# DWS Invest Global High Yield Corporates
DWS INVEST GLOBAL HIGH YIELD CORPORATES

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD FC | LU1506496097 | -13.9% |
| Class USD IC | LU2019219026 | -13.8% |
| Class USD IC50 | LU2019219372 | -13.8% |
| Class USD LD | LU1506496170 | -14.1% |
| Class USD TFC | LU1663931241 | -13.9% |
| Class USD XC | LU1506496253 | -13.7% |
| Class CHF ICH50 1 | LU2019218564 | -14.5% |
| Class CHF XCH 1 | LU1506495529 | -14.4% |
| Class FCH 2 | LU1506495875 | -14.5% |
| Class ICH 2 | LU2019218721 | -14.4% |
| Class TFCH 2 | LU1663931167 | -14.5% |
| Class XCH 2 | LU1506496337 | -14.3% |
| Class GBP TFDQH 3 | LU2104179317 | -14.1% |


##### ML Non-Financial Developed Markets High Yield Const. hedged USD
1 
in CHF
2 
in EUR
3 
in GBP
“BVI method” performance, i.e., excluding the initial sales charge.

##### -14.0%
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Global High Yield Corporates
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 80 691 052.65 | 93.68 |
| Total bonds | 80 691 052.65 | 93.68 |
| 2. Derivatives | 302 620.91 | 0.35 |
| 3. Cash at bank | 8 265 557.24 | 9.60 |
| 4. Other assets | 1 826 131.66 | 2.12 |
| II. Liabilities |  |  |
| 1. Other liabilities | -65 804.32 | -0.08 |
| 2. Liabilities from share certificate transactions | -4 886 388.64 | -5.67 |
| III. Net assets | 86 133 169.50 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | 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 |  |  |  |  |  |  | 29 538 923.82 | 34.30 |
| Interest-bearing securities 3.50 % Adient Global Holdings Ltd -Reg- (MTN) 2016/2024 ..........................  | EUR | 114 000 |  | 66 000 | % | 90.701 | 107 695.32 | 0.12 |
| 3.25 % ADLER Group SA (MTN) 2020/2025 ............  | EUR | 100 000 |  |  | % | 54.952 | 57 235.23 | 0.07 |
| 2.25 % ADLER Group SA (MTN) 2021/2029 ............  3.625 % Ahlstrom-Munksjo Holding 3 Oy -Reg- (MTN) 2021/2028 ..........................  | EUR EUR | 600 000 400 000 |  |  | % % | 47.86 81.574 | 299 091.35 339 853.43 | 0.35 0.39 |
| 3.875 % Allwyn International AS -Reg- (MTN) 2020/2027 ..  | EUR | 170 000 | 170 000 |  | % | 85.782 | 151 888.54 | 0.18 |
| 5.875 % Altice France SA -Reg- (MTN) 2018/2027 ........  | EUR | 370 000 |  |  | % | 87.137 | 335 802.74 | 0.39 |
| 3.375 % Altice France SA -Reg- (MTN) 2019/2028 ........  3.75 % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 ..........................  | EUR EUR | 730 000 250 000 | 250 000 |  | % % | 75.225 90.702 | 571 959.09 236 176.56 | 0.66 0.27 |
| 5.25 % BK LC Lux Finco1 Sarl -Reg- (MTN) 2021/2029 ...  | EUR | 273 000 |  |  | % | 79.641 | 226 453.62 | 0.26 |
| 10.125 % Carnival Corp. -Reg- (MTN) 2020/2026 ..........  | EUR | 100 000 |  |  | % | 99.403 | 103 533.14 | 0.12 |
| 4.00 % Chemours Co. (MTN) 2018/2026 ..............  4.375 % Clarios Global LP Via Clarios US Finance Co. -Reg- (MTN) 2019/2026 ..........................  | EUR EUR | 1 050 000 1 455 000 | 250 000 |  | % % | 89.044 87.773 | 973 809.20 1 330 159.89 | 1.13 1.54 |
| 4.25 % Constellium SE -Reg- (MTN) 2017/2026 .........  | EUR | 975 000 |  |  | % | 90.881 | 922 906.33 | 1.07 |
| 3.75 % Deutsche Lufthansa AG (MTN) 2021/2028 .......  | EUR | 600 000 |  |  | % | 80.808 | 504 993.19 | 0.59 |
| 2.75 % Faurecia SE (MTN) 2021/2027 ................  2.625 % Graphic Packaging International LLC -Reg- (MTN) 2021/2029 ..........................  | EUR EUR | 250 000 140 000 |  |  | % % | 78.241 81.733 | 203 729.68 119 180.55 | 0.24 0.14 |
| 3.75 % INEOS Quattro Finance 1 Plc -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2026 ..........................  | EUR | 230 000 |  | % | 80.76 | 193 465.74 | 0.22 |
| 4.25 % Kleopatra Finco Sarl -Reg- (MTN) 2021/2026 .....  | EUR | 220 000 |  | % | 82.372 | 188 747.93 | 0.22 |
| 6.50 % Kleopatra Holdings 2 SCA -Reg- (MTN) 2021/2026 | EUR | 155 000 |  | % | 65.535 | 105 799.82 | 0.12 |
| 3.75 % Kronos International, Inc. -Reg- (MTN) 2017/2025 . 5.125 % La Financiere Atalian SASU -Reg- (MTN) 2018/2025 ..........................  | EUR EUR | 255 000 275 000 |  | % % | 89.45 77.03 | 237 574.84 220 634.03 | 0.28 0.26 |
| 5.75 % Lenzing AG 2020/perpetual * .................  | EUR | 200 000 |  | % | 95.624 | 199 194.26 | 0.23 |
| 4.50 % LOXAM SAS (MTN) 2022/2027. . . . . . . . . . . . . . . . 4.75 % Mauser Packaging Solutions Holding Co. -Reg- (MTN) 2018/2024 ..........................  | EUR EUR | 140 000 200 000 | 140 000 | % % | 86.23 93.552 | 125 737.94 194 878.08 | 0.15 0.23 |
| 3.375 % Novelis Sheet Ingot GmbH (MTN) 2021/2029 ....  4.375 % Peach Property Finance GmbH -Reg- (MTN) 2020/2025 ..........................  | EUR EUR | 260 000 1 060 000 |  | % % | 79.386 79.107 | 214 979.56 873 374.87 | 0.25 1.01 |
| 3.25 % Pro-Gest SpA -Reg- (MTN) 2017/2024 ..........  | EUR | 370 000 |  | % | 76.55 | 295 003.27 | 0.34 |
| 5.25 % Rimini Bidco SpA -Reg- (MTN) 2021/2026 *...... 5.625 % Sani/Ikos Financial Holdings 1 Sarl -Reg- (MTN) 2021/2026 ..........................  | EUR EUR | 310 000 160 000 | 310 000 | % % | 85.544 86.91 | 276 204.76 144 833.71 | 0.32 0.17 |
| 5.375 % Schenck Process Holding GmbH/Darmstadt -Reg- (MTN) 2017/2023 ..........................  | EUR | 215 000 |  | % | 96.523 | 216 146.99 | 0.25 |
| 6.875 % Schenck Process Holding GmbH/Darmstadt -Reg- (MTN) 2018/2023 ..........................  | EUR | 120 000 |  | % | 98.079 | 122 584.96 | 0.14 |
| 2.25 % Seche Environnement SA (MTN) 2021/2028 .....  | EUR | 160 000 |  | % | 79.55 | 132 568.42 | 0.15 |
| 5.875 % Telefonica Europe BV 2014/perpetual * .........  4.50 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2018/2025 ..........................  | EUR EUR | 600 000 190 000 | 190 000 | % % | 99.137 93.753 | 619 536.55 185 531.94 | 0.72 0.21 |
| 6.00 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2020/2025 ..........................  | EUR | 200 000 | 200 000 |  | % | 97.684 | 203 485.44 | 0.24 |
| 4.375 % TK Elevator Midco GmbH -Reg- (MTN) 2020/2027 . | EUR | 790 000 |  |  | % | 86.869 | 714 779.07 | 0.83 |
| 3.00 % Vivion Investments Sarl (MTN) 2019/2024 .......  | EUR | 100 000 |  |  | % | 86.667 | 90 267.97 | 0.10 |
| 3.875 % Webuild SpA 2022/2026 .....................  | EUR | 230 000 | 230 000 |  | % | 82.951 | 198 714.42 | 0.23 |
| 3.00 % ZF Finance GmbH (MTN) 2020/2025 ...........  | EUR | 600 000 |  |  | % | 88.046 | 550 225.60 | 0.64 |
| 3.75 % ZF Finance GmbH (MTN) 2020/2028 ...........  4.50 % Bellis Acquisition Co., PLC -Reg- (MTN) 2021/2026 ..........................  | EUR GBP | 900 000 140 000 |  |  | % % | 78.894 80.588 | 739 548.05 137 209.93 | 0.86 0.16 |
| 3.875 % Iron Mountain UK PLC -Reg- (MTN) 2017/2025 ...  | GBP | 150 000 | 150 000 |  | % | 89.642 | 163 527.18 | 0.19 |
| 6.125 % Punch Finance PLC -Reg- (MTN) 2021/2026. . . . . . | GBP | 140 000 |  |  | % | 84.034 | 143 077.13 | 0.17 |
| 6.00 % Altice France Holding SA -144A- (MTN) 2020/2028 5.75 % AmeriGas Partners LP Via AmeriGas Finance Corp. (MTN) 2017/2027 ..........................  | USD USD | 250 000 45 000 |  |  | % % | 71.028 92.305 | 177 570.00 41 537.25 | 0.21 0.05 |
| 7.00 % ams-OSRAM AG -144A- (MTN) 2020/2025.......  | USD | 500 000 |  |  | % | 96.131 | 480 655.00 | 0.56 |
| 6.875 % Bath & Body Works, Inc. 2016/2035. . . . . . . . . . . . | USD | 215 000 |  | 350 000 | % | 81.131 | 174 431.65 | 0.20 |
| 4.75 % Boyd Gaming Corp. (MTN) 2020/2027 ..........  | USD | 610 000 |  |  | % | 90.887 | 554 410.70 | 0.64 |
| 5.375 % Chemours Co. (MTN) 2017/2027 ..............  | USD | 265 000 |  |  | % | 89.761 | 237 866.65 | 0.28 |
| 4.50 % Cheniere Energy Partners LP (MTN) 2020/2029...  | USD | 365 000 |  | 300 000 | % | 89.309 | 325 977.85 | 0.38 |
| 4.625 % Cheniere Energy, Inc. (MTN) 2021/2028.........  | USD | 255 000 |  |  | % | 90.673 | 231 216.15 | 0.27 |
| 5.375 % DCP Midstream Operating LP (MTN) 2018/2025 ..  | USD | 742 000 |  |  | % | 97.818 | 725 809.56 | 0.84 |
| 5.125 % DCP Midstream Operating LP (MTN) 2019/2029 ..  | USD | 230 000 |  |  | % | 90.354 | 207 814.20 | 0.24 |
| 5.625 % DCP Midstream Operating LP (MTN) 2020/2027 ..  | USD | 150 000 |  |  | % | 95.687 | 143 530.50 | 0.17 |
| 3.25 % DCP Midstream Operating LP 2021/2032 .......  | USD | 130 000 |  |  | % | 77.678 | 100 981.40 | 0.12 |
| 3.75 % Delta Air Lines, Inc. (MTN) 2019/2029 ..........  | USD | 153 000 |  |  | % | 79.131 | 121 070.43 | 0.14 |
| 5.875 % DISH DBS Corp. (MTN) 2015/2024 .............  | USD | 150 000 |  |  | % | 85.211 | 127 816.50 | 0.15 |
| 4.50 % Encompass Health Corp. (MTN) 2019/2028 ......  | USD | 150 000 |  |  | % | 86.127 | 129 190.50 | 0.15 |
| 4.75 % Encompass Health Corp. 2019/2030. . . . . . . . . . . . | USD | 399 000 |  |  | % | 84.231 | 336 081.69 | 0.39 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 5.584 % Ford Motor Credit Co., LLC (MTN) 2019/2024 ....  | USD | 285 000 | 285 000 |  | % | 99.51 | 283 603.50 | 0.33 |
| 5.113 % Ford Motor Credit Co., LLC (MTN) 2019/2029 ....  | USD | 400 000 |  |  | % | 89.602 | 358 408.00 | 0.42 |
| 5.125 % Ford Motor Credit Co., LLC (MTN) 2020/2025 ....  | USD | 1 000 000 | 1 000 000 |  | % | 96.251 | 962 510.00 | 1.12 |
| 3.625 % Ford Motor Credit Co., LLC (MTN) 2021/2031 ....  | USD | 350 000 |  | 350 000 | % | 77.383 | 270 840.50 | 0.31 |
| 4.95 % Ford Motor Credit Co., LLC (MTN) 2022/2027 .... 5.625 % Genesis Energy LP Via Genesis Energy Finance Corp. (MTN) 2014/2024 ...............  | USD USD | 500 000 20 000 | 500 000 20 000 |  | % % | 92.357 94.531 | 461 785.00 18 906.20 | 0.54 0.02 |
| 7.75 % Genesis Energy LP Via Genesis Energy |  |  |  |  |  |  |  |  |
| Finance Corp. (MTN) 2020/2028 ...............  | USD | 225 000 | % | 88.027 | 198 060.75 | 0.23 |
| 5.875 % Jaguar Land Rover Automotive PLC -144A- (MTN) 2020/2028 ..........................  | USD | 395 000 |  |  | % | 78.304 | 309 300.80 | 0.36 |
| 6.00 % Meritage Homes Corp. (MTN) 2015/2025 .......  | USD | 200 000 | 200 000 |  | % | 97.486 | 194 972.00 | 0.23 |
| 5.75 % Nabors Industries, Inc. (MTN) 2018/2025 ........  | USD | 285 000 | 285 000 |  | % | 88.296 | 251 643.60 | 0.29 |
| 5.75 % Newell Brands, Inc. 2016/2046 ................  | USD | 175 000 |  |  | % | 80.98 | 141 715.00 | 0.16 |
| 5.75 % NuStar Logistics LP (MTN) 2020/2025 ..........  | USD | 250 000 |  |  | % | 93.537 | 233 842.50 | 0.27 |
| 5.55 % Occidental Petroleum Corp. (MTN) 2019/2026 ....  | USD | 320 000 |  |  | % | 99.527 | 318 486.40 | 0.37 |
| 6.45 % Occidental Petroleum Corp. 2019/2036 .........  | USD | 175 000 |  | 425 000 | % | 102.921 | 180 111.75 | 0.21 |
| 8.00 % Occidental Petroleum Corp. (MTN) 2020/2025 ....  | USD | 520 000 |  |  | % | 105.925 | 550 810.00 | 0.64 |
| 8.50 % Occidental Petroleum Corp. (MTN) 2020/2027 ....  | USD | 300 000 |  |  | % | 110.267 | 330 801.00 | 0.38 |
| 6.625 % Occidental Petroleum Corp. (MTN) 2020/2030 ....  | USD | 395 000 |  |  | % | 103.09 | 407 205.50 | 0.47 |
| 6.125 % Occidental Petroleum Corp. 2020/2031 .........  | USD | 550 000 |  | 300 000 | % | 100.583 | 553 206.50 | 0.64 |
| 6.125 % Picasso Finance Sub, Inc. -Reg- (MTN) 2020/2025 . | USD | 750 000 | 750 000 |  | % | 98.535 | 739 012.50 | 0.86 |
| 8.25 % Range Resources Corp. (MTN) 2021/2029 .......  | USD | 310 000 | 310 000 |  | % | 102.582 | 318 004.20 | 0.37 |
| 3.70 % Royal Caribbean Cruises Ltd 2017/2028 .........  | USD | 165 000 |  |  | % | 65.261 | 107 680.65 | 0.12 |
| 6.875 % Sprint Capital Corp. 1998/2028 ................  | USD | 70 000 | 70 000 |  | % | 105.733 | 74 013.10 | 0.09 |
| 7.625 % Sprint Corp. (MTN) 2018/2026 ................  | USD | 465 000 | 465 000 |  | % | 105.888 | 492 379.20 | 0.57 |
| 6.375 % Telecom Italia Capital SA 2004/2033 ...........  | USD | 400 000 |  |  | % | 77.432 | 309 728.00 | 0.36 |
| 4.625 % Tenet Healthcare Corp. (MTN) 2017/2024 .......  6.00 % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2018/2024 ..........................  | USD USD | 68 000 200 000 | 200 000 |  | % % | 96.574 98.263 | 65 670.32 196 526.00 | 0.08 0.23 |
| 7.625 % TK Elevator Holdco GmbH -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2028 ..........................  | USD | 200 000 | % | 89.992 | 179 984.00 | 0.21 |
| 5.25 % TK Elevator US Newco, Inc. -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027 ..........................  | USD | 776 000 | % | 89.03 | 690 872.80 | 0.80 |
| 5.25 % United Rentals North America, Inc. 2019/2030 ... 6.875 % USA Compression Partners LP Via USA Compression Finance Corp. (MTN) 2019/2026 ....  | USD USD | 420 000 535 000 | % % | 93.088 91.406 | 390 969.60 489 022.10 | 0.45 0.57 |
| 5.50 % Virgin Media Secured Finance PLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | USD | 750 000 | 500 000 | % | 89.281 | 669 607.50 | 0.78 |
| 4.65 % Western Midstream Operating LP (MTN) 2016/2026 ..........................  | USD | 70 000 | 70 000 |  | % | 94.47 | 66 129.00 | 0.08 |
| 5.625 % Wynn Macau Ltd -144A- (MTN) 2020/2028 ......  | USD | 200 000 | 200 000 | 200 000 | % | 62.838 | 125 676.00 | 0.15 |
| 4.875 % Ziggo BV -144A- 2019/2030 ..................  | USD | 595 000 |  |  | % | 85.61 | 509 379.50 | 0.59 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 49 649 664.88 | 57.64 |
| Interest-bearing securities 5.00 % Acadia Healthcare Co., Inc. -144A- (MTN) 2020/2029 ..........................  | USD | 720 000 |  |  | % | 90.471 | 651 391.20 | 0.76 |
| 6.375 % Advanced Drainage Systems, Inc. -144A- (MTN) 2022/2030 ..........................  | USD | 190 000 | 190 000 |  | % | 98.176 | 186 534.40 | 0.22 |
| 6.875 % Affinity Gaming -144A- (MTN) 2020/2027 ........  4.625 % Allied Universal Holdco LLC Via Allied Universal Finance Corp Via Atlas Luxco 4 Sarl -144A- (MTN) 2021/2028 ......  | USD USD | 330 000 280 000 |  |  | % % | 84.658 82.927 | 279 371.40 232 195.60 | 0.32 0.27 |
| 10.50 % Altice France Holding SA -144A- (MTN) 2020/2027 5.50 % American Airlines Inc Via AAdvantage Loyalty IP Ltd -144A- (MTN) 2021/2026 .........  | USD USD | 200 000 705 000 |  | 200 000 | % % | 84.26 91.35 | 168 520.00 644 017.50 | 0.20 0.75 |
| 5.75 % American Airlines Inc Via AAdvantage |  |  |  |  |  |  |  |  |
| Loyalty IP Ltd -144A- (MTN) 2021/2029 .........  | USD | 400 000 | % | 85.341 | 341 364.00 | 0.40 |
| 11.75 % American Airlines, Inc. -144A- (MTN) 2020/2025 ..  5.75 % Antero Midstream Partners LP Via Antero Midstream Finance Corp. -144A- (MTN) 2019/2027 .........  | USD USD | 350 000 500 000 | % % | 103.645 93.783 | 362 757.50 468 915.00 | 0.42 0.54 |
| 5.75 % Antero Midstream Partners LP Via Antero Midstream |  |  |  |  |  |  |  |  |
| Finance Corp. -144A- (MTN) 2019/2028 .........  | USD | 290 000 | % | 91.825 | 266 292.50 | 0.31 |
| 6.875 % Archrock Partners LP Via Archrock Partners |  |  |  |  |  |  |  |  |
| Finance Corp. -144A- (MTN) 2019/2027 .........  | USD | 110 000 | % | 91.953 | 101 148.30 | 0.12 |
| 6.25 % Archrock Partners LP Via Archrock Partners |  |  |  |  |  |  |  |  |
| Finance Corp. -144A- (MTN) 2019/2028 .........  | USD | 785 000 | % | 88.783 | 696 946.55 | 0.81 |
| 6.125 % Arconic Corp. -144A- (MTN) 2020/2028 .........  4.125 % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -144A- (MTN) 2019/2026.............  | USD USD | 660 000 220 000 | % % | 93.709 84.871 | 618 479.40 186 716.20 | 0.72 0.22 |
| 5.125 % Arko Corp. -144A- (MTN) 2021/2029............  4.125 % ATS Automation Tooling Systems, Inc. -144A- (MTN) 2020/2028 ..........................  | USD USD | 140 000 105 000 | % % | 76.536 84.528 | 107 150.40 88 754.40 | 0.12 0.10 |
| 6.75 % Audacy Capital Corp. -144A- (MTN) 2021/2029 ...  | USD | 170 000 | % | 60.409 | 102 695.30 | 0.12 |
| 6.625 % Bath & Body Works, Inc. -144A- (MTN) 2020/2030 9.25 % Bausch Health Americas, Inc. -144A- (MTN) 2018/2026 ..........................  | USD USD | 230 000 470 000 | % % | 87.142 73.928 | 200 426.60 347 461.60 | 0.23 0.40 |
| 8.50 % Bausch Health Americas, Inc. -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2027 ..........................  | USD | 310 000 | 300 000 | % | 70.343 | 218 063.30 | 0.25 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 7.125 % Bombardier, Inc. -144A- (MTN) 2021/2026 .......  | USD | 600 000 |  |  | % | 83.619 | 501 714.00 | 0.58 |
| 6.00 % Bombardier, Inc. -144A- (MTN) 2021/2028 .......  | USD | 240 000 |  |  | % | 75.539 | 181 293.60 | 0.21 |
| 7.125 % Boxer Parent Co., Inc. -144A- (MTN) 2020/2025 ..  4.625 % Caesars Entertainment, Inc. -144A- (MTN) 2021/2029 ..........................  | USD USD | 200 000 550 000 |  | 1 000 000 | % % | 96.117 78.112 | 192 234.00 429 616.00 | 0.22 0.50 |
| 4.50 % Calpine Corp. -144A- (MTN) 2019/2028 .........  | USD | 405 000 |  | 300 000 | % | 91.117 | 369 023.85 | 0.43 |
| 4.625 % Calpine Corp. -144A- (MTN) 2020/2029 .........  4.75 % Cargo Aircraft Management, Inc. -144A- (MTN) 2020/2028 ..........................  | USD USD | 90 000 340 000 |  |  | % % | 82.621 91.379 | 74 358.90 310 688.60 | 0.09 0.36 |
| 10.50 % Carnival Corp. -144A- (MTN) 2020/2026 .........  | USD | 265 000 |  |  | % | 100.399 | 266 057.35 | 0.31 |
| 9.875 % Carnival Corp. -144A- (MTN) 2020/2027 .........  | USD | 525 000 |  |  | % | 97 | 509 250.00 | 0.59 |
| 5.75 % Carnival Corp. -144A- (MTN) 2021/2027 .........  | USD | 505 000 |  |  | % | 72.803 | 367 655.15 | 0.43 |
| 6.00 % Carnival Corp. -144A- (MTN) 2021/2029 .........  5.00 % CCO Holdings LLC Via CCO Holdings Capital Corp. -144A- 2017/2028. . . . | USD USD | 70 000 1 225 000 | 1 225 000 |  | % % | 70.798 91.604 | 49 558.60 1 122 149.00 | 0.06 1.30 |
| 5.375 % CCO Holdings LLC Via CCO Holdings |  |  |  |  |  |  |  |  |
| Capital Corp. -144A- (MTN) 2019/2029 ..........  | USD | 650 000 | 650 000 | % | 90.804 | 590 226.00 | 0.69 |
| 3.25 % Cheniere Energy Partners LP -144A- 2021/2032 ..  6.75 % Chesapeake Energy Corp. -144A- (MTN) 2021/2029 ..........................  | USD USD | 90 000 970 000 |  | % % | 79.404 98.07 | 71 463.60 951 279.00 | 0.08 1.10 |
| 6.00 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2020/2029 .................  | USD | 220 000 | % | 83.08 | 182 776.00 | 0.21 |
| 6.875 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2021/2029 .................  | USD | 360 000 | % | 65.085 | 234 306.00 | 0.27 |
| 4.75 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2021/2031 .................  | USD | 350 000 | % | 74.882 | 262 087.00 | 0.30 |
| 6.125 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2021/2030 .................  | USD | 140 000 | % | 61.873 | 86 622.20 | 0.10 |
| 5.25 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2022/2030 .................  | USD | 250 000 | 250 000 | % | 77.194 | 192 985.00 | 0.22 |
| 5.125 % Clean Harbors, Inc. -144A- (MTN) 2019/2029 .....  | USD | 200 000 | 200 000 | % | 91.56 | 183 120.00 | 0.21 |
| 4.75 % Clearwater Paper Corp. -144A- (MTN) 2020/2028 . | USD | 560 000 | 300 000 | % | 87.014 | 487 278.40 | 0.57 |
| 4.625 % Cleveland-Cliffs, Inc. -144A- (MTN) 2021/2029 ....  | USD | 91 000 |  | % | 89.445 | 81 394.95 | 0.09 |
| 4.875 % Cleveland-Cliffs, Inc. -144A- (MTN) 2021/2031 .... 6.625 % Clydesdale Acquisition Holdings, Inc. -144A- (MTN) 2022/2029 .................  | USD USD | 268 000 40 000 | 40 000 | % % | 88.476 94.477 | 237 115.68 37 790.80 | 0.28 0.04 |
| 5.875 % Colgate Energy Partners III LLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2029 ..........................  | USD | 410 000 | % | 88.894 | 364 465.40 | 0.42 |
| 6.00 % CommScope Technologies LLC -144A- (MTN) 2015/2025 ..........................  | USD | 160 000 | 100 000 | 75 000 | % | 87.563 | 140 100.80 | 0.16 |
| 5.00 % CommScope Technologies LLC -144A- (MTN) 2017/2027 ..........................  | USD | 135 000 |  | 70 000 | % | 74.842 | 101 036.70 | 0.12 |
| 5.625 % Constellium SE -144A- (MTN) 2020/2028 ........  | USD | 750 000 |  |  | % | 91.319 | 684 892.50 | 0.80 |
| 3.75 % Constellium SE -144A- (MTN) 2021/2029 ........  | USD | 269 000 |  |  | % | 79.749 | 214 524.81 | 0.25 |
| 6.50 % Coty, Inc. -144A- (MTN) 2018/2026 ............  | USD | 300 000 | 300 000 |  | % | 93.28 | 279 840.00 | 0.32 |
| 4.875 % Covanta Holding Corp. -144A- (MTN) 2021/2029 ..  5.50 % CQP Holdco LP Via BIP-V Chinook Holdco LLC -144A- (MTN) 2021/2031 ...........  | USD USD | 70 000 250 000 | 40 000 |  | % % | 81.417 85.369 | 56 991.90 213 422.50 | 0.07 0.25 |
| 7.50 % CSC Holdings LLC -144A- (MTN) 2018/2028 .....  | USD | 400 000 |  |  | % | 84.482 | 337 928.00 | 0.39 |
| 5.75 % CSC Holdings LLC -144A- 2019/2030 ...........  | USD | 135 000 |  |  | % | 73.531 | 99 266.85 | 0.12 |
| 5.00 % CSC Holdings LLC -144A- (MTN) 2021/2031 .....  6.75 % Cushman & Wakefield US Borrower LLC -144A- (MTN) 2020/2028 .................  | USD USD | 250 000 425 000 |  | 40 000 | % % | 68.83 92.813 | 172 075.00 394 455.25 | 0.20 0.46 |
| 5.25 % DISH DBS Corp. -144A- (MTN) 2021/2026 .......  | USD | 560 000 |  |  | % | 79.649 | 446 034.40 | 0.52 |
| 5.75 % DISH DBS Corp. -144A- (MTN) 2021/2028 .......  | USD | 290 000 |  | 300 000 | % | 74.359 | 215 641.10 | 0.25 |
| 4.125 % DT Midstream, Inc. -144A- (MTN) 2021/2029.....  | USD | 445 000 |  |  | % | 85.345 | 379 785.25 | 0.44 |
| 4.375 % DT Midstream, Inc. -144A- (MTN) 2021/2031.....  5.75 % Endeavor Energy Resources LP Via EER Finance, Inc. -144A- 2017/2028............  | USD USD | 80 000 770 000 | 190 000 |  | % % | 84.065 95.343 | 67 252.00 734 141.10 | 0.08 0.85 |
| 5.00 % EverArc Escrow Sarl -144A- (MTN) 2021/2029 .... 6.875 % First Quantum Minerals Ltd -144A- (MTN) 2018/2026 ..........................  | USD USD | 260 000 200 000 |  |  | % % | 83.957 91.715 | 218 288.20 183 430.00 | 0.25 0.21 |
| 6.875 % First Quantum Minerals Ltd -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027 ..........................  | USD | 1 020 000 | 300 000 | % | 89.798 | 915 939.60 | 1.06 |
| 5.875 % Frontier Communications Holdings LLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027	USD | 155 000 |  |  | % | 90.237 | 139 867.35 | 0.16 |
| (MTN) 2020/2028	USD | 385 000 |  |  | % | 85.515 | 329 232.75 | 0.38 |
| 6.00 % Frontier Communications Holdings LLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 ..........................  | USD | 160 000 |  | % | 77.569 | 124 110.40 | 0.14 |
| 5.125 % GFL Environmental, Inc. -144A- (MTN) 2019/2026 . | USD | 170 000 |  | % | 95.528 | 162 397.60 | 0.19 |
| 7.50 % Harvest Midstream I LP -144A- (MTN) 2020/2028 . 5.75 % Hawaiian Brand Intellectual Property Ltd Via HawaiianMiles Loyalty Ltd -144A- (MTN) 2021/2026 ..........................  | USD USD | 485 000 330 000 |  | % % | 95.195 89.586 | 461 695.75 295 633.80 | 0.54 0.34 |
| 4.625 % Hertz Corp. -144A- (MTN) 2021/2026 ...........  | USD | 240 000 |  | % | 83.294 | 199 905.60 | 0.23 |
| 5.00 % Hertz Corp. -144A- (MTN) 2021/2029 ...........  5.125 % Hess Midstream Operations LP -144A- (MTN) 2019/2028 ..........................  | USD USD | 400 000 330 000 | 330 000 | % % | 77.36 90.408 | 309 440.00 298 346.40 | 0.36 0.35 |

5.00 % Frontier Communications Holdings LLC -144A-
4.25 % Hess Midstream Operations LP -144A-
(MTN) 2021/2030 ..........................	USD	340 000	%	84.843	288 466.20	0.34
6.25 % Hilcorp Energy I LP Via Hilcorp Finance Co. -144A-
(MTN) 2018/2028 ..........................	USD	115 000	%	95.221	109 504.15	0.13
5.75 % Hilcorp Energy I LP Via Hilcorp Finance Co. -144A-
(MTN) 2021/2029 ..........................	USD	435 000	%	88.789	386 232.15	0.45
5.00 % Hilton Grand Vacations Borrower Escrow LLC Via Hilton Grand Vacations Borrower Esc -144A-
(MTN) 2021/2029 ..........................	USD	240 000	%	81.635	195 924.00	0.23
4.875 % Hilton Grand Vacations Borrower Escrow LLC Via Hilton Grand Vacations Borrower Esc -144A-
(MTN) 2021/2031 ..........................	USD	100 000	%	76.257	76 257.00	0.09
6.75 % Howard Midstream Energy Partners LLC -144A-
(MTN) 2021/2027 ..........................	USD	100 000	%	87.319	87 319.00	0.10
6.125 % Hudbay Minerals, Inc. -144A- (MTN) 2020/2029...	USD	620 000	%	82.507	511 543.40	0.59
4.50 % Hudbay Minerals, Inc. -144A- (MTN) 2021/2026...	USD	400 000	%	84.775	339 100.00	0.39
5.25 % iHeartCommunications,
Inc. -144A- (MTN) 2019/2027 .................	USD	385 000	%	85.344	328 574.40	0.38
6.50 % Iliad Holding SASU -144A- (MTN) 2021/2026 .....	USD	640 000	%	90.195	577 248.00	0.67
4.75 % Imola Merger Corp. -144A- (MTN) 2021/2029 ....	USD	550 000	350 000	%	84.528	464 904.00	0.54
4.125 % International Game Technology PLC -144A-
(MTN) 2021/2026 ..........................	USD	285 000	%	91.405	260 504.25	0.30
4.875 % Iron Mountain, Inc. -144A- (MTN) 2019/2029 .....	USD	215 000	%	85.268	183 326.20	0.21
5.00 % Iron Mountain, Inc. -144A- (MTN) 2020/2028 .....	USD	225 000	%	89.614	201 631.50	0.23
5.25 % Iron Mountain, Inc. -144A- (MTN) 2020/2030 .....	USD	245 000	%	86.437	211 770.65	0.25
7.75 % Jaguar Land Rover Automotive PLC -144A-
(MTN) 2020/2025 ..........................	USD	330 000	%	94.987	313 457.10	0.36
6.75 % LCPR Senior Secured Financing DAC -144A-
(MTN) 2019/2027 ..........................	USD	698 000	%	93.368	651 708.64	0.76
5.125 % LCPR Senior Secured Financing DAC -144A-
(MTN) 2021/2029 ..........................	USD	290 000	%	84.55	245 195.00	0.28
4.375 % Legacy LifePoint Health LLC -144A-
(MTN) 2020/2027 ..........................	USD	220 000	%	86.346	189 961.20	0.22
5.375 % LifePoint Health, Inc. -144A- (MTN) 2020/2029 ...	USD	420 000	400 000	%	74.754	313 966.80	0.36
5.875 % Macy‘s Retail Holdings LLC -144A-
(MTN) 2022/2030 ..........................	USD	20 000	20 000	%	84.29	16 858.00	0.02
6.125 % Macy‘s Retail Holdings LLC -144A-
(MTN) 2022/2032 ..........................	USD	10 000	10 000	%	83.443	8 344.30	0.01
6.125 % Marriott Ownership Resorts,
Inc. -144A- (MTN) 2020/2025 .................	USD	323 000	%	99.54	321 514.20	0.37
4.50 % Marriott Ownership Resorts,
Inc. -144A- (MTN) 2021/2029 .................	USD	160 000	%	83.575	133 720.00	0.16
5.375 % Masonite International Corp. -144A-
(MTN) 2019/2028 ..........................	USD	251 000	%	92.08	231 120.80	0.27
3.375 % Mattel, Inc. -144A- (MTN) 2021/2026 ...........	USD	205 000	%	92.499	189 622.95	0.22
7.25 % Mauser Packaging Solutions Holding Co. -144A-
(MTN) 2017/2025 ..........................	USD	340 000	%	87.601	297 843.40	0.35
3.875 % Meritage Homes Corp. -144A- (MTN) 2021/2029 ..	USD	300 000	%	81.596	244 788.00	0.28
4.875 % Midwest Gaming Borrower LLC Via Midwest
Gaming Finance Corp. -144A- (MTN) 2021/2029 ..	USD	280 000	%	82.79	231 812.00	0.27
7.375 % Nabors Industries, Inc. -144A- (MTN) 2021/2027 ..	USD	270 000	%	95.565	258 025.50	0.30
3.625 % NCL Corp., Ltd -144A- (MTN) 2019/2024 ........	USD	480 000	%	84.181	404 068.80	0.47
5.875 % NCL Corp., Ltd -144A- (MTN) 2020/2026 ........	USD	285 000	480 000	%	78.664	224 192.40	0.26
6.125 % NCL Finance Ltd -144A- (MTN) 2021/2028 .......	USD	145 000	%	74.841	108 519.45	0.13
5.125 % NCR Corp. -144A- (MTN) 2021/2029............	USD	570 000	%	85.432	486 962.40	0.57
5.50 % NESCO Holdings II, Inc. -144A- (MTN) 2021/2029 .	USD	290 000	%	84.259	244 351.10	0.28
3.875 % Novelis Corp. -144A- (MTN) 2021/2031 .........	USD	1 000 000	%	77.108	771 080.00	0.90
5.125 % Organon & Co. Via Organon Foreign Debt
Co-Issuer BV -144A- (MTN) 2021/2031 ..........	USD	600 000	%	86.366	518 196.00	0.60
4.25 % Outfront Media Capital LLC Via Outfront Media
Capital Corp. -144A- (MTN) 2021/2029 ..........	USD	255 000	%	80.245	204 624.75	0.24
4.50 % Owens & Minor, Inc. -144A- (MTN) 2021/2029 ...	USD	170 000	%	81.671	138 840.70	0.16
6.625 % Owens & Minor, Inc. -144A- (MTN) 2022/2030 ...	USD	40 000	40 000	%	91.446	36 578.40	0.04
4.50 % Pattern Energy Operations LP Via Pattern Energy
Operations, Inc. -144A- (MTN) 2020/2028 .......	USD	585 000	%	88.007	514 840.95	0.60
8.50 % Peninsula Pacific Entertainment LLC Via Peninsula Pacific Entertainment Finance,
Inc. -144A- (MTN) 2020/2027 .................	USD	190 000	%	104.988	199 477.20	0.23
5.875 % Pilgrim‘s Pride Corp. -144A- (MTN) 2017/2027 ....	USD	575 000	%	96.274	553 575.50	0.64
3.375 % Prime Security Services Borrower LLC Via
Prime Finance, Inc. -144A- (MTN) 2020/2027 .....	USD	180 000	480 000	%	83.765	150 777.00	0.18
6.50 % Radiate Holdco LLC Via Radiate Finance,
Inc. -144A- (MTN) 2020/2028 .................	USD	145 000	%	78.055	113 179.75	0.13
4.75 % Range Resources Corp. -144A- (MTN) 2022/2030 .	USD	50 000	50 000	%	89.697	44 848.50	0.05
4.875 % Raptor Acquisition Corp. Via Raptor
Co-Issuer LLC -144A- (MTN) 2021/2026 .........	USD	680 000	%	87.224	593 123.20	0.69
5.50 % Rockcliff Energy II LLC -144A- (MTN) 2021/2029 ..	USD	80 000	%	91.156	72 924.80	0.08
4.375 % Roller Bearing Co. of America,
Inc. -144A- (MTN) 2021/2029 .................	USD	220 000	%	85.35	187 770.00	0.22
10.875 % Royal Caribbean Cruises Ltd -144A- 2020/2023 ...	USD	330 000	%	100.684	332 257.20	0.39
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 11.50 % Royal Caribbean Cruises Ltd -144A- (MTN) 2020/2025 ..........................  | USD | 86 000 |  |  | % | 103.449 | 88 966.14 | 0.10 |
| 9.125 % Royal Caribbean Cruises Ltd -144A- 2020/2023 ...  5.375 % Royal Caribbean Cruises Ltd -144A- (MTN) 2022/2027 ..........................  | USD USD | 775 000 80 000 | 80 000 |  | % % | 99.079 72.17 | 767 862.25 57 736.00 | 0.89 0.07 |
| 7.00 % Scientific Games International, Inc. -144A- (MTN) 2019/2028 .................  | USD | 790 000 |  |  | % | 94.061 | 743 081.90 | 0.86 |
| 6.25 % Select Medical Corp. -144A- (MTN) 2019/2026 ...  | USD | 385 000 |  |  | % | 94.09 | 362 246.50 | 0.42 |
| 3.125 % SPCM SA (MTN) 2021/2027 ..................  8.00 % Spirit Loyalty Cayman Ltd Via Spirit IP Cayman Ltd -144A- (MTN) 2020/2025 ....  | USD USD | 400 000 526 000 |  |  | % % | 84.473 102.844 | 337 892.00 540 959.44 | 0.39 0.63 |
| 7.50 % Staples, Inc. -144A- (MTN) 2019/2026 ..........  | USD | 305 000 |  |  | % | 84.505 | 257 740.25 | 0.30 |
| 5.875 % Sunnova Energy Corp. -144A- (MTN) 2021/2026 ..  | USD | 320 000 |  |  | % | 87.639 | 280 444.80 | 0.33 |
| 7.00 % Taseko Mines Ltd -144A- (MTN) 2021/2026 ......  5.50 % Telenet Finance Luxembourg Notes Sarl -144A- 2017/2028 .................  | USD USD | 375 000 600 000 |  |  | % % | 85.876 87.732 | 322 035.00 526 392.00 | 0.37 0.61 |
| 6.25 % Tenet Healthcare Corp. -144A- (MTN) 2019/2027. . | USD | 260 000 |  |  | % | 92.444 | 240 354.40 | 0.28 |
| 4.875 % Tenet Healthcare Corp. -144A- (MTN) 2019/2026. . | USD | 675 000 | 675 000 |  | % | 92.932 | 627 291.00 | 0.73 |
| 5.125 % Tenet Healthcare Corp. -144A- (MTN) 2019/2027. . | USD | 480 000 |  |  | % | 90.525 | 434 520.00 | 0.50 |
| 4.375 % Tenet Healthcare Corp. -144A- (MTN) 2021/2030. . 6.875 % Transocean Poseidon Ltd -144A- (MTN) 2019/2027 ..........................  | USD USD | 340 000 514 688 | 250 000 | 34 312 | % % | 84.87 89.366 | 288 558.00 459 955.63 | 0.34 0.53 |
| 6.625 % Travel + Leisure Co. -144A- (MTN) 2020/2026 ....  | USD | 340 000 |  |  | % | 95.956 | 326 250.40 | 0.38 |
| 4.625 % Tronox, Inc. -144A- (MTN) 2021/2029 ...........  | USD | 525 000 |  |  | % | 80.696 | 423 654.00 | 0.49 |
| 7.50 % Uber Technologies, Inc. -144A- (MTN) 2019/2027 . | USD | 250 000 |  |  | % | 97.701 | 244 252.50 | 0.28 |
| 7.50 % Uber Technologies, Inc. -144A- (MTN) 2020/2025 . | USD | 420 000 |  |  | % | 99.775 | 419 055.00 | 0.49 |
| 6.25 % Uber Technologies, Inc. -144A- (MTN) 2020/2028 . | USD | 95 000 |  |  | % | 92.167 | 87 558.65 | 0.10 |
| 4.50 % Uber Technologies, Inc. -144A- (MTN) 2021/2029 . | USD | 70 000 |  |  | % | 82.028 | 57 419.60 | 0.07 |
| 4.375 % United Airlines, Inc. -144A- (MTN) 2021/2026 ....  | USD | 465 000 |  |  | % | 88.58 | 411 897.00 | 0.48 |
| 4.625 % United Airlines, Inc. -144A- (MTN) 2021/2029 ....  6.00 % Uniti Group LP Via Uniti Fiber Holdings, Inc. Via CSL Capital LLC -144A- (MTN) 2021/2030 . | USD USD | 170 000 105 000 |  | 195 000 | % % | 83.714 71.02 | 142 313.80 74 571.00 | 0.17 0.09 |
| 5.125 % Univar Solutions USA, Inc./Washington -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2027 ..........................  | USD | 530 000 | % | 93.592 | 496 037.60 | 0.58 |
| 6.25 % Vail Resorts, Inc. -144A- (MTN) 2020/2025.......  3.875 % Venture Global Calcasieu Pass LLC -144A- (MTN) 2021/2029 ..........................  | USD USD | 295 000 70 000 | % % | 100.214 86.126 | 295 631.30 60 288.20 | 0.34 0.07 |
| 4.625 % VICI Properties LP Via VICI Note Co, |  |  |  |  |  |  |  |  |
| Inc. -144A- 2022/2025 .......................      | USD | 803 000 | 803 000 | % | 95.545 | 767 226.35 | 0.89 |
| 4.50 % VICI Properties LP Via VICI Note Co, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2022/2028 .................  | USD | 550 000 | 550 000 | % | 90.125 | 495 687.50 | 0.58 |
| 5.125 % Videotron Ltd -144A- (MTN) 2017/2027 .........  | USD | 300 000 | 300 000 | % | 93.831 | 281 493.00 | 0.33 |
| 3.625 % Videotron Ltd -144A- (MTN) 2021/2029 .........  | USD | 110 000 |  | % | 82.475 | 90 722.50 | 0.11 |
| 5.875 % Viking Cruises Ltd -144A- (MTN) 2017/2027......  | USD | 235 000 |  | % | 75.327 | 177 018.45 | 0.21 |
| 7.00 % Viking Cruises Ltd -144A- (MTN) 2021/2029......  5.625 % Viking Ocean Cruises Ship VII Ltd -144A- (MTN) 2021/2029 ..........................  | USD USD | 275 000 45 000 |  | % % | 75.165 79.728 | 206 703.75 35 877.60 | 0.24 0.04 |
| 5.00 % Virgin Media Finance PLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2030 ..........................  | USD | 637 000 | % | 79.922 | 509 103.14 | 0.59 |
| 5.00 % VOC Escrow Ltd -144A- (MTN) 2018/2028 .......  4.375 % VTR Comunicaciones SpA -144A- (MTN) 2021/2029 ..........................  | USD USD | 340 000 380 000 | % % | 80.956 69.062 | 275 250.40 262 435.60 | 0.32 0.30 |
| 8.625 % Weatherford International Ltd -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 ..........................  | USD | 200 000 | 200 000 | % | 83.366 | 166 732.00 | 0.19 |
| 7.25 % WESCO Distribution, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2020/2028 .................  | USD | 360 000 | % | 98.76 | 355 536.00 | 0.41 |
| 5.125 % Wynn Resorts Finance LLC Via Wynn Resorts |  |  |  |  |  |  |  |  |
| Capital Corp. -144A- (MTN) 2019/2029 ..........  | USD | 125 000 | % | 79.278 | 99 097.50 | 0.12 |
| Unlisted securities |  |  |  |  | 1 502 463.95 | 1.74 |
| Interest-bearing securities 5.375 % Antero Midstream Partners LP Via Antero Midstream Finance Corp. -144A- (MTN) 2021/2029 .........  | USD | 490 000 | % | 88.723 | 434 742.70 | 0.50 |
| 4.125 % Beacon Roofing Supply, Inc. -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2029 ..........................  | USD | 90 000 | % | 82.646 | 74 381.40 | 0.09 |
| 5.875 % Directv Financing LLC Via Directv Financing |  |  |  |  |  |  |  |  |
| Co-Obligor, Inc. -144A- (MTN) 2021/2027 ........  | USD | 365 000 | % | 85.969 | 313 786.85 | 0.36 |
| 6.00 % Hilcorp Energy I LP Via |  |  |  |  |  |  |  |  |
| Hilcorp Finance Co. -144A- (MTN) 2021/2031. . . . . | USD | 310 000 |  | % | 87.068 | 269 910.80 | 0.31 |
| 4.75 % Novelis Corp. -144A- (MTN) 2020/2030 .........  | USD | 495 000 | 500 000 | % | 82.756 | 409 642.20 | 0.48 |
| Total securities portfolio |  |  |  |  |  | 80 691 052.65 | 93.68 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | 302 620.91 | 0.35 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions CHF/USD 25.7 million ...............................  |  |  |  |  |  | 72 727.98 | 0.08 |
| Closed positions EUR/USD 0.2 million ................................  |  |  |  |  |  | 97.90 | 0.00 |
| GBP/USD 0.1 million ................................  |  |  |  |  |  | -12.61 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |
| Open positions USD/EUR 13.2 million ...............................  |  |  |  |  |  | 226 167.50 | 0.26 |
| USD/GBP 0.4 million ................................  |  |  |  |  |  | 3 640.14 | 0.01 |
| Cash at bank |  |  |  |  |  | 8 265 557.24 | 9.60 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 9 494 |  |  |  | 9 888.29 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 8 142 |  |  |  | 9 902.39 | 0.01 |
| Swiss franc .......................................  | CHF | 9 645 |  |  |  | 10 091.09 | 0.02 |
| U.S. dollar ........................................  | USD |  |  |  |  | 8 235 675.47 | 9.56 |
| Other assets |  |  |  |  |  | 1 826 131.66 | 2.12 |
| Interest receivable .................................  |  |  |  |  |  | 1 392 994.55 | 1.62 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  | 98 014.67 | 0.11 |
| Other receivables ..................................  |  |  |  |  |  | 335 122.44 | 0.39 |
| Total assets ** |  |  |  |  |  | 91 085 375.07 | 105.75 |
| Other liabilities |  |  |  |  |  | -65 804.32 | -0.08 |
| Liabilities from cost items ............................  |  |  |  |  |  | -65 804.32 | -0.08 |
| Liabilities from share certificate transactions |  |  |  |  |  | -4 886 388.64 | -5.67 |
| Total liabilities |  |  |  |  |  | -4 952 205.57 | -5.75 |
| Net assets |  |  |  |  |  | 86 133 169.50 | 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 CHF ICH50...................................  | CHF | 93.14 |
| Class CHF XCH ....................................  | CHF | 102.22 |
| Class FCH ........................................  | EUR | 101.06 |
| Class ICH.........................................  | EUR | 93.33 |
| Class TFCH .......................................  | EUR | 96.76 |
| Class XCH ........................................  | EUR | 103.83 |
| Class GBP TFDQH..................................  | GBP | 82.74 |
| Class USD FC .....................................  | USD | 113.65 |
| Class USD IC ......................................  | USD | 98.00 |
| Class USD IC50 ....................................  | USD | 98.23 |
| Class USD LD .....................................  | USD | 90.50 |
| Class USD TFC ....................................  | USD | 105.72 |
| Class USD XC .....................................  | USD | 116.53 |
| Number of shares outstanding Class CHF ICH50...................................  | Count | 110.000 |
| Class CHF XCH ....................................  | Count | 248 000.000 |
| Class FCH ........................................  | Count | 100.000 |
| Class ICH.........................................  | Count | 1 213.000 |
| Class TFCH .......................................  | Count | 527.000 |
| Class XCH ........................................  | Count | 103.000 |
| Class GBP TFDQH..................................  | Count | 85.000 |
| Class USD FC .....................................  | Count | 30 001.000 |
| Class USD IC ......................................  | Count | 112.000 |
| Class USD IC50 ....................................  | Count | 78 548.000 |
| Class USD LD .....................................  | Count | 3 482.522 |
| Class USD TFC ....................................  | Count | 24.000 |
| Class USD XC .....................................  | Count | 411 416.200 |

Composition of the reference portfolio (according to CSSF circular 11/512)
ICE BofA Non-Financial Developed Markets High Yield Constrained (4PM) USD H
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 88.532 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 115.158 |
| Average market risk exposure ........................  | % | 99.502 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the 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 USD 14 564 299.05. 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 forward currency transactions
HSBC France, Royal Bank of Canada (UK) and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Swiss franc	CHF | 0.955750 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0.960108 | = USD | 1 |
| British pound	GBP | 0.822267 | = 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 valued at derived market values.
 Footnotes	
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.

## DWS INVEST GLOBAL INFRASTRUCTURE

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0329760770 | 3.4% |
| Class FC | LU0329760937 | 3.8% |
| Class FCH (P) | LU0813335303 | -2.6% |
| Class FD | LU1222730084 | 3.8% |
| Class FDH (P) | LU1222730241 | -2.6% |
| Class IC | LU1466055321 | 3.9% |
| Class ID | LU1466055594 | 3.9% |
| Class IDH (P) | LU1217772315 | -2.5% |
| Class LCH (P) | LU1560646298 | -3.0% |
| Class LD | LU0363470237 | 3.4% |
| Class LDH (P) | LU1277647191 | -3.0% |
| Class NC | LU0329760853 | 3.1% |
| Class ND | LU1973715284 | 3.2% |
| Class NDQ | LU2437447761 | -5.6% 1 |
| Class PFC | LU1648271861 | 2.9% |
| Class PFD | LU2194936147 | 2.8% |
| Class PFDQ | LU2437447845 | -5.9% 1 |
| Class TFC | LU1663931324 | 3.8% |
| Class TFCH (P) | LU1663931597 | -2.6% |
| Class TFD | LU1663931670 | 3.8% |
| Class CHF FDH (P) 3 | LU1277646979 | -2.7% |
| Class CHF LCH 3 | LU0616865175 | 3.5% |
| Class GBP D RD 4 | LU1054338162 | 6.0% |
| Class GBP DH (P) RD 4 | LU1222731132 | -2.1% |
| Class SEK FC1000 5 | LU2319550385 | 8.8% |
| Class SEK FCH (P) 5 | LU1278214884 | -2.6% |
| Class SEK FDH (P) 5 | LU1557078950 | 25.4% 2 |
| Class SEK LCH (P) 5 | LU1278222390 | -3.1% |
| Class SGD LDMH (P) 6 | LU1054338089 | -2.2% |

DWS INVEST GLOBAL INFRASTRUCTURE

### Performance of share classes (in EUR) (continuation)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD FC 7 | LU0329761745 | -4.6% |
| Class USD FDM 7 | LU1277647274 | -4.6% |
| Class USD IC 7 | LU2356196878 | -4.5% |
| Class USD IC250 7 | LU2046587650 | -4.4% |
| Class USD ICH (P)100 7 | LU2140577607 | -1.7% |
| Class USD ID 7 | LU1277647357 | -4.5% |
| Class USD ID250 7 | LU2046587734 | -4.4% |
| Class USD IDQ 7 | LU1982201169 | -4.5% |
| Class USD LC 7 | LU0329761661 | -5.0% |
| Class USD LCH (P) 7 | LU1222731306 | -2.3% |
| Class USD LD 7 | LU1277647431 | -5.0% |
| Class USD LDMH (P) 7 | LU1225178372 | -2.3% |
| Class USD TFCH (P) 7 | LU2293007097 | -1.9% |

1 
Classes NDQ and PFDQ launched on April 22, 2022
2 
Last share price calculation on April 30, 2021
3 
in CHF
4 
in GBP
5 
in SEK
6 
in SGD
7 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Telecommunication Services | 7 500 429.25 | 0.23 |
| Consumer Discretionaries | 131 661 031.97 | 4.08 |
| Energy | 766 926 213.17 | 23.77 |
| Financials | 607 811 877.63 | 18.85 |
| Industrials | 419 954 774.76 | 13.03 |
| Utilities | 1 233 995 181.71 | 38.30 |
| Total equities | 3 167 849 508.49 | 98.26 |
| 2. Derivatives | -2 134 945.11 | -0.06 |
| 3. Cash at bank | 43 275 516.31 | 1.34 |
| 4. Other assets | 30 285 727.52 | 0.94 |
| 5. Receivables from share certificate transactions | 5 418 704.44 | 0.17 |
| II. Liabilities |  |  |
| 1. Other liabilities | -19 273 132.72 | -0.60 |
| 2. Liabilities from share certificate transactions | -1 524 680.55 | -0.05 |
| III. Net assets | 3 223 896 698.38 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 3 167 849 508.49 | 98.26 |
| Equities APA Group ........................................  | Count | 4 595 199 | 3 100 265 |  | AUD | 11.27 | 34 320 600.60 | 1.06 |
| Atlas Arteria Ltd....................................  | Count | 2 844 285 | 3 455 250 | 610 965 | AUD | 8.06 | 15 192 694.05 | 0.47 |
| Transurban Group ..................................  | Count | 10 325 875 | 5 635 920 |  | AUD | 14.38 | 98 403 917.65 | 3.05 |
| Canadian National Railway Co. ........................  | Count | 389 908 | 442 964 | 53 056 | CAD | 142.23 | 41 292 287.07 | 1.28 |
| Enbridge, Inc. .....................................  | Count | 5 884 735 | 4 264 540 | 104 600 | CAD | 54.11 | 237 093 706.68 | 7.35 |
| Gibson Energy, Inc. .................................  | Count | 2 130 670 | 632 600 |  | CAD | 23.84 | 37 821 436.86 | 1.17 |
| Pembina Pipeline Corp. ..............................  | Count | 2 676 107 | 870 270 | 1 056 290 | CAD | 45.05 | 89 766 408.82 | 2.78 |
| TC Energy Corp. ...................................  | Count | 1 646 648 | 657 650 | 410 014 | CAD | 66.35 | 81 349 948.08 | 2.52 |
| Orsted AS ........................................  | Count | 417 324 | 186 410 |  | DKK | 733.3 | 41 139 435.61 | 1.28 |
| Aena SME SA .....................................  | Count | 349 924 | 191 712 | 61 104 | EUR | 118.85 | 41 588 467.40 | 1.29 |
| Cellnex Telecom SA .................................  | Count | 2 431 868 | 1 076 808 |  | EUR | 36.32 | 88 325 445.76 | 2.74 |
| Ferrovial SA .......................................  | Count | 3 754 418 | 1 106 845 | 247 800 | EUR | 23.58 | 88 529 176.44 | 2.75 |
| Getlink SE ........................................  | Count | 1 965 406 | 733 080 | 635 614 | EUR | 16.79 | 32 999 166.74 | 1.02 |
| SES SA ..........................................  | Count | 898 255 | 139 940 |  | EUR | 8.35 | 7 500 429.25 | 0.23 |
| Terna Rete Elettrica Nazionale SpA .....................  | Count | 11 970 960 | 7 647 430 |  | EUR | 7.54 | 90 261 038.40 | 2.80 |
| Vinci SA ..........................................  | Count | 614 017 | 181 130 | 86 400 | EUR | 84.09 | 51 632 689.53 | 1.60 |
| National Grid PLC ..................................  | Count | 13 138 583 | 4 910 550 |  | GBP | 10.593 | 162 500 323.24 | 5.04 |
| China Gas Holdings Ltd..............................  | Count | 11 228 800 | 7 483 200 |  | HKD | 12.12 | 16 652 736.52 | 0.52 |
| China Resources Gas Group Ltd .......................  | Count | 10 210 600 | 6 058 600 |  | HKD | 36.55 | 45 665 507.51 | 1.42 |
| China Tower Corp., Ltd ..............................  | Count | 165 668 000 | 165 668 000 |  | HKD | 1.01 | 20 474 327.57 | 0.64 |
| COSCO Shipping Ports Ltd ...........................  | Count | 26 648 000 | 12 546 000 |  | HKD | 5.54 | 18 064 420.27 | 0.56 |
| Hong Kong & China Gas Co., Ltd ......................  | Count | 34 783 000 | 10 126 000 | 11 304 000 | HKD | 8.45 | 35 964 447.26 | 1.12 |
| Kunlun Energy Co., Ltd ..............................  | Count | 10 282 000 | 10 282 000 |  | HKD | 6.43 | 8 089 808.04 | 0.25 |
| East Japan Railway Co. ..............................  | Count | 520 000 | 122 100 |  | JPY | 6 938 | 25 485 334.50 | 0.79 |
| Toho Gas Co., Ltd ..................................  | Count | 549 600 | 124 600 |  | JPY | 3 275 | 12 714 834.96 | 0.39 |
| Tokyo Gas Co., Ltd .................................  | Count | 1 255 800 | 616 900 |  | JPY | 2 807 | 24 900 931.31 | 0.77 |
| Ameren Corp. .....................................  | Count | 1 060 110 | 343 590 |  | USD | 89.97 | 91 573 273.70 | 2.84 |
| American Tower Corp ...............................  | Count | 948 329 | 516 270 |  | USD | 253.88 | 231 157 298.21 | 7.17 |
| American Water Works Co, Inc. .......................  | Count | 599 059 | 173 830 |  | USD | 146.06 | 84 008 065.11 | 2.61 |
| Atmos Energy Corp. ................................  | Count | 771 900 | 320 760 |  | USD | 110.98 | 82 248 095.42 | 2.55 |
| CenterPoint Energy, Inc. .............................  | Count | 3 591 999 | 1 889 850 |  | USD | 29.12 | 100 426 347.17 | 3.12 |
| Cheniere Energy, Inc. ...............................  | Count | 735 625 | 253 780 | 159 430 | USD | 133.31 | 94 154 113.18 | 2.92 |
| Crown Castle International Corp .......................  | Count | 1 492 331 | 460 570 |  | USD | 169.18 | 242 400 923.35 | 7.52 |
| CSX Corp. ........................................  | Count | 226 052 | 1 135 410 | 1 288 048 | USD | 28.735 | 6 236 481.58 | 0.19 |
| Edison International.................................  | Count | 1 627 208 | 1 028 860 | 920 200 | USD | 62.65 | 97 877 808.00 | 3.04 |
| Eversource Energy .................................  | Count | 469 780 | 190 780 | 444 494 | USD | 83.79 | 37 792 602.75 | 1.17 |
| Exelon Corp. ......................................  | Count | 1 109 228 | 1 109 228 |  | USD | 44.64 | 47 540 648.14 | 1.48 |
| Grupo Aeroportuario del Pacifico SAB de CV -ADR- ........  | Count | 171 863 | 25 710 | 33 564 | USD | 141.76 | 23 391 398.17 | 0.73 |
| Kinder Morgan, Inc. .................................  | Count | 2 013 600 | 2 013 600 |  | USD | 16.84 | 32 556 325.23 | 1.01 |
| NiSource, Inc. .....................................  | Count | 2 907 184 | 644 180 | 284 270 | USD | 29.43 | 82 145 328.45 | 2.55 |
| SBA Communications Corp. ..........................  | Count | 437 672 | 108 630 | 40 170 | USD | 319.49 | 134 253 656.07 | 4.16 |
| Sempra Energy ....................................  | Count | 1 191 343 | 514 930 | 135 100 | USD | 150.49 | 172 133 162.61 | 5.34 |
| Williams Cos, Inc. ..................................  | Count | 5 050 479 | 2 111 980 |  | USD | 31.3 | 151 773 865.68 | 4.71 |
| Xcel Energy, Inc. ...................................  | Count | 124 847 | 124 847 |  | USD | 70.5 | 8 450 595.55 | 0.26 |
| Total securities portfolio |  |  |  |  |  |  | 3 167 849 508.49 | 98.26 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -2 134 945.11 | -0.06 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |
| Open positions CHF/AUD 0.4 million ................................  |  |  |  | 2 484.39 | 0.00 |
| CHF/EUR 3.0 million ................................  |  |  |  | 53 950.68 | 0.00 |
| CHF/GBP 0.4 million ................................  |  |  |  | 4 626.15 | 0.00 |
| CHF/JPY 0.1 million.................................  |  |  |  | 1 242.95 | 0.00 |
| CHF/USD 4.3 million ................................  |  |  |  | 11 608.68 | 0.00 |
| SEK/AUD 2.0 million ................................  |  |  |  | -2 920.67 | 0.00 |
| SEK/CAD 6.8 million ................................  |  |  |  | -12 918.46 | 0.00 |
| SEK/EUR 5.9 million ................................  |  |  |  | -2 320.45 | 0.00 |
| SEK/GBP 2.3 million ................................  |  |  |  | -2 395.75 | 0.00 |
| SEK/JPY 0.8 million .................................  |  |  |  | -1 090.77 | 0.00 |
| SEK/USD 23.6 million ...............................  |  |  |  | -44 439.00 | 0.00 |
| SGD/AUD 0.6 million ................................  |  |  |  | -571.11 | 0.00 |
| SGD/CAD 2.0 million ................................  |  |  |  | -8 672.06 | 0.00 |
| SGD/EUR 1.7 million ................................  |  |  |  | 11 920.69 | 0.00 |
| SGD/GBP 0.7 million ................................  |  |  |  | 1 276.33 | 0.00 |
| SGD/HKD 0.6 million ................................  |  |  |  | -2 174.83 | 0.00 |
| SGD/JPY 0.2 million ................................  |  |  |  | -47.94 | 0.00 |
| SGD/USD 6.9 million ................................  |  |  |  | -27 643.70 | 0.00 |
| Closed positions CHF/EUR 0.1 million ................................  |  |  |  | 340.58 | 0.00 |
| GBP/USD 0.1 million ................................  |  |  |  | -0.48 | 0.00 |
| SEK/EUR 0.4 million ................................  |  |  |  | 38.78 | 0.00 |
| SGD/EUR 0.1 million ................................  |  |  |  | 202.51 | 0.00 |
| USD/EUR 7.6 million ................................  |  |  |  | 1 107.80 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions CHF/CAD 1.7 million ................................  |  |  |  | 2 500.63 | 0.00 |
| CHF/DKK 0.8 million ................................  |  |  |  | 1 897.30 | 0.00 |
| CHF/HKD 3.1 million ................................  |  |  |  | 881.80 | 0.00 |
| CHF/MXN 1.2 million ................................  |  |  |  | 991.48 | 0.00 |
| CHF/NZD 0.1 million ................................  |  |  |  | 5.44 | 0.00 |
| EUR/AUD 12.6 million ...............................  |  |  |  | -96 242.78 | 0.00 |
| EUR/CAD 37.9 million ...............................  |  |  |  | -444 908.58 | -0.01 |
| EUR/DKK 17.2 million................................        |  |  |  | -543.82 | 0.00 |
| EUR/GBP 7.9 million ................................  |  |  |  | -65 768.08 | 0.00 |
| EUR/HKD 70.3 million ...............................  |  |  |  | -124 807.05 | -0.01 |
| EUR/JPY 483.0 million...............................  |  |  |  | -34 666.96 | 0.00 |
| EUR/MXN 28.1 million...............................  |  |  |  | -2 319.09 | 0.00 |
| EUR/NZD 0.1 million ................................  |  |  |  | -47.15 | 0.00 |
| EUR/USD 94.6 million ...............................  |  |  |  | -1 409 417.20 | -0.04 |
| GBP/AUD 0.1 million ................................  |  |  |  | -18.21 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  | -130.37 | 0.00 |
| GBP/DKK 0.1 million ................................  |  |  |  | 7.93 | 0.00 |
| GBP/HKD 0.1 million ................................  |  |  |  | -30.24 | 0.00 |
| GBP/JPY 0.2 million.................................  |  |  |  | -5.30 | 0.00 |
| GBP/MXN 0.1 million................................  |  |  |  | 3.80 | 0.00 |
| GBP/NZD 0.1 million ................................  |  |  |  | 0.01 | 0.00 |
| SEK/DKK 0.4 million ................................  |  |  |  | -217.86 | 0.00 |
| SEK/HKD 1.6 million ................................  |  |  |  | -3 610.62 | 0.00 |
| SEK/MXN 0.7 million ................................  |  |  |  | -169.79 | 0.00 |
| SEK/NZD 0.1 million ................................  |  |  |  | -1.80 | 0.00 |
| SGD/DKK 0.8 million ................................  |  |  |  | 1 100.99 | 0.00 |
| SGD/MXN 1.4 million................................  |  |  |  | 486.57 | 0.00 |
| SGD/NZD 0.1 million ................................  |  |  |  | 2.29 | 0.00 |
| USD/AUD 3.6 million ................................  |  |  |  | 9 494.38 | 0.00 |
| USD/CAD 10.7 million ...............................  |  |  |  | -4 399.71 | 0.00 |
| USD/DKK 4.9 million ................................  |  |  |  | 10 183.38 | 0.00 |
| USD/GBP 2.2 million ................................  |  |  |  | 22 394.72 | 0.00 |
| USD/HKD 19.9 million ...............................  |  |  |  | 690.85 | 0.00 |
| USD/JPY 136.4 million...............................  |  |  |  | 5 379.21 | 0.00 |
| USD/MXN 8.0 million ...............................  |  |  |  | 5 313.99 | 0.00 |
| USD/NZD 0.1 million ................................  |  |  |  | 27.44 | 0.00 |
| Closed positions CHF/NZD 0.1 million ................................  |  |  |  | 612.58 | 0.00 |
| EUR/GBP 0.1 million ................................  |  |  |  | -1.00 | 0.00 |
| EUR/NZD 1.2 million ................................  |  |  |  | 3 644.83 | 0.00 |
| GBP/NZD 0.1 million ................................  |  |  |  | 0.46 | 0.00 |
| SEK/NZD 0.1 million ................................  |  |  |  | 46.89 | 0.00 |
| SGD/NZD 0.1 million ................................  |  |  |  | 331.88 | 0.00 |
| USD/NZD 0.3 million ................................  |  |  |  | 2 757.33 | 0.00 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Cash at bank |  |  |  | 43 275 516.31 | 1.34 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 9 857 104.54 | 0.30 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| Danish krone ......................................  | DKK | 1 128 301 |  | 151 680.02 | 0.01 |
| Swedish krona .....................................  | SEK | 844 873 |  | 78 882.92 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 197 352 |  | 130 788.29 | 0.00 |
| British pound .....................................  | GBP | 129 218 |  | 150 879.64 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 34 535 432 |  | 4 225 854.49 | 0.13 |
| Japanese yen......................................  | JPY | 32 887 767 |  | 232 320.26 | 0.01 |
| Canadian dollar ....................................  | CAD | 218 247 |  | 162 503.71 | 0.01 |
| Mexican peso .....................................  | MXN | 51 846 |  | 2 462.73 | 0.00 |
| New Zealand dollar .................................  | NZD | 760 033 |  | 455 377.65 | 0.01 |
| Swiss franc .......................................  | CHF | 205 802 |  | 206 740.20 | 0.01 |
| Singapore dollar ...................................  | SGD | 54 738 |  | 37 731.63 | 0.00 |
| U.S. dollar ........................................  | USD | 28 729 258 |  | 27 583 190.23 | 0.86 |
| Other assets |  |  |  | 30 285 727.52 | 0.94 |
| Dividends/Distributions receivable .....................  |  |  |  | 10 574 541.29 | 0.33 |
| Prepaid placement fee * .............................  |  |  |  | 1 703 069.55 | 0.05 |
| Other receivables ..................................  |  |  |  | 18 008 116.68 | 0.56 |
| Receivables from share certificate transactions |  |  |  | 5 418 704.44 | 0.17 |
| Total assets ** |  |  |  | 3 246 987 012.48 | 100.71 |
| Other liabilities |  |  |  | -19 273 132.72 | -0.60 |
| Liabilities from cost items ............................  |  |  |  | -6 551 415.92 | -0.21 |
| Additional other liabilities.............................  |  |  |  | -12 721 716.80 | -0.39 |
| Liabilities from share certificate transactions |  |  |  | -1 524 680.55 | -0.05 |
| Total liabilities |  |  |  | -23 090 314.10 | -0.71 |
| Net assets |  |  |  | 3 223 896 698.38 | 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 CHF FDH (P) .................................  | CHF | 116.17 |
| Class CHF LCH ....................................  | CHF | 198.26 |
| Class FC .........................................  | EUR | 226.51 |
| Class FCH (P)......................................  | EUR | 138.72 |
| Class FD .........................................  | EUR | 115.87 |
| Class FDH (P) .....................................  | EUR | 101.84 |
| Class IC ..........................................  | EUR | 155.36 |
| Class ID ..........................................  | EUR | 125.28 |
| Class IDH (P) ......................................  | EUR | 106.37 |
| Class LC .........................................  | EUR | 202.55 |
| Class LCH (P)......................................  | EUR | 131.26 |
| Class LD .........................................  | EUR | 170.56 |
| Class LDH (P) .....................................  | EUR | 110.74 |
| Class NC .........................................  | EUR | 182.32 |
| Class ND .........................................  | EUR | 116.43 |
| Class NDQ........................................  | EUR | 94.38 |
| Class PFC ........................................  | EUR | 138.06 |
| Class PFD ........................................  | EUR | 125.55 |
| Class PFDQ .......................................  | EUR | 94.11 |
| Class TFC ........................................  | EUR | 150.13 |
| Class TFCH (P).....................................  | EUR | 128.62 |
| Class TFD ........................................  | EUR | 126.82 |
| Class GBP D RD ...................................  | GBP | 149.74 |
| Class GBP DH (P) RD ...............................  | GBP | 108.79 |
| Class SEK FC1000..................................  | SEK | 1 300.73 |
| Class SEK FCH (P)..................................  | SEK | 1 513.42 |
| Class SEK LCH (P)..................................  | SEK | 1 440.03 |
| Class SGD LDMH (P) ...............................  | SGD | 8.51 |
| Class USD FC .....................................  | USD | 156.87 |
| Class USD FDM ...................................  | USD | 125.98 |
| Class USD IC ......................................  | USD | 100.69 |
| Class USD IC250 ...................................  | USD | 119.41 |
| Class USD ICH(P)100 ...............................  | USD | 126.95 |
| Class USD ID......................................  | USD | 127.12 |
| Class USD ID250...................................  | USD | 108.40 |
| Class USD IDQ ....................................  | USD | 113.23 |
| Class USD LC .....................................  | USD | 167.25 |
| Class USD LCH (P) .................................  | USD | 145.88 |
| Class USD LD .....................................  | USD | 119.49 |
| Class USD LDMH (P) ...............................  | USD | 128.95 |
| Class USD TFCH (P) ................................  | USD | 118.95 |
| Number of shares outstanding Class CHF FDH (P) .................................  | Count | 68 885.150 |
| Class CHF LCH ....................................  | Count | 9 636.260 |
| Class FC .........................................  | Count | 460 242.370 |
| Class FCH (P)......................................  | Count | 54 100.000 |
| Class FD .........................................  | Count | 114 170.000 |
| Class FDH (P) .....................................  | Count | 155 082.000 |
| Class IC ..........................................  | Count | 2 654 054.000 |
| Class ID ..........................................  | Count | 83 334.000 |
| Class IDH (P) ......................................  | Count | 610 114.000 |
| Class LC .........................................  | Count | 3 436 069.663 |
| Class LCH (P)......................................  | Count | 91 025.032 |
| Class LD .........................................  | Count | 3 855 757.710 |
| Class LDH (P) .....................................  | Count | 41 556.415 |
| Class NC .........................................  | Count | 484 435.746 |
| Class ND .........................................  | Count | 54 120.000 |
| Class NDQ........................................  | Count | 5 312.000 |
| Class PFC ........................................  | Count | 199 270.000 |
| Class PFD ........................................  | Count | 92 765.000 |
| Class PFDQ .......................................  | Count | 387 391.000 |
| Class TFC ........................................  | Count | 1 610 955.024 |
| Class TFCH (P).....................................  | Count | 581 860.100 |
| Class TFD ........................................  | Count | 178 108.000 |
| Class GBP D RD ...................................  | Count | 22 289.515 |
| Class GBP DH (P) RD ...............................  | Count | 700.000 |
| Class SEK FC1000..................................  | Count | 97 812.000 |
| Class SEK FCH (P)..................................  | Count | 25 145.000 |
| Class SEK LCH (P)..................................  | Count | 4 214.000 |
| Class SGD LDMH (P) ...............................  | Count | 1 512 219.550 |
| Class USD FC .....................................  | Count | 487 283.661 |
| Class USD FDM ...................................  | Count | 1 167 375.505 |
| Class USD IC ......................................  | Count | 15 219.000 |
| Class USD IC250 ...................................  | Count | 1 571 993.000 |
| Class USD ICH(P)100 ...............................  | Count | 253 917.000 |
| Class USD ID......................................  | Count | 25 027.000 |
| Class USD ID250...................................  | Count | 906 338.000 |
| Class USD IDQ ....................................  | Count | 340 643.000 |
| Class USD LC .....................................  | Count | 494 390.084 |
| Class USD LCH (P) .................................  | Count | 114 320.685 |
| Class USD LD .....................................  | Count | 130 684.325 |
| Class USD LDMH (P) ...............................  | Count | 34 990.167 |
| Class USD TFCH (P) ................................  | Count | 1 051.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Dow Jones Brookfield Global Infrastructure Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 95.246 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 101.485 |
| Average market risk exposure ........................  | % | 98.008 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the 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 0.0, 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 0.00 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 forward currency transactions
BNP Paribas S.A., Crédit Suisse Bank Europe, Goldman Sachs Bank Europe SE, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH, Toronto Dominion Bank and UBS AG
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar ................. . | AUD | 1.508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.343026 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 0.995461 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.438694 | = | EUR | 1 |
| British pound .................. . | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.172414 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 141.562199 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 21.052319 | = | EUR | 1 |
| New Zealand dollar .............. . | NZD | 1.669016 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.710462 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.450722 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.041549 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are valued at derived market values.
 Footnotes	
* The prepaid placement fee is amortized over a period of three years (as specified in article 13 (f) of the general section of the fund’s management regulations).
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest Global High Yield Corporates
DWS INVEST GLOBAL HIGH YIELD CORPORATES

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD FC | LU1506496097 | -13,9% |
| Klasse USD IC | LU2019219026 | -13,8% |
| Klasse USD IC50 | LU2019219372 | -13,8% |
| Klasse USD LD | LU1506496170 | -14,1% |
| Klasse USD TFC | LU1663931241 | -13,9% |
| Klasse USD XC | LU1506496253 | -13,7% |
| Klasse CHF ICH50 1) | LU2019218564 | -14,5% |
| Klasse CHF XCH 1) | LU1506495529 | -14,4% |
| Klasse FCH 2) | LU1506495875 | -14,5% |
| Klasse ICH 2) | LU2019218721 | -14,4% |
| Klasse TFCH 2) | LU1663931167 | -14,5% |
| Klasse XCH 2) | LU1506496337 | -14,3% |
| Klasse GBP TFDQH 3) | LU2104179317 | -14,1% |


##### ML Non-Financial Developed Markets High Yield Const. hedged USD
1) 
in CHF
2) 
in EUR
3) 
in GBP

##### -14,0%
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest Global High Yield Corporates
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 80 691 052,65 | 93,68 |
| Summe Anleihen | 80 691 052,65 | 93,68 |
| 2. Derivate | 302 620,91 | 0,35 |
| 3. Bankguthaben | 8 265 557,24 | 9,60 |
| 4. Sonstige Vermögensgegenstände | 1 826 131,66 | 2,12 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -65 804,32 | -0,08 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -4 886 388,64 | -5,67 |
| III. Fondsvermögen | 86 133 169,50 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 29 538 923,82 | 34,30 |
| Verzinsliche Wertpapiere 3,50 % Adient Global Holdings Ltd -Reg- (MTN) 2016/2024 ..........................  | EUR | 114 000 | 66 000 | % | 90,701 | 107 695,32 | 0,12 |
| 3,25 % ADLER Group SA (MTN) 2020/2025 ...........  | EUR | 100 000 |  | % | 54,952 | 57 235,23 | 0,07 |
| 2,25 % ADLER Group SA (MTN) 2021/2029 ...........  3,625 % Ahlstrom-Munksjo Holding 3 Oy -Reg- (MTN) 2021/2028 ..........................  | EUR EUR | 600 000 400 000 |  | % % | 47,86 81,574 | 299 091,35 339 853,43 | 0,35 0,39 |
| 3,875 % Allwyn International AS -Reg- (MTN) 2020/2027 ..  | EUR | 170 000 | 170 000 | % | 85,782 | 151 888,54 | 0,18 |
| 5,875 % Altice France SA -Reg- (MTN) 2018/2027 .......  | EUR | 370 000 |  | % | 87,137 | 335 802,74 | 0,39 |
| 3,375 % Altice France SA -Reg- (MTN) 2019/2028 .......  3,75 % Axalta Coating Systems Dutch Holding B BV -Reg- (MTN) 2016/2025 ..........................  | EUR EUR | 730 000 250 000 | 250 000 | % % | 75,225 90,702 | 571 959,09 236 176,56 | 0,66 0,27 |
| 5,25 % BK LC Lux Finco1 Sarl -Reg- (MTN) 2021/2029 ..  | EUR | 273 000 |  | % | 79,641 | 226 453,62 | 0,26 |
| 10,125 % Carnival Corp. -Reg- (MTN) 2020/2026 .........  | EUR | 100 000 |  | % | 99,403 | 103 533,14 | 0,12 |
| 4,00 % Chemours Co. (MTN) 2018/2026 ..............  4,375 % Clarios Global LP Via Clarios US Finance Co. -Reg- (MTN) 2019/2026 ..........................  | EUR EUR | 1 050 000 1 455 000 | 250 000 | % % | 89,044 87,773 | 973 809,20 1 330 159,89 | 1,13 1,54 |
| 4,25 % Constellium SE -Reg- (MTN) 2017/2026 ........  | EUR | 975 000 |  | % | 90,881 | 922 906,33 | 1,07 |
| 3,75 % Deutsche Lufthansa AG (MTN) 2021/2028 ......  | EUR | 600 000 |  | % | 80,808 | 504 993,19 | 0,59 |
| 2,75 % Faurecia SE (MTN) 2021/2027 ................  2,625 % Graphic Packaging International LLC -Reg- (MTN) 2021/2029 ..........................  | EUR EUR | 250 000 140 000 |  | % % | 78,241 81,733 | 203 729,68 119 180,55 | 0,24 0,14 |
| 3,75 % INEOS Quattro Finance 1 Plc -Reg- |  |  |  |  |  |  |  |  |  |
| (MTN) 2021/2026 ..........................  | EUR | 230 000 |  | % | 80,76 | 193 465,74 | 0,22 |
| 4,25 % Kleopatra Finco Sarl -Reg- (MTN) 2021/2026 ....  | EUR | 220 000 |  | % | 82,372 | 188 747,93 | 0,22 |
| 6,50 % Kleopatra Holdings 2 SCA -Reg- (MTN) 2021/2026 | EUR | 155 000 |  | % | 65,535 | 105 799,82 | 0,12 |
| 3,75 % Kronos International, Inc. -Reg- (MTN) 2017/2025 5,125 % La Financiere Atalian SASU -Reg- (MTN) 2018/2025 ..........................  | EUR EUR | 255 000 275 000 |  | % % | 89,45 77,03 | 237 574,84 220 634,03 | 0,28 0,26 |
| 5,75 % Lenzing AG 2020/perpetual * ................  | EUR | 200 000 |  | % | 95,624 | 199 194,26 | 0,23 |
| 4,50 % LOXAM SAS (MTN) 2022/2027 ...............  4,75 % Mauser Packaging Solutions Holding Co. -Reg- (MTN) 2018/2024 ..........................  | EUR EUR | 140 000 200 000 | 140 000 | % % | 86,23 93,552 | 125 737,94 194 878,08 | 0,15 0,23 |
| 3,375 % Novelis Sheet Ingot GmbH (MTN) 2021/2029 .... 4,375 % Peach Property Finance GmbH -Reg- (MTN) 2020/2025 ..........................  | EUR EUR | 260 000 1 060 000 |  | % % | 79,386 79,107 | 214 979,56 873 374,87 | 0,25 1,01 |
| 3,25 % Pro-Gest SpA -Reg- (MTN) 2017/2024 .........  | EUR | 370 000 |  | % | 76,55 | 295 003,27 | 0,34 |
| 5,25 % Rimini Bidco SpA -Reg- (MTN) 2021/2026 * ..... 5,625 % Sani/Ikos Financial Holdings 1 Sarl -Reg- (MTN) 2021/2026 ..........................  | EUR EUR | 310 000 160 000 | 310 000 | % % | 85,544 86,91 | 276 204,76 144 833,71 | 0,32 0,17 |
| 5,375 % Schenck Process Holding GmbH/Darmstadt -Reg- (MTN) 2017/2023 ..........................  | EUR | 215 000 |  | % | 96,523 | 216 146,99 | 0,25 |
| 6,875 % Schenck Process Holding GmbH/Darmstadt -Reg- (MTN) 2018/2023 ..........................  | EUR | 120 000 |  | % | 98,079 | 122 584,96 | 0,14 |
| 2,25 % Seche Environnement SA (MTN) 2021/2028 ....  | EUR | 160 000 |  | % | 79,55 | 132 568,42 | 0,15 |
| 5,875 % Telefonica Europe BV 2014/perpetual * ........ 4,50 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2018/2025 ..........................  | EUR EUR | 600 000 190 000 | 190 000 | % % | 99,137 93,753 | 619 536,55 185 531,94 | 0,72 0,21 |
| 6,00 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 ..........................  | EUR | 200 000 | 200 000 |  | % | 97,684 | 203 485,44 | 0,24 |
| 4,375 % TK Elevator Midco GmbH -Reg- (MTN) 2020/2027 | EUR | 790 000 |  |  | % | 86,869 | 714 779,07 | 0,83 |
| 3,00 % Vivion Investments Sarl (MTN) 2019/2024 ......  | EUR | 100 000 |  |  | % | 86,667 | 90 267,97 | 0,10 |
| 3,875 % Webuild SpA 2022/2026 ....................  | EUR | 230 000 | 230 000 |  | % | 82,951 | 198 714,42 | 0,23 |
| 3,00 % ZF Finance GmbH (MTN) 2020/2025 ...........  | EUR | 600 000 |  |  | % | 88,046 | 550 225,60 | 0,64 |
| 3,75 % ZF Finance GmbH (MTN) 2020/2028 ...........  4,50 % Bellis Acquisition Co., PLC -Reg- (MTN) 2021/2026 ..........................  | EUR GBP | 900 000 140 000 |  |  | % % | 78,894 80,588 | 739 548,05 137 209,93 | 0,86 0,16 |
| 3,875 % Iron Mountain UK PLC -Reg- (MTN) 2017/2025 ..  | GBP | 150 000 | 150 000 |  | % | 89,642 | 163 527,18 | 0,19 |
| 6,125 % Punch Finance PLC -Reg- (MTN) 2021/2026 .....  | GBP | 140 000 |  |  | % | 84,034 | 143 077,13 | 0,17 |
| 6,00 % Altice France Holding SA -144A- (MTN) 2020/2028 5,75 % AmeriGas Partners LP Via AmeriGas Finance Corp. (MTN) 2017/2027 ..........................  | USD USD | 250 000 45 000 |  |  | % % | 71,028 92,305 | 177 570,00 41 537,25 | 0,21 0,05 |
| 7,00 % ams-OSRAM AG -144A- (MTN) 2020/2025 ......  | USD | 500 000 |  |  | % | 96,131 | 480 655,00 | 0,56 |
| 6,875 % Bath & Body Works, Inc. 2016/2035 ...........  | USD | 215 000 |  | 350 000 | % | 81,131 | 174 431,65 | 0,20 |
| 4,75 % Boyd Gaming Corp. (MTN) 2020/2027 .........  | USD | 610 000 |  |  | % | 90,887 | 554 410,70 | 0,64 |
| 5,375 % Chemours Co. (MTN) 2017/2027 ..............  | USD | 265 000 |  |  | % | 89,761 | 237 866,65 | 0,28 |
| 4,50 % Cheniere Energy Partners LP (MTN) 2020/2029 ..  | USD | 365 000 |  | 300 000 | % | 89,309 | 325 977,85 | 0,38 |
| 4,625 % Cheniere Energy, Inc. (MTN) 2021/2028 ........  | USD | 255 000 |  |  | % | 90,673 | 231 216,15 | 0,27 |
| 5,375 % DCP Midstream Operating LP (MTN) 2018/2025 . | USD | 742 000 |  |  | % | 97,818 | 725 809,56 | 0,84 |
| 5,125 % DCP Midstream Operating LP (MTN) 2019/2029 . | USD | 230 000 |  |  | % | 90,354 | 207 814,20 | 0,24 |
| 5,625 % DCP Midstream Operating LP (MTN) 2020/2027 . | USD | 150 000 |  |  | % | 95,687 | 143 530,50 | 0,17 |
| 3,25 % DCP Midstream Operating LP 2021/2032 .......  | USD | 130 000 |  |  | % | 77,678 | 100 981,40 | 0,12 |
| 3,75 % Delta Air Lines, Inc. (MTN) 2019/2029 .........  | USD | 153 000 |  |  | % | 79,131 | 121 070,43 | 0,14 |
| 5,875 % DISH DBS Corp. (MTN) 2015/2024 ............  | USD | 150 000 |  |  | % | 85,211 | 127 816,50 | 0,15 |
| 4,50 % Encompass Health Corp. (MTN) 2019/2028 .....  | USD | 150 000 |  |  | % | 86,127 | 129 190,50 | 0,15 |
| 4,75 % Encompass Health Corp. 2019/2030 ...........  | USD | 399 000 |  |  | % | 84,231 | 336 081,69 | 0,39 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 5,584 % Ford Motor Credit Co., LLC (MTN) 2019/2024 ...  | USD | 285 000 | 285 000 |  | % | 99,51 | 283 603,50 | 0,33 |
| 5,113 % Ford Motor Credit Co., LLC (MTN) 2019/2029 ...  | USD | 400 000 |  |  | % | 89,602 | 358 408,00 | 0,42 |
| 5,125 % Ford Motor Credit Co., LLC (MTN) 2020/2025 ...  | USD | 1 000 000 | 1 000 000 |  | % | 96,251 | 962 510,00 | 1,12 |
| 3,625 % Ford Motor Credit Co., LLC (MTN) 2021/2031 ...  | USD | 350 000 |  | 350 000 | % | 77,383 | 270 840,50 | 0,31 |
| 4,95 % Ford Motor Credit Co., LLC (MTN) 2022/2027 ... 5,625 % Genesis Energy LP Via Genesis Energy Finance Corp. (MTN) 2014/2024 ..............  | USD USD | 500 000 20 000 | 500 000 20 000 |  | % % | 92,357 94,531 | 461 785,00 18 906,20 | 0,54 0,02 |
| 7,75 % Genesis Energy LP Via Genesis Energy |  |  |  |  |  |  |  |  |  |
| Finance Corp. (MTN) 2020/2028 ..............  | USD | 225 000 | % | 88,027 | 198 060,75 | 0,23 |
| 5,875 % Jaguar Land Rover Automotive PLC -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2020/2028 ..........................  | USD | 395 000 |  |  | % | 78,304 | 309 300,80 | 0,36 |
| 6,00 % Meritage Homes Corp. (MTN) 2015/2025 .......  | USD | 200 000 | 200 000 |  | % | 97,486 | 194 972,00 | 0,23 |
| 5,75 % Nabors Industries, Inc. (MTN) 2018/2025 .......  | USD | 285 000 | 285 000 |  | % | 88,296 | 251 643,60 | 0,29 |
| 5,75 % Newell Brands, Inc. 2016/2046 ...............  | USD | 175 000 |  |  | % | 80,98 | 141 715,00 | 0,16 |
| 5,75 % NuStar Logistics LP (MTN) 2020/2025 .........  | USD | 250 000 |  |  | % | 93,537 | 233 842,50 | 0,27 |
| 5,55 % Occidental Petroleum Corp. (MTN) 2019/2026 ...  | USD | 320 000 |  |  | % | 99,527 | 318 486,40 | 0,37 |
| 6,45 % Occidental Petroleum Corp. 2019/2036 ........  | USD | 175 000 |  | 425 000 | % | 102,921 | 180 111,75 | 0,21 |
| 8,00 % Occidental Petroleum Corp. (MTN) 2020/2025 ...  | USD | 520 000 |  |  | % | 105,925 | 550 810,00 | 0,64 |
| 8,50 % Occidental Petroleum Corp. (MTN) 2020/2027 ...  | USD | 300 000 |  |  | % | 110,267 | 330 801,00 | 0,38 |
| 6,625 % Occidental Petroleum Corp. (MTN) 2020/2030 ...  | USD | 395 000 |  |  | % | 103,09 | 407 205,50 | 0,47 |
| 6,125 % Occidental Petroleum Corp. 2020/2031 ........  | USD | 550 000 |  | 300 000 | % | 100,583 | 553 206,50 | 0,64 |
| 6,125 % Picasso Finance Sub, Inc. -Reg- (MTN) 2020/2025 | USD | 750 000 | 750 000 |  | % | 98,535 | 739 012,50 | 0,86 |
| 8,25 % Range Resources Corp. (MTN) 2021/2029 ......  | USD | 310 000 | 310 000 |  | % | 102,582 | 318 004,20 | 0,37 |
| 3,70 % Royal Caribbean Cruises Ltd 2017/2028 ........  | USD | 165 000 |  |  | % | 65,261 | 107 680,65 | 0,12 |
| 6,875 % Sprint Capital Corp. 1998/2028 ...............  | USD | 70 000 | 70 000 |  | % | 105,733 | 74 013,10 | 0,09 |
| 7,625 % Sprint Corp. (MTN) 2018/2026 ................  | USD | 465 000 | 465 000 |  | % | 105,888 | 492 379,20 | 0,57 |
| 6,375 % Telecom Italia Capital SA 2004/2033 ...........  | USD | 400 000 |  |  | % | 77,432 | 309 728,00 | 0,36 |
| 4,625 % Tenet Healthcare Corp. (MTN) 2017/2024 ...... 6,00 % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2018/2024 ..........................  | USD USD | 68 000 200 000 | 200 000 |  | % % | 96,574 98,263 | 65 670,32 196 526,00 | 0,08 0,23 |
| 7,625 % TK Elevator Holdco GmbH -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2020/2028 ..........................  | USD | 200 000 | % | 89,992 | 179 984,00 | 0,21 |
| 5,25 % TK Elevator US Newco, Inc. -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027 ..........................  | USD | 776 000 | % | 89,03 | 690 872,80 | 0,80 |
| 5,25 % United Rentals North America, Inc. 2019/2030 ... 6,875 % USA Compression Partners LP Via USA Compression Finance Corp. (MTN) 2019/2026 ...  | USD USD | 420 000 535 000 | % % | 93,088 91,406 | 390 969,60 489 022,10 | 0,45 0,57 |
| 5,50 % Virgin Media Secured Finance PLC -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | USD | 750 000 | 500 000 | % | 89,281 | 669 607,50 | 0,78 |
| 4,65 % Western Midstream Operating LP |  |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 70 000 | 70 000 |  | % | 94,47 | 66 129,00 | 0,08 |
| 5,625 % Wynn Macau Ltd -144A- (MTN) 2020/2028 ......  | USD | 200 000 | 200 000 | 200 000 | % | 62,838 | 125 676,00 | 0,15 |
| 4,875 % Ziggo BV -144A- 2019/2030 ..................  | USD | 595 000 |  |  | % | 85,61 | 509 379,50 | 0,59 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  | 49 649 664,88 | 57,64 |
| Verzinsliche Wertpapiere 5,00 % Acadia Healthcare Co., Inc. -144A- (MTN) 2020/2029 ..........................	USD	720 000 | % | 90,471 | 651 391,20 | 0,76 |
| 6,375 % Advanced Drainage Systems, Inc. -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2022/2030 ..........................  | USD | 190 000 | 190 000 |  | % | 98,176 | 186 534,40 | 0,22 |
| 6,875 % Affinity Gaming -144A- (MTN) 2020/2027 .......  4,625 % Allied Universal Holdco LLC Via Allied Universal Finance Corp Via Atlas Luxco 4 Sarl -144A- (MTN) 2021/2028 .....  | USD USD | 330 000 280 000 |  |  | % % | 84,658 82,927 | 279 371,40 232 195,60 | 0,32 0,27 |
| 10,50 % Altice France Holding SA -144A- (MTN) 2020/2027 5,50 % American Airlines Inc Via AAdvantage Loyalty IP Ltd -144A- (MTN) 2021/2026 ........  | USD USD | 200 000 705 000 |  | 200 000 | % % | 84,26 91,35 | 168 520,00 644 017,50 | 0,20 0,75 |
| 5,75 % American Airlines Inc Via AAdvantage |  |  |  |  |  |  |  |  |  |
| Loyalty IP Ltd -144A- (MTN) 2021/2029 ........  | USD | 400 000 | % | 85,341 | 341 364,00 | 0,40 |
| 11,75 % American Airlines, Inc. -144A- (MTN) 2020/2025 . 5,75 % Antero Midstream Partners LP Via Antero Midstream Finance Corp. -144A- (MTN) 2019/2027 ........  | USD USD | 350 000 500 000 | % % | 103,645 93,783 | 362 757,50 468 915,00 | 0,42 0,54 |
| 5,75 % Antero Midstream Partners LP Via Antero Midstream |  |  |  |  |  |  |  |  |  |
| Finance Corp. -144A- (MTN) 2019/2028 ........  | USD | 290 000 | % | 91,825 | 266 292,50 | 0,31 |
| 6,875 % Archrock Partners LP Via Archrock Partners |  |  |  |  |  |  |  |  |  |
| Finance Corp. -144A- (MTN) 2019/2027 ........  | USD | 110 000 | % | 91,953 | 101 148,30 | 0,12 |
| 6,25 % Archrock Partners LP Via Archrock Partners |  |  |  |  |  |  |  |  |  |
| Finance Corp. -144A- (MTN) 2019/2028 ........  | USD | 785 000 | % | 88,783 | 696 946,55 | 0,81 |
| 6,125 % Arconic Corp. -144A- (MTN) 2020/2028 ........  4,125 % Ardagh Packaging Finance PLC Via Ardagh Holdings USA, Inc. -144A- (MTN) 2019/2026 ............  | USD USD | 660 000 220 000 | % % | 93,709 84,871 | 618 479,40 186 716,20 | 0,72 0,22 |
| 5,125 % Arko Corp. -144A- (MTN) 2021/2029 ...........  4,125 % ATS Automation Tooling Systems, Inc. -144A- (MTN) 2020/2028 ..........................  | USD USD | 140 000 105 000 | % % | 76,536 84,528 | 107 150,40 88 754,40 | 0,12 0,10 |
| 6,75 % Audacy Capital Corp. -144A- (MTN) 2021/2029 ...  | USD | 170 000 | % | 60,409 | 102 695,30 | 0,12 |
| 6,625 % Bath & Body Works, Inc. -144A- (MTN) 2020/2030 9,25 % Bausch Health Americas, Inc. -144A- (MTN) 2018/2026 ..........................  | USD USD | 230 000 470 000 | % % | 87,142 73,928 | 200 426,60 347 461,60 | 0,23 0,40 |
| 8,50 % Bausch Health Americas, Inc. -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2018/2027 ..........................  | USD | 310 000 | 300 000 | % | 70,343 | 218 063,30 | 0,25 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 7,125 % Bombardier, Inc. -144A- (MTN) 2021/2026 ......  | USD | 600 000 |  |  | % | 83,619 | 501 714,00 | 0,58 |
| 6,00 % Bombardier, Inc. -144A- (MTN) 2021/2028 ......  | USD | 240 000 |  |  | % | 75,539 | 181 293,60 | 0,21 |
| 7,125 % Boxer Parent Co., Inc. -144A- (MTN) 2020/2025 ..  4,625 % Caesars Entertainment, Inc. -144A- (MTN) 2021/2029 ..........................  | USD USD | 200 000 550 000 |  | 1 000 000 | % % | 96,117 78,112 | 192 234,00 429 616,00 | 0,22 0,50 |
| 4,50 % Calpine Corp. -144A- (MTN) 2019/2028 .........  | USD | 405 000 |  | 300 000 | % | 91,117 | 369 023,85 | 0,43 |
| 4,625 % Calpine Corp. -144A- (MTN) 2020/2029 .........  4,75 % Cargo Aircraft Management, Inc. -144A- (MTN) 2020/2028 ..........................  | USD USD | 90 000 340 000 |  |  | % % | 82,621 91,379 | 74 358,90 310 688,60 | 0,09 0,36 |
| 10,50 % Carnival Corp. -144A- (MTN) 2020/2026 ........  | USD | 265 000 |  |  | % | 100,399 | 266 057,35 | 0,31 |
| 9,875 % Carnival Corp. -144A- (MTN) 2020/2027 ........  | USD | 525 000 |  |  | % | 97 | 509 250,00 | 0,59 |
| 5,75 % Carnival Corp. -144A- (MTN) 2021/2027 ........  | USD | 505 000 |  |  | % | 72,803 | 367 655,15 | 0,43 |
| 6,00 % Carnival Corp. -144A- (MTN) 2021/2029 ........  5,00 % CCO Holdings LLC Via CCO Holdings Capital Corp. -144A- 2017/2028 ...  | USD USD | 70 000 1 225 000 | 1 225 000 |  | % % | 70,798 91,604 | 49 558,60 1 122 149,00 | 0,06 1,30 |
| 5,375 % CCO Holdings LLC Via CCO Holdings |  |  |  |  |  |  |  |  |
| Capital Corp. -144A- (MTN) 2019/2029 .........  | USD | 650 000 | 650 000 | % | 90,804 | 590 226,00 | 0,69 |
| 3,25 % Cheniere Energy Partners LP -144A- 2021/2032 .. 6,75 % Chesapeake Energy Corp. -144A- (MTN) 2021/2029 ..........................  | USD USD | 90 000 970 000 |  | % % | 79,404 98,07 | 71 463,60 951 279,00 | 0,08 1,10 |
| 6,00 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2020/2029 ................  | USD | 220 000 | % | 83,08 | 182 776,00 | 0,21 |
| 6,875 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2021/2029 ................  | USD | 360 000 | % | 65,085 | 234 306,00 | 0,27 |
| 4,75 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2021/2031 ................  | USD | 350 000 | % | 74,882 | 262 087,00 | 0,30 |
| 6,125 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2021/2030 ................  | USD | 140 000 | % | 61,873 | 86 622,20 | 0,10 |
| 5,25 % CHS Via Community Health Systems, |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2022/2030 ................  | USD | 250 000 | 250 000 | % | 77,194 | 192 985,00 | 0,22 |
| 5,125 % Clean Harbors, Inc. -144A- (MTN) 2019/2029 ....  | USD | 200 000 | 200 000 | % | 91,56 | 183 120,00 | 0,21 |
| 4,75 % Clearwater Paper Corp. -144A- (MTN) 2020/2028 . | USD | 560 000 | 300 000 | % | 87,014 | 487 278,40 | 0,57 |
| 4,625 % Cleveland-Cliffs, Inc. -144A- (MTN) 2021/2029 ...  | USD | 91 000 |  | % | 89,445 | 81 394,95 | 0,09 |
| 4,875 % Cleveland-Cliffs, Inc. -144A- (MTN) 2021/2031 ... 6,625 % Clydesdale Acquisition Holdings, Inc. -144A- (MTN) 2022/2029 ................  | USD USD | 268 000 40 000 | 40 000 | % % | 88,476 94,477 | 237 115,68 37 790,80 | 0,28 0,04 |
| 5,875 % Colgate Energy Partners III LLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2029 ..........................  | USD | 410 000 | % | 88,894 | 364 465,40 | 0,42 |
| 6,00 % CommScope Technologies LLC -144A- (MTN) 2015/2025 ..........................  | USD | 160 000 | 100 000 | 75 000 | % | 87,563 | 140 100,80 | 0,16 |
| 5,00 % CommScope Technologies LLC -144A- (MTN) 2017/2027 ..........................  | USD | 135 000 |  | 70 000 | % | 74,842 | 101 036,70 | 0,12 |
| 5,625 % Constellium SE -144A- (MTN) 2020/2028 .......  | USD | 750 000 |  |  | % | 91,319 | 684 892,50 | 0,80 |
| 3,75 % Constellium SE -144A- (MTN) 2021/2029 .......  | USD | 269 000 |  |  | % | 79,749 | 214 524,81 | 0,25 |
| 6,50 % Coty, Inc. -144A- (MTN) 2018/2026 ............  | USD | 300 000 | 300 000 |  | % | 93,28 | 279 840,00 | 0,32 |
| 4,875 % Covanta Holding Corp. -144A- (MTN) 2021/2029 . 5,50 % CQP Holdco LP Via BIP-V Chinook Holdco LLC -144A- (MTN) 2021/2031 ..........  | USD USD | 70 000 250 000 | 40 000 |  | % % | 81,417 85,369 | 56 991,90 213 422,50 | 0,07 0,25 |
| 7,50 % CSC Holdings LLC -144A- (MTN) 2018/2028 .....  | USD | 400 000 |  |  | % | 84,482 | 337 928,00 | 0,39 |
| 5,75 % CSC Holdings LLC -144A- 2019/2030 ..........  | USD | 135 000 |  |  | % | 73,531 | 99 266,85 | 0,12 |
| 5,00 % CSC Holdings LLC -144A- (MTN) 2021/2031 .....  6,75 % Cushman & Wakefield US Borrower LLC -144A- (MTN) 2020/2028 ................  | USD USD | 250 000 425 000 |  | 40 000 | % % | 68,83 92,813 | 172 075,00 394 455,25 | 0,20 0,46 |
| 5,25 % DISH DBS Corp. -144A- (MTN) 2021/2026 ......  | USD | 560 000 |  |  | % | 79,649 | 446 034,40 | 0,52 |
| 5,75 % DISH DBS Corp. -144A- (MTN) 2021/2028 ......  | USD | 290 000 |  | 300 000 | % | 74,359 | 215 641,10 | 0,25 |
| 4,125 % DT Midstream, Inc. -144A- (MTN) 2021/2029 ....  | USD | 445 000 |  |  | % | 85,345 | 379 785,25 | 0,44 |
| 4,375 % DT Midstream, Inc. -144A- (MTN) 2021/2031 ....  5,75 % Endeavor Energy Resources LP Via EER Finance, Inc. -144A- 2017/2028 ...........  | USD USD | 80 000 770 000 | 190 000 |  | % % | 84,065 95,343 | 67 252,00 734 141,10 | 0,08 0,85 |
| 5,00 % EverArc Escrow Sarl -144A- (MTN) 2021/2029 ... 6,875 % First Quantum Minerals Ltd -144A- (MTN) 2018/2026 ..........................  | USD USD | 260 000 200 000 |  |  | % % | 83,957 91,715 | 218 288,20 183 430,00 | 0,25 0,21 |
| 6,875 % First Quantum Minerals Ltd -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027 ..........................  | USD | 1 020 000 | 300 000 | % | 89,798 | 915 939,60 | 1,06 |
| 5,875 % Frontier Communications Holdings LLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027	USD | 155 000 |  |  | % | 90,237 | 139 867,35 | 0,16 |
| (MTN) 2020/2028	USD | 385 000 |  |  | % | 85,515 | 329 232,75 | 0,38 |
| 6,00 % Frontier Communications Holdings LLC -144A- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 ..........................  | USD | 160 000 |  | % | 77,569 | 124 110,40 | 0,14 |
| 5,125 % GFL Environmental, Inc. -144A- (MTN) 2019/2026 | USD | 170 000 |  | % | 95,528 | 162 397,60 | 0,19 |
| 7,50 % Harvest Midstream I LP -144A- (MTN) 2020/2028 5,75 % Hawaiian Brand Intellectual Property Ltd Via HawaiianMiles Loyalty Ltd -144A- (MTN) 2021/2026 ..........................  | USD USD | 485 000 330 000 |  | % % | 95,195 89,586 | 461 695,75 295 633,80 | 0,54 0,34 |
| 4,625 % Hertz Corp. -144A- (MTN) 2021/2026 ..........  | USD | 240 000 |  | % | 83,294 | 199 905,60 | 0,23 |
| 5,00 % Hertz Corp. -144A- (MTN) 2021/2029 ..........  5,125 % Hess Midstream Operations LP -144A- (MTN) 2019/2028 ..........................  | USD USD | 400 000 330 000 | 330 000 | % % | 77,36 90,408 | 309 440,00 298 346,40 | 0,36 0,35 |

5,00 % Frontier Communications Holdings LLC -144A-
4,25 % Hess Midstream Operations LP -144A-
(MTN) 2021/2030 ..........................	USD	340 000	%	84,843	288 466,20	0,34
6,25 % Hilcorp Energy I LP Via Hilcorp Finance Co. -144A-
(MTN) 2018/2028 ..........................	USD	115 000	%	95,221	109 504,15	0,13
5,75 % Hilcorp Energy I LP Via Hilcorp Finance Co. -144A-
(MTN) 2021/2029 ..........................	USD	435 000	%	88,789	386 232,15	0,45
5,00 % Hilton Grand Vacations Borrower Escrow LLC Via Hilton Grand Vacations Borrower Esc -144A-
(MTN) 2021/2029 ..........................	USD	240 000	%	81,635	195 924,00	0,23
4,875 % Hilton Grand Vacations Borrower Escrow LLC Via Hilton Grand Vacations Borrower Esc -144A-
(MTN) 2021/2031 ..........................	USD	100 000	%	76,257	76 257,00	0,09
6,75 % Howard Midstream Energy Partners LLC -144A-
(MTN) 2021/2027 ..........................	USD	100 000	%	87,319	87 319,00	0,10
6,125 % Hudbay Minerals, Inc. -144A- (MTN) 2020/2029 ..	USD	620 000	%	82,507	511 543,40	0,59
4,50 % Hudbay Minerals, Inc. -144A- (MTN) 2021/2026 ..	USD	400 000	%	84,775	339 100,00	0,39
5,25 % iHeartCommunications,
Inc. -144A- (MTN) 2019/2027 ................	USD	385 000	%	85,344	328 574,40	0,38
6,50 % Iliad Holding SASU -144A- (MTN) 2021/2026 ....	USD	640 000	%	90,195	577 248,00	0,67
4,75 % Imola Merger Corp. -144A- (MTN) 2021/2029 ....	USD	550 000	350 000	%	84,528	464 904,00	0,54
4,125 % International Game Technology PLC -144A-
(MTN) 2021/2026 ..........................	USD	285 000	%	91,405	260 504,25	0,30
4,875 % Iron Mountain, Inc. -144A- (MTN) 2019/2029 ....	USD	215 000	%	85,268	183 326,20	0,21
5,00 % Iron Mountain, Inc. -144A- (MTN) 2020/2028 ....	USD	225 000	%	89,614	201 631,50	0,23
5,25 % Iron Mountain, Inc. -144A- (MTN) 2020/2030 ....	USD	245 000	%	86,437	211 770,65	0,25
7,75 % Jaguar Land Rover Automotive PLC -144A-
(MTN) 2020/2025 ..........................	USD	330 000	%	94,987	313 457,10	0,36
6,75 % LCPR Senior Secured Financing DAC -144A-
(MTN) 2019/2027 ..........................	USD	698 000	%	93,368	651 708,64	0,76
5,125 % LCPR Senior Secured Financing DAC -144A-
(MTN) 2021/2029 ..........................	USD	290 000	%	84,55	245 195,00	0,28
4,375 % Legacy LifePoint Health LLC -144A-
(MTN) 2020/2027 ..........................	USD	220 000	%	86,346	189 961,20	0,22
5,375 % LifePoint Health, Inc. -144A- (MTN) 2020/2029 ...	USD	420 000	400 000	%	74,754	313 966,80	0,36
5,875 % Macy‘s Retail Holdings LLC -144A-
(MTN) 2022/2030 ..........................	USD	20 000	20 000	%	84,29	16 858,00	0,02
6,125 % Macy‘s Retail Holdings LLC -144A-
(MTN) 2022/2032 ..........................	USD	10 000	10 000	%	83,443	8 344,30	0,01
6,125 % Marriott Ownership Resorts,
Inc. -144A- (MTN) 2020/2025 ................	USD	323 000	%	99,54	321 514,20	0,37
4,50 % Marriott Ownership Resorts,
Inc. -144A- (MTN) 2021/2029 ................	USD	160 000	%	83,575	133 720,00	0,16
5,375 % Masonite International Corp. -144A-
(MTN) 2019/2028 ..........................	USD	251 000	%	92,08	231 120,80	0,27
3,375 % Mattel, Inc. -144A- (MTN) 2021/2026 ..........	USD	205 000	%	92,499	189 622,95	0,22
7,25 % Mauser Packaging Solutions Holding Co. -144A-
(MTN) 2017/2025 ..........................	USD	340 000	%	87,601	297 843,40	0,35
3,875 % Meritage Homes Corp. -144A- (MTN) 2021/2029 .	USD	300 000	%	81,596	244 788,00	0,28
4,875 % Midwest Gaming Borrower LLC Via Midwest
Gaming Finance Corp. -144A- (MTN) 2021/2029 ..	USD	280 000	%	82,79	231 812,00	0,27
7,375 % Nabors Industries, Inc. -144A- (MTN) 2021/2027 .	USD	270 000	%	95,565	258 025,50	0,30
3,625 % NCL Corp., Ltd -144A- (MTN) 2019/2024 .......	USD	480 000	%	84,181	404 068,80	0,47
5,875 % NCL Corp., Ltd -144A- (MTN) 2020/2026 .......	USD	285 000	480 000	%	78,664	224 192,40	0,26
6,125 % NCL Finance Ltd -144A- (MTN) 2021/2028 ......	USD	145 000	%	74,841	108 519,45	0,13
5,125 % NCR Corp. -144A- (MTN) 2021/2029 ...........	USD	570 000	%	85,432	486 962,40	0,57
5,50 % NESCO Holdings II, Inc. -144A- (MTN) 2021/2029	USD	290 000	%	84,259	244 351,10	0,28
3,875 % Novelis Corp. -144A- (MTN) 2021/2031 .........	USD	1 000 000	%	77,108	771 080,00	0,90
5,125 % Organon & Co. Via Organon Foreign Debt
Co-Issuer BV -144A- (MTN) 2021/2031 .........	USD	600 000	%	86,366	518 196,00	0,60
4,25 % Outfront Media Capital LLC Via Outfront Media
Capital Corp. -144A- (MTN) 2021/2029 .........	USD	255 000	%	80,245	204 624,75	0,24
4,50 % Owens & Minor, Inc. -144A- (MTN) 2021/2029 ..	USD	170 000	%	81,671	138 840,70	0,16
6,625 % Owens & Minor, Inc. -144A- (MTN) 2022/2030 ..	USD	40 000	40 000	%	91,446	36 578,40	0,04
4,50 % Pattern Energy Operations LP Via Pattern Energy
Operations, Inc. -144A- (MTN) 2020/2028 .......	USD	585 000	%	88,007	514 840,95	0,60
8,50 % Peninsula Pacific Entertainment LLC Via Peninsula Pacific Entertainment Finance,
Inc. -144A- (MTN) 2020/2027 ................	USD	190 000	%	104,988	199 477,20	0,23
5,875 % Pilgrim‘s Pride Corp. -144A- (MTN) 2017/2027 ...	USD	575 000	%	96,274	553 575,50	0,64
3,375 % Prime Security Services Borrower LLC Via
Prime Finance, Inc. -144A- (MTN) 2020/2027 ....	USD	180 000	480 000	%	83,765	150 777,00	0,18
6,50 % Radiate Holdco LLC Via Radiate Finance,
Inc. -144A- (MTN) 2020/2028 ................	USD	145 000	%	78,055	113 179,75	0,13
4,75 % Range Resources Corp. -144A- (MTN) 2022/2030	USD	50 000	50 000	%	89,697	44 848,50	0,05
4,875 % Raptor Acquisition Corp. Via Raptor
Co-Issuer LLC -144A- (MTN) 2021/2026 ........	USD	680 000	%	87,224	593 123,20	0,69
5,50 % Rockcliff Energy II LLC -144A- (MTN) 2021/2029 .	USD	80 000	%	91,156	72 924,80	0,08
4,375 % Roller Bearing Co. of America,
Inc. -144A- (MTN) 2021/2029 ................	USD	220 000	%	85,35	187 770,00	0,22
10,875 % Royal Caribbean Cruises Ltd -144A- 2020/2023 ..	USD	330 000	%	100,684	332 257,20	0,39
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | USD |  | vermögen |
| 11,50 % Royal Caribbean Cruises Ltd -144A- (MTN) 2020/2025 ..........................  | USD | 86 000 |  | % | 103,449 |  | 88 966,14 | 0,10 |
| 9,125 % Royal Caribbean Cruises Ltd -144A- 2020/2023 .. 5,375 % Royal Caribbean Cruises Ltd -144A- (MTN) 2022/2027 ..........................  | USD USD | 775 000 80 000 | 80 000 | % % | 99,079 72,17 |  | 767 862,25 57 736,00 | 0,89 0,07 |
| 7,00 % Scientific Games International, |  |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2019/2028 ................  | USD | 790 000 |  |  | % | 94,061 | 743 081,90 | 0,86 |
| 6,25 % Select Medical Corp. -144A- (MTN) 2019/2026 ...  | USD | 385 000 |  |  | % | 94,09 | 362 246,50 | 0,42 |
| 3,125 % SPCM SA (MTN) 2021/2027 .................  8,00 % Spirit Loyalty Cayman Ltd Via Spirit IP Cayman Ltd -144A- (MTN) 2020/2025 ...  | USD USD | 400 000 526 000 |  |  | % % | 84,473 102,844 | 337 892,00 540 959,44 | 0,39 0,63 |
| 7,50 % Staples, Inc. -144A- (MTN) 2019/2026 .........  | USD | 305 000 |  |  | % | 84,505 | 257 740,25 | 0,30 |
| 5,875 % Sunnova Energy Corp. -144A- (MTN) 2021/2026 . | USD | 320 000 |  |  | % | 87,639 | 280 444,80 | 0,33 |
| 7,00 % Taseko Mines Ltd -144A- (MTN) 2021/2026 .....  5,50 % Telenet Finance Luxembourg Notes Sarl -144A- 2017/2028 .................  | USD USD | 375 000 600 000 |  |  | % % | 85,876 87,732 | 322 035,00 526 392,00 | 0,37 0,61 |
| 6,25 % Tenet Healthcare Corp. -144A- (MTN) 2019/2027 . | USD | 260 000 |  |  | % | 92,444 | 240 354,40 | 0,28 |
| 4,875 % Tenet Healthcare Corp. -144A- (MTN) 2019/2026 . | USD | 675 000 | 675 000 |  | % | 92,932 | 627 291,00 | 0,73 |
| 5,125 % Tenet Healthcare Corp. -144A- (MTN) 2019/2027 . | USD | 480 000 |  |  | % | 90,525 | 434 520,00 | 0,50 |
| 4,375 % Tenet Healthcare Corp. -144A- (MTN) 2021/2030 . 6,875 % Transocean Poseidon Ltd -144A- (MTN) 2019/2027 ..........................  | USD USD | 340 000 514 688 | 250 000 | 34 312 | % % | 84,87 89,366 | 288 558,00 459 955,63 | 0,34 0,53 |
| 6,625 % Travel + Leisure Co. -144A- (MTN) 2020/2026 ...  | USD | 340 000 |  |  | % | 95,956 | 326 250,40 | 0,38 |
| 4,625 % Tronox, Inc. -144A- (MTN) 2021/2029 ..........  | USD | 525 000 |  |  | % | 80,696 | 423 654,00 | 0,49 |
| 7,50 % Uber Technologies, Inc. -144A- (MTN) 2019/2027 | USD | 250 000 |  |  | % | 97,701 | 244 252,50 | 0,28 |
| 7,50 % Uber Technologies, Inc. -144A- (MTN) 2020/2025 | USD | 420 000 |  |  | % | 99,775 | 419 055,00 | 0,49 |
| 6,25 % Uber Technologies, Inc. -144A- (MTN) 2020/2028 | USD | 95 000 |  |  | % | 92,167 | 87 558,65 | 0,10 |
| 4,50 % Uber Technologies, Inc. -144A- (MTN) 2021/2029 | USD | 70 000 |  |  | % | 82,028 | 57 419,60 | 0,07 |
| 4,375 % United Airlines, Inc. -144A- (MTN) 2021/2026 ....  | USD | 465 000 |  |  | % | 88,58 | 411 897,00 | 0,48 |
| 4,625 % United Airlines, Inc. -144A- (MTN) 2021/2029 .... 6,00 % Uniti Group LP Via Uniti Fiber Holdings, Inc. Via CSL Capital LLC -144A- (MTN) 2021/2030 | USD USD | 170 000 105 000 |  | 195 000 | % % | 83,714 71,02 | 142 313,80 74 571,00 | 0,17 0,09 |
| 5,125 % Univar Solutions USA, Inc./Washington -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2019/2027 ..........................  | USD | 530 000 | % | 93,592 | 496 037,60 | 0,58 |
| 6,25 % Vail Resorts, Inc. -144A- (MTN) 2020/2025 ......  3,875 % Venture Global Calcasieu Pass LLC -144A- (MTN) 2021/2029 ..........................  | USD USD | 295 000 70 000 | % % | 100,214 86,126 | 295 631,30 60 288,20 | 0,34 0,07 |
| 4,625 % VICI Properties LP Via VICI Note Co, |  |  |  |  |  |  |  |  |  |
| Inc. -144A- 2022/2025 ......................  | USD | 803 000 | 803 000 | % | 95,545 | 767 226,35 | 0,89 |
| 4,50 % VICI Properties LP Via VICI Note Co, |  |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2022/2028 ................  | USD | 550 000 | 550 000 | % | 90,125 | 495 687,50 | 0,58 |
| 5,125 % Videotron Ltd -144A- (MTN) 2017/2027 ........  | USD | 300 000 | 300 000 | % | 93,831 | 281 493,00 | 0,33 |
| 3,625 % Videotron Ltd -144A- (MTN) 2021/2029 ........  | USD | 110 000 |  | % | 82,475 | 90 722,50 | 0,11 |
| 5,875 % Viking Cruises Ltd -144A- (MTN) 2017/2027 .....  | USD | 235 000 |  | % | 75,327 | 177 018,45 | 0,21 |
| 7,00 % Viking Cruises Ltd -144A- (MTN) 2021/2029 ..... 5,625 % Viking Ocean Cruises Ship VII Ltd -144A- (MTN) 2021/2029 ..........................  | USD USD | 275 000 45 000 |  | % % | 75,165 79,728 | 206 703,75 35 877,60 | 0,24 0,04 |
| 5,00 % Virgin Media Finance PLC -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2020/2030 ..........................  | USD | 637 000 | % | 79,922 | 509 103,14 | 0,59 |
| 5,00 % VOC Escrow Ltd -144A- (MTN) 2018/2028 ......  4,375 % VTR Comunicaciones SpA -144A- (MTN) 2021/2029 ..........................  | USD USD | 340 000 380 000 | % % | 80,956 69,062 | 275 250,40 262 435,60 | 0,32 0,30 |
| 8,625 % Weatherford International Ltd -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 ..........................  | USD | 200 000 | 200 000 | % | 83,366 | 166 732,00 | 0,19 |
| 7,25 % WESCO Distribution, |  |  |  |  |  |  |  |  |  |
| Inc. -144A- (MTN) 2020/2028 ................  | USD | 360 000 | % | 98,76 | 355 536,00 | 0,41 |
| 5,125 % Wynn Resorts Finance LLC Via Wynn Resorts |  |  |  |  |  |  |  |  |  |
| Capital Corp. -144A- (MTN) 2019/2029 .........  | USD | 125 000 | % | 79,278 | 99 097,50 | 0,12 |
| Nichtnotierte Wertpapiere |  |  |  |  | 1 502 463,95 | 1,74 |
| Verzinsliche Wertpapiere 5,375 % Antero Midstream Partners LP Via Antero Midstream Finance Corp. -144A- (MTN) 2021/2029 ........  | USD | 490 000 | % | 88,723 | 434 742,70 | 0,50 |
| 4,125 % Beacon Roofing Supply, Inc. -144A- |  |  |  |  |  |  |  |  |  |
| (MTN) 2021/2029 ..........................  | USD | 90 000 | % | 82,646 | 74 381,40 | 0,09 |
| 5,875 % Directv Financing LLC Via Directv Financing |  |  |  |  |  |  |  |  |  |
| Co-Obligor, Inc. -144A- (MTN) 2021/2027 .......  | USD | 365 000 | % | 85,969 | 313 786,85 | 0,36 |
| 6,00 % Hilcorp Energy I LP Via |  |  |  |  |  |  |  |  |  |
| Hilcorp Finance Co. -144A- (MTN) 2021/2031 ....  | USD | 310 000 |  | % | 87,068 | 269 910,80 | 0,31 |
| 4,75 % Novelis Corp. -144A- (MTN) 2020/2030 .........  | USD | 495 000 | 500 000 | % | 82,756 | 409 642,20 | 0,48 |
| Summe Wertpapiervermögen | 80 691 052,65 | 93,68 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | 302 620,91 | 0,35 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen CHF/USD 25,7 Mio. ................................  |  |  |  | 72 727,98 | 0,08 |
| Geschlossene Positionen EUR/USD 0,2 Mio. .................................  |  |  |  | 97,90 | 0,00 |
| GBP/USD 0,1 Mio. .................................  |  |  |  | -12,61 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen USD/EUR 13,2 Mio. ................................  |  |  |  | 226 167,50 | 0,26 |
| USD/GBP 0,4 Mio. .................................  |  |  |  | 3 640,14 | 0,01 |
| Bankguthaben |  |  |  | 8 265 557,24 | 9,60 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 9 494 |  | 9 888,29 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 8 142 |  | 9 902,39 | 0,01 |
| Schweizer Franken .................................  | CHF | 9 645 |  | 10 091,09 | 0,02 |
| US-Dollar ........................................  | USD |  |  | 8 235 675,47 | 9,56 |
| Sonstige Vermögensgegenstände |  |  |  | 1 826 131,66 | 2,12 |
| Zinsansprüche .....................................  |  |  |  | 1 392 994,55 | 1,62 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 98 014,67 | 0,11 |
| Sonstige Ansprüche ................................  |  |  |  | 335 122,44 | 0,39 |
| Summe der Vermögensgegenstände ** |  |  |  | 91 085 375,07 | 105,75 |
| Sonstige Verbindlichkeiten |  |  |  | -65 804,32 | -0,08 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -65 804,32 | -0,08 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -4 886 388,64 | -5,67 |
| Summe der Verbindlichkeiten |  |  |  | -4 952 205,57 | -5,75 |
| Fondsvermögen |  |  |  | 86 133 169,50 | 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 CHF ICH50 .................................  | CHF | 93,14 |
| Klasse CHF XCH ...................................  | CHF | 102,22 |
| Klasse FCH .......................................  | EUR | 101,06 |
| Klasse ICH .......................................  | EUR | 93,33 |
| Klasse TFCH ......................................  | EUR | 96,76 |
| Klasse XCH .......................................  | EUR | 103,83 |
| Klasse GBP TFDQH ................................  | GBP | 82,74 |
| Klasse USD FC ....................................  | USD | 113,65 |
| Klasse USD IC ....................................  | USD | 98,00 |
| Klasse USD IC50 ..................................  | USD | 98,23 |
| Klasse USD LD ....................................  | USD | 90,50 |
| Klasse USD TFC ...................................  | USD | 105,72 |
| Klasse USD XC ....................................  | USD | 116,53 |
| Umlaufende Anteile Klasse CHF ICH50 .................................  | Stück | 110,000 |
| Klasse CHF XCH ...................................  | Stück | 248 000,000 |
| Klasse FCH .......................................  | Stück | 100,000 |
| Klasse ICH .......................................  | Stück | 1 213,000 |
| Klasse TFCH ......................................  | Stück | 527,000 |
| Klasse XCH .......................................  | Stück | 103,000 |
| Klasse GBP TFDQH ................................  | Stück | 85,000 |
| Klasse USD FC ....................................  | Stück | 30 001,000 |
| Klasse USD IC ....................................  | Stück | 112,000 |
| Klasse USD IC50 ..................................  | Stück | 78 548,000 |
| Klasse USD LD ....................................  | Stück | 3 482,522 |
| Klasse USD TFC ...................................  | Stück | 24,000 |
| Klasse USD XC ....................................  | Stück | 411 416,200 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) ICE BofA Non-Financial Developed Markets High Yield Constrained (4PM) USD H
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 88,532 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 115,158 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 99,502 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den 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 zugrunde liegende 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 14 564 299,05. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
HSBC France, Royal Bank of Canada (UK) und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Schweizer Franken	CHF | 0,955750 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0,960108 | = USD | 1 |
| Britisches Pfund	GBP | 0,822267 | = 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.
 Fußnoten	
* Variabler Zinssatz.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.

## DWS INVEST GLOBAL INFRASTRUCTURE

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0329760770 | 3,4% |
| Klasse FC | LU0329760937 | 3,8% |
| Klasse FCH (P) | LU0813335303 | -2,6% |
| Klasse FD | LU1222730084 | 3,8% |
| Klasse FDH (P) | LU1222730241 | -2,6% |
| Klasse IC | LU1466055321 | 3,9% |
| Klasse ID | LU1466055594 | 3,9% |
| Klasse IDH (P) | LU1217772315 | -2,5% |
| Klasse LCH (P) | LU1560646298 | -3,0% |
| Klasse LD | LU0363470237 | 3,4% |
| Klasse LDH (P) | LU1277647191 | -3,0% |
| Klasse NC | LU0329760853 | 3,1% |
| Klasse ND | LU1973715284 | 3,2% |
| Klasse NDQ | LU2437447761 | -5,6% 1) |
| Klasse PFC | LU1648271861 | 2,9% |
| Klasse PFD | LU2194936147 | 2,8% |
| Klasse PFDQ | LU2437447845 | -5,9% 1) |
| Klasse TFC | LU1663931324 | 3,8% |
| Klasse TFCH (P) | LU1663931597 | -2,6% |
| Klasse TFD | LU1663931670 | 3,8% |
| Klasse CHF FDH (P) 3) | LU1277646979 | -2,7% |
| Klasse CHF LCH 3) | LU0616865175 | 3,5% |
| Klasse GBP D RD 4) | LU1054338162 | 6,0% |
| Klasse GBP DH (P) RD 4) | LU1222731132 | -2,1% |
| Klasse SEK FC1000 5) | LU2319550385 | 8,8% |
| Klasse SEK FCH (P) 5) | LU1278214884 | -2,6% |
| Klasse SEK FDH (P) 5) | LU1557078950 | 25,4% 2) |
| Klasse SEK LCH (P) 5) | LU1278222390 | -3,1% |
| Klasse SGD LDMH (P) 6) | LU1054338089 | -2,2% |

DWS INVEST GLOBAL INFRASTRUCTURE

### Wertentwicklung der Anteilklassen (in EUR) (Fortsetzung)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD FC 7) | LU0329761745 | -4,6% |
| Klasse USD FDM 7) | LU1277647274 | -4,6% |
| Klasse USD IC 7) | LU2356196878 | -4,5% |
| Klasse USD IC250 7) | LU2046587650 | -4,4% |
| Klasse USD ICH (P)100 7) | LU2140577607 | -1,7% |
| Klasse USD ID 7) | LU1277647357 | -4,5% |
| Klasse USD ID250 7) | LU2046587734 | -4,4% |
| Klasse USD IDQ 7) | LU1982201169 | -4,5% |
| Klasse USD LC 7) | LU0329761661 | -5,0% |
| Klasse USD LCH (P) 7) | LU1222731306 | -2,3% |
| Klasse USD LD 7) | LU1277647431 | -5,0% |
| Klasse USD LDMH (P) 7) | LU1225178372 | -2,3% |
| Klasse USD TFCH (P) 7) | LU2293007097 | -1,9% |

1) 
Klassen NDQ und PFDQ aufgelegt am 22.4.2022
2) 
letzte Anteilpreisberechnung am 30.4.2021
3) 
in CHF
4) 
in GBP
5) 
in SEK
6) 
in SGD
7) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Telekommunikationsdienste | 7 500 429,25 | 0,23 |
| Dauerhafte Konsumgüter | 131 661 031,97 | 4,08 |
| Energie | 766 926 213,17 | 23,77 |
| Finanzsektor | 607 811 877,63 | 18,85 |
| Industrien | 419 954 774,76 | 13,03 |
| Versorger | 1 233 995 181,71 | 38,30 |
| Summe Aktien | 3 167 849 508,49 | 98,26 |
| 2. Derivate | -2 134 945,11 | -0,06 |
| 3. Bankguthaben | 43 275 516,31 | 1,34 |
| 4. Sonstige Vermögensgegenstände | 30 285 727,52 | 0,94 |
| 5. Forderungen aus Anteilscheingeschäften | 5 418 704,44 | 0,17 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -19 273 132,72 | -0,60 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -1 524 680,55 | -0,05 |
|  |  |  |
| III. Fondsvermögen | 3 223 896 698,38 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 3 167 849 508,49 | 98,26 |
| Aktien APA Group  ......................................  | Stück | 4 595 199 | 3 100 265 |  | AUD | 11,27 | 34 320 600,60 | 1,06 |
| Atlas Arteria Ltd  ..................................  | Stück | 2 844 285 | 3 455 250 | 610 965 | AUD | 8,06 | 15 192 694,05 | 0,47 |
| Transurban Group .................................  | Stück | 10 325 875 | 5 635 920 |  | AUD | 14,38 | 98 403 917,65 | 3,05 |
| Canadian National Railway Co. .......................  | Stück | 389 908 | 442 964 | 53 056 | CAD | 142,23 | 41 292 287,07 | 1,28 |
| Enbridge, Inc. ....................................  | Stück | 5 884 735 | 4 264 540 | 104 600 | CAD | 54,11 | 237 093 706,68 | 7,35 |
| Gibson Energy, Inc.  ...............................  | Stück | 2 130 670 | 632 600 |  | CAD | 23,84 | 37 821 436,86 | 1,17 |
| Pembina Pipeline Corp.  ............................  | Stück | 2 676 107 | 870 270 | 1 056 290 | CAD | 45,05 | 89 766 408,82 | 2,78 |
| TC Energy Corp. ..................................  | Stück | 1 646 648 | 657 650 | 410 014 | CAD | 66,35 | 81 349 948,08 | 2,52 |
| Orsted AS .......................................  | Stück | 417 324 | 186 410 |  | DKK | 733,3 | 41 139 435,61 | 1,28 |
| Aena SME SA  ...................................  | Stück | 349 924 | 191 712 | 61 104 | EUR | 118,85 | 41 588 467,40 | 1,29 |
| Cellnex Telecom SA  ...............................  | Stück | 2 431 868 | 1 076 808 |  | EUR | 36,32 | 88 325 445,76 | 2,74 |
| Ferrovial SA  .....................................  | Stück | 3 754 418 | 1 106 845 | 247 800 | EUR | 23,58 | 88 529 176,44 | 2,75 |
| Getlink SE .......................................  | Stück | 1 965 406 | 733 080 | 635 614 | EUR | 16,79 | 32 999 166,74 | 1,02 |
| SES SA  .........................................  | Stück | 898 255 | 139 940 |  | EUR | 8,35 | 7 500 429,25 | 0,23 |
| Terna Rete Elettrica Nazionale SpA  ...................  | Stück | 11 970 960 | 7 647 430 |  | EUR | 7,54 | 90 261 038,40 | 2,80 |
| Vinci SA  ........................................  | Stück | 614 017 | 181 130 | 86 400 | EUR | 84,09 | 51 632 689,53 | 1,60 |
| National Grid PLC .................................  | Stück | 13 138 583 | 4 910 550 |  | GBP | 10,593 | 162 500 323,24 | 5,04 |
| China Gas Holdings Ltd  ............................  | Stück | 11 228 800 | 7 483 200 |  | HKD | 12,12 | 16 652 736,52 | 0,52 |
| China Resources Gas Group Ltd  .....................  | Stück | 10 210 600 | 6 058 600 |  | HKD | 36,55 | 45 665 507,51 | 1,42 |
| China Tower Corp., Ltd  ............................  | Stück | 165 668 000 | 165 668 000 |  | HKD | 1,01 | 20 474 327,57 | 0,64 |
| COSCO Shipping Ports Ltd  .........................  | Stück | 26 648 000 | 12 546 000 |  | HKD | 5,54 | 18 064 420,27 | 0,56 |
| Hong Kong & China Gas Co., Ltd  ....................  | Stück | 34 783 000 | 10 126 000 | 11 304 000 | HKD | 8,45 | 35 964 447,26 | 1,12 |
| Kunlun Energy Co., Ltd  ............................  | Stück | 10 282 000 | 10 282 000 |  | HKD | 6,43 | 8 089 808,04 | 0,25 |
| East Japan Railway Co.  ............................  | Stück | 520 000 | 122 100 |  | JPY | 6 938 | 25 485 334,50 | 0,79 |
| Toho Gas Co., Ltd  ................................  | Stück | 549 600 | 124 600 |  | JPY | 3 275 | 12 714 834,96 | 0,39 |
| Tokyo Gas Co., Ltd ................................  | Stück | 1 255 800 | 616 900 |  | JPY | 2 807 | 24 900 931,31 | 0,77 |
| Ameren Corp. ....................................  | Stück | 1 060 110 | 343 590 |  | USD | 89,97 | 91 573 273,70 | 2,84 |
| American Tower Corp  .............................  | Stück | 948 329 | 516 270 |  | USD | 253,88 | 231 157 298,21 | 7,17 |
| American Water Works Co, Inc.  .....................  | Stück | 599 059 | 173 830 |  | USD | 146,06 | 84 008 065,11 | 2,61 |
| Atmos Energy Corp. ...............................  | Stück | 771 900 | 320 760 |  | USD | 110,98 | 82 248 095,42 | 2,55 |
| CenterPoint Energy, Inc.  ...........................  | Stück | 3 591 999 | 1 889 850 |  | USD | 29,12 | 100 426 347,17 | 3,12 |
| Cheniere Energy, Inc. ..............................  | Stück | 735 625 | 253 780 | 159 430 | USD | 133,31 | 94 154 113,18 | 2,92 |
| Crown Castle International Corp  .....................  | Stück | 1 492 331 | 460 570 |  | USD | 169,18 | 242 400 923,35 | 7,52 |
| CSX Corp. .......................................  | Stück | 226 052 | 1 135 410 | 1 288 048 | USD | 28,735 | 6 236 481,58 | 0,19 |
| Edison International  ...............................  | Stück | 1 627 208 | 1 028 860 | 920 200 | USD | 62,65 | 97 877 808,00 | 3,04 |
| Eversource Energy  ................................  | Stück | 469 780 | 190 780 | 444 494 | USD | 83,79 | 37 792 602,75 | 1,17 |
| Exelon Corp. .....................................  | Stück | 1 109 228 | 1 109 228 |  | USD | 44,64 | 47 540 648,14 | 1,48 |
| Grupo Aeroportuario del Pacifico SAB de CV -ADR-  ......  | Stück | 171 863 | 25 710 | 33 564 | USD | 141,76 | 23 391 398,17 | 0,73 |
| Kinder Morgan, Inc.  ...............................  | Stück | 2 013 600 | 2 013 600 |  | USD | 16,84 | 32 556 325,23 | 1,01 |
| NiSource, Inc. ....................................  | Stück | 2 907 184 | 644 180 | 284 270 | USD | 29,43 | 82 145 328,45 | 2,55 |
| SBA Communications Corp.  ........................  | Stück | 437 672 | 108 630 | 40 170 | USD | 319,49 | 134 253 656,07 | 4,16 |
| Sempra Energy ...................................  | Stück | 1 191 343 | 514 930 | 135 100 | USD | 150,49 | 172 133 162,61 | 5,34 |
| Williams Cos, Inc.  ................................  | Stück | 5 050 479 | 2 111 980 |  | USD | 31,3 | 151 773 865,68 | 4,71 |
| Xcel Energy, Inc.  .................................  | Stück | 124 847 | 124 847 |  | USD | 70,5 | 8 450 595,55 | 0,26 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 3 167 849 508,49 | 98,26 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
Devisen-Derivate	-2 134 945,11	-0,06
Forderungen/Verbindlichkeiten
| Devisentermingeschäfte Devisentermingeschäfte (Kauf) |  |
| --- | --- |
| Offene Positionen CHF/AUD 0,4 Mio. .................................  | 2 484,39 | 0,00 |
| CHF/EUR 3,0 Mio. .................................  | 53 950,68 | 0,00 |
| CHF/GBP 0,4 Mio. .................................  | 4 626,15 | 0,00 |
| CHF/JPY 0,1 Mio. ..................................  | 1 242,95 | 0,00 |
| CHF/USD 4,3 Mio. .................................  | 11 608,68 | 0,00 |
| SEK/AUD 2,0 Mio. .................................  | -2 920,67 | 0,00 |
| SEK/CAD 6,8 Mio. .................................  | -12 918,46 | 0,00 |
| SEK/EUR 5,9 Mio. .................................  | -2 320,45 | 0,00 |
| SEK/GBP 2,3 Mio. .................................  | -2 395,75 | 0,00 |
| SEK/JPY 0,8 Mio. ..................................  | -1 090,77 | 0,00 |
| SEK/USD 23,6 Mio. ................................  | -44 439,00 | 0,00 |
| SGD/AUD 0,6 Mio. .................................  | -571,11 | 0,00 |
| SGD/CAD 2,0 Mio. .................................  | -8 672,06 | 0,00 |
| SGD/EUR 1,7 Mio. .................................  | 11 920,69 | 0,00 |
| SGD/GBP 0,7 Mio. .................................  | 1 276,33 | 0,00 |
| SGD/HKD 0,6 Mio. .................................  | -2 174,83 | 0,00 |
| SGD/JPY 0,2 Mio. .................................  | -47,94 | 0,00 |
| SGD/USD 6,9 Mio. .................................  | -27 643,70 | 0,00 |
| Geschlossene Positionen CHF/EUR 0,1 Mio. .................................  | 340,58 | 0,00 |
| GBP/USD 0,1 Mio. .................................  | -0,48 | 0,00 |
| SEK/EUR 0,4 Mio. .................................  | 38,78 | 0,00 |
| SGD/EUR 0,1 Mio. .................................  | 202,51 | 0,00 |
| USD/EUR 7,6 Mio. .................................  | 1 107,80 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen CHF/CAD 1,7 Mio. .................................  | 2 500,63 | 0,00 |
| CHF/DKK 0,8 Mio. .................................  | 1 897,30 | 0,00 |
| CHF/HKD 3,1 Mio. .................................  | 881,80 | 0,00 |
| CHF/MXN 1,2 Mio. .................................  | 991,48 | 0,00 |
| CHF/NZD 0,1 Mio. .................................  | 5,44 | 0,00 |
| EUR/AUD 12,6 Mio. ................................  | -96 242,78 | 0,00 |
| EUR/CAD 37,9 Mio. ................................  | -444 908,58 | -0,01 |
| EUR/DKK 17,2 Mio. ................................  | -543,82 | 0,00 |
| EUR/GBP 7,9 Mio. .................................  | -65 768,08 | 0,00 |
| EUR/HKD 70,3 Mio. ................................  | -124 807,05 | -0,01 |
| EUR/JPY 483,0 Mio. ................................  | -34 666,96 | 0,00 |
| EUR/MXN 28,1 Mio. ................................  | -2 319,09 | 0,00 |
| EUR/NZD 0,1 Mio. .................................  | -47,15 | 0,00 |
| EUR/USD 94,6 Mio. ................................  | -1 409 417,20 | -0,04 |
| GBP/AUD 0,1 Mio. .................................  | -18,21 | 0,00 |
| GBP/CAD 0,1 Mio. .................................  | -130,37 | 0,00 |
| GBP/DKK 0,1 Mio. .................................  | 7,93 | 0,00 |
| GBP/HKD 0,1 Mio. .................................  | -30,24 | 0,00 |
| GBP/JPY 0,2 Mio. ..................................  | -5,30 | 0,00 |
| GBP/MXN 0,1 Mio. .................................  | 3,80 | 0,00 |
| GBP/NZD 0,1 Mio. .................................  | 0,01 | 0,00 |
| SEK/DKK 0,4 Mio. .................................  | -217,86 | 0,00 |
| SEK/HKD 1,6 Mio. .................................  | -3 610,62 | 0,00 |
| SEK/MXN 0,7 Mio. .................................  | -169,79 | 0,00 |
| SEK/NZD 0,1 Mio. .................................  | -1,80 | 0,00 |
| SGD/DKK 0,8 Mio. .................................  | 1 100,99 | 0,00 |
| SGD/MXN 1,4 Mio. ................................  | 486,57 | 0,00 |
| SGD/NZD 0,1 Mio. .................................  | 2,29 | 0,00 |
| USD/AUD 3,6 Mio. .................................  | 9 494,38 | 0,00 |
| USD/CAD 10,7 Mio. ................................  | -4 399,71 | 0,00 |
| USD/DKK 4,9 Mio. .................................  | 10 183,38 | 0,00 |
| USD/GBP 2,2 Mio. .................................  | 22 394,72 | 0,00 |
| USD/HKD 19,9 Mio. ................................  | 690,85 | 0,00 |
| USD/JPY 136,4 Mio. ...............................  | 5 379,21 | 0,00 |
| USD/MXN 8,0 Mio. ................................  | 5 313,99 | 0,00 |
| USD/NZD 0,1 Mio. .................................  | 27,44 | 0,00 |
| Geschlossene Positionen CHF/NZD 0,1 Mio. .................................  | 612,58 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  | -1,00 | 0,00 |
| EUR/NZD 1,2 Mio. .................................  | 3 644,83 | 0,00 |
| GBP/NZD 0,1 Mio. .................................  | 0,46 | 0,00 |
| SEK/NZD 0,1 Mio. .................................  | 46,89 | 0,00 |
| SGD/NZD 0,1 Mio. .................................  | 331,88 | 0,00 |
| USD/NZD 0,3 Mio. .................................  | 2 757,33 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Bankguthaben |  |  |  | 43 275 516,31 | 1,34 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 9 857 104,54 | 0,30 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 1 128 301 |  | 151 680,02 | 0,01 |
| Schwedische Kronen ...............................  | SEK | 844 873 |  | 78 882,92 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 197 352 |  | 130 788,29 | 0,00 |
| Britisches Pfund ...................................  | GBP | 129 218 |  | 150 879,64 | 0,00 |
| Hongkong Dollar ...................................  | HKD | 34 535 432 |  | 4 225 854,49 | 0,13 |
| Japanischer Yen ...................................  | JPY | 32 887 767 |  | 232 320,26 | 0,01 |
| Kanadischer Dollar .................................  | CAD | 218 247 |  | 162 503,71 | 0,01 |
| Mexikanischer Peso ................................  | MXN | 51 846 |  | 2 462,73 | 0,00 |
| Neuseeländischer Dollar .............................  | NZD | 760 033 |  | 455 377,65 | 0,01 |
| Schweizer Franken .................................  | CHF | 205 802 |  | 206 740,20 | 0,01 |
| Singapur Dollar ....................................  | SGD | 54 738 |  | 37 731,63 | 0,00 |
| US-Dollar ........................................  | USD | 28 729 258 |  | 27 583 190,23 | 0,86 |
| Sonstige Vermögensgegenstände |  |  |  | 30 285 727,52 | 0,94 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 10 574 541,29 | 0,33 |
| Abgegrenzte Platzierungsgebühr * ....................  |  |  |  | 1 703 069,55 | 0,05 |
| Sonstige Ansprüche ................................  |  |  |  | 18 008 116,68 | 0,56 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 5 418 704,44 | 0,17 |
| Summe der Vermögensgegenstände ** |  |  |  | 3 246 987 012,48 | 100,71 |
| Sonstige Verbindlichkeiten |  |  |  | -19 273 132,72 | -0,60 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -6 551 415,92 | -0,21 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -12 721 716,80 | -0,39 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -1 524 680,55 | -0,05 |
| Summe der Verbindlichkeiten |  |  |  | -23 090 314,10 | -0,71 |
| Fondsvermögen |  |  |  | 3 223 896 698,38 | 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 CHF FDH (P) ................................  | CHF | 116,17 |
| Klasse CHF LCH ...................................  | CHF | 198,26 |
| Klasse FC ........................................  | EUR | 226,51 |
| Klasse FCH (P) ....................................  | EUR | 138,72 |
| Klasse FD ........................................  | EUR | 115,87 |
| Klasse FDH (P) ....................................  | EUR | 101,84 |
| Klasse IC .........................................  | EUR | 155,36 |
| Klasse ID ........................................  | EUR | 125,28 |
| Klasse IDH (P) ....................................  | EUR | 106,37 |
| Klasse LC ........................................  | EUR | 202,55 |
| Klasse LCH (P) ....................................  | EUR | 131,26 |
| Klasse LD ........................................  | EUR | 170,56 |
| Klasse LDH (P) ....................................  | EUR | 110,74 |
| Klasse NC ........................................  | EUR | 182,32 |
| Klasse ND ........................................  | EUR | 116,43 |
| Klasse NDQ ......................................  | EUR | 94,38 |
| Klasse PFC .......................................  | EUR | 138,06 |
| Klasse PFD .......................................  | EUR | 125,55 |
| Klasse PFDQ .....................................  | EUR | 94,11 |
| Klasse TFC .......................................  | EUR | 150,13 |
| Klasse TFCH (P) ...................................  | EUR | 128,62 |
| Klasse TFD .......................................  | EUR | 126,82 |
| Klasse GBP D RD ..................................  | GBP | 149,74 |
| Klasse GBP DH (P) RD ..............................  | GBP | 108,79 |
| Klasse SEK FC1000 ................................  | SEK | 1 300,73 |
| Klasse SEK FCH (P) ................................  | SEK | 1 513,42 |
| Klasse SEK LCH (P) ................................  | SEK | 1 440,03 |
| Klasse SGD LDMH (P) ..............................  | SGD | 8,51 |
| Klasse USD FC ....................................  | USD | 156,87 |
| Klasse USD FDM ..................................  | USD | 125,98 |
| Klasse USD IC ....................................  | USD | 100,69 |
| Klasse USD IC250 .................................  | USD | 119,41 |
| Klasse USD ICH(P)100 ..............................  | USD | 126,95 |
| Klasse USD ID ....................................  | USD | 127,12 |
| Klasse USD ID250 .................................  | USD | 108,40 |
| Klasse USD IDQ ...................................  | USD | 113,23 |
| Klasse USD LC ....................................  | USD | 167,25 |
| Klasse USD LCH (P) ................................  | USD | 145,88 |
| Klasse USD LD ....................................  | USD | 119,49 |
| Klasse USD LDMH (P) ..............................  | USD | 128,95 |
| Klasse USD TFCH (P) ...............................  | USD | 118,95 |
| Umlaufende Anteile Klasse CHF FDH (P) ................................  | Stück | 68 885,150 |
| Klasse CHF LCH ...................................  | Stück | 9 636,260 |
| Klasse FC ........................................  | Stück | 460 242,370 |
| Klasse FCH (P) ....................................  | Stück | 54 100,000 |
| Klasse FD ........................................  | Stück | 114 170,000 |
| Klasse FDH (P) ....................................  | Stück | 155 082,000 |
| Klasse IC .........................................  | Stück | 2 654 054,000 |
| Klasse ID ........................................  | Stück | 83 334,000 |
| Klasse IDH (P) ....................................  | Stück | 610 114,000 |
| Klasse LC ........................................  | Stück | 3 436 069,663 |
| Klasse LCH (P) ....................................  | Stück | 91 025,032 |
| Klasse LD ........................................  | Stück | 3 855 757,710 |
| Klasse LDH (P) ....................................  | Stück | 41 556,415 |
| Klasse NC ........................................  | Stück | 484 435,746 |
| Klasse ND ........................................  | Stück | 54 120,000 |
| Klasse NDQ ......................................  | Stück | 5 312,000 |
| Klasse PFC .......................................  | Stück | 199 270,000 |
| Klasse PFD .......................................  | Stück | 92 765,000 |
| Klasse PFDQ .....................................  | Stück | 387 391,000 |
| Klasse TFC .......................................  | Stück | 1 610 955,024 |
| Klasse TFCH (P) ...................................  | Stück | 581 860,100 |
| Klasse TFD .......................................  | Stück | 178 108,000 |
| Klasse GBP D RD ..................................  | Stück | 22 289,515 |
| Klasse GBP DH (P) RD ..............................  | Stück | 700,000 |
| Klasse SEK FC1000 ................................  | Stück | 97 812,000 |
| Klasse SEK FCH (P) ................................  | Stück | 25 145,000 |
| Klasse SEK LCH (P) ................................  | Stück | 4 214,000 |
| Klasse SGD LDMH (P) ..............................  | Stück | 1 512 219,550 |
| Klasse USD FC ....................................  | Stück | 487 283,661 |
| Klasse USD FDM ..................................  | Stück | 1 167 375,505 |
| Klasse USD IC ....................................  | Stück | 15 219,000 |
| Klasse USD IC250 .................................  | Stück | 1 571 993,000 |
| Klasse USD ICH(P)100 ..............................  | Stück | 253 917,000 |
| Klasse USD ID ....................................  | Stück | 25 027,000 |
| Klasse USD ID250 .................................  | Stück | 906 338,000 |
| Klasse USD IDQ ...................................  | Stück | 340 643,000 |
| Klasse USD LC ....................................  | Stück | 494 390,084 |
| Klasse USD LCH (P) ................................  | Stück | 114 320,685 |
| Klasse USD LD ....................................  | Stück | 130 684,325 |
| Klasse USD LDMH (P) ..............................  | Stück | 34 990,167 |
| Klasse USD TFCH (P) ...............................  | Stück | 1 051,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Dow Jones Brookfield Global Infrastructure Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 95,246 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 101,485 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 98,008 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende 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 0,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
BNP Paribas S.A., Crédit Suisse Bank Europe, Goldman Sachs Bank Europe SE, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH, Toronto Dominion Bank und UBS AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar ..............  | AUD | 1,508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,343026 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,438694 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 141,562199 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 21,052319 | = | EUR | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,669016 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,710462 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,450722 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden zu abgeleiteten Verkehrswerten bewertet.
 Fußnoten	
* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 13 f) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.