# DWS Invest ESG Euro Bonds (Short)
DWS INVEST ESG EURO BONDS (SHORT)

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0145655824 | -3.7% |
| Class FC | LU0145657366 | -3.6% |
| Class IC100 | LU1815111171 | -3.6% |
| Class LD | LU0145656475 | -3.7% |
| Class NC | LU0145656715 | -3.8% |
| Class NDQ | LU1054330185 | -3.8% |
| Class PFC | LU1054330268 | -4.0% |
| Class PFDQ | LU1054330342 | -3.7% |
| Class TFC | LU1663869268 | -3.6% |
| Class TFD | LU1663870860 | -3.6% |
| Class SEK LCH 1 | LU1333039953 | -3.5% |
| iBoxx € Overall 1-3Y |  | -2.9% |

1 
in SEK
“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 ESG Euro Bonds (Short)
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 568 644 508.19 | 51.07 |
| Central governments | 500 533 660.51 | 44.95 |
| Regional governments | 23 399 433.99 | 2.10 |
| Total bonds | 1 092 577 602.69 | 98.12 |
| 2. Investment fund units Bond funds | 10 872 400.00 | 0.98 |
| Other funds | 5 965 779.28 | 0.53 |
| Total investment fund units | 16 838 179.28 | 1.51 |
| 3. Derivatives | -2 064 678.23 | -0.19 |
| 4. Cash at bank | 5 927.55 | 0.00 |
| 5. Other assets | 9 231 034.34 | 0.83 |
| 6. Receivables from share certificate transactions | 1 221 529.72 | 0.11 |
| II. Liabilities |  |  |
| 1. Loan liabilities | -3 057 770.31 | -0.27 |
| 2. Other liabilities | -685 179.85 | -0.06 |
| 3. Liabilities from share certificate transactions | -557 076.64 | -0.05 |
| III. Net assets | 1 113 509 568.55 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 1 080 096 275.50 | 97.00 |
| Interest-bearing securities 0.25  % Canadian Government Bond 2020/2023 ........  | CAD | 8 000 000 |  | 2 000 000 | % | 98.568 | 5 871 397.90 | 0.53 |
| 0.50  % Canadian Government Bond 2021/2023 ........  1.00 % Council Of Europe Development Bank 2021/2024 ...............................  | CAD CAD | 5 000 000 10 000 000 |  | 5 000 000 | % % | 96.674 94.677 | 3 599 111.28 7 049 528.49 | 0.32 0.63 |
| 1.75  % European Investment Bank -Reg- (MTN) 2019/2024 ...............................  | CAD | 5 000 000 |  |  | % | 97.004 | 3 611 378.35 | 0.32 |
| 3.00  % Province of Quebec Canada 2012/2023 ........  | CAD | 5 000 000 |  |  | % | 99.777 | 3 714 633.99 | 0.33 |
| 0.375 % Aareal Bank AG (MTN) 2018/2025 ............  | EUR | 10 000 000 |  |  | % | 96.492 | 9 649 200.00 | 0.87 |
| 0.625 % ABB Finance BV (MTN) 2022/2024 ............  | EUR | 2 500 000 | 2 500 000 |  | % | 98.616 | 2 465 400.00 | 0.22 |
| 0.00  % ACEA SpA (MTN) 2021/2025 ................  | EUR | 5 000 000 |  |  | % | 92.561 | 4 628 050.00 | 0.42 |
| 0.80  % Adif Alta Velocidad (MTN) 2017/2023 ..........  | EUR | 10 000 000 |  | 5 000 000 | % | 99.999 | 9 999 900.00 | 0.90 |
| 0.25  % Alstom SA (MTN) 2019/2026 * ...............  | EUR | 6 000 000 |  |  | % | 89.977 | 5 398 620.00 | 0.48 |
| 1.00  % ASTM SpA (MTN) 2021/2026 ................  | EUR | 3 030 000 |  |  | % | 87.864 | 2 662 279.20 | 0.24 |
| 2.00  % Balder Finland Oyj (MTN) 2022/2031 ..........  1.00 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 ** .............................  | EUR EUR | 4 000 000 3 000 000 | 6 860 000 | 2 860 000 | % % | 59.534 90.048 | 2 381 360.00 2 701 440.00 | 0.21 0.24 |
| 0.125 % Banco de Sabadell SA (MTN) 2016/2023 .......  | EUR | 5 000 000 |  |  | % | 98.728 | 4 936 400.00 | 0.44 |
| 2.50  % Banco de Sabadell SA (MTN) 2021/2031 .......  | EUR | 2 000 000 |  |  | % | 83.538 | 1 670 760.00 | 0.15 |
| 2.625 % Banco de Sabadell SA (MTN) 2022/2026 ** .....  | EUR | 7 000 000 | 7 000 000 |  | % | 94.959 | 6 647 130.00 | 0.60 |
| 0.125 % Bank of Queensland Ltd (MTN) 2019/2024 .....  | EUR | 5 000 000 | 5 000 000 |  | % | 97.47 | 4 873 500.00 | 0.44 |
| 0.875 % Bankinter SA (MTN) 2019/2024 * .............  0.01 % Banque Federative du Credit Mutuel SA (MTN) 2021/2025 * ..............................  | EUR EUR | 5 000 000 8 300 000 |  |  | % % | 98.315 94.256 | 4 915 750.00 7 823 248.00 | 0.44 0.70 |
| 0.632 % Becton Dickinson Euro Finance Sarl 2019/2023 ..  | EUR | 7 500 000 |  |  | % | 99.204 | 7 440 300.00 | 0.67 |
| 1.125 % BNP Paribas SA (MTN) 2017/2023 ............  0.50 % BNZ International Funding Ltd/London (MTN) 2017/2024 ...............................  | EUR EUR | 5 000 000 10 000 000 |  |  | % % | 99.078 98.088 | 4 953 900.00 9 808 800.00 | 0.45 0.88 |
| 2.375 % Booking Holdings, Inc. (MTN) 2014/2024 .......  | EUR | 7 000 000 |  |  | % | 100.414 | 7 028 980.00 | 0.63 |
| 0.00  % Bundesobligation (MTN) 2018/2023 * ..........  | EUR | 10 000 000 |  | 5 000 000 | % | 99.57 | 9 957 000.00 | 0.89 |
| 0.00  % Bundesobligation (MTN) 2019/2024 * ..........  | EUR | 15 000 000 | 15 000 000 |  | % | 98.364 | 14 754 600.00 | 1.33 |
| 0.00  % Bundesobligation (MTN) 2020/2025 * ..........  0.50 % Bundesrepublik Deutschland Bundesanleihe (MTN) 2015/2025 * ..............................  | EUR EUR | 10 000 000 15 000 000 | 10 000 000 15 000 000 |  | % % | 97.848 99.36 | 9 784 800.00 14 904 000.00 | 0.88 1.34 |
| 0.00 % Bundesschatzanweisungen 2021/2023 * ....... 0.875 % Caixa Economica Montepio Geral Caixa Economica Bancaria SA (MTN) 2017/2022 ...............  | EUR EUR | 20 000 000 8 000 000 | 20 000 000 | 2 000 000 | % % | 99.474 100.214 | 19 894 800.00 8 017 120.00 | 1.79 0.72 |
| 0.125 % Caixa Economica Montepio Geral Caixa Economica Bancaria SA (MTN) 2019/2024 ...............  | EUR | 13 000 000 |  |  | % | 96.642 | 12 563 460.00 | 1.13 |
| 1.00  % CaixaBank SA (MTN) 2019/2024 *.............  | EUR | 5 000 000 |  |  | % | 97.184 | 4 859 200.00 | 0.44 |
| 0.75  % Cellnex Finance Co. SA (MTN) 2021/2026 ......  | EUR | 5 000 000 |  |  | % | 84.639 | 4 231 950.00 | 0.38 |
| 4.00  % Commerzbank AG (MTN) 2020/2030 ** ........  | EUR | 4 000 000 |  |  | % | 95.153 | 3 806 120.00 | 0.34 |
| 0.625 % Corp. Andina de Fomento (MTN) 2019/2024 ....  | EUR | 10 000 000 | 10 000 000 |  | % | 98.688 | 9 868 800.00 | 0.89 |
| 1.625 % Corp. Andina de Fomento (MTN) 2020/2025 ....  | EUR | 10 000 000 |  |  | % | 99.248 | 9 924 800.00 | 0.89 |
| 1.60  % Deutsche Bahn Finance GmbH 2019/perpetual ** | EUR | 3 000 000 |  |  | % | 77.734 | 2 332 020.00 | 0.21 |
| 0.75  % Deutsche Bank AG (MTN) 2021/2027 ** * ......  | EUR | 9 100 000 |  |  | % | 88.53 | 8 056 230.00 | 0.72 |
| 1.375 % Deutsche Bank AG 2021/2032 ** .............  | EUR | 5 100 000 |  |  | % | 76.415 | 3 897 165.00 | 0.35 |
| 1.25  % Deutsche Boerse AG 2020/2047 ** * ..........  | EUR | 2 000 000 |  | 1 000 000 | % | 84.352 | 1 687 040.00 | 0.15 |
| 0.75  % Deutsche Pfandbriefbank AG (MTN) 2019/2023 . . | EUR | 10 000 000 |  |  | % | 99.548 | 9 954 800.00 | 0.89 |
| 0.25  % Deutsche Pfandbriefbank AG (MTN) 2022/2025 . . | EUR | 5 000 000 | 5 000 000 |  | % | 93.369 | 4 668 450.00 | 0.42 |
| 2.625 % Digital Euro Finco LLC (MTN) 2016/2024 .......  | EUR | 7 000 000 |  |  | % | 99.601 | 6 972 070.00 | 0.63 |
| 0.05  % DNB Bank ASA (MTN) 2019/2023  ............  | EUR | 8 000 000 |  |  | % | 98.106 | 7 848 480.00 | 0.70 |
| 0.25  % DNB Boligkreditt AS (MTN) 2016/2023 . . . . . . . . . | EUR | 5 000 000 |  |  | % | 99.736 | 4 986 800.00 | 0.45 |
| 0.875 % E.ON SE (MTN) 2022/2025 ..................  | EUR | 3 320 000 | 3 320 000 |  | % | 97.269 | 3 229 330.80 | 0.29 |
| 1.375 % Eli Lilly & Co. 2021/2061 ....................  | EUR | 4 000 000 |  | 5 080 000 | % | 55.688 | 2 227 520.00 | 0.20 |
| 1.375 % Enel SpA 2021/perpetual ** .................  | EUR | 4 000 000 |  | 2 000 000 | % | 76.066 | 3 042 640.00 | 0.27 |
| 1.50  % Erste Group Bank AG (MTN) 2022/2026 ........  | EUR | 3 800 000 | 3 800 000 |  | % | 95.533 | 3 630 254.00 | 0.33 |
| 0.125 % Euroclear Bank SA (MTN) 2020/2025 ..........  0.00 % European Financial Stability Facility (MTN) 2019/2024 * ..............................  | EUR EUR | 5 000 000 5 000 000 |  |  | % % | 94.538 98.263 | 4 726 900.00 4 913 150.00 | 0.42 0.44 |
| 0.00  % European Union (MTN) 2020/2025 * ...........  0.00 % French Republic Government Bond OAT (MTN) 2018/2024 * ..............................  | EUR EUR | 5 000 000 5 000 000 |  |  | % % | 95.883 98.949 | 4 794 150.00 4 947 450.00 | 0.43 0.44 |
| 1.75  % Gemeinsame Deutsche Bundeslaender (MTN) 2013/2023 ...............................  | EUR | 5 000 000 |  |  | % | 100.877 | 5 043 850.00 | 0.45 |
| 0.125 % General Mills, Inc. 2021/2025 ................  | EUR | 5 000 000 |  |  | % | 92.636 | 4 631 800.00 | 0.42 |
| 0.01  % Hana Bank (MTN) 2021/2026 ................  1.475 % Holding d‘Infrastructures de Transport SASU (MTN) 2022/2031 ...............................  | EUR EUR | 5 000 000 2 000 000 | 5 800 000 | 3 800 000 | % % | 93.732 81.278 | 4 686 600.00 1 625 560.00 | 0.42 0.15 |
| 1.75  % Hungary Government International Bond |  |  |  |  |  |  |  |  |
| 2020/2035 ...............................  | EUR | 4 000 000 |  | % | 70.9 | 2 836 000.00 | 0.25 |
| 0.125 % ING Groep NV 2021/2025 ** .................  0.375 % International Business Machines Corp. 2019/2023 ...............................  | EUR EUR | 8 200 000 8 000 000 | 2 000 000 | % % | 93.629 99.934 | 7 677 578.00 7 994 720.00 | 0.69 0.72 |
| 0.625 % Intesa Sanpaolo SpA (MTN) 2021/2026 * .......  5.50  % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 * ..............................  | EUR EUR | 7 000 000 10 000 000 | 10 000 000 | % % | 89.056 101.797 | 6 233 920.00 10 179 700.00 | 0.56 0.91 |

4.50  % Italy Buoni Poliennali Del Tesoro 2013/2024 * ...	EUR	20 000 000	%	105.468	21 093 600.00	1.89
1.85  % Italy Buoni Poliennali Del Tesoro (MTN)
2017/2024 * ..............................	EUR	20 000 000	%	100.879	20 175 800.00	1.81
0.95  % Italy Buoni Poliennali Del Tesoro (MTN)
2018/2023 * ..............................	EUR	10 000 000	10 000 000	%	100.362	10 036 200.00	0.90
1.45  % Italy Buoni Poliennali Del Tesoro (MTN)
2018/2025 * ..............................	EUR	20 000 000	5 000 000	%	98.912	19 782 400.00	1.78
2.45  % Italy Buoni Poliennali Del Tesoro (MTN)
2018/2023 * ..............................	EUR	20 000 000	%	101.86	20 372 000.00	1.83
0.35  % Italy Buoni Poliennali Del Tesoro (MTN)
2019/2025 * ..............................	EUR	20 000 000	%	96.71	19 342 000.00	1.74
0.60  % Italy Buoni Poliennali Del Tesoro 2020/2023 ....	EUR	20 000 000	%	100.07	20 014 000.00	1.80
0.00  % Italy Buoni Poliennali Del Tesoro 2020/2024 * ...	EUR	20 000 000	%	98.202	19 640 400.00	1.76
0.00  % Italy Buoni Poliennali Del Tesoro 2021/2024 * ...	EUR	20 000 000	%	97.689	19 537 800.00	1.75
0.00  % Italy Buoni Poliennali Del Tesoro 2021/2024 * ...	EUR	20 000 000	10 000 000	%	97.02	19 404 000.00	1.74
1.20  % Italy Buoni Poliennali Del Tesoro 2022/2025 * ...	EUR	20 000 000	20 000 000	%	97.665	19 533 000.00	1.75
0.375 % Jyske Bank A/S (MTN) 2020/2025 ** ..........	EUR	6 000 000	%	95.089	5 705 340.00	0.51
1.25  % Kering SA (MTN) 2022/2025 .................	EUR	5 800 000	5 800 000	%	98.312	5 702 096.00	0.51
2.25  % Kingdom of Belgium Government Bond (MTN)
2013/2023 * ..............................	EUR	10 000 000	%	101.716	10 171 600.00	0.91
0.01  % Komercni Banka AS (MTN) 2021/2026 .........	EUR	4 910 000	%	93.929	4 611 913.90	0.41
0.00  % Korea Housing Finance Co. (MTN) 2021/2026 ...	EUR	8 000 000	1 350 000	%	92.882	7 430 560.00	0.67
0.125 % Kreditanstalt fuer Wiederaufbau (MTN)
2018/2023 ...............................	EUR	3 150 000	%	99.95	3 148 425.00	0.28
0.125 % Kreditanstalt fuer Wiederaufbau (MTN)
2018/2023 ...............................	EUR	10 000 000	5 000 000	%	99.336	9 933 600.00	0.89
0.25  % LeasePlan Corp. NV (MTN) 2021/2026 * ........	EUR	5 040 000	%	89.483	4 509 943.20	0.41
0.00  % Medtronic Global Holdings SCA 2020/2023 .....	EUR	6 000 000	2 890 000	%	99.488	5 969 280.00	0.54
0.625 % Mercedes-Benz International Finance BV (MTN)
2019/2023 ...............................	EUR	2 000 000	8 000 000	%	99.938	1 998 760.00	0.18
0.50  % Nationale-Nederlanden Bank NV/The Netherlands
(MTN) 2017/2024 .........................	EUR	7 000 000	%	97.902	6 853 140.00	0.62
0.05  % Nationwide Building Society (MTN) 2019/2024 ..	EUR	7 000 000	%	97.517	6 826 190.00	0.61
7.50  % Netherlands Government Bond -144A- 1993/2023	EUR	5 000 000	5 000 000	%	103.986	5 199 300.00	0.47
0.375 % NORD/LB Luxembourg SA Covered Bond Bank
(MTN) 2016/2023 .........................	EUR	10 000 000	%	99.494	9 949 400.00	0.89
0.05 % NORD/LB Luxembourg SA Covered Bond Bank
(MTN) 2020/2025 .........................	EUR	5 000 000	%	95.984	4 799 200.00	0.43
1.75  % Orsted AS 2019/3019 ** * ...................	EUR	4 000 000	%	84.752	3 390 080.00	0.30
2.75  % Peruvian Government International Bond
2015/2026 ...............................	EUR	5 000 000	%	97.716	4 885 800.00	0.44
0.25  % Philippine Government International Bond
2021/2025 ...............................	EUR	10 000 000	2 000 000	%	93.321	9 332 100.00	0.84
0.75  % PKO Bank Hipoteczny SA (MTN) 2018/2024  ....	EUR	6 900 000	%	98.985	6 829 965.00	0.61
0.625 % Procter & Gamble Co. (MTN) 2018/2024 .......	EUR	5 000 000	%	97.88	4 894 000.00	0.44
0.625 % Province of Alberta Canada (MTN) 2018/2025 ...	EUR	5 000 000	%	97.653	4 882 650.00	0.44
0.00  % RELX Finance BV 2020/2024  ................	EUR	5 020 000	%	96.834	4 861 066.80	0.44
0.00  % Republic of Austria Government Bond -144A-
(MTN) 2016/2023 * ........................	EUR	10 000 000	%	99.467	9 946 700.00	0.89
0.00  % Republic of Austria Government Bond -144A-
2020/2023 * ..............................	EUR	10 000 000	%	99.843	9 984 300.00	0.90
0.00  % Republic of Poland Government International
Bond (MTN) 2020/2023 .....................	EUR	10 000 000	%	98.85	9 885 000.00	0.89
2.125 % Rexel SA (MTN) 2021/2028 * ................	EUR	2 430 000	%	79.185	1 924 195.50	0.17
2.75  % Romanian Government International Bond -Reg-
(MTN) 2020/2026 * ........................	EUR	7 000 000	%	94.261	6 598 270.00	0.59
3.624 % Romanian Government International Bond -Reg-
(MTN) 2020/2030 * ........................	EUR	5 000 000	%	81.82	4 091 000.00	0.37
0.375 % Royal Schiphol Group NV (MTN) 2020/2027 .....	EUR	5 000 000	%	88.161	4 408 050.00	0.40
0.50  % Santander Consumer Bank AS (MTN) 2022/2025	EUR	5 000 000	5 000 000	%	93.751	4 687 550.00	0.42
0.00  % Schneider Electric SE (MTN) 2020/2023 ........	EUR	10 000 000	2 000 000	%	98.874	9 887 400.00	0.89
2.00  % Signify NV 2020/2024 ......................	EUR	6 250 000	%	98.423	6 151 437.50	0.55
4.625 % Societe Nationale SNCF SA (MTN) 2009/2024 ...	EUR	10 000 000	%	105.882	10 588 200.00	0.95
2.125 % SoftBank Group Corp. 2021/2024 .............	EUR	7 720 000	%	90.12	6 957 264.00	0.62
5.40  % Spain Government Bond -144A- (MTN)
2013/2023 * ..............................	EUR	2 000 000	13 000 000	%	103.091	2 061 820.00	0.19
0.35  % Spain Government Bond (MTN) 2018/2023 * ....	EUR	20 000 000	%	99.65	19 930 000.00	1.79
0.00  % Spain Government Bond (MTN) 2020/2025 .....	EUR	10 000 000	10 000 000	%	96.973	9 697 300.00	0.87
0.00  % Spain Government Bond 2021/2024 *..........	EUR	10 000 000	%	98.251	9 825 100.00	0.88
0.00  % Spain Government Bond 2022/2025 *..........	EUR	15 000 000	15 000 000	%	96.17	14 425 500.00	1.30
0.00  % State of Lower Saxony (MTN) 2016/2024  ......	EUR	10 000 000	10 000 000	%	97.583	9 758 300.00	0.88
0.55 % Sumitomo Mitsui Banking Corp. (MTN)
2018/2023 ...............................	EUR	10 000 000	%	99.099	9 909 900.00	0.89
0.375 % Suomen Hypoteekkiyhdistys (MTN) 2018/2023 ..	EUR	5 000 000	%	99.749	4 987 450.00	0.45
0.40  % Swedbank Hypotek AB (MTN) 2017/2024 ......	EUR	5 000 000	2 000 000	%	98.375	4 918 750.00	0.44
1.625 % TenneT Holding BV (MTN) 2022/2026 .........	EUR	9 220 000	9 220 000	%	97.382	8 978 620.40	0.81
0.50  % Toyota Finance Australia Ltd (MTN) 2018/2023 ..	EUR	5 000 000	5 000 000	%	99.712	4 985 600.00	0.45
0.625 % Unibail-Rodamco-Westfield SE (MTN)
2020/2027 * ..............................	EUR	3 000 000	800 000	%	83.893	2 516 790.00	0.23
1.00  % Valeo (MTN) 2021/2028 * ...................	EUR	7 500 000	%	78.102	5 857 650.00	0.53
0.125 % Vonovia Finance BV (MTN) 2019/2023 .........	EUR	7 000 000	%	98.81	6 916 700.00	0.62
0.00  % Vonovia SE (MTN) 2021/2024 ................	EUR	8 000 000	%	94.145	7 531 600.00	0.68
5.875 % Webuild SpA (MTN) 2020/2025 ..............	EUR	7 050 000	%	91.623	6 459 421.50	0.58
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.75 % Wirtschafts- and Infrastrukturbank Hessen (MTN) 2014/2024 ...............................  | EUR | 3 000 000 |  |  | % | 100.941 | 3 028 230.00 | 0.27 |
| 2.75  % ZF Finance GmbH (MTN) 2020/2027 * .........  | EUR | 3 800 000 |  |  | % | 79.226 | 3 010 588.00 | 0.27 |
| 2.75  % ZF North America Capital, Inc. (MTN) 2015/2023 . | EUR | 6 000 000 |  |  | % | 98.655 | 5 919 300.00 | 0.53 |
| 0.00  % Zuercher Kantonalbank (MTN) 2021/2026 ......  | EUR | 5 000 000 |  |  | % | 93.185 | 4 659 250.00 | 0.42 |
| 1.375 % DNB Bank ASA 2019/2023 ..................  | GBP | 7 000 000 |  |  | % | 98.327 | 8 036 705.54 | 0.72 |
| 1.375 % First Abu Dhabi Bank PJSC (MTN) 2020/2023 * ..  | GBP | 4 500 000 |  |  | % | 99.084 | 5 206 229.06 | 0.47 |
| 1.625 % Nordea Bank Abp (MTN) 2021/2032 ** .........  | GBP | 4 000 000 |  |  | % | 83.22 | 3 886 824.49 | 0.35 |
| 1.632 % Nordea Eiendomskreditt AS (MTN) 2018/2023 ** 0.75 % Toyota Motor Finance Netherlands BV (MTN) 2021/2025 ...............................  | GBP GBP | 5 000 000 6 000 000 |  |  | % % | 100.075 91.557 | 5 842 555.29 6 414 311.28 | 0.52 0.58 |
| 2.00  % Norway Government Bond -144A- 2012/2023 ...  3.00 % Norway Government Bond -144A- (MTN) 2014/2024 ...............................  | NOK NOK | 75 000 000 75 000 000 |  | 25 000 000 | % % | 99.69 100.368 | 7 238 932.58 7 288 165.16 | 0.65 0.65 |
| 1.75  % Norway Government Bond -144A- (MTN) 2015/2025 ...............................  | NOK | 100 000 000 |  |  | % | 96.933 | 9 384 979.45 | 0.84 |
| 3.125 % Africa Finance Corp. (MTN) 2020/2025 ......... 2.875 % Brazilian Government International Bond (MTN) 2020/2025 * ..............................  | USD USD | 13 900 000 10 000 000 |  |  | % % | 93.912 94.515 | 12 533 027.63 9 074 460.77 | 1.13 0.82 |
| 3.875 % Cellnex Finance Co. SA -144A- 2021/2041 ......  4.125 % Eastern & Southern African Trade & Development Bank (MTN) 2021/2028  .........  | USD USD | 4 550 000 4 060 000 |  |  | % % | 68.65 82.345 | 2 998 969.35 3 209 839.79 | 0.27 0.29 |
| 1.757 % Goldman Sachs Group, Inc. 2022/2025 ** ...... 3.771 % Mexico Government International Bond 2020/2061 * ..............................  | USD USD | 8 000 000 5 000 000 | 10 000 000 | 2 000 000 | % % | 96.301 64.229 | 7 396 748.84 3 083 338.84 | 0.66 0.28 |
| 2.392 % Peruvian Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2026 * ..............................  | USD | 3 000 000 | % | 92.591 | 2 666 928.80 | 0.24 |
| 2.375 % Republic of Italy Government International Bond (MTN) 2019/2024 .........................  | USD | 13 000 000 |  | 11 000 000 | % | 96.818 | 12 084 245.73 | 1.09 |
| 0.991 % Standard Chartered PLC -144A- 2021/2025 ** ...  | USD | 8 880 000 |  |  | % | 94.511 | 8 057 780.13 | 0.72 |
| 3.30  % Take-Two Interactive Software, Inc. 2022/2024 ..  | USD | 3 020 000 | 3 020 000 |  | % | 98.761 | 2 863 601.03 | 0.26 |
| 0.60  % VMware, Inc. 2021/2023 ....................  | USD | 5 000 000 |  |  | % | 96.689 | 4 641 594.12 | 0.42 |
| 1.00  % VMware, Inc. 2021/2024 ....................  | USD | 6 090 000 |  |  | % | 93.667 | 5 476 763.56 | 0.49 |
| 4.125 % Vodafone Group Plc 2021/2081 ** ............  | USD | 3 000 000 |  |  | % | 75.878 | 2 185 532.25 | 0.20 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 12 481 327.19 | 1.12 |
| Interest-bearing securities 0.80 % 7-Eleven, Inc. -144A- 2021/2024 ..............  | USD | 10 000 000 |  |  | % | 94.964 | 9 117 569.61 | 0.82 |
| 3.624 % Macquarie Bank Ltd -144A- (MTN) 2020/2030 ...  | USD | 4 000 000 |  |  | % | 87.588 | 3 363 757.58 | 0.30 |
| Investment fund units |  |  |  |  |  |  | 16 838 179.28 | 1.51 |
| In-group fund units DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.090%) ................  | Units | 436 | 19 837 | 23 098 | EUR | 13 682.98 | 5 965 779.28 | 0.53 |
| DWS Invest SICAV - DWS Invest ESG Floating Rate Notes -IC- EUR - (0.087%) .......................  | Units | 110 000 |  | 40 000 | EUR | 98.84 | 10 872 400.00 | 0.98 |
| Total securities portfolio |  |  |  |  |  |  | 1 109 415 781.97 | 99.63 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -340 894.14 | -0.03 |
| Interest rate futures Euro SCHATZ Futures 09/2022 (DB) ....................  | Count | -2 400 | 3 000 | 5 400 |  |  | -1 057 224.00 | -0.09 |
| US Treasury Notes 2 year Futures 09/2022 (DB)...........  | Count | -500 |  | 500 |  |  | 716 329.86 | 0.06 |
| Currency derivatives |  |  |  |  |  |  | -1 723 784.09 | -0.16 |
| Receivables/payables |  |  |  |  |  |  |  |  |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions SEK/EUR 0.1 million ................................  |  |  |  |  |  |  | -33.51 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/CAD 32.3 million ...............................  |  |  |  |  |  |  | -233 618.37 | -0.02 |
| EUR/GBP 25.3 million ...............................  |  |  |  |  |  |  | -230 062.26 | -0.02 |
| EUR/NOK 250.0 million ..............................  |  |  |  |  |  |  | -34 904.04 | -0.01 |
| EUR/USD 94.2 million ...............................  |  |  |  |  |  |  | -1 225 165.91 | -0.11 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Cash at bank |  |  |  | 5 927.55 | 0.00 |
| Demand deposits at Depositary |  |  |  |  |  |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| Norwegian krone ...................................  | NOK | 25 321 |  | 2 451.56 | 0.00 |
| Swedish krona .....................................  | SEK | 1 |  | 0.04 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 1 559 |  | 1 819.77 | 0.00 |
| Canadian dollar ....................................  | CAD | 2 224 |  | 1 656.18 | 0.00 |
| Other assets |  |  |  | 9 231 034.34 | 0.83 |
| Prepaid placement fee *** ...........................  |  |  |  | 6 408.13 | 0.00 |
| Interest receivable .................................  |  |  |  | 4 091 817.47 | 0.37 |
| Receivables from exceeding the expense cap ............  |  |  |  | 132 336.35 | 0.01 |
| Other receivables ..................................  |  |  |  | 5 000 472.39 | 0.45 |
| Receivables from share certificate transactions |  |  |  | 1 221 529.72 | 0.11 |
| Total assets **** |  |  |  | 1 120 590 603.44 | 100.63 |
| Short-term liabilities |  |  |  | -3 057 770.31 | -0.27 |
| EUR loans ........................................  | EUR |  |  | -2 907 088.17 | -0.26 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | -156 943 |  | -150 682.14 | -0.01 |
| Other liabilities |  |  |  | -685 179.85 | -0.06 |
| Liabilities from cost items ............................  |  |  |  | -685 179.85 | -0.06 |
| Liabilities from share certificate transactions |  |  |  | -557 076.64 | -0.05 |
| Total liabilities |  |  |  | -7 081 034.89 | -0.63 |
| Net assets |  |  |  | 1 113 509 568.55 | 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 | 149.33 |
| Class IC100 .......................................  | EUR | 96.97 |
| Class LC .........................................  | EUR | 141.12 |
| Class LD .........................................  | EUR | 87.12 |
| Class NC .........................................  | EUR | 129.49 |
| Class NDQ........................................  | EUR | 89.83 |
| Class PFC ........................................  | EUR | 91.03 |
| Class PFDQ .......................................  | EUR | 85.97 |
| Class TFC.........................................  | EUR | 96.12 |
| Class TFD.........................................  | EUR | 90.66 |
| Class SEK LCH ....................................  | SEK | 972.43 |
| Number of shares outstanding Class FC .........................................  | Count | 3 588 781.787 |
| Class IC100 .......................................  | Count | 3 041 468.000 |
| Class LC .........................................  | Count | 706 483.814 |
| Class LD .........................................  | Count | 938 322.687 |
| Class NC .........................................  | Count | 280 022.233 |
| Class NDQ........................................  | Count | 10 518.000 |
| Class PFC ........................................  | Count | 52 550.000 |
| Class PFDQ .......................................  | Count | 7 417.000 |
| Class TFC.........................................  | Count | 595 125.165 |
| Class TFD.........................................  | Count | 15 270.000 |
| Class SEK LCH ....................................  | Count | 94.000 |

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 .........................  | % | 0.255 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 1.105 |
| Average market risk exposure ........................  | % | 0.636 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.4, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 500 435 405.76 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
HSBC France, Royal Bank of Canada (UK) and Société Générale.

####  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 |
| --- | --- | --- | --- | --- | --- |
| 0.25 | % Alstom SA (MTN) 2019/2026 ................  | EUR | 2 000 000 | 1 799 540.00 |  |
| 0.875 | % Bankinter SA (MTN) 2019/2024 ..............  | EUR | 4 500 000 | 4 424 175.00 |  |
| 0.01 | % Banque Federative du Credit Mutuel SA (MTN) |  |  |  |  |
|  | 2021/2025 ..............................  | EUR | 1 100 000 | 1 036 816.00 |  |
| 0.00 | % Bundesobligation (MTN) 2018/2023 ...........  | EUR | 10 000 000 | 9 957 000.00 |  |
| 0.00 | % Bundesobligation (MTN) 2019/2024 ...........  | EUR | 15 000 000 | 14 754 600.00 |  |
| 0.00 | % Bundesobligation (MTN) 2020/2025 ...........  | EUR | 10 000 000 | 9 784 800.00 |  |
| 0.50 | % Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |
|  | (MTN) 2015/2025 .........................  | EUR | 15 000 000 | 14 904 000.00 |  |
| 0.00 | % Bundesschatzanweisungen 2021/2023 ........  | EUR | 20 000 000 | 19 894 800.00 |  |
| 1.00 | % CaixaBank SA (MTN) 2019/2024 .............  | EUR | 100 000 | 97 184.00 |  |
| 0.75 | % Deutsche Bank AG (MTN) 2021/2027 ** .......  | EUR | 7 100 000 | 6 285 630.00 |  |
| 1.25 | % Deutsche Boerse AG 2020/2047 ** ...........  | EUR | 2 000 000 | 1 687 040.00 |  |
| 0.00 | % European Financial Stability Facility (MTN) |  |  |  |  |
|  | 2019/2024 ..............................  | EUR | 1 000 000 | 982 630.00 |  |
| 0.00 | % European Union (MTN) 2020/2025 ...........  | EUR | 2 000 000 | 1 917 660.00 |  |
| 0.00 | % French Republic Government Bond OAT (MTN) |  |  |  |  |
|  | 2018/2024 ..............................  | EUR | 4 000 000 | 3 957 960.00 |  |
| 0.625 | % Intesa Sanpaolo SpA (MTN) 2021/2026 ........  | EUR | 6 800 000 | 6 055 808.00 |  |
| 5.50 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 | EUR | 5 000 000 | 5 089 850.00 |  |
| 4.50 | % Italy Buoni Poliennali Del Tesoro 2013/2024 ....  | EUR | 19 000 000 | 20 038 920.00 |  |
| 1.85 | % Italy Buoni Poliennali Del Tesoro (MTN) 2017/2024 | EUR | 18 000 000 | 18 158 220.00 |  |
| 0.95 | % Italy Buoni Poliennali Del Tesoro (MTN) 2018/2023 | EUR | 8 000 000 | 8 028 960.00 |  |
| 1.45 | % Italy Buoni Poliennali Del Tesoro (MTN) 2018/2025 | EUR | 19 000 000 | 18 793 280.00 |  |
| 2.45 | % Italy Buoni Poliennali Del Tesoro (MTN) 2018/2023 | EUR | 20 000 000 | 20 372 000.00 |  |
| 0.35 | % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2025 | EUR | 17 000 000 | 16 440 700.00 |  |
| 0.00 | % Italy Buoni Poliennali Del Tesoro 2020/2024 ....  | EUR | 18 500 000 | 18 167 370.00 |  |
| 0.00 | % Italy Buoni Poliennali Del Tesoro 2021/2024 ....  | EUR | 19 000 000 | 18 560 910.00 |  |
| 0.00 | % Italy Buoni Poliennali Del Tesoro 2021/2024 ....  | EUR | 20 000 000 | 19 404 000.00 |  |
| 1.20 | % Italy Buoni Poliennali Del Tesoro 2022/2025 ....  | EUR | 4 400 000 | 4 297 260.00 |  |
| 2.25 | % Kingdom of Belgium Government Bond (MTN) |  |  |  |  |
|  | 2013/2023 ..............................  | EUR | 9 100 000 | 9 256 156.00 |  |
| 0.25 | % LeasePlan Corp. NV (MTN) 2021/2026 ........  | EUR | 1 000 000 | 894 830.00 |  |
| 1.75 | % Orsted AS 2019/3019 **....................  | EUR | 2 000 000 | 1 695 040.00 |  |
| 0.00 | % Republic of Austria Government Bond -144A- |  |  |  |  |
|  | (MTN) 2016/2023 .........................  | EUR | 8 400 000 | 8 355 228.00 |  |
| 0.00 | % Republic of Austria Government Bond -144A- |  |  |  |  |
|  | 2020/2023 ..............................  | EUR | 9 500 000 | 9 485 085.00 |  |
| 2.125 | % Rexel SA (MTN) 2021/2028 .................  | EUR | 2 400 000 | 1 900 440.00 |  |
| 2.75 | % Romanian Government International Bond -Reg- |  |  |  |  |
|  | (MTN) 2020/2026 .........................  | EUR | 7 000 000 | 6 598 270.00 |  |
| 3.624 | % Romanian Government International Bond -Reg- |  |  |  |  |

| (MTN) 2020/2030 .........................  | EUR | 1 000 000 | 818 200.00 |  |
| --- | --- | --- | --- | --- |
| 5.40  % Spain Government Bond -144A- (MTN) 2013/2023 | EUR | 2 000 000 | 2 061 820.00 |  |
| 0.35  % Spain Government Bond (MTN) 2018/2023 .....  | EUR | 5 000 000 | 4 982 500.00 |  |
| 0.00  % Spain Government Bond 2021/2024 ..........  | EUR | 7 000 000 | 6 877 570.00 |  |
| 0.00  % Spain Government Bond 2022/2025 ..........  | EUR | 11 000 000 | 10 578 700.00 |  |
| 0.625 % Unibail-Rodamco-Westfield SE (MTN) 2020/2027 | EUR | 1 600 000 | 1 342 288.00 |  |
| 1.00  % Valeo (MTN) 2021/2028 ....................  | EUR | 6 500 000 | 5 076 630.00 |  |
| 2.75  % ZF Finance GmbH (MTN) 2020/2027 ..........  | EUR | 600 000 | 475 356.00 |  |
| 1.375 % First Abu Dhabi Bank PJSC (MTN) 2020/2023 ... 2.875 % Brazilian Government International Bond (MTN) 2020/2025 ..............................  | GBP USD | 500 000 1 300 000 | 578 469.90 1 179 679.90 |  |
| 3.771 % Mexico Government International Bond 2020/2061 2.392 % Peruvian Government International Bond (MTN) 2020/2026 ..............................  | USD USD | 1 000 000 1 400 000 | 616 667.77 1 244 566.78 |  |
| Total receivables from securities loans |  |  | 338 908 610.35 | 338 908 610.35 |

Contracting parties for securities loans
Barclays Bank Ireland PLC FI, BNP Paribas Arbitrage SNC, BNP Paribas S.A., Commerzbank Frankfurt, Credit Agricole CIB S.A. FI, Crédit Suisse Securities Sociedad de Valores S.A. FI, Deutsche Bank AG FI, J.P. Morgan AG FI, Morgan Stanley Europe SE FI, Société Générale, UBS AG London Branch, Unicredit Bank AG, Zuercher Kantonalbank
Total collateral pledged by third parties for securities loans	EUR	7 765 768.94
thereof:
Bonds	EUR	122 872 238.89
Equities	EUR	234 644 871.24
| Exchange rates (indirect quotes) |  |
| --- | --- |
|  |  | As of June 30, | 2022 |
| Canadian dollar	CAD | 1.343026 | = EUR | 1 |
| British pound	GBP | 0.856432 | = EUR | 1 |
| Norwegian krone	NOK | 10.328526 | = EUR | 1 |
| Swedish krona	SEK | 10.710462 | = EUR | 1 |
| U.S. dollar	USD | 1.041549 | = EUR | 1 |
| Notes on valuation |  |  |  |

Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
Footnotes
* Some or all of these securities are lent.
** Floating interest rate.
*** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
**** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Euro Bonds (Short)
DWS INVEST ESG EURO BONDS (SHORT)

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0145655824 | -3,7% |
| Klasse FC | LU0145657366 | -3,6% |
| Klasse IC100 | LU1815111171 | -3,6% |
| Klasse LD | LU0145656475 | -3,7% |
| Klasse NC | LU0145656715 | -3,8% |
| Klasse NDQ | LU1054330185 | -3,8% |
| Klasse PFC | LU1054330268 | -4,0% |
| Klasse PFDQ | LU1054330342 | -3,7% |
| Klasse TFC | LU1663869268 | -3,6% |
| Klasse TFD | LU1663870860 | -3,6% |
| Klasse SEK LCH 1) | LU1333039953 | -3,5% |
| iBoxx € Overall 1-3J |  | -2,9% |
| 1) in SEK |  |  |

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 ESG Euro Bonds (Short)
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 568 644 508,19 | 51,07 |
| Zentralregierungen | 500 533 660,51 | 44,95 |
| Regionalregierungen | 23 399 433,99 | 2,10 |
| Summe Anleihen | 1 092 577 602,69 | 98,12 |
| 2. Investmentanteile Rentenfonds | 10 872 400,00 | 0,98 |
| Sonstige Fonds | 5 965 779,28 | 0,53 |
| Summe Investmentanteile | 16 838 179,28 | 1,51 |
| 3. Derivate | -2 064 678,23 | -0,19 |
| 4. Bankguthaben | 5 927,55 | 0,00 |
| 5. Sonstige Vermögensgegenstände | 9 231 034,34 | 0,83 |
| 6. Forderungen aus Anteilscheingeschäften | 1 221 529,72 | 0,11 |
| II. Verbindlichkeiten |  |  |
| 1. Kurzfristige Verbindlichkeiten | -3 057 770,31 | -0,27 |
| 2. Sonstige Verbindlichkeiten | -685 179,85 | -0,06 |
| 3. Verbindlichkeiten aus Anteilscheingeschäften | -557 076,64 | -0,05 |
| III. Fondsvermögen | 1 113 509 568,55 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 1 080 096 275,50 | 97,00 |
| Verzinsliche Wertpapiere 0,25  % Canadian Government Bond 2020/2023  .......  | CAD | 8 000 000 | 2 000 000 | % | 98,568 | 5 871 397,90 | 0,53 |
| 0,50 % Canadian Government Bond 2021/2023 ....... 1,00 % Council Of Europe Development Bank 2021/2024  ..............................  | CAD CAD | 5 000 000 10 000 000 | 5 000 000 | % % | 96,674 94,677 | 3 599 111,28 7 049 528,49 | 0,32 0,63 |
| 1,75  % European Investment Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2019/2024  ..............................  | CAD | 5 000 000 |  |  | % | 97,004 | 3 611 378,35 | 0,32 |
| 3,00  % Province of Quebec Canada 2012/2023  .......  | CAD | 5 000 000 |  |  | % | 99,777 | 3 714 633,99 | 0,33 |
| 0,375 % Aareal Bank AG (MTN) 2018/2025 ............  | EUR | 10 000 000 |  |  | % | 96,492 | 9 649 200,00 | 0,87 |
| 0,625 % ABB Finance BV (MTN) 2022/2024  ...........  | EUR | 2 500 000 | 2 500 000 |  | % | 98,616 | 2 465 400,00 | 0,22 |
| 0,00  % ACEA SpA (MTN) 2021/2025 ................  | EUR | 5 000 000 |  |  | % | 92,561 | 4 628 050,00 | 0,42 |
| 0,80  % Adif Alta Velocidad (MTN) 2017/2023  .........  | EUR | 10 000 000 |  | 5 000 000 | % | 99,999 | 9 999 900,00 | 0,90 |
| 0,25  % Alstom SA (MTN) 2019/2026 * ...............  | EUR | 6 000 000 |  |  | % | 89,977 | 5 398 620,00 | 0,48 |
| 1,00  % ASTM SpA (MTN) 2021/2026  ...............  | EUR | 3 030 000 |  |  | % | 87,864 | 2 662 279,20 | 0,24 |
| 2,00 % Balder Finland Oyj (MTN) 2022/2031 .......... 1,00 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 ** ............................  | EUR EUR | 4 000 000 3 000 000 | 6 860 000 | 2 860 000 | % % | 59,534 90,048 | 2 381 360,00 2 701 440,00 | 0,21 0,24 |
| 0,125 % Banco de Sabadell SA (MTN) 2016/2023 .......  | EUR | 5 000 000 |  |  | % | 98,728 | 4 936 400,00 | 0,44 |
| 2,50  % Banco de Sabadell SA (MTN) 2021/2031 .......  | EUR | 2 000 000 |  |  | % | 83,538 | 1 670 760,00 | 0,15 |
| 2,625 % Banco de Sabadell SA (MTN) 2022/2026 ** .....  | EUR | 7 000 000 | 7 000 000 |  | % | 94,959 | 6 647 130,00 | 0,60 |
| 0,125 % Bank of Queensland Ltd (MTN) 2019/2024 .....  | EUR | 5 000 000 | 5 000 000 |  | % | 97,47 | 4 873 500,00 | 0,44 |
| 0,875 % Bankinter SA (MTN) 2019/2024 * .............  0,01 % Banque Federative du Credit Mutuel SA (MTN) 2021/2025 * .............................  | EUR EUR | 5 000 000 8 300 000 |  |  | % % | 98,315 94,256 | 4 915 750,00 7 823 248,00 | 0,44 0,70 |
| 0,632 % Becton Dickinson Euro Finance Sarl 2019/2023  . | EUR | 7 500 000 |  |  | % | 99,204 | 7 440 300,00 | 0,67 |
| 1,125 % BNP Paribas SA (MTN) 2017/2023  ...........  0,50 % BNZ International Funding Ltd/London (MTN) 2017/2024 ..............................  | EUR EUR | 5 000 000 10 000 000 |  |  | % % | 99,078 98,088 | 4 953 900,00 9 808 800,00 | 0,45 0,88 |
| 2,375 % Booking Holdings, Inc. (MTN) 2014/2024  ......  | EUR | 7 000 000 |  |  | % | 100,414 | 7 028 980,00 | 0,63 |
| 0,00  % Bundesobligation (MTN) 2018/2023 * .........  | EUR | 10 000 000 |  | 5 000 000 | % | 99,57 | 9 957 000,00 | 0,89 |
| 0,00  % Bundesobligation (MTN) 2019/2024 * .........  | EUR | 15 000 000 | 15 000 000 |  | % | 98,364 | 14 754 600,00 | 1,33 |
| 0,00 % Bundesobligation (MTN) 2020/2025 * ......... 0,50  % Bundesrepublik Deutschland Bundesanleihe (MTN) 2015/2025 * .............................  | EUR EUR | 10 000 000 15 000 000 | 10 000 000 15 000 000 |  | % % | 97,848 99,36 | 9 784 800,00 14 904 000,00 | 0,88 1,34 |
| 0,00 % Bundesschatzanweisungen 2021/2023 * ....... 0,875 % Caixa Economica Montepio Geral Caixa Economica Bancaria SA (MTN) 2017/2022 ...............  | EUR EUR | 20 000 000 8 000 000 | 20 000 000 | 2 000 000 | % % | 99,474 100,214 | 19 894 800,00 8 017 120,00 | 1,79 0,72 |
| 0,125 % Caixa Economica Montepio Geral Caixa Economica Bancaria SA (MTN) 2019/2024 ...............  | EUR | 13 000 000 |  |  | % | 96,642 | 12 563 460,00 | 1,13 |
| 1,00  % CaixaBank SA (MTN) 2019/2024 * ............  | EUR | 5 000 000 |  |  | % | 97,184 | 4 859 200,00 | 0,44 |
| 0,75  % Cellnex Finance Co. SA (MTN) 2021/2026  .....  | EUR | 5 000 000 |  |  | % | 84,639 | 4 231 950,00 | 0,38 |
| 4,00  % Commerzbank AG (MTN) 2020/2030 ** ........  | EUR | 4 000 000 |  |  | % | 95,153 | 3 806 120,00 | 0,34 |
| 0,625 % Corp. Andina de Fomento (MTN) 2019/2024 ....  | EUR | 10 000 000 | 10 000 000 |  | % | 98,688 | 9 868 800,00 | 0,89 |
| 1,625 % Corp. Andina de Fomento (MTN) 2020/2025 ....  | EUR | 10 000 000 |  |  | % | 99,248 | 9 924 800,00 | 0,89 |
| 1,60  % Deutsche Bahn Finance GmbH 2019/perpetual ** | EUR | 3 000 000 |  |  | % | 77,734 | 2 332 020,00 | 0,21 |
| 0,75  % Deutsche Bank AG (MTN) 2021/2027 ** * ......  | EUR | 9 100 000 |  |  | % | 88,53 | 8 056 230,00 | 0,72 |
| 1,375 % Deutsche Bank AG 2021/2032 **  ............  | EUR | 5 100 000 |  |  | % | 76,415 | 3 897 165,00 | 0,35 |
| 1,25  % Deutsche Boerse AG 2020/2047 ** * ..........  | EUR | 2 000 000 |  | 1 000 000 | % | 84,352 | 1 687 040,00 | 0,15 |
| 0,75  % Deutsche Pfandbriefbank AG (MTN) 2019/2023  . | EUR | 10 000 000 |  |  | % | 99,548 | 9 954 800,00 | 0,89 |
| 0,25  % Deutsche Pfandbriefbank AG (MTN) 2022/2025  . | EUR | 5 000 000 | 5 000 000 |  | % | 93,369 | 4 668 450,00 | 0,42 |
| 2,625 % Digital Euro Finco LLC (MTN) 2016/2024  ......  | EUR | 7 000 000 |  |  | % | 99,601 | 6 972 070,00 | 0,63 |
| 0,05  % DNB Bank ASA (MTN) 2019/2023  ............  | EUR | 8 000 000 |  |  | % | 98,106 | 7 848 480,00 | 0,70 |
| 0,25  % DNB Boligkreditt AS (MTN) 2016/2023  ........  | EUR | 5 000 000 |  |  | % | 99,736 | 4 986 800,00 | 0,45 |
| 0,875 % E.ON SE (MTN) 2022/2025  .................  | EUR | 3 320 000 | 3 320 000 |  | % | 97,269 | 3 229 330,80 | 0,29 |
| 1,375 % Eli Lilly & Co. 2021/2061  ...................  | EUR | 4 000 000 |  | 5 080 000 | % | 55,688 | 2 227 520,00 | 0,20 |
| 1,375 % Enel SpA 2021/perpetual ** .................  | EUR | 4 000 000 |  | 2 000 000 | % | 76,066 | 3 042 640,00 | 0,27 |
| 1,50  % Erste Group Bank AG (MTN) 2022/2026  .......  | EUR | 3 800 000 | 3 800 000 |  | % | 95,533 | 3 630 254,00 | 0,33 |
| 0,125 % Euroclear Bank SA (MTN) 2020/2025  .........  0,00 % European Financial Stability Facility (MTN) 2019/2024 * .............................  | EUR EUR | 5 000 000 5 000 000 |  |  | % % | 94,538 98,263 | 4 726 900,00 4 913 150,00 | 0,42 0,44 |
| 0,00 % European Union (MTN) 2020/2025 * .......... 0,00 % French Republic Government Bond OAT (MTN) 2018/2024 * .............................  | EUR EUR | 5 000 000 5 000 000 |  |  | % % | 95,883 98,949 | 4 794 150,00 4 947 450,00 | 0,43 0,44 |
| 1,75  % Gemeinsame Deutsche Bundeslaender (MTN) |  |  |  |  |  |  |  |  |  |
| 2013/2023  ..............................  | EUR | 5 000 000 |  |  | % | 100,877 | 5 043 850,00 | 0,45 |
| 0,125 % General Mills, Inc. 2021/2025  ...............  | EUR | 5 000 000 |  |  | % | 92,636 | 4 631 800,00 | 0,42 |
| 0,01  % Hana Bank (MTN) 2021/2026 ................  1,475 % Holding d‘Infrastructures de Transport SASU (MTN) 2022/2031 ..............................  | EUR EUR | 5 000 000 2 000 000 | 5 800 000 | 3 800 000 | % % | 93,732 81,278 | 4 686 600,00 1 625 560,00 | 0,42 0,15 |
| 1,75  % Hungary Government International Bond |  |  |  |  |  |  |  |  |  |
| 2020/2035  ..............................  | EUR | 4 000 000 |  | % | 70,9 | 2 836 000,00 | 0,25 |
| 0,125 % ING Groep NV 2021/2025 ** ................  0,375 % International Business Machines Corp. 2019/2023  ..............................  | EUR EUR | 8 200 000 8 000 000 | 2 000 000 | % % | 93,629 99,934 | 7 677 578,00 7 994 720,00 | 0,69 0,72 |
| 0,625 % Intesa Sanpaolo SpA (MTN) 2021/2026 * ....... 5,50 % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 * .............................  | EUR EUR | 7 000 000 10 000 000 | 10 000 000 | % % | 89,056 101,797 | 6 233 920,00 10 179 700,00 | 0,56 0,91 |

4,50 % Italy Buoni Poliennali Del Tesoro 2013/2024 * ...	EUR	20 000 000	%	105,468	21 093 600,00	1,89 1,85 % Italy Buoni Poliennali Del Tesoro (MTN)
2017/2024 * .............................	EUR	20 000 000	%	100,879	20 175 800,00	1,81
0,95  % Italy Buoni Poliennali Del Tesoro (MTN)
2018/2023 * .............................	EUR	10 000 000	10 000 000	%	100,362	10 036 200,00	0,90
1,45  % Italy Buoni Poliennali Del Tesoro (MTN)
2018/2025 * .............................	EUR	20 000 000	5 000 000	%	98,912	19 782 400,00	1,78
2,45  % Italy Buoni Poliennali Del Tesoro (MTN)
2018/2023 * .............................	EUR	20 000 000	%	101,86	20 372 000,00	1,83
0,35  % Italy Buoni Poliennali Del Tesoro (MTN)
2019/2025 * .............................	EUR	20 000 000	%	96,71	19 342 000,00	1,74
0,60  % Italy Buoni Poliennali Del Tesoro 2020/2023 ....	EUR	20 000 000	%	100,07	20 014 000,00	1,80
0,00  % Italy Buoni Poliennali Del Tesoro 2020/2024 * ...	EUR	20 000 000	%	98,202	19 640 400,00	1,76
0,00  % Italy Buoni Poliennali Del Tesoro 2021/2024 * ...	EUR	20 000 000	%	97,689	19 537 800,00	1,75
0,00  % Italy Buoni Poliennali Del Tesoro 2021/2024 * ...	EUR	20 000 000	10 000 000	%	97,02	19 404 000,00	1,74
1,20  % Italy Buoni Poliennali Del Tesoro 2022/2025 * ...	EUR	20 000 000	20 000 000	%	97,665	19 533 000,00	1,75
0,375 % Jyske Bank A/S (MTN) 2020/2025 ** ..........	EUR	6 000 000	%	95,089	5 705 340,00	0,51
1,25  % Kering SA (MTN) 2022/2025  ................	EUR	5 800 000	5 800 000	%	98,312	5 702 096,00	0,51
2,25  % Kingdom of Belgium Government Bond (MTN)
2013/2023 * .............................	EUR	10 000 000	%	101,716	10 171 600,00	0,91
0,01  % Komercni Banka AS (MTN) 2021/2026  ........	EUR	4 910 000	%	93,929	4 611 913,90	0,41
0,00  % Korea Housing Finance Co. (MTN) 2021/2026  ..	EUR	8 000 000	1 350 000	%	92,882	7 430 560,00	0,67
0,125 % Kreditanstalt fuer Wiederaufbau (MTN)
2018/2023  ..............................	EUR	3 150 000	%	99,95	3 148 425,00	0,28
0,125 % Kreditanstalt fuer Wiederaufbau (MTN)
2018/2023  ..............................	EUR	10 000 000	5 000 000	%	99,336	9 933 600,00	0,89
0,25  % LeasePlan Corp. NV (MTN) 2021/2026 * .......	EUR	5 040 000	%	89,483	4 509 943,20	0,41
0,00  % Medtronic Global Holdings SCA 2020/2023  ....	EUR	6 000 000	2 890 000	%	99,488	5 969 280,00	0,54
0,625 % Mercedes-Benz International Finance BV (MTN)
2019/2023  ..............................	EUR	2 000 000	8 000 000	%	99,938	1 998 760,00	0,18
0,50  % Nationale-Nederlanden Bank NV/The Netherlands
(MTN) 2017/2024 .........................	EUR	7 000 000	%	97,902	6 853 140,00	0,62
0,05  % Nationwide Building Society (MTN) 2019/2024 ..	EUR	7 000 000	%	97,517	6 826 190,00	0,61
7,50  % Netherlands Government Bond -144A- 1993/2023	EUR	5 000 000	5 000 000	%	103,986	5 199 300,00	0,47
0,375 % NORD/LB Luxembourg SA Covered Bond Bank
(MTN) 2016/2023 .........................	EUR	10 000 000	%	99,494	9 949 400,00	0,89
0,05 % NORD/LB Luxembourg SA Covered Bond Bank
(MTN) 2020/2025 .........................	EUR	5 000 000	%	95,984	4 799 200,00	0,43
1,75  % Orsted AS 2019/3019 ** * ..................	EUR	4 000 000	%	84,752	3 390 080,00	0,30
2,75  % Peruvian Government International Bond
2015/2026  ..............................	EUR	5 000 000	%	97,716	4 885 800,00	0,44
0,25  % Philippine Government International Bond
2021/2025  ..............................	EUR	10 000 000	2 000 000	%	93,321	9 332 100,00	0,84
0,75  % PKO Bank Hipoteczny SA (MTN) 2018/2024  ....	EUR	6 900 000	%	98,985	6 829 965,00	0,61
0,625 % Procter & Gamble Co. (MTN) 2018/2024 .......	EUR	5 000 000	%	97,88	4 894 000,00	0,44
0,625 % Province of Alberta Canada (MTN) 2018/2025 . . .	EUR	5 000 000	%	97,653	4 882 650,00	0,44
0,00  % RELX Finance BV 2020/2024  ................	EUR	5 020 000	%	96,834	4 861 066,80	0,44
0,00  % Republic of Austria Government Bond -144A-
(MTN) 2016/2023 * ........................	EUR	10 000 000	%	99,467	9 946 700,00	0,89
0,00  % Republic of Austria Government Bond -144A-
2020/2023 * .............................	EUR	10 000 000	%	99,843	9 984 300,00	0,90
0,00  % Republic of Poland Government International
Bond (MTN) 2020/2023  ....................	EUR	10 000 000	%	98,85	9 885 000,00	0,89
2,125 % Rexel SA (MTN) 2021/2028 * ................	EUR	2 430 000	%	79,185	1 924 195,50	0,17
2,75  % Romanian Government International Bond -Reg-
(MTN) 2020/2026 * ........................	EUR	7 000 000	%	94,261	6 598 270,00	0,59
3,624 % Romanian Government International Bond -Reg-
(MTN) 2020/2030 * ........................	EUR	5 000 000	%	81,82	4 091 000,00	0,37
0,375 % Royal Schiphol Group NV (MTN) 2020/2027  ....	EUR	5 000 000	%	88,161	4 408 050,00	0,40
0,50  % Santander Consumer Bank AS (MTN) 2022/2025	EUR	5 000 000	5 000 000	%	93,751	4 687 550,00	0,42
0,00  % Schneider Electric SE (MTN) 2020/2023  .......	EUR	10 000 000	2 000 000	%	98,874	9 887 400,00	0,89
2,00  % Signify NV 2020/2024  .....................	EUR	6 250 000	%	98,423	6 151 437,50	0,55
4,625 % Societe Nationale SNCF SA (MTN) 2009/2024  ..	EUR	10 000 000	%	105,882	10 588 200,00	0,95
2,125 % SoftBank Group Corp. 2021/2024  ............	EUR	7 720 000	%	90,12	6 957 264,00	0,62
5,40  % Spain Government Bond -144A- (MTN)
2013/2023 * .............................	EUR	2 000 000	13 000 000	%	103,091	2 061 820,00	0,19
0,35  % Spain Government Bond (MTN) 2018/2023 * ....	EUR	20 000 000	%	99,65	19 930 000,00	1,79
0,00  % Spain Government Bond (MTN) 2020/2025 .....	EUR	10 000 000	10 000 000	%	96,973	9 697 300,00	0,87
0,00  % Spain Government Bond 2021/2024 * .........	EUR	10 000 000	%	98,251	9 825 100,00	0,88
0,00  % Spain Government Bond 2022/2025 * .........	EUR	15 000 000	15 000 000	%	96,17	14 425 500,00	1,30
0,00  % State of Lower Saxony (MTN) 2016/2024  ......	EUR	10 000 000	10 000 000	%	97,583	9 758 300,00	0,88
0,55 % Sumitomo Mitsui Banking Corp. (MTN)
2018/2023  ..............................	EUR	10 000 000	%	99,099	9 909 900,00	0,89
0,375 % Suomen Hypoteekkiyhdistys (MTN) 2018/2023  .	EUR	5 000 000	%	99,749	4 987 450,00	0,45
0,40  % Swedbank Hypotek AB (MTN) 2017/2024 ......	EUR	5 000 000	2 000 000	%	98,375	4 918 750,00	0,44
1,625 % TenneT Holding BV (MTN) 2022/2026 .........	EUR	9 220 000	9 220 000	%	97,382	8 978 620,40	0,81
0,50  % Toyota Finance Australia Ltd (MTN) 2018/2023 . .	EUR	5 000 000	5 000 000	%	99,712	4 985 600,00	0,45
0,625 % Unibail-Rodamco-Westfield SE (MTN)
2020/2027 * .............................	EUR	3 000 000	800 000	%	83,893	2 516 790,00	0,23
1,00  % Valeo (MTN) 2021/2028 * ...................	EUR	7 500 000	%	78,102	5 857 650,00	0,53
0,125 % Vonovia Finance BV (MTN) 2019/2023  ........	EUR	7 000 000	%	98,81	6 916 700,00	0,62
0,00  % Vonovia SE (MTN) 2021/2024  ...............	EUR	8 000 000	%	94,145	7 531 600,00	0,68
5,875 % Webuild SpA (MTN) 2020/2025 ..............	EUR	7 050 000	%	91,623	6 459 421,50	0,58
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. Währung | Nominalbetrag bzw. Bestand | Käufe/ Zugänge im | Verkäufe/ Abgänge Berichtszeitraum | Währung | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,75  % Wirtschafts- und Infrastrukturbank Hessen (MTN) |  |  |  |  |  |  |  |  |
| 2014/2024  ..............................  | EUR | 3 000 000 |  |  | % | 100,941 | 3 028 230,00 | 0,27 |
| 2,75  % ZF Finance GmbH (MTN) 2020/2027 * .........  | EUR | 3 800 000 |  |  | % | 79,226 | 3 010 588,00 | 0,27 |
| 2,75  % ZF North America Capital, Inc. (MTN) 2015/2023 | EUR | 6 000 000 |  |  | % | 98,655 | 5 919 300,00 | 0,53 |
| 0,00  % Zuercher Kantonalbank (MTN) 2021/2026 ......  | EUR | 5 000 000 |  |  | % | 93,185 | 4 659 250,00 | 0,42 |
| 1,375 % DNB Bank ASA 2019/2023  .................  | GBP | 7 000 000 |  |  | % | 98,327 | 8 036 705,54 | 0,72 |
| 1,375 % First Abu Dhabi Bank PJSC (MTN) 2020/2023 * . | GBP | 4 500 000 |  |  | % | 99,084 | 5 206 229,06 | 0,47 |
| 1,625 % Nordea Bank Abp (MTN) 2021/2032 ** ........  | GBP | 4 000 000 |  |  | % | 83,22 | 3 886 824,49 | 0,35 |
| 1,632 % Nordea Eiendomskreditt AS (MTN) 2018/2023 ** | GBP | 5 000 000 |  |  | % | 100,075 | 5 842 555,29 | 0,52 |
| 0,75  % Toyota Motor Finance Netherlands BV (MTN) |  |  |  |  |  |  |  |  |
| 2021/2025  ..............................  | GBP | 6 000 000 |  |  | % | 91,557 | 6 414 311,28 | 0,58 |
| 2,00  % Norway Government Bond -144A- 2012/2023 ...  | NOK | 75 000 000 |  | 25 000 000 | % | 99,69 | 7 238 932,58 | 0,65 |
| 3,00  % Norway Government Bond -144A- (MTN) |  |  |  |  |  |  |  |  |
| 2014/2024  ..............................  | NOK | 75 000 000 |  |  | % | 100,368 | 7 288 165,16 | 0,65 |
| 1,75  % Norway Government Bond -144A- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2025  ..............................  | NOK | 100 000 000 |  |  | % | 96,933 | 9 384 979,45 | 0,84 |
| 3,125 % Africa Finance Corp. (MTN) 2020/2025  ........  | USD | 13 900 000 |  |  | % | 93,912 | 12 533 027,63 | 1,13 |
| 2,875 % Brazilian Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 * .............................  | USD | 10 000 000 |  |  | % | 94,515 | 9 074 460,77 | 0,82 |
| 3,875 % Cellnex Finance Co. SA -144A- 2021/2041  .....  | USD | 4 550 000 |  |  | % | 68,65 | 2 998 969,35 | 0,27 |
| 4,125 % Eastern & Southern African Trade & |  |  |  |  |  |  |  |  |
| Development Bank (MTN) 2021/2028  .........  | USD | 4 060 000 |  |  | % | 82,345 | 3 209 839,79 | 0,29 |
| 1,757 % Goldman Sachs Group, Inc. 2022/2025 ** ......  | USD | 8 000 000 | 10 000 000 | 2 000 000 | % | 96,301 | 7 396 748,84 | 0,66 |
| 3,771 % Mexico Government International Bond |  |  |  |  |  |  |  |  |
| 2020/2061 * .............................  | USD | 5 000 000 |  |  | % | 64,229 | 3 083 338,84 | 0,28 |
| 2,392 % Peruvian Government International Bond (MTN) |  |  |  |  |  |  |  |  |  |
| 2020/2026 * .............................  | USD | 3 000 000 | % | 92,591 | 2 666 928,80 | 0,24 |
| 2,375 % Republic of Italy Government International Bond |  |  |  |  |  |  |  |  |  |
| (MTN) 2019/2024 .........................  | USD | 13 000 000 |  | 11 000 000 | % | 96,818 | 12 084 245,73 | 1,09 |
| 0,991 % Standard Chartered PLC -144A- 2021/2025 ** ...  | USD | 8 880 000 |  |  | % | 94,511 | 8 057 780,13 | 0,72 |
| 3,30  % Take-Two Interactive Software, Inc. 2022/2024  . | USD | 3 020 000 | 3 020 000 |  | % | 98,761 | 2 863 601,03 | 0,26 |
| 0,60  % VMware, Inc. 2021/2023  ...................  | USD | 5 000 000 |  |  | % | 96,689 | 4 641 594,12 | 0,42 |
| 1,00  % VMware, Inc. 2021/2024  ...................  | USD | 6 090 000 |  |  | % | 93,667 | 5 476 763,56 | 0,49 |
| 4,125 % Vodafone Group Plc 2021/2081 ** ............  | USD | 3 000 000 |  |  | % | 75,878 | 2 185 532,25 | 0,20 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	12 481 327,19	1,12
| Verzinsliche Wertpapiere 0,80 % 7-Eleven, Inc. -144A- 2021/2024	USD | 10 000 000 |  |  | % | 94,964 | 9 117 569,61 | 0,82 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3,624 % Macquarie Bank Ltd -144A- (MTN) 2020/2030  ..	USD | 4 000 000 |  |  | % | 87,588 | 3 363 757,58 | 0,30 |
| Investmentanteile |  |  |  |  |  | 16 838 179,28 | 1,51 |
| Gruppeneigene Investmentanteile DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0,090%)	Anteile | 436 | 19 837 | 23 098 | EUR | 13 682,98 | 5 965 779,28 | 0,53 |
| DWS Invest SICAV - DWS Invest ESG Floating Rate Notes -IC- EUR - (0,087%)	Anteile | 110 000 |  | 40 000 | EUR | 98,84 | 10 872 400,00 | 0,98 |
| Summe Wertpapiervermögen |  |  |  |  |  | 1 109 415 781,97 | 99,63 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  | -340 894,14 | -0,03 |
| --- | --- | --- | --- | --- | --- |
| Zinsterminkontrakte Euro SCHATZ Futures 09/2022 (DB)	Stück | -2 400 | 3 000 | 5 400 | -1 057 224,00 | -0,09 |
| US Treasury Notes 2 year Futures 09/2022 (DB)	Stück | -500 |  | 500 | 716 329,86 | 0,06 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -1 723 784,09 | -0,16 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen SEK/EUR 0,1 Mio. .................................  |  |  |  | -33,51 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen EUR/CAD 32,3 Mio. ................................  |  |  |  | -233 618,37 | -0,02 |
| EUR/GBP 25,3 Mio. ................................  |  |  |  | -230 062,26 | -0,02 |
| EUR/NOK 250,0 Mio. ...............................  |  |  |  | -34 904,04 | -0,01 |
| EUR/USD 94,2 Mio. ................................  |  |  |  | -1 225 165,91 | -0,11 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Bankguthaben |  |  |  | 5 927,55 | 0,00 |
| Verwahrstelle (täglich fällig) |  |  |  |  |  |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Norwegische Kronen ...............................  | NOK | 25 321 |  | 2 451,56 | 0,00 |
| Schwedische Kronen ...............................  | SEK | 1 |  | 0,04 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 1 559 |  | 1 819,77 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 2 224 |  | 1 656,18 | 0,00 |
| Sonstige Vermögensgegenstände |  |  |  | 9 231 034,34 | 0,83 |
| Abgegrenzte Platzierungsgebühr *** ..................  |  |  |  | 6 408,13 | 0,00 |
| Zinsansprüche .....................................  |  |  |  | 4 091 817,47 | 0,37 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 132 336,35 | 0,01 |
| Sonstige Ansprüche ................................  |  |  |  | 5 000 472,39 | 0,45 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 1 221 529,72 | 0,11 |
| Summe der Vermögensgegenstände **** |  |  |  | 1 120 590 603,44 | 100,63 |
| Kurzfristige Verbindlichkeiten |  |  |  | -3 057 770,31 | -0,27 |
| EUR-Kredite ......................................  | EUR |  |  | -2 907 088,17 | -0,26 |
| Kredite in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar ........................................  | USD | -156 943 |  | -150 682,14 | -0,01 |
| Sonstige Verbindlichkeiten |  |  |  | -685 179,85 | -0,06 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -685 179,85 | -0,06 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -557 076,64 | -0,05 |
| Summe der Verbindlichkeiten |  |  |  | -7 081 034,89 | -0,63 |
| Fondsvermögen |  |  |  | 1 113 509 568,55 | 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 | 149,33 |
| Klasse IC100 ......................................  | EUR | 96,97 |
| Klasse LC ........................................  | EUR | 141,12 |
| Klasse LD ........................................  | EUR | 87,12 |
| Klasse NC ........................................  | EUR | 129,49 |
| Klasse NDQ ......................................  | EUR | 89,83 |
| Klasse PFC .......................................  | EUR | 91,03 |
| Klasse PFDQ .....................................  | EUR | 85,97 |
| Klasse TFC .......................................  | EUR | 96,12 |
| Klasse TFD .......................................  | EUR | 90,66 |
| Klasse SEK LCH ...................................  | SEK | 972,43 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 3 588 781,787 |
| Klasse IC100 ......................................  | Stück | 3 041 468,000 |
| Klasse LC ........................................  | Stück | 706 483,814 |
| Klasse LD ........................................  | Stück | 938 322,687 |
| Klasse NC ........................................  | Stück | 280 022,233 |
| Klasse NDQ ......................................  | Stück | 10 518,000 |
| Klasse PFC .......................................  | Stück | 52 550,000 |
| Klasse PFDQ .....................................  | Stück | 7 417,000 |
| Klasse TFC .......................................  | Stück | 595 125,165 |
| Klasse TFD .......................................  | Stück | 15 270,000 |
| Klasse SEK LCH ...................................  | Stück | 94,000 |

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 .....................  | % | 0,255 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 1,105 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 0,636 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,4, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 500 435 405,76. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
HSBC France, Royal Bank of Canada (UK) und Société Générale.

####  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	gesamt Kurswert in EUR unbefristet |
| --- | --- | --- | --- |
| 0,25  % Alstom SA (MTN) 2019/2026 ...............  | EUR | 2 000 000 | 1 799 540,00 |
| 0,875 % Bankinter SA (MTN) 2019/2024 .............  | EUR | 4 500 000 | 4 424 175,00 |
| 0,01 | % Banque Federative du Credit Mutuel SA (MTN) 2021/2025 ..............................  | EUR | 1 100 000 | 1 036 816,00 |
| 0,00 | % Bundesobligation (MTN) 2018/2023 ..........  | EUR | 10 000 000 | 9 957 000,00 |
| 0,00 | % Bundesobligation (MTN) 2019/2024 ..........  | EUR | 15 000 000 | 14 754 600,00 |
| 0,00 | % Bundesobligation (MTN) 2020/2025 ..........  | EUR | 10 000 000 | 9 784 800,00 |
| 0,50 | % Bundesrepublik Deutschland Bundesanleihe (MTN) 2015/2025 ........................  | EUR | 15 000 000 | 14 904 000,00 |
| 0,00 | % Bundesschatzanweisungen 2021/2023  .......  | EUR | 20 000 000 | 19 894 800,00 |
| 1,00 | % CaixaBank SA (MTN) 2019/2024 .............  | EUR | 100 000 | 97 184,00 |
| 0,75 | % Deutsche Bank AG (MTN) 2021/2027 ** ......  | EUR | 7 100 000 | 6 285 630,00 |
| 1,25 | % Deutsche Boerse AG 2020/2047 ** ..........  | EUR | 2 000 000 | 1 687 040,00 |
| 0,00 | % European Financial Stability Facility (MTN) 2019/2024 ..............................  | EUR | 1 000 000 | 982 630,00 |
| 0,00 | % European Union (MTN) 2020/2025 ...........  | EUR | 2 000 000 | 1 917 660,00 |
| 0,00 | % French Republic Government Bond OAT (MTN) 2018/2024 ..............................  | EUR | 4 000 000 | 3 957 960,00 |
| 0,625 | % Intesa Sanpaolo SpA (MTN) 2021/2026 .......  | EUR | 6 800 000 | 6 055 808,00 |
| 5,50 | % Italy Buoni Poliennali Del Tesoro (MTN) 2012/2022 | EUR | 5 000 000 | 5 089 850,00 |
| 4,50 | % Italy Buoni Poliennali Del Tesoro 2013/2024 ...  | EUR | 19 000 000 | 20 038 920,00 |
| 1,85 | % Italy Buoni Poliennali Del Tesoro (MTN) 2017/2024 | EUR | 18 000 000 | 18 158 220,00 |
| 0,95 | % Italy Buoni Poliennali Del Tesoro (MTN) 2018/2023 | EUR | 8 000 000 | 8 028 960,00 |
| 1,45 | % Italy Buoni Poliennali Del Tesoro (MTN) 2018/2025 | EUR | 19 000 000 | 18 793 280,00 |
| 2,45 | % Italy Buoni Poliennali Del Tesoro (MTN) 2018/2023 | EUR | 20 000 000 | 20 372 000,00 |
| 0,35 | % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2025 | EUR | 17 000 000 | 16 440 700,00 |
| 0,00 | % Italy Buoni Poliennali Del Tesoro 2020/2024 ...  | EUR | 18 500 000 | 18 167 370,00 |
| 0,00 | % Italy Buoni Poliennali Del Tesoro 2021/2024 ...  | EUR | 19 000 000 | 18 560 910,00 |
| 0,00 | % Italy Buoni Poliennali Del Tesoro 2021/2024 ...  | EUR | 20 000 000 | 19 404 000,00 |
| 1,20 | % Italy Buoni Poliennali Del Tesoro 2022/2025 ...  | EUR | 4 400 000 | 4 297 260,00 |
| 2,25 | % Kingdom of Belgium Government Bond (MTN) 2013/2023 ..............................  | EUR | 9 100 000 | 9 256 156,00 |
| 0,25 | % LeasePlan Corp. NV (MTN) 2021/2026 ........  | EUR | 1 000 000 | 894 830,00 |
| 1,75 | % Orsted AS 2019/3019 ** ...................  | EUR | 2 000 000 | 1 695 040,00 |
| 0,00 | % Republic of Austria Government Bond -144A- (MTN) 2016/2023 ........................  | EUR | 8 400 000 | 8 355 228,00 |
| 0,00 | % Republic of Austria Government Bond -144A- 2020/2023 ..............................  | EUR | 9 500 000 | 9 485 085,00 |
| 2,125 | % Rexel SA (MTN) 2021/2028  ................  | EUR | 2 400 000 | 1 900 440,00 |
| 2,75 | % Romanian Government International Bond -Reg- (MTN) 2020/2026 ........................  | EUR | 7 000 000 | 6 598 270,00 |
| 3,624 | % Romanian Government International Bond -Reg- |  |  |  |
| (MTN) 2020/2030 ........................  | EUR | 1 000 000 | 818 200,00 |
| 5,40  % Spain Government Bond -144A- (MTN) 2013/2023 | EUR | 2 000 000 | 2 061 820,00 |
| 0,35  % Spain Government Bond (MTN) 2018/2023 ....  | EUR | 5 000 000 | 4 982 500,00 |
| 0,00  % Spain Government Bond 2021/2024 ..........  | EUR | 7 000 000 | 6 877 570,00 |
| 0,00  % Spain Government Bond 2022/2025 ..........  | EUR | 11 000 000 | 10 578 700,00 |
| 0,625 % Unibail-Rodamco-Westfield SE (MTN) 2020/2027 | EUR | 1 600 000 | 1 342 288,00 |
| 1,00  % Valeo (MTN) 2021/2028 ...................  | EUR | 6 500 000 | 5 076 630,00 |
| 2,75  % ZF Finance GmbH (MTN) 2020/2027 .........  | EUR | 600 000 | 475 356,00 |
| 1,375 % First Abu Dhabi Bank PJSC (MTN) 2020/2023 .. 2,875 % Brazilian Government International Bond (MTN) 2020/2025 ..............................  | GBP USD | 500 000 1 300 000 | 578 469,90 1 179 679,90 |
| 3,771 % Mexico Government International Bond 2020/2061 2,392 % Peruvian Government International Bond (MTN) 2020/2026 ..............................  | USD USD | 1 000 000 1 400 000 | 616 667,77 1 244 566,78 |

Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen	338 908 610,35	338 908 610,35 Vertragspartner der Wertpapier-Darlehen
Barclays Bank Ireland PLC FI, BNP Paribas Arbitrage SNC, BNP Paribas S.A., Commerzbank Frankfurt, Credit Agricole CIB S.A. FI, Crédit Suisse Securities Sociedad de Valores S.A. FI, Deutsche Bank AG FI, J.P. Morgan AG FI, Morgan Stanley Europe SE FI, Société Générale, UBS AG London Branch, Unicredit Bank AG, Zuercher Kantonalbank
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 7 765 768,94 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 122 872 238,89 |
| Aktien | EUR | 234 644 871,24 |

| Devisenkurse (in Mengennotiz) |  |
| --- | --- |
|  |  | per 30.6.2022 |
| Kanadischer Dollar	CAD | 1,343026 | = EUR	1 |
| Britisches Pfund	GBP | 0,856432 | = EUR	1 |
| Norwegische Kronen	NOK | 10,328526 | = EUR	1 |
| Schwedische Kronen	SEK | 10,710462 | = EUR	1 |
| US-Dollar	USD | 1,041549 | = EUR	1 |
| Erläuterungen zur Bewertung |  |  |

Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
Fußnoten
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Variabler Zinssatz.
*** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
**** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.