# DWS Invest Multi Asset Income
DWS INVEST MULTI ASSET INCOME

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1054320970 | -7.0% |
| Class FC | LU1186220148 | -6.7% |
| Class LC | LU1054320897 | -7.0% |
| Class LDH (P) | LU1769944361 | -7.3% |
| Class NC | LU1186218753 | -7.1% |
| Class ND | LU1054321192 | -7.1% |
| Class PFD | LU1217772232 | -7.4% |
| Class TFD | LU1663932561 | -6.7% |

“BVI method” performance, i.e., excluding the initial sales charge.
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 Multi Asset Income
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 5 780 576.77 | 2.01 |
| Telecommunication Services | 8 708 419.65 | 3.03 |
| Consumer Discretionaries | 29 932 623.93 | 10.43 |
| Energy | 2 369 994.84 | 0.83 |
| Consumer Staples | 10 824 237.21 | 3.78 |
| Financials | 11 654 246.98 | 4.05 |
| Basic Materials | 13 649 931.65 | 4.78 |
| Industrials | 3 409 466.54 | 1.19 |
| Utilities | 4 964 426.77 | 1.74 |
| Total equities | 91 293 924.34 | 31.84 |
| 2. Bonds (issuers) Companies | 58 458 002.18 | 20.34 |
| Institutions | 17 226 902.22 | 5.97 |
| Central governments | 57 746 173.18 | 20.10 |
| Total bonds | 133 431 077.58 | 46.41 |
| 3. Investment fund units Equity funds | 15 084 983.59 | 5.25 |
| Total investment fund units | 15 084 983.59 | 5.25 |
| 4. Derivativess | 102 654.34 | 0.05 |
| 5. Cash at bank | 44 784 309.76 | 15.59 |
| 6. Other assets | 2 854 358.52 | 0.99 |
| 7. Receivables from share certificate transactions | 112 536.99 | 0.04 |
| II. Liabilities |  |  |
| 1. Other liabilities | -308 946.47 | - 0.12 |
| 2. Liabilities from share certificate transactions | -172 957.12 | - 0.05 |
|  |  |  |
| III. Net assets | 287 181 941.53 | 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 |  |  |  |  |  |  | 200 349 577.15 | 69.76 |
| Equities AGL Energy Ltd ....................................  | Count | 31 923 |  |  | AUD | 17.05 | 333 492.87 | 0.12 |
| Coles Group Ltd ...................................  | Count | 53 177 |  |  | AUD | 17.17 | 559 438.82 | 0.19 |
| Fortescue Metals Group Ltd ..........................  | Count | 74 297 |  |  | AUD | 13.85 | 630 491.91 | 0.22 |
| Magellan Financial Group Ltd .........................  | Count | 4 817 | 4 817 |  | AUD | 58.01 | 171 213.49 | 0.06 |
| Canadian Imperial Bank of Commerce/Canada ............  | Count | 2 375 |  |  | CAD | 89.9 | 139 347.30 | 0.05 |
| Canadian Pacific Railway Ltd..........................  | Count | 3 519 | 3 519 |  | CAD | 341.97 | 785 384.87 | 0.27 |
| Kinross Gold Corp...................................  | Count | 251 676 | 251 676 |  | CAD | 9.56 | 1 570 272.24 | 0.55 |
| Magna International, Inc..............................  | Count | 16 024 |  | 3 268 | CAD | 59.45 | 621 724.60 | 0.22 |
| Manulife Financial Corp. .............................  | Count | 14 564 |  | 20 896 | CAD | 18.18 | 172 802.41 | 0.06 |
| Power Corp. of Canada ..............................  | Count | 13 111 |  |  | CAD | 23.4 | 200 228.98 | 0.07 |
| Sun Life Financial, Inc. ..............................  | Count | 5 323 |  | 6 248 | CAD | 48.8 | 169 531.95 | 0.06 |
| Baloise Holding AG .................................  | Count | 1 793 |  |  | CHF | 140.4 | 236 424.43 | 0.08 |
| Chocoladefabriken Lindt & Spruengli AG ................  | Count | 4 | 4 |  | CHF | 80 800 | 303 540.27 | 0.11 |
| Nestle SA ........................................  | Count | 2 212 | 2 212 |  | CHF | 105.06 | 218 256.65 | 0.08 |
| Partners Group Holding AG...........................  | Count | 231 | 231 |  | CHF | 854.8 | 185 447.70 | 0.06 |
| Roche Holding AG ..................................  | Count | 5 657 | 1 103 |  | CHF | 327.65 | 1 740 769.68 | 0.61 |
| Swiss Life Holding AG ..............................  | Count | 519 |  | 319 | CHF | 348.1 | 169 674.41 | 0.06 |
| Zurich Insurance Group AG ...........................  | Count | 587 |  | 1 755 | CHF | 332.7 | 183 415.43 | 0.06 |
| Carlsberg A/S......................................  | Count | 4 627 | 4 627 |  | DKK | 879.2 | 545 849.96 | 0.19 |
| Novo Nordisk A/S ..................................  | Count | 14 385 |  | 1 932 | DKK | 429.95 | 829 877.38 | 0.29 |
| Pandora A/S.......................................  | Count | 4 473 | 4 473 |  | DKK | 359 | 215 466.35 | 0.07 |
| ACS Actividades de Construccion y Servicios SA..........  | Count | 15 213 |  |  | EUR | 22.33 | 339 706.29 | 0.12 |
| Allianz SE.........................................  | Count | 1 006 |  | 5 113 | EUR | 180.22 | 181 301.32 | 0.06 |
| Assicurazioni Generali SpA ...........................  | Count | 13 355 |  | 11 063 | EUR | 13.37 | 178 556.35 | 0.06 |
| AXA SA ..........................................  | Count | 57 067 | 57 067 | 12 425 | EUR | 18.418 | 1 051 060.01 | 0.37 |
| BNP Paribas SA ....................................  | Count | 28 120 | 28 120 |  | EUR | 34.795 | 978 435.40 | 0.34 |
| Covestro AG ......................................  | Count | 6 942 |  | 2 905 | EUR | 33.81 | 234 709.02 | 0.08 |
| Enel SpA .........................................  | Count | 133 079 |  |  | EUR | 7.735 | 1 029 366.07 | 0.36 |
| Hannover Rueck SE.................................  | Count | 1 939 |  |  | EUR | 151.3 | 293 370.70 | 0.10 |
| Iberdrola SA.......................................  | Count | 144 517 |  | 33 340 | EUR | 10.37 | 1 498 641.29 | 0.52 |
| ING Groep NV .....................................  | Count | 157 934 | 157 934 |  | EUR | 6.12 | 966 556.08 | 0.34 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 48 734 |  | 5 061 | EUR | 24.35 | 1 186 672.90 | 0.41 |
| Naturgy Energy Group SA ............................  | Count | 10 872 | 10 872 |  | EUR | 16.455 | 178 898.76 | 0.06 |
| NN Group NV......................................  | Count | 5 981 | 5 981 |  | EUR | 29.81 | 178 293.61 | 0.06 |
| OMV AG .........................................  | Count | 7 789 |  |  | EUR | 29.22 | 227 594.58 | 0.08 |
| Red Electrica Corp., SA ..............................  | Count | 26 111 |  |  | EUR | 16.71 | 436 314.81 | 0.15 |
| Sanofi............................................  | Count | 3 334 | 2 519 |  | EUR | 90.36 | 301 260.24 | 0.10 |
| Snam SpA ........................................  | Count | 117 399 |  |  | EUR | 4.379 | 514 090.22 | 0.18 |
| Terna Rete Elettrica Nazionale SpA.....................  | Count | 77 328 | 77 328 |  | EUR | 6.164 | 476 649.79 | 0.17 |
| Total SA ..........................................  | Count | 11 854 |  |  | EUR | 33.81 | 400 783.74 | 0.14 |
| Unilever NV .......................................  | Count | 21 486 |  |  | EUR | 47.43 | 1 019 080.98 | 0.35 |
| Uniper SE ........................................  | Count | 9 791 |  |  | EUR | 28.68 | 280 805.88 | 0.10 |
| UPM-Kymmene Oyj ................................  | Count | 34 206 |  |  | EUR | 25.67 | 878 068.02 | 0.31 |
| Vivendi SA ........................................  | Count | 12 776 | 12 776 |  | EUR | 22.77 | 290 909.52 | 0.10 |
| Admiral Group PLC .................................  | Count | 6 466 | 6 466 |  | GBP | 23.07 | 163 711.77 | 0.06 |
| Anglo American PLC ................................  | Count | 20 990 |  |  | GBP | 18.522 | 426 674.73 | 0.15 |
| Ashtead Group PLC.................................  | Count | 19 149 |  | 4 959 | GBP | 26.95 | 566 371.61 | 0.20 |
| British American Tobacco PLC ........................  | Count | 27 927 |  |  | GBP | 31.085 | 952 734.22 | 0.33 |
| Ferguson PLC .....................................  | Count | 2 912 | 2 912 |  | GBP | 65.9 | 210 607.29 | 0.07 |
| GlaxoSmithKline PLC................................  | Count | 6 134 |  |  | GBP | 16.304 | 109 757.59 | 0.04 |
| Mondi PLC........................................  | Count | 20 393 |  |  | GBP | 15.015 | 336 049.36 | 0.12 |
| Persimmon PLC ...................................  | Count | 17 401 |  |  | GBP | 22.77 | 434 844.36 | 0.15 |
| Rio Tinto PLC......................................  | Count | 6 301 |  |  | GBP | 45.135 | 312 118.52 | 0.11 |
| WH Group Ltd .....................................  | Count | 547 000 | 547 000 |  | HKD | 6.64 | 418 143.66 | 0.15 |
| Asahi Group Holdings Ltd ............................  | Count | 4 800 |  |  | JPY | 3 776 | 150 151.19 | 0.05 |
| Astellas Pharma, Inc.................................  | Count | 52 700 |  | 8 400 | JPY | 1 799.5 | 785 629.94 | 0.27 |
| Chubu Electric Power Co., Inc. ........................  | Count | 19 300 | 19 300 |  | JPY | 1 352 | 216 167.08 | 0.08 |
| Dai Nippon Printing Co., Ltd ..........................  | Count | 10 200 | 10 200 |  | JPY | 2 469 | 208 630.03 | 0.07 |
| Daiwa House Industry Co., Ltd ........................  | Count | 36 700 |  |  | JPY | 2 542 | 772 853.48 | 0.27 |
| Fujitsu Ltd ........................................  | Count | 6 300 |  |  | JPY | 12 620 | 658 651.16 | 0.23 |
| ITOCHU Corp. .....................................  | Count | 55 800 |  | 8 900 | JPY | 2 321.5 | 1 073 145.10 | 0.37 |
| Kyushu Railway Co..................................  | Count | 300 |  |  | JPY | 2 799 | 6 956.32 | 0.00 |
| MS&AD Insurance Group Holdings, Inc..................  | Count | 11 800 |  |  | JPY | 2 961 | 289 451.61 | 0.10 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 55 000 |  |  | JPY | 2 515.5 | 1 146 152.93 | 0.40 |
| NTT DOCOMO, Inc. ................................  | Count | 45 600 |  | 7 800 | JPY | 2 882 | 1 088 715.43 | 0.38 |
| Obayashi Corp. ....................................  | Count | 26 900 |  |  | JPY | 1 008 | 224 630.32 | 0.08 |
| Sekisui House Ltd ..................................  | Count | 35 600 | 24 000 |  | JPY | 2 052.5 | 605 325.16 | 0.21 |
| Shionogi & Co., Ltd .................................  | Count | 2 000 |  |  | JPY | 6 750 | 111 837.98 | 0.04 |
| Sony Corp.........................................  | Count | 2 300 |  |  | JPY | 7 384 | 140 693.84 | 0.05 |
| Tokio Marine Holdings, Inc............................  | Count | 2 900 |  |  | JPY | 4 698 | 112 866.89 | 0.04 |
| Toyota Motor Corp. .................................  | Count | 8 500 | 8 500 |  | JPY | 6 762 | 476 156.43 | 0.17 |
| Boliden AB........................................  | Count | 15 304 |  |  | SEK | 209.2 | 305 604.87 | 0.11 |
| Swedish Match AB .................................  | Count | 7 552 | 7 552 |  | SEK | 651.8 | 469 861.61 | 0.16 |
| Volvo AB .........................................  | Count | 26 327 |  | 42 701 | SEK | 144.5 | 363 130.60 | 0.13 |
| DBS Group Holdings Ltd .............................  | Count | 12 400 |  |  | SGD | 20.8 | 164 827.17 | 0.06 |
| Oversea-Chinese Banking Corp., Ltd ...................  | Count | 13 400 |  |  | SGD | 9 | 77 071.02 | 0.03 |

| United Overseas Bank Ltd ...........................  | Count | 4 800 |  |  | SGD | 20.23 | 62 055.59 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AbbVie, Inc. .......................................  | Count | 29 727 |  |  | USD | 96.07 | 2 548 181.15 | 0.89 |
| Agnico-Eagle Mines Ltd .............................  | Count | 17 381 | 17 381 |  | USD | 62.31 | 966 326.60 | 0.34 |
| Ameriprise Financial, Inc. ............................  | Count | 1 275 | 1 275 |  | USD | 148.75 | 169 222.69 | 0.06 |
| AmerisourceBergen Corp.............................  | Count | 6 733 | 6 733 |  | USD | 98.8 | 593 549.55 | 0.21 |
| Amgen, Inc. .......................................  | Count | 11 520 |  |  | USD | 232.42 | 2 389 006.88 | 0.83 |
| Applied Materials, Inc................................  | Count | 11 240 |  |  | USD | 60.21 | 603 846.23 | 0.21 |
| AT&T, Inc. ........................................  | Count | 54 270 |  |  | USD | 29.74 | 1 440 098.54 | 0.50 |
| Bank of New York Mellon Corp./The ...................  | Count | 2 974 | 2 974 |  | USD | 37.44 | 99 350.08 | 0.03 |
| Barrick Gold Corp. ..................................  | Count | 89 184 | 89 184 |  | USD | 26.065 | 2 074 130.61 | 0.72 |
| Biogen Idec, Inc. ...................................  | Count | 3 524 |  |  | USD | 260.97 | 820 574.30 | 0.29 |
| Bristol-Myers Squibb Co..............................  | Count | 11 586 | 2 577 |  | USD | 57.68 | 596 279.94 | 0.21 |
| Cardinal Health, Inc. ................................  | Count | 18 295 | 14 502 |  | USD | 51.17 | 835 293.79 | 0.29 |
| Carnival Corp. .....................................  | Count | 9 186 |  |  | USD | 16.07 | 131 714.55 | 0.05 |
| Celanese Corp. ....................................  | Count | 4 839 |  | 1 501 | USD | 84.26 | 363 804.86 | 0.13 |
| Cisco Systems, Inc..................................  | Count | 51 513 | 26 974 |  | USD | 46.69 | 2 146 011.97 | 0.75 |
| Coca-Cola Co./The ..................................  | Count | 26 955 |  |  | USD | 44.29 | 1 065 212.96 | 0.37 |
| Comcast Corp......................................  | Count | 21 728 |  |  | USD | 38.15 | 739 615.01 | 0.26 |
| Cummins, Inc. .....................................  | Count | 6 721 |  | 1 300 | USD | 171.01 | 1 025 526.36 | 0.36 |
| Discover Financial Services ...........................  | Count | 3 759 | 3 759 |  | USD | 48.8 | 163 675.46 | 0.06 |
| DR Horton, Inc. ....................................  | Count | 13 961 |  | 3 130 | USD | 54.28 | 676 157.38 | 0.24 |
| Eaton Corp., PLC ...................................  | Count | 14 389 |  | 2 746 | USD | 86.17 | 1 106 313.29 | 0.39 |
| Electronic Arts, Inc. .................................  | Count | 6 337 | 6 337 |  | USD | 131.72 | 744 778.02 | 0.26 |
| Exxon Mobil Corp. ..................................  | Count | 25 901 |  | 6 481 | USD | 43.38 | 1 002 530.29 | 0.35 |
| FNF Group ........................................  | Count | 8 621 |  |  | USD | 30.46 | 234 303.60 | 0.08 |
| Franklin Resources, Inc. .............................  | Count | 9 633 | 9 633 |  | USD | 20.56 | 176 716.09 | 0.06 |
| Gilead Sciences, Inc. ................................  | Count | 25 537 | 10 443 | 15 160 | USD | 75.61 | 1 722 822.51 | 0.60 |
| Hartford Financial Services Group, Inc./The ..............  | Count | 10 425 | 10 425 |  | USD | 38.29 | 356 166.32 | 0.12 |
| HCA, Inc. .........................................  | Count | 1 547 |  | 5 768 | USD | 94.38 | 130 275.19 | 0.05 |
| Hewlett Packard Enterprise Co. .......................  | Count | 63 513 |  |  | USD | 9.55 | 541 199.54 | 0.19 |
| Home Depot, Inc./The ...............................  | Count | 3 588 | 3 588 |  | USD | 247.06 | 790 945.02 | 0.28 |
| Hormel Foods Corp. ................................  | Count | 6 572 | 6 572 |  | USD | 48.54 | 284 635.29 | 0.10 |
| Huntington Bancshares Inc/OH........................  | Count | 27 046 |  |  | USD | 8.825 | 212 965.46 | 0.07 |
| Intel Corp. ........................................  | Count | 13 967 |  | 4 654 | USD | 59.615 | 742 933.78 | 0.26 |
| Interpublic Group of Cos, Inc./The .....................  | Count | 20 916 |  |  | USD | 16.94 | 316 142.92 | 0.11 |
| KeyCorp. .........................................  | Count | 23 428 |  |  | USD | 11.93 | 249 383.14 | 0.09 |
| Kroger Co./The ....................................  | Count | 26 673 |  | 13 193 | USD | 33.98 | 808 698.55 | 0.28 |
| Lam Research Corp. ................................  | Count | 3 216 |  | 705 | USD | 322.86 | 926 449.40 | 0.32 |
| Lear Corp. ........................................  | Count | 2 858 |  |  | USD | 106.39 | 271 302.91 | 0.09 |
| Lockheed Martin Corp. ..............................  | Count | 265 |  |  | USD | 363.91 | 86 046.12 | 0.03 |
| Lowe‘s Cos, Inc. ...................................  | Count | 6 934 | 6 934 |  | USD | 134.08 | 829 543.69 | 0.29 |
| LyondellBasell Industries NV..........................  | Count | 14 436 |  |  | USD | 63.82 | 822 044.06 | 0.29 |
| ManpowerGroup, Inc. ...............................  | Count | 11 831 | 8 668 |  | USD | 67.99 | 717 724.74 | 0.25 |
| Merck & Co., Inc. ..................................  | Count | 16 719 |  |  | USD | 76.39 | 1 139 562.72 | 0.40 |
| Newmont Mining Corp...............................  | Count | 55 203 | 55 203 |  | USD | 59.81 | 2 945 967.20 | 1.03 |
| Old Dominion Freight Line, Inc. .......................  | Count | 3 992 | 3 992 |  | USD | 165.95 | 591 097.62 | 0.21 |
| PACCAR, Inc. .....................................  | Count | 15 212 |  | 1 766 | USD | 73.5 | 997 619.85 | 0.35 |
| PepsiCo, Inc. ......................................  | Count | 8 289 |  |  | USD | 131.74 | 974 341.55 | 0.34 |
| Pfizer, Inc. ........................................  | Count | 38 777 | 5 162 |  | USD | 32.29 | 1 117 207.07 | 0.39 |
| Philip Morris International, Inc. ........................  | Count | 4 981 |  |  | USD | 69.9 | 310 659.86 | 0.11 |
| Principal Financial Group, Inc. .........................  | Count | 7 194 |  |  | USD | 40.3 | 258 682.41 | 0.09 |
| Procter & Gamble Co. ...............................  | Count | 19 631 |  |  | USD | 118.78 | 2 080 545.26 | 0.72 |
| Progressive Corp./The ...............................  | Count | 5 160 | 5 160 |  | USD | 79.26 | 364 917.92 | 0.13 |
| Prudential Financial, Inc. .............................  | Count | 10 520 | 10 520 |  | USD | 59.15 | 555 215.92 | 0.19 |
| PulteGroup, Inc.....................................  | Count | 10 554 |  | 3 091 | USD | 33.32 | 313 771.51 | 0.11 |
| Regions Financial Corp. ..............................  | Count | 25 016 |  |  | USD | 10.925 | 243 854.48 | 0.08 |
| Robert Half International, Inc. .........................  | Count | 4 863 | 4 863 |  | USD | 51.77 | 224 633.16 | 0.08 |
| Seagate Technology PLC ............................  | Count | 15 414 |  |  | USD | 48.23 | 663 321.45 | 0.23 |
| Snap-on, Inc. ......................................         | Count | 2 220 |  |  | USD | 135.97 | 269 331.71 | 0.09 |
| Southwest Airlines Co. ..............................  | Count | 6 818 |  |  | USD | 33.71 | 205 072.38 | 0.07 |
| State Street Corp. ..................................  | Count | 2 898 | 2 898 |  | USD | 61.97 | 160 240.13 | 0.06 |
| Steel Dynamics, Inc. ................................  | Count | 12 129 |  |  | USD | 25.56 | 276 615.98 | 0.10 |
| Synchrony Financial.................................  | Count | 15 025 | 15 025 |  | USD | 21.8 | 292 255.30 | 0.10 |
| T Rowe Price Group, Inc. ............................  | Count | 1 522 | 1 522 |  | USD | 121.93 | 165 583.34 | 0.06 |
| TD Ameritrade Holding Corp. .........................  | Count | 4 802 | 4 802 |  | USD | 35.49 | 152 061.61 | 0.05 |
| Texas Instruments, Inc...............................  | Count | 7 937 |  |  | USD | 127 | 899 397.19 | 0.31 |
| Tractor Supply Co. ..................................  | Count | 4 849 | 4 849 |  | USD | 132.5 | 573 270.36 | 0.20 |
| Truist Financial Corp. ................................  | Count | 4 055 |  |  | USD | 36.78 | 133 074.24 | 0.05 |
| Tyson Foods, Inc. ..................................  | Count | 11 492 |  |  | USD | 59 | 604 977.26 | 0.21 |
| United Continental Holdings, Inc. ......................  | Count | 3 201 |  |  | USD | 33.39 | 95 365.99 | 0.03 |
| United Rentals, Inc. .................................  | Count | 3 753 |  |  | USD | 146.5 | 490 577.49 | 0.17 |
| Unum Group ......................................  | Count | 53 603 | 53 603 |  | USD | 16.14 | 771 940.90 | 0.27 |
| Valero Energy Corp..................................  | Count | 14 834 |  |  | USD | 55.84 | 739 086.23 | 0.26 |
| Verizon Communications, Inc..........................  | Count | 28 605 |  |  | USD | 54.41 | 1 388 711.72 | 0.48 |
| Vornado Realty Trust ................................  | Count | 6 988 | 6 988 |  | USD | 37.8 | 235 687.27 | 0.08 |
| Western Union Co./The..............................  | Count | 25 479 |  |  | USD | 21.35 | 485 368.61 | 0.17 |
| Yamana Gold, Inc. ..................................  | Count | 320 499 | 320 499 |  | USD | 5.27 | 1 507 053.67 | 0.52 |
| Interest-bearing securities 4.25  % Aareal Bank AG 2014/2026 * .................  | EUR | 132 000 |  |  | % | 93.676 | 123 652.98 | 0.04 |
| 1.50  % Abertis Infraestructuras SA (MTN) 2019/2024 ....  | EUR | 200 000 |  |  | % | 99.633 | 199 266.00 | 0.07 |
| 0.625 % Abertis Infraestructuras SA (MTN) 2019/2025 ....  | EUR | 200 000 |  |  | % | 94.592 | 189 184.00 | 0.07 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2.375 | % Abertis Infraestructuras SA (MTN) 2019/2027 ....  | EUR | 200 000 |  | % | 100.876 | 201 753.00 | 0.07 |
| 1.125 | % Abertis Infraestructuras SA (MTN) 2019/2028 ....  | EUR | 200 000 |  | % | 91.438 | 182 876.00 | 0.06 |
| 3.00 | % Abertis Infraestructuras SA (MTN) 2019/2031 ....  | EUR | 500 000 |  | % | 103.678 | 518 392.50 | 0.18 |
| 3.25 | % Ageas 2019/2049 * .........................  | EUR | 100 000 |  | % | 103.729 | 103 729.00 | 0.04 |
| 1.25 | % AIB Group PLC (MTN) 2019/2024 ..............  | EUR | 100 000 |  | % | 100.088 | 100 088.50 | 0.03 |
| 1.75 | % Akelius Residential Property AB (MTN) 2017/2025 | EUR | 250 000 |  | % | 101.23 | 253 076.25 | 0.09 |
| 3.50 | % Albania Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2018/2025 ................................  | EUR | 450 000 |  | % | 101.522 | 456 851.25 | 0.16 |
| 1.00 | % Altria Group, Inc. 2019/2023 ..................  | EUR | 300 000 |  | % | 100.986 | 302 956.50 | 0.11 |
| 3.125 | % Altria Group, Inc. 2019/2031 ..................  | EUR | 600 000 |  | % | 109.382 | 656 295.00 | 0.23 |
| 3.375 | % Argentina Republic Government International Bond |  |  |  |  |  |  |  |
|  | (MTN) 2017/2023 ..........................  | EUR | 1 964 000 |  | % | 39.48 | 775 397.02 | 0.27 |
| 5.00 | % Argentine Republic Government International Bond |  |  |  |  |  |  |  |
|  | 2016/2027 ................................  | EUR | 1 500 000 |  | % | 37.944 | 569 167.50 | 0.20 |
| 1.00 | % Aroundtown SA (MTN) 2017/2025 .............  | EUR | 200 000 |  | % | 99.786 | 199 572.00 | 0.07 |
| 0.625 | % Aroundtown SA (MTN) 2019/2025 .............  | EUR | 300 000 |  | % | 97.869 | 293 607.00 | 0.10 |
| 2.125 | % Aroundtown SA 2018/perpetual *..............  | EUR | 1 000 000 |  | % | 92.912 | 929 115.00 | 0.32 |
| 5.125 | % ASR Nederland NV 2015/2045 *...............  | EUR | 250 000 |  | % | 113.634 | 284 086.25 | 0.10 |
| 3.375 | % ASR Nederland NV 2019/2049 *...............  | EUR | 200 000 |  | % | 104.044 | 208 088.00 | 0.07 |
| 3.55 | % AT&T, Inc. 2012/2032 .......................  | EUR | 150 000 |  | % | 120.54 | 180 810.75 | 0.06 |
| 2.00 | % Banco de Sabadell SA (MTN) 2020/2030 *.......  | EUR | 300 000 | 300 000 | % | 84.406 | 253 218.00 | 0.09 |
| 0.75 | % Bank of Ireland Group PLC (MTN) 2019/2024 * ...  | EUR | 290 000 |  | % | 98.326 | 285 143.95 | 0.10 |
| 1.00 | % Bankia SA (MTN) 2019/2024 ..................  | EUR | 100 000 |  | % | 96.278 | 96 278.50 | 0.03 |
| 0.75 | % Bankia SA (MTN) 2019/2026 ..................  | EUR | 400 000 |  | % | 97.02 | 388 078.00 | 0.13 |
| 5.625 | % Banque Centrale de Tunisie International Bond |  |  |  |  |  |  |  |
|  | (MTN) 2017/2024 ..........................  | EUR | 2 967 000 |  | % | 92.122 | 2 733 274.58 | 0.95 |
| 6.375 | % Banque Centrale de Tunisie International Bond -Reg- |  |  |  |  |  |  |  |
|  | (MTN) 2019/2026 ..........................  | EUR | 1 000 000 |  | % | 90.414 | 904 135.00 | 0.31 |
| 5.75 | % Benin Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ................................  | EUR | 1 700 000 |  | % | 93.44 | 1 588 471.50 | 0.55 |
| 0.75  % BMW Finance NV (MTN) 2019/2026 ...........  | EUR | 100 000 |  | % | 101.6 | 101 599.50 | 0.04 |
| 0.375 % BMW Finance NV (MTN) 2019/2027 ...........  | EUR | 160 000 |  | % | 98.16 | 157 056.80 | 0.05 |
| 1.50  % BMW Finance NV (MTN) 2019/2029 ...........  | EUR | 300 000 |  | % | 105.272 | 315 817.50 | 0.11 |
| 0.125 % BNP Paribas SA (MTN) 2019/2026 .............  | EUR | 400 000 |  | % | 96.19 | 384 758.00 | 0.13 |
| 1.375 % BNP Paribas SA (MTN) 2019/2029 .............  | EUR | 200 000 |  | % | 104.568 | 209 137.00 | 0.07 |
| 1.625 % BNP Paribas SA (MTN) 2019/2031 .............  | EUR | 300 000 |  | % | 99.61 | 298 831.50 | 0.10 |
| 0.50  % BNP Paribas SA (MTN) 2020/2028 *............  | EUR | 300 000 | 300 000 | % | 97.485 | 292 455.00 | 0.10 |
| 0.375 % BNZ International Funding Ltd/London (MTN) |  |  |  |  |  |  |  |
| 2019/2024 ................................  | EUR | 260 000 |  | % | 100.61 | 261 584.70 | 0.09 |
| 1.573 % BP Capital Markets PLC (MTN) 2015/2027 .......  | EUR | 129 000 |  | % | 104.254 | 134 487.66 | 0.05 |
| 3.50  % Bulgarian Energy Holding EAD (MTN) 2018/2025..  | EUR | 300 000 |  | % | 101.992 | 305 974.50 | 0.11 |
| 0.625 % CaixaBank SA (MTN) 2019/2024 ...............  | EUR | 400 000 |  | % | 97.38 | 389 522.00 | 0.14 |
| 1.375 % CaixaBank SA (MTN) 2019/2026 ...............  | EUR | 200 000 |  | % | 99.949 | 199 898.00 | 0.07 |
| 1.50  % Cellnex Telecom SA (MTN) 2018/2026 ..........  | EUR | 100 000 |  | % | 170.424 | 170 423.50 | 0.06 |
| 0.50  % Cellnex Telecom SA (MTN) 2019/2028 ..........  | EUR | 700 000 |  | % | 129.199 | 904 393.00 | 0.31 |
| 1.50  % Ceske Drahy AS (MTN) 2019/2026 .............  | EUR | 825 000 | 175 000 | % | 100.588 | 829 851.00 | 0.29 |
| 0.875 % Chorus Ltd (MTN) 2019/2026 .................  | EUR | 151 000 |  | % | 100.71 | 152 072.86 | 0.05 |
| 2.00  % CNP Assurances 2019/2050 * ................  | EUR | 200 000 |  | % | 97.029 | 194 058.00 | 0.07 |
| 2.00  % Credit Agricole SA (MTN) 2019/2029 ...........  | EUR | 1 000 000 |  | % | 103.928 | 1 039 275.00 | 0.36 |
| 1.75  % Credit Agricole SA/London (MTN) 2019/2029 .....  | EUR | 100 000 |  | % | 107.848 | 107 848.50 | 0.04 |
| 1.00  % Crédit Suisse Group AG (MTN) 2019/2027 * .....  | EUR | 200 000 |  | % | 100.185 | 200 370.00 | 0.07 |
| 0.25  % Daimler International Finance BV (MTN) |  |  |  |  |  |  |  |
| 2019/2023 ................................  | EUR | 160 000 |  | % | 97.59 | 156 144.00 | 0.05 |
| 0.625 | % Daimler International Finance BV (MTN) |  |  |  |  |  |  |  |  |
| 2019/2027 ................................  | EUR | 170 000 |  | % | 94.914 | 161 354.65 | 0.06 |
| 1.625 % Deutsche Bank AG (MTN) 2020/2027...........  | EUR | 200 000 | 200 000 | % | 99.302 | 198 604.00 | 0.07 |
| 0.625 % Digital Dutch Finco BV (MTN) 2020/2025 ........  | EUR | 110 000 | 110 000 | % | 98.926 | 108 818.60 | 0.04 |
| 0.75  % Dover Corp. (MTN) 2019/2027 ................  | EUR | 500 000 |  | % | 95.446 | 477 230.00 | 0.17 |
| 8.50  % Dtek Renewables Finance BV -Reg- (MTN) |  |  |  |  |  |  |  |
| 2019/2024 ................................  | EUR | 600 000 |  | % | 87.162 | 522 975.00 | 0.18 |
| 1.75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 200 000 |  | % | 98.646 | 197 291.00 | 0.07 |
| 4.75  % Egypt Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
| 2018/2026 ................................  | EUR | 2 010 000 |  | % | 95.165 | 1 912 816.50 | 0.67 |
| 6.375 | % Egypt Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2031 ................................  | EUR | 1 100 000 |  | % | 92.849 | 1 021 339.00 | 0.36 |
| 4.00  % Energo-Pro AS (MTN) 2017/2022 ..............  | EUR | 250 000 |  | % | 96.476 | 241 190.00 | 0.08 |
| 3.625 % Eni SpA (MTN) 2014/2029....................  | EUR | 100 000 |  | % | 123.274 | 123 274.00 | 0.04 |
| 2.045 % EP Infrastructure AS (MTN) 2019/2028. . . . . . . . . . | EUR | 500 000 |  | % | 97.287 | 486 435.00 | 0.17 |
| 1.125 % Fastighets AB Balder (MTN) 2019/2027 .........  | EUR | 250 000 |  | % | 94.232 | 235 580.00 | 0.08 |
| 4.35  % Fortune Star BVI Ltd 2019/2023 ...............  | EUR | 300 000 |  | % | 97.091 | 291 273.00 | 0.10 |
| 0.625 % Fresenius Medical Care AG & Co., KGaA (MTN) |  |  |  |  |  |  |  |
| 2019/2026 ................................  | EUR | 140 000 |  | % | 100.051 | 140 071.40 | 0.05 |
| 1.875 % G4S International Finance PLC (MTN) 2018/2025 . | EUR | 200 000 |  | % | 97.532 | 195 063.00 | 0.07 |
| 0.85  % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |
| 2020/2026 ................................  | EUR | 170 000 | 170 000 | % | 87.758 | 149 189.45 | 0.05 |
| 1.375 % Goldman Sachs Group, Inc. (MTN) 2017/2024 ....  | EUR | 150 000 |  | % | 101.946 | 152 919.00 | 0.05 |
| 0.125 % Goldman Sachs Group, Inc./The (MTN) 2019/2024 | EUR | 500 000 |  | % | 97.652 | 488 260.00 | 0.17 |
| 1.375 % Goodman Australia Finance Pty Ltd -Reg- (MTN) |  |  |  |  |  |  |  |
| 2017/2025 ................................  | EUR | 200 000 |  | % | 100.108 | 200 216.00 | 0.07 |
| 1.125 % Heimstaden Bostad AB (MTN) 2020/2026 .......  | EUR | 100 000 | 100 000 | % | 97.477 | 97 477.00 | 0.03 |
| 0.50  % Hella GmbH & Co., KGaA (MTN) 2019/2027. . . . . . | EUR | 240 000 |  | % | 93.784 | 225 080.40 | 0.08 |
| 1.625 % Holding d‘Infrastructures de Transport SAS (MTN) |  |  |  |  |  |  |  |
| 2017/2027 ................................  | EUR | 300 000 |  | % | 97.11 | 291 328.50 | 0.10 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.625 % Huarong Universe Investment Holding Ltd (MTN) 2017/2022 ................................  | EUR | 300 000 | 300 000 |  | % | 95.154 | 285 460.50 | 0.10 |
| 0.90  % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ................................  | EUR | 420 000 | 420 000 | % | 95.246 | 400 031.10 | 0.14 |
| 0.10  % ING Groep NV (MTN) 2019/2025 * .............  | EUR | 200 000 |  | % | 97.903 | 195 806.00 | 0.07 |
| 1.375 % Intesa Sanpaolo SpA (MTN) 2017/2024 .........  | EUR | 250 000 |  | % | 100.995 | 252 487.50 | 0.09 |
| 0.75  % Intesa Sanpaolo SpA (MTN) 2019/2024 .........  | EUR | 140 000 |  | % | 98.883 | 138 436.20 | 0.05 |
| 1.00  % Intesa Sanpaolo SpA (MTN) 2019/2026 .........  5.125 % Ivory Coast Government International Bond -Reg- (MTN) 2017/2025 ..........................  | EUR EUR | 350 000 2 300 000 |  | % % | 98.007 100.994 | 343 024.50 2 322 862.00 | 0.12 0.81 |
| 5.25  % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2030 ................................  | EUR | 500 000 | % | 93.511 | 467 555.00 | 0.16 |
| 5.875 % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2031 ................................  | EUR | 150 000 | 150 000 | % | 94.232 | 141 348.00 | 0.05 |
| 2.375 % Kazakhstan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | EUR | 500 000 |  | % | 104.66 | 523 300.00 | 0.18 |
| 2.00  % Koninklijke KPN NV 2019/perpetual * ...........  | EUR | 300 000 |  | % | 94.513 | 283 539.00 | 0.10 |
| 0.875 % LEG Immobilien AG (MTN) 2019/2027 ..........  1.75  % Liberty Mutual Finance Europe Designated Activity -Reg- (MTN) 2017/2024 ...............  | EUR EUR | 200 000 200 000 |  | % % | 99.895 104.147 | 199 790.00 208 294.00 | 0.07 0.07 |
| 0.50  % Lloyds Banking Group PLC (MTN) 2019/2025 * ...  | EUR | 150 000 |  | % | 97.861 | 146 791.50 | 0.05 |
| 0.75  % Logicor Financing Sarl (MTN) 2019/2024 ........  | EUR | 450 000 |  | % | 98.581 | 443 614.50 | 0.15 |
| 2.875 % Merck KGaA 2019/2079 * ....................  1.625 % Mexico Government International Bond (MTN) 2019/2026 ................................  | EUR EUR | 500 000 2 000 000 | 2 000 000 | % % | 104.518 97.731 | 522 590.00 1 954 620.00 | 0.18 0.68 |
| 2.55  % Montenegro Government International Bond -Reg- (MTN) 2019/2029 ..........................  | EUR | 500 000 |  | % | 86.898 | 434 490.00 | 0.15 |
| 0.95  % Moody‘s Corp. 2019/2030....................  7.125 % NAK Naftogaz Ukraine via Kondor Finance PLC (MTN) 2019/2024 ..........................  | EUR EUR | 180 000 750 000 |  | % % | 102.686 98.006 | 184 833.90 735 045.00 | 0.06 0.26 |
| 3.00  % Netflix, Inc. -Reg- (MTN) 2020/2025 ............  | EUR | 350 000 | 350 000 | % | 103.205 | 361 217.50 | 0.13 |
| 1.125 % Norsk Hydro ASA (MTN) 2019/2025 ............  | EUR | 200 000 |  | % | 96.68 | 193 361.00 | 0.07 |
| 0.75  % Nykredit Realkredit A/S (MTN) 2020/2027 .......  | EUR | 210 000 | 210 000 | % | 97.378 | 204 493.80 | 0.07 |
| 1.00  % Optus Finance Pty Ltd (MTN) 2019/2029 ........  | EUR | 300 000 |  | % | 101.57 | 304 710.00 | 0.11 |
| 1.75  % Orsted A/S 2019/2099 * .....................  | EUR | 100 000 |  | % | 98.706 | 98 706.00 | 0.03 |
| 2.875 % OTP Bank Nyrt (MTN) 2019/2029 * ............  | EUR | 350 000 | 238 000 | % | 96.586 | 338 049.25 | 0.12 |
| 2.875 % Philip Morris International, Inc. (MTN) 2014/2026 . | EUR | 115 000 |  | % | 111.526 | 128 255.48 | 0.04 |
| 1.00  % Prologis Euro Finance LLC 2020/2035 ..........  | EUR | 300 000 | 300 000 | % | 97.421 | 292 263.00 | 0.10 |
| 1.125 % RCI Banque SA (MTN) 2020/2027 .............  | EUR | 160 000 | 160 000 | % | 94.212 | 150 740.00 | 0.05 |
| 1.25  % Renault SA (MTN) 2019/2025 .................  3.75 % Republic of South Africa Government Bond 2014/2026 ................................  | EUR EUR | 400 000 3 400 000 | 300 000 | % % | 91.532 100.104 | 366 130.00 3 403 536.00 | 0.13 1.18 |
| 2.875 % Romanian Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2018/2029	EUR | 1 400 000 |  | % | 103.658 | 1 451 205.00 | 0.51 |
| 2019/2026	EUR | 190 000 |  | % | 94.826 | 180 170.35 | 0.06 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 150 000 | 150 000 | % | 92.329 | 138 493.50 | 0.05 |
| 3.375 % Sampo Oyj 2019/2049 * .....................  0.50  % Santander Consumer Finance SA (MTN) 2019/2026 ................................  | EUR EUR | 250 000 200 000 |  | % % | 108.095 98.322 | 270 237.50 196 645.00 | 0.09 0.07 |
| 4.75  % Senegal Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 2 785 000 |  | % | 96.866 | 2 697 732.03 | 0.94 |
| 0.90  % Standard Chartered PLC (MTN) 2019/2027 * .....  | EUR | 120 000 |  | % | 99.488 | 119 385.60 | 0.04 |
| 1.50  % Swedbank AB (MTN) 2018/2028 * .............  | EUR | 200 000 |  | % | 100.065 | 200 130.00 | 0.07 |
| 1.125 % Teollisuuden Voima Oyj (MTN) 2019/2026	EUR | 220 000 |  | % | 92.922 | 204 428.40 | 0.07 |
| 2014/2023	EUR | 2 150 000 |  | % | 101.632 | 2 185 088.00 | 0.76 |
| 2017/2025	EUR | 1 650 000 |  | % | 94.252 | 1 555 166.25 | 0.54 |
| 5.20  % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2018/2026 ................................  | EUR | 1 550 000 | % | 101.035 | 1 566 042.50 | 0.55 |
| 4.625 % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2025 ................................  | EUR | 2 100 000 | % | 99.962 | 2 099 212.50 | 0.73 |
| 6.75  % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2026 ..........................  | EUR | 500 000 | % | 101.85 | 509 252.50 | 0.18 |
| 4.375 % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2030 ..........................  | EUR | 120 000 | 120 000 |  | % | 86.117 | 103 340.40 | 0.04 |
| 2.00 | % UniCredit SpA (MTN) 2019/2029 * .............  | EUR | 240 000 |  |  | % | 90.896 | 218 149.20 | 0.08 |
| 2.731 | % UniCredit SpA 2020/2032 *...................  | EUR | 200 000 | 200 000 |  | % | 90.784 | 181 567.00 | 0.06 |
| 1.50 | % Unione di Banche Italiane SpA (MTN) 2019/2024..  | EUR | 500 000 |  |  | % | 101.567 | 507 835.00 | 0.18 |
| 2.50 | % Volkswagen Bank GmbH (MTN) 2019/2026 ......  | EUR | 300 000 |  |  | % | 106.762 | 320 284.50 | 0.11 |
| 1.50 | % Volkswagen Leasing GmbH (MTN) 2019/2026 ....  | EUR | 180 000 |  |  | % | 100.595 | 181 071.00 | 0.06 |
| 0.00 | % Harvest International Co. (MTN) 2017/2022 ......  | HKD | 5 000 000 |  |  | % | 102.794 | 591 705.72 | 0.21 |
| 0.00 | % Nagoya Railroad Co., Ltd (MTN) 2014/2024 ......  | JPY | 10 000 000 |  |  | % | 113 | 93 612.53 | 0.03 |
| 6.00 | % Aeropuerto Internacional de Tocumen SA -Reg- 2018/2048 ................................  | USD | 497 790 |  | 2 210 | % | 109.968 | 488 429.32 | 0.17 |
| 6.625 | % Agua y Saneamientos Argentinos SA (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | USD | 266 000 |  | % | 39.218 | 93 079.27 | 0.03 |
| 5.125 % Akbank Turk AS -Reg- (MTN) 2015/2025 ........  | USD | 331 000 |  | % | 94.556 | 279 259.86 | 0.10 |
| 6.375 % America Movil SAB de CV 2005/2035 ..........  9.50 % Angolan Government International Bond -Reg- (MTN) 2015/2025 ..........................  | USD USD | 91 000 2 000 000 | 285 000 | % % | 146.27 90.134 | 118 764.49 1 608 468.18 | 0.04 0.56 |

1.125 % Samhallsbyggnadsbolaget i Norden AB (MTN)
4.125 % Turkey Government International Bond (MTN)
3.25  % Turkey Government International Bond (MTN)
| 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 |  |  |
| 8.25 % Angolan Government International Bond -Reg- (MTN) 2018/2028 ..........................  | USD | 850 000 |  | % | 82.974 |  | 629 296.03 | 0.22 |
| 5.875 % Argentine Republic Government International Bond (MTN) 2018/2028 ..........................  | USD | 142 000 |  | % | 40.32 |  | 51 086.44 | 0.02 |
| 4.375 % AstraZeneca PLC 2015/2045..................  6.125 % Bahrain Government International Bond -Reg- | USD | 300 000 |  | % | 131.044 |  | 350 775.96 | 0.12 |
| (MTN) 2012/2022	USD | 300 000 |  | % | 104.554 | 279 868.06 | 0.10 |
| (MTN) 2013/2023	USD | 455 000 |  | % | 106.045 | 430 519.69 | 0.15 |
| 6.11  % Bank of America Corp. 2007/2037	USD | 200 000 |  | % | 140.494 | 250 715.25 | 0.09 |
| 4.20 | % Bank Tabungan Negara Persero Tbk PT (MTN) 2020/2025 ................................  | USD | 200 000 | 200 000 | % | 96.195 | 171 661.90 | 0.06 |
| 5.00 | % Banque Ouest Africaine de Developpement -Reg- (MTN) 2017/2027 ..........................  | USD | 3 305 000 | 300 000 | % | 104.963 | 3 095 274.17 | 1.08 |
| 4.70 | % Banque Ouest Africaine de Developpement -Reg- 2019/2031 ................................  | USD | 480 000 | 200 000 | % | 101.042 | 432 749.67 | 0.15 |
| 4.875 | % Black Sea Trade & Development Bank -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2016/2021 ..........................  | USD | 350 000 |  | % | 101.709 | 317 628.05 | 0.11 |
| 7.45  % Braskem Idesa SAPI -Reg- (MTN) 2019/2029 .....  | USD | 300 000 | 300 000 | % | 94.143 | 252 000.10 | 0.09 |
| 4.50  % Braskem Netherlands Finance BV -Reg- 2017/2028 | USD | 1 000 000 | 500 000 | % | 93.91 | 837 925.83 | 0.29 |
| 9.625 % British Telecommunications PLC 2000/2030 * ....  0.00 % China Railway Construction Corp., Ltd (MTN) 2016/2021 ................................  | USD USD | 292 000 500 000 |  | % % | 164.274 98.32 | 427 998.05 438 632.79 | 0.15 0.15 |
| 6.625 % Citigroup, Inc. 2002/2032 ....................  7.25 % Country Garden Holdings Co., Ltd (MTN) 2019/2026 ................................  | USD USD | 236 000 2 000 000 | 1 000 000 | % % | 137.742 108.988 | 290 047.96 1 944 921.58 | 0.10 0.68 |
| 6.75 % Development Bank of the Republic of Belarus JSC -Reg- (MTN) 2019/2024 ......................      | USD | 600 000 |  | % | 95.766 | 512 686.35 | 0.18 |
| 4.875 % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 ......................  | USD | 300 000 |  | % | 100.41 | 268 776.82 | 0.09 |
| 5.375 | % Eastern and Southern African Trade and |  |  |  |  |  |  |  |  |  |
| Development Bank (MTN) 2017/2022	USD | 1 409 000 |  | % | 101.177 | 1 271 991.52 | 0.44 |
| (MTN) 2014/2024	USD | 2 300 000 |  | % | 49.24 | 1 010 492.03 | 0.35 |
| 4.75 | % Empresa de Transporte de Pasajeros Metro SA |  |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2014/2024 ......................      | USD | 500 000 | % | 107.42 | 479 230.62 | 0.17 |
| 6.625 | % Ethiopia International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2014/2024	USD | 690 000 |  | % | 100.418 | 618 232.86 | 0.22 |
| 2012/2022	USD | 200 000 |  | % | 104.186 | 185 922.00 | 0.06 |
| 5.375 | % Export Credit Bank of Turkey -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2016/2023 ................................  | USD | 331 000 | % | 96.934 | 286 283.00 | 0.10 |
| 4.25 | % Export Credit Bank of Turkey -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2017/2022 ................................  | USD | 276 000 | % | 96.44 | 237 495.54 | 0.08 |
| 3.25 | % Export-Import Bank of India -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | USD | 220 000 | 220 000 | % | 99.262 | 194 847.55 | 0.07 |
| 7.875 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2019/2027 ..........................  | USD | 500 000 | 500 000 | % | 99.43 | 443 587.06 | 0.15 |
| 8.125 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| 2014/2026 ................................  | USD | 1 250 000 | % | 101.76 | 1 134 949.14 | 0.39 |
| 4.75  % Halliburton Co. 2013/2043....................  5.71 % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2018/2023 ..........................  | USD USD | 300 000 300 000 | % % | 99.238 108.936 | 265 638.29 291 597.71 | 0.09 0.10 |
| 6.95 | % Instituto Costarricense de Electricidad -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2011/2021 ..........................  | USD | 700 000 |  | % | 99.452 | 621 162.41 | 0.22 |
| 3.375 % JD.com, Inc. (MTN) 2020/2030 ................  6.875 % Kenya Government International Bond -Reg- (MTN) 2014/2024 ..........................  | USD USD | 300 000 1 400 000 | 300 000 300 000 | % % | 106.977 101.916 | 286 353.89 1 273 091.74 | 0.10 0.44 |
| 7.25 | % Kenya Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 300 000 | 300 000 | % | 99.03 | 265 082.86 | 0.09 |
| 3.958 % Lamar Funding Ltd -Reg- (MTN) 2015/2025 ......  | USD | 1 000 000 |  | % | 93.606 | 835 204.43 | 0.29 |
| 5.70  % MetLife, Inc. 2005/2035 .....................  8.75 % Mongolia Government International Bond -Reg- (MTN) 2017/2024 ..........................  | USD USD | 253 000 600 000 | 600 000 | % % | 144.688 108.14 | 326 622.40 578 931.30 | 0.11 0.20 |
| 5.50 | % Namibia International Bonds -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2011/2021 ................................  | USD | 1 200 000 | % | 100.576 | 1 076 879.30 | 0.37 |
| 5.25 | % Namibia International Bonds -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2015/2025 ................................  | USD | 1 901 000 | % | 101.814 | 1 726 955.08 | 0.60 |
| 6.375 | % Nigeria Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 1 901 000 | % | 102.026 | 1 730 559.48 | 0.60 |
| 6.50 | % Nigeria Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2017/2027 ..........................  | USD | 1 450 000 | % | 95.302 | 1 232 988.89 | 0.43 |
| 7.143 | % Nigeria Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| 2018/2030 ................................  | USD | 200 000 | 200 000 | % | 93.587 | 167 007.87 | 0.06 |
| 4.75 | % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 1 438 000 | % | 92.79 | 1 190 554.13 | 0.41 |
| 3.875 | % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2017/2022 ..........................  | USD | 248 000 | % | 98.96 | 218 980.27 | 0.08 |
| 4.125 | % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2018/2023 ..........................  | USD | 600 000 |  | % | 98.414 | 526 862.58 | 0.18 |
| 4.00  % ONEOK, Inc. (MTN) 2017/2027................  | USD | 300 000 |  | % | 102.993 | 275 689.60 | 0.10 |
| 0.00  % Poseidon Finance 1 Ltd (MTN) 2018/2025 .......  | USD | 200 000 |  | % | 96.96 | 173 027.06 | 0.06 |
| 3.75  % Power Finance Corp., Ltd (MTN) 2017/2027 .....  | USD | 300 000 | 300 000 | % | 96.256 | 257 656.14 | 0.09 |

6.125 % Bahrain Government International Bond -Reg-
7.95  % Ecuador Government International Bond -Reg-
4.767 % Eurasian Development Bank -Reg- (MTN)
| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.50  % REC Ltd (MTN) 2019/2024 ...................  7.125 % Republic of Tajikistan International Bond -Reg- (MTN) 2017/2027 ..........................  | USD USD | 300 000 300 000 | 300 000 | % % | 99.588 83.31 | 266 576.51 223 003.88 | 0.09 0.08 |
| 6.625 % Rwanda International Government Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 200 000 | % | 99.27 | 177 150.19 | 0.06 |
| 6.875 % Southern Gas Corridor CJSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 5.75 | 2016/2026 ................................  % Sri Lanka Government International Bond -Reg- (MTN) 2016/2022 ..........................  | USD USD | 1 364 000 1 405 000 |  | % % | 115.278 79.34 | 1 402 982.41 994 632.59 | 0.49 0.35 |
| 5.75 | % Sri Lanka Government International Bond -Reg- (MTN) 2018/2023 ..........................  | USD | 1 170 000 |  | % | 71.125 | 742 505.31 | 0.26 |
| 6.85 | % Sri Lanka Government International Bond -Reg- (MTN) 2019/2024 ..........................  | USD | 500 000 |  | % | 70.348 | 313 841.30 | 0.11 |
| 6.35 | % Sri Lanka Government International Bond -Reg- (MTN) 2019/2024 ..........................  | USD | 290 000 |  | % | 70.278 | 181 848.12 | 0.06 |
| 0.00 | % Taiwan Cement Corp. (MTN) 2018/2023 ........  | USD | 800 000 |  | % | 126.325 | 901 717.96 | 0.31 |
| 4.75 | % TC Ziraat Bankasi AS -Reg- (MTN) 2016/2021 ....  | USD | 200 000 |  | % | 100.413 | 179 189.01 | 0.06 |
| 5.125 | % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2022 ....  | USD | 614 000 |  | % | 98.378 | 538 958.81 | 0.19 |
| 5.125 | % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2023 ....  | USD | 213 000 |  | % | 95.721 | 181 919.08 | 0.06 |
| 3.925 | % Tencent Holdings Ltd -Reg- 2018/2038 .........  | USD | 300 000 | 300 000 | % | 112.985 | 302 435.99 | 0.11 |
| 6.25 | % Times China Holdings Ltd 2018/2021 ...........  | USD | 600 000 | 600 000 | % | 100.528 | 538 180.00 | 0.19 |
| 0.50 | % Total SA (MTN) 2015/2022 ...................  | USD | 400 000 |  | % | 98.692 | 352 237.48 | 0.12 |
| 7.625 | % TransCanada PipeLines Ltd 2009/2039..........  | USD | 245 000 |  | % | 154.317 | 337 342.67 | 0.12 |
| 6.25 | % Turkey Government International Bond (MTN) 2012/2022 ................................  | USD | 620 000 |  | % | 101.582 | 561 950.08 | 0.20 |
| 7.25 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | USD | 720 000 | % | 104.284 | 669 948.78 | 0.23 |
| 4.25 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | USD | 500 000 | 500 000 | % | 93.486 | 417 069.09 | 0.14 |
| 5.875 | % Turkiye Garanti Bankasi AS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 ................................  | USD | 313 000 | % | 100.316 | 280 159.90 | 0.10 |
| 5.75 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | USD | 649 000 | % | 97.739 | 565 983.82 | 0.20 |
| 8.994 | % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2024 ..........................  | USD | 1 425 000 | % | 107.731 | 1 369 767.88 | 0.48 |
| 8.994 | % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2024 ..........................  | USD | 300 000 | % | 107.731 | 288 372.19 | 0.10 |
| 4.375 % Valero Energy Partners LP (MTN) 2016/2026 .....  | USD | 300 000 | % | 114.241 | 305 798.02 | 0.11 |
| 4.30  % VISA, Inc. 2015/2045........................  6.025 % Vnesheconombank Via VEB Finance PLC -Reg- (MTN) 2012/2022 ..........................  | USD USD | 300 000 1 000 000 | % % | 132.608 107.098 | 354 963.78 955 592.62 | 0.12 0.33 |
| 5.942 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 1 586 000 | % | 111.236 | 1 574 120.66 | 0.55 |
| 6.80 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| 2010/2025 ................................  | USD | 1 546 000 | 1 000 000 | % | 119.344 | 1 646 278.56 | 0.57 |
| 0.00  % WuXi AppTec Co., Ltd (MTN) 2019/2024 ........  | USD | 300 000 |  | % | 142.201 | 380 640.79 | 0.13 |
| Securities admitted to or included in organized markets |  |  |  |  |  | 24 375 424.77 | 8.49 |
| Interest-bearing securities 0.625 % Illinois Tool Works, Inc. (MTN) 2019/2027 .......  | EUR | 270 000 |  | % | 100.846 | 272 285.55 | 0.10 |
| 3.25  % Logicor Financing (MTN) 2018/2028 ............  4.40 % 1MDB Global Investments Ltd -Reg- (MTN) 2013/2023 ................................  | EUR USD | 250 000 3 000 000 | 1 000 000 | % % | 109.51 94.487 | 273 773.75 2 529 209.12 | 0.10 0.88 |
| 0.375 | % Akamai Technologies, Inc. -144A- (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2027 ................................  | USD | 752 000 |  | % | 108.81 | 730 089.46 | 0.25 |
| 0.50 | % Alteryx, Inc. -144A- (MTN) 2019/2024...........  | USD | 919 000 |  | % | 112.562 | 922 997.80 | 0.32 |
| 4.25 | % Apple, Inc. 2017/2047 .......................  | USD | 300 000 |  | % | 131.726 | 352 601.52 | 0.12 |
| 6.00 | % Audatex North America, Inc. -144A- (MTN) 2013/2021 ................................  | USD | 50 000 |  | % | 99.92 | 44 577.31 | 0.02 |
| 4.08 | % Baker Hughes a GE Co LLC Via Baker Hughes Co-Obligor, Inc. 2018/2047 ...................  | USD | 300 000 |  | % | 104.5 | 279 723.51 | 0.10 |
| 4.80 | % Campbell Soup Co. 2018/2048 ................  | USD | 300 000 |  | % | 131.914 | 353 104.76 | 0.12 |
| 0.125 | % Chegg, Inc. (MTN) 2019/2025 .................  | USD | 951 000 | 951 000 | % | 140.805 | 1 194 788.42 | 0.42 |
| 0.125 | % Coupa Software, Inc. (MTN) 2019/2025 .........  | USD | 500 000 | 500 000 | % | 180.902 | 807 058.09 | 0.28 |
| 4.78 | % CVS Health Corp. 2018/2038 .................  | USD | 300 000 |  | % | 124.032 | 332 005.04 | 0.12 |
| 6.25 | % Cydsa SAB de CV -Reg- (MTN) 2017/2027 .......  | USD | 500 000 | 500 000 | % | 98.586 | 439 819.49 | 0.15 |
| 6.02 | % Dell International LLC Via EMC Corp. -Reg- (MTN) 2016/2026 ................................  | USD | 500 000 |  | % | 114.792 | 512 121.55 | 0.18 |
| 5.50 | % Dominican Republic International Bond -Reg- (MTN) 2015/2025 ................................  | USD | 700 000 |  | % | 101.407 | 633 369.87 | 0.22 |
| 4.75 | % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ...........................  | USD | 600 000 |  | % | 106.765 | 571 572.83 | 0.20 |
| 4.25 | % Empresas Publicas de Medellin ESP -Reg- (MTN) 2019/2029 ................................  | USD | 200 000 | 200 000 | % | 100.496 | 179 336.23 | 0.06 |
| 0.75 | % Euronet Worldwide, Inc. 2019/2049 ............  | USD | 600 000 | 600 000 | % | 95.934 | 513 588.43 | 0.18 |
| 0.875 | % Fortive Corp. 2019/2022 .....................  | USD | 542 000 | 542 000 | % | 97.854 | 473 224.34 | 0.17 |
| 5.25 | % Global Bank Corp. -Reg- (MTN) 2019/2029 * .....  | USD | 500 000 | 500 000 | % | 102.684 | 458 101.90 | 0.16 |
| 4.30 | % Kinder Morgan, Inc./DE (MTN) 2018/2028 .......  | USD | 300 000 |  | % | 113.604 | 304 091.58 | 0.11 |
| 1.375 | % Liberty Media Corp. (MTN) 2013/2023 ..........  | USD | 65 000 |  | % | 103.81 | 60 206.88 | 0.02 |
| 0.50 | % Lumentum Holdings, Inc. (MTN) 2019/2026......  | USD | 783 000 |  | % | 105.504 | 737 092.70 | 0.26 |
| 2.25 | % NuVasive, Inc. (MTN) 2016/2021 ..............  | USD | 91 000 |  | % | 108.892 | 88 415.58 | 0.03 |
| 0.125 | % Okta, Inc. -144A- (MTN) 2019/2025 ............  | USD | 236 000 |  | % | 124.6 | 262 374.41 | 0.09 |

| 0.75  % Palo Alto Networks, Inc. (MTN) 2018/2023 ......  | USD | 611 000 |  | 374 000 | % | 107.663 | 586 947.30 | 0.20 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 7.875 % Republic of Ghana (MTN) 2013/2023 ...........  | USD | 1 670 000 |  |  | % | 105.324 | 1 569 413.20 | 0.55 |
| 0.75 % Snap, Inc. -144A- (MTN) 2019/2026 ............  | USD | 922 000 |  |  | % | 123.762 | 1 018 140.96 | 0.35 |
| 0.50  % Splunk, Inc. (MTN) 2018/2023.................  | USD | 1 167 000 |  |  | % | 143.019 | 1 489 210.25 | 0.52 |
| 0.50  % Square, Inc. (MTN) 2018/2023 ................  | USD | 983 000 |  |  | % | 148.068 | 1 298 687.58 | 0.45 |
| 3.625 % Toronto-Dominion Bank/The 2016/2031 * .......  | USD | 171 000 |  |  | % | 112.092 | 171 025.25 | 0.06 |
| 4.00  % Transnet Ltd -Reg- (MTN) 2012/2022 ...........  5.75 % Turkey Government International Bond (MTN) 2014/2024 ................................  | USD USD | 1 700 000 452 000 |  |  | % % | 97.401 99.519 | 1 477 419.28 401 361.64 | 0.51 0.14 |
| 2.25 % Vishay Intertechnology, Inc. (MTN) 2018/2025 ....  | USD | 231 000 |  |  | % | 93.528 | 192 773.52 | 0.07 |
| 1.00 % Wayfair, Inc. -144A- (MTN) 2019/2026 ..........  | USD | 730 000 |  |  | % | 147.019 | 957 608.22 | 0.33 |
| 1.25  % Weibo Corp. (MTN) 2017/2022 ................  | USD | 800 000 | 800 000 |  | % | 93.416 | 666 807.31 | 0.23 |
| 0.00  % Wix.com Ltd (MTN) 2018/2023................  | USD | 390 000 |  |  | % | 184.125 | 640 720.75 | 0.22 |
| 0.25 % Zynga, Inc. (MTN) 2019/2024 .................  | USD | 500 000 | 500 000 |  | % | 129.958 | 579 779.39 | 0.20 |
| Investment fund units |  |  |  |  |  |  | 15 084 983.59 | 5.25 |
| In-group fund units DWS Invest SICAV - DWS Invest SICAV Global Infrastructure -FC- EUR - (0.900%) ................................  | Units | 38 151 |  |  | EUR | 169.87 | 6 480 710.37 | 2.26 |
| Non-group fund units iShares IV PLC - iShares Edge MSCI Europe Value Factor UCITS ETF EUR - (0.250%) ...........................  | Units | 1 693 088 | 1 693 088 |  | EUR | 5.082 | 8 604 273.22 | 2.99 |
| Total securities portfolio |  |  |  |  |  |  | 239 809 985.51 | 83.50 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | -528 466.13 | -0.18 |
| Equity index futures MSCI Emerging Market Futures 09/2020 (DB) ............  | Count | 352 | 352 |  |  |  | -10 992.63 | 0.00 |
| DJ Euro Stoxx 50 09/2020 (DB) .......................  | Count | 1 435 | 1 435 |  |  |  | -138 849.89 | -0.05 |
| S & P MINI 500 Futures 09/2020 (DB) ..................  | Count | -95 |  | 95 |  |  | 65 279.12 | 0.02 |
| DJ Euro Stoxx 50 09/2020 (DB) .......................  | Count | -100 |  | 100 |  |  | 28 799.98 | 0.01 |
| Topix Index 09/2020 (DB) ............................  | Count | 66 | 66 |  |  |  | -401 871.15 | -0.14 |
| Dax Index 09/2020 (DB) .............................  | Count | -20 |  | 20 |  |  | 53 625.02 | 0.02 |
| FTSE MIB Index Futures 09/2020 (DB)..................  | Count | 11 | 11 |  |  |  | -8 329.87 | 0.00 |
| Hang Seng China Enterprises Index 07/2020 (DB) .........  | Count | 77 | 77 |  |  |  | -116 126.71 | -0.04 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 159 544.46 | 0.06 |
| Interest rate futures Germany Federal Republic Notes 10 year 09/2020 (DB) ....  | Count | -124 |  | 124 |  |  | -275 280.00 | -0.09 |
| US Ultra Bond 09/2020 (DB) ..........................  | Count | 41 | 41 |  |  |  | 434 824.46 | 0.15 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -36 019.19 | -0.01 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions AUD/EUR 1.2 million ................................  |  |  |  |  |  |  | -1 372.03 | 0.00 |
| JPY/EUR 618.5 million...............................  |  |  |  |  |  |  | -25 004.56 | -0.01 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/CAD 0.1 million ................................  |  |  |  |  |  |  | 0.51 | 0.00 |
| EUR/CHF 3.1 million ................................  |  |  |  |  |  |  | 4 568.24 | 0.00 |
| EUR/DKK 0.1 million ................................  |  |  |  |  |  |  | -0.01 | 0.00 |
| EUR/GBP 3.5 million ................................  |  |  |  |  |  |  | 32 177.11 | 0.01 |
| EUR/HKD 0.1 million ................................  |  |  |  |  |  |  | -0.64 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | -0.13 | 0.00 |
| EUR/USD 119.1 million ..............................  |  |  |  |  |  |  | -49 028.75 | -0.01 |
| Closed positions EUR/AUD 0.1 million ................................  |  |  |  |  |  |  | -0.23 | 0.00 |
| EUR/CHF 1.1 million ................................  |  |  |  |  |  |  | 2 643.03 | 0.00 |
| EUR/JPY 0.1 million.................................  |  |  |  |  |  |  | -1.73 | 0.00 |
| Swaps Receivables/payables |  |  |  |  |  |  | 507 595.20 | 0.18 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Credit default swaps |  |  |  |  |  |  |  |  |
| Protection seller CDS Index North America High Yield / 5% / 20/12/2024 (OTC) (DB) ........................................  | Count | 500 000 |  |  |  |  | -5 916.09 | 0.00 |
| iTraxx Crossover / 5% / 20/06/2025 (OTC) (DB) ..........  | Count | 11 050 000 |  |  |  |  | 513 511.29 | 0.18 |
| Cash at bank |  |  |  |  |  |  | 44 784 309.76 | 15.59 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 35 300 724.66 | 12.28 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 580 163 |  |  |  |  | 636 717.77 | 0.22 |
| Danish krone ......................................  | DKK | 1 059 653 |  |  |  |  | 142 183.67 | 0.05 |
| Norwegian krone ...................................  | NOK | 1 510 761 |  |  |  |  | 138 850.08 | 0.05 |
| Swedish krona.....................................  | SEK | 1 501 095 |  |  |  |  | 143 285.35 | 0.05 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 353 725 |  |  |  |  | 216 732.79 | 0.08 |
| Brazilian real ......................................  | BRL | 4 288 |  |  |  |  | 698.03 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 5 498 544 |  |  |  |  | 633 020.58 | 0.22 |
| Indonesian rupiah ..................................  | IDR | 94 932 |  |  |  |  | 5.93 | 0.00 |
| Israeli shekel ......................................  | ILS | 751 108 |  |  |  |  | 193 178.23 | 0.07 |
| Japanese yen .....................................  | JPY | 151 495 329 |  |  |  |  | 1 255 032.01 | 0.44 |
| Canadian dollar ....................................  | CAD | 218 045 |  |  |  |  | 142 305.72 | 0.05 |
| Swiss franc .......................................  | CHF | 150 944 |  |  |  |  | 141 761.92 | 0.05 |
| Singapore dollar ...................................  | SGD | 332 270 |  |  |  |  | 212 341.35 | 0.07 |
| South African rand..................................  | ZAR | 2 732 |  |  |  |  | 140.27 | 0.00 |
| Turkish lira ........................................          | TRY | 858 110 |  |  |  |  | 111 697.38 | 0.04 |
| U.S. dollar ........................................  | USD | 6 181 644 |  |  |  |  | 5 515 634.02 | 1.92 |
| Other assets |  |  |  |  |  |  | 2 854 358.52 | 0.99 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 144 116.94 | 0.05 |
| Prepaid placement fee ** ............................  |  |  |  |  |  |  | 511 038.57 | 0.18 |
| Interest receivable .................................  |  |  |  |  |  |  | 1 787 131.76 | 0.62 |
| Other receivables ..................................  |  |  |  |  |  |  | 412 071.25 | 0.14 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 112 536.99 | 0.04 |
| Total assets *** |  |  |  |  |  |  | 288 696 619.54 | 100.51 |
| Other liabilities |  |  |  |  |  |  | -308 946.47 | -0.12 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -308 946.47 | -0.12 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -172 957.12 | -0.05 |
| Total liabilities |  |  |  |  |  |  | -1 514 678.01 | -0.51 |
| Net assets |  |  |  |  |  |  | 287 181 941.53 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding | of calculated percentages. |  |
| Net asset value per share and | Count/ | Net asset value per share |
| number of shares outstanding | currency | in the respective currency |
| Net asset value per share Class FC .........................................  | EUR | 104.45 |
| Class LC .........................................  | EUR | 101.03 |
| Class LD .........................................  | EUR | 89.44 |
| Class LDH (P) .....................................  | EUR | 88.31 |
| Class NC .........................................  | EUR | 99.40 |
| Class ND .........................................  | EUR | 87.55 |
| Class PFD ........................................  | EUR | 94.17 |
| Class TFD ........................................  | EUR | 90.68 |
| Number of shares outstanding Class FC .........................................  | Count | 1 571 363.033 |
| Class LC .........................................  | Count | 396 166.383 |
| Class LD .........................................  | Count | 446 040.091 |
| Class LDH (P) .....................................  | Count | 200.000 |
| Class NC .........................................  | Count | 36 132.518 |
| Class ND .........................................  | Count | 90 368.000 |
| Class PFD ........................................  | Count | 333 893.000 |
| Class TFD ........................................  | Count | 1 929.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
MSCI AC World Index (55%), JP Morgan EMBI Global Diversified Composite hedged in EUR (20%), Barclays U.S. High Yield 2% Issuer Cap Index hedged in EUR (15%) and JP Morgan GBI EM Global Composite (10%)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 60.862 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 83.165 |
| Average market risk exposure ........................  | % | 75.078 |

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 215 145 256.96 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Credit Suisse London Branch (GFX), Deutsche Bank AG, Goldman Sachs International, JP Morgan, Morgan Stanley Europe and UBS AG
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ..................     | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brazilian real ....................  | BRL | 6.142380 | = | EUR | 1 |
| Canadian dollar ..................  | CAD | 1.532233 | = | EUR | 1 |
| Swiss franc .....................  | CHF | 1.064768 | = | EUR | 1 |
| Danish krone ....................  | DKK | 7.452704 | = | EUR | 1 |
| British pound ...................  | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 8.686201 | = | EUR | 1 |
| Indonesian rupiah ................  | IDR | 16 009.907426 | = | EUR | 1 |
| Israeli shekel ....................  | ILS | 3.888160 | = | EUR | 1 |
| Japanese yen ...................  | JPY | 120.710331 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.880517 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar .................  | SGD | 1.564791 | = | EUR | 1 |
| Turkish lira ......................      | TRY | 7.682458 | = | EUR | 1 |
| U.S. dollar ......................  | USD | 1.120750 | = | EUR | 1 |
| South African rand................  | ZAR | 19.478627 | = | 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.
** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
*** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Multi Asset Income
DWS INVEST MULTI ASSET INCOME

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1054320970 | -7,0% |
| Klasse FC | LU1186220148 | -6,7% |
| Klasse LC | LU1054320897 | -7,0% |
| Klasse LDH (P) | LU1769944361 | -7,3% |
| Klasse NC | LU1186218753 | -7,1% |
| Klasse ND | LU1054321192 | -7,1% |
| Klasse PFD | LU1217772232 | -7,4% |
| Klasse TFD | LU1663932561 | -6,7% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Multi Asset Income
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 5 780 576,77 | 2,01 |
| Telekommunikationsdienste | 8 708 419,65 | 3,03 |
| Dauerhafte Konsumgüter | 29 932 623,93 | 10,43 |
| Energie | 2 369 994,84 | 0,83 |
| Hauptverbrauchsgüter | 10 824 237,21 | 3,78 |
| Finanzsektor | 11 654 246,98 | 4,05 |
| Grundstoffe | 13 649 931,65 | 4,78 |
| Industrien | 3 409 466,54 | 1,19 |
| Versorger | 4 964 426,77 | 1,74 |
| Summe Aktien | 91 293 924,34 | 31,84 |
| 2. Anleihen (Emittenten) Unternehmen | 58 458 002,18 | 20,34 |
| Institute | 17 226 902,22 | 5,97 |
| Zentralregierungen | 57 746 173,18 | 20,10 |
| Summe Anleihen | 133 431 077,58 | 46,41 |
| 3. Investmentanteile Aktienfonds | 15 084 983,59 | 5,25 |
| Summe Investmentanteile | 15 084 983,59 | 5,25 |
| 4. Derivate | 102 654,34 | 0,05 |
| 5. Bankguthaben | 44 784 309,76 | 15,59 |
| 6. Sonstige Vermögensgegenstände | 2 854 358,52 | 0,99 |
| 7. Forderungen aus Anteilscheingeschäften | 112 536,99 | 0,04 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -308 946,47 | - 0,12 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -172 957,12 | - 0,05 |
| III. Fondsvermögen | 287 181 941,53 | 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 |  |  |  |  |  |  | 200 349 577,15 | 69,76 |
| Aktien AGL Energy Ltd ...................................  | Stück | 31 923 |  |  | AUD | 17,05 | 333 492,87 | 0,12 |
| Coles Group Ltd  ..................................  | Stück | 53 177 |  |  | AUD | 17,17 | 559 438,82 | 0,19 |
| Fortescue Metals Group Ltd .........................  | Stück | 74 297 |  |  | AUD | 13,85 | 630 491,91 | 0,22 |
| Magellan Financial Group Ltd ........................  | Stück | 4 817 | 4 817 |  | AUD | 58,01 | 171 213,49 | 0,06 |
| Canadian Imperial Bank of Commerce/Canada ...........  | Stück | 2 375 |  |  | CAD | 89,9 | 139 347,30 | 0,05 |
| Canadian Pacific Railway Ltd .........................  | Stück | 3 519 | 3 519 |  | CAD | 341,97 | 785 384,87 | 0,27 |
| Kinross Gold Corp. .................................  | Stück | 251 676 | 251 676 |  | CAD | 9,56 | 1 570 272,24 | 0,55 |
| Magna International, Inc. ............................  | Stück | 16 024 |  | 3 268 | CAD | 59,45 | 621 724,60 | 0,22 |
| Manulife Financial Corp. .............................  | Stück | 14 564 |  | 20 896 | CAD | 18,18 | 172 802,41 | 0,06 |
| Power Corp. of Canada .............................  | Stück | 13 111 |  |  | CAD | 23,4 | 200 228,98 | 0,07 |
| Sun Life Financial, Inc. ..............................  | Stück | 5 323 |  | 6 248 | CAD | 48,8 | 169 531,95 | 0,06 |
| Baloise Holding AG ................................  | Stück | 1 793 |  |  | CHF | 140,4 | 236 424,43 | 0,08 |
| Chocoladefabriken Lindt & Spruengli AG ................  | Stück | 4 | 4 |  | CHF | 80 800 | 303 540,27 | 0,11 |
| Nestle SA ........................................  | Stück | 2 212 | 2 212 |  | CHF | 105,06 | 218 256,65 | 0,08 |
| Partners Group Holding AG ..........................  | Stück | 231 | 231 |  | CHF | 854,8 | 185 447,70 | 0,06 |
| Roche Holding AG .................................  | Stück | 5 657 | 1 103 |  | CHF | 327,65 | 1 740 769,68 | 0,61 |
| Swiss Life Holding AG ..............................  | Stück | 519 |  | 319 | CHF | 348,1 | 169 674,41 | 0,06 |
| Zurich Insurance Group AG ..........................  | Stück | 587 |  | 1 755 | CHF | 332,7 | 183 415,43 | 0,06 |
| Carlsberg A/S  ....................................  | Stück | 4 627 | 4 627 |  | DKK | 879,2 | 545 849,96 | 0,19 |
| Novo Nordisk A/S ..................................  | Stück | 14 385 |  | 1 932 | DKK | 429,95 | 829 877,38 | 0,29 |
| Pandora A/S ......................................  | Stück | 4 473 | 4 473 |  | DKK | 359 | 215 466,35 | 0,07 |
| ACS Actividades de Construccion y Servicios SA .........  | Stück | 15 213 |  |  | EUR | 22,33 | 339 706,29 | 0,12 |
| Allianz SE ........................................  | Stück | 1 006 |  | 5 113 | EUR | 180,22 | 181 301,32 | 0,06 |
| Assicurazioni Generali SpA ...........................  | Stück | 13 355 |  | 11 063 | EUR | 13,37 | 178 556,35 | 0,06 |
| AXA SA ..........................................  | Stück | 57 067 | 57 067 | 12 425 | EUR | 18,418 | 1 051 060,01 | 0,37 |
| BNP Paribas SA ...................................  | Stück | 28 120 | 28 120 |  | EUR | 34,795 | 978 435,40 | 0,34 |
| Covestro AG ......................................  | Stück | 6 942 |  | 2 905 | EUR | 33,81 | 234 709,02 | 0,08 |
| Enel SpA .........................................  | Stück | 133 079 |  |  | EUR | 7,735 | 1 029 366,07 | 0,36 |
| Hannover Rueck SE ................................  | Stück | 1 939 |  |  | EUR | 151,3 | 293 370,70 | 0,10 |
| Iberdrola SA ......................................  | Stück | 144 517 |  | 33 340 | EUR | 10,37 | 1 498 641,29 | 0,52 |
| ING Groep NV ....................................  | Stück | 157 934 | 157 934 |  | EUR | 6,12 | 966 556,08 | 0,34 |
| Koninklijke Ahold Delhaize NV ........................  | Stück | 48 734 |  | 5 061 | EUR | 24,35 | 1 186 672,90 | 0,41 |
| Naturgy Energy Group SA ...........................  | Stück | 10 872 | 10 872 |  | EUR | 16,455 | 178 898,76 | 0,06 |
| NN Group NV  ....................................  | Stück | 5 981 | 5 981 |  | EUR | 29,81 | 178 293,61 | 0,06 |
| OMV AG .........................................  | Stück | 7 789 |  |  | EUR | 29,22 | 227 594,58 | 0,08 |
| Red Electrica Corp., SA .............................  | Stück | 26 111 |  |  | EUR | 16,71 | 436 314,81 | 0,15 |
| Sanofi ...........................................  | Stück | 3 334 | 2 519 |  | EUR | 90,36 | 301 260,24 | 0,10 |
| Snam SpA ........................................  | Stück | 117 399 |  |  | EUR | 4,379 | 514 090,22 | 0,18 |
| Terna Rete Elettrica Nazionale SpA ....................  | Stück | 77 328 | 77 328 |  | EUR | 6,164 | 476 649,79 | 0,17 |
| Total SA .........................................  | Stück | 11 854 |  |  | EUR | 33,81 | 400 783,74 | 0,14 |
| Unilever NV ......................................  | Stück | 21 486 |  |  | EUR | 47,43 | 1 019 080,98 | 0,35 |
| Uniper SE ........................................  | Stück | 9 791 |  |  | EUR | 28,68 | 280 805,88 | 0,10 |
| UPM-Kymmene Oyj ................................  | Stück | 34 206 |  |  | EUR | 25,67 | 878 068,02 | 0,31 |
| Vivendi SA .......................................  | Stück | 12 776 | 12 776 |  | EUR | 22,77 | 290 909,52 | 0,10 |
| Admiral Group PLC .................................  | Stück | 6 466 | 6 466 |  | GBP | 23,07 | 163 711,77 | 0,06 |
| Anglo American PLC ...............................  | Stück | 20 990 |  |  | GBP | 18,522 | 426 674,73 | 0,15 |
| Ashtead Group PLC ................................  | Stück | 19 149 |  | 4 959 | GBP | 26,95 | 566 371,61 | 0,20 |
| British American Tobacco PLC ........................  | Stück | 27 927 |  |  | GBP | 31,085 | 952 734,22 | 0,33 |
| Ferguson PLC ....................................  | Stück | 2 912 | 2 912 |  | GBP | 65,9 | 210 607,29 | 0,07 |
| GlaxoSmithKline PLC ...............................  | Stück | 6 134 |  |  | GBP | 16,304 | 109 757,59 | 0,04 |
| Mondi PLC .......................................  | Stück | 20 393 |  |  | GBP | 15,015 | 336 049,36 | 0,12 |
| Persimmon PLC ...................................  | Stück | 17 401 |  |  | GBP | 22,77 | 434 844,36 | 0,15 |
| Rio Tinto PLC .....................................  | Stück | 6 301 |  |  | GBP | 45,135 | 312 118,52 | 0,11 |
| WH Group Ltd ....................................  | Stück | 547 000 | 547 000 |  | HKD | 6,64 | 418 143,66 | 0,15 |
| Asahi Group Holdings Ltd ...........................  | Stück | 4 800 |  |  | JPY | 3 776 | 150 151,19 | 0,05 |
| Astellas Pharma, Inc. ...............................  | Stück | 52 700 |  | 8 400 | JPY | 1 799,5 | 785 629,94 | 0,27 |
| Chubu Electric Power Co., Inc. .......................  | Stück | 19 300 | 19 300 |  | JPY | 1 352 | 216 167,08 | 0,08 |
| Dai Nippon Printing Co., Ltd .........................  | Stück | 10 200 | 10 200 |  | JPY | 2 469 | 208 630,03 | 0,07 |
| Daiwa House Industry Co., Ltd .......................  | Stück | 36 700 |  |  | JPY | 2 542 | 772 853,48 | 0,27 |
| Fujitsu Ltd ........................................  | Stück | 6 300 |  |  | JPY | 12 620 | 658 651,16 | 0,23 |
| ITOCHU Corp. ....................................  | Stück | 55 800 |  | 8 900 | JPY | 2 321,5 | 1 073 145,10 | 0,37 |
| Kyushu Railway Co. ................................  | Stück | 300 |  |  | JPY | 2 799 | 6 956,32 | 0,00 |
| MS&AD Insurance Group Holdings, Inc. ................  | Stück | 11 800 |  |  | JPY | 2 961 | 289 451,61 | 0,10 |
| Nippon Telegraph & Telephone Corp. ..................  | Stück | 55 000 |  |  | JPY | 2 515,5 | 1 146 152,93 | 0,40 |
| NTT DOCOMO, Inc. ................................  | Stück | 45 600 |  | 7 800 | JPY | 2 882 | 1 088 715,43 | 0,38 |
| Obayashi Corp. ....................................  | Stück | 26 900 |  |  | JPY | 1 008 | 224 630,32 | 0,08 |
| Sekisui House Ltd .................................  | Stück | 35 600 | 24 000 |  | JPY | 2 052,5 | 605 325,16 | 0,21 |
| Shionogi & Co., Ltd ................................  | Stück | 2 000 |  |  | JPY | 6 750 | 111 837,98 | 0,04 |
| Sony Corp. .......................................  | Stück | 2 300 |  |  | JPY | 7 384 | 140 693,84 | 0,05 |
| Tokio Marine Holdings, Inc. ..........................  | Stück | 2 900 |  |  | JPY | 4 698 | 112 866,89 | 0,04 |
| Toyota Motor Corp. ................................  | Stück | 8 500 | 8 500 |  | JPY | 6 762 | 476 156,43 | 0,17 |
| Boliden AB  ......................................  | Stück | 15 304 |  |  | SEK | 209,2 | 305 604,87 | 0,11 |
| Swedish Match AB  ................................  | Stück | 7 552 | 7 552 |  | SEK | 651,8 | 469 861,61 | 0,16 |
| Volvo AB .........................................  | Stück | 26 327 |  | 42 701 | SEK | 144,5 | 363 130,60 | 0,13 |
| DBS Group Holdings Ltd ............................  | Stück | 12 400 |  |  | SGD | 20,8 | 164 827,17 | 0,06 |
| Oversea-Chinese Banking Corp., Ltd ...................  | Stück | 13 400 |  |  | SGD | 9 | 77 071,02 | 0,03 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| United Overseas Bank Ltd ...........................  | Stück | 4 800 |  |  | SGD | 20,23 | 62 055,59 | 0,02 |
| AbbVie, Inc. ......................................  | Stück | 29 727 |  |  | USD | 96,07 | 2 548 181,15 | 0,89 |
| Agnico-Eagle Mines Ltd .............................  | Stück | 17 381 | 17 381 |  | USD | 62,31 | 966 326,60 | 0,34 |
| Ameriprise Financial, Inc. ............................  | Stück | 1 275 | 1 275 |  | USD | 148,75 | 169 222,69 | 0,06 |
| AmerisourceBergen Corp. ...........................  | Stück | 6 733 | 6 733 |  | USD | 98,8 | 593 549,55 | 0,21 |
| Amgen, Inc. ......................................  | Stück | 11 520 |  |  | USD | 232,42 | 2 389 006,88 | 0,83 |
| Applied Materials, Inc. ..............................  | Stück | 11 240 |  |  | USD | 60,21 | 603 846,23 | 0,21 |
| AT&T, Inc. ........................................  | Stück | 54 270 |  |  | USD | 29,74 | 1 440 098,54 | 0,50 |
| Bank of New York Mellon Corp./The  ..................  | Stück | 2 974 | 2 974 |  | USD | 37,44 | 99 350,08 | 0,03 |
| Barrick Gold Corp. .................................  | Stück | 89 184 | 89 184 |  | USD | 26,065 | 2 074 130,61 | 0,72 |
| Biogen Idec, Inc. ..................................  | Stück | 3 524 |  |  | USD | 260,97 | 820 574,30 | 0,29 |
| Bristol-Myers Squibb Co. ............................  | Stück | 11 586 | 2 577 |  | USD | 57,68 | 596 279,94 | 0,21 |
| Cardinal Health, Inc. ................................  | Stück | 18 295 | 14 502 |  | USD | 51,17 | 835 293,79 | 0,29 |
| Carnival Corp. .....................................  | Stück | 9 186 |  |  | USD | 16,07 | 131 714,55 | 0,05 |
| Celanese Corp. ....................................  | Stück | 4 839 |  | 1 501 | USD | 84,26 | 363 804,86 | 0,13 |
| Cisco Systems, Inc. ................................  | Stück | 51 513 | 26 974 |  | USD | 46,69 | 2 146 011,97 | 0,75 |
| Coca-Cola Co./The .................................  | Stück | 26 955 |  |  | USD | 44,29 | 1 065 212,96 | 0,37 |
| Comcast Corp. ....................................  | Stück | 21 728 |  |  | USD | 38,15 | 739 615,01 | 0,26 |
| Cummins, Inc. ....................................  | Stück | 6 721 |  | 1 300 | USD | 171,01 | 1 025 526,36 | 0,36 |
| Discover Financial Services ..........................  | Stück | 3 759 | 3 759 |  | USD | 48,8 | 163 675,46 | 0,06 |
| DR Horton, Inc. ...................................  | Stück | 13 961 |  | 3 130 | USD | 54,28 | 676 157,38 | 0,24 |
| Eaton Corp., PLC ..................................  | Stück | 14 389 |  | 2 746 | USD | 86,17 | 1 106 313,29 | 0,39 |
| Electronic Arts, Inc. ................................  | Stück | 6 337 | 6 337 |  | USD | 131,72 | 744 778,02 | 0,26 |
| Exxon Mobil Corp. .................................  | Stück | 25 901 |  | 6 481 | USD | 43,38 | 1 002 530,29 | 0,35 |
| FNF Group .......................................  | Stück | 8 621 |  |  | USD | 30,46 | 234 303,60 | 0,08 |
| Franklin Resources, Inc. ............................  | Stück | 9 633 | 9 633 |  | USD | 20,56 | 176 716,09 | 0,06 |
| Gilead Sciences, Inc. ...............................  | Stück | 25 537 | 10 443 | 15 160 | USD | 75,61 | 1 722 822,51 | 0,60 |
| Hartford Financial Services Group, Inc./The .............  | Stück | 10 425 | 10 425 |  | USD | 38,29 | 356 166,32 | 0,12 |
| HCA, Inc. ........................................  | Stück | 1 547 |  | 5 768 | USD | 94,38 | 130 275,19 | 0,05 |
| Hewlett Packard Enterprise Co. .......................  | Stück | 63 513 |  |  | USD | 9,55 | 541 199,54 | 0,19 |
| Home Depot, Inc./The ..............................  | Stück | 3 588 | 3 588 |  | USD | 247,06 | 790 945,02 | 0,28 |
| Hormel Foods Corp. ................................  | Stück | 6 572 | 6 572 |  | USD | 48,54 | 284 635,29 | 0,10 |
| Huntington Bancshares Inc/OH .......................  | Stück | 27 046 |  |  | USD | 8,825 | 212 965,46 | 0,07 |
| Intel Corp. ........................................  | Stück | 13 967 |  | 4 654 | USD | 59,615 | 742 933,78 | 0,26 |
| Interpublic Group of Cos, Inc./The .....................  | Stück | 20 916 |  |  | USD | 16,94 | 316 142,92 | 0,11 |
| KeyCorp. .........................................  | Stück | 23 428 |  |  | USD | 11,93 | 249 383,14 | 0,09 |
| Kroger Co./The ....................................  | Stück | 26 673 |  | 13 193 | USD | 33,98 | 808 698,55 | 0,28 |
| Lam Research Corp. ................................  | Stück | 3 216 |  | 705 | USD | 322,86 | 926 449,40 | 0,32 |
| Lear Corp. ........................................  | Stück | 2 858 |  |  | USD | 106,39 | 271 302,91 | 0,09 |
| Lockheed Martin Corp. ..............................  | Stück | 265 |  |  | USD | 363,91 | 86 046,12 | 0,03 |
| Lowe‘s Cos, Inc. ..................................  | Stück | 6 934 | 6 934 |  | USD | 134,08 | 829 543,69 | 0,29 |
| LyondellBasell Industries NV .........................  | Stück | 14 436 |  |  | USD | 63,82 | 822 044,06 | 0,29 |
| ManpowerGroup, Inc. ..............................  | Stück | 11 831 | 8 668 |  | USD | 67,99 | 717 724,74 | 0,25 |
| Merck & Co., Inc. ..................................  | Stück | 16 719 |  |  | USD | 76,39 | 1 139 562,72 | 0,40 |
| Newmont Mining Corp. .............................  | Stück | 55 203 | 55 203 |  | USD | 59,81 | 2 945 967,20 | 1,03 |
| Old Dominion Freight Line, Inc. ......................  | Stück | 3 992 | 3 992 |  | USD | 165,95 | 591 097,62 | 0,21 |
| PACCAR, Inc. .....................................  | Stück | 15 212 |  | 1 766 | USD | 73,5 | 997 619,85 | 0,35 |
| PepsiCo, Inc. .....................................  | Stück | 8 289 |  |  | USD | 131,74 | 974 341,55 | 0,34 |
| Pfizer, Inc. ........................................  | Stück | 38 777 | 5 162 |  | USD | 32,29 | 1 117 207,07 | 0,39 |
| Philip Morris International, Inc. ........................  | Stück | 4 981 |  |  | USD | 69,9 | 310 659,86 | 0,11 |
| Principal Financial Group, Inc. ........................  | Stück | 7 194 |  |  | USD | 40,3 | 258 682,41 | 0,09 |
| Procter & Gamble Co. ..............................  | Stück | 19 631 |  |  | USD | 118,78 | 2 080 545,26 | 0,72 |
| Progressive Corp./The ..............................  | Stück | 5 160 | 5 160 |  | USD | 79,26 | 364 917,92 | 0,13 |
| Prudential Financial, Inc. .............................  | Stück | 10 520 | 10 520 |  | USD | 59,15 | 555 215,92 | 0,19 |
| PulteGroup, Inc. ...................................  | Stück | 10 554 |  | 3 091 | USD | 33,32 | 313 771,51 | 0,11 |
| Regions Financial Corp. .............................  | Stück | 25 016 |  |  | USD | 10,925 | 243 854,48 | 0,08 |
| Robert Half International, Inc. ........................  | Stück | 4 863 | 4 863 |  | USD | 51,77 | 224 633,16 | 0,08 |
| Seagate Technology PLC ............................  | Stück | 15 414 |  |  | USD | 48,23 | 663 321,45 | 0,23 |
| Snap-on, Inc. ......................................         | Stück | 2 220 |  |  | USD | 135,97 | 269 331,71 | 0,09 |
| Southwest Airlines Co. ..............................  | Stück | 6 818 |  |  | USD | 33,71 | 205 072,38 | 0,07 |
| State Street Corp. .................................  | Stück | 2 898 | 2 898 |  | USD | 61,97 | 160 240,13 | 0,06 |
| Steel Dynamics, Inc. ...............................  | Stück | 12 129 |  |  | USD | 25,56 | 276 615,98 | 0,10 |
| Synchrony Financial ................................  | Stück | 15 025 | 15 025 |  | USD | 21,8 | 292 255,30 | 0,10 |
| T Rowe Price Group, Inc. ............................  | Stück | 1 522 | 1 522 |  | USD | 121,93 | 165 583,34 | 0,06 |
| TD Ameritrade Holding Corp. ........................  | Stück | 4 802 | 4 802 |  | USD | 35,49 | 152 061,61 | 0,05 |
| Texas Instruments, Inc. .............................  | Stück | 7 937 |  |  | USD | 127 | 899 397,19 | 0,31 |
| Tractor Supply Co. .................................  | Stück | 4 849 | 4 849 |  | USD | 132,5 | 573 270,36 | 0,20 |
| Truist Financial Corp. ...............................  | Stück | 4 055 |  |  | USD | 36,78 | 133 074,24 | 0,05 |
| Tyson Foods, Inc. ..................................  | Stück | 11 492 |  |  | USD | 59 | 604 977,26 | 0,21 |
| United Continental Holdings, Inc. ......................  | Stück | 3 201 |  |  | USD | 33,39 | 95 365,99 | 0,03 |
| United Rentals, Inc. ................................  | Stück | 3 753 |  |  | USD | 146,5 | 490 577,49 | 0,17 |
| Unum Group ......................................  | Stück | 53 603 | 53 603 |  | USD | 16,14 | 771 940,90 | 0,27 |
| Valero Energy Corp. ................................  | Stück | 14 834 |  |  | USD | 55,84 | 739 086,23 | 0,26 |
| Verizon Communications, Inc. ........................  | Stück | 28 605 |  |  | USD | 54,41 | 1 388 711,72 | 0,48 |
| Vornado Realty Trust ...............................  | Stück | 6 988 | 6 988 |  | USD | 37,8 | 235 687,27 | 0,08 |
| Western Union Co./The .............................  | Stück | 25 479 |  |  | USD | 21,35 | 485 368,61 | 0,17 |
| Yamana Gold, Inc. .................................  | Stück | 320 499 | 320 499 |  | USD | 5,27 | 1 507 053,67 | 0,52 |
| Verzinsliche Wertpapiere 4,25	% Aareal Bank AG 2014/2026 * ................  | EUR | 132 000 |  |  | % | 93,676 | 123 652,98 | 0,04 |
| 1,50	% Abertis Infraestructuras SA (MTN) 2019/2024 ...  | EUR | 200 000 |  |  | % | 99,633 | 199 266,00 | 0,07 |
| 0,625  % Abertis Infraestructuras SA (MTN) 2019/2025 ...  | EUR | 200 000 |  |  | % | 94,592 | 189 184,00 | 0,07 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 2,375 | % Abertis Infraestructuras SA (MTN) 2019/2027 ...  | EUR | 200 000 |  | % | 100,876 | 201 753,00 | 0,07 |
| 1,125 | % Abertis Infraestructuras SA (MTN) 2019/2028 ...  | EUR | 200 000 |  | % | 91,438 | 182 876,00 | 0,06 |
| 3,00 | % Abertis Infraestructuras SA (MTN) 2019/2031 ...  | EUR | 500 000 |  | % | 103,678 | 518 392,50 | 0,18 |
| 3,25 | % Ageas 2019/2049 * .......................  | EUR | 100 000 |  | % | 103,729 | 103 729,00 | 0,04 |
| 1,25 | % AIB Group PLC (MTN) 2019/2024 ............  | EUR | 100 000 |  | % | 100,088 | 100 088,50 | 0,03 |
| 1,75 | % Akelius Residential Property AB (MTN) 2017/2025 | EUR | 250 000 |  | % | 101,23 | 253 076,25 | 0,09 |
| 3,50 | % Albania Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2018/2025 ..............................  | EUR | 450 000 |  | % | 101,522 | 456 851,25 | 0,16 |
| 1,00 | % Altria Group, Inc. 2019/2023 ................  | EUR | 300 000 |  | % | 100,986 | 302 956,50 | 0,11 |
| 3,125 | % Altria Group, Inc. 2019/2031 ................  | EUR | 600 000 |  | % | 109,382 | 656 295,00 | 0,23 |
| 3,375 | % Argentina Republic Government International Bond |  |  |  |  |  |  |  |
|  | (MTN) 2017/2023 .........................  | EUR | 1 964 000 |  | % | 39,48 | 775 397,02 | 0,27 |
| 5,00 | % Argentine Republic Government International Bond |  |  |  |  |  |  |  |
|  | 2016/2027 ..............................  | EUR | 1 500 000 |  | % | 37,944 | 569 167,50 | 0,20 |
| 1,00 | % Aroundtown SA (MTN) 2017/2025 ...........  | EUR | 200 000 |  | % | 99,786 | 199 572,00 | 0,07 |
| 0,625 | % Aroundtown SA (MTN) 2019/2025 ...........  | EUR | 300 000 |  | % | 97,869 | 293 607,00 | 0,10 |
| 2,125 | % Aroundtown SA 2018/perpetual * ............  | EUR | 1 000 000 |  | % | 92,912 | 929 115,00 | 0,32 |
| 5,125 | % ASR Nederland NV 2015/2045 * .............  | EUR | 250 000 |  | % | 113,634 | 284 086,25 | 0,10 |
| 3,375 | % ASR Nederland NV 2019/2049 * .............  | EUR | 200 000 |  | % | 104,044 | 208 088,00 | 0,07 |
| 3,55 | % AT&T, Inc. 2012/2032 .....................  | EUR | 150 000 |  | % | 120,54 | 180 810,75 | 0,06 |
| 2,00 | % Banco de Sabadell SA (MTN) 2020/2030 * .....  | EUR | 300 000 | 300 000 | % | 84,406 | 253 218,00 | 0,09 |
| 0,75 | % Bank of Ireland Group PLC (MTN) 2019/2024 * . | EUR | 290 000 |  | % | 98,326 | 285 143,95 | 0,10 |
| 1,00 | % Bankia SA (MTN) 2019/2024 ................  | EUR | 100 000 |  | % | 96,278 | 96 278,50 | 0,03 |
| 0,75 | % Bankia SA (MTN) 2019/2026 ................  | EUR | 400 000 |  | % | 97,02 | 388 078,00 | 0,13 |
| 5,625 | % Banque Centrale de Tunisie International Bond |  |  |  |  |  |  |  |
|  | (MTN) 2017/2024 .........................  | EUR | 2 967 000 |  | % | 92,122 | 2 733 274,58 | 0,95 |
| 6,375 | % Banque Centrale de Tunisie International Bond -Reg- |  |  |  |  |  |  |  |
|  | (MTN) 2019/2026 .........................  | EUR | 1 000 000 |  | % | 90,414 | 904 135,00 | 0,31 |
| 5,75 | % Benin Government International Bond (MTN) |  |  |  |  |  |  |  |
|  | 2019/2026 ..............................  | EUR | 1 700 000 |  | % | 93,44 | 1 588 471,50 | 0,55 |
| 0,75 | % BMW Finance NV (MTN) 2019/2026 ..........  | EUR | 100 000 |  | % | 101,6 | 101 599,50 | 0,04 |
| 0,375 | % BMW Finance NV (MTN) 2019/2027 ..........  | EUR | 160 000 |  | % | 98,16 | 157 056,80 | 0,05 |
| 1,50 | % BMW Finance NV (MTN) 2019/2029 ..........  | EUR | 300 000 |  | % | 105,272 | 315 817,50 | 0,11 |
| 0,125 | % BNP Paribas SA (MTN) 2019/2026 ...........  | EUR | 400 000 |  | % | 96,19 | 384 758,00 | 0,13 |
| 1,375 | % BNP Paribas SA (MTN) 2019/2029 ...........  | EUR | 200 000 |  | % | 104,568 | 209 137,00 | 0,07 |
| 1,625 | % BNP Paribas SA (MTN) 2019/2031 ...........  | EUR | 300 000 |  | % | 99,61 | 298 831,50 | 0,10 |
| 0,50 | % BNP Paribas SA (MTN) 2020/2028 * ..........  | EUR | 300 000 | 300 000 | % | 97,485 | 292 455,00 | 0,10 |
| 0,375 | % BNZ International Funding Ltd/London (MTN) |  |  |  |  |  |  |  |
|  | 2019/2024 ..............................  | EUR | 260 000 |  | % | 100,61 | 261 584,70 | 0,09 |
| 1,573 | % BP Capital Markets PLC (MTN) 2015/2027 .....  | EUR | 129 000 |  | % | 104,254 | 134 487,66 | 0,05 |
| 3,50 | % Bulgarian Energy Holding EAD (MTN) 2018/2025 | EUR | 300 000 |  | % | 101,992 | 305 974,50 | 0,11 |
| 0,625 | % CaixaBank SA (MTN) 2019/2024 .............  | EUR | 400 000 |  | % | 97,38 | 389 522,00 | 0,14 |
| 1,375 | % CaixaBank SA (MTN) 2019/2026 .............  | EUR | 200 000 |  | % | 99,949 | 199 898,00 | 0,07 |
| 1,50 | % Cellnex Telecom SA (MTN) 2018/2026 ........  | EUR | 100 000 |  | % | 170,424 | 170 423,50 | 0,06 |
| 0,50 | % Cellnex Telecom SA (MTN) 2019/2028 ........  | EUR | 700 000 |  | % | 129,199 | 904 393,00 | 0,31 |
| 1,50 | % Ceske Drahy AS (MTN) 2019/2026 ...........  | EUR | 825 000 | 175 000 | % | 100,588 | 829 851,00 | 0,29 |
| 0,875 | % Chorus Ltd (MTN) 2019/2026 ...............  | EUR | 151 000 |  | % | 100,71 | 152 072,86 | 0,05 |
| 2,00 | % CNP Assurances 2019/2050 * ...............  | EUR | 200 000 |  | % | 97,029 | 194 058,00 | 0,07 |
| 2,00 | % Credit Agricole SA (MTN) 2019/2029 ..........  | EUR | 1 000 000 |  | % | 103,928 | 1 039 275,00 | 0,36 |
| 1,75 | % Credit Agricole SA/London (MTN) 2019/2029 ...  | EUR | 100 000 |  | % | 107,848 | 107 848,50 | 0,04 |
| 1,00 | % Crédit Suisse Group AG (MTN) 2019/2027 * ....  | EUR | 200 000 |  | % | 100,185 | 200 370,00 | 0,07 |
| 0,25 | % Daimler International Finance BV (MTN) |  |  |  |  |  |  |  |
|  | 2019/2023 ..............................  | EUR | 160 000 |  | % | 97,59 | 156 144,00 | 0,05 |
| 0,625 | % Daimler International Finance BV (MTN) |  |  |  |  |  |  |  |
|  | 2019/2027 ..............................  | EUR | 170 000 |  | % | 94,914 | 161 354,65 | 0,06 |
| 1,625 | % Deutsche Bank AG (MTN) 2020/2027 .........  | EUR | 200 000 | 200 000 | % | 99,302 | 198 604,00 | 0,07 |
| 0,625 | % Digital Dutch Finco BV (MTN) 2020/2025 ......  | EUR | 110 000 | 110 000 | % | 98,926 | 108 818,60 | 0,04 |
| 0,75 | % Dover Corp. (MTN) 2019/2027 ...............  | EUR | 500 000 |  | % | 95,446 | 477 230,00 | 0,17 |
| 8,50 | % Dtek Renewables Finance BV -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2019/2024 ..............................  | EUR | 600 000 |  | % | 87,162 | 522 975,00 | 0,18 |
| 1,75 | % DXC Technology Co. (MTN) 2018/2026 ........  | EUR | 200 000 |  | % | 98,646 | 197 291,00 | 0,07 |
| 4,75 | % Egypt Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2018/2026 ..............................  | EUR | 2 010 000 |  | % | 95,165 | 1 912 816,50 | 0,67 |
| 6,375 | % Egypt Government International Bond -Reg- |  |  |  |  |  |  |  |
|  | 2019/2031 ..............................  | EUR | 1 100 000 |  | % | 92,849 | 1 021 339,00 | 0,36 |
| 4,00 | % Energo-Pro AS (MTN) 2017/2022 ............  | EUR | 250 000 |  | % | 96,476 | 241 190,00 | 0,08 |
| 3,625 | % Eni SpA (MTN) 2014/2029 ..................  | EUR | 100 000 |  | % | 123,274 | 123 274,00 | 0,04 |
| 2,045 | % EP Infrastructure AS (MTN) 2019/2028 ........  | EUR | 500 000 |  | % | 97,287 | 486 435,00 | 0,17 |
| 1,125 | % Fastighets AB Balder (MTN) 2019/2027 .......  | EUR | 250 000 |  | % | 94,232 | 235 580,00 | 0,08 |
| 4,35 | % Fortune Star BVI Ltd 2019/2023 .............  | EUR | 300 000 |  | % | 97,091 | 291 273,00 | 0,10 |
| 0,625 | % Fresenius Medical Care AG & Co., KGaA (MTN) |  |  |  |  |  |  |  |
|  | 2019/2026 ..............................  | EUR | 140 000 |  | % | 100,051 | 140 071,40 | 0,05 |
| 1,875 | % G4S International Finance PLC (MTN) 2018/2025 | EUR | 200 000 |  | % | 97,532 | 195 063,00 | 0,07 |
| 0,85 | % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |
|  | 2020/2026 ..............................  | EUR | 170 000 | 170 000 | % | 87,758 | 149 189,45 | 0,05 |
| 1,375 | % Goldman Sachs Group, Inc. (MTN) 2017/2024 ..  | EUR | 150 000 |  | % | 101,946 | 152 919,00 | 0,05 |
| 0,125 | % Goldman Sachs Group, Inc./The (MTN) 2019/2024 | EUR | 500 000 |  | % | 97,652 | 488 260,00 | 0,17 |
| 1,375 | % Goodman Australia Finance Pty Ltd -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2017/2025 ..............................  | EUR | 200 000 |  | % | 100,108 | 200 216,00 | 0,07 |
| 1,125 | % Heimstaden Bostad AB (MTN) 2020/2026 .....  | EUR | 100 000 | 100 000 | % | 97,477 | 97 477,00 | 0,03 |
| 0,50 | % Hella GmbH & Co., KGaA (MTN) 2019/2027 ....  | EUR | 240 000 |  | % | 93,784 | 225 080,40 | 0,08 |
| 1,625 | % Holding d‘Infrastructures de Transport SAS (MTN) |  |  |  |  |  |  |  |
|  | 2017/2027 ..............................  | EUR | 300 000 |  | % | 97,11 | 291 328,50 | 0,10 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 1,625 | % Huarong Universe Investment Holding Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | EUR | 300 000 | 300 000 |  | % | 95,154 | 285 460,50 | 0,10 |
| 0,90 | % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2027 ..............................  | EUR | 420 000 | 420 000 |  | % | 95,246 | 400 031,10 | 0,14 |
| 0,10 | % ING Groep NV (MTN) 2019/2025 * ...........  | EUR | 200 000 |  |  | % | 97,903 | 195 806,00 | 0,07 |
| 1,375 | % Intesa Sanpaolo SpA (MTN) 2017/2024 ........  | EUR | 250 000 |  |  | % | 100,995 | 252 487,50 | 0,09 |
| 0,75 | % Intesa Sanpaolo SpA (MTN) 2019/2024 ........  | EUR | 140 000 |  |  | % | 98,883 | 138 436,20 | 0,05 |
| 1,00 | % Intesa Sanpaolo SpA (MTN) 2019/2026 ........  | EUR | 350 000 |  |  | % | 98,007 | 343 024,50 | 0,12 |
| 5,125 | % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2025 .........................  | EUR | 2 300 000 |  |  | % | 100,994 | 2 322 862,00 | 0,81 |
| 5,25 | % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | 2018/2030 ..............................  | EUR | 500 000 |  |  | % | 93,511 | 467 555,00 | 0,16 |
| 5,875 | % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | 2019/2031 ..............................  | EUR | 150 000 | 150 000 |  | % | 94,232 | 141 348,00 | 0,05 |
| 2,375 | % Kazakhstan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2028 .........................  | EUR | 500 000 |  |  | % | 104,66 | 523 300,00 | 0,18 |
| 2,00 | % Koninklijke KPN NV 2019/perpetual * .........  | EUR | 300 000 |  |  | % | 94,513 | 283 539,00 | 0,10 |
| 0,875 | % LEG Immobilien AG (MTN) 2019/2027 ........  | EUR | 200 000 |  |  | % | 99,895 | 199 790,00 | 0,07 |
| 1,75 | % Liberty Mutual Finance Europe Designated |  |  |  |  |  |  |  |  |
|  | Activity -Reg- (MTN) 2017/2024 ..............  | EUR | 200 000 |  |  | % | 104,147 | 208 294,00 | 0,07 |
| 0,50 | % Lloyds Banking Group PLC (MTN) 2019/2025 * . | EUR | 150 000 |  |  | % | 97,861 | 146 791,50 | 0,05 |
| 0,75 | % Logicor Financing Sarl (MTN) 2019/2024 .......  | EUR | 450 000 |  |  | % | 98,581 | 443 614,50 | 0,15 |
| 2,875 | % Merck KGaA 2019/2079 * ..................  | EUR | 500 000 |  |  | % | 104,518 | 522 590,00 | 0,18 |
| 1,625 | % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ..............................  | EUR | 2 000 000 | 2 000 000 |  | % | 97,731 | 1 954 620,00 | 0,68 |
| 2,55 | % Montenegro Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2029 .........................  | EUR | 500 000 |  |  | % | 86,898 | 434 490,00 | 0,15 |
| 0,95 | % Moody‘s Corp. 2019/2030 ..................  | EUR | 180 000 |  |  | % | 102,686 | 184 833,90 | 0,06 |
| 7,125 | % NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2024 .........................  | EUR | 750 000 |  |  | % | 98,006 | 735 045,00 | 0,26 |
| 3,00 | % Netflix, Inc. -Reg- (MTN) 2020/2025 ..........  | EUR | 350 000 | 350 000 |  | % | 103,205 | 361 217,50 | 0,13 |
| 1,125 | % Norsk Hydro ASA (MTN) 2019/2025 ..........  | EUR | 200 000 |  |  | % | 96,68 | 193 361,00 | 0,07 |
| 0,75 | % Nykredit Realkredit A/S (MTN) 2020/2027 ......  | EUR | 210 000 | 210 000 |  | % | 97,378 | 204 493,80 | 0,07 |
| 1,00 | % Optus Finance Pty Ltd (MTN) 2019/2029 ......  | EUR | 300 000 |  |  | % | 101,57 | 304 710,00 | 0,11 |
| 1,75 | % Orsted A/S 2019/2099 * ...................  | EUR | 100 000 |  |  | % | 98,706 | 98 706,00 | 0,03 |
| 2,875 | % OTP Bank Nyrt (MTN) 2019/2029 * ...........  | EUR | 350 000 | 238 000 |  | % | 96,586 | 338 049,25 | 0,12 |
| 2,875 | % Philip Morris International, Inc. (MTN) 2014/2026 | EUR | 115 000 |  |  | % | 111,526 | 128 255,48 | 0,04 |
| 1,00 | % Prologis Euro Finance LLC 2020/2035 .........  | EUR | 300 000 | 300 000 |  | % | 97,421 | 292 263,00 | 0,10 |
| 1,125 | % RCI Banque SA (MTN) 2020/2027 ............  | EUR | 160 000 | 160 000 |  | % | 94,212 | 150 740,00 | 0,05 |
| 1,25 | % Renault SA (MTN) 2019/2025 ...............  | EUR | 400 000 |  |  | % | 91,532 | 366 130,00 | 0,13 |
| 3,75 | % Republic of South Africa Government Bond |  |  |  |  |  |  |  |  |
|  | 2014/2026 ..............................  | EUR | 3 400 000 | 300 000 |  | % | 100,104 | 3 403 536,00 | 1,18 |
| 2,875 | % Romanian Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2029 ..............................  | EUR | 1 400 000 |  |  | % | 103,658 | 1 451 205,00 | 0,51 |
| 1,125 | % Samhallsbyggnadsbolaget i Norden AB (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ..............................  | EUR | 190 000 |  |  | % | 94,826 | 180 170,35 | 0,06 |
| 2,624 | % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 150 000 | 150 000 |  | % | 92,329 | 138 493,50 | 0,05 |
| 3,375 | % Sampo Oyj 2019/2049 * ...................  | EUR | 250 000 |  |  | % | 108,095 | 270 237,50 | 0,09 |
| 0,50 | % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2026 ..............................  | EUR | 200 000 |  |  | % | 98,322 | 196 645,00 | 0,07 |
| 4,75 | % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2028 .........................  | EUR | 2 785 000 |  |  | % | 96,866 | 2 697 732,03 | 0,94 |
| 0,90 | % Standard Chartered PLC (MTN) 2019/2027 * ...  | EUR | 120 000 |  |  | % | 99,488 | 119 385,60 | 0,04 |
| 1,50 | % Swedbank AB (MTN) 2018/2028 * ...........  | EUR | 200 000 |  |  | % | 100,065 | 200 130,00 | 0,07 |
| 1,125 | % Teollisuuden Voima Oyj (MTN) 2019/2026 .....  | EUR | 220 000 |  |  | % | 92,922 | 204 428,40 | 0,07 |
| 4,125 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2014/2023 ..............................  | EUR | 2 150 000 |  |  | % | 101,632 | 2 185 088,00 | 0,76 |
| 3,25 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2025 ..............................  | EUR | 1 650 000 |  |  | % | 94,252 | 1 555 166,25 | 0,54 |
| 5,20 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2026 ..............................  | EUR | 1 550 000 |  |  | % | 101,035 | 1 566 042,50 | 0,55 |
| 4,625 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2025 ..............................  | EUR | 2 100 000 |  |  | % | 99,962 | 2 099 212,50 | 0,73 |
| 6,75 | % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2019/2026 .........................  | EUR | 500 000 |  |  | % | 101,85 | 509 252,50 | 0,18 |
| 4,375 | % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2030 .........................  | EUR | 120 000 | 120 000 |  | % | 86,117 | 103 340,40 | 0,04 |
| 2,00 | % UniCredit SpA (MTN) 2019/2029 * ...........  | EUR | 240 000 |  |  | % | 90,896 | 218 149,20 | 0,08 |
| 2,731 | % UniCredit SpA 2020/2032 * .................  | EUR | 200 000 | 200 000 |  | % | 90,784 | 181 567,00 | 0,06 |
| 1,50 | % Unione di Banche Italiane SpA (MTN) 2019/2024 | EUR | 500 000 |  |  | % | 101,567 | 507 835,00 | 0,18 |
| 2,50 | % Volkswagen Bank GmbH (MTN) 2019/2026 ....  | EUR | 300 000 |  |  | % | 106,762 | 320 284,50 | 0,11 |
| 1,50 | % Volkswagen Leasing GmbH (MTN) 2019/2026 ..  | EUR | 180 000 |  |  | % | 100,595 | 181 071,00 | 0,06 |
| 0,00 | % Harvest International Co. (MTN) 2017/2022 ....  | HKD | 5 000 000 |  |  | % | 102,794 | 591 705,72 | 0,21 |
| 0,00 | % Nagoya Railroad Co., Ltd (MTN) 2014/2024 ....  | JPY | 10 000 000 |  |  | % | 113 | 93 612,53 | 0,03 |
| 6,00 | % Aeropuerto Internacional de Tocumen SA -Reg- |  |  |  |  |  |  |  |  |
|  | 2018/2048 ..............................  | USD | 497 790 |  | 2 210 | % | 109,968 | 488 429,32 | 0,17 |
| 6,625 | % Agua y Saneamientos Argentinos SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2023 ..............................  | USD | 266 000 |  |  | % | 39,218 | 93 079,27 | 0,03 |
| 5,125 | % Akbank Turk AS -Reg- (MTN) 2015/2025 .......  | USD | 331 000 |  |  | % | 94,556 | 279 259,86 | 0,10 |
| 6,375 | % America Movil SAB de CV 2005/2035 .........  | USD | 91 000 |  |  | % | 146,27 | 118 764,49 | 0,04 |
| 9,50 | % Angolan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2015/2025 .........................  | USD | 2 000 000 | 285 000 |  | % | 90,134 | 1 608 468,18 | 0,56 |

| Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand	im Berichtszeitraum	EUR	vermögen |
| USD | 850 000 |  | % | 82,974 | 629 296,03 | 0,22 |
| USD | 142 000 |  | % | 40,32 | 51 086,44 | 0,02 |
| USD | 300 000 |  | % | 131,044 | 350 775,96 | 0,12 |
| USD | 300 000 |  | % | 104,554 | 279 868,06 | 0,10 |
| USD | 455 000 |  | % | 106,045 | 430 519,69 | 0,15 |
| USD | 200 000 |  | % | 140,494 | 250 715,25 | 0,09 |
| USD | 200 000 | 200 000 | % | 96,195 | 171 661,90 | 0,06 |
| USD | 3 305 000 | 300 000 | % | 104,963 | 3 095 274,17 | 1,08 |
| USD | 480 000 | 200 000 | % | 101,042 | 432 749,67 | 0,15 |
| USD | 350 000 |  | % | 101,709 | 317 628,05 | 0,11 |
| USD | 300 000 | 300 000 | % | 94,143 | 252 000,10 | 0,09 |
| USD | 1 000 000 | 500 000 | % | 93,91 | 837 925,83 | 0,29 |
| USD | 292 000 |  | % | 164,274 | 427 998,05 | 0,15 |
| USD | 500 000 |  | % | 98,32 | 438 632,79 | 0,15 |
| USD | 236 000 |  | % | 137,742 | 290 047,96 | 0,10 |
| USD | 2 000 000 | 1 000 000 | % | 108,988 | 1 944 921,58 | 0,68 |
| USD | 600 000 |  | % | 95,766 | 512 686,35 | 0,18 |
| USD | 300 000 |  | % | 100,41 | 268 776,82 | 0,09 |
| USD | 1 409 000 |  | % | 101,177 | 1 271 991,52 | 0,44 |
| USD | 2 300 000 |  | % | 49,24 | 1 010 492,03 | 0,35 |
| USD | 500 000 |  | % | 107,42 | 479 230,62 | 0,17 |
| USD | 690 000 |  | % | 100,418 | 618 232,86 | 0,22 |
| USD | 200 000 |  | % | 104,186 | 185 922,00 | 0,06 |
| USD | 331 000 |  | % | 96,934 | 286 283,00 | 0,10 |
| USD | 276 000 |  | % | 96,44 | 237 495,54 | 0,08 |
| USD | 220 000 | 220 000 | % | 99,262 | 194 847,55 | 0,07 |
| USD | 500 000 | 500 000 | % | 99,43 | 443 587,06 | 0,15 |
| USD | 1 250 000 |  | % | 101,76 | 1 134 949,14 | 0,39 |
| USD | 300 000 |  | % | 99,238 | 265 638,29 | 0,09 |
| USD | 300 000 |  | % | 108,936 | 291 597,71 | 0,10 |
| USD | 700 000 |  | % | 99,452 | 621 162,41 | 0,22 |
| USD | 300 000 | 300 000 | % | 106,977 | 286 353,89 | 0,10 |
| USD | 1 400 000 | 300 000 | % | 101,916 | 1 273 091,74 | 0,44 |
| USD | 300 000 | 300 000 | % | 99,03 | 265 082,86 | 0,09 |
| USD | 1 000 000 |  | % | 93,606 | 835 204,43 | 0,29 |
| USD | 253 000 |  | % | 144,688 | 326 622,40 | 0,11 |
| USD | 600 000 | 600 000 | % | 108,14 | 578 931,30 | 0,20 |
| USD | 1 200 000 |  | % | 100,576 | 1 076 879,30 | 0,37 |
| USD | 1 901 000 |  | % | 101,814 | 1 726 955,08 | 0,60 |
| USD | 1 901 000 |  | % | 102,026 | 1 730 559,48 | 0,60 |
| USD | 1 450 000 |  | % | 95,302 | 1 232 988,89 | 0,43 |
| USD | 200 000 | 200 000 | % | 93,587 | 167 007,87 | 0,06 |
| USD | 1 438 000 |  | % | 92,79 | 1 190 554,13 | 0,41 |
| USD | 248 000 |  | % | 98,96 | 218 980,27 | 0,08 |
| USD | 600 000 |  | % | 98,414 | 526 862,58 | 0,18 |
| USD | 300 000 |  | % | 102,993 | 275 689,60 | 0,10 |
| USD | 200 000 |  | % | 96,96 | 173 027,06 | 0,06 |
| USD | 300 000 | 300 000 | % | 96,256 | 257 656,14 | 0,09 |

8,25	% Angolan Government International Bond -Reg- (MTN) 2018/2028 ......................... 
5,875 % Argentine Republic Government International Bond (MTN) 2018/2028 ......................... 
4,375  % AstraZeneca PLC 2015/2045 ................ 
6,125 % Bahrain Government International Bond -Reg- (MTN) 2012/2022 ......................... 
6,125 % Bahrain Government International Bond -Reg- (MTN) 2013/2023 ......................... 
6,11	% Bank of America Corp. 2007/2037 ............ 4,20	% Bank Tabungan Negara Persero Tbk PT (MTN)
2020/2025 .............................. 
5,00	% Banque Ouest Africaine de Developpement -Reg- (MTN) 2017/2027 ......................... 
4,70	% Banque Ouest Africaine de Developpement -Reg- 2019/2031 .............................. 
4,875 % Black Sea Trade & Development Bank -Reg- (MTN) 2016/2021 ......................... 
7,45	% Braskem Idesa SAPI -Reg- (MTN) 2019/2029 ... 4,50	% Braskem Netherlands Finance BV -Reg- 2017/2028 9,625 % British Telecommunications PLC 2000/2030 * .. 0,00	% China Railway Construction Corp., Ltd (MTN)
2016/2021 .............................. 
6,625  % Citigroup, Inc. 2002/2032 ................... 
7,25	% Country Garden Holdings Co., Ltd (MTN) 2019/2026 .............................. 
6,75	% Development Bank of the Republic of Belarus JSC
-Reg- (MTN) 2019/2024 .................... 
4,875 % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 .................... 
5,375 % Eastern and Southern African Trade and Development Bank (MTN) 2017/2022 ......... 
7,95	% Ecuador Government International Bond -Reg- (MTN) 2014/2024 ......................... 
4,75	% Empresa de Transporte de Pasajeros Metro SA
-Reg- (MTN) 2014/2024 .................... 
6,625 % Ethiopia International Bond -Reg- (MTN) 2014/2024 .............................. 
4,767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 .............................. 
5,375 % Export Credit Bank of Turkey -Reg- (MTN) 2016/2023 .............................. 
4,25	% Export Credit Bank of Turkey -Reg- (MTN) 2017/2022 .............................. 
3,25	% Export-Import Bank of India -Reg- (MTN) 2020/2030 .............................. 
7,875 % Ghana Government International Bond -Reg- (MTN) 2019/2027 ......................... 
8,125 % Ghana Government International Bond -Reg- 2014/2026 .............................. 
4,75	% Halliburton Co. 2013/2043 .................. 
5,71	% Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2018/2023 ......................... 
6,95	% Instituto Costarricense de Electricidad -Reg- (MTN) 2011/2021 ......................... 
3,375  % JD.com, Inc. (MTN) 2020/2030 .............. 
6,875 % Kenya Government International Bond -Reg- (MTN) 2014/2024 ......................... 
7,25	% Kenya Government International Bond -Reg- (MTN) 2018/2028 ......................... 
3,958 % Lamar Funding Ltd -Reg- (MTN) 2015/2025 .... 5,70	% MetLife, Inc. 2005/2035 .................... 
8,75	% Mongolia Government International Bond -Reg- (MTN) 2017/2024 ......................... 
5,50	% Namibia International Bonds -Reg- (MTN) 2011/2021 .............................. 
5,25	% Namibia International Bonds -Reg- (MTN) 2015/2025 .............................. 
6,375 % Nigeria Government International Bond -Reg- (MTN) 2013/2023 ......................... 
6,50	% Nigeria Government International Bond -Reg- (MTN) 2017/2027 ......................... 
7,143 % Nigeria Government International Bond -Reg- 2018/2030 .............................. 
4,75	% Oman Government International Bond -Reg- (MTN) 2016/2026 ......................... 
3,875 % Oman Government International Bond -Reg- (MTN) 2017/2022 ......................... 
4,125 % Oman Government International Bond -Reg- (MTN) 2018/2023 ......................... 
4,00	% ONEOK, Inc. (MTN) 2017/2027 .............. 
0,00	% Poseidon Finance 1 Ltd (MTN) 2018/2025 ..... 3,75	% Power Finance Corp., Ltd (MTN) 2017/2027 .... 
| Währung | Bestand	im Berichtszeitraum	EUR	vermögen |
| --- | --- |
| 3,50 | % REC Ltd (MTN) 2019/2024 ..................  | USD | 300 000 | % | 99,588 | 266 576,51 | 0,09 |
| 7,125 | % Republic of Tajikistan International Bond -Reg- |  |  |  |  |  |  |

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

(MTN) 2017/2027 .........................	USD	300 000	300 000	%	83,31	223 003,88	0,08
6,625  % Rwanda International Government Bond -Reg-
(MTN) 2013/2023 .........................	USD	200 000	%	99,27	177 150,19	0,06
6,875  % Southern Gas Corridor CJSC -Reg- (MTN)
2016/2026 ..............................	USD	1 364 000	%	115,278	1 402 982,41	0,49
5,75	% Sri Lanka Government International Bond -Reg-
(MTN) 2016/2022 .........................	USD	1 405 000	%	79,34	994 632,59	0,35
5,75	% Sri Lanka Government International Bond -Reg-
(MTN) 2018/2023 .........................	USD	1 170 000	%	71,125	742 505,31	0,26
6,85	% Sri Lanka Government International Bond -Reg-
(MTN) 2019/2024 .........................	USD	500 000	%	70,348	313 841,30	0,11
6,35	% Sri Lanka Government International Bond -Reg-
(MTN) 2019/2024 .........................	USD	290 000	%	70,278	181 848,12	0,06
0,00	% Taiwan Cement Corp. (MTN) 2018/2023 .......	USD	800 000	%	126,325	901 717,96	0,31
4,75	% TC Ziraat Bankasi AS -Reg- (MTN) 2016/2021 ...	USD	200 000	%	100,413	179 189,01	0,06
5,125  % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2022 ...	USD	614 000	%	98,378	538 958,81	0,19
5,125  % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2023 ...	USD	213 000	%	95,721	181 919,08	0,06
3,925  % Tencent Holdings Ltd -Reg- 2018/2038 ........	USD	300 000	300 000	%	112,985	302 435,99	0,11
6,25	% Times China Holdings Ltd 2018/2021 .........	USD	600 000	600 000	%	100,528	538 180,00	0,19
0,50	% Total SA (MTN) 2015/2022 .................	USD	400 000	%	98,692	352 237,48	0,12
7,625  % TransCanada PipeLines Ltd 2009/2039 ........	USD	245 000	%	154,317	337 342,67	0,12
| 2012/2022	USD | 620 000 |  | % | 101,582 | 561 950,08 | 0,20 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 720 000 |  | % | 104,284 | 669 948,78 | 0,23 |
| USD | 500 000 | 500 000 | % | 93,486 | 417 069,09 | 0,14 |
| USD | 313 000 |  | % | 100,316 | 280 159,90 | 0,10 |
| 2018/2023	USD | 649 000 |  | % | 97,739 | 565 983,82 | 0,20 |
| (MTN) 2018/2024	USD 8,994  % Ukraine Government International Bond -Reg- | 1 425 000 |  | % | 107,731 | 1 369 767,88 | 0,48 |
|  | (MTN) 2018/2024 .........................  | USD | 300 000 | % | 107,731 | 288 372,19 | 0,10 |
| 4,375 | % Valero Energy Partners LP (MTN) 2016/2026 ...  | USD | 300 000 | % | 114,241 | 305 798,02 | 0,11 |
| 4,30 | % VISA, Inc. 2015/2045 ......................  | USD | 300 000 | % | 132,608 | 354 963,78 | 0,12 |
| 6,025 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |
| (MTN) 2012/2022	USD | 1 000 000 |  | % | 107,098 | 955 592,62 | 0,33 |
| (MTN) 2013/2023	USD | 1 586 000 |  | % | 111,236 | 1 574 120,66 | 0,55 |
| 6,80 | % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025 ..............................  | USD | 1 546 000 | 1 000 000 | % | 119,344 | 1 646 278,56 | 0,57 |
| 0,00 | % WuXi AppTec Co., Ltd (MTN) 2019/2024 ......  | USD | 300 000 |  | % | 142,201 | 380 640,79 | 0,13 |

6,25	% Turkey Government International Bond (MTN)
| 7,25 | % Turkey Government International Bond (MTN) |
| --- | --- |
| 2018/2023 ..............................  |
| 4,25 | % Turkey Government International Bond (MTN) |
| 5,875 | 2020/2025 ..............................  % Turkiye Garanti Bankasi AS -Reg- (MTN) |
|  | 2017/2023 ..............................  |
| 5,75 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |

8,994  % Ukraine Government International Bond -Reg-
5,942  % Vnesheconombank Via VEB Finance PLC -Reg-
| 0,625 | % Illinois Tool Works, Inc. (MTN) 2019/2027 ......  | EUR | 270 000 | % | 100,846 | 272 285,55 | 0,10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3,25 | % Logicor Financing (MTN) 2018/2028 ..........  | EUR | 250 000 | % | 109,51 | 273 773,75 | 0,10 |
| 4,40 | % 1MDB Global Investments Ltd -Reg- (MTN) |  |  |  |  |  |  |
| 2013/2023	USD | 3 000 000 | 1 000 000 | % | 94,487 | 2 529 209,12 | 0,88 |
| 0,375 | % Akamai Technologies, Inc. -144A- (MTN) |  |  |  |  |  |  |  |
|  | 2019/2027 ..............................  | USD | 752 000 | % | 108,81 | 730 089,46 | 0,25 |
| 0,50 | % Alteryx, Inc. -144A- (MTN) 2019/2024 .........  | USD | 919 000 | % | 112,562 | 922 997,80 | 0,32 |
| 4,25 | % Apple, Inc. 2017/2047 .....................  | USD | 300 000 | % | 131,726 | 352 601,52 | 0,12 |
| 6,00 | % Audatex North America, Inc. -144A- (MTN) |  |  |  |  |  |  |
| 2013/2021 ..............................	USD	50 000	% | 99,92 | 44 577,31 | 0,02 |
| 4,08 | % Baker Hughes a GE Co LLC Via Baker Hughes Co-Obligor, Inc. 2018/2047 .................  | USD | 300 000 |  | % | 104,5 | 279 723,51 | 0,10 |
| 4,80 | % Campbell Soup Co. 2018/2048 ..............  | USD | 300 000 |  | % | 131,914 | 353 104,76 | 0,12 |
| 0,125 | % Chegg, Inc. (MTN) 2019/2025 ...............  | USD | 951 000 | 951 000 | % | 140,805 | 1 194 788,42 | 0,42 |
| 0,125 | % Coupa Software, Inc. (MTN) 2019/2025 .......  | USD | 500 000 | 500 000 | % | 180,902 | 807 058,09 | 0,28 |
| 4,78 | % CVS Health Corp. 2018/2038 ................  | USD | 300 000 |  | % | 124,032 | 332 005,04 | 0,12 |
| 6,25 | % Cydsa SAB de CV -Reg- (MTN) 2017/2027 .....  | USD | 500 000 | 500 000 | % | 98,586 | 439 819,49 | 0,15 |
| 6,02 | % Dell International LLC Via EMC Corp. -Reg- (MTN) 2016/2026 ..............................  | USD | 500 000 |  | % | 114,792 | 512 121,55 | 0,18 |
| 5,50 | % Dominican Republic International Bond -Reg- (MTN) 2015/2025 ..............................  | USD | 700 000 |  | % | 101,407 | 633 369,87 | 0,22 |
| 4,75 | % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ..........................  | USD | 600 000 |  | % | 106,765 | 571 572,83 | 0,20 |
| 4,25 | % Empresas Publicas de Medellin ESP -Reg- (MTN) 2019/2029 ..............................  | USD | 200 000 | 200 000 | % | 100,496 | 179 336,23 | 0,06 |
| 0,75 | % Euronet Worldwide, Inc. 2019/2049 ..........  | USD | 600 000 | 600 000 | % | 95,934 | 513 588,43 | 0,18 |
| 0,875 | % Fortive Corp. 2019/2022 ...................  | USD | 542 000 | 542 000 | % | 97,854 | 473 224,34 | 0,17 |
| 5,25 | % Global Bank Corp. -Reg- (MTN) 2019/2029 * ....  | USD | 500 000 | 500 000 | % | 102,684 | 458 101,90 | 0,16 |
| 4,30 | % Kinder Morgan, Inc./DE (MTN) 2018/2028 ......  | USD | 300 000 |  | % | 113,604 | 304 091,58 | 0,11 |
| 1,375 | % Liberty Media Corp. (MTN) 2013/2023 ........  | USD | 65 000 |  | % | 103,81 | 60 206,88 | 0,02 |
| 0,50 | % Lumentum Holdings, Inc. (MTN) 2019/2026 ....  | USD | 783 000 |  | % | 105,504 | 737 092,70 | 0,26 |
| 2,25 | % NuVasive, Inc. (MTN) 2016/2021 .............  | USD | 91 000 |  | % | 108,892 | 88 415,58 | 0,03 |
| 0,125 | % Okta, Inc. -144A- (MTN) 2019/2025 ...........  | USD | 236 000 |  | % | 124,6 | 262 374,41 | 0,09 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	24 375 424,77	8,49 Verzinsliche Wertpapiere
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,75 | % Palo Alto Networks, Inc. (MTN) 2018/2023 .....  | USD | 611 000 |  | 374 000 | % | 107,663 | 586 947,30 | 0,20 |
| 7,875 | % Republic of Ghana (MTN) 2013/2023 ..........  | USD | 1 670 000 |  |  | % | 105,324 | 1 569 413,20 | 0,55 |
| 0,75 | % Snap, Inc. -144A- (MTN) 2019/2026 ...........  | USD | 922 000 |  |  | % | 123,762 | 1 018 140,96 | 0,35 |
| 0,50 | % Splunk, Inc. (MTN) 2018/2023 ...............  | USD | 1 167 000 |  |  | % | 143,019 | 1 489 210,25 | 0,52 |
| 0,50 | % Square, Inc. (MTN) 2018/2023 ...............  | USD | 983 000 |  |  | % | 148,068 | 1 298 687,58 | 0,45 |
| 3,625 | % Toronto-Dominion Bank/The 2016/2031 * ......  | USD | 171 000 |  |  | % | 112,092 | 171 025,25 | 0,06 |
| 4,00 | % Transnet Ltd -Reg- (MTN) 2012/2022 .........  | USD | 1 700 000 |  |  | % | 97,401 | 1 477 419,28 | 0,51 |
| 5,75 | % Turkey Government International Bond (MTN) 2014/2024 ..............................  | USD | 452 000 |  |  | % | 99,519 | 401 361,64 | 0,14 |
| 2,25 | % Vishay Intertechnology, Inc. (MTN) 2018/2025 ..  | USD | 231 000 |  |  | % | 93,528 | 192 773,52 | 0,07 |
| 1,00 | % Wayfair, Inc. -144A- (MTN) 2019/2026 ........  | USD | 730 000 |  |  | % | 147,019 | 957 608,22 | 0,33 |
| 1,25 | % Weibo Corp. (MTN) 2017/2022 ..............  | USD | 800 000 | 800 000 |  | % | 93,416 | 666 807,31 | 0,23 |
| 0,00 | % Wix.com Ltd (MTN) 2018/2023 ..............  | USD | 390 000 |  |  | % | 184,125 | 640 720,75 | 0,22 |
| 0,25 | % Zynga, Inc. (MTN) 2019/2024 ...............  | USD | 500 000 | 500 000 |  | % | 129,958 | 579 779,39 | 0,20 |
| Investmentanteile |  |  |  |  |  | 15 084 983,59 | 5,25 |
| Gruppeneigene Investmentanteile DWS Invest SICAV - DWS Invest SICAV Global Infrastructure -FC- EUR - (0,900%) ................................  | Anteile | 38 151 |  | EUR | 169,87 | 6 480 710,37 | 2,26 |
| Gruppenfremde Investmentanteile iShares IV PLC - iShares Edge MSCI Europe Value Factor UCITS ETF EUR - (0,250%) ..........................  | Anteile | 1 693 088 | 1 693 088 | EUR | 5,082 | 8 604 273,22 | 2,99 |
| Summe Wertpapiervermögen |  |  |  |  |  | 239 809 985,51 | 83,50 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -528 466,13 | -0,18 |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienindex-Terminkontrakte MSCI Emerging Market Futures 09/2020 (DB) ...........  | Stück | 352 | 352 |  | -10 992,63 | 0,00 |
| DJ Euro Stoxx 50 09/2020 (DB) .......................  | Stück | 1 435 | 1 435 |  | -138 849,89 | -0,05 |
| S & P MINI 500 Futures 09/2020 (DB) ..................  | Stück | -95 |  | 95 | 65 279,12 | 0,02 |
| DJ Euro Stoxx 50 09/2020 (DB) .......................  | Stück | -100 |  | 100 | 28 799,98 | 0,01 |
| Topix Index 09/2020 (DB) ............................  | Stück | 66 | 66 |  | -401 871,15 | -0,14 |
| Dax Index 09/2020 (DB) .............................  | Stück | -20 |  | 20 | 53 625,02 | 0,02 |
| FTSE MIB Index Futures 09/2020 (DB) .................  | Stück | 11 | 11 |  | -8 329,87 | 0,00 |
| Hang Seng China Enterprises Index 07/2020 (DB) ........  | Stück | 77 | 77 |  | -116 126,71 | -0,04 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 159 544,46 | 0,06 |
| Zinsterminkontrakte Germany Federal Republic Notes 10 year 09/2020 (DB) ....  | Stück | -124 |  | 124 | -275 280,00 | -0,09 |
| US Ultra Bond 09/2020 (DB) .........................  | Stück | 41 | 41 |  | 434 824,46 | 0,15 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -36 019,19 | -0,01 |
| Devisentermingeschäfte |  |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |  |
| Offene Positionen AUD/EUR 1,2 Mio.  ................................  |  |  |  |  | -1 372,03 | 0,00 |
| JPY/EUR 618,5 Mio. ...............................  |  |  |  |  | -25 004,56 | -0,01 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |  |
| Offene Positionen EUR/CAD 0,1 Mio.  ................................  |  |  |  |  | 0,51 | 0,00 |
| EUR/CHF 3,1 Mio. .................................  |  |  |  |  | 4 568,24 | 0,00 |
| EUR/DKK 0,1 Mio. .................................  |  |  |  |  | -0,01 | 0,00 |
| EUR/GBP 3,5 Mio. .................................  |  |  |  |  | 32 177,11 | 0,01 |
| EUR/HKD 0,1 Mio.  ................................  |  |  |  |  | -0,64 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  |  |  |  |  | -0,13 | 0,00 |
| EUR/USD 119,1 Mio.  ..............................  |  |  |  |  | -49 028,75 | -0,01 |
| Geschlossene Positionen EUR/AUD 0,1 Mio.  ................................  |  |  |  |  | -0,23 | 0,00 |
| EUR/CHF 1,1 Mio. .................................  |  |  |  |  | 2 643,03 | 0,00 |
| EUR/JPY 0,1 Mio. .................................  |  |  |  |  | -1,73 | 0,00 |
| Swaps Forderungen/Verbindlichkeiten |  |  |  |  | 507 595,20 | 0,18 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Credit Default Swaps |  |  |  |  |  |
| Protection Seller CDS Index North America High Yield / 5% / 20/12/2024 (OTC) (DB) .......................................  | Stück | 500 000 |  | -5 916,09 | 0,00 |
| iTraxx Crossover / 5% / 20/06/2025 (OTC) (DB) ..........  | Stück | 11 050 000 |  | 513 511,29 | 0,18 |
| Bankguthaben |  |  |  | 44 784 309,76 | 15,59 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 35 300 724,66 | 12,28 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 580 163 |  | 636 717,77 | 0,22 |
| Dänische Kronen ..................................  | DKK | 1 059 653 |  | 142 183,67 | 0,05 |
| Norwegische Kronen ...............................  | NOK | 1 510 761 |  | 138 850,08 | 0,05 |
| Schwedische Kronen ...............................  | SEK | 1 501 095 |  | 143 285,35 | 0,05 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 353 725 |  | 216 732,79 | 0,08 |
| Brasilianischer Real ................................  | BRL | 4 288 |  | 698,03 | 0,00 |
| Hongkong Dollar ...................................  | HKD | 5 498 544 |  | 633 020,58 | 0,22 |
| Indonesische Rupie ................................  | IDR | 94 932 |  | 5,93 | 0,00 |
| Israelischer Schekel ................................  | ILS | 751 108 |  | 193 178,23 | 0,07 |
| Japanischer Yen ...................................  | JPY | 151 495 329 |  | 1 255 032,01 | 0,44 |
| Kanadischer Dollar .................................  | CAD | 218 045 |  | 142 305,72 | 0,05 |
| Schweizer Franken .................................  | CHF | 150 944 |  | 141 761,92 | 0,05 |
| Singapur Dollar ....................................  | SGD | 332 270 |  | 212 341,35 | 0,07 |
| Südafrikanischer Rand ..............................  | ZAR | 2 732 |  | 140,27 | 0,00 |
| Türkische Lira .....................................  | TRY | 858 110 |  | 111 697,38 | 0,04 |
| US-Dollar ........................................  | USD | 6 181 644 |  | 5 515 634,02 | 1,92 |
| Sonstige Vermögensgegenstände |  |  |  | 2 854 358,52 | 0,99 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 144 116,94 | 0,05 |
| Abgegrenzte Platzierungsgebühr ** ....................  |  |  |  | 511 038,57 | 0,18 |
| Zinsansprüche ....................................  |  |  |  | 1 787 131,76 | 0,62 |
| Sonstige Ansprüche ................................  |  |  |  | 412 071,25 | 0,14 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 112 536,99 | 0,04 |
| Summe der Vermögensgegenstände *** |  |  |  | 288 696 619,54 | 100,51 |
| Sonstige Verbindlichkeiten |  |  |  | -308 946,47 | -0,12 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -308 946,47 | -0,12 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -172 957,12 | -0,05 |
| Summe der Verbindlichkeiten |  |  |  | -1 514 678,01 | -0,51 |
| Fondsvermögen |  |  |  | 287 181 941,53 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 104,45 |
| Klasse LC ........................................  | EUR | 101,03 |
| Klasse LD ........................................  | EUR | 89,44 |
| Klasse LDH (P) ....................................  | EUR | 88,31 |
| Klasse NC ........................................  | EUR | 99,40 |
| Klasse ND ........................................  | EUR | 87,55 |
| Klasse PFD .......................................  | EUR | 94,17 |
| Klasse TFD .......................................  | EUR | 90,68 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 1 571 363,033 |
| Klasse LC ........................................  | Stück | 396 166,383 |
| Klasse LD ........................................  | Stück | 446 040,091 |
| Klasse LDH (P) ....................................  | Stück | 200,000 |
| Klasse NC ........................................  | Stück | 36 132,518 |
| Klasse ND ........................................  | Stück | 90 368,000 |
| Klasse PFD .......................................  | Stück | 333 893,000 |
| Klasse TFD .......................................  | Stück | 1 929,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
MSCI AC World Index (55%), JP Morgan EMBI Global Diversified Composite hedged in EUR (20%), Barclays U.S. High Yield 2% Issuer Cap Index hedged in EUR (15%) und JP Morgan GBI EM Global Composite (10%)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 60,862 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 83,165 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 75,078 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,8, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 215 145 256,96.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Credit Suisse London Branch (GFX), Deutsche Bank AG, Goldman Sachs International, JP Morgan, Morgan Stanley Europe und UBS AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brasilianischer Real ..............  | BRL | 6,142380 | = | EUR | 1 |
| Kanadischer Dollar ...............  | CAD | 1,532233 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Indonesische Rupie ..............  | IDR | 16 009,907426 | = | EUR | 1 |
| Israelischer Schekel ..............  | ILS | 3,888160 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| Türkische Lira ...................  | TRY | 7,682458 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 19,478627 | = | 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.
** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.