# DWS Invest Multi Credit
DWS INVEST MULTI CREDIT

### Performance of share classes (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD LD | LU1249492460 | 1.0% |
| Class USD FC | LU1249492387 | 1.2% |
| Class USD XC | LU1717101973 | 1.4% |
| Class FCH 1 | LU1249492031 | -0.1% |
| Class LDH 1 | LU1249492114 | -0.2% |
| Class TFDH 1 | LU1663932645 | -0.1% |

1 
in EUR
“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 Multi Credit
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 77 734 717.13 | 96.84 |
| Institutions | 2.50 | 0.00 |
| Total bonds | 77 734 719.63 | 96.84 |
| 2. Investment fund units Bond funds | 813 664.18 | 1.02 |
| Total investment fund units | 813 664.18 | 1.02 |
| 3. Derivativess | -471 474.42 | - 0.59 |
| 4. Cash at bank | 2 062 125.31 | 2.57 |
| 5. Other assets | 779 446.89 | 0.97 |
| 6. Receivables from share certificate transactions | 275.22 | 0.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -630 100.80 | - 0.78 |
| 2. Liabilities from share certificate transactions | -22 402.31 | - 0.03 |
| III. Net assets | 80 266 253.70 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 55 009 369.44 | 68.53 |
| Interest-bearing securities 4.00 % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 ................................  | EUR | 300 000 |  |  | % | 97.238 | 326 936.66 | 0.41 |
| 4.25  % Aareal Bank AG 2014/2026 * .................  | EUR | 500 000 |  |  | % | 93.676 | 524 939.48 | 0.65 |
| 1.875 % ADLER Real Estate AG (MTN) 2018/2023 .......  | EUR | 300 000 |  |  | % | 97.216 | 326 862.69 | 0.41 |
| 6.25  % AIB Group PLC 2020/perpetual * ..............  | EUR | 200 000 | 200 000 |  | % | 99.57 | 223 187.19 | 0.28 |
| 2.125 % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026..............  | EUR | 110 000 | 110 000 |  | % | 96.449 | 118 904.69 | 0.15 |
| 1.50  % Arkema SA 2020/perpetual * .................  | EUR | 300 000 | 300 000 |  | % | 94.396 | 317 382.83 | 0.40 |
| 5.00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 290 000 |  |  | % | 95 | 308 766.50 | 0.38 |
| 2.875 % Auchan Holding SA (MTN) 2020/2026 ..........  3.75 % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 ..........................  | EUR EUR | 200 000 400 000 | 200 000 |  | % % | 100.117 99.05 | 224 412.17 444 043.22 | 0.28 0.55 |
| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2026 ................................  | EUR | 300 000 |  |  | % | 98.917 | 332 583.55 | 0.41 |
| 3.871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 400 000 |  |  | % | 93.045 | 417 120.57 | 0.52 |
| 1.75  % Banco de Sabadell SA (MTN) 2020/2023 *.......  | EUR | 100 000 | 100 000 |  | % | 100.668 | 112 824.18 | 0.14 |
| 1.125 % Banco Santander SA (MTN) 2020/2027 .........  | EUR | 200 000 | 200 000 |  | % | 100.656 | 225 620.33 | 0.28 |
| 2.50  % Bankinter SA (MTN) 2017/2027 * ..............  0.75 % Banque Federative du Credit Mutuel SA (MTN) 2019/2026 ................................  | EUR EUR | 300 000 300 000 |  |  | % % | 100.19 102.608 | 336 863.69 344 995.29 | 0.42 0.43 |
| 3.375 % Barclays PLC (MTN) 2020/2025 * ..............  | EUR | 180 000 | 180 000 |  | % | 107.435 | 216 733.91 | 0.27 |
| 0.25  % BASF SE (MTN) 2020/2027...................  | EUR | 500 000 | 500 000 |  | % | 100.628 | 563 896.73 | 0.70 |
| 2.375 % BAT Netherlands Finance BV (MTN) 2020/2024 ...  4.50 % Bausch Health Companies, Inc. -Reg- (MTN) 2015/2023 ................................  | EUR EUR | 200 000 300 000 | 200 000 |  | % % | 105.821 99.238 | 237 197.68 333 664.51 | 0.30 0.42 |
| 4.75  % BHP Billiton Finance Ltd 2015/2076 * ..........  | EUR | 200 000 | 200 000 |  | % | 102.062 | 228 770.76 | 0.28 |
| 3.625 % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 160 000 | 160 000 |  | % | 100.539 | 180 286.46 | 0.22 |
| 3.25  % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 410 000 | 410 000 |  | % | 100.5 | 461 807.15 | 0.58 |
| 2.875 % Cellnex Telecom SA (MTN) 2020/2025 ..........  | EUR | 100 000 | 100 000 |  | % | 106.746 | 119 634.97 | 0.15 |
| 4.00  % Chemours Co./The (MTN) 2018/2026 ...........  | EUR | 400 000 |  |  | % | 90.488 | 405 655.30 | 0.51 |
| 6.125 % Commerzbank AG 2020/perpetual * ............  4.125 % ContourGlobal Power Holdings SA -Reg- (MTN) 2018/2025 ................................  | EUR EUR | 400 000 220 000 | 400 000 |  | % % | 95.285 103.028 | 427 162.49 254 029.66 | 0.53 0.32 |
| 3.25  % Cooperatieve Rabobank UA 2019/perpetual * ....  | EUR | 400 000 |  |  | % | 92.16 | 413 153.12 | 0.51 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 200 000 | 200 000 |  | % | 100.597 | 225 488.09 | 0.28 |
| 1.25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 100 000 | 100 000 |  | % | 100.094 | 112 180.87 | 0.14 |
| 1.00  % Crédit Suisse Group AG (MTN) 2019/2027 * .....  | EUR | 180 000 |  |  | % | 100.185 | 202 108.13 | 0.25 |
| 2.625 % Daimler AG (MTN) 2020/2025.................  1.875 % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 ..........................  | EUR EUR | 283 000 100 000 | 283 000 | 200 000 | % % | 106.596 95.272 | 338 092.80 106 775.49 | 0.42 0.13 |
| 1.375 % Deutsche Bank AG (MTN) 2020/2026 * .........  | EUR | 70 000 | 70 000 |  | % | 101.726 | 79 806.56 | 0.10 |
| 0.375 % Deutsche Post AG (MTN) 2020/2026 ...........  | EUR | 310 000 | 310 000 |  | % | 100.836 | 350 335.16 | 0.44 |
| 0.625 % Digital Dutch Finco BV (MTN) 2020/2025 ........  | EUR | 180 000 | 180 000 |  | % | 98.926 | 199 568.29 | 0.25 |
| 3.875 % Diocle Spa -Reg- (MTN) 2019/2026 * ...........  | EUR | 100 000 |  |  | % | 98.934 | 110 880.80 | 0.14 |
| 3.00  % El Corte Ingles SA -Reg- (MTN) 2018/2024 ......  | EUR | 400 000 |  |  | % | 98.318 | 440 759.42 | 0.55 |
| 0.375 % Elenia Finance Oyj (MTN) 2020/2027 ...........  | EUR | 320 000 | 320 000 |  | % | 99.78 | 357 850.85 | 0.45 |
| 2.75  % Elia System Operator SA/NV 2018/perpetual *....  1.125 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * ..............................  | EUR EUR | 400 000 300 000 |  |  | % % | 101.805 97.579 | 456 391.63 328 084.86 | 0.57 0.41 |
| 1.698 % EP Infrastructure AS (MTN) 2019/2026. . . . . . . . . . | EUR | 260 000 |  |  | % | 98.804 | 287 909.80 | 0.36 |
| 8.875 % Erste Group Bank AG 2016/2049 *.............  | EUR | 200 000 | 200 000 |  | % | 104.697 | 234 678.23 | 0.29 |
| 0.375 % EssilorLuxottica SA (MTN) 2020/2026 ..........  1.375 % Firmenich Productions Participations SAS (MTN) 2020/2026 ................................  | EUR EUR | 300 000 230 000 | 300 000 230 000 |  | % % | 100.18 102.927 | 336 828.39 265 317.40 | 0.42 0.33 |
| 6.875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ...  2.95 % Gazprom PJSC Via Gaz Finance PLC (MTN) 2020/2025 ................................  | EUR EUR | 220 000 240 000 | 220 000 240 000 |  | % % | 69.133 104.386 | 170 457.71 280 776.01 | 0.21 0.35 |
| 1.125 % Heimstaden Bostad AB (MTN) 2020/2026 .......  | EUR | 200 000 | 200 000 |  | % | 97.477 | 218 494.61 | 0.27 |
| 3.248 % Heimstaden Bostad AB 2019/perpetual *........  | EUR | 460 000 |  |  | % | 95.806 | 493 925.43 | 0.62 |
| 2.75 % Helvetia Europe SA 2020/2041 * .............. 1.625 % Huarong Universe Investment Holding Ltd (MTN) 2017/2022 ................................  | EUR EUR | 100 000 200 000 | 100 000 |  | % % | 100.679 95.154 | 112 835.94 213 286.49 | 0.14 0.27 |
| 2.125 % ING Groep NV (MTN) 2020/2031 * .............  4.875 % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ................................  | EUR EUR | 200 000 335 067 | 200 000 | 7 642 | % % | 102.52 96 | 229 799.61 360 504.79 | 0.29 0.45 |
| 7.00  % Intesa Sanpaolo SpA 2016/2049 * .............  | EUR | 200 000 | 200 000 |  | % | 99.786 | 223 670.23 | 0.28 |
| 1.00  % Iren SpA (MTN) 2020/2030 ...................  5.50 % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ................................  | EUR EUR | 330 000 300 000 | 330 000 |  | % % | 98.448 91.562 | 364 105.47 307 854.21 | 0.45 0.38 |
| 4.25  % KBC Group NV 2018/perpetual * ..............  | EUR | 200 000 |  |  | % | 96.046 | 215 288.14 | 0.27 |
| 3.75 % Kronos International, Inc. -Reg- (MTN) 2017/2025 . | EUR | 200 000 |  |  | % | 98.324 | 220 392.04 | 0.27 |
| 0.50  % La Banque Postale SA (MTN) 2020/2026 * ......  | EUR | 200 000 | 200 000 |  | % | 99.02 | 221 953.24 | 0.28 |
| 2.125 % La Mondiale SAM 2020/2031 .................  | EUR | 100 000 | 100 000 |  | % | 98.848 | 110 783.85 | 0.14 |
| 0.625 % La Poste SA (MTN) 2020/2026 ................  | EUR | 200 000 | 200 000 |  | % | 101.978 | 228 583.60 | 0.28 |
| 4.125 % LHC3 PLC -Reg- (MTN) 2017/2024 .............  | EUR | 300 000 | 300 000 |  | % | 100.562 | 338 116.13 | 0.42 |
| 1.625 % Logicor Financing Sarl (MTN) 2019/2027 ........  | EUR | 510 000 |  |  | % | 100.917 | 576 823.68 | 0.72 |

| 4.375 % Mapfre SA 2017/2047 * .....................  | EUR | 200 000 |  |  | % | 108.882 | 244 060.03 | 0.30 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5.50  % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ....  | EUR | 400 000 |  |  | % | 95.574 | 428 460.31 | 0.53 |
| 7.125 % NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |  |  |  |  |  |
| (MTN) 2019/2024 ..........................  | EUR | 300 000 |  |  | % | 98.006 | 329 520.54 | 0.41 |
| 1.25  % Naturgy Finance BV (MTN) 2020/2026 ..........  | EUR | 200 000 | 200 000 |  | % | 104.143 | 233 436.44 | 0.29 |
| 7.00  % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2025 ................................  | EUR | 300 000 | 300 000 |  | % | 90.537 | 304 407.91 | 0.38 |
| 3.25  % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 | EUR | 300 000 |  |  | % | 101.075 | 339 839.28 | 0.42 |
| 3.125 % OCI NV -Reg- (MTN) 2019/2024 ...............  | EUR | 280 000 |  |  | % | 97.954 | 307 387.76 | 0.38 |
| 1.50  % OMV AG (MTN) 2020/2024...................  | EUR | 250 000 | 250 000 |  | % | 104.75 | 293 496.29 | 0.37 |
| 0.75  % OMV AG (MTN) 2020/2030...................  | EUR | 220 000 | 220 000 |  | % | 98.944 | 243 961.18 | 0.30 |
| 3.375 % Orano SA (MTN) 2019/2026 ..................  | EUR | 300 000 |  |  | % | 100.654 | 338 422.10 | 0.42 |
| 1.75  % Orsted A/S 2019/2099 * .....................  | EUR | 140 000 |  |  | % | 98.706 | 154 874.59 | 0.19 |
| 3.50  % Peach Property Finance GmbH -Reg- 2019/2023 ..  | EUR | 380 000 |  |  | % | 99.784 | 424 962.79 | 0.53 |
| 1.00  % Postnl NV (MTN) 2017/2024 ..................  | EUR | 300 000 |  |  | % | 100.73 | 338 677.63 | 0.42 |
| 3.50  % PPF Telecom Group BV (MTN) 2020/2024 .......  | EUR | 180 000 | 180 000 |  | % | 102.206 | 206 184.18 | 0.26 |
| 6.875 % Radisson Hotel Holdings AB -Reg- (MTN) 2018/2023 | EUR | 300 000 |  |  | % | 96.428 | 324 213.23 | 0.40 |
| 0.875 % Rentokil Initial PLC (MTN) 2019/2026 ...........  | EUR | 250 000 |  |  | % | 99.622 | 279 128.28 | 0.35 |
| 4.247 % Repsol International Finance BV 2020/perpetual * . | EUR | 100 000 | 100 000 |  | % | 101.39 | 113 632.24 | 0.14 |
| 2.00  % Royal Schiphol Group NV (MTN) 2020/2029 ......  | EUR | 160 000 | 160 000 |  | % | 110.91 | 198 884.63 | 0.25 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
| 2020/perpetual * ...........................  | EUR | 190 000 | 190 000 |  | % | 92.329 | 196 607.60 | 0.24 |
| 4.125 % Sazka Group AS -Reg- (MTN) 2019/2024 ........  | EUR | 270 000 |  |  | % | 97.277 | 294 362.52 | 0.37 |
| 1.375 % Schlumberger Finance BV (MTN) 2020/2026 .....  | EUR | 120 000 | 120 000 |  | % | 102.424 | 137 750.66 | 0.17 |
| 6.375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 280 000 |  |  | % | 97.002 | 304 403.43 | 0.38 |
| 2.125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 120 000 | 120 000 |  | % | 101.986 | 137 160.24 | 0.17 |
| 2.00  % Signify NV 2020/2024 .......................  | EUR | 130 000 | 130 000 |  | % | 101.28 | 147 562.37 | 0.18 |
| 1.25  % Société Générale SA (MTN) 2019/2024 .........  | EUR | 300 000 |  |  | % | 101.407 | 340 955.55 | 0.42 |
| 0.125 % Societe Generale SA (MTN) 2020/2026 .........  | EUR | 300 000 | 500 000 | 200 000 | % | 98.958 | 332 719.72 | 0.41 |
| 2.50  % Societe Generale SA 2014/2026 * .............  | EUR | 400 000 | 400 000 |  | % | 100.728 | 451 561.20 | 0.56 |
| 9.00  % SRLEV NV 2011/2041 * .....................  | EUR | 421 000 |  |  | % | 104.202 | 491 659.74 | 0.61 |
| 2.50  % Standard Chartered PLC (MTN) 2020/2030 * .....  | EUR | 120 000 | 120 000 |  | % | 101.617 | 136 664.65 | 0.17 |
| 3.875 % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 140 000 | 140 000 |  | % | 101.468 | 159 209.09 | 0.20 |
| 2.502 % Telefonica Europe BV 2020/perpetual * .........  | EUR | 300 000 | 300 000 |  | % | 94.906 | 319 097.57 | 0.40 |
| 1.75  % Total SA (MTN) 2019/perpetual * ..............  | EUR | 140 000 |  | 100 000 | % | 98.872 | 155 135.05 | 0.19 |
| 3.00  % Transurban Finance Co., Pty Ltd (MTN) 2020/2030 | EUR | 140 000 | 140 000 |  | % | 110.348 | 173 141.46 | 0.22 |
| 2.125 % Unibail-Rodamco SE 2018/perpetual * ..........  | EUR | 200 000 |  | 200 000 | % | 87.662 | 196 493.17 | 0.24 |
| 4.00  % UPCB Finance IV Ltd -Reg- 2015/2027 ..........  | EUR | 225 000 |  |  | % | 101.198 | 255 190.90 | 0.32 |
| 5.25  % Victoria PLC -Reg- (MTN) 2019/2024 ...........  | EUR | 190 000 |  |  | % | 95.062 | 202 427.32 | 0.25 |
| 3.00  % Vivion Investments Sarl (MTN) 2019/2024 .......  | EUR | 300 000 |  |  | % | 91.808 | 308 681.33 | 0.38 |
| 3.00 % Volkswagen Financial Services AG (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | EUR | 420 000 | 420 000 |  | % | 107.066 | 503 973.17 | 0.63 |
| 3.875 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2020/perpetual * ...........................  | EUR | 200 000 | 200 000 | % | 98.125 | 219 947.10 | 0.27 |
| 2.875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2027 ................................  | EUR | 150 000 |  |  | % | 98.22 | 165 120.87 | 0.21 |
| 2.75  % Wienerberger AG (MTN) 2020/2025 ............  | EUR | 200 000 | 200 000 |  | % | 101.725 | 228 016.50 | 0.28 |
| 3.375 % Abertis Infraestructuras SA (MTN) 2019/2026 ....  | GBP | 300 000 |  |  | % | 103.906 | 383 413.20 | 0.48 |
| 4.625 % Cie de Saint-Gobain (MTN) 2012/2029 ..........  | GBP | 200 000 |  |  | % | 123.896 | 304 784.21 | 0.38 |
| 1.75  % Motability Operations Group PLC (MTN) 2019/2029 | GBP | 270 000 |  |  | % | 105.108 | 349 065.38 | 0.43 |
| 5.75  % Nationwide Building Society 2020/perpetual * ....  | GBP | 200 000 | 200 000 |  | % | 100.875 | 248 152.54 | 0.31 |
| 3.25  % Pinewood Finance Co., Ltd -Reg- (MTN) 2019/2025 | GBP | 130 000 |  |  | % | 98.89 | 158 125.93 | 0.20 |
| 7.75  % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 . | GBP | 290 000 | 290 000 |  | % | 91.748 | 327 263.38 | 0.41 |
| 3.875 % SSE PLC 2015/2049 * .......................  | GBP | 300 000 | 300 000 |  | % | 100.226 | 369 835.84 | 0.46 |
| 3.75  % Africa Finance Corp. (MTN) 2019/2029 ..........  | USD | 300 000 |  |  | % | 101.045 | 303 135.00 | 0.38 |
| 3.994 % African Export-Import Bank -Reg- (MTN) 2019/2029 | USD | 200 000 |  |  | % | 98.887 | 197 774.00 | 0.25 |
| 2.704 % Banco del Estado de Chile -144A- (MTN) 2020/2025 | USD | 200 000 | 200 000 |  | % | 102.933 | 205 866.00 | 0.26 |
| 2.746 % Banco Santander SA (MTN) 2020/2025 .........  | USD | 400 000 | 400 000 |  | % | 103.7 | 414 798.00 | 0.52 |
| 4.508 % Boeing Co./The 2020/2023 ...................  | USD | 565 000 | 565 000 |  | % | 105.76 | 597 546.83 | 0.74 |
| 4.00  % Boston Scientific Corp. (MTN) 2019/2029. . . . . . . . | USD | 321 000 |  |  | % | 114.698 | 368 178.98 | 0.46 |
| 4.375 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 430 000 | 430 000 |  | % | 101.625 | 436 987.50 | 0.54 |
| 4.875 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 280 000 | 280 000 |  | % | 103.558 | 289 963.80 | 0.36 |
| 3.90  % Capital One Financial Corp. (MTN) 2019/2024 ....  | USD | 360 000 |  |  | % | 108.832 | 391 793.40 | 0.49 |
| 3.75  % Cigna Corp. 2019/2023 ......................  | USD | 266 000 |  | 134 000 | % | 108.592 | 288 853.39 | 0.36 |
| 7.125 % Crédit Suisse Group AG 2017/perpetual * .......  | USD | 300 000 |  |  | % | 103.034 | 309 103.50 | 0.39 |
| 3.80  % Crown Castle International Corp. (MTN) 2018/2028 | USD | 500 000 |  |  | % | 112.936 | 564 677.50 | 0.70 |
| 3.10  % Crown Castle International Corp. (MTN) 2019/2029 | USD | 510 000 |  |  | % | 107.696 | 549 249.60 | 0.68 |
| 2.60  % DH Europe Finance II Sarl (MTN) 2019/2029 .....  | USD | 440 000 |  |  | % | 106.398 | 468 153.40 | 0.58 |
| 2.00  % Dominion Resources, Inc. (MTN) 2016/2021 .....  | USD | 570 000 |  |  | % | 101.49 | 578 493.00 | 0.72 |
| 4.205 % DowDuPont, Inc. (MTN) 2018/2023 ............  | USD | 700 000 |  |  | % | 109.869 | 769 083.00 | 0.96 |
| 6.875 % Ecopetrol SA (MTN) 2020/2030 ...............  | USD | 130 000 | 130 000 |  | % | 114.195 | 148 453.50 | 0.18 |
| 5.125 % Gold Fields Orogen Holdings BVI Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | USD | 300 000 |  |  | % | 107.629 | 322 887.00 | 0.40 |
| 2.633 % HSBC Holdings PLC (MTN) 2019/2025 * ........  | USD | 370 000 |  |  | % | 103.549 | 383 131.30 | 0.48 |
| 3.00  % International Business Machines Corp. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | USD | 800 000 |  |  | % | 108.216 | 865 724.00 | 1.08 |
| 6.50  % Jababeka International BV -Reg- (MTN) 2016/2023 | USD | 202 000 |  |  | % | 82.984 | 167 628.69 | 0.21 |
| 6.875 % Jefferies Group LLC 2010/2021 ...............  | USD | 650 000 |  |  | % | 104.354 | 678 301.00 | 0.85 |
| 2.80  % John Deere Capital Corp. (MTN) 2019/2029 ......  | USD | 368 000 |  |  | % | 111.089 | 408 807.52 | 0.51 |
| 2.05  % John Deere Capital Corp. (MTN) 2020/2025 ......  | USD | 600 000 | 600 000 |  | % | 105.7 | 634 200.00 | 0.79 |
| 3.75  % Juniper Networks, Inc. (MTN) 2019/2029 ........  | USD | 220 000 |  | 220 000 | % | 112.709 | 247 959.80 | 0.31 |
| 11.50 % Kaisa Group Holdings Ltd 2019/2023 ...........  | USD | 300 000 | 300 000 |  | % | 102.59 | 307 770.00 | 0.38 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2.80  % Kroger Co./The (MTN) 2017/2022 ..............  | USD | 800 000 |  |  | % | 104.356 | 834 848.00 | 1.04 |
| 4.582 % Lloyds Banking Group PLC (MTN) 2016/2025 ....  | USD | 400 000 |  |  | % | 110.95 | 443 800.00 | 0.55 |
| 4.50  % Marathon Petroleum Corp. 2020/2023 ..........  | USD | 500 000 | 500 000 |  | % | 107.926 | 539 630.00 | 0.67 |
| 3.15  % McCormick & Co., Inc./MD (MTN) 2017/2024 ....  | USD | 840 000 |  |  | % | 108.614 | 912 353.40 | 1.14 |
| 3.30  % McDonald‘s Corp. (MTN) 2020/2025 ...........  | USD | 50 000 | 50 000 |  | % | 111.122 | 55 561.25 | 0.07 |
| 3.65  % McKesson Corp. 2018/2020 ..................  | USD | 430 000 |  |  | % | 101.264 | 435 435.20 | 0.54 |
| 5.00  % MEGlobal Canada ULC -Reg- (MTN) 2020/2025 ...  | USD | 300 000 | 300 000 |  | % | 107.78 | 323 340.00 | 0.40 |
| 7.50  % Metinvest BV 2017/2021 ....................  3.741 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2019/2029 ................................  | USD USD | 288 939 360 000 |  |  | % % | 99.866 113.676 | 288 550.41 409 231.80 | 0.36 0.51 |
| 4.80  % MPLX LP 2018/2029 ........................  | USD | 310 000 |  |  | % | 111.311 | 345 064.10 | 0.43 |
| 2.85  % NIKE, Inc. (MTN) 2020/2030 ..................  | USD | 400 000 | 400 000 |  | % | 111.29 | 445 160.00 | 0.55 |
| 2.648 % Nomura Holdings, Inc. (MTN) 2020/2025 ........  | USD | 660 000 | 660 000 |  | % | 104.331 | 688 584.60 | 0.86 |
| 2.50  % Pacific Gas and Electric Co. 2020/2031 .........  | USD | 130 000 | 130 000 |  | % | 98.111 | 127 544.30 | 0.16 |
| 5.60  % Petrobras Global Finance BV 2020/2031.........  | USD | 132 000 | 132 000 |  | % | 100.37 | 132 488.40 | 0.16 |
| 3.70  % Phillips 66 2020/2023 .......................  2.60 % PNC Financial Services Group, Inc./The (MTN) 2019/2026 ................................  | USD USD | 165 000 440 000 | 165 000 |  | % % | 107.133 108.745 | 176 769.45 478 478.00 | 0.22 0.60 |
| 3.90  % Power Finance Corp., Ltd (MTN) 2019/2029 .....  | USD | 270 000 |  |  | % | 95.058 | 256 655.25 | 0.32 |
| 3.68  % Prosus NV -Reg- (MTN) 2020/2030 .............  | USD | 200 000 | 200 000 |  | % | 105.11 | 210 221.00 | 0.26 |
| 2.75  % QNB Finance Ltd (MTN) 2020/2027 ............  | USD | 270 000 | 270 000 |  | % | 102.638 | 277 123.95 | 0.35 |
| 3.65  % Roper Technologies, Inc. (MTN) 2018/2023 ......  | USD | 500 000 |  |  | % | 108.87 | 544 352.50 | 0.68 |
| 4.892 % Royal Bank of Scotland Group PLC 2018/2029 * ..  | USD | 450 000 |  |  | % | 117.814 | 530 165.25 | 0.66 |
| 13.75 % Scenery Journey Ltd. (MTN) 2018/2023 .........  | USD | 300 000 |  |  | % | 97.851 | 293 553.00 | 0.37 |
| 5.25  % Scor SE 2018/perpetual * ....................  | USD | 600 000 |  |  | % | 97.238 | 583 428.00 | 0.73 |
| 6.00  % Standard Chartered PLC -Reg- 2020/perpetual * ..  | USD | 470 000 | 470 000 |  | % | 99.977 | 469 891.90 | 0.59 |
| 3.40  % Stanley Black & Decker, Inc. (MTN) 2019/2026 ...  | USD | 263 000 |  |  | % | 112.147 | 294 946.61 | 0.37 |
| 10.775 % TBC Bank JSC -Reg- 2019/perpetual * ..........  | USD | 260 000 |  |  | % | 96.207 | 250 138.20 | 0.31 |
| 3.975 % Tencent Holdings Ltd -Reg- (MTN) 2019/2029 ....  | USD | 310 000 |  |  | % | 112.723 | 349 441.30 | 0.44 |
| 1.81  % Tencent Holdings Ltd -Reg- (MTN) 2020/2026 ....  | USD | 200 000 | 200 000 |  | % | 101.028 | 202 055.00 | 0.25 |
| 6.25  % Times China Holdings Ltd 2018/2021 ...........  | USD | 300 000 |  |  | % | 100.528 | 301 582.50 | 0.38 |
| 3.235 % Toyota Industries Corp. -Reg- (MTN) 2018/2023 ..  | USD | 500 000 |  |  | % | 105.36 | 526 797.50 | 0.66 |
| 2.00  % UnitedHealth Group, Inc. (MTN) 2020/2030 ......  | USD | 245 000 | 245 000 |  | % | 104.464 | 255 938.03 | 0.32 |
| 4.50  % UPL Corp., Ltd (MTN) 2018/2028 ..............  | USD | 300 000 | 300 000 |  | % | 98.98 | 296 941.50 | 0.37 |
| 3.40  % Valero Energy Corp. (MTN) 2016/2026 ..........  | USD | 400 000 |  | 280 000 | % | 109.56 | 438 242.00 | 0.55 |
| 3.55  % Zimmer Biomet Holdings, Inc. (MTN) 2015/2025 ..  | USD | 500 000 |  |  | % | 108.472 | 542 362.50 | 0.68 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 22 437 307.45 | 27.95 |
| Interest-bearing securities 2.45  % Amgen, Inc. (MTN) 2020/2 ...................  | USD | 530 000 | 530 000 |  | % | 105.799 | 560 734.70 | 0.70 |
| 5.375 % Anglo American Capital PLC -Reg- (MTN) 2020/2..  | USD | 510 000 | 510 000 |  | % | 113.09 | 576 756.45 | 0.72 |
| 3.194 % Bank of America Corp. (MTN) 2019/203 .........  | USD | 300 000 |  | 200 000 | % | 110.369 | 331 107.00 | 0.41 |
| 4.30  % Bank of America Corp. 2020/perpetua ..........  | USD | 245 000 | 245 000 |  | % | 89.37 | 218 957.73 | 0.27 |
| 3.30  % Bank of Montreal (MTN) 2019/2 ...............  | USD | 670 000 |  |  | % | 108.356 | 725 981.85 | 0.90 |
| 2.645 % Barclays PLC 2020/203 ......................  | USD | 500 000 | 500 000 |  | % | 99.656 | 498 282.50 | 0.62 |
| 4.70  % BAT Capital Corp. (MTN) 2020/2 ...............  | USD | 500 000 | 500 000 |  | % | 115.102 | 575 510.00 | 0.72 |
| 3.75  % BB&T Corp. (MTN) 2018/2 ...................  | USD | 700 000 |  |  | % | 109.634 | 767 441.50 | 0.96 |
| 3.052 % BNP Paribas SA -Reg- 2020/203 ...............  | USD | 280 000 | 280 000 |  | % | 105.616 | 295 724.80 | 0.37 |
| 3.125 % Broadcom, Inc. -144A- 2019/2.................  | USD | 700 000 |  |  | % | 104.238 | 729 662.50 | 0.91 |
| 5.50  % BWAY Holding Co. -144A- (MTN) 2017/2 ........  | USD | 150 000 |  |  | % | 98.084 | 147 126.75 | 0.18 |
| 4.20  % CBS Corp. (MTN) 2019/2.....................  | USD | 400 000 |  |  | % | 113.518 | 454 072.00 | 0.57 |
| 4.00  % CenturyLink, Inc. -144A- (MTN) 2020/2..........  6.484 % Charter Communications Operating LLC Via Charter Communications Operating Capital 2016/2 | USD USD | 400 000 300 000 | 400 000 300 000 |  | % % | 97.055 133.591 | 388 220.00 400 773.00 | 0.48 0.50 |
| 3.10  % Comcast Corp. (MTN) 2020/2 .................  | USD | 300 000 | 300 000 |  | % | 110.049 | 330 147.00 | 0.41 |
| 2.625 % Cooperatieve Rabobank UA -144A- (MTN) 2019/2 . | USD | 430 000 |  |  | % | 106.216 | 456 728.80 | 0.57 |
| 1.375 % Costco Wholesale Corp. (MTN) 2020/2 .........  | USD | 240 000 | 240 000 |  | % | 102.366 | 245 677.20 | 0.31 |
| 3.50  % Cox Communications, Inc. -144A- (MTN) 2017/2 ..  4.00 % Dell International LLC Via EMC Corp. -144A- (MTN) 2019/2 ...................................  | USD USD | 500 000 400 000 |  | 300 000 300 000 | % % | 110.619 107.847 | 553 095.00 431 388.00 | 0.69 0.54 |
| 2.70 % Deutsche Bank AG/New York NY 2017/2 ........  4.75  % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2 ..............................  | USD USD | 500 000 300 000 |  |  | % % | 100.025 106.765 | 500 125.00 320 295.00 | 0.62 0.40 |
| 2.65  % Enel Finance International NV -Reg- (MTN) 2019/2 | USD | 400 000 |  |  | % | 104.616 | 418 466.00 | 0.52 |
| 3.40  % Engie Energia Chile SA -Reg- (MTN) 2020/2 ......  | USD | 200 000 | 200 000 |  | % | 103.99 | 207 979.00 | 0.26 |
| 4.875 % Enterprise Products Operating LLC 2017/207 ....  | USD | 700 000 |  |  | % | 87.464 | 612 251.50 | 0.76 |
| 3.00  % Equinor ASA (MTN) 2020/2 ...................  | USD | 200 000 | 500 000 | 300 000 | % | 110.12 | 220 241.00 | 0.27 |
| 3.85  % Fifth Third Bank/Cincinnati OH (MTN) 2016/2 .....  | USD | 540 000 |  |  | % | 111.819 | 603 822.60 | 0.75 |
| 3.339 % Ford Motor Credit Co., LLC (MTN) 2017/2 .......  | USD | 600 000 |  |  | % | 97.75 | 586 500.00 | 0.73 |
| 3.70  % Gilead Sciences, Inc. (MTN) 2014/2 ............  | USD | 400 000 |  |  | % | 110.243 | 440 972.00 | 0.55 |
| 4.00  % Glencore Funding LLC -Reg- (MTN) 2017/2 ......  | USD | 600 000 |  |  | % | 107.351 | 644 106.00 | 0.80 |
| 5.25  % Global Bank Corp. -Reg- (MTN) 2019/202 ........  | USD | 400 000 |  |  | % | 102.684 | 410 734.00 | 0.51 |
| 4.65  % Hewlett Packard Enterprise Co. 2020/2 .........  | USD | 285 000 | 285 000 |  | % | 112.32 | 320 110.58 | 0.40 |
| 2.65  % Hyundai Capital America -144A- (MTN) 2020/2....  | USD | 332 000 | 332 000 |  | % | 100.815 | 334 705.80 | 0.42 |
| 6.875 % Kenbourne Invest SA -Reg- (MTN) 2019/2 .......  | USD | 200 000 |  |  | % | 100.51 | 201 019.00 | 0.25 |
| 4.30  % Kinder Morgan, Inc./DE (MTN) 2018/2 ..........  | USD | 700 000 |  |  | % | 113.604 | 795 224.50 | 0.99 |
| 4.00  % Lam Research Corp. (MTN) 2019/2 ............  | USD | 225 000 |  |  | % | 118.914 | 267 556.50 | 0.33 |
| 2.70  % Mars, Inc. -144A- (MTN) 2019/2 ...............  | USD | 240 000 |  |  | % | 107.336 | 257 607.60 | 0.32 |
| 10.00 % Medya Holding International Ltd 1996/2 .........  | USD | 2 500 000 |  |  | % | 0 | 2.50 | 0.00 |
| 2.497 % Micron Technology, Inc. 2020/2 ...............  | USD | 230 000 | 230 000 |  | % | 103.89 | 238 945.85 | 0.30 |
| 2.699 % Morgan Stanley (MTN) 2020/203 ..............  | USD | 495 000 | 495 000 |  | % | 106.247 | 525 922.65 | 0.66 |
| 7.00  % NBM US Holdings, Inc. -Reg- (MTN) 2019/2. . . . . . | USD | 300 000 |  |  | % | 100.762 | 302 286.00 | 0.38 |

| 3.625 | % Netflix, Inc. -144A- (MTN) 2020/2 ..............  | USD | 35 000 | 35 000 | % | 100.897 | 35 313.95 | 0.04 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.875 | % NextEra Energy Operating Partners LP -144A- (MTN) 2019/2 .............................  | USD | 320 000 |  | % | 100.128 | 320 408.00 | 0.40 |
| 3.40 | % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -144A- (MTN) 2020/2 ........................      | USD | 285 000 | 285 000 | % | 107.816 | 307 277.03 | 0.38 |
| 2.50 | % Oracle Corp. (MTN) 2020/2 ...................  | USD | 360 000 | 360 000 | % | 107.378 | 386 560.80 | 0.48 |
| 1.65 | % PayPal Holdings, Inc. (MTN) 2020/2 ............  | USD | 400 000 | 400 000 | % | 103.503 | 414 012.00 | 0.52 |
| 3.875 % SBA Communications Corp. -144A- (MTN) 2020/2 . | USD | 65 000 | 65 000 | % | 100.065 | 65 042.25 | 0.08 |
| 3.75 % Schlumberger Holdings Corp. -144A- (MTN) 2019/2 2.875 % Shire Acquisitions Investments Ireland DAC (MTN) 2016/2 ...................................  | USD USD | 200 000 800 000 |  | % % | 107.819 106.106 | 215 638.00 848 848.00 | 0.27 1.06 |
| 4.00  % Stanley Black & Decker, Inc. 2020/206 ..........  | USD | 298 000 | 298 000 | % | 100.252 | 298 750.96 | 0.37 |
| 1.30  % Starbucks Corp. 2020/2 ......................  | USD | 245 000 | 245 000 | % | 101.414 | 248 464.30 | 0.31 |
| 4.875 % Tenet Healthcare Corp. -144A- (MTN) 2019/2.....  | USD | 350 000 |  | % | 97.718 | 342 014.75 | 0.43 |
| 3.75  % TJX Cos, Inc./The (MTN) 2020/2 ...............  | USD | 140 000 | 140 000 | % | 114.832 | 160 764.80 | 0.20 |
| 2.05  % T-Mobile USA, Inc. -144A- (MTN) 2020/2 ........  | USD | 220 000 | 220 000 | % | 100.28 | 220 616.00 | 0.28 |
| 3.902 % TransCanada PipeLines Ltd 2007/206...........  | USD | 300 000 |  | % | 67.852 | 203 556.00 | 0.25 |
| 2.15  % Union Pacific Corp. (MTN) 2020/2..............  | USD | 364 000 | 364 000 | % | 106.18 | 386 495.20 | 0.48 |
| 2.65  % Ventas Realty LP (MTN) 2019/2 ...............  | USD | 430 000 |  | % | 101.448 | 436 228.55 | 0.54 |
| 3.55  % Wells Fargo Bank NA (MTN) 2018/2 ............  | USD | 600 000 | 600 000 | % | 108.51 | 651 057.00 | 0.81 |
| Unlisted securities |  |  |  |  |  | 288 042.74 | 0.36 |
| Interest-bearing securities 12.00 % Cammell Laird Holdings PLC -Reg- (MTN) 2000/2010 ................................  | EUR | 2 000 000 |  | % | 0 | 2.24 | 0.00 |
| 3.15 | % Corp. Nacional del Cobre de Chile -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | USD | 276 000 | 276 000 | % | 104.362 | 288 040.50 | 0.36 |
| Investment fund units |  |  |  |  |  | 813 664.18 | 1.02 |
| In-group fund units DWS Invest SICAV - Financial Hybrid Bonds -I- EUR - (0.600%) | Units | 7 500 |  | EUR | 96.8 | 813 664.18 | 1.02 |
| Total securities portfolio |  |  |  |  |  | 78 548 383.81 | 97.86 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | -330 858.37 | -0.41 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions EUR/USD 32.7 million ...............................  |  |  |  |  |  | -218 275.04 | -0.27 |
| Closed positions EUR/USD 26.5 million ...............................  |  |  |  |  |  | -130 025.69 | -0.16 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |
| Open positions USD/GBP 1.8 million ................................  |  |  |  |  |  | 17 442.36 | 0.02 |
| Swaps Receivables/payables |  |  |  |  |  | -140 616.05 | -0.18 |
| Credit default swaps |  |  |  |  |  |  |  |
| Protection buyer iTraxx Europe / 1% / 20/06/2025 (OTC) (GS) .............  | Count | 8 000 000 |  |  |  | -140 616.05 | -0.18 |
| Cash at bank |  |  |  |  |  | 2 062 125.31 | 2.57 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 504 268 |  |  |  | 565 158.10 | 0.70 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 61 825 |  |  |  | 76 044.87 | 0.09 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD |  |  |  |  | 1 420 922.34 | 1.78 |

| Other assets | 779 446.89 | 0.97 |
| --- | --- | --- |
| Interest receivable .................................  | 755 563.51 | 0.94 |
| Receivables from exceeding the expense cap ............  | 23 883.38 | 0.03 |
| Receivables from share certificate transactions | 275.22 | 0.00 |
| Total assets ** | 81 407 673.59 | 101.42 |
| Other liabilities | -630 100.80 | -0.78 |
| Liabilities from cost items ............................  | -153 275.38 | -0.19 |
| Additional other liabilities.............................  | -476 825.42 | -0.59 |
| Liabilities from share certificate transactions | -22 402.31 | -0.03 |
| Total liabilities | -1 141 419.89 | -1.42 |
| Net assets | 80 266 253.70 | 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 FCH ........................................  | EUR | 112.42 |
| Class LDH ........................................  | EUR | 98.65 |
| Class TFDH .......................................  | EUR | 96.23 |
| Class USD FC .....................................  | USD | 124.94 |
| Class USD LD .....................................  | USD | 109.82 |
| Class USD XC .....................................  | USD | 112.44 |
| Number of shares outstanding Class FCH ........................................  | Count | 30 000.000 |
| Class LDH ........................................  | Count | 564 433.500 |
| Class TFDH .......................................  | Count | 20.000 |
| Class USD FC .....................................  | Count | 33 000.000 |
| Class USD LD .....................................  | Count | 2 402.231 |
| Class USD XC .....................................  | Count | 86 221.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
Barclays Global Aggregate Corporate 1-10yrs (50%) and The BofA Merrill Lynch BB-B Global High Yield Index (50%)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 35.985 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 115.317 |
| Average market risk exposure ........................  | % | 80.895 |

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 0.5, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 44 163 276.49 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for derivatives (with the exception of forward currency transactions)
GS = Goldman Sachs International
Contracting parties for forward currency transactions
Citigroup Global Markets Limited, Goldman Sachs International and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Euro	EUR | 0.892260 | = USD | 1 |
| --- | --- | --- | --- |
| British pound	GBP | 0.813008 | = USD | 1 |

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

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

### Wertentwicklung der Anteilklassen (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD LD | LU1249492460 | 1,0% |
| Klasse USD FC | LU1249492387 | 1,2% |
| Klasse USD XC | LU1717101973 | 1,4% |
| Klasse FCH 1) | LU1249492031 | -0,1% |
| Klasse LDH 1) | LU1249492114 | -0,2% |
| Klasse TFDH 1) | LU1663932645 | -0,1% |

1) 
in EUR
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 Multi Credit
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 77 734 717,13 | 96,84 |
| Institute | 2,50 | 0,00 |
| Summe Anleihen | 77 734 719,63 | 96,84 |
| 2. Investmentanteile Rentenfonds | 813 664,18 | 1,02 |
| Summe Investmentanteile | 813 664,18 | 1,02 |
| 3. Derivate | -471 474,42 | - 0,59 |
| 4. Bankguthaben | 2 062 125,31 | 2,57 |
| 5. Sonstige Vermögensgegenstände | 779 446,89 | 0,97 |
| 6. Forderungen aus Anteilscheingeschäften | 275,22 | 0,00 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -630 100,80 | - 0,78 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -22 402,31 | - 0,03 |
| III. Fondsvermögen | 80 266 253,70 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 55 009 369,44 | 68,53 |
| Verzinsliche Wertpapiere 4,00 % 3AB Optique Developpement SAS -Reg- (MTN) 2017/2023 ...............................  | EUR | 300 000 |  | % | 97,238 | 326 936,66 | 0,41 |
| 4,25  % Aareal Bank AG 2014/2026 * .................  | EUR | 500 000 |  | % | 93,676 | 524 939,48 | 0,65 |
| 1,875 % ADLER Real Estate AG (MTN) 2018/2023 .......  | EUR | 300 000 |  | % | 97,216 | 326 862,69 | 0,41 |
| 6,25 % AIB Group PLC 2020/perpetual * .............. 2,125 % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -Reg- (MTN) 2020/2026 .............  | EUR EUR | 200 000 110 000 | 200 000 110 000 | % % | 99,57 96,449 | 223 187,19 118 904,69 | 0,28 0,15 |
| 1,50  % Arkema SA 2020/perpetual * .................  | EUR | 300 000 | 300 000 | % | 94,396 | 317 382,83 | 0,40 |
| 5,00  % Assemblin Financing AB -Reg- (MTN) 2019/2025 * | EUR | 290 000 |  | % | 95 | 308 766,50 | 0,38 |
| 2,875 % Auchan Holding SA (MTN) 2020/2026 ..........  3,75 % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 ..........................  | EUR EUR | 200 000 400 000 | 200 000 | % % | 100,117 99,05 | 224 412,17 444 043,22 | 0,28 0,55 |
| 0,375 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2019/2026 ...............................  | EUR | 300 000 |  |  | % | 98,917 | 332 583,55 | 0,41 |
| 3,871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 400 000 |  |  | % | 93,045 | 417 120,57 | 0,52 |
| 1,75  % Banco de Sabadell SA (MTN) 2020/2023 * ......  | EUR | 100 000 | 100 000 |  | % | 100,668 | 112 824,18 | 0,14 |
| 1,125 % Banco Santander SA (MTN) 2020/2027 .........  | EUR | 200 000 | 200 000 |  | % | 100,656 | 225 620,33 | 0,28 |
| 2,50  % Bankinter SA (MTN) 2017/2027 * .............  0,75 % Banque Federative du Credit Mutuel SA (MTN) 2019/2026 ...............................  | EUR EUR | 300 000 300 000 |  |  | % % | 100,19 102,608 | 336 863,69 344 995,29 | 0,42 0,43 |
| 3,375 % Barclays PLC (MTN) 2020/2025 * .............  | EUR | 180 000 | 180 000 |  | % | 107,435 | 216 733,91 | 0,27 |
| 0,25  % BASF SE (MTN) 2020/2027 ..................  | EUR | 500 000 | 500 000 |  | % | 100,628 | 563 896,73 | 0,70 |
| 2,375 % BAT Netherlands Finance BV (MTN) 2020/2024 .. 4,50 % Bausch Health Companies, Inc. -Reg- (MTN) 2015/2023 ...............................  | EUR EUR | 200 000 300 000 | 200 000 |  | % % | 105,821 99,238 | 237 197,68 333 664,51 | 0,30 0,42 |
| 4,75  % BHP Billiton Finance Ltd 2015/2076 * ..........  | EUR | 200 000 | 200 000 |  | % | 102,062 | 228 770,76 | 0,28 |
| 3,625 % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 160 000 | 160 000 |  | % | 100,539 | 180 286,46 | 0,22 |
| 3,25  % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 410 000 | 410 000 |  | % | 100,5 | 461 807,15 | 0,58 |
| 2,875 % Cellnex Telecom SA (MTN) 2020/2025 .........  | EUR | 100 000 | 100 000 |  | % | 106,746 | 119 634,97 | 0,15 |
| 4,00  % Chemours Co./The (MTN) 2018/2026 ..........  | EUR | 400 000 |  |  | % | 90,488 | 405 655,30 | 0,51 |
| 6,125 % Commerzbank AG 2020/perpetual * ........... 4,125 % ContourGlobal Power Holdings SA -Reg- (MTN) 2018/2025 ...............................  | EUR EUR | 400 000 220 000 | 400 000 |  | % % | 95,285 103,028 | 427 162,49 254 029,66 | 0,53 0,32 |
| 3,25  % Cooperatieve Rabobank UA 2019/perpetual * ....  | EUR | 400 000 |  |  | % | 92,16 | 413 153,12 | 0,51 |
| 1,625 % Credit Agricole SA (MTN) 2020/2030 * .........  | EUR | 200 000 | 200 000 |  | % | 100,597 | 225 488,09 | 0,28 |
| 1,25  % Credit Mutuel Arkea SA (MTN) 2020/2029 * .....  | EUR | 100 000 | 100 000 |  | % | 100,094 | 112 180,87 | 0,14 |
| 1,00  % Crédit Suisse Group AG (MTN) 2019/2027 * .....  | EUR | 180 000 |  |  | % | 100,185 | 202 108,13 | 0,25 |
| 2,625 % Daimler AG (MTN) 2020/2025 ................  1,875 % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 ..........................  | EUR EUR | 283 000 100 000 | 283 000 | 200 000 | % % | 106,596 95,272 | 338 092,80 106 775,49 | 0,42 0,13 |
| 1,375 % Deutsche Bank AG (MTN) 2020/2026 * ........  | EUR | 70 000 | 70 000 |  | % | 101,726 | 79 806,56 | 0,10 |
| 0,375 % Deutsche Post AG (MTN) 2020/2026 ..........  | EUR | 310 000 | 310 000 |  | % | 100,836 | 350 335,16 | 0,44 |
| 0,625 % Digital Dutch Finco BV (MTN) 2020/2025 .......  | EUR | 180 000 | 180 000 |  | % | 98,926 | 199 568,29 | 0,25 |
| 3,875 % Diocle Spa -Reg- (MTN) 2019/2026 * ..........  | EUR | 100 000 |  |  | % | 98,934 | 110 880,80 | 0,14 |
| 3,00  % El Corte Ingles SA -Reg- (MTN) 2018/2024 ......  | EUR | 400 000 |  |  | % | 98,318 | 440 759,42 | 0,55 |
| 0,375 % Elenia Finance Oyj (MTN) 2020/2027 ...........  | EUR | 320 000 | 320 000 |  | % | 99,78 | 357 850,85 | 0,45 |
| 2,75 % Elia System Operator SA/NV 2018/perpetual * ... 1,125 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * ..............................  | EUR EUR | 400 000 300 000 |  |  | % % | 101,805 97,579 | 456 391,63 328 084,86 | 0,57 0,41 |
| 1,698 % EP Infrastructure AS (MTN) 2019/2026 .........  | EUR | 260 000 |  |  | % | 98,804 | 287 909,80 | 0,36 |
| 8,875 % Erste Group Bank AG 2016/2049 * ............  | EUR | 200 000 | 200 000 |  | % | 104,697 | 234 678,23 | 0,29 |
| 0,375 % EssilorLuxottica SA (MTN) 2020/2026 .......... 1,375 % Firmenich Productions Participations SAS (MTN) 2020/2026 ...............................  | EUR EUR | 300 000 230 000 | 300 000 230 000 |  | % % | 100,18 102,927 | 336 828,39 265 317,40 | 0,42 0,33 |
| 6,875 % Frigoglass Finance BV -Reg- (MTN) 2020/2025 ... 2,95 % Gazprom PJSC Via Gaz Finance PLC (MTN) 2020/2025 ...............................  | EUR EUR | 220 000 240 000 | 220 000 240 000 |  | % % | 69,133 104,386 | 170 457,71 280 776,01 | 0,21 0,35 |
| 1,125 % Heimstaden Bostad AB (MTN) 2020/2026 .......  | EUR | 200 000 | 200 000 |  | % | 97,477 | 218 494,61 | 0,27 |
| 3,248 % Heimstaden Bostad AB 2019/perpetual * .......  | EUR | 460 000 |  |  | % | 95,806 | 493 925,43 | 0,62 |
| 2,75 % Helvetia Europe SA 2020/2041 * .............. 1,625 % Huarong Universe Investment Holding Ltd (MTN) 2017/2022 ...............................  | EUR EUR | 100 000 200 000 | 100 000 |  | % % | 100,679 95,154 | 112 835,94 213 286,49 | 0,14 0,27 |
| 2,125 % ING Groep NV (MTN) 2020/2031 * ............  4,875 % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ...............................  | EUR EUR | 200 000 335 067 | 200 000 | 7 642 | % % | 102,52 96 | 229 799,61 360 504,79 | 0,29 0,45 |
| 7,00  % Intesa Sanpaolo SpA 2016/2049 * .............  | EUR | 200 000 | 200 000 |  | % | 99,786 | 223 670,23 | 0,28 |
| 1,00  % Iren SpA (MTN) 2020/2030 ..................  5,50 % Kaefer Isoliertechnik GmbH & Co., KG -Reg- (MTN) 2018/2024 ...............................  | EUR EUR | 330 000 300 000 | 330 000 |  | % % | 98,448 91,562 | 364 105,47 307 854,21 | 0,45 0,38 |
| 4,25  % KBC Group NV 2018/perpetual * ..............  | EUR | 200 000 |  |  | % | 96,046 | 215 288,14 | 0,27 |
| 3,75 % Kronos International, Inc. -Reg- (MTN) 2017/2025 . | EUR | 200 000 |  |  | % | 98,324 | 220 392,04 | 0,27 |
| 0,50  % La Banque Postale SA (MTN) 2020/2026 * ......  | EUR | 200 000 | 200 000 |  | % | 99,02 | 221 953,24 | 0,28 |
| 2,125 % La Mondiale SAM 2020/2031 ................  | EUR | 100 000 | 100 000 |  | % | 98,848 | 110 783,85 | 0,14 |
| 0,625 % La Poste SA (MTN) 2020/2026 ...............  | EUR | 200 000 | 200 000 |  | % | 101,978 | 228 583,60 | 0,28 |
| 4,125 % LHC3 PLC -Reg- (MTN) 2017/2024 ............  | EUR | 300 000 | 300 000 |  | % | 100,562 | 338 116,13 | 0,42 |
| 1,625 % Logicor Financing Sarl (MTN) 2019/2027 ........  | EUR | 510 000 |  |  | % | 100,917 | 576 823,68 | 0,72 |

| 4,375 % Mapfre SA 2017/2047 * .....................  | EUR | 200 000 |  | % | 108,882 | 244 060,03 | 0,30 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 5,50 % Mobilux Finance SAS -Reg- (MTN) 2016/2024 ... 7,125 % NAK Naftogaz Ukraine via Kondor Finance PLC (MTN) 2019/2024 ..........................  | EUR EUR | 400 000 300 000 |  | % % | 95,574 98,006 | 428 460,31 329 520,54 | 0,53 0,41 |
| 1,25  % Naturgy Finance BV (MTN) 2020/2026 .........  7,00 % Nitrogenmuvek Vegyipari Zrt -Reg- (MTN) 2018/2025 ...............................  | EUR EUR | 200 000 300 000 | 200 000 300 000 | % % | 104,143 90,537 | 233 436,44 304 407,91 | 0,29 0,38 |
| 3,25  % Nomad Foods Bondco PLC -Reg- (MTN) 2017/2024 | EUR | 300 000 |  | % | 101,075 | 339 839,28 | 0,42 |
| 3,125 % OCI NV -Reg- (MTN) 2019/2024 ...............  | EUR | 280 000 |  | % | 97,954 | 307 387,76 | 0,38 |
| 1,50  % OMV AG (MTN) 2020/2024 ..................  | EUR | 250 000 | 250 000 | % | 104,75 | 293 496,29 | 0,37 |
| 0,75  % OMV AG (MTN) 2020/2030 ..................  | EUR | 220 000 | 220 000 | % | 98,944 | 243 961,18 | 0,30 |
| 3,375 % Orano SA (MTN) 2019/2026 ..................  | EUR | 300 000 |  | % | 100,654 | 338 422,10 | 0,42 |
| 1,75  % Orsted A/S 2019/2099 * ....................  | EUR | 140 000 |  | % | 98,706 | 154 874,59 | 0,19 |
| 3,50  % Peach Property Finance GmbH -Reg- 2019/2023 . | EUR | 380 000 |  | % | 99,784 | 424 962,79 | 0,53 |
| 1,00  % Postnl NV (MTN) 2017/2024 .................  | EUR | 300 000 |  | % | 100,73 | 338 677,63 | 0,42 |
| 3,50  % PPF Telecom Group BV (MTN) 2020/2024 ......  | EUR | 180 000 | 180 000 | % | 102,206 | 206 184,18 | 0,26 |
| 6,875 % Radisson Hotel Holdings AB -Reg- (MTN) 2018/2023 | EUR | 300 000 |  | % | 96,428 | 324 213,23 | 0,40 |
| 0,875 % Rentokil Initial PLC (MTN) 2019/2026 ..........  | EUR | 250 000 |  | % | 99,622 | 279 128,28 | 0,35 |
| 4,247 % Repsol International Finance BV 2020/perpetual *	EUR | 100 000 | 100 000 |  | % | 101,39 | 113 632,24 | 0,14 |
| 2,00  % Royal Schiphol Group NV (MTN) 2020/2029	EUR | 160 000 | 160 000 |  | % | 110,91 | 198 884,63 | 0,25 |
| 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ..........................  | EUR | 190 000 | 190 000 |  | % | 92,329 | 196 607,60 | 0,24 |
| 4,125 % Sazka Group AS -Reg- (MTN) 2019/2024 ........  | EUR | 270 000 |  |  | % | 97,277 | 294 362,52 | 0,37 |
| 1,375 % Schlumberger Finance BV (MTN) 2020/2026 .....  | EUR | 120 000 | 120 000 |  | % | 102,424 | 137 750,66 | 0,17 |
| 6,375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 .. 2,125 % SIG Combibloc PurchaseCo Sarl -Reg- (MTN) 2020/2025 ...............................  | EUR EUR | 280 000 120 000 | 120 000 |  | % % | 97,002 101,986 | 304 403,43 137 160,24 | 0,38 0,17 |
| 2,00  % Signify NV 2020/2024 .......................  | EUR | 130 000 | 130 000 |  | % | 101,28 | 147 562,37 | 0,18 |
| 1,25  % Société Générale SA (MTN) 2019/2024 .........  | EUR | 300 000 |  |  | % | 101,407 | 340 955,55 | 0,42 |
| 0,125 % Societe Generale SA (MTN) 2020/2026 .........  | EUR | 300 000 | 500 000 | 200 000 | % | 98,958 | 332 719,72 | 0,41 |
| 2,50  % Societe Generale SA 2014/2026 * .............  | EUR | 400 000 | 400 000 |  | % | 100,728 | 451 561,20 | 0,56 |
| 9,00  % SRLEV NV 2011/2041 * .....................  | EUR | 421 000 |  |  | % | 104,202 | 491 659,74 | 0,61 |
| 2,50  % Standard Chartered PLC (MTN) 2020/2030 * ....  | EUR | 120 000 | 120 000 |  | % | 101,617 | 136 664,65 | 0,17 |
| 3,875 % Synthomer PLC -Reg- (MTN) 2020/2025 ........  | EUR | 140 000 | 140 000 |  | % | 101,468 | 159 209,09 | 0,20 |
| 2,502 % Telefonica Europe BV 2020/perpetual * .........  | EUR | 300 000 | 300 000 |  | % | 94,906 | 319 097,57 | 0,40 |
| 1,75  % Total SA (MTN) 2019/perpetual * ..............  | EUR | 140 000 |  | 100 000 | % | 98,872 | 155 135,05 | 0,19 |
| 3,00  % Transurban Finance Co., Pty Ltd (MTN) 2020/2030 | EUR | 140 000 | 140 000 |  | % | 110,348 | 173 141,46 | 0,22 |
| 2,125 % Unibail-Rodamco SE 2018/perpetual * ..........  | EUR | 200 000 |  | 200 000 | % | 87,662 | 196 493,17 | 0,24 |
| 4,00  % UPCB Finance IV Ltd -Reg- 2015/2027 .........  | EUR | 225 000 |  |  | % | 101,198 | 255 190,90 | 0,32 |
| 5,25  % Victoria PLC -Reg- (MTN) 2019/2024 ...........  | EUR | 190 000 |  |  | % | 95,062 | 202 427,32 | 0,25 |
| 3,00 % Vivion Investments Sarl (MTN) 2019/2024 ...... 3,00 % Volkswagen Financial Services AG (MTN) 2020/2025 ...............................  | EUR EUR | 300 000 420 000 | 420 000 |  | % % | 91,808 107,066 | 308 681,33 503 973,17 | 0,38 0,63 |
| 3,875 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2020/perpetual * ..........................  | EUR | 200 000 | 200 000 | % | 98,125 | 219 947,10 | 0,27 |
| 2,875 % WEPA Hygieneprodukte GmbH -Reg- (MTN) 2019/2027 ...............................  | EUR | 150 000 |  |  | % | 98,22 | 165 120,87 | 0,21 |
| 2,75  % Wienerberger AG (MTN) 2020/2025 ...........  | EUR | 200 000 | 200 000 |  | % | 101,725 | 228 016,50 | 0,28 |
| 3,375 % Abertis Infraestructuras SA (MTN) 2019/2026 ....  | GBP | 300 000 |  |  | % | 103,906 | 383 413,20 | 0,48 |
| 4,625 % Cie de Saint-Gobain (MTN) 2012/2029 ..........  | GBP | 200 000 |  |  | % | 123,896 | 304 784,21 | 0,38 |
| 1,75  % Motability Operations Group PLC (MTN) 2019/2029 | GBP | 270 000 |  |  | % | 105,108 | 349 065,38 | 0,43 |
| 5,75  % Nationwide Building Society 2020/perpetual * ...  | GBP | 200 000 | 200 000 |  | % | 100,875 | 248 152,54 | 0,31 |
| 3,25  % Pinewood Finance Co., Ltd -Reg- (MTN) 2019/2025 | GBP | 130 000 |  |  | % | 98,89 | 158 125,93 | 0,20 |
| 7,75  % Shop Direct Funding PLC -Reg- (MTN) 2017/2022 | GBP | 290 000 | 290 000 |  | % | 91,748 | 327 263,38 | 0,41 |
| 3,875 % SSE PLC 2015/2049 * ......................  | GBP | 300 000 | 300 000 |  | % | 100,226 | 369 835,84 | 0,46 |
| 3,75  % Africa Finance Corp. (MTN) 2019/2029 .........  | USD | 300 000 |  |  | % | 101,045 | 303 135,00 | 0,38 |
| 3,994 % African Export-Import Bank -Reg- (MTN) 2019/2029 | USD | 200 000 |  |  | % | 98,887 | 197 774,00 | 0,25 |
| 2,704 % Banco del Estado de Chile -144A- (MTN) 2020/2025 | USD | 200 000 | 200 000 |  | % | 102,933 | 205 866,00 | 0,26 |
| 2,746 % Banco Santander SA (MTN) 2020/2025 .........  | USD | 400 000 | 400 000 |  | % | 103,7 | 414 798,00 | 0,52 |
| 4,508 % Boeing Co./The 2020/2023 ...................  | USD | 565 000 | 565 000 |  | % | 105,76 | 597 546,83 | 0,74 |
| 4,00  % Boston Scientific Corp. (MTN) 2019/2029 .......  | USD | 321 000 |  |  | % | 114,698 | 368 178,98 | 0,46 |
| 4,375 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 430 000 | 430 000 |  | % | 101,625 | 436 987,50 | 0,54 |
| 4,875 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 280 000 | 280 000 |  | % | 103,558 | 289 963,80 | 0,36 |
| 3,90  % Capital One Financial Corp. (MTN) 2019/2024 ....  | USD | 360 000 |  |  | % | 108,832 | 391 793,40 | 0,49 |
| 3,75  % Cigna Corp. 2019/2023 ......................  | USD | 266 000 |  | 134 000 | % | 108,592 | 288 853,39 | 0,36 |
| 7,125 % Crédit Suisse Group AG 2017/perpetual * .......  | USD | 300 000 |  |  | % | 103,034 | 309 103,50 | 0,39 |
| 3,80  % Crown Castle International Corp. (MTN) 2018/2028 | USD | 500 000 |  |  | % | 112,936 | 564 677,50 | 0,70 |
| 3,10  % Crown Castle International Corp. (MTN) 2019/2029 | USD | 510 000 |  |  | % | 107,696 | 549 249,60 | 0,68 |
| 2,60  % DH Europe Finance II Sarl (MTN) 2019/2029 .....  | USD | 440 000 |  |  | % | 106,398 | 468 153,40 | 0,58 |
| 2,00  % Dominion Resources, Inc. (MTN) 2016/2021 .....  | USD | 570 000 |  |  | % | 101,49 | 578 493,00 | 0,72 |
| 4,205 % DowDuPont, Inc. (MTN) 2018/2023 ............  | USD | 700 000 |  |  | % | 109,869 | 769 083,00 | 0,96 |
| 6,875 % Ecopetrol SA (MTN) 2020/2030 ...............  5,125 % Gold Fields Orogen Holdings BVI Ltd -Reg- (MTN) 2019/2024 ...............................  | USD USD | 130 000 300 000 | 130 000 |  | % % | 114,195 107,629 | 148 453,50 322 887,00 | 0,18 0,40 |
| 2,633 % HSBC Holdings PLC (MTN) 2019/2025 * ........  3,00 % International Business Machines Corp. (MTN) 2019/2024 ...............................  | USD USD | 370 000 800 000 |  |  | % % | 103,549 108,216 | 383 131,30 865 724,00 | 0,48 1,08 |
| 6,50  % Jababeka International BV -Reg- (MTN) 2016/2023 | USD | 202 000 |  |  | % | 82,984 | 167 628,69 | 0,21 |
| 6,875 % Jefferies Group LLC 2010/2021 ...............  | USD | 650 000 |  |  | % | 104,354 | 678 301,00 | 0,85 |
| 2,80  % John Deere Capital Corp. (MTN) 2019/2029 .....  | USD | 368 000 |  |  | % | 111,089 | 408 807,52 | 0,51 |
| 2,05  % John Deere Capital Corp. (MTN) 2020/2025 .....  | USD | 600 000 | 600 000 |  | % | 105,7 | 634 200,00 | 0,79 |
| 3,75  % Juniper Networks, Inc. (MTN) 2019/2029 .......  | USD | 220 000 |  | 220 000 | % | 112,709 | 247 959,80 | 0,31 |
| 11,50 % Kaisa Group Holdings Ltd 2019/2023 ...........  | USD | 300 000 | 300 000 |  | % | 102,59 | 307 770,00 | 0,38 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 2,80  % Kroger Co./The (MTN) 2017/2022 .............  | USD | 800 000 |  |  | % | 104,356 | 834 848,00 | 1,04 |
| 4,582 % Lloyds Banking Group PLC (MTN) 2016/2025 ....  | USD | 400 000 |  |  | % | 110,95 | 443 800,00 | 0,55 |
| 4,50  % Marathon Petroleum Corp. 2020/2023 .........  | USD | 500 000 | 500 000 |  | % | 107,926 | 539 630,00 | 0,67 |
| 3,15  % McCormick & Co., Inc./MD (MTN) 2017/2024 ....  | USD | 840 000 |  |  | % | 108,614 | 912 353,40 | 1,14 |
| 3,30  % McDonald‘s Corp. (MTN) 2020/2025 ...........  | USD | 50 000 | 50 000 |  | % | 111,122 | 55 561,25 | 0,07 |
| 3,65  % McKesson Corp. 2018/2020 ..................  | USD | 430 000 |  |  | % | 101,264 | 435 435,20 | 0,54 |
| 5,00  % MEGlobal Canada ULC -Reg- (MTN) 2020/2025 ..  | USD | 300 000 | 300 000 |  | % | 107,78 | 323 340,00 | 0,40 |
| 7,50  % Metinvest BV 2017/2021 ....................  | USD | 288 939 |  |  | % | 99,866 | 288 550,41 | 0,36 |
| 3,741 % Mitsubishi UFJ Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 360 000 |  |  | % | 113,676 | 409 231,80 | 0,51 |
| 4,80  % MPLX LP 2018/2029 .......................  | USD | 310 000 |  |  | % | 111,311 | 345 064,10 | 0,43 |
| 2,85  % NIKE, Inc. (MTN) 2020/2030 .................  | USD | 400 000 | 400 000 |  | % | 111,29 | 445 160,00 | 0,55 |
| 2,648 % Nomura Holdings, Inc. (MTN) 2020/2025 .......  | USD | 660 000 | 660 000 |  | % | 104,331 | 688 584,60 | 0,86 |
| 2,50  % Pacific Gas and Electric Co. 2020/2031 .........  | USD | 130 000 | 130 000 |  | % | 98,111 | 127 544,30 | 0,16 |
| 5,60  % Petrobras Global Finance BV 2020/2031 ........  | USD | 132 000 | 132 000 |  | % | 100,37 | 132 488,40 | 0,16 |
| 3,70  % Phillips 66 2020/2023 .......................  | USD | 165 000 | 165 000 |  | % | 107,133 | 176 769,45 | 0,22 |
| 2,60  % PNC Financial Services Group, Inc./The (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | USD | 440 000 |  |  | % | 108,745 | 478 478,00 | 0,60 |
| 3,90  % Power Finance Corp., Ltd (MTN) 2019/2029 .....  | USD | 270 000 |  |  | % | 95,058 | 256 655,25 | 0,32 |
| 3,68  % Prosus NV -Reg- (MTN) 2020/2030 ............  | USD | 200 000 | 200 000 |  | % | 105,11 | 210 221,00 | 0,26 |
| 2,75  % QNB Finance Ltd (MTN) 2020/2027 ............  | USD | 270 000 | 270 000 |  | % | 102,638 | 277 123,95 | 0,35 |
| 3,65  % Roper Technologies, Inc. (MTN) 2018/2023 .....  | USD | 500 000 |  |  | % | 108,87 | 544 352,50 | 0,68 |
| 4,892 % Royal Bank of Scotland Group PLC 2018/2029 * . | USD | 450 000 |  |  | % | 117,814 | 530 165,25 | 0,66 |
| 13,75 % Scenery Journey Ltd. (MTN) 2018/2023 ........  | USD | 300 000 |  |  | % | 97,851 | 293 553,00 | 0,37 |
| 5,25  % Scor SE 2018/perpetual * ...................  | USD | 600 000 |  |  | % | 97,238 | 583 428,00 | 0,73 |
| 6,00  % Standard Chartered PLC -Reg- 2020/perpetual * ..  | USD | 470 000 | 470 000 |  | % | 99,977 | 469 891,90 | 0,59 |
| 3,40  % Stanley Black & Decker, Inc. (MTN) 2019/2026 ...  | USD | 263 000 |  |  | % | 112,147 | 294 946,61 | 0,37 |
| 10,775 % TBC Bank JSC -Reg- 2019/perpetual * .........  | USD | 260 000 |  |  | % | 96,207 | 250 138,20 | 0,31 |
| 3,975 % Tencent Holdings Ltd -Reg- (MTN) 2019/2029 ...  | USD | 310 000 |  |  | % | 112,723 | 349 441,30 | 0,44 |
| 1,81  % Tencent Holdings Ltd -Reg- (MTN) 2020/2026 ...  | USD | 200 000 | 200 000 |  | % | 101,028 | 202 055,00 | 0,25 |
| 6,25  % Times China Holdings Ltd 2018/2021 ..........  | USD | 300 000 |  |  | % | 100,528 | 301 582,50 | 0,38 |
| 3,235 % Toyota Industries Corp. -Reg- (MTN) 2018/2023 ..  | USD | 500 000 |  |  | % | 105,36 | 526 797,50 | 0,66 |
| 2,00  % UnitedHealth Group, Inc. (MTN) 2020/2030 .....  | USD | 245 000 | 245 000 |  | % | 104,464 | 255 938,03 | 0,32 |
| 4,50  % UPL Corp., Ltd (MTN) 2018/2028 .............  | USD | 300 000 | 300 000 |  | % | 98,98 | 296 941,50 | 0,37 |
| 3,40  % Valero Energy Corp. (MTN) 2016/2026 .........  | USD | 400 000 |  | 280 000 | % | 109,56 | 438 242,00 | 0,55 |
| 3,55  % Zimmer Biomet Holdings, Inc. (MTN) 2015/2025 . | USD | 500 000 |  |  | % | 108,472 | 542 362,50 | 0,68 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	22 437 307,45	27,95
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 2,45  % Amgen, Inc. (MTN) 2020/2 ...................  | USD | 530 000 | 530 000 |  | % | 105,799 | 560 734,70 | 0,70 |
| 5,375 % Anglo American Capital PLC -Reg- (MTN) 2020/2 . | USD | 510 000 | 510 000 |  | % | 113,09 | 576 756,45 | 0,72 |
| 3,194 % Bank of America Corp. (MTN) 2019/203 ........  | USD | 300 000 |  | 200 000 | % | 110,369 | 331 107,00 | 0,41 |
| 4,30  % Bank of America Corp. 2020/perpetua ..........  | USD | 245 000 | 245 000 |  | % | 89,37 | 218 957,73 | 0,27 |
| 3,30  % Bank of Montreal (MTN) 2019/2 ..............  | USD | 670 000 |  |  | % | 108,356 | 725 981,85 | 0,90 |
| 2,645 % Barclays PLC 2020/203 .....................  | USD | 500 000 | 500 000 |  | % | 99,656 | 498 282,50 | 0,62 |
| 4,70  % BAT Capital Corp. (MTN) 2020/2 ..............  | USD | 500 000 | 500 000 |  | % | 115,102 | 575 510,00 | 0,72 |
| 3,75  % BB&T Corp. (MTN) 2018/2 ...................  | USD | 700 000 |  |  | % | 109,634 | 767 441,50 | 0,96 |
| 3,052 % BNP Paribas SA -Reg- 2020/203 ..............  | USD | 280 000 | 280 000 |  | % | 105,616 | 295 724,80 | 0,37 |
| 3,125 % Broadcom, Inc. -144A- 2019/2 ................  | USD | 700 000 |  |  | % | 104,238 | 729 662,50 | 0,91 |
| 5,50  % BWAY Holding Co. -144A- (MTN) 2017/2 .......  | USD | 150 000 |  |  | % | 98,084 | 147 126,75 | 0,18 |
| 4,20  % CBS Corp. (MTN) 2019/2 ....................  | USD | 400 000 |  |  | % | 113,518 | 454 072,00 | 0,57 |
| 4,00  % CenturyLink, Inc. -144A- (MTN) 2020/2 .........  | USD | 400 000 | 400 000 |  | % | 97,055 | 388 220,00 | 0,48 |
| 6,484 % Charter Communications Operating LLC Via |  |  |  |  |  |  |  |  |
| Charter Communications Operating Capital 2016/2 | USD | 300 000 | 300 000 |  | % | 133,591 | 400 773,00 | 0,50 |
| 3,10  % Comcast Corp. (MTN) 2020/2 ................  | USD | 300 000 | 300 000 |  | % | 110,049 | 330 147,00 | 0,41 |
| 2,625 % Cooperatieve Rabobank UA -144A- (MTN) 2019/2 | USD | 430 000 |  |  | % | 106,216 | 456 728,80 | 0,57 |
| 1,375 % Costco Wholesale Corp. (MTN) 2020/2 .........  | USD | 240 000 | 240 000 |  | % | 102,366 | 245 677,20 | 0,31 |
| 3,50  % Cox Communications, Inc. -144A- (MTN) 2017/2 . | USD | 500 000 |  | 300 000 | % | 110,619 | 553 095,00 | 0,69 |
| 4,00  % Dell International LLC Via EMC Corp. -144A- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2 ..................................  | USD | 400 000 |  | 300 000 | % | 107,847 | 431 388,00 | 0,54 |
| 2,70 % Deutsche Bank AG/New York NY 2017/2 .......  | USD | 500 000 |  |  | % | 100,025 | 500 125,00 | 0,62 |
| 4,75  % Empresa Nacional de Telecomunicaciones SA |  |  |  |  |  |  |  |  |
| -Reg- 2014/2 ..............................  | USD | 300 000 |  |  | % | 106,765 | 320 295,00 | 0,40 |
| 2,65  % Enel Finance International NV -Reg- (MTN) 2019/2 | USD | 400 000 |  |  | % | 104,616 | 418 466,00 | 0,52 |
| 3,40  % Engie Energia Chile SA -Reg- (MTN) 2020/2 .....  | USD | 200 000 | 200 000 |  | % | 103,99 | 207 979,00 | 0,26 |
| 4,875 % Enterprise Products Operating LLC 2017/207 ....  | USD | 700 000 |  |  | % | 87,464 | 612 251,50 | 0,76 |
| 3,00  % Equinor ASA (MTN) 2020/2 ..................  | USD | 200 000 | 500 000 | 300 000 | % | 110,12 | 220 241,00 | 0,27 |
| 3,85  % Fifth Third Bank/Cincinnati OH (MTN) 2016/2 ....  | USD | 540 000 |  |  | % | 111,819 | 603 822,60 | 0,75 |
| 3,339 % Ford Motor Credit Co., LLC (MTN) 2017/2 ......  | USD | 600 000 |  |  | % | 97,75 | 586 500,00 | 0,73 |
| 3,70  % Gilead Sciences, Inc. (MTN) 2014/2 ............  | USD | 400 000 |  |  | % | 110,243 | 440 972,00 | 0,55 |
| 4,00  % Glencore Funding LLC -Reg- (MTN) 2017/2 ......  | USD | 600 000 |  |  | % | 107,351 | 644 106,00 | 0,80 |
| 5,25  % Global Bank Corp. -Reg- (MTN) 2019/202 .......  | USD | 400 000 |  |  | % | 102,684 | 410 734,00 | 0,51 |
| 4,65  % Hewlett Packard Enterprise Co. 2020/2 .........  | USD | 285 000 | 285 000 |  | % | 112,32 | 320 110,58 | 0,40 |
| 2,65  % Hyundai Capital America -144A- (MTN) 2020/2 ...  | USD | 332 000 | 332 000 |  | % | 100,815 | 334 705,80 | 0,42 |
| 6,875 % Kenbourne Invest SA -Reg- (MTN) 2019/2 .......  | USD | 200 000 |  |  | % | 100,51 | 201 019,00 | 0,25 |
| 4,30  % Kinder Morgan, Inc./DE (MTN) 2018/2 ..........  | USD | 700 000 |  |  | % | 113,604 | 795 224,50 | 0,99 |
| 4,00  % Lam Research Corp. (MTN) 2019/2 ............  | USD | 225 000 |  |  | % | 118,914 | 267 556,50 | 0,33 |
| 2,70  % Mars, Inc. -144A- (MTN) 2019/2 ...............  | USD | 240 000 |  |  | % | 107,336 | 257 607,60 | 0,32 |
| 10,00 % Medya Holding International Ltd 1996/2 ........  | USD | 2 500 000 |  |  | % | 0 | 2,50 | 0,00 |
| 2,497 % Micron Technology, Inc. 2020/2 ...............  | USD | 230 000 | 230 000 |  | % | 103,89 | 238 945,85 | 0,30 |
| 2,699 % Morgan Stanley (MTN) 2020/203 ..............  | USD | 495 000 | 495 000 |  | % | 106,247 | 525 922,65 | 0,66 |
| 7,00  % NBM US Holdings, Inc. -Reg- (MTN) 2019/2 .....  | USD | 300 000 |  |  | % | 100,762 | 302 286,00 | 0,38 |

| 3,625 % Netflix, Inc. -144A- (MTN) 2020/2 .............  3,875 % NextEra Energy Operating Partners LP -144A- (MTN) 2019/2 .............................  | USD USD | 35 000 320 000 | 35 000 | % % | 100,897 100,128 | 35 313,95 320 408,00 | 0,04 0,40 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3,40  % NXP BV Via NXP Funding LLC Via NXP USA, Inc. -144A- (MTN) 2020/2 .......................  | USD | 285 000 | 285 000 | % | 107,816 | 307 277,03 | 0,38 |
| 2,50  % Oracle Corp. (MTN) 2020/2 ..................  | USD | 360 000 | 360 000 | % | 107,378 | 386 560,80 | 0,48 |
| 1,65  % PayPal Holdings, Inc. (MTN) 2020/2 ............  | USD | 400 000 | 400 000 | % | 103,503 | 414 012,00 | 0,52 |
| 3,875 % SBA Communications Corp. -144A- (MTN) 2020/2 | USD | 65 000 | 65 000 | % | 100,065 | 65 042,25 | 0,08 |
| 3,75 % Schlumberger Holdings Corp. -144A- (MTN) 2019/2 2,875 % Shire Acquisitions Investments Ireland DAC (MTN) 2016/2 ..................................  | USD USD | 200 000 800 000 |  | % % | 107,819 106,106 | 215 638,00 848 848,00 | 0,27 1,06 |
| 4,00  % Stanley Black & Decker, Inc. 2020/206 .........  | USD | 298 000 | 298 000 | % | 100,252 | 298 750,96 | 0,37 |
| 1,30  % Starbucks Corp. 2020/2 .....................  | USD | 245 000 | 245 000 | % | 101,414 | 248 464,30 | 0,31 |
| 4,875 % Tenet Healthcare Corp. -144A- (MTN) 2019/2 ....  | USD | 350 000 |  | % | 97,718 | 342 014,75 | 0,43 |
| 3,75  % TJX Cos, Inc./The (MTN) 2020/2 ..............  | USD | 140 000 | 140 000 | % | 114,832 | 160 764,80 | 0,20 |
| 2,05  % T-Mobile USA, Inc. -144A- (MTN) 2020/2 .......  | USD | 220 000 | 220 000 | % | 100,28 | 220 616,00 | 0,28 |
| 3,902 % TransCanada PipeLines Ltd 2007/206 ..........  | USD | 300 000 |  | % | 67,852 | 203 556,00 | 0,25 |
| 2,15  % Union Pacific Corp. (MTN) 2020/2 .............  | USD | 364 000 | 364 000 | % | 106,18 | 386 495,20 | 0,48 |
| 2,65  % Ventas Realty LP (MTN) 2019/2 ...............  | USD | 430 000 |  | % | 101,448 | 436 228,55 | 0,54 |
| 3,55  % Wells Fargo Bank NA (MTN) 2018/2 ...........  | USD | 600 000 | 600 000 | % | 108,51 | 651 057,00 | 0,81 |
| Nichtnotierte Wertpapiere |  |  |  |  |  | 288 042,74 | 0,36 |
| Verzinsliche Wertpapiere 12,00 % Cammell Laird Holdings PLC -Reg- (MTN) 2000/2010 ...............................  | EUR | 2 000 000 |  | % | 0 | 2,24 | 0,00 |
| 3,15 % Corp. Nacional del Cobre de Chile -Reg- (MTN) 2020/2030 ...............................  | USD | 276 000 | 276 000 | % | 104,362 | 288 040,50 | 0,36 |
| Investmentanteile |  |  |  |  |  | 813 664,18 | 1,02 |
| Gruppeneigene Investmentanteile DWS Invest SICAV - Financial Hybrid Bonds -I- EUR - (0,600%) | Anteile | 7 500 |  | EUR | 96,8 | 813 664,18 | 1,02 |
| Summe Wertpapiervermögen |  |  |  |  |  | 78 548 383,81 | 97,86 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | -330 858,37 | -0,41 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen EUR/USD 32,7 Mio.  ...............................  | -218 275,04 | -0,27 |
| Geschlossene Positionen EUR/USD 26,5 Mio.  ...............................  | -130 025,69 | -0,16 |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen USD/GBP 1,8 Mio.  ................................  | 17 442,36 | 0,02 |
| Swaps Forderungen/Verbindlichkeiten | -140 616,05 | -0,18 |
| Credit Default Swaps |  |  |
| Protection Buyer iTraxx Europe / 1% / 20/06/2025 (OTC) (GS) .............	Stück	8 000 000 | -140 616,05 | -0,18 |
| Bankguthaben | 2 062 125,31 | 2,57 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................	EUR	504 268 | 565 158,10 | 0,70 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |
| Britisches Pfund ...................................	GBP	61 825 | 76 044,87 | 0,09 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |
| US-Dollar	USD | 1 420 922,34 | 1,78 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| Sonstige Vermögensgegenstände | 779 446,89 | 0,97 |
| Zinsansprüche ....................................  | 755 563,51 | 0,94 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 23 883,38 | 0,03 |
| Forderungen aus Anteilscheingeschäften | 275,22 | 0,00 |
| Summe der Vermögensgegenstände ** | 81 407 673,59 | 101,42 |
| Sonstige Verbindlichkeiten | -630 100,80 | -0,78 |
| Verbindlichkeiten aus Kostenpositionen ................  | -153 275,38 | -0,19 |
| Andere sonstige Verbindlichkeiten .....................  | -476 825,42 | -0,59 |
| Verbindlichkeiten aus Anteilscheingeschäften | -22 402,31 | -0,03 |
| Summe der Verbindlichkeiten | -1 141 419,89 | -1,42 |
| Fondsvermögen | 80 266 253,70 | 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 FCH .......................................  | EUR | 112,42 |
| Klasse LDH .......................................  | EUR | 98,65 |
| Klasse TFDH ......................................  | EUR | 96,23 |
| Klasse USD FC ....................................  | USD | 124,94 |
| Klasse USD LD ....................................  | USD | 109,82 |
| Klasse USD XC ....................................  | USD | 112,44 |
| Umlaufende Anteile Klasse FCH .......................................  | Stück | 30 000,000 |
| Klasse LDH .......................................  | Stück | 564 433,500 |
| Klasse TFDH ......................................  | Stück | 20,000 |
| Klasse USD FC ....................................  | Stück | 33 000,000 |
| Klasse USD LD ....................................  | Stück | 2 402,231 |
| Klasse USD XC ....................................  | Stück | 86 221,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
Barclays Global Aggregate Corporate 1-10yrs (50%) and The BofA Merrill Lynch BB-B Global High Yield Index (50%)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 35,985 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 115,317 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 80,895 |

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 0,5, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 44 163 276,49. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
GS = Goldman Sachs International
Vertragspartner der Devisentermingeschäfte
Citigroup Global Markets Limited, Goldman Sachs International und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Euro	EUR | 0,892260 | = USD | 1 |
| --- | --- | --- | --- |
| Britisches Pfund	GBP | 0,813008 | = USD | 1 |

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