# DWS Invest Low Carbon Bonds
DWS INVEST LOW CARBON BONDS

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU2331315981 | -12.7% |
| Class FC | LU2357625446 | -12.6% |
| Class FD | LU2331315718 | -12.6% |
| Class TFD | LU2357625529 | -12.5% |
| Class XD | LU2331315809 | -12.4% |
| Class USD LDH  1 | LU2357625875 | -12.2% |
| Class USD XCH  1 | LU2357625958 | -11.9% |

1 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Low Carbon Bonds
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 57 001 380.98 | 99.54 |
| Total bonds | 57 001 380.98 | 99.54 |
| 2. Derivatives | 30 584.42 | 0.05 |
| 3. Cash at bank | 3 460.71 | 0.01 |
| 4. Other assets | 333 770.66 | 0.58 |
| 5. Receivables from share certificate transactions | 257.82 | 0.00 |
| II. Liabilities |  |  |
| 1. Short-term liabilities | -8 773.53 | -0.02 |
| 2. Other liabilities | -89 932.86 | -0.15 |
| 3. Liabilities from share certificate transactions | -3 849.25 | -0.01 |
| III. Net assets | 57 266 898.95 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 57 001 380.98 | 99.54 |
| Interest-bearing securities 7.125 % ABN AMRO Bank NV (MTN) 2012/2022 .........  | EUR | 100 000 |  |  | % | 100.009 | 100 009.00 | 0.17 |
| 0.60  % ABN AMRO Bank NV (MTN) 2020/2027 .........  1.375 % Acciona Energia Financiacion Filiales SA (MTN) 2022/2032 ..........................  | EUR EUR | 300 000 100 000 | 100 000 400 000 | 300 000 | % % | 89.766 81.699 | 269 298.00 81 699.00 | 0.47 0.14 |
| 2.125 % Aeroports de Paris 2018/2038.................  | EUR | 200 000 | 100 000 | 200 000 | % | 75.833 | 151 666.00 | 0.26 |
| 0.88  % AIA GROUP LTD 2021/2033 * ................  | EUR | 300 000 | 100 000 |  | % | 81.545 | 244 635.00 | 0.43 |
| 1.25  % AIB Group PLC (MTN) 2019/2024 ..............  1.00  % Akelius Residential Property Financing BV (MTN) 2020/2028 ..........................  | EUR EUR | 300 000 120 000 | 100 000 |  | % % | 97.513 83.99 | 292 539.00 100 788.00 | 0.51 0.18 |
| 2.375 % Alcon Finance BV (MTN) 2022/2028 ............  1.375 % Alfa Laval Treasury International AB (MTN) 2022/2029 ..........................  | EUR EUR | 350 000 400 000 | 350 000 400 000 |  | % % | 95.232 84.258 | 333 312.00 337 032.00 | 0.58 0.59 |
| 2.241 % Allianz SE 2015/2045 * ......................  | EUR | 100 000 |  |  | % | 96.676 | 96 676.00 | 0.17 |
| 2.60  % Allianz SE 2021/perpetual *...................  | EUR | 200 000 |  |  | % | 68.932 | 137 864.00 | 0.24 |
| 1.125 % Amcor UK Finance PLC (MTN) 2020/2027 .......  | EUR | 630 000 | 130 000 |  | % | 89.736 | 565 336.80 | 0.99 |
| 0.875 % American Tower Corp. (MTN) 2021/2029 ........  | EUR | 300 000 | 160 000 | 460 000 | % | 81.439 | 244 317.00 | 0.43 |
| 2.75  % Anheuser-Busch InBev SA (MTN) 2016/2036 .....  | EUR | 130 000 | 30 000 |  | % | 88.938 | 115 619.40 | 0.20 |
| 3.70  % Anheuser-Busch InBev SA (MTN) 2020/2040 .....  | EUR | 100 000 |  |  | % | 95.826 | 95 826.00 | 0.17 |
| 0.20  % ANZ New Zealand Int‘l Ltd (MTN) 2021/2027.....  | EUR | 870 000 | 180 000 |  | % | 86.304 | 750 844.80 | 1.31 |
| 0.75  % AP Moller - Maersk A/S (MTN) 2021/2031 .......  | EUR | 100 000 |  |  | % | 79.858 | 79 858.00 | 0.14 |
| 0.155 % Asahi Group Holdings Ltd 2020/2024 ...........  0.75  % Ascendas Real Estate Investment Trust (MTN) 2021/2028 ..........................  | EUR EUR | 630 000 500 000 | 130 000 100 000 |  | % % | 95.62 80.369 | 602 406.00 401 845.00 | 1.05 0.70 |
| 5.125 % ASR Nederland NV 2015/2045 *...............  | EUR | 100 000 |  |  | % | 101.711 | 101 711.00 | 0.18 |
| 5.00  % Assicurazioni Generali SpA (MTN) 2016/2048 * ...  | EUR | 300 000 | 100 000 |  | % | 98.35 | 295 050.00 | 0.52 |
| 1.00  % ASTM SpA (MTN) 2021/2026 .................  | EUR | 120 000 |  |  | % | 87.864 | 105 436.80 | 0.18 |
| 1.50  % ASTM SpA (MTN) 2021/2030 .................  | EUR | 180 000 |  |  | % | 77.2 | 138 960.00 | 0.24 |
| 3.375 % AT&T, Inc. 2014/2034 .......................  | EUR | 100 000 |  |  | % | 96.387 | 96 387.00 | 0.17 |
| 3.15  % AT&T, Inc. 2017/2036 .......................  | EUR | 500 000 | 100 000 |  | % | 92.025 | 460 125.00 | 0.80 |
| 1.80  % AT&T, Inc. 2019/2039 .......................  | EUR | 100 000 |  |  | % | 73.495 | 73 495.00 | 0.13 |
| 2.05  % AT&T, Inc. 2020/2032 .......................  | EUR | 100 000 |  |  | % | 90.053 | 90 053.00 | 0.16 |
| 1.25  % Avery Dennison Corp. (MTN) 2017/2025 ........  | EUR | 300 000 | 300 000 |  | % | 96.186 | 288 558.00 | 0.50 |
| 3.375 % Aviva PLC (MTN) 2015/2045 * ................  | EUR | 400 000 |  |  | % | 97.998 | 391 992.00 | 0.68 |
| 3.875 % AXA SA (MTN) 2014/perpetual * ..............  | EUR | 400 000 | 100 000 |  | % | 97.617 | 390 468.00 | 0.68 |
| 2.625 % Banco de Sabadell SA (MTN) 2022/2026 *.......  | EUR | 200 000 | 200 000 |  | % | 94.959 | 189 918.00 | 0.33 |
| 1.625 % Banco Santander SA (MTN) 2020/2030 .........  | EUR | 100 000 |  |  | % | 78.659 | 78 659.00 | 0.14 |
| 0.75  % Bankia SA (MTN) 2019/2026 ..................  3.00  % Banque Federative du Credit Mutuel SA (MTN) 2014/2024 ..........................  | EUR EUR | 400 000 300 000 | 100 000 100 000 |  | % % | 91.137 100.751 | 364 548.00 302 253.00 | 0.64 0.53 |
| 3.00  % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 ..........................  | EUR | 100 000 |  |  | % | 98.901 | 98 901.00 | 0.17 |
| 1.75  % Banque Federative du Credit Mutuel SA (MTN) 2019/2029 ..........................  | EUR | 100 000 |  |  | % | 89.267 | 89 267.00 | 0.16 |
| 0.10  % Banque Federative du Credit Mutuel SA (MTN) 2020/2027 ..........................  | EUR | 100 000 |  |  | % | 87.335 | 87 335.00 | 0.15 |
| 1.125 % Barclays PLC (MTN) 2021/2031 * ..............  | EUR | 370 000 | 100 000 |  | % | 87.054 | 322 099.80 | 0.56 |
| 0.375 % Belfius Bank SA (MTN) 2020/2025 .............  | EUR | 500 000 | 100 000 |  | % | 92.631 | 463 155.00 | 0.81 |
| 1.50  % Berry Global, Inc. -Reg- (MTN) 2020/2027 .......  | EUR | 200 000 |  |  | % | 87.501 | 175 002.00 | 0.31 |
| 0.75  % BMW Finance NV (MTN) 2017/2024 ...........  | EUR | 100 000 |  |  | % | 98.17 | 98 170.00 | 0.17 |
| 2.50  % BNP Paribas (MTN) 2022/2032 * ..............  | EUR | 200 000 | 200 000 |  | % | 91.054 | 182 108.00 | 0.32 |
| 1.00  % BNP Paribas Cardif SA (MTN) 2017/2024 ........  | EUR | 400 000 | 100 000 |  | % | 95.733 | 382 932.00 | 0.67 |
| 0.50  % BNP Paribas SA (MTN) 2020/2028 *............  | EUR | 500 000 | 100 000 |  | % | 85.568 | 427 840.00 | 0.75 |
| 2.10  % BNP Paribas SA (MTN) 2022/2032 .............  | EUR | 200 000 | 200 000 |  | % | 85.523 | 171 046.00 | 0.30 |
| 0.10  % Booking Holdings, Inc. 2021/2025 .............  | EUR | 400 000 | 100 000 |  | % | 94.348 | 377 392.00 | 0.66 |
| 0.50  % Booking Holdings, Inc. (MTN) 2021/2028 ........  | EUR | 400 000 | 100 000 |  | % | 87.762 | 351 048.00 | 0.61 |
| 0.625 % Boston Scientific Corp. (MTN) 2019/2027. . . . . . . . | EUR | 100 000 |  |  | % | 88.207 | 88 207.00 | 0.15 |
| 2.25  % Bouygues SA (MTN) 2022/2029 ...............  | EUR | 400 000 | 400 000 |  | % | 94.218 | 376 872.00 | 0.66 |
| 3.25  % Bouygues SA 2022/2037.....................  | EUR | 300 000 | 300 000 |  | % | 91.599 | 274 797.00 | 0.48 |
| 0.50  % BPCE SA (MTN) 2019/2027 ..................  | EUR | 100 000 |  |  | % | 88.117 | 88 117.00 | 0.15 |
| 0.25  % BPCE SA (MTN) 2021/2031 ..................  0.50 % British Telecommunications PLC (MTN) 2019/2025 ..........................  | EUR EUR | 300 000 500 000 | 100 000 100 000 |  | % % | 77.167 94.028 | 231 501.00 470 140.00 | 0.40 0.82 |
| 1.125 % British Telecommunications PLC |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | EUR | 100 000 | 100 000 | % | 87.259 | 87 259.00 | 0.15 |
| 6.375 % Caisse Nationale de Reassurance Mutuelle Agricole Groupama 2014/perpetual * ...........  | EUR | 200 000 | 100 000 | 400 000 | % | 101.054 | 202 108.00 | 0.35 |
| 0.75 % Caisse Nationale de Reassurance Mutuelle |  |  |  |  |  |  |  |  |
| Agricole Groupama (MTN) 2021/2028...........  | EUR | 300 000 | 100 000 | % | 81.269 | 243 807.00 | 0.43 |
| 1.125 % CaixaBank SA (MTN) 2017/2024 ...............  | EUR | 100 000 |  | % | 98.359 | 98 359.00 | 0.17 |
| 0.875 % CaixaBank SA (MTN) 2019/2024 ...............  | EUR | 100 000 |  | % | 98.236 | 98 236.00 | 0.17 |
| 0.75  % CaixaBank SA (MTN) 2020/2026 * .............  | EUR | 400 000 | 100 000 | % | 93.802 | 375 208.00 | 0.66 |
| 0.50  % CaixaBank SA (MTN) 2021/2029 * .............  12.00 % Cammell Laird Holdings PLC -Reg- (MTN) 2000/2010 * *** .....................  | EUR EUR | 100 000 2 000 000 |  | % % | 82.677 | 82 677.00 2.00 | 0.14 0.00 |
| 1.625 % Capgemini SE (MTN) 2020/2026...............  | EUR | 100 000 |  | % | 96.769 | 96 769.00 | 0.17 |
| 0.80  % Capital One Financial Corp. (MTN) 2019/2024 ....  | EUR | 500 000 | 100 000 | % | 96.383 | 481 915.00 | 0.84 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.875 % Chorus Ltd (MTN) 2019/2026 .................  | EUR | 760 000 | 160 000 |  | % | 91.652 | 696 555.20 | 1.22 |
| 1.25  % Citigroup, Inc. (MTN) 2020/2026 * .............  | EUR | 400 000 | 100 000 |  | % | 95.274 | 381 096.00 | 0.67 |
| 0.125 % Coca-Cola Co. (MTN) 2020/2029...............  | EUR | 200 000 | 200 000 |  | % | 84.135 | 168 270.00 | 0.29 |
| 2.25  % Coloplast Finance BV (MTN) 2022/2027 .........  | EUR | 148 000 | 148 000 |  | % | 97.358 | 144 089.84 | 0.25 |
| 2.75  % Coloplast Finance BV (MTN) 2022/2030 .........  | EUR | 134 000 | 134 000 |  | % | 97.034 | 130 025.56 | 0.23 |
| 3.00  % Commerzbank AG (MTN) 2022/2027 *..........  | EUR | 200 000 | 200 000 |  | % | 97.679 | 195 358.00 | 0.34 |
| 1.375 % Credit Agricole SA (MTN) 2018/2025 ...........  | EUR | 100 000 |  |  | % | 96.761 | 96 761.00 | 0.17 |
| 1.00  % Credit Agricole SA (MTN) 2020/2026 *..........  | EUR | 400 000 | 100 000 |  | % | 94.921 | 379 684.00 | 0.66 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 300 000 | 100 000 |  | % | 93.385 | 280 155.00 | 0.49 |
| 1.25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 100 000 |  |  | % | 88.302 | 88 302.00 | 0.15 |
| 0.25  % Credit Suisse AG/London (MTN) 2021/2026 ......  | EUR | 400 000 | 100 000 |  | % | 89.708 | 358 832.00 | 0.63 |
| 2.125 % Credit Suisse AG/London (MTN) 2022/2024 ......  | EUR | 400 000 | 400 000 |  | % | 99.275 | 397 100.00 | 0.69 |
| 1.00  % Credit Suisse Group AG (MTN) 2019/2027 * .....  | EUR | 380 000 | 100 000 |  | % | 87.477 | 332 412.60 | 0.58 |
| 1.625 % Deutsche Bank AG (MTN) 2020/2027...........  | EUR | 300 000 | 100 000 |  | % | 89.662 | 268 986.00 | 0.47 |
| 0.75  % Deutsche Bank AG (MTN) 2021/2027 * .........  | EUR | 300 000 | 100 000 |  | % | 88.53 | 265 590.00 | 0.46 |
| 1.25  % Deutsche Boerse AG 2020/2047 * .............  | EUR | 100 000 |  |  | % | 84.352 | 84 352.00 | 0.15 |
| 0.75  % DH Europe Finance II Sarl 2019/2031 ...........  | EUR | 400 000 | 100 000 |  | % | 80.897 | 323 588.00 | 0.56 |
| 1.875 % Diageo Capital BV 2022/2034 .................  | EUR | 200 000 | 200 000 |  | % | 87.644 | 175 288.00 | 0.31 |
| 1.00  % Diageo Finance PLC (MTN) 2018/2025 ..........  | EUR | 200 000 |  |  | % | 97.345 | 194 690.00 | 0.34 |
| 1.00  % Digital Dutch Finco BV 2020/2032 .............  | EUR | 300 000 | 100 000 |  | % | 71.3 | 213 900.00 | 0.37 |
| 2.50  % Digital Euro Finco LLC (MTN) 2019/2026 ........  | EUR | 100 000 |  |  | % | 96.343 | 96 343.00 | 0.17 |
| 0.625 % Digital Intrepid Holding BV (MTN) 2021/2031 .....  | EUR | 200 000 | 100 000 | 300 000 | % | 70.605 | 141 210.00 | 0.25 |
| 2.25  % DS Smith PLC (MTN) 2015/2022 ..............  | EUR | 200 000 |  | 200 000 | % | 100.15 | 200 300.00 | 0.35 |
| 0.45  % DXC Capital Funding DAC -Reg- (MTN) 2021/2027 | EUR | 400 000 | 100 000 |  | % | 83.94 | 335 760.00 | 0.59 |
| 1.75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 630 000 | 130 000 |  | % | 94.253 | 593 793.90 | 1.04 |
| 1.375 % Eli Lilly & Co. 2021/2061 .....................  | EUR | 120 000 |  |  | % | 55.688 | 66 825.60 | 0.12 |
| 4.125 % Elis SA (MTN) 2022/2027 ....................  | EUR | 100 000 | 100 000 |  | % | 95.223 | 95 223.00 | 0.17 |
| 4.50  % ELM BV for Swiss Life Insurance & |  |  |  |  |  |  |  |  |
| Pension Group (MTN) 2016/perpetual * .........  | EUR | 100 000 |  |  | % | 96.745 | 96 745.00 | 0.17 |
| 2.375 % ELO SACA (MTN) 2019/2025 .................  | EUR | 100 000 |  |  | % | 96.493 | 96 493.00 | 0.17 |
| 0.875 % EQT AB (MTN) 2021/2031 ...................  | EUR | 400 000 | 100 000 |  | % | 73.179 | 292 716.00 | 0.51 |
| 2.375 % EQT AB (MTN) 2022/2028 ...................  | EUR | 240 000 | 240 000 |  | % | 91.266 | 219 038.40 | 0.38 |
| 0.25  % Equinix, Inc. (MTN) 2021/2027 ................  | EUR | 400 000 | 100 000 |  | % | 86.542 | 346 168.00 | 0.60 |
| 1.625 % Erste Group Bank AG (MTN) 2020/2031 * .......  | EUR | 100 000 |  |  | % | 89.465 | 89 465.00 | 0.16 |
| 0.875 % Eurofins Scientific SE (MTN) 2021/2031 .........  | EUR | 380 000 | 100 000 |  | % | 75.225 | 285 855.00 | 0.50 |
| 4.00  % Eurofins Scientific SE (MTN) 2022/2029 .........  | EUR | 240 000 | 240 000 |  | % | 99.743 | 239 383.20 | 0.42 |
| 0.75  % Euronext NV (MTN) 2021/2031 ................  | EUR | 500 000 | 100 000 |  | % | 81.574 | 407 870.00 | 0.71 |
| 1.56  % Experian Europe DAC (MTN) 2022/2031 ........  | EUR | 340 000 | 340 000 |  | % | 85.909 | 292 090.60 | 0.51 |
| 1.375 % Experian Finance PLC (MTN) 2017/2026 ........  | EUR | 400 000 | 100 000 |  | % | 96.002 | 384 008.00 | 0.67 |
| 0.54  % Ferrovial Emisiones SA (MTN) 2020/2028 .......  | EUR | 300 000 | 100 000 |  | % | 84.157 | 252 471.00 | 0.44 |
| 1.50  % Fidelity National Information Services, |  |  |  |  |  |  |  |  |
| Inc. (MTN) 2019/2027 .......................      | EUR | 500 000 | 100 000 |  | % | 92.549 | 462 745.00 | 0.81 |
| 1.00  % Fomento Economico Mexicano SAB de |  |  |  |  |  |  |  |  |
| CV 2021/2033 .............................  | EUR | 760 000 | 160 000 |  | % | 72.029 | 547 420.40 | 0.96 |
| 1.875 % Fresenius SE & Co., KGaA (MTN) 2022/2025 .....  | EUR | 150 000 | 150 000 |  | % | 97.35 | 146 025.00 | 0.25 |
| 2.875 % Fresenius SE & Co., KGaA (MTN) 2022/2030 .....  | EUR | 190 000 | 190 000 |  | % | 93.224 | 177 125.60 | 0.31 |
| 0.875 % Goldman Sachs Group, Inc. (MTN) 2020/2030 ....  | EUR | 250 000 | 50 000 |  | % | 81.618 | 204 045.00 | 0.36 |
| 0.25  % Goldman Sachs Group, Inc. (MTN) 2021/2028 ....  | EUR | 630 000 | 130 000 |  | % | 83.788 | 527 864.40 | 0.92 |
| 1.375 % Goodman Australia Finance Pty Ltd -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2025 ..........................  | EUR | 500 000 | 100 000 |  | % | 93.976 | 469 880.00 | 0.82 |
| 1.25 % GSK Consumer Healthcare Capital NL, BV |  |  |  |  |  |  |  |  |
| (MTN) 2022/2026 ..........................  | EUR | 210 000 | 210 000 |  | % | 95.957 | 201 509.70 | 0.35 |
| 1.75 % GSK Consumer Healthcare Capital NL, BV |  |  |  |  |  |  |  |  |
| (MTN) 2022/2030 ..........................  | EUR | 170 000 | 170 000 |  | % | 91.351 | 155 296.70 | 0.27 |
| 0.50  % Hamburg Commercial Bank AG (MTN) 2021/2026 * | EUR | 500 000 | 100 000 |  | % | 90.082 | 450 410.00 | 0.79 |
| 1.375 % Hannover Rueck SE 2021/2042 * ..............  | EUR | 300 000 | 100 000 |  | % | 75.344 | 226 032.00 | 0.39 |
| 3.875 % Harley-Davidson Financial Services, |  |  |  |  |  |  |  |  |
| Inc. 2020/2023.............................  | EUR | 100 000 |  |  | % | 100.904 | 100 904.00 | 0.18 |
| 1.25  % Heineken NV (MTN) 2020/2033 ...............  | EUR | 100 000 |  |  | % | 81.582 | 81 582.00 | 0.14 |
| 0.50  % Henkel AG & Co., KGaA (MTN) 2021/2032.......  | EUR | 400 000 |  |  | % | 76.869 | 307 476.00 | 0.54 |
| 0.318 % Highland Holdings Sarl (MTN) 2021/2026 ........  | EUR | 140 000 | 100 000 | 180 000 | % | 89.385 | 125 139.00 | 0.22 |
| 1.625 % Holding d‘Infrastructures de Transport SASU |  |  |  |  |  |  |  |  |
| (MTN) 2020/2029 ..........................  | EUR | 400 000 | 100 000 |  | % | 85.92 | 343 680.00 | 0.60 |
| 0.625 % Holding d‘Infrastructures de Transport SASU |  |  |  |  |  |  |  |  |
| (MTN) 2021/2028 ..........................  | EUR | 300 000 | 100 000 | % | 82.887 | 248 661.00 | 0.43 |
| 1.475 % Holding d‘Infrastructures de Transport SASU |  |  |  |  |  |  |  |  |
| (MTN) 2022/2031 ..........................  | EUR | 300 000 | 300 000 |  | % | 81.278 | 243 834.00 | 0.43 |
| 2.50  % ING Groep NV (MTN) 2017/2029 * .............  | EUR | 100 000 |  |  | % | 98.32 | 98 320.00 | 0.17 |
| 0.10  % ING Groep NV (MTN) 2019/2025 * .............  | EUR | 300 000 | 100 000 |  | % | 94.334 | 283 002.00 | 0.49 |
| 2.125 % ING Groep NV (MTN) 2020/2031 * .............  | EUR | 100 000 |  |  | % | 92.231 | 92 231.00 | 0.16 |
| 3.375 % Intertrust Group BV -Reg- (MTN) 2018/2025 .....  | EUR | 300 000 |  |  | % | 95.261 | 285 783.00 | 0.50 |
| 1.00  % Intesa Sanpaolo SpA (MTN) 2019/2026 .........  | EUR | 100 000 |  |  | % | 90.004 | 90 004.00 | 0.16 |
| 4.875 % Intrum AB -Reg- (MTN) 2020/2025 .............  | EUR | 300 000 |  |  | % | 91.027 | 273 081.00 | 0.48 |
| 2.75  % Investor AB (MTN) 2022/2032 ................  | EUR | 130 000 | 130 000 |  | % | 97.878 | 127 241.40 | 0.22 |
| 1.75 % IQVIA, Inc. -Reg- (MTN) 2021/2026 ............  | EUR | 300 000 |  |  | % | 88.246 | 264 738.00 | 0.46 |
| 1.25  % ISS Finance BV (MTN) 2020/2025..............  | EUR | 500 000 | 100 000 |  | % | 96.224 | 481 120.00 | 0.84 |
| 2.125 % ISS Global A/S (MTN) 2014/2024 ..............  | EUR | 100 000 |  |  | % | 100.116 | 100 116.00 | 0.17 |
| 0.875 % ISS Global A/S (MTN) 2019/2026 ..............  | EUR | 400 000 | 100 000 |  | % | 90.044 | 360 176.00 | 0.63 |
| 0.50  % JDE Peet‘s NV (MTN) 2021/2029 ..............  | EUR | 340 000 | 100 000 |  | % | 79.592 | 270 612.80 | 0.47 |
| 1.125 % JDE Peet‘s NV (MTN) 2021/2033 ..............  | EUR | 100 000 | 100 000 | 200 000 | % | 71.118 | 71 118.00 | 0.12 |
| 0.389 % JPMorgan Chase & Co. (MTN) 2020/2028 * .....  | EUR | 500 000 | 100 000 |  | % | 88.16 | 440 800.00 | 0.77 |
| 0.597 % JPMorgan Chase & Co. (MTN) 2021/2033 * .....  | EUR | 300 000 | 100 000 |  | % | 76.739 | 230 217.00 | 0.40 |
| 1.625 % KBC Group NV (MTN) 2017/2029 * ............  | EUR | 100 000 |  |  | % | 94.274 | 94 274.00 | 0.16 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.25  % KBC Group NV (MTN) 2021/2027 * ............  | EUR | 300 000 | 100 000 |  | % | 89.73 | 269 190.00 | 0.47 |
| 0.80  % Kellogg Co. (MTN) 2017/2022 .................  | EUR | 200 000 |  |  | % | 100.218 | 200 436.00 | 0.35 |
| 1.00  % La Banque Postale SA (MTN) 2020/2026 * ......  | EUR | 100 000 |  |  | % | 92.91 | 92 910.00 | 0.16 |
| 0.875 % La Banque Postale SA (MTN) 2020/2031 * ......  | EUR | 300 000 | 100 000 |  | % | 87.199 | 261 597.00 | 0.46 |
| 0.25  % LeasePlan Corp., NV (MTN) 2021/2026 .........  | EUR | 300 000 | 100 000 |  | % | 87.596 | 262 788.00 | 0.46 |
| 0.75  % Lseg Netherlands BV 2021/2033 ..............  | EUR | 400 000 | 100 000 |  | % | 78.289 | 313 156.00 | 0.55 |
| 0.75  % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
| (MTN) 2021/2028 * .........................  | EUR | 300 000 |  |  | % | 82.323 | 246 969.00 | 0.43 |
| 1.75  % Medtronic Global Holdings SCA 2019/2049 ......  | EUR | 300 000 | 100 000 | 200 000 | % | 68.023 | 204 069.00 | 0.36 |
| 1.625 % Merck KGaA 2020/2080 * ....................  | EUR | 300 000 | 100 000 |  | % | 87.281 | 261 843.00 | 0.46 |
| 0.872 % Mitsubishi UFJ Financial Group, |  |  |  |  |  |  |  |  |
| Inc. (MTN) 2017/2024 .......................      | EUR | 100 000 |  |  | % | 96.833 | 96 833.00 | 0.17 |
| 0.214 % Mizuho Financial Group, Inc. (MTN) 2020/2025 ...  | EUR | 300 000 | 100 000 |  | % | 92.164 | 276 492.00 | 0.48 |
| 1.375 % Morgan Stanley (MTN) 2016/2026 .............  | EUR | 400 000 | 100 000 |  | % | 93.501 | 374 004.00 | 0.65 |
| 1.102 % Morgan Stanley 2021/2033 * .................  | EUR | 380 000 | 100 000 |  | % | 78.852 | 299 637.60 | 0.52 |
| 3.25  % Muenchener Rueckversicherungs-Gesellschaft AG |  |  |  |  |  |  |  |  |
| in Muenchen 2018/2049 * ...................  | EUR | 100 000 |  |  | % | 93.084 | 93 084.00 | 0.16 |
| 2.125 % Mylan, Inc. (MTN) 2018/2025 .................  | EUR | 100 000 |  |  | % | 95.82 | 95 820.00 | 0.17 |
| 0.90  % Nasdaq, Inc. 2021/2033 .....................  | EUR | 300 000 | 100 000 |  | % | 73.446 | 220 338.00 | 0.38 |
| 2.125 % National Australia Bank (MTN) 2022/2028 .......  | EUR | 350 000 | 350 000 |  | % | 96.413 | 337 445.50 | 0.59 |
| 4.625 % Netflix, Inc. 2018/2029 ......................  | EUR | 300 000 | 500 000 | 200 000 | % | 94.552 | 283 656.00 | 0.50 |
| 4.625 % NN Group NV (MTN) 2017/2048 * .............  | EUR | 100 000 |  |  | % | 96.469 | 96 469.00 | 0.17 |
| 1.125 % Nordea Bank Abp (MTN) 2022/2027 ............  | EUR | 170 000 | 170 000 |  | % | 92.059 | 156 500.30 | 0.27 |
| 0.082 % NTT FINANCE Corp. 2021/2025 ...............  | EUR | 140 000 |  |  | % | 93.043 | 130 260.20 | 0.23 |
| 0.399 % NTT FINANCE Corp. (MTN) 2021/2028..........  | EUR | 130 000 |  |  | % | 86.779 | 112 812.70 | 0.20 |
| 0.625 % Nykredit Realkredit A/S (MTN) 2019/2025 .......  | EUR | 100 000 |  |  | % | 95.404 | 95 404.00 | 0.17 |
| 0.25  % Nykredit Realkredit AS (MTN) 2020/2026 ........  | EUR | 200 000 |  |  | % | 90.441 | 180 882.00 | 0.32 |
| 1.00  % Optus Finance Pty, Ltd (MTN) 2019/2029 .......  | EUR | 690 000 | 140 000 |  | % | 87.588 | 604 357.20 | 1.06 |
| 2.375 % Orange SA (MTN) 2019/perpetual * ............  | EUR | 100 000 |  |  | % | 93.605 | 93 605.00 | 0.16 |
| 0.625 % Orange SA (MTN) 2021/2033 .................  | EUR | 100 000 |  |  | % | 75.59 | 75 590.00 | 0.13 |
| 1.00  % PostNL NV (MTN) 2017/2024 .................  | EUR | 500 000 | 100 000 |  | % | 96.47 | 482 350.00 | 0.84 |
| 0.50  % Prologis Euro Finance LLC 2021/2032 ..........  | EUR | 300 000 | 100 000 |  | % | 73.705 | 221 115.00 | 0.39 |
| 3.125 % Prologis International Funding II SA |  |  |  |  |  |  |  |  |
| (MTN) 2022/2031 ..........................  | EUR | 375 000 | 375 000 |  | % | 93.9 | 352 125.00 | 0.61 |
| 3.078 % Prosus NV -Reg- (MTN) 2020/2028 .............  | EUR | 410 000 | 100 000 |  | % | 79.288 | 325 080.80 | 0.57 |
| 1.207 % Prosus NV -Reg- 2022/2026 ..................  | EUR | 120 000 | 120 000 |  | % | 87.201 | 104 641.20 | 0.18 |
| 2.875 % Raiffeisen Bank International AG 2020/2032 * ....  | EUR | 100 000 |  |  | % | 79.396 | 79 396.00 | 0.14 |
| 2.50  % RCS & RDS SA -Reg- (MTN) 2020/2025 .........  | EUR | 200 000 |  |  | % | 88.297 | 176 594.00 | 0.31 |
| 3.875 % Rentokil Initial Finance BV (MTN) 2022/2027 .....  | EUR | 270 000 | 270 000 |  | % | 101.71 | 274 617.00 | 0.48 |
| 4.375 % Rentokil Initial Finance BV (MTN) 2022/2030 .....  | EUR | 200 000 | 200 000 |  | % | 102.917 | 205 834.00 | 0.36 |
| 1.625 % RTE Reseau de Transport d‘Electricite SADIR |  |  |  |  |  |  |  |  |
| (MTN) 2015/2025 ..........................  | EUR | 100 000 |  |  | % | 98.052 | 98 052.00 | 0.17 |
| 2.50  % Sampo Oyj 2020/2052 * .....................  | EUR | 100 000 |  |  | % | 78.235 | 78 235.00 | 0.14 |
| 1.875 % SANEF SA 2015/2026 .......................  | EUR | 300 000 |  |  | % | 95.489 | 286 467.00 | 0.50 |
| 0.75  % Santander Consumer Bank AG (MTN) 2017/2022 . | EUR | 400 000 |  |  | % | 100.125 | 400 500.00 | 0.70 |
| 0.125 % Santander Consumer Bank AS (MTN) 2020/2025..  | EUR | 400 000 | 100 000 |  | % | 94.035 | 376 140.00 | 0.66 |
| 0.00 % Santander Consumer Finance SA |  |  |  |  |  |  |  |  |
| (MTN) 2021/2026 ..........................  | EUR | 400 000 | 100 000 |  | % | 90.325 | 361 300.00 | 0.63 |
| 1.25  % Segro Capital Sarl (MTN) 2022/2026 ............  | EUR | 270 000 | 270 000 |  | % | 93.115 | 251 410.50 | 0.44 |
| 3.50  % SES SA (MTN) 2022/2029 ....................  | EUR | 240 000 | 240 000 |  | % | 97.734 | 234 561.60 | 0.41 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 100 000 |  |  | % | 98.423 | 98 423.00 | 0.17 |
| 2.375 % Signify NV (MTN) 2020/2027..................  | EUR | 100 000 |  |  | % | 94.929 | 94 929.00 | 0.17 |
| 1.75  % Skandinaviska Enskilda Banken AB |  |  |  |  |  |  |  |  |
| (MTN) 2022/2026 ..........................  | EUR | 500 000 | 500 000 |  | % | 97.113 | 485 565.00 | 0.85 |
| 1.375 % Societe Generale SA (MTN) 2018/2028 * ........  | EUR | 400 000 | 100 000 |  | % | 98.356 | 393 424.00 | 0.69 |
| 1.00  % Societe Generale SA (MTN) 2020/2030 * ........  | EUR | 400 000 | 100 000 |  | % | 87.543 | 350 172.00 | 0.61 |
| 0.50  % Societe Generale SA (MTN) 2021/2029 * ........  | EUR | 400 000 | 100 000 |  | % | 82.435 | 329 740.00 | 0.58 |
| 0.90  % Standard Chartered PLC (MTN) 2019/2027 * .....  | EUR | 100 000 |  |  | % | 90.527 | 90 527.00 | 0.16 |
| 2.50  % Standard Chartered PLC (MTN) 2020/2030 * .....  | EUR | 120 000 |  |  | % | 94.294 | 113 152.80 | 0.20 |
| 2.375 % Stedin Holding NV (MTN) 2022/2030 ...........  | EUR | 180 000 | 180 000 |  | % | 93.912 | 169 041.60 | 0.30 |
| 2.375 % Suez SACA (MTN) 2022/2030 .................  | EUR | 300 000 | 300 000 |  | % | 92.167 | 276 501.00 | 0.48 |
| 2.534 % Swiss Re Finance Luxembourg SA 2019/2050 * ..  | EUR | 100 000 |  |  | % | 85.889 | 85 889.00 | 0.15 |
| 3.00  % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2030 . | EUR | 200 000 | 100 000 | 200 000 | % | 97.8 | 195 600.00 | 0.34 |
| 2.00  % Takeda Pharmaceutical Co., Ltd 2020/2040 ......  | EUR | 300 000 | 130 000 | 330 000 | % | 75.86 | 227 580.00 | 0.40 |
| 1.125 % Tele2 AB (MTN) 2018/2024...................  | EUR | 500 000 | 100 000 | 100 000 | % | 98.84 | 494 200.00 | 0.86 |
| 2.125 % Tele2 AB (MTN) 2018/2028...................  | EUR | 400 000 | 160 000 | 360 000 | % | 96.255 | 385 020.00 | 0.67 |
| 3.75  % Teleperformance (MTN) 2022/2029 ............  | EUR | 400 000 | 400 000 |  | % | 101.533 | 406 132.00 | 0.71 |
| 2.125 % Telia Co., AB (MTN) 2019/2034 ...............  | EUR | 100 000 |  |  | % | 89.671 | 89 671.00 | 0.16 |
| 1.625 % TenneT Holding BV (MTN) 2022/2026 ..........  | EUR | 180 000 | 180 000 |  | % | 97.382 | 175 287.60 | 0.31 |
| 2.125 % TenneT Holding BV (MTN) 2022/2029 ..........  | EUR | 190 000 | 190 000 |  | % | 95.764 | 181 951.60 | 0.32 |
| 2.75  % TenneT Holding BV (MTN) 2022/2042 ..........  | EUR | 100 000 | 260 000 | 160 000 | % | 89.452 | 89 452.00 | 0.16 |
| 2.875 % Thermo Fisher Scientific, Inc. 2017/2037 ........  | EUR | 100 000 |  |  | % | 91.159 | 91 159.00 | 0.16 |
| 0.125 % Thermo Fisher Scientific, Inc. (MTN) 2019/2025 ..  | EUR | 100 000 |  |  | % | 95.18 | 95 180.00 | 0.17 |
| 1.50  % Thermo Fisher Scientific, Inc. (MTN) 2019/2039 ..  | EUR | 100 000 |  |  | % | 71.981 | 71 981.00 | 0.13 |
| 1.952 % Toronto-Dominion Bank/The (MTN) 2022/2030 ...  | EUR | 320 000 | 320 000 |  | % | 90.705 | 290 256.00 | 0.51 |
| 1.875 % Transurban Finance Co., Pty, |  |  |  |  |  |  |  |  |
| Ltd (MTN) 2014/2024 .......................  | EUR | 100 000 |  |  | % | 99.587 | 99 587.00 | 0.17 |
| 1.45  % Transurban Finance Co., Pty, |  |  |  |  |  |  |  |  |
| Ltd (MTN) 2019/2029 .......................  | EUR | 400 000 | 100 000 |  | % | 88.82 | 355 280.00 | 0.62 |
| 3.00  % Transurban Finance Co., Pty, |  |  |  |  |  |  |  |  |
| Ltd (MTN) 2020/2030 .......................  | EUR | 140 000 |  |  | % | 97.893 | 137 050.20 | 0.24 |
| 0.50  % UBS AG/London (MTN) 2021/2031 .............  | EUR | 300 000 |  |  | % | 79.405 | 238 215.00 | 0.42 |
| 0.25  % UBS Group AG (MTN) 2021/2026 * ............  | EUR | 200 000 |  |  | % | 90.973 | 181 946.00 | 0.32 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0.875 % UBS Group AG (MTN) 2021/2031 ..............  | EUR | 200 000 |  |  | % | 77.907 | 155 814.00 | 0.27 |
| 1.375 % UNIQA Insurance Group AG (MTN) 2020/2030 ...  | EUR | 100 000 |  |  | % | 85.215 | 85 215.00 | 0.15 |
| 2.375 % UNIQA Insurance Group AG 2021/2041 * .......  | EUR | 100 000 |  |  | % | 75.405 | 75 405.00 | 0.13 |
| 0.875 % Verizon Communications, Inc. (MTN) 2019/2027 ..  | EUR | 500 000 | 100 000 |  | % | 92.097 | 460 485.00 | 0.80 |
| 0.375 % Verizon Communications, Inc. (MTN) 2021/2029 ..  | EUR | 300 000 | 100 000 |  | % | 84.942 | 254 826.00 | 0.44 |
| 1.50  % Visa, Inc. 2022/2026 ........................  | EUR | 980 000 | 980 000 |  | % | 97.845 | 958 881.00 | 1.67 |
| 1.60  % Vodafone Group PLC (MTN) 2016/2031 .........  | EUR | 100 000 |  |  | % | 87.776 | 87 776.00 | 0.15 |
| 3.10  % Vodafone Group PLC 2018/2079 * .............  | EUR | 200 000 | 200 000 |  | % | 95.738 | 191 476.00 | 0.33 |
| 3.125 % Volkswagen International Finance NV 2022/2025..  | EUR | 200 000 | 200 000 |  | % | 101.123 | 202 246.00 | 0.35 |
| 5.875 % Webuild SpA (MTN) 2020/2025 ...............  | EUR | 210 000 |  |  | % | 91.623 | 192 408.30 | 0.34 |
| 1.375 % Wendel SE 2022/2034 ......................  | EUR | 300 000 | 300 000 |  | % | 67.012 | 201 036.00 | 0.35 |
| 0.427 % Westpac Securities NZ/London (MTN) 2021/2026 . | EUR | 160 000 |  |  | % | 90.366 | 144 585.60 | 0.25 |
| 2.125 % Wurth Finance International BV (MTN) 2022/2030 . | EUR | 420 000 | 420 000 |  | % | 93.909 | 394 417.80 | 0.69 |
| 2.425 % Zimmer Biomet Holdings, Inc. (MTN) 2016/2026 ..  | EUR | 200 000 | 100 000 | 300 000 | % | 96.629 | 193 258.00 | 0.34 |
| 1.164 % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 ..  | EUR | 600 000 | 200 000 |  | % | 87.71 | 526 260.00 | 0.92 |
| 2.02  % Zuercher Kantonalbank (MTN) 2022/2028 * ......  | EUR | 530 000 | 530 000 |  | % | 96.355 | 510 681.50 | 0.89 |
| 3.375 % Abertis Infraestructuras SA (MTN) 2019/2026 ....  | GBP | 200 000 | 200 000 |  | % | 94.44 | 220 542.96 | 0.38 |
| 1.50  % CaixaBank SA (MTN) 2021/2026 * .............  | GBP | 200 000 |  |  | % | 90.023 | 210 228.07 | 0.37 |
| 1.874 % Credit Agricole SA (MTN) 2021/2031 *..........  | GBP | 100 000 |  |  | % | 85.452 | 99 776.77 | 0.17 |
| 1.985 % Lloyds Banking Group Plc (MTN) 2021/2031 * ....  | GBP | 100 000 |  |  | % | 85.736 | 100 108.38 | 0.17 |
| 1.625 % Nordea Bank Abp (MTN) 2021/2032 * ..........  | GBP | 300 000 |  |  | % | 83.22 | 291 511.84 | 0.51 |
| 3.20  % AbbVie, Inc. (MTN) 2020/2029 ................  | USD | 200 000 |  |  | % | 91.953 | 176 569.62 | 0.31 |
| 2.749 % Banco Santander SA (MTN) 2020/2030 .........  | USD | 200 000 |  |  | % | 79.584 | 152 818.47 | 0.27 |
| 2.561 % Citigroup, Inc. 2021/2032 * ...................  8.75  % Deutsche Telekom International Finance BV 2000/2030 ......................  | USD USD | 300 000 200 000 |  |  | % % | 82.392 123.685 | 237 315.66 237 501.92 | 0.41 0.41 |
| 2.65  % HP, Inc. (MTN) 2022/2031....................  | USD | 200 000 | 200 000 |  | % | 80.119 | 153 845.79 | 0.27 |
| 4.00  % HSBC Holdings PLC 2021/perpetual * ..........  | USD | 200 000 |  |  | % | 84.351 | 161 972.14 | 0.28 |
| 7.50  % Lloyds Banking Group PLC 2018/perpetual * .....  | USD | 200 000 |  |  | % | 97.831 | 187 856.65 | 0.33 |
| 10.00 % Medya Holding International Ltd 1996/2049 *** ..  | USD | 2 500 000 |  |  | % |  | 2.40 | 0.00 |
| 2.648 % Nomura Holdings, Inc. (MTN) 2020/2025 ........  | USD | 200 000 |  |  | % | 95.027 | 182 472.37 | 0.32 |
| 7.875 % Societe Generale SA -Reg- 2013/perpetual * .....  | USD | 200 000 |  |  | % | 98.358 | 188 868.61 | 0.33 |
| 2.55  % Verizon Communications, Inc. (MTN) 2021/2031 ..  | USD | 300 000 |  |  | % | 85.763 | 247 025.23 | 0.43 |
| Total securities portfolio |  |  |  |  |  |  | 57 001 380.98 | 99.54 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 67 225.79 | 0.12 |
| Interest rate futures Germany Federal Republic Bonds 5 year 09/2022 (DB) .....  | Count | 11 | 44 | 33 |  |  | -2 060.00 | 0.00 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) .....  | Count | -13 | 10 | 23 |  |  | 28 470.00 | 0.05 |
| UK Treasury Notes 09/2022 (DB).......................  | Count | -3 |  | 3 |  |  | 15 167.58 | 0.03 |
| US Treasury Notes 10 year Futures 09/2022 (DB) ..........  | Count | -10 | 3 | 13 |  |  | 25 648.21 | 0.04 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -36 641.37 | -0.07 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Closed positions USD/EUR 0.3 million ................................  |  |  |  |  |  |  | -373.01 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 0.8 million ................................  |  |  |  |  |  |  | -7 191.60 | -0.02 |
| EUR/USD 1.8 million ................................  |  |  |  |  |  |  | -29 076.76 | -0.05 |
| Cash at bank |  |  |  |  |  |  | 3 460.71 | 0.01 |
| Demand deposits at Depositary |  |  |  |  |  |  |  |  |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 2 964 |  |  |  |  | 3 460.71 | 0.01 |
| Other assets |  |  |  |  |  |  | 333 770.66 | 0.58 |
| Interest receivable .................................  |  |  |  |  |  |  | 320 634.06 | 0.56 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 10 500.66 | 0.02 |
| Other receivables ..................................  |  |  |  |  |  |  | 2 635.94 | 0.00 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Receivables from share certificate transactions |  |  |  | 257.82 | 0.00 |
| Total assets ** |  |  |  | 57 408 155.96 | 100.25 |
| Short-term liabilities |  |  |  | -8 773.53 | -0.02 |
| EUR loans ........................................  | EUR |  |  | -3 095.58 | -0.01 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | -5 914 |  | -5 677.95 | -0.01 |
| Other liabilities |  |  |  | -89 932.86 | -0.15 |
| Liabilities from cost items ............................  |  |  |  | -89 932.86 | -0.15 |
| Liabilities from share certificate transactions |  |  |  | -3 849.25 | -0.01 |
| Total liabilities |  |  |  | -141 257.01 | -0.25 |
| Net assets |  |  |  | 57 266 898.95 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 86.24 |
| Class FD .........................................  | EUR | 86.56 |
| Class LD .........................................  | EUR | 86.44 |
| Class TFD ........................................  | EUR | 86.06 |
| Class XD .........................................  | EUR | 86.74 |
| Class USD LDH ....................................  | USD | 86.61 |
| Class USD XCH ....................................  | USD | 87.19 |
| Number of shares outstanding Class FC .........................................  | Count | 35 400.522 |
| Class FD .........................................  | Count | 100.000 |
| Class LD .........................................  | Count | 393 113.627 |
| Class TFD ........................................  | Count | 21.732 |
| Class XD .........................................  | Count | 229 920.000 |
| Class USD LDH ....................................  | Count | 3 263.648 |
| Class USD XCH ....................................  | Count | 106.610 |

Presentation of the maximum limit (according to CSSF circular 11/512) Solactive ISS Paris Aligned Select Euro Corporate IG Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 99.874 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 118.269 |
| Average market risk exposure.........................  | % | 110.956 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 7 158 237.35 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Deutsche Bank AG, State Street Bank International GmbH and UBS AG.
| Exchange rates (indirect quotes) |  |
| --- | --- |
|  |  | As of June 30, | 2022 |
| British pound	GBP | 0.856432 | = EUR | 1 |
| U.S. dollar	USD | 1.041549 | = EUR | 1 |
| Notes on valuation |  |  |  |

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

Translation (ENDE, 2022-06-30):
# DWS Invest Low Carbon Bonds
DWS INVEST LOW CARBON BONDS

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU2331315981 | -12,7% |
| Klasse FC | LU2357625446 | -12,6% |
| Klasse FD | LU2331315718 | -12,6% |
| Klasse TFD | LU2357625529 | -12,5% |
| Klasse XD | LU2331315809 | -12,4% |
| Klasse USD LDH  1) | LU2357625875 | -12,2% |
| Klasse USD XCH  1) | LU2357625958 | -11,9% |

1) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest Low Carbon Bonds
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 57 001 380,98 | 99,54 |
| Summe Anleihen | 57 001 380,98 | 99,54 |
| 2. Derivate | 30 584,42 | 0,05 |
| 3. Bankguthaben | 3 460,71 | 0,01 |
| 4. Sonstige Vermögensgegenstände | 333 770,66 | 0,58 |
| 5. Forderungen aus Anteilscheingeschäften | 257,82 | 0,00 |
| II. Verbindlichkeiten |  |  |
| 1. Kurzfristige Verbindlichkeiten | -8 773,53 | -0,02 |
| 2. Sonstige Verbindlichkeiten | -89 932,86 | -0,15 |
| 3. Verbindlichkeiten aus Anteilscheingeschäften | -3 849,25 | -0,01 |
| III. Fondsvermögen | 57 266 898,95 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 57 001 380,98 | 99,54 |
| Verzinsliche Wertpapiere 7,125 % ABN AMRO Bank NV (MTN) 2012/2022 ........  | EUR | 100 000 |  | % | 100,009 | 100 009,00 | 0,17 |
| 0,60  % ABN AMRO Bank NV (MTN) 2020/2027 ........  1,375 % Acciona Energia Financiacion Filiales SA | EUR | 300 000 | 100 000 | % | 89,766 | 269 298,00 | 0,47 |
| (MTN) 2022/2032 ..........................  | EUR | 100 000 | 400 000 | 300 000 | % | 81,699 | 81 699,00 | 0,14 |
| 2,125 % Aeroports de Paris 2018/2038 ................  | EUR | 200 000 | 100 000 | 200 000 | % | 75,833 | 151 666,00 | 0,26 |
| 0,88  % AIA GROUP LTD 2021/2033 * ................  | EUR | 300 000 | 100 000 |  | % | 81,545 | 244 635,00 | 0,43 |
| 1,25  % AIB Group PLC (MTN) 2019/2024 .............  1,00  % Akelius Residential Property Financing BV (MTN) 2020/2028 ..........................  | EUR EUR | 300 000 120 000 | 100 000 |  | % % | 97,513 83,99 | 292 539,00 100 788,00 | 0,51 0,18 |
| 2,375 % Alcon Finance BV (MTN) 2022/2028 ...........  1,375 % Alfa Laval Treasury International AB (MTN) 2022/2029 ..........................  | EUR EUR | 350 000 400 000 | 350 000 400 000 |  | % % | 95,232 84,258 | 333 312,00 337 032,00 | 0,58 0,59 |
| 2,241 % Allianz SE 2015/2045 * .....................  | EUR | 100 000 |  |  | % | 96,676 | 96 676,00 | 0,17 |
| 2,60  % Allianz SE 2021/perpetual * ..................  | EUR | 200 000 |  |  | % | 68,932 | 137 864,00 | 0,24 |
| 1,125 % Amcor UK Finance PLC (MTN) 2020/2027 ......  | EUR | 630 000 | 130 000 |  | % | 89,736 | 565 336,80 | 0,99 |
| 0,875 % American Tower Corp. (MTN) 2021/2029 .......  | EUR | 300 000 | 160 000 | 460 000 | % | 81,439 | 244 317,00 | 0,43 |
| 2,75  % Anheuser-Busch InBev SA (MTN) 2016/2036 ....  | EUR | 130 000 | 30 000 |  | % | 88,938 | 115 619,40 | 0,20 |
| 3,70  % Anheuser-Busch InBev SA (MTN) 2020/2040 ....  | EUR | 100 000 |  |  | % | 95,826 | 95 826,00 | 0,17 |
| 0,20  % ANZ New Zealand Int‘l Ltd (MTN) 2021/2027 ....  | EUR | 870 000 | 180 000 |  | % | 86,304 | 750 844,80 | 1,31 |
| 0,75  % AP Moller - Maersk A/S (MTN) 2021/2031 ......  | EUR | 100 000 |  |  | % | 79,858 | 79 858,00 | 0,14 |
| 0,155 % Asahi Group Holdings Ltd 2020/2024 .......... 0,75 % Ascendas Real Estate Investment Trust (MTN) 2021/2028 ..........................  | EUR EUR | 630 000 500 000 | 130 000 100 000 |  | % % | 95,62 80,369 | 602 406,00 401 845,00 | 1,05 0,70 |
| 5,125 % ASR Nederland NV 2015/2045 * ..............  | EUR | 100 000 |  |  | % | 101,711 | 101 711,00 | 0,18 |
| 5,00  % Assicurazioni Generali SpA (MTN) 2016/2048 * ..  | EUR | 300 000 | 100 000 |  | % | 98,35 | 295 050,00 | 0,52 |
| 1,00  % ASTM SpA (MTN) 2021/2026 ................  | EUR | 120 000 |  |  | % | 87,864 | 105 436,80 | 0,18 |
| 1,50  % ASTM SpA (MTN) 2021/2030 ................  | EUR | 180 000 |  |  | % | 77,2 | 138 960,00 | 0,24 |
| 3,375 % AT&T, Inc. 2014/2034 ......................  | EUR | 100 000 |  |  | % | 96,387 | 96 387,00 | 0,17 |
| 3,15  % AT&T, Inc. 2017/2036 ......................  | EUR | 500 000 | 100 000 |  | % | 92,025 | 460 125,00 | 0,80 |
| 1,80  % AT&T, Inc. 2019/2039 ......................  | EUR | 100 000 |  |  | % | 73,495 | 73 495,00 | 0,13 |
| 2,05  % AT&T, Inc. 2020/2032 ......................  | EUR | 100 000 |  |  | % | 90,053 | 90 053,00 | 0,16 |
| 1,25  % Avery Dennison Corp. (MTN) 2017/2025 ........  | EUR | 300 000 | 300 000 |  | % | 96,186 | 288 558,00 | 0,50 |
| 3,375 % Aviva PLC (MTN) 2015/2045 * ................  | EUR | 400 000 |  |  | % | 97,998 | 391 992,00 | 0,68 |
| 3,875 % AXA SA (MTN) 2014/perpetual * ..............  | EUR | 400 000 | 100 000 |  | % | 97,617 | 390 468,00 | 0,68 |
| 2,625 % Banco de Sabadell SA (MTN) 2022/2026 * ......  | EUR | 200 000 | 200 000 |  | % | 94,959 | 189 918,00 | 0,33 |
| 1,625 % Banco Santander SA (MTN) 2020/2030 .........  | EUR | 100 000 |  |  | % | 78,659 | 78 659,00 | 0,14 |
| 0,75  % Bankia SA (MTN) 2019/2026 .................  3,00  % Banque Federative du Credit Mutuel SA (MTN) 2014/2024 ..........................  | EUR EUR | 400 000 300 000 | 100 000 100 000 |  | % % | 91,137 100,751 | 364 548,00 302 253,00 | 0,64 0,53 |
| 3,00  % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 ..........................  | EUR | 100 000 |  |  | % | 98,901 | 98 901,00 | 0,17 |
| 1,75  % Banque Federative du Credit Mutuel SA (MTN) 2019/2029 ..........................  | EUR | 100 000 |  |  | % | 89,267 | 89 267,00 | 0,16 |
| 0,10  % Banque Federative du Credit Mutuel SA (MTN) 2020/2027 ..........................  | EUR | 100 000 |  |  | % | 87,335 | 87 335,00 | 0,15 |
| 1,125 % Barclays PLC (MTN) 2021/2031 * .............  | EUR | 370 000 | 100 000 |  | % | 87,054 | 322 099,80 | 0,56 |
| 0,375 % Belfius Bank SA (MTN) 2020/2025 ............  | EUR | 500 000 | 100 000 |  | % | 92,631 | 463 155,00 | 0,81 |
| 1,50  % Berry Global, Inc. -Reg- (MTN) 2020/2027 .......  | EUR | 200 000 |  |  | % | 87,501 | 175 002,00 | 0,31 |
| 0,75  % BMW Finance NV (MTN) 2017/2024 ...........  | EUR | 100 000 |  |  | % | 98,17 | 98 170,00 | 0,17 |
| 2,50  % BNP Paribas (MTN) 2022/2032 * ..............  | EUR | 200 000 | 200 000 |  | % | 91,054 | 182 108,00 | 0,32 |
| 1,00  % BNP Paribas Cardif SA (MTN) 2017/2024 .......  | EUR | 400 000 | 100 000 |  | % | 95,733 | 382 932,00 | 0,67 |
| 0,50  % BNP Paribas SA (MTN) 2020/2028 * ...........  | EUR | 500 000 | 100 000 |  | % | 85,568 | 427 840,00 | 0,75 |
| 2,10  % BNP Paribas SA (MTN) 2022/2032 .............  | EUR | 200 000 | 200 000 |  | % | 85,523 | 171 046,00 | 0,30 |
| 0,10  % Booking Holdings, Inc. 2021/2025 .............  | EUR | 400 000 | 100 000 |  | % | 94,348 | 377 392,00 | 0,66 |
| 0,50  % Booking Holdings, Inc. (MTN) 2021/2028 .......  | EUR | 400 000 | 100 000 |  | % | 87,762 | 351 048,00 | 0,61 |
| 0,625 % Boston Scientific Corp. (MTN) 2019/2027 .......  | EUR | 100 000 |  |  | % | 88,207 | 88 207,00 | 0,15 |
| 2,25  % Bouygues SA (MTN) 2022/2029 ..............  | EUR | 400 000 | 400 000 |  | % | 94,218 | 376 872,00 | 0,66 |
| 3,25  % Bouygues SA 2022/2037 ....................  | EUR | 300 000 | 300 000 |  | % | 91,599 | 274 797,00 | 0,48 |
| 0,50  % BPCE SA (MTN) 2019/2027 ..................  | EUR | 100 000 |  |  | % | 88,117 | 88 117,00 | 0,15 |
| 0,25  % BPCE SA (MTN) 2021/2031 ..................  0,50 % British Telecommunications PLC (MTN) 2019/2025 ..........................  | EUR EUR | 300 000 500 000 | 100 000 100 000 |  | % % | 77,167 94,028 | 231 501,00 470 140,00 | 0,40 0,82 |
| 1,125 % British Telecommunications PLC |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | EUR | 100 000 | 100 000 | % | 87,259 | 87 259,00 | 0,15 |
| 6,375 % Caisse Nationale de Reassurance Mutuelle Agricole Groupama 2014/perpetual * ..........  | EUR | 200 000 | 100 000 | 400 000 | % | 101,054 | 202 108,00 | 0,35 |
| 0,75 % Caisse Nationale de Reassurance Mutuelle |  |  |  |  |  |  |  |  |
| Agricole Groupama (MTN) 2021/2028 ..........  | EUR | 300 000 | 100 000 | % | 81,269 | 243 807,00 | 0,43 |
| 1,125 % CaixaBank SA (MTN) 2017/2024 ..............  | EUR | 100 000 |  | % | 98,359 | 98 359,00 | 0,17 |
| 0,875 % CaixaBank SA (MTN) 2019/2024 ..............  | EUR | 100 000 |  | % | 98,236 | 98 236,00 | 0,17 |
| 0,75  % CaixaBank SA (MTN) 2020/2026 * .............  | EUR | 400 000 | 100 000 | % | 93,802 | 375 208,00 | 0,66 |
| 0,50  % CaixaBank SA (MTN) 2021/2029 * .............  12,00 % Cammell Laird Holdings PLC -Reg- (MTN) 2000/2010 * *** .....................  | EUR EUR | 100 000 2 000 000 |  | % % | 82,677 | 82 677,00 2,00 | 0,14 0,00 |
| 1,625 % Capgemini SE (MTN) 2020/2026 ..............  | EUR | 100 000 |  | % | 96,769 | 96 769,00 | 0,17 |
| 0,80  % Capital One Financial Corp. (MTN) 2019/2024 ....  | EUR | 500 000 | 100 000 | % | 96,383 | 481 915,00 | 0,84 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,875 % Chorus Ltd (MTN) 2019/2026 ................  | EUR | 760 000 | 160 000 |  | % | 91,652 | 696 555,20 | 1,22 |
| 1,25  % Citigroup, Inc. (MTN) 2020/2026 * .............  | EUR | 400 000 | 100 000 |  | % | 95,274 | 381 096,00 | 0,67 |
| 0,125 % Coca-Cola Co. (MTN) 2020/2029 ..............  | EUR | 200 000 | 200 000 |  | % | 84,135 | 168 270,00 | 0,29 |
| 2,25  % Coloplast Finance BV (MTN) 2022/2027 ........  | EUR | 148 000 | 148 000 |  | % | 97,358 | 144 089,84 | 0,25 |
| 2,75  % Coloplast Finance BV (MTN) 2022/2030 ........  | EUR | 134 000 | 134 000 |  | % | 97,034 | 130 025,56 | 0,23 |
| 3,00  % Commerzbank AG (MTN) 2022/2027 * .........  | EUR | 200 000 | 200 000 |  | % | 97,679 | 195 358,00 | 0,34 |
| 1,375 % Credit Agricole SA (MTN) 2018/2025 ...........  | EUR | 100 000 |  |  | % | 96,761 | 96 761,00 | 0,17 |
| 1,00  % Credit Agricole SA (MTN) 2020/2026 * .........  | EUR | 400 000 | 100 000 |  | % | 94,921 | 379 684,00 | 0,66 |
| 1,625 % Credit Agricole SA (MTN) 2020/2030 * .........  | EUR | 300 000 | 100 000 |  | % | 93,385 | 280 155,00 | 0,49 |
| 1,25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 100 000 |  |  | % | 88,302 | 88 302,00 | 0,15 |
| 0,25  % Credit Suisse AG/London (MTN) 2021/2026 .....  | EUR | 400 000 | 100 000 |  | % | 89,708 | 358 832,00 | 0,63 |
| 2,125 % Credit Suisse AG/London (MTN) 2022/2024 .....  | EUR | 400 000 | 400 000 |  | % | 99,275 | 397 100,00 | 0,69 |
| 1,00  % Credit Suisse Group AG (MTN) 2019/2027 * .....  | EUR | 380 000 | 100 000 |  | % | 87,477 | 332 412,60 | 0,58 |
| 1,625 % Deutsche Bank AG (MTN) 2020/2027 ..........  | EUR | 300 000 | 100 000 |  | % | 89,662 | 268 986,00 | 0,47 |
| 0,75  % Deutsche Bank AG (MTN) 2021/2027 * ........  | EUR | 300 000 | 100 000 |  | % | 88,53 | 265 590,00 | 0,46 |
| 1,25  % Deutsche Boerse AG 2020/2047 * ............  | EUR | 100 000 |  |  | % | 84,352 | 84 352,00 | 0,15 |
| 0,75  % DH Europe Finance II Sarl 2019/2031 ..........  | EUR | 400 000 | 100 000 |  | % | 80,897 | 323 588,00 | 0,56 |
| 1,875 % Diageo Capital BV 2022/2034 ................  | EUR | 200 000 | 200 000 |  | % | 87,644 | 175 288,00 | 0,31 |
| 1,00  % Diageo Finance PLC (MTN) 2018/2025 .........  | EUR | 200 000 |  |  | % | 97,345 | 194 690,00 | 0,34 |
| 1,00  % Digital Dutch Finco BV 2020/2032 .............  | EUR | 300 000 | 100 000 |  | % | 71,3 | 213 900,00 | 0,37 |
| 2,50  % Digital Euro Finco LLC (MTN) 2019/2026 .......  | EUR | 100 000 |  |  | % | 96,343 | 96 343,00 | 0,17 |
| 0,625 % Digital Intrepid Holding BV (MTN) 2021/2031 ....  | EUR | 200 000 | 100 000 | 300 000 | % | 70,605 | 141 210,00 | 0,25 |
| 2,25  % DS Smith PLC (MTN) 2015/2022 ..............  | EUR | 200 000 |  | 200 000 | % | 100,15 | 200 300,00 | 0,35 |
| 0,45  % DXC Capital Funding DAC -Reg- (MTN) 2021/2027 | EUR | 400 000 | 100 000 |  | % | 83,94 | 335 760,00 | 0,59 |
| 1,75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 630 000 | 130 000 |  | % | 94,253 | 593 793,90 | 1,04 |
| 1,375 % Eli Lilly & Co. 2021/2061 ....................  | EUR | 120 000 |  |  | % | 55,688 | 66 825,60 | 0,12 |
| 4,125 % Elis SA (MTN) 2022/2027 ....................  | EUR | 100 000 | 100 000 |  | % | 95,223 | 95 223,00 | 0,17 |
| 4,50  % ELM BV for Swiss Life Insurance & |  |  |  |  |  |  |  |  |
| Pension Group (MTN) 2016/perpetual * ........  | EUR | 100 000 |  |  | % | 96,745 | 96 745,00 | 0,17 |
| 2,375 % ELO SACA (MTN) 2019/2025 .................  | EUR | 100 000 |  |  | % | 96,493 | 96 493,00 | 0,17 |
| 0,875 % EQT AB (MTN) 2021/2031 ...................  | EUR | 400 000 | 100 000 |  | % | 73,179 | 292 716,00 | 0,51 |
| 2,375 % EQT AB (MTN) 2022/2028 ...................  | EUR | 240 000 | 240 000 |  | % | 91,266 | 219 038,40 | 0,38 |
| 0,25  % Equinix, Inc. (MTN) 2021/2027 ................  | EUR | 400 000 | 100 000 |  | % | 86,542 | 346 168,00 | 0,60 |
| 1,625 % Erste Group Bank AG (MTN) 2020/2031 * .......  | EUR | 100 000 |  |  | % | 89,465 | 89 465,00 | 0,16 |
| 0,875 % Eurofins Scientific SE (MTN) 2021/2031 ........  | EUR | 380 000 | 100 000 |  | % | 75,225 | 285 855,00 | 0,50 |
| 4,00  % Eurofins Scientific SE (MTN) 2022/2029 ........  | EUR | 240 000 | 240 000 |  | % | 99,743 | 239 383,20 | 0,42 |
| 0,75  % Euronext NV (MTN) 2021/2031 ...............  | EUR | 500 000 | 100 000 |  | % | 81,574 | 407 870,00 | 0,71 |
| 1,56  % Experian Europe DAC (MTN) 2022/2031 ........  | EUR | 340 000 | 340 000 |  | % | 85,909 | 292 090,60 | 0,51 |
| 1,375 % Experian Finance PLC (MTN) 2017/2026 ........  | EUR | 400 000 | 100 000 |  | % | 96,002 | 384 008,00 | 0,67 |
| 0,54  % Ferrovial Emisiones SA (MTN) 2020/2028 .......  | EUR | 300 000 | 100 000 |  | % | 84,157 | 252 471,00 | 0,44 |
| 1,50  % Fidelity National Information Services, |  |  |  |  |  |  |  |  |
| Inc. (MTN) 2019/2027 ......................  | EUR | 500 000 | 100 000 |  | % | 92,549 | 462 745,00 | 0,81 |
| 1,00  % Fomento Economico Mexicano SAB de |  |  |  |  |  |  |  |  |
| CV 2021/2033 .............................  | EUR | 760 000 | 160 000 |  | % | 72,029 | 547 420,40 | 0,96 |
| 1,875 % Fresenius SE & Co., KGaA (MTN) 2022/2025 ....  | EUR | 150 000 | 150 000 |  | % | 97,35 | 146 025,00 | 0,25 |
| 2,875 % Fresenius SE & Co., KGaA (MTN) 2022/2030 ....  | EUR | 190 000 | 190 000 |  | % | 93,224 | 177 125,60 | 0,31 |
| 0,875 % Goldman Sachs Group, Inc. (MTN) 2020/2030 ...  | EUR | 250 000 | 50 000 |  | % | 81,618 | 204 045,00 | 0,36 |
| 0,25  % Goldman Sachs Group, Inc. (MTN) 2021/2028 ...  | EUR | 630 000 | 130 000 |  | % | 83,788 | 527 864,40 | 0,92 |
| 1,375 % Goodman Australia Finance Pty Ltd -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2025 ..........................  | EUR | 500 000 | 100 000 |  | % | 93,976 | 469 880,00 | 0,82 |
| 1,25 % GSK Consumer Healthcare Capital NL, BV |  |  |  |  |  |  |  |  |
| (MTN) 2022/2026 ..........................  | EUR | 210 000 | 210 000 |  | % | 95,957 | 201 509,70 | 0,35 |
| 1,75 % GSK Consumer Healthcare Capital NL, BV |  |  |  |  |  |  |  |  |
| (MTN) 2022/2030 ..........................  | EUR | 170 000 | 170 000 |  | % | 91,351 | 155 296,70 | 0,27 |
| 0,50  % Hamburg Commercial Bank AG (MTN) 2021/2026 * | EUR | 500 000 | 100 000 |  | % | 90,082 | 450 410,00 | 0,79 |
| 1,375 % Hannover Rueck SE 2021/2042 * .............  | EUR | 300 000 | 100 000 |  | % | 75,344 | 226 032,00 | 0,39 |
| 3,875 % Harley-Davidson Financial Services, |  |  |  |  |  |  |  |  |
| Inc. 2020/2023 ............................  | EUR | 100 000 |  |  | % | 100,904 | 100 904,00 | 0,18 |
| 1,25  % Heineken NV (MTN) 2020/2033 ...............  | EUR | 100 000 |  |  | % | 81,582 | 81 582,00 | 0,14 |
| 0,50  % Henkel AG & Co., KGaA (MTN) 2021/2032 ......  | EUR | 400 000 |  |  | % | 76,869 | 307 476,00 | 0,54 |
| 0,318 % Highland Holdings Sarl (MTN) 2021/2026 .......  | EUR | 140 000 | 100 000 | 180 000 | % | 89,385 | 125 139,00 | 0,22 |
| 1,625 % Holding d‘Infrastructures de Transport SASU |  |  |  |  |  |  |  |  |
| (MTN) 2020/2029 ..........................  | EUR | 400 000 | 100 000 |  | % | 85,92 | 343 680,00 | 0,60 |
| 0,625 % Holding d‘Infrastructures de Transport SASU |  |  |  |  |  |  |  |  |
| (MTN) 2021/2028 ..........................  | EUR | 300 000 | 100 000 | % | 82,887 | 248 661,00 | 0,43 |
| 1,475 % Holding d‘Infrastructures de Transport SASU |  |  |  |  |  |  |  |  |
| (MTN) 2022/2031 ..........................  | EUR | 300 000 | 300 000 |  | % | 81,278 | 243 834,00 | 0,43 |
| 2,50  % ING Groep NV (MTN) 2017/2029 * ............  | EUR | 100 000 |  |  | % | 98,32 | 98 320,00 | 0,17 |
| 0,10  % ING Groep NV (MTN) 2019/2025 * ............  | EUR | 300 000 | 100 000 |  | % | 94,334 | 283 002,00 | 0,49 |
| 2,125 % ING Groep NV (MTN) 2020/2031 * ............  | EUR | 100 000 |  |  | % | 92,231 | 92 231,00 | 0,16 |
| 3,375 % Intertrust Group BV -Reg- (MTN) 2018/2025 .....  | EUR | 300 000 |  |  | % | 95,261 | 285 783,00 | 0,50 |
| 1,00  % Intesa Sanpaolo SpA (MTN) 2019/2026 .........  | EUR | 100 000 |  |  | % | 90,004 | 90 004,00 | 0,16 |
| 4,875 % Intrum AB -Reg- (MTN) 2020/2025 ............  | EUR | 300 000 |  |  | % | 91,027 | 273 081,00 | 0,48 |
| 2,75  % Investor AB (MTN) 2022/2032 ................  | EUR | 130 000 | 130 000 |  | % | 97,878 | 127 241,40 | 0,22 |
| 1,75 % IQVIA, Inc. -Reg- (MTN) 2021/2026 ............  | EUR | 300 000 |  |  | % | 88,246 | 264 738,00 | 0,46 |
| 1,25  % ISS Finance BV (MTN) 2020/2025 .............  | EUR | 500 000 | 100 000 |  | % | 96,224 | 481 120,00 | 0,84 |
| 2,125 % ISS Global A/S (MTN) 2014/2024 ..............  | EUR | 100 000 |  |  | % | 100,116 | 100 116,00 | 0,17 |
| 0,875 % ISS Global A/S (MTN) 2019/2026 ..............  | EUR | 400 000 | 100 000 |  | % | 90,044 | 360 176,00 | 0,63 |
| 0,50  % JDE Peet‘s NV (MTN) 2021/2029 .............  | EUR | 340 000 | 100 000 |  | % | 79,592 | 270 612,80 | 0,47 |
| 1,125 % JDE Peet‘s NV (MTN) 2021/2033 .............  | EUR | 100 000 | 100 000 | 200 000 | % | 71,118 | 71 118,00 | 0,12 |
| 0,389 % JPMorgan Chase & Co. (MTN) 2020/2028 * .....  | EUR | 500 000 | 100 000 |  | % | 88,16 | 440 800,00 | 0,77 |
| 0,597 % JPMorgan Chase & Co. (MTN) 2021/2033 * .....  | EUR | 300 000 | 100 000 |  | % | 76,739 | 230 217,00 | 0,40 |
| 1,625 % KBC Group NV (MTN) 2017/2029 * ............  | EUR | 100 000 |  |  | % | 94,274 | 94 274,00 | 0,16 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,25  % KBC Group NV (MTN) 2021/2027 * ............  | EUR | 300 000 | 100 000 |  | % | 89,73 | 269 190,00 | 0,47 |
| 0,80  % Kellogg Co. (MTN) 2017/2022 ................  | EUR | 200 000 |  |  | % | 100,218 | 200 436,00 | 0,35 |
| 1,00  % La Banque Postale SA (MTN) 2020/2026 * ......  | EUR | 100 000 |  |  | % | 92,91 | 92 910,00 | 0,16 |
| 0,875 % La Banque Postale SA (MTN) 2020/2031 * ......  | EUR | 300 000 | 100 000 |  | % | 87,199 | 261 597,00 | 0,46 |
| 0,25  % LeasePlan Corp., NV (MTN) 2021/2026 .........  | EUR | 300 000 | 100 000 |  | % | 87,596 | 262 788,00 | 0,46 |
| 0,75  % Lseg Netherlands BV 2021/2033 ..............  | EUR | 400 000 | 100 000 |  | % | 78,289 | 313 156,00 | 0,55 |
| 0,75  % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
| (MTN) 2021/2028 * ........................  | EUR | 300 000 |  |  | % | 82,323 | 246 969,00 | 0,43 |
| 1,75  % Medtronic Global Holdings SCA 2019/2049 ......  | EUR | 300 000 | 100 000 | 200 000 | % | 68,023 | 204 069,00 | 0,36 |
| 1,625 % Merck KGaA 2020/2080 * ...................  | EUR | 300 000 | 100 000 |  | % | 87,281 | 261 843,00 | 0,46 |
| 0,872 % Mitsubishi UFJ Financial Group, |  |  |  |  |  |  |  |  |
| Inc. (MTN) 2017/2024 ......................  | EUR | 100 000 |  |  | % | 96,833 | 96 833,00 | 0,17 |
| 0,214 % Mizuho Financial Group, Inc. (MTN) 2020/2025 ...  | EUR | 300 000 | 100 000 |  | % | 92,164 | 276 492,00 | 0,48 |
| 1,375 % Morgan Stanley (MTN) 2016/2026 .............  | EUR | 400 000 | 100 000 |  | % | 93,501 | 374 004,00 | 0,65 |
| 1,102 % Morgan Stanley 2021/2033 * .................  | EUR | 380 000 | 100 000 |  | % | 78,852 | 299 637,60 | 0,52 |
| 3,25  % Muenchener Rueckversicherungs-Gesellschaft AG |  |  |  |  |  |  |  |  |
| in Muenchen 2018/2049 * ...................  | EUR | 100 000 |  |  | % | 93,084 | 93 084,00 | 0,16 |
| 2,125 % Mylan, Inc. (MTN) 2018/2025 ................  | EUR | 100 000 |  |  | % | 95,82 | 95 820,00 | 0,17 |
| 0,90  % Nasdaq, Inc. 2021/2033 .....................  | EUR | 300 000 | 100 000 |  | % | 73,446 | 220 338,00 | 0,38 |
| 2,125 % National Australia Bank (MTN) 2022/2028 .......  | EUR | 350 000 | 350 000 |  | % | 96,413 | 337 445,50 | 0,59 |
| 4,625 % Netflix, Inc. 2018/2029 ......................  | EUR | 300 000 | 500 000 | 200 000 | % | 94,552 | 283 656,00 | 0,50 |
| 4,625 % NN Group NV (MTN) 2017/2048 * .............  | EUR | 100 000 |  |  | % | 96,469 | 96 469,00 | 0,17 |
| 1,125 % Nordea Bank Abp (MTN) 2022/2027 ...........  | EUR | 170 000 | 170 000 |  | % | 92,059 | 156 500,30 | 0,27 |
| 0,082 % NTT FINANCE Corp. 2021/2025 ...............  | EUR | 140 000 |  |  | % | 93,043 | 130 260,20 | 0,23 |
| 0,399 % NTT FINANCE Corp. (MTN) 2021/2028 .........  | EUR | 130 000 |  |  | % | 86,779 | 112 812,70 | 0,20 |
| 0,625 % Nykredit Realkredit A/S (MTN) 2019/2025 .......  | EUR | 100 000 |  |  | % | 95,404 | 95 404,00 | 0,17 |
| 0,25  % Nykredit Realkredit AS (MTN) 2020/2026 .......  | EUR | 200 000 |  |  | % | 90,441 | 180 882,00 | 0,32 |
| 1,00  % Optus Finance Pty, Ltd (MTN) 2019/2029 .......  | EUR | 690 000 | 140 000 |  | % | 87,588 | 604 357,20 | 1,06 |
| 2,375 % Orange SA (MTN) 2019/perpetual * ............  | EUR | 100 000 |  |  | % | 93,605 | 93 605,00 | 0,16 |
| 0,625 % Orange SA (MTN) 2021/2033 .................  | EUR | 100 000 |  |  | % | 75,59 | 75 590,00 | 0,13 |
| 1,00  % PostNL NV (MTN) 2017/2024 ................  | EUR | 500 000 | 100 000 |  | % | 96,47 | 482 350,00 | 0,84 |
| 0,50  % Prologis Euro Finance LLC 2021/2032 ..........  | EUR | 300 000 | 100 000 |  | % | 73,705 | 221 115,00 | 0,39 |
| 3,125 % Prologis International Funding II SA |  |  |  |  |  |  |  |  |
| (MTN) 2022/2031 ..........................  | EUR | 375 000 | 375 000 |  | % | 93,9 | 352 125,00 | 0,61 |
| 3,078 % Prosus NV -Reg- (MTN) 2020/2028 ............  | EUR | 410 000 | 100 000 |  | % | 79,288 | 325 080,80 | 0,57 |
| 1,207 % Prosus NV -Reg- 2022/2026 ..................  | EUR | 120 000 | 120 000 |  | % | 87,201 | 104 641,20 | 0,18 |
| 2,875 % Raiffeisen Bank International AG 2020/2032 * ...  | EUR | 100 000 |  |  | % | 79,396 | 79 396,00 | 0,14 |
| 2,50  % RCS & RDS SA -Reg- (MTN) 2020/2025 ........  | EUR | 200 000 |  |  | % | 88,297 | 176 594,00 | 0,31 |
| 3,875 % Rentokil Initial Finance BV (MTN) 2022/2027 . . . . . | EUR | 270 000 | 270 000 |  | % | 101,71 | 274 617,00 | 0,48 |
| 4,375 % Rentokil Initial Finance BV (MTN) 2022/2030 . . . . . | EUR | 200 000 | 200 000 |  | % | 102,917 | 205 834,00 | 0,36 |
| 1,625 % RTE Reseau de Transport d‘Electricite SADIR |  |  |  |  |  |  |  |  |
| (MTN) 2015/2025 ..........................  | EUR | 100 000 |  |  | % | 98,052 | 98 052,00 | 0,17 |
| 2,50  % Sampo Oyj 2020/2052 * ....................  | EUR | 100 000 |  |  | % | 78,235 | 78 235,00 | 0,14 |
| 1,875 % SANEF SA 2015/2026 ......................  | EUR | 300 000 |  |  | % | 95,489 | 286 467,00 | 0,50 |
| 0,75  % Santander Consumer Bank AG (MTN) 2017/2022 . | EUR | 400 000 |  |  | % | 100,125 | 400 500,00 | 0,70 |
| 0,125 % Santander Consumer Bank AS (MTN) 2020/2025 . | EUR | 400 000 | 100 000 |  | % | 94,035 | 376 140,00 | 0,66 |
| 0,00 % Santander Consumer Finance SA |  |  |  |  |  |  |  |  |
| (MTN) 2021/2026 ..........................  | EUR | 400 000 | 100 000 |  | % | 90,325 | 361 300,00 | 0,63 |
| 1,25  % Segro Capital Sarl (MTN) 2022/2026 ...........  | EUR | 270 000 | 270 000 |  | % | 93,115 | 251 410,50 | 0,44 |
| 3,50  % SES SA (MTN) 2022/2029 ...................  | EUR | 240 000 | 240 000 |  | % | 97,734 | 234 561,60 | 0,41 |
| 2,00  % Signify NV 2020/2024 .......................  | EUR | 100 000 |  |  | % | 98,423 | 98 423,00 | 0,17 |
| 2,375 % Signify NV (MTN) 2020/2027 .................  | EUR | 100 000 |  |  | % | 94,929 | 94 929,00 | 0,17 |
| 1,75  % Skandinaviska Enskilda Banken AB |  |  |  |  |  |  |  |  |
| (MTN) 2022/2026 ..........................  | EUR | 500 000 | 500 000 |  | % | 97,113 | 485 565,00 | 0,85 |
| 1,375 % Societe Generale SA (MTN) 2018/2028 * .......  | EUR | 400 000 | 100 000 |  | % | 98,356 | 393 424,00 | 0,69 |
| 1,00  % Societe Generale SA (MTN) 2020/2030 * .......  | EUR | 400 000 | 100 000 |  | % | 87,543 | 350 172,00 | 0,61 |
| 0,50  % Societe Generale SA (MTN) 2021/2029 * .......  | EUR | 400 000 | 100 000 |  | % | 82,435 | 329 740,00 | 0,58 |
| 0,90  % Standard Chartered PLC (MTN) 2019/2027 * ....  | EUR | 100 000 |  |  | % | 90,527 | 90 527,00 | 0,16 |
| 2,50  % Standard Chartered PLC (MTN) 2020/2030 * ....  | EUR | 120 000 |  |  | % | 94,294 | 113 152,80 | 0,20 |
| 2,375 % Stedin Holding NV (MTN) 2022/2030 ...........  | EUR | 180 000 | 180 000 |  | % | 93,912 | 169 041,60 | 0,30 |
| 2,375 % Suez SACA (MTN) 2022/2030 ................  | EUR | 300 000 | 300 000 |  | % | 92,167 | 276 501,00 | 0,48 |
| 2,534 % Swiss Re Finance Luxembourg SA 2019/2050 * ..  | EUR | 100 000 |  |  | % | 85,889 | 85 889,00 | 0,15 |
| 3,00  % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2030 . | EUR | 200 000 | 100 000 | 200 000 | % | 97,8 | 195 600,00 | 0,34 |
| 2,00  % Takeda Pharmaceutical Co., Ltd 2020/2040 ......  | EUR | 300 000 | 130 000 | 330 000 | % | 75,86 | 227 580,00 | 0,40 |
| 1,125 % Tele2 AB (MTN) 2018/2024 ..................  | EUR | 500 000 | 100 000 | 100 000 | % | 98,84 | 494 200,00 | 0,86 |
| 2,125 % Tele2 AB (MTN) 2018/2028 ..................  | EUR | 400 000 | 160 000 | 360 000 | % | 96,255 | 385 020,00 | 0,67 |
| 3,75  % Teleperformance (MTN) 2022/2029 ............  | EUR | 400 000 | 400 000 |  | % | 101,533 | 406 132,00 | 0,71 |
| 2,125 % Telia Co., AB (MTN) 2019/2034 ...............  | EUR | 100 000 |  |  | % | 89,671 | 89 671,00 | 0,16 |
| 1,625 % TenneT Holding BV (MTN) 2022/2026 ..........  | EUR | 180 000 | 180 000 |  | % | 97,382 | 175 287,60 | 0,31 |
| 2,125 % TenneT Holding BV (MTN) 2022/2029 ..........  | EUR | 190 000 | 190 000 |  | % | 95,764 | 181 951,60 | 0,32 |
| 2,75  % TenneT Holding BV (MTN) 2022/2042 ..........  | EUR | 100 000 | 260 000 | 160 000 | % | 89,452 | 89 452,00 | 0,16 |
| 2,875 % Thermo Fisher Scientific, Inc. 2017/2037 .......  | EUR | 100 000 |  |  | % | 91,159 | 91 159,00 | 0,16 |
| 0,125 % Thermo Fisher Scientific, Inc. (MTN) 2019/2025 ..  | EUR | 100 000 |  |  | % | 95,18 | 95 180,00 | 0,17 |
| 1,50  % Thermo Fisher Scientific, Inc. (MTN) 2019/2039 ..  | EUR | 100 000 |  |  | % | 71,981 | 71 981,00 | 0,13 |
| 1,952 % Toronto-Dominion Bank/The (MTN) 2022/2030 ...  | EUR | 320 000 | 320 000 |  | % | 90,705 | 290 256,00 | 0,51 |
| 1,875 % Transurban Finance Co., Pty, |  |  |  |  |  |  |  |  |
| Ltd (MTN) 2014/2024 .......................  | EUR | 100 000 |  |  | % | 99,587 | 99 587,00 | 0,17 |
| 1,45  % Transurban Finance Co., Pty, |  |  |  |  |  |  |  |  |
| Ltd (MTN) 2019/2029 .......................  | EUR | 400 000 | 100 000 |  | % | 88,82 | 355 280,00 | 0,62 |
| 3,00  % Transurban Finance Co., Pty, |  |  |  |  |  |  |  |  |
| Ltd (MTN) 2020/2030 .......................  | EUR | 140 000 |  |  | % | 97,893 | 137 050,20 | 0,24 |
| 0,50  % UBS AG/London (MTN) 2021/2031 ............  | EUR | 300 000 |  |  | % | 79,405 | 238 215,00 | 0,42 |
| 0,25  % UBS Group AG (MTN) 2021/2026 * ............  | EUR | 200 000 |  |  | % | 90,973 | 181 946,00 | 0,32 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,875 % UBS Group AG (MTN) 2021/2031 .............  | EUR | 200 000 |  |  | % | 77,907 | 155 814,00 | 0,27 |
| 1,375 % UNIQA Insurance Group AG (MTN) 2020/2030 ...  | EUR | 100 000 |  |  | % | 85,215 | 85 215,00 | 0,15 |
| 2,375 % UNIQA Insurance Group AG 2021/2041 * .......  | EUR | 100 000 |  |  | % | 75,405 | 75 405,00 | 0,13 |
| 0,875 % Verizon Communications, Inc. (MTN) 2019/2027 . | EUR | 500 000 | 100 000 |  | % | 92,097 | 460 485,00 | 0,80 |
| 0,375 % Verizon Communications, Inc. (MTN) 2021/2029 . | EUR | 300 000 | 100 000 |  | % | 84,942 | 254 826,00 | 0,44 |
| 1,50  % Visa, Inc. 2022/2026 ........................  | EUR | 980 000 | 980 000 |  | % | 97,845 | 958 881,00 | 1,67 |
| 1,60  % Vodafone Group PLC (MTN) 2016/2031 ........  | EUR | 100 000 |  |  | % | 87,776 | 87 776,00 | 0,15 |
| 3,10  % Vodafone Group PLC 2018/2079 * ............  | EUR | 200 000 | 200 000 |  | % | 95,738 | 191 476,00 | 0,33 |
| 3,125 % Volkswagen International Finance NV 2022/2025 . | EUR | 200 000 | 200 000 |  | % | 101,123 | 202 246,00 | 0,35 |
| 5,875 % Webuild SpA (MTN) 2020/2025 ...............  | EUR | 210 000 |  |  | % | 91,623 | 192 408,30 | 0,34 |
| 1,375 % Wendel SE 2022/2034 ......................  | EUR | 300 000 | 300 000 |  | % | 67,012 | 201 036,00 | 0,35 |
| 0,427 % Westpac Securities NZ/London (MTN) 2021/2026 | EUR | 160 000 |  |  | % | 90,366 | 144 585,60 | 0,25 |
| 2,125 % Wurth Finance International BV (MTN) 2022/2030 | EUR | 420 000 | 420 000 |  | % | 93,909 | 394 417,80 | 0,69 |
| 2,425 % Zimmer Biomet Holdings, Inc. (MTN) 2016/2026 . | EUR | 200 000 | 100 000 | 300 000 | % | 96,629 | 193 258,00 | 0,34 |
| 1,164 % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 . | EUR | 600 000 | 200 000 |  | % | 87,71 | 526 260,00 | 0,92 |
| 2,02  % Zuercher Kantonalbank (MTN) 2022/2028 * .....  | EUR | 530 000 | 530 000 |  | % | 96,355 | 510 681,50 | 0,89 |
| 3,375 % Abertis Infraestructuras SA (MTN) 2019/2026 ....  | GBP | 200 000 | 200 000 |  | % | 94,44 | 220 542,96 | 0,38 |
| 1,50  % CaixaBank SA (MTN) 2021/2026 * .............  | GBP | 200 000 |  |  | % | 90,023 | 210 228,07 | 0,37 |
| 1,874 % Credit Agricole SA (MTN) 2021/2031 * .........  | GBP | 100 000 |  |  | % | 85,452 | 99 776,77 | 0,17 |
| 1,985 % Lloyds Banking Group Plc (MTN) 2021/2031 * ...  | GBP | 100 000 |  |  | % | 85,736 | 100 108,38 | 0,17 |
| 1,625 % Nordea Bank Abp (MTN) 2021/2032 * ..........  | GBP | 300 000 |  |  | % | 83,22 | 291 511,84 | 0,51 |
| 3,20  % AbbVie, Inc. (MTN) 2020/2029 ................  | USD | 200 000 |  |  | % | 91,953 | 176 569,62 | 0,31 |
| 2,749 % Banco Santander SA (MTN) 2020/2030 .........  | USD | 200 000 |  |  | % | 79,584 | 152 818,47 | 0,27 |
| 2,561 % Citigroup, Inc. 2021/2032 * ..................  | USD | 300 000 |  |  | % | 82,392 | 237 315,66 | 0,41 |
| 8,75  % Deutsche Telekom International |  |  |  |  |  |  |  |  |
| Finance BV 2000/2030 ......................  | USD | 200 000 |  |  | % | 123,685 | 237 501,92 | 0,41 |
| 2,65  % HP, Inc. (MTN) 2022/2031 ...................  | USD | 200 000 | 200 000 |  | % | 80,119 | 153 845,79 | 0,27 |
| 4,00  % HSBC Holdings PLC 2021/perpetual * ..........  | USD | 200 000 |  |  | % | 84,351 | 161 972,14 | 0,28 |
| 7,50  % Lloyds Banking Group PLC 2018/perpetual * ....  | USD | 200 000 |  |  | % | 97,831 | 187 856,65 | 0,33 |
| 10,00 % Medya Holding International Ltd 1996/2049 *** ..  | USD | 2 500 000 |  |  | % |  | 2,40 | 0,00 |
| 2,648 % Nomura Holdings, Inc. (MTN) 2020/2025 .......  | USD | 200 000 |  |  | % | 95,027 | 182 472,37 | 0,32 |
| 7,875 % Societe Generale SA -Reg- 2013/perpetual * ....  | USD | 200 000 |  |  | % | 98,358 | 188 868,61 | 0,33 |
| 2,55  % Verizon Communications, Inc. (MTN) 2021/2031 . | USD | 300 000 |  |  | % | 85,763 | 247 025,23 | 0,43 |

Summe Wertpapiervermögen	57 001 380,98	99,54
Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 67 225,79 | 0,12 |
| --- | --- | --- | --- | --- | --- | --- |
| Zinsterminkontrakte Germany Federal Republic Bonds 5 year 09/2022 (DB) .....  | Stück | 11 | 44 | 33 | -2 060,00 | 0,00 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Stück | -13 | 10 | 23 | 28 470,00 | 0,05 |
| UK Treasury Notes 09/2022 (DB) ......................  | Stück | -3 |  | 3 | 15 167,58 | 0,03 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........  | Stück | -10 | 3 | 13 | 25 648,21 | 0,04 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -36 641,37 | -0,07 |
| Devisentermingeschäfte |  |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |  |
| Geschlossene Positionen USD/EUR 0,3 Mio. .................................  |  |  |  |  | -373,01 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |  |
| Offene Positionen EUR/GBP 0,8 Mio. .................................  |  |  |  |  | -7 191,60 | -0,02 |
| EUR/USD 1,8 Mio. .................................  |  |  |  |  | -29 076,76 | -0,05 |
| Bankguthaben |  |  |  |  | 3 460,71 | 0,01 |
| Verwahrstelle (täglich fällig) |  |  |  |  |  |  |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 2 964 |  |  | 3 460,71 | 0,01 |
| Sonstige Vermögensgegenstände |  |  |  |  | 333 770,66 | 0,58 |
| Zinsansprüche .....................................  |  |  |  |  | 320 634,06 | 0,56 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  | 10 500,66 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  |  | 2 635,94 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. Währung | Nominalbetrag bzw. Bestand | Käufe/ Zugänge im | Verkäufe/ Abgänge Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Forderungen aus Anteilscheingeschäften |  |  | 257,82 | 0,00 |
| Summe der Vermögensgegenstände ** |  |  | 57 408 155,96 | 100,25 |
| Kurzfristige Verbindlichkeiten |  |  | -8 773,53 | -0,02 |
| EUR-Kredite ......................................  | EUR |  | -3 095,58 | -0,01 |
| Kredite in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar ........................................  | USD | -5 914 | -5 677,95 | -0,01 |
| Sonstige Verbindlichkeiten |  |  | -89 932,86 | -0,15 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -89 932,86 | -0,15 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -3 849,25 | -0,01 |
| Summe der Verbindlichkeiten |  |  | -141 257,01 | -0,25 |
| Fondsvermögen |  |  | 57 266 898,95 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 86,24 |
| Klasse FD ........................................  | EUR | 86,56 |
| Klasse LD ........................................  | EUR | 86,44 |
| Klasse TFD .......................................  | EUR | 86,06 |
| Klasse XD ........................................  | EUR | 86,74 |
| Klasse USD LDH ..................................  | USD | 86,61 |
| Klasse USD XCH ..................................  | USD | 87,19 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 35 400,522 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse LD ........................................  | Stück | 393 113,627 |
| Klasse TFD .......................................  | Stück | 21,732 |
| Klasse XD ........................................  | Stück | 229 920,000 |
| Klasse USD LDH ..................................  | Stück | 3 263,648 |
| Klasse USD XCH ..................................  | Stück | 106,610 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) Solactive ISS Paris Aligned Select Euro Corporate IG Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 99,874 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 118,269 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 110,956 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,2, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 7 158 237,35.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Deutsche Bank AG, State Street Bank International GmbH und UBS AG.
| Devisenkurse (in Mengennotiz) |  |
| --- | --- |
|  |  | per 30.6.2022 |
| Britisches Pfund	GBP | 0,856432 | = EUR	1 |
| US-Dollar	USD | 1,041549 | = EUR	1 |
| Erläuterungen zur Bewertung |  |  |

Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
Fußnoten
* Variabler Zinssatz.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.
*** Der Emittent der Wertpapiere befindet sich in Insolvenz.