# DWS Invest ESG Global Corporate Bonds
DWS INVEST ESG GLOBAL CORPORATE BONDS

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class FC | LU0982744301 | 2.7% |
| Class FD10 | LU1747711544 | 2.8% |
| Class ID | LU1054336893 | 2.9% |
| Class LC | LU1982200948 | 2.6% |
| Class TFC | LU1663917257 | 2.8% |
| Class TFD | LU1663919899 | 2.7% |
| Class XC | LU1747711890 | 3.0% |
| Class XD | LU1997181182 | 3.0% |


##### Barclays Global Aggregate Corporate TR (EUR hedged) since August 17, 2015 (previously: Barclays Capital Global Aggregate Credit-hedged (EUR))
“BVI method” performance, i.e., excluding the initial sales charge.

##### 2.6%
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest ESG Global Corporate Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 176 889 948.23 | 95.97 |
| Total bonds | 176 889 948.23 | 95.97 |
| 2. Derivatives | -429 906.56 | - 0.23 |
| 3. Cash at bank | 9 809 997.34 | 5.32 |
| 4. Other assets | 1 402 011.62 | 0.76 |
| 5. Receivables from share certificate transactions | 2 434 683.45 | 1.32 |
| II. Liabilities |  |  |
| 1. Other liabilities | -5 581 329.97 | - 3.03 |
| 2. Liabilities from share certificate transactions | -198 277.88 | - 0.11 |
| III. Net assets | 184 327 126.23 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 118 590 395.90 | 64.34 |
| Interest-bearing securities 4.25  % Aareal Bank AG 2014/2026 * .................  | EUR | 500 000 |  |  | % | 93.676 | 468 382.50 | 0.25 |
| 0.60  % ABN AMRO Bank NV (MTN) 2020/2027 .........  | EUR | 600 000 | 600 000 |  | % | 98.796 | 592 773.00 | 0.32 |
| 1.50  % Aeroports de Paris 2020/2032.................  | EUR | 500 000 | 500 000 |  | % | 100.436 | 502 180.00 | 0.27 |
| 6.25  % AIB Group PLC 2020/perpetual * ..............  | EUR | 500 000 | 500 000 |  | % | 99.57 | 497 852.50 | 0.27 |
| 1.125 % Albemarle New Holding GmbH (MTN) 2019/2025 . | EUR | 390 000 |  |  | % | 98.471 | 384 036.90 | 0.21 |
| 1.625 % Alliander NV 2018/perpetual *.................  | EUR | 800 000 | 600 000 |  | % | 102.378 | 819 020.00 | 0.44 |
| 0.50  % Allianz Finance II BV (MTN) 2020/2031..........  | EUR | 700 000 | 700 000 |  | % | 101.099 | 707 693.00 | 0.38 |
| 2.241 % Allianz SE 2015/2045 * ......................  | EUR | 500 000 |  |  | % | 104.366 | 521 832.50 | 0.28 |
| 1.50  % Arkema SA 2020/perpetual * .................  | EUR | 600 000 | 600 000 |  | % | 94.396 | 566 376.00 | 0.31 |
| 5.00  % Assicurazioni Generali SpA (MTN) 2016/2048 * ...  | EUR | 300 000 | 100 000 |  | % | 111.999 | 335 997.00 | 0.18 |
| 2.875 % Auchan Holding SA (MTN) 2020/2026 ..........  | EUR | 400 000 | 400 000 |  | % | 100.117 | 400 468.00 | 0.22 |
| 0.75  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2017/2022 | EUR | 500 000 |  |  | % | 100.462 | 502 310.00 | 0.27 |
| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2026 | EUR | 700 000 |  |  | % | 98.917 | 692 419.00 | 0.38 |
| 3.871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 600 000 |  |  | % | 93.045 | 558 270.00 | 0.30 |
| 1.75  % Banco de Sabadell SA (MTN) 2020/2023 *.......  | EUR | 300 000 | 300 000 |  | % | 100.668 | 302 005.50 | 0.16 |
| 1.125 % Banco Santander SA (MTN) 2020/2027 .........  | EUR | 400 000 | 400 000 |  | % | 100.656 | 402 624.00 | 0.22 |
| 0.75  % Bank of Ireland Group PLC (MTN) 2019/2024 * ...  | EUR | 340 000 |  |  | % | 98.326 | 334 306.70 | 0.18 |
| 0.75  % Bankia SA (MTN) 2019/2026 ..................  | EUR | 600 000 |  |  | % | 97.02 | 582 117.00 | 0.32 |
| 0.625 % Bankinter SA (MTN) 2020/2027 ...............  1.25 % Banque Federative du Credit Mutuel SA (MTN) 2020/2030 ................................  | EUR EUR | 500 000 900 000 | 500 000 900 000 |  | % % | 94.695 103.01 | 473 475.00 927 094.50 | 0.26 0.50 |
| 2.625 % Barclays PLC (MTN) 2015/2025 * ..............  | EUR | 900 000 | 600 000 |  | % | 100.064 | 900 576.00 | 0.49 |
| 0.25  % BASF SE (MTN) 2020/2027...................  | EUR | 1 300 000 | 1 300 000 |  | % | 100.628 | 1 308 170.50 | 0.71 |
| 0.00  % Belfius Bank SA (MTN) 2019/2026 .............  | EUR | 400 000 |  |  | % | 97.046 | 388 182.00 | 0.21 |
| 0.125 % BMW Finance NV 2019/2022 .................  | EUR | 800 000 |  |  | % | 99.786 | 798 284.00 | 0.43 |
| 0.50  % BNP Paribas SA (MTN) 2020/2028 *............  | EUR | 700 000 | 700 000 |  | % | 97.485 | 682 395.00 | 0.37 |
| 0.125 % BPCE SA (MTN) 2019/2024 ..................  | EUR | 400 000 |  |  | % | 99.751 | 399 004.00 | 0.22 |
| 2.00  % Capgemini SE (MTN) 2020/2029...............  | EUR | 400 000 | 400 000 |  | % | 107.76 | 431 042.00 | 0.23 |
| 0.875 % Chorus Ltd (MTN) 2019/2026 .................  | EUR | 455 000 |  |  | % | 100.71 | 458 232.78 | 0.25 |
| 0.50  % Commerzbank AG (MTN) 2019/2026 ...........  | EUR | 210 000 |  | 480 000 | % | 98.724 | 207 321.45 | 0.11 |
| 6.125 % Commerzbank AG 2020/perpetual * ............  | EUR | 1 000 000 | 1 000 000 |  | % | 95.285 | 952 850.00 | 0.52 |
| 3.25  % Cooperatieve Rabobank UA 2019/perpetual * ....  | EUR | 800 000 |  |  | % | 92.16 | 737 280.00 | 0.40 |
| 1.00  % Credit Agricole SA (MTN) 2019/2029 ...........  | EUR | 400 000 |  |  | % | 106.907 | 427 628.00 | 0.23 |
| 1.00  % Credit Agricole SA (MTN) 2020/2026 *..........  | EUR | 600 000 | 600 000 |  | % | 101.022 | 606 129.00 | 0.33 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 400 000 | 400 000 |  | % | 100.597 | 402 388.00 | 0.22 |
| 1.25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 400 000 | 400 000 |  | % | 100.094 | 400 378.00 | 0.22 |
| 0.125 % Dassault Systemes (MTN) 2019/2026 ..........  | EUR | 400 000 |  |  | % | 99.228 | 396 912.00 | 0.22 |
| 1.625 % Deutsche Bank AG (MTN) 2020/2027...........  | EUR | 500 000 | 500 000 |  | % | 99.302 | 496 510.00 | 0.27 |
| 0.375 % Deutsche Post AG (MTN) 2020/2026 ...........  | EUR | 690 000 | 690 000 |  | % | 100.836 | 695 764.95 | 0.38 |
| 0.625 % Digital Dutch Finco BV (MTN) 2020/2025 ........  | EUR | 390 000 | 390 000 |  | % | 98.926 | 385 811.40 | 0.21 |
| 4.496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 500 000 |  |  | % | 106.54 | 532 702.50 | 0.29 |
| 0.375 % Elenia Finance Oyj (MTN) 2020/2027 ...........  | EUR | 640 000 | 640 000 |  | % | 99.78 | 638 592.00 | 0.35 |
| 0.625 % Enexis Holding NV (MTN) 2020/2032 ...........  | EUR | 350 000 | 350 000 |  | % | 101.824 | 356 382.25 | 0.19 |
| 0.875 % Erste Group Bank AG (MTN) 2019/2026 .........  | EUR | 300 000 |  |  | % | 101.277 | 303 831.00 | 0.16 |
| 8.875 % Erste Group Bank AG 2016/2049 *.............  | EUR | 600 000 | 600 000 |  | % | 104.697 | 628 182.00 | 0.34 |
| 0.375 % EssilorLuxottica SA (MTN) 2020/2026 ..........  | EUR | 700 000 | 700 000 |  | % | 100.18 | 701 256.50 | 0.38 |
| 1.408 % Exxon Mobil Corp. 2020/2039.................  1.375 % Firmenich Productions Participations SAS (MTN) 2020/2026 ................................  | EUR EUR | 1 190 000 430 000 | 1 190 000 430 000 |  | % % | 99.328 102.927 | 1 182 003.20 442 586.10 | 0.64 0.24 |
| 1.75  % Heineken NV (MTN) 2020/2040 ...............  | EUR | 470 000 | 470 000 |  | % | 101.027 | 474 826.90 | 0.26 |
| 2.75  % Helvetia Europe SA 2020/2041 * ..............  | EUR | 260 000 | 260 000 |  | % | 100.679 | 261 765.40 | 0.14 |
| 0.875 % Hera SpA (MTN) 2019/2027 ..................  2.50 % Holding d‘Infrastructures de Transport SASU (MTN) 2020/2027 ................................  | EUR EUR | 170 000 700 000 | 700 000 |  | % % | 101.996 103.112 | 173 394.05 721 780.50 | 0.09 0.39 |
| 0.25  % HSBC France SA (MTN) 2019/2024 ............  | EUR | 500 000 |  |  | % | 100.389 | 501 945.00 | 0.27 |
| 2.50  % ING Groep NV (MTN) 2018/2030 ..............  | EUR | 500 000 |  |  | % | 118.674 | 593 367.50 | 0.32 |
| 2.125 % ING Groep NV (MTN) 2020/2031 * .............  | EUR | 500 000 | 500 000 |  | % | 102.52 | 512 602.50 | 0.28 |
| 7.00  % Intesa Sanpaolo SpA 2016/2049 * .............  | EUR | 450 000 | 450 000 |  | % | 99.786 | 449 037.00 | 0.24 |
| 1.00  % Iren SpA (MTN) 2020/2030 ...................  5.50 % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ................................  | EUR EUR | 800 000 650 000 | 800 000 |  | % % | 98.448 91.562 | 787 580.00 595 153.00 | 0.43 0.32 |
| 4.25  % KBC Group NV 2018/perpetual * ..............  | EUR | 600 000 |  |  | % | 96.046 | 576 279.00 | 0.31 |
| 0.625 % Kimberly-Clark Corp. (MTN) 2017/2024..........  | EUR | 380 000 |  |  | % | 102.379 | 389 040.20 | 0.21 |
| 0.50  % La Banque Postale SA (MTN) 2020/2026 * ......  | EUR | 500 000 | 500 000 |  | % | 99.02 | 495 100.00 | 0.27 |
| 2.125 % La Mondiale SAM 2020/2031 .................  | EUR | 200 000 | 200 000 |  | % | 98.848 | 197 696.00 | 0.11 |
| 0.625 % La Poste SA (MTN) 2020/2026 ................  | EUR | 400 000 | 400 000 |  | % | 101.978 | 407 912.00 | 0.22 |
| 1.375 % La Poste SA (MTN) 2020/2032 ................  | EUR | 400 000 | 400 000 |  | % | 105.858 | 423 430.00 | 0.23 |
| 0.50  % Lloyds Banking Group PLC (MTN) 2019/2025 * ...  | EUR | 830 000 | 500 000 |  | % | 97.861 | 812 246.30 | 0.44 |
| 1.625 % Logicor Financing Sarl (MTN) 2019/2027 ........  | EUR | 810 000 |  |  | % | 100.917 | 817 427.70 | 0.44 |
| 0.875 % Merck Financial Services GmbH (MTN) 2019/2031 | EUR | 500 000 |  |  | % | 102.855 | 514 275.00 | 0.28 |
| 2.625 % Merck KGaA 2014/2074 * ....................  | EUR | 400 000 |  |  | % | 100.692 | 402 770.00 | 0.22 |
| 2.50 % Mytilineos Financial Partners SA (MTN) 2019/2024 | EUR | 390 000 |  |  | % | 100.5 | 391 950.00 | 0.21 |
| 2.00  % Nationwide Building Society (MTN) 2017/2029 * ..  | EUR | 310 000 |  |  | % | 100.162 | 310 503.75 | 0.17 |
| 1.25  % Naturgy Finance BV (MTN) 2020/2026 ..........  | EUR | 400 000 | 400 000 |  | % | 104.143 | 416 572.00 | 0.23 |
| 0.375 % OP Corporate Bank plc (MTN) 2019/2024........  | EUR | 350 000 |  |  | % | 101.444 | 355 054.00 | 0.19 |
| 2.25  % Orsted A/S 2017/3017 * .....................  | EUR | 600 000 |  |  | % | 102.269 | 613 614.00 | 0.33 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.75  % Orsted A/S 2019/2099 * .....................  | EUR | 270 000 |  |  | % | 98.706 | 266 506.20 | 0.14 |
| 0.50  % Pernod Ricard SA (MTN) 2019/2027 ............  | EUR | 200 000 |  |  | % | 100.032 | 200 063.00 | 0.11 |
| 1.00  % Postnl NV (MTN) 2017/2024 ..................  | EUR | 400 000 |  |  | % | 100.73 | 402 918.00 | 0.22 |
| 0.875 % Red Electrica Corp. SA (MTN) 2020/2025 ........  | EUR | 800 000 | 800 000 |  | % | 103.898 | 831 184.00 | 0.45 |
| 0.50  % RELX Finance BV (MTN) 2020/2028 ............  | EUR | 240 000 | 240 000 |  | % | 98.253 | 235 807.20 | 0.13 |
| 0.00  % RELX Finance BV 2020/2024 .................  | EUR | 330 000 | 330 000 |  | % | 98.757 | 325 898.10 | 0.18 |
| 0.875 % Rentokil Initial PLC (MTN) 2019/2026 ...........  | EUR | 620 000 | 200 000 |  | % | 99.622 | 617 656.40 | 0.33 |
| 2.00  % Royal Schiphol Group NV (MTN) 2020/2029 ......  | EUR | 350 000 | 350 000 |  | % | 110.91 | 388 186.75 | 0.21 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 380 000 | 380 000 |  | % | 92.329 | 350 850.20 | 0.19 |
| 1.00  % Santander Consumer Finance SA (MTN) 2019/2024 | EUR | 800 000 |  |  | % | 101.385 | 811 080.00 | 0.44 |
| 2.375 % Signify NV (MTN) 2020/2027..................  | EUR | 200 000 | 200 000 |  | % | 102.754 | 205 507.00 | 0.11 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 310 000 | 310 000 |  | % | 101.28 | 313 968.00 | 0.17 |
| 1.50  % Smurfit Kappa Treasury ULC (MTN) 2019/2027 ...  | EUR | 1 000 000 | 560 000 |  | % | 96.02 | 960 195.00 | 0.52 |
| 0.125 % Societe Generale SA (MTN) 2020/2026 .........  | EUR | 900 000 | 900 000 |  | % | 98.958 | 890 617.50 | 0.48 |
| 2.50  % Standard Chartered PLC (MTN) 2020/2030 * .....  | EUR | 300 000 | 300 000 |  | % | 101.617 | 304 851.00 | 0.17 |
| 0.25  % Stryker Corp. (MTN) 2019/2024 ...............  | EUR | 540 000 |  |  | % | 99.018 | 534 694.50 | 0.29 |
| 0.125 % Svenska Handelsbanken AB (MTN) 2019/2024 ...  | EUR | 530 000 |  |  | % | 100.502 | 532 660.60 | 0.29 |
| 1.125 % Tele2 AB (MTN) 2018/2024...................  | EUR | 370 000 |  |  | % | 103.055 | 381 303.50 | 0.21 |
| 2.502 % Telefonica Europe BV 2020/perpetual * .........  | EUR | 600 000 | 600 000 |  | % | 94.906 | 569 436.00 | 0.31 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  | EUR | 800 000 | 400 000 |  | % | 103.577 | 828 616.00 | 0.45 |
| 3.00  % Transurban Finance Co., Pty Ltd (MTN) 2020/2030 | EUR | 320 000 | 320 000 |  | % | 110.348 | 353 113.60 | 0.19 |
| 2.125 % Unibail-Rodamco SE 2018/perpetual * ..........  | EUR | 100 000 |  | 200 000 | % | 87.662 | 87 661.50 | 0.05 |
| 1.362 % Upjohn Finance BV (MTN) 2020/2027...........  | EUR | 360 000 | 360 000 |  | % | 100.956 | 363 443.40 | 0.20 |
| 1.25  % Veolia Environnement SA (MTN) 2020/2028. . . . . . | EUR | 300 000 | 300 000 |  | % | 105.347 | 316 041.00 | 0.17 |
| 1.625 % Vonovia Finance BV 2019/2039................  | EUR | 600 000 |  |  | % | 99.276 | 595 656.00 | 0.32 |
| 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2027 ................................  | EUR | 510 000 |  |  | % | 98.22 | 500 924.55 | 0.27 |
| 2.75  % Wienerberger AG (MTN) 2020/2025 ............  | EUR | 900 000 | 900 000 |  | % | 101.725 | 915 525.00 | 0.50 |
| 2.75  % ZF North America Capital, Inc. (MTN) 2015/2023 ..  | EUR | 400 000 |  |  | % | 99.696 | 398 786.00 | 0.22 |
| 1.164 % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 ..  | EUR | 440 000 |  |  | % | 97.832 | 430 463.00 | 0.23 |
| 1.875 % Comcast Corp. 2020/2036 ...................  | GBP | 360 000 | 360 000 |  | % | 104.226 | 411 791.39 | 0.22 |
| 2.00  % Compass Group PLC (MTN) 2017/2029 .........  | GBP | 700 000 |  |  | % | 103.96 | 798 654.29 | 0.43 |
| 3.125 % Deutsche Telekom AG (MTN) 2019/2034 ........  | GBP | 300 000 |  |  | % | 116.35 | 383 077.03 | 0.21 |
| 1.625 % GlaxoSmithKline Capital PLC (MTN) 2020/2035 ...  | GBP | 790 000 | 790 000 |  | % | 102.454 | 888 285.59 | 0.48 |
| 7.125 % Heathrow Funding Ltd (MTN) 2012/2024 ........  | GBP | 400 000 |  |  | % | 112.962 | 495 894.13 | 0.27 |
| 4.75  % innogy Finance BV (MTN) 2012/2034 ...........  | GBP | 500 000 |  |  | % | 134.795 | 739 674.07 | 0.40 |
| 2.50  % Intesa Sanpaolo SpA (MTN) 2020/2030 .........  | GBP | 410 000 | 410 000 |  | % | 96.956 | 436 267.55 | 0.24 |
| 6.50  % Lloyds Bank PLC (MTN) 2010/2040 ............  | GBP | 300 000 |  |  | % | 173.563 | 571 445.75 | 0.31 |
| 1.75  % Motability Operations Group PLC (MTN) 2019/2029 | GBP | 580 000 |  |  | % | 105.108 | 669 055.95 | 0.36 |
| 2.00  % National Grid Electricity Transmission PLC (MTN) |  |  |  |  |  |  |  |  |
| 2020/2040 ................................  | GBP | 250 000 | 250 000 |  | % | 106.092 | 291 083.24 | 0.16 |
| 5.75  % Nationwide Building Society 2020/perpetual * ....  | GBP | 410 000 | 410 000 |  | % | 100.875 | 453 904.00 | 0.25 |
| 3.875 % TalkTalk Telecom Group PLC (MTN) 2020/2025 ...  | GBP | 710 000 | 710 000 |  | % | 96.812 | 754 369.54 | 0.41 |
| 5.75  % Thames Water Utilities Cayman Finance Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2010/2030 * ..............................  | GBP | 300 000 |  |  | % | 105.376 | 346 945.80 | 0.19 |
| 3.00  % 3M Co. (MTN) 2015/2025 ....................  | USD | 800 000 |  |  | % | 111.365 | 794 932.28 | 0.43 |
| 3.35  % Air Products & Chemicals, Inc. (MTN) 2014/2024 . | USD | 800 000 |  |  | % | 109.684 | 782 936.74 | 0.42 |
| 3.625 % America Movil SAB de CV (MTN) 2019/2029 .....  | USD | 540 000 |  |  | % | 111.482 | 537 145.43 | 0.29 |
| 5.45  % Anheuser-Busch InBev Worldwide, Inc. 2019/2039 | USD | 550 000 |  |  | % | 127.017 | 623 327.04 | 0.34 |
| 4.375 % AstraZeneca PLC 2015/2045..................  | USD | 900 000 |  |  | % | 131.044 | 1 052 327.88 | 0.57 |
| 4.25  % AT&T, Inc. (MTN) 2017/2027 .................  | USD | 700 000 |  |  | % | 115.062 | 718 659.66 | 0.39 |
| 2.704 % Banco del Estado de Chile -144A- (MTN) 2020/2025 | USD | 490 000 | 490 000 |  | % | 102.933 | 450 030.69 | 0.24 |
| 3.125 % Banco Santander SA (MTN) 2017/2023 .........  | USD | 1 000 000 |  |  | % | 104.192 | 929 663.54 | 0.50 |
| 2.746 % Banco Santander SA (MTN) 2020/2025 .........  | USD | 1 400 000 | 1 400 000 |  | % | 103.7 | 1 295 376.82 | 0.70 |
| 4.20  % Bank of America Corp. (MTN) 2014/2024 ........  | USD | 800 000 |  |  | % | 110.936 | 791 870.04 | 0.43 |
| 4.61  % Barclays PLC (MTN) 2018/2023 * ..............  | USD | 1 100 000 |  |  | % | 105.335 | 1 033 848.28 | 0.56 |
| 1.90  % BlackRock, Inc. 2020/2031 ...................  | USD | 500 000 | 500 000 |  | % | 102.72 | 458 262.51 | 0.25 |
| 3.375 % BNZ International Funding Ltd/London -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | USD | 1 000 000 |  |  | % | 106.622 | 951 349.92 | 0.52 |
| 4.70  % Boston Scientific Corp. 2019/2049 .............  | USD | 500 000 |  |  | % | 128.441 | 573 016.06 | 0.31 |
| 3.25  % Bristol-Myers Squibb Co. (MTN) 2017/2027 ......  | USD | 370 000 |  |  | % | 114.904 | 379 341.35 | 0.21 |
| 4.368 % Cardinal Health, Inc. 2017/2047 ...............  | USD | 720 000 |  |  | % | 112.352 | 721 783.02 | 0.39 |
| 2.60 % Caterpillar, Inc. (MTN) 2019/2029 ..............  | USD | 490 000 |  |  | % | 109.462 | 478 573.78 | 0.26 |
| 4.90  % Cigna Corp. 2019/2048 ......................  | USD | 446 000 |  |  | % | 132.628 | 527 790.42 | 0.29 |
| 4.125 % Citigroup, Inc. 2016/2028 ....................  | USD | 1 000 000 |  |  | % | 113.304 | 1 010 970.73 | 0.55 |
| 3.875 % CNH Industrial Capital LLC (MTN) 2016/2021.....  | USD | 600 000 |  |  | % | 102.879 | 550 768.90 | 0.30 |
| 2.95  % Deutsche Bank AG (MTN) 2015/2020...........  | USD | 1 000 000 |  |  | % | 100.257 | 894 553.11 | 0.49 |
| 2.60  % DH Europe Finance II Sarl (MTN) 2019/2029 .....  | USD | 800 000 |  |  | % | 106.398 | 759 481.01 | 0.41 |
| 4.205 % DowDuPont, Inc. (MTN) 2018/2023 ............  | USD | 900 000 |  |  | % | 109.869 | 882 285.43 | 0.48 |
| 2.375 % Ecolab, Inc. (MTN) 2017/2022.................  | USD | 700 000 |  |  | % | 103.85 | 648 625.28 | 0.35 |
| 2.25  % Eli Lilly and Co. 2020/2050 ...................  | USD | 1 300 000 | 1 900 000 | 600 000 | % | 96.474 | 1 119 032.79 | 0.61 |
| 6.25  % Goldman Sachs Group, Inc. 2011/2041 .........  | USD | 800 000 |  |  | % | 149.252 | 1 065 369.15 | 0.58 |
| 3.625 % Goldman Sachs Group, Inc./The (MTN) 2019/2024 | USD | 970 000 |  |  | % | 108.902 | 942 542.64 | 0.51 |
| 3.50  % Hankook Tire Co., Ltd (MTN) 2018/2023 ........  | USD | 1 000 000 |  |  | % | 104.556 | 932 906.90 | 0.51 |
| 5.50  % HCA, Inc. 2017/2047 ........................  | USD | 1 100 000 |  |  | % | 123.126 | 1 208 469.36 | 0.66 |
| 5.875 % Home Depot, Inc./The 2006/2036..............  | USD | 400 000 |  |  | % | 147.613 | 526 836.70 | 0.29 |
| 2.633 % HSBC Holdings PLC (MTN) 2019/2025 * ........  | USD | 1 030 000 |  |  | % | 103.549 | 951 644.10 | 0.52 |
| 3.973 % HSBC Holdings PLC 2019/2030 *..............  | USD | 900 000 |  |  | % | 111.488 | 895 286.55 | 0.49 |
| 3.00  % International Business Machines Corp. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | USD | 1 000 000 |  |  | % | 108.216 | 965 563.62 | 0.52 |
| 2.80  % John Deere Capital Corp. (MTN) 2019/2029 ......  | USD | 872 000 |  |  | % | 111.089 | 864 328.76 | 0.47 |

| 2.05  % John Deere Capital Corp. (MTN) 2020/2025 ......  | USD | 800 000 | 1 800 000 | 1 000 000 | % | 105.7 | 754 495.06 | 0.41 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6.00  % Johnson Controls International PLC 2016/2036 ...  | USD | 900 000 |  |  | % | 126.745 | 1 017 802.31 | 0.55 |
| 3.75  % Juniper Networks, Inc. (MTN) 2019/2029 ........  | USD | 500 000 |  | 240 000 | % | 112.709 | 502 828.66 | 0.27 |
| 3.95  % Kroger Co./The 2020/2050 ...................  | USD | 1 100 000 | 1 100 000 |  | % | 115.752 | 1 136 084.77 | 0.62 |
| 6.30  % Lincoln National Corp. 2007/2037 ..............  | USD | 400 000 |  |  | % | 133.702 | 477 187.79 | 0.26 |
| 4.582 % Lloyds Banking Group PLC (MTN) 2016/2025 ....  | USD | 1 000 000 |  |  | % | 110.95 | 989 962.47 | 0.54 |
| 4.55  % Lowe‘s Cos, Inc. 2019/2049 ..................  | USD | 965 000 | 600 000 | 540 000 | % | 127.356 | 1 096 570.21 | 0.59 |
| 3.15  % McCormick & Co., Inc./MD (MTN) 2017/2024 ....  | USD | 450 000 |  |  | % | 108.614 | 436 101.67 | 0.24 |
| 4.875 % McDonalds Corp.2015/2045 ..................  | USD | 600 000 |  |  | % | 129.754 | 694 645.82 | 0.38 |
| 4.15  % Merck & Co., Inc. 2013/2043 .................  | USD | 330 000 |  |  | % | 128.269 | 377 682.68 | 0.20 |
| 4.60  % MetLife, Inc. 2015/2046 .....................  3.741 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2019/2029 ................................  | USD USD | 270 000 580 000 |  |  | % % | 128.752 113.676 | 310 176.70 588 282.99 | 0.17 0.32 |
| 4.018 % Mizuho Financial Group, Inc. (MTN) 2018/2028 ...  | USD | 350 000 |  |  | % | 113.733 | 355 177.92 | 0.19 |
| 3.00  % Molson Coors Brewing Co. (MTN) 2016/2026 ....  | USD | 900 000 |  |  | % | 103.81 | 833 633.61 | 0.45 |
| 4.20  % Molson Coors Brewing Co. 2016/2046 ..........  | USD | 800 000 |  |  | % | 97.694 | 697 347.59 | 0.38 |
| 2.648 % Nomura Holdings, Inc. (MTN) 2020/2025 ........  | USD | 1 320 000 | 1 320 000 |  | % | 104.331 | 1 228 792.99 | 0.67 |
| 3.40  % Oracle Corp. (MTN) 2014/2024 ................  | USD | 900 000 |  |  | % | 109.737 | 881 225.42 | 0.48 |
| 3.25  % Oracle Corp. (MTN) 2017/2027 ................  | USD | 600 000 |  |  | % | 112.364 | 601 550.09 | 0.33 |
| 9.00  % Orange SA 2002/2031 * .....................  | USD | 300 000 |  |  | % | 163.364 | 437 290.83 | 0.24 |
| 4.30  % Owens Corning 2017/2047 ...................  | USD | 500 000 |  |  | % | 101.688 | 453 662.91 | 0.25 |
| 1.70  % Pfizer, Inc. (MTN) 2020/2030 .................  2.60 % PNC Financial Services Group, Inc./The (MTN) 2019/2026 ................................  | USD USD | 1 400 000 690 000 | 1 400 000 |  | % % | 102.124 108.745 | 1 275 690.00 669 498.81 | 0.69 0.36 |
| 3.90  % Power Finance Corp., Ltd (MTN) 2019/2029 .....  | USD | 550 000 |  |  | % | 95.058 | 466 488.03 | 0.25 |
| 4.35 % Prudential Financial, Inc. (MTN) 2019/2050. . . . . . . | USD | 1 000 000 |  |  | % | 120.845 | 1 078 251.60 | 0.58 |
| 3.60  % Public Service Co. of New Hampshire 2019/2049 . | USD | 1 400 000 |  |  | % | 116.354 | 1 453 446.04 | 0.79 |
| 3.375 % Simon Property Group LP (MTN) 2014/2024 .....  | USD | 1 000 000 |  |  | % | 107.54 | 959 531.94 | 0.52 |
| 6.00  % Sprint Communications, Inc. (MTN) 2012/2022 ...  | USD | 1 100 000 | 200 000 |  | % | 105.779 | 1 038 206.08 | 0.56 |
| 6.00  % Standard Chartered PLC -Reg- 2020/perpetual * ..  | USD | 1 170 000 | 1 170 000 |  | % | 99.977 | 1 043 704.09 | 0.57 |
| 3.40  % Stanley Black & Decker, Inc. (MTN) 2019/2026 ...  2.448 % Sumitomo Mitsui Financial Group, Inc. (MTN) 2019/2024 ................................  | USD USD | 833 000 1 300 000 |  |  | % % | 112.147 104.974 | 833 535.47 1 217 627.52 | 0.45 0.66 |
| 3.04  % Sumitomo Mitsui Financial Group, Inc. (MTN) 2019/2029 ................................  | USD | 1 260 000 |  |  | % | 108.259 | 1 217 099.21 | 0.66 |
| 2.35  % Target Corp. (MTN) 2020/2030 ................  | USD | 700 000 | 700 000 |  | % | 107.828 | 673 474.28 | 0.37 |
| 3.975 % Tencent Holdings Ltd -Reg- (MTN) 2019/2029 ....  | USD | 670 000 |  |  | % | 112.723 | 673 874.10 | 0.37 |
| 1.81  % Tencent Holdings Ltd -Reg- (MTN) 2020/2026 ....  | USD | 320 000 | 320 000 |  | % | 101.028 | 288 456.95 | 0.16 |
| 5.30  % Thermo Fisher Scientific, Inc. 2013/2044 ........  | USD | 400 000 |  |  | % | 141.675 | 505 643.74 | 0.27 |
| 2.859 % UBS Group AG -Reg- (MTN) 2017/2023 * .......  | USD | 1 000 000 |  |  | % | 103.682 | 925 113.01 | 0.50 |
| 2.00  % UnitedHealth Group, Inc. (MTN) 2020/2030 ......  | USD | 575 000 | 575 000 |  | % | 104.464 | 535 954.60 | 0.29 |
| 5.25  % Verizon Communications, Inc. 2017/2037........  | USD | 500 000 |  | 100 000 | % | 136.076 | 607 078.09 | 0.33 |
| 4.30  % VISA, Inc. 2015/2045........................  | USD | 1 000 000 |  |  | % | 132.608 | 1 183 212.60 | 0.64 |
| 3.50  % Walt Disney Co./The 2020/2040 ...............  | USD | 990 000 | 990 000 |  | % | 110.274 | 974 095.90 | 0.53 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 58 299 552.33 | 31.63 |
| Interest-bearing securities 4.125 % CRH Financial UK PLC 2015/2029 .............  | GBP | 600 000 |  |  | % | 118.168 | 778 125.38 | 0.42 |
| 2.30  % AbbVie, Inc. -144A- 2019/2022 ................  | USD | 610 000 |  |  | % | 103.446 | 563 034.44 | 0.31 |
| 4.25  % AbbVie, Inc. -144A- 2019/2049 ................  | USD | 570 000 |  |  | % | 121.344 | 617 143.81 | 0.33 |
| 2.30  % Adobe, Inc. (MTN) 2020/2030 .................  | USD | 601 000 | 601 000 |  | % | 108.58 | 582 258.36 | 0.32 |
| 3.80  % Alcon Finance Corp. -144A- 2019/2049..........  | USD | 700 000 |  |  | % | 111.62 | 697 158.43 | 0.38 |
| 2.40  % American Honda Finance Corp. (MTN) 2019/2024 . | USD | 1 000 000 |  |  | % | 105.382 | 940 276.97 | 0.51 |
| 2.45  % Amgen, Inc. (MTN) 2020/2030 ................  | USD | 1 100 000 | 1 100 000 |  | % | 105.799 | 1 038 402.37 | 0.56 |
| 3.15  % Amgen, Inc. 2020/2040 ......................  2.125 % ANZ New Zealand Int‘l Ltd/London -Reg- (MTN) 2016/2021 ................................  | USD USD | 1 410 000 600 000 | 1 410 000 |  | % % | 107.642 101.792 | 1 354 223.29 544 946.90 | 0.73 0.30 |
| 1.65  % Apple, Inc. (MTN) 2020/2030 .................  | USD | 590 000 | 590 000 |  | % | 102.275 | 538 409.76 | 0.29 |
| 4.25  % Apple, Inc. 2017/2047 .......................  | USD | 980 000 |  |  | % | 131.726 | 1 151 831.64 | 0.62 |
| 1.75  % Applied Materials, Inc. (MTN) 2020/2030 ........  | USD | 745 000 | 745 000 |  | % | 102.354 | 680 378.21 | 0.37 |
| 5.35  % AT&T, Inc. 2019/2043 .......................  4.08 % Baker Hughes a GE Co LLC Via Baker Hughes Co-Obligor, Inc. 2018/2047 ...................  | USD USD | 700 000 1 100 000 |  |  | % % | 127.783 104.5 | 798 109.62 1 025 652.87 | 0.43 0.56 |
| 3.194 % Bank of America Corp. (MTN) 2019/2030 * ......  | USD | 700 000 |  | 100 000 | % | 110.369 | 689 344.91 | 0.37 |
| 3.946 % Bank of America Corp. 2018/2049 * ............  | USD | 950 000 |  |  | % | 122.346 | 1 037 057.96 | 0.56 |
| 4.30  % Bank of America Corp. 2020/perpetual * ........  | USD | 408 000 | 408 000 |  | % | 89.37 | 325 346.23 | 0.18 |
| 3.30  % Bank of Montreal (MTN) 2019/2024 ............  3.30 % Bank Of New York Mellon Corp./The (MTN) 2017/2029 ................................  | USD USD | 890 000 900 000 |  |  | % % | 108.356 112.82 | 860 463.38 905 978.94 | 0.47 0.49 |
| 3.40  % Bank of Nova Scotia/The (MTN) 2019/2024 ......  2.375 % Banque Federative du Credit Mutuel SA -Reg- (MTN) 2019/2024 ................................  | USD USD | 1 020 000 1 300 000 |  |  | % % | 108.727 105.202 | 989 530.08 1 220 272.18 | 0.54 0.66 |
| 2.645 % Barclays PLC 2020/2031 * ...................  | USD | 1 200 000 | 1 200 000 |  | % | 99.656 | 1 067 034.10 | 0.58 |
| 3.052 % BNP Paribas SA -Reg- 2020/2031 * ............  | USD | 1 000 000 | 1 000 000 |  | % | 105.616 | 942 369.32 | 0.51 |
| 4.875 % BPCE SA -144A- (MTN) 2016/2026 .............  | USD | 750 000 |  |  | % | 113.425 | 759 034.43 | 0.41 |
| 3.00  % BPCE SA -Reg- (MTN) 2017/2022 ..............  | USD | 800 000 |  |  | % | 103.47 | 738 573.57 | 0.40 |
| 2.70  % BPCE SA -Reg- (MTN) 2019/2029 ..............  | USD | 1 300 000 |  |  | % | 106.483 | 1 235 136.78 | 0.67 |
| 3.25  % Bristol-Myers Squibb Co. -Reg- 2019/2023 .......  | USD | 500 000 |  |  | % | 106.658 | 475 835.57 | 0.26 |
| 4.25  % Bristol-Myers Squibb Co. -Reg- 2019/2049 .......  | USD | 990 000 |  |  | % | 132.89 | 1 173 871.49 | 0.64 |
| 3.875 % Celulosa Arauco y Constitucion SA (MTN) 2018/2027 | USD | 800 000 |  |  | % | 102.676 | 732 909.50 | 0.40 |
| 3.98  % Citigroup, Inc. 2019/2030 * ...................  | USD | 619 000 |  |  | % | 114.756 | 633 807.65 | 0.34 |
| 1.678 % Citigroup, Inc. 2020/2024 * ...................  | USD | 1 400 000 | 1 400 000 |  | % | 102.165 | 1 276 208.40 | 0.69 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.95  % Colbun SA -Reg- (MTN) 2017/2027 .............  | USD | 500 000 |  |  | % | 108.062 | 482 094.77 | 0.26 |
| 2.80  % Comcast Corp. 2020/2051 ...................  3.35 % Commonwealth Bank of Australia -Reg- (MTN) 2019/2024 ................................  | USD USD | 1 800 000 940 000 | 1 800 000 |  | % % | 103.05 109.548 | 1 655 053.07 918 801.61 | 0.90 0.50 |
| 2.625 % Cooperatieve Rabobank UA -144A- (MTN) 2019/2024 | USD | 700 000 |  |  | % | 106.216 | 663 406.02 | 0.36 |
| 4.50  % CSX Corp. 2019/2049 .......................  4.00 % Dell International LLC Via EMC Corp. -144A- (MTN) 2019/2024 ................................  | USD USD | 890 000 800 000 | 500 000 |  | % % | 129.716 107.847 | 1 030 093.51 769 820.51 | 0.56 0.42 |
| 2.70  % Deutsche Bank AG/New York NY 2017/2020 .....  8.75 % Deutsche Telekom International Finance BV 2000/2030 * ..............................  | USD USD | 1 200 000 200 000 |  |  | % % | 100.025 156.78 | 1 070 979.68 279 777.05 | 0.58 0.15 |
| 3.625 % EDP Finance BV -Reg- (MTN) 2017/2024 ........  | USD | 1 000 000 |  |  | % | 107.878 | 962 552.24 | 0.52 |
| 3.00  % Equinor ASA (MTN) 2020/2027 ................  | USD | 500 000 | 1 100 000 | 600 000 | % | 110.12 | 491 280.59 | 0.27 |
| 3.70  % Gilead Sciences, Inc. (MTN) 2014/2024 .........  | USD | 800 000 |  |  | % | 110.243 | 786 923.35 | 0.43 |
| 4.65  % Hewlett Packard Enterprise Co. 2020/2024 ......  3.05 % Jackson National Life Global Funding -144A- (MTN) 2019/2029 ................................  | USD USD | 660 000 750 000 | 660 000 |  | % % | 112.32 107.299 | 661 440.10 718 039.54 | 0.36 0.39 |
| 3.30  % Jackson National Life Global Funding -144A- |  |  |  |  |  |  |  |  |
| 2019/2022 ................................  | USD | 700 000 |  | % | 103.964 | 649 337.31 | 0.35 |
| 2.875 % Kimberly-Clark Corp. 2020/2050 ...............  | USD | 1 700 000 | 1 700 000 | % | 109.792 | 1 665 363.58 | 0.90 |
| 4.30  % Kinder Morgan, Inc./DE (MTN) 2018/2028 .......  | USD | 500 000 |  | % | 113.604 | 506 819.29 | 0.27 |
| 4.00  % Lam Research Corp. (MTN) 2019/2029 .........  | USD | 637 000 |  | % | 118.914 | 675 871.05 | 0.37 |
| 2.10  % Macquarie Bank Ltd -Reg- 2019/2022...........  | USD | 1 400 000 |  | % | 102.623 | 1 281 929.57 | 0.70 |
| 2.497 % Micron Technology, Inc. 2020/2023 ............  | USD | 570 000 | 570 000 | % | 103.89 | 528 369.74 | 0.29 |
| 2.875 % Microsoft Corp. (MTN) 2017/2024 .............  | USD | 740 000 |  | % | 107.925 | 712 598.99 | 0.39 |
| 2.72  % Morgan Stanley (MTN) 2019/2025 *............  | USD | 380 000 |  | % | 106.113 | 359 785.46 | 0.19 |
| 2.188 % Morgan Stanley (MTN) 2020/2026 *............  | USD | 400 000 | 400 000 | % | 104.124 | 371 624.51 | 0.20 |
| 2.699 % Morgan Stanley (MTN) 2020/2031 *............  | USD | 990 000 | 990 000 | % | 106.247 | 938 519.49 | 0.51 |
| 3.25  % Nasdaq, Inc. 2020/2050 .....................  3.875 % NXP BV Via NXP Funding LLC -Reg- (MTN) 2016/2022 ................................  | USD USD | 755 000 1 300 000 | 755 000 | % % | 104.708 105.692 | 705 375.41 1 225 961.67 | 0.38 0.66 |
| 3.40  % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -144A- (MTN) 2020/2030 .....................     | USD | 685 000 | 685 000 |  | % | 107.816 | 658 972.40 | 0.36 |
| 3.60  % Oracle Corp. 2020/2050 .....................  | USD | 750 000 | 750 000 |  | % | 113.093 | 756 812.70 | 0.41 |
| 1.65  % PayPal Holdings, Inc. (MTN) 2020/2025 .........  | USD | 360 000 | 360 000 |  | % | 103.503 | 332 465.71 | 0.18 |
| 3.10  % PepsiCo, Inc. (MTN) 2015/2022 ...............  | USD | 800 000 |  |  | % | 105.133 | 750 447.76 | 0.41 |
| 2.875 % PepsiCo, Inc. 2019/2049 .....................  | USD | 650 000 |  | 460 000 | % | 107.952 | 626 085.24 | 0.34 |
| 3.878 % Prudential Financial, Inc. (MTN) 2018/2028. . . . . . . | USD | 700 000 |  |  | % | 114.842 | 717 282.46 | 0.39 |
| 4.30  % Rogers Communications, Inc. 2018/2048 ........  | USD | 800 000 |  |  | % | 122.808 | 876 616.90 | 0.48 |
| 2.625 % Societe Generale SA -Reg- (MTN) 2019/2024.....  | USD | 1 700 000 |  |  | % | 102.297 | 1 551 683.86 | 0.84 |
| 4.00  % Stanley Black & Decker, Inc. 2020/2060 * .......  | USD | 631 000 | 631 000 |  | % | 100.252 | 564 434.86 | 0.31 |
| 1.30  % Starbucks Corp. 2020/2022 ...................  | USD | 570 000 | 570 000 |  | % | 101.414 | 515 779.64 | 0.28 |
| 2.90  % Texas Instruments, Inc. (MTN) 2017/2027 .......  | USD | 400 000 |  |  | % | 112.232 | 400 558.71 | 0.22 |
| 3.75  % TJX Cos, Inc./The (MTN) 2020/2027 ............  | USD | 310 000 | 310 000 |  | % | 114.832 | 317 626.00 | 0.17 |
| 2.95  % UnitedHealth Group, Inc. (MTN) 2017/2027 ......  | USD | 1 000 000 |  |  | % | 112.136 | 1 000 540.21 | 0.54 |
| 2.65  % Ventas Realty LP (MTN) 2019/2025 ............  | USD | 970 000 |  |  | % | 101.448 | 878 028.85 | 0.48 |
| 4.875 % Vodafone Group PLC 2019/2049...............  | USD | 1 000 000 | 400 000 | 400 000 | % | 126.82 | 1 131 568.59 | 0.61 |
| 4.75  % Western Digital Corp. (MTN) 2018/2026 ........  | USD | 800 000 |  |  | % | 103.124 | 736 103.79 | 0.40 |
| Total securities portfolio |  |  |  |  |  |  | 176 889 948.23 | 95.97 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -20 661.65 | -0.01 |
| Interest rate futures Germany Federal Republic Notes 10 year 09/2020 (MS) ....  | Count | -7 |  | 7 |  |  | -15 610.00 | -0.01 |
| UK Treasury Notes 09/2020 (MS) ......................  | Count | 3 | 3 |  |  |  | 1 152.35 | 0.00 |
| US Treasury Notes 30 year Futures 09/2020 (MS) .........  | Count | -10 |  | 10 |  |  | -6 204.00 | 0.00 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -126 946.23 | -0.07 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 8.1 million ................................  |  |  |  |  |  |  | 54 337.16 | 0.03 |
| EUR/USD 129.9 million ..............................  |  |  |  |  |  |  | -181 283.39 | -0.10 |
| Swaps Receivables/payables |  |  |  |  |  |  | -282 298.68 | -0.15 |
| Credit default swaps |  |  |  |  |  |  |  |  |
| Protection buyer iTraxx Europe / 1% / 20/06/2025 (OTC) (BNP) ............  | Count | 18 000 000 |  |  |  |  | -282 298.68 | -0.15 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Cash at bank |  |  |  | 9 809 997.34 | 5.32 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 7 921 311.39 | 4.30 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 725 936 |  | 796 700.29 | 0.43 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 1 223 842 |  | 1 091 985.66 | 0.59 |
| Other assets |  |  |  | 1 402 011.62 | 0.76 |
| Interest receivable .................................  |  |  |  | 1 345 783.43 | 0.73 |
| Receivables from exceeding the expense cap ............  |  |  |  | 56 228.19 | 0.03 |
| Receivables from share certificate transactions |  |  |  | 2 434 683.45 | 1.32 |
| Total assets ** |  |  |  | 190 592 130.15 | 103.40 |
| Other liabilities |  |  |  | -5 581 329.97 | -3.03 |
| Liabilities from cost items ............................  |  |  |  | -5 581 329.97 | -3.03 |
| Liabilities from share certificate transactions |  |  |  | -198 277.88 | -0.11 |
| Total liabilities |  |  |  | -6 265 003.92 | -3.40 |
| Net assets |  |  |  | 184 327 126.23 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 113.74 |
| Class FD10 .......................................  | EUR | 102.99 |
| Class ID ..........................................  | EUR | 101.35 |
| Class LC .........................................  | EUR | 107.90 |
| Class TFC ........................................  | EUR | 107.70 |
| Class TFD ........................................  | EUR | 101.93 |
| Class XC .........................................  | EUR | 114.15 |
| Class XD .........................................  | EUR | 106.90 |
| Number of shares outstanding Class FC .........................................  | Count | 43 600.000 |
| Class FD10 .......................................  | Count | 229 950.291 |
| Class ID ..........................................  | Count | 935 075.748 |
| Class LC .........................................  | Count | 1 708.001 |
| Class TFC ........................................  | Count | 53 693.793 |
| Class TFD ........................................  | Count | 5 606.000 |
| Class XC .........................................  | Count | 294 086.000 |
| Class XD .........................................  | Count | 194 650.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Barclays Capital Global Aggregate Credit ex Asian Countries
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure ..................... . | % | 53.846 |
| --- | --- | --- |
| Highest market risk exposure ..................... . | % | 176.091 |
| Average market risk exposure .................... . | % | 110.240 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.8, 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 150 648 120.78 as of the reporting date
| Total collateral pledged by third parties in connection with derivatives | EUR | 350 000.00 |
| --- | --- | --- |
| thereof: |  |  |
| Cash at bank | EUR | 350 000.00 |

 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for derivatives (with the exception of forward currency transactions)
BNP = BNP Paribas SA
Contracting parties for forward currency transactions
Deutsche Bank AG and Morgan Stanley Europe.
 Exchange rates (indirect quotes)	
As of June 30, 2020
| British pound	GBP | 0.911178 | = EUR | 1 |
| --- | --- | --- | --- |
| U.S. dollar	USD | 1.120750 | = EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnotes	
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.

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

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse FC | LU0982744301 | 2,7% |
| Klasse FD10 | LU1747711544 | 2,8% |
| Klasse ID | LU1054336893 | 2,9% |
| Klasse LC | LU1982200948 | 2,6% |
| Klasse TFC | LU1663917257 | 2,8% |
| Klasse TFD | LU1663919899 | 2,7% |
| Klasse XC | LU1747711890 | 3,0% |
| Klasse XD | LU1997181182 | 3,0% |


##### Barclays Global Aggregate Corporate TR (EUR hedged) seit dem 17.8.2015 (vorher: Barclays Capital Global Aggregate Credit-hedged (EUR))

##### 2,6%
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest ESG Global Corporate Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 176 889 948,23 | 95,97 |
| Summe Anleihen | 176 889 948,23 | 95,97 |
| 2. Derivate | -429 906,56 | - 0,23 |
| 3. Bankguthaben | 9 809 997,34 | 5,32 |
| 4. Sonstige Vermögensgegenstände | 1 402 011,62 | 0,76 |
| 5. Forderungen aus Anteilscheingeschäften | 2 434 683,45 | 1,32 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -5 581 329,97 | - 3,03 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -198 277,88 | - 0,11 |
| III. Fondsvermögen | 184 327 126,23 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 118 590 395,90 | 64,34 |
| Verzinsliche Wertpapiere 4,25  % Aareal Bank AG 2014/2026 * .................  | EUR | 500 000 |  | % | 93,676 | 468 382,50 | 0,25 |
| 0,60  % ABN AMRO Bank NV (MTN) 2020/2027 ........  | EUR | 600 000 | 600 000 | % | 98,796 | 592 773,00 | 0,32 |
| 1,50  % Aeroports de Paris 2020/2032 ................  | EUR | 500 000 | 500 000 | % | 100,436 | 502 180,00 | 0,27 |
| 6,25  % AIB Group PLC 2020/perpetual * ..............  | EUR | 500 000 | 500 000 | % | 99,57 | 497 852,50 | 0,27 |
| 1,125 % Albemarle New Holding GmbH (MTN) 2019/2025 | EUR | 390 000 |  | % | 98,471 | 384 036,90 | 0,21 |
| 1,625 % Alliander NV 2018/perpetual * ................  | EUR | 800 000 | 600 000 | % | 102,378 | 819 020,00 | 0,44 |
| 0,50  % Allianz Finance II BV (MTN) 2020/2031 .........  | EUR | 700 000 | 700 000 | % | 101,099 | 707 693,00 | 0,38 |
| 2,241 % Allianz SE 2015/2045 * .....................  | EUR | 500 000 |  | % | 104,366 | 521 832,50 | 0,28 |
| 1,50  % Arkema SA 2020/perpetual * .................  | EUR | 600 000 | 600 000 | % | 94,396 | 566 376,00 | 0,31 |
| 5,00  % Assicurazioni Generali SpA (MTN) 2016/2048 * ..  | EUR | 300 000 | 100 000 | % | 111,999 | 335 997,00 | 0,18 |
| 2,875 % Auchan Holding SA (MTN) 2020/2026 ..........  | EUR | 400 000 | 400 000 | % | 100,117 | 400 468,00 | 0,22 |
| 0,75  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2017/2022 | EUR | 500 000 |  |  | % | 100,462 | 502 310,00 | 0,27 |
| 0,375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2026 | EUR | 700 000 |  |  | % | 98,917 | 692 419,00 | 0,38 |
| 3,871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 600 000 |  |  | % | 93,045 | 558 270,00 | 0,30 |
| 1,75  % Banco de Sabadell SA (MTN) 2020/2023 * ......  | EUR | 300 000 | 300 000 |  | % | 100,668 | 302 005,50 | 0,16 |
| 1,125 % Banco Santander SA (MTN) 2020/2027 .........  | EUR | 400 000 | 400 000 |  | % | 100,656 | 402 624,00 | 0,22 |
| 0,75  % Bank of Ireland Group PLC (MTN) 2019/2024 * ..  | EUR | 340 000 |  |  | % | 98,326 | 334 306,70 | 0,18 |
| 0,75  % Bankia SA (MTN) 2019/2026 .................  | EUR | 600 000 |  |  | % | 97,02 | 582 117,00 | 0,32 |
| 0,625 % Bankinter SA (MTN) 2020/2027 ...............  1,25 % Banque Federative du Credit Mutuel SA (MTN) 2020/2030 ...............................  | EUR EUR | 500 000 900 000 | 500 000 900 000 |  | % % | 94,695 103,01 | 473 475,00 927 094,50 | 0,26 0,50 |
| 2,625 % Barclays PLC (MTN) 2015/2025 * .............  | EUR | 900 000 | 600 000 |  | % | 100,064 | 900 576,00 | 0,49 |
| 0,25  % BASF SE (MTN) 2020/2027 ..................  | EUR | 1 300 000 | 1 300 000 |  | % | 100,628 | 1 308 170,50 | 0,71 |
| 0,00  % Belfius Bank SA (MTN) 2019/2026 ............  | EUR | 400 000 |  |  | % | 97,046 | 388 182,00 | 0,21 |
| 0,125 % BMW Finance NV 2019/2022 ................  | EUR | 800 000 |  |  | % | 99,786 | 798 284,00 | 0,43 |
| 0,50  % BNP Paribas SA (MTN) 2020/2028 * ...........  | EUR | 700 000 | 700 000 |  | % | 97,485 | 682 395,00 | 0,37 |
| 0,125 % BPCE SA (MTN) 2019/2024 ..................  | EUR | 400 000 |  |  | % | 99,751 | 399 004,00 | 0,22 |
| 2,00  % Capgemini SE (MTN) 2020/2029 ..............  | EUR | 400 000 | 400 000 |  | % | 107,76 | 431 042,00 | 0,23 |
| 0,875 % Chorus Ltd (MTN) 2019/2026 ................  | EUR | 455 000 |  |  | % | 100,71 | 458 232,78 | 0,25 |
| 0,50  % Commerzbank AG (MTN) 2019/2026 ...........  | EUR | 210 000 |  | 480 000 | % | 98,724 | 207 321,45 | 0,11 |
| 6,125 % Commerzbank AG 2020/perpetual * ...........  | EUR | 1 000 000 | 1 000 000 |  | % | 95,285 | 952 850,00 | 0,52 |
| 3,25  % Cooperatieve Rabobank UA 2019/perpetual * ....  | EUR | 800 000 |  |  | % | 92,16 | 737 280,00 | 0,40 |
| 1,00  % Credit Agricole SA (MTN) 2019/2029 ...........  | EUR | 400 000 |  |  | % | 106,907 | 427 628,00 | 0,23 |
| 1,00  % Credit Agricole SA (MTN) 2020/2026 * .........  | EUR | 600 000 | 600 000 |  | % | 101,022 | 606 129,00 | 0,33 |
| 1,625 % Credit Agricole SA (MTN) 2020/2030 * .........  | EUR | 400 000 | 400 000 |  | % | 100,597 | 402 388,00 | 0,22 |
| 1,25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 400 000 | 400 000 |  | % | 100,094 | 400 378,00 | 0,22 |
| 0,125 % Dassault Systemes (MTN) 2019/2026 ..........  | EUR | 400 000 |  |  | % | 99,228 | 396 912,00 | 0,22 |
| 1,625 % Deutsche Bank AG (MTN) 2020/2027 ..........  | EUR | 500 000 | 500 000 |  | % | 99,302 | 496 510,00 | 0,27 |
| 0,375 % Deutsche Post AG (MTN) 2020/2026 ..........  | EUR | 690 000 | 690 000 |  | % | 100,836 | 695 764,95 | 0,38 |
| 0,625 % Digital Dutch Finco BV (MTN) 2020/2025 .......  | EUR | 390 000 | 390 000 |  | % | 98,926 | 385 811,40 | 0,21 |
| 4,496 % EDP - Energias de Portugal SA 2019/2079 * .....  | EUR | 500 000 |  |  | % | 106,54 | 532 702,50 | 0,29 |
| 0,375 % Elenia Finance Oyj (MTN) 2020/2027 ...........  | EUR | 640 000 | 640 000 |  | % | 99,78 | 638 592,00 | 0,35 |
| 0,625 % Enexis Holding NV (MTN) 2020/2032 ..........  | EUR | 350 000 | 350 000 |  | % | 101,824 | 356 382,25 | 0,19 |
| 0,875 % Erste Group Bank AG (MTN) 2019/2026 ........  | EUR | 300 000 |  |  | % | 101,277 | 303 831,00 | 0,16 |
| 8,875 % Erste Group Bank AG 2016/2049 * ............  | EUR | 600 000 | 600 000 |  | % | 104,697 | 628 182,00 | 0,34 |
| 0,375 % EssilorLuxottica SA (MTN) 2020/2026 ..........  | EUR | 700 000 | 700 000 |  | % | 100,18 | 701 256,50 | 0,38 |
| 1,408 % Exxon Mobil Corp. 2020/2039 ................  1,375 % Firmenich Productions Participations SAS (MTN) 2020/2026 ...............................  | EUR EUR | 1 190 000 430 000 | 1 190 000 430 000 |  | % % | 99,328 102,927 | 1 182 003,20 442 586,10 | 0,64 0,24 |
| 1,75  % Heineken NV (MTN) 2020/2040 ...............  | EUR | 470 000 | 470 000 |  | % | 101,027 | 474 826,90 | 0,26 |
| 2,75  % Helvetia Europe SA 2020/2041 * ..............  | EUR | 260 000 | 260 000 |  | % | 100,679 | 261 765,40 | 0,14 |
| 0,875 % Hera SpA (MTN) 2019/2027 ..................  2,50 % Holding d‘Infrastructures de Transport SASU (MTN) 2020/2027 ...............................  | EUR EUR | 170 000 700 000 | 700 000 |  | % % | 101,996 103,112 | 173 394,05 721 780,50 | 0,09 0,39 |
| 0,25  % HSBC France SA (MTN) 2019/2024 ............  | EUR | 500 000 |  |  | % | 100,389 | 501 945,00 | 0,27 |
| 2,50  % ING Groep NV (MTN) 2018/2030 ..............  | EUR | 500 000 |  |  | % | 118,674 | 593 367,50 | 0,32 |
| 2,125 % ING Groep NV (MTN) 2020/2031 * ............  | EUR | 500 000 | 500 000 |  | % | 102,52 | 512 602,50 | 0,28 |
| 7,00  % Intesa Sanpaolo SpA 2016/2049 * .............  | EUR | 450 000 | 450 000 |  | % | 99,786 | 449 037,00 | 0,24 |
| 1,00  % Iren SpA (MTN) 2020/2030 ..................  5,50 % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ...............................  | EUR EUR | 800 000 650 000 | 800 000 |  | % % | 98,448 91,562 | 787 580,00 595 153,00 | 0,43 0,32 |
| 4,25  % KBC Group NV 2018/perpetual * ..............  | EUR | 600 000 |  |  | % | 96,046 | 576 279,00 | 0,31 |
| 0,625 % Kimberly-Clark Corp. (MTN) 2017/2024 .........  | EUR | 380 000 |  |  | % | 102,379 | 389 040,20 | 0,21 |
| 0,50  % La Banque Postale SA (MTN) 2020/2026 * ......  | EUR | 500 000 | 500 000 |  | % | 99,02 | 495 100,00 | 0,27 |
| 2,125 % La Mondiale SAM 2020/2031 ................  | EUR | 200 000 | 200 000 |  | % | 98,848 | 197 696,00 | 0,11 |
| 0,625 % La Poste SA (MTN) 2020/2026 ...............  | EUR | 400 000 | 400 000 |  | % | 101,978 | 407 912,00 | 0,22 |
| 1,375 % La Poste SA (MTN) 2020/2032 ...............  | EUR | 400 000 | 400 000 |  | % | 105,858 | 423 430,00 | 0,23 |
| 0,50  % Lloyds Banking Group PLC (MTN) 2019/2025 * ..  | EUR | 830 000 | 500 000 |  | % | 97,861 | 812 246,30 | 0,44 |
| 1,625 % Logicor Financing Sarl (MTN) 2019/2027 ........  | EUR | 810 000 |  |  | % | 100,917 | 817 427,70 | 0,44 |
| 0,875 % Merck Financial Services GmbH (MTN) 2019/2031 | EUR | 500 000 |  |  | % | 102,855 | 514 275,00 | 0,28 |
| 2,625 % Merck KGaA 2014/2074 * ...................  | EUR | 400 000 |  |  | % | 100,692 | 402 770,00 | 0,22 |
| 2,50 % Mytilineos Financial Partners SA (MTN) 2019/2024 | EUR | 390 000 |  |  | % | 100,5 | 391 950,00 | 0,21 |
| 2,00  % Nationwide Building Society (MTN) 2017/2029 * . | EUR | 310 000 |  |  | % | 100,162 | 310 503,75 | 0,17 |
| 1,25  % Naturgy Finance BV (MTN) 2020/2026 .........  | EUR | 400 000 | 400 000 |  | % | 104,143 | 416 572,00 | 0,23 |
| 0,375 % OP Corporate Bank plc (MTN) 2019/2024 .......  | EUR | 350 000 |  |  | % | 101,444 | 355 054,00 | 0,19 |
| 2,25  % Orsted A/S 2017/3017 * ....................  | EUR | 600 000 |  |  | % | 102,269 | 613 614,00 | 0,33 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 1,75  % Orsted A/S 2019/2099 * ....................  | EUR | 270 000 |  |  | % | 98,706 | 266 506,20 | 0,14 |
| 0,50  % Pernod Ricard SA (MTN) 2019/2027 ...........  | EUR | 200 000 |  |  | % | 100,032 | 200 063,00 | 0,11 |
| 1,00  % Postnl NV (MTN) 2017/2024 .................  | EUR | 400 000 |  |  | % | 100,73 | 402 918,00 | 0,22 |
| 0,875 % Red Electrica Corp. SA (MTN) 2020/2025 .......  | EUR | 800 000 | 800 000 |  | % | 103,898 | 831 184,00 | 0,45 |
| 0,50  % RELX Finance BV (MTN) 2020/2028 ...........  | EUR | 240 000 | 240 000 |  | % | 98,253 | 235 807,20 | 0,13 |
| 0,00  % RELX Finance BV 2020/2024 .................  | EUR | 330 000 | 330 000 |  | % | 98,757 | 325 898,10 | 0,18 |
| 0,875 % Rentokil Initial PLC (MTN) 2019/2026 ..........  | EUR | 620 000 | 200 000 |  | % | 99,622 | 617 656,40 | 0,33 |
| 2,00  % Royal Schiphol Group NV (MTN) 2020/2029 .....  | EUR | 350 000 | 350 000 |  | % | 110,91 | 388 186,75 | 0,21 |
| 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 380 000 | 380 000 |  | % | 92,329 | 350 850,20 | 0,19 |
| 1,00  % Santander Consumer Finance SA (MTN) 2019/2024 | EUR | 800 000 |  |  | % | 101,385 | 811 080,00 | 0,44 |
| 2,375 % Signify NV (MTN) 2020/2027 .................  | EUR | 200 000 | 200 000 |  | % | 102,754 | 205 507,00 | 0,11 |
| 2,00  % Signify NV 2020/2024 .......................  | EUR | 310 000 | 310 000 |  | % | 101,28 | 313 968,00 | 0,17 |
| 1,50  % Smurfit Kappa Treasury ULC (MTN) 2019/2027 . . . | EUR | 1 000 000 | 560 000 |  | % | 96,02 | 960 195,00 | 0,52 |
| 0,125 % Societe Generale SA (MTN) 2020/2026 .........  | EUR | 900 000 | 900 000 |  | % | 98,958 | 890 617,50 | 0,48 |
| 2,50  % Standard Chartered PLC (MTN) 2020/2030 * ....  | EUR | 300 000 | 300 000 |  | % | 101,617 | 304 851,00 | 0,17 |
| 0,25  % Stryker Corp. (MTN) 2019/2024 ...............  | EUR | 540 000 |  |  | % | 99,018 | 534 694,50 | 0,29 |
| 0,125 % Svenska Handelsbanken AB (MTN) 2019/2024 ...  | EUR | 530 000 |  |  | % | 100,502 | 532 660,60 | 0,29 |
| 1,125 % Tele2 AB (MTN) 2018/2024 ..................  | EUR | 370 000 |  |  | % | 103,055 | 381 303,50 | 0,21 |
| 2,502 % Telefonica Europe BV 2020/perpetual * .........  | EUR | 600 000 | 600 000 |  | % | 94,906 | 569 436,00 | 0,31 |
| 2,995 % TenneT Holding BV 2017/perpetual * ..........  | EUR | 800 000 | 400 000 |  | % | 103,577 | 828 616,00 | 0,45 |
| 3,00  % Transurban Finance Co., Pty Ltd (MTN) 2020/2030 | EUR | 320 000 | 320 000 |  | % | 110,348 | 353 113,60 | 0,19 |
| 2,125 % Unibail-Rodamco SE 2018/perpetual * ..........  | EUR | 100 000 |  | 200 000 | % | 87,662 | 87 661,50 | 0,05 |
| 1,362 % Upjohn Finance BV (MTN) 2020/2027 ..........  | EUR | 360 000 | 360 000 |  | % | 100,956 | 363 443,40 | 0,20 |
| 1,25  % Veolia Environnement SA (MTN) 2020/2028 .....  | EUR | 300 000 | 300 000 |  | % | 105,347 | 316 041,00 | 0,17 |
| 1,625 % Vonovia Finance BV 2019/2039 ...............  | EUR | 600 000 |  |  | % | 99,276 | 595 656,00 | 0,32 |
| 2,875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2027 ...............................  | EUR | 510 000 |  |  | % | 98,22 | 500 924,55 | 0,27 |
| 2,75  % Wienerberger AG (MTN) 2020/2025 ...........  | EUR | 900 000 | 900 000 |  | % | 101,725 | 915 525,00 | 0,50 |
| 2,75  % ZF North America Capital, Inc. (MTN) 2015/2023 . | EUR | 400 000 |  |  | % | 99,696 | 398 786,00 | 0,22 |
| 1,164 % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 . | EUR | 440 000 |  |  | % | 97,832 | 430 463,00 | 0,23 |
| 1,875 % Comcast Corp. 2020/2036 ...................  | GBP | 360 000 | 360 000 |  | % | 104,226 | 411 791,39 | 0,22 |
| 2,00  % Compass Group PLC (MTN) 2017/2029 .........  | GBP | 700 000 |  |  | % | 103,96 | 798 654,29 | 0,43 |
| 3,125 % Deutsche Telekom AG (MTN) 2019/2034 .......  | GBP | 300 000 |  |  | % | 116,35 | 383 077,03 | 0,21 |
| 1,625 % GlaxoSmithKline Capital PLC (MTN) 2020/2035 ..  | GBP | 790 000 | 790 000 |  | % | 102,454 | 888 285,59 | 0,48 |
| 7,125 % Heathrow Funding Ltd (MTN) 2012/2024 .......  | GBP | 400 000 |  |  | % | 112,962 | 495 894,13 | 0,27 |
| 4,75  % innogy Finance BV (MTN) 2012/2034 ..........  | GBP | 500 000 |  |  | % | 134,795 | 739 674,07 | 0,40 |
| 2,50  % Intesa Sanpaolo SpA (MTN) 2020/2030 .........  | GBP | 410 000 | 410 000 |  | % | 96,956 | 436 267,55 | 0,24 |
| 6,50  % Lloyds Bank PLC (MTN) 2010/2040 ............  | GBP | 300 000 |  |  | % | 173,563 | 571 445,75 | 0,31 |
| 1,75  % Motability Operations Group PLC (MTN) 2019/2029 | GBP | 580 000 |  |  | % | 105,108 | 669 055,95 | 0,36 |
| 2,00  % National Grid Electricity Transmission PLC (MTN) |  |  |  |  |  |  |  |  |
| 2020/2040 ...............................  | GBP | 250 000 | 250 000 |  | % | 106,092 | 291 083,24 | 0,16 |
| 5,75  % Nationwide Building Society 2020/perpetual * ...  | GBP | 410 000 | 410 000 |  | % | 100,875 | 453 904,00 | 0,25 |
| 3,875 % TalkTalk Telecom Group PLC (MTN) 2020/2025 ..  | GBP | 710 000 | 710 000 |  | % | 96,812 | 754 369,54 | 0,41 |
| 5,75  % Thames Water Utilities Cayman Finance Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2010/2030 * ..............................  | GBP | 300 000 |  |  | % | 105,376 | 346 945,80 | 0,19 |
| 3,00  % 3M Co. (MTN) 2015/2025 ...................  | USD | 800 000 |  |  | % | 111,365 | 794 932,28 | 0,43 |
| 3,35  % Air Products & Chemicals, Inc. (MTN) 2014/2024 . | USD | 800 000 |  |  | % | 109,684 | 782 936,74 | 0,42 |
| 3,625 % America Movil SAB de CV (MTN) 2019/2029 ....  | USD | 540 000 |  |  | % | 111,482 | 537 145,43 | 0,29 |
| 5,45  % Anheuser-Busch InBev Worldwide, Inc. 2019/2039 | USD | 550 000 |  |  | % | 127,017 | 623 327,04 | 0,34 |
| 4,375 % AstraZeneca PLC 2015/2045 .................  | USD | 900 000 |  |  | % | 131,044 | 1 052 327,88 | 0,57 |
| 4,25  % AT&T, Inc. (MTN) 2017/2027 .................  | USD | 700 000 |  |  | % | 115,062 | 718 659,66 | 0,39 |
| 2,704 % Banco del Estado de Chile -144A- (MTN) 2020/2025 | USD | 490 000 | 490 000 |  | % | 102,933 | 450 030,69 | 0,24 |
| 3,125 % Banco Santander SA (MTN) 2017/2023 .........  | USD | 1 000 000 |  |  | % | 104,192 | 929 663,54 | 0,50 |
| 2,746 % Banco Santander SA (MTN) 2020/2025 .........  | USD | 1 400 000 | 1 400 000 |  | % | 103,7 | 1 295 376,82 | 0,70 |
| 4,20  % Bank of America Corp. (MTN) 2014/2024 .......  | USD | 800 000 |  |  | % | 110,936 | 791 870,04 | 0,43 |
| 4,61  % Barclays PLC (MTN) 2018/2023 * .............  | USD | 1 100 000 |  |  | % | 105,335 | 1 033 848,28 | 0,56 |
| 1,90  % BlackRock, Inc. 2020/2031 ...................  | USD | 500 000 | 500 000 |  | % | 102,72 | 458 262,51 | 0,25 |
| 3,375 % BNZ International Funding Ltd/London -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ...............................  | USD | 1 000 000 |  |  | % | 106,622 | 951 349,92 | 0,52 |
| 4,70  % Boston Scientific Corp. 2019/2049 ............  | USD | 500 000 |  |  | % | 128,441 | 573 016,06 | 0,31 |
| 3,25  % Bristol-Myers Squibb Co. (MTN) 2017/2027 .....  | USD | 370 000 |  |  | % | 114,904 | 379 341,35 | 0,21 |
| 4,368 % Cardinal Health, Inc. 2017/2047 ...............  | USD | 720 000 |  |  | % | 112,352 | 721 783,02 | 0,39 |
| 2,60 % Caterpillar, Inc. (MTN) 2019/2029 .............  | USD | 490 000 |  |  | % | 109,462 | 478 573,78 | 0,26 |
| 4,90  % Cigna Corp. 2019/2048 ......................  | USD | 446 000 |  |  | % | 132,628 | 527 790,42 | 0,29 |
| 4,125 % Citigroup, Inc. 2016/2028 ....................  | USD | 1 000 000 |  |  | % | 113,304 | 1 010 970,73 | 0,55 |
| 3,875 % CNH Industrial Capital LLC (MTN) 2016/2021 ....  | USD | 600 000 |  |  | % | 102,879 | 550 768,90 | 0,30 |
| 2,95  % Deutsche Bank AG (MTN) 2015/2020 ..........  | USD | 1 000 000 |  |  | % | 100,257 | 894 553,11 | 0,49 |
| 2,60  % DH Europe Finance II Sarl (MTN) 2019/2029 .....  | USD | 800 000 |  |  | % | 106,398 | 759 481,01 | 0,41 |
| 4,205 % DowDuPont, Inc. (MTN) 2018/2023 ............  | USD | 900 000 |  |  | % | 109,869 | 882 285,43 | 0,48 |
| 2,375 % Ecolab, Inc. (MTN) 2017/2022 ................  | USD | 700 000 |  |  | % | 103,85 | 648 625,28 | 0,35 |
| 2,25  % Eli Lilly and Co. 2020/2050 ...................  | USD | 1 300 000 | 1 900 000 | 600 000 | % | 96,474 | 1 119 032,79 | 0,61 |
| 6,25  % Goldman Sachs Group, Inc. 2011/2041 .........  | USD | 800 000 |  |  | % | 149,252 | 1 065 369,15 | 0,58 |
| 3,625 % Goldman Sachs Group, Inc./The (MTN) 2019/2024 | USD | 970 000 |  |  | % | 108,902 | 942 542,64 | 0,51 |
| 3,50  % Hankook Tire Co., Ltd (MTN) 2018/2023 ........  | USD | 1 000 000 |  |  | % | 104,556 | 932 906,90 | 0,51 |
| 5,50  % HCA, Inc. 2017/2047 .......................  | USD | 1 100 000 |  |  | % | 123,126 | 1 208 469,36 | 0,66 |
| 5,875 % Home Depot, Inc./The 2006/2036 .............  | USD | 400 000 |  |  | % | 147,613 | 526 836,70 | 0,29 |
| 2,633 % HSBC Holdings PLC (MTN) 2019/2025 * ........  | USD | 1 030 000 |  |  | % | 103,549 | 951 644,10 | 0,52 |
| 3,973 % HSBC Holdings PLC 2019/2030 * .............  | USD | 900 000 |  |  | % | 111,488 | 895 286,55 | 0,49 |
| 3,00  % International Business Machines Corp. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | USD | 1 000 000 |  |  | % | 108,216 | 965 563,62 | 0,52 |
| 2,80  % John Deere Capital Corp. (MTN) 2019/2029 .....  | USD | 872 000 |  |  | % | 111,089 | 864 328,76 | 0,47 |

| 2,05  % John Deere Capital Corp. (MTN) 2020/2025 .....  | USD | 800 000 | 1 800 000 | 1 000 000 | % | 105,7 | 754 495,06 | 0,41 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6,00  % Johnson Controls International PLC 2016/2036 ...  | USD | 900 000 |  |  | % | 126,745 | 1 017 802,31 | 0,55 |
| 3,75  % Juniper Networks, Inc. (MTN) 2019/2029 .......  | USD | 500 000 |  | 240 000 | % | 112,709 | 502 828,66 | 0,27 |
| 3,95  % Kroger Co./The 2020/2050 ...................  | USD | 1 100 000 | 1 100 000 |  | % | 115,752 | 1 136 084,77 | 0,62 |
| 6,30  % Lincoln National Corp. 2007/2037 .............  | USD | 400 000 |  |  | % | 133,702 | 477 187,79 | 0,26 |
| 4,582 % Lloyds Banking Group PLC (MTN) 2016/2025 ....  | USD | 1 000 000 |  |  | % | 110,95 | 989 962,47 | 0,54 |
| 4,55  % Lowe‘s Cos, Inc. 2019/2049 .................  | USD | 965 000 | 600 000 | 540 000 | % | 127,356 | 1 096 570,21 | 0,59 |
| 3,15  % McCormick & Co., Inc./MD (MTN) 2017/2024 ....  | USD | 450 000 |  |  | % | 108,614 | 436 101,67 | 0,24 |
| 4,875 % McDonalds Corp.2015/2045 .................  | USD | 600 000 |  |  | % | 129,754 | 694 645,82 | 0,38 |
| 4,15  % Merck & Co., Inc. 2013/2043 .................  | USD | 330 000 |  |  | % | 128,269 | 377 682,68 | 0,20 |
| 4,60  % MetLife, Inc. 2015/2046 .....................  | USD | 270 000 |  |  | % | 128,752 | 310 176,70 | 0,17 |
| 3,741 % Mitsubishi UFJ Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 580 000 |  |  | % | 113,676 | 588 282,99 | 0,32 |
| 4,018 % Mizuho Financial Group, Inc. (MTN) 2018/2028 ...  | USD | 350 000 |  |  | % | 113,733 | 355 177,92 | 0,19 |
| 3,00  % Molson Coors Brewing Co. (MTN) 2016/2026 ....  | USD | 900 000 |  |  | % | 103,81 | 833 633,61 | 0,45 |
| 4,20  % Molson Coors Brewing Co. 2016/2046 .........  | USD | 800 000 |  |  | % | 97,694 | 697 347,59 | 0,38 |
| 2,648 % Nomura Holdings, Inc. (MTN) 2020/2025 .......  | USD | 1 320 000 | 1 320 000 |  | % | 104,331 | 1 228 792,99 | 0,67 |
| 3,40  % Oracle Corp. (MTN) 2014/2024 ...............  | USD | 900 000 |  |  | % | 109,737 | 881 225,42 | 0,48 |
| 3,25  % Oracle Corp. (MTN) 2017/2027 ...............  | USD | 600 000 |  |  | % | 112,364 | 601 550,09 | 0,33 |
| 9,00  % Orange SA 2002/2031 * .....................  | USD | 300 000 |  |  | % | 163,364 | 437 290,83 | 0,24 |
| 4,30  % Owens Corning 2017/2047 ..................  | USD | 500 000 |  |  | % | 101,688 | 453 662,91 | 0,25 |
| 1,70  % Pfizer, Inc. (MTN) 2020/2030 .................  | USD | 1 400 000 | 1 400 000 |  | % | 102,124 | 1 275 690,00 | 0,69 |
| 2,60  % PNC Financial Services Group, Inc./The (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | USD | 690 000 |  |  | % | 108,745 | 669 498,81 | 0,36 |
| 3,90  % Power Finance Corp., Ltd (MTN) 2019/2029 .....  | USD | 550 000 |  |  | % | 95,058 | 466 488,03 | 0,25 |
| 4,35  % Prudential Financial, Inc. (MTN) 2019/2050 ......  | USD | 1 000 000 |  |  | % | 120,845 | 1 078 251,60 | 0,58 |
| 3,60  % Public Service Co. of New Hampshire 2019/2049 . | USD | 1 400 000 |  |  | % | 116,354 | 1 453 446,04 | 0,79 |
| 3,375 % Simon Property Group LP (MTN) 2014/2024 .....  | USD | 1 000 000 |  |  | % | 107,54 | 959 531,94 | 0,52 |
| 6,00  % Sprint Communications, Inc. (MTN) 2012/2022 ...  | USD | 1 100 000 | 200 000 |  | % | 105,779 | 1 038 206,08 | 0,56 |
| 6,00  % Standard Chartered PLC -Reg- 2020/perpetual * ..  | USD | 1 170 000 | 1 170 000 |  | % | 99,977 | 1 043 704,09 | 0,57 |
| 3,40  % Stanley Black & Decker, Inc. (MTN) 2019/2026 ...  | USD | 833 000 |  |  | % | 112,147 | 833 535,47 | 0,45 |
| 2,448 % Sumitomo Mitsui Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | USD | 1 300 000 |  |  | % | 104,974 | 1 217 627,52 | 0,66 |
| 3,04  % Sumitomo Mitsui Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 1 260 000 |  |  | % | 108,259 | 1 217 099,21 | 0,66 |
| 2,35  % Target Corp. (MTN) 2020/2030 ...............  | USD | 700 000 | 700 000 |  | % | 107,828 | 673 474,28 | 0,37 |
| 3,975 % Tencent Holdings Ltd -Reg- (MTN) 2019/2029 ...  | USD | 670 000 |  |  | % | 112,723 | 673 874,10 | 0,37 |
| 1,81  % Tencent Holdings Ltd -Reg- (MTN) 2020/2026 ...  | USD | 320 000 | 320 000 |  | % | 101,028 | 288 456,95 | 0,16 |
| 5,30  % Thermo Fisher Scientific, Inc. 2013/2044 .......  | USD | 400 000 |  |  | % | 141,675 | 505 643,74 | 0,27 |
| 2,859 % UBS Group AG -Reg- (MTN) 2017/2023 * .......  | USD | 1 000 000 |  |  | % | 103,682 | 925 113,01 | 0,50 |
| 2,00  % UnitedHealth Group, Inc. (MTN) 2020/2030 .....  | USD | 575 000 | 575 000 |  | % | 104,464 | 535 954,60 | 0,29 |
| 5,25  % Verizon Communications, Inc. 2017/2037 .......  | USD | 500 000 |  | 100 000 | % | 136,076 | 607 078,09 | 0,33 |
| 4,30  % VISA, Inc. 2015/2045 .......................  | USD | 1 000 000 |  |  | % | 132,608 | 1 183 212,60 | 0,64 |
| 3,50  % Walt Disney Co./The 2020/2040 ..............  | USD | 990 000 | 990 000 |  | % | 110,274 | 974 095,90 | 0,53 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	58 299 552,33	31,63
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 4,125 % CRH Financial UK PLC 2015/2029 .............  | GBP | 600 000 |  |  | % | 118,168 | 778 125,38 | 0,42 |
| 2,30  % AbbVie, Inc. -144A- 2019/2022 ...............  | USD | 610 000 |  |  | % | 103,446 | 563 034,44 | 0,31 |
| 4,25  % AbbVie, Inc. -144A- 2019/2049 ...............  | USD | 570 000 |  |  | % | 121,344 | 617 143,81 | 0,33 |
| 2,30  % Adobe, Inc. (MTN) 2020/2030 ................  | USD | 601 000 | 601 000 |  | % | 108,58 | 582 258,36 | 0,32 |
| 3,80  % Alcon Finance Corp. -144A- 2019/2049 .........  | USD | 700 000 |  |  | % | 111,62 | 697 158,43 | 0,38 |
| 2,40  % American Honda Finance Corp. (MTN) 2019/2024 | USD | 1 000 000 |  |  | % | 105,382 | 940 276,97 | 0,51 |
| 2,45  % Amgen, Inc. (MTN) 2020/2030 ................  | USD | 1 100 000 | 1 100 000 |  | % | 105,799 | 1 038 402,37 | 0,56 |
| 3,15  % Amgen, Inc. 2020/2040 .....................  | USD | 1 410 000 | 1 410 000 |  | % | 107,642 | 1 354 223,29 | 0,73 |
| 2,125 % ANZ New Zealand Int‘l Ltd/London -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ...............................  | USD | 600 000 |  |  | % | 101,792 | 544 946,90 | 0,30 |
| 1,65  % Apple, Inc. (MTN) 2020/2030 .................  | USD | 590 000 | 590 000 |  | % | 102,275 | 538 409,76 | 0,29 |
| 4,25  % Apple, Inc. 2017/2047 ......................  | USD | 980 000 |  |  | % | 131,726 | 1 151 831,64 | 0,62 |
| 1,75  % Applied Materials, Inc. (MTN) 2020/2030 .......  | USD | 745 000 | 745 000 |  | % | 102,354 | 680 378,21 | 0,37 |
| 5,35  % AT&T, Inc. 2019/2043 ......................  | USD | 700 000 |  |  | % | 127,783 | 798 109,62 | 0,43 |
| 4,08 % Baker Hughes a GE Co LLC Via Baker Hughes |  |  |  |  |  |  |  |  |
| Co-Obligor, Inc. 2018/2047 ..................  | USD | 1 100 000 |  |  | % | 104,5 | 1 025 652,87 | 0,56 |
| 3,194 % Bank of America Corp. (MTN) 2019/2030 * ......  | USD | 700 000 |  | 100 000 | % | 110,369 | 689 344,91 | 0,37 |
| 3,946 % Bank of America Corp. 2018/2049 * ...........  | USD | 950 000 |  |  | % | 122,346 | 1 037 057,96 | 0,56 |
| 4,30  % Bank of America Corp. 2020/perpetual * ........  | USD | 408 000 | 408 000 |  | % | 89,37 | 325 346,23 | 0,18 |
| 3,30  % Bank of Montreal (MTN) 2019/2024 ...........  | USD | 890 000 |  |  | % | 108,356 | 860 463,38 | 0,47 |
| 3,30  % Bank Of New York Mellon Corp./The (MTN) |  |  |  |  |  |  |  |  |
| 2017/2029 ...............................  | USD | 900 000 |  |  | % | 112,82 | 905 978,94 | 0,49 |
| 3,40  % Bank of Nova Scotia/The (MTN) 2019/2024 ......  | USD | 1 020 000 |  |  | % | 108,727 | 989 530,08 | 0,54 |
| 2,375 % Banque Federative du Credit Mutuel SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | USD | 1 300 000 |  |  | % | 105,202 | 1 220 272,18 | 0,66 |
| 2,645 % Barclays PLC 2020/2031 * ...................  | USD | 1 200 000 | 1 200 000 |  | % | 99,656 | 1 067 034,10 | 0,58 |
| 3,052 % BNP Paribas SA -Reg- 2020/2031 * ............  | USD | 1 000 000 | 1 000 000 |  | % | 105,616 | 942 369,32 | 0,51 |
| 4,875 % BPCE SA -144A- (MTN) 2016/2026 ............  | USD | 750 000 |  |  | % | 113,425 | 759 034,43 | 0,41 |
| 3,00  % BPCE SA -Reg- (MTN) 2017/2022 .............  | USD | 800 000 |  |  | % | 103,47 | 738 573,57 | 0,40 |
| 2,70  % BPCE SA -Reg- (MTN) 2019/2029 .............  | USD | 1 300 000 |  |  | % | 106,483 | 1 235 136,78 | 0,67 |
| 3,25  % Bristol-Myers Squibb Co. -Reg- 2019/2023 ......  | USD | 500 000 |  |  | % | 106,658 | 475 835,57 | 0,26 |
| 4,25  % Bristol-Myers Squibb Co. -Reg- 2019/2049 ......  | USD | 990 000 |  |  | % | 132,89 | 1 173 871,49 | 0,64 |
| 3,875 % Celulosa Arauco y Constitucion SA (MTN) 2018/2027 | USD | 800 000 |  |  | % | 102,676 | 732 909,50 | 0,40 |
| 3,98  % Citigroup, Inc. 2019/2030 * ..................  | USD | 619 000 |  |  | % | 114,756 | 633 807,65 | 0,34 |
| 1,678 % Citigroup, Inc. 2020/2024 * ..................  | USD | 1 400 000 | 1 400 000 |  | % | 102,165 | 1 276 208,40 | 0,69 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,95  % Colbun SA -Reg- (MTN) 2017/2027 ............  | USD | 500 000 |  |  | % | 108,062 | 482 094,77 | 0,26 |
| 2,80  % Comcast Corp. 2020/2051 ...................  3,35 % Commonwealth Bank of Australia -Reg- (MTN) 2019/2024 ...............................  | USD USD | 1 800 000 940 000 | 1 800 000 |  | % % | 103,05 109,548 | 1 655 053,07 918 801,61 | 0,90 0,50 |
| 2,625 % Cooperatieve Rabobank UA -144A- (MTN) 2019/2024 | USD | 700 000 |  |  | % | 106,216 | 663 406,02 | 0,36 |
| 4,50  % CSX Corp. 2019/2049 .......................  4,00 % Dell International LLC Via EMC Corp. -144A- (MTN) 2019/2024 ...............................  | USD USD | 890 000 800 000 | 500 000 |  | % % | 129,716 107,847 | 1 030 093,51 769 820,51 | 0,56 0,42 |
| 2,70 % Deutsche Bank AG/New York NY 2017/2020 .... 8,75 % Deutsche Telekom International Finance BV 2000/2030 * ..............................  | USD USD | 1 200 000 200 000 |  |  | % % | 100,025 156,78 | 1 070 979,68 279 777,05 | 0,58 0,15 |
| 3,625 % EDP Finance BV -Reg- (MTN) 2017/2024 .......  | USD | 1 000 000 |  |  | % | 107,878 | 962 552,24 | 0,52 |
| 3,00  % Equinor ASA (MTN) 2020/2027 ...............  | USD | 500 000 | 1 100 000 | 600 000 | % | 110,12 | 491 280,59 | 0,27 |
| 3,70  % Gilead Sciences, Inc. (MTN) 2014/2024 .........  | USD | 800 000 |  |  | % | 110,243 | 786 923,35 | 0,43 |
| 4,65 % Hewlett Packard Enterprise Co. 2020/2024 ...... 3,05  % Jackson National Life Global Funding -144A- (MTN) 2019/2029 ...............................  | USD USD | 660 000 750 000 | 660 000 |  | % % | 112,32 107,299 | 661 440,10 718 039,54 | 0,36 0,39 |
| 3,30  % Jackson National Life Global Funding -144A- |  |  |  |  |  |  |  |  |
| 2019/2022 ...............................  | USD | 700 000 |  | % | 103,964 | 649 337,31 | 0,35 |
| 2,875 % Kimberly-Clark Corp. 2020/2050 ...............  | USD | 1 700 000 | 1 700 000 | % | 109,792 | 1 665 363,58 | 0,90 |
| 4,30  % Kinder Morgan, Inc./DE (MTN) 2018/2028 .......  | USD | 500 000 |  | % | 113,604 | 506 819,29 | 0,27 |
| 4,00  % Lam Research Corp. (MTN) 2019/2029 .........  | USD | 637 000 |  | % | 118,914 | 675 871,05 | 0,37 |
| 2,10  % Macquarie Bank Ltd -Reg- 2019/2022 ..........  | USD | 1 400 000 |  | % | 102,623 | 1 281 929,57 | 0,70 |
| 2,497 % Micron Technology, Inc. 2020/2023 ............  | USD | 570 000 | 570 000 | % | 103,89 | 528 369,74 | 0,29 |
| 2,875 % Microsoft Corp. (MTN) 2017/2024 .............  | USD | 740 000 |  | % | 107,925 | 712 598,99 | 0,39 |
| 2,72  % Morgan Stanley (MTN) 2019/2025 * ...........  | USD | 380 000 |  | % | 106,113 | 359 785,46 | 0,19 |
| 2,188 % Morgan Stanley (MTN) 2020/2026 * ...........  | USD | 400 000 | 400 000 | % | 104,124 | 371 624,51 | 0,20 |
| 2,699 % Morgan Stanley (MTN) 2020/2031 * ...........  | USD | 990 000 | 990 000 | % | 106,247 | 938 519,49 | 0,51 |
| 3,25  % Nasdaq, Inc. 2020/2050 .....................  3,875 % NXP BV Via NXP Funding LLC -Reg- (MTN) 2016/2022 ...............................  | USD USD | 755 000 1 300 000 | 755 000 | % % | 104,708 105,692 | 705 375,41 1 225 961,67 | 0,38 0,66 |
| 3,40  % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -144A- (MTN) 2020/2030 ....................  | USD | 685 000 | 685 000 |  | % | 107,816 | 658 972,40 | 0,36 |
| 3,60  % Oracle Corp. 2020/2050 .....................  | USD | 750 000 | 750 000 |  | % | 113,093 | 756 812,70 | 0,41 |
| 1,65  % PayPal Holdings, Inc. (MTN) 2020/2025 .........  | USD | 360 000 | 360 000 |  | % | 103,503 | 332 465,71 | 0,18 |
| 3,10  % PepsiCo, Inc. (MTN) 2015/2022 ...............  | USD | 800 000 |  |  | % | 105,133 | 750 447,76 | 0,41 |
| 2,875 % PepsiCo, Inc. 2019/2049 ....................  | USD | 650 000 |  | 460 000 | % | 107,952 | 626 085,24 | 0,34 |
| 3,878 % Prudential Financial, Inc. (MTN) 2018/2028 ......  | USD | 700 000 |  |  | % | 114,842 | 717 282,46 | 0,39 |
| 4,30  % Rogers Communications, Inc. 2018/2048 .......  | USD | 800 000 |  |  | % | 122,808 | 876 616,90 | 0,48 |
| 2,625 % Societe Generale SA -Reg- (MTN) 2019/2024 ....  | USD | 1 700 000 |  |  | % | 102,297 | 1 551 683,86 | 0,84 |
| 4,00  % Stanley Black & Decker, Inc. 2020/2060 * .......  | USD | 631 000 | 631 000 |  | % | 100,252 | 564 434,86 | 0,31 |
| 1,30  % Starbucks Corp. 2020/2022 ..................  | USD | 570 000 | 570 000 |  | % | 101,414 | 515 779,64 | 0,28 |
| 2,90  % Texas Instruments, Inc. (MTN) 2017/2027 ......  | USD | 400 000 |  |  | % | 112,232 | 400 558,71 | 0,22 |
| 3,75  % TJX Cos, Inc./The (MTN) 2020/2027 ...........  | USD | 310 000 | 310 000 |  | % | 114,832 | 317 626,00 | 0,17 |
| 2,95  % UnitedHealth Group, Inc. (MTN) 2017/2027 .....  | USD | 1 000 000 |  |  | % | 112,136 | 1 000 540,21 | 0,54 |
| 2,65  % Ventas Realty LP (MTN) 2019/2025 ............  | USD | 970 000 |  |  | % | 101,448 | 878 028,85 | 0,48 |
| 4,875 % Vodafone Group PLC 2019/2049 ..............  | USD | 1 000 000 | 400 000 | 400 000 | % | 126,82 | 1 131 568,59 | 0,61 |
| 4,75  % Western Digital Corp. (MTN) 2018/2026 . . . . . . . . | USD | 800 000 |  |  | % | 103,124 | 736 103,79 | 0,40 |
| Summe Wertpapiervermögen |  |  | 176 889 948,23 | 95,97 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -20 661,65 | -0,01 |
| Zinsterminkontrakte Germany Federal Republic Notes 10 year 09/2020 (MS) ....	Stück	-7 |  | 7 | -15 610,00 | -0,01 |
| UK Treasury Notes 09/2020 (MS) .....................	Stück	3 | 3 |  | 1 152,35 | 0,00 |
| US Treasury Notes 30 year Futures 09/2020 (MS) ........	Stück	-10 |  | 10 | -6 204,00 | 0,00 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -126 946,23 | -0,07 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 8,1 Mio. .................................  |  |  | 54 337,16 | 0,03 |
| EUR/USD 129,9 Mio.  ..............................  |  |  | -181 283,39 | -0,10 |
| Swaps Forderungen/Verbindlichkeiten |  |  | -282 298,68 | -0,15 |
| Credit Default Swaps |  |  |  |  |
| Protection Buyer iTraxx Europe / 1% / 20/06/2025 (OTC) (BNP) ............	Stück	18 000 000 |  |  | -282 298,68 | -0,15 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Bankguthaben |  |  |  | 9 809 997,34 | 5,32 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 7 921 311,39 | 4,30 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 725 936 |  | 796 700,29 | 0,43 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar ........................................  | USD | 1 223 842 |  | 1 091 985,66 | 0,59 |
| Sonstige Vermögensgegenstände |  |  |  | 1 402 011,62 | 0,76 |
| Zinsansprüche ....................................  |  |  |  | 1 345 783,43 | 0,73 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 56 228,19 | 0,03 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 2 434 683,45 | 1,32 |
| Summe der Vermögensgegenstände ** |  |  |  | 190 592 130,15 | 103,40 |
| Sonstige Verbindlichkeiten |  |  |  | -5 581 329,97 | -3,03 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -5 581 329,97 | -3,03 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -198 277,88 | -0,11 |
| Summe der Verbindlichkeiten |  |  |  | -6 265 003,92 | -3,40 |
| Fondsvermögen |  |  |  | 184 327 126,23 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 113,74 |
| Klasse FD10 ......................................  | EUR | 102,99 |
| Klasse ID ........................................  | EUR | 101,35 |
| Klasse LC ........................................  | EUR | 107,90 |
| Klasse TFC .......................................  | EUR | 107,70 |
| Klasse TFD .......................................  | EUR | 101,93 |
| Klasse XC ........................................  | EUR | 114,15 |
| Klasse XD ........................................  | EUR | 106,90 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 43 600,000 |
| Klasse FD10 ......................................  | Stück | 229 950,291 |
| Klasse ID ........................................  | Stück | 935 075,748 |
| Klasse LC ........................................  | Stück | 1 708,001 |
| Klasse TFC .......................................  | Stück | 53 693,793 |
| Klasse TFD .......................................  | Stück | 5 606,000 |
| Klasse XC ........................................  | Stück | 294 086,000 |
| Klasse XD ........................................  | Stück | 194 650,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Barclays Capital Global Aggregate Credit ex Asian Countries
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag ................. . | % | 53,846 |
| --- | --- | --- |
| größter potenzieller Risikobetrag .................. . | % | 176,091 |
| durchschnittlicher potenzieller Risikobetrag .......... . | % | 110,240 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.06.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,8, 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 150 648 120,78.
| Gesamtbetrag der in Zusammenhang mit Derivaten von Dritten gewährten Sicherheiten | EUR | 350 000,00 |
| --- | --- | --- |
| davon: |  |  |
| Bankguthaben | EUR | 350 000,00 |

 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
BNP = BNP Paribas SA
Vertragspartner der Devisentermingeschäfte
Deutsche Bank AG und Morgan Stanley Europe.
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| --- | --- | --- | --- |
| US-Dollar	USD | 1,120750 | = EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchge- führt. 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.