Ontex Group NV (MTN) 2021/2026  ...........  | EUR | 500 000 | 280 000 | 200 000 | % | 80,224 | 401 120,00 | 0,32 |
| 5,00  % Orange SA (MTN) 2014/perpetual * ** .........  | EUR | 300 000 |  |  | % | 100,991 | 302 973,00 | 0,24 |
| 2,875 % Organon & Co. Via Organon Foreign Debt Co-Issuer |  |  |  |  |  |  |  |  |
| BV -Reg- (MTN) 2021/2028  .................  | EUR | 900 000 | 150 000 |  | % | 84,06 | 756 540,00 | 0,60 |
| 6,25  % Orsted AS 2013/3013 *  ....................  | EUR | 400 000 | 400 000 |  | % | 101,843 | 407 372,00 | 0,32 |
| 4,00  % Paprec Holding SA -Reg- (MTN) 2018/2025  ....  | EUR | 230 000 |  |  | % | 87,591 | 201 459,30 | 0,16 |
| 3,50  % Paprec Holding SA -Reg- (MTN) 2021/2028  ....  | EUR | 600 000 | 320 000 |  | % | 78,504 | 471 024,00 | 0,38 |
| 3,50  % Peach Property Finance GmbH -Reg- 2019/2023 | EUR | 500 000 |  | 200 000 | % | 85,897 | 429 485,00 | 0,34 |
| 4,375 % Peach Property Finance GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025  ..............................  | EUR | 300 000 |  |  | % | 79,107 | 237 321,00 | 0,19 |
| 3,625 % Piaggio & C SpA -Reg- (MTN) 2018/2025  ......  | EUR | 500 000 | 400 000 |  | % | 95,515 | 477 575,00 | 0,38 |
| 4,625 % PLT VII Finance Sarl -Reg- (MTN) 2020/2026 ** . | EUR | 800 000 | 200 000 |  | % | 87,956 | 703 648,00 | 0,56 |
| 6,25  % PrestigeBidCo GmbH -Reg- (MTN) 2016/2023  ..  | EUR | 100 000 | 100 000 |  | % | 97,535 | 97 535,00 | 0,08 |
| 3,00  % ProGroup AG -Reg- (MTN) 2018/2026 .........  | EUR | 900 000 |  |  | % | 88,489 | 796 401,00 | 0,64 |
| 3,50  % Prokon Regenerative Energien eG 2016/2030 ...  | EUR | 93 328 |  | 66 673 | % | 98,715 | 92 128,58 | 0,07 |
| 5,875 % Quatrim SASU -Reg- (MTN) 2019/2024 ........  | EUR | 100 000 |  | 200 000 | % | 95,501 | 95 501,00 | 0,08 |
| 6,125 % Raiffeisen Bank International AG 2017/perpetual * | EUR | 400 000 |  |  | % | 80,973 | 323 892,00 | 0,26 |
| 4,25  % Rakuten Group, Inc. -Reg- 2021/perpetual * .....  | EUR | 300 000 |  |  | % | 69,897 | 209 691,00 | 0,17 |
| 2,50  % RCS & RDS SA -Reg- (MTN) 2020/2025  .......  | EUR | 200 000 |  |  | % | 88,297 | 176 594,00 | 0,14 |
| 7,25  % Rekeep SpA -Reg- (MTN) 2021/2026 ..........  | EUR | 450 000 |  |  | % | 86,968 | 391 356,00 | 0,31 |
| 1,25  % Renault SA (MTN) 2019/2025 ** .............  | EUR | 600 000 |  |  | % | 87,038 | 522 228,00 | 0,42 |
| 4,247 % Repsol International Finance BV 2020/perpetual * | EUR | 300 000 | 300 000 |  | % | 86,04 | 258 120,00 | 0,21 |
| 2,50  % Repsol International Finance BV 2021/perpetual * | EUR | 400 000 |  |  | % | 83,208 | 332 832,00 | 0,27 |
| 2,125 % Rexel SA (MTN) 2021/2028  .................  | EUR | 500 000 | 100 000 |  | % | 79,185 | 395 925,00 | 0,32 |
| 2,125 % Rexel SA (MTN) 2021/2028  .................  | EUR | 540 000 |  |  | % | 77,768 | 419 947,20 | 0,33 |
| 5,25  % Rimini Bidco SpA -Reg- (MTN) 2021/2026 * .....  | EUR | 400 000 | 400 000 |  | % | 85,544 | 342 176,00 | 0,27 |
| 6,75  % Rossini Sarl -Reg- (MTN) 2018/2025 ** ........  | EUR | 1 000 000 | 550 000 |  | % | 96,484 | 964 840,00 | 0,77 |
| 5,625 % Rubis Terminal Infra SAS -Reg- (MTN) 2020/2025 | EUR | 800 000 | 400 000 |  | % | 97,084 | 776 672,00 | 0,62 |
| 2,624 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
| 2020/perpetual * ..........................  | EUR | 300 000 |  |  | % | 33,807 | 101 421,00 | 0,08 |
| 2,875 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |  |
| 2021/perpetual * ..........................  | EUR | 290 000 | % | 33,117 | 96 039,30 | 0,08 |
| 3,125 % Sappi Papier Holding GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2019/2026  ..............................  | EUR | 200 000 |  | 200 000 | % | 89,093 | 178 186,00 | 0,14 |
| 3,375 % Schaeffler AG (MTN) 2020/2028  .............  | EUR | 300 000 |  |  | % | 81,313 | 243 939,00 | 0,19 |
| 5,375 % Schenck Process Holding GmbH/Darmstadt |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2017/2023 ....................  | EUR | 750 000 | 200 000 |  | % | 96,523 | 723 922,50 | 0,58 |
| 6,875 % Schenck Process Holding GmbH/Darmstadt |  |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2018/2023 ....................  | EUR | 100 000 |  | % | 98,079 | 98 079,00 | 0,08 |
| 6,375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 . | EUR | 800 000 | 200 000 | % | 84,508 | 676 064,00 | 0,54 |
| 2,25  % Seche Environnement SA (MTN) 2021/2028 ....  | EUR | 600 000 | 200 000 | % | 79,55 | 477 300,00 | 0,38 |
| 5,625 % SES SA 2016/perpetual * ...................  | EUR | 600 000 | 400 000 | % | 97,044 | 582 264,00 | 0,46 |
| 4,625 % SGL Carbon SE (MTN) 2019/2024  ............  | EUR | 500 000 | 500 000 | % | 95,649 | 478 245,00 | 0,38 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 4,50  % Shiba Bidco SpA -Reg- (MTN) 2021/2028  ......  | EUR | 430 000 |  |  | % | 82,893 | 356 439,90 | 0,28 |
| 2,125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025  ..............................  | EUR | 400 000 | 200 000 |  | % | 95,59 | 382 360,00 | 0,30 |
| 5,25  % SIG PLC (MTN) 2021/2026  .................  | EUR | 600 000 |  |  | % | 80,316 | 481 896,00 | 0,38 |
| 5,50  % Signa Development Finance SCS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2026  ..............................  | EUR | 300 000 |  | 300 000 | % | 73,747 | 221 241,00 | 0,18 |
| 4,75  % SoftBank Group Corp. (MTN) 2015/2025 ** .....  | EUR | 700 000 |  |  | % | 89,383 | 625 681,00 | 0,50 |
| 4,00  % SoftBank Group Corp. 2017/2029  ............  | EUR | 100 000 |  |  | % | 71,713 | 71 713,00 | 0,06 |
| 2,125 % SoftBank Group Corp. 2021/2024  ............  | EUR | 600 000 | 290 000 |  | % | 90,12 | 540 720,00 | 0,43 |
| 2,875 % SoftBank Group Corp. (MTN) 2021/2027 .......  | EUR | 400 000 | 400 000 |  | % | 77,855 | 311 420,00 | 0,25 |
| 5,869 % Solvay Finance SACA 2015/perpetual * ........  | EUR | 800 000 | 200 000 |  | % | 98,564 | 788 512,00 | 0,63 |
| 3,125 % SPIE SA (MTN) 2017/2024 ..................  | EUR | 100 000 |  |  | % | 99,212 | 99 212,00 | 0,08 |
| 2,625 % SPIE SA (MTN) 2019/2026 ..................  | EUR | 500 000 | 200 000 |  | % | 89,64 | 448 200,00 | 0,36 |
| 4,00  % SSE PLC 2022/perpetual * ..................  | EUR | 330 000 | 330 000 |  | % | 86,594 | 285 760,20 | 0,23 |
| 5,75 % Summer BC Holdco B SARL -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026  ..............................  | EUR | 600 000 | 500 000 |  | % | 87,503 | 525 018,00 | 0,42 |
| 3,875 % Synthomer PLC -Reg- (MTN) 2020/2025  .......  | EUR | 700 000 | 200 000 |  | % | 91,076 | 637 532,00 | 0,51 |
| 3,50  % TeamSystem SpA -Reg- (MTN) 2021/2028  .....  | EUR | 100 000 |  | 100 000 | % | 84,363 | 84 363,00 | 0,07 |
| 6,00  % Techem Verwaltungsgesellschaft 674 mbH -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2026 ** .......................  | EUR | 615 439 | 89 690 |  | % | 84,933 | 522 710,39 | 0,42 |
| 2,00  % Techem Verwaltungsgesellschaft 675 mbH -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 .........................  | EUR | 300 000 | 300 000 |  | % | 87,939 | 263 817,00 | 0,21 |
| 3,875 % Tele Columbus AG -Reg- (MTN) 2018/2025  ....  | EUR | 300 000 |  | 500 000 | % | 84,194 | 252 582,00 | 0,20 |
| 7,75  % Telecom Italia Finance SA (MTN) 2003/2033  ...  | EUR | 800 000 | 200 000 |  | % | 103,995 | 831 960,00 | 0,66 |
| 2,375 % Telecom Italia SpA (MTN) 2017/2027  .........  | EUR | 900 000 |  |  | % | 82,171 | 739 539,00 | 0,59 |
| 2,875 % Telecom Italia SpA (MTN) 2018/2026  .........  | EUR | 200 000 |  |  | % | 90,249 | 180 498,00 | 0,14 |
| 4,00  % Telecom Italia SpA (MTN) 2019/2024  .........  | EUR | 600 000 |  |  | % | 98,71 | 592 260,00 | 0,47 |
| 5,875 % Telefonica Europe BV 2014/perpetual * ........  | EUR | 1 700 000 | 300 000 |  | % | 99,137 | 1 685 329,00 | 1,34 |
| 3,875 % Telefonica Europe BV 2018/perpetual * ........  | EUR | 700 000 |  |  | % | 89,825 | 628 775,00 | 0,50 |
| 2,88  % Telefonica Europe BV 2021/perpetual * ........  | EUR | 600 000 |  |  | % | 77,133 | 462 798,00 | 0,37 |
| 3,50  % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
| 2017/2028 ** ............................  | EUR | 600 000 |  |  | % | 85,562 | 513 372,00 | 0,41 |
| 5,00  % Tendam Brands SAU -Reg- (MTN) 2017/2024 ...  | EUR | 500 000 | 400 000 |  | % | 95,714 | 478 570,00 | 0,38 |
| 2,995 % TenneT Holding BV 2017/perpetual * ..........  | EUR | 300 000 |  |  | % | 96,462 | 289 386,00 | 0,23 |
| 2,374 % TenneT Holding BV 2020/perpetual * ..........  | EUR | 350 000 |  |  | % | 92,626 | 324 191,00 | 0,26 |
| 7,50  % Tereos Finance Groupe I SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ** ............................  | EUR | 200 000 | 200 000 |  | % | 98,5 | 197 000,00 | 0,16 |
| 2,375 % Terna - Rete Elettrica Nazionale 2022/perpetual * | EUR | 200 000 | 200 000 |  | % | 74,95 | 149 900,00 | 0,12 |
| 1,625 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2016/2028 ** ............................  | EUR | 600 000 | 600 000 |  | % | 70,854 | 425 124,00 | 0,34 |
| 3,75  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |
| (MTN) 2021/2027 .........................  | EUR | 600 000 | 600 000 | % | 84,916 | 509 496,00 | 0,41 |
| 4,375 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 .........................  | EUR | 300 000 | 300 000 |  | % | 79,923 | 239 769,00 | 0,19 |
| 2,875 % Unibail-Rodamco-Westfield SE 2018/perpetual * . | EUR | 400 000 |  |  | % | 70,09 | 280 360,00 | 0,22 |
| 6,625 % UniCredit SpA 2017/perpetual * ..............  | EUR | 400 000 |  |  | % | 95,107 | 380 428,00 | 0,30 |
| 5,375 % UniCredit SpA 2017/perpetual * ..............  | EUR | 200 000 |  |  | % | 86,477 | 172 954,00 | 0,14 |
| 7,50  % UniCredit SpA 2019/perpetual * ..............  | EUR | 200 000 | 200 000 |  | % | 92,598 | 185 196,00 | 0,15 |
| 2,731 % UniCredit SpA 2020/2032 *  .................  | EUR | 400 000 |  |  | % | 84,864 | 339 456,00 | 0,27 |
| 1,625 % Unione di Banche Italiane SpA (MTN) 2019/2025 | EUR | 250 000 |  |  | % | 95,45 | 238 625,00 | 0,19 |
| 3,875 % UPC Holding BV -Reg- 2017/2029  ............  | EUR | 300 000 | 300 000 |  | % | 80,846 | 242 538,00 | 0,19 |
| 3,625 % UPCB Finance VII Ltd -Reg- 2017/2029 ........  | EUR | 500 000 |  |  | % | 82,89 | 414 450,00 | 0,33 |
| 1,625 % Valeo (MTN) 2016/2026 ....................  | EUR | 700 000 |  |  | % | 90,465 | 633 255,00 | 0,50 |
| 1,50  % Valeo (MTN) 2018/2025 ....................  | EUR | 500 000 | 500 000 |  | % | 92,104 | 460 520,00 | 0,37 |
| 2,25  % Veolia Environnement SA 2020/perpetual * .....  | EUR | 200 000 |  |  | % | 86,498 | 172 996,00 | 0,14 |
| 2,50  % Veolia Environnement SA 2020/perpetual * .....  | EUR | 1 200 000 | 500 000 |  | % | 76,002 | 912 024,00 | 0,73 |
| 4,625 % Verde Bidco SpA (MTN) 2021/2026 ...........  | EUR | 100 000 |  |  | % | 82,504 | 82 504,00 | 0,07 |
| 5,25  % Via Celere Desarrollos Inmobiliarios SA -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2026 .........................  | EUR | 300 000 |  | 410 000 | % | 86,392 | 259 176,00 | 0,21 |
| 3,00  % Vodafone Group PLC 2020/2080 * ............  | EUR | 700 000 | 600 000 |  | % | 76,069 | 532 483,00 | 0,42 |
| 4,25  % Volvo Car AB (MTN) 2022/2028 ..............  | EUR | 340 000 | 340 000 |  | % | 93,691 | 318 549,40 | 0,25 |
| 3,50  % VZ Secured Financing BV -Reg- (MTN) 2022/2032 | EUR | 710 000 | 710 000 |  | % | 75,693 | 537 420,30 | 0,43 |
| 2,875 % VZ Vendor Financing II BV -Reg- (MTN) 2020/2029 | EUR | 700 000 | 500 000 |  | % | 74,569 | 521 983,00 | 0,42 |
| 3,625 % Webuild SpA (MTN) 2020/2027 ..............  | EUR | 250 000 |  |  | % | 83,156 | 207 890,00 | 0,17 |
| 5,875 % Webuild SpA (MTN) 2020/2025 ** ............  | EUR | 600 000 |  | 200 000 | % | 91,623 | 549 738,00 | 0,44 |
| 3,875 % Webuild SpA 2022/2026  ...................  | EUR | 510 000 | 510 000 |  | % | 82,951 | 423 050,10 | 0,34 |
| 2,75  % Wienerberger AG (MTN) 2020/2025  ..........  | EUR | 500 000 | 300 000 |  | % | 96,616 | 483 080,00 | 0,39 |
| 2,499 % Wintershall Dea Finance BV 2021/perpetual * ...  | EUR | 400 000 | 100 000 | 700 000 | % | 70,762 | 283 048,00 | 0,23 |
| 3,75  % WP/AP Telecom Holdings IV BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2029  ..............................  | EUR | 200 000 | 200 000 |  | % | 82,256 | 164 512,00 | 0,13 |
| 3,00  % ZF Europe Finance BV (MTN) 2019/2029  ......  | EUR | 300 000 | 200 000 |  | % | 73,288 | 219 864,00 | 0,18 |
| 3,00  % ZF Finance GmbH (MTN) 2020/2025 ..........  | EUR | 300 000 |  |  | % | 88,046 | 264 138,00 | 0,21 |
| 3,75  % ZF Finance GmbH (MTN) 2020/2028 ..........  | EUR | 200 000 | 200 000 |  | % | 78,894 | 157 788,00 | 0,13 |
| 2,00  % ZF Finance GmbH (MTN) 2021/2027 ..........  | EUR | 700 000 |  |  | % | 77,397 | 541 779,00 | 0,43 |
| 3,375 % Ziggo Bond Co., BV -Reg- (MTN) 2020/2030 ....  | EUR | 600 000 | 300 000 |  | % | 70,669 | 424 014,00 | 0,34 |
| 2,875 % Ziggo BV -Reg- 2019/2030 ** ................  | EUR | 100 000 |  |  | % | 76,517 | 76 517,00 | 0,06 |
| 3,625 % B&M European Value Retail SA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025  ..............................  | GBP | 550 000 | 100 000 |  | % | 84,98 | 545 741,08 | 0,44 |
| 4,00  % B&M European Value Retail SA (MTN) |  |  |  |  |  |  |  |  |  |
| 2021/2028  ..............................  | GBP | 110 000 |  | 100 000 | % | 78,796 | 101 205,49 | 0,08 |
| 7,625 % Boparan Finance PLC -Reg- (MTN) 2020/2025  ..  | GBP | 100 000 |  | 350 000 | % | 71,37 | 83 334,13 | 0,07 |
| 5,375 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2026 | GBP | 200 000 |  |  | % | 94,219 | 220 026,87 | 0,18 |
| 3,875 % Ocado Group Plc -Reg- (MTN) 2021/2026 ......  | GBP | 900 000 | 400 000 |  | % | 80,834 | 849 461,71 | 0,68 |
| 3,50  % Premier Foods Finance PLC (MTN) 2021/2026  ..  | GBP | 600 000 | 140 000 |  | % | 87,479 | 612 861,43 | 0,49 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,75  % Travis Perkins PLC (MTN) 2020/2026  .........  | GBP | 200 000 | % | 87,194 | 203 621,59 | 0,16 |
| 5,00  % Virgin Media Secured Finance PLC -Reg- (MTN) |  |  |  |  |  |  |
| 2017/2027  ..............................  | GBP | 400 000 | % | 90,935 | 424 715,68 | 0,34 |
| 4,25  % Virgin Media Secured Finance PLC -Reg- |  |  |  |  |  |  |  |  |  |
| 2019/2030  ..............................  | GBP | 200 000 | 200 000 | % | 80,886 | 188 890,70 | 0,15 |
| 4,875 % Vodafone Group PLC 2018/2078 * ............  | GBP | 900 000 |  | % | 91,944 | 966 213,57 | 0,77 |
| 3,20  % Allianz SE -Reg- 2021/perpetual * .............  | USD | 400 000 |  | % | 73,543 | 282 436,89 | 0,23 |
| 8,75  % Enel SpA -144A- 2013/2073 * ................  | USD | 500 000 |  | % | 102,716 | 493 092,27 | 0,39 |
| 5,75  % ING Groep NV 2019/perpetual * ..............  | USD | 300 000 |  | % | 91,951 | 264 848,67 | 0,21 |
| 7,875 % Societe Generale SA -Reg- 2013/perpetual * ....  | USD | 400 000 |  | % | 98,358 | 377 737,21 | 0,30 |
| 5,375 % SoftBank Group Corp. (MTN) 2015/2022 .......  | USD | 250 000 |  | % | 99,569 | 238 992,48 | 0,19 |
| 6,25  % Vodafone Group PLC 2018/2078 * ............  | USD | 200 000 |  | % | 96,052 | 184 440,59 | 0,15 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	230 618,04	0,18 Verzinsliche Wertpapiere
4,75  % Axalta Coating Systems LLC ViA Axalta Coating
| Systems Dutch Holding B BV -144A- (MTN) 2020/2027  ..............................  | USD | 150 000 |  | % | 89,572 | 128 998,19 | 0,10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4,875 % Covanta Holding Corp. -144A- (MTN) 2021/2029 | USD | 130 000 | 130 000 | % | 81,417 | 101 619,85 | 0,08 |
| Summe Wertpapiervermögen |  |  |  |  |  | 116 892 063,93 | 93,26 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |  |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  |  | -87 801,73 | -0,07 |
| Devisentermingeschäfte |  |  |  |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |  |  |
| Offene Positionen EUR/GBP 4,3 Mio. .................................  |  |  |  |  |  | -41 442,45 | -0,03 |
| EUR/USD 3,0 Mio. .................................  |  |  |  |  |  | -46 359,28 | -0,04 |
| Bankguthaben |  |  |  |  |  | 5 801 578,64 | 4,63 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  | 4 389 475,67 | 3,50 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 570 495 |  |  |  | 666 129,73 | 0,53 |
| US-Dollar ........................................  | USD | 776 968 |  |  |  | 745 973,24 | 0,60 |
| Sonstige Vermögensgegenstände |  |  |  |  |  | 1 734 454,05 | 1,39 |
| Zinsansprüche .....................................  |  |  |  |  |  | 1 656 005,92 | 1,32 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  |  | 58 016,59 | 0,05 |
| Sonstige Ansprüche ................................  |  |  |  |  |  | 20 431,54 | 0,02 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  | 2 644 269,27 | 2,11 |
| Summe der Vermögensgegenstände *** |  |  |  |  |  | 127 072 365,89 | 101,39 |
| Sonstige Verbindlichkeiten |  |  |  |  |  | -1 645 379,66 | -1,32 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  |  | -1 645 379,66 | -1,32 |
| Summe der Verbindlichkeiten |  |  |  |  |  | -1 733 181,39 | -1,39 |
| Fondsvermögen |  |  |  |  |  | 125 339 184,50 | 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 | 87,95 |
| Klasse FD ........................................  | EUR | 83,11 |
| Klasse IC .........................................  | EUR | 85,92 |
| Klasse IC50 .......................................  | EUR | 85,96 |
| Klasse LC ........................................  | EUR | 86,96 |
| Klasse LD ........................................  | EUR | 82,92 |
| Klasse TFC .......................................  | EUR | 87,91 |
| Klasse TFD .......................................  | EUR | 83,11 |
| Klasse XC ........................................  | EUR | 88,98 |
| Klasse XD ........................................  | EUR | 83,29 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 575,184 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse IC .........................................  | Stück | 65 835,000 |
| Klasse IC50 .......................................  | Stück | 298 833,000 |
| Klasse LC ........................................  | Stück | 100,000 |
| Klasse LD ........................................  | Stück | 1 706,000 |
| Klasse TFC .......................................  | Stück | 137 890,849 |
| Klasse TFD .......................................  | Stück | 100,000 |
| Klasse XC ........................................  | Stück | 913 046,000 |
| Klasse XD ........................................  | Stück | 4 913,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) ICE BofA BB-B Rated Euro High Yield Constrained Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 94,148 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 112,099 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 102,658 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 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 zugrunde liegende 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 14 445 301,31.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
HSBC France und Royal Bank of Canada (UK).

####  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 |
| --- | --- | --- | --- |
| 6,00 | % ams-OSRAM AG -Reg- (MTN) 2020/2025	EUR | 500 000 | 466 390,00 |
| 4,596 | % Assicurazioni Generali SpA (MTN) 2014/perpetual *	EUR | 500 000 | 483 960,00 |
| 4,561 | % Casino Guichard Perrachon SA (MTN) 2013/2023	EUR | 500 000 | 491 655,00 |
| 3,875 | % Diocle Spa -Reg- (MTN) 2019/2026 *	EUR | 500 000 | 485 795,00 |
| 2,50 | % Dufry One BV (MTN) 2017/2024	EUR | 500 000 | 454 920,00 |
| 2,25 | % Grifols SA -Reg- (MTN) 2019/2027	EUR | 100 000 | 83 724,00 |
| 3,375 | % Grupo Antolin-Irausa SA -Reg- (MTN) 2018/2026	EUR | 700 000 | 524 160,00 |
| 3,25 | % Hornbach Baumarkt AG (MTN) 2019/2026	EUR | 200 000 | 190 200,00 |
| 4,375 | % House of Finance NV/The -Reg- (MTN) 2019/2026	EUR | 500 000 | 486 960,00 |
| 3,625 | % Infineon Technologies AG 2019/perpetual *	EUR | 500 000 | 438 265,00 |
| 1,625 | % Infrastrutture Wireless Italiane SpA (MTN) 2020/2028	EUR | 100 000 | 84 848,00 |
| 3,625 | % Nobian Finance BV -Reg- (MTN) 2021/2026	EUR | 200 000 | 155 508,00 |
| 2,00 | % Nokia Oyj (MTN) 2019/2026	EUR | 700 000 | 642 040,00 |
| 5,00 | % Orange SA (MTN) 2014/perpetual *	EUR | 300 000 | 302 973,00 |
| 4,625 | % PLT VII Finance Sarl -Reg- (MTN) 2020/2026	EUR | 800 000 | 703 648,00 |
| 1,25 | % Renault SA (MTN) 2019/2025	EUR | 600 000 | 522 228,00 |
| 6,75 | % Rossini Sarl -Reg- (MTN) 2018/2025	EUR | 500 000 | 482 420,00 |
| 4,75 | % SoftBank Group Corp. (MTN) 2015/2025	EUR | 700 000 | 625 681,00 |
| 6,00 | % Techem Verwaltungsgesellschaft 674 mbH -Reg- (MTN) 2018/2026	EUR | 500 000 | 424 665,00 |
| 3,50 | % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028	EUR | 600 000 | 513 372,00 |
| 7,50 | % Tereos Finance Groupe I SA -Reg- (MTN) 2020/2025	EUR | 200 000 | 197 000,00 |
| 1,625 | % Teva Pharmaceutical Finance Netherlands II BV 2016/2028	EUR | 500 000 | 354 270,00 |
| 5,875 | % Webuild SpA (MTN) 2020/2025	EUR | 510 000 | 467 277,30 |
| 2,875 | % Ziggo BV -Reg- 2019/2030	EUR | 100 000 | 76 517,00 |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | 9 658 476,30 | 9 658 476,30 |
| Vertragspartner der Wertpapier-Darlehen Deutsche Bank AG FI |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen | EUR EUR | 13 208 976,67 13 208 976,67 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Britisches Pfund	GBP | 0,856432 | = EUR | 1 |
| --- | --- | --- | --- |
| US-Dollar	USD | 1,041549 | = 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.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.