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

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD LD | LU1333038807 | -14.5% |
| Class USD FC | LU1333038633 | -14.3% |
| Class USD TFC | LU1663959333 | -14.3% |
| Class USD TFD | LU1663959507 | -14.3% |
| Class USD XC | LU1333038989 | -14.1% |
| Class FCH 1 | LU1333038393 | -14.8% |
| Class LCH 1 | LU1333038476 | -15.0% |
| Class TFCH 1 | LU1663958368 | -14.2% |
| Class XCH 1 | LU1333039011 | -14.7% |


##### Bloomberg Barclays US Credit Total Return
1 
in EUR
“BVI method” performance, i.e., excluding the initial sales charge.

##### -13.7%
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 USD Corporate Bonds
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 20 373 962.95 | 79.77 |
| Central governments | 3 402 726.84 | 13.31 |
| Total bonds | 23 776 689.79 | 93.08 |
| 2. Derivatives | -119 794.13 | -0.47 |
| 3. Cash at bank | 650 687.96 | 2.55 |
| 4. Other assets | 1 425 657.14 | 5.58 |
| 5. Receivables from share certificate transactions | 1 021 153.70 | 4.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 198 996.86 | -4.70 |
| 2. Liabilities from share certificate transactions | -11 296.31 | -0.04 |
| III. Net assets | 25 544 101.29 | 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 USD | net assets |
| Securities traded on an exchange |  |  |  |  |  | 23 776 689.79 | 93.08 |
| Interest-bearing securities |  |  |  |  |  |  |  |
| 4.75 | % AbbVie, Inc. 2020/2045 ......................  | USD | 76 000 | 76 000 |  | % | 94.428 | 71 765.28 | 0.28 |
| 4.393 | % Advanced Micro Devices, Inc. 2022/2052 .......  | USD | 20 000 | 20 000 |  | % | 97.836 | 19 567.20 | 0.08 |
| 1.75 | % AerCap Ireland Capital DAC Via AerCap Global Aviation Trust (MTN) 2021/2026 ...............  | USD | 150 000 | 150 000 |  | % | 87.388 | 131 082.00 | 0.51 |
| 3.00 | % Air Lease Corp. (MTN) 2020/2030 .............  | USD | 85 000 | 94 000 | 9 000 | % | 82.012 | 69 710.20 | 0.27 |
| 3.125 | % Air Lease Corp. (MTN) 2020/2030 .............  | USD | 39 000 | 43 000 | 4 000 | % | 81.65 | 31 843.50 | 0.12 |
| 3.125 | % American Express Co. (MTN) 2019/2026 ........  | USD | 340 000 |  |  | % | 97.126 | 330 228.40 | 1.29 |
| 1.30 | % American Honda Finance Corp. (MTN) 2021/2026 . | USD | 117 000 |  | 13 000 | % | 90.195 | 105 528.15 | 0.41 |
| 2.80 | % Amgen, Inc. 2021/2041......................  | USD | 49 000 |  |  | % | 74.302 | 36 407.98 | 0.14 |
| 3.00 | % Amgen, Inc. 2021/2052......................  | USD | 90 000 |  | 10 000 | % | 71.285 | 64 156.50 | 0.25 |
| 3.00 | % Amgen, Inc. (MTN) 2022/2029 ................  | USD | 60 000 | 60 000 |  | % | 92.15 | 55 290.00 | 0.22 |
| 4.90 | % Anheuser-Busch Cos LLC Via Anheuser-Busch InBev Worldwide, Inc. 2019/2046..............  | USD | 99 000 | 110 000 | 11 000 | % | 94.653 | 93 706.47 | 0.37 |
| 5.55 | % Anheuser-Busch InBev Worldwide, Inc. 2019/2049 | USD | 73 000 | 81 000 | 8 000 | % | 102.409 | 74 758.57 | 0.29 |
| 4.35 | % Anheuser-Busch InBev Worldwide, Inc. 2020/2040 | USD | 122 000 | 136 000 | 14 000 | % | 89.92 | 109 702.40 | 0.43 |
| 2.375 | % Apple, Inc. 2021/2041 .......................  | USD | 160 000 | 160 000 | 65 000 | % | 76.742 | 122 787.20 | 0.48 |
| 2.70 | % Apple, Inc. 2021/2051 .......................  | USD | 126 000 | 133 000 | 7 000 | % | 74.943 | 94 428.18 | 0.37 |
| 1.75 | % Astrazeneca Finance LLC (MTN) 2021/2028......  | USD | 72 000 |  | 8 000 | % | 88.059 | 63 402.48 | 0.25 |
| 1.375 | % AstraZeneca PLC (MTN) 2020/2030 ............  | USD | 60 000 | 67 000 | 7 000 | % | 81.882 | 49 129.20 | 0.19 |
| 2.901 | % AT&T, Inc. (MTN) 2018/2024 * ................  | USD | 176 000 |  | 20 000 | % | 99.972 | 175 950.72 | 0.69 |
| 3.65 | % AT&T, Inc. 2020/2051 .......................  | USD | 216 000 |  | 24 000 | % | 78.395 | 169 333.20 | 0.66 |
| 4.25 | % AT&T, Inc. 2020/2049 .......................  | USD | 130 000 | 51 000 |  | % | 89.032 | 115 741.60 | 0.45 |
| 1.70 | % AT&T, Inc. (MTN) 2021/2026 .................  | USD | 117 000 |  | 13 000 | % | 91.379 | 106 913.43 | 0.42 |
| 2.55 | % AT&T, Inc. 2021/2033 .......................  | USD | 295 000 |  | 33 000 | % | 81.089 | 239 212.55 | 0.94 |
| 3.80 | % AT&T, Inc. 2021/2057 .......................  | USD | 50 000 |  |  | % | 77.75 | 38 875.00 | 0.15 |
| 2.704 | % Banco del Estado de Chile -Reg- (MTN) 2020/2025 ................................  | USD | 200 000 |  |  | % | 95.041 | 190 082.00 | 0.74 |
| 2.706 | % Banco Santander SA (MTN) 2019/2024 .........  | USD | 200 000 |  |  | % | 97.464 | 194 928.00 | 0.76 |
| 1.722 | % BANCO SANTANDER SA (MTN) 2021/2027 * ....  | USD | 200 000 |  |  | % | 87.065 | 174 130.00 | 0.68 |
| 3.824 | % Bank of America Corp. (MTN) 2017/2028 * ......  | USD | 376 000 |  | 42 000 | % | 96.09 | 361 298.40 | 1.41 |
| 2.133 | % Bank of America Corp. (MTN) 2018/2026 * ......  | USD | 293 000 | 326 000 | 33 000 | % | 97.623 | 286 035.39 | 1.12 |
| 1.922 | % Bank of America Corp. (MTN) 2020/2031 * ......  | USD | 124 000 | 130 000 | 146 000 | % | 79.825 | 98 983.00 | 0.39 |
| 2.972 | % Bank of America Corp. 2021/2052 * ............  | USD | 110 000 | 60 000 |  | % | 71.653 | 78 818.30 | 0.31 |
| 2.972 | % Bank of America Corp. 2022/2033 * ............  | USD | 355 000 | 460 000 | 105 000 | % | 85.277 | 302 733.35 | 1.19 |
| 3.70 | % Bank of New York Mellon Corp. 2020/perpetual * . | USD | 123 000 | 123 000 |  | % | 89.235 | 109 759.05 | 0.43 |
| 3.75 | % Bank of New York Mellon Corp. 2021/perpetual * . | USD | 237 000 |  | 123 000 | % | 82.238 | 194 904.06 | 0.76 |
| 3.50 | % Bank of New Zealand -Reg- (MTN) 2019/2024 ....  | USD | 250 000 |  |  | % | 99.818 | 249 545.00 | 0.98 |
| 3.625 | % Bank of Nova Scotia/The 2021/2081 * ..........  | USD | 270 000 |  | 30 000 | % | 76.267 | 205 920.90 | 0.81 |
| 2.852 | % Barclays PLC (MTN) 2020/2026 * ..............  | USD | 200 000 | 200 000 |  | % | 94.417 | 188 834.00 | 0.74 |
| 3.33 | % Barclays PLC 2021/2042 * ...................  | USD | 200 000 |  |  | % | 74.506 | 149 012.00 | 0.58 |
| 1.608 | % Baxter International, Inc. 2022/2023 * ..........  | USD | 117 000 | 117 000 |  | % | 98.995 | 115 824.15 | 0.45 |
| 1.767 | % Baxter International, Inc. 2022/2024 * ..........  | USD | 45 000 | 45 000 |  | % | 98.277 | 44 224.65 | 0.17 |
| 1.915 | % Baxter International, Inc. (MTN) 2022/2027 ......  | USD | 63 000 | 63 000 |  | % | 89.733 | 56 531.79 | 0.22 |
| 4.625 | % BNP Paribas SA -Reg- 2021/perpetual * .........  | USD | 200 000 |  |  | % | 74.315 | 148 630.00 | 0.58 |
| 4.50 | % Boston Properties LP (MTN) 2018/2028 .........  | USD | 247 000 |  | 28 000 | % | 97.239 | 240 180.33 | 0.94 |
| 2.55 | % Boston Properties LP 2021/2032 ..............  | USD | 139 000 |  | 16 000 | % | 79.477 | 110 473.03 | 0.43 |
| 4.25 | % Bristol-Myers Squibb Co. 2020/2049 ...........  | USD | 70 000 |  |  | % | 94.132 | 65 892.40 | 0.26 |
| 2.55 | % Bristol-Myers Squibb Co. 2020/2050 ...........  | USD | 45 000 | 45 000 |  | % | 71.108 | 31 998.60 | 0.13 |
| 3.70 | % Bristol-Myers Squibb Co. 2022/2052 ...........  | USD | 70 000 | 70 000 |  | % | 86.886 | 60 820.20 | 0.24 |
| 0.95 | % Canadian Imperial Bank of Commerce (MTN) 2020/2025 ................................  | USD | 103 000 |  | 12 000 | % | 90.596 | 93 313.88 | 0.37 |
| 3.00 | % Canadian Pacific Railway Co. 2021/2041 ........  | USD | 54 000 |  | 6 000 | % | 79.021 | 42 671.34 | 0.17 |
| 3.10 | % Canadian Pacific Railway Co. 2021/2051 ........  | USD | 45 000 |  | 5 000 | % | 74.039 | 33 317.55 | 0.13 |
| 3.95 | % Capital One Financial Corp. 2021/perpetual * .....  | USD | 53 000 |  | 217 000 | % | 80.027 | 42 414.31 | 0.17 |
| 2.359 | % Capital One Financial Corp. 2021/2032 * ........  | USD | 117 000 |  | 13 000 | % | 76.357 | 89 337.69 | 0.35 |
| 2.45 | % Centene Corp. (MTN) 2021/2028 ..............  | USD | 36 000 |  | 4 000 | % | 83.644 | 30 111.84 | 0.12 |
| 2.625 | % Centene Corp. (MTN) 2021/2031 ..............  | USD | 90 000 |  | 10 000 | % | 79.865 | 71 878.50 | 0.28 |
| 4.00 | % Charles Schwab Corp. 2021/perpetual *.........  | USD | 165 000 |  |  | % | 85.176 | 140 540.40 | 0.55 |
| 2.55 | % Chile Government International Bond 2020/2032 ..  | USD | 200 000 |  | 350 000 | % | 84.68 | 169 360.00 | 0.66 |
| 4.375 | % Cigna Corp. (MTN) 2019/2028. . . . . . . . . . . . . . . . . | USD | 198 000 |  | 22 000 | % | 99.106 | 196 229.88 | 0.77 |
| 2.40 | % Cigna Corp. (MTN) 2020/2030. . . . . . . . . . . . . . . . . | USD | 40 000 |  | 5 000 | % | 86.246 | 34 498.40 | 0.14 |
| 2.375 | % Cigna Corp. (MTN) 2021/2031. . . . . . . . . . . . . . . . . | USD | 35 000 |  | 65 000 | % | 84.57 | 29 599.50 | 0.12 |
| 3.40 | % Cigna Corp. 2021/2051 ......................  | USD | 73 000 |  | 27 000 | % | 77.155 | 56 323.15 | 0.22 |
| 3.20 | % Citigroup, Inc. (MTN) 2016/2026 ...............  | USD | 612 000 |  | 68 000 | % | 95.179 | 582 495.48 | 2.28 |
| 3.25 | % Colombia Government International Bond 2021/2032 ................................  | USD | 200 000 |  |  | % | 72.013 | 144 026.00 | 0.56 |
| 5.30 | % Conagra Brands, Inc. 2018/2038 ...............  | USD | 90 000 |  | 10 000 | % | 94.814 | 85 332.60 | 0.33 |
| 4.125 | % Consolidated Edison Co. of New York, Inc. 2019/2049 ................................  | USD | 117 000 |  | 13 000 | % | 87.918 | 102 864.06 | 0.40 |
| 3.90 | % Corebridge Financial, Inc. -Reg- (MTN) 2022/2032 . | USD | 50 000 | 50 000 |  | % | 90.024 | 45 012.00 | 0.18 |
| 4.35 | % Corebridge Financial, Inc. -Reg- 2022/2042 ......  | USD | 40 000 | 40 000 |  | % | 85.558 | 34 223.20 | 0.13 |
| 4.40 | % Corebridge Financial, Inc. -Reg- 2022/2052 ......  | USD | 30 000 | 30 000 |  | % | 83.818 | 25 145.40 | 0.10 |
| 3.80 | % Crown Castle International Corp. (MTN) 2018/2028 ................................  | USD | 150 000 | 159 000 | 9 000 | % | 94.316 | 141 474.00 | 0.55 |
| 3.35 | % CSX Corp. 2019/2049 .......................  | USD | 135 000 |  | 15 000 | % | 78.501 | 105 976.35 | 0.41 |
| 2.60 | % Cummins, Inc. 2020/2050 ....................  | USD | 67 000 |  | 8 000 | % | 68.957 | 46 201.19 | 0.18 |
| 4.78 | % CVS Health Corp. 2018/2038 .................  | USD | 157 000 |  | 18 000 | % | 94.808 | 148 848.56 | 0.58 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4.25 | % CVS Health Corp. 2020/2050 .................  | USD | 63 000 |  | 7 000 | % | 86.119 | 54 254.97 | 0.21 |
| 1.75 | % CVS Health Corp. (MTN) 2020/2030 ............  | USD | 243 000 |  | 27 000 | % | 80.223 | 194 941.89 | 0.76 |
| 2.70 | % CVS Health Corp. 2020/2040 .................  | USD | 27 000 |  | 3 000 | % | 72.111 | 19 469.97 | 0.08 |
| 4.625 | % DaVita, Inc. -Reg- (MTN) 2020/2030 ............  | USD | 99 000 |  | 11 000 | % | 77.716 | 76 938.84 | 0.30 |
| 5.30 | % Dell International LLC Via EMC Corp. (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2029 ................................  | USD | 55 000 | 55 000 |  | % | 98.985 | 54 441.75 | 0.21 |
| 3.45 | % Dell International LLC Via EMC Corp. -Reg- |  |  |  |  |  |  |  |  |
|  | 2021/2051 ................................  | USD | 138 000 |  | 62 000 | % | 67.848 | 93 630.24 | 0.37 |
| 4.00 | % Discovery Communications LLC 2021/2055 ......  | USD | 146 000 | 73 000 | 16 000 | % | 70.581 | 103 048.26 | 0.40 |
| 2.375 | % DXC Technology Co. (MTN) 2021/2028 .........  | USD | 108 000 |  | 12 000 | % | 86.021 | 92 902.68 | 0.36 |
| 5.00 | % Enel Finance International NV (MTN) 2022/2032 ..  | USD | 200 000 | 200 000 |  | % | 96.693 | 193 386.00 | 0.76 |
| 3.90 | % Equinix, Inc. (MTN) 2022/2032 ................  | USD | 155 000 | 220 000 | 65 000 | % | 90.834 | 140 792.70 | 0.55 |
| 4.15 | % ERP Operating LP (MTN) 2018/2028 ...........  | USD | 171 000 |  | 19 000 | % | 98.193 | 167 910.03 | 0.66 |
| 2.40 | % FedEx Corp. (MTN) 2021/2031 ................  | USD | 108 000 |  | 12 000 | % | 84.368 | 91 117.44 | 0.36 |
| 3.25 | % Ford Motor Co. 2021/2032 ...................  | USD | 126 000 |  | 14 000 | % | 76.469 | 96 350.94 | 0.38 |
| 4.125 | % Ford Motor Credit Co. LLC (MTN) 2020/2027 ....  | USD | 150 000 |  |  | % | 87.81 | 131 715.00 | 0.52 |
| 4.30 | % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2029 ................................  | USD | 200 000 | 200 000 |  | % | 92.045 | 184 090.00 | 0.72 |
| 5.00 | % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2027 ................................  | USD | 110 000 | 110 000 |  | % | 98.363 | 108 199.30 | 0.42 |
| 1.65 | % Gilead Sciences, Inc. (MTN) 2020/2030 .........  | USD | 72 000 |  | 8 000 | % | 82.242 | 59 214.24 | 0.23 |
| 2.80 | % Gilead Sciences, Inc. 2020/2050 ...............  | USD | 81 000 |  | 9 000 | % | 70.349 | 56 982.69 | 0.22 |
| 1.992 | % Goldman Sachs Group, Inc. 2021/2032 * ........  | USD | 71 000 | 167 000 | 141 000 | % | 79.235 | 56 256.85 | 0.22 |
| 0.855 | % Goldman Sachs Group, Inc. (MTN) 2021/2026 * ..  | USD | 192 000 | 213 000 | 21 000 | % | 90.825 | 174 384.00 | 0.68 |
| 1.431 | % Goldman Sachs Group, Inc. (MTN) 2021/2027 * ..  | USD | 126 000 |  | 14 000 | % | 88.85 | 111 951.00 | 0.44 |
| 3.80 | % Goldman Sachs Group, Inc. 2021/perpetual * ....  | USD | 100 000 |  | 50 000 | % | 78.327 | 78 327.00 | 0.31 |
| 2.908 | % Goldman Sachs Group, Inc. 2021/2042 * ........  | USD | 155 000 | 76 000 | 17 000 | % | 73.339 | 113 675.45 | 0.45 |
| 4.387 | % Goldman Sachs Group, Inc. (MTN) 2022/2027 * ..  | USD | 250 000 | 250 000 |  | % | 98.595 | 246 487.50 | 0.97 |
| 4.125 | % HCA, Inc. (MTN) 2019/2029 ..................  | USD | 135 000 |  | 15 000 | % | 91.578 | 123 630.30 | 0.48 |
| 5.25 | % HCA, Inc. 2019/2049 ........................  | USD | 62 000 | 69 000 | 7 000 | % | 88.744 | 55 021.28 | 0.22 |
| 4.45 | % Hewlett Packard Enterprise Co. 2020/2023 ......  | USD | 63 000 |  | 7 000 | % | 100.887 | 63 558.81 | 0.25 |
| 3.625 | % Hilton Domestic Operating Co., Inc. -Reg- |  |  |  |  |  |  |  |  |
|  | 2021/2032 ................................  | USD | 180 000 |  | 20 000 | % | 79.441 | 142 993.80 | 0.56 |
| 3.35 | % Home Depot, Inc. 2020/2050 .................  | USD | 67 000 |  | 58 000 | % | 81.169 | 54 383.23 | 0.21 |
| 3.25 | % Home Depot, Inc. (MTN) 2022/2032............  | USD | 70 000 | 70 000 |  | % | 93.378 | 65 364.60 | 0.26 |
| 3.625 | % Home Depot, Inc. 2022/2052 .................  | USD | 40 000 | 40 000 |  | % | 85.923 | 34 369.20 | 0.13 |
| 4.20 | % HP, Inc. (MTN) 2022/2032. . . . . . . . . . . . . . . . . . . . | USD | 60 000 | 130 000 | 70 000 | % | 89.614 | 53 768.40 | 0.21 |
| 5.50 | % HP, Inc. 2022/2033 .........................  | USD | 150 000 | 150 000 |  | % | 97.948 | 146 922.00 | 0.58 |
| 2.206 | % HSBC Holdings Plc (MTN) 2021/2029 * .........  | USD | 200 000 | 200 000 |  | % | 83.85 | 167 700.00 | 0.66 |
| 4.755 | % HSBC Holdings Plc (MTN) 2022/2028 * .........  | USD | 260 000 | 260 000 |  | % | 97.516 | 253 541.60 | 0.99 |
| 3.20 | % Intel Corp. 2021/2061 .......................  | USD | 36 000 |  | 4 000 | % | 72.955 | 26 263.80 | 0.10 |
| 3.782 | % JPMorgan Chase & Co. 2017/2028 * ...........  | USD | 351 000 |  | 39 000 | % | 96.028 | 337 058.28 | 1.32 |
| 2.739 | % JPMorgan Chase & Co. 2019/2030 * ...........  | USD | 85 000 | 94 000 | 9 000 | % | 87.254 | 74 165.90 | 0.29 |
| 3.328 | % JPMorgan Chase & Co. 2021/2052 * ...........  | USD | 69 000 |  |  | % | 76.744 | 52 953.36 | 0.21 |
| 2.963 | % JPMorgan Chase & Co. 2022/2033 * ...........  | USD | 198 000 | 220 000 | 22 000 | % | 85.837 | 169 957.26 | 0.67 |
| 2.472 | % JPMorgan Chase & Co. (MTN) 2022/2028 * .....  | USD | 480 000 | 480 000 |  | % | 95.791 | 459 796.80 | 1.80 |
| 4.65 | % KLA Corp. (MTN) 2022/2032 ..................  | USD | 40 000 | 40 000 |  | % | 102.057 | 40 822.80 | 0.16 |
| 3.00 | % Lowe‘s Cos, Inc. 2020/2050 ..................  | USD | 97 000 | 38 000 | 11 000 | % | 70.028 | 67 927.16 | 0.27 |
| 2.80 | % Lowe‘s Cos, Inc. 2021/2041 ..................  | USD | 81 000 |  | 9 000 | % | 72.736 | 58 916.16 | 0.23 |
| 4.25 | % Lowe‘s Cos, Inc. 2022/2052 ..................  | USD | 60 000 | 60 000 |  | % | 86.649 | 51 989.40 | 0.20 |
| 4.279 | % Magallanes, Inc. -Reg- (MTN) 2022/2032 ........  | USD | 140 000 | 140 000 |  | % | 89.534 | 125 347.60 | 0.49 |
| 5.05 | % Magallanes, Inc. -Reg- 2022/2042..............  | USD | 60 000 | 60 000 |  | % | 85.764 | 51 458.40 | 0.20 |
| 5.141 | % Magallanes, Inc. -Reg- 2022/2052..............  | USD | 70 000 | 70 000 |  | % | 84.213 | 58 949.10 | 0.23 |
| 5.391 | % Magallanes, Inc. -Reg- 2022/2062..............  | USD | 50 000 | 50 000 |  | % | 83.838 | 41 919.00 | 0.16 |
| 3.703 | % Manulife Financial Corp. (MTN) 2022/2032.......  | USD | 130 000 | 130 000 |  | % | 92.911 | 120 784.30 | 0.47 |
| 3.625 | % McDonald‘s Corp. (MTN) 2019/2049 ...........  | USD | 57 000 | 63 000 | 6 000 | % | 82.225 | 46 868.25 | 0.18 |
| 2.125 | % McDonald‘s Corp. (MTN) 2020/2030 ...........  | USD | 41 000 | 46 000 | 5 000 | % | 85.632 | 35 109.12 | 0.14 |
| 4.50 | % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2029 ................................  | USD | 200 000 |  | 200 000 | % | 96.981 | 193 962.00 | 0.76 |
| 3.50 | % Mexico Government International Bond 2022/2034 | USD | 200 000 | 200 000 |  | % | 82.299 | 164 598.00 | 0.64 |
| 2.703 | % Micron Technology, Inc. 2021/2032 ............  | USD | 121 000 | 196 000 | 75 000 | % | 79.854 | 96 623.34 | 0.38 |
| 2.525 | % Microsoft Corp. 2020/2050 ...................  | USD | 45 000 | 45 000 |  | % | 73.887 | 33 249.15 | 0.13 |
| 2.921 | % Microsoft Corp. 2021/2052 ...................  | USD | 135 000 |  | 15 000 | % | 79.567 | 107 415.45 | 0.42 |
| 1.234 | % Mizuho Financial Group, Inc. (MTN) 2021/2027 *..  | USD | 200 000 |  | 15 000 | % | 87.424 | 174 848.00 | 0.68 |
| 3.772 | % Morgan Stanley (MTN) 2018/2029 *............  | USD | 100 000 | 111 000 | 11 000 | % | 95.058 | 95 058.00 | 0.37 |
| 3.217 | % Morgan Stanley 2021/2042 * .................  | USD | 27 000 |  | 3 000 | % | 78.903 | 21 303.81 | 0.08 |
| 2.484 | % Morgan Stanley 2021/2036 * .................  | USD | 144 000 |  | 16 000 | % | 76.823 | 110 625.12 | 0.43 |
| 2.943 | % Morgan Stanley 2022/2033 * .................  | USD | 139 000 | 241 000 | 102 000 | % | 85.71 | 119 136.90 | 0.47 |
| 3.05 | % Norfolk Southern Corp. 2020/2050 .............  | USD | 67 000 | 74 000 | 7 000 | % | 73.987 | 49 571.29 | 0.19 |
| 3.70 | % NVIDIA Corp. 2020/2060 .....................  | USD | 62 000 | 69 000 | 7 000 | % | 84.737 | 52 536.94 | 0.21 |
| 2.00 | % NVIDIA Corp. (MTN) 2021/2031 ...............  | USD | 178 000 | 178 000 |  | % | 84.894 | 151 111.32 | 0.59 |
| 3.875 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | 2022/2026 ................................  | USD | 49 000 | 49 000 |  | % | 96.382 | 47 227.18 | 0.18 |
| 4.30 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | (MTN) 2022/2029 ..........................  | USD | 27 000 | 27 000 |  | % | 96.164 | 25 964.28 | 0.10 |
| 2.65 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | (MTN) 2022/2032 ..........................  | USD | 33 000 | 33 000 |  | % | 82.139 | 27 105.87 | 0.11 |
| 5.00 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | 2022/2033 ................................  | USD | 170 000 | 170 000 |  | % | 97.326 | 165 454.20 | 0.65 |
| 3.25 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | 2022/2041 ................................  | USD | 179 000 | 179 000 |  | % | 76.876 | 137 608.04 | 0.54 |
| 3.60 | % Oracle Corp. 2020/2050 .....................  | USD | 56 000 |  | 29 000 | % | 69.891 | 39 138.96 | 0.15 |
| 3.65 | % Oracle Corp. 2021/2041 .....................  | USD | 141 000 |  | 55 000 | % | 74.917 | 105 632.97 | 0.41 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4.70 | % O‘Reilly Automotive, Inc. (MTN) 2022/2032 ......  | USD | 70 000 | 70 000 |  | % | 99.605 | 69 723.50 | 0.27 |
| 2.565 | % Otis Worldwide Corp. (MTN) 2020/2030 ........  | USD | 83 000 | 92 000 | 9 000 | % | 86.329 | 71 653.07 | 0.28 |
| 1.625 | % PepsiCo, Inc. (MTN) 2020/2030 ...............  | USD | 157 000 |  | 18 000 | % | 84.767 | 133 084.19 | 0.52 |
| 4.20 | % Pfizer, Inc. 2018/2048 .......................  | USD | 67 000 |  | 8 000 | % | 97.851 | 65 560.17 | 0.26 |
| 2.70 | % Pfizer, Inc. 2020/2050 .......................  | USD | 80 000 |  | 9 000 | % | 76.686 | 61 348.80 | 0.24 |
| 3.40 | % PNC Financial Services Group, Inc. 2021/perpetual * ...........................  | USD | 225 000 |  | 25 000 | % | 76.114 | 171 256.50 | 0.67 |
| 4.35 | % Prudential Financial, Inc. (MTN) 2019/2050 ......  | USD | 76 000 |  | 9 000 | % | 92.732 | 70 476.32 | 0.28 |
| 3.80 | % Rogers Communications, Inc. -Reg- (MTN) 2022/2032 ................................  | USD | 166 000 | 333 000 | 167 000 | % | 91.854 | 152 477.64 | 0.60 |
| 2.90 | % Salesforce, Inc. 2021/2051 ...................  | USD | 90 000 |  | 10 000 | % | 75.566 | 68 009.40 | 0.27 |
| 1.50 | % SK Hynix, Inc. -Reg- (MTN) 2021/2026 ..........  | USD | 260 000 |  |  | % | 89.876 | 233 677.60 | 0.91 |
| 4.75 | % Societe Generale SA -Reg- 2021/perpetual * .....  | USD | 216 000 |  | 24 000 | % | 81.513 | 176 068.08 | 0.69 |
| 3.885 | % Standard Chartered PLC -Reg- (MTN) 2018/2024 * | USD | 520 000 |  |  | % | 99.732 | 518 606.40 | 2.03 |
| 2.21 | % Standard Chartered PLC 2021/2025 * ..........  | USD | 200 000 |  |  | % | 98.307 | 196 614.00 | 0.77 |
| 4.00 | % Stanley Black & Decker, Inc. 2020/2060 * .......  | USD | 63 000 |  | 7 000 | % | 87.371 | 55 043.73 | 0.22 |
| 4.50 | % Starbucks Corp. 2018/2048 ...................  | USD | 126 000 |  | 14 000 | % | 91.343 | 115 092.18 | 0.45 |
| 2.50 | % Suzano Austria GmbH (MTN) 2021/2028 ........  | USD | 72 000 |  | 8 000 | % | 81.703 | 58 826.16 | 0.23 |
| 4.25 | % Teleflex, Inc. -Reg- (MTN) 2020/2028 ...........  | USD | 13 000 |  | 2 000 | % | 90.848 | 11 810.24 | 0.05 |
| 1.125 | % Texas Instruments, Inc. (MTN) 2021/2026 .......  | USD | 36 000 |  | 4 000 | % | 91.096 | 32 794.56 | 0.13 |
| 2.00 | % Thermo Fisher Scientific, Inc. (MTN) 2021/2031 ..  | USD | 54 000 |  | 6 000 | % | 83.851 | 45 279.54 | 0.18 |
| 2.80 | % Thermo Fisher Scientific, Inc. 2021/2041 ........  | USD | 54 000 |  | 6 000 | % | 78.308 | 42 286.32 | 0.17 |
| 3.00 | % T-Mobile USA, Inc. 2021/2041 ................  | USD | 137 000 | 152 000 | 15 000 | % | 74.743 | 102 397.91 | 0.40 |
| 3.30 | % T-Mobile USA, Inc. 2021/2051 ................  | USD | 106 000 | 80 000 | 12 000 | % | 73.796 | 78 223.76 | 0.31 |
| 4.25 | % TSMC Arizona Corp. (MTN) 2022/2032..........  | USD | 200 000 | 200 000 |  | % | 98.792 | 197 584.00 | 0.77 |
| 2.746 | % UBS Group AG 2022/2033 * ..................  | USD | 200 000 | 200 000 |  | % | 81.851 | 163 702.00 | 0.64 |
| 2.95 | % Union Pacific Corp. 2021/2052 ................  | USD | 72 000 |  | 8 000 | % | 74.292 | 53 490.24 | 0.21 |
| 2.891 | % Union Pacific Corp. 2021/2036 ................  | USD | 171 000 |  | 19 000 | % | 83.257 | 142 369.47 | 0.56 |
| 1.875 | % United States Treasury Note/Bond 2021/2051 ....  | USD | 287 400 | 604 600 | 317 200 | % | 75.188 | 216 088.88 | 0.85 |
| 2.00 | % United States Treasury Note/Bond 2021/2041 ....  | USD | 761 900 | 916 500 | 238 400 | % | 79.523 | 605 889.07 | 2.37 |
| 2.875 | % United States Treasury Note/Bond (MTN) 2022/2032 ................................  | USD | 1 017 700 | 1 017 700 |  | % | 98.75 | 1 004 978.75 | 3.93 |
| 2.75 | % United States Treasury Note/Bond (MTN) 2022/2029 ................................  | USD | 923 300 | 923 300 |  | % | 97.891 | 903 824.14 | 3.54 |
| 2.875 | % UnitedHealth Group, Inc. (MTN) 2019/2029 ......  | USD | 62 000 | 69 000 | 7 000 | % | 92.46 | 57 325.20 | 0.22 |
| 2.90 | % UnitedHealth Group, Inc. 2020/2050. . . . . . . . . . . . | USD | 63 000 |  | 7 000 | % | 74.848 | 47 154.24 | 0.18 |
| 3.25 | % UnitedHealth Group, Inc. 2021/2051. . . . . . . . . . . . | USD | 90 000 |  | 10 000 | % | 79.35 | 71 415.00 | 0.28 |
| 3.70 | % US Bancorp 2021/perpetual * .................  | USD | 242 000 |  | 27 000 | % | 76.648 | 185 488.16 | 0.73 |
| 4.329 | % Verizon Communications, Inc. (MTN) 2018/2028 ..  | USD | 220 000 |  | 58 000 | % | 99.268 | 218 389.60 | 0.86 |
| 3.00 | % Verizon Communications, Inc. 2020/2060. . . . . . . . | USD | 30 000 |  | 40 000 | % | 68.269 | 20 480.70 | 0.08 |
| 2.10 | % Verizon Communications, Inc. (MTN) 2021/2028 ..  | USD | 49 000 |  | 6 000 | % | 88.804 | 43 513.96 | 0.17 |
| 2.987 | % Verizon Communications, Inc. 2021/2056. . . . . . . . | USD | 77 000 |  | 9 000 | % | 69.902 | 53 824.54 | 0.21 |
| 2.85 | % Verizon Communications, Inc. 2021/2041. . . . . . . . | USD | 90 000 |  | 10 000 | % | 75.171 | 67 653.90 | 0.26 |
| 3.875 | % Verizon Communications, Inc. 2022/2052. . . . . . . . | USD | 154 000 | 154 000 |  | % | 84.648 | 130 357.92 | 0.51 |
| 1.40 | % VMware, Inc. (MTN) 2021/2026 ...............  | USD | 126 000 |  | 14 000 | % | 88.469 | 111 470.94 | 0.44 |
| 2.65 | % Walt Disney Co. 2020/2031 ..................  | USD | 162 000 |  | 18 000 | % | 88.08 | 142 689.60 | 0.56 |
| 3.60 | % Walt Disney Co. 2020/2051 ..................  | USD | 149 000 | 86 000 | 17 000 | % | 83.637 | 124 619.13 | 0.49 |
| 3.75 | % WEA Finance LLC Via Westfield UK & Europe Finance PLC -Reg- (MTN) 2014/2024 ...........  | USD | 200 000 |  |  | % | 96.698 | 193 396.00 | 0.76 |
| 3.10 | % Welltower, Inc. 2019/2030 ...................  | USD | 54 000 |  | 6 000 | % | 88.196 | 47 625.84 | 0.19 |
| 2.75 | % Welltower, Inc. 2020/2031 ...................  | USD | 72 000 |  | 8 000 | % | 84.11 | 60 559.20 | 0.24 |
| 2.80 | % Welltower, Inc. (MTN) 2021/2031..............  | USD | 94 000 |  | 11 000 | % | 84.372 | 79 309.68 | 0.31 |
| 3.85 | % Welltower, Inc. (MTN) 2022/2032..............  | USD | 200 000 | 200 000 |  | % | 91.363 | 182 726.00 | 0.72 |
| Total securities portfolio |  |  |  |  | 23 776 689.79 | 93.08 |
| Derivatives Minus signs denote short positions |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  | 13 663.81 | 0.05 |
| Interest rate futures US Treasury Notes 10 year Futures 09/2022 (MS) .........  | Count | -12 |  | 12 | 32 056.66 | 0.13 |
| US Treasury Notes 10 year Futures 09/2022 (MS) .........  | Count | 6 | 6 |  | -4 437.50 | -0.02 |
| US Treasury Notes 2 year Futures 09/2022 (MS) ..........  | Count | 2 | 2 |  | -2 843.74 | -0.01 |
| US Treasury Notes 3 year Futures 09/2022 (MS) ..........  | Count | 4 | 4 |  | -7 205.34 | -0.03 |
| US Treasury Notes 5 year Futures 09/2022 (MS) ..........  | Count | -20 |  | 20 | 24 374.98 | 0.09 |
| US Ultra Bond 09/2022 (MS)..........................  | Count | 7 | 7 |  | -28 281.25 | -0.11 |
| Currency derivatives Receivables/payables |  |  |  |  | -133 457.94 | -0.52 |
| Forward currency transactions |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |
| Open positions EUR/USD 7.9 million ................................  |  |  |  |  | -133 457.94 | -0.52 |

| Count/ Security name	units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| Cash at bank |  |  | 650 687.96 | 2.55 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 908 | 946.35 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |
| U.S. dollar ........................................  | USD |  | 649 741.61 | 2.54 |
| Other assets |  |  | 1 425 657.14 | 5.58 |
| Interest receivable .................................  |  |  | 195 586.52 | 0.77 |
| Receivables from exceeding the expense cap ............  |  |  | 77 785.77 | 0.30 |
| Other receivables ..................................  |  |  | 1 152 284.85 | 4.51 |
| Receivables from share certificate transactions |  |  | 1 021 153.70 | 4.00 |
| Total assets ** |  |  | 26 930 620.23 | 105.43 |
| Other liabilities |  |  | -1 198 996.86 | -4.70 |
| Additional other liabilities.............................  |  |  | -1 198 996.86 | -4.70 |
| Liabilities from share certificate transactions |  |  | -11 296.31 | -0.04 |
| Total liabilities |  |  | -1 386 518.94 | -5.43 |
| Net assets |  |  | 25 544 101.29 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FCH ........................................  | EUR | 100.98 |
| Class LCH ........................................  | EUR | 97.28 |
| Class TFCH .......................................  | EUR | 92.92 |
| Class XCH ........................................  | EUR | 103.88 |
| Class USD FC .....................................  | USD | 114.29 |
| Class USD LD .....................................  | USD | 96.12 |
| Class USD TFC ....................................  | USD | 102.50 |
| Class USD TFD ....................................  | USD | 90.98 |
| Class USD XC .....................................  | USD | 117.64 |
| Number of shares outstanding Class FCH ........................................  | Count | 100.000 |
| Class LCH ........................................  | Count | 3 818.109 |
| Class TFCH .......................................  | Count | 30 525.000 |
| Class XCH ........................................  | Count | 54 890.000 |
| Class USD FC .....................................  | Count | 2 290.000 |
| Class USD LD .....................................  | Count | 7 416.000 |
| Class USD TFC ....................................  | Count | 26.000 |
| Class USD TFD ....................................  | Count | 24.000 |
| Class USD XC .....................................  | Count | 129 840.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Barclays Capital U.S. Credit Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 46.700 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 108.057 |
| Average market risk exposure ........................  | % | 95.090 |

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 0.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 5 824 981.46 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for forward currency transactions
HSBC France, Toronto Dominion Bank and UBS AG
 Exchange rates (indirect quotes)	
As of June 30, 2022 Euro ......................... . EUR	0.960108	= USD	1
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnotes	
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG USD Corporate Bonds
DWS INVEST ESG USD CORPORATE BONDS

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD LD | LU1333038807 | -14,5% |
| Klasse USD FC | LU1333038633 | -14,3% |
| Klasse USD TFC | LU1663959333 | -14,3% |
| Klasse USD TFD | LU1663959507 | -14,3% |
| Klasse USD XC | LU1333038989 | -14,1% |
| Klasse FCH 1) | LU1333038393 | -14,8% |
| Klasse LCH 1) | LU1333038476 | -15,0% |
| Klasse TFCH 1) | LU1663958368 | -14,2% |
| Klasse XCH 1) | LU1333039011 | -14,7% |


##### Bloomberg Barclays US Credit Total Return
1) 
in EUR

##### -13,7%
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 USD Corporate Bonds
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 20 373 962,95 | 79,77 |
| Zentralregierungen | 3 402 726,84 | 13,31 |
| Summe Anleihen | 23 776 689,79 | 93,08 |
| 2. Derivate | -119 794,13 | -0,47 |
| 3. Bankguthaben | 650 687,96 | 2,55 |
| 4. Sonstige Vermögensgegenstände | 1 425 657,14 | 5,58 |
| 5. Forderungen aus Anteilscheingeschäften | 1 021 153,70 | 4,00 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 198 996,86 | -4,70 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -11 296,31 | -0,04 |
| III. Fondsvermögen | 25 544 101,29 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |

Börsengehandelte Wertpapiere	23 776 689,79	93,08
Verzinsliche Wertpapiere
| 4,75 | % AbbVie, Inc. 2020/2045  ...................  | USD | 76 000 | 76 000 |  | % | 94,428 | 71 765,28 | 0,28 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4,393 | % Advanced Micro Devices, Inc. 2022/2052  .....  | USD | 20 000 | 20 000 |  | % | 97,836 | 19 567,20 | 0,08 |
| 1,75 | % AerCap Ireland Capital DAC Via AerCap Global |  |  |  |  |  |  |  |  |
|  | Aviation Trust (MTN) 2021/2026  ............  | USD | 150 000 | 150 000 |  | % | 87,388 | 131 082,00 | 0,51 |
| 3,00 | % Air Lease Corp. (MTN) 2020/2030 ...........  | USD | 85 000 | 94 000 | 9 000 | % | 82,012 | 69 710,20 | 0,27 |
| 3,125 | % Air Lease Corp. (MTN) 2020/2030 ...........  | USD | 39 000 | 43 000 | 4 000 | % | 81,65 | 31 843,50 | 0,12 |
| 3,125 | % American Express Co. (MTN) 2019/2026  .....  | USD | 340 000 |  |  | % | 97,126 | 330 228,40 | 1,29 |
| 1,30 | % American Honda Finance Corp. (MTN) 2021/2026 | USD | 117 000 |  | 13 000 | % | 90,195 | 105 528,15 | 0,41 |
| 2,80 | % Amgen, Inc. 2021/2041 ...................  | USD | 49 000 |  |  | % | 74,302 | 36 407,98 | 0,14 |
| 3,00 | % Amgen, Inc. 2021/2052 ...................  | USD | 90 000 |  | 10 000 | % | 71,285 | 64 156,50 | 0,25 |
| 3,00 | % Amgen, Inc. (MTN) 2022/2029  .............  | USD | 60 000 | 60 000 |  | % | 92,15 | 55 290,00 | 0,22 |
| 4,90 | % Anheuser-Busch Cos LLC Via Anheuser-Busch |  |  |  |  |  |  |  |  |
|  | InBev Worldwide, Inc. 2019/2046 ...........  | USD | 99 000 | 110 000 | 11 000 | % | 94,653 | 93 706,47 | 0,37 |
| 5,55 | % Anheuser-Busch InBev Worldwide, Inc. 2019/2049 | USD | 73 000 | 81 000 | 8 000 | % | 102,409 | 74 758,57 | 0,29 |
| 4,35 | % Anheuser-Busch InBev Worldwide, Inc. 2020/2040 | USD | 122 000 | 136 000 | 14 000 | % | 89,92 | 109 702,40 | 0,43 |
| 2,375 | % Apple, Inc. 2021/2041  ....................  | USD | 160 000 | 160 000 | 65 000 | % | 76,742 | 122 787,20 | 0,48 |
| 2,70 | % Apple, Inc. 2021/2051  ....................  | USD | 126 000 | 133 000 | 7 000 | % | 74,943 | 94 428,18 | 0,37 |
| 1,75 | % Astrazeneca Finance LLC (MTN) 2021/2028  ...  | USD | 72 000 |  | 8 000 | % | 88,059 | 63 402,48 | 0,25 |
| 1,375 | % AstraZeneca PLC (MTN) 2020/2030  .........  | USD | 60 000 | 67 000 | 7 000 | % | 81,882 | 49 129,20 | 0,19 |
| 2,901 | % AT&T, Inc. (MTN) 2018/2024 * ..............  | USD | 176 000 |  | 20 000 | % | 99,972 | 175 950,72 | 0,69 |
| 3,65 | % AT&T, Inc. 2020/2051  ....................  | USD | 216 000 |  | 24 000 | % | 78,395 | 169 333,20 | 0,66 |
| 4,25 | % AT&T, Inc. 2020/2049  ....................  | USD | 130 000 | 51 000 |  | % | 89,032 | 115 741,60 | 0,45 |
| 1,70 | % AT&T, Inc. (MTN) 2021/2026 ...............  | USD | 117 000 |  | 13 000 | % | 91,379 | 106 913,43 | 0,42 |
| 2,55 | % AT&T, Inc. 2021/2033  ....................  | USD | 295 000 |  | 33 000 | % | 81,089 | 239 212,55 | 0,94 |
| 3,80 | % AT&T, Inc. 2021/2057  ....................  | USD | 50 000 |  |  | % | 77,75 | 38 875,00 | 0,15 |
| 2,704 | % Banco del Estado de Chile -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ...............................  | USD | 200 000 |  |  | % | 95,041 | 190 082,00 | 0,74 |
| 2,706 | % Banco Santander SA (MTN) 2019/2024 .......  | USD | 200 000 |  |  | % | 97,464 | 194 928,00 | 0,76 |
| 1,722 | % BANCO SANTANDER SA (MTN) 2021/2027 * ..  | USD | 200 000 |  |  | % | 87,065 | 174 130,00 | 0,68 |
| 3,824 | % Bank of America Corp. (MTN) 2017/2028 * ....  | USD | 376 000 |  | 42 000 | % | 96,09 | 361 298,40 | 1,41 |
| 2,133 | % Bank of America Corp. (MTN) 2018/2026 * ....  | USD | 293 000 | 326 000 | 33 000 | % | 97,623 | 286 035,39 | 1,12 |
| 1,922 | % Bank of America Corp. (MTN) 2020/2031 * ....  | USD | 124 000 | 130 000 | 146 000 | % | 79,825 | 98 983,00 | 0,39 |
| 2,972 | % Bank of America Corp. 2021/2052 * ..........  | USD | 110 000 | 60 000 |  | % | 71,653 | 78 818,30 | 0,31 |
| 2,972 | % Bank of America Corp. 2022/2033 * ..........  | USD | 355 000 | 460 000 | 105 000 | % | 85,277 | 302 733,35 | 1,19 |
| 3,70 | % Bank of New York Mellon Corp. 2020/perpetual * | USD | 123 000 | 123 000 |  | % | 89,235 | 109 759,05 | 0,43 |
| 3,75 | % Bank of New York Mellon Corp. 2021/perpetual * | USD | 237 000 |  | 123 000 | % | 82,238 | 194 904,06 | 0,76 |
| 3,50 | % Bank of New Zealand -Reg- (MTN) 2019/2024  . | USD | 250 000 |  |  | % | 99,818 | 249 545,00 | 0,98 |
| 3,625 | % Bank of Nova Scotia/The 2021/2081 * ........  | USD | 270 000 |  | 30 000 | % | 76,267 | 205 920,90 | 0,81 |
| 2,852 | % Barclays PLC (MTN) 2020/2026 * ............  | USD | 200 000 | 200 000 |  | % | 94,417 | 188 834,00 | 0,74 |
| 3,33 | % Barclays PLC 2021/2042 * .................  | USD | 200 000 |  |  | % | 74,506 | 149 012,00 | 0,58 |
| 1,608 | % Baxter International, Inc. 2022/2023 * ........  | USD | 117 000 | 117 000 |  | % | 98,995 | 115 824,15 | 0,45 |
| 1,767 | % Baxter International, Inc. 2022/2024 * ........  | USD | 45 000 | 45 000 |  | % | 98,277 | 44 224,65 | 0,17 |
| 1,915 | % Baxter International, Inc. (MTN) 2022/2027 ....  | USD | 63 000 | 63 000 |  | % | 89,733 | 56 531,79 | 0,22 |
| 4,625 | % BNP Paribas SA -Reg- 2021/perpetual * .......  | USD | 200 000 |  |  | % | 74,315 | 148 630,00 | 0,58 |
| 4,50 | % Boston Properties LP (MTN) 2018/2028  ......  | USD | 247 000 |  | 28 000 | % | 97,239 | 240 180,33 | 0,94 |
| 2,55 | % Boston Properties LP 2021/2032 ............  | USD | 139 000 |  | 16 000 | % | 79,477 | 110 473,03 | 0,43 |
| 4,25 | % Bristol-Myers Squibb Co. 2020/2049  .........  | USD | 70 000 |  |  | % | 94,132 | 65 892,40 | 0,26 |
| 2,55 | % Bristol-Myers Squibb Co. 2020/2050  .........  | USD | 45 000 | 45 000 |  | % | 71,108 | 31 998,60 | 0,13 |
| 3,70 | % Bristol-Myers Squibb Co. 2022/2052  .........  | USD | 70 000 | 70 000 |  | % | 86,886 | 60 820,20 | 0,24 |
| 0,95 | % Canadian Imperial Bank of Commerce (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025  .............................  | USD | 103 000 |  | 12 000 | % | 90,596 | 93 313,88 | 0,37 |
| 3,00 | % Canadian Pacific Railway Co. 2021/2041 ......  | USD | 54 000 |  | 6 000 | % | 79,021 | 42 671,34 | 0,17 |
| 3,10 | % Canadian Pacific Railway Co. 2021/2051 ......  | USD | 45 000 |  | 5 000 | % | 74,039 | 33 317,55 | 0,13 |
| 3,95 | % Capital One Financial Corp. 2021/perpetual * ...  | USD | 53 000 |  | 217 000 | % | 80,027 | 42 414,31 | 0,17 |
| 2,359 | % Capital One Financial Corp. 2021/2032 * ......  | USD | 117 000 |  | 13 000 | % | 76,357 | 89 337,69 | 0,35 |
| 2,45 | % Centene Corp. (MTN) 2021/2028  ...........  | USD | 36 000 |  | 4 000 | % | 83,644 | 30 111,84 | 0,12 |
| 2,625 | % Centene Corp. (MTN) 2021/2031  ...........  | USD | 90 000 |  | 10 000 | % | 79,865 | 71 878,50 | 0,28 |
| 4,00 | % Charles Schwab Corp. 2021/perpetual *  ......  | USD | 165 000 |  |  | % | 85,176 | 140 540,40 | 0,55 |
| 2,55 | % Chile Government International Bond 2020/2032. | USD | 200 000 |  | 350 000 | % | 84,68 | 169 360,00 | 0,66 |
| 4,375 | % Cigna Corp. (MTN) 2019/2028 ..............  | USD | 198 000 |  | 22 000 | % | 99,106 | 196 229,88 | 0,77 |
| 2,40 | % Cigna Corp. (MTN) 2020/2030 ..............  | USD | 40 000 |  | 5 000 | % | 86,246 | 34 498,40 | 0,14 |
| 2,375 | % Cigna Corp. (MTN) 2021/2031 ..............  | USD | 35 000 |  | 65 000 | % | 84,57 | 29 599,50 | 0,12 |
| 3,40 | % Cigna Corp. 2021/2051  ...................  | USD | 73 000 |  | 27 000 | % | 77,155 | 56 323,15 | 0,22 |
| 3,20 | % Citigroup, Inc. (MTN) 2016/2026 ............  | USD | 612 000 |  | 68 000 | % | 95,179 | 582 495,48 | 2,28 |
| 3,25 | % Colombia Government International Bond |  |  |  |  |  |  |  |  |
|  | 2021/2032  .............................  | USD | 200 000 |  |  | % | 72,013 | 144 026,00 | 0,56 |
| 5,30 | % Conagra Brands, Inc. 2018/2038 ............  | USD | 90 000 |  | 10 000 | % | 94,814 | 85 332,60 | 0,33 |
| 4,125 | % Consolidated Edison Co. of New York, Inc. |  |  |  |  |  |  |  |  |
|  | 2019/2049  .............................  | USD | 117 000 |  | 13 000 | % | 87,918 | 102 864,06 | 0,40 |
| 3,90 | % Corebridge Financial, Inc. -Reg- (MTN) 2022/2032 | USD | 50 000 | 50 000 |  | % | 90,024 | 45 012,00 | 0,18 |
| 4,35 | % Corebridge Financial, Inc. -Reg- 2022/2042 ....  | USD | 40 000 | 40 000 |  | % | 85,558 | 34 223,20 | 0,13 |
| 4,40 | % Corebridge Financial, Inc. -Reg- 2022/2052 ....  | USD | 30 000 | 30 000 |  | % | 83,818 | 25 145,40 | 0,10 |
| 3,80 | % Crown Castle International Corp. (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2028 ...............................  | USD | 150 000 | 159 000 | 9 000 | % | 94,316 | 141 474,00 | 0,55 |
| 3,35 | % CSX Corp. 2019/2049  ....................  | USD | 135 000 |  | 15 000 | % | 78,501 | 105 976,35 | 0,41 |
| 2,60 | % Cummins, Inc. 2020/2050  .................  | USD | 67 000 |  | 8 000 | % | 68,957 | 46 201,19 | 0,18 |
| 4,78 | % CVS Health Corp. 2018/2038 ...............  | USD | 157 000 |  | 18 000 | % | 94,808 | 148 848,56 | 0,58 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 4,25 | % CVS Health Corp. 2020/2050 ...............  | USD | 63 000 |  | 7 000 | % | 86,119 | 54 254,97 | 0,21 |
| 1,75 | % CVS Health Corp. (MTN) 2020/2030  .........  | USD | 243 000 |  | 27 000 | % | 80,223 | 194 941,89 | 0,76 |
| 2,70 | % CVS Health Corp. 2020/2040 ...............  | USD | 27 000 |  | 3 000 | % | 72,111 | 19 469,97 | 0,08 |
| 4,625 | % DaVita, Inc. -Reg- (MTN) 2020/2030  .........  | USD | 99 000 |  | 11 000 | % | 77,716 | 76 938,84 | 0,30 |
| 5,30 | % Dell International LLC Via EMC Corp. (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2029  .............................  | USD | 55 000 | 55 000 |  | % | 98,985 | 54 441,75 | 0,21 |
| 3,45 | % Dell International LLC Via EMC Corp. -Reg- |  |  |  |  |  |  |  |  |
|  | 2021/2051  .............................  | USD | 138 000 |  | 62 000 | % | 67,848 | 93 630,24 | 0,37 |
| 4,00 | % Discovery Communications LLC 2021/2055 ...  | USD | 146 000 | 73 000 | 16 000 | % | 70,581 | 103 048,26 | 0,40 |
| 2,375 | % DXC Technology Co. (MTN) 2021/2028 .......  | USD | 108 000 |  | 12 000 | % | 86,021 | 92 902,68 | 0,36 |
| 5,00 | % Enel Finance International NV (MTN) 2022/2032 | USD | 200 000 | 200 000 |  | % | 96,693 | 193 386,00 | 0,76 |
| 3,90 | % Equinix, Inc. (MTN) 2022/2032  .............  | USD | 155 000 | 220 000 | 65 000 | % | 90,834 | 140 792,70 | 0,55 |
| 4,15 | % ERP Operating LP (MTN) 2018/2028 .........  | USD | 171 000 |  | 19 000 | % | 98,193 | 167 910,03 | 0,66 |
| 2,40 | % FedEx Corp. (MTN) 2021/2031  .............  | USD | 108 000 |  | 12 000 | % | 84,368 | 91 117,44 | 0,36 |
| 3,25 | % Ford Motor Co. 2021/2032  ................  | USD | 126 000 |  | 14 000 | % | 76,469 | 96 350,94 | 0,38 |
| 4,125 | % Ford Motor Credit Co. LLC (MTN) 2020/2027  ..  | USD | 150 000 |  |  | % | 87,81 | 131 715,00 | 0,52 |
| 4,30 | % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2029 ...............................  | USD | 200 000 | 200 000 |  | % | 92,045 | 184 090,00 | 0,72 |
| 5,00 | % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2027 ...............................  | USD | 110 000 | 110 000 |  | % | 98,363 | 108 199,30 | 0,42 |
| 1,65 | % Gilead Sciences, Inc. (MTN) 2020/2030  ......  | USD | 72 000 |  | 8 000 | % | 82,242 | 59 214,24 | 0,23 |
| 2,80 | % Gilead Sciences, Inc. 2020/2050  ............  | USD | 81 000 |  | 9 000 | % | 70,349 | 56 982,69 | 0,22 |
| 1,992 | % Goldman Sachs Group, Inc. 2021/2032 * ......  | USD | 71 000 | 167 000 | 141 000 | % | 79,235 | 56 256,85 | 0,22 |
| 0,855 | % Goldman Sachs Group, Inc. (MTN) 2021/2026 * | USD | 192 000 | 213 000 | 21 000 | % | 90,825 | 174 384,00 | 0,68 |
| 1,431 | % Goldman Sachs Group, Inc. (MTN) 2021/2027 * | USD | 126 000 |  | 14 000 | % | 88,85 | 111 951,00 | 0,44 |
| 3,80 | % Goldman Sachs Group, Inc. 2021/perpetual * ..  | USD | 100 000 |  | 50 000 | % | 78,327 | 78 327,00 | 0,31 |
| 2,908 | % Goldman Sachs Group, Inc. 2021/2042 * ......  | USD | 155 000 | 76 000 | 17 000 | % | 73,339 | 113 675,45 | 0,45 |
| 4,387 | % Goldman Sachs Group, Inc. (MTN) 2022/2027 * | USD | 250 000 | 250 000 |  | % | 98,595 | 246 487,50 | 0,97 |
| 4,125 | % HCA, Inc. (MTN) 2019/2029  ...............  | USD | 135 000 |  | 15 000 | % | 91,578 | 123 630,30 | 0,48 |
| 5,25 | % HCA, Inc. 2019/2049  .....................  | USD | 62 000 | 69 000 | 7 000 | % | 88,744 | 55 021,28 | 0,22 |
| 4,45 | % Hewlett Packard Enterprise Co. 2020/2023  ...  | USD | 63 000 |  | 7 000 | % | 100,887 | 63 558,81 | 0,25 |
| 3,625 | % Hilton Domestic Operating Co., Inc. -Reg- |  |  |  |  |  |  |  |  |
|  | 2021/2032  .............................  | USD | 180 000 |  | 20 000 | % | 79,441 | 142 993,80 | 0,56 |
| 3,35 | % Home Depot, Inc. 2020/2050  ..............  | USD | 67 000 |  | 58 000 | % | 81,169 | 54 383,23 | 0,21 |
| 3,25 | % Home Depot, Inc. (MTN) 2022/2032 .........  | USD | 70 000 | 70 000 |  | % | 93,378 | 65 364,60 | 0,26 |
| 3,625 | % Home Depot, Inc. 2022/2052  ..............  | USD | 40 000 | 40 000 |  | % | 85,923 | 34 369,20 | 0,13 |
| 4,20 | % HP, Inc. (MTN) 2022/2032 .................  | USD | 60 000 | 130 000 | 70 000 | % | 89,614 | 53 768,40 | 0,21 |
| 5,50 | % HP, Inc. 2022/2033  ......................  | USD | 150 000 | 150 000 |  | % | 97,948 | 146 922,00 | 0,58 |
| 2,206 | % HSBC Holdings Plc (MTN) 2021/2029 * .......  | USD | 200 000 | 200 000 |  | % | 83,85 | 167 700,00 | 0,66 |
| 4,755 | % HSBC Holdings Plc (MTN) 2022/2028 * .......  | USD | 260 000 | 260 000 |  | % | 97,516 | 253 541,60 | 0,99 |
| 3,20 | % Intel Corp. 2021/2061  ....................  | USD | 36 000 |  | 4 000 | % | 72,955 | 26 263,80 | 0,10 |
| 3,782 | % JPMorgan Chase & Co. 2017/2028 * .........  | USD | 351 000 |  | 39 000 | % | 96,028 | 337 058,28 | 1,32 |
| 2,739 | % JPMorgan Chase & Co. 2019/2030 * .........  | USD | 85 000 | 94 000 | 9 000 | % | 87,254 | 74 165,90 | 0,29 |
| 3,328 | % JPMorgan Chase & Co. 2021/2052 * .........  | USD | 69 000 |  |  | % | 76,744 | 52 953,36 | 0,21 |
| 2,963 | % JPMorgan Chase & Co. 2022/2033 * .........  | USD | 198 000 | 220 000 | 22 000 | % | 85,837 | 169 957,26 | 0,67 |
| 2,472 | % JPMorgan Chase & Co. (MTN) 2022/2028 *  ...  | USD | 480 000 | 480 000 |  | % | 95,791 | 459 796,80 | 1,80 |
| 4,65 | % KLA Corp. (MTN) 2022/2032  ...............  | USD | 40 000 | 40 000 |  | % | 102,057 | 40 822,80 | 0,16 |
| 3,00 | % Lowe‘s Cos, Inc. 2020/2050  ...............  | USD | 97 000 | 38 000 | 11 000 | % | 70,028 | 67 927,16 | 0,27 |
| 2,80 | % Lowe‘s Cos, Inc. 2021/2041  ...............  | USD | 81 000 |  | 9 000 | % | 72,736 | 58 916,16 | 0,23 |
| 4,25 | % Lowe‘s Cos, Inc. 2022/2052  ...............  | USD | 60 000 | 60 000 |  | % | 86,649 | 51 989,40 | 0,20 |
| 4,279 | % Magallanes, Inc. -Reg- (MTN) 2022/2032  .....  | USD | 140 000 | 140 000 |  | % | 89,534 | 125 347,60 | 0,49 |
| 5,05 | % Magallanes, Inc. -Reg- 2022/2042 ...........  | USD | 60 000 | 60 000 |  | % | 85,764 | 51 458,40 | 0,20 |
| 5,141 | % Magallanes, Inc. -Reg- 2022/2052 ...........  | USD | 70 000 | 70 000 |  | % | 84,213 | 58 949,10 | 0,23 |
| 5,391 | % Magallanes, Inc. -Reg- 2022/2062 ...........  | USD | 50 000 | 50 000 |  | % | 83,838 | 41 919,00 | 0,16 |
| 3,703 | % Manulife Financial Corp. (MTN) 2022/2032  ....  | USD | 130 000 | 130 000 |  | % | 92,911 | 120 784,30 | 0,47 |
| 3,625 | % McDonald‘s Corp. (MTN) 2019/2049  .........  | USD | 57 000 | 63 000 | 6 000 | % | 82,225 | 46 868,25 | 0,18 |
| 2,125 | % McDonald‘s Corp. (MTN) 2020/2030  .........  | USD | 41 000 | 46 000 | 5 000 | % | 85,632 | 35 109,12 | 0,14 |
| 4,50 | % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2029  .............................  | USD | 200 000 |  | 200 000 | % | 96,981 | 193 962,00 | 0,76 |
| 3,50 | % Mexico Government International Bond 2022/2034 | USD | 200 000 | 200 000 |  | % | 82,299 | 164 598,00 | 0,64 |
| 2,703 | % Micron Technology, Inc. 2021/2032  .........  | USD | 121 000 | 196 000 | 75 000 | % | 79,854 | 96 623,34 | 0,38 |
| 2,525 | % Microsoft Corp. 2020/2050  ................  | USD | 45 000 | 45 000 |  | % | 73,887 | 33 249,15 | 0,13 |
| 2,921 | % Microsoft Corp. 2021/2052  ................  | USD | 135 000 |  | 15 000 | % | 79,567 | 107 415,45 | 0,42 |
| 1,234 | % Mizuho Financial Group, Inc. (MTN) 2021/2027 * | USD | 200 000 |  | 15 000 | % | 87,424 | 174 848,00 | 0,68 |
| 3,772 | % Morgan Stanley (MTN) 2018/2029 *  .........  | USD | 100 000 | 111 000 | 11 000 | % | 95,058 | 95 058,00 | 0,37 |
| 3,217 | % Morgan Stanley 2021/2042 * ...............  | USD | 27 000 |  | 3 000 | % | 78,903 | 21 303,81 | 0,08 |
| 2,484 | % Morgan Stanley 2021/2036 * ...............  | USD | 144 000 |  | 16 000 | % | 76,823 | 110 625,12 | 0,43 |
| 2,943 | % Morgan Stanley 2022/2033 * ...............  | USD | 139 000 | 241 000 | 102 000 | % | 85,71 | 119 136,90 | 0,47 |
| 3,05 | % Norfolk Southern Corp. 2020/2050  ..........  | USD | 67 000 | 74 000 | 7 000 | % | 73,987 | 49 571,29 | 0,19 |
| 3,70 | % NVIDIA Corp. 2020/2060 ..................  | USD | 62 000 | 69 000 | 7 000 | % | 84,737 | 52 536,94 | 0,21 |
| 2,00 | % NVIDIA Corp. (MTN) 2021/2031  ............  | USD | 178 000 | 178 000 |  | % | 84,894 | 151 111,32 | 0,59 |
| 3,875 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | 2022/2026  .............................  | USD | 49 000 | 49 000 |  | % | 96,382 | 47 227,18 | 0,18 |
| 4,30 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | (MTN) 2022/2029 ........................  | USD | 27 000 | 27 000 |  | % | 96,164 | 25 964,28 | 0,10 |
| 2,65 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | (MTN) 2022/2032 ........................  | USD | 33 000 | 33 000 |  | % | 82,139 | 27 105,87 | 0,11 |
| 5,00 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | 2022/2033  .............................  | USD | 170 000 | 170 000 |  | % | 97,326 | 165 454,20 | 0,65 |
| 3,25 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | 2022/2041  .............................  | USD | 179 000 | 179 000 |  | % | 76,876 | 137 608,04 | 0,54 |
| 3,60 | % Oracle Corp. 2020/2050 ...................  | USD | 56 000 |  | 29 000 | % | 69,891 | 39 138,96 | 0,15 |
| 3,65 | % Oracle Corp. 2021/2041 ...................  | USD | 141 000 |  | 55 000 | % | 74,917 | 105 632,97 | 0,41 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 4,70 | % O‘Reilly Automotive, Inc. (MTN) 2022/2032  ...  | USD | 70 000 | 70 000 |  | % | 99,605 | 69 723,50 | 0,27 |
| 2,565 | % Otis Worldwide Corp. (MTN) 2020/2030  ......  | USD | 83 000 | 92 000 | 9 000 | % | 86,329 | 71 653,07 | 0,28 |
| 1,625 | % PepsiCo, Inc. (MTN) 2020/2030 .............  | USD | 157 000 |  | 18 000 | % | 84,767 | 133 084,19 | 0,52 |
| 4,20 | % Pfizer, Inc. 2018/2048  ....................  | USD | 67 000 |  | 8 000 | % | 97,851 | 65 560,17 | 0,26 |
| 2,70 | % Pfizer, Inc. 2020/2050  ....................  | USD | 80 000 |  | 9 000 | % | 76,686 | 61 348,80 | 0,24 |
| 3,40 | % PNC Financial Services Group, Inc. 2021/perpetual * ..........................  | USD | 225 000 |  | 25 000 | % | 76,114 | 171 256,50 | 0,67 |
| 4,35 | % Prudential Financial, Inc. (MTN) 2019/2050 ....  | USD | 76 000 |  | 9 000 | % | 92,732 | 70 476,32 | 0,28 |
| 3,80 | % Rogers Communications, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2022/2032	USD | 166 000 | 333 000 | 167 000 | % | 91,854 | 152 477,64 | 0,60 |
| 2,90 | % Salesforce, Inc. 2021/2051  ................  | USD | 90 000 |  | 10 000 | % | 75,566 | 68 009,40 | 0,27 |
| 1,50 | % SK Hynix, Inc. -Reg- (MTN) 2021/2026  .......  | USD | 260 000 |  |  | % | 89,876 | 233 677,60 | 0,91 |
| 4,75 | % Societe Generale SA -Reg- 2021/perpetual * ...  | USD | 216 000 |  | 24 000 | % | 81,513 | 176 068,08 | 0,69 |
| 3,885 | % Standard Chartered PLC -Reg- (MTN) 2018/2024 * | USD | 520 000 |  |  | % | 99,732 | 518 606,40 | 2,03 |
| 2,21 | % Standard Chartered PLC 2021/2025 * ........  | USD | 200 000 |  |  | % | 98,307 | 196 614,00 | 0,77 |
| 4,00 | % Stanley Black & Decker, Inc. 2020/2060 * .....  | USD | 63 000 |  | 7 000 | % | 87,371 | 55 043,73 | 0,22 |
| 4,50 | % Starbucks Corp. 2018/2048  ................  | USD | 126 000 |  | 14 000 | % | 91,343 | 115 092,18 | 0,45 |
| 2,50 | % Suzano Austria GmbH (MTN) 2021/2028  .....  | USD | 72 000 |  | 8 000 | % | 81,703 | 58 826,16 | 0,23 |
| 4,25 | % Teleflex, Inc. -Reg- (MTN) 2020/2028  ........  | USD | 13 000 |  | 2 000 | % | 90,848 | 11 810,24 | 0,05 |
| 1,125 | % Texas Instruments, Inc. (MTN) 2021/2026  ....  | USD | 36 000 |  | 4 000 | % | 91,096 | 32 794,56 | 0,13 |
| 2,00 | % Thermo Fisher Scientific, Inc. (MTN) 2021/2031 | USD | 54 000 |  | 6 000 | % | 83,851 | 45 279,54 | 0,18 |
| 2,80 | % Thermo Fisher Scientific, Inc. 2021/2041  .....  | USD | 54 000 |  | 6 000 | % | 78,308 | 42 286,32 | 0,17 |
| 3,00 | % T-Mobile USA, Inc. 2021/2041 ..............  | USD | 137 000 | 152 000 | 15 000 | % | 74,743 | 102 397,91 | 0,40 |
| 3,30 | % T-Mobile USA, Inc. 2021/2051 ..............  | USD | 106 000 | 80 000 | 12 000 | % | 73,796 | 78 223,76 | 0,31 |
| 4,25 | % TSMC Arizona Corp. (MTN) 2022/2032  .......  | USD | 200 000 | 200 000 |  | % | 98,792 | 197 584,00 | 0,77 |
| 2,746 | % UBS Group AG 2022/2033 * ................  | USD | 200 000 | 200 000 |  | % | 81,851 | 163 702,00 | 0,64 |
| 2,95 | % Union Pacific Corp. 2021/2052  .............  | USD | 72 000 |  | 8 000 | % | 74,292 | 53 490,24 | 0,21 |
| 2,891 | % Union Pacific Corp. 2021/2036  .............  | USD | 171 000 |  | 19 000 | % | 83,257 | 142 369,47 | 0,56 |
| 1,875 | % United States Treasury Note/Bond 2021/2051  . | USD | 287 400 | 604 600 | 317 200 | % | 75,188 | 216 088,88 | 0,85 |
| 2,00 | % United States Treasury Note/Bond 2021/2041  . | USD | 761 900 | 916 500 | 238 400 | % | 79,523 | 605 889,07 | 2,37 |
| 2,875 | % United States Treasury Note/Bond (MTN) 2022/2032  .............................  | USD | 1 017 700 | 1 017 700 |  | % | 98,75 | 1 004 978,75 | 3,93 |
| 2,75 | % United States Treasury Note/Bond (MTN) 2022/2029  .............................  | USD | 923 300 | 923 300 |  | % | 97,891 | 903 824,14 | 3,54 |
| 2,875 | % UnitedHealth Group, Inc. (MTN) 2019/2029  ...  | USD | 62 000 | 69 000 | 7 000 | % | 92,46 | 57 325,20 | 0,22 |
| 2,90 | % UnitedHealth Group, Inc. 2020/2050 .........  | USD | 63 000 |  | 7 000 | % | 74,848 | 47 154,24 | 0,18 |
| 3,25 | % UnitedHealth Group, Inc. 2021/2051 .........  | USD | 90 000 |  | 10 000 | % | 79,35 | 71 415,00 | 0,28 |
| 3,70 | % US Bancorp 2021/perpetual * ...............  | USD | 242 000 |  | 27 000 | % | 76,648 | 185 488,16 | 0,73 |
| 4,329 | % Verizon Communications, Inc. (MTN) 2018/2028 . | USD | 220 000 |  | 58 000 | % | 99,268 | 218 389,60 | 0,86 |
| 3,00 | % Verizon Communications, Inc. 2020/2060 .....  | USD | 30 000 |  | 40 000 | % | 68,269 | 20 480,70 | 0,08 |
| 2,10 | % Verizon Communications, Inc. (MTN) 2021/2028 . | USD | 49 000 |  | 6 000 | % | 88,804 | 43 513,96 | 0,17 |
| 2,987 | % Verizon Communications, Inc. 2021/2056 .....  | USD | 77 000 |  | 9 000 | % | 69,902 | 53 824,54 | 0,21 |
| 2,85 | % Verizon Communications, Inc. 2021/2041 .....  | USD | 90 000 |  | 10 000 | % | 75,171 | 67 653,90 | 0,26 |
| 3,875 | % Verizon Communications, Inc. 2022/2052 .....  | USD | 154 000 | 154 000 |  | % | 84,648 | 130 357,92 | 0,51 |
| 1,40 | % VMware, Inc. (MTN) 2021/2026  ............  | USD | 126 000 |  | 14 000 | % | 88,469 | 111 470,94 | 0,44 |
| 2,65 | % Walt Disney Co. 2020/2031 ................  | USD | 162 000 |  | 18 000 | % | 88,08 | 142 689,60 | 0,56 |
| 3,60 | % Walt Disney Co. 2020/2051 ................  | USD | 149 000 | 86 000 | 17 000 | % | 83,637 | 124 619,13 | 0,49 |
| 3,75 | % WEA Finance LLC Via Westfield UK & Europe Finance PLC -Reg- (MTN) 2014/2024  ........  | USD | 200 000 |  |  | % | 96,698 | 193 396,00 | 0,76 |
| 3,10 | % Welltower, Inc. 2019/2030  ................  | USD | 54 000 |  | 6 000 | % | 88,196 | 47 625,84 | 0,19 |
| 2,75 | % Welltower, Inc. 2020/2031  ................  | USD | 72 000 |  | 8 000 | % | 84,11 | 60 559,20 | 0,24 |
| 2,80 | % Welltower, Inc. (MTN) 2021/2031  ...........  | USD | 94 000 |  | 11 000 | % | 84,372 | 79 309,68 | 0,31 |
| 3,85 | % Welltower, Inc. (MTN) 2022/2032  ...........  | USD | 200 000 | 200 000 |  | % | 91,363 | 182 726,00 | 0,72 |
| Summe Wertpapiervermögen |  |  |  | 23 776 689,79 | 93,08 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  | 13 663,81 | 0,05 |
| Zinsterminkontrakte US Treasury Notes 10 year Futures 09/2022 (MS)	Stück | -12 |  | 12 | 32 056,66 | 0,13 |
| US Treasury Notes 10 year Futures 09/2022 (MS)	Stück | 6 | 6 |  | -4 437,50 | -0,02 |
| US Treasury Notes 2 year Futures 09/2022 (MS)	Stück | 2 | 2 |  | -2 843,74 | -0,01 |
| US Treasury Notes 3 year Futures 09/2022 (MS)	Stück | 4 | 4 |  | -7 205,34 | -0,03 |
| US Treasury Notes 5 year Futures 09/2022 (MS)	Stück | -20 |  | 20 | 24 374,98 | 0,09 |
| US Ultra Bond 09/2022 (MS)	Stück | 7 | 7 |  | -28 281,25 | -0,11 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -133 457,94 | -0,52 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen EUR/USD 7,9 Mio. .................................  |  |  |  | -133 457,94 | -0,52 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Bankguthaben |  |  |  | 650 687,96 | 2,55 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 908 |  | 946,35 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar ........................................  | USD |  |  | 649 741,61 | 2,54 |
| Sonstige Vermögensgegenstände |  |  |  | 1 425 657,14 | 5,58 |
| Zinsansprüche .....................................  |  |  |  | 195 586,52 | 0,77 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 77 785,77 | 0,30 |
| Sonstige Ansprüche ................................  |  |  |  | 1 152 284,85 | 4,51 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 1 021 153,70 | 4,00 |
| Summe der Vermögensgegenstände ** |  |  |  | 26 930 620,23 | 105,43 |
| Sonstige Verbindlichkeiten |  |  |  | -1 198 996,86 | -4,70 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -1 198 996,86 | -4,70 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -11 296,31 | -0,04 |
| Summe der Verbindlichkeiten |  |  |  | -1 386 518,94 | -5,43 |
| Fondsvermögen |  |  |  | 25 544 101,29 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FCH .......................................  | EUR | 100,98 |
| Klasse LCH .......................................  | EUR | 97,28 |
| Klasse TFCH ......................................  | EUR | 92,92 |
| Klasse XCH .......................................  | EUR | 103,88 |
| Klasse USD FC ....................................  | USD | 114,29 |
| Klasse USD LD ....................................  | USD | 96,12 |
| Klasse USD TFC ...................................  | USD | 102,50 |
| Klasse USD TFD ...................................  | USD | 90,98 |
| Klasse USD XC ....................................  | USD | 117,64 |
| Umlaufende Anteile Klasse FCH .......................................  | Stück | 100,000 |
| Klasse LCH .......................................  | Stück | 3 818,109 |
| Klasse TFCH ......................................  | Stück | 30 525,000 |
| Klasse XCH .......................................  | Stück | 54 890,000 |
| Klasse USD FC ....................................  | Stück | 2 290,000 |
| Klasse USD LD ....................................  | Stück | 7 416,000 |
| Klasse USD TFC ...................................  | Stück | 26,000 |
| Klasse USD TFD ...................................  | Stück | 24,000 |
| Klasse USD XC ....................................  | Stück | 129 840,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Barclays Capital U.S. Credit Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 46,700 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 108,057 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 95,090 |

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 0,2, 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 USD 5 824 981,46. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Devisentermingeschäfte
HSBC France, Toronto Dominion Bank und UBS AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2022 Euro .......................... EUR	0,960108	= USD	1
 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
 Fußnoten	
* Variabler Zinssatz.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.