# DWS Invest Short Duration Credit
DWS INVEST SHORT DURATION CREDIT

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0236145453 | -7.7% |
| Class FC | LU0236146428 | -7.6% |
| Class IC | LU0982752155 | -7.5% |
| Class IC50 | LU1599083646 | -7.5% |
| Class ID | LU0982752239 | -7.5% |
| Class ID50 | LU1599083729 | -7.5% |
| Class LD | LU0507269321 | -7.7% |
| Class NC | LU0236146006 | -8.0% |
| Class PFC | LU1496318525 | -7.7% |
| Class TFC | LU1663942362 | -7.7% |
| Class TFD | LU1663944731 | -7.6% |
| iBoxx € Corp 1-3Y |  | -4.3% |

“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 Short Duration Credit
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 437 506 948.16 | 97.81 |
| Total bonds | 437 506 948.16 | 97.81 |
| 2. Derivatives | -231 730.12 | -0.05 |
| 3. Cash at bank | 2 968 132.81 | 0.66 |
| 4. Other assets | 2 867 322.01 | 0.64 |
| 5. Receivables from share certificate transactions | 5 293 728.30 | 1.18 |
| II. Liabilities |  |  |
| 1. Other liabilities | -480 174.48 | -0.10 |
| 2. Liabilities from share certificate transactions | -618 092.04 | -0.14 |
| III. Net assets | 447 306 134.64 | 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 |  |  |  |  |  | 434 747 813.60 | 97.19 |
| Interest-bearing securities 2.50  % A2A SpA (MTN) 2022/2026...................  | EUR | 2 100 000 | 2 100 000 | % | 98.237 | 2 062 977.00 | 0.46 |
| 1.875 % ADLER Group SA (MTN) 2021/2026 ............  | EUR | 3 900 000 |  | % | 52.294 | 2 039 466.00 | 0.46 |
| 1.25  % AIB Group PLC (MTN) 2019/2024 ..............  | EUR | 3 210 000 |  | % | 97.513 | 3 130 167.30 | 0.70 |
| 1.125 % Akelius Residential Property AB (MTN) 2017/2024 | EUR | 2 500 000 |  | % | 97.575 | 2 439 375.00 | 0.55 |
| 2.75  % Arkema SA (MTN) 2019/perpetual * ............  | EUR | 1 100 000 |  | % | 94.679 | 1 041 469.00 | 0.23 |
| 2.125 % Aroundtown SA 2018/perpetual * ** ...........  | EUR | 2 000 000 |  | % | 71.372 | 1 427 440.00 | 0.32 |
| 0.155 % Asahi Group Holdings Ltd 2020/2024 ...........  | EUR | 1 840 000 |  | % | 95.62 | 1 759 408.00 | 0.39 |
| 0.01  % Asahi Group Holdings Ltd 2021/2024 ...........  | EUR | 3 980 000 |  | % | 96.696 | 3 848 500.80 | 0.86 |
| 1.00  % ASTM SpA (MTN) 2021/2026 .................  | EUR | 4 940 000 |  | % | 87.864 | 4 340 481.60 | 0.97 |
| 3.75  % ATF Netherlands BV 2016/perpetual * ..........  | EUR | 3 400 000 |  | % | 88.008 | 2 992 272.00 | 0.67 |
| 1.625 % AusNet Services Holdings (MTN) 2021/2081 * ...  0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2024 ................................  | EUR EUR | 1 130 000 2 900 000 |  | % % | 76.07 95.799 | 859 591.00 2 778 171.00 | 0.19 0.62 |
| 1.00  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 * ..............................  | EUR | 3 000 000 |  | % | 90.048 | 2 701 440.00 | 0.60 |
| 4.50 % Banco Comercial Portugues SA (MTN) 2017/2027 * ** ............................  | EUR | 2 000 000 |  | % | 93.639 | 1 872 780.00 | 0.42 |
| 2.00  % Banco de Sabadell SA (MTN) 2020/2030 *.......  | EUR | 2 000 000 |  | % | 87.545 | 1 750 900.00 | 0.39 |
| 1.375 % Banco Santander SA (MTN) 2020/2026 .........  | EUR | 1 400 000 |  | % | 94.236 | 1 319 304.00 | 0.30 |
| 1.949 % Bank of America Corp. (MTN) 2022/2026 * ......  | EUR | 2 590 000 | 2 590 000 | % | 96.857 | 2 508 596.30 | 0.56 |
| 1.375 % Bank of Ireland Group PLC (MTN) 2018/2023 ....  | EUR | 4 030 000 |  | % | 99.244 | 3 999 533.20 | 0.89 |
| 0.75  % Bank of Ireland Group PLC (MTN) 2019/2024 * ...  | EUR | 2 300 000 |  | % | 98.219 | 2 259 037.00 | 0.51 |
| 1.375 % Barclays PLC (MTN) 2018/2026 * ..............  | EUR | 1 550 000 |  | % | 95.214 | 1 475 817.00 | 0.33 |
| 0.75  % Barclays PLC (MTN) 2019/2025 * ..............  | EUR | 3 180 000 |  | % | 95.919 | 3 050 224.20 | 0.68 |
| 3.375 % Barclays PLC (MTN) 2020/2025 * ..............  | EUR | 1 710 000 |  | % | 100.836 | 1 724 295.60 | 0.39 |
| 3.75  % Bayer AG 2014/2074 * ......................  | EUR | 3 000 000 |  | % | 90.386 | 2 711 580.00 | 0.61 |
| 0.05  % Bayer AG 2021/2025 ........................  | EUR | 3 500 000 |  | % | 94.486 | 3 307 010.00 | 0.74 |
| 0.034 % Becton Dickinson and Co. 2021/2025 ...........  | EUR | 1 800 000 |  | % | 92.652 | 1 667 736.00 | 0.37 |
| 0.375 % Belfius Bank SA (MTN) 2020/2025 .............  0.50  % Blackstone Property Partners Europe Holdings Sarl (MTN) 2019/2023 .......................  | EUR EUR | 3 900 000 5 000 000 |  | % % | 92.631 97.283 | 3 612 609.00 4 864 150.00 | 0.81 1.09 |
| 1.00  % Blackstone Property Partners Europe Holdings |  |  |  |  |  |  |  |  |
| Sarl (MTN) 2021/2026 .......................  | EUR | 4 200 000 | % | 84.989 | 3 569 538.00 | 0.80 |
| 6.375 % Caisse Nationale de Reassurance Mutuelle |  |  |  |  |  |  |  |  |
| Agricole Groupama 2014/perpetual * ...........  | EUR | 2 900 000 |  | % | 101.054 | 2 930 566.00 | 0.66 |
| 1.00  % CaixaBank SA (MTN) 2019/2024 ...............  | EUR | 1 300 000 |  | % | 97.184 | 1 263 392.00 | 0.28 |
| 0.625 % CaixaBank SA (MTN) 2019/2024 **............  | EUR | 4 900 000 |  | % | 95.056 | 4 657 744.00 | 1.04 |
| 0.375 % CaixaBank SA (MTN) 2020/2025 ...............  | EUR | 1 700 000 | 1 700 000 | % | 94.719 | 1 610 223.00 | 0.36 |
| 0.625 % Capgemini SE (MTN) 2020/2025 **............  | EUR | 2 600 000 |  | % | 94.973 | 2 469 298.00 | 0.55 |
| 0.80  % Capital One Financial Corp. (MTN) 2019/2024 ....  | EUR | 5 000 000 |  | % | 96.383 | 4 819 150.00 | 1.08 |
| 1.125 % Celanese US Holdings LLC (MTN) 2016/2023 ....  | EUR | 847 000 |  | % | 97.613 | 826 782.11 | 0.19 |
| 2.875 % Cellnex Telecom SA (MTN) 2017/2025 ..........  0.375 % CK Hutchison Group Telecom Finance SA 2019/2023 ................................  | EUR EUR | 1 600 000 6 690 000 |  | % % | 97.245 98.185 | 1 555 920.00 6 568 576.50 | 0.35 1.47 |
| 1.125 % CNAC HK Finbridge Co., Ltd 2020/2024 .........  | EUR | 3 000 000 |  | % | 94.47 | 2 834 100.00 | 0.63 |
| 2.25  % Coloplast Finance BV (MTN) 2022/2027 .........  | EUR | 1 095 000 | 1 095 000 | % | 97.358 | 1 066 070.10 | 0.24 |
| 2.125 % Conti-Gummi Finance BV (MTN) 2020/2023 ......  | EUR | 2 150 000 |  | % | 100.239 | 2 155 138.50 | 0.48 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 2 200 000 |  | % | 93.385 | 2 054 470.00 | 0.46 |
| 0.25  % Credit Suisse AG/London (MTN) 2021/2026 ......  | EUR | 3 630 000 |  | % | 89.708 | 3 256 400.40 | 0.73 |
| 2.125 % Credit Suisse AG/London (MTN) 2022/2024 ......  | EUR | 3 830 000 | 3 830 000 | % | 99.275 | 3 802 232.50 | 0.85 |
| 2.125 % Credit Suisse Group AG 2022/2026 * ...........  | EUR | 3 450 000 | 3 450 000 | % | 93.312 | 3 219 264.00 | 0.72 |
| 0.875 % CRH Finland Services Oyj (MTN) 2020/2023 .....  | EUR | 1 080 000 |  | % | 98.757 | 1 066 575.60 | 0.24 |
| 1.375 % Criteria Caixa SA (MTN) 2019/2024. . . . . . . . . . . . . | EUR | 1 600 000 |  | % | 98.85 | 1 581 600.00 | 0.35 |
| 1.50  % Danske Bank A/S (MTN) 2020/2030 * ** ........  | EUR | 1 420 000 |  | % | 90.399 | 1 283 665.80 | 0.29 |
| 1.00  % Deutsche Bank AG (MTN) 2020/2025 * ** ......  | EUR | 2 400 000 |  | % | 94.419 | 2 266 056.00 | 0.51 |
| 0.25  % Deutsche Pfandbriefbank AG (MTN) 2021/2025...  | EUR | 5 100 000 |  | % | 90.519 | 4 616 469.00 | 1.03 |
| 4.00  % Electricite de France SA 2018/perpetual * .......  | EUR | 3 400 000 |  | % | 91.925 | 3 125 450.00 | 0.70 |
| 4.125 % Elis SA (MTN) 2022/2027 ....................  3.75 % ELM BV for Firmenich International SA 2020/perpetual * ...........................  | EUR EUR | 700 000 1 580 000 | 700 000 | % % | 95.223 92.234 | 666 561.00 1 457 297.20 | 0.15 0.33 |
| 4.875 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2025 ** .............................  | EUR | 1 500 000 |  | 1 270 000 | % | 96.801 | 1 452 015.00 | 0.32 |
| 0.25  % Enel Finance International NV 2022/2025 **.....  | EUR | 6 430 000 | 6 430 000 |  | % | 92.631 | 5 956 173.30 | 1.33 |
| 2.50  % Enel SpA 2018/perpetual * ...................  | EUR | 6 740 000 |  |  | % | 96.478 | 6 502 617.20 | 1.45 |
| 3.25  % Engie SA 2019/perpetual * ** ................  | EUR | 1 800 000 |  |  | % | 94.553 | 1 701 954.00 | 0.38 |
| 2.625 % Eni SpA 2020/perpetual * ....................  | EUR | 5 000 000 |  |  | % | 89.379 | 4 468 950.00 | 1.00 |
| 1.659 % EP Infrastructure AS (MTN) 2018/2024. . . . . . . . . . | EUR | 16 000 000 |  |  | % | 85.136 | 13 621 760.00 | 3.05 |
| 1.698 % EP Infrastructure AS (MTN) 2019/2026. . . . . . . . . . | EUR | 2 670 000 |  |  | % | 70.237 | 1 875 327.90 | 0.42 |
| 0.00  % FCA Bank SpA/Ireland (MTN) 2021/2024 ........  | EUR | 3 810 000 |  |  | % | 96.525 | 3 677 602.50 | 0.82 |
| 2.124 % Ferrovial Netherlands BV 2017/perpetual *. . . . . . . | EUR | 2 832 000 |  |  | % | 83.54 | 2 365 852.80 | 0.53 |
| 1.875 % Fresenius SE & Co., KGaA (MTN) 2022/2025 .....  2.20  % General Motors Financial Co, Inc. (MTN) 2019/2024 ................................  | EUR EUR | 1 150 000 2 000 000 | 1 150 000 |  | % % | 97.35 99.106 | 1 119 525.00 1 982 120.00 | 0.25 0.44 |
| 1.00  % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2022/2025 ................................  | EUR | 4 340 000 | 4 340 000 | % | 94.421 | 4 097 871.40 | 0.92 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3.50  % Getlink SE (MTN) 2020/2025..................  | EUR | 2 640 000 |  |  | % | 95.868 | 2 530 915.20 | 0.57 |
| 0.125 % Goldman Sachs Group, Inc. (MTN) 2019/2024 ....  | EUR | 2 980 000 |  |  | % | 95.367 | 2 841 936.60 | 0.64 |
| 0.00  % Goldman Sachs Group, Inc. (MTN) 2021/2024 * ..  | EUR | 2 850 000 |  |  | % | 98.394 | 2 804 229.00 | 0.63 |
| 3.625 % Gruenenthal GmbH -Reg- (MTN) 2021/2026 ** ..  | EUR | 1 580 000 |  |  | % | 90.727 | 1 433 486.60 | 0.32 |
| 0.50 % Hamburg Commercial Bank AG (MTN) |  |  |  |  |  |  |  |  |
| 2021/2026 * ..............................  | EUR | 1 500 000 |  |  | % | 90.082 | 1 351 230.00 | 0.30 |
| 1.50  % Heathrow Funding Ltd (MTN) 2020/2025 ........  | EUR | 2 020 000 |  |  | % | 95.534 | 1 929 786.80 | 0.43 |
| 2.125 % Heimstaden Bostad AB (MTN) 2019/2023 .......  | EUR | 3 276 000 |  |  | % | 98.17 | 3 216 049.20 | 0.72 |
| 0.25  % Heimstaden Bostad Treasury BV (MTN) |  |  |  |  |  |  |  |  |
| 2021/2024 ................................  | EUR | 3 880 000 |  |  | % | 91.131 | 3 535 882.80 | 0.79 |
| 0.318 % Highland Holdings Sarl (MTN) 2021/2026 ........  | EUR | 1 230 000 |  | 1 620 000 | % | 89.385 | 1 099 435.50 | 0.25 |
| 2.375 % Holcim Finance Luxembourg SA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 1 520 000 |  |  | % | 99.352 | 1 510 150.40 | 0.34 |
| 0.00  % HOWOGE Wohnungs-baugesellschaft mbH (MTN) |  |  |  |  |  |  |  |  |
| 2021/2024 ................................  | EUR | 4 000 000 |  |  | % | 94.388 | 3 775 520.00 | 0.84 |
| 1.875 % Iberdrola International BV 2017/perpetual * **....  | EUR | 2 400 000 |  |  | % | 98.171 | 2 356 104.00 | 0.53 |
| 5.125 % Iliad Holding SASU -Reg- (MTN) 2021/2026 ......  | EUR | 1 310 000 |  |  | % | 89.53 | 1 172 843.00 | 0.26 |
| 2.125 % ING Groep NV (MTN) 2022/2026 * .............  | EUR | 2 400 000 | 2 400 000 |  | % | 97.428 | 2 338 272.00 | 0.52 |
| 0.75  % Intesa Sanpaolo SpA (MTN) 2019/2024 .........  | EUR | 1 870 000 |  |  | % | 96.012 | 1 795 424.40 | 0.40 |
| 0.625 % Intesa Sanpaolo SpA (MTN) 2021/2026 ** ......  | EUR | 3 420 000 |  |  | % | 89.056 | 3 045 715.20 | 0.68 |
| 1.75 % IQVIA, Inc. -Reg- (MTN) 2021/2026 ............  | EUR | 2 010 000 |  |  | % | 88.246 | 1 773 744.60 | 0.40 |
| 1.25  % ISS Finance BV (MTN) 2020/2025..............  | EUR | 4 570 000 |  |  | % | 96.224 | 4 397 436.80 | 0.98 |
| 0.875 % ISS Global A/S (MTN) 2019/2026 ** ...........  | EUR | 3 000 000 |  |  | % | 90.044 | 2 701 320.00 | 0.60 |
| 0.25  % Italgas SpA (MTN) 2020/2025 .................  | EUR | 3 790 000 |  |  | % | 93.879 | 3 558 014.10 | 0.80 |
| 1.375 % Johnson Controls International plc (MTN) |  |  |  |  |  |  |  |  |
| 2016/2025 ................................  | EUR | 3 000 000 |  |  | % | 96.083 | 2 882 490.00 | 0.64 |
| 1.50  % KBC Group NV (MTN) 2022/2026 * ............  | EUR | 2 100 000 | 2 100 000 |  | % | 96.226 | 2 020 746.00 | 0.45 |
| 0.25  % LeasePlan Corp., NV (MTN) 2021/2026 .........  | EUR | 3 500 000 |  |  | % | 87.596 | 3 065 860.00 | 0.69 |
| 0.375 % LEG Immobilien SE (MTN) 2022/2026 ..........  | EUR | 3 400 000 | 3 400 000 |  | % | 88.745 | 3 017 330.00 | 0.67 |
| 2.264 % Mitsubishi UFJ Financial Group, Inc. 2022/2025 * . | EUR | 1 950 000 | 1 950 000 |  | % | 99.668 | 1 943 526.00 | 0.43 |
| 0.214 % Mizuho Financial Group, Inc. (MTN) 2020/2025 ...  | EUR | 1 310 000 |  |  | % | 92.164 | 1 207 348.40 | 0.27 |
| 2.103 % Morgan Stanley 2022/2026 * .................  | EUR | 2 820 000 | 2 820 000 |  | % | 98.101 | 2 766 448.20 | 0.62 |
| 0.41  % National Grid North America, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2022/2026 ................................  | EUR | 4 130 000 | 4 130 000 |  | % | 91.638 | 3 784 649.40 | 0.85 |
| 4.125 % Naturgy Finance BV 2014/perpetual * ..........  | EUR | 1 000 000 |  |  | % | 98.955 | 989 550.00 | 0.22 |
| 1.625 % NGG Finance PLC 2019/2079 * ...............  | EUR | 5 000 000 |  |  | % | 90.183 | 4 509 150.00 | 1.01 |
| 1.94  % Nissan Motor Co., Ltd -Reg- 2020/2023 .........  | EUR | 1 360 000 |  |  | % | 99.559 | 1 354 002.40 | 0.30 |
| 2.875 % OMV AG 2018/perpetual * **.................  | EUR | 5 400 000 |  |  | % | 95.4 | 5 151 600.00 | 1.15 |
| 0.50  % POSCO Holdings, Inc. -Reg- 2020/2024 .........  | EUR | 4 000 000 |  |  | % | 98.054 | 3 922 160.00 | 0.88 |
| 1.875 % PPG Industries, Inc. 2022/2025 ** ............  | EUR | 780 000 | 780 000 |  | % | 98.042 | 764 727.60 | 0.17 |
| 1.207 % Prosus NV -Reg- 2022/2026 ..................  | EUR | 2 230 000 | 2 230 000 |  | % | 87.201 | 1 944 582.30 | 0.43 |
| 1.75  % RCI Banque SA (MTN) 2019/2026 ** ..........  | EUR | 2 000 000 |  |  | % | 91.103 | 1 822 060.00 | 0.41 |
| 0.50  % RCI Banque SA (MTN) 2022/2025 .............  | EUR | 2 400 000 | 2 400 000 |  | % | 90.23 | 2 165 520.00 | 0.48 |
| 1.875 % Redexis Gas Finance BV (MTN) 2020/2025 ......  | EUR | 4 600 000 |  |  | % | 96.219 | 4 426 074.00 | 0.99 |
| 1.00  % Renault SA (MTN) 2018/2024 ** ..............  | EUR | 3 500 000 |  |  | % | 93.72 | 3 280 200.00 | 0.73 |
| 2.625 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
| 2020/perpetual * ** ........................  | EUR | 6 460 000 |  |  | % | 32.178 | 2 078 698.80 | 0.46 |
| 2.125 % Sandvik AB (MTN) 2022/2027 .................  | EUR | 1 920 000 | 1 920 000 |  | % | 97.314 | 1 868 428.80 | 0.42 |
| 0.125 % Santander Consumer Bank AS (MTN) 2020/2025..  | EUR | 5 300 000 |  |  | % | 94.035 | 4 983 855.00 | 1.11 |
| 0.50  % Santander Consumer Bank AS (MTN) 2022/2025..  | EUR | 1 200 000 | 1 200 000 |  | % | 93.751 | 1 125 012.00 | 0.25 |
| 1.00 % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | EUR | 800 000 |  |  | % | 98.359 | 786 872.00 | 0.18 |
| 0.00 % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
| 2021/2026 ................................  | EUR | 2 800 000 |  | % | 90.325 | 2 529 100.00 | 0.57 |
| 2.25  % Scania CV AB (MTN) 2020/2025 ...............  | EUR | 1 490 000 |  | % | 98.455 | 1 466 979.50 | 0.33 |
| 6.375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 1 310 000 |  | % | 84.508 | 1 107 054.80 | 0.25 |
| 1.25  % Segro Capital Sarl (MTN) 2022/2026 ............  | EUR | 4 220 000 | 4 220 000 | % | 93.115 | 3 929 453.00 | 0.88 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 4 100 000 |  | % | 98.423 | 4 035 343.00 | 0.90 |
| 1.75  % Skandinaviska Enskilda Banken AB (MTN) |  |  |  |  |  |  |  |
| 2022/2026 ................................  | EUR | 3 730 000 | 3 730 000 | % | 97.113 | 3 622 314.90 | 0.81 |
| 1.875 % Southern Co. 2021/2081 * ...................  | EUR | 1 411 000 |  | % | 68.62 | 968 228.20 | 0.22 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  | EUR | 1 900 000 |  | % | 96.462 | 1 832 778.00 | 0.41 |
| 2.875 % thyssenkrupp AG (MTN) 2019/2024 ** .........  | EUR | 2 580 000 |  | % | 96.146 | 2 480 566.80 | 0.55 |
| 1.75  % TotalEnergies SE (MTN) 2019/perpetual * .......  | EUR | 3 000 000 |  | % | 94.071 | 2 822 130.00 | 0.63 |
| 2.00  % TotalEnergies SE 2022/perpetual * .............  | EUR | 3 180 000 | 3 180 000 | % | 85.093 | 2 705 957.40 | 0.61 |
| 0.125 % Traton Finance Luxembourg SA (MTN) |  |  |  |  |  |  |  |
| 2021/2025 ................................  | EUR | 4 100 000 |  | % | 92.892 | 3 808 572.00 | 0.85 |
| 0.25  % UBS Group AG (MTN) 2021/2026 * ............  | EUR | 5 060 000 |  | % | 90.973 | 4 603 233.80 | 1.03 |
| 1.00  % UBS Group AG (MTN) 2022/2025 * ............  | EUR | 3 540 000 | 3 540 000 | % | 97.69 | 3 458 226.00 | 0.77 |
| 2.125 % Unibail-Rodamco-Westfield SE |  |  |  |  |  |  |  |
| 2018/perpetual * ** ........................  | EUR | 3 000 000 |  | % | 74.391 | 2 231 730.00 | 0.50 |
| 1.023 % Upjohn Finance BV 2020/2024 ** .............  | EUR | 5 720 000 |  | % | 96.059 | 5 494 574.80 | 1.23 |
| 3.10  % Vodafone Group PLC 2018/2079 * .............  | EUR | 2 350 000 |  | % | 95.738 | 2 249 843.00 | 0.50 |
| 1.875 % Volkswagen Bank GmbH (MTN) 2019/2024 ......  | EUR | 5 000 000 |  | % | 99.449 | 4 972 450.00 | 1.11 |
| 3.00 % Volkswagen Financial Services AG (MTN) |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 4 665 000 |  | % | 100.523 | 4 689 397.95 | 1.05 |
| 0.00 % Volkswagen Financial Services AG (MTN) |  |  |  |  |  |  |  |  |
| 2021/2025 ................................  | EUR | 2 370 000 | % | 92.841 | 2 200 331.70 | 0.49 |
| 0.25 % Volkswagen Financial Services AG (MTN) |  |  |  |  |  |  |  |  |
| 2022/2025 ** .............................  | EUR | 2 360 000 | 2 360 000 | % | 93.864 | 2 215 190.40 | 0.50 |
| 3.375 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2018/perpetual * ...........................  | EUR | 5 000 000 | % | 92.505 | 4 625 250.00 | 1.03 |
| 0.25  % Volkswagen Leasing GmbH (MTN) 2021/2026 ....  | EUR | 3 320 000 | % | 90.908 | 3 018 145.60 | 0.67 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.375 % Volkswagen Leasing GmbH (MTN) 2021/2026 ....  | EUR | 2 640 000 |  | % | 89.138 | 2 353 243.20 | 0.53 |
| 0.50  % Werfenlife SA (MTN) 2021/2026...............  | EUR | 3 100 000 |  | % | 90.562 | 2 807 422.00 | 0.63 |
| 0.427 % Westpac Securities NZ/London (MTN) 2021/2026 . | EUR | 2 110 000 |  | % | 90.366 | 1 906 722.60 | 0.43 |
| 0.452 % Wintershall Dea Finance BV 2019/2023 .........  | EUR | 7 200 000 |  | % | 97.768 | 7 039 296.00 | 1.57 |
| 2.499 % Wintershall Dea Finance BV 2021/perpetual * ....  | EUR | 4 000 000 |  | % | 70.762 | 2 830 480.00 | 0.63 |
| 3.00  % ZF Finance GmbH (MTN) 2020/2025 ...........  | EUR | 5 000 000 |  | % | 88.046 | 4 402 300.00 | 0.98 |
| 2.02  % Zuercher Kantonalbank (MTN) 2022/2028 * ......  | EUR | 2 520 000 | 2 520 000 | % | 96.355 | 2 428 146.00 | 0.54 |
| 3.375 % Abertis Infraestructuras SA (MTN) 2019/2026 ....  0.75 % Toyota Motor Finance Netherlands BV (MTN) 2021/2025 ................................  | GBP GBP | 1 000 000 8 050 000 | 1 000 000 | % % | 94.44 91.557 | 1 102 714.81 8 605 867.63 | 0.25 1.92 |
| 2.45  % AerCap Ireland Capital DAC Via AerCap Global Aviation Trust (MTN) 2021/2026 ...............  | USD | 2 750 000 |  |  | % | 86.94 | 2 295 474.21 | 0.51 |
| 1.60  % American Tower Corp. (MTN) 2021/2026 ........  | USD | 6 795 000 |  |  | % | 89.428 | 5 834 223.57 | 1.30 |
| 2.30  % Ford Motor Credit Co. LLC 2022/2025 ..........  | USD | 4 310 000 | 4 310 000 |  | % | 90.114 | 3 728 976.33 | 0.83 |
| 1.75  % Hewlett Packard Enterprise Co. (MTN) 2020/2026 . | USD | 4 000 000 |  |  | % | 91.256 | 3 504 624.63 | 0.78 |
| 2.648 % Nomura Holdings, Inc. (MTN) 2020/2025 ........  | USD | 5 000 000 |  |  | % | 95.027 | 4 561 809.15 | 1.02 |
| 5.125 % Rakuten Group, Inc. -Reg- 2021/perpetual * ** ...  | USD | 2 590 000 |  |  | % | 81.358 | 2 023 112.89 | 0.45 |
| 2.625 % T-Mobile USA, Inc. (MTN) 2021/2026 ...........  | USD | 3 420 000 |  |  | % | 90.95 | 2 986 406.33 | 0.67 |
| 1.45  % Verizon Communications, Inc. (MTN) 2021/2026 ..  | USD | 12 480 000 |  |  | % | 91.521 | 10 966 181.53 | 2.45 |
| 3.25  % Vodafone Group PLC 2021/2081 * .............  | USD | 2 700 000 |  |  | % | 84.363 | 2 186 934.96 | 0.49 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 2 759 134.56 | 0.62 |
| Interest-bearing securities 3.638 % Magallanes, Inc. -144A- 2022/2025.............  | USD | 2 960 000 | 2 960 000 |  | % | 97.087 | 2 759 134.56 | 0.62 |
| Total securities portfolio |  |  |  |  |  |  | 437 506 948.16 | 97.81 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 536 060.83 | 0.12 |
| Interest rate futures Euro SCHATZ Futures 09/2022 (MS) ....................  | Count | 218 | 218 |  |  |  | -7 630.00 | 0.00 |
| Germany Federal Republic Bonds 5 year 09/2022 (MS) .....  | Count | -546 |  | 546 |  |  | 267 540.00 | 0.06 |
| US Treasury Notes 5 year Futures 09/2022 (MS) ..........  | Count | -236 |  | 236 |  |  | 276 150.83 | 0.06 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -767 790.95 | -0.17 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 8.4 million ................................  |  |  |  |  |  |  | -81 790.97 | -0.02 |
| EUR/USD 44.2 million ...............................  |  |  |  |  |  |  | -685 999.98 | -0.15 |
| Cash at bank |  |  |  |  |  |  | 2 968 132.81 | 0.66 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 2 175 578.99 | 0.48 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 83 376 |  |  |  |  | 97 352.44 | 0.02 |
| U.S. dollar ........................................  | USD | 724 086 |  |  |  |  | 695 201.38 | 0.16 |
| Other assets |  |  |  |  |  |  | 2 867 322.01 | 0.64 |
| Interest receivable .................................  |  |  |  |  |  |  | 2 860 454.39 | 0.64 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 6 002.49 | 0.00 |
| Other receivables ..................................  |  |  |  |  |  |  | 865.13 | 0.00 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 5 293 728.30 | 1.18 |
| Total assets *** |  |  |  |  |  |  | 449 179 822.11 | 100.41 |
| Other liabilities |  |  |  |  |  |  | -480 174.48 | -0.10 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -479 652.36 | -0.10 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -522.12 | 0.00 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -618 092.04 | -0.14 |
| Total liabilities |  |  |  |  |  |  | -1 873 687.47 | -0.41 |
| Net assets |  |  |  |  |  |  | 447 306 134.64 | 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 | 128.84 |
| Class IC ..........................................  | EUR | 95.87 |
| Class IC50 ........................................  | EUR | 95.78 |
| Class ID ..........................................  | EUR | 87.91 |
| Class ID50 ........................................  | EUR | 88.67 |
| Class LC .........................................  | EUR | 122.99 |
| Class LD .........................................  | EUR | 85.71 |
| Class NC .........................................  | EUR | 111.92 |
| Class PFC ........................................  | EUR | 90.59 |
| Class TFC.........................................  | EUR | 93.54 |
| Class TFD.........................................  | EUR | 88.41 |
| Number of shares outstanding Class FC .........................................  | Count | 531 655.615 |
| Class IC ..........................................  | Count | 348 130.000 |
| Class IC50 ........................................  | Count | 651 810.647 |
| Class ID ..........................................  | Count | 100.000 |
| Class ID50 ........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 1 849 205.664 |
| Class LD .........................................  | Count | 144 635.493 |
| Class NC .........................................  | Count | 186 588.556 |
| Class PFC ........................................  | Count | 21 789.000 |
| Class TFC.........................................  | Count | 214 111.804 |
| Class TFD.........................................  | Count | 3 130.000 |

Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.248 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 2.816 |
| Average market risk exposure.........................  | % | 1.343 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.3, 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 146 512 104.28 as of the reporting date.
 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for forward currency transactions
Deutsche Bank AG.

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 2.125 % Aroundtown SA 2018/perpetual * | EUR | 1 300 000 | 927 836.00 |  |
| 4.50  % Banco Comercial Portugues SA (MTN) 2017/2027 * | EUR | 1 900 000 | 1 779 141.00 |  |
| 0.625 % CaixaBank SA (MTN) 2019/2024 | EUR | 1 700 000 | 1 615 952.00 |  |
| 0.625 % Capgemini SE (MTN) 2020/2025 | EUR | 2 600 000 | 2 469 298.00 |  |
| 1.50  % Danske Bank A/S (MTN) 2020/2030 * | EUR | 1 000 000 | 903 990.00 |  |
| 1.00  % Deutsche Bank AG (MTN) 2020/2025 * | EUR | 500 000 | 472 095.00 |  |
| 4.875 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2025 | EUR | 300 000 | 290 403.00 |  |
| 0.25  % Enel Finance International NV 2022/2025 | EUR | 500 000 | 463 155.00 |  |
| 3.25  % Engie SA 2019/perpetual * | EUR | 1 000 000 | 945 530.00 |  |
| 3.625 % Gruenenthal GmbH -Reg- (MTN) 2021/2026 | EUR | 1 400 000 | 1 270 178.00 |  |
| 1.875 % Iberdrola International BV 2017/perpetual * | EUR | 1 000 000 | 981 710.00 |  |
| 0.625 % Intesa Sanpaolo SpA (MTN) 2021/2026 | EUR | 3 420 000 | 3 045 715.20 |  |
| 0.875 % ISS Global A/S (MTN) 2019/2026 | EUR | 2 600 000 | 2 341 144.00 |  |
| 2.875 % OMV AG 2018/perpetual * | EUR | 1 900 000 | 1 812 600.00 |  |
| 1.875 % PPG Industries, Inc. 2022/2025 | EUR | 780 000 | 764 727.60 |  |
| 1.75  % RCI Banque SA (MTN) 2019/2026 | EUR | 1 000 000 | 911 030.00 |  |
| 1.00  % Renault SA (MTN) 2018/2024 | EUR | 2 100 000 | 1 968 120.00 |  |
| 2.625 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * | EUR | 5 750 000 | 1 850 235.00 |  |
| 2.875 % thyssenkrupp AG (MTN) 2019/2024 | EUR | 500 000 | 480 730.00 |  |
| 2.125 % Unibail-Rodamco-Westfield SE 2018/perpetual * | EUR | 3 000 000 | 2 231 730.00 |  |
| 1.023 % Upjohn Finance BV 2020/2024 | EUR | 500 000 | 480 295.00 |  |
| 0.25 % Volkswagen Financial Services AG (MTN) 2022/2025 | EUR | 1 500 000 | 1 407 960.00 |  |
| 5.125 % Rakuten Group, Inc. -Reg- 2021/perpetual * | USD | 2 390 000 | 1 866 887.96 |  |
| Total receivables from securities loans |  | 31 280 462.76 | 31 280 462.76 |  |

Contracting parties for securities loans
Barclays Bank Ireland PLC FI, Credit Agricole CIB S.A. FI, Deutsche Bank AG FI, Goldman Sachs Bank Europe SE EQ, J.P. Morgan AG EQ, J.P. Morgan AG FI, Morgan Stanley Europe SE FI, UBS AG London Branch, Unicredit Bank AG
| Total collateral pledged by third parties for securities loans | EUR | 34 292 992.23 |
| --- | --- | --- |
| thereof: |  |  |
| Bonds | EUR | 23 531 525.45 |
| Equities | EUR | 10 760 616.47 |
| Cash at bank | EUR | 850.31 |

 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.
** Some or all of these securities are lent.
*** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest Short Duration Credit
DWS INVEST SHORT DURATION CREDIT

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0236145453 | -7,7% |
| Klasse FC | LU0236146428 | -7,6% |
| Klasse IC | LU0982752155 | -7,5% |
| Klasse IC50 | LU1599083646 | -7,5% |
| Klasse ID | LU0982752239 | -7,5% |
| Klasse ID50 | LU1599083729 | -7,5% |
| Klasse LD | LU0507269321 | -7,7% |
| Klasse NC | LU0236146006 | -8,0% |
| Klasse PFC | LU1496318525 | -7,7% |
| Klasse TFC | LU1663942362 | -7,7% |
| Klasse TFD | LU1663944731 | -7,6% |
| iBoxx € Corp 1-3J |  | -4,3% |

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 Short Duration Credit
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 437 506 948,16 | 97,81 |
| Summe Anleihen | 437 506 948,16 | 97,81 |
| 2. Derivate | -231 730,12 | -0,05 |
| 3. Bankguthaben | 2 968 132,81 | 0,66 |
| 4. Sonstige Vermögensgegenstände | 2 867 322,01 | 0,64 |
| 5. Forderungen aus Anteilscheingeschäften | 5 293 728,30 | 1,18 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -480 174,48 | -0,10 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -618 092,04 | -0,14 |
| III. Fondsvermögen | 447 306 134,64 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 434 747 813,60 | 97,19 |
| Verzinsliche Wertpapiere 2,50  % A2A SpA (MTN) 2022/2026  .................  | EUR | 2 100 000 | 2 100 000 | % | 98,237 | 2 062 977,00 | 0,46 |
| 1,875 % ADLER Group SA (MTN) 2021/2026  ..........  | EUR | 3 900 000 |  | % | 52,294 | 2 039 466,00 | 0,46 |
| 1,25  % AIB Group PLC (MTN) 2019/2024  ............  | EUR | 3 210 000 |  | % | 97,513 | 3 130 167,30 | 0,70 |
| 1,125 % Akelius Residential Property AB (MTN) 2017/2024 | EUR | 2 500 000 |  | % | 97,575 | 2 439 375,00 | 0,55 |
| 2,75  % Arkema SA (MTN) 2019/perpetual * ...........  | EUR | 1 100 000 |  | % | 94,679 | 1 041 469,00 | 0,23 |
| 2,125 % Aroundtown SA 2018/perpetual * ** ...........  | EUR | 2 000 000 |  | % | 71,372 | 1 427 440,00 | 0,32 |
| 0,155 % Asahi Group Holdings Ltd 2020/2024  .........  | EUR | 1 840 000 |  | % | 95,62 | 1 759 408,00 | 0,39 |
| 0,01  % Asahi Group Holdings Ltd 2021/2024  .........  | EUR | 3 980 000 |  | % | 96,696 | 3 848 500,80 | 0,86 |
| 1,00  % ASTM SpA (MTN) 2021/2026  ...............  | EUR | 4 940 000 |  | % | 87,864 | 4 340 481,60 | 0,97 |
| 3,75  % ATF Netherlands BV 2016/perpetual * .........  | EUR | 3 400 000 |  | % | 88,008 | 2 992 272,00 | 0,67 |
| 1,625 % AusNet Services Holdings (MTN) 2021/2081 * .. 0,375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2024  ..............................  | EUR EUR | 1 130 000 2 900 000 |  | % % | 76,07 95,799 | 859 591,00 2 778 171,00 | 0,19 0,62 |
| 1,00  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 * .............................  | EUR | 3 000 000 |  | % | 90,048 | 2 701 440,00 | 0,60 |
| 4,50 % Banco Comercial Portugues SA (MTN) 2017/2027 * ** ...........................  | EUR | 2 000 000 |  | % | 93,639 | 1 872 780,00 | 0,42 |
| 2,00  % Banco de Sabadell SA (MTN) 2020/2030 * ......  | EUR | 2 000 000 |  | % | 87,545 | 1 750 900,00 | 0,39 |
| 1,375 % Banco Santander SA (MTN) 2020/2026 ........  | EUR | 1 400 000 |  | % | 94,236 | 1 319 304,00 | 0,30 |
| 1,949 % Bank of America Corp. (MTN) 2022/2026 * .....  | EUR | 2 590 000 | 2 590 000 | % | 96,857 | 2 508 596,30 | 0,56 |
| 1,375 % Bank of Ireland Group PLC (MTN) 2018/2023 ...  | EUR | 4 030 000 |  | % | 99,244 | 3 999 533,20 | 0,89 |
| 0,75  % Bank of Ireland Group PLC (MTN) 2019/2024 * ..  | EUR | 2 300 000 |  | % | 98,219 | 2 259 037,00 | 0,51 |
| 1,375 % Barclays PLC (MTN) 2018/2026 * .............  | EUR | 1 550 000 |  | % | 95,214 | 1 475 817,00 | 0,33 |
| 0,75  % Barclays PLC (MTN) 2019/2025 * .............  | EUR | 3 180 000 |  | % | 95,919 | 3 050 224,20 | 0,68 |
| 3,375 % Barclays PLC (MTN) 2020/2025 * .............  | EUR | 1 710 000 |  | % | 100,836 | 1 724 295,60 | 0,39 |
| 3,75  % Bayer AG 2014/2074 * .....................  | EUR | 3 000 000 |  | % | 90,386 | 2 711 580,00 | 0,61 |
| 0,05  % Bayer AG 2021/2025  ......................  | EUR | 3 500 000 |  | % | 94,486 | 3 307 010,00 | 0,74 |
| 0,034 % Becton Dickinson and Co. 2021/2025  .........  | EUR | 1 800 000 |  | % | 92,652 | 1 667 736,00 | 0,37 |
| 0,375 % Belfius Bank SA (MTN) 2020/2025  ...........  0,50  % Blackstone Property Partners Europe Holdings Sarl (MTN) 2019/2023  .....................  | EUR EUR | 3 900 000 5 000 000 |  | % % | 92,631 97,283 | 3 612 609,00 4 864 150,00 | 0,81 1,09 |
| 1,00  % Blackstone Property Partners Europe Holdings |  |  |  |  |  |  |  |  |
| Sarl (MTN) 2021/2026  .....................  | EUR | 4 200 000 | % | 84,989 | 3 569 538,00 | 0,80 |
| 6,375 % Caisse Nationale de Reassurance Mutuelle |  |  |  |  |  |  |  |  |
| Agricole Groupama 2014/perpetual * ..........  | EUR | 2 900 000 |  | % | 101,054 | 2 930 566,00 | 0,66 |
| 1,00  % CaixaBank SA (MTN) 2019/2024  .............  | EUR | 1 300 000 |  | % | 97,184 | 1 263 392,00 | 0,28 |
| 0,625 % CaixaBank SA (MTN) 2019/2024 ** ...........  | EUR | 4 900 000 |  | % | 95,056 | 4 657 744,00 | 1,04 |
| 0,375 % CaixaBank SA (MTN) 2020/2025  .............  | EUR | 1 700 000 | 1 700 000 | % | 94,719 | 1 610 223,00 | 0,36 |
| 0,625 % Capgemini SE (MTN) 2020/2025 ** ...........  | EUR | 2 600 000 |  | % | 94,973 | 2 469 298,00 | 0,55 |
| 0,80  % Capital One Financial Corp. (MTN) 2019/2024 ...  | EUR | 5 000 000 |  | % | 96,383 | 4 819 150,00 | 1,08 |
| 1,125 % Celanese US Holdings LLC (MTN) 2016/2023 ...  | EUR | 847 000 |  | % | 97,613 | 826 782,11 | 0,19 |
| 2,875 % Cellnex Telecom SA (MTN) 2017/2025  ........  0,375 % CK Hutchison Group Telecom Finance SA 2019/2023 ..............................  | EUR EUR | 1 600 000 6 690 000 |  | % % | 97,245 98,185 | 1 555 920,00 6 568 576,50 | 0,35 1,47 |
| 1,125 % CNAC HK Finbridge Co., Ltd 2020/2024  .......  | EUR | 3 000 000 |  | % | 94,47 | 2 834 100,00 | 0,63 |
| 2,25  % Coloplast Finance BV (MTN) 2022/2027  .......  | EUR | 1 095 000 | 1 095 000 | % | 97,358 | 1 066 070,10 | 0,24 |
| 2,125 % Conti-Gummi Finance BV (MTN) 2020/2023  ....  | EUR | 2 150 000 |  | % | 100,239 | 2 155 138,50 | 0,48 |
| 1,625 % Credit Agricole SA (MTN) 2020/2030 * .........  | EUR | 2 200 000 |  | % | 93,385 | 2 054 470,00 | 0,46 |
| 0,25  % Credit Suisse AG/London (MTN) 2021/2026  ....  | EUR | 3 630 000 |  | % | 89,708 | 3 256 400,40 | 0,73 |
| 2,125 % Credit Suisse AG/London (MTN) 2022/2024  ....  | EUR | 3 830 000 | 3 830 000 | % | 99,275 | 3 802 232,50 | 0,85 |
| 2,125 % Credit Suisse Group AG 2022/2026 * ..........  | EUR | 3 450 000 | 3 450 000 | % | 93,312 | 3 219 264,00 | 0,72 |
| 0,875 % CRH Finland Services Oyj (MTN) 2020/2023 ....  | EUR | 1 080 000 |  | % | 98,757 | 1 066 575,60 | 0,24 |
| 1,375 % Criteria Caixa SA (MTN) 2019/2024 ...........  | EUR | 1 600 000 |  | % | 98,85 | 1 581 600,00 | 0,35 |
| 1,50  % Danske Bank A/S (MTN) 2020/2030 * ** .......  | EUR | 1 420 000 |  | % | 90,399 | 1 283 665,80 | 0,29 |
| 1,00  % Deutsche Bank AG (MTN) 2020/2025 * ** ......  | EUR | 2 400 000 |  | % | 94,419 | 2 266 056,00 | 0,51 |
| 0,25  % Deutsche Pfandbriefbank AG (MTN) 2021/2025  . | EUR | 5 100 000 |  | % | 90,519 | 4 616 469,00 | 1,03 |
| 4,00  % Electricite de France SA 2018/perpetual * ......  | EUR | 3 400 000 |  | % | 91,925 | 3 125 450,00 | 0,70 |
| 4,125 % Elis SA (MTN) 2022/2027 ...................  3,75 % ELM BV for Firmenich International SA 2020/perpetual * ..........................  | EUR EUR | 700 000 1 580 000 | 700 000 | % % | 95,223 92,234 | 666 561,00 1 457 297,20 | 0,15 0,33 |
| 4,875 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2025 ** ............................  | EUR | 1 500 000 |  | 1 270 000 | % | 96,801 | 1 452 015,00 | 0,32 |
| 0,25  % Enel Finance International NV 2022/2025 ** ....  | EUR | 6 430 000 | 6 430 000 |  | % | 92,631 | 5 956 173,30 | 1,33 |
| 2,50  % Enel SpA 2018/perpetual * ..................  | EUR | 6 740 000 |  |  | % | 96,478 | 6 502 617,20 | 1,45 |
| 3,25  % Engie SA 2019/perpetual * ** ................  | EUR | 1 800 000 |  |  | % | 94,553 | 1 701 954,00 | 0,38 |
| 2,625 % Eni SpA 2020/perpetual * ...................  | EUR | 5 000 000 |  |  | % | 89,379 | 4 468 950,00 | 1,00 |
| 1,659 % EP Infrastructure AS (MTN) 2018/2024 ........  | EUR | 16 000 000 |  |  | % | 85,136 | 13 621 760,00 | 3,05 |
| 1,698 % EP Infrastructure AS (MTN) 2019/2026 ........  | EUR | 2 670 000 |  |  | % | 70,237 | 1 875 327,90 | 0,42 |
| 0,00  % FCA Bank SpA/Ireland (MTN) 2021/2024 .......  | EUR | 3 810 000 |  |  | % | 96,525 | 3 677 602,50 | 0,82 |
| 2,124 % Ferrovial Netherlands BV 2017/perpetual * .....  | EUR | 2 832 000 |  |  | % | 83,54 | 2 365 852,80 | 0,53 |
| 1,875 % Fresenius SE & Co., KGaA (MTN) 2022/2025  ...  2,20  % General Motors Financial Co, Inc. (MTN) 2019/2024 ..............................  | EUR EUR | 1 150 000 2 000 000 | 1 150 000 |  | % % | 97,35 99,106 | 1 119 525,00 1 982 120,00 | 0,25 0,44 |
| 1,00  % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2022/2025  ..............................  | EUR | 4 340 000 | 4 340 000 | % | 94,421 | 4 097 871,40 | 0,92 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,50  % Getlink SE (MTN) 2020/2025  ................  | EUR | 2 640 000 |  |  | % | 95,868 | 2 530 915,20 | 0,57 |
| 0,125 % Goldman Sachs Group, Inc. (MTN) 2019/2024  ..  | EUR | 2 980 000 |  |  | % | 95,367 | 2 841 936,60 | 0,64 |
| 0,00  % Goldman Sachs Group, Inc. (MTN) 2021/2024 * . | EUR | 2 850 000 |  |  | % | 98,394 | 2 804 229,00 | 0,63 |
| 3,625 % Gruenenthal GmbH -Reg- (MTN) 2021/2026 ** .. 0,50 % Hamburg Commercial Bank AG (MTN) 2021/2026 * .............................  | EUR EUR | 1 580 000 1 500 000 |  |  | % % | 90,727 90,082 | 1 433 486,60 1 351 230,00 | 0,32 0,30 |
| 1,50  % Heathrow Funding Ltd (MTN) 2020/2025  ......  | EUR | 2 020 000 |  |  | % | 95,534 | 1 929 786,80 | 0,43 |
| 2,125 % Heimstaden Bostad AB (MTN) 2019/2023 ..... 0,25 % Heimstaden Bostad Treasury BV (MTN) 2021/2024  ..............................  | EUR EUR | 3 276 000 3 880 000 |  |  | % % | 98,17 91,131 | 3 216 049,20 3 535 882,80 | 0,72 0,79 |
| 0,318 % Highland Holdings Sarl (MTN) 2021/2026 ...... 2,375 % Holcim Finance Luxembourg SA (MTN) 2020/2025  ..............................  | EUR EUR | 1 230 000 1 520 000 |  | 1 620 000 | % % | 89,385 99,352 | 1 099 435,50 1 510 150,40 | 0,25 0,34 |
| 0,00  % HOWOGE Wohnungs-baugesellschaft mbH (MTN) 2021/2024  ..............................  | EUR | 4 000 000 |  |  | % | 94,388 | 3 775 520,00 | 0,84 |
| 1,875 % Iberdrola International BV 2017/perpetual * ** ...  | EUR | 2 400 000 |  |  | % | 98,171 | 2 356 104,00 | 0,53 |
| 5,125 % Iliad Holding SASU -Reg- (MTN) 2021/2026  ....  | EUR | 1 310 000 |  |  | % | 89,53 | 1 172 843,00 | 0,26 |
| 2,125 % ING Groep NV (MTN) 2022/2026 * ............  | EUR | 2 400 000 | 2 400 000 |  | % | 97,428 | 2 338 272,00 | 0,52 |
| 0,75  % Intesa Sanpaolo SpA (MTN) 2019/2024 ........  | EUR | 1 870 000 |  |  | % | 96,012 | 1 795 424,40 | 0,40 |
| 0,625 % Intesa Sanpaolo SpA (MTN) 2021/2026 ** ......  | EUR | 3 420 000 |  |  | % | 89,056 | 3 045 715,20 | 0,68 |
| 1,75 % IQVIA, Inc. -Reg- (MTN) 2021/2026 ...........  | EUR | 2 010 000 |  |  | % | 88,246 | 1 773 744,60 | 0,40 |
| 1,25  % ISS Finance BV (MTN) 2020/2025  ............  | EUR | 4 570 000 |  |  | % | 96,224 | 4 397 436,80 | 0,98 |
| 0,875 % ISS Global A/S (MTN) 2019/2026 ** ...........  | EUR | 3 000 000 |  |  | % | 90,044 | 2 701 320,00 | 0,60 |
| 0,25  % Italgas SpA (MTN) 2020/2025  ...............  1,375 % Johnson Controls International plc (MTN) 2016/2025 ..............................  | EUR EUR | 3 790 000 3 000 000 |  |  | % % | 93,879 96,083 | 3 558 014,10 2 882 490,00 | 0,80 0,64 |
| 1,50  % KBC Group NV (MTN) 2022/2026 * ...........  | EUR | 2 100 000 | 2 100 000 |  | % | 96,226 | 2 020 746,00 | 0,45 |
| 0,25  % LeasePlan Corp., NV (MTN) 2021/2026 ........  | EUR | 3 500 000 |  |  | % | 87,596 | 3 065 860,00 | 0,69 |
| 0,375 % LEG Immobilien SE (MTN) 2022/2026 .........  | EUR | 3 400 000 | 3 400 000 |  | % | 88,745 | 3 017 330,00 | 0,67 |
| 2,264 % Mitsubishi UFJ Financial Group, Inc. 2022/2025 * | EUR | 1 950 000 | 1 950 000 |  | % | 99,668 | 1 943 526,00 | 0,43 |
| 0,214 % Mizuho Financial Group, Inc. (MTN) 2020/2025 . . | EUR | 1 310 000 |  |  | % | 92,164 | 1 207 348,40 | 0,27 |
| 2,103 % Morgan Stanley 2022/2026 * ................  0,41  % National Grid North America, Inc. (MTN) 2022/2026 ..............................  | EUR EUR | 2 820 000 4 130 000 | 2 820 000 4 130 000 |  | % % | 98,101 91,638 | 2 766 448,20 3 784 649,40 | 0,62 0,85 |
| 4,125 % Naturgy Finance BV 2014/perpetual * .........  | EUR | 1 000 000 |  |  | % | 98,955 | 989 550,00 | 0,22 |
| 1,625 % NGG Finance PLC 2019/2079 *  ..............  | EUR | 5 000 000 |  |  | % | 90,183 | 4 509 150,00 | 1,01 |
| 1,94  % Nissan Motor Co., Ltd -Reg- 2020/2023  .......  | EUR | 1 360 000 |  |  | % | 99,559 | 1 354 002,40 | 0,30 |
| 2,875 % OMV AG 2018/perpetual * ** ................  | EUR | 5 400 000 |  |  | % | 95,4 | 5 151 600,00 | 1,15 |
| 0,50  % POSCO Holdings, Inc. -Reg- 2020/2024  .......  | EUR | 4 000 000 |  |  | % | 98,054 | 3 922 160,00 | 0,88 |
| 1,875 % PPG Industries, Inc. 2022/2025 ** ............  | EUR | 780 000 | 780 000 |  | % | 98,042 | 764 727,60 | 0,17 |
| 1,207 % Prosus NV -Reg- 2022/2026 .................  | EUR | 2 230 000 | 2 230 000 |  | % | 87,201 | 1 944 582,30 | 0,43 |
| 1,75  % RCI Banque SA (MTN) 2019/2026 ** ..........  | EUR | 2 000 000 |  |  | % | 91,103 | 1 822 060,00 | 0,41 |
| 0,50  % RCI Banque SA (MTN) 2022/2025 ............  | EUR | 2 400 000 | 2 400 000 |  | % | 90,23 | 2 165 520,00 | 0,48 |
| 1,875 % Redexis Gas Finance BV (MTN) 2020/2025 .....  | EUR | 4 600 000 |  |  | % | 96,219 | 4 426 074,00 | 0,99 |
| 1,00  % Renault SA (MTN) 2018/2024 ** .............  2,625 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ** ........................  | EUR EUR | 3 500 000 6 460 000 |  |  | % % | 93,72 32,178 | 3 280 200,00 2 078 698,80 | 0,73 0,46 |
| 2,125 % Sandvik AB (MTN) 2022/2027  ...............  | EUR | 1 920 000 | 1 920 000 |  | % | 97,314 | 1 868 428,80 | 0,42 |
| 0,125 % Santander Consumer Bank AS (MTN) 2020/2025 | EUR | 5 300 000 |  |  | % | 94,035 | 4 983 855,00 | 1,11 |
| 0,50 % Santander Consumer Bank AS (MTN) 2022/2025 1,00 % Santander Consumer Finance SA (MTN) 2019/2024  ..............................  | EUR EUR | 1 200 000 800 000 | 1 200 000 |  | % % | 93,751 98,359 | 1 125 012,00 786 872,00 | 0,25 0,18 |
| 0,00 % Santander Consumer Finance SA (MTN) 2021/2026  ..............................  | EUR | 2 800 000 |  |  | % | 90,325 | 2 529 100,00 | 0,57 |
| 2,25  % Scania CV AB (MTN) 2020/2025  .............  | EUR | 1 490 000 |  |  | % | 98,455 | 1 466 979,50 | 0,33 |
| 6,375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 . | EUR | 1 310 000 |  |  | % | 84,508 | 1 107 054,80 | 0,25 |
| 1,25  % Segro Capital Sarl (MTN) 2022/2026  ..........  | EUR | 4 220 000 | 4 220 000 |  | % | 93,115 | 3 929 453,00 | 0,88 |
| 2,00  % Signify NV 2020/2024  .....................  1,75 % Skandinaviska Enskilda Banken AB (MTN) 2022/2026 ..............................  | EUR EUR | 4 100 000 3 730 000 | 3 730 000 |  | % % | 98,423 97,113 | 4 035 343,00 3 622 314,90 | 0,90 0,81 |
| 1,875 % Southern Co. 2021/2081 * ..................  | EUR | 1 411 000 |  |  | % | 68,62 | 968 228,20 | 0,22 |
| 2,995 % TenneT Holding BV 2017/perpetual * ..........  | EUR | 1 900 000 |  |  | % | 96,462 | 1 832 778,00 | 0,41 |
| 2,875 % thyssenkrupp AG (MTN) 2019/2024 ** ........  | EUR | 2 580 000 |  |  | % | 96,146 | 2 480 566,80 | 0,55 |
| 1,75  % TotalEnergies SE (MTN) 2019/perpetual * ......  | EUR | 3 000 000 |  |  | % | 94,071 | 2 822 130,00 | 0,63 |
| 2,00 % TotalEnergies SE 2022/perpetual * ............ 0,125 % Traton Finance Luxembourg SA (MTN) 2021/2025  ..............................  | EUR EUR | 3 180 000 4 100 000 | 3 180 000 |  | % % | 85,093 92,892 | 2 705 957,40 3 808 572,00 | 0,61 0,85 |
| 0,25  % UBS Group AG (MTN) 2021/2026 * ...........  | EUR | 5 060 000 |  |  | % | 90,973 | 4 603 233,80 | 1,03 |
| 1,00  % UBS Group AG (MTN) 2022/2025 * ...........  2,125 % Unibail-Rodamco-Westfield SE 2018/perpetual * ** ........................  | EUR EUR | 3 540 000 3 000 000 | 3 540 000 |  | % % | 97,69 74,391 | 3 458 226,00 2 231 730,00 | 0,77 0,50 |
| 1,023 % Upjohn Finance BV 2020/2024 ** ............  | EUR | 5 720 000 |  |  | % | 96,059 | 5 494 574,80 | 1,23 |
| 3,10  % Vodafone Group PLC 2018/2079 * ............  | EUR | 2 350 000 |  |  | % | 95,738 | 2 249 843,00 | 0,50 |
| 1,875 % Volkswagen Bank GmbH (MTN) 2019/2024  ....  3,00 % Volkswagen Financial Services AG (MTN) | EUR | 5 000 000 |  |  | % | 99,449 | 4 972 450,00 | 1,11 |
| 2020/2025	EUR | 4 665 000 |  | % | 100,523 | 4 689 397,95 | 1,05 |
| 2021/2025	EUR | 2 370 000 |  | % | 92,841 | 2 200 331,70 | 0,49 |
| 0,25 % Volkswagen Financial Services AG (MTN) |  |  |  |  |  |  |  |  |  |
| 2022/2025 ** ............................  | EUR | 2 360 000 | 2 360 000 | % | 93,864 | 2 215 190,40 | 0,50 |
| 3,375 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |  |
| 2018/perpetual * ..........................  | EUR | 5 000 000 | % | 92,505 | 4 625 250,00 | 1,03 |
| 0,25  % Volkswagen Leasing GmbH (MTN) 2021/2026  ..  | EUR | 3 320 000 | % | 90,908 | 3 018 145,60 | 0,67 |

0,00 % Volkswagen Financial Services AG (MTN)
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,375 % Volkswagen Leasing GmbH (MTN) 2021/2026  ..  | EUR | 2 640 000 |  | % | 89,138 | 2 353 243,20 | 0,53 |
| 0,50  % Werfenlife SA (MTN) 2021/2026  .............  | EUR | 3 100 000 |  | % | 90,562 | 2 807 422,00 | 0,63 |
| 0,427 % Westpac Securities NZ/London (MTN) 2021/2026 | EUR | 2 110 000 |  | % | 90,366 | 1 906 722,60 | 0,43 |
| 0,452 % Wintershall Dea Finance BV 2019/2023  .......  | EUR | 7 200 000 |  | % | 97,768 | 7 039 296,00 | 1,57 |
| 2,499 % Wintershall Dea Finance BV 2021/perpetual * ...  | EUR | 4 000 000 |  | % | 70,762 | 2 830 480,00 | 0,63 |
| 3,00  % ZF Finance GmbH (MTN) 2020/2025 ..........  | EUR | 5 000 000 |  | % | 88,046 | 4 402 300,00 | 0,98 |
| 2,02  % Zuercher Kantonalbank (MTN) 2022/2028 * .....  | EUR | 2 520 000 | 2 520 000 | % | 96,355 | 2 428 146,00 | 0,54 |
| 3,375 % Abertis Infraestructuras SA (MTN) 2019/2026 ...  | GBP | 1 000 000 | 1 000 000 | % | 94,44 | 1 102 714,81 | 0,25 |
| 0,75  % Toyota Motor Finance Netherlands BV (MTN) |  |  |  |  |  |  |  |
| 2021/2025  ..............................  | GBP | 8 050 000 |  | % | 91,557 | 8 605 867,63 | 1,92 |
| 2,45  % AerCap Ireland Capital DAC Via AerCap Global |  |  |  |  |  |  |  |  |  |
| Aviation Trust (MTN) 2021/2026  .............  | USD | 2 750 000 |  | % | 86,94 | 2 295 474,21 | 0,51 |
| 1,60  % American Tower Corp. (MTN) 2021/2026  ......  | USD | 6 795 000 |  | % | 89,428 | 5 834 223,57 | 1,30 |
| 2,30  % Ford Motor Credit Co. LLC 2022/2025  ........  | USD | 4 310 000 | 4 310 000 | % | 90,114 | 3 728 976,33 | 0,83 |
| 1,75  % Hewlett Packard Enterprise Co. (MTN) 2020/2026 | USD | 4 000 000 |  | % | 91,256 | 3 504 624,63 | 0,78 |
| 2,648 % Nomura Holdings, Inc. (MTN) 2020/2025  ......  | USD | 5 000 000 |  | % | 95,027 | 4 561 809,15 | 1,02 |
| 5,125 % Rakuten Group, Inc. -Reg- 2021/perpetual * ** ...  | USD | 2 590 000 |  | % | 81,358 | 2 023 112,89 | 0,45 |
| 2,625 % T-Mobile USA, Inc. (MTN) 2021/2026  .........  | USD | 3 420 000 |  | % | 90,95 | 2 986 406,33 | 0,67 |
| 1,45  % Verizon Communications, Inc. (MTN) 2021/2026 | USD | 12 480 000 |  | % | 91,521 | 10 966 181,53 | 2,45 |
| 3,25  % Vodafone Group PLC 2021/2081 * ............  | USD | 2 700 000 |  | % | 84,363 | 2 186 934,96 | 0,49 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	2 759 134,56	0,62 Verzinsliche Wertpapiere
3,638 % Magallanes, Inc. -144A- 2022/2025  ...........	USD	2 960 000	2 960 000	%	97,087	2 759 134,56	0,62
Summe Wertpapiervermögen	437 506 948,16	97,81
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |
| --- | --- |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | 536 060,83 | 0,12 |
| Zinsterminkontrakte Euro SCHATZ Futures 09/2022 (MS) ...................	Stück	218 | 218 |  | -7 630,00 | 0,00 |
| Germany Federal Republic Bonds 5 year 09/2022 (MS) ....	Stück	-546 |  | 546 | 267 540,00 | 0,06 |
| US Treasury Notes 5 year Futures 09/2022 (MS) .........	Stück	-236 |  | 236 | 276 150,83 | 0,06 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -767 790,95 | -0,17 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 8,4 Mio. .................................  |  |  | -81 790,97 | -0,02 |
| EUR/USD 44,2 Mio. ................................  |  |  | -685 999,98 | -0,15 |
| Bankguthaben |  |  | 2 968 132,81 | 0,66 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 2 175 578,99 | 0,48 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................	GBP	83 376 |  |  | 97 352,44 | 0,02 |
| US-Dollar ........................................	USD	724 086 |  |  | 695 201,38 | 0,16 |
| Sonstige Vermögensgegenstände |  |  | 2 867 322,01 | 0,64 |
| Zinsansprüche .....................................  |  |  | 2 860 454,39 | 0,64 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 6 002,49 | 0,00 |
| Sonstige Ansprüche ................................  |  |  | 865,13 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  | 5 293 728,30 | 1,18 |
| Summe der Vermögensgegenstände *** |  |  | 449 179 822,11 | 100,41 |
| Sonstige Verbindlichkeiten |  |  | -480 174,48 | -0,10 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -479 652,36 | -0,10 |
| Andere sonstige Verbindlichkeiten .....................  |  |  | -522,12 | 0,00 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -618 092,04 | -0,14 |
| Summe der Verbindlichkeiten |  |  | -1 873 687,47 | -0,41 |
| Fondsvermögen |  |  | 447 306 134,64 | 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 | 128,84 |
| Klasse IC .........................................  | EUR | 95,87 |
| Klasse IC50 .......................................  | EUR | 95,78 |
| Klasse ID ........................................  | EUR | 87,91 |
| Klasse ID50 ......................................  | EUR | 88,67 |
| Klasse LC ........................................  | EUR | 122,99 |
| Klasse LD ........................................  | EUR | 85,71 |
| Klasse NC ........................................  | EUR | 111,92 |
| Klasse PFC .......................................  | EUR | 90,59 |
| Klasse TFC .......................................  | EUR | 93,54 |
| Klasse TFD .......................................  | EUR | 88,41 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 531 655,615 |
| Klasse IC .........................................  | Stück | 348 130,000 |
| Klasse IC50 .......................................  | Stück | 651 810,647 |
| Klasse ID ........................................  | Stück | 100,000 |
| Klasse ID50 ......................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 1 849 205,664 |
| Klasse LD ........................................  | Stück | 144 635,493 |
| Klasse NC ........................................  | Stück | 186 588,556 |
| Klasse PFC .......................................  | Stück | 21 789,000 |
| Klasse TFC .......................................  | Stück | 214 111,804 |
| Klasse TFD .......................................  | Stück | 3 130,000 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,248 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 2,816 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 1,343 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,3, 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 146 512 104,28.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Devisentermingeschäfte
Deutsche Bank AG.

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 2,125 % Aroundtown SA 2018/perpetual * ........................ . . . . . . . . . . . . . . . . . | EUR | 1 300 000 | 927 836,00 |  |
| 4,50  % Banco Comercial Portugues SA (MTN) 2017/2027 * . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 900 000 | 1 779 141,00 |  |
| 0,625 % CaixaBank SA (MTN) 2019/2024 ........................ . . . . . . . . . . . . . . . . . | EUR | 1 700 000 | 1 615 952,00 |  |
| 0,625 % Capgemini SE (MTN) 2020/2025 ........................ . . . . . . . . . . . . . . . . . | EUR | 2 600 000 | 2 469 298,00 |  |
| 1,50 % Danske Bank A/S (MTN) 2020/2030 * .................... . . . . . . . . . . . . . . . . . | EUR | 1 000 000 | 903 990,00 |  |
| 1,00  % Deutsche Bank AG (MTN) 2020/2025 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 500 000 | 472 095,00 |  |
| 4,875 % Encore Capital Group, Inc. -Reg- (MTN) 2020/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 300 000 | 290 403,00 |  |
| 0,25 % Enel Finance International NV 2022/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 500 000 | 463 155,00 |  |
| 3,25 % Engie SA 2019/perpetual * ............................. . . . . . . . . . . . . . . . . . | EUR | 1 000 000 | 945 530,00 |  |
| 3,625 % Gruenenthal GmbH -Reg- (MTN) 2021/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 400 000 | 1 270 178,00 |  |
| 1,875 % Iberdrola International BV 2017/perpetual * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 000 000 | 981 710,00 |  |
| 0,625 % Intesa Sanpaolo SpA (MTN) 2021/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 3 420 000 | 3 045 715,20 |  |
| 0,875 % ISS Global A/S (MTN) 2019/2026 ........................ . . . . . . . . . . . . . . . . . | EUR | 2 600 000 | 2 341 144,00 |  |
| 2,875 % OMV AG 2018/perpetual * ............................. . . . . . . . . . . . . . . . . . | EUR | 1 900 000 | 1 812 600,00 |  |
| 1,875 % PPG Industries, Inc. 2022/2025 ......................... . . . . . . . . . . . . . . . . . | EUR | 780 000 | 764 727,60 |  |
| 1,75 % RCI Banque SA (MTN) 2019/2026 ....................... . . . . . . . . . . . . . . . . . | EUR | 1 000 000 | 911 030,00 |  |
| 1,00 % Renault SA (MTN) 2018/2024 .......................... . . . . . . . . . . . . . . . . . | EUR | 2 100 000 | 1 968 120,00 |  |
| 2,625 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * . . . . . . . . . . . . . . . . . . . . . . | EUR | 5 750 000 | 1 850 235,00 |  |
| 2,875 % thyssenkrupp AG (MTN) 2019/2024 ..................... . . . . . . . . . . . . . . . . . | EUR | 500 000 | 480 730,00 |  |
| 2,125 % Unibail-Rodamco-Westfield SE 2018/perpetual * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 3 000 000 | 2 231 730,00 |  |
| 1,023 % Upjohn Finance BV 2020/2024 .......................... . . . . . . . . . . . . . . . . . | EUR | 500 000 | 480 295,00 |  |
| 0,25  % Volkswagen Financial Services AG (MTN) 2022/2025 . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 500 000 | 1 407 960,00 |  |
| 5,125 % Rakuten Group, Inc. -Reg- 2021/perpetual * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 2 390 000 | 1 866 887,96 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  |  | 31 280 462,76 | 31 280 462,76 |

Vertragspartner der Wertpapier-Darlehen
Barclays Bank Ireland PLC FI, Credit Agricole CIB S.A. FI, Deutsche Bank AG FI, Goldman Sachs Bank Europe SE EQ, J.P. Morgan AG EQ, J.P. Morgan AG FI, Morgan Stanley Europe SE FI, UBS AG London Branch, Unicredit Bank AG
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 34 292 992,23 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 23 531 525,45 |
| Aktien | EUR | 10 760 616,47 |
| Bankguthaben | EUR | 850,31 |

 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.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.