# DWS Invest Credit Opportunities
DWS INVEST CREDIT OPPORTUNITIES

### Performance of share class (in euro)

#### Share class	ISIN	6 months

##### Class FC	LU1968688876	-2.7%
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Credit Opportunities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 90 848 970.73 | 88.17 |
| Central governments | 611 069.00 | 0.60 |
| Total bonds | 91 460 039.73 | 88.77 |
| 2. Investment fund units Bond funds | 9 648 000.00 | 9.37 |
| Total investment fund units | 9 648 000.00 | 9.37 |
| 3. Derivate | -336 123.31 | - 0.33 |
| 4. Cash at bank | 910 948.39 | 0.89 |
| 5. Other assets | 2 050 377.60 | 1.99 |
| II. Liabilities |  |  |
| 1. Other liabilities | -713 203.81 | - 0.69 |
| III. Net assets | 103 020 038.60 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Market price | Total market | % of |
| Security name | units/ | principal | additions | disposals |  | value in | net assets |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 84 583 233.27 | 82.10 |
| Interest-bearing securities 0.625 % Abertis Infraestructuras SA (MTN) 2019/2025 ....  | EUR | 300 000 |  |  | % | 94.592 | 283 776.00 | 0.28 |
| 1.50  % Adecco International Financial Services BV (MTN) 2015/2022 ................................  | EUR | 17 000 |  |  | % | 102.581 | 17 438.77 | 0.02 |
| 1.875 % ADLER Real Estate AG (MTN) 2018/2023 .......  | EUR | 700 000 |  |  | % | 97.216 | 680 508.50 | 0.66 |
| 2.125 % Aeroports de Paris (MTN) 2020/2026 ...........  | EUR | 300 000 | 300 000 |  | % | 107.62 | 322 860.00 | 0.31 |
| 2.75  % Aeroports de Paris (MTN) 2020/2030 ...........  | EUR | 300 000 | 300 000 |  | % | 113.874 | 341 622.00 | 0.33 |
| 6.25  % AIB Group PLC 2020/perpetual * ..............  | EUR | 240 000 | 240 000 |  | % | 99.57 | 238 969.20 | 0.23 |
| 2.00  % Airbus SE (MTN) 2020/2028 ..................  1.125 % Akelius Residential Property AB (MTN) 2017/2024 ................................  | EUR EUR | 400 000 400 000 | 400 000 |  | % % | 105.794 99.54 | 423 178.00 398 158.00 | 0.41 0.39 |
| 3.875 % Akelius Residential Property AB 2018/2078 * ....  | EUR | 500 000 |  |  | % | 100.696 | 503 480.00 | 0.49 |
| 1.625 % Albemarle New Holding GmbH (MTN) 2019/2028 . | EUR | 400 000 |  |  | % | 95.844 | 383 376.00 | 0.37 |
| 4.125 % Allied Irish Banks PLC (MTN) 2015/2025 *.......  | EUR | 900 000 |  |  | % | 100.379 | 903 411.00 | 0.88 |
| 6.375 % America Movil SAB de CV 2013/2073 * ......... 1.875 % American International Group, Inc. (MTN) 2017/2027 ................................  | EUR EUR | 570 000 590 000 |  |  | % % | 112.94 105.394 | 643 760.85 621 827.55 | 0.63 0.60 |
| 1.125 % Amplifon SpA (MTN) 2020/2027 ...............  | EUR | 200 000 | 200 000 |  | % | 98.543 | 197 086.00 | 0.19 |
| 3.70  % Anheuser-Busch InBev SA/NV 2020/2040 .......  | EUR | 380 000 | 380 000 |  | % | 122.108 | 464 010.40 | 0.45 |
| 2.875 % Aroundtown SA (MTN) 2019/perpetual * ........  | EUR | 140 000 |  |  | % | 94.706 | 132 589.10 | 0.13 |
| 5.00  % Assicurazioni Generali SpA (MTN) 2016/2048 * ...  | EUR | 400 000 | 400 000 |  | % | 111.999 | 447 996.00 | 0.43 |
| 2.60  % AT&T, Inc. 2020/2038 .......................  | EUR | 260 000 | 260 000 |  | % | 106.271 | 276 304.60 | 0.27 |
| 3.75  % ATF Netherlands BV 2016/2049 *..............  | EUR | 100 000 |  | 100 000 | % | 99.424 | 99 424.00 | 0.10 |
| 2.875 % Auchan Holding SA (MTN) 2020/2026 ..........  | EUR | 300 000 | 300 000 |  | % | 100.117 | 300 351.00 | 0.29 |
| 3.125 % Aurizon Network Pty Ltd (MTN) 2016/2026 ......  1.375 % Babcock International Group PLC (MTN) 2019/2027 ................................  | EUR EUR | 393 000 300 000 |  |  | % % | 110.504 95.875 | 434 282.69 287 625.00 | 0.42 0.28 |
| 4.50 % Banco Comercial Portuges SA 2 (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 * ..............................  | EUR | 400 000 | % | 100.076 | 400 302.00 | 0.39 |
| 3.871 % Banco Comercial Portugues SA (MTN) 2019/2030 * ..............................  | EUR | 900 000 |  |  | % | 93.045 | 837 405.00 | 0.81 |
| 2.00  % Banco de Sabadell SA (MTN) 2020/2030 *.......  | EUR | 400 000 | 800 000 | 400 000 | % | 84.406 | 337 624.00 | 0.33 |
| 7.50  % Bank of Ireland Group PLC 2020/perpetual * .....  | EUR | 200 000 | 200 000 |  | % | 105.043 | 210 086.00 | 0.20 |
| 2.50  % Bankinter SA (MTN) 2017/2027 * ..............  | EUR | 1 100 000 |  |  | % | 100.19 | 1 102 090.00 | 1.07 |
| 0.875 % Bankinter SA (MTN) 2019/2024 ...............  | EUR | 500 000 |  |  | % | 101.369 | 506 845.00 | 0.49 |
| 3.375 % Barclays PLC (MTN) 2020/2025 * ..............  4.50 % Bausch Health Companies, Inc. -Reg- (MTN) 2015/2023 ................................  | EUR EUR | 360 000 1 000 000 | 360 000 |  | % % | 107.435 99.238 | 386 766.00 992 385.00 | 0.38 0.96 |
| 0.50  % Blackstone Property Partners Europe Holdings Sarl (MTN) 2019/2023 .......................  | EUR | 420 000 |  |  | % | 98.916 | 415 449.30 | 0.40 |
| 3.625 % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 390 000 | 390 000 |  | % | 100.539 | 392 102.10 | 0.38 |
| 3.25  % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 470 000 | 470 000 |  | % | 100.5 | 472 352.35 | 0.46 |
| 3.25  % Bundesrepublik Deutschland (MTN) 2011/2021 ...  | EUR | 100 000 |  |  | % | 103.938 | 103 938.00 | 0.10 |
| 1.75  % Bundesrepublik Deutschland (MTN) 2012/2022 ...  | EUR | 100 000 |  |  | % | 104.965 | 104 965.00 | 0.10 |
| 0.25  % Bundesrepublik Deutschland (MTN) 2015/2020 ...  | EUR | 100 000 |  |  | % | 100.246 | 100 246.00 | 0.10 |
| 0.00  % Bundesschatzanweisungen 2019/2021..........  | EUR | 100 000 |  |  | % | 100.799 | 100 799.00 | 0.10 |
| 0.00  % Bundesschatzanweisungen 2019/2021..........  | EUR | 100 000 |  |  | % | 100.48 | 100 480.00 | 0.10 |
| 0.00  % Bundesschatzanweisungen 2019/2021..........  | EUR | 100 000 |  |  | % | 100.641 | 100 641.00 | 0.10 |
| 2.00  % Capgemini SE (MTN) 2020/2029...............  | EUR | 400 000 | 400 000 |  | % | 107.76 | 431 042.00 | 0.42 |
| 2.375 % Capgemini SE 2020/2032 ....................  | EUR | 400 000 | 400 000 |  | % | 110.592 | 442 368.00 | 0.43 |
| 1.00  % Carnival PLC (MTN) 2019/2029 ................  | EUR | 500 000 |  |  | % | 53.104 | 265 522.50 | 0.26 |
| 5.976 % Casino Guichard Perrachon SA (MTN) 2011/2021 * | EUR | 1 000 000 |  |  | % | 101.346 | 1 013 455.00 | 0.98 |
| 4.00  % Chemours Co./The (MTN) 2018/2026 ...........  1.00  % Cheung Kong Infrastructure Finance BVI Ltd (MTN) 2017/2024 ..........................  | EUR EUR | 500 000 750 000 |  | 500 000 | % % | 90.488 99.783 | 452 437.50 748 372.50 | 0.44 0.73 |
| 6.125 % Commerzbank AG 2020/perpetual * ............  | EUR | 400 000 | 400 000 |  | % | 95.285 | 381 140.00 | 0.37 |
| 4.25  % Constellium NV -Reg- (MTN) 2017/2026 .........  | EUR | 700 000 |  |  | % | 98.579 | 690 053.00 | 0.67 |
| 2.125 % Conti-Gummi Finance BV (MTN) 2020/2023 ......  | EUR | 570 000 | 570 000 |  | % | 103.253 | 588 542.10 | 0.57 |
| 0.875 % Covestro AG (MTN) 2020/2026................  | EUR | 170 000 | 170 000 |  | % | 99.866 | 169 772.20 | 0.16 |
| 1.375 % Covestro AG (MTN) 2020/2030................  | EUR | 220 000 | 220 000 |  | % | 99.818 | 219 599.60 | 0.21 |
| 4.25 % Credit Agricole Assurances SA 2015/2049 * .....  | EUR | 300 000 | 300 000 |  | % | 107.586 | 322 758.00 | 0.31 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 300 000 | 300 000 |  | % | 100.597 | 301 791.00 | 0.29 |
| 1.00  % Crédit Suisse Group AG (MTN) 2019/2027 * .....  | EUR | 240 000 |  |  | % | 100.185 | 240 444.00 | 0.23 |
| 3.25  % Credit Suisse Group AG (MTN) 2020/2026 * .....  | EUR | 170 000 | 170 000 |  | % | 110.845 | 188 436.50 | 0.18 |
| 2.625 % Daimler AG (MTN) 2020/2025.................  0.25  % Daimler International Finance BV (MTN) 2019/2023 ................................  | EUR EUR | 544 000 640 000 | 544 000 |  | % % | 106.596 97.59 | 579 882.24 624 576.00 | 0.56 0.61 |
| 1.50  % Deutsche Bank AG (MTN) 2017/2022...........  | EUR | 600 000 |  |  | % | 100.498 | 602 991.00 | 0.59 |
| 5.625 % Deutsche Bank AG (MTN) 2020/2031 * .........  | EUR | 800 000 | 800 000 |  | % | 104.816 | 838 528.00 | 0.81 |
| 7.00  % DKT Finance ApS (MTN) 2018/2023 ............  | EUR | 200 000 |  | 800 000 | % | 99.904 | 199 809.00 | 0.19 |
| 2.25  % DS Smith PLC (MTN) 2015/2022 ..............  | EUR | 413 000 |  |  | % | 102.625 | 423 841.25 | 0.41 |
| 2.50  % Dufry One BV (MTN) 2017/2024 ...............  | EUR | 500 000 | 500 000 |  | % | 84.193 | 420 965.00 | 0.41 |
| 2.00  % Dufry One BV (MTN) 2019/2027 ...............  | EUR | 250 000 |  | 250 000 | % | 78.407 | 196 017.50 | 0.19 |
| 1.75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 1 000 000 |  |  | % | 98.646 | 986 455.00 | 0.96 |
| 3.50  % eircom Finance DAC (MTN) 2019/2026 .........  | EUR | 600 000 |  |  | % | 100.752 | 604 512.00 | 0.59 |
| 3.00  % El Corte Ingles SA -Reg- (MTN) 2018/2024 ......  | EUR | 1 000 000 |  |  | % | 98.318 | 983 180.00 | 0.95 |
| 2.00  % Electricite de France SA (MTN) 2019/2049 .......  | EUR | 300 000 | 300 000 |  | % | 99.092 | 297 277.50 | 0.29 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1.70  % Eli Lilly & Co. 2019/2049 .....................  | EUR | 470 000 |  | % | 105.08 | 493 876.00 | 0.48 |
| 2.75  % Elia System Operator SA/NV 2018/perpetual *....  | EUR | 700 000 |  | % | 101.805 | 712 635.00 | 0.69 |
| 6.375 % Ellaktor Value Plc -Reg- (MTN) 2019/2024 .......  | EUR | 370 000 |  | % | 84.121 | 311 247.70 | 0.30 |
| 3.75  % ELM BV for Firmenich International SA 2020/ |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 290 000 | 290 000 | % | 102.922 | 298 473.80 | 0.29 |
| 4.50  % ELM BV for Swiss Life Insurance & Pension |  |  |  |  |  |  |  |  |
| Group 2016/2049 * .........................  | EUR | 500 000 |  | % | 114.236 | 571 180.00 | 0.55 |
| 2.045 % EP Infrastructure AS (MTN) 2019/2028. . . . . . . . . . | EUR | 325 000 |  | % | 97.287 | 316 182.75 | 0.31 |
| 1.113 % Eurogrid GmbH (MTN) 2020/2032 .............  | EUR | 200 000 | 200 000 | % | 105.596 | 211 193.00 | 0.21 |
| 1.75  % Exor NV 2019/2034 .........................  | EUR | 480 000 |  | % | 92.503 | 444 014.40 | 0.43 |
| 1.408 % Exxon Mobil Corp. 2020/2039.................  | EUR | 990 000 | 990 000 | % | 99.328 | 983 347.20 | 0.95 |
| 1.125 % Fastighets AB Balder (MTN) 2017/2022 .........  | EUR | 100 000 | 100 000 | % | 99.922 | 99 922.00 | 0.10 |
| 1.125 % Fastighets AB Balder (MTN) 2019/2027 .........  | EUR | 550 000 |  | % | 94.232 | 518 276.00 | 0.50 |
| 2.625 % Faurecia SA (MTN) 2018/2025 ................  | EUR | 900 000 |  | % | 97.548 | 877 936.50 | 0.85 |
| 3.75  % Fiat Chrysler Automobiles NV (MTN) 2016/2024 ..  | EUR | 1 100 000 |  | % | 103.04 | 1 133 440.00 | 1.10 |
| 2.95  % Fidelity National Information Services, Inc. |  |  |  |  |  |  |  |
| 2019/2039 ................................  | EUR | 130 000 | 130 000 | % | 115.236 | 149 806.80 | 0.15 |
| 1.375 % Firmenich Productions Participations SAS (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2026 ................................  | EUR | 450 000 | 450 000 |  | % | 102.927 | 463 171.50 | 0.45 |
| 1.75 | % Firmenich Productions Participations SAS (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2030 ................................  | EUR | 350 000 | 350 000 |  | % | 104.407 | 365 424.50 | 0.35 |
| 4.35 | % Fortune Star BVI Ltd 2019/2023 ...............  | EUR | 330 000 |  |  | % | 97.091 | 320 400.30 | 0.31 |
| 2.95 | % Gazprom PJSC Via Gaz Finance PLC (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ...............................  | EUR | 400 000 | 790 000 | 390 000 | % | 104.386 | 417 542.00 | 0.41 |
| 0.875 | % General Electric Co. (MTN) 2017/2025 ..........  | EUR | 865 000 |  |  | % | 96.624 | 835 797.60 | 0.81 |
| 2.75 | % Glencore Finance Europe SA (MTN) 2014/2021 ...  | EUR | 550 000 |  |  | % | 100.702 | 553 858.25 | 0.54 |
| 2.875 | % Globalworth Real Estate Investments Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ................................  | EUR | 1 000 000 |  |  | % | 100.162 | 1 001 615.00 | 0.97 |
| 3.375 | % Goldman Sachs Group, Inc./The (MTN) 2020/2025 . | EUR | 280 000 | 280 000 |  | % | 111.62 | 312 536.00 | 0.30 |
| 1.375 | % Goodman Australia Finance Pty Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2025 ................................  | EUR | 491 000 |  |  | % | 100.108 | 491 530.28 | 0.48 |
| 3.20 | % Grifols SA -Reg- (MTN) 2017/2025 .............  | EUR | 1 200 000 |  |  | % | 100.073 | 1 200 876.00 | 1.17 |
| 6.375 | % Groupama SA 2014/2049 * ...................  | EUR | 300 000 |  |  | % | 110.448 | 331 344.00 | 0.32 |
| 3.875 | % Harley-Davidson Financial Services, Inc. |  |  |  |  |  |  |  |  |
|  | 2020/2023 ................................  | EUR | 400 000 | 400 000 |  | % | 104.598 | 418 394.00 | 0.41 |
| 2.125 | % Heimstaden Bostad AB (MTN) 2019/2023 .......  | EUR | 216 000 |  |  | % | 102.448 | 221 287.68 | 0.21 |
| 2.75 | % Helvetia Europe SA 2020/2041 * ..............  | EUR | 300 000 | 300 000 |  | % | 100.679 | 302 037.00 | 0.29 |
| 2.375 | % Holcim Finance Luxembourg SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ................................  | EUR | 320 000 | 320 000 |  | % | 107.574 | 344 236.80 | 0.33 |
| 3.25 | % Hornbach Baumarkt AG (MTN) 2019/2026 .......  | EUR | 400 000 |  |  | % | 101.986 | 407 942.00 | 0.40 |
| 5.125 | % Huntsman International LLC (MTN) 2014/2021 ...  | EUR | 400 000 | 400 000 |  | % | 101.454 | 405 816.00 | 0.39 |
| 1.20 | % International Business Machines Corp. |  |  |  |  |  |  |  |  |
|  | 2020/2040 ................................  | EUR | 590 000 | 590 000 |  | % | 96.316 | 568 264.40 | 0.55 |
| 1.80 | % International Flavors & Fragrances, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2018/2026 ................................  | EUR | 120 000 | 120 000 | % | 101.096 | 121 314.60 | 0.12 |
| 4.75 | % International Game Technology PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ................................  | EUR | 500 000 | 500 000 |  | % | 101.087 | 505 435.00 | 0.49 |
| 3.375 | % Intertrust Group BV -Reg- (MTN) 2018/2025 .....  | EUR | 1 000 000 |  |  | % | 100.31 | 1 003 100.00 | 0.97 |
| 3.00 | % Intrum AB -Reg- (MTN) 2019/2027 .............  | EUR | 380 000 |  |  | % | 84.115 | 319 637.00 | 0.31 |
| 2.875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ............  | EUR | 340 000 | 340 000 |  | % | 99.653 | 338 820.20 | 0.33 |
| 1.00 | % JAB Holdings BV (MTN) 2019/2027 ............  | EUR | 300 000 |  |  | % | 97.396 | 292 186.50 | 0.28 |
| 2.20 | % John Deere Cash Management SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2032 ................................  | EUR | 190 000 | 190 000 |  | % | 113.607 | 215 853.30 | 0.21 |
| 1.00 | % Johnson Controls International plc (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2023 ................................  | EUR | 629 000 |  |  | % | 101.193 | 636 503.97 | 0.62 |
| 5.50 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2024 ..........................  | EUR | 900 000 |  |  | % | 91.562 | 824 058.00 | 0.80 |
| 6.75 | % KME AG -Reg- (MTN) 2018/2023 ..............  | EUR | 350 000 |  | 350 000 | % | 69.746 | 244 111.00 | 0.24 |
| 3.75 | % Kronos International, Inc. -Reg- (MTN) 2017/2025 . | EUR | 500 000 |  |  | % | 98.324 | 491 617.50 | 0.48 |
| 2.125 | % La Mondiale SAM 2020/2031 .................  | EUR | 200 000 | 200 000 |  | % | 98.848 | 197 696.00 | 0.19 |
| 0.75 | % LeasePlan Corp., NV (MTN) 2017/2022 .........  | EUR | 727 000 |  |  | % | 98.824 | 718 454.12 | 0.70 |
| 6.25 | % LHMC Finco Sarl (MTN) 2018/2023 ............  | EUR | 700 000 |  |  | % | 91.376 | 639 628.50 | 0.62 |
| 3.625 | % Lincoln Financing SARL -Reg- (MTN) 2019/2024 ..  | EUR | 900 000 |  |  | % | 91.919 | 827 271.00 | 0.80 |
| 0.50 | % Lloyds Banking Group PLC (MTN) 2019/2025 * ...  | EUR | 300 000 |  |  | % | 97.861 | 293 583.00 | 0.29 |
| 0.50 | % Logicor Financing Sarl (MTN) 2019/2021 ........  | EUR | 413 000 |  |  | % | 99.514 | 410 992.82 | 0.40 |
| 6.00 | % Loxam SAS -Reg- (MTN) 2017/2025 ............  | EUR | 500 000 |  | 200 000 | % | 86.032 | 430 162.50 | 0.42 |
| 5.00 | % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
|  | (MTN) 2010/2020 ..........................  | EUR | 1 000 000 |  |  | % | 101.612 | 1 016 120.00 | 0.99 |
| 1.125 | % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 ..........................  | EUR | 260 000 | 260 000 |  | % | 96.211 | 250 148.60 | 0.24 |
| 0.75  % Naturgy Finance BV (MTN) 2019/2029 ..........  | EUR | 300 000 |  |  | % | 100.432 | 301 297.50 | 0.29 |
| 3.375 % Naturgy Finance BV 2015/2049 * ..............  | EUR | 700 000 |  |  | % | 100.748 | 705 239.50 | 0.68 |
| 3.625 % Netflix, Inc. (MTN) 2017/2027 .................  | EUR | 700 000 |  |  | % | 104.452 | 731 167.50 | 0.71 |
| 2.375 % OMV AG (MTN) 2020/2032...................  | EUR | 450 000 | 620 000 | 170 000 | % | 115.088 | 517 896.00 | 0.50 |
| 5.25  % OMV AG 2015/2049 *.......................  | EUR | 1 000 000 |  |  | % | 104.642 | 1 046 415.00 | 1.02 |
| 1.375 % Orange SA (MTN) 2019/2049 .................  | EUR | 400 000 |  |  | % | 96.908 | 387 630.00 | 0.38 |
| 2.375 % Orange SA (MTN) 2019/perpetual * ............  | EUR | 300 000 |  |  | % | 101.472 | 304 417.50 | 0.30 |
| 1.75  % Orsted A/S 2019/2099 * .....................  | EUR | 270 000 |  |  | % | 98.706 | 266 506.20 | 0.26 |
| 2.50  % Petroleos Mexicanos (MTN) 2017/2021 .........  | EUR | 120 000 | 120 000 |  | % | 97.056 | 116 467.20 | 0.11 |
| 5.375 % Platin 1426 GmbH -Reg- (MTN) 2017/2023 ......  | EUR | 700 000 |  |  | % | 93.576 | 655 028.50 | 0.64 |
| 3.75  % Playtech Plc (MTN) 2018/2023 ................  | EUR | 300 000 | 300 000 |  | % | 99.007 | 297 021.00 | 0.29 |
| 0.50  % POSCO -Reg- 2020/2024 ....................  | EUR | 250 000 | 250 000 |  | % | 96.756 | 241 890.00 | 0.23 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6.00  % Raiffeisen Bank International AG (MTN) 2013/2023 ................................  | EUR | 300 000 |  |  | % | 111.99 | 335 971.50 | 0.33 |
| 2.50  % RCS & RDS SA -Reg- (MTN) 2020/2025 .........  | EUR | 300 000 | 300 000 |  | % | 96.046 | 288 136.50 | 0.28 |
| 1.00  % Renault SA (MTN) 2018/2024 .................  | EUR | 300 000 | 300 000 |  | % | 93.258 | 279 774.00 | 0.27 |
| 4.875 % Reuters Orano SA 2009/2024 .................  1.125 % Samhallsbyggnadsbolaget i Norden AB (MTN) 2019/2026 ................................  | EUR EUR | 350 000 380 000 |  | 350 000 | % % | 109.236 94.826 | 382 327.75 360 340.70 | 0.37 0.35 |
| 4.625 % Samhallsbyggnadsbolaget i Norden AB 2019/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 700 000 | % | 101.102 | 707 717.50 | 0.69 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ perpetual * ...............................  | EUR | 290 000 | 290 000 |  | % | 92.329 | 267 754.10 | 0.26 |
| 3.875 % Sazka Group AS -Reg- (MTN) 2020/2027 ........  | EUR | 350 000 | 350 000 |  | % | 90.468 | 316 639.75 | 0.31 |
| 2.25  % Scania CV AB (MTN) 2020/2025 ...............  | EUR | 410 000 | 410 000 |  | % | 102.544 | 420 432.45 | 0.41 |
| 1.50  % Scentre Group Trust 1 (MTN) 2014/2020 ........  | EUR | 374 000 |  |  | % | 100.007 | 374 026.18 | 0.36 |
| 4.625 % SGL Carbon SE (MTN) 2019/2024 .............  | EUR | 700 000 |  |  | % | 79.625 | 557 375.00 | 0.54 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 310 000 | 310 000 |  | % | 101.28 | 313 968.00 | 0.30 |
| 1.50  % Smurfit Kappa Treasury ULC (MTN) 2019/2027 ...  | EUR | 330 000 |  |  | % | 96.02 | 316 864.35 | 0.31 |
| 5.00  % SoftBank Group Corp. (MTN) 2018/2028 ........  | EUR | 900 000 |  |  | % | 104.115 | 937 035.00 | 0.91 |
| 5.869 % Solvay Finance SA 2015/2049 * ...............  | EUR | 700 000 |  |  | % | 109.654 | 767 578.00 | 0.75 |
| 1.75  % SSE PLC (MTN) 2020/2030 ...................  1.375 % State Grid Overseas Investment 2016 Ltd -Reg- (MTN) 2018/2025 ..........................  | EUR EUR | 520 000 700 000 | 520 000 |  | % % | 104.954 102.222 | 545 758.20 715 550.50 | 0.53 0.69 |
| 2.714 % Swiss Re Finance UK PLC 2020/2052 * .........  | EUR | 200 000 | 200 000 |  | % | 104.089 | 208 178.00 | 0.20 |
| 4.75  % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ....  | EUR | 180 000 | 180 000 |  | % | 100.234 | 180 420.30 | 0.18 |
| 3.875 % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 340 000 | 340 000 |  | % | 101.468 | 344 992.90 | 0.33 |
| 2.00  % Takeda Pharmaceutical Co., Ltd 2020/2040 ......  | EUR | 620 000 | 620 000 |  | % | 100.108 | 620 666.50 | 0.60 |
| 3.00  % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2030 . | EUR | 140 000 |  |  | % | 117.704 | 164 786.30 | 0.16 |
| 2.25  % Talanx AG (MTN) 2017/2047 * ................  | EUR | 600 000 |  |  | % | 102.858 | 617 145.00 | 0.60 |
| 2.125 % Tele2 AB (MTN) 2018/2028...................  | EUR | 350 000 |  |  | % | 109.022 | 381 578.75 | 0.37 |
| 1.788 % Telefonica Emisiones SA (MTN) 2019/2029 ......  | EUR | 800 000 |  |  | % | 107.593 | 860 744.00 | 0.84 |
| 3.75  % Telefonica Europe BV 2016/perpetual * .........  | EUR | 1 000 000 |  |  | % | 100.506 | 1 005 060.00 | 0.98 |
| 2.875 % Telefonica Europe BV 2019/perpetual * .........  3.50 % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ................................  | EUR EUR | 500 000 700 000 |  | 400 000 | % % | 95.435 101.794 | 477 175.00 712 561.50 | 0.46 0.69 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  | EUR | 450 000 | 450 000 |  | % | 103.577 | 466 096.50 | 0.45 |
| 1.125 % Teollisuuden Voima Oyj (MTN) 2019/2026 .......  1.125 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 ..........................  | EUR EUR | 330 000 1 000 000 |  |  | % % | 92.922 87.941 | 306 642.60 879 410.00 | 0.30 0.85 |
| 1.875 % Thermo Fisher Scientific, Inc. 2019/2049 ........  | EUR | 115 000 | 115 000 |  | % | 96.504 | 110 979.03 | 0.11 |
| 1.375 % Thyssenkrupp AG (MTN) 2017/2022............  | EUR | 300 000 | 300 000 |  | % | 97.365 | 292 095.00 | 0.28 |
| 1.875 % thyssenkrupp AG (MTN) 2019/2023 ............  | EUR | 410 000 |  |  | % | 96.408 | 395 274.85 | 0.38 |
| 2.875 % thyssenkrupp AG (MTN) 2019/2024 ............  | EUR | 450 000 |  |  | % | 96.557 | 434 506.50 | 0.42 |
| 1.25  % UniCredit SpA (MTN) 2019/2025 * .............  | EUR | 250 000 |  |  | % | 100.088 | 250 220.00 | 0.24 |
| 4.00  % UPCB Finance IV Ltd -Reg- 2015/2027 ..........  | EUR | 630 000 |  |  | % | 101.198 | 637 550.55 | 0.62 |
| 1.908 % Upjohn Finance BV 2020/2032 ................  | EUR | 320 000 | 320 000 |  | % | 101.801 | 325 763.20 | 0.32 |
| 1.125 % Vicinity Centres Trust (MTN) 2019/2029 .........  | EUR | 250 000 |  |  | % | 92.854 | 232 136.25 | 0.23 |
| 5.25  % Victoria PLC -Reg- (MTN) 2019/2024 ...........  5.50 % Vienna Insurance Group AG Wiener Versicherung Gruppe 2013/2043 * ........................  | EUR EUR | 290 000 300 000 |  |  | % % | 95.062 111.14 | 275 679.80 333 420.00 | 0.27 0.32 |
| 3.00  % Vivion Investments Sarl (MTN) 2019/2024 .......  | EUR | 300 000 |  |  | % | 91.808 | 275 424.00 | 0.27 |
| 2.50  % Vodafone Group PLC (MTN) 2019/2039 .........  3.50 % Volkswagen International Finance NV 2020/ perpetual * ...............................  | EUR EUR | 120 000 700 000 | 120 000 700 000 |  | % % | 111.101 98.812 | 133 321.20 691 687.50 | 0.13 0.67 |
| 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2027 ................................  | EUR | 340 000 |  |  | % | 98.22 | 333 949.70 | 0.32 |
| 2.75  % Wienerberger AG (MTN) 2020/2025 ............  | EUR | 300 000 | 300 000 |  | % | 101.725 | 305 175.00 | 0.30 |
| 2.75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 ..  | EUR | 350 000 | 350 000 |  | % | 101.672 | 355 850.25 | 0.35 |
| 1.164 % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 ..  | EUR | 330 000 |  |  | % | 97.832 | 322 847.25 | 0.31 |
| 4.25  % BP Capital Markets PLC 2020/perpetual * .......  | GBP | 520 000 | 520 000 |  | % | 100.779 | 575 135.26 | 0.56 |
| 3.75  % Legal & General Group PLC (MTN) 2019/2049 * ..  | GBP | 400 000 |  |  | % | 98.574 | 432 734.16 | 0.42 |
| 3.875 % SSE PLC 2015/2049 * .......................  | GBP | 300 000 |  |  | % | 100.226 | 329 989.73 | 0.32 |
| 4.875 % Boeing Co./The (MTN) 2020/2025..............  | USD | 928 000 | 928 000 |  | % | 109.425 | 906 057.91 | 0.88 |
| 5.15  % Boeing Co./The (MTN) 2020/2030..............  | USD | 500 000 | 1 250 000 | 750 000 | % | 111.44 | 497 165.04 | 0.48 |
| 5.625 % Electricite de France SA -Reg- 2014/perpetual * ..  | USD | 700 000 |  |  | % | 103.432 | 646 017.65 | 0.63 |
| 8.50  % Ford Motor Co. 2020/2023 ...................  | USD | 400 000 | 400 000 |  | % | 105.662 | 377 110.12 | 0.37 |
| 2.50  % Pacific Gas and Electric Co. 2020/2031 .........  | USD | 330 000 | 330 000 |  | % | 98.111 | 288 883.72 | 0.28 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 6 356 432.38 | 6.17 |
| Interest-bearing securities 5.625 % Bhp Billiton Finance Ltd 2015/2079 * ...........  | EUR | 649 000 |  |  | % | 116.173 | 753 962.77 | 0.73 |
| 3.625 % Getlink SE (MTN) 2018/2023..................  | EUR | 900 000 |  |  | % | 101.938 | 917 442.00 | 0.89 |
| 4.50  % Repsol International Finance BV 2015/2075 * ....  | EUR | 700 000 |  |  | % | 104.262 | 729 837.50 | 0.71 |
| 2.50  % Skandinaviska Enskilda Banken AB 2014/2026 * ..  | EUR | 570 000 |  |  | % | 100.927 | 575 283.90 | 0.56 |
| 2.625 % Total SA 20 2015/2049 *.....................  | EUR | 531 000 |  |  | % | 102.32 | 543 321.86 | 0.53 |
| 6.95  % UniCredit SpA (MTN) 2011/2022...............  | EUR | 700 000 |  |  | % | 110.189 | 771 323.00 | 0.75 |
| 3.10  % Vodafone Group PLC 2018/2079 * .............  | EUR | 500 000 | 1 000 000 | 500 000 | % | 100.309 | 501 545.00 | 0.48 |
| 3.20  % AbbVie, Inc. -144A- (MTN) 2019/2029 ..........  6.484 % Charter Communications Operating LLC Via Charter Communications Operating Capital 2016/2045 ................................  | USD USD | 380 000 1 000 000 | 1 000 000 |  | % % | 109.638 133.591 | 371 737.29 1 191 979.06 | 0.36 1.16 |

|  | Count/ | Quantity/ | Purchases/ | Sales/ | Market price | Total market | % of |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Security name | units/ | principal | additions | disposals |  | value in | net assets |
| currency	amount	in the reporting period	EUR |

Unlisted securities	520 374.08	0.50
Interest-bearing securities
4.125 % Virgin Media Secured Finance PLC -Reg- (MTN)
| Investment fund units |  |  |  |  | 9 648 000.00 | 9.37 |
| --- | --- | --- | --- | --- | --- | --- |
| iShares IV plc - iShares Fallen Angels High Yield Corporate Bond UCITS ETF - EUR - (0.500%)	Units | 2 000 000 | 2 000 000 | EUR | 4.824 | 9 648 000.00 | 9.37 |
| Total securities portfolio |  |  |  | 101 108 039.73 | 98.14 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  | -573 195.18 | -0.56 |
| Interest rate futures Euro Buxl Futures 09/2020 (DB) .......................  | Count | 13 | 13 | -85 280.00 | -0.08 |
| Germany Federal Republic Bonds 5 year 09/2020 (MS) .....  | Count | 158 | 158 | -118 500.00 | -0.12 |
| Germany Federal Republic Notes 10 year 09/2020 (MS) ....  | Count | 163 | 163 | -363 490.01 | -0.35 |
| US Treasury Notes 30 year Futures 09/2020 (MS) .........  | Count | 10 | 10 | -6 204.00 | -0.01 |
| US Ultra Bond 09/2020 (DB) ..........................  | Count | 5 | 5 | 278.83 | 0.00 |
| Currency derivatives Receivables/payables |  |  |  | 4 713.82 | 0.00 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/GBP 1.7 million ................................  |  |  |  | 11 434.36 | 0.01 |
| EUR/USD 4.9 million ................................  |  |  |  | -6 720.54 | -0.01 |
| Swaps Receivables/payables |  |  |  | 232 358.05 | 0.23 |
| Credit default swaps |  |  |  |  |  |
| Protection seller iTraxx Europe Crossover / 5% / 20/06/2025 (OTC) (DB) .....  | Count | 5 000 000 |  | 232 358.05 | 0.23 |
| Cash at bank |  |  |  | 910 948.39 | 0.89 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 884 018.85 | 0.87 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 4 526 |  | 4 967.19 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 24 614 |  | 21 962.35 | 0.02 |
| Other assets |  |  |  | 2 050 377.60 | 1.99 |
| Interest receivable .................................  |  |  |  | 864 028.50 | 0.84 |
| Other receivables ..................................  |  |  |  | 1 186 349.10 | 1.15 |
| Total assets ** |  |  |  | 104 313 436.96 | 101.26 |
| Other liabilities |  |  |  | -713 203.81 | -0.69 |
| Additional other liabilities.............................  |  |  |  | -713 203.81 | -0.69 |
| Total liabilities |  |  |  | -1 293 398.36 | -1.26 |
| Net assets |  |  |  | 103 020 038.60 | 100.00 |

2020/2030 ................................	GBP	480 000	480 000	%	98.782	520 374.08	0.50
Non-group fund units
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 | 100.00 |
| Number of shares outstanding Class FC .........................................  | Count | 1 030 211.000 |

Presentation of the maximum limit (according to CSSF circular 11/512) 10% of portfolio value (January 1, 2020 - May 14, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.814 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 8.015 |
| Average market risk exposure ........................  | % | 3.787 |

The values-at-risk were calculated for the period from January 1, 2020, through May 14, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolut value-at-risk approachas defined in CSSF circular 11/512.
Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (May 15, 2020 - June 30, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 5.352 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 7.874 |
| Average market risk exposure ........................  | % | 6.354 |

The values-at-risk were calculated for the period from May 15, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the 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 0.5, 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 49 629 153.31 as of the reporting date.
 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for derivatives (with the exception of forward currency transactions)
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
JP Morgan, State Street Bank London
 Exchange rates (indirect quotes)	
As of June 30, 2020
| British pound	GBP | 0.911178 | = EUR | 1 |
| --- | --- | --- | --- |
| U.S. dollar	USD | 1.120750 | = EUR | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Credit Opportunities
DWS INVEST CREDIT OPPORTUNITIES

### Wertentwicklung der Anteilklasse (in EUR)

#### Anteilklasse	ISIN	6 Monate

##### Klasse FC	LU1968688876	-2,7%
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Credit Opportunities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 90 848 970,73 | 88,17 |
| Zentralregierungen | 611 069,00 | 0,60 |
| Summe Anleihen | 91 460 039,73 | 88,77 |
| 2. Investmentanteile Rentenfonds | 9 648 000,00 | 9,37 |
| Summe Investmentanteile | 9 648 000,00 | 9,37 |
| 3. Derivate | -336 123,31 | - 0,33 |
| 4. Bankguthaben | 910 948,39 | 0,89 |
| 5. Sonstige Vermögensgegenstände | 2 050 377,60 | 1,99 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -713 203,81 | - 0,69 |
| III. Fondsvermögen | 103 020 038,60 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | 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	84 583 233,27	82,10
Verzinsliche Wertpapiere
| 0,625 | % Abertis Infraestructuras SA (MTN) 2019/2025 ...  | EUR | 300 000 |  |  | % | 94,592 | 283 776,00 | 0,28 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,50 | % Adecco International Financial Services BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2022 ..............................  | EUR | 17 000 |  |  | % | 102,581 | 17 438,77 | 0,02 |
| 1,875 | % ADLER Real Estate AG (MTN) 2018/2023 ......  | EUR | 700 000 |  |  | % | 97,216 | 680 508,50 | 0,66 |
| 2,125 | % Aeroports de Paris (MTN) 2020/2026 .........  | EUR | 300 000 | 300 000 |  | % | 107,62 | 322 860,00 | 0,31 |
| 2,75 | % Aeroports de Paris (MTN) 2020/2030 .........  | EUR | 300 000 | 300 000 |  | % | 113,874 | 341 622,00 | 0,33 |
| 6,25 | % AIB Group PLC 2020/perpetual * .............  | EUR | 240 000 | 240 000 |  | % | 99,57 | 238 969,20 | 0,23 |
| 2,00 | % Airbus SE (MTN) 2020/2028 ................  | EUR | 400 000 | 400 000 |  | % | 105,794 | 423 178,00 | 0,41 |
| 1,125 | % Akelius Residential Property AB (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2024 ..............................  | EUR | 400 000 |  |  | % | 99,54 | 398 158,00 | 0,39 |
| 3,875 | % Akelius Residential Property AB 2018/2078 * ...  | EUR | 500 000 |  |  | % | 100,696 | 503 480,00 | 0,49 |
| 1,625 | % Albemarle New Holding GmbH (MTN) 2019/2028 | EUR | 400 000 |  |  | % | 95,844 | 383 376,00 | 0,37 |
| 4,125 | % Allied Irish Banks PLC (MTN) 2015/2025 * .....  | EUR | 900 000 |  |  | % | 100,379 | 903 411,00 | 0,88 |
| 6,375 | % America Movil SAB de CV 2013/2073 * .......  | EUR | 570 000 |  |  | % | 112,94 | 643 760,85 | 0,63 |
| 1,875 | % American International Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2027 ..............................  | EUR | 590 000 |  |  | % | 105,394 | 621 827,55 | 0,60 |
| 1,125 | % Amplifon SpA (MTN) 2020/2027 .............  | EUR | 200 000 | 200 000 |  | % | 98,543 | 197 086,00 | 0,19 |
| 3,70 | % Anheuser-Busch InBev SA/NV 2020/2040 ......  | EUR | 380 000 | 380 000 |  | % | 122,108 | 464 010,40 | 0,45 |
| 2,875 | % Aroundtown SA (MTN) 2019/perpetual * ......  | EUR | 140 000 |  |  | % | 94,706 | 132 589,10 | 0,13 |
| 5,00 | % Assicurazioni Generali SpA (MTN) 2016/2048 * . | EUR | 400 000 | 400 000 |  | % | 111,999 | 447 996,00 | 0,43 |
| 2,60 | % AT&T, Inc. 2020/2038 .....................  | EUR | 260 000 | 260 000 |  | % | 106,271 | 276 304,60 | 0,27 |
| 3,75 | % ATF Netherlands BV 2016/2049 * ............  | EUR | 100 000 |  | 100 000 | % | 99,424 | 99 424,00 | 0,10 |
| 2,875 | % Auchan Holding SA (MTN) 2020/2026 .........  | EUR | 300 000 | 300 000 |  | % | 100,117 | 300 351,00 | 0,29 |
| 3,125 | % Aurizon Network Pty Ltd (MTN) 2016/2026 . . . . . | EUR | 393 000 |  |  | % | 110,504 | 434 282,69 | 0,42 |
| 1,375 | % Babcock International Group PLC (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2027 ..............................  | EUR | 300 000 |  |  | % | 95,875 | 287 625,00 | 0,28 |
| 4,50 | % Banco Comercial Portuges SA 2 (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2027 * .............................  | EUR | 400 000 |  |  | % | 100,076 | 400 302,00 | 0,39 |
| 3,871 | % Banco Comercial Portugues SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2030 * .............................  | EUR | 900 000 |  |  | % | 93,045 | 837 405,00 | 0,81 |
| 2,00 | % Banco de Sabadell SA (MTN) 2020/2030 * .....  | EUR | 400 000 | 800 000 | 400 000 | % | 84,406 | 337 624,00 | 0,33 |
| 7,50 | % Bank of Ireland Group PLC 2020/perpetual * ...  | EUR | 200 000 | 200 000 |  | % | 105,043 | 210 086,00 | 0,20 |
| 2,50 | % Bankinter SA (MTN) 2017/2027 * ............  | EUR | 1 100 000 |  |  | % | 100,19 | 1 102 090,00 | 1,07 |
| 0,875 | % Bankinter SA (MTN) 2019/2024 ..............  | EUR | 500 000 |  |  | % | 101,369 | 506 845,00 | 0,49 |
| 3,375 | % Barclays PLC (MTN) 2020/2025 * ............  | EUR | 360 000 | 360 000 |  | % | 107,435 | 386 766,00 | 0,38 |
| 4,50 | % Bausch Health Companies, Inc. -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ..............................  | EUR | 1 000 000 |  |  | % | 99,238 | 992 385,00 | 0,96 |
| 0,50 | % Blackstone Property Partners Europe Holdings |  |  |  |  |  |  |  |  |
|  | Sarl (MTN) 2019/2023 .....................  | EUR | 420 000 |  |  | % | 98,916 | 415 449,30 | 0,40 |
| 3,625 | % BP Capital Markets PLC 2020/perpetual * . . . . . . | EUR | 390 000 | 390 000 |  | % | 100,539 | 392 102,10 | 0,38 |
| 3,25 | % BP Capital Markets PLC 2020/perpetual * . . . . . . | EUR | 470 000 | 470 000 |  | % | 100,5 | 472 352,35 | 0,46 |
| 3,25 | % Bundesrepublik Deutschland (MTN) 2011/2021 . | EUR | 100 000 |  |  | % | 103,938 | 103 938,00 | 0,10 |
| 1,75 | % Bundesrepublik Deutschland (MTN) 2012/2022 . | EUR | 100 000 |  |  | % | 104,965 | 104 965,00 | 0,10 |
| 0,25 | % Bundesrepublik Deutschland (MTN) 2015/2020 . | EUR | 100 000 |  |  | % | 100,246 | 100 246,00 | 0,10 |
| 0,00 | % Bundesschatzanweisungen 2019/2021 ........  | EUR | 100 000 |  |  | % | 100,799 | 100 799,00 | 0,10 |
| 0,00 | % Bundesschatzanweisungen 2019/2021 ........  | EUR | 100 000 |  |  | % | 100,48 | 100 480,00 | 0,10 |
| 0,00 | % Bundesschatzanweisungen 2019/2021 ........  | EUR | 100 000 |  |  | % | 100,641 | 100 641,00 | 0,10 |
| 2,00 | % Capgemini SE (MTN) 2020/2029 .............  | EUR | 400 000 | 400 000 |  | % | 107,76 | 431 042,00 | 0,42 |
| 2,375 | % Capgemini SE 2020/2032 ...................  | EUR | 400 000 | 400 000 |  | % | 110,592 | 442 368,00 | 0,43 |
| 1,00 | % Carnival PLC (MTN) 2019/2029 ..............  | EUR | 500 000 |  |  | % | 53,104 | 265 522,50 | 0,26 |
| 5,976 | % Casino Guichard Perrachon SA (MTN) 2011/2021 * | EUR | 1 000 000 |  |  | % | 101,346 | 1 013 455,00 | 0,98 |
| 4,00 | % Chemours Co./The (MTN) 2018/2026 .........  | EUR | 500 000 |  | 500 000 | % | 90,488 | 452 437,50 | 0,44 |
| 1,00 | % Cheung Kong Infrastructure Finance BVI Ltd |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2024 .........................  | EUR | 750 000 |  |  | % | 99,783 | 748 372,50 | 0,73 |
| 6,125 | % Commerzbank AG 2020/perpetual * ..........  | EUR | 400 000 | 400 000 |  | % | 95,285 | 381 140,00 | 0,37 |
| 4,25 | % Constellium NV -Reg- (MTN) 2017/2026 .......  | EUR | 700 000 |  |  | % | 98,579 | 690 053,00 | 0,67 |
| 2,125 | % Conti-Gummi Finance BV (MTN) 2020/2023 ....  | EUR | 570 000 | 570 000 |  | % | 103,253 | 588 542,10 | 0,57 |
| 0,875 | % Covestro AG (MTN) 2020/2026 ..............  | EUR | 170 000 | 170 000 |  | % | 99,866 | 169 772,20 | 0,16 |
| 1,375 | % Covestro AG (MTN) 2020/2030 ..............  | EUR | 220 000 | 220 000 |  | % | 99,818 | 219 599,60 | 0,21 |
| 4,25 | % Credit Agricole Assurances SA 2015/2049 * ....  | EUR | 300 000 | 300 000 |  | % | 107,586 | 322 758,00 | 0,31 |
| 1,625 | % Credit Agricole SA (MTN) 2020/2030 * ........  | EUR | 300 000 | 300 000 |  | % | 100,597 | 301 791,00 | 0,29 |
| 1,00 | % Crédit Suisse Group AG (MTN) 2019/2027 * ....  | EUR | 240 000 |  |  | % | 100,185 | 240 444,00 | 0,23 |
| 3,25 | % Credit Suisse Group AG (MTN) 2020/2026 * ....  | EUR | 170 000 | 170 000 |  | % | 110,845 | 188 436,50 | 0,18 |
| 2,625 | % Daimler AG (MTN) 2020/2025 ...............  | EUR | 544 000 | 544 000 |  | % | 106,596 | 579 882,24 | 0,56 |
| 0,25 | % Daimler International Finance BV (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2023 ..............................  | EUR | 640 000 |  |  | % | 97,59 | 624 576,00 | 0,61 |
| 1,50 | % Deutsche Bank AG (MTN) 2017/2022 .........  | EUR | 600 000 |  |  | % | 100,498 | 602 991,00 | 0,59 |
| 5,625 | % Deutsche Bank AG (MTN) 2020/2031 * .......  | EUR | 800 000 | 800 000 |  | % | 104,816 | 838 528,00 | 0,81 |
| 7,00 | % DKT Finance ApS (MTN) 2018/2023 ..........  | EUR | 200 000 |  | 800 000 | % | 99,904 | 199 809,00 | 0,19 |
| 2,25 | % DS Smith PLC (MTN) 2015/2022 .............  | EUR | 413 000 |  |  | % | 102,625 | 423 841,25 | 0,41 |
| 2,50 | % Dufry One BV (MTN) 2017/2024 .............  | EUR | 500 000 | 500 000 |  | % | 84,193 | 420 965,00 | 0,41 |
| 2,00 | % Dufry One BV (MTN) 2019/2027 .............  | EUR | 250 000 |  | 250 000 | % | 78,407 | 196 017,50 | 0,19 |
| 1,75 | % DXC Technology Co. (MTN) 2018/2026 ........  | EUR | 1 000 000 |  |  | % | 98,646 | 986 455,00 | 0,96 |
| 3,50 | % eircom Finance DAC (MTN) 2019/2026 ........  | EUR | 600 000 |  |  | % | 100,752 | 604 512,00 | 0,59 |
| 3,00 | % El Corte Ingles SA -Reg- (MTN) 2018/2024 .....  | EUR | 1 000 000 |  |  | % | 98,318 | 983 180,00 | 0,95 |
| 2,00 | % Electricite de France SA (MTN) 2019/2049 .....  | EUR | 300 000 | 300 000 |  | % | 99,092 | 297 277,50 | 0,29 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 1,70 | % Eli Lilly & Co. 2019/2049 ...................  | EUR | 470 000 |  |  | % | 105,08 | 493 876,00 | 0,48 |
| 2,75 | % Elia System Operator SA/NV 2018/perpetual * ..  | EUR | 700 000 |  |  | % | 101,805 | 712 635,00 | 0,69 |
| 6,375 | % Ellaktor Value Plc -Reg- (MTN) 2019/2024 ......  | EUR | 370 000 |  |  | % | 84,121 | 311 247,70 | 0,30 |
| 3,75 | % ELM BV for Firmenich International SA 2020/ |  |  |  |  |  |  |  |  |
|  | perpetual * ..............................  | EUR | 290 000 | 290 000 |  | % | 102,922 | 298 473,80 | 0,29 |
| 4,50 | % ELM BV for Swiss Life Insurance & Pension |  |  |  |  |  |  |  |  |
|  | Group 2016/2049 * .......................  | EUR | 500 000 |  |  | % | 114,236 | 571 180,00 | 0,55 |
| 2,045 | % EP Infrastructure AS (MTN) 2019/2028 ........  | EUR | 325 000 |  |  | % | 97,287 | 316 182,75 | 0,31 |
| 1,113 | % Eurogrid GmbH (MTN) 2020/2032 ............  | EUR | 200 000 | 200 000 |  | % | 105,596 | 211 193,00 | 0,21 |
| 1,75 | % Exor NV 2019/2034 .......................  | EUR | 480 000 |  |  | % | 92,503 | 444 014,40 | 0,43 |
| 1,408 | % Exxon Mobil Corp. 2020/2039 ...............  | EUR | 990 000 | 990 000 |  | % | 99,328 | 983 347,20 | 0,95 |
| 1,125 | % Fastighets AB Balder (MTN) 2017/2022 .......  | EUR | 100 000 | 100 000 |  | % | 99,922 | 99 922,00 | 0,10 |
| 1,125 | % Fastighets AB Balder (MTN) 2019/2027 .......  | EUR | 550 000 |  |  | % | 94,232 | 518 276,00 | 0,50 |
| 2,625 | % Faurecia SA (MTN) 2018/2025 ...............  | EUR | 900 000 |  |  | % | 97,548 | 877 936,50 | 0,85 |
| 3,75 | % Fiat Chrysler Automobiles NV (MTN) 2016/2024 . | EUR | 1 100 000 |  |  | % | 103,04 | 1 133 440,00 | 1,10 |
| 2,95 | % Fidelity National Information Services, Inc. |  |  |  |  |  |  |  |  |
|  | 2019/2039 ..............................  | EUR | 130 000 | 130 000 |  | % | 115,236 | 149 806,80 | 0,15 |
| 1,375 | % Firmenich Productions Participations SAS (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2026 ..............................  | EUR | 450 000 | 450 000 |  | % | 102,927 | 463 171,50 | 0,45 |
| 1,75 | % Firmenich Productions Participations SAS (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2030 ..............................  | EUR | 350 000 | 350 000 |  | % | 104,407 | 365 424,50 | 0,35 |
| 4,35 | % Fortune Star BVI Ltd 2019/2023 .............  | EUR | 330 000 |  |  | % | 97,091 | 320 400,30 | 0,31 |
| 2,95 | % Gazprom PJSC Via Gaz Finance PLC (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ..............................  | EUR | 400 000 | 790 000 | 390 000 | % | 104,386 | 417 542,00 | 0,41 |
| 0,875 | % General Electric Co. (MTN) 2017/2025 ........  | EUR | 865 000 |  |  | % | 96,624 | 835 797,60 | 0,81 |
| 2,75 | % Glencore Finance Europe SA (MTN) 2014/2021 . | EUR | 550 000 |  |  | % | 100,702 | 553 858,25 | 0,54 |
| 2,875 | % Globalworth Real Estate Investments Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | EUR | 1 000 000 |  |  | % | 100,162 | 1 001 615,00 | 0,97 |
| 3,375 | % Goldman Sachs Group, Inc./The (MTN) 2020/2025 | EUR | 280 000 | 280 000 |  | % | 111,62 | 312 536,00 | 0,30 |
| 1,375 | % Goodman Australia Finance Pty Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2025 ..............................  | EUR | 491 000 |  |  | % | 100,108 | 491 530,28 | 0,48 |
| 3,20 | % Grifols SA -Reg- (MTN) 2017/2025 ...........  | EUR | 1 200 000 |  |  | % | 100,073 | 1 200 876,00 | 1,17 |
| 6,375 | % Groupama SA 2014/2049 * .................  | EUR | 300 000 |  |  | % | 110,448 | 331 344,00 | 0,32 |
| 3,875 | % Harley-Davidson Financial Services, Inc. |  |  |  |  |  |  |  |  |
|  | 2020/2023 ..............................  | EUR | 400 000 | 400 000 |  | % | 104,598 | 418 394,00 | 0,41 |
| 2,125 | % Heimstaden Bostad AB (MTN) 2019/2023 .....  | EUR | 216 000 |  |  | % | 102,448 | 221 287,68 | 0,21 |
| 2,75 | % Helvetia Europe SA 2020/2041 * .............  | EUR | 300 000 | 300 000 |  | % | 100,679 | 302 037,00 | 0,29 |
| 2,375 | % Holcim Finance Luxembourg SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ..............................  | EUR | 320 000 | 320 000 |  | % | 107,574 | 344 236,80 | 0,33 |
| 3,25 | % Hornbach Baumarkt AG (MTN) 2019/2026 .....  | EUR | 400 000 |  |  | % | 101,986 | 407 942,00 | 0,40 |
| 5,125 | % Huntsman International LLC (MTN) 2014/2021 ..  | EUR | 400 000 | 400 000 |  | % | 101,454 | 405 816,00 | 0,39 |
| 1,20 | % International Business Machines Corp. |  |  |  |  |  |  |  |  |
|  | 2020/2040 ..............................  | EUR | 590 000 | 590 000 |  | % | 96,316 | 568 264,40 | 0,55 |
| 1,80 | % International Flavors & Fragrances, Inc. (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2026 ..............................  | EUR | 120 000 | 120 000 |  | % | 101,096 | 121 314,60 | 0,12 |
| 4,75 | % International Game Technology PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ..............................  | EUR | 500 000 | 500 000 |  | % | 101,087 | 505 435,00 | 0,49 |
| 3,375 | % Intertrust Group BV -Reg- (MTN) 2018/2025 ....  | EUR | 1 000 000 |  |  | % | 100,31 | 1 003 100,00 | 0,97 |
| 3,00 | % Intrum AB -Reg- (MTN) 2019/2027 ...........  | EUR | 380 000 |  |  | % | 84,115 | 319 637,00 | 0,31 |
| 2,875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ...........  | EUR | 340 000 | 340 000 |  | % | 99,653 | 338 820,20 | 0,33 |
| 1,00 | % JAB Holdings BV (MTN) 2019/2027 ...........  | EUR | 300 000 |  |  | % | 97,396 | 292 186,50 | 0,28 |
| 2,20 | % John Deere Cash Management SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2032 ..............................  | EUR | 190 000 | 190 000 |  | % | 113,607 | 215 853,30 | 0,21 |
| 1,00 | % Johnson Controls International plc (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2023 ..............................  | EUR | 629 000 |  |  | % | 101,193 | 636 503,97 | 0,62 |
| 5,50 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2024 .........................  | EUR | 900 000 |  |  | % | 91,562 | 824 058,00 | 0,80 |
| 6,75 | % KME AG -Reg- (MTN) 2018/2023 .............  | EUR | 350 000 |  | 350 000 | % | 69,746 | 244 111,00 | 0,24 |
| 3,75 | % Kronos International, Inc. -Reg- (MTN) 2017/2025 | EUR | 500 000 |  |  | % | 98,324 | 491 617,50 | 0,48 |
| 2,125 | % La Mondiale SAM 2020/2031 ...............  | EUR | 200 000 | 200 000 |  | % | 98,848 | 197 696,00 | 0,19 |
| 0,75 | % LeasePlan Corp., NV (MTN) 2017/2022 ........  | EUR | 727 000 |  |  | % | 98,824 | 718 454,12 | 0,70 |
| 6,25 | % LHMC Finco Sarl (MTN) 2018/2023 ...........  | EUR | 700 000 |  |  | % | 91,376 | 639 628,50 | 0,62 |
| 3,625 | % Lincoln Financing SARL -Reg- (MTN) 2019/2024 . | EUR | 900 000 |  |  | % | 91,919 | 827 271,00 | 0,80 |
| 0,50 | % Lloyds Banking Group PLC (MTN) 2019/2025 * . | EUR | 300 000 |  |  | % | 97,861 | 293 583,00 | 0,29 |
| 0,50 | % Logicor Financing Sarl (MTN) 2019/2021 .......  | EUR | 413 000 |  |  | % | 99,514 | 410 992,82 | 0,40 |
| 6,00 | % Loxam SAS -Reg- (MTN) 2017/2025 ..........  | EUR | 500 000 |  | 200 000 | % | 86,032 | 430 162,50 | 0,42 |
| 5,00 | % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
|  | (MTN) 2010/2020 .........................  | EUR | 1 000 000 |  |  | % | 101,612 | 1 016 120,00 | 0,99 |
| 1,125 | % Mediobanca Banca di Credito Finanziario SpA |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2025 .........................  | EUR | 260 000 | 260 000 |  | % | 96,211 | 250 148,60 | 0,24 |
| 0,75 | % Naturgy Finance BV (MTN) 2019/2029 ........  | EUR | 300 000 |  |  | % | 100,432 | 301 297,50 | 0,29 |
| 3,375 | % Naturgy Finance BV 2015/2049 * ............  | EUR | 700 000 |  |  | % | 100,748 | 705 239,50 | 0,68 |
| 3,625 | % Netflix, Inc. (MTN) 2017/2027 ...............  | EUR | 700 000 |  |  | % | 104,452 | 731 167,50 | 0,71 |
| 2,375 | % OMV AG (MTN) 2020/2032 .................  | EUR | 450 000 | 620 000 | 170 000 | % | 115,088 | 517 896,00 | 0,50 |
| 5,25 | % OMV AG 2015/2049 * .....................  | EUR | 1 000 000 |  |  | % | 104,642 | 1 046 415,00 | 1,02 |
| 1,375 | % Orange SA (MTN) 2019/2049 ...............  | EUR | 400 000 |  |  | % | 96,908 | 387 630,00 | 0,38 |
| 2,375 | % Orange SA (MTN) 2019/perpetual * ..........  | EUR | 300 000 |  |  | % | 101,472 | 304 417,50 | 0,30 |
| 1,75 | % Orsted A/S 2019/2099 * ...................  | EUR | 270 000 |  |  | % | 98,706 | 266 506,20 | 0,26 |
| 2,50 | % Petroleos Mexicanos (MTN) 2017/2021 .......  | EUR | 120 000 | 120 000 |  | % | 97,056 | 116 467,20 | 0,11 |
| 5,375 | % Platin 1426 GmbH -Reg- (MTN) 2017/2023 .....  | EUR | 700 000 |  |  | % | 93,576 | 655 028,50 | 0,64 |
| 3,75 | % Playtech Plc (MTN) 2018/2023 ..............  | EUR | 300 000 | 300 000 |  | % | 99,007 | 297 021,00 | 0,29 |
| 0,50 | % POSCO -Reg- 2020/2024 ...................  | EUR | 250 000 | 250 000 |  | % | 96,756 | 241 890,00 | 0,23 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. Währung | Nominalbetrag bzw. Bestand | Käufe/ Zugänge im | Verkäufe/ Abgänge Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 6,00	% Raiffeisen Bank International AG (MTN) |  |  |  |  |  |  |  |
|  | 2013/2023 ..............................  | EUR | 300 000 |  |  | % | 111,99 | 335 971,50 | 0,33 |
| 2,50 | % RCS & RDS SA -Reg- (MTN) 2020/2025 .......  | EUR | 300 000 | 300 000 |  | % | 96,046 | 288 136,50 | 0,28 |
| 1,00 | % Renault SA (MTN) 2018/2024 ...............  | EUR | 300 000 | 300 000 |  | % | 93,258 | 279 774,00 | 0,27 |
| 4,875 | % Reuters Orano SA 2009/2024 ...............  | EUR | 350 000 |  | 350 000 | % | 109,236 | 382 327,75 | 0,37 |
| 1,125 | % Samhallsbyggnadsbolaget i Norden AB (MTN) 2019/2026 ..............................  | EUR | 380 000 |  |  | % | 94,826 | 360 340,70 | 0,35 |
| 4,625 | % Samhallsbyggnadsbolaget i Norden AB 2019/ perpetual * ..............................  | EUR | 700 000 |  |  | % | 101,102 | 707 717,50 | 0,69 |
| 2,624 | % Samhallsbyggnadsbolaget i Norden AB 2020/ perpetual * ..............................  | EUR | 290 000 | 290 000 |  | % | 92,329 | 267 754,10 | 0,26 |
| 3,875 | % Sazka Group AS -Reg- (MTN) 2020/2027 .......  | EUR | 350 000 | 350 000 |  | % | 90,468 | 316 639,75 | 0,31 |
| 2,25 | % Scania CV AB (MTN) 2020/2025 .............  | EUR | 410 000 | 410 000 |  | % | 102,544 | 420 432,45 | 0,41 |
| 1,50 | % Scentre Group Trust 1 (MTN) 2014/2020 ......  | EUR | 374 000 |  |  | % | 100,007 | 374 026,18 | 0,36 |
| 4,625 | % SGL Carbon SE (MTN) 2019/2024 ............  | EUR | 700 000 |  |  | % | 79,625 | 557 375,00 | 0,54 |
| 2,00 | % Signify NV 2020/2024 .....................  | EUR | 310 000 | 310 000 |  | % | 101,28 | 313 968,00 | 0,30 |
| 1,50 | % Smurfit Kappa Treasury ULC (MTN) 2019/2027 . | EUR | 330 000 |  |  | % | 96,02 | 316 864,35 | 0,31 |
| 5,00 | % SoftBank Group Corp. (MTN) 2018/2028 .......  | EUR | 900 000 |  |  | % | 104,115 | 937 035,00 | 0,91 |
| 5,869 | % Solvay Finance SA 2015/2049 * .............  | EUR | 700 000 |  |  | % | 109,654 | 767 578,00 | 0,75 |
| 1,75 | % SSE PLC (MTN) 2020/2030 .................  | EUR | 520 000 | 520 000 |  | % | 104,954 | 545 758,20 | 0,53 |
| 1,375 | % State Grid Overseas Investment 2016 Ltd -Reg- (MTN) 2018/2025 .........................  | EUR | 700 000 |  |  | % | 102,222 | 715 550,50 | 0,69 |
| 2,714 | % Swiss Re Finance UK PLC 2020/2052 * .......  | EUR | 200 000 | 200 000 |  | % | 104,089 | 208 178,00 | 0,20 |
| 4,75 | % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ..  | EUR | 180 000 | 180 000 |  | % | 100,234 | 180 420,30 | 0,18 |
| 3,875 | % Synthomer PLC -Reg- (MTN) 2020/2025 .......  | EUR | 340 000 | 340 000 |  | % | 101,468 | 344 992,90 | 0,33 |
| 2,00 | % Takeda Pharmaceutical Co., Ltd 2020/2040 ....  | EUR | 620 000 | 620 000 |  | % | 100,108 | 620 666,50 | 0,60 |
| 3,00 | % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2030 | EUR | 140 000 |  |  | % | 117,704 | 164 786,30 | 0,16 |
| 2,25 | % Talanx AG (MTN) 2017/2047 * ...............  | EUR | 600 000 |  |  | % | 102,858 | 617 145,00 | 0,60 |
| 2,125 | % Tele2 AB (MTN) 2018/2028 .................  | EUR | 350 000 |  |  | % | 109,022 | 381 578,75 | 0,37 |
| 1,788 | % Telefonica Emisiones SA (MTN) 2019/2029 ....  | EUR | 800 000 |  |  | % | 107,593 | 860 744,00 | 0,84 |
| 3,75 | % Telefonica Europe BV 2016/perpetual * .......  | EUR | 1 000 000 |  |  | % | 100,506 | 1 005 060,00 | 0,98 |
| 2,875 | % Telefonica Europe BV 2019/perpetual * .......  | EUR | 500 000 |  |  | % | 95,435 | 477 175,00 | 0,46 |
| 3,50 | % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ..............................  | EUR | 700 000 |  | 400 000 | % | 101,794 | 712 561,50 | 0,69 |
| 2,995 | % TenneT Holding BV 2017/perpetual * .........  | EUR | 450 000 | 450 000 |  | % | 103,577 | 466 096,50 | 0,45 |
| 1,125 | % Teollisuuden Voima Oyj (MTN) 2019/2026 .....  | EUR | 330 000 |  |  | % | 92,922 | 306 642,60 | 0,30 |
| 1,125 | % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 .........................  | EUR | 1 000 000 |  |  | % | 87,941 | 879 410,00 | 0,85 |
| 1,875 | % Thermo Fisher Scientific, Inc. 2019/2049 ......  | EUR | 115 000 | 115 000 |  | % | 96,504 | 110 979,03 | 0,11 |
| 1,375 | % Thyssenkrupp AG (MTN) 2017/2022 ..........  | EUR | 300 000 | 300 000 |  | % | 97,365 | 292 095,00 | 0,28 |
| 1,875 | % thyssenkrupp AG (MTN) 2019/2023 ..........  | EUR | 410 000 |  |  | % | 96,408 | 395 274,85 | 0,38 |
| 2,875 | % thyssenkrupp AG (MTN) 2019/2024 ..........  | EUR | 450 000 |  |  | % | 96,557 | 434 506,50 | 0,42 |
| 1,25 | % UniCredit SpA (MTN) 2019/2025 * ...........  | EUR | 250 000 |  |  | % | 100,088 | 250 220,00 | 0,24 |
| 4,00 | % UPCB Finance IV Ltd -Reg- 2015/2027 ........  | EUR | 630 000 |  |  | % | 101,198 | 637 550,55 | 0,62 |
| 1,908 | % Upjohn Finance BV 2020/2032 ..............  | EUR | 320 000 | 320 000 |  | % | 101,801 | 325 763,20 | 0,32 |
| 1,125 | % Vicinity Centres Trust (MTN) 2019/2029 .......  | EUR | 250 000 |  |  | % | 92,854 | 232 136,25 | 0,23 |
| 5,25 | % Victoria PLC -Reg- (MTN) 2019/2024 ..........  | EUR | 290 000 |  |  | % | 95,062 | 275 679,80 | 0,27 |
| 5,50 | % Vienna Insurance Group AG Wiener Versicherung Gruppe 2013/2043 * ......................  | EUR | 300 000 |  |  | % | 111,14 | 333 420,00 | 0,32 |
| 3,00 | % Vivion Investments Sarl (MTN) 2019/2024 .....  | EUR | 300 000 |  |  | % | 91,808 | 275 424,00 | 0,27 |
| 2,50 | % Vodafone Group PLC (MTN) 2019/2039 .......  | EUR | 120 000 | 120 000 |  | % | 111,101 | 133 321,20 | 0,13 |
| 3,50 | % Volkswagen International Finance NV 2020/ perpetual * ..............................  | EUR | 700 000 | 700 000 |  | % | 98,812 | 691 687,50 | 0,67 |
| 2,875 | % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2027 ..............................  | EUR | 340 000 |  |  | % | 98,22 | 333 949,70 | 0,32 |
| 2,75 | % Wienerberger AG (MTN) 2020/2025 ..........  | EUR | 300 000 | 300 000 |  | % | 101,725 | 305 175,00 | 0,30 |
| 2,75 | % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 | EUR | 350 000 | 350 000 |  | % | 101,672 | 355 850,25 | 0,35 |
| 1,164 | % Zimmer Biomet Holdings, Inc. (MTN) 2019/2027 | EUR | 330 000 |  |  | % | 97,832 | 322 847,25 | 0,31 |
| 4,25 | % BP Capital Markets PLC 2020/perpetual * . . . . . . | GBP | 520 000 | 520 000 |  | % | 100,779 | 575 135,26 | 0,56 |
| 3,75 | % Legal & General Group PLC (MTN) 2019/2049 * | GBP | 400 000 |  |  | % | 98,574 | 432 734,16 | 0,42 |
| 3,875 | % SSE PLC 2015/2049 * .....................  | GBP | 300 000 |  |  | % | 100,226 | 329 989,73 | 0,32 |
| 4,875 | % Boeing Co./The (MTN) 2020/2025 ............  | USD | 928 000 | 928 000 |  | % | 109,425 | 906 057,91 | 0,88 |
| 5,15 | % Boeing Co./The (MTN) 2020/2030 ............  | USD | 500 000 | 1 250 000 | 750 000 | % | 111,44 | 497 165,04 | 0,48 |
| 5,625 | % Electricite de France SA -Reg- 2014/perpetual * . | USD | 700 000 |  |  | % | 103,432 | 646 017,65 | 0,63 |
| 8,50 | % Ford Motor Co. 2020/2023 .................  | USD | 400 000 | 400 000 |  | % | 105,662 | 377 110,12 | 0,37 |
| 2,50 | % Pacific Gas and Electric Co. 2020/2031 ........  | USD | 330 000 | 330 000 |  | % | 98,111 | 288 883,72 | 0,28 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	6 356 432,38	6,17
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 5,625  % Bhp Billiton Finance Ltd 2015/2079 * .........  | EUR | 649 000 |  |  | % | 116,173 | 753 962,77 | 0,73 |
| 3,625  % Getlink SE (MTN) 2018/2023 ................  | EUR | 900 000 |  |  | % | 101,938 | 917 442,00 | 0,89 |
| 4,50	% Repsol International Finance BV 2015/2075 * ...  | EUR | 700 000 |  |  | % | 104,262 | 729 837,50 | 0,71 |
| 2,50	% Skandinaviska Enskilda Banken AB 2014/2026 * | EUR | 570 000 |  |  | % | 100,927 | 575 283,90 | 0,56 |
| 2,625  % Total SA 20 2015/2049 * ...................  | EUR | 531 000 |  |  | % | 102,32 | 543 321,86 | 0,53 |
| 6,95	% UniCredit SpA (MTN) 2011/2022 .............  | EUR | 700 000 |  |  | % | 110,189 | 771 323,00 | 0,75 |
| 3,10	% Vodafone Group PLC 2018/2079 * ...........  | EUR | 500 000 | 1 000 000 | 500 000 | % | 100,309 | 501 545,00 | 0,48 |
| 3,20	% AbbVie, Inc. -144A- (MTN) 2019/2029 .........  | USD | 380 000 |  |  | % | 109,638 | 371 737,29 | 0,36 |
| 6,484 % Charter Communications Operating LLC Via |  |  |  |  |  |  |  |  |
| Charter Communications Operating Capital |  |  |  |  |  |  |  |  |
| 2016/2045 ..............................  | USD | 1 000 000 | 1 000 000 |  | % | 133,591 | 1 191 979,06 | 1,16 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR |  | vermögen |
| Nichtnotierte Wertpapiere |  |  |  |  |  |  | 520 374,08 | 0,50 |
| Verzinsliche Wertpapiere 4,125 % Virgin Media Secured Finance PLC -Reg- (MTN) 2020/2030 ..............................  | GBP | 480 000 | 480 000 | % | 98,782 |  | 520 374,08 | 0,50 |
| Investmentanteile |  |  |  |  |  | 9 | 648 000,00 | 9,37 |
| Gruppenfremde Investmentanteile iShares IV plc - iShares Fallen Angels High Yield Corporate Bond UCITS ETF - EUR - (0,500%) ....................  | Anteile | 2 000 000 | 2 000 000 | EUR | 4,824 | 9 | 648 000,00 | 9,37 |
| Summe Wertpapiervermögen |  |  |  |  |  | 101 | 108 039,73 | 98,14 |

| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |
| --- | --- |
| Zins-Derivate Forderungen/Verbindlichkeiten |  | -573 195,18 | -0,56 |
| Zinsterminkontrakte Euro Buxl Futures 09/2020 (DB) ......................	Stück	13 | 13 | -85 280,00 | -0,08 |
| Germany Federal Republic Bonds 5 year 09/2020 (MS) ....	Stück	158 | 158 | -118 500,00 | -0,12 |
| Germany Federal Republic Notes 10 year 09/2020 (MS) ....	Stück	163 | 163 | -363 490,01 | -0,35 |
| US Treasury Notes 30 year Futures 09/2020 (MS) ........	Stück	10 | 10 | -6 204,00 | -0,01 |
| US Ultra Bond 09/2020 (DB) .........................	Stück	5 | 5 | 278,83 | 0,00 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | 4 713,82 | 0,00 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |
| Offene Positionen EUR/GBP 1,7 Mio. .................................  |  | 11 434,36 | 0,01 |
| EUR/USD 4,9 Mio.  ................................  |  | -6 720,54 | -0,01 |
| Swaps Forderungen/Verbindlichkeiten |  | 232 358,05 | 0,23 |
| Credit Default Swaps |  |  |  |
| Protection Seller iTraxx Europe Crossover / 5% / 20/06/2025 (OTC) (DB) ....	Stück	5 000 000 |  | 232 358,05 | 0,23 |
| Bankguthaben |  | 910 948,39 | 0,89 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  | 884 018,85 | 0,87 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |
| Britisches Pfund ...................................	GBP	4 526 |  | 4 967,19 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| US-Dollar ........................................	USD	24 614 |  | 21 962,35 | 0,02 |
| Sonstige Vermögensgegenstände |  | 2 050 377,60 | 1,99 |
| Zinsansprüche ....................................  |  | 864 028,50 | 0,84 |
| Sonstige Ansprüche ................................  |  | 1 186 349,10 | 1,15 |
| Summe der Vermögensgegenstände ** |  | 104 313 436,96 | 101,26 |
| Sonstige Verbindlichkeiten |  | -713 203,81 | -0,69 |
| Andere sonstige Verbindlichkeiten .....................  |  | -713 203,81 | -0,69 |
| Summe der Verbindlichkeiten |  | -1 293 398,36 | -1,26 |
| Fondsvermögen |  | 103 020 038,60 | 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 | 100,00 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 1 030 211,000 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 10% vom Portfoliowert (1.1.2020 - 14.5.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,814 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 8,015 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 3,787 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 14.5.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert (15.5.2020 - 30.6.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 5,352 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 7,874 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 6,354 |

Die Risikokennzahlen wurden für den Zeitraum vom 15.5.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,5, 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 49 629 153,31.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
JP Morgan, State Street Bank London
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| --- | --- | --- | --- |
| US-Dollar	USD | 1,120750 | = EUR | 1 |

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