# DWS Invest Credit Opportunities
DWS INVEST CREDIT OPPORTUNITIES

### Performance of share class (in EUR)

#### Share class	ISIN	6 months

##### Class FC	LU1968688876	-11.6%
“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 Credit Opportunities
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 90 427 345.10 | 91.26 |
| Central governments | 386 504.30 | 0.39 |
| Total bonds | 90 813 849.40 | 91.65 |
| 2. Investment fund units Bond funds | 7 660 431.92 | 7.73 |
| Total investment fund units | 7 660 431.92 | 7.73 |
| 3. Derivatives | -129 095.57 | -0.13 |
| 4. Other assets | 847 234.25 | 0.85 |
| 5. Receivables from share certificate transactions | 112 701.84 | 0.11 |
| II. Liabilities |  |  |
| 1. Short-term liabilities | -90 601.55 | -0.09 |
| 2. Other liabilities | -123 415.29 | -0.12 |
| III. Net assets | 99 091 105.00 | 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/ | principal | additions | disposals |  | value in | net assets |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  | 89 987 045.86 | 90.81 |
| Interest-bearing securities 1.50  % A2A SpA (MTN) 2022/2028	EUR | 270 000 | 270 000 | % | 89.67 | 242 109.00 | 0.24 |
| 2.625 % Abertis Infraestructuras Finance BV 2021/ perpetual * ...............................  | EUR | 500 000 | 500 000 | % | 72.407 | 362 035.00 | 0.37 |
| 0.50  % ABN AMRO Bank NV (MTN) 2021/2029 ........  | EUR | 400 000 |  | % | 80.897 | 323 588.00 | 0.33 |
| 2.375 % Accor SA (MTN) 2021/2028 .................  | EUR | 200 000 |  | % | 79.677 | 159 354.00 | 0.16 |
| 3.25  % ADLER Group SA (MTN) 2020/2025 ...........  | EUR | 700 000 |  | % | 54.952 | 384 664.00 | 0.39 |
| 1.875 % ADLER Real Estate AG (MTN) 2018/2023 ......  | EUR | 700 000 |  | % | 78.665 | 550 655.00 | 0.56 |
| 0.88  % AIA GROUP LTD 2021/2033 * ................  | EUR | 300 000 |  | % | 81.545 | 244 635.00 | 0.25 |
| 3.875 % Akelius Residential Property AB 2018/2078 *	EUR | 251 000 | 249 000 | % | 93.821 | 235 490.71 | 0.24 |
| 2020/2028	EUR | 310 000 |  | % | 83.99 | 260 369.00 | 0.26 |
| 5.25  % Albion Financing 1 SARL Via Aggreko Holdings, |  |  |  |  |  |  |  |  |
| Inc. -Reg- (MTN) 2021/2026 .................  | EUR | 370 000 |  | % | 83.703 | 309 701.10 | 0.31 |
| 2.60  % Allianz SE 2021/perpetual * ..................  | EUR | 400 000 | 400 000 | % | 68.932 | 275 728.00 | 0.28 |
| 4.252 % Allianz SE (MTN) 2022/2052 * ................  3.625 % Allied Universal Holdco LLC Via Allied Universal Finance Corp Via Atlas Luxco 4 Sarl -Reg- (MTN) 2021/2028 ...............................  | EUR EUR | 400 000 400 000 | 400 000 | % % | 95.783 76.242 | 383 132.00 304 968.00 | 0.39 0.31 |
| 3.875 % Allwyn International AS -Reg- (MTN) 2020/2027 . | EUR | 350 000 |  | % | 85.782 | 300 237.00 | 0.30 |
| 6.375 % America Movil SAB de CV 2013/2073 * ........ 1.875 % American International Group, Inc. (MTN) 2017/2027 ...............................  | EUR EUR | 570 000 590 000 |  | % % | 101.689 94.63 | 579 627.30 558 317.00 | 0.58 0.56 |
| 1.625 % American Medical Systems Europe BV (MTN) |  |  |  |  |  |  |  |  |
| 2022/2031 ...............................  | EUR | 420 000 | 420 000 | % | 86.738 | 364 299.60 | 0.37 |
| 0.875 % American Tower Corp. (MTN) 2021/2029 .......  | EUR | 420 000 |  | % | 81.439 | 342 043.80 | 0.34 |
| 0.625 % Amprion GmbH (MTN) 2021/2033 ............  | EUR | 700 000 |  | % | 70.01 | 490 070.00 | 0.49 |
| 6.00  % ams-OSRAM AG -Reg- (MTN) 2020/2025  ......  | EUR | 600 000 |  | % | 93.278 | 559 668.00 | 0.56 |
| 2.75  % Anheuser-Busch InBev SA (MTN) 2016/2036 ....  | EUR | 200 000 |  | % | 88.938 | 177 876.00 | 0.18 |
| 0.20  % ANZ New Zealand Int‘l Ltd (MTN) 2021/2027  ...  | EUR | 420 000 |  | % | 86.304 | 362 476.80 | 0.37 |
| 2.875 % Aroundtown SA (MTN) 2019/perpetual * ........  0.75 % Ascendas Real Estate Investment Trust (MTN) 2021/2028 ...............................  | EUR EUR | 140 000 460 000 |  | % % | 69.614 80.369 | 97 459.60 369 697.40 | 0.10 0.37 |
| 0.625 % ASML Holding NV (MTN) 2020/2029 ..........  | EUR | 100 000 | 100 000 | % | 87.601 | 87 601.00 | 0.09 |
| 1.50  % ASTM SpA (MTN) 2021/2030 ................  | EUR | 360 000 |  | % | 77.2 | 277 920.00 | 0.28 |
| 3.15  % AT&T, Inc. 2017/2036 ......................  | EUR | 300 000 |  | % | 92.025 | 276 075.00 | 0.28 |
| 2.875 % AT&T, Inc. 2020/perpetual * .................  | EUR | 200 000 | 200 000 | % | 87.672 | 175 344.00 | 0.18 |
| 3.75  % ATF Netherlands BV 2016/perpetual * ..........  | EUR | 200 000 |  | % | 88.008 | 176 016.00 | 0.18 |
| 1.625 % AusNet Services Holdings (MTN) 2021/2081 * ... 0.625 % AusNet Services Holdings Pty Ltd (MTN) 2020/2030 ...............................  | EUR EUR | 160 000 100 000 | 100 000 | % % | 76.07 77.101 | 121 712.00 77 101.00 | 0.12 0.08 |
| 2.625 % Avantor Funding, Inc. -Reg- (MTN) 2020/2025 ...  | EUR | 340 000 |  | % | 93.087 | 316 495.80 | 0.32 |
| 2.00  % Banco de Sabadell SA (MTN) 2020/2030 * ......  | EUR | 200 000 |  | % | 87.545 | 175 090.00 | 0.18 |
| 0.375 % Bank of Ireland Group PLC (MTN) 2021/2027 * ..  | EUR | 210 000 |  | % | 87.628 | 184 018.80 | 0.19 |
| 1.875 % Bank of Ireland Group PLC (MTN) 2022/2026 * ..  | EUR | 450 000 | 450 000 | % | 95.189 | 428 350.50 | 0.43 |
| 3.375 % Barclays PLC (MTN) 2020/2025 * .............  0.334 % Becton Dickinson Euro Finance Sarl (MTN) 2021/2028 ...............................  | EUR EUR | 360 000 350 000 |  | % % | 100.836 83.773 | 363 009.60 293 205.50 | 0.37 0.30 |
| 2.50  % BNP Paribas (MTN) 2022/2032 * ..............  | EUR | 400 000 | 400 000 | % | 91.054 | 364 216.00 | 0.37 |
| 2.10  % BNP Paribas SA (MTN) 2022/2032 ............  | EUR | 300 000 | 300 000 | % | 85.523 | 256 569.00 | 0.26 |
| 0.625 % Boston Scientific Corp. (MTN) 2019/2027  ......  | EUR | 220 000 | 220 000 | % | 88.207 | 194 055.40 | 0.20 |
| 3.25  % Bouygues SA 2022/2037  ...................  2.125 % British Telecommunications PLC (MTN) 2018/2028 ...............................  | EUR EUR | 600 000 100 000 | 600 000 100 000 | % % | 91.599 94.632 | 549 594.00 94 632.00 | 0.55 0.10 |
| 1.125 % British Telecommunications PLC (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | EUR | 130 000 | 130 000 | % | 87.259 | 113 436.70 | 0.11 |
| 1.75  % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 .........................  | EUR | 100 000 | % | 99.993 | 99 993.00 | 0.10 |
| 6.375 % Caisse Nationale de Reassurance Mutuelle |  |  |  |  |  |  |  |  |
| Agricole Groupama 2014/perpetual * ..........  | EUR | 300 000 | % | 101.054 | 303 162.00 | 0.31 |
| 2.375 % Canpack SA / Canpack US LLC -Reg- (MTN) 2020/2027 ...............................  | EUR | 200 000 |  |  | % | 79.929 | 159 858.00 | 0.16 |
| 10.125 % Carnival Corp. -Reg- (MTN) 2020/2026 .........  | EUR | 410 000 |  |  | % | 99.403 | 407 552.30 | 0.41 |
| 1.75  % Ceconomy AG (MTN) 2021/2026 .............  | EUR | 400 000 |  |  | % | 72.11 | 288 440.00 | 0.29 |
| 1.25  % Cellnex Finance Co. SA (MTN) 2021/2029 ......  | EUR | 600 000 | 400 000 |  | % | 74.657 | 447 942.00 | 0.45 |
| 1.75  % Cellnex Telecom SA (MTN) 2020/2030 .........  | EUR | 300 000 | 300 000 |  | % | 71.435 | 214 305.00 | 0.22 |
| 2.375 % CEZ AS (MTN) 2022/2027 ...................  | EUR | 470 000 | 470 000 |  | % | 94.128 | 442 401.60 | 0.45 |
| 4.00  % Chemours Co. (MTN) 2018/2026 .............  6.25 % Cirsa Finance International Sarl -Reg- (MTN) 2018/2023 ...............................  | EUR EUR | 500 000 594 419 |  |  | % % | 89.044 95.611 | 445 220.00 568 330.22 | 0.45 0.57 |
| 0.125 % Coca-Cola Co. (MTN) 2020/2029 ..............  | EUR | 300 000 | 300 000 |  | % | 84.135 | 252 405.00 | 0.25 |
| 1.00  % Cofinimmo SA (MTN) 2022/2028 .............  | EUR | 600 000 | 600 000 |  | % | 84.341 | 506 046.00 | 0.51 |
| 2.25  % Coloplast Finance BV (MTN) 2022/2027 ........  | EUR | 238 000 | 238 000 |  | % | 97.358 | 231 712.04 | 0.23 |
| 2.75  % Coloplast Finance BV (MTN) 2022/2030 ........  | EUR | 225 000 | 225 000 |  | % | 97.034 | 218 326.50 | 0.22 |
| 1.375 % Commerzbank AG (MTN) 2021/2031 * .........  | EUR | 200 000 |  | 400 000 | % | 82.01 | 164 020.00 | 0.17 |
| 3.00  % Commerzbank AG (MTN) 2022/2027 * .........  | EUR | 300 000 | 300 000 |  | % | 97.679 | 293 037.00 | 0.30 |
| 4.25  % Constellium SE -Reg- (MTN) 2017/2026 ........  | EUR | 700 000 |  |  | % | 90.881 | 636 167.00 | 0.64 |
| 3.125 % Constellium SE -Reg- (MTN) 2021/2029 ........  | EUR | 150 000 |  | 100 000 | % | 77.393 | 116 089.50 | 0.12 |

1.00  % Akelius Residential Property Financing BV (MTN)
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2.125 % Conti-Gummi Finance BV (MTN) 2020/2023 .....  | EUR | 570 000 |  | % | 100.239 | 571 362.30 | 0.58 |
| 4.25  % Credit Agricole Assurances SA 2015/perpetual * . | EUR | 300 000 |  | % | 97.533 | 292 599.00 | 0.30 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 * .........  | EUR | 300 000 |  | % | 93.385 | 280 155.00 | 0.28 |
| 1.875 % Credit Agricole SA (MTN) 2022/2027 * .........  | EUR | 400 000 | 400 000 | % | 95.558 | 382 232.00 | 0.39 |
| 3.25  % Credit Suisse Group AG (MTN) 2020/2026 * .....  | EUR | 170 000 |  | % | 97.706 | 166 100.20 | 0.17 |
| 2.875 % Credit Suisse Group AG (MTN) 2022/2032 * .....  | EUR | 180 000 | 180 000 | % | 84.195 | 151 551.00 | 0.15 |
| 1.00  % Czech Gas Networks Investments Sarl (MTN) |  |  |  |  |  |  |  |
| 2020/2027 ...............................  | EUR | 240 000 |  | % | 79.691 | 191 258.40 | 0.19 |
| 0.875 % Czech Gas Networks Investments Sarl (MTN) |  |  |  |  |  |  |  |  |
| 2021/2031 ...............................  | EUR | 260 000 |  |  | % | 63.239 | 164 421.40 | 0.17 |
| 0.375 % Danfoss Finance I BV (MTN) 2021/2028 ........  | EUR | 280 000 |  |  | % | 85.425 | 239 190.00 | 0.24 |
| 0.75  % Danfoss Finance II BV (MTN) 2021/2031 .......  | EUR | 250 000 |  |  | % | 80.38 | 200 950.00 | 0.20 |
| 1.75  % Deutsche Bank AG (MTN) 2020/2030 * ........  | EUR | 400 000 |  |  | % | 82.563 | 330 252.00 | 0.33 |
| 0.75  % Deutsche Bank AG (MTN) 2021/2027 * ........  | EUR | 300 000 |  |  | % | 88.53 | 265 590.00 | 0.27 |
| 3.25  % Deutsche Bank AG (MTN) 2022/2028 * ........  | EUR | 200 000 | 200 000 |  | % | 95.63 | 191 260.00 | 0.19 |
| 1.625 % Deutsche Lufthansa AG (MTN) 2021/2023 ......  | EUR | 200 000 |  |  | % | 96.226 | 192 452.00 | 0.19 |
| 2.875 % Deutsche Lufthansa AG (MTN) 2021/2027 ......  | EUR | 400 000 |  |  | % | 79.482 | 317 928.00 | 0.32 |
| 1.50  % Diageo Capital BV (MTN) 2022/2029 ..........  | EUR | 310 000 | 310 000 |  | % | 92.423 | 286 511.30 | 0.29 |
| 1.875 % Diageo Capital BV 2022/2034 ................  | EUR | 320 000 | 320 000 |  | % | 87.644 | 280 460.80 | 0.28 |
| 2.25  % DIC Asset AG (MTN) 2021/2026 ..............  | EUR | 500 000 | 500 000 |  | % | 67.532 | 337 660.00 | 0.34 |
| 7.00  % DKT Finance ApS -Reg- (MTN) 2018/2023 ......  | EUR | 200 000 |  |  | % | 95.337 | 190 674.00 | 0.19 |
| 2.50  % Dufry One BV (MTN) 2017/2024 ..............  | EUR | 500 000 |  |  | % | 90.984 | 454 920.00 | 0.46 |
| 0.45  % DXC Capital Funding DAC -Reg- (MTN) 2021/2027 | EUR | 770 000 |  |  | % | 83.94 | 646 338.00 | 0.65 |
| 1.75  % DXC Technology Co. (MTN) 2018/2026 ........  | EUR | 610 000 |  |  | % | 94.253 | 574 943.30 | 0.58 |
| 1.625 % E.ON SE (MTN) 2022/2031 ..................  | EUR | 220 000 | 220 000 |  | % | 87.61 | 192 742.00 | 0.19 |
| 1.875 % EDP Finance BV (MTN) 2022/2029 ............  | EUR | 300 000 | 300 000 |  | % | 91.029 | 273 087.00 | 0.28 |
| 3.50  % eircom Finance DAC (MTN) 2019/2026 ........  | EUR | 300 000 |  |  | % | 85.291 | 255 873.00 | 0.26 |
| 1.375 % Eli Lilly & Co. 2021/2061 ....................  | EUR | 490 000 |  |  | % | 55.688 | 272 871.20 | 0.28 |
| 2.75  % Elia Group SA 2018/perpetual * ...............  | EUR | 700 000 |  |  | % | 97.345 | 681 415.00 | 0.69 |
| 3.75  % Elior Group SA (MTN) 2021/2026 .............  | EUR | 340 000 |  |  | % | 78.162 | 265 750.80 | 0.27 |
| 4.125 % Elis SA (MTN) 2022/2027 ...................  | EUR | 200 000 | 200 000 |  | % | 95.223 | 190 446.00 | 0.19 |
| 6.375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ......  | EUR | 370 000 |  |  | % | 96.324 | 356 398.80 | 0.36 |
| 3.75 % ELM BV for Firmenich International SA |  |  |  |  |  |  |  |  |
| 2020/perpetual * ..........................  | EUR | 290 000 |  |  | % | 92.234 | 267 478.60 | 0.27 |
| 4.50  % ELM BV for Swiss Life Insurance & Pension Group |  |  |  |  |  |  |  |  |
| (MTN) 2016/perpetual * .....................  | EUR | 500 000 |  |  | % | 96.745 | 483 725.00 | 0.49 |
| 2.375 % ELO SACA (MTN) 2019/2025 ................  | EUR | 300 000 |  |  | % | 96.493 | 289 479.00 | 0.29 |
| 0.875 % Enel Finance International NV (MTN) 2021/2036 . | EUR | 250 000 |  |  | % | 65.506 | 163 765.00 | 0.17 |
| 1.00  % Engie SA (MTN) 2021/2036  .................  | EUR | 500 000 |  |  | % | 67.75 | 338 750.00 | 0.34 |
| 2.00  % Eni SpA 2021/perpetual * ...................  | EUR | 340 000 |  |  | % | 81.254 | 276 263.60 | 0.28 |
| 0.375 % Eni SpA (MTN) 2021/2028  ..................  | EUR | 300 000 |  | 270 000 | % | 86.759 | 260 277.00 | 0.26 |
| 2.045 % EP Infrastructure AS (MTN) 2019/2028 ........  | EUR | 450 000 |  |  | % | 67.292 | 302 814.00 | 0.31 |
| 0.25  % Equinix, Inc. (MTN) 2021/2027 ...............  | EUR | 300 000 |  |  | % | 86.542 | 259 626.00 | 0.26 |
| 0.875 % Erste Group Bank AG (MTN) 2021/2032 * .......  | EUR | 500 000 |  |  | % | 82.125 | 410 625.00 | 0.41 |
| 1.50  % Erste Group Bank AG (MTN) 2022/2026 ........  | EUR | 400 000 | 400 000 |  | % | 95.533 | 382 132.00 | 0.39 |
| 4.00  % Erste Group Bank AG (MTN) 2022/2033 * .......  | EUR | 200 000 | 200 000 |  | % | 95.281 | 190 562.00 | 0.19 |
| 1.56  % Experian Europe DAC (MTN) 2022/2031  .......  | EUR | 200 000 | 200 000 |  | % | 85.909 | 171 818.00 | 0.17 |
| 2.625 % Faurecia SE (MTN) 2018/2025 ...............  | EUR | 900 000 |  |  | % | 86.879 | 781 911.00 | 0.79 |
| 3.75  % Faurecia SE (MTN) 2020/2028 ...............  | EUR | 300 000 |  |  | % | 77.624 | 232 872.00 | 0.23 |
| 2.124 % Ferrovial Netherlands BV 2017/perpetual * ......  | EUR | 300 000 |  |  | % | 83.54 | 250 620.00 | 0.25 |
| 1.00  % Fomento Economico Mexicano SAB de CV |  |  |  |  |  |  |  |  |
| 2021/2033 ...............................  | EUR | 300 000 |  |  | % | 72.029 | 216 087.00 | 0.22 |
| 4.35  % Fortune Star BVI Ltd 2019/2023 ..............  | EUR | 230 000 |  |  | % | 78.667 | 180 934.10 | 0.18 |
| 1.875 % Fresenius SE & Co., KGaA (MTN) 2022/2025 ....  | EUR | 250 000 | 250 000 |  | % | 97.35 | 243 375.00 | 0.25 |
| 1.375 % Goodman Australia Finance Pty, Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2025 ...............................  | EUR | 491 000 |  |  | % | 93.976 | 461 422.16 | 0.47 |
| 2.625 % Graphic Packaging International LLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2029 ...............................  | EUR | 280 000 |  | % | 81.733 | 228 852.40 | 0.23 |
| 3.20  % Grifols SA -Reg- (MTN) 2017/2025 ............  | EUR | 600 000 |  | % | 91.153 | 546 918.00 | 0.55 |
| 3.625 % Gruenenthal GmbH -Reg- (MTN) 2021/2026  ....  | EUR | 180 000 |  | % | 90.727 | 163 308.60 | 0.16 |
| 1.25 % GSK Consumer Healthcare Capital NL, BV (MTN) |  |  |  |  |  |  |  |
| 2022/2026 ...............................  | EUR | 350 000 | 350 000 | % | 95.957 | 335 849.50 | 0.34 |
| 1.75 % GSK Consumer Healthcare Capital NL, BV (MTN) |  |  |  |  |  |  |  |  |
| 2022/2030 ...............................  | EUR | 280 000 | 280 000 | % | 91.351 | 255 782.80 | 0.26 |
| 1.375 % Hannover Rueck SE 2021/2042 * .............  | EUR | 300 000 |  | % | 75.344 | 226 032.00 | 0.23 |
| 2.50  % Hapag-Lloyd AG (MTN) 2021/2028 ............  | EUR | 310 000 |  | % | 85.351 | 264 588.10 | 0.27 |
| 2.125 % Heimstaden Bostad AB (MTN) 2019/2023 ......  | EUR | 107 000 |  | % | 98.17 | 105 041.90 | 0.11 |
| 0.25  % Heimstaden Bostad Treasury BV (MTN) 2021/2024 | EUR | 450 000 |  | % | 91.131 | 410 089.50 | 0.41 |
| 1.00  % Hera SpA (MTN) 2021/2034 .................  | EUR | 250 000 |  | % | 69.79 | 174 475.00 | 0.18 |
| 0.625 % Holding d‘Infrastructures de Transport SASU (MTN) |  |  |  |  |  |  |  |
| 2021/2028 ...............................  | EUR | 200 000 |  | % | 82.887 | 165 774.00 | 0.17 |
| 5.75  % HSE Finance Sarl -Reg- (MTN) 2021/2026 * .....  | EUR | 190 000 |  | % | 80.339 | 152 644.10 | 0.15 |
| 5.125 % Iliad Holding SASU -Reg- (MTN) 2021/2026 .....  | EUR | 320 000 |  | % | 89.53 | 286 496.00 | 0.29 |
| 3.75  % IMA Industria Macchine Automatiche SpA -Reg- |  |  |  |  |  |  |  |
| (MTN) 2020/2028 .........................  | EUR | 100 000 |  | % | 80.68 | 80 680.00 | 0.08 |
| 2.25  % INEOS Styrolution Group GmbH -Reg- (MTN) |  |  |  |  |  |  |  |
| 2020/2027 ...............................  | EUR | 400 000 |  | % | 77.781 | 311 124.00 | 0.31 |
| 1.25  % International Business Machines Corp. (MTN) |  |  |  |  |  |  |  |
| 2022/2034 ...............................  | EUR | 490 000 | 490 000 | % | 81.371 | 398 717.90 | 0.40 |
| 3.75  % International Consolidated Airlines Group SA |  |  |  |  |  |  |  |
| (MTN) 2021/2029 .........................  | EUR | 300 000 |  | % | 71.264 | 213 792.00 | 0.22 |
| 3.375 % Intertrust Group BV -Reg- (MTN) 2018/2025 ....  | EUR | 1 000 000 |  | % | 95.261 | 952 610.00 | 0.96 |
| 3.00  % Intrum AB -Reg- (MTN) 2019/2027 ............  | EUR | 380 000 |  | % | 77.444 | 294 287.20 | 0.30 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4.875 % Intrum AB -Reg- (MTN) 2020/2025 ............  | EUR | 450 000 |  |  | % | 91.027 | 409 621.50 | 0.41 |
| 2.875 % IQVIA, Inc. -Reg- (MTN) 2020/2028 ...........  | EUR | 340 000 |  |  | % | 85.446 | 290 516.40 | 0.29 |
| 1.00  % JAB Holdings BV (MTN) 2019/2027 ...........  | EUR | 300 000 |  |  | % | 85.42 | 256 260.00 | 0.26 |
| 0.50  % JDE Peet‘s NV (MTN) 2021/2029 .............  | EUR | 330 000 |  |  | % | 79.592 | 262 653.60 | 0.26 |
| 1.125 % JDE Peet‘s NV (MTN) 2021/2033 .............  | EUR | 112 000 |  | 208 000 | % | 71.118 | 79 652.16 | 0.08 |
| 1.963 % JPMorgan Chase & Co (MTN) 2022/2030 * .....  | EUR | 310 000 | 310 000 |  | % | 91.452 | 283 501.20 | 0.29 |
| 5.50  % Kaefer SE & Co., KG -Reg- (MTN) 2018/2024 ....  | EUR | 900 000 |  |  | % | 98.221 | 883 989.00 | 0.89 |
| 2.85  % Koninklijke FrieslandCampina NV 2020/perpetual * | EUR | 550 000 |  |  | % | 88.087 | 484 478.50 | 0.49 |
| 2.125 % Koninklijke Philips NV (MTN) 2022/2029 ........  | EUR | 340 000 | 340 000 |  | % | 93.472 | 317 804.80 | 0.32 |
| 3.75 % Kronos International, Inc. -Reg- (MTN) 2017/2025 | EUR | 500 000 |  |  | % | 89.45 | 447 250.00 | 0.45 |
| 1.00  % La Poste SA (MTN) 2019/2034 ...............  | EUR | 100 000 |  | 400 000 | % | 78.244 | 78 244.00 | 0.08 |
| 0.875 % LEG Immobilien SE (MTN) 2021/2033 .........  | EUR | 300 000 |  |  | % | 65.916 | 197 748.00 | 0.20 |
| 3.625 % Lincoln Financing Sarl -Reg- (MTN) 2019/2024 ...  | EUR | 900 000 |  |  | % | 97.03 | 873 270.00 | 0.88 |
| 1.375 % Linde PLC (MTN) 2022/2031 .................  | EUR | 500 000 | 500 000 |  | % | 87.962 | 439 810.00 | 0.44 |
| 4.00  % Lorca Telecom Bondco SA -Reg- (MTN) 2020/2027 | EUR | 400 000 |  |  | % | 83.854 | 335 416.00 | 0.34 |
| 2.375 % McDonald‘s Corp. (MTN) 2022/2029  ..........  | EUR | 620 000 | 620 000 |  | % | 95.013 | 589 080.60 | 0.59 |
| 1.125 % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 .........................  | EUR | 260 000 |  |  | % | 94.398 | 245 434.80 | 0.25 |
| 1.375 % Medtronic Global Holdings SCA 2020/2040 .....  | EUR | 100 000 |  |  | % | 70.485 | 70 485.00 | 0.07 |
| 1.25  % Mondelez International Holdings Netherlands BV |  |  |  |  |  |  |  |  |
| -Reg- 2021/2041 ..........................  | EUR | 420 000 |  |  | % | 62.668 | 263 205.60 | 0.27 |
| 3.50 % Mutuelle Assurance Des Commercants et |  |  |  |  |  |  |  |  |
| Industriels de France et Des Cadres et Sal |  |  |  |  |  |  |  |  |
| 2021/perpetual * ..........................  | EUR | 100 000 | 100 000 | 200 000 | % | 72.862 | 72 862.00 | 0.07 |
| 2.125 % National Australia Bank (MTN) 2022/2028 ......  | EUR | 340 000 | 340 000 |  | % | 96.413 | 327 804.20 | 0.33 |
| 2.949 % National Grid PLC (MTN) 2022/2030 ...........  | EUR | 280 000 | 280 000 |  | % | 95.87 | 268 436.00 | 0.27 |
| 3.375 % Naturgy Finance BV 2015/perpetual * ..........  | EUR | 700 000 |  |  | % | 93.176 | 652 232.00 | 0.66 |
| 1.043 % NatWest Group PLC (MTN) 2021/2032 * .......  | EUR | 280 000 |  |  | % | 81.551 | 228 342.80 | 0.23 |
| 2.25  % Nemak SAB de CV -Reg- (MTN) 2021/2028 .....  | EUR | 710 000 |  |  | % | 72.042 | 511 498.20 | 0.52 |
| 1.50  % Nestle Finance International Ltd (MTN) 2022/2035 | EUR | 390 000 | 390 000 |  | % | 84.806 | 330 743.40 | 0.33 |
| 3.625 % Netflix, Inc. (MTN) 2017/2027 ................  | EUR | 700 000 |  |  | % | 93.894 | 657 258.00 | 0.66 |
| 1.625 % Nexi SpA (MTN) 2021/2026 .................  | EUR | 260 000 |  |  | % | 81.697 | 212 412.20 | 0.21 |
| 2.125 % Nexi SpA (MTN) 2021/2029 .................  | EUR | 230 000 |  |  | % | 70.046 | 161 105.80 | 0.16 |
| 2.50  % Nomad Foods Bondco Plc -Reg- (MTN) 2021/2028 | EUR | 340 000 |  |  | % | 79.009 | 268 630.60 | 0.27 |
| 1.125 % Nordea Bank Abp (MTN) 2022/2027 ...........  | EUR | 260 000 | 260 000 |  | % | 92.059 | 239 353.40 | 0.24 |
| 0.905 % NorteGas Energia Distribucion SA (MTN) |  |  |  |  |  |  |  |  |
| 2021/2031 ...............................  | EUR | 200 000 |  |  | % | 77.17 | 154 340.00 | 0.16 |
| 0.082 % NTT FINANCE Corp. 2021/2025 ..............  | EUR | 220 000 |  |  | % | 93.043 | 204 694.60 | 0.21 |
| 2.375 % Orange SA (MTN) 2019/perpetual * ............  | EUR | 300 000 |  |  | % | 93.605 | 280 815.00 | 0.28 |
| 2.875 % Organon & Co. Via Organon Foreign Debt |  |  |  |  |  |  |  |  |
| Co-Issuer BV -Reg- (MTN) 2021/2028 ..........  | EUR | 340 000 |  |  | % | 84.06 | 285 804.00 | 0.29 |
| 1.75  % Orsted AS 2019/3019 * .....................  | EUR | 270 000 |  |  | % | 84.752 | 228 830.40 | 0.23 |
| 2.25  % Orsted AS (MTN) 2022/2028  ................  | EUR | 350 000 | 350 000 |  | % | 98.104 | 343 364.00 | 0.35 |
| 3.75  % Playtech Plc (MTN) 2018/2023 ...............  | EUR | 300 000 |  |  | % | 98.362 | 295 086.00 | 0.30 |
| 0.50  % POSCO Holdings, Inc. -Reg- 2020/2024 ........  | EUR | 250 000 |  |  | % | 98.054 | 245 135.00 | 0.25 |
| 3.25  % PPF Telecom Group BV (MTN) 2020/2027 ......  | EUR | 470 000 |  |  | % | 87.812 | 412 716.40 | 0.42 |
| 2.75  % PPG Industries, Inc. (MTN) 2022/2029 .........  | EUR | 410 000 | 410 000 |  | % | 95.696 | 392 353.60 | 0.40 |
| 0.90  % Procter & Gamble Co. 2021/2041 .............  | EUR | 200 000 | 300 000 | 100 000 | % | 65.917 | 131 834.00 | 0.13 |
| 1.539 % Prosus NV -Reg- (MTN) 2020/2028 ............  | EUR | 450 000 |  |  | % | 79.288 | 356 796.00 | 0.36 |
| 1.207 % Prosus NV -Reg- 2022/2026 .................  | EUR | 270 000 | 270 000 |  | % | 87.201 | 235 442.70 | 0.24 |
| 6.00  % PSA Tresorerie GIE 2003/2033 ...............  | EUR | 140 000 | 140 000 |  | % | 109.389 | 153 144.60 | 0.15 |
| 1.50  % Raiffeisen Bank International AG (MTN) |  |  |  |  |  |  |  |  |
| 2019/2030 * ..............................  | EUR | 500 000 | 500 000 |  | % | 82.799 | 413 995.00 | 0.42 |
| 2.875 % Raiffeisen Bank International AG 2020/2032 * ...  | EUR | 500 000 |  |  | % | 79.396 | 396 980.00 | 0.40 |
| 2.50  % RCS & RDS SA -Reg- (MTN) 2020/2025 ........  | EUR | 300 000 |  |  | % | 88.297 | 264 891.00 | 0.27 |
| 3.875 % Rentokil Initial Finance BV (MTN) 2022/2027 ....  | EUR | 470 000 | 470 000 |  | % | 101.71 | 478 037.00 | 0.48 |
| 4.375 % Rentokil Initial Finance BV (MTN) 2022/2030 ....  | EUR | 350 000 | 350 000 |  | % | 102.917 | 360 209.50 | 0.36 |
| 2.125 % Rexel SA (MTN) 2021/2028  .................  | EUR | 190 000 |  |  | % | 79.185 | 150 451.50 | 0.15 |
| 2.125 % Rexel SA (MTN) 2021/2028  .................  | EUR | 460 000 |  |  | % | 77.768 | 357 732.80 | 0.36 |
| 0.875 % Ryanair DAC (MTN) 2021/2026 ...............  | EUR | 330 000 |  |  | % | 89.129 | 294 125.70 | 0.30 |
| 3.375 % Saipem Finance International BV (MTN) 2020/2026 | EUR | 450 000 |  |  | % | 79.387 | 357 241.50 | 0.36 |
| 1.125 % Samhallsbyggnadsbolaget i Norden AB (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | EUR | 380 000 |  |  | % | 67.218 | 255 428.40 | 0.26 |
| 2.125 % Sandvik AB (MTN) 2022/2027 ................  | EUR | 400 000 | 400 000 |  | % | 97.314 | 389 256.00 | 0.39 |
| 1.125 % SBB Treasury Oyj (MTN) 2021/2029 ...........  | EUR | 370 000 |  |  | % | 60.238 | 222 880.60 | 0.22 |
| 2.25  % Scania CV AB (MTN) 2020/2025 ..............  | EUR | 410 000 |  |  | % | 98.455 | 403 665.50 | 0.41 |
| 5.375 % Schenck Process Holding GmbH/Darmstadt -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2023 .........................  | EUR | 700 000 |  |  | % | 96.523 | 675 661.00 | 0.68 |
| 2.25  % Seche Environnement SA (MTN) 2021/2028 ....  | EUR | 360 000 |  |  | % | 79.55 | 286 380.00 | 0.29 |
| 1.25  % Segro Capital Sarl (MTN) 2022/2026 ...........  | EUR | 320 000 | 320 000 |  | % | 93.115 | 297 968.00 | 0.30 |
| 3.50  % SES SA (MTN) 2022/2029 ..................  | EUR | 480 000 | 480 000 |  | % | 97.734 | 469 123.20 | 0.47 |
| 4.625 % SGL Carbon SE (MTN) 2019/2024  ............  | EUR | 700 000 |  |  | % | 95.649 | 669 543.00 | 0.68 |
| 2.00  % Signify NV 2020/2024 ......................  | EUR | 310 000 |  |  | % | 98.423 | 305 111.30 | 0.31 |
| 1.75  % Skandinaviska Enskilda Banken AB (MTN) |  |  |  |  |  |  |  |  |
| 2022/2026 ...............................  | EUR | 830 000 | 830 000 |  | % | 97.113 | 806 037.90 | 0.81 |
| 1.50  % Smurfit Kappa Treasury ULC (MTN) 2019/2027 ..  | EUR | 330 000 |  |  | % | 89.386 | 294 973.80 | 0.30 |
| 1.00  % Societe Generale SA (MTN) 2020/2030 * .......  | EUR | 200 000 |  |  | % | 87.543 | 175 086.00 | 0.18 |
| 0.50  % Societe Generale SA (MTN) 2021/2029 * .......  | EUR | 400 000 |  |  | % | 82.435 | 329 740.00 | 0.33 |
| 5.00  % SoftBank Group Corp. (MTN) 2018/2028 .......  | EUR | 400 000 |  |  | % | 79.845 | 319 380.00 | 0.32 |
| 2.125 % SoftBank Group Corp. 2021/2024 .............  | EUR | 500 000 |  |  | % | 90.12 | 450 600.00 | 0.45 |
| 1.875 % Southern Co. 2021/2081 * ...................  | EUR | 630 000 |  |  | % | 68.62 | 432 306.00 | 0.44 |
| 2.00  % SPCM SA -Reg- (MTN) 2020/2026 ............  | EUR | 390 000 |  |  | % | 90.959 | 354 740.10 | 0.36 |
| 4.00  % SSE PLC 2022/perpetual * ...................  | EUR | 520 000 | 520 000 |  | % | 86.594 | 450 288.80 | 0.45 |

| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency | amount | in the reporting period |  | EUR |
| 1.375 % State Grid Overseas Investment BVI Ltd -Reg- (MTN) 2018/2025	EUR | 700 000 |  | % | 96.042	672 294.00	0.68 |
| 2.375 % Stedin Holding NV (MTN) 2022/2030 ..........  | EUR | 240 000 | 240 000 |  | % | 93.912 | 225 388.80 | 0.23 |
| 3.75  % Stellantis NV (MTN) 2016/2024 ...............  | EUR | 800 000 |  | 300 000 | % | 101.497 | 811 976.00 | 0.82 |
| 3.875 % Stellantis NV (MTN) 2020/2026 ...............  | EUR | 320 000 |  |  | % | 101.042 | 323 334.40 | 0.33 |
| 2.375 % Suez SACA (MTN) 2022/2030 ................  | EUR | 600 000 | 600 000 |  | % | 92.167 | 553 002.00 | 0.56 |
| 3.875 % Synthomer PLC -Reg- (MTN) 2020/2025  .......  | EUR | 600 000 | 260 000 |  | % | 91.076 | 546 456.00 | 0.55 |
| 3.00  % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2030 | EUR | 140 000 |  |  | % | 97.8 | 136 920.00 | 0.14 |
| 2.125 % Tele2 AB (MTN) 2018/2028  .................  | EUR | 350 000 |  |  | % | 96.255 | 336 892.50 | 0.34 |
| 7.75  % Telecom Italia Finance SA (MTN) 2003/2033 ....  3.50 % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ...............................  | EUR EUR | 500 000 700 000 | 500 000 |  | % % | 103.995 85.562 | 519 975.00 598 934.00 | 0.52 0.60 |
| 3.75  % Teleperformance (MTN) 2022/2029 ...........  | EUR | 400 000 | 400 000 |  | % | 101.533 | 406 132.00 | 0.41 |
| 2.125 % TenneT Holding BV (MTN) 2022/2029 .........  | EUR | 370 000 | 370 000 |  | % | 95.764 | 354 326.80 | 0.36 |
| 2.75  % TenneT Holding BV (MTN) 2022/2042 .........  | EUR | 200 000 | 390 000 | 190 000 | % | 89.452 | 178 904.00 | 0.18 |
| 0.875 % Terega SA (MTN) 2020/2030 ................  3.75 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2021/2027 .........................  | EUR EUR | 300 000 450 000 |  |  | % % | 75.255 84.916 | 225 765.00 382 122.00 | 0.23 0.39 |
| 4.375 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 .........................  | EUR | 350 000 | 350 000 | % | 79.923 | 279 730.50 | 0.28 |
| 1.875 % thyssenkrupp AG (MTN) 2019/2023 ...........  | EUR | 1 000 000 | 590 000 | % | 97.703 | 977 030.00 | 0.99 |
| 1.952 % Toronto-Dominion Bank/The (MTN) 2022/2030 ..  | EUR | 520 000 | 520 000 | % | 90.705 | 471 666.00 | 0.48 |
| 2.625 % TotalEnergies SE (MTN) 2015/perpetual * .......  | EUR | 531 000 |  | % | 93.382 | 495 858.42 | 0.50 |
| 2.00  % TotalEnergies SE 2020/perpetual * ............  | EUR | 400 000 |  | % | 73.658 | 294 632.00 | 0.30 |
| 0.875 % UBS Group AG (MTN) 2021/2031 .............  | EUR | 460 000 |  | % | 77.907 | 358 372.20 | 0.36 |
| 2.50  % UGI International LLC -Reg- (MTN) 2021/2029 ...  | EUR | 500 000 | 500 000 | % | 74.816 | 374 080.00 | 0.38 |
| 2.875 % Unibail-Rodamco-Westfield SE 2018/perpetual * . | EUR | 400 000 |  | % | 70.09 | 280 360.00 | 0.28 |
| 6.95  % UniCredit SpA (MTN) 2012/2022  .............  | EUR | 700 000 |  | % | 101.7 | 711 900.00 | 0.72 |
| 1.25  % UniCredit SpA (MTN) 2019/2025 * ............  | EUR | 250 000 |  | % | 96.769 | 241 922.50 | 0.24 |
| 2.25  % UPM-Kymmene Oyj (MTN) 2022/2029 .........  | EUR | 450 000 | 450 000 | % | 93.323 | 419 953.50 | 0.42 |
| 1.625 % Verallia SA (MTN) 2021/2028 ................  | EUR | 300 000 |  | % | 82.453 | 247 359.00 | 0.25 |
| 0.375 % Verizon Communications, Inc. (MTN) 2021/2029 . 1.50  % Vestas Wind Systems Finance BV (MTN) 2022/2029 ...............................  | EUR EUR | 360 000 340 000 | 340 000 | % % | 84.942 90.843 | 305 791.20 308 866.20 | 0.31 0.31 |
| 0.75  % Vesteda Finance BV (MTN) 2021/2031 .........  5.25 % Via Celere Desarrollos Inmobiliarios SA -Reg- (MTN) 2021/2026 .........................  | EUR EUR | 360 000 200 000 |  | % % | 76.545 86.392 | 275 562.00 172 784.00 | 0.28 0.17 |
| 3.625 % Victoria PLC (MTN) 2021/2026 ...............  | EUR | 220 000 |  | % | 78.086 | 171 789.20 | 0.17 |
| 2.00  % Visa, Inc. (MTN) 2022/2029 ..................  | EUR | 450 000 | 450 000 | % | 96.453 | 434 038.50 | 0.44 |
| 2.375 % Visa, Inc. 2022/2034 .......................  | EUR | 350 000 | 350 000 | % | 94.014 | 329 049.00 | 0.33 |
| 1.00  % Viterra Finance BV (MTN) 2021/2028 ..........  | EUR | 430 000 |  | % | 80.709 | 347 048.70 | 0.35 |
| 3.00  % Vivion Investments Sarl (MTN) 2019/2024 ......  | EUR | 300 000 |  | % | 86.667 | 260 001.00 | 0.26 |
| 3.25  % Vmed O2 UK Financing I PLC -Reg- 2020/2031 ..  | EUR | 300 000 |  | % | 77.4 | 232 200.00 | 0.23 |
| 3.10  % Vodafone Group PLC 2018/2079 * ............  3.50 % Volkswagen International Finance NV 2020/perpetual * ..........................  | EUR EUR | 200 000 400 000 | 200 000 | % % | 95.738 90.839 | 191 476.00 363 356.00 | 0.19 0.37 |
| 3.748 % Volkswagen International Finance NV 2022/perpetual * ..........................  | EUR | 200 000 | 200 000 |  | % | 85.434 | 170 868.00 | 0.17 |
| 3.125 % Volkswagen International Finance NV 2022/2025 | EUR | 500 000 | 500 000 |  | % | 101.123 | 505 615.00 | 0.51 |
| 0.375 % Volkswagen Leasing GmbH (MTN) 2021/2026 ...  | EUR | 430 000 |  |  | % | 89.138 | 383 293.40 | 0.39 |
| 4.25  % Volvo Car AB (MTN) 2022/2028 ..............  | EUR | 450 000 | 450 000 |  | % | 93.691 | 421 609.50 | 0.43 |
| 0.375 % Vonovia SE (MTN) 2021/2027 ................  | EUR | 300 000 |  |  | % | 84.165 | 252 495.00 | 0.25 |
| 5.875 % Webuild SpA (MTN) 2020/2025 ..............  | EUR | 380 000 |  |  | % | 91.623 | 348 167.40 | 0.35 |
| 3.875 % Webuild SpA 2022/2026 ....................  2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2027 ...............................  | EUR EUR | 810 000 140 000 | 810 000 | 200 000 | % % | 82.951 76.898 | 671 903.10 107 657.20 | 0.68 0.11 |
| 0.427 % Westpac Securities NZ/London (MTN) 2021/2026 | EUR | 270 000 |  |  | % | 90.366 | 243 988.20 | 0.25 |
| 2.75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 . | EUR | 350 000 |  |  | % | 84.887 | 297 104.50 | 0.30 |
| 2.125 % Wurth Finance International BV (MTN) 2022/2030 | EUR | 530 000 | 530 000 |  | % | 93.909 | 497 717.70 | 0.50 |
| 2.75  % ZF Finance GmbH (MTN) 2020/2027 ..........  | EUR | 200 000 |  |  | % | 79.226 | 158 452.00 | 0.16 |
| 2.00  % ZF Finance GmbH (MTN) 2021/2027 ..........  | EUR | 400 000 | 200 000 |  | % | 77.397 | 309 588.00 | 0.31 |
| 2.25  % ZF Finance GmbH (MTN) 2021/2028 ..........  | EUR | 200 000 |  |  | % | 73.796 | 147 592.00 | 0.15 |
| 1.164 % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 . | EUR | 300 000 |  |  | % | 87.71 | 263 130.00 | 0.27 |
| 2.02  % Zuercher Kantonalbank (MTN) 2022/2028 * .....  | EUR | 510 000 | 510 000 |  | % | 96.355 | 491 410.50 | 0.50 |
| 3.375 % Abertis Infraestructuras SA (MTN) 2019/2026 ...  | GBP | 200 000 | 200 000 |  | % | 94.44 | 220 542.96 | 0.22 |
| 3.25  % Bellis Acquisition Co. PLC -Reg- (MTN) 2021/2026 | GBP | 210 000 |  |  | % | 78.039 | 191 354.30 | 0.19 |
| 4.50  % Bellis Acquisition Co., PLC -Reg- (MTN) 2021/2026 | GBP | 490 000 |  |  | % | 80.588 | 461 077.24 | 0.47 |
| 2.00  % BNP Paribas SA (MTN) 2021/2031 * ...........  | GBP | 200 000 |  | 200 000 | % | 87.017 | 203 208.25 | 0.20 |
| 6.00  % Electricite de France SA (MTN) 2013/perpetual * . | GBP | 500 000 |  |  | % | 88.503 | 516 696.15 | 0.52 |
| 1.985 % Lloyds Banking Group Plc (MTN) 2021/2031 * ...  | GBP | 190 000 |  | 100 000 | % | 85.736 | 190 205.93 | 0.19 |
| 1.625 % Nordea Bank Abp (MTN) 2021/2032 * ..........  | GBP | 400 000 |  |  | % | 83.22 | 388 682.45 | 0.39 |
| 3.50  % Premier Foods Finance PLC (MTN) 2021/2026  ..  | GBP | 370 000 |  |  | % | 87.479 | 377 931.21 | 0.38 |
| 3.20  % AbbVie, Inc. (MTN) 2020/2029 ...............  | USD | 380 000 |  |  | % | 91.953 | 335 482.28 | 0.34 |
| 2.25  % Astrazeneca Finance LLC (MTN) 2021/2031  ....  | USD | 110 000 |  |  | % | 86.853 | 91 727.09 | 0.09 |
| 3.091 % Credit Suisse Group AG -Reg- 2021/2032 * .....  | USD | 280 000 |  |  | % | 80.045 | 215 185.17 | 0.22 |
| 3.742 % Deutsche Bank AG/New York NY 2022/2033 * ...  8.75 % Deutsche Telekom International Finance BV 2000/2030 ...............................  | USD USD | 200 000 400 000 | 700 000 | 500 000 | % % | 74.051 123.685 | 142 193.92 475 003.83 | 0.14 0.48 |
| 5.25  % Electricite de France SA -Reg- 2013/perpetual * ..  | USD | 500 000 | 500 000 |  | % | 94.262 | 452 508.50 | 0.46 |
| 5.625 % Electricite de France SA -Reg- 2014/perpetual * ..  | USD | 300 000 |  |  | % | 92 | 264 989.81 | 0.27 |
| 2.95  % Expedia Group, Inc. (MTN) 2021/2031 .........  | USD | 215 000 |  |  | % | 79.934 | 165 002.34 | 0.17 |
| 2.65  % HP, Inc. (MTN) 2022/2031 ..................  2.65 % NXP BV Via NXP Funding LLC Via NXP USA, Inc. (MTN) 2022/2032 .........................  | USD USD | 400 000 370 000 | 400 000 370 000 |  | % % | 80.119 82.139 | 307 691.57 291 790.55 | 0.31 0.29 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 826 803.54 | 0.84 |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 1.80 % 7-Eleven, Inc. -144A- (MTN) 2021/2031	USD | 455 000 |  | % | 78.132 | 341 318.97 | 0.35 |
| (MTN) 2022/2032	USD | 340 000 | 340 000 | % | 92.333 | 301 408.82 | 0.30 |
| 2021/2031	USD | 240 000 |  | % | 79.885 | 184 075.75 | 0.19 |
| Investment fund units |  |  |  |  | 7 660 431.92 | 7.73 |
| DWS Invest SICAV - DWS Invest Financial Hybrid Bonds -FD- EUR - (0.600%)	Units | 32 800 | 25 300 | EUR | 88.91 | 2 916 248.00 | 2.94 |
| DWS Invest SICAV - Invest Short Duration Credit -IC- EUR - (0.250%) ....................................  | Units | 49 398 | 46 830 | EUR | 96.04 | 4 744 183.92 | 4.79 |
| Total securities portfolio |  |  |  |  |  | 98 474 281.32 | 99.38 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  | -46 634.29 | -0.05 |
| Interest rate futures Euro Buxl Futures 09/2022 (MS) .......................  | Count | -6 | 6 |  |  | 44 100.00 | 0.04 |
| Euro SCHATZ Futures 09/2022 (MS) ....................  | Count | -250 | 250 |  |  | -261 250.00 | -0.26 |
| Germany Federal Republic Bonds 5 year 09/2022 (MS) .....  | Count | -119 | 119 |  |  | 58 310.00 | 0.06 |
| Germany Federal Republic Notes 10 year 09/2022 (MS) ....  | Count | -135 | 135 |  |  | 15 570.00 | 0.01 |
| UK Treasury Notes 09/2022 (MS) ......................  | Count | -8 | 8 |  |  | 40 446.89 | 0.04 |
| US Treasury Notes 10 year Futures 09/2022 (MS) .........  | Count | -3 | 3 |  |  | 8 033.40 | 0.01 |
| US Treasury Notes 30 year Futures 09/2022 (MS) .........  | Count | -15 | 15 |  |  | 48 155.42 | 0.05 |
| Currency derivatives Receivables/payables |  |  |  |  |  | -82 461.28 | -0.08 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |
| Open positions EUR/GBP 2.3 million ................................  |  |  |  |  |  | -20 146.88 | -0.02 |
| EUR/USD 3.8 million ................................  |  |  |  |  |  | -62 314.40 | -0.06 |
| Other assets |  |  |  |  |  | 847 234.25 | 0.85 |
| Interest receivable .................................  |  |  |  |  |  | 846 491.46 | 0.85 |
| Other receivables ..................................  |  |  |  |  |  | 742.79 | 0.00 |
| Receivables from share certificate transactions |  |  |  |  |  | 112 701.84 | 0.11 |
| Total assets ** |  |  |  |  |  | 99 648 833.12 | 100.55 |
| Short-term liabilities |  |  |  |  |  | -90 601.55 | -0.09 |
| EUR loans ........................................  | EUR |  |  |  |  | -50 638.58 | -0.05 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | -3 632 |  |  |  | -4 241.25 | 0.00 |
| U.S. dollar ........................................  | USD | -37 206 |  |  |  | -35 721.72 | -0.04 |
| Other liabilities |  |  |  |  |  | -123 415.29 | -0.12 |
| Liabilities from cost items ...........................  |  |  |  |  |  | -123 415.29 | -0.12 |
| Total liabilities |  |  |  |  |  | -557 728.12 | -0.55 |
| Net assets |  |  |  |  |  | 99 091 105.00 | 100.00 |

3.625 % GSK Consumer Healthcare Capital US LLC -144A- 2.691 % Stellantis Finance US, Inc. -144A- (MTN)
Non-group fund units
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 | 95.28 |
| Number of shares outstanding Class FC .........................................  | Count | 1 039 995.667 |

Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.603 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 3.926 |
| Average market risk exposure.........................  | % | 2.160 |

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 absolute value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.4, 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 58 329 896.22 as of the reporting date.
 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for forward currency transactions
State Street Bank International GmbH.
 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.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnotes	
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest Credit Opportunities
DWS INVEST CREDIT OPPORTUNITIES

### Wertentwicklung der Anteilklasse (in EUR)

#### Anteilklasse	ISIN	6 Monate

##### Klasse FC	LU1968688876	-11,6%
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 Credit Opportunities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 90 427 345,10 | 91,26 |
| Zentralregierungen | 386 504,30 | 0,39 |
| Summe Anleihen | 90 813 849,40 | 91,65 |
| 2. Investmentanteile Rentenfonds | 7 660 431,92 | 7,73 |
| Summe Investmentanteile | 7 660 431,92 | 7,73 |
| 3. Derivate | -129 095,57 | -0,13 |
| 4. Sonstige Vermögensgegenstände | 847 234,25 | 0,85 |
| 5. Forderungen aus Anteilscheingeschäften | 112 701,84 | 0,11 |
| II. Verbindlichkeiten |  |  |
| 1. Kurzfristige Verbindlichkeiten | -90 601,55 | -0,09 |
| 2. Sonstige Verbindlichkeiten | -123 415,29 | -0,12 |
| III. Fondsvermögen | 99 091 105,00 | 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	EUR	vermögen |

Börsengehandelte Wertpapiere	89 987 045,86	90,81
Verzinsliche Wertpapiere
| 1,50 | % A2A SpA (MTN) 2022/2028  ................  | EUR | 270 000 | 270 000 |  | % | 89,67 | 242 109,00 | 0,24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2,625 | % Abertis Infraestructuras Finance BV 2021/ |  |  |  |  |  |  |  |  |
|  | perpetual * .............................  | EUR | 500 000 | 500 000 |  | % | 72,407 | 362 035,00 | 0,37 |
| 0,50 | % ABN AMRO Bank NV (MTN) 2021/2029  ......  | EUR | 400 000 |  |  | % | 80,897 | 323 588,00 | 0,33 |
| 2,375 | % Accor SA (MTN) 2021/2028 ................  | EUR | 200 000 |  |  | % | 79,677 | 159 354,00 | 0,16 |
| 3,25 | % ADLER Group SA (MTN) 2020/2025  .........  | EUR | 700 000 |  |  | % | 54,952 | 384 664,00 | 0,39 |
| 1,875 | % ADLER Real Estate AG (MTN) 2018/2023 .....  | EUR | 700 000 |  |  | % | 78,665 | 550 655,00 | 0,56 |
| 0,88 | % AIA GROUP LTD 2021/2033 * ..............  | EUR | 300 000 |  |  | % | 81,545 | 244 635,00 | 0,25 |
| 3,875 | % Akelius Residential Property AB 2018/2078 *  ..  | EUR | 251 000 |  | 249 000 | % | 93,821 | 235 490,71 | 0,24 |
| 1,00 | % Akelius Residential Property Financing BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2028  .............................  | EUR | 310 000 |  |  | % | 83,99 | 260 369,00 | 0,26 |
| 5,25 | % Albion Financing 1 SARL Via Aggreko Holdings, |  |  |  |  |  |  |  |  |
|  | Inc. -Reg- (MTN) 2021/2026  ...............  | EUR | 370 000 |  |  | % | 83,703 | 309 701,10 | 0,31 |
| 2,60 | % Allianz SE 2021/perpetual * ................  | EUR | 400 000 | 400 000 |  | % | 68,932 | 275 728,00 | 0,28 |
| 4,252 | % Allianz SE (MTN) 2022/2052 * ..............  | EUR | 400 000 | 400 000 |  | % | 95,783 | 383 132,00 | 0,39 |
| 3,625 | % Allied Universal Holdco LLC Via Allied Universal |  |  |  |  |  |  |  |  |
|  | Finance Corp Via Atlas Luxco 4 Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2028  .............................  | EUR | 400 000 |  |  | % | 76,242 | 304 968,00 | 0,31 |
| 3,875 | % Allwyn International AS -Reg- (MTN) 2020/2027 | EUR | 350 000 |  |  | % | 85,782 | 300 237,00 | 0,30 |
| 6,375 | % America Movil SAB de CV 2013/2073 * .......  | EUR | 570 000 |  |  | % | 101,689 | 579 627,30 | 0,58 |
| 1,875 | % American International Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2027  .............................  | EUR | 590 000 |  |  | % | 94,63 | 558 317,00 | 0,56 |
| 1,625 | % American Medical Systems Europe BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2031  .............................  | EUR | 420 000 | 420 000 |  | % | 86,738 | 364 299,60 | 0,37 |
| 0,875 | % American Tower Corp. (MTN) 2021/2029  .....  | EUR | 420 000 |  |  | % | 81,439 | 342 043,80 | 0,34 |
| 0,625 | % Amprion GmbH (MTN) 2021/2033 ...........  | EUR | 700 000 |  |  | % | 70,01 | 490 070,00 | 0,49 |
| 6,00 | % ams-OSRAM AG -Reg- (MTN) 2020/2025  .....  | EUR | 600 000 |  |  | % | 93,278 | 559 668,00 | 0,56 |
| 2,75 | % Anheuser-Busch InBev SA (MTN) 2016/2036  ..  | EUR | 200 000 |  |  | % | 88,938 | 177 876,00 | 0,18 |
| 0,20 | % ANZ New Zealand Int‘l Ltd (MTN) 2021/2027  ..  | EUR | 420 000 |  |  | % | 86,304 | 362 476,80 | 0,37 |
| 2,875 | % Aroundtown SA (MTN) 2019/perpetual * ......  | EUR | 140 000 |  |  | % | 69,614 | 97 459,60 | 0,10 |
| 0,75 | % Ascendas Real Estate Investment Trust (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2028  .............................  | EUR | 460 000 |  |  | % | 80,369 | 369 697,40 | 0,37 |
| 0,625 | % ASML Holding NV (MTN) 2020/2029 .........  | EUR | 100 000 | 100 000 |  | % | 87,601 | 87 601,00 | 0,09 |
| 1,50 | % ASTM SpA (MTN) 2021/2030  ..............  | EUR | 360 000 |  |  | % | 77,2 | 277 920,00 | 0,28 |
| 3,15 | % AT&T, Inc. 2017/2036  ....................  | EUR | 300 000 |  |  | % | 92,025 | 276 075,00 | 0,28 |
| 2,875 | % AT&T, Inc. 2020/perpetual * ................  | EUR | 200 000 | 200 000 |  | % | 87,672 | 175 344,00 | 0,18 |
| 3,75 | % ATF Netherlands BV 2016/perpetual * ........  | EUR | 200 000 |  |  | % | 88,008 | 176 016,00 | 0,18 |
| 1,625 | % AusNet Services Holdings (MTN) 2021/2081 *  . | EUR | 160 000 |  |  | % | 76,07 | 121 712,00 | 0,12 |
| 0,625 | % AusNet Services Holdings Pty Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2030  .............................  | EUR | 100 000 | 100 000 |  | % | 77,101 | 77 101,00 | 0,08 |
| 2,625 | % Avantor Funding, Inc. -Reg- (MTN) 2020/2025  . | EUR | 340 000 |  |  | % | 93,087 | 316 495,80 | 0,32 |
| 2,00 | % Banco de Sabadell SA (MTN) 2020/2030 *  ....  | EUR | 200 000 |  |  | % | 87,545 | 175 090,00 | 0,18 |
| 0,375 | % Bank of Ireland Group PLC (MTN) 2021/2027 * . | EUR | 210 000 |  |  | % | 87,628 | 184 018,80 | 0,19 |
| 1,875 | % Bank of Ireland Group PLC (MTN) 2022/2026 * . | EUR | 450 000 | 450 000 |  | % | 95,189 | 428 350,50 | 0,43 |
| 3,375 | % Barclays PLC (MTN) 2020/2025 * ............  | EUR | 360 000 |  |  | % | 100,836 | 363 009,60 | 0,37 |
| 0,334 | % Becton Dickinson Euro Finance Sarl (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2028  .............................  | EUR | 350 000 |  |  | % | 83,773 | 293 205,50 | 0,30 |
| 2,50 | % BNP Paribas (MTN) 2022/2032 * ............  | EUR | 400 000 | 400 000 |  | % | 91,054 | 364 216,00 | 0,37 |
| 2,10 | % BNP Paribas SA (MTN) 2022/2032  ..........  | EUR | 300 000 | 300 000 |  | % | 85,523 | 256 569,00 | 0,26 |
| 0,625 | % Boston Scientific Corp. (MTN) 2019/2027 .....  | EUR | 220 000 | 220 000 |  | % | 88,207 | 194 055,40 | 0,20 |
| 3,25 | % Bouygues SA 2022/2037  ..................  | EUR | 600 000 | 600 000 |  | % | 91,599 | 549 594,00 | 0,55 |
| 2,125 | % British Telecommunications PLC (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2028  .............................  | EUR | 100 000 | 100 000 |  | % | 94,632 | 94 632,00 | 0,10 |
| 1,125 | % British Telecommunications PLC (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2029  .............................  | EUR | 130 000 | 130 000 |  | % | 87,259 | 113 436,70 | 0,11 |
| 1,75 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |  |  |  |  |
|  | (MTN) 2012/2022 ........................  | EUR | 100 000 |  |  | % | 99,993 | 99 993,00 | 0,10 |
| 6,375 | % Caisse Nationale de Reassurance Mutuelle |  |  |  |  |  |  |  |  |
|  | Agricole Groupama 2014/perpetual * .........  | EUR | 300 000 |  |  | % | 101,054 | 303 162,00 | 0,31 |
| 2,375 | % Canpack SA / Canpack US LLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2027  .............................  | EUR | 200 000 |  |  | % | 79,929 | 159 858,00 | 0,16 |
| 10,125 | % Carnival Corp. -Reg- (MTN) 2020/2026  .......  | EUR | 410 000 |  |  | % | 99,403 | 407 552,30 | 0,41 |
| 1,75 | % Ceconomy AG (MTN) 2021/2026  ...........  | EUR | 400 000 |  |  | % | 72,11 | 288 440,00 | 0,29 |
| 1,25 | % Cellnex Finance Co. SA (MTN) 2021/2029  ....  | EUR | 600 000 | 400 000 |  | % | 74,657 | 447 942,00 | 0,45 |
| 1,75 | % Cellnex Telecom SA (MTN) 2020/2030  .......  | EUR | 300 000 | 300 000 |  | % | 71,435 | 214 305,00 | 0,22 |
| 2,375 | % CEZ AS (MTN) 2022/2027  .................  | EUR | 470 000 | 470 000 |  | % | 94,128 | 442 401,60 | 0,45 |
| 4,00 | % Chemours Co. (MTN) 2018/2026 ............  | EUR | 500 000 |  |  | % | 89,044 | 445 220,00 | 0,45 |
| 6,25 | % Cirsa Finance International Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2023  .............................  | EUR | 594 419 |  |  | % | 95,611 | 568 330,22 | 0,57 |
| 0,125 | % Coca-Cola Co. (MTN) 2020/2029 ............  | EUR | 300 000 | 300 000 |  | % | 84,135 | 252 405,00 | 0,25 |
| 1,00 | % Cofinimmo SA (MTN) 2022/2028  ...........  | EUR | 600 000 | 600 000 |  | % | 84,341 | 506 046,00 | 0,51 |
| 2,25 | % Coloplast Finance BV (MTN) 2022/2027  ......  | EUR | 238 000 | 238 000 |  | % | 97,358 | 231 712,04 | 0,23 |
| 2,75 | % Coloplast Finance BV (MTN) 2022/2030  ......  | EUR | 225 000 | 225 000 |  | % | 97,034 | 218 326,50 | 0,22 |
| 1,375 | % Commerzbank AG (MTN) 2021/2031 *  .......  | EUR | 200 000 |  | 400 000 | % | 82,01 | 164 020,00 | 0,17 |
| 3,00 | % Commerzbank AG (MTN) 2022/2027 *  .......  | EUR | 300 000 | 300 000 |  | % | 97,679 | 293 037,00 | 0,30 |
| 4,25 | % Constellium SE -Reg- (MTN) 2017/2026  ......  | EUR | 700 000 |  |  | % | 90,881 | 636 167,00 | 0,64 |
| 3,125 | % Constellium SE -Reg- (MTN) 2021/2029  ......  | EUR | 150 000 |  | 100 000 | % | 77,393 | 116 089,50 | 0,12 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 2,125 | % Conti-Gummi Finance BV (MTN) 2020/2023  ...  | EUR | 570 000 |  |  | % | 100,239 | 571 362,30 | 0,58 |
| 4,25 | % Credit Agricole Assurances SA 2015/perpetual * | EUR | 300 000 |  |  | % | 97,533 | 292 599,00 | 0,30 |
| 1,625 | % Credit Agricole SA (MTN) 2020/2030 *  .......  | EUR | 300 000 |  |  | % | 93,385 | 280 155,00 | 0,28 |
| 1,875 | % Credit Agricole SA (MTN) 2022/2027 *  .......  | EUR | 400 000 | 400 000 |  | % | 95,558 | 382 232,00 | 0,39 |
| 3,25 | % Credit Suisse Group AG (MTN) 2020/2026 * ...  | EUR | 170 000 |  |  | % | 97,706 | 166 100,20 | 0,17 |
| 2,875 | % Credit Suisse Group AG (MTN) 2022/2032 * ...  | EUR | 180 000 | 180 000 |  | % | 84,195 | 151 551,00 | 0,15 |
| 1,00 | % Czech Gas Networks Investments Sarl (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2027  .............................  | EUR | 240 000 |  |  | % | 79,691 | 191 258,40 | 0,19 |
| 0,875 | % Czech Gas Networks Investments Sarl (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2031  .............................  | EUR | 260 000 |  |  | % | 63,239 | 164 421,40 | 0,17 |
| 0,375 | % Danfoss Finance I BV (MTN) 2021/2028  ......  | EUR | 280 000 |  |  | % | 85,425 | 239 190,00 | 0,24 |
| 0,75 | % Danfoss Finance II BV (MTN) 2021/2031  .....  | EUR | 250 000 |  |  | % | 80,38 | 200 950,00 | 0,20 |
| 1,75 | % Deutsche Bank AG (MTN) 2020/2030 * .......  | EUR | 400 000 |  |  | % | 82,563 | 330 252,00 | 0,33 |
| 0,75 | % Deutsche Bank AG (MTN) 2021/2027 * .......  | EUR | 300 000 |  |  | % | 88,53 | 265 590,00 | 0,27 |
| 3,25 | % Deutsche Bank AG (MTN) 2022/2028 * .......  | EUR | 200 000 | 200 000 |  | % | 95,63 | 191 260,00 | 0,19 |
| 1,625 | % Deutsche Lufthansa AG (MTN) 2021/2023  ....  | EUR | 200 000 |  |  | % | 96,226 | 192 452,00 | 0,19 |
| 2,875 | % Deutsche Lufthansa AG (MTN) 2021/2027  ....  | EUR | 400 000 |  |  | % | 79,482 | 317 928,00 | 0,32 |
| 1,50 | % Diageo Capital BV (MTN) 2022/2029 .........  | EUR | 310 000 | 310 000 |  | % | 92,423 | 286 511,30 | 0,29 |
| 1,875 | % Diageo Capital BV 2022/2034  ..............  | EUR | 320 000 | 320 000 |  | % | 87,644 | 280 460,80 | 0,28 |
| 2,25 | % DIC Asset AG (MTN) 2021/2026  ............  | EUR | 500 000 | 500 000 |  | % | 67,532 | 337 660,00 | 0,34 |
| 7,00 | % DKT Finance ApS -Reg- (MTN) 2018/2023  ....  | EUR | 200 000 |  |  | % | 95,337 | 190 674,00 | 0,19 |
| 2,50 | % Dufry One BV (MTN) 2017/2024  ............  | EUR | 500 000 |  |  | % | 90,984 | 454 920,00 | 0,46 |
| 0,45 | % DXC Capital Funding DAC -Reg- (MTN) 2021/2027 | EUR | 770 000 |  |  | % | 83,94 | 646 338,00 | 0,65 |
| 1,75 | % DXC Technology Co. (MTN) 2018/2026 .......  | EUR | 610 000 |  |  | % | 94,253 | 574 943,30 | 0,58 |
| 1,625 | % E.ON SE (MTN) 2022/2031  ................  | EUR | 220 000 | 220 000 |  | % | 87,61 | 192 742,00 | 0,19 |
| 1,875 | % EDP Finance BV (MTN) 2022/2029  ..........  | EUR | 300 000 | 300 000 |  | % | 91,029 | 273 087,00 | 0,28 |
| 3,50 | % eircom Finance DAC (MTN) 2019/2026 .......  | EUR | 300 000 |  |  | % | 85,291 | 255 873,00 | 0,26 |
| 1,375 | % Eli Lilly & Co. 2021/2061  ..................  | EUR | 490 000 |  |  | % | 55,688 | 272 871,20 | 0,28 |
| 2,75 | % Elia Group SA 2018/perpetual * .............  | EUR | 700 000 |  |  | % | 97,345 | 681 415,00 | 0,69 |
| 3,75 | % Elior Group SA (MTN) 2021/2026  ...........  | EUR | 340 000 |  |  | % | 78,162 | 265 750,80 | 0,27 |
| 4,125 | % Elis SA (MTN) 2022/2027  .................  | EUR | 200 000 | 200 000 |  | % | 95,223 | 190 446,00 | 0,19 |
| 6,375 | % Ellaktor Value Plc -Reg- (MTN) 2019/2024 .....  | EUR | 370 000 |  |  | % | 96,324 | 356 398,80 | 0,36 |
| 3,75 | % ELM BV for Firmenich International SA |  |  |  |  |  |  |  |  |
|  | 2020/perpetual * .........................  | EUR | 290 000 |  |  | % | 92,234 | 267 478,60 | 0,27 |
| 4,50 | % ELM BV for Swiss Life Insurance & Pension Group |  |  |  |  |  |  |  |  |
|  | (MTN) 2016/perpetual * ...................  | EUR | 500 000 |  |  | % | 96,745 | 483 725,00 | 0,49 |
| 2,375 | % ELO SACA (MTN) 2019/2025  ..............  | EUR | 300 000 |  |  | % | 96,493 | 289 479,00 | 0,29 |
| 0,875 | % Enel Finance International NV (MTN) 2021/2036 | EUR | 250 000 |  |  | % | 65,506 | 163 765,00 | 0,17 |
| 1,00 | % Engie SA (MTN) 2021/2036 ................  | EUR | 500 000 |  |  | % | 67,75 | 338 750,00 | 0,34 |
| 2,00 | % Eni SpA 2021/perpetual * ..................  | EUR | 340 000 |  |  | % | 81,254 | 276 263,60 | 0,28 |
| 0,375 | % Eni SpA (MTN) 2021/2028 .................  | EUR | 300 000 |  | 270 000 | % | 86,759 | 260 277,00 | 0,26 |
| 2,045 | % EP Infrastructure AS (MTN) 2019/2028 .......  | EUR | 450 000 |  |  | % | 67,292 | 302 814,00 | 0,31 |
| 0,25 | % Equinix, Inc. (MTN) 2021/2027  .............  | EUR | 300 000 |  |  | % | 86,542 | 259 626,00 | 0,26 |
| 0,875 | % Erste Group Bank AG (MTN) 2021/2032 * .....  | EUR | 500 000 |  |  | % | 82,125 | 410 625,00 | 0,41 |
| 1,50 | % Erste Group Bank AG (MTN) 2022/2026  ......  | EUR | 400 000 | 400 000 |  | % | 95,533 | 382 132,00 | 0,39 |
| 4,00 | % Erste Group Bank AG (MTN) 2022/2033 * .....  | EUR | 200 000 | 200 000 |  | % | 95,281 | 190 562,00 | 0,19 |
| 1,56 | % Experian Europe DAC (MTN) 2022/2031 ......  | EUR | 200 000 | 200 000 |  | % | 85,909 | 171 818,00 | 0,17 |
| 2,625 | % Faurecia SE (MTN) 2018/2025 ..............  | EUR | 900 000 |  |  | % | 86,879 | 781 911,00 | 0,79 |
| 3,75 | % Faurecia SE (MTN) 2020/2028 ..............  | EUR | 300 000 |  |  | % | 77,624 | 232 872,00 | 0,23 |
| 2,124 | % Ferrovial Netherlands BV 2017/perpetual * ....  | EUR | 300 000 |  |  | % | 83,54 | 250 620,00 | 0,25 |
| 1,00 | % Fomento Economico Mexicano SAB de CV |  |  |  |  |  |  |  |  |
|  | 2021/2033  .............................  | EUR | 300 000 |  |  | % | 72,029 | 216 087,00 | 0,22 |
| 4,35 | % Fortune Star BVI Ltd 2019/2023  ............  | EUR | 230 000 |  |  | % | 78,667 | 180 934,10 | 0,18 |
| 1,875 | % Fresenius SE & Co., KGaA (MTN) 2022/2025  ..  | EUR | 250 000 | 250 000 |  | % | 97,35 | 243 375,00 | 0,25 |
| 1,375 | % Goodman Australia Finance Pty, Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2025  .............................  | EUR | 491 000 |  |  | % | 93,976 | 461 422,16 | 0,47 |
| 2,625 | % Graphic Packaging International LLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2029  .............................  | EUR | 280 000 |  |  | % | 81,733 | 228 852,40 | 0,23 |
| 3,20 | % Grifols SA -Reg- (MTN) 2017/2025  ..........  | EUR | 600 000 |  |  | % | 91,153 | 546 918,00 | 0,55 |
| 3,625 | % Gruenenthal GmbH -Reg- (MTN) 2021/2026 ...  | EUR | 180 000 |  |  | % | 90,727 | 163 308,60 | 0,16 |
| 1,25 | % GSK Consumer Healthcare Capital NL, BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2026  .............................  | EUR | 350 000 | 350 000 |  | % | 95,957 | 335 849,50 | 0,34 |
| 1,75 | % GSK Consumer Healthcare Capital NL, BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2030  .............................  | EUR | 280 000 | 280 000 |  | % | 91,351 | 255 782,80 | 0,26 |
| 1,375 | % Hannover Rueck SE 2021/2042 * ............  | EUR | 300 000 |  |  | % | 75,344 | 226 032,00 | 0,23 |
| 2,50 | % Hapag-Lloyd AG (MTN) 2021/2028  ..........  | EUR | 310 000 |  |  | % | 85,351 | 264 588,10 | 0,27 |
| 2,125 | % Heimstaden Bostad AB (MTN) 2019/2023 ....  | EUR | 107 000 |  |  | % | 98,17 | 105 041,90 | 0,11 |
| 0,25 | % Heimstaden Bostad Treasury BV (MTN) 2021/2024 | EUR | 450 000 |  |  | % | 91,131 | 410 089,50 | 0,41 |
| 1,00 | % Hera SpA (MTN) 2021/2034  ...............  | EUR | 250 000 |  |  | % | 69,79 | 174 475,00 | 0,18 |
| 0,625 | % Holding d‘Infrastructures de Transport SASU (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2028  .............................  | EUR | 200 000 |  |  | % | 82,887 | 165 774,00 | 0,17 |
| 5,75 | % HSE Finance Sarl -Reg- (MTN) 2021/2026 * ....  | EUR | 190 000 |  |  | % | 80,339 | 152 644,10 | 0,15 |
| 5,125 | % Iliad Holding SASU -Reg- (MTN) 2021/2026  ...  | EUR | 320 000 |  |  | % | 89,53 | 286 496,00 | 0,29 |
| 3,75 | % IMA Industria Macchine Automatiche SpA -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2028 ........................  | EUR | 100 000 |  |  | % | 80,68 | 80 680,00 | 0,08 |
| 2,25 | % INEOS Styrolution Group GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2027  .............................  | EUR | 400 000 |  |  | % | 77,781 | 311 124,00 | 0,31 |
| 1,25 | % International Business Machines Corp. (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2034  .............................  | EUR | 490 000 | 490 000 |  | % | 81,371 | 398 717,90 | 0,40 |
| 3,75 | % International Consolidated Airlines Group SA |  |  |  |  |  |  |  |  |
|  | (MTN) 2021/2029 ........................  | EUR | 300 000 |  |  | % | 71,264 | 213 792,00 | 0,22 |
| 3,375 | % Intertrust Group BV -Reg- (MTN) 2018/2025 ...  | EUR | 1 000 000 |  |  | % | 95,261 | 952 610,00 | 0,96 |
| 3,00 | % Intrum AB -Reg- (MTN) 2019/2027  ..........  | EUR | 380 000 |  |  | % | 77,444 | 294 287,20 | 0,30 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 4,875 | % Intrum AB -Reg- (MTN) 2020/2025  ..........  | EUR | 450 000 |  |  | % | 91,027 | 409 621,50 | 0,41 |
| 2,875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ..........  | EUR | 340 000 |  |  | % | 85,446 | 290 516,40 | 0,29 |
| 1,00 | % JAB Holdings BV (MTN) 2019/2027  .........  | EUR | 300 000 |  |  | % | 85,42 | 256 260,00 | 0,26 |
| 0,50 | % JDE Peet‘s NV (MTN) 2021/2029  ...........  | EUR | 330 000 |  |  | % | 79,592 | 262 653,60 | 0,26 |
| 1,125 | % JDE Peet‘s NV (MTN) 2021/2033  ...........  | EUR | 112 000 |  | 208 000 | % | 71,118 | 79 652,16 | 0,08 |
| 1,963 | % JPMorgan Chase & Co (MTN) 2022/2030 * ....  | EUR | 310 000 | 310 000 |  | % | 91,452 | 283 501,20 | 0,29 |
| 5,50 | % Kaefer SE & Co., KG -Reg- (MTN) 2018/2024  ..  | EUR | 900 000 |  |  | % | 98,221 | 883 989,00 | 0,89 |
| 2,85 | % Koninklijke FrieslandCampina NV 2020/perpetual * | EUR | 550 000 |  |  | % | 88,087 | 484 478,50 | 0,49 |
| 2,125 | % Koninklijke Philips NV (MTN) 2022/2029  ......  | EUR | 340 000 | 340 000 |  | % | 93,472 | 317 804,80 | 0,32 |
| 3,75 | % Kronos International, Inc. -Reg- (MTN) 2017/2025 | EUR | 500 000 |  |  | % | 89,45 | 447 250,00 | 0,45 |
| 1,00 | % La Poste SA (MTN) 2019/2034  .............  | EUR | 100 000 |  | 400 000 | % | 78,244 | 78 244,00 | 0,08 |
| 0,875 | % LEG Immobilien SE (MTN) 2021/2033 ........  | EUR | 300 000 |  |  | % | 65,916 | 197 748,00 | 0,20 |
| 3,625 | % Lincoln Financing Sarl -Reg- (MTN) 2019/2024  . | EUR | 900 000 |  |  | % | 97,03 | 873 270,00 | 0,88 |
| 1,375 | % Linde PLC (MTN) 2022/2031  ...............  | EUR | 500 000 | 500 000 |  | % | 87,962 | 439 810,00 | 0,44 |
| 4,00 | % Lorca Telecom Bondco SA -Reg- (MTN) 2020/2027 | EUR | 400 000 |  |  | % | 83,854 | 335 416,00 | 0,34 |
| 2,375 | % McDonald‘s Corp. (MTN) 2022/2029  .........  | EUR | 620 000 | 620 000 |  | % | 95,013 | 589 080,60 | 0,59 |
| 1,125 | % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2025 ........................  | EUR | 260 000 |  |  | % | 94,398 | 245 434,80 | 0,25 |
| 1,375 | % Medtronic Global Holdings SCA 2020/2040  ...  | EUR | 100 000 |  |  | % | 70,485 | 70 485,00 | 0,07 |
| 1,25 | % Mondelez International Holdings Netherlands BV |  |  |  |  |  |  |  |  |
|  | -Reg- 2021/2041  ........................  | EUR | 420 000 |  |  | % | 62,668 | 263 205,60 | 0,27 |
| 3,50 | % Mutuelle Assurance Des Commercants et |  |  |  |  |  |  |  |  |
|  | Industriels de France et Des Cadres et Sal |  |  |  |  |  |  |  |  |
|  | 2021/perpetual * .........................  | EUR | 100 000 | 100 000 | 200 000 | % | 72,862 | 72 862,00 | 0,07 |
| 2,125 | % National Australia Bank (MTN) 2022/2028 .....  | EUR | 340 000 | 340 000 |  | % | 96,413 | 327 804,20 | 0,33 |
| 2,949 | % National Grid PLC (MTN) 2022/2030  .........  | EUR | 280 000 | 280 000 |  | % | 95,87 | 268 436,00 | 0,27 |
| 3,375 | % Naturgy Finance BV 2015/perpetual * ........  | EUR | 700 000 |  |  | % | 93,176 | 652 232,00 | 0,66 |
| 1,043 | % NatWest Group PLC (MTN) 2021/2032 * ......  | EUR | 280 000 |  |  | % | 81,551 | 228 342,80 | 0,23 |
| 2,25 | % Nemak SAB de CV -Reg- (MTN) 2021/2028  ...  | EUR | 710 000 |  |  | % | 72,042 | 511 498,20 | 0,52 |
| 1,50 | % Nestle Finance International Ltd (MTN) 2022/2035 | EUR | 390 000 | 390 000 |  | % | 84,806 | 330 743,40 | 0,33 |
| 3,625 | % Netflix, Inc. (MTN) 2017/2027 ..............  | EUR | 700 000 |  |  | % | 93,894 | 657 258,00 | 0,66 |
| 1,625 | % Nexi SpA (MTN) 2021/2026 ................  | EUR | 260 000 |  |  | % | 81,697 | 212 412,20 | 0,21 |
| 2,125 | % Nexi SpA (MTN) 2021/2029 ................  | EUR | 230 000 |  |  | % | 70,046 | 161 105,80 | 0,16 |
| 2,50 | % Nomad Foods Bondco Plc -Reg- (MTN) 2021/2028 | EUR | 340 000 |  |  | % | 79,009 | 268 630,60 | 0,27 |
| 1,125 | % Nordea Bank Abp (MTN) 2022/2027  .........  | EUR | 260 000 | 260 000 |  | % | 92,059 | 239 353,40 | 0,24 |
| 0,905 | % NorteGas Energia Distribucion SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2031  .............................  | EUR | 200 000 |  |  | % | 77,17 | 154 340,00 | 0,16 |
| 0,082 | % NTT FINANCE Corp. 2021/2025  ............  | EUR | 220 000 |  |  | % | 93,043 | 204 694,60 | 0,21 |
| 2,375 | % Orange SA (MTN) 2019/perpetual * ..........  | EUR | 300 000 |  |  | % | 93,605 | 280 815,00 | 0,28 |
| 2,875 | % Organon & Co. Via Organon Foreign Debt |  |  |  |  |  |  |  |  |
|  | Co-Issuer BV -Reg- (MTN) 2021/2028 ........  | EUR | 340 000 |  |  | % | 84,06 | 285 804,00 | 0,29 |
| 1,75 | % Orsted AS 2019/3019 *  ...................  | EUR | 270 000 |  |  | % | 84,752 | 228 830,40 | 0,23 |
| 2,25 | % Orsted AS (MTN) 2022/2028  ...............  | EUR | 350 000 | 350 000 |  | % | 98,104 | 343 364,00 | 0,35 |
| 3,75 | % Playtech Plc (MTN) 2018/2023  .............  | EUR | 300 000 |  |  | % | 98,362 | 295 086,00 | 0,30 |
| 0,50 | % POSCO Holdings, Inc. -Reg- 2020/2024  ......  | EUR | 250 000 |  |  | % | 98,054 | 245 135,00 | 0,25 |
| 3,25 | % PPF Telecom Group BV (MTN) 2020/2027  ....  | EUR | 470 000 |  |  | % | 87,812 | 412 716,40 | 0,42 |
| 2,75 | % PPG Industries, Inc. (MTN) 2022/2029  .......  | EUR | 410 000 | 410 000 |  | % | 95,696 | 392 353,60 | 0,40 |
| 0,90 | % Procter & Gamble Co. 2021/2041  ...........  | EUR | 200 000 | 300 000 | 100 000 | % | 65,917 | 131 834,00 | 0,13 |
| 1,539 | % Prosus NV -Reg- (MTN) 2020/2028  ..........  | EUR | 450 000 |  |  | % | 79,288 | 356 796,00 | 0,36 |
| 1,207 | % Prosus NV -Reg- 2022/2026  ...............  | EUR | 270 000 | 270 000 |  | % | 87,201 | 235 442,70 | 0,24 |
| 6,00 | % PSA Tresorerie GIE 2003/2033  .............  | EUR | 140 000 | 140 000 |  | % | 109,389 | 153 144,60 | 0,15 |
| 1,50 | % Raiffeisen Bank International AG (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2030 * ............................  | EUR | 500 000 | 500 000 |  | % | 82,799 | 413 995,00 | 0,42 |
| 2,875 | % Raiffeisen Bank International AG 2020/2032 * ..  | EUR | 500 000 |  |  | % | 79,396 | 396 980,00 | 0,40 |
| 2,50 | % RCS & RDS SA -Reg- (MTN) 2020/2025  ......  | EUR | 300 000 |  |  | % | 88,297 | 264 891,00 | 0,27 |
| 3,875 | % Rentokil Initial Finance BV (MTN) 2022/2027  ..  | EUR | 470 000 | 470 000 |  | % | 101,71 | 478 037,00 | 0,48 |
| 4,375 | % Rentokil Initial Finance BV (MTN) 2022/2030  ..  | EUR | 350 000 | 350 000 |  | % | 102,917 | 360 209,50 | 0,36 |
| 2,125 | % Rexel SA (MTN) 2021/2028  ................  | EUR | 190 000 |  |  | % | 79,185 | 150 451,50 | 0,15 |
| 2,125 | % Rexel SA (MTN) 2021/2028  ................  | EUR | 460 000 |  |  | % | 77,768 | 357 732,80 | 0,36 |
| 0,875 | % Ryanair DAC (MTN) 2021/2026  .............  | EUR | 330 000 |  |  | % | 89,129 | 294 125,70 | 0,30 |
| 3,375 | % Saipem Finance International BV (MTN) 2020/2026 | EUR | 450 000 |  |  | % | 79,387 | 357 241,50 | 0,36 |
| 1,125 | % Samhallsbyggnadsbolaget i Norden AB (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026  .............................  | EUR | 380 000 |  |  | % | 67,218 | 255 428,40 | 0,26 |
| 2,125 | % Sandvik AB (MTN) 2022/2027  ..............  | EUR | 400 000 | 400 000 |  | % | 97,314 | 389 256,00 | 0,39 |
| 1,125 | % SBB Treasury Oyj (MTN) 2021/2029  .........  | EUR | 370 000 |  |  | % | 60,238 | 222 880,60 | 0,22 |
| 2,25 | % Scania CV AB (MTN) 2020/2025  ............  | EUR | 410 000 |  |  | % | 98,455 | 403 665,50 | 0,41 |
| 5,375 | % Schenck Process Holding GmbH/Darmstadt -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2023 ........................  | EUR | 700 000 |  |  | % | 96,523 | 675 661,00 | 0,68 |
| 2,25 | % Seche Environnement SA (MTN) 2021/2028 ...  | EUR | 360 000 |  |  | % | 79,55 | 286 380,00 | 0,29 |
| 1,25 | % Segro Capital Sarl (MTN) 2022/2026  .........  | EUR | 320 000 | 320 000 |  | % | 93,115 | 297 968,00 | 0,30 |
| 3,50 | % SES SA (MTN) 2022/2029  ................  | EUR | 480 000 | 480 000 |  | % | 97,734 | 469 123,20 | 0,47 |
| 4,625 | % SGL Carbon SE (MTN) 2019/2024 ...........  | EUR | 700 000 |  |  | % | 95,649 | 669 543,00 | 0,68 |
| 2,00 | % Signify NV 2020/2024  ....................  | EUR | 310 000 |  |  | % | 98,423 | 305 111,30 | 0,31 |
| 1,75 | % Skandinaviska Enskilda Banken AB (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2026  .............................  | EUR | 830 000 | 830 000 |  | % | 97,113 | 806 037,90 | 0,81 |
| 1,50 | % Smurfit Kappa Treasury ULC (MTN) 2019/2027 | EUR | 330 000 |  |  | % | 89,386 | 294 973,80 | 0,30 |
| 1,00 | % Societe Generale SA (MTN) 2020/2030 * ......  | EUR | 200 000 |  |  | % | 87,543 | 175 086,00 | 0,18 |
| 0,50 | % Societe Generale SA (MTN) 2021/2029 * ......  | EUR | 400 000 |  |  | % | 82,435 | 329 740,00 | 0,33 |
| 5,00 | % SoftBank Group Corp. (MTN) 2018/2028 ......  | EUR | 400 000 |  |  | % | 79,845 | 319 380,00 | 0,32 |
| 2,125 | % SoftBank Group Corp. 2021/2024  ...........  | EUR | 500 000 |  |  | % | 90,12 | 450 600,00 | 0,45 |
| 1,875 | % Southern Co. 2021/2081 * .................  | EUR | 630 000 |  |  | % | 68,62 | 432 306,00 | 0,44 |
| 2,00 | % SPCM SA -Reg- (MTN) 2020/2026  ..........  | EUR | 390 000 |  |  | % | 90,959 | 354 740,10 | 0,36 |
| 4,00 | % SSE PLC 2022/perpetual * .................  | EUR | 520 000 | 520 000 |  | % | 86,594 | 450 288,80 | 0,45 |

1,375  % State Grid Overseas Investment BVI Ltd -Reg-
|  | (MTN) 2018/2025 ........................  | EUR | 700 000 |  |  | % | 96,042 | 672 294,00 | 0,68 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2,375 | % Stedin Holding NV (MTN) 2022/2030  ........  | EUR | 240 000 | 240 000 |  | % | 93,912 | 225 388,80 | 0,23 |
| 3,75 | % Stellantis NV (MTN) 2016/2024  .............  | EUR | 800 000 |  | 300 000 | % | 101,497 | 811 976,00 | 0,82 |
| 3,875 | % Stellantis NV (MTN) 2020/2026  .............  | EUR | 320 000 |  |  | % | 101,042 | 323 334,40 | 0,33 |
| 2,375 | % Suez SACA (MTN) 2022/2030  ..............  | EUR | 600 000 | 600 000 |  | % | 92,167 | 553 002,00 | 0,56 |
| 3,875 | % Synthomer PLC -Reg- (MTN) 2020/2025 ......  | EUR | 600 000 | 260 000 |  | % | 91,076 | 546 456,00 | 0,55 |
| 3,00 | % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2030 | EUR | 140 000 |  |  | % | 97,8 | 136 920,00 | 0,14 |
| 2,125 | % Tele2 AB (MTN) 2018/2028 ................  | EUR | 350 000 |  |  | % | 96,255 | 336 892,50 | 0,34 |
| 7,75 | % Telecom Italia Finance SA (MTN) 2003/2033  ..  | EUR | 500 000 | 500 000 |  | % | 103,995 | 519 975,00 | 0,52 |
| 3,50 | % Telenet Finance Luxembourg Notes Sarl -Reg- |  |  |  |  |  |  |  |  |
|  | 2017/2028  .............................  | EUR | 700 000 |  |  | % | 85,562 | 598 934,00 | 0,60 |
| 3,75 | % Teleperformance (MTN) 2022/2029 ..........  | EUR | 400 000 | 400 000 |  | % | 101,533 | 406 132,00 | 0,41 |
| 2,125 | % TenneT Holding BV (MTN) 2022/2029 ........  | EUR | 370 000 | 370 000 |  | % | 95,764 | 354 326,80 | 0,36 |
| 2,75 | % TenneT Holding BV (MTN) 2022/2042 ........  | EUR | 200 000 | 390 000 | 190 000 | % | 89,452 | 178 904,00 | 0,18 |
| 0,875 | % Terega SA (MTN) 2020/2030 ...............  | EUR | 300 000 |  |  | % | 75,255 | 225 765,00 | 0,23 |
| 3,75 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2021/2027 ........................  | EUR | 450 000 |  |  | % | 84,916 | 382 122,00 | 0,39 |
| 4,375 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | (MTN) 2021/2030 ........................  | EUR | 350 000 | 350 000 |  | % | 79,923 | 279 730,50 | 0,28 |
| 1,875 | % thyssenkrupp AG (MTN) 2019/2023  .........  | EUR | 1 000 000 | 590 000 |  | % | 97,703 | 977 030,00 | 0,99 |
| 1,952 | % Toronto-Dominion Bank/The (MTN) 2022/2030 . | EUR | 520 000 | 520 000 |  | % | 90,705 | 471 666,00 | 0,48 |
| 2,625 | % TotalEnergies SE (MTN) 2015/perpetual * .....  | EUR | 531 000 |  |  | % | 93,382 | 495 858,42 | 0,50 |
| 2,00 | % TotalEnergies SE 2020/perpetual * ...........  | EUR | 400 000 |  |  | % | 73,658 | 294 632,00 | 0,30 |
| 0,875 | % UBS Group AG (MTN) 2021/2031  ...........  | EUR | 460 000 |  |  | % | 77,907 | 358 372,20 | 0,36 |
| 2,50 | % UGI International LLC -Reg- (MTN) 2021/2029  . | EUR | 500 000 | 500 000 |  | % | 74,816 | 374 080,00 | 0,38 |
| 2,875 | % Unibail-Rodamco-Westfield SE 2018/perpetual * | EUR | 400 000 |  |  | % | 70,09 | 280 360,00 | 0,28 |
| 6,95 | % UniCredit SpA (MTN) 2012/2022  ............  | EUR | 700 000 |  |  | % | 101,7 | 711 900,00 | 0,72 |
| 1,25 | % UniCredit SpA (MTN) 2019/2025 * ...........  | EUR | 250 000 |  |  | % | 96,769 | 241 922,50 | 0,24 |
| 2,25 | % UPM-Kymmene Oyj (MTN) 2022/2029  .......  | EUR | 450 000 | 450 000 |  | % | 93,323 | 419 953,50 | 0,42 |
| 1,625 | % Verallia SA (MTN) 2021/2028 ...............  | EUR | 300 000 |  |  | % | 82,453 | 247 359,00 | 0,25 |
| 0,375 | % Verizon Communications, Inc. (MTN) 2021/2029 | EUR | 360 000 |  |  | % | 84,942 | 305 791,20 | 0,31 |
| 1,50 | % Vestas Wind Systems Finance BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2022/2029  .............................  | EUR | 340 000 | 340 000 |  | % | 90,843 | 308 866,20 | 0,31 |
| 0,75 | % Vesteda Finance BV (MTN) 2021/2031  .......  | EUR | 360 000 |  |  | % | 76,545 | 275 562,00 | 0,28 |
| 5,25 | % Via Celere Desarrollos Inmobiliarios SA -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2021/2026 ........................  | EUR | 200 000 |  |  | % | 86,392 | 172 784,00 | 0,17 |
| 3,625 | % Victoria PLC (MTN) 2021/2026  .............  | EUR | 220 000 |  |  | % | 78,086 | 171 789,20 | 0,17 |
| 2,00 | % Visa, Inc. (MTN) 2022/2029 ................  | EUR | 450 000 | 450 000 |  | % | 96,453 | 434 038,50 | 0,44 |
| 2,375 | % Visa, Inc. 2022/2034  .....................  | EUR | 350 000 | 350 000 |  | % | 94,014 | 329 049,00 | 0,33 |
| 1,00 | % Viterra Finance BV (MTN) 2021/2028  ........  | EUR | 430 000 |  |  | % | 80,709 | 347 048,70 | 0,35 |
| 3,00 | % Vivion Investments Sarl (MTN) 2019/2024  ....  | EUR | 300 000 |  |  | % | 86,667 | 260 001,00 | 0,26 |
| 3,25 | % Vmed O2 UK Financing I PLC -Reg- 2020/2031 | EUR | 300 000 |  |  | % | 77,4 | 232 200,00 | 0,23 |
| 3,10 | % Vodafone Group PLC 2018/2079 * ...........  | EUR | 200 000 | 200 000 |  | % | 95,738 | 191 476,00 | 0,19 |
| 3,50 | % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
|  | 2020/perpetual * .........................  | EUR | 400 000 |  |  | % | 90,839 | 363 356,00 | 0,37 |
| 3,748 | % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
|  | 2022/perpetual * .........................  | EUR | 200 000 | 200 000 |  | % | 85,434 | 170 868,00 | 0,17 |
| 3,125 | % Volkswagen International Finance NV 2022/2025 | EUR | 500 000 | 500 000 |  | % | 101,123 | 505 615,00 | 0,51 |
| 0,375 | % Volkswagen Leasing GmbH (MTN) 2021/2026  . | EUR | 430 000 |  |  | % | 89,138 | 383 293,40 | 0,39 |
| 4,25 | % Volvo Car AB (MTN) 2022/2028 .............  | EUR | 450 000 | 450 000 |  | % | 93,691 | 421 609,50 | 0,43 |
| 0,375 | % Vonovia SE (MTN) 2021/2027  ..............  | EUR | 300 000 |  |  | % | 84,165 | 252 495,00 | 0,25 |
| 5,875 | % Webuild SpA (MTN) 2020/2025 .............  | EUR | 380 000 |  |  | % | 91,623 | 348 167,40 | 0,35 |
| 3,875 | % Webuild SpA 2022/2026  ..................  | EUR | 810 000 | 810 000 |  | % | 82,951 | 671 903,10 | 0,68 |
| 2,875 | % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2027  .............................  | EUR | 140 000 |  | 200 000 | % | 76,898 | 107 657,20 | 0,11 |
| 0,427 | % Westpac Securities NZ/London (MTN) 2021/2026 | EUR | 270 000 |  |  | % | 90,366 | 243 988,20 | 0,25 |
| 2,75 | % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 | EUR | 350 000 |  |  | % | 84,887 | 297 104,50 | 0,30 |
| 2,125 | % Wurth Finance International BV (MTN) 2022/2030 | EUR | 530 000 | 530 000 |  | % | 93,909 | 497 717,70 | 0,50 |
| 2,75 | % ZF Finance GmbH (MTN) 2020/2027 .........  | EUR | 200 000 |  |  | % | 79,226 | 158 452,00 | 0,16 |
| 2,00 | % ZF Finance GmbH (MTN) 2021/2027 .........  | EUR | 400 000 | 200 000 |  | % | 77,397 | 309 588,00 | 0,31 |
| 2,25 | % ZF Finance GmbH (MTN) 2021/2028 .........  | EUR | 200 000 |  |  | % | 73,796 | 147 592,00 | 0,15 |
| 1,164 | % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 | EUR | 300 000 |  |  | % | 87,71 | 263 130,00 | 0,27 |
| 2,02 | % Zuercher Kantonalbank (MTN) 2022/2028 * ....  | EUR | 510 000 | 510 000 |  | % | 96,355 | 491 410,50 | 0,50 |
| 3,375 | % Abertis Infraestructuras SA (MTN) 2019/2026  . | GBP | 200 000 | 200 000 |  | % | 94,44 | 220 542,96 | 0,22 |
| 3,25 | % Bellis Acquisition Co. PLC -Reg- (MTN) 2021/2026 | GBP | 210 000 |  |  | % | 78,039 | 191 354,30 | 0,19 |
| 4,50 | % Bellis Acquisition Co., PLC -Reg- (MTN) 2021/2026 | GBP | 490 000 |  |  | % | 80,588 | 461 077,24 | 0,47 |
| 2,00 | % BNP Paribas SA (MTN) 2021/2031 *  .........  | GBP | 200 000 |  | 200 000 | % | 87,017 | 203 208,25 | 0,20 |
| 6,00 | % Electricite de France SA (MTN) 2013/perpetual * | GBP | 500 000 |  |  | % | 88,503 | 516 696,15 | 0,52 |
| 1,985 | % Lloyds Banking Group Plc (MTN) 2021/2031 * ..  | GBP | 190 000 |  | 100 000 | % | 85,736 | 190 205,93 | 0,19 |
| 1,625 | % Nordea Bank Abp (MTN) 2021/2032 * ........  | GBP | 400 000 |  |  | % | 83,22 | 388 682,45 | 0,39 |
| 3,50 | % Premier Foods Finance PLC (MTN) 2021/2026 . | GBP | 370 000 |  |  | % | 87,479 | 377 931,21 | 0,38 |
| 3,20 | % AbbVie, Inc. (MTN) 2020/2029  .............  | USD | 380 000 |  |  | % | 91,953 | 335 482,28 | 0,34 |
| 2,25 | % Astrazeneca Finance LLC (MTN) 2021/2031  ...  | USD | 110 000 |  |  | % | 86,853 | 91 727,09 | 0,09 |
| 3,091 | % Credit Suisse Group AG -Reg- 2021/2032 * ....  | USD | 280 000 |  |  | % | 80,045 | 215 185,17 | 0,22 |
| 3,742 | % Deutsche Bank AG/New York NY 2022/2033 * . | USD | 200 000 | 700 000 | 500 000 | % | 74,051 | 142 193,92 | 0,14 |
| 8,75 | % Deutsche Telekom International Finance BV |  |  |  |  |  |  |  |  |
|  | 2000/2030  .............................  | USD | 400 000 |  |  | % | 123,685 | 475 003,83 | 0,48 |
| 5,25 | % Electricite de France SA -Reg- 2013/perpetual * | USD | 500 000 | 500 000 |  | % | 94,262 | 452 508,50 | 0,46 |
| 5,625 | % Electricite de France SA -Reg- 2014/perpetual * | USD | 300 000 |  |  | % | 92 | 264 989,81 | 0,27 |
| 2,95 | % Expedia Group, Inc. (MTN) 2021/2031  .......  | USD | 215 000 |  |  | % | 79,934 | 165 002,34 | 0,17 |
| 2,65 | % HP, Inc. (MTN) 2022/2031 .................  | USD | 400 000 | 400 000 |  | % | 80,119 | 307 691,57 | 0,31 |
| 2,65 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. |  |  |  |  |  |  |  |  |
|  | (MTN) 2022/2032 ........................  | USD | 370 000 | 370 000 |  | % | 82,139 | 291 790,55 | 0,29 |

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

| 1,80	% 7-Eleven, Inc. -144A- (MTN) 2021/2031 .......  3,625 % GSK Consumer Healthcare Capital US LLC -144A- (MTN) 2022/2032 ........................  | USD USD | 455 000 340 000 | 340 000 | % % | 78,132 92,333 | 341 318,97 301 408,82 | 0,35 0,30 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2,691  % Stellantis Finance US, Inc. -144A- (MTN) |  |  |  |  |  |  |  |
| 2021/2031  .............................  | USD | 240 000 |  |  | % | 79,885 | 184 075,75 | 0,19 |
| Investmentanteile |  |  |  |  |  |  | 7 660 431,92 | 7,73 |
| Gruppenfremde Investmentanteile DWS Invest SICAV - DWS Invest Financial Hybrid Bonds -FD- EUR - (0,600%) ................................  | Anteile | 32 800 | 25 300 |  | EUR | 88,91 | 2 916 248,00 | 2,94 |
| DWS Invest SICAV - Invest Short Duration Credit -IC- EUR - (0,250%) ...................................  | Anteile | 49 398 |  | 46 830 | EUR | 96,04 | 4 744 183,92 | 4,79 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 98 474 281,32 | 99,38 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -46 634,29 | -0,05 |
| Zinsterminkontrakte Euro Buxl Futures 09/2022 (MS)	Stück | -6 | 6 | 44 100,00 | 0,04 |
| Euro SCHATZ Futures 09/2022 (MS)	Stück | -250 | 250 | -261 250,00 | -0,26 |
| Germany Federal Republic Bonds 5 year 09/2022 (MS)	Stück | -119 | 119 | 58 310,00 | 0,06 |
| Germany Federal Republic Notes 10 year 09/2022 (MS)	Stück | -135 | 135 | 15 570,00 | 0,01 |
| UK Treasury Notes 09/2022 (MS)	Stück | -8 | 8 | 40 446,89 | 0,04 |
| US Treasury Notes 10 year Futures 09/2022 (MS)	Stück | -3 | 3 | 8 033,40 | 0,01 |
| US Treasury Notes 30 year Futures 09/2022 (MS)	Stück | -15 | 15 | 48 155,42 | 0,05 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -82 461,28 | -0,08 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 2,3 Mio. .................................  |  |  | -20 146,88 | -0,02 |
| EUR/USD 3,8 Mio. .................................  |  |  | -62 314,40 | -0,06 |
| Sonstige Vermögensgegenstände |  |  | 847 234,25 | 0,85 |
| Zinsansprüche .....................................  |  |  | 846 491,46 | 0,85 |
| Sonstige Ansprüche ................................  |  |  | 742,79 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  | 112 701,84 | 0,11 |
| Summe der Vermögensgegenstände ** |  |  | 99 648 833,12 | 100,55 |
| Kurzfristige Verbindlichkeiten |  |  | -90 601,55 | -0,09 |
| EUR-Kredite	EUR |  |  | -50 638,58 | -0,05 |
| Kredite in Nicht-EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund	GBP | -3 632 |  | -4 241,25 | 0,00 |
| US-Dollar	USD | -37 206 |  | -35 721,72 | -0,04 |
| Sonstige Verbindlichkeiten |  |  | -123 415,29 | -0,12 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -123 415,29 | -0,12 |
| Summe der Verbindlichkeiten | -557 728,12 | -0,55 |
| Fondsvermögen | 99 091 105,00 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	826 803,54	0,84 Verzinsliche Wertpapiere
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 | 95,28 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 1 039 995,667 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,603 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 3,926 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 2,160 |

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 absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,4, 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 58 329 896,22.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Devisentermingeschäfte
State Street Bank International GmbH.
 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.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnoten	
* Variabler Zinssatz.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.