# DWS Invest Short Duration Credit
DWS INVEST SHORT DURATION CREDIT

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0236145453 | -2.6% |
| Class FC | LU0236146428 | -2.4% |
| Class IC | LU0982752155 | -2.4% |
| Class IC50 | LU1599083646 | -2.3% |
| Class ID | LU0982752239 | -2.4% |
| Class ID50 | LU1599083729 | -2.3% |
| Class LD | LU0507269321 | -2.6% |
| Class NC | LU0236146006 | -2.8% |
| Class PFC | LU1496318525 | -2.9% |
| Class TFC | LU1663942362 | -2.5% |
| Class TFD | LU1663944731 | -2.5% |
| iBoxx € Corp 1-3Y |  | -0.8% |

“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 Short Duration Credit
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 659 962 638.78 | 97.42 |
| Total bonds | 659 962 638.78 | 97.42 |
| 2. Derivativess | 1 721 536.07 | 0.24 |
| 3. Cash at bank | 11 055 242.12 | 1.63 |
| 4. Other assets | 5 989 555.06 | 0.88 |
| 5. Receivables from share certificate transactions | 521 037.74 | 0.08 |
| II. Liabilities |  |  |
| 1. Other liabilities | -527 934.79 | - 0.07 |
| 2. Liabilities from share certificate transactions | -1 275 251.59 | - 0.18 |
| III. Net assets | 677 446 823.39 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  | 637 953 967.56 | 94.17 |
| Interest-bearing securities 4.25  % Aareal Bank AG 2014/2026 * .................  | EUR | 3 000 000 |  | % | 93.676 | 2 810 295.00 | 0.42 |
| 0.50  % AbbVie, Inc. -Reg- 2020/2021 .................  | EUR | 4 430 000 | 4 430 000 | % | 100.015 | 4 430 664.50 | 0.65 |
| 1.50  % Abertis Infraestructuras SA (MTN) 2019/2024 ....  | EUR | 6 800 000 | 3 700 000 | % | 99.633 | 6 775 044.00 | 1.00 |
| 1.25  % Accor SA (MTN) 2017/2024 ..................  | EUR | 3 400 000 | 3 400 000 | % | 96.084 | 3 266 839.00 | 0.48 |
| 1.50  % AIB Group PLC (MTN) 2018/2023 ..............  | EUR | 3 000 000 |  | % | 101.18 | 3 035 400.00 | 0.45 |
| 1.25  % AIB Group PLC (MTN) 2019/2024 ..............  | EUR | 3 210 000 |  | % | 100.088 | 3 212 840.85 | 0.47 |
| 1.625 % Airbus SE (MTN) 2020/2025 ** ...............  | EUR | 2 030 000 | 2 030 000 | % | 103.038 | 2 091 681.55 | 0.31 |
| 1.50  % Akelius Residential Property AB (MTN) 2016/2022 | EUR | 3 000 000 |  | % | 101.369 | 3 041 070.00 | 0.45 |
| 1.125 % Akelius Residential Property AB (MTN) 2017/2024 | EUR | 2 500 000 |  | % | 99.54 | 2 488 487.50 | 0.37 |
| 1.00  % Altria Group, Inc. 2019/2023 ..................  | EUR | 2 510 000 |  | % | 100.98 | 2 534 585.45 | 0.37 |
| 1.00  % Altria Group, Inc. 2019/2023 ..................  | EUR | 3 470 000 |  | % | 100.986 | 3 504 196.85 | 0.52 |
| 0.55  % American Honda Finance Corp. (MTN) 2018/2023 . | EUR | 3 310 000 |  | % | 100.132 | 3 314 369.20 | 0.49 |
| 1.95  % American Honda Finance Corp. 2020/2024 ** ....  | EUR | 1 520 000 | 1 520 000 | % | 105.586 | 1 604 907.20 | 0.24 |
| 3.50  % Anglo American Capital PLC (MTN) 2012/2022 ...  | EUR | 2 670 000 |  | % | 104.402 | 2 787 546.75 | 0.41 |
| 1.50  % AP Moeller - Maersk A/S (MTN) 2015/2022 ......  | EUR | 4 000 000 |  | % | 101.968 | 4 078 700.00 | 0.60 |
| 2.25  % ArcelorMittal (MTN) 2019/2024................  | EUR | 3 000 000 |  | % | 98.81 | 2 964 315.00 | 0.44 |
| 2.75  % Arkema SA (MTN) 2019/perpetual * ............  | EUR | 1 100 000 |  | % | 100.416 | 1 104 570.50 | 0.16 |
| 2.125 % Aroundtown SA 2018/perpetual * ** ...........  | EUR | 2 000 000 |  | % | 92.912 | 1 858 230.00 | 0.27 |
| 0.321 % Asahi Group Holdings Ltd 2017/2021 ...........  | EUR | 2 000 000 |  | % | 99.6 | 1 991 990.00 | 0.29 |
| 1.45  % AT&T, Inc. (MTN) 2014/2022 .................  | EUR | 1 500 000 |  | % | 101.818 | 1 527 262.50 | 0.23 |
| 3.75  % ATF Netherlands BV 2016/2049 *..............  | EUR | 3 400 000 |  | % | 99.424 | 3 380 416.00 | 0.50 |
| 2.875 % Autostrade per l‘Italia SpA (MTN) 2013/2021	EUR | 2 000 000 | 1 000 000 | % | 99.482 | 1 989 630.00 | 0.29 |
| 2014/2022	EUR | 3 190 000 |  | % | 101.203 | 3 228 375.70 | 0.48 |
| 0.75  % Banco Bilbao Vizcaya Argentaria SA (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ** .............................  | EUR | 2 000 000 | % | 100.462 | 2 009 240.00 | 0.30 |
| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) |  |  |  |  |  |  |  |  |
| 1.00 | 2019/2024 ** .............................  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 * ..............................  | EUR EUR | 2 900 000 3 000 000 | 3 000 000 | % % | 97.325 94.08 | 2 822 425.00 2 822 400.00 | 0.42 0.42 |
| 4.50 | % Banco Comercial Portuges SA 2 (MTN) 2017/2027 * ..............................  | EUR | 2 000 000 |  | % | 100.076 | 2 001 510.00 | 0.30 |
| 1.75 | % Banco de Sabadell SA (MTN) 2020/2023 *.......  | EUR | 2 300 000 | 2 300 000 | % | 100.668 | 2 315 375.50 | 0.34 |
| 1.375 | % Banco Santander SA (MTN) 2017/2022 .........  | EUR | 2 500 000 |  | % | 101.318 | 2 532 937.50 | 0.37 |
| 1.375 | % Banco Santander SA (MTN) 2020/2026 .........  | EUR | 1 400 000 | 1 400 000 | % | 101.783 | 1 424 962.00 | 0.21 |
| 0.75 | % Bank of America Corp. (MTN) 2016/2023 ........  | EUR | 1 440 000 |  | % | 101.15 | 1 456 552.80 | 0.22 |
| 0.736 | % Bank of America Corp. (MTN) 2017/2022 * ......  | EUR | 2 000 000 |  | % | 100.208 | 2 004 150.00 | 0.30 |
| 1.375 | % Bank of Ireland Group PLC (MTN) 2018/2023 ....  | EUR | 4 030 000 |  | % | 100.248 | 4 040 014.55 | 0.60 |
| 0.75 | % Bank of Ireland Group PLC (MTN) 2019/2024 * ...  | EUR | 2 300 000 |  | % | 98.326 | 2 261 486.50 | 0.33 |
| 1.00 | % Bankia SA (MTN) 2019/2024 ** ...............  | EUR | 1 300 000 |  | % | 96.278 | 1 251 620.50 | 0.18 |
| 0.875 | % Bankia SA (MTN) 2019/2024 ** ...............  | EUR | 2 900 000 |  | % | 99.55 | 2 886 950.00 | 0.43 |
| 0.875 | % Bankinter SA (MTN) 2019/2024 ...............  | EUR | 1 200 000 |  | % | 101.369 | 1 216 428.00 | 0.18 |
| 1.50 | % Barclays PLC (MTN) 2014/2022 ...............  | EUR | 3 180 000 |  | % | 101.387 | 3 224 106.60 | 0.48 |
| 2.625 | % Barclays PLC (MTN) 2015/2025 * ..............  | EUR | 2 460 000 |  | % | 100.064 | 2 461 574.40 | 0.36 |
| 0.75 | % Barclays PLC (MTN) 2019/2025 ...............  | EUR | 3 180 000 |  | % | 97.912 | 3 113 585.70 | 0.46 |
| 3.375 | % Barclays PLC (MTN) 2020/2025 * ..............  | EUR | 1 710 000 | 1 710 000 | % | 107.435 | 1 837 138.50 | 0.27 |
| 0.875 | % BAT International Finance PLC (MTN) 2015/2023 . | EUR | 6 000 000 |  | % | 100.605 | 6 036 300.00 | 0.89 |
| 2.375 | % BAT Netherlands Finance BV (MTN) 2020/2024 ...  | EUR | 1 540 000 | 1 540 000 | % | 105.821 | 1 629 643.40 | 0.24 |
| 2.375 | % Bayer AG 2015/2075 * ......................  | EUR | 5 000 000 | 3 000 000 | % | 99.441 | 4 972 050.00 | 0.73 |
| 0.625 | % Bayer Capital Corp. BV 2018/2022 .............  | EUR | 3 000 000 |  | % | 101.01 | 3 030 285.00 | 0.45 |
| 1.401 | % Becton Dickinson and Co. (MTN) 2018/2023 .....  | EUR | 2 420 000 |  | % | 101.652 | 2 459 990.50 | 0.36 |
| 1.401 | % Becton Dickinson and Co. (MTN) 2018/2023 .....  | EUR | 3 730 000 |  | % | 101.652 | 3 791 638.25 | 0.56 |
| 3.375 | % Bharti Airtel International Netherlands BV -Reg- (MTN) 2014/2021 ..........................  | EUR | 3 000 000 |  | % | 100.835 | 3 025 050.00 | 0.45 |
| 4.75 | % BHP Billiton Finance Ltd 2015/2076 * ..........  | EUR | 3 920 000 | 2 420 000 | % | 102.062 | 4 000 810.80 | 0.59 |
| 0.50 | % Blackstone Property Partners Europe Holdings Sarl (MTN) 2019/2023 ..........................  | EUR | 7 120 000 |  | % | 98.916 | 7 042 854.80 | 1.04 |
| 0.00 | % BMW Finance NV (MTN) 2019/2023 ...........  | EUR | 4 300 000 |  | % | 99.18 | 4 264 761.50 | 0.63 |
| 0.125 | % BMW Finance NV 2019/2022 .................  | EUR | 5 350 000 |  | % | 99.786 | 5 338 524.25 | 0.79 |
| 0.80 | % Booking Holding, Inc. (MTN) 2017/2022 .........  | EUR | 3 260 000 |  | % | 100.476 | 3 275 533.90 | 0.48 |
| 0.625 | % BPCE SA (MTN) 2018/2023 ..................  | EUR | 4 300 000 |  | % | 101.648 | 4 370 885.50 | 0.65 |
| 1.125 | % Bright Food Singapore Holdings Pte Ltd 2017/2020 ** .............................  | EUR | 4 660 000 |  | % | 99.948 | 4 657 553.50 | 0.69 |
| 0.50 | % British Telecommunications PLC (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ................................  | EUR | 3 100 000 |  | % | 100.484 | 3 114 988.50 | 0.46 |
| 0.625 % CaixaBank SA (MTN) 2019/2024 ...............  0.375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 ** .............................  | EUR EUR | 4 900 000 3 490 000 | 3 490 000 | % % | 97.38 99.552 | 4 771 644.50 3 474 382.25 | 0.70 0.51 |
| 0.625 % Capgemini SE (MTN) 2020/2025...............  | EUR | 2 600 000 | 2 600 000 | % | 100.054 | 2 601 417.00 | 0.38 |
| 1.125 % Celanese US Holdings LLC (MTN) 2016/2023 ....  | EUR | 3 110 000 |  | % | 98.95 | 3 077 360.55 | 0.45 |
| 2.875 % Cellnex Telecom SA (MTN) 2020/2025 ..........  | EUR | 1 600 000 | 1 600 000 | % | 106.746 | 1 707 928.00 | 0.25 |
| 3.00  % Centrica PLC 2015/2076 * ...................  | EUR | 6 290 000 |  | % | 98.517 | 6 196 719.30 | 0.91 |
| 1.75  % Cie de Saint-Gobain (MTN) 2020/2023 **........  0.375 % CK Hutchison Group Telecom Finance SA 2019/2023 ................................  | EUR EUR | 1 000 000 10 630 000 | 1 000 000 | % % | 103.792 99.2 | 1 037 920.00 10 544 960.00 | 0.15 1.56 |
| 1.75  % CNAC HK Finbridge Co., Ltd 2018/2022 .........  | EUR | 2 370 000 |  | % | 99.854 | 2 366 539.80 | 0.35 |

1.75  % Babcock International Group PLC (MTN)
| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1.871 % CNRC Capital Ltd (MTN) 2016/2021 ............  | EUR | 7 680 000 |  | % | 100.502 | 7 718 592.00 | 1.14 |
| 0.50  % Commerzbank AG (MTN) 2018/2023 ...........  | EUR | 4 000 000 |  | % | 100.212 | 4 008 480.00 | 0.59 |
| 2.125 % Conti-Gummi Finance BV (MTN) 2020/2023 ......  | EUR | 2 150 000 | 2 150 000 | % | 103.253 | 2 219 939.50 | 0.33 |
| 0.75  % Cooperatieve Rabobank UA (MTN) 2018/2023 ....  | EUR | 3 000 000 |  | % | 101.396 | 3 041 880.00 | 0.45 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 2 200 000 | 2 200 000 | % | 100.597 | 2 213 134.00 | 0.33 |
| 1.25  % Crédit Suisse Group Funding Guernsey Ltd (MTN) |  |  |  |  |  |  |  |
| 2015/2022 ................................  | EUR | 3 000 000 |  | % | 101.762 | 3 052 875.00 | 0.45 |
| 0.875 % CRH Finland Services Oyj (MTN) 2020/2023 ** ...  | EUR | 1 080 000 | 1 080 000 | % | 101.576 | 1 097 020.80 | 0.16 |
| 1.375 % Criteria Caixa SAU (MTN) 2019/2024 ...........  | EUR | 1 600 000 |  | % | 101.49 | 1 623 840.00 | 0.24 |
| 0.00  % Daimler AG (MTN) 2019/2024 ** ..............  | EUR | 3 000 000 |  | % | 96.282 | 2 888 445.00 | 0.43 |
| 2.625 % Daimler AG (MTN) 2020/2025.................  | EUR | 2 633 000 | 2 633 000 | % | 106.596 | 2 806 672.68 | 0.41 |
| 0.25  % Daimler International Finance BV (MTN) 2019/2023 | EUR | 4 660 000 |  | % | 97.59 | 4 547 694.00 | 0.67 |
| 1.70  % Danaher Corp. 2020/2024 ....................  | EUR | 2 650 000 | 2 650 000 | % | 104.8 | 2 777 186.75 | 0.41 |
| 1.25  % Deutsche Bank AG (MTN) 2014/2021...........  | EUR | 3 200 000 |  | % | 100.261 | 3 208 352.00 | 0.47 |
| 1.50  % Deutsche Bank AG (MTN) 2017/2022...........  | EUR | 1 700 000 |  | % | 100.498 | 1 708 474.50 | 0.25 |
| 1.625 % Deutsche Bank AG (MTN) 2019/2021...........  | EUR | 3 100 000 |  | % | 100.478 | 3 114 802.50 | 0.46 |
| 0.625 % Deutsche Pfandbriefbank AG (MTN) 2018/2022...  | EUR | 1 900 000 |  | % | 99.067 | 1 882 273.00 | 0.28 |
| 0.125 % Digital Dutch Finco BV 2020/2022 .............  | EUR | 2 040 000 | 2 040 000 | % | 98.878 | 2 017 121.40 | 0.30 |
| 2.25  % DS Smith PLC (MTN) 2015/2022 ..............  | EUR | 5 000 000 |  | % | 102.625 | 5 131 250.00 | 0.76 |
| 1.75  % easyJet PLC (MTN) 2016/2023 ** .............  | EUR | 5 000 000 |  | % | 90.18 | 4 509 000.00 | 0.67 |
| 1.125 % EDP Finance BV (MTN) 2016/2024 .............  | EUR | 5 110 000 |  | % | 102.929 | 5 259 671.90 | 0.78 |
| 4.00  % Electricite de France SA 2018/perpetual * **.....  | EUR | 3 400 000 |  | % | 102.85 | 3 496 883.00 | 0.52 |
| 3.75  % ELM BV for Firmenich International SA 2020/ |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 1 580 000 | 1 580 000 | % | 102.922 | 1 626 167.60 | 0.24 |
| 1.75  % Emirates Telecommunications Group Co. PJSC |  |  |  |  |  |  |  |  |
| (MTN) 2014/2021 ..........................  | EUR | 2 440 000 | % | 101.347 | 2 472 866.80 | 0.37 |
| 3.625 % EnBW Energie Baden-Wuerttemberg AG (MTN) |  |  |  |  |  |  |  |  |
| 2014/2076 * ..............................  | EUR | 2 300 000 | % | 101.467 | 2 333 741.00 | 0.34 |
| 3.375 % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
| 2016/2077 * ..............................  | EUR | 4 300 000 |  | % | 103.082 | 4 432 504.50 | 0.65 |
| 2.50  % Enel SpA 2018/2078 *.......................  | EUR | 6 740 000 | 6 740 000 | % | 100.432 | 6 769 116.80 | 1.00 |
| 3.25  % Engie SA 2019/perpetual * ** ................  | EUR | 1 800 000 |  | % | 105.062 | 1 891 116.00 | 0.28 |
| 1.659 % EP Infrastructure AS (MTN) 2018/2024. . . . . . . . . . | EUR | 16 000 000 | 1 000 000 | % | 100.546 | 16 087 360.00 | 2.37 |
| 0.375 % Erste Group Bank AG (MTN) 2019/2024 .........  | EUR | 1 900 000 |  | % | 100.606 | 1 911 514.00 | 0.28 |
| 0.625 % Essity AB (MTN) 2017/2022 ..................  | EUR | 5 460 000 |  | % | 100.779 | 5 502 533.40 | 0.81 |
| 1.125 % Fastighets AB Balder (MTN) 2017/2022 .........  | EUR | 3 000 000 |  | % | 99.922 | 2 997 660.00 | 0.44 |
| 0.625 % FCA Bank SpA/Ireland (MTN) 2019/2022 ........  | EUR | 3 320 000 |  | % | 98.021 | 3 254 297.20 | 0.48 |
| 0.869 % FCE Bank PLC (MTN) 2017/2021 ..............  | EUR | 2 560 000 |  | % | 96.655 | 2 474 368.00 | 0.37 |
| 2.124 % Ferrovial Netherlands BV 2017/perpetual *. . . . . . . | EUR | 2 000 000 |  | % | 94.086 | 1 881 730.00 | 0.28 |
| 0.125 % Fidelity National Information Services, Inc. |  |  |  |  |  |  |  |
| 2019/2021 ................................  | EUR | 3 240 000 |  | % | 99.71 | 3 230 587.80 | 0.48 |
| 0.375 % Fiserv, Inc. 2019/2023 ** ....................  | EUR | 2 970 000 |  | % | 99.626 | 2 958 877.35 | 0.44 |
| 0.875 % Fortum OYJ 2019/2023 ......................  | EUR | 3 570 000 |  | % | 101.094 | 3 609 073.65 | 0.53 |
| 0.875 % Fresenius Finance Ireland PLC (MTN) 2017/2022..  | EUR | 2 000 000 |  | % | 100.474 | 2 009 470.00 | 0.30 |
| 1.50  % G4S International Finance PLC (MTN) 2016/2023 . | EUR | 4 140 000 |  | % | 99.362 | 4 113 566.10 | 0.61 |
| 1.50  % G4S International Finance PLC (MTN) 2017/2024 . | EUR | 2 045 000 | 2 045 000 | % | 97.646 | 1 996 850.48 | 0.30 |
| 2.95  % Gazprom PJSC Via Gaz Finance PLC (MTN) |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 5 080 000 | 5 080 000 | % | 104.386 | 5 302 783.40 | 0.78 |
| 2.20  % General Motors Financial Co, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | EUR | 2 000 000 | % | 98.334 | 1 966 670.00 | 0.29 |
| 0.281 % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2017/2021 * ..............................  | EUR | 3 500 000 | % | 98.342 | 3 441 970.00 | 0.51 |
| 0.20  % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2022 ................................  | EUR | 2 780 000 |  | % | 96.242 | 2 675 513.70 | 0.40 |
| 2.75  % Glencore Finance Europe SA (MTN) 2014/2021 ...  | EUR | 2 380 000 |  | % | 100.702 | 2 396 695.70 | 0.35 |
| 1.375 % Goldman Sachs Group, Inc. (MTN) 2015/2022 ....  | EUR | 2 500 000 |  | % | 102.096 | 2 552 387.50 | 0.38 |
| 0.125 % Goldman Sachs Group, Inc./The (MTN) 2019/2024 | EUR | 2 980 000 |  | % | 97.652 | 2 910 029.60 | 0.43 |
| 6.375 % Groupama SA 2014/2049 * ...................  | EUR | 2 900 000 |  | % | 110.448 | 3 202 992.00 | 0.47 |
| 1.75  % Heimstaden Bostad AB (MTN) 2018/2021 .......  | EUR | 2 270 000 |  | % | 100.809 | 2 288 364.30 | 0.34 |
| 2.125 % Heimstaden Bostad AB (MTN) 2019/2023 .......  | EUR | 6 660 000 | 3 780 000 | % | 102.448 | 6 823 036.80 | 1.01 |
| 2.375 % Holcim Finance Luxembourg SA (MTN) 2020/2025 | EUR | 1 520 000 | 1 520 000 | % | 107.574 | 1 635 124.80 | 0.24 |
| 0.00  % Honeywell International, Inc. 2020/2024.........  | EUR | 3 550 000 | 3 550 000 | % | 98.91 | 3 511 287.25 | 0.52 |
| 1.875 % Iberdrola International BV 2017/perpetual * ......  | EUR | 2 400 000 |  | % | 100.104 | 2 402 496.00 | 0.35 |
| 0.50  % Imperial Brands Finance PLC 2017/2021 ........  | EUR | 2 000 000 |  | % | 99.78 | 1 995 600.00 | 0.29 |
| 0.50  % International Flavors & Fragrances, Inc. 2018/2021 | EUR | 3 210 000 |  | % | 99.869 | 3 205 794.90 | 0.47 |
| 1.125 % Intesa Sanpaolo SpA (MTN) 2015/2022 .........  | EUR | 2 310 000 |  | % | 100.66 | 2 325 257.55 | 0.34 |
| 0.75  % Intesa Sanpaolo SpA (MTN) 2019/2024 .........  | EUR | 1 870 000 |  | % | 98.883 | 1 849 112.10 | 0.27 |
| 2.75  % Iren SpA (MTN) 2015/2022 ** ................  | EUR | 5 590 000 |  | % | 105.496 | 5 897 198.45 | 0.87 |
| 0.75  % LeasePlan Corp., NV (MTN) 2017/2022 .........  | EUR | 2 720 000 |  | % | 98.824 | 2 688 026.40 | 0.40 |
| 0.75  % LG Chem Ltd -Reg- 2019/2023 ................  | EUR | 1 700 000 | 1 700 000 | % | 100.498 | 1 708 457.50 | 0.25 |
| 0.25  % LG Chem Ltd -Reg- 2019/2023 ................  | EUR | 3 790 000 | 3 790 000 | % | 99.272 | 3 762 389.85 | 0.56 |
| 0.50  % LG Chem Ltd -Reg- 2019/2023 ................  | EUR | 2 210 000 |  | % | 98.614 | 2 179 369.40 | 0.32 |
| 0.375 % Lloyds Bank Corp.orate Markets PLC (MTN) |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 2 940 000 | 2 940 000 | % | 98.685 | 2 901 339.00 | 0.43 |
| 0.25  % Lloyds Bank PLC 2019/2022 ..................  | EUR | 3 900 000 |  | % | 99.351 | 3 874 689.00 | 0.57 |
| 0.50  % Logicor Financing Sarl (MTN) 2019/2021 ........  | EUR | 4 240 000 |  | % | 99.514 | 4 219 393.60 | 0.62 |
| 0.00  % Medtronic Global Holdings SCA 2019/2022 **....  | EUR | 3 520 000 |  | % | 99.426 | 3 499 795.20 | 0.52 |
| 1.875 % Morgan Stanley (MTN) 2014/2023 .............  | EUR | 2 180 000 |  | % | 103.92 | 2 265 456.00 | 0.33 |
| 1.00  % Morgan Stanley (MTN) 2016/2022 .............  | EUR | 1 710 000 |  | % | 101.241 | 1 731 221.10 | 0.26 |
| 0.637 % Morgan Stanley (MTN) 2019/2024 *............  | EUR | 6 230 000 |  | % | 100.158 | 6 239 812.25 | 0.92 |
| 6.25  % Muenchener Rueckversicherungs-Gesellschaft AG |  |  |  |  |  |  |  |
| in Muenchen (MTN) 2012/2042 * ..............  | EUR | 2 000 000 |  | % | 110.036 | 2 200 720.00 | 0.33 |
| 1.25  % Mylan NV 2016/2020 ** .....................  | EUR | 4 220 000 |  | % | 100.145 | 4 226 119.00 | 0.62 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4.125 % Naturgy Finance BV 2014/2049 * ..............  | EUR | 3 200 000 |  |  | % | 102.918 | 3 293 360.00 | 0.49 |
| 1.00  % Nokia OYJ (MTN) 2017/2021 .................  0.918 % NorteGas Energia Distribucion SAU (MTN) 2017/2022 ................................  | EUR EUR | 511 000 6 060 000 |  | 989 000 | % % | 100.344 100.404 | 512 757.84 6 084 482.40 | 0.08 0.90 |
| 1.50  % OMV AG (MTN) 2020/2024...................  | EUR | 1 920 000 | 1 920 000 |  | % | 104.75 | 2 011 200.00 | 0.30 |
| 3.50  % Origin Energy Finance Ltd -Reg- (MTN) 2013/2021 | EUR | 4 780 000 |  |  | % | 103.538 | 4 949 092.50 | 0.73 |
| 0.00  % Pernod Ricard SA 2019/2023 .................  | EUR | 2 900 000 |  |  | % | 99.193 | 2 876 597.00 | 0.42 |
| 1.875 % Petroleos Mexicanos (MTN) 2015/2022 .........  | EUR | 3 000 000 |  |  | % | 93.542 | 2 806 275.00 | 0.41 |
| 2.50  % Petroleos Mexicanos (MTN) 2017/2021 .........  | EUR | 4 390 000 |  |  | % | 97.056 | 4 260 758.40 | 0.63 |
| 3.125 % Petroleos Mexicanos -Reg- (MTN) 2013/2020 ....  | EUR | 1 870 000 |  |  | % | 99.254 | 1 856 049.80 | 0.27 |
| 0.50  % POSCO -Reg- 2020/2024 ....................  | EUR | 4 000 000 | 4 000 000 |  | % | 96.756 | 3 870 240.00 | 0.57 |
| 0.625 % PSA Banque France SA (MTN) 2017/2022 ** ....  | EUR | 8 310 000 |  |  | % | 98.273 | 8 166 486.30 | 1.21 |
| 6.625 % Raiffeisen Bank International AG (MTN) 2011/2021 | EUR | 2 500 000 |  |  | % | 105.434 | 2 635 837.50 | 0.39 |
| 0.625 % RCI Banque SA (MTN) 2016/2021 .............  | EUR | 4 000 000 |  |  | % | 98.374 | 3 934 940.00 | 0.58 |
| 0.25  % RCI Banque SA (MTN) 2018/2021 .............  | EUR | 5 800 000 |  |  | % | 98.548 | 5 715 784.00 | 0.84 |
| 1.875 % Redexis Gas Finance BV (MTN) 2020/2025 **....  | EUR | 4 600 000 | 4 600 000 |  | % | 103.425 | 4 757 550.00 | 0.70 |
| 1.00  % Renault SA (MTN) 2018/2024 .................  | EUR | 3 500 000 | 3 500 000 |  | % | 93.258 | 3 264 030.00 | 0.48 |
| 0.50  % Repsol International Finance BV (MTN) 2017/2022 2.00 % Royal Bank of Scotland Group PLC (MTN) 2017/2023 * ..............................  | EUR EUR | 2 300 000 6 000 000 |  |  | % % | 100.408 101.76 | 2 309 395.50 6 105 630.00 | 0.34 0.90 |
| 0.125 % Santander Consumer Bank AS (MTN) 2020/2025.. 0.875 % Santander Consumer Finance SA (MTN) 2017/2022 ................................  | EUR EUR | 5 300 000 2 500 000 | 5 300 000 |  | % % | 96.178 100.663 | 5 097 460.50 2 516 575.00 | 0.75 0.37 |
| 1.125 % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | EUR | 1 500 000 | % | 101.838 | 1 527 577.50 | 0.23 |
| 1.00 % Santander Consumer Finance SA (MTN) 2019/2024 ................................  | EUR | 800 000 |  |  | % | 101.385 | 811 080.00 | 0.12 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 4 100 000 | 4 100 000 |  | % | 101.28 | 4 152 480.00 | 0.61 |
| 0.50  % Société Générale SA (MTN) 2017/2023 .........  | EUR | 2 900 000 |  |  | % | 99.375 | 2 881 875.00 | 0.43 |
| 1.25  % Société Générale SA (MTN) 2019/2024 .........  | EUR | 2 300 000 |  |  | % | 101.407 | 2 332 361.00 | 0.34 |
| 1.00  % Southern Power Co. (MTN) 2016/2022..........  | EUR | 5 740 000 |  |  | % | 101.298 | 5 814 533.90 | 0.86 |
| 2.625 % SPP-Distribucia AS (MTN) 2014/2021 ...........  | EUR | 2 200 000 |  | 2 210 000 | % | 102.221 | 2 248 862.00 | 0.33 |
| 9.00  % SRLEV NV 2011/2041 * .....................  | EUR | 3 510 000 |  |  | % | 104.202 | 3 657 472.65 | 0.54 |
| 1.125 % Stryker Corp. (MTN) 2018/2023 ...............  | EUR | 3 480 000 |  |  | % | 102.676 | 3 573 124.80 | 0.53 |
| 0.25  % Stryker Corp. (MTN) 2019/2024 ...............  | EUR | 3 560 000 |  |  | % | 99.018 | 3 525 023.00 | 0.52 |
| 2.50  % Suez 2015/2049 * ..........................  | EUR | 7 400 000 |  |  | % | 100.456 | 7 433 744.00 | 1.10 |
| 0.40  % Swedbank AB (MTN) 2018/2023 ** ............  | EUR | 2 000 000 |  |  | % | 100.83 | 2 016 590.00 | 0.30 |
| 1.875 % Syngenta Finance NV (MTN) 2014/2021 .........  | EUR | 2 100 000 |  |  | % | 100.207 | 2 104 347.00 | 0.31 |
| 1.125 % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2022 . | EUR | 4 080 000 |  |  | % | 101.846 | 4 155 296.40 | 0.61 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  3.25 % Teva Pharmaceutical Finance Netherlands II BV 2018/2022 ** .............................  | EUR EUR | 1 900 000 5 000 000 | 1 900 000 3 550 000 |  | % % | 103.577 99.881 | 1 967 963.00 4 994 050.00 | 0.29 0.74 |
| 2.15  % Thermo Fisher Scientific, Inc. (MTN) 2015/2022 ..  | EUR | 1 980 000 |  |  | % | 103.407 | 2 047 458.60 | 0.30 |
| 1.75  % Total SA (MTN) 2019/perpetual * ..............  | EUR | 3 000 000 |  |  | % | 98.872 | 2 966 160.00 | 0.44 |
| 2.125 % Unibail-Rodamco SE 2018/perpetual * **........  | EUR | 3 000 000 |  |  | % | 87.662 | 2 629 845.00 | 0.39 |
| 1.00  % UniCredit SpA (MTN) 2018/2023...............  | EUR | 1 400 000 |  |  | % | 98.837 | 1 383 718.00 | 0.20 |
| 0.75  % Unione di Banche Italiane SpA (MTN) 2017/2022..  | EUR | 2 000 000 |  |  | % | 99.783 | 1 995 660.00 | 0.29 |
| 1.023 % Upjohn Finance BV 2020/2024 ................  | EUR | 5 720 000 | 5 720 000 |  | % | 100.76 | 5 763 500.60 | 0.85 |
| 0.75  % Vivendi SA (MTN) 2016/2021 .................  | EUR | 3 600 000 |  |  | % | 100.424 | 3 615 246.00 | 0.53 |
| 1.875 % Volkswagen Bank GmbH (MTN) 2019/2024 ......  3.00 % Volkswagen Financial Services AG (MTN) 2020/2025 ................................  | EUR EUR | 5 000 000 4 665 000 | 4 665 000 |  | % % | 102.508 107.066 | 5 125 425.00 4 994 605.58 | 0.76 0.74 |
| 3.75  % Volkswagen International Finance NV 2014/2049 * | EUR | 5 135 000 |  |  | % | 100.948 | 5 183 705.48 | 0.77 |
| 1.00  % Volkswagen Leasing GmbH (MTN) 2018/2023 ....  | EUR | 6 000 000 |  |  | % | 99.894 | 5 993 670.00 | 0.88 |
| 0.75  % Vonovia Finance BV (MTN) 2017/2022 ..........  | EUR | 3 500 000 |  |  | % | 100.786 | 3 527 527.50 | 0.52 |
| 0.50  % Wells Fargo & Co. (MTN) 2019/2024 ...........  | EUR | 5 580 000 |  |  | % | 99.454 | 5 549 505.30 | 0.82 |
| 0.452 % Wintershall Dea Finance BV 2019/2023 .........  | EUR | 7 200 000 |  |  | % | 96.832 | 6 971 904.00 | 1.03 |
| 1.25  % Yorkshire Building Society (MTN) 2015/2022 .....  | EUR | 1 400 000 |  |  | % | 101.076 | 1 415 064.00 | 0.21 |
| 0.875 % Yorkshire Building Society (MTN) 2018/2023 .....  | EUR | 1 500 000 |  |  | % | 100.298 | 1 504 470.00 | 0.22 |
| 1.00  ING Groep NV (MTN) 2018/2023 .................  | EUR | 1 000 000 |  |  | % | 102.2 | 1 022 000.00 | 0.15 |
| 3.875 % SSE PLC 2015/2049 * .......................  | GBP | 2 540 000 |  |  | % | 100.226 | 2 793 913.05 | 0.41 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 18 380 840.52 | 2.71 |
| Interest-bearing securities 5.875 % IPIC GMTN Ltd (MTN) 2011/2021..............  | EUR | 5 740 000 |  |  | % | 104.271 | 5 985 155.40 | 0.88 |
| 1.50  % JPMorgan Chase & Co. 2015/2022.............  | EUR | 1 390 000 |  |  | % | 103.024 | 1 432 040.55 | 0.21 |
| 1.50  % Logicor Financing 2018/2022 .................  | EUR | 2 490 000 |  |  | % | 101.228 | 2 520 577.20 | 0.37 |
| 2.50  % Skandinaviska Enskilda Banken AB 2014/2026 * ..  | EUR | 2 390 000 |  |  | % | 100.927 | 2 412 155.30 | 0.36 |
| 3.10  % Vodafone Group PLC 2018/2079 * .............  | EUR | 2 000 000 | 2 000 000 |  | % | 100.309 | 2 006 180.00 | 0.30 |
| 1.50  % Wells Fargo & Co. (MTN) 2015/2022 ...........  4.00 % CK Hutchison Capital Securities 17 Ltd -Reg- 2017/ perpetual * ...............................  | EUR USD | 1 390 000 2 900 000 |  |  | % % | 102.414 100.526 | 1 423 554.60 2 601 177.47 | 0.21 0.38 |
| Unlisted securities |  |  |  |  |  |  | 3 627 830.70 | 0.54 |
| Interest-bearing securities 1.50  % AbbVie, Inc. -Reg- 2020/2023 .................  | EUR | 3 510 000 | 3 510 000 |  | % | 103.357 | 3 627 830.70 | 0.54 |
| Total securities portfolio |  |  |  |  |  |  | 659 962 638.78 | 97.42 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  | -614 470.00 | -0.10 |
| Interest rate futures Euro SCHATZ Futures 09/2020 (MS) ...................  | Count | 748 | 748 | 82 280.00 | 0.00 |
| Germany Federal Republic Bonds 5 year 09/2020 (MS) .....  | Count | -929 | 929 | -696 750.00 | -0.10 |
| Currency derivatives Receivables/payables |  |  |  | 12 425.57 | 0.00 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/GBP 2.7 million ................................  |  |  |  | 18 249.63 | 0.00 |
| EUR/USD 4.1 million ................................  |  |  |  | -5 824.06 | 0.00 |
| Swaps Receivables/payables |  |  |  | 2 323 580.50 | 0.34 |
| Credit default swaps |  |  |  |  |  |
| Protection seller iTraxx Europe Crossover / 5% / 20/06/2025 (OTC) (BNP)....  | Count | 50 000 000 |  | 2 323 580.50 | 0.34 |
| Cash at bank |  |  |  | 11 055 242.12 | 1.63 |
| Demand deposits at Depositary |  |  |  |  |  |
| EUR deposits......................................  | EUR |  |  | 9 938 573.72 | 1.47 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 91 429 |  | 100 341.07 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 1 139 048 |  | 1 016 327.33 | 0.15 |
| Other assets |  |  |  | 5 989 555.06 | 0.88 |
| Prepaid placement fee *** ...........................  |  |  |  | 65 199.38 | 0.01 |
| Interest receivable .................................  |  |  |  | 4 097 700.35 | 0.60 |
| Receivables from exceeding the expense cap ............  |  |  |  | 2 143.65 | 0.00 |
| Other receivables ..................................  |  |  |  | 1 824 511.68 | 0.27 |
| Receivables from share certificate transactions |  |  |  | 521 037.74 | 0.08 |
| Total assets **** |  |  |  | 679 952 583.83 | 100.35 |
| Other liabilities |  |  |  | -527 934.79 | -0.07 |
| Liabilities from cost items ............................  |  |  |  | -527 934.79 | -0.07 |
| Liabilities from share certificate transactions |  |  |  | -1 275 251.59 | -0.18 |
| Total liabilities |  |  |  | -2 505 760.44 | -0.35 |
| Net assets |  |  |  | 677 446 823.39 | 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 | 134.99 |
| Class IC ..........................................  | EUR | 100.26 |
| Class IC50 ........................................  | EUR | 100.06 |
| Class ID ..........................................  | EUR | 94.44 |
| Class ID50 ........................................  | EUR | 95.28 |
| Class LC .........................................  | EUR | 129.62 |
| Class LD .........................................  | EUR | 92.08 |
| Class NC .........................................  | EUR | 119.38 |
| Class PFC ........................................  | EUR | 96.43 |
| Class TFC ........................................  | EUR | 98.30 |
| Class TFD ........................................  | EUR | 94.97 |
| Number of shares outstanding Class FC .........................................  | Count | 357 771.821 |
| Class IC ..........................................  | Count | 279 375.000 |
| Class IC50 ........................................  | Count | 679 368.113 |
| Class ID ..........................................  | Count | 100.000 |
| Class ID50 ........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 3 208 648.424 |
| Class LD .........................................  | Count | 287 403.470 |
| Class NC .........................................  | Count | 468 980.851 |
| Class PFC ........................................  | Count | 69 304.000 |
| Class TFC ........................................  | Count | 256 655.277 |
| Class TFD ........................................  | Count | 30 345.000 |

Presentation of the maximum limit (according to CSSF circular 11/512) 5% 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 .........................  | % | 0.281 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 4.942 |
| Average market risk exposure ........................  | % | 2.177 |

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 absolute 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 .........................  | % | 2.842 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 3.963 |
| Average market risk exposure ........................  | % | 3.293 |

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 0.4, 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 228 478 644.00 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)
BNP = BNP Paribas SA
Contracting parties for forward currency transactions
Deutsche Bank AG and Morgan Stanley Europe.
| 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 Total market value in EUR No fixed maturity |
| 1.625 % Airbus SE (MTN) 2020/2025	EUR | 1 700 000 | 1 751 654.50 |  |
| 1.95  % American Honda Finance Corp. 2020/2024	EUR | 400 000 | 422 344.00 |  |
| 2.125 % Aroundtown SA 2018/perpetual *	EUR | 500 000 | 464 557.50 |  |
| 0.75  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2017/2022 ........	EUR | 2 000 000 | 2 009 240.00 |  |
| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2024	EUR | 500 000 | 486 625.00 |  |
| 0.875 % Bankia SA (MTN) 2019/2024	EUR | 2 200 000 | 2 190 100.00 |  |
| 1.125 % Bright Food Singapore Holdings Pte Ltd 2017/2020	EUR | 667 000 | 666 649.83 |  |
| 0.375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024	EUR | 500 000 | 497 762.50 |  |
| 1.75  % Cie de Saint-Gobain (MTN) 2020/2023	EUR | 500 000 | 518 960.00 |  |
| 0.875 % CRH Finland Services Oyj (MTN) 2020/2023	EUR | 1 000 000 | 1 015 760.00 |  |
| 0	% Daimler AG (MTN) 2019/2024	EUR | 100 000 | 96 281.50 |  |
| 1.75  % easyJet PLC (MTN) 2016/2023	EUR | 4 321 000 | 3 896 677.80 |  |
| 4	% Electricite de France SA 2018/perpetual *	EUR | 1 900 000 | 1 954 140.50 |  |
| 3.25  % Engie SA 2019/perpetual *	EUR | 1 800 000 | 1 891 116.00 |  |
| 0.375 % Fiserv, Inc. 2019/2023	EUR | 900 000 | 896 629.50 |  |
| 2.75  % Iren SpA (MTN) 2015/2022	EUR | 800 000 | 843 964.00 |  |
| 0.01 % Medtronic Global Holdings SCA 2019/2022	EUR | 251 000 | 249 559.26 |  |
| 1.25  % Mylan NV 2016/2020	EUR | 500 000 | 500 725.00 |  |
| 0.625 % PSA Banque France SA (MTN) 2017/2022	EUR | 1 500 000 | 1 474 095.00 |  |
| 1.875 % Redexis Gas Finance BV (MTN) 2020/2025	EUR | 2 300 000 | 2 378 775.00 |  |
| 0.4	% Swedbank AB (MTN) 2018/2023	EUR | 1 000 000 | 1 008 295.00 |  |
| 3.25  % Teva Pharmaceutical Finance Netherlands II BV 2018/2022	EUR | 3 100 000 | 3 096 311.00 |  |
| 2.125 % Unibail-Rodamco SE 2018/perpetual *	EUR | 3 000 000 | 2 629 845.00 |  |
| Total receivables from securities loans |  | 30 940 067.89 | 30 940 067.89 |

Contracting parties for securities loans
Barclays Capital Securities Limited, Citigroup Global Markets Limited FI, Deutsche Bank AG FI, Goldman Sachs Int., HSBC Bank PLC FI, J.P. Morgan Sec Ltd., Morgan Stanley Europe SE FI
| Total collateral pledged by third parties for securities loans thereof: Bonds |  | EUR EUR | 37 559 322.61 26 508 828.21 |
| --- | --- | --- | --- |
| Equities |  | EUR | 11 050 494.40 |
| Exchange rates (indirect quotes) |  |  |  |
|  | As of June 30, 2020 |  |  |
| British pound ...................  GBP	0.911178 U.S. dollar ...................... USD	1.120750 | = EUR 1 = EUR 1 |  |  |
| Notes on valuation |  |  |  |

Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
Footnotes
* Floating interest rate.
** Some or all of these securities are lent.
*** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
**** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Short Duration Credit
DWS INVEST SHORT DURATION CREDIT

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0236145453 | -2,6% |
| Klasse FC | LU0236146428 | -2,4% |
| Klasse IC | LU0982752155 | -2,4% |
| Klasse IC50 | LU1599083646 | -2,3% |
| Klasse ID | LU0982752239 | -2,4% |
| Klasse ID50 | LU1599083729 | -2,3% |
| Klasse LD | LU0507269321 | -2,6% |
| Klasse NC | LU0236146006 | -2,8% |
| Klasse PFC | LU1496318525 | -2,9% |
| Klasse TFC | LU1663942362 | -2,5% |
| Klasse TFD | LU1663944731 | -2,5% |
| iBoxx € Corp 1-3J |  | -0,8% |

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 Short Duration Credit
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 659 962 638,78 | 97,42 |
| Summe Anleihen | 659 962 638,78 | 97,42 |
| 2. Derivate | 1 721 536,07 | 0,24 |
| 3. Bankguthaben | 11 055 242,12 | 1,63 |
| 4. Sonstige Vermögensgegenstände | 5 989 555,06 | 0,88 |
| 5. Forderungen aus Anteilscheingeschäften | 521 037,74 | 0,08 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -527 934,79 | - 0,07 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -1 275 251,59 | - 0,18 |
| III. Fondsvermögen | 677 446 823,39 | 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 |  |  |  |  |  |  |  | 637 953 967,56 | 94,17 |
| Verzinsliche Wertpapiere 4,25  % Aareal Bank AG 2014/2026 * .................  | EUR | 3 000 000 |  |  | % |  | 93,676 | 2 810 295,00 | 0,42 |
| 0,50 | % AbbVie, Inc. -Reg- 2020/2021 ................  | EUR | 4 430 000 | 4 430 000 |  | % | 100,015 | 4 430 664,50 | 0,65 |
| 1,50 | % Abertis Infraestructuras SA (MTN) 2019/2024 ....  | EUR | 6 800 000 | 3 700 000 |  | % | 99,633 | 6 775 044,00 | 1,00 |
| 1,25 | % Accor SA (MTN) 2017/2024 ..................  | EUR | 3 400 000 | 3 400 000 |  | % | 96,084 | 3 266 839,00 | 0,48 |
| 1,50 | % AIB Group PLC (MTN) 2018/2023 .............  | EUR | 3 000 000 |  |  | % | 101,18 | 3 035 400,00 | 0,45 |
| 1,25 | % AIB Group PLC (MTN) 2019/2024 .............  | EUR | 3 210 000 |  |  | % | 100,088 | 3 212 840,85 | 0,47 |
| 1,625 | % Airbus SE (MTN) 2020/2025 ** ...............  | EUR | 2 030 000 | 2 030 000 |  | % | 103,038 | 2 091 681,55 | 0,31 |
| 1,50 | % Akelius Residential Property AB (MTN) 2016/2022 | EUR | 3 000 000 |  |  | % | 101,369 | 3 041 070,00 | 0,45 |
| 1,125 | % Akelius Residential Property AB (MTN) 2017/2024 | EUR | 2 500 000 |  |  | % | 99,54 | 2 488 487,50 | 0,37 |
| 1,00 | % Altria Group, Inc. 2019/2023 .................  | EUR | 2 510 000 |  |  | % | 100,98 | 2 534 585,45 | 0,37 |
| 1,00 | % Altria Group, Inc. 2019/2023 .................  | EUR | 3 470 000 |  |  | % | 100,986 | 3 504 196,85 | 0,52 |
| 0,55 | % American Honda Finance Corp. (MTN) 2018/2023 | EUR | 3 310 000 |  |  | % | 100,132 | 3 314 369,20 | 0,49 |
| 1,95 | % American Honda Finance Corp. 2020/2024 ** ...  | EUR | 1 520 000 | 1 520 000 |  | % | 105,586 | 1 604 907,20 | 0,24 |
| 3,50 | % Anglo American Capital PLC (MTN) 2012/2022 ...  | EUR | 2 670 000 |  |  | % | 104,402 | 2 787 546,75 | 0,41 |
| 1,50 | % AP Moeller - Maersk A/S (MTN) 2015/2022 .....  | EUR | 4 000 000 |  |  | % | 101,968 | 4 078 700,00 | 0,60 |
| 2,25 | % ArcelorMittal (MTN) 2019/2024 ...............  | EUR | 3 000 000 |  |  | % | 98,81 | 2 964 315,00 | 0,44 |
| 2,75 | % Arkema SA (MTN) 2019/perpetual * ...........  | EUR | 1 100 000 |  |  | % | 100,416 | 1 104 570,50 | 0,16 |
| 2,125 | % Aroundtown SA 2018/perpetual * ** ...........  | EUR | 2 000 000 |  |  | % | 92,912 | 1 858 230,00 | 0,27 |
| 0,321 | % Asahi Group Holdings Ltd 2017/2021 ..........  | EUR | 2 000 000 |  |  | % | 99,6 | 1 991 990,00 | 0,29 |
| 1,45 | % AT&T, Inc. (MTN) 2014/2022 .................  | EUR | 1 500 000 |  |  | % | 101,818 | 1 527 262,50 | 0,23 |
| 3,75 | % ATF Netherlands BV 2016/2049 * .............  | EUR | 3 400 000 |  |  | % | 99,424 | 3 380 416,00 | 0,50 |
| 2,875 | % Autostrade per l‘Italia SpA (MTN) 2013/2021 ....  | EUR | 2 000 000 |  | 1 000 000 | % | 99,482 | 1 989 630,00 | 0,29 |
| 1,75 | % Babcock International Group PLC (MTN) 2014/2022 ...............................  | EUR | 3 190 000 |  |  | % | 101,203 | 3 228 375,70 | 0,48 |
| 0,75 | % Banco Bilbao Vizcaya Argentaria SA (MTN) |  |  |  |  |  |  |  |  |  |  |
| 2017/2022 ** .............................  | EUR | 2 000 000 | % | 100,462 | 2 009 240,00 | 0,30 |
| 0,375 | % Banco Bilbao Vizcaya Argentaria SA (MTN) |  |  |  |  |  |  |  |  |  |  |
| 1,00 | 2019/2024 ** .............................  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 * ..............................  | EUR EUR | 2 900 000 3 000 000 | 3 000 000 | % % | 97,325 94,08 | 2 822 425,00 2 822 400,00 | 0,42 0,42 |
| 4,50 | % Banco Comercial Portuges SA 2 (MTN) 2017/2027 * ..............................  | EUR | 2 000 000 |  | % | 100,076 | 2 001 510,00 | 0,30 |
| 1,75 | % Banco de Sabadell SA (MTN) 2020/2023 * ......  | EUR | 2 300 000 | 2 300 000 | % | 100,668 | 2 315 375,50 | 0,34 |
| 1,375 | % Banco Santander SA (MTN) 2017/2022 .........  | EUR | 2 500 000 |  | % | 101,318 | 2 532 937,50 | 0,37 |
| 1,375 | % Banco Santander SA (MTN) 2020/2026 .........  | EUR | 1 400 000 | 1 400 000 | % | 101,783 | 1 424 962,00 | 0,21 |
| 0,75 | % Bank of America Corp. (MTN) 2016/2023 .......  | EUR | 1 440 000 |  | % | 101,15 | 1 456 552,80 | 0,22 |
| 0,736 | % Bank of America Corp. (MTN) 2017/2022 * ......  | EUR | 2 000 000 |  | % | 100,208 | 2 004 150,00 | 0,30 |
| 1,375 | % Bank of Ireland Group PLC (MTN) 2018/2023 ....  | EUR | 4 030 000 |  | % | 100,248 | 4 040 014,55 | 0,60 |
| 0,75 | % Bank of Ireland Group PLC (MTN) 2019/2024 * ..  | EUR | 2 300 000 |  | % | 98,326 | 2 261 486,50 | 0,33 |
| 1,00 | % Bankia SA (MTN) 2019/2024 ** ...............  | EUR | 1 300 000 |  | % | 96,278 | 1 251 620,50 | 0,18 |
| 0,875 | % Bankia SA (MTN) 2019/2024 ** ...............  | EUR | 2 900 000 |  | % | 99,55 | 2 886 950,00 | 0,43 |
| 0,875 | % Bankinter SA (MTN) 2019/2024 ...............  | EUR | 1 200 000 |  | % | 101,369 | 1 216 428,00 | 0,18 |
| 1,50 | % Barclays PLC (MTN) 2014/2022 ...............  | EUR | 3 180 000 |  | % | 101,387 | 3 224 106,60 | 0,48 |
| 2,625 | % Barclays PLC (MTN) 2015/2025 * .............  | EUR | 2 460 000 |  | % | 100,064 | 2 461 574,40 | 0,36 |
| 0,75 | % Barclays PLC (MTN) 2019/2025 ...............  | EUR | 3 180 000 |  | % | 97,912 | 3 113 585,70 | 0,46 |
| 3,375 | % Barclays PLC (MTN) 2020/2025 * .............  | EUR | 1 710 000 | 1 710 000 | % | 107,435 | 1 837 138,50 | 0,27 |
| 0,875 | % BAT International Finance PLC (MTN) 2015/2023 . | EUR | 6 000 000 |  | % | 100,605 | 6 036 300,00 | 0,89 |
| 2,375 | % BAT Netherlands Finance BV (MTN) 2020/2024 ..  | EUR | 1 540 000 | 1 540 000 | % | 105,821 | 1 629 643,40 | 0,24 |
| 2,375 | % Bayer AG 2015/2075 * ......................  | EUR | 5 000 000 | 3 000 000 | % | 99,441 | 4 972 050,00 | 0,73 |
| 0,625 | % Bayer Capital Corp. BV 2018/2022 .............  | EUR | 3 000 000 |  | % | 101,01 | 3 030 285,00 | 0,45 |
| 1,401 | % Becton Dickinson and Co. (MTN) 2018/2023 .....  | EUR | 2 420 000 |  | % | 101,652 | 2 459 990,50 | 0,36 |
| 1,401 | % Becton Dickinson and Co. (MTN) 2018/2023 .....  | EUR | 3 730 000 |  | % | 101,652 | 3 791 638,25 | 0,56 |
| 3,375 | % Bharti Airtel International Netherlands BV -Reg- (MTN) 2014/2021 ..........................  | EUR | 3 000 000 |  | % | 100,835 | 3 025 050,00 | 0,45 |
| 4,75 | % BHP Billiton Finance Ltd 2015/2076 * ..........  | EUR | 3 920 000 | 2 420 000 | % | 102,062 | 4 000 810,80 | 0,59 |
| 0,50 | % Blackstone Property Partners Europe Holdings Sarl (MTN) 2019/2023 ..........................  | EUR | 7 120 000 |  | % | 98,916 | 7 042 854,80 | 1,04 |
| 0,00 | % BMW Finance NV (MTN) 2019/2023 ...........  | EUR | 4 300 000 |  | % | 99,18 | 4 264 761,50 | 0,63 |
| 0,125 | % BMW Finance NV 2019/2022 ................  | EUR | 5 350 000 |  | % | 99,786 | 5 338 524,25 | 0,79 |
| 0,80 | % Booking Holding, Inc. (MTN) 2017/2022 ........  | EUR | 3 260 000 |  | % | 100,476 | 3 275 533,90 | 0,48 |
| 0,625 | % BPCE SA (MTN) 2018/2023 ..................  | EUR | 4 300 000 |  | % | 101,648 | 4 370 885,50 | 0,65 |
| 1,125 | % Bright Food Singapore Holdings Pte Ltd 2017/2020 ** .............................  | EUR | 4 660 000 |  | % | 99,948 | 4 657 553,50 | 0,69 |
| 0,50 | % British Telecommunications PLC (MTN) |  |  |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | EUR | 3 100 000 |  | % | 100,484 | 3 114 988,50 | 0,46 |
| 0,625 % CaixaBank SA (MTN) 2019/2024 ..............  0,375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 ** .............................  | EUR EUR | 4 900 000 3 490 000 | 3 490 000 | % % | 97,38 99,552 | 4 771 644,50 3 474 382,25 | 0,70 0,51 |
| 0,625 % Capgemini SE (MTN) 2020/2025 ..............  | EUR | 2 600 000 | 2 600 000 | % | 100,054 | 2 601 417,00 | 0,38 |
| 1,125 % Celanese US Holdings LLC (MTN) 2016/2023 ....  | EUR | 3 110 000 |  | % | 98,95 | 3 077 360,55 | 0,45 |
| 2,875 % Cellnex Telecom SA (MTN) 2020/2025 .........  | EUR | 1 600 000 | 1 600 000 | % | 106,746 | 1 707 928,00 | 0,25 |
| 3,00  % Centrica PLC 2015/2076 * ...................  | EUR | 6 290 000 |  | % | 98,517 | 6 196 719,30 | 0,91 |
| 1,75 % Cie de Saint-Gobain (MTN) 2020/2023 ** ....... 0,375 % CK Hutchison Group Telecom Finance SA 2019/2023 ...............................  | EUR EUR | 1 000 000 10 630 000 | 1 000 000 | % % | 103,792 99,2 | 1 037 920,00 10 544 960,00 | 0,15 1,56 |
| 1,75  % CNAC HK Finbridge Co., Ltd 2018/2022 ........  | EUR | 2 370 000 |  | % | 99,854 | 2 366 539,80 | 0,35 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 1,871 % CNRC Capital Ltd (MTN) 2016/2021 ...........  | EUR | 7 680 000 |  | % | 100,502 | 7 718 592,00 | 1,14 |
| 0,50  % Commerzbank AG (MTN) 2018/2023 ...........  | EUR | 4 000 000 |  | % | 100,212 | 4 008 480,00 | 0,59 |
| 2,125 % Conti-Gummi Finance BV (MTN) 2020/2023 .....  | EUR | 2 150 000 | 2 150 000 | % | 103,253 | 2 219 939,50 | 0,33 |
| 0,75  % Cooperatieve Rabobank UA (MTN) 2018/2023 ...  | EUR | 3 000 000 |  | % | 101,396 | 3 041 880,00 | 0,45 |
| 1,625 % Credit Agricole SA (MTN) 2020/2030 * .........  | EUR | 2 200 000 | 2 200 000 | % | 100,597 | 2 213 134,00 | 0,33 |
| 1,25  % Crédit Suisse Group Funding Guernsey Ltd (MTN) |  |  |  |  |  |  |  |
| 2015/2022 ...............................  | EUR | 3 000 000 |  | % | 101,762 | 3 052 875,00 | 0,45 |
| 0,875 % CRH Finland Services Oyj (MTN) 2020/2023 ** ..  | EUR | 1 080 000 | 1 080 000 | % | 101,576 | 1 097 020,80 | 0,16 |
| 1,375 % Criteria Caixa SAU (MTN) 2019/2024 ...........  | EUR | 1 600 000 |  | % | 101,49 | 1 623 840,00 | 0,24 |
| 0,00  % Daimler AG (MTN) 2019/2024 ** ..............  | EUR | 3 000 000 |  | % | 96,282 | 2 888 445,00 | 0,43 |
| 2,625 % Daimler AG (MTN) 2020/2025 ................  | EUR | 2 633 000 | 2 633 000 | % | 106,596 | 2 806 672,68 | 0,41 |
| 0,25  % Daimler International Finance BV (MTN) 2019/2023 | EUR | 4 660 000 |  | % | 97,59 | 4 547 694,00 | 0,67 |
| 1,70  % Danaher Corp. 2020/2024 ...................  | EUR | 2 650 000 | 2 650 000 | % | 104,8 | 2 777 186,75 | 0,41 |
| 1,25  % Deutsche Bank AG (MTN) 2014/2021 ..........  | EUR | 3 200 000 |  | % | 100,261 | 3 208 352,00 | 0,47 |
| 1,50  % Deutsche Bank AG (MTN) 2017/2022 ..........  | EUR | 1 700 000 |  | % | 100,498 | 1 708 474,50 | 0,25 |
| 1,625 % Deutsche Bank AG (MTN) 2019/2021 ..........  | EUR | 3 100 000 |  | % | 100,478 | 3 114 802,50 | 0,46 |
| 0,625 % Deutsche Pfandbriefbank AG (MTN) 2018/2022 ..  | EUR | 1 900 000 |  | % | 99,067 | 1 882 273,00 | 0,28 |
| 0,125 % Digital Dutch Finco BV 2020/2022 .............  | EUR | 2 040 000 | 2 040 000 | % | 98,878 | 2 017 121,40 | 0,30 |
| 2,25  % DS Smith PLC (MTN) 2015/2022 ..............  | EUR | 5 000 000 |  | % | 102,625 | 5 131 250,00 | 0,76 |
| 1,75  % easyJet PLC (MTN) 2016/2023 ** .............  | EUR | 5 000 000 |  | % | 90,18 | 4 509 000,00 | 0,67 |
| 1,125 % EDP Finance BV (MTN) 2016/2024 ............  | EUR | 5 110 000 |  | % | 102,929 | 5 259 671,90 | 0,78 |
| 4,00  % Electricite de France SA 2018/perpetual * ** ....  | EUR | 3 400 000 |  | % | 102,85 | 3 496 883,00 | 0,52 |
| 3,75  % ELM BV for Firmenich International SA 2020/ |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 1 580 000 | 1 580 000 | % | 102,922 | 1 626 167,60 | 0,24 |
| 1,75  % Emirates Telecommunications Group Co. PJSC |  |  |  |  |  |  |  |  |
| (MTN) 2014/2021 ..........................  | EUR | 2 440 000 | % | 101,347 | 2 472 866,80 | 0,37 |
| 3,625 % EnBW Energie Baden-Wuerttemberg AG (MTN) |  |  |  |  |  |  |  |  |
| 2014/2076 * ..............................  | EUR | 2 300 000 | % | 101,467 | 2 333 741,00 | 0,34 |
| 3,375 % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
| 2016/2077 * ..............................  | EUR | 4 300 000 |  | % | 103,082 | 4 432 504,50 | 0,65 |
| 2,50  % Enel SpA 2018/2078 * ......................  | EUR | 6 740 000 | 6 740 000 | % | 100,432 | 6 769 116,80 | 1,00 |
| 3,25  % Engie SA 2019/perpetual * ** ................  | EUR | 1 800 000 |  | % | 105,062 | 1 891 116,00 | 0,28 |
| 1,659 % EP Infrastructure AS (MTN) 2018/2024 .........  | EUR | 16 000 000 | 1 000 000 | % | 100,546 | 16 087 360,00 | 2,37 |
| 0,375 % Erste Group Bank AG (MTN) 2019/2024 ........  | EUR | 1 900 000 |  | % | 100,606 | 1 911 514,00 | 0,28 |
| 0,625 % Essity AB (MTN) 2017/2022 ..................  | EUR | 5 460 000 |  | % | 100,779 | 5 502 533,40 | 0,81 |
| 1,125 % Fastighets AB Balder (MTN) 2017/2022 ........  | EUR | 3 000 000 |  | % | 99,922 | 2 997 660,00 | 0,44 |
| 0,625 % FCA Bank SpA/Ireland (MTN) 2019/2022 ........  | EUR | 3 320 000 |  | % | 98,021 | 3 254 297,20 | 0,48 |
| 0,869 % FCE Bank PLC (MTN) 2017/2021 ..............  | EUR | 2 560 000 |  | % | 96,655 | 2 474 368,00 | 0,37 |
| 2,124 % Ferrovial Netherlands BV 2017/perpetual * ......  | EUR | 2 000 000 |  | % | 94,086 | 1 881 730,00 | 0,28 |
| 0,125 % Fidelity National Information Services, Inc. |  |  |  |  |  |  |  |
| 2019/2021 ...............................  | EUR | 3 240 000 |  | % | 99,71 | 3 230 587,80 | 0,48 |
| 0,375 % Fiserv, Inc. 2019/2023 ** ....................  | EUR | 2 970 000 |  | % | 99,626 | 2 958 877,35 | 0,44 |
| 0,875 % Fortum OYJ 2019/2023 .....................  | EUR | 3 570 000 |  | % | 101,094 | 3 609 073,65 | 0,53 |
| 0,875 % Fresenius Finance Ireland PLC (MTN) 2017/2022 . | EUR | 2 000 000 |  | % | 100,474 | 2 009 470,00 | 0,30 |
| 1,50  % G4S International Finance PLC (MTN) 2016/2023 . | EUR | 4 140 000 |  | % | 99,362 | 4 113 566,10 | 0,61 |
| 1,50  % G4S International Finance PLC (MTN) 2017/2024 . | EUR | 2 045 000 | 2 045 000 | % | 97,646 | 1 996 850,48 | 0,30 |
| 2,95  % Gazprom PJSC Via Gaz Finance PLC (MTN) |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | EUR | 5 080 000 | 5 080 000 | % | 104,386 | 5 302 783,40 | 0,78 |
| 2,20  % General Motors Financial Co, Inc. (MTN) |  |  |  |  |  |  |  |
| 2019/2024 ...............................  | EUR | 2 000 000 |  | % | 98,334 | 1 966 670,00 | 0,29 |
| 0,281 % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2017/2021 * ..............................  | EUR | 3 500 000 | % | 98,342 | 3 441 970,00 | 0,51 |
| 0,20  % General Motors Financial Co., Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2022 ...............................  | EUR | 2 780 000 |  | % | 96,242 | 2 675 513,70 | 0,40 |
| 2,75  % Glencore Finance Europe SA (MTN) 2014/2021 ..  | EUR | 2 380 000 |  | % | 100,702 | 2 396 695,70 | 0,35 |
| 1,375 % Goldman Sachs Group, Inc. (MTN) 2015/2022 ...  | EUR | 2 500 000 |  | % | 102,096 | 2 552 387,50 | 0,38 |
| 0,125 % Goldman Sachs Group, Inc./The (MTN) 2019/2024 | EUR | 2 980 000 |  | % | 97,652 | 2 910 029,60 | 0,43 |
| 6,375 % Groupama SA 2014/2049 * ..................  | EUR | 2 900 000 |  | % | 110,448 | 3 202 992,00 | 0,47 |
| 1,75  % Heimstaden Bostad AB (MTN) 2018/2021 .......  | EUR | 2 270 000 |  | % | 100,809 | 2 288 364,30 | 0,34 |
| 2,125 % Heimstaden Bostad AB (MTN) 2019/2023 .......  | EUR | 6 660 000 | 3 780 000 | % | 102,448 | 6 823 036,80 | 1,01 |
| 2,375 % Holcim Finance Luxembourg SA (MTN) 2020/2025 | EUR | 1 520 000 | 1 520 000 | % | 107,574 | 1 635 124,80 | 0,24 |
| 0,00  % Honeywell International, Inc. 2020/2024 ........  | EUR | 3 550 000 | 3 550 000 | % | 98,91 | 3 511 287,25 | 0,52 |
| 1,875 % Iberdrola International BV 2017/perpetual * ......  | EUR | 2 400 000 |  | % | 100,104 | 2 402 496,00 | 0,35 |
| 0,50  % Imperial Brands Finance PLC 2017/2021 ........  | EUR | 2 000 000 |  | % | 99,78 | 1 995 600,00 | 0,29 |
| 0,50  % International Flavors & Fragrances, Inc. 2018/2021 | EUR | 3 210 000 |  | % | 99,869 | 3 205 794,90 | 0,47 |
| 1,125 % Intesa Sanpaolo SpA (MTN) 2015/2022 .........  | EUR | 2 310 000 |  | % | 100,66 | 2 325 257,55 | 0,34 |
| 0,75  % Intesa Sanpaolo SpA (MTN) 2019/2024 .........  | EUR | 1 870 000 |  | % | 98,883 | 1 849 112,10 | 0,27 |
| 2,75  % Iren SpA (MTN) 2015/2022 ** ................  | EUR | 5 590 000 |  | % | 105,496 | 5 897 198,45 | 0,87 |
| 0,75  % LeasePlan Corp., NV (MTN) 2017/2022 .........  | EUR | 2 720 000 |  | % | 98,824 | 2 688 026,40 | 0,40 |
| 0,75  % LG Chem Ltd -Reg- 2019/2023 ...............  | EUR | 1 700 000 | 1 700 000 | % | 100,498 | 1 708 457,50 | 0,25 |
| 0,25  % LG Chem Ltd -Reg- 2019/2023 ...............  | EUR | 3 790 000 | 3 790 000 | % | 99,272 | 3 762 389,85 | 0,56 |
| 0,50  % LG Chem Ltd -Reg- 2019/2023 ...............  | EUR | 2 210 000 |  | % | 98,614 | 2 179 369,40 | 0,32 |
| 0,375 % Lloyds Bank Corp.orate Markets PLC (MTN) |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | EUR | 2 940 000 | 2 940 000 | % | 98,685 | 2 901 339,00 | 0,43 |
| 0,25  % Lloyds Bank PLC 2019/2022 .................  | EUR | 3 900 000 |  | % | 99,351 | 3 874 689,00 | 0,57 |
| 0,50  % Logicor Financing Sarl (MTN) 2019/2021 ........  | EUR | 4 240 000 |  | % | 99,514 | 4 219 393,60 | 0,62 |
| 0,00  % Medtronic Global Holdings SCA 2019/2022 ** ...  | EUR | 3 520 000 |  | % | 99,426 | 3 499 795,20 | 0,52 |
| 1,875 % Morgan Stanley (MTN) 2014/2023 .............  | EUR | 2 180 000 |  | % | 103,92 | 2 265 456,00 | 0,33 |
| 1,00  % Morgan Stanley (MTN) 2016/2022 .............  | EUR | 1 710 000 |  | % | 101,241 | 1 731 221,10 | 0,26 |
| 0,637 % Morgan Stanley (MTN) 2019/2024 * ...........  | EUR | 6 230 000 |  | % | 100,158 | 6 239 812,25 | 0,92 |
| 6,25  % Muenchener Rueckversicherungs-Gesellschaft AG |  |  |  |  |  |  |  |
| in Muenchen (MTN) 2012/2042 * .............  | EUR | 2 000 000 |  | % | 110,036 | 2 200 720,00 | 0,33 |
| 1,25  % Mylan NV 2016/2020 ** ....................  | EUR | 4 220 000 |  | % | 100,145 | 4 226 119,00 | 0,62 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 4,125 % Naturgy Finance BV 2014/2049 * .............  | EUR | 3 200 000 |  |  | % | 102,918 | 3 293 360,00 | 0,49 |
| 1,00  % Nokia OYJ (MTN) 2017/2021 .................  | EUR | 511 000 |  | 989 000 | % | 100,344 | 512 757,84 | 0,08 |
| 0,918 % NorteGas Energia Distribucion SAU (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | EUR | 6 060 000 |  |  | % | 100,404 | 6 084 482,40 | 0,90 |
| 1,50  % OMV AG (MTN) 2020/2024 ..................  | EUR | 1 920 000 | 1 920 000 |  | % | 104,75 | 2 011 200,00 | 0,30 |
| 3,50  % Origin Energy Finance Ltd -Reg- (MTN) 2013/2021 | EUR | 4 780 000 |  |  | % | 103,538 | 4 949 092,50 | 0,73 |
| 0,00  % Pernod Ricard SA 2019/2023 .................  | EUR | 2 900 000 |  |  | % | 99,193 | 2 876 597,00 | 0,42 |
| 1,875 % Petroleos Mexicanos (MTN) 2015/2022 . . . . . . . . . | EUR | 3 000 000 |  |  | % | 93,542 | 2 806 275,00 | 0,41 |
| 2,50  % Petroleos Mexicanos (MTN) 2017/2021 . . . . . . . . . | EUR | 4 390 000 |  |  | % | 97,056 | 4 260 758,40 | 0,63 |
| 3,125 % Petroleos Mexicanos -Reg- (MTN) 2013/2020 ....  | EUR | 1 870 000 |  |  | % | 99,254 | 1 856 049,80 | 0,27 |
| 0,50  % POSCO -Reg- 2020/2024 ....................  | EUR | 4 000 000 | 4 000 000 |  | % | 96,756 | 3 870 240,00 | 0,57 |
| 0,625 % PSA Banque France SA (MTN) 2017/2022 ** ....  | EUR | 8 310 000 |  |  | % | 98,273 | 8 166 486,30 | 1,21 |
| 6,625 % Raiffeisen Bank International AG (MTN) 2011/2021 | EUR | 2 500 000 |  |  | % | 105,434 | 2 635 837,50 | 0,39 |
| 0,625 % RCI Banque SA (MTN) 2016/2021 .............  | EUR | 4 000 000 |  |  | % | 98,374 | 3 934 940,00 | 0,58 |
| 0,25  % RCI Banque SA (MTN) 2018/2021 .............  | EUR | 5 800 000 |  |  | % | 98,548 | 5 715 784,00 | 0,84 |
| 1,875 % Redexis Gas Finance BV (MTN) 2020/2025 ** ...  | EUR | 4 600 000 | 4 600 000 |  | % | 103,425 | 4 757 550,00 | 0,70 |
| 1,00  % Renault SA (MTN) 2018/2024 ................  | EUR | 3 500 000 | 3 500 000 |  | % | 93,258 | 3 264 030,00 | 0,48 |
| 0,50  % Repsol International Finance BV (MTN) 2017/2022 | EUR | 2 300 000 |  |  | % | 100,408 | 2 309 395,50 | 0,34 |
| 2,00  % Royal Bank of Scotland Group PLC (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 * ..............................  | EUR | 6 000 000 |  |  | % | 101,76 | 6 105 630,00 | 0,90 |
| 0,125 % Santander Consumer Bank AS (MTN) 2020/2025 . | EUR | 5 300 000 | 5 300 000 |  | % | 96,178 | 5 097 460,50 | 0,75 |
| 0,875 % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | EUR | 2 500 000 |  |  | % | 100,663 | 2 516 575,00 | 0,37 |
| 1,125 % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2018/2023 ...............................  | EUR | 1 500 000 |  |  | % | 101,838 | 1 527 577,50 | 0,23 |
| 1,00 | % Santander Consumer Finance SA (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2024 ...............................  | EUR | 800 000 |  |  | % | 101,385 | 811 080,00 | 0,12 |
| 2,00 | % Signify NV 2020/2024 .......................  | EUR | 4 100 000 | 4 100 000 |  | % | 101,28 | 4 152 480,00 | 0,61 |
| 0,50 | % Société Générale SA (MTN) 2017/2023 .........  | EUR | 2 900 000 |  |  | % | 99,375 | 2 881 875,00 | 0,43 |
| 1,25 | % Société Générale SA (MTN) 2019/2024 .........  | EUR | 2 300 000 |  |  | % | 101,407 | 2 332 361,00 | 0,34 |
| 1,00 | % Southern Power Co. (MTN) 2016/2022 .........  | EUR | 5 740 000 |  |  | % | 101,298 | 5 814 533,90 | 0,86 |
| 2,625 | % SPP-Distribucia AS (MTN) 2014/2021 ..........  | EUR | 2 200 000 |  | 2 210 000 | % | 102,221 | 2 248 862,00 | 0,33 |
| 9,00 | % SRLEV NV 2011/2041 * .....................  | EUR | 3 510 000 |  |  | % | 104,202 | 3 657 472,65 | 0,54 |
| 1,125 | % Stryker Corp. (MTN) 2018/2023 ...............  | EUR | 3 480 000 |  |  | % | 102,676 | 3 573 124,80 | 0,53 |
| 0,25 | % Stryker Corp. (MTN) 2019/2024 ...............  | EUR | 3 560 000 |  |  | % | 99,018 | 3 525 023,00 | 0,52 |
| 2,50 | % Suez 2015/2049 * .........................  | EUR | 7 400 000 |  |  | % | 100,456 | 7 433 744,00 | 1,10 |
| 0,40 | % Swedbank AB (MTN) 2018/2023 ** ...........  | EUR | 2 000 000 |  |  | % | 100,83 | 2 016 590,00 | 0,30 |
| 1,875 | % Syngenta Finance NV (MTN) 2014/2021 ........  | EUR | 2 100 000 |  |  | % | 100,207 | 2 104 347,00 | 0,31 |
| 1,125 | % Takeda Pharmaceutical Co., Ltd -Reg- 2018/2022 . | EUR | 4 080 000 |  |  | % | 101,846 | 4 155 296,40 | 0,61 |
| 2,995 | % TenneT Holding BV 2017/perpetual * ..........  | EUR | 1 900 000 | 1 900 000 |  | % | 103,577 | 1 967 963,00 | 0,29 |
| 3,25 | % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
|  | 2018/2022 ** .............................  | EUR | 5 000 000 | 3 550 000 |  | % | 99,881 | 4 994 050,00 | 0,74 |
| 2,15 | % Thermo Fisher Scientific, Inc. (MTN) 2015/2022 ..  | EUR | 1 980 000 |  |  | % | 103,407 | 2 047 458,60 | 0,30 |
| 1,75 | % Total SA (MTN) 2019/perpetual * ..............  | EUR | 3 000 000 |  |  | % | 98,872 | 2 966 160,00 | 0,44 |
| 2,125 | % Unibail-Rodamco SE 2018/perpetual * ** .......  | EUR | 3 000 000 |  |  | % | 87,662 | 2 629 845,00 | 0,39 |
| 1,00 | % UniCredit SpA (MTN) 2018/2023 ..............  | EUR | 1 400 000 |  |  | % | 98,837 | 1 383 718,00 | 0,20 |
| 0,75 | % Unione di Banche Italiane SpA (MTN) 2017/2022 . | EUR | 2 000 000 |  |  | % | 99,783 | 1 995 660,00 | 0,29 |
| 1,023 | % Upjohn Finance BV 2020/2024 ................  | EUR | 5 720 000 | 5 720 000 |  | % | 100,76 | 5 763 500,60 | 0,85 |
| 0,75 | % Vivendi SA (MTN) 2016/2021 .................  | EUR | 3 600 000 |  |  | % | 100,424 | 3 615 246,00 | 0,53 |
| 1,875 | % Volkswagen Bank GmbH (MTN) 2019/2024 .....  | EUR | 5 000 000 |  |  | % | 102,508 | 5 125 425,00 | 0,76 |
| 3,00 | % Volkswagen Financial Services AG (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2025 ...............................  | EUR | 4 665 000 | 4 665 000 |  | % | 107,066 | 4 994 605,58 | 0,74 |
| 3,75 | % Volkswagen International Finance NV 2014/2049 * | EUR | 5 135 000 |  |  | % | 100,948 | 5 183 705,48 | 0,77 |
| 1,00 | % Volkswagen Leasing GmbH (MTN) 2018/2023 ...  | EUR | 6 000 000 |  |  | % | 99,894 | 5 993 670,00 | 0,88 |
| 0,75 | % Vonovia Finance BV (MTN) 2017/2022 .........  | EUR | 3 500 000 |  |  | % | 100,786 | 3 527 527,50 | 0,52 |
| 0,50 | % Wells Fargo & Co. (MTN) 2019/2024 ...........  | EUR | 5 580 000 |  |  | % | 99,454 | 5 549 505,30 | 0,82 |
| 0,452 | % Wintershall Dea Finance BV 2019/2023 .........  | EUR | 7 200 000 |  |  | % | 96,832 | 6 971 904,00 | 1,03 |
| 1,25 | % Yorkshire Building Society (MTN) 2015/2022 ....  | EUR | 1 400 000 |  |  | % | 101,076 | 1 415 064,00 | 0,21 |
| 0,875 | % Yorkshire Building Society (MTN) 2018/2023 ....  | EUR | 1 500 000 |  |  | % | 100,298 | 1 504 470,00 | 0,22 |
| 1,00 | ING Groep NV (MTN) 2018/2023 .................  | EUR | 1 000 000 |  |  | % | 102,2 | 1 022 000,00 | 0,15 |
| 3,875 | % SSE PLC 2015/2049 * ......................  | GBP | 2 540 000 |  |  | % | 100,226 | 2 793 913,05 | 0,41 |

| 5,875 % IPIC GMTN Ltd (MTN) 2011/2021 .............  | EUR | 5 740 000 |  | % | 104,271 | 5 985 155,40 | 0,88 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,50  % JPMorgan Chase & Co. 2015/2022 ............  | EUR | 1 390 000 |  | % | 103,024 | 1 432 040,55 | 0,21 |
| 1,50  % Logicor Financing 2018/2022 .................  | EUR | 2 490 000 |  | % | 101,228 | 2 520 577,20 | 0,37 |
| 2,50  % Skandinaviska Enskilda Banken AB 2014/2026 * . . | EUR | 2 390 000 |  | % | 100,927 | 2 412 155,30 | 0,36 |
| 3,10  % Vodafone Group PLC 2018/2079 * ............  | EUR | 2 000 000 | 2 000 000 | % | 100,309 | 2 006 180,00 | 0,30 |
| 1,50  % Wells Fargo & Co. (MTN) 2015/2022 ...........  4,00 % CK Hutchison Capital Securities 17 Ltd -Reg- 2017/ perpetual * ...............................  | EUR USD | 1 390 000 2 900 000 |  | % % | 102,414 100,526 | 1 423 554,60 2 601 177,47 | 0,21 0,38 |
| Nichtnotierte Wertpapiere |  |  |  |  |  | 3 627 830,70 | 0,54 |
| Verzinsliche Wertpapiere 1,50  % AbbVie, Inc. -Reg- 2020/2023 ................  | EUR | 3 510 000 | 3 510 000 | % | 103,357 | 3 627 830,70 | 0,54 |
| Summe Wertpapiervermögen |  |  |  |  |  | 659 962 638,78 | 97,42 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	18 380 840,52	2,71 Verzinsliche Wertpapiere
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -614 470,00 | -0,10 |
| Zinsterminkontrakte Euro SCHATZ Futures 09/2020 (MS) ..................	Stück	748 | 748 |  | 82 280,00 | 0,00 |
| Germany Federal Republic Bonds 5 year 09/2020 (MS) ....	Stück	-929 |  | 929 | -696 750,00 | -0,10 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 12 425,57 | 0,00 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 2,7 Mio. .................................  |  |  | 18 249,63 | 0,00 |
| EUR/USD 4,1 Mio.  ................................  |  |  | -5 824,06 | 0,00 |
| Swaps Forderungen/Verbindlichkeiten |  |  | 2 323 580,50 | 0,34 |
| Credit Default Swaps |  |  |  |  |
| Protection Seller iTraxx Europe Crossover / 5% / 20/06/2025 (OTC) (BNP) ...	Stück	50 000 000 |  |  | 2 323 580,50 | 0,34 |
| Bankguthaben |  |  | 11 055 242,12 | 1,63 |
| Verwahrstelle (täglich fällig) |  |  |  |  |
| EUR-Guthaben	EUR |  |  | 9 938 573,72 | 1,47 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................	GBP	91 429 |  |  | 100 341,07 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar ........................................	USD	1 139 048 |  |  | 1 016 327,33 | 0,15 |
| Sonstige Vermögensgegenstände |  |  | 5 989 555,06 | 0,88 |
| Abgegrenzte Platzierungsgebühr *** ...................  |  |  | 65 199,38 | 0,01 |
| Zinsansprüche ....................................  |  |  | 4 097 700,35 | 0,60 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 2 143,65 | 0,00 |
| Sonstige Ansprüche ................................  |  |  | 1 824 511,68 | 0,27 |
| Forderungen aus Anteilscheingeschäften |  |  | 521 037,74 | 0,08 |
| Summe der Vermögensgegenstände **** |  |  | 679 952 583,83 | 100,35 |
| Sonstige Verbindlichkeiten |  |  | -527 934,79 | -0,07 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -527 934,79 | -0,07 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -1 275 251,59 | -0,18 |
| Summe der Verbindlichkeiten |  |  | -2 505 760,44 | -0,35 |
| Fondsvermögen |  |  | 677 446 823,39 | 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 | 134,99 |
| Klasse IC .........................................  | EUR | 100,26 |
| Klasse IC50 .......................................  | EUR | 100,06 |
| Klasse ID ........................................  | EUR | 94,44 |
| Klasse ID50 ......................................  | EUR | 95,28 |
| Klasse LC ........................................  | EUR | 129,62 |
| Klasse LD ........................................  | EUR | 92,08 |
| Klasse NC ........................................  | EUR | 119,38 |
| Klasse PFC .......................................  | EUR | 96,43 |
| Klasse TFC .......................................  | EUR | 98,30 |
| Klasse TFD .......................................  | EUR | 94,97 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 357 771,821 |
| Klasse IC .........................................  | Stück | 279 375,000 |
| Klasse IC50 .......................................  | Stück | 679 368,113 |
| Klasse ID ........................................  | Stück | 100,000 |
| Klasse ID50 ......................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 3 208 648,424 |
| Klasse LD ........................................  | Stück | 287 403,470 |
| Klasse NC ........................................  | Stück | 468 980,851 |
| Klasse PFC .......................................  | Stück | 69 304,000 |
| Klasse TFC .......................................  | Stück | 256 655,277 |
| Klasse TFD .......................................  | Stück | 30 345,000 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 5% vom Portfoliowert (1.1.2020 - 14.5.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,281 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 4,942 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 2,177 |

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 .....................  | % | 2,842 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 3,963 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 3,293 |

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 0,4, 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 228 478 644,00.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
BNP = BNP Paribas SA
Vertragspartner der Devisentermingeschäfte
Deutsche Bank AG und Morgan Stanley Europe.
| 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 |
| 1,625 % Airbus SE (MTN) 2020/2025	EUR | 1 700 000 | 1 751 654,50 |  |
| 1,95  % American Honda Finance Corp. 2020/2024	EUR | 400 000 | 422 344,00 |  |
| 2,125 % Aroundtown SA 2018/perpetual *	EUR | 500 000 | 464 557,50 |  |
| 0,75  % Banco Bilbao Vizcaya Argentaria SA (MTN) 2017/2022 .......	EUR | 2 000 000 | 2 009 240,00 |  |
| 0,375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2024	EUR | 500 000 | 486 625,00 |  |
| 0,875 % Bankia SA (MTN) 2019/2024	EUR | 2 200 000 | 2 190 100,00 |  |
| 1,125 % Bright Food Singapore Holdings Pte Ltd 2017/2020	EUR | 667 000 | 666 649,83 |  |
| 0,375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024	EUR | 500 000 | 497 762,50 |  |
| 1,75  % Cie de Saint-Gobain (MTN) 2020/2023	EUR | 500 000 | 518 960,00 |  |
| 0,875 % CRH Finland Services Oyj (MTN) 2020/2023	EUR | 1 000 000 | 1 015 760,00 |  |
| 0	% Daimler AG (MTN) 2019/2024	EUR | 100 000 | 96 281,50 |  |
| 1,75  % easyJet PLC (MTN) 2016/2023	EUR | 4 321 000 | 3 896 677,80 |  |
| 4	% Electricite de France SA 2018/perpetual *	EUR | 1 900 000 | 1 954 140,50 |  |
| 3,25  % Engie SA 2019/perpetual *	EUR | 1 800 000 | 1 891 116,00 |  |
| 0,375 % Fiserv, Inc. 2019/2023	EUR | 900 000 | 896 629,50 |  |
| 2,75  % Iren SpA (MTN) 2015/2022	EUR | 800 000 | 843 964,00 |  |
| 0,01 % Medtronic Global Holdings SCA 2019/2022	EUR | 251 000 | 249 559,26 |  |
| 1,25  % Mylan NV 2016/2020	EUR | 500 000 | 500 725,00 |  |
| 0,625 % PSA Banque France SA (MTN) 2017/2022	EUR | 1 500 000 | 1 474 095,00 |  |
| 1,875 % Redexis Gas Finance BV (MTN) 2020/2025	EUR | 2 300 000 | 2 378 775,00 |  |
| 0,4	% Swedbank AB (MTN) 2018/2023	EUR | 1 000 000 | 1 008 295,00 |  |
| 3,25  % Teva Pharmaceutical Finance Netherlands II BV 2018/2022	EUR | 3 100 000 | 3 096 311,00 |  |
| 2,125 % Unibail-Rodamco SE 2018/perpetual *	EUR | 3 000 000 | 2 629 845,00 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 30 940 067,89 | 30 940 067,89 |

Vertragspartner der Wertpapier-Darlehen
Barclays Capital Securities Limited, Citigroup Global Markets Limited FI, Deutsche Bank AG FI, Goldman Sachs Int., HSBC Bank PLC FI, J.P. Morgan Sec Ltd., Morgan Stanley Europe SE FI
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 37 559 322,61 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 26 508 828,21 |
| Aktien | EUR | 11 050 494,40 |
| 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.
Fußnoten
* Variabler Zinssatz.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** 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.