# DWS Invest Senior Secured High Yield Corporates
DWS INVEST SENIOR SECURED HIGH YIELD CORPORATES

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class FC | LU0982745456 | -8.4% |
| Class FD | LU0982745530 | -8.4% |
| Class ID | LU0982745613 | -8.3% |
| Class LD | LU0982745373 | -8.6% |
| Class TFC | LU1982200864 | -8.4% |
| Class XD | LU1633890535 | -20.3% 1 |
| Class USD IC10 2 | LU1880860124 | -8.3% |

1 
Last share price calculation on March 24, 2020
2 
in USD
“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 Senior Secured High Yield Corporates
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 13 535 858.78 | 91.37 |
| Total bonds | 13 535 858.78 | 91.37 |
| 2. Derivativess | 4 060.78 | 0.03 |
| 3. Cash at bank | 1 096 324.77 | 7.41 |
| 4. Other assets | 343 906.06 | 2.32 |
| II. Liabilities |  |  |
| 1. Other liabilities | -166 613.32 | - 1.13 |
| III. Net assets | 14 813 537.07 | 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/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 12 609 231.74 | 85.12 |
| Interest-bearing securities 4.00 % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 ................................  | EUR | 150 000 |  |  | % | 97.238 | 145 856.25 | 0.98 |
| 1.50  % ADLER Real Estate AG 2017/2021 .............  7.25 % Almaviva-The Italian Innovation Co. SpA -Reg- (MTN) 2017/2022 ..........................  | EUR EUR | 200 000 120 000 | 100 000 |  | % % | 98.174 89.89 | 196 347.00 107 868.00 | 1.33 0.73 |
| 2.25  % Altice Financing SA -Reg- (MTN) 2020/2025......  | EUR | 100 000 | 200 000 | 100 000 | % | 93.886 | 93 885.50 | 0.63 |
| 2.125 % Altice France SA/France -Reg- (MTN) 2020/2025 ..  2.125 % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026 ......  | EUR EUR | 250 000 130 000 | 350 000 130 000 | 100 000 | % % | 93.81 96.449 | 234 526.25 125 383.70 | 1.58 0.85 |
| 5.00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 110 000 |  |  | % | 95 | 104 500.00 | 0.71 |
| 2.875 % Autostrade per l‘Italia SpA (MTN) 2013/2021 .....  | EUR | 100 000 | 100 000 |  | % | 99.482 | 99 481.50 | 0.67 |
| 0.875 % Ball Corp. (MTN) 2019/2024 ..................  3.50 % Banijay Entertainment SASU -Reg- (MTN) 2020/2025 ................................  | EUR EUR | 250 000 100 000 | 250 000 100 000 |  | % % | 96.338 95.706 | 240 846.25 95 706.00 | 1.63 0.65 |
| 4.50  % Bausch Health Companies, Inc. -Reg- (MTN) 2015/2023 ................................  | EUR | 100 000 | 100 000 |  | % | 99.238 | 99 238.50 | 0.67 |
| 1.00  % Berry Global, Inc. -Reg- (MTN) 2020/2025 .......  3.625 % Cirsa Finance International Sarl -Reg- (MTN) 2019/2025 * ..............................  | EUR EUR | 125 000 100 000 | 125 000 | 100 000 | % % | 94.784 83.464 | 118 480.63 83 463.50 | 0.80 0.56 |
| 9.00  % CMF SpA -Reg- (MTN) 2017/2022 .............  | EUR | 160 000 |  |  | % | 97.568 | 156 109.60 | 1.05 |
| 4.625 % Constellium NV -Reg- (MTN) 2014/2021 .........  | EUR | 83 333 | 83 333 |  | % | 100.18 | 83 483.75 | 0.56 |
| 0.75  % Crown European Holdings SA -Reg- 2019/2023 ...  | EUR | 200 000 | 200 000 |  | % | 96.719 | 193 438.00 | 1.31 |
| 4.25 % Crystal Almond SARL -Reg- (MTN) 2019/2024 .... 1.875 % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 ..........................  | EUR EUR | 200 000 100 000 |  |  | % % | 98.764 95.272 | 197 527.00 95 271.50 | 1.33 0.64 |
| 3.875 % Diocle Spa -Reg- (MTN) 2019/2026 * ...........  | EUR | 200 000 | 100 000 |  | % | 98.934 | 197 869.00 | 1.34 |
| 5.50  % eDreams ODIGEO SA -Reg- (MTN) 2018/2023 ...  | EUR | 120 000 |  |  | % | 82.518 | 99 021.60 | 0.67 |
| 1.75  % eircom Finance DAC (MTN) 2019/2024 .........  | EUR | 120 000 |  |  | % | 95.6 | 114 720.60 | 0.77 |
| 3.50  % eircom Finance DAC (MTN) 2019/2026 .........  | EUR | 120 000 |  |  | % | 100.752 | 120 902.40 | 0.82 |
| 3.00  % El Corte Ingles SA -Reg- (MTN) 2018/2024 ......  | EUR | 130 000 |  |  | % | 98.318 | 127 813.40 | 0.86 |
| 2.875 % Equinix, Inc. (MTN) 2017/2025 ................  | EUR | 190 000 |  |  | % | 101.782 | 193 386.75 | 1.31 |
| 1.528 % FCE Bank PLC (MTN) 2015/2020 ..............  | EUR | 100 000 | 100 000 |  | % | 99.482 | 99 481.50 | 0.67 |
| 6.875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ...  3.50 % Gestamp Funding Luxembourg SA -Reg- (MTN) 2016/2023 ................................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 69.133 97.824 | 69 133.00 97 823.50 | 0.47 0.66 |
| 1.625 % Grifols SA -Reg- (MTN) 2019/2025 .............  | EUR | 100 000 |  |  | % | 97.92 | 97 920.50 | 0.66 |
| 9.25  % HT Troplast GmbH -Reg- (MTN) 2020/2025 ......  4.875 % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ................................  | EUR EUR | 100 000 134 027 | 100 000 | 3 057 | % % | 102.525 96 | 102 525.00 128 665.60 | 0.69 0.87 |
| 4.75  % International Game Technology PLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2015/2023 ................................  | EUR | 100 000 |  |  | % | 101.087 | 101 087.00 | 0.68 |
| 2.875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ............  | EUR | 170 000 | 170 000 |  | % | 99.653 | 169 410.10 | 1.14 |
| 5.50 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ................................  | EUR | 120 000 |  |  | % | 91.562 | 109 874.40 | 0.74 |
| 3.25 | % Kapla Holding SAS -Reg- (MTN) 2019/2026 *.....  | EUR | 100 000 |  |  | % | 90.446 | 90 446.00 | 0.61 |
| 6.75 | % KME AG -Reg- (MTN) 2018/2023 ..............  | EUR | 100 000 |  | 100 000 | % | 69.746 | 69 746.00 | 0.47 |
| 2.00 | % Kraft Heinz Foods Co. (MTN) 2015/2023 ........  | EUR | 100 000 | 100 000 |  | % | 101.492 | 101 492.50 | 0.68 |
| 3.25 | % Loxam SAS (MTN) 2019/2025.................  | EUR | 100 000 | 100 000 | 130 000 | % | 91.913 | 91 913.00 | 0.62 |
| 7.75 | % LSF9 Balta Issuer SARL -Reg- (MTN) 2015/2022 ..  | EUR | 81 000 |  |  | % | 65.287 | 52 882.88 | 0.36 |
| 2.625 | % Matterhorn Telecom SA -Reg- (MTN) 2019/2024 ..  | EUR | 100 000 |  |  | % | 97.828 | 97 828.00 | 0.66 |
| 5.50 | % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ....  | EUR | 100 000 |  | 100 000 | % | 95.574 | 95 574.50 | 0.65 |
| 3.875 | % Netflix, Inc. -Reg- (MTN) 2019/2029 ............  | EUR | 100 000 | 100 000 |  | % | 105.28 | 105 280.00 | 0.71 |
| 1.75 | % Nexi SpA (MTN) 2019/2024 ..................  | EUR | 100 000 |  |  | % | 97.676 | 97 675.50 | 0.66 |
| 3.75 | % NH Hotel Group SA -Reg- (MTN) 2016/2023 .....  | EUR | 251 778 |  |  | % | 90.592 | 228 090.51 | 1.54 |
| 3.50 | % Nidda Healthcare Holding GmbH -Reg- (MTN) 2017/2024 ................................  | EUR | 100 000 |  |  | % | 98.821 | 98 821.00 | 0.67 |
| 3.25 | % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024. | EUR | 100 000 |  |  | % | 101.075 | 101 075.00 | 0.68 |
| 3.125 | % OCI NV -Reg- (MTN) 2019/2024 ...............  | EUR | 110 000 |  |  | % | 97.954 | 107 748.85 | 0.73 |
| 4.00 | % Paprec Holding SA -Reg- (MTN) 2018/2025 ......  | EUR | 100 000 |  |  | % | 90.555 | 90 555.00 | 0.61 |
| 3.50 | % Peach Property Finance GmbH -Reg- 2019/2023 ..  | EUR | 100 000 | 100 000 |  | % | 99.784 | 99 783.50 | 0.67 |
| 3.75 | % Playtech Plc (MTN) 2018/2023 ................  | EUR | 200 000 | 200 000 | 100 000 | % | 99.007 | 198 014.00 | 1.34 |
| 4.00 | % Polygon AB (MTN) 2018/2023.................  | EUR | 100 000 |  |  | % | 99.5 | 99 500.00 | 0.67 |
| 3.50 | % PPF Telecom Group BV (MTN) 2020/2024 .......  | EUR | 100 000 | 100 000 |  | % | 102.206 | 102 205.50 | 0.69 |
| 3.00 | % ProGroup AG -Reg- (MTN) 2018/2026 ..........  | EUR | 200 000 |  |  | % | 97.215 | 194 430.00 | 1.31 |
| 1.50 | % Q-Park Holding I BV -Reg- (MTN) 2020/2025 .....  | EUR | 200 000 | 200 000 |  | % | 93.22 | 186 439.00 | 1.26 |
| 5.875 | % Quatrim SASU -Reg- (MTN) 2019/2024 .........  | EUR | 100 000 |  |  | % | 102.673 | 102 673.00 | 0.69 |
| 3.25 | % Quintiles IMS, Inc. -Reg- (MTN) 2017/2025 ......  | EUR | 100 000 | 100 000 |  | % | 100.949 | 100 949.00 | 0.68 |
| 6.875 | % Radisson Hotel Holdings AB -Reg- (MTN) 2018/2023 ................................  | EUR | 130 000 |  |  | % | 96.428 | 125 355.75 | 0.85 |
| 2.50 | % RCS & RDS SA -Reg- (MTN) 2020/2025 .........  | EUR | 200 000 | 300 000 | 100 000 | % | 96.046 | 192 091.00 | 1.30 |
| 4.50 | % Refinitiv US Holdings, Inc. -Reg- (MTN) 2018/2026 ..  | EUR | 125 000 | 125 000 |  | % | 104.498 | 130 623.13 | 0.88 |
| 3.875 | % Rossini Sarl -Reg- (MTN) 2019/2025 * ..........  | EUR | 100 000 | 100 000 |  | % | 98.596 | 98 595.50 | 0.67 |
| 5.625 | % Rubis Terminal Infra SAS -Reg- (MTN) 2020/2025 . | EUR | 100 000 | 100 000 |  | % | 104.074 | 104 074.50 | 0.70 |
| 3.75 | % Salini Impregilo SpA (MTN) 2016/2021 ** .......  | EUR | 100 000 |  |  | % | 100.038 | 100 038.50 | 0.68 |
| 4.125 | % Sazka Group AS -Reg- (MTN) 2019/2024 ........  | EUR | 120 000 |  |  | % | 97.277 | 116 732.40 | 0.79 |
| 6.375 | % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 100 000 |  |  | % | 97.002 | 97 002.50 | 0.65 |

| 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 |  |  |
| 2.125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) 2020/2025 ................................  | EUR | 100 000 | 100 000 |  | % | 101.986 |  | 101 985.50 | 0.69 |
| 1.875 % SIG Combibloc PurchaseCo Sarl -Reg- 2020/2023 . 2.375 % Smurfit Kappa Acquisitions -Reg- (MTN) 2017/2024 ................................  | EUR EUR | 110 000 100 000 | 110 000 100 000 |  | % % | 101.89 102.572 |  | 112 079.00 102 571.50 | 0.76 0.69 |
| 4.75  % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ....  | EUR | 100 000 | 100 000 |  | % | 100.234 |  | 100 233.50 | 0.68 |
| 3.875 % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 100 000 | 100 000 |  | % | 101.468 |  | 101 468.50 | 0.68 |
| 5.00  % TDC A/S (MTN) 2012/2022 ...................  2.00 % Techem Verwaltungsgesellschaft 675 mbH -Reg- (MTN) 2020/2025 ..........................  | EUR EUR | 150 000 200 000 | 150 000 300 000 | 100 000 | % % | 104.484 95.734 |  | 156 726.00 191 467.00 | 1.06 1.29 |
| 5.25  % Telecom Italia SpA/Milano (MTN) 2010/2022 .....  | EUR | 100 000 | 100 000 |  | % | 106.47 |  | 106 470.50 | 0.72 |
| 4.50  % Telecom Italia SpA/Milano (MTN) 2014/2021 .....  | EUR | 125 000 | 125 000 |  | % | 102.122 |  | 127 652.50 | 0.86 |
| 4.00  % Telecom Italia SpA/Milano (MTN) 2019/2024 .....  3.50 % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ................................  | EUR EUR | 100 000 300 000 | 100 000 300 000 | 100 000 | % % | 104.87 101.794 |  | 104 870.00 305 383.50 | 0.71 2.06 |
| 5.25  % Tendam Brands SAU -Reg- (MTN) 2017/2024 * ...  0.375 % Teva Pharmaceutical Finance Netherlands II BV 2016/2020 ................................  | EUR EUR | 150 000 60 847 |  |  | % % | 87.092 99.83 |  | 130 638.75 60 743.27 | 0.88 0.41 |
| 1.75  % thyssenkrupp AG (MTN) 2015/2020 ............  | EUR | 75 000 | 75 000 |  | % | 99.51 |  | 74 632.50 | 0.50 |
| 2.75  % thyssenkrupp AG (MTN) 2016/2021 ............  | EUR | 100 000 | 100 000 |  | % | 99.826 |  | 99 825.50 | 0.67 |
| 1.875 % thyssenkrupp AG (MTN) 2019/2023 ............  | EUR | 60 000 |  |  | % | 96.408 |  | 57 845.10 | 0.39 |
| 3.125 % United Group BV -Reg- (MTN) 2020/2026........  | EUR | 100 000 | 100 000 |  | % | 94.793 |  | 94 793.00 | 0.64 |
| 4.00  % UPCB Finance IV Ltd -Reg- 2015/2027 ..........  | EUR | 315 000 | 315 000 |  | % | 101.198 |  | 318 775.27 | 2.15 |
| 0.816 % Upjohn Finance BV 2020/2022 ................  | EUR | 100 000 | 100 000 |  | % | 100.631 |  | 100 631.00 | 0.68 |
| 3.50  % Verisure Holding AB -Reg- (MTN) 2018/2023 .....  | EUR | 100 000 | 200 000 | 100 000 | % | 100.552 |  | 100 551.50 | 0.68 |
| 3.00 % Vivion Investments Sarl (MTN) 2019/2024 ....... 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2026 * ..............................  | EUR EUR | 100 000 100 000 |  |  | % % | 91.808 98.023 |  | 91 808.00 98 023.00 | 0.62 0.66 |
| 2.75  % Wienerberger AG (MTN) 2020/2025 ............  | EUR | 100 000 | 100 000 |  | % | 101.725 |  | 101 725.00 | 0.69 |
| 2.75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 ..  | EUR | 130 000 | 130 000 |  | % | 101.672 |  | 132 172.95 | 0.89 |
| 1.25  % ZF Europe Finance BV 2019/2023..............  | EUR | 100 000 | 100 000 |  | % | 95.024 |  | 95 024.00 | 0.64 |
| 2.875 % Ziggo BV -Reg- 2019/2030 ...................  | EUR | 100 000 |  |  | % | 98.944 |  | 98 944.50 | 0.67 |
| 4.25  % Ziggo Secured Finance BV -Reg- 2016/2027......  | EUR | 90 000 | 90 000 | 130 000 | % | 103.425 |  | 93 082.50 | 0.63 |
| 6.75  % Arqiva Broadcast Finance PLC (MTN) 2018/2023 ..  | GBP | 180 000 |  |  | % | 104.07 |  | 205 586.53 | 1.39 |
| 4.25  % Drax Finco PLC -Reg- (MTN) 2017/2022 .........  | GBP | 130 000 |  |  | % | 100.446 |  | 143 308.72 | 0.97 |
| 7.75  % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 . | GBP | 150 000 |  |  | % | 91.748 |  | 151 036.57 | 1.02 |
| 3.875 % TalkTalk Telecom Group PLC (MTN) 2020/2025 ...  6.00 % Virgin Media Secured Finance PLC -Reg- (MTN) 2017/2025 * ..............................  | GBP GBP | 100 000 120 000 | 100 000 |  | % % | 96.812 107.544 |  | 106 249.23 141 632.86 | 0.72 0.96 |
| 6.45  % CenturyLink, Inc. (MTN) 2011/2021 ............  | USD | 250 000 | 250 000 |  | % | 102.19 |  | 227 950.12 | 1.54 |
| 1.75  % Pacific Gas and Electric Co. 2020/2022 .........  | USD | 325 000 | 325 000 |  | % | 100.138 |  | 290 386.13 | 1.96 |
| 7.25  % Sprint Corp. (MTN) 2014/2021 ................  | USD | 325 000 | 325 000 |  | % | 104.928 |  | 304 274.94 | 2.05 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  |  | 709 804.51 | 4.79 |
| Interest-bearing securities 1.00  % Ford Motor Credit Co. LLC (MTN) 2017/2021 * ...  | EUR | 100 000 | 100 000 |  | % | 94.302 |  | 94 302.50 | 0.64 |
| 6.25  % ADT Corp./The (MTN) 2014/2021 ..............  | USD | 100 000 | 100 000 | 100 000 | % | 103.286 |  | 92 158.41 | 0.62 |
| 4.50  % Calpine Corp. -144A- (MTN) 2019/2028 .........  | USD | 45 000 |  |  | % | 98.256 |  | 39 451.45 | 0.27 |
| 5.00 % Iron Mountain, Inc. -144A- (MTN) 2020/2028 .....  4.719 % Reynolds Group Issuer, Inc. Via Reynolds Group Issuer LLC Via Reynolds Group Issuer Lu -144A- (MTN) 2016/2021 * .........................  | USD USD | 25 000 100 000 | 25 000 100 000 |  | % % | 98.759 99.49 |  | 22 029.68 88 770.50 | 0.15 0.60 |
| 5.125 % Reynolds Group Issuer, Inc. Via Reynolds Group |  |  |  |  |  |  |  |  |  |
| Issuer LLC Via Reynolds Group Issuer Lu -144A- (MTN) 2016/2023 ..........................  | USD | 130 000 |  | % | 100.223 | 116 252.47 | 0.78 |
| 5.875 % Sabine Pass Liquefaction LLC (MTN) 2017/2026 ..  | USD | 100 000 |  | % | 118.189 | 105 455.32 | 0.71 |
| 4.125 % Sirius XM Radio, Inc. -144A- (MTN) 2020/2030 ...  | USD | 50 000 | 50 000 | % | 98.983 | 44 159.29 | 0.30 |
| 3.50  % T-Mobile USA, Inc. -Reg- (MTN) 2020/2025 ......  | USD | 110 000 | 110 000 | % | 109.248 | 107 224.89 | 0.72 |
| Unlisted securities |  |  |  |  |  | 216 822.53 | 1.46 |
| Interest-bearing securities 4.125 % Virgin Media Secured Finance PLC -Reg- (MTN) 2020/2030 ................................  | GBP | 200 000 | 200 000 | % | 98.782 | 216 822.53 | 1.46 |
| Total securities portfolio |  |  |  |  |  | 13 535 858.78 | 91.37 |

| 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) |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  | 4 060.78 | 0.03 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/GBP 1 million..................................  |  |  |  | 6 516.54 | 0.05 |
| EUR/USD 1.8 million ................................  |  |  |  | -2 455.76 | -0.02 |
| Cash at bank |  |  |  | 1 096 324.77 | 7.40 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 942 247.06 | 6.36 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 69 415 |  | 76 181.05 | 0.51 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 87 303 |  | 77 896.66 | 0.53 |
| Other assets |  |  |  | 343 906.06 | 2.32 |
| Interest receivable .................................  |  |  |  | 129 425.10 | 0.87 |
| Receivables from exceeding the expense cap ............  |  |  |  | 119 391.67 | 0.81 |
| Other receivables ..................................  |  |  |  | 95 089.29 | 0.64 |
| Total assets *** |  |  |  | 14 982 606.15 | 101.14 |
| Other liabilities |  |  |  | -166 613.32 | -1.13 |
| Liabilities from cost items ............................  |  |  |  | -66 613.32 | -0.45 |
| Additional other liabilities.............................  |  |  |  | -100 000.00 | -0.68 |
| Total liabilities |  |  |  | -169 069.08 | -1.14 |
| Net assets |  |  |  | 14 813 537.07 | 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 | 111.22 |
| Class FD .........................................  | EUR | 92.32 |
| Class ID ..........................................  | EUR | 89.58 |
| Class LD .........................................  | EUR | 92.18 |
| Class TFC ........................................  | EUR | 95.31 |
| Class USD IC10 ....................................  | USD | 94.95 |
| Number of shares outstanding Class FC .........................................  | Count | 53 439.000 |
| Class FD .........................................  | Count | 50 501.000 |
| Class ID ..........................................  | Count | 36 695.594 |
| Class LD .........................................  | Count | 9 723.000 |
| Class TFC ........................................  | Count | 150.000 |
| Class USD IC10 ....................................  | Count | 117.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) ML BB-B Global Non-Financial Constrained Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 36.536 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 123.233 |
| Average market risk exposure ........................  | % | 76.186 |

The values-at-risk were calculated for the period from January 1, 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 relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 2 663 751.00 as of the reporting date.
 Market abbreviations	 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 market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 3.75% Salini Impregilo SpA (MTN) 2016/2021............  | EUR | 100 000 | 100 038.50 |  |
| Total receivables from securities loans |  |  | 100 038.50 | 100 038.50 |
| Contracting parties for securities loans Crédit Suisse Securities (Europe) Ltd. FI |  |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds |  |  | EUR EUR | 112 148.06 112 148.06 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Senior Secured High Yield Corporates
DWS INVEST SENIOR SECURED HIGH YIELD CORPORATES

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse FC | LU0982745456 | -8,4% |
| Klasse FD | LU0982745530 | -8,4% |
| Klasse ID | LU0982745613 | -8,3% |
| Klasse LD | LU0982745373 | -8,6% |
| Klasse TFC | LU1982200864 | -8,4% |
| Klasse XD | LU1633890535 | -20,3% 1) |
| Klasse USD IC10 2) | LU1880860124 | -8,3% |

1) 
letzte Anteilpreisberechnung am 24.3.2020
2) 
in USD
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 Senior Secured High Yield Corporates
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 13 535 858,78 | 91,37 |
| Summe Anleihen | 13 535 858,78 | 91,37 |
| 2. Derivate | 4 060,78 | 0,03 |
| 3. Bankguthaben | 1 096 324,77 | 7,41 |
| 4. Sonstige Vermögensgegenstände | 343 906,06 | 2,32 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -166 613,32 | - 1,13 |
| III. Fondsvermögen | 14 813 537,07 | 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	12 609 231,74	85,12
Verzinsliche Wertpapiere
| 4,00 | % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 ..............................  | EUR | 150 000 |  |  | % | 97,238 | 145 856,25 | 0,98 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,50 | % ADLER Real Estate AG 2017/2021 ...........  | EUR | 200 000 | 100 000 |  | % | 98,174 | 196 347,00 | 1,33 |
| 7,25 | % Almaviva-The Italian Innovation Co. SpA -Reg- (MTN) 2017/2022 .........................  | EUR | 120 000 |  |  | % | 89,89 | 107 868,00 | 0,73 |
| 2,25 | % Altice Financing SA -Reg- (MTN) 2020/2025 ....  | EUR | 100 000 | 200 000 | 100 000 | % | 93,886 | 93 885,50 | 0,63 |
| 2,125  % Altice France SA/France -Reg- (MTN) 2020/2025	EUR | 250 000 | 350 000 | 100 000 | % | 93,81 | 234 526,25 | 1,58 |
| 2,125 | % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026 ....  | EUR | 130 000 | 130 000 |  | % | 96,449 | 125 383,70 | 0,85 |
| 5,00 | % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 110 000 |  |  | % | 95 | 104 500,00 | 0,71 |
| 2,875 | % Autostrade per l‘Italia SpA (MTN) 2013/2021 ...  | EUR | 100 000 | 100 000 |  | % | 99,482 | 99 481,50 | 0,67 |
| 0,875 | % Ball Corp. (MTN) 2019/2024 ................  | EUR | 250 000 | 250 000 |  | % | 96,338 | 240 846,25 | 1,63 |
| 3,50 | % Banijay Entertainment SASU -Reg- (MTN) 2020/2025 ..............................  | EUR | 100 000 | 100 000 |  | % | 95,706 | 95 706,00 | 0,65 |
| 4,50 | % Bausch Health Companies, Inc. -Reg- (MTN) 2015/2023 ..............................  | EUR | 100 000 | 100 000 |  | % | 99,238 | 99 238,50 | 0,67 |
| 1,00 | % Berry Global, Inc. -Reg- (MTN) 2020/2025 ......  | EUR | 125 000 | 125 000 | 100 000 | % | 94,784 | 118 480,63 | 0,80 |
| 3,625 | % Cirsa Finance International Sarl -Reg- (MTN) 2019/2025 * .............................  | EUR | 100 000 |  |  | % | 83,464 | 83 463,50 | 0,56 |
| 9,00 | % CMF SpA -Reg- (MTN) 2017/2022 ............  | EUR | 160 000 |  |  | % | 97,568 | 156 109,60 | 1,05 |
| 4,625 | % Constellium NV -Reg- (MTN) 2014/2021 .......  | EUR | 83 333 | 83 333 |  | % | 100,18 | 83 483,75 | 0,56 |
| 0,75 | % Crown European Holdings SA -Reg- 2019/2023 . | EUR | 200 000 | 200 000 |  | % | 96,719 | 193 438,00 | 1,31 |
| 4,25 | % Crystal Almond SARL -Reg- (MTN) 2019/2024 ..  | EUR | 200 000 |  |  | % | 98,764 | 197 527,00 | 1,33 |
| 1,875 | % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 .........................  | EUR | 100 000 |  |  | % | 95,272 | 95 271,50 | 0,64 |
| 3,875 | % Diocle Spa -Reg- (MTN) 2019/2026 * .........  | EUR | 200 000 | 100 000 |  | % | 98,934 | 197 869,00 | 1,34 |
| 5,50 | % eDreams ODIGEO SA -Reg- (MTN) 2018/2023 ..  | EUR | 120 000 |  |  | % | 82,518 | 99 021,60 | 0,67 |
| 1,75 | % eircom Finance DAC (MTN) 2019/2024 ........  | EUR | 120 000 |  |  | % | 95,6 | 114 720,60 | 0,77 |
| 3,50 | % eircom Finance DAC (MTN) 2019/2026 ........  | EUR | 120 000 |  |  | % | 100,752 | 120 902,40 | 0,82 |
| 3,00 | % El Corte Ingles SA -Reg- (MTN) 2018/2024 .....  | EUR | 130 000 |  |  | % | 98,318 | 127 813,40 | 0,86 |
| 2,875 | % Equinix, Inc. (MTN) 2017/2025 ..............  | EUR | 190 000 |  |  | % | 101,782 | 193 386,75 | 1,31 |
| 1,528 | % FCE Bank PLC (MTN) 2015/2020 ............  | EUR | 100 000 | 100 000 |  | % | 99,482 | 99 481,50 | 0,67 |
| 6,875 | % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ..  | EUR | 100 000 | 100 000 |  | % | 69,133 | 69 133,00 | 0,47 |
| 3,50 | % Gestamp Funding Luxembourg SA -Reg- (MTN) 2016/2023 ..............................  | EUR | 100 000 | 100 000 |  | % | 97,824 | 97 823,50 | 0,66 |
| 1,625 | % Grifols SA -Reg- (MTN) 2019/2025 ...........  | EUR | 100 000 |  |  | % | 97,92 | 97 920,50 | 0,66 |
| 9,25 | % HT Troplast GmbH -Reg- (MTN) 2020/2025 ....  | EUR | 100 000 | 100 000 |  | % | 102,525 | 102 525,00 | 0,69 |
| 4,875 | % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ..............................  | EUR | 134 027 |  | 3 057 | % | 96 | 128 665,60 | 0,87 |
| 4,75 | % International Game Technology PLC -Reg- (MTN) 2015/2023 ..............................  | EUR | 100 000 |  |  | % | 101,087 | 101 087,00 | 0,68 |
| 2,875 | % IQVIA, Inc. -Reg- (MTN) 2020/2028 ...........  | EUR | 170 000 | 170 000 |  | % | 99,653 | 169 410,10 | 1,14 |
| 5,50 | % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ..............................  | EUR | 120 000 |  |  | % | 91,562 | 109 874,40 | 0,74 |
| 3,25 | % Kapla Holding SAS -Reg- (MTN) 2019/2026 * ...  | EUR | 100 000 |  |  | % | 90,446 | 90 446,00 | 0,61 |
| 6,75 | % KME AG -Reg- (MTN) 2018/2023 ............  | EUR | 100 000 |  | 100 000 | % | 69,746 | 69 746,00 | 0,47 |
| 2,00 | % Kraft Heinz Foods Co. (MTN) 2015/2023 .......  | EUR | 100 000 | 100 000 |  | % | 101,492 | 101 492,50 | 0,68 |
| 3,25 | % Loxam SAS (MTN) 2019/2025 ...............  | EUR | 100 000 | 100 000 | 130 000 | % | 91,913 | 91 913,00 | 0,62 |
| 7,75 | % LSF9 Balta Issuer SARL -Reg- (MTN) 2015/2022 | EUR | 81 000 |  |  | % | 65,287 | 52 882,88 | 0,36 |
| 2,625 | % Matterhorn Telecom SA -Reg- (MTN) 2019/2024 | EUR | 100 000 |  |  | % | 97,828 | 97 828,00 | 0,66 |
| 5,50 | % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ..  | EUR | 100 000 |  | 100 000 | % | 95,574 | 95 574,50 | 0,65 |
| 3,875 | % Netflix, Inc. -Reg- (MTN) 2019/2029 ..........  | EUR | 100 000 | 100 000 |  | % | 105,28 | 105 280,00 | 0,71 |
| 1,75 | % Nexi SpA (MTN) 2019/2024 .................  | EUR | 100 000 |  |  | % | 97,676 | 97 675,50 | 0,66 |
| 3,75 | % NH Hotel Group SA -Reg- (MTN) 2016/2023 ....  | EUR | 251 778 |  |  | % | 90,592 | 228 090,51 | 1,54 |
| 3,50 | % Nidda Healthcare Holding GmbH -Reg- (MTN) 2017/2024 ..............................  | EUR | 100 000 |  |  | % | 98,821 | 98 821,00 | 0,67 |
| 3,25 | % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 | EUR | 100 000 |  |  | % | 101,075 | 101 075,00 | 0,68 |
| 3,125 | % OCI NV -Reg- (MTN) 2019/2024 .............  | EUR | 110 000 |  |  | % | 97,954 | 107 748,85 | 0,73 |
| 4,00 | % Paprec Holding SA -Reg- (MTN) 2018/2025 ....  | EUR | 100 000 |  |  | % | 90,555 | 90 555,00 | 0,61 |
| 3,50 | % Peach Property Finance GmbH -Reg- 2019/2023 | EUR | 100 000 | 100 000 |  | % | 99,784 | 99 783,50 | 0,67 |
| 3,75 | % Playtech Plc (MTN) 2018/2023 ..............  | EUR | 200 000 | 200 000 | 100 000 | % | 99,007 | 198 014,00 | 1,34 |
| 4,00 | % Polygon AB (MTN) 2018/2023 ...............  | EUR | 100 000 |  |  | % | 99,5 | 99 500,00 | 0,67 |
| 3,50 | % PPF Telecom Group BV (MTN) 2020/2024 .....  | EUR | 100 000 | 100 000 |  | % | 102,206 | 102 205,50 | 0,69 |
| 3,00 | % ProGroup AG -Reg- (MTN) 2018/2026 .........  | EUR | 200 000 |  |  | % | 97,215 | 194 430,00 | 1,31 |
| 1,50 | % Q-Park Holding I BV -Reg- (MTN) 2020/2025 ...  | EUR | 200 000 | 200 000 |  | % | 93,22 | 186 439,00 | 1,26 |
| 5,875 | % Quatrim SASU -Reg- (MTN) 2019/2024 ........  | EUR | 100 000 |  |  | % | 102,673 | 102 673,00 | 0,69 |
| 3,25 | % Quintiles IMS, Inc. -Reg- (MTN) 2017/2025 ....  | EUR | 100 000 | 100 000 |  | % | 100,949 | 100 949,00 | 0,68 |
| 6,875 | % Radisson Hotel Holdings AB -Reg- (MTN) 2018/2023 ..............................  | EUR | 130 000 |  |  | % | 96,428 | 125 355,75 | 0,85 |
| 2,50 | % RCS & RDS SA -Reg- (MTN) 2020/2025 .......  | EUR | 200 000 | 300 000 | 100 000 | % | 96,046 | 192 091,00 | 1,30 |
| 4,50 | % Refinitiv US Holdings, Inc. -Reg- (MTN) 2018/2026 | EUR | 125 000 | 125 000 |  | % | 104,498 | 130 623,13 | 0,88 |
| 3,875 | % Rossini Sarl -Reg- (MTN) 2019/2025 * ........  | EUR | 100 000 | 100 000 |  | % | 98,596 | 98 595,50 | 0,67 |
| 5,625 | % Rubis Terminal Infra SAS -Reg- (MTN) 2020/2025 | EUR | 100 000 | 100 000 |  | % | 104,074 | 104 074,50 | 0,70 |
| 3,75 | % Salini Impregilo SpA (MTN) 2016/2021 ** .....  | EUR | 100 000 |  |  | % | 100,038 | 100 038,50 | 0,68 |
| 4,125 | % Sazka Group AS -Reg- (MTN) 2019/2024 ......  | EUR | 120 000 |  |  | % | 97,277 | 116 732,40 | 0,79 |
| 6,375 | % Schoeller Packaging BV -Reg- (MTN) 2019/2024 | EUR | 100 000 |  |  | % | 97,002 | 97 002,50 | 0,65 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | EUR |  | vermögen |
| 2,125 | % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) 2020/2025 ..............................  | EUR | 100 000 | 100 000 | % | 101,986 |  | 101 985,50 | 0,69 |
| 1,875 | % SIG Combibloc PurchaseCo Sarl -Reg- 2020/2023 | EUR | 110 000 | 110 000 | % | 101,89 |  | 112 079,00 | 0,76 |
| 2,375 | % Smurfit Kappa Acquisitions -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2024 ..............................  | EUR | 100 000 | 100 000 |  | % | 102,572 | 102 571,50 | 0,69 |
| 4,75 | % Synlab Bondco PLC -Reg- (MTN) 2020/2025 * ..  | EUR | 100 000 | 100 000 |  | % | 100,234 | 100 233,50 | 0,68 |
| 3,875 | % Synthomer PLC -Reg- (MTN) 2020/2025 .......  | EUR | 100 000 | 100 000 |  | % | 101,468 | 101 468,50 | 0,68 |
| 5,00 | % TDC A/S (MTN) 2012/2022 .................  | EUR | 150 000 | 150 000 |  | % | 104,484 | 156 726,00 | 1,06 |
| 2,00 | % Techem Verwaltungsgesellschaft 675 mbH -Reg- (MTN) 2020/2025 .........................  | EUR | 200 000 | 300 000 | 100 000 | % | 95,734 | 191 467,00 | 1,29 |
| 5,25 | % Telecom Italia SpA/Milano (MTN) 2010/2022 ...  | EUR | 100 000 | 100 000 |  | % | 106,47 | 106 470,50 | 0,72 |
| 4,50 | % Telecom Italia SpA/Milano (MTN) 2014/2021 ...  | EUR | 125 000 | 125 000 |  | % | 102,122 | 127 652,50 | 0,86 |
| 4,00 | % Telecom Italia SpA/Milano (MTN) 2019/2024 ...  | EUR | 100 000 | 100 000 |  | % | 104,87 | 104 870,00 | 0,71 |
| 3,50 | % Telenet Finance Luxembourg Notes Sarl -Reg- 2017/2028 ..............................  | EUR | 300 000 | 300 000 | 100 000 | % | 101,794 | 305 383,50 | 2,06 |
| 5,25 | % Tendam Brands SAU -Reg- (MTN) 2017/2024 * . | EUR | 150 000 |  |  | % | 87,092 | 130 638,75 | 0,88 |
| 0,375 | % Teva Pharmaceutical Finance Netherlands II BV 2016/2020 ..............................  | EUR | 60 847 |  |  | % | 99,83 | 60 743,27 | 0,41 |
| 1,75 | % thyssenkrupp AG (MTN) 2015/2020 ..........  | EUR | 75 000 | 75 000 |  | % | 99,51 | 74 632,50 | 0,50 |
| 2,75 | % thyssenkrupp AG (MTN) 2016/2021 ..........  | EUR | 100 000 | 100 000 |  | % | 99,826 | 99 825,50 | 0,67 |
| 1,875 | % thyssenkrupp AG (MTN) 2019/2023 ..........  | EUR | 60 000 |  |  | % | 96,408 | 57 845,10 | 0,39 |
| 3,125 | % United Group BV -Reg- (MTN) 2020/2026 ......  | EUR | 100 000 | 100 000 |  | % | 94,793 | 94 793,00 | 0,64 |
| 4,00 | % UPCB Finance IV Ltd -Reg- 2015/2027 ........  | EUR | 315 000 | 315 000 |  | % | 101,198 | 318 775,27 | 2,15 |
| 0,816 | % Upjohn Finance BV 2020/2022 ..............  | EUR | 100 000 | 100 000 |  | % | 100,631 | 100 631,00 | 0,68 |
| 3,50 | % Verisure Holding AB -Reg- (MTN) 2018/2023 ...  | EUR | 100 000 | 200 000 | 100 000 | % | 100,552 | 100 551,50 | 0,68 |
| 3,00 | % Vivion Investments Sarl (MTN) 2019/2024 .....  | EUR | 100 000 |  |  | % | 91,808 | 91 808,00 | 0,62 |
| 2,875 | % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2026 * .............................  | EUR | 100 000 |  |  | % | 98,023 | 98 023,00 | 0,66 |
| 2,75 | % Wienerberger AG (MTN) 2020/2025 ..........  | EUR | 100 000 | 100 000 |  | % | 101,725 | 101 725,00 | 0,69 |
| 2,75 | % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 | EUR | 130 000 | 130 000 |  | % | 101,672 | 132 172,95 | 0,89 |
| 1,25 | % ZF Europe Finance BV 2019/2023 ............  | EUR | 100 000 | 100 000 |  | % | 95,024 | 95 024,00 | 0,64 |
| 2,875 | % Ziggo BV -Reg- 2019/2030 ..................  | EUR | 100 000 |  |  | % | 98,944 | 98 944,50 | 0,67 |
| 4,25 | % Ziggo Secured Finance BV -Reg- 2016/2027 ....  | EUR | 90 000 | 90 000 | 130 000 | % | 103,425 | 93 082,50 | 0,63 |
| 6,75 | % Arqiva Broadcast Finance PLC (MTN) 2018/2023 | GBP | 180 000 |  |  | % | 104,07 | 205 586,53 | 1,39 |
| 4,25 | % Drax Finco PLC -Reg- (MTN) 2017/2022 .......  | GBP | 130 000 |  |  | % | 100,446 | 143 308,72 | 0,97 |
| 7,75 | % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 | GBP | 150 000 |  |  | % | 91,748 | 151 036,57 | 1,02 |
| 3,875 | % TalkTalk Telecom Group PLC (MTN) 2020/2025 . | GBP | 100 000 | 100 000 |  | % | 96,812 | 106 249,23 | 0,72 |
| 6,00 | % Virgin Media Secured Finance PLC -Reg- (MTN) 2017/2025 * .............................  | GBP | 120 000 |  |  | % | 107,544 | 141 632,86 | 0,96 |
| 6,45 | % CenturyLink, Inc. (MTN) 2011/2021 ...........  | USD | 250 000 | 250 000 |  | % | 102,19 | 227 950,12 | 1,54 |
| 1,75 | % Pacific Gas and Electric Co. 2020/2022 ........  | USD | 325 000 | 325 000 |  | % | 100,138 | 290 386,13 | 1,96 |
| 7,25 | % Sprint Corp. (MTN) 2014/2021 ...............  | USD | 325 000 | 325 000 |  | % | 104,928 | 304 274,94 | 2,05 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	709 804,51	4,79
| Verzinsliche Wertpapiere 1,00	% Ford Motor Credit Co. LLC (MTN) 2017/2021 * . | EUR | 100 000 | 100 000 | % | 94,302 | 94 302,50 | 0,64 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 6,25 | % ADT Corp./The (MTN) 2014/2021 ............  | USD | 100 000 | 100 000 | 100 000 | % | 103,286 | 92 158,41 | 0,62 |
| 4,50 | % Calpine Corp. -144A- (MTN) 2019/2028 ........  | USD | 45 000 |  |  | % | 98,256 | 39 451,45 | 0,27 |
| 5,00 | % Iron Mountain, Inc. -144A- (MTN) 2020/2028 ...  | USD | 25 000 | 25 000 |  | % | 98,759 | 22 029,68 | 0,15 |
| 4,719 | % Reynolds Group Issuer, Inc. Via Reynolds Group Issuer LLC Via Reynolds Group Issuer Lu -144A- (MTN) 2016/2021 * .......................  | USD | 100 000 | 100 000 |  | % | 99,49 | 88 770,50 | 0,60 |
| 5,125 | % Reynolds Group Issuer, Inc. Via Reynolds Group Issuer LLC Via Reynolds Group Issuer Lu -144A- (MTN) 2016/2023 .........................  | USD | 130 000 |  |  | % | 100,223 | 116 252,47 | 0,78 |
| 5,875 | % Sabine Pass Liquefaction LLC (MTN) 2017/2026 | USD | 100 000 |  |  | % | 118,189 | 105 455,32 | 0,71 |
| 4,125 | % Sirius XM Radio, Inc. -144A- (MTN) 2020/2030 ..  | USD | 50 000 | 50 000 |  | % | 98,983 | 44 159,29 | 0,30 |
| 3,50 | % T-Mobile USA, Inc. -Reg- (MTN) 2020/2025 ....  | USD | 110 000 | 110 000 |  | % | 109,248 | 107 224,89 | 0,72 |
| Nichtnotierte Wertpapiere |  |  |  |  | 216 822,53 | 1,46 |
| Verzinsliche Wertpapiere 4,125 % Virgin Media Secured Finance PLC -Reg- (MTN) 2020/2030	GBP | 200 000 | 200 000 | % | 98,782 | 216 822,53 | 1,46 |
| Summe Wertpapiervermögen |  |  |  |  | 13 535 858,78 | 91,37 |

| Wertpapierbezeichnung | Stück bzw. 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) |  |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 4 060,78 | 0,03 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 1 Mio. ..................................  |  |  | 6 516,54 | 0,05 |
| EUR/USD 1,8 Mio.  ................................  |  |  | -2 455,76 | -0,02 |
| Bankguthaben |  |  | 1 096 324,77 | 7,40 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 942 247,06 | 6,36 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund	GBP | 69 415 |  | 76 181,05 | 0,51 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar	USD | 87 303 |  | 77 896,66 | 0,53 |
| Sonstige Vermögensgegenstände |  |  | 343 906,06 | 2,32 |
| Zinsansprüche ....................................  |  |  | 129 425,10 | 0,87 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 119 391,67 | 0,81 |
| Sonstige Ansprüche ................................  |  |  | 95 089,29 | 0,64 |
| Summe der Vermögensgegenstände *** |  |  | 14 982 606,15 | 101,14 |
| Sonstige Verbindlichkeiten |  |  | -166 613,32 | -1,13 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -66 613,32 | -0,45 |
| Andere sonstige Verbindlichkeiten .....................  |  |  | -100 000,00 | -0,68 |
| Summe der Verbindlichkeiten |  |  | -169 069,08 | -1,14 |
| Fondsvermögen |  |  | 14 813 537,07 | 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 | 111,22 |
| Klasse FD ........................................  | EUR | 92,32 |
| Klasse ID ........................................  | EUR | 89,58 |
| Klasse LD ........................................  | EUR | 92,18 |
| Klasse TFC .......................................  | EUR | 95,31 |
| Klasse USD IC10 ..................................  | USD | 94,95 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 53 439,000 |
| Klasse FD ........................................  | Stück | 50 501,000 |
| Klasse ID ........................................  | Stück | 36 695,594 |
| Klasse LD ........................................  | Stück | 9 723,000 |
| Klasse TFC .......................................  | Stück | 150,000 |
| Klasse USD IC10 ..................................  | Stück | 117,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) ML BB-B Global Non-Financial Constrained Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 36,536 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 123,233 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 76,186 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 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 relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,2, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte 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 2 663 751,00.
 Marktschlüssel	 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 Kurswert in USD unbefristet | gesamt |
| --- | --- | --- | --- |
| 3,75  % Salini Impregilo SpA (MTN) 2016/2021	EUR | 100 000 | 100 038,50 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 100 038,50 | 100 038,50 |
| Vertragspartner der Wertpapier-Darlehen Crédit Suisse Securities (Europe) Ltd. FI |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen |  | EUR EUR | 112 148,06 112 148,06 |

 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.
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.