# DWS Invest Emerging Markets Top Dividend
DWS INVEST EMERGING MARKETS TOP DIVIDEND

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0329760002 | -15.0% |
| Class FC | LU0329760267 | -14.7% |
| Class LD | LU0363468686 | -15.0% |
| Class NC | LU0329760184 | -15.3% |
| Class ND | LU1054328791 | -15.3% |
| Class PFC | LU1054329336 | -15.5% |
| Class PFD | LU1054329419 | -15.2% |
| Class TFC | LU1663862685 | -14.7% |
| Class TFD | LU1663863816 | -14.7% |
| Class USD FC 1 | LU0329761406 | -14.8% |
| Class USD TFC 1 | LU1663864624 | -14.7% |
| Class USD TFD 1 | LU1663865944 | -14.7% |

1 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Emerging Markets Top Dividend
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 28 593 385.55 | 17.82 |
| Telecommunication Services | 19 773 186.21 | 12.34 |
| Consumer Discretionaries | 17 712 970.06 | 11.05 |
| Energy | 3 870 693.37 | 2.42 |
| Consumer Staples | 10 711 147.73 | 6.66 |
| Financials | 46 013 261.45 | 28.71 |
| Basic Materials | 8 605 194.39 | 5.37 |
| Industrials | 10 835 487.02 | 6.76 |
| Utilities | 4 365 571.17 | 2.72 |
| Total equities | 150 480 896.95 | 93.85 |
| 2. Investment fund units Other funds | 4 771 033.57 | 2.98 |
| Total investment fund units | 4 771 033.57 | 2.98 |
| 3. Derivate | 1 175.25 | 0.00 |
| 4. Cash at bank | 4 420 373.61 | 2.74 |
| 5. Other assets | 5 126 909.68 | 3.20 |
| 6. Receivables from share certificate transactions | 74 426.64 | 0.05 |
| II. Liabilities |  |  |
| 1. Other liabilities | -4 352 588.08 | - 2.71 |
| 2. Liabilities from share certificate transactions | -181 097.70 | - 0.11 |
|  |  |  |
| III. Net assets | 160 341 129.92 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 145 862 359.12 | 90.97 |
| Equities B3 SA - Brasil Bolsa Balcao...........................  | Count | 120 000 | 84 000 | 80 000 | BRL | 54.62 | 1 067 078.23 | 0.67 |
| Banco Bradesco SA -Pref- ............................  | Count | 370 000 | 356 000 | 121 000 | BRL | 20.95 | 1 261 970.11 | 0.79 |
| BB Seguridade Participacoes SA.......................  | Count | 230 000 | 215 000 | 90 000 | BRL | 27.99 | 1 048 079.08 | 0.65 |
| CCR SA ..........................................  | Count | 460 000 | 415 000 | 75 000 | BRL | 14.69 | 1 100 127.31 | 0.69 |
| Itau Unibanco Holding SA -Pref- .......................  | Count | 310 000 | 355 000 | 180 000 | BRL | 25.89 | 1 306 643.35 | 0.82 |
| Itausa - Investimentos Itau SA -Pref- ...................  | Count | 640 000 | 540 000 | 200 000 | BRL | 9.72 | 1 012 767.03 | 0.63 |
| Porto Seguro SA ...................................  | Count | 130 000 | 107 000 | 15 000 | BRL | 51.58 | 1 091 661.53 | 0.68 |
| CEZ AS ..........................................  | Count | 9 538 |  | 75 462 | CZK | 506 | 180 629.03 | 0.11 |
| Moneta Money Bank AS .............................  | Count | 300 000 | 81 814 | 293 779 | CZK | 53.9 | 605 187.19 | 0.38 |
| Philip Morris CR AS.................................  | Count | 4 446 | 1 745 | 549 | CZK | 13 400 | 2 229 738.66 | 1.39 |
| China Construction Bank Corp. ........................  | Count | 260 000 | 260 000 |  | EUR | 0.73 | 189 774.00 | 0.12 |
| Industrial & Commercial Bank of China Ltd ..............  | Count | 229 000 | 229 000 |  | EUR | 0.534 | 122 286.00 | 0.08 |
| Agricultural Bank of China Ltd.........................  | Count | 2 400 000 | 1 600 000 |  | HKD | 3.12 | 862 056.92 | 0.54 |
| AIA Group Ltd .....................................  | Count | 170 000 | 320 000 | 340 000 | HKD | 72.3 | 1 415 002.89 | 0.88 |
| ANTA Sports Products Ltd ...........................  | Count | 400 000 | 320 000 | 145 000 | HKD | 68.4 | 3 149 823.38 | 1.96 |
| Bank of China Ltd ..................................  | Count | 4 500 000 | 2 800 000 |  | HKD | 2.87 | 1 486 840.97 | 0.93 |
| China Construction Bank Corp. ........................  | Count | 5 040 000 | 3 940 000 | 1 300 000 | HKD | 6.27 | 3 638 046.00 | 2.27 |
| China Life Insurance Co., Ltd .........................  | Count | 360 000 | 360 000 |  | HKD | 15.6 | 646 542.69 | 0.40 |
| China Merchants Bank Co., Ltd .......................  | Count | 400 000 | 520 000 | 120 000 | HKD | 35.65 | 1 641 684.26 | 1.02 |
| China Mobile Ltd ...................................  | Count | 300 000 | 297 483 | 195 500 | HKD | 52.3 | 1 806 313.19 | 1.13 |
| China Overseas Land & Investment Ltd .................  | Count | 400 000 | 357 493 | 214 000 | HKD | 23.45 | 1 079 873.66 | 0.67 |
| China Resources Land Ltd ...........................  | Count | 420 000 | 370 000 | 230 000 | HKD | 29.35 | 1 419 147.40 | 0.89 |
| China Vanke Co., Ltd................................  | Count | 370 000 | 369 000 | 159 000 | HKD | 24.5 | 1 043 609.24 | 0.65 |
| CK Infrastructure Holdings Ltd ........................  | Count | 71 000 | 116 000 | 115 000 | HKD | 39.9 | 326 137.96 | 0.20 |
| CLP Holdings Ltd...................................  | Count | 110 000 | 105 000 | 65 000 | HKD | 76 | 962 446.03 | 0.60 |
| Guangdong Investment Ltd...........................  | Count | 1 550 000 | 1 694 135 | 1 430 000 | HKD | 13.3 | 2 373 304.42 | 1.48 |
| Guangzhou Automobile Group Co., Ltd .................  | Count | 3 448 400 | 2 451 600 | 558 000 | HKD | 5.59 | 2 219 215.89 | 1.38 |
| Haier Electronics Group Co., Ltd.......................  | Count | 650 000 | 450 000 | 110 000 | HKD | 23.45 | 1 754 794.69 | 1.09 |
| HKT Trust & HKT Ltd................................  | Count | 1 400 000 | 1 020 000 |  | HKD | 11.34 | 1 827 726.46 | 1.14 |
| Hong Kong Exchanges and Clearing Ltd.................  | Count | 51 000 | 47 000 | 6 000 | HKD | 330 | 1 937 555.83 | 1.21 |
| Industrial & Commercial Bank of China Ltd ..............  | Count | 3 571 000 | 2 321 000 | 550 000 | HKD | 4.7 | 1 932 225.53 | 1.21 |
| NagaCorp Ltd .....................................  | Count | 400 000 | 606 000 | 516 000 | HKD | 8.97 | 413 068.94 | 0.26 |
| Ping An Insurance Group Co. of China Ltd ...............  | Count | 400 000 | 325 000 | 115 000 | HKD | 77.5 | 3 568 878.83 | 2.23 |
| Power Assets Holdings Ltd...........................  | Count | 175 000 | 270 000 | 235 000 | HKD | 42.15 | 849 191.69 | 0.53 |
| Sands China Ltd ...................................  | Count | 175 000 | 195 324 | 126 000 | HKD | 30.4 | 612 465.66 | 0.38 |
| Shenzhou International Group Holdings Ltd ..............  | Count | 90 000 | 160 000 | 142 000 | HKD | 93.4 | 967 741.79 | 0.60 |
| Sunny Optical Technology Group Co., Ltd ...............  | Count | 220 000 | 150 000 | 40 000 | HKD | 124 | 3 140 613.37 | 1.96 |
| Techtronic Industries Co., Ltd .........................  | Count | 170 000 | 225 000 | 225 000 | HKD | 75.8 | 1 483 502.34 | 0.93 |
| Tencent Holdings Ltd ...............................  | Count | 120 000 | 113 000 | 63 000 | HKD | 498.6 | 6 888 166.38 | 4.30 |
| Bank Rakyat Indonesia Persero Tbk PT .................  | Count | 5 000 000 | 12 000 000 | 11 800 000 | IDR | 3 030 | 946 289.04 | 0.59 |
| Indofood CBP Sukses Makmur Tbk PT..................  | Count | 1 900 000 | 1 400 000 | 550 000 | IDR | 9 350 | 1 109 625.40 | 0.69 |
| Telekomunikasi Indonesia Persero Tbk PT ...............  | Count | 4 300 000 | 7 600 000 | 8 200 000 | IDR | 3 050 | 819 180.25 | 0.51 |
| KT&G Corp. .......................................  | Count | 36 000 | 33 000 | 24 000 | KRW | 78 200 | 2 088 282.29 | 1.30 |
| LG Chem Ltd -Pref- .................................  | Count | 7 000 | 6 400 | 3 100 | KRW | 250 000 | 1 298 129.44 | 0.81 |
| Samsung Electronics Co., Ltd .........................  | Count | 80 000 | 62 000 | 18 000 | KRW | 52 800 | 3 133 313.58 | 1.95 |
| Samsung Electronics Co., Ltd -Pref- ....................  | Count | 260 000 | 180 000 | 35 000 | KRW | 46 500 | 8 968 219.98 | 5.59 |
| SK Hynix, Inc. .....................................  | Count | 31 000 | 25 000 | 2 500 | KRW | 85 100 | 1 956 911.59 | 1.22 |
| SK Telecom Co., Ltd ................................  | Count | 5 500 | 5 500 | 4 500 | KRW | 211 000 | 860 845.27 | 0.54 |
| Fomento Economico Mexicano SAB de CV ..............  | Count | 40 000 |  | 26 000 | MXN | 143.45 | 220 985.32 | 0.14 |
| Grupo Aeroportuario del Sureste SAB de CV .............  | Count | 20 000 |  | 14 000 | MXN | 260.71 | 200 812.42 | 0.13 |
| Wal-Mart de Mexico SAB de CV.......................  | Count | 180 000 |  |  | MXN | 55.44 | 384 324.97 | 0.24 |
| Malayan Banking Bhd ...............................  | Count | 620 000 | 460 900 | 110 900 | MYR | 7.51 | 969 554.50 | 0.60 |
| SM Prime Holdings, Inc. .............................  | Count | 800 000 | 2 400 000 | 1 600 000 | PHP | 31.85 | 456 292.72 | 0.28 |
| DBS Group Holdings Ltd .............................  | Count | 18 000 | 200 000 | 182 000 | SGD | 20.8 | 239 265.25 | 0.15 |
| Singapore Exchange Ltd .............................  | Count | 220 000 | 300 000 | 80 000 | SGD | 8.34 | 1 172 553.11 | 0.73 |
| Singapore Telecommunications Ltd ....................  | Count | 400 000 | 400 000 |  | SGD | 2.46 | 628 838.16 | 0.39 |
| Thai Beverage PCL .................................  | Count | 3 500 000 | 4 600 000 | 4 235 500 | SGD | 0.675 | 1 509 786.74 | 0.94 |
| Advanced Info Service PCL...........................  | Count | 102 400 |  |  | THB | 185 | 546 889.05 | 0.34 |
| Airports of Thailand PCL .............................  | Count | 250 000 | 325 000 | 75 000 | THB | 60.5 | 436 639.41 | 0.27 |
| Airports of Thailand PCL .............................  | Count | 100 000 | 100 000 |  | THB | 60.5 | 174 655.76 | 0.11 |
| CP ALL PCL.......................................  | Count | 50 000 |  | 290 000 | THB | 67.75 | 97 792.79 | 0.06 |
| CP ALL PCL.......................................  | Count | 180 000 | 100 000 |  | THB | 67.75 | 352 054.05 | 0.22 |
| Catcher Technology Co., Ltd..........................  | Count | 180 000 | 180 000 |  | TWD | 222 | 1 208 449.88 | 0.75 |
| Chailease Holding Co., Ltd ...........................  | Count | 176 856 | 394 856 | 218 000 | TWD | 125 | 668 548.59 | 0.42 |
| Chicony Electronics Co., Ltd ..........................  | Count | 100 728 | 200 728 | 100 000 | TWD | 85.2 | 259 533.23 | 0.16 |
| CTBC Financial Holding Co., Ltd .......................  | Count | 2 300 000 | 2 200 000 | 1 000 000 | TWD | 20.35 | 1 415 452.87 | 0.88 |
| First Financial Holding Co., Ltd ........................  | Count | 1 228 780 | 1 068 458 | 450 000 | TWD | 22.65 | 841 677.09 | 0.53 |
| Hon Hai Precision Industry Co., Ltd ....................  | Count | 485 800 | 410 800 | 35 000 | TWD | 86.3 | 1 267 860.50 | 0.79 |
| Largan Precision Co., Ltd ............................  | Count | 8 000 | 5 000 |  | TWD | 4 085 | 988 291.85 | 0.62 |
| Taiwan Cement Corp. ...............................  | Count | 1 229 982 | 749 397 |  | TWD | 42.75 | 1 590 149.80 | 0.99 |
| Taiwan Mobile Co., Ltd ..............................  | Count | 200 000 | 500 000 | 700 000 | TWD | 110.5 | 668 336.90 | 0.42 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 610 000 | 462 000 | 224 000 | TWD | 313 | 5 774 007.42 | 3.60 |
| Uni-President Enterprises Corp. .......................  | Count | 1 700 000 | 1 200 000 | 600 000 | TWD | 71.3 | 3 665 570.83 | 2.29 |
| Alrosa PJSC.......................................  | Count | 850 000 | 930 000 | 1 080 000 | USD | 0.907 | 687 878.75 | 0.43 |
| Chunghwa Telecom Co., Ltd -ADR- ....................  | Count | 79 500 | 85 000 | 58 500 | USD | 39.17 | 2 778 511.02 | 1.73 |
| CK Infrastructure Holdings Ltd ........................  | Count | 4 000 | 4 000 |  | USD | 5.148 | 18 373.73 | 0.01 |
| Detsky Mir PJSC ...................................  | Count | 600 000 | 350 000 | 900 000 | USD | 1.419 | 759 865.57 | 0.47 |

| Gazprom PJSC -ADR- ...............................  | Count | 250 000 | 65 000 | 30 000 | USD | 5.42 | 1 209 012.30 | 0.75 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HDFC Bank Ltd -ADR- ...............................  | Count | 58 000 | 50 000 | 9 000 | USD | 45.21 | 2 339 666.33 | 1.46 |
| ICICI Bank Ltd -ADR-................................  | Count | 260 000 | 235 000 | 45 000 | USD | 9.22 | 2 138 925.67 | 1.33 |
| Infosys Ltd -ADR- ..................................  | Count | 300 000 | 260 000 | 100 000 | USD | 9.6 | 2 569 708.80 | 1.60 |
| Lukoil PJSC -ADR- ..................................  | Count | 6 421 | 5 119 | 5 000 | USD | 75.07 | 430 091.15 | 0.27 |
| LUKOIL PJSC -ADR- ................................  | Count | 13 579 |  |  | USD | 74.98 | 908 457.57 | 0.57 |
| MMC Norilsk Nickel PJSC -ADR- ......................  | Count | 65 000 | 27 000 | 23 000 | USD | 26.41 | 1 531 698.13 | 0.96 |
| Mobile TeleSystems PJSC -ADR- ......................  | Count | 180 000 | 180 000 |  | USD | 9.24 | 1 484 006.83 | 0.93 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Count | 35 500 | 26 500 | 8 000 | USD | 133.51 | 4 228 959.96 | 2.64 |
| Polyus PJSC -GDR- .................................  | Count | 68 000 | 68 000 |  | USD | 83.85 | 5 087 488.07 | 3.17 |
| Sberbank of Russia PJSC -ADR- .......................  | Count | 60 000 | 25 000 | 44 131 | USD | 11.347 | 607 468.45 | 0.38 |
| Sberbank of Russia PJSC -Pref- .......................  | Count | 400 000 |  |  | USD | 2.648 | 945 091.79 | 0.59 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 117 000 | 108 000 | 38 000 | USD | 56.82 | 5 931 690.95 | 3.70 |
| Tatneft PJSC -ADR- .................................  | Count | 30 000 | 24 000 | 10 000 | USD | 49.43 | 1 323 132.35 | 0.83 |
| Capitec Bank Holdings Ltd ...........................  | Count | 20 000 | 13 000 |  | ZAR | 859.39 | 882 392.77 | 0.55 |
| FirstRand Ltd ......................................  | Count | 140 000 | 65 000 | 65 000 | ZAR | 38.17 | 274 341.71 | 0.17 |
| Naspers Ltd .......................................  | Count | 9 000 |  |  | ZAR | 3 169.33 | 1 464 372.70 | 0.91 |
| Sanlam Ltd .......................................  | Count | 100 000 | 45 000 | 75 000 | ZAR | 59.25 | 304 179.55 | 0.19 |
| Standard Bank Group Ltd ............................  | Count | 70 000 | 32 000 | 10 000 | ZAR | 104.63 | 376 006.99 | 0.23 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 1 559 893.55 | 0.97 |
| Equities Magnit OJSC ......................................  | Count | 135 000 | 135 000 |  | USD | 12.95 | 1 559 893.55 | 0.97 |
| Unlisted securities |  |  |  |  |  |  | 3 058 644.28 | 1.91 |
| Equities Shimao Group Holdings Ltd ..........................  | Count | 810 000 | 810 000 |  | HKD | 32.8 | 3 058 644.28 | 1.91 |
| Investment fund units |  |  |  |  |  |  | 4 771 033.57 | 2.98 |
| In-group fund units Deutsche Global Liquidity Series Plc - Managed Dollar Fund - EUR - (0.150%) ...................................         | Units | 0 | 1 208 | 1 223 | USD | 10 380.74 | 92.63 | 0.00 |
| Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0.000%) .................................  | Units | 574 | 2035 | 1921 | EUR | 9 816.75 | 4 770 940.94 | 2.98 |
| Total securities portfolio |  |  |  |  |  |  | 155 251 930.52 | 96.83 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Derivatives on individual securities |  |  |  |  |  |  | 1 175.25 | 0.00 |
| Warrants on securities |  |  |  |  |  |  |  |  |
| Equity warrants Minor International PCL 20/04/2026 ....................  | Count | 34 500 | 34 500 |  | THB | 1.18 | 1 175.25 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 4 420 373.61 | 2.75 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 1 266 414.03 | 0.78 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 87 471 |  |  |  |  | 95 997.52 | 0.06 |
| Polish zloty .......................................  | PLN | 6 373 |  |  |  |  | 1 433.60 | 0.00 |
| Czech koruna......................................  | CZK | 271 525 |  |  |  |  | 10 162.26 | 0.01 |
| Hungarian forint....................................  | HUF | 3 430 000 |  |  |  |  | 9 653.82 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Egyptian pound ....................................  | EGP | 880 |  |  |  |  | 48.73 | 0.00 |
| Brazilian real ......................................  | BRL | 58 838 |  |  |  |  | 9 579.01 | 0.01 |
| Hong Kong dollar ..................................  | HKD | 18 915 380 |  |  |  |  | 2 177 635.47 | 1.35 |
| Indian rupee.......................................  | INR | 2 046 756 |  |  |  |  | 24 187.38 | 0.02 |
| Indonesian rupiah ..................................  | IDR | 121 095 592 |  |  |  |  | 7 563.79 | 0.00 |
| Malaysian ringgit ...................................  | MYR | 292 800 |  |  |  |  | 60 969.46 | 0.04 |
| Mexican peso .....................................  | MXN | 317 873 |  |  |  |  | 12 242.11 | 0.01 |
| New Taiwan dollar..................................  | TWD | 1 974 229 |  |  |  |  | 59 703.62 | 0.04 |
| Philippine peso ....................................  | PHP | 500 001 |  |  |  |  | 8 953.95 | 0.01 |
| Singapore dollar ...................................  | SGD | 362 273 |  |  |  |  | 231 515.21 | 0.14 |
| South African rand..................................  | ZAR | 195 206 |  |  |  |  | 10 021.56 | 0.01 |
| South Korean won..................................  | KRW | 367 549 228 |  |  |  |  | 272 643.70 | 0.16 |
| Thai baht .........................................  | THB | 352 788 |  |  |  |  | 10 184.53 | 0.01 |
| Turkish lira ........................................          | TRY | 34 246 |  |  |  |  | 4 457.72 | 0.00 |
| U.S. dollar ........................................  | USD | 164 757 |  |  |  |  | 147 006.14 | 0.09 |

| Other assets | 5 126 909.68 | 3.20 |
| --- | --- | --- |
| Dividends/Distributions receivable .....................  | 814 285.83 | 0.51 |
| Receivables from exceeding the expense cap ............  | 88 368.44 | 0.06 |
| Other receivables ..................................  | 4 224 255.41 | 2.63 |
| Receivables from share certificate transactions | 74 426.64 | 0.05 |
| Total assets | 164 874 815.70 | 102.83 |
| Other liabilities | -4 352 588.08 | -2.71 |
| Additional other liabilities.............................  | -4 352 588.08 | -2.71 |
| Liabilities from share certificate transactions | -181 097.70 | -0.11 |
| Total liabilities | -4 533 685.78 | -2.83 |
| Net assets | 160 341 129.92 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 118.65 |
| Class LC .........................................  | EUR | 107.48 |
| Class LD .........................................  | EUR | 97.00 |
| Class NC .........................................  | EUR | 97.68 |
| Class ND .........................................  | EUR | 87.05 |
| Class PFC ........................................  | EUR | 105.42 |
| Class PFD ........................................  | EUR | 90.41 |
| Class TFC ........................................  | EUR | 96.88 |
| Class TFD ........................................  | EUR | 91.44 |
| Class USD FC .....................................  | USD | 129.73 |
| Class USD TFC ....................................  | USD | 92.35 |
| Class USD TFD ....................................  | USD | 86.47 |
| Number of shares outstanding Class FC .........................................  | Count | 482 385.454 |
| Class LC .........................................  | Count | 734 919.485 |
| Class LD .........................................  | Count | 192 004.711 |
| Class NC .........................................  | Count | 38 903.389 |
| Class ND .........................................  | Count | 5 824.000 |
| Class PFC ........................................  | Count | 5 695.000 |
| Class PFD ........................................  | Count | 3 172.000 |
| Class TFC ........................................  | Count | 20.000 |
| Class TFD ........................................  | Count | 39.711 |
| Class USD FC .....................................  | Count | 2 512.000 |
| Class USD TFC ....................................  | Count | 25.000 |
| Class USD TFD ....................................  | Count | 24.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Emerging Markets in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 78.186 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 109.246 |
| Average market risk exposure ........................  | % | 89.696 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, 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 20 175.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Brazilian real ................... . | BRL | 6.142380 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Czech koruna................... . | CZK | 26.719006 | = | EUR | 1 |
| Egyptian pound ................. . | EGP | 18.066483 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Hungarian forint................. . | HUF | 355.299913 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 16 009.907426 | = | EUR | 1 |
| Indian rupee.................... . | INR | 84.620794 | = | EUR | 1 |
| South Korean won............... . | KRW | 1 348.093605 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 25.965526 | = | EUR | 1 |
| Malaysian ringgit ................ . | MYR | 4.802412 | = | EUR | 1 |
| Philippine peso ................. . | PHP | 55.841347 | = | EUR | 1 |
| Polish zloty .................... . | PLN | 4.445229 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.564791 | = | EUR | 1 |
| Thai baht ...................... . | THB | 34.639567 | = | EUR | 1 |
| Turkish lira ..................... . | TRY | 7.682458 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 33.067155 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |
| South African rand............... . | ZAR | 19.478627 | = | EUR | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Emerging Markets Top Dividend
DWS INVEST EMERGING MARKETS TOP DIVIDEND

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0329760002 | -15,0% |
| Klasse FC | LU0329760267 | -14,7% |
| Klasse LD | LU0363468686 | -15,0% |
| Klasse NC | LU0329760184 | -15,3% |
| Klasse ND | LU1054328791 | -15,3% |
| Klasse PFC | LU1054329336 | -15,5% |
| Klasse PFD | LU1054329419 | -15,2% |
| Klasse TFC | LU1663862685 | -14,7% |
| Klasse TFD | LU1663863816 | -14,7% |
| Klasse USD FC 1) | LU0329761406 | -14,8% |
| Klasse USD TFC 1) | LU1663864624 | -14,7% |
| Klasse USD TFD 1) | LU1663865944 | -14,7% |

1) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Emerging Markets Top Dividend
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 28 593 385,55 | 17,82 |
| Telekommunikationsdienste | 19 773 186,21 | 12,34 |
| Dauerhafte Konsumgüter | 17 712 970,06 | 11,05 |
| Energie | 3 870 693,37 | 2,42 |
| Hauptverbrauchsgüter | 10 711 147,73 | 6,66 |
| Finanzsektor | 46 013 261,45 | 28,71 |
| Grundstoffe | 8 605 194,39 | 5,37 |
| Industrien | 10 835 487,02 | 6,76 |
| Versorger | 4 365 571,17 | 2,72 |
| Summe Aktien | 150 480 896,95 | 93,85 |
| 2. Investmentanteile Sonstige Fonds | 4 771 033,57 | 2,98 |
| Summe Investmentanteile | 4 771 033,57 | 2,98 |
| 3. Derivate | 1 175,25 | 0,00 |
| 4. Bankguthaben | 4 420 373,61 | 2,74 |
| 5. Sonstige Vermögensgegenstände | 5 126 909,68 | 3,20 |
| 6. Forderungen aus Anteilscheingeschäften | 74 426,64 | 0,05 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -4 352 588,08 | - 2,71 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -181 097,70 | - 0,11 |
| III. Fondsvermögen | 160 341 129,92 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 145 862 359,12 | 90,97 |
| Aktien B3 SA - Brasil Bolsa Balcao ..........................  | Stück | 120 000 | 84 000 | 80 000 | BRL | 54,62 | 1 067 078,23 | 0,67 |
| Banco Bradesco SA -Pref- ...........................  | Stück | 370 000 | 356 000 | 121 000 | BRL | 20,95 | 1 261 970,11 | 0,79 |
| BB Seguridade Participacoes SA ......................  | Stück | 230 000 | 215 000 | 90 000 | BRL | 27,99 | 1 048 079,08 | 0,65 |
| CCR SA ..........................................  | Stück | 460 000 | 415 000 | 75 000 | BRL | 14,69 | 1 100 127,31 | 0,69 |
| Itau Unibanco Holding SA -Pref- .......................  | Stück | 310 000 | 355 000 | 180 000 | BRL | 25,89 | 1 306 643,35 | 0,82 |
| Itausa - Investimentos Itau SA -Pref- ...................  | Stück | 640 000 | 540 000 | 200 000 | BRL | 9,72 | 1 012 767,03 | 0,63 |
| Porto Seguro SA ..................................  | Stück | 130 000 | 107 000 | 15 000 | BRL | 51,58 | 1 091 661,53 | 0,68 |
| CEZ AS ..........................................  | Stück | 9 538 |  | 75 462 | CZK | 506 | 180 629,03 | 0,11 |
| Moneta Money Bank AS ............................  | Stück | 300 000 | 81 814 | 293 779 | CZK | 53,9 | 605 187,19 | 0,38 |
| Philip Morris CR AS ................................  | Stück | 4 446 | 1 745 | 549 | CZK | 13 400 | 2 229 738,66 | 1,39 |
| China Construction Bank Corp. .......................  | Stück | 260 000 | 260 000 |  | EUR | 0,73 | 189 774,00 | 0,12 |
| Industrial & Commercial Bank of China Ltd ..............  | Stück | 229 000 | 229 000 |  | EUR | 0,534 | 122 286,00 | 0,08 |
| Agricultural Bank of China Ltd ........................  | Stück | 2 400 000 | 1 600 000 |  | HKD | 3,12 | 862 056,92 | 0,54 |
| AIA Group Ltd ....................................  | Stück | 170 000 | 320 000 | 340 000 | HKD | 72,3 | 1 415 002,89 | 0,88 |
| ANTA Sports Products Ltd ...........................  | Stück | 400 000 | 320 000 | 145 000 | HKD | 68,4 | 3 149 823,38 | 1,96 |
| Bank of China Ltd ..................................  | Stück | 4 500 000 | 2 800 000 |  | HKD | 2,87 | 1 486 840,97 | 0,93 |
| China Construction Bank Corp. .......................  | Stück | 5 040 000 | 3 940 000 | 1 300 000 | HKD | 6,27 | 3 638 046,00 | 2,27 |
| China Life Insurance Co., Ltd .........................  | Stück | 360 000 | 360 000 |  | HKD | 15,6 | 646 542,69 | 0,40 |
| China Merchants Bank Co., Ltd .......................  | Stück | 400 000 | 520 000 | 120 000 | HKD | 35,65 | 1 641 684,26 | 1,02 |
| China Mobile Ltd ..................................  | Stück | 300 000 | 297 483 | 195 500 | HKD | 52,3 | 1 806 313,19 | 1,13 |
| China Overseas Land & Investment Ltd ................  | Stück | 400 000 | 357 493 | 214 000 | HKD | 23,45 | 1 079 873,66 | 0,67 |
| China Resources Land Ltd ...........................  | Stück | 420 000 | 370 000 | 230 000 | HKD | 29,35 | 1 419 147,40 | 0,89 |
| China Vanke Co., Ltd ...............................  | Stück | 370 000 | 369 000 | 159 000 | HKD | 24,5 | 1 043 609,24 | 0,65 |
| CK Infrastructure Holdings Ltd ........................  | Stück | 71 000 | 116 000 | 115 000 | HKD | 39,9 | 326 137,96 | 0,20 |
| CLP Holdings Ltd ..................................  | Stück | 110 000 | 105 000 | 65 000 | HKD | 76 | 962 446,03 | 0,60 |
| Guangdong Investment Ltd ..........................  | Stück | 1 550 000 | 1 694 135 | 1 430 000 | HKD | 13,3 | 2 373 304,42 | 1,48 |
| Guangzhou Automobile Group Co., Ltd .................  | Stück | 3 448 400 | 2 451 600 | 558 000 | HKD | 5,59 | 2 219 215,89 | 1,38 |
| Haier Electronics Group Co., Ltd ......................  | Stück | 650 000 | 450 000 | 110 000 | HKD | 23,45 | 1 754 794,69 | 1,09 |
| HKT Trust & HKT Ltd ...............................  | Stück | 1 400 000 | 1 020 000 |  | HKD | 11,34 | 1 827 726,46 | 1,14 |
| Hong Kong Exchanges and Clearing Ltd ................  | Stück | 51 000 | 47 000 | 6 000 | HKD | 330 | 1 937 555,83 | 1,21 |
| Industrial & Commercial Bank of China Ltd ..............  | Stück | 3 571 000 | 2 321 000 | 550 000 | HKD | 4,7 | 1 932 225,53 | 1,21 |
| NagaCorp Ltd .....................................  | Stück | 400 000 | 606 000 | 516 000 | HKD | 8,97 | 413 068,94 | 0,26 |
| Ping An Insurance Group Co. of China Ltd ..............  | Stück | 400 000 | 325 000 | 115 000 | HKD | 77,5 | 3 568 878,83 | 2,23 |
| Power Assets Holdings Ltd ..........................  | Stück | 175 000 | 270 000 | 235 000 | HKD | 42,15 | 849 191,69 | 0,53 |
| Sands China Ltd ...................................  | Stück | 175 000 | 195 324 | 126 000 | HKD | 30,4 | 612 465,66 | 0,38 |
| Shenzhou International Group Holdings Ltd .............  | Stück | 90 000 | 160 000 | 142 000 | HKD | 93,4 | 967 741,79 | 0,60 |
| Sunny Optical Technology Group Co., Ltd ...............  | Stück | 220 000 | 150 000 | 40 000 | HKD | 124 | 3 140 613,37 | 1,96 |
| Techtronic Industries Co., Ltd ........................  | Stück | 170 000 | 225 000 | 225 000 | HKD | 75,8 | 1 483 502,34 | 0,93 |
| Tencent Holdings Ltd ...............................  | Stück | 120 000 | 113 000 | 63 000 | HKD | 498,6 | 6 888 166,38 | 4,30 |
| Bank Rakyat Indonesia Persero Tbk PT .................  | Stück | 5 000 000 | 12 000 000 | 11 800 000 | IDR | 3 030 | 946 289,04 | 0,59 |
| Indofood CBP Sukses Makmur Tbk PT .................  | Stück | 1 900 000 | 1 400 000 | 550 000 | IDR | 9 350 | 1 109 625,40 | 0,69 |
| Telekomunikasi Indonesia Persero Tbk PT ..............  | Stück | 4 300 000 | 7 600 000 | 8 200 000 | IDR | 3 050 | 819 180,25 | 0,51 |
| KT&G Corp. ......................................  | Stück | 36 000 | 33 000 | 24 000 | KRW | 78 200 | 2 088 282,29 | 1,30 |
| LG Chem Ltd -Pref- ................................  | Stück | 7 000 | 6 400 | 3 100 | KRW | 250 000 | 1 298 129,44 | 0,81 |
| Samsung Electronics Co., Ltd ........................  | Stück | 80 000 | 62 000 | 18 000 | KRW | 52 800 | 3 133 313,58 | 1,95 |
| Samsung Electronics Co., Ltd -Pref- ...................  | Stück | 260 000 | 180 000 | 35 000 | KRW | 46 500 | 8 968 219,98 | 5,59 |
| SK Hynix, Inc. .....................................  | Stück | 31 000 | 25 000 | 2 500 | KRW | 85 100 | 1 956 911,59 | 1,22 |
| SK Telecom Co., Ltd ...............................  | Stück | 5 500 | 5 500 | 4 500 | KRW | 211 000 | 860 845,27 | 0,54 |
| Fomento Economico Mexicano SAB de CV ..............  | Stück | 40 000 |  | 26 000 | MXN | 143,45 | 220 985,32 | 0,14 |
| Grupo Aeroportuario del Sureste SAB de CV ............  | Stück | 20 000 |  | 14 000 | MXN | 260,71 | 200 812,42 | 0,13 |
| Wal-Mart de Mexico SAB de CV ......................  | Stück | 180 000 |  |  | MXN | 55,44 | 384 324,97 | 0,24 |
| Malayan Banking Bhd ...............................  | Stück | 620 000 | 460 900 | 110 900 | MYR | 7,51 | 969 554,50 | 0,60 |
| SM Prime Holdings, Inc. ............................  | Stück | 800 000 | 2 400 000 | 1 600 000 | PHP | 31,85 | 456 292,72 | 0,28 |
| DBS Group Holdings Ltd ............................  | Stück | 18 000 | 200 000 | 182 000 | SGD | 20,8 | 239 265,25 | 0,15 |
| Singapore Exchange Ltd ............................  | Stück | 220 000 | 300 000 | 80 000 | SGD | 8,34 | 1 172 553,11 | 0,73 |
| Singapore Telecommunications Ltd ...................  | Stück | 400 000 | 400 000 |  | SGD | 2,46 | 628 838,16 | 0,39 |
| Thai Beverage PCL .................................  | Stück | 3 500 000 | 4 600 000 | 4 235 500 | SGD | 0,675 | 1 509 786,74 | 0,94 |
| Advanced Info Service PCL ..........................  | Stück | 102 400 |  |  | THB | 185 | 546 889,05 | 0,34 |
| Airports of Thailand PCL .............................  | Stück | 250 000 | 325 000 | 75 000 | THB | 60,5 | 436 639,41 | 0,27 |
| Airports of Thailand PCL ............................  | Stück | 100 000 | 100 000 |  | THB | 60,5 | 174 655,76 | 0,11 |
| CP ALL PCL ......................................  | Stück | 50 000 |  | 290 000 | THB | 67,75 | 97 792,79 | 0,06 |
| CP ALL PCL ......................................  | Stück | 180 000 | 100 000 |  | THB | 67,75 | 352 054,05 | 0,22 |
| Catcher Technology Co., Ltd .........................  | Stück | 180 000 | 180 000 |  | TWD | 222 | 1 208 449,88 | 0,75 |
| Chailease Holding Co., Ltd ...........................  | Stück | 176 856 | 394 856 | 218 000 | TWD | 125 | 668 548,59 | 0,42 |
| Chicony Electronics Co., Ltd .........................  | Stück | 100 728 | 200 728 | 100 000 | TWD | 85,2 | 259 533,23 | 0,16 |
| CTBC Financial Holding Co., Ltd ......................  | Stück | 2 300 000 | 2 200 000 | 1 000 000 | TWD | 20,35 | 1 415 452,87 | 0,88 |
| First Financial Holding Co., Ltd .......................  | Stück | 1 228 780 | 1 068 458 | 450 000 | TWD | 22,65 | 841 677,09 | 0,53 |
| Hon Hai Precision Industry Co., Ltd ....................  | Stück | 485 800 | 410 800 | 35 000 | TWD | 86,3 | 1 267 860,50 | 0,79 |
| Largan Precision Co., Ltd ............................  | Stück | 8 000 | 5 000 |  | TWD | 4 085 | 988 291,85 | 0,62 |
| Taiwan Cement Corp. ..............................  | Stück | 1 229 982 | 749 397 |  | TWD | 42,75 | 1 590 149,80 | 0,99 |
| Taiwan Mobile Co., Ltd .............................  | Stück | 200 000 | 500 000 | 700 000 | TWD | 110,5 | 668 336,90 | 0,42 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Stück | 610 000 | 462 000 | 224 000 | TWD | 313 | 5 774 007,42 | 3,60 |
| Uni-President Enterprises Corp. .......................  | Stück | 1 700 000 | 1 200 000 | 600 000 | TWD | 71,3 | 3 665 570,83 | 2,29 |
| Alrosa PJSC ......................................  | Stück | 850 000 | 930 000 | 1 080 000 | USD | 0,907 | 687 878,75 | 0,43 |
| Chunghwa Telecom Co., Ltd -ADR- ....................  | Stück | 79 500 | 85 000 | 58 500 | USD | 39,17 | 2 778 511,02 | 1,73 |
| CK Infrastructure Holdings Ltd ........................  | Stück | 4 000 | 4 000 |  | USD | 5,148 | 18 373,73 | 0,01 |
| Detsky Mir PJSC ..................................  | Stück | 600 000 | 350 000 | 900 000 | USD | 1,419 | 759 865,57 | 0,47 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Gazprom PJSC -ADR- ...............................  | Stück | 250 000 | 65 000 | 30 000 | USD | 5,42 | 1 209 012,30 | 0,75 |
| HDFC Bank Ltd -ADR- ..............................  | Stück | 58 000 | 50 000 | 9 000 | USD | 45,21 | 2 339 666,33 | 1,46 |
| ICICI Bank Ltd -ADR- ...............................  | Stück | 260 000 | 235 000 | 45 000 | USD | 9,22 | 2 138 925,67 | 1,33 |
| Infosys Ltd -ADR- ..................................  | Stück | 300 000 | 260 000 | 100 000 | USD | 9,6 | 2 569 708,80 | 1,60 |
| Lukoil PJSC -ADR- .................................  | Stück | 6 421 | 5 119 | 5 000 | USD | 75,07 | 430 091,15 | 0,27 |
| LUKOIL PJSC -ADR- ................................  | Stück | 13 579 |  |  | USD | 74,98 | 908 457,57 | 0,57 |
| MMC Norilsk Nickel PJSC -ADR- ......................  | Stück | 65 000 | 27 000 | 23 000 | USD | 26,41 | 1 531 698,13 | 0,96 |
| Mobile TeleSystems PJSC -ADR- .....................  | Stück | 180 000 | 180 000 |  | USD | 9,24 | 1 484 006,83 | 0,93 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Stück | 35 500 | 26 500 | 8 000 | USD | 133,51 | 4 228 959,96 | 2,64 |
| Polyus PJSC -GDR- ................................  | Stück | 68 000 | 68 000 |  | USD | 83,85 | 5 087 488,07 | 3,17 |
| Sberbank of Russia PJSC -ADR- ......................  | Stück | 60 000 | 25 000 | 44 131 | USD | 11,347 | 607 468,45 | 0,38 |
| Sberbank of Russia PJSC -Pref- .......................  | Stück | 400 000 |  |  | USD | 2,648 | 945 091,79 | 0,59 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- .....  | Stück | 117 000 | 108 000 | 38 000 | USD | 56,82 | 5 931 690,95 | 3,70 |
| Tatneft PJSC -ADR- ................................  | Stück | 30 000 | 24 000 | 10 000 | USD | 49,43 | 1 323 132,35 | 0,83 |
| Capitec Bank Holdings Ltd ..........................  | Stück | 20 000 | 13 000 |  | ZAR | 859,39 | 882 392,77 | 0,55 |
| FirstRand Ltd .....................................  | Stück | 140 000 | 65 000 | 65 000 | ZAR | 38,17 | 274 341,71 | 0,17 |
| Naspers Ltd ......................................  | Stück | 9 000 |  |  | ZAR | 3 169,33 | 1 464 372,70 | 0,91 |
| Sanlam Ltd .......................................  | Stück | 100 000 | 45 000 | 75 000 | ZAR | 59,25 | 304 179,55 | 0,19 |
| Standard Bank Group Ltd ............................  | Stück | 70 000 | 32 000 | 10 000 | ZAR | 104,63 | 376 006,99 | 0,23 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  | 1 559 893,55 | 0,97 |
| Aktien Magnit OJSC .....................................	Stück	135 000 | 135 000 |  | USD | 12,95 | 1 559 893,55 | 0,97 |
| Nichtnotierte Wertpapiere |  |  |  |  | 3 058 644,28 | 1,91 |
| Aktien Shimao Group Holdings Ltd ..........................	Stück	810 000 | 810 000 |  | HKD | 32,8 | 3 058 644,28 | 1,91 |
| Investmentanteile |  |  |  |  | 4 771 033,57 | 2,98 |
| Gruppeneigene Investmentanteile Deutsche Global Liquidity Series Plc - Managed Dollar Fund - EUR - (0,150%) ..................................	Anteile	0 | 1 208 | 1 223 | USD | 10 380,74 | 92,63 | 0,00 |
| Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0,000%) .................................	Anteile	574 | 2035 | 1921 | EUR | 9 816,75 | 4 770 940,94 | 2,98 |
| Summe Wertpapiervermögen |  |  |  |  | 155 251 930,52 | 96,83 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |  |  |
| Derivate auf einzelne Wertpapiere |  |  |  |  | 1 175,25 | 0,00 |
| Wertpapier-Optionsscheine |  |  |  |  |  |  |
| Optionsscheine auf Aktien Minor International PCL 20/04/2026 ...................	Stück	34 500 | 34 500 |  | THB | 1,18 | 1 175,25 | 0,00 |
| Bankguthaben |  |  |  |  | 4 420 373,61 | 2,75 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  |  |  | 1 266 414,03 | 0,78 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |
| Britisches Pfund ...................................	GBP	87 471 |  |  |  |  | 95 997,52 | 0,06 |
| Polnischer Zloty ...................................	PLN	6 373 |  |  |  |  | 1 433,60 | 0,00 |
| Tschechische Kronen ...............................	CZK	271 525 |  |  |  |  | 10 162,26 | 0,01 |
| Ungarischer Forint .................................	HUF	3 430 000 |  |  |  |  | 9 653,82 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |
| Ägyptisches Pfund .................................	EGP	880 |  |  |  |  | 48,73 | 0,00 |
| Brasilianischer Real ................................	BRL	58 838 |  |  |  |  | 9 579,01 | 0,01 |
| Hongkong Dollar ...................................	HKD	18 915 380 |  |  |  |  | 2 177 635,47 | 1,35 |
| Indische Rupie ....................................	INR	2 046 756 |  |  |  |  | 24 187,38 | 0,02 |
| Indonesische Rupie ................................	IDR	121 095 592 |  |  |  |  | 7 563,79 | 0,00 |
| Malaysischer Ringgit ...............................	MYR	292 800 |  |  |  |  | 60 969,46 | 0,04 |
| Mexikanischer Peso ................................	MXN	317 873 |  |  |  |  | 12 242,11 | 0,01 |
| Neue Taiwan Dollar ................................	TWD	1 974 229 |  |  |  |  | 59 703,62 | 0,04 |
| Philippinischer Peso ................................	PHP	500 001 |  |  |  |  | 8 953,95 | 0,01 |
| Singapur Dollar ....................................	SGD	362 273 |  |  |  |  | 231 515,21 | 0,14 |
| Südafrikanischer Rand ..............................	ZAR	195 206 |  |  |  |  | 10 021,56 | 0,01 |
| Südkoreanischer Won ..............................	KRW	367 549 228 |  |  |  |  | 272 643,70 | 0,16 |
| Thailändischer Baht ................................	THB	352 788 |  |  |  |  | 10 184,53 | 0,01 |
| Türkische Lira .....................................	TRY	34 246 |  |  |  |  | 4 457,72 | 0,00 |
| US-Dollar ........................................	USD	164 757 |  |  |  |  | 147 006,14 | 0,09 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Sonstige Vermögensgegenstände | 5 126 909,68 | 3,20 |
| Dividenden- / Ausschüttungsansprüche .................  | 814 285,83 | 0,51 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 88 368,44 | 0,06 |
| Sonstige Ansprüche ................................  | 4 224 255,41 | 2,63 |
| Forderungen aus Anteilscheingeschäften | 74 426,64 | 0,05 |
| Summe der Vermögensgegenstände | 164 874 815,70 | 102,83 |
| Sonstige Verbindlichkeiten | -4 352 588,08 | -2,71 |
| Andere sonstige Verbindlichkeiten .....................  | -4 352 588,08 | -2,71 |
| Verbindlichkeiten aus Anteilscheingeschäften | -181 097,70 | -0,11 |
| Summe der Verbindlichkeiten | -4 533 685,78 | -2,83 |
| Fondsvermögen | 160 341 129,92 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 118,65 |
| Klasse LC ........................................  | EUR | 107,48 |
| Klasse LD ........................................  | EUR | 97,00 |
| Klasse NC ........................................  | EUR | 97,68 |
| Klasse ND ........................................  | EUR | 87,05 |
| Klasse PFC .......................................  | EUR | 105,42 |
| Klasse PFD .......................................  | EUR | 90,41 |
| Klasse TFC .......................................  | EUR | 96,88 |
| Klasse TFD .......................................  | EUR | 91,44 |
| Klasse USD FC ....................................  | USD | 129,73 |
| Klasse USD TFC ...................................  | USD | 92,35 |
| Klasse USD TFD ...................................  | USD | 86,47 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 482 385,454 |
| Klasse LC ........................................  | Stück | 734 919,485 |
| Klasse LD ........................................  | Stück | 192 004,711 |
| Klasse NC ........................................  | Stück | 38 903,389 |
| Klasse ND ........................................  | Stück | 5 824,000 |
| Klasse PFC .......................................  | Stück | 5 695,000 |
| Klasse PFD .......................................  | Stück | 3 172,000 |
| Klasse TFC .......................................  | Stück | 20,000 |
| Klasse TFD .......................................  | Stück | 39,711 |
| Klasse USD FC ....................................  | Stück | 2 512,000 |
| Klasse USD TFC ...................................  | Stück | 25,000 |
| Klasse USD TFD ...................................  | Stück | 24,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Emerging Markets in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 78,186 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 109,246 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 89,696 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 20 175,00.
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Brasilianischer Real ..............  | BRL | 6,142380 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Tschechische Kronen .............  | CZK | 26,719006 | = | EUR | 1 |
| Ägyptisches Pfund ...............  | EGP | 18,066483 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Ungarischer Forint ...............  | HUF | 355,299913 | = | EUR | 1 |
| Indonesische Rupie ..............  | IDR | 16 009,907426 | = | EUR | 1 |
| Indische Rupie ..................  | INR | 84,620794 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 348,093605 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 25,965526 | = | EUR | 1 |
| Malaysischer Ringgit .............  | MYR | 4,802412 | = | EUR | 1 |
| Philippinischer Peso ..............  | PHP | 55,841347 | = | EUR | 1 |
| Polnischer Zloty .................  | PLN | 4,445229 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| Thailändischer Baht ..............  | THB | 34,639567 | = | EUR | 1 |
| Türkische Lira ...................  | TRY | 7,682458 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 33,067155 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 19,478627 | = | EUR | 1 |

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