# DWS Invest Emerging Markets Corporates
DWS INVEST EMERGING MARKETS CORPORATES

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD LC | LU0273170737 | -1.9% |
| Class USD FC | LU0273179951 | -1.6% |
| Class USD LD | LU0273170653 | -1.9% |
| Class USD LDM | LU0544572273 | -1.7% |
| Class USD RC | LU1616932510 | -1.3% |
| Class USD TFC | LU1663855044 | -1.6% |
| Class USD TFD | LU1663857685 | -1.6% |
| Class CHF FCH 1 | LU0616861778 | -3.0% |
| Class FCH 2 | LU0507270097 | -2.8% |
| Class LCH 2 | LU0436052673 | -3.0% |
| Class LDH 2 | LU0507269834 | -3.1% |
| Class NCH 2 | LU0436053051 | -3.3% |
| Class ND 2 | LU1054326233 | -2.1% |
| Class NDH 2 | LU0544572190 | -3.3% |
| Class NDQH 2 | LU1054327041 | -3.1% |
| Class PFCH 2 | LU1054327124 | -3.3% |
| Class PFDQH 2 | LU1054327397 | -3.4% |
| Class TFCH 2 | LU1663850912 | -2.8% |
| Class TFDH 2 | LU1663853429 | -2.7% |
| Class SEK LCH 3 | LU1297621283 | -2.8% |
| Class SGD LDMH 4 | LU0911034782 | -2.2% |


##### JPM CEMBI Broad Diversified

##### since November 24, 2016	-0.2%

##### (previously: JPM CEMBI)
1 
in CHF
2 
in EUR
3 
in SEK
4 
in SGD
“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 Corporates
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 142 736 555.22 | 91.44 |
| Central governments | 6 235 727.10 | 3.99 |
| Total bonds | 148 972 282.32 | 95.43 |
| 2. Derivatives | -750 509.84 | - 0.48 |
| 3. Cash at bank | 6 786 147.96 | 4.35 |
| 4. Other assets | 3 180 263.30 | 2.04 |
| 5. Receivables from share certificate transactions | 613 282.53 | 0.39 |
| II. Liabilities |  |  |
| 1. Other liabilities | -2 400 071.02 | - 1.54 |
| 2. Liabilities from share certificate transactions | -291 242.49 | - 0.19 |
| III. Net assets | 156 110 152.76 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 121 288 741.80 | 77.70 |
| Interest-bearing securities 3.625 % Bank of Communications Co., Ltd 2014/2026 *..  | EUR | 1 000 000 |  | 500 000 | % | 101.222 | 1 134 445.12 | 0.73 |
| 5.00 % Credito Real SAB de CV SOFOM ER -Reg- (MTN) 2019/2027 ** ............................  | EUR | 1 000 000 |  | 500 000 | % | 84.516 | 947 218.30 | 0.61 |
| 2.95  % Gazprom PJSC Via Gaz Finance PLC (MTN) 2020/2025 ...............................  | EUR | 940 000 | 940 000 |  | % | 104.386 | 1 099 706.03 | 0.70 |
| 1.625 % Huarong Universe Investment Holding Ltd (MTN) 2017/2022 .................................  | EUR | 1 000 000 |  |  | % | 95.154 | 1 066 432.43 | 0.68 |
| 5.625 % Metinvest BV -Reg- (MTN) 2019/2025 .........  | EUR | 1 000 000 |  | 500 000 | % | 91.004 | 1 019 921.32 | 0.65 |
| 4.75 % Petrobras Global Finance BV 2014/2025 ** .....  2.20 % Russian Railways Via RZD Capital PLC (MTN) 2019/2027 ...............................  | EUR EUR | 1 000 000 1 000 000 |  | 500 000 | % % | 105.32 102.406 | 1 180 373.43 1 147 709.19 | 0.76 0.74 |
| 5.375 % Petrobras Global Finance BV 2012/2029 .......  | GBP | 500 000 |  | 1 000 000 | % | 99.667 | 612 952.15 | 0.39 |
| 5.99 % 1MDB Energy Ltd (MTN) 2012/2022 ..........  3.875 % Abu Dhabi Government International Bond -Reg- 2020/2050 .................................  | USD USD | 1 000 000 1 250 000 | 1 250 000 |  | % % | 104.156 118.329 | 1 041 565.00 1 479 112.50 | 0.67 0.95 |
| 4.375 % Abu Dhabi National Energy Co. PJSC -Reg- (MTN) 2016/2026 .................................  | USD | 1 000 000 |  |  | % | 113 | 1 130 000.00 | 0.72 |
| 3.75 % Africa Finance Corp. (MTN) 2019/2029.........  | USD | 1 000 000 | 500 000 | 1 000 000 | % | 101.045 | 1 010 450.00 | 0.65 |
| 3.125 % Africa Finance Corp. (MTN) 2020/2025.........  | USD | 1 040 000 | 1 040 000 |  | % | 100.265 | 1 042 756.00 | 0.67 |
| 3.20 % AIA Group Ltd -Reg- (MTN) 2015/2025.........  | USD | 1 000 000 | 1 000 000 |  | % | 105.897 | 1 058 970.00 | 0.68 |
| 6.797 % Akbank Turk AS -Reg- (MTN) 2018/2028 *......  | USD | 750 000 | 200 000 | 250 000 | % | 90.663 | 679 972.50 | 0.44 |
| 6.625 % Alam Synergy Pte Ltd (MTN) 2016/2022 .......  | USD | 1 500 000 |  |  | % | 46.792 | 701 872.50 | 0.45 |
| 3.875 % Aldar Sukuk No. 2 Ltd (MTN) 2019/2029 .......  5.95 % Alfa Bank AO Via Alfa Bond Issuance PLC -Reg- 2019/2030 * .............................  | USD USD | 1 000 000 500 000 |  | 500 000 500 000 | % % | 102.943 99.668 | 1 029 430.00 498 340.00 | 0.66 0.32 |
| 6.50 % AngloGold Ashanti Holdings PLC 2010/2040 .... 5.875 % Argentine Republic Government International Bond (MTN) 2018/2028 ............................       | USD USD | 750 000 1 000 000 |  | 550 000 2 000 000 | % % | 115.732 40.32 | 867 990.00 403 205.00 | 0.56 0.26 |
| 4.357 % Axiata SPV2 Bhd (MTN) 2016/2026 ...........  | USD | 1 000 000 |  | 500 000 | % | 111.014 | 1 110 145.00 | 0.71 |
| 4.85 % AYC Finance Ltd 2019/perpetual .............  | USD | 1 000 000 |  | 200 000 | % | 97.61 | 976 095.00 | 0.63 |
| 3.075 % Baidu, Inc. (MTN) 2020/2025 ................  | USD | 750 000 | 750 000 |  | % | 105.046 | 787 848.75 | 0.50 |
| 6.25 % Banco do Brasil SA -Reg- 2013/2049 *.........  6.75 % Banco Mercantil del Norte SA/Grand Cayman -Reg- 2019/perpetual * .....................  | USD USD | 750 000 750 000 | 1 500 000 | 750 000 750 000 | % % | 87.973 95.584 | 659 797.50 716 880.00 | 0.42 0.46 |
| 3.275 % Bank Leumi Le-Israel BM 2020/2031 * ........  | USD | 1 000 000 | 1 000 000 |  | % | 97.558 | 975 575.00 | 0.63 |
| 5.30 % Beijing Environment Bvi Co., Ltd 2018/2021 ....  | USD | 1 000 000 |  |  | % | 101.326 | 1 013 255.00 | 0.65 |
| 7.45 % Braskem Idesa SAPI -Reg- (MTN) 2019/2029....  | USD | 1 000 000 |  | 500 000 | % | 94.143 | 941 430.00 | 0.60 |
| 3.50 % CDBL Funding 1 (MTN) 2017/2027............  | USD | 1 750 000 |  |  | % | 104.726 | 1 832 713.75 | 1.17 |
| 5.20 % Celeo Redes Operacion Chile SA -Reg- 2017/2047 | USD | 973 360 |  | 3 197 | % | 111.594 | 1 086 210.86 | 0.70 |
| 4.375 % Cencosud SA -Reg- (MTN) 2017/2027 .........  | USD | 750 000 |  | 250 000 | % | 101.75 | 763 121.25 | 0.49 |
| 3.875 % CITIC Ltd (MTN) 2017/2027 .................  3.625 % CK Hutchison International 19 Ltd -Reg- (MTN) 2019/2029 ** ............................  | USD USD | 750 000 750 000 |  | 250 000 250 000 | % % | 109.516 111.513 | 821 370.00 836 347.50 | 0.53 0.54 |
| 5.60 % Controladora Mabe SA de CV -Reg- (MTN) 2018/2028 ...............................  | USD | 1 500 000 | 500 000 |  | % | 104.303 | 1 564 545.00 | 1.00 |
| 4.52 % DBS Group Holdings Ltd -Reg- (MTN) 2018/2028 * ** ...........................  | USD | 2 000 000 |  | 500 000 | % | 108.182 | 2 163 650.00 | 1.39 |
| 6.00 % DP World Salaam 2020/perpetual * ...........  | USD | 1 500 000 | 1 500 000 |  | % | 98.992 | 1 484 880.00 | 0.95 |
| 4.50 % E.CL SA -Reg- 2014/2025 ...................  | USD | 1 000 000 |  |  | % | 108.484 | 1 084 840.00 | 0.69 |
| 6.875 % Ecopetrol SA (MTN) 2020/2030 ..............  | USD | 470 000 | 470 000 |  | % | 114.195 | 536 716.50 | 0.34 |
| 5.875 % Ecopetrol SA 2014/2045 ....................  | USD | 1 000 000 | 650 000 | 650 000 | % | 104.044 | 1 040 440.00 | 0.67 |
| 5.375 % Ecopetrol SA 2015/2026 ** .................  3.65 % Empresa de Transporte de Pasajeros Metro SA -Reg- (MTN) 2020/2030.....................  | USD USD | 1 000 000 290 000 | 1 000 000 290 000 |  | % % | 104.809 108.042 | 1 048 090.00 313 323.25 | 0.67 0.20 |
| 7.50 % ENN Clean Energy International Investment Ltd 2019/2021 ...............................  | USD | 1 000 000 |  |  | % | 101.17 | 1 011 705.00 | 0.65 |
| 8.00 % Eterna Capital Pte Ltd (MTN) 2017/2022 **.....  6.125 % Export Credit Bank of Turkey -Reg- (MTN) 2018/2024 .................................  | USD USD | 1 626 411 1 000 000 | 60 766 | 1 000 000 | % % | 30.907 97.5 | 502 674.85 975 000.00 | 0.32 0.62 |
| 5.75 % Fideicomiso Inretail -Reg- (MTN) 2018/2028 ....  | USD | 1 000 000 |  |  | % | 98.394 | 983 935.00 | 0.63 |
| 5.60 % Future Retail Ltd. -Reg- (MTN) 2020/2025 ......  6.125 % Gold Fields Orogen Holdings BVI Ltd -Reg- (MTN) 2019/2029 ...............................  | USD USD | 1 000 000 750 000 | 1 500 000 | 500 000 250 000 | % % | 67.36 114.318 | 673 605.00 857 388.75 | 0.43 0.55 |
| 6.25 % Greenko Mauritius Ltd -Reg- 2019/2023........ 4.875 % Grupo Energia Bogota SA ESP -Reg- (MTN) 2020/2030 ...............................  | USD USD | 1 000 000 300 000 | 300 000 | 500 000 | % % | 100.444 105.7 | 1 004 440.00 317 101.50 | 0.64 0.20 |
| 5.00 % Grupo Televisa SAB 2014/2045 ..............  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 111.15 | 1 111 505.00 | 0.71 |
| 4.25 % GUSAP III LP -Reg- 2019/2030 ...............  | USD | 500 000 |  | 1 000 000 | % | 98.908 | 494 542.50 | 0.32 |
| 4.70 % Hanwha Life Insurance Co., Ltd -Reg- 2018/2048 * 3.875 % Hanwha Total Petrochemical Co., Ltd (MTN) 2019/2024 ...............................  | USD USD | 1 000 000 800 000 |  | 1 000 000 500 000 | % % | 101.366 107.077 | 1 013 665.00 856 616.00 | 0.65 0.55 |
| 3.375 % Huarong Finance 2019 Co., Ltd. (MTN) 2020/2030 | USD | 750 000 | 1 670 000 | 920 000 | % | 98.568 | 739 256.25 | 0.47 |
| 6.50 % Jababeka International BV -Reg- (MTN) 2016/2023 | USD | 1 000 000 |  |  | % | 82.984 | 829 845.00 | 0.53 |
| 10.875 % Kaisa Group Holdings Ltd 2019/2023 ..........  | USD | 1 000 000 |  | 1 000 000 | % | 99.95 | 999 495.00 | 0.64 |
| 7.875 % Kaisa Group Holdings Ltd 2020/2021 ..........  | USD | 1 200 000 | 1 200 000 |  | % | 100.472 | 1 205 664.00 | 0.77 |
| 7.75 % Karlou BV (MTN) 2019/2024 .................  | USD | 1 000 000 | 1 000 000 |  | % | 103.379 | 1 033 790.00 | 0.66 |
| 4.50 % Kookmin Bank (MTN) 2019/2029 .............  | USD | 1 000 000 |  |  | % | 114.014 | 1 140 140.00 | 0.73 |

| 2020/2025 ...............................  | USD | 670 000 | 670 000 |  | % | 103.076 | 690 605.85 | 0.44 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4.50 % Kuwait Projects Co., SPC Ltd (MTN) 2017/2027 . | USD | 1 000 000 |  |  | % | 95.466 | 954 660.00 | 0.61 |
| 6.875 % LLPL Capital Pte Ltd 2019/2039 ..............  | USD | 1 441 950 | 1 468 850 | 26 900 | % | 109.84 | 1 583 830.67 | 1.01 |
| 3.875 % Lukoil Securities BV -Reg- (MTN) 2020/2030 ....  | USD | 1 200 000 | 1 200 000 |  | % | 104.389 | 1 252 668.00 | 0.80 |
| 6.375 % Majid Al Futtaim Holding 2018/perpetual * .....  | USD | 1 000 000 |  |  | % | 97.803 | 978 030.00 | 0.63 |
| 5.00 % MEGlobal Canada ULC -Reg- (MTN) 2020/2025 ..  6.25 % Millicom International Cellular SA -Reg- (MTN) 2019/2029 ...............................  | USD USD | 1 500 000 750 000 | 1 500 000 | 250 000 | % % | 107.78 107.044 | 1 616 700.00 802 830.00 | 1.04 0.51 |
| 5.625 % Minejesa Capital BV -Reg- 2017/2037 .........  | USD | 1 000 000 | 1 000 000 |  | % | 103.25 | 1 032 495.00 | 0.66 |
| 5.875 % Minerva Luxembourg SA -Reg- 2017/2028......  | USD | 750 000 | 750 000 | 1 000 000 | % | 97.819 | 733 642.50 | 0.47 |
| 4.50 % NBK Tier 1 Financing 2 Ltd -Reg- 2019/perpetual * | USD | 1 500 000 | 500 000 | 500 000 | % | 95.336 | 1 430 040.00 | 0.92 |
| 5.65 % Network i2i Ltd -Reg- 2019/perpetual * **......  | USD | 1 000 000 | 500 000 | 1 250 000 | % | 96.946 | 969 460.00 | 0.62 |
| 4.25 % NTPC Ltd (MTN) 2016/2026 .................  | USD | 700 000 | 1 000 000 | 300 000 | % | 106.807 | 747 649.00 | 0.48 |
| 4.50 % NWD MTN Ltd (MTN) 2020/2030 .............  | USD | 1 250 000 | 1 250 000 |  | % | 100.528 | 1 256 593.75 | 0.81 |
| 10.00 % Oi SA (MTN) 2018/2025 ....................  4.75 % Oman Government International Bond -Reg- (MTN) 2016/2026 .........................  | USD USD | 1 000 000 1 000 000 | 2 000 000 | 1 000 000 | % % | 83.182 92.79 | 831 825.00 927 895.00 | 0.53 0.59 |
| 3.75 % Ooredoo International Finance Ltd -Reg- (MTN) 2016/2026 ...............................  | USD | 1 000 000 |  |  | % | 109.104 | 1 091 035.00 | 0.70 |
| 5.875 % OVPH Ltd 2016/2049 ......................  | USD | 1 000 000 |  |  | % | 101.132 | 1 011 315.00 | 0.65 |
| 6.625 % Oztel Holdings SPC Ltd -Reg- (MTN) 2018/2028 . | USD | 250 000 |  |  | % | 99.262 | 248 155.00 | 0.16 |
| 6.625 % Oztel Holdings SPC Ltd -Reg- (MTN) 2018/2028 . | USD | 1 300 000 | 1 000 000 | 450 000 | % | 99.262 | 1 290 406.00 | 0.83 |
| 4.25 % Parkway Pantai Ltd 2017/perpetual * ..........  | USD | 750 000 | 1 000 000 | 250 000 | % | 98.836 | 741 266.25 | 0.47 |
| 6.875 % Petrobras Global Finance BV 2009/2040 .......  | USD | 600 000 | 300 000 | 700 000 | % | 105.414 | 632 481.00 | 0.41 |
| 8.125 % Petropavlovsk 2016 Ltd -Reg- (MTN) 2017/2022 . | USD | 1 000 000 |  | 500 000 | % | 104.804 | 1 048 040.00 | 0.67 |
| 3.75 % Power Finance Corp., Ltd (MTN) 2017/2027 ....  | USD | 1 000 000 | 1 000 000 |  | % | 96.256 | 962 560.00 | 0.62 |
| 3.68 % Prosus NV -Reg- (MTN) 2020/2030............  | USD | 750 000 | 1 250 000 | 500 000 | % | 105.11 | 788 328.75 | 0.51 |
| 4.50 % PTT Treasury Center Co., Ltd -Reg- 2019/2042 ..  | USD | 1 500 000 | 500 000 |  | % | 113.661 | 1 704 915.00 | 1.09 |
| 3.903 % PTTEP Treasury Center Co., Ltd -Reg- 2019/2059 4.40 % Qatar Government International Bond -Reg- 2020/2050 ** ............................  | USD USD | 1 000 000 1 500 000 | 1 500 000 |  | % % | 106.124 123.886 | 1 061 235.00 1 858 290.00 | 0.68 1.19 |
| 4.95 % Qatar Reinsurance Co., Ltd 2017/perpetual *....  | USD | 1 000 000 |  |  | % | 97.386 | 973 860.00 | 0.62 |
| 3.982 % QIB Sukuk Ltd (MTN) 2019/2024 .............  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 105.412 | 1 054 125.00 | 0.68 |
| 2.75 % QNB Finance Ltd (MTN) 2020/2027 ...........  | USD | 1 000 000 | 1 350 000 | 350 000 | % | 102.638 | 1 026 385.00 | 0.66 |
| 4.75 % REC Ltd -Reg- 2020/2023 ...................  5.875 % Republic of Belarus Ministry of Finance -Reg- | USD | 800 000 | 800 000 |  | % | 103.28 | 826 236.00 | 0.53 |
| (MTN) 2020/2026	USD | 610 000 | 610 000 |  | % | 97.086 | 592 224.60 | 0.38 |
| Inc. -Reg- (MTN) 2019/2029	USD | 700 000 |  | 800 000 | % | 98.359 | 688 513.00 | 0.44 |
| 3.00 % Rizal Commercial Banking Corp. (MTN) 2019/2024 | USD | 1 000 000 |  | 500 000 | % | 99.774 | 997 745.00 | 0.64 |
| 5.875 % Royal Capital BV 2018/perpetual..............  | USD | 400 000 |  | 600 000 | % | 100.168 | 400 672.00 | 0.26 |
| 5.75 % Samarco Mineracao SA -Reg- (MTN) 2013/2023 . | USD | 1 400 000 |  |  | % | 53.024 | 742 343.00 | 0.48 |
| 2.90 % Samba Funding Ltd (MTN) 2020/2027 .........  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 102.117 | 1 021 170.00 | 0.65 |
| 5.40 % Sands China Ltd (MTN) 2019/2028 ............  | USD | 1 000 000 |  | 500 000 | % | 111.354 | 1 113 535.00 | 0.71 |
| 4.50 % Sasol Financing International Ltd (MTN) 2012/2022 | USD | 1 000 000 | 1 000 000 |  | % | 91.035 | 910 350.00 | 0.58 |
| 4.25 % Saudi Arabian Oil Co. -Reg- 2019/2039 ** ......  5.06 % Saudi Electricity Global Sukuk Co. 2 -Reg- 2013/2043 ...............................  | USD USD | 2 000 000 800 000 | 1 700 000 | 1 450 000 700 000 | % % | 112.158 114.91 | 2 243 160.00 919 280.00 | 1.44 0.59 |
| 4.723 % Saudi Electricity Global Sukuk Co. 4 (MTN) 2018/2028 .................................  | USD | 800 000 |  | 200 000 | % | 114.234 | 913 868.00 | 0.59 |
| 13.75 % Scenery Journey Ltd. (MTN) 2018/2023 .........  | USD | 1 000 000 |  | 500 000 | % | 97.851 | 978 510.00 | 0.63 |
| 5.875 % Shinhan Financial Group Co., Ltd 2018/perpetual * | USD | 250 000 |  |  | % | 106.106 | 265 265.00 | 0.17 |
| 5.875 % Shinhan Financial Group Co., Ltd 2018/perpetual * | USD | 750 000 |  | 250 000 | % | 106.106 | 795 795.00 | 0.51 |
| 11.00 % Silknet JSC (MTN) 2019/2024................  3.68  % Sinopec Group Overseas Development 2018 Ltd -Reg- 2019/2049 **........................      | USD USD | 1 000 000 750 000 | 1 000 000 | 250 000 | % % | 103.725 114.4 | 1 037 250.00 858 000.00 | 0.66 0.55 |
| 6.50 % SMC Global Power Holdings Corp. 2019/perpetual * USD | 1 500 000 | % | 98.97 | 1 484 550.00 | 0.95 |
| 10.775 % TBC Bank JSC -Reg- 2019/perpetual * .........  | USD | 1 000 000 |  |  | % | 96.207 | 962 070.00 | 0.62 |
| 3.925 % Tencent Holdings Ltd -Reg- 2018/2038 ........  2.80 % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2016/2023 .........................  | USD USD | 1 000 000 1 750 000 | 1 250 000 1 750 000 | 250 000 | % % | 112.985 94.914 | 1 129 850.00 1 661 003.75 | 0.72 1.06 |
| 3.15 % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 .........................  | USD | 1 000 000 | 1 500 000 | % | 89.186 | 891 855.00 | 0.57 |
| 4.10 % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |
| 2016/2046 ...............................  | USD | 1 000 000 | % | 83.285 | 832 850.00 | 0.53 |
| 6.125 % Turkiye Garanti Bankasi AS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 *................................  | USD | 750 000 | 250 000 | % | 94.224 | 706 680.00 | 0.45 |
| 6.00 % Turkiye Is Bankasi AS -Reg- (MTN) 2012/2022 ...  6.95 % Turkiye Sise ve Cam Fabrikalari AS -Reg- (MTN) 2019/2026 ...............................  | USD USD | 750 000 1 000 000 | 250 000 | % % | 99.208 103.412 | 744 063.75 1 034 120.00 | 0.48 0.66 |
| 5.75 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2018/2023 ...............................  | USD | 1 000 000 | 1 000 000 | 1 300 000 | % | 97.739 | 977 390.00 | 0.63 |
| 3.875 % United Overseas Bank Ltd 2017/perpetual * ....  3.75 % United Overseas Bank Ltd -Reg- (MTN) 2019/2029 * .............................  | USD USD | 750 000 750 000 | 750 000 | 750 000 | % % | 101.271 105.892 | 759 532.50 794 193.75 | 0.49 0.51 |
| 4.50 % UPL Corp., Ltd (MTN) 2018/2028 .............  | USD | 1 000 000 | 300 000 | 1 300 000 | % | 98.98 | 989 805.00 | 0.63 |
| 5.25 % UPL Corp., Ltd. 2020/perpetual * .............  | USD | 1 000 000 | 1 000 000 |  | % | 91.793 | 917 930.00 | 0.59 |
| 6.125 % Vedanta Resources PLC -Reg- (MTN) 2017/2024. | USD | 1 000 000 | 1 000 000 |  | % | 69.426 | 694 265.00 | 0.44 |
| 4.25 % Woori Bank -Reg- 2019/perpetual * ...........  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 99.98 | 999 800.00 | 0.64 |
| 8.50 % YPF SA -Reg- (MTN) 2015/2025 ..............  | USD | 1 000 000 |  |  | % | 75.578 | 755 775.00 | 0.48 |
| 6.95 % YPF SA -Reg- (MTN) 2017/2027 ..............  | USD | 1 000 000 | 1 000 000 |  | % | 70.831 | 708 310.00 | 0.45 |
| 7.70 % Yuzhou Properties Co., Ltd (MTN) 2020/2025 ....  | USD | 1 000 000 | 1 000 000 |  | % | 97.94 | 979 395.00 | 0.63 |

1.75 % Korea East-West Power Co., Ltd -Reg- (MTN)
4.625 % Resorts World Las Vegas LLC Via RWLV Capital,
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 27 680 831.28 | 17.73 |
| Interest-bearing securities 3.125 % Banco de Credito del Peru -Reg- (MTN) 2020/2030 *................................  | USD | 530 000 | 530 000 |  | % | 99.234 | 525 940.20 | 0.34 |
| 5.375 % Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025 ...............................  | USD | 1 000 000 | 1 000 000 |  | % | 109.508 | 1 095 085.00 | 0.70 |
| 3.733 % Bangkok Bank PCL/Hong Kong -Reg- 2019/2034 * | USD | 2 000 000 |  |  | % | 95.951 | 1 919 020.00 | 1.23 |
| 6.00 % Camposol SA -Reg- (MTN) 2020/2027 .........  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 98.698 | 986 975.00 | 0.63 |
| 8.90 % China Evergrande Group 2019/2021 ...........  4.00 % CK Hutchison Capital Securities 17 Ltd -Reg- 2017/perpetual * ..........................  | USD USD | 1 000 000 750 000 | 1 000 000 | 750 000 | % % | 98.068 100.526 | 980 685.00 753 948.75 | 0.63 0.48 |
| 5.50 % Cosan Ltd -Reg- (MTN) 2019/2029 ............  | USD | 750 000 | 500 000 | 750 000 | % | 95.449 | 715 867.50 | 0.46 |
| 6.25 % Cydsa SAB de CV -Reg- (MTN) 2017/2027 ......  | USD | 1 000 000 |  |  | % | 98.586 | 985 855.00 | 0.63 |
| 5.082 % Delek & Avner Tamar Bond Ltd (MTN) 2014/2023 | USD | 1 000 000 |  |  | % | 98.875 | 988 750.00 | 0.63 |
| 10.00 % Digicel Group 0.5 Ltd 2020/2024 * ............  | USD | 941 000 | 941 000 |  | % | 69.308 | 652 183.58 | 0.42 |
| 8.25 % Digicel Group Two Ltd -Reg- 2019/2022........  4.75 % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ..........................  | USD USD | 2 000 000 1 500 000 |  | 500 000 | % % | 5.301 106.765 | 106 020.00 1 601 475.00 | 0.07 1.03 |
| 4.25 % Empresas Publicas de Medellin ESP -Reg- (MTN) 2019/2029 ...............................  | USD | 1 000 000 |  |  | % | 100.496 | 1 004 955.00 | 0.64 |
| 7.25 % First Quantum Minerals Ltd -Reg- (MTN) 2017/2023 ...............................  | USD | 1 000 000 |  |  | % | 95.912 | 959 115.00 | 0.61 |
| 5.25 % Global Bank Corp. -Reg- (MTN) 2019/2029 * ....  | USD | 1 500 000 | 500 000 | 1 000 000 | % | 102.684 | 1 540 252.50 | 0.99 |
| 5.95 % Grupo Bimbo SAB de CV -Reg- 2018/perpetual * | USD | 1 000 000 |  |  | % | 103.204 | 1 032 045.00 | 0.66 |
| 3.875 % Intercorp Peru Ltd -Reg- (MTN) 2019/2029 .....  | USD | 1 500 000 |  | 500 000 | % | 98.002 | 1 470 022.50 | 0.94 |
| 6.875 % Kenbourne Invest SA -Reg- (MTN) 2019/2024 ...  | USD | 1 500 000 |  | 500 000 | % | 100.51 | 1 507 642.50 | 0.97 |
| 4.35 % Lima Metro Line 2 Finance Ltd -Reg- 2019/2036 . 5.625 % Melco Resorts Finance Ltd -Reg- (MTN) 2019/2027 **...............................  | USD USD | 1 000 000 750 000 |  | 500 000 250 000 | % % | 106.412 101.194 | 1 064 115.00 758 951.25 | 0.68 0.49 |
| 6.75  % Mexichem SAB de CV 2012/2042 ** ..........  | USD | 500 000 | 1 000 000 | 500 000 | % | 119.196 | 595 980.00 | 0.38 |
| 6.067 % Nakilat, Inc. -Reg- 2006/2033 ................  | USD | 1 000 000 |  |  | % | 122.947 | 1 229 470.00 | 0.79 |
| 7.00 % NBM US Holdings, Inc. -Reg- (MTN) 2019/2026 . | USD | 750 000 | 250 000 | 1 500 000 | % | 100.762 | 755 715.00 | 0.48 |
| 6.50  % SASOL Financing USA LLC (MTN) 2018/2028 ...  4.375 % SURA Asset Management SA -Reg- (MTN) 2017/2027 .................................  | USD USD | 1 000 000 1 000 000 |  | 1 000 000 | % % | 88.998 104.472 | 889 980.00 1 044 720.00 | 0.57 0.67 |
| 4.869 % Trust F/1401 -Reg- 2019/2030 ** .............  | USD | 1 000 000 |  | 500 000 | % | 101.346 | 1 013 455.00 | 0.65 |
| 7.00 % Tullow Oil PLC -Reg- (MTN) 2018/2025 ........  | USD | 1 000 000 |  |  | % | 63.974 | 639 740.00 | 0.41 |
| 7.25 % Votorantim Cimentos SA -Reg- 2011/2041 ** ...  | USD | 750 000 |  | 550 000 | % | 115.049 | 862 867.50 | 0.55 |
| Unlisted securities |  |  |  |  |  |  | 2 709.24 | 0.00 |
| Interest-bearing securities 5.00 % OAS Restructuring BVI Ltd 2016/2035 ..........  | BRL | 989 885 |  |  | % | 1.5 | 2 709.24 | 0.00 |
| Total securities portfolio |  |  |  |  |  |  | 148 972 282.32 | 95.43 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Derivatives on individual securities |  |  |  |  |  |  | 0.00 | 0.00 |
| Warrants on securities |  |  |  |  |  |  |  |  |
| Equity warrants OAS Finance Ltd 30/09/2021 .........................  | Count | 365 867 |  |  | BRL | 0 | 0.00 | 0.00 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -81 640.38 | -0.05 |
| Interest rate futures US Treasury Notes 10 year Futures 09/2020 (DB) | Count | -25 |  | 25 |  |  | -16 796.88 | -0.01 |
| US Ultra Bond 09/2020 (DB) | Count | -25 |  | 25 |  |  | -64 843.50 | -0.04 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -734 674.86 | -0.47 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/USD 3.2 million ................................  |  |  |  |  |  |  | -2 306.97 | 0.00 |
| EUR/USD 84.9 million ...............................  |  |  |  |  |  |  | -559 317.61 | -0.36 |
| SEK/USD 1.8 million ................................  |  |  |  |  |  |  | -317.84 | 0.00 |
| SGD/USD 0.1 million ................................  |  |  |  |  |  |  | -268.21 | 0.00 |
| Closed positions EUR/USD 0.1 million ................................  |  |  |  |  |  |  | -168.76 | 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 | USD |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions USD/EUR 7.6 million ................................  |  |  |  | -153 737.92 | -0.10 |
| USD/GBP 0.5 million ................................  |  |  |  | -2 524.19 | 0.00 |
| Closed positions USD/EUR 1.4 million ................................  |  |  |  | -16 033.36 | -0.01 |
| Swaps Receivables/payables |  |  |  | 65 805.40 | 0.04 |
| Credit default swaps |  |  |  |  |  |
| Protection buyer United Mexican States / 1% / 20/06/2024 (OTC) (CIT) ......  | Count | 5 000 000 |  | 65 805.40 | 0.04 |
| Cash at bank |  |  |  | 6 786 147.96 | 4.35 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 67 885 |  | 76 082.59 | 0.05 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 6 554 |  | 8 061.13 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Hong Kong dollar ..................................  | HKD | 1 |  | 0.04 | 0.00 |
| Canadian dollar ....................................  | CAD | 263 |  | 192.20 | 0.00 |
| Mexican peso .....................................  | MXN | 1 |  | 0.02 | 0.00 |
| Russian rouble.....................................  | RUB | 1 |  | 0.01 | 0.00 |
| Singapore dollar ...................................  | SGD | 12 271 |  | 8 789.21 | 0.01 |
| Turkish lira ........................................          | TRY | 26 080 |  | 3 804.64 | 0.00 |
| U.S. dollar ........................................  | USD |  |  | 6 689 218.12 | 4.28 |
| Other assets |  |  |  | 3 180 263.30 | 2.04 |
| Prepaid placement fee *** ...........................  |  |  |  | 34 812.15 | 0.02 |
| Interest receivable .................................  |  |  |  | 2 050 408.05 | 1.32 |
| Receivables from exceeding the expense cap ............  |  |  |  | 116 156.33 | 0.07 |
| Other receivables ..................................  |  |  |  | 978 886.77 | 0.63 |
| Receivables from share certificate transactions |  |  |  | 613 282.53 | 0.39 |
| Total assets **** |  |  |  | 159 617 781.51 | 102.25 |
| Other liabilities |  |  |  | -2 400 071.02 | -1.54 |
| Additional other liabilities.............................  |  |  |  | -2 400 071.02 | -1.54 |
| Liabilities from share certificate transactions |  |  |  | -291 242.49 | -0.19 |
| Total liabilities |  |  |  | -3 507 628.75 | -2.25 |
| Net assets |  |  |  | 156 110 152.76 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| 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 FCH ....................................  | CHF | 112.10 |
| Class FCH ........................................  | EUR | 142.66 |
| Class LCH ........................................  | EUR | 135.42 |
| Class LDH ........................................  | EUR | 89.96 |
| Class NCH ........................................  | EUR | 130.50 |
| Class ND .........................................  | EUR | 104.29 |
| Class NDH ........................................  | EUR | 89.59 |
| Class NDQH ......................................  | EUR | 84.96 |
| Class PFCH .......................................  | EUR | 103.75 |
| Class PFDQH......................................  | EUR | 81.81 |
| Class TFCH .......................................  | EUR | 96.84 |
| Class TFDH .......................................  | EUR | 85.87 |
| Class SEK LCH ....................................  | SEK | 1 116.54 |
| Class SGD LDMH ..................................  | SGD | 9.46 |
| Class USD FC .....................................  | USD | 171.49 |
| Class USD LC .....................................  | USD | 159.63 |
| Class USD LD .....................................  | USD | 90.98 |
| Class USD LDM ...................................  | USD | 98.37 |
| Class USD RC .....................................  | USD | 109.30 |
| Class USD TFC ....................................  | USD | 103.89 |
| Class USD TFD ....................................  | USD | 92.57 |

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.

### 138
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class CHF FCH ....................................  | Count | 28 959.991 |
| Class FCH ........................................  | Count | 148 522.681 |
| Class LCH ........................................  | Count | 97 967.695 |
| Class LDH ........................................  | Count | 254 669.284 |
| Class NCH ........................................  | Count | 147 323.596 |
| Class ND .........................................  | Count | 6 262.000 |
| Class NDH ........................................  | Count | 18 730.907 |
| Class NDQH ......................................  | Count | 17 947.000 |
| Class PFCH .......................................  | Count | 33 031.000 |
| Class PFDQH......................................  | Count | 25 414.000 |
| Class TFCH .......................................  | Count | 133.888 |
| Class TFDH .......................................  | Count | 20.000 |
| Class SEK LCH ....................................  | Count | 1 674.850 |
| Class SGD LDMH ..................................  | Count | 14 180.000 |
| Class USD FC .....................................  | Count | 28 366.413 |
| Class USD LC .....................................  | Count | 42 798.065 |
| Class USD LD .....................................  | Count | 108 521.045 |
| Class USD LDM ...................................  | Count | 522.000 |
| Class USD RC .....................................  | Count | 230 260.000 |
| Class USD TFC ....................................  | Count | 24.000 |
| Class USD TFD ....................................  | Count | 100 001.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) JPM CEMBI Broad Diversified
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 96.807 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 153.578 |
| Average market risk exposure ........................  | % | 130.424 |

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 0.3, 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 27 819 198.69 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	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
BC = Barclays Capital
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Goldman Sachs International, JP Morgan, State Street Bank London and UBS AG
Securities lending
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency | Quantity/ principal amount | Securities loans Total market value in USD No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 5	% Credito Real SAB de CV SOFOM ER -Reg- (MTN) 2019/2027 ...............................  | EUR | 900 000 | 852 496.47 |  |
| 4.75 % Petrobras Global Finance BV 2014/2025........ 3.625 % CK Hutchison International 19 Ltd -Reg- (MTN) 2019/2029 ...............................  | EUR USD | 1 000 000 700 000 | 1 180 373.43 780 591.00 |  |
| 4.52  % DBS Group Holdings Ltd -Reg- (MTN) 2018/2028 * | USD | 1 000 000 | 1 081 825.00 |  |
| 5.375 % Ecopetrol SA 2015/2026 ....................  | USD | 1 000 000 | 1 048 090.00 |  |
| 8	% Eterna Capital Pte Ltd (MTN) 2017/2022 ....... 5.625 % Melco Resorts Finance Ltd -Reg- (MTN) 2019/2027 ...............................  | USD USD | 1 079 826 200 000 | 333 741.82 202 387.00 |  |
| 6.75  % Mexichem SAB de CV 2012/2042 ............  | USD | 300 000 | 357 588.00 |  |
| 5.65  % Network i2i Ltd -Reg- 2019/perpetual * ........  4.4	% Qatar Government International Bond -Reg- 2020/2050 ...............................  | USD USD | 800 000 1 500 000 | 775 568.00 1 858 290.00 |  |
| 4.25  % Saudi Arabian Oil Co. -Reg- 2019/2039 .........  3.68  % Sinopec Group Overseas Development 2018 Ltd -Reg- 2019/2049 ..........................  | USD USD | 1 600 000 600 000 | 1 794 528.00 686 400.00 |  |
| 4.869 % Trust F/1401 -Reg- 2019/2030................  | USD | 1 000 000 | 1 013 455.00 |  |
| 7.25  % Votorantim Cimentos SA -Reg- 2011/2041 ......  | USD | 700 000 | 805 343.00 |  |
| Total receivables from securities loans |  |  | 12 770 676.72 | 12 770 676.72 |

Contracting parties for securities loans
BNP Paribas S.A., Barclays Capital Securities Limited, Crédit Suisse Securities (Europe) Ltd. FI, Deutsche Bank AG FI, Goldman Sachs Int., Morgan Stanley Europe SE FI, Zuercher Kantonalbank
Total collateral pledged by third parties for securities loans	USD	10 011 614.51
thereof:
Bonds	USD	7 887 541.33
Equities	USD	2 124 073.18
Exchange rates (indirect quotes)
As of June 30, 2020
| Brazilian real	BRL | 5.480600 | = USD | 1 |
| --- | --- | --- | --- |
| Canadian dollar	CAD | 1.367150 | = USD | 1 |
| Euro	EUR | 0.892260 | = USD | 1 |
| British pound	GBP | 0.813008 | = USD | 1 |
| Hong Kong dollar	HKD | 7.750350 | = USD | 1 |
| Mexican peso	MXN | 23.168000 | = USD | 1 |
| Russian rouble	RUB | 71.160000 | = USD | 1 |
| Singapore dollar	SGD | 1.396200 | = USD | 1 |
| Turkish lira	TRY | 6.854750 | = USD | 1 |
| Notes on valuation |  |  |  |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Emerging Markets Corporates
DWS INVEST EMERGING MARKETS CORPORATES

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD LC | LU0273170737 | -1,9% |
| Klasse USD FC | LU0273179951 | -1,6% |
| Klasse USD LD | LU0273170653 | -1,9% |
| Klasse USD LDM | LU0544572273 | -1,7% |
| Klasse USD RC | LU1616932510 | -1,3% |
| Klasse USD TFC | LU1663855044 | -1,6% |
| Klasse USD TFD | LU1663857685 | -1,6% |
| Klasse CHF FCH 1) | LU0616861778 | -3,0% |
| Klasse FCH 2) | LU0507270097 | -2,8% |
| Klasse LCH 2) | LU0436052673 | -3,0% |
| Klasse LDH 2) | LU0507269834 | -3,1% |
| Klasse NCH 2) | LU0436053051 | -3,3% |
| Klasse ND 2) | LU1054326233 | -2,1% |
| Klasse NDH 2) | LU0544572190 | -3,3% |
| Klasse NDQH 2) | LU1054327041 | -3,1% |
| Klasse PFCH 2) | LU1054327124 | -3,3% |
| Klasse PFDQH 2) | LU1054327397 | -3,4% |
| Klasse TFCH 2) | LU1663850912 | -2,8% |
| Klasse TFDH 2) | LU1663853429 | -2,7% |
| Klasse SEK LCH 3) | LU1297621283 | -2,8% |
| Klasse SGD LDMH 4) | LU0911034782 | -2,2% |


##### JPM CEMBI Broad Diversified

##### seit dem 24.11.2016	-0,2%

##### (vorher: JPM CEMBI)
1) 
in CHF
2) 
in EUR
3) 
in SEK
4) 
in SGD
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 Corporates
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 142 736 555,22 | 91,44 |
| Zentralregierungen | 6 235 727,10 | 3,99 |
| Summe Anleihen | 148 972 282,32 | 95,43 |
| 2. Derivate | -750 509,84 | - 0,48 |
| 3. Bankguthaben | 6 786 147,96 | 4,35 |
| 4. Sonstige Vermögensgegenstände | 3 180 263,30 | 2,04 |
| 5. Forderungen aus Anteilscheingeschäften | 613 282,53 | 0,39 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -2 400 071,02 | - 1,54 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -291 242,49 | - 0,19 |
| III. Fondsvermögen | 156 110 152,76 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
|  | Währung | Bestand | im | Berichtszeitraum |  |  | USD | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 121 288 741,80 | 77,70 |
| Verzinsliche Wertpapiere 3,625% Bank of Communications Co., Ltd 2014/2026 * ..  | EUR | 1 000 000 |  | 500 000 | % | 101,222 | 1 134 445,12 | 0,73 |
| 5,00 % Credito Real SAB de CV SOFOM ER -Reg- (MTN) 2019/2027 ** .............................  | EUR | 1 000 000 |  | 500 000 | % | 84,516 | 947 218,30 | 0,61 |
| 2,95 % Gazprom PJSC Via Gaz Finance PLC (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | EUR | 940 000 | 940 000 | % | 104,386 | 1 099 706,03 | 0,70 |
| 1,625% Huarong Universe Investment Holding Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | EUR | 1 000 000 |  |  | % | 95,154 | 1 066 432,43 | 0,68 |
| 5,625% Metinvest BV -Reg- (MTN) 2019/2025 ..........  | EUR | 1 000 000 |  | 500 000 | % | 91,004 | 1 019 921,32 | 0,65 |
| 4,75 % Petrobras Global Finance BV 2014/2025 ** ..... 2,20 % Russian Railways Via RZD Capital PLC (MTN) 2019/2027 ...............................  | EUR EUR | 1 000 000 1 000 000 |  | 500 000 | % % | 105,32 102,406 | 1 180 373,43 1 147 709,19 | 0,76 0,74 |
| 5,375% Petrobras Global Finance BV 2012/2029 ........  | GBP | 500 000 |  | 1 000 000 | % | 99,667 | 612 952,15 | 0,39 |
| 5,99 % 1MDB Energy Ltd (MTN) 2012/2022 ...........  3,875% Abu Dhabi Government International Bond -Reg- 2020/2050 ...............................  | USD USD | 1 000 000 1 250 000 | 1 250 000 |  | % % | 104,156 118,329 | 1 041 565,00 1 479 112,50 | 0,67 0,95 |
| 4,375% Abu Dhabi National Energy Co. PJSC -Reg- (MTN) 2016/2026 ...............................  | USD | 1 000 000 |  |  | % | 113 | 1 130 000,00 | 0,72 |
| 3,75 % Africa Finance Corp. (MTN) 2019/2029 .........  | USD | 1 000 000 | 500 000 | 1 000 000 | % | 101,045 | 1 010 450,00 | 0,65 |
| 3,125% Africa Finance Corp. (MTN) 2020/2025 .........  | USD | 1 040 000 | 1 040 000 |  | % | 100,265 | 1 042 756,00 | 0,67 |
| 3,20 % AIA Group Ltd -Reg- (MTN) 2015/2025 .........  | USD | 1 000 000 | 1 000 000 |  | % | 105,897 | 1 058 970,00 | 0,68 |
| 6,797% Akbank Turk AS -Reg- (MTN) 2018/2028 * ......  | USD | 750 000 | 200 000 | 250 000 | % | 90,663 | 679 972,50 | 0,44 |
| 6,625% Alam Synergy Pte Ltd (MTN) 2016/2022 ........  | USD | 1 500 000 |  |  | % | 46,792 | 701 872,50 | 0,45 |
| 3,875% Aldar Sukuk No. 2 Ltd (MTN) 2019/2029 ........  5,95 % Alfa Bank AO Via Alfa Bond Issuance PLC -Reg- 2019/2030 * ..............................  | USD USD | 1 000 000 500 000 |  | 500 000 500 000 | % % | 102,943 99,668 | 1 029 430,00 498 340,00 | 0,66 0,32 |
| 6,50 % AngloGold Ashanti Holdings PLC 2010/2040 ..... 5,875% Argentine Republic Government International Bond (MTN) 2018/2028 ..........................  | USD USD | 750 000 1 000 000 |  | 550 000 2 000 000 | % % | 115,732 40,32 | 867 990,00 403 205,00 | 0,56 0,26 |
| 4,357% Axiata SPV2 Bhd (MTN) 2016/2026 ............  | USD | 1 000 000 |  | 500 000 | % | 111,014 | 1 110 145,00 | 0,71 |
| 4,85 % AYC Finance Ltd 2019/perpetual ..............  | USD | 1 000 000 |  | 200 000 | % | 97,61 | 976 095,00 | 0,63 |
| 3,075% Baidu, Inc. (MTN) 2020/2025 .................  | USD | 750 000 | 750 000 |  | % | 105,046 | 787 848,75 | 0,50 |
| 6,25 % Banco do Brasil SA -Reg- 2013/2049 * ......... 6,75 % Banco Mercantil del Norte SA/Grand Cayman -Reg- 2019/perpetual * ......................  | USD USD | 750 000 750 000 | 1 500 000 | 750 000 750 000 | % % | 87,973 95,584 | 659 797,50 716 880,00 | 0,42 0,46 |
| 3,275% Bank Leumi Le-Israel BM 2020/2031 * .........  | USD | 1 000 000 | 1 000 000 |  | % | 97,558 | 975 575,00 | 0,63 |
| 5,30 % Beijing Environment Bvi Co., Ltd 2018/2021 .....  | USD | 1 000 000 |  |  | % | 101,326 | 1 013 255,00 | 0,65 |
| 7,45 % Braskem Idesa SAPI -Reg- (MTN) 2019/2029 ....  | USD | 1 000 000 |  | 500 000 | % | 94,143 | 941 430,00 | 0,60 |
| 3,50 % CDBL Funding 1 (MTN) 2017/2027 ............  | USD | 1 750 000 |  |  | % | 104,726 | 1 832 713,75 | 1,17 |
| 5,20 % Celeo Redes Operacion Chile SA -Reg- 2017/2047 | USD | 973 360 |  | 3 197 | % | 111,594 | 1 086 210,86 | 0,70 |
| 4,375% Cencosud SA -Reg- (MTN) 2017/2027 ..........  | USD | 750 000 |  | 250 000 | % | 101,75 | 763 121,25 | 0,49 |
| 3,875% CITIC Ltd (MTN) 2017/2027 ..................  3,625% CK Hutchison International 19 Ltd -Reg- (MTN) 2019/2029 ** .............................  | USD USD | 750 000 750 000 |  | 250 000 250 000 | % % | 109,516 111,513 | 821 370,00 836 347,50 | 0,53 0,54 |
| 5,60 % Controladora Mabe SA de CV -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2018/2028 ...............................  | USD | 1 500 000 | 500 000 | % | 104,303 | 1 564 545,00 | 1,00 |
| 4,52 % DBS Group Holdings Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |  |
| 2018/2028 * ** ...........................  | USD | 2 000 000 |  | 500 000 | % | 108,182 | 2 163 650,00 | 1,39 |
| 6,00 % DP World Salaam 2020/perpetual * ............  | USD | 1 500 000 | 1 500 000 |  | % | 98,992 | 1 484 880,00 | 0,95 |
| 4,50 % E.CL SA -Reg- 2014/2025 ...................  | USD | 1 000 000 |  |  | % | 108,484 | 1 084 840,00 | 0,69 |
| 6,875% Ecopetrol SA (MTN) 2020/2030 ...............  | USD | 470 000 | 470 000 |  | % | 114,195 | 536 716,50 | 0,34 |
| 5,875% Ecopetrol SA 2014/2045 ....................  | USD | 1 000 000 | 650 000 | 650 000 | % | 104,044 | 1 040 440,00 | 0,67 |
| 5,375% Ecopetrol SA 2015/2026 ** ..................  3,65 % Empresa de Transporte de Pasajeros Metro SA -Reg- (MTN) 2020/2030 .....................  | USD USD | 1 000 000 290 000 | 1 000 000 290 000 |  | % % | 104,809 108,042 | 1 048 090,00 313 323,25 | 0,67 0,20 |
| 7,50 % ENN Clean Energy International Investment Ltd |  |  |  |  |  |  |  |  |  |
| 2019/2021 ...............................  | USD | 1 000 000 |  |  | % | 101,17 | 1 011 705,00 | 0,65 |
| 8,00 % Eterna Capital Pte Ltd (MTN) 2017/2022 ** ..... 6,125% Export Credit Bank of Turkey -Reg- (MTN) 2018/2024 ...............................  | USD USD | 1 626 411 1 000 000 | 60 766 | 1 000 000 | % % | 30,907 97,5 | 502 674,85 975 000,00 | 0,32 0,62 |
| 5,75 % Fideicomiso Inretail -Reg- (MTN) 2018/2028 .....  | USD | 1 000 000 |  |  | % | 98,394 | 983 935,00 | 0,63 |
| 5,60 % Future Retail Ltd. -Reg- (MTN) 2020/2025 ....... 6,125% Gold Fields Orogen Holdings BVI Ltd -Reg- (MTN) 2019/2029 ...............................  | USD USD | 1 000 000 750 000 | 1 500 000 | 500 000 250 000 | % % | 67,36 114,318 | 673 605,00 857 388,75 | 0,43 0,55 |
| 6,25 % Greenko Mauritius Ltd -Reg- 2019/2023 ........ 4,875% Grupo Energia Bogota SA ESP -Reg- (MTN) 2020/2030 ...............................  | USD USD | 1 000 000 300 000 | 300 000 | 500 000 | % % | 100,444 105,7 | 1 004 440,00 317 101,50 | 0,64 0,20 |
| 5,00 % Grupo Televisa SAB 2014/2045 ...............  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 111,15 | 1 111 505,00 | 0,71 |
| 4,25 % GUSAP III LP -Reg- 2019/2030 ...............  | USD | 500 000 |  | 1 000 000 | % | 98,908 | 494 542,50 | 0,32 |
| 4,70 % Hanwha Life Insurance Co., Ltd -Reg- 2018/2048 * 3,875% Hanwha Total Petrochemical Co., Ltd (MTN) 2019/2024 ...............................  | USD USD | 1 000 000 800 000 |  | 1 000 000 500 000 | % % | 101,366 107,077 | 1 013 665,00 856 616,00 | 0,65 0,55 |
| 3,375% Huarong Finance 2019 Co., Ltd. (MTN) 2020/2030 | USD | 750 000 | 1 670 000 | 920 000 | % | 98,568 | 739 256,25 | 0,47 |
| 6,50 % Jababeka International BV -Reg- (MTN) 2016/2023 | USD | 1 000 000 |  |  | % | 82,984 | 829 845,00 | 0,53 |
| 10,875% Kaisa Group Holdings Ltd 2019/2023 ...........  | USD | 1 000 000 |  | 1 000 000 | % | 99,95 | 999 495,00 | 0,64 |
| 7,875% Kaisa Group Holdings Ltd 2020/2021 ...........  | USD | 1 200 000 | 1 200 000 |  | % | 100,472 | 1 205 664,00 | 0,77 |
| 7,75 % Karlou BV (MTN) 2019/2024 .................  | USD | 1 000 000 | 1 000 000 |  | % | 103,379 | 1 033 790,00 | 0,66 |
| 4,50 % Kookmin Bank (MTN) 2019/2029 ..............  | USD | 1 000 000 |  |  | % | 114,014 | 1 140 140,00 | 0,73 |

1,75 % Korea East-West Power Co., Ltd -Reg- (MTN)
| 2020/2025 ...............................  | USD | 670 000 | 670 000 |  | % | 103,076 | 690 605,85 | 0,44 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4,50 % Kuwait Projects Co., SPC Ltd (MTN) 2017/2027 ..  | USD | 1 000 000 |  |  | % | 95,466 | 954 660,00 | 0,61 |
| 6,875% LLPL Capital Pte Ltd 2019/2039 ..............  | USD | 1 441 950 | 1 468 850 | 26 900 | % | 109,84 | 1 583 830,67 | 1,01 |
| 3,875% Lukoil Securities BV -Reg- (MTN) 2020/2030 .....  | USD | 1 200 000 | 1 200 000 |  | % | 104,389 | 1 252 668,00 | 0,80 |
| 6,375% Majid Al Futtaim Holding 2018/perpetual * ......  | USD | 1 000 000 |  |  | % | 97,803 | 978 030,00 | 0,63 |
| 5,00 % MEGlobal Canada ULC -Reg- (MTN) 2020/2025 ..  | USD | 1 500 000 | 1 500 000 |  | % | 107,78 | 1 616 700,00 | 1,04 |
| 6,25 % Millicom International Cellular SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 750 000 |  | 250 000 | % | 107,044 | 802 830,00 | 0,51 |
| 5,625% Minejesa Capital BV -Reg- 2017/2037 ..........  | USD | 1 000 000 | 1 000 000 |  | % | 103,25 | 1 032 495,00 | 0,66 |
| 5,875% Minerva Luxembourg SA -Reg- 2017/2028 ......  | USD | 750 000 | 750 000 | 1 000 000 | % | 97,819 | 733 642,50 | 0,47 |
| 4,50 % NBK Tier 1 Financing 2 Ltd -Reg- 2019/perpetual * | USD | 1 500 000 | 500 000 | 500 000 | % | 95,336 | 1 430 040,00 | 0,92 |
| 5,65 % Network i2i Ltd -Reg- 2019/perpetual * ** ......  | USD | 1 000 000 | 500 000 | 1 250 000 | % | 96,946 | 969 460,00 | 0,62 |
| 4,25 % NTPC Ltd (MTN) 2016/2026 ..................  | USD | 700 000 | 1 000 000 | 300 000 | % | 106,807 | 747 649,00 | 0,48 |
| 4,50 % NWD MTN Ltd (MTN) 2020/2030 .............  | USD | 1 250 000 | 1 250 000 |  | % | 100,528 | 1 256 593,75 | 0,81 |
| 10,00 % Oi SA (MTN) 2018/2025 .....................  | USD | 1 000 000 |  |  | % | 83,182 | 831 825,00 | 0,53 |
| 4,75 % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 1 000 000 | 2 000 000 | 1 000 000 | % | 92,79 | 927 895,00 | 0,59 |
| 3,75 % Ooredoo International Finance Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ...............................  | USD | 1 000 000 |  |  | % | 109,104 | 1 091 035,00 | 0,70 |
| 5,875% OVPH Ltd 2016/2049 .......................  | USD | 1 000 000 |  |  | % | 101,132 | 1 011 315,00 | 0,65 |
| 6,625% Oztel Holdings SPC Ltd -Reg- (MTN) 2018/2028 ..  | USD | 250 000 |  |  | % | 99,262 | 248 155,00 | 0,16 |
| 6,625% Oztel Holdings SPC Ltd -Reg- (MTN) 2018/2028 ..  | USD | 1 300 000 | 1 000 000 | 450 000 | % | 99,262 | 1 290 406,00 | 0,83 |
| 4,25 % Parkway Pantai Ltd 2017/perpetual * ..........  | USD | 750 000 | 1 000 000 | 250 000 | % | 98,836 | 741 266,25 | 0,47 |
| 6,875% Petrobras Global Finance BV 2009/2040 ........  | USD | 600 000 | 300 000 | 700 000 | % | 105,414 | 632 481,00 | 0,41 |
| 8,125% Petropavlovsk 2016 Ltd -Reg- (MTN) 2017/2022 ..  | USD | 1 000 000 |  | 500 000 | % | 104,804 | 1 048 040,00 | 0,67 |
| 3,75 % Power Finance Corp., Ltd (MTN) 2017/2027 .....  | USD | 1 000 000 | 1 000 000 |  | % | 96,256 | 962 560,00 | 0,62 |
| 3,68 % Prosus NV -Reg- (MTN) 2020/2030 ............  | USD | 750 000 | 1 250 000 | 500 000 | % | 105,11 | 788 328,75 | 0,51 |
| 4,50 % PTT Treasury Center Co., Ltd -Reg- 2019/2042 ...  | USD | 1 500 000 | 500 000 |  | % | 113,661 | 1 704 915,00 | 1,09 |
| 3,903% PTTEP Treasury Center Co., Ltd -Reg- 2019/2059 | USD | 1 000 000 |  |  | % | 106,124 | 1 061 235,00 | 0,68 |
| 4,40 % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2050 ** .............................  | USD | 1 500 000 | 1 500 000 |  | % | 123,886 | 1 858 290,00 | 1,19 |
| 4,95 % Qatar Reinsurance Co., Ltd 2017/perpetual * ....  | USD | 1 000 000 |  |  | % | 97,386 | 973 860,00 | 0,62 |
| 3,982% QIB Sukuk Ltd (MTN) 2019/2024 ..............  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 105,412 | 1 054 125,00 | 0,68 |
| 2,75 % QNB Finance Ltd (MTN) 2020/2027 ............  | USD | 1 000 000 | 1 350 000 | 350 000 | % | 102,638 | 1 026 385,00 | 0,66 |
| 4,75 % REC Ltd -Reg- 2020/2023 ...................  | USD | 800 000 | 800 000 |  | % | 103,28 | 826 236,00 | 0,53 |
| 5,875% Republic of Belarus Ministry of Finance -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2026 ..........................  | USD | 610 000 | 610 000 |  | % | 97,086 | 592 224,60 | 0,38 |
| 4,625% Resorts World Las Vegas LLC Via RWLV Capital, |  |  |  |  |  |  |  |  |
| Inc. -Reg- (MTN) 2019/2029 ...............  | USD | 700 000 |  | 800 000 | % | 98,359 | 688 513,00 | 0,44 |
| 3,00 % Rizal Commercial Banking Corp. (MTN) 2019/2024 | USD | 1 000 000 |  | 500 000 | % | 99,774 | 997 745,00 | 0,64 |
| 5,875% Royal Capital BV 2018/perpetual ..............  | USD | 400 000 |  | 600 000 | % | 100,168 | 400 672,00 | 0,26 |
| 5,75 % Samarco Mineracao SA -Reg- (MTN) 2013/2023 ..  | USD | 1 400 000 |  |  | % | 53,024 | 742 343,00 | 0,48 |
| 2,90 % Samba Funding Ltd (MTN) 2020/2027 ..........  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 102,117 | 1 021 170,00 | 0,65 |
| 5,40 % Sands China Ltd (MTN) 2019/2028 ............  | USD | 1 000 000 |  | 500 000 | % | 111,354 | 1 113 535,00 | 0,71 |
| 4,50 % Sasol Financing International Ltd (MTN) 2012/2022 | USD | 1 000 000 | 1 000 000 |  | % | 91,035 | 910 350,00 | 0,58 |
| 4,25 % Saudi Arabian Oil Co. -Reg- 2019/2039 ** .......  | USD | 2 000 000 | 1 700 000 | 1 450 000 | % | 112,158 | 2 243 160,00 | 1,44 |
| 5,06 % Saudi Electricity Global Sukuk Co. 2 -Reg- |  |  |  |  |  |  |  |  |
| 2013/2043 ...............................  | USD | 800 000 |  | 700 000 | % | 114,91 | 919 280,00 | 0,59 |
| 4,723% Saudi Electricity Global Sukuk Co. 4 (MTN) |  |  |  |  |  |  |  |  |
| 2018/2028 ...............................  | USD | 800 000 |  | 200 000 | % | 114,234 | 913 868,00 | 0,59 |
| 13,75 % Scenery Journey Ltd. (MTN) 2018/2023 ........  | USD | 1 000 000 |  | 500 000 | % | 97,851 | 978 510,00 | 0,63 |
| 5,875% Shinhan Financial Group Co., Ltd 2018/perpetual * | USD | 250 000 |  |  | % | 106,106 | 265 265,00 | 0,17 |
| 5,875% Shinhan Financial Group Co., Ltd 2018/perpetual * | USD | 750 000 |  | 250 000 | % | 106,106 | 795 795,00 | 0,51 |
| 11,00 % Silknet JSC (MTN) 2019/2024 ................  | USD | 1 000 000 | 1 000 000 |  | % | 103,725 | 1 037 250,00 | 0,66 |
| 3,68 % Sinopec Group Overseas Development 2018 Ltd |  |  |  |  |  |  |  |  |
| -Reg- 2019/2049 ** ........................  | USD | 750 000 |  | 250 000 | % | 114,4 | 858 000,00 | 0,55 |
| 6,50 % SMC Global Power Holdings Corp. 2019/perpetual * | USD | 1 500 000 |  |  | % | 98,97 | 1 484 550,00 | 0,95 |
| 10,775% TBC Bank JSC -Reg- 2019/perpetual * .........  | USD | 1 000 000 |  |  | % | 96,207 | 962 070,00 | 0,62 |
| 3,925% Tencent Holdings Ltd -Reg- 2018/2038 .........  | USD | 1 000 000 | 1 250 000 | 250 000 | % | 112,985 | 1 129 850,00 | 0,72 |
| 2,80 % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |
| (MTN) 2016/2023 ..........................  | USD | 1 750 000 | 1 750 000 |  | % | 94,914 | 1 661 003,75 | 1,06 |
| 3,15 % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 1 000 000 | 1 500 000 | % | 89,186 | 891 855,00 | 0,57 |
| 4,10 % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |
| 2016/2046 ...............................  | USD | 1 000 000 | % | 83,285 | 832 850,00 | 0,53 |
| 6,125% Turkiye Garanti Bankasi AS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 * ..............................  | USD | 750 000 | 250 000 | % | 94,224 | 706 680,00 | 0,45 |
| 6,00 % Turkiye Is Bankasi AS -Reg- (MTN) 2012/2022 ...  | USD | 750 000 | 250 000 | % | 99,208 | 744 063,75 | 0,48 |
| 6,95 % Turkiye Sise ve Cam Fabrikalari AS -Reg- (MTN) |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | USD | 1 000 000 |  | % | 103,412 | 1 034 120,00 | 0,66 |
| 5,75 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ...............................  | USD | 1 000 000 | 1 000 000 | 1 300 000 | % | 97,739 | 977 390,00 | 0,63 |
| 3,875% United Overseas Bank Ltd 2017/perpetual * .....  | USD | 750 000 |  | 750 000 | % | 101,271 | 759 532,50 | 0,49 |
| 3,75 % United Overseas Bank Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 * ..............................  | USD | 750 000 | 750 000 |  | % | 105,892 | 794 193,75 | 0,51 |
| 4,50 % UPL Corp., Ltd (MTN) 2018/2028 .............  | USD | 1 000 000 | 300 000 | 1 300 000 | % | 98,98 | 989 805,00 | 0,63 |
| 5,25 % UPL Corp., Ltd. 2020/perpetual * .............  | USD | 1 000 000 | 1 000 000 |  | % | 91,793 | 917 930,00 | 0,59 |
| 6,125% Vedanta Resources PLC -Reg- (MTN) 2017/2024 . | USD | 1 000 000 | 1 000 000 |  | % | 69,426 | 694 265,00 | 0,44 |
| 4,25 % Woori Bank -Reg- 2019/perpetual * ............  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 99,98 | 999 800,00 | 0,64 |
| 8,50 % YPF SA -Reg- (MTN) 2015/2025 ...............  | USD | 1 000 000 |  |  | % | 75,578 | 755 775,00 | 0,48 |
| 6,95 % YPF SA -Reg- (MTN) 2017/2027 ...............  | USD | 1 000 000 | 1 000 000 |  | % | 70,831 | 708 310,00 | 0,45 |
| 7,70 % Yuzhou Properties Co., Ltd (MTN) 2020/2025 ....  | USD | 1 000 000 | 1 000 000 |  | % | 97,94 | 979 395,00 | 0,63 |

|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	27 680 831,28	17,73 Verzinsliche Wertpapiere
3,125% Banco de Credito del Peru -Reg- (MTN)
| 2020/2030 * ..............................  5,375% Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025 ...............................  | USD USD | 530 000 1 000 000 | 530 000 1 000 000 |  | % % | 99,234 109,508 | 525 940,20 1 095 085,00 | 0,34 0,70 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3,733% Bangkok Bank PCL/Hong Kong -Reg- 2019/2034 * | USD | 2 000 000 |  |  | % | 95,951 | 1 919 020,00 | 1,23 |
| 6,00 % Camposol SA -Reg- (MTN) 2020/2027 ..........  | USD | 1 000 000 | 1 500 000 | 500 000 | % | 98,698 | 986 975,00 | 0,63 |
| 8,90 % China Evergrande Group 2019/2021 ........... 4,00 % CK Hutchison Capital Securities 17 Ltd -Reg- 2017/perpetual * ..........................  | USD USD | 1 000 000 750 000 | 1 000 000 | 750 000 | % % | 98,068 100,526 | 980 685,00 753 948,75 | 0,63 0,48 |
| 5,50 % Cosan Ltd -Reg- (MTN) 2019/2029 ............  | USD | 750 000 | 500 000 | 750 000 | % | 95,449 | 715 867,50 | 0,46 |
| 6,25 % Cydsa SAB de CV -Reg- (MTN) 2017/2027 ......  | USD | 1 000 000 |  |  | % | 98,586 | 985 855,00 | 0,63 |
| 5,082% Delek & Avner Tamar Bond Ltd (MTN) 2014/2023 | USD | 1 000 000 |  |  | % | 98,875 | 988 750,00 | 0,63 |
| 10,00 % Digicel Group 0.5 Ltd 2020/2024 * ............  | USD | 941 000 | 941 000 |  | % | 69,308 | 652 183,58 | 0,42 |
| 8,25 % Digicel Group Two Ltd -Reg- 2019/2022 ........ 4,75 % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ...........................  | USD USD | 2 000 000 1 500 000 |  | 500 000 | % % | 5,301 106,765 | 106 020,00 1 601 475,00 | 0,07 1,03 |
| 4,25 % Empresas Publicas de Medellin ESP -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 1 000 000 | % | 100,496 | 1 004 955,00 | 0,64 |
| 7,25 % First Quantum Minerals Ltd -Reg- (MTN) 2017/2023 ...............................  | USD | 1 000 000 |  |  | % | 95,912 | 959 115,00 | 0,61 |
| 5,25 % Global Bank Corp. -Reg- (MTN) 2019/2029 * .....  | USD | 1 500 000 | 500 000 | 1 000 000 | % | 102,684 | 1 540 252,50 | 0,99 |
| 5,95 % Grupo Bimbo SAB de CV -Reg- 2018/perpetual * . | USD | 1 000 000 |  |  | % | 103,204 | 1 032 045,00 | 0,66 |
| 3,875% Intercorp Peru Ltd -Reg- (MTN) 2019/2029 ......  | USD | 1 500 000 |  | 500 000 | % | 98,002 | 1 470 022,50 | 0,94 |
| 6,875% Kenbourne Invest SA -Reg- (MTN) 2019/2024 ....  | USD | 1 500 000 |  | 500 000 | % | 100,51 | 1 507 642,50 | 0,97 |
| 4,35 % Lima Metro Line 2 Finance Ltd -Reg- 2019/2036 . 5,625% Melco Resorts Finance Ltd -Reg- (MTN) 2019/2027 ** .............................  | USD USD | 1 000 000 750 000 |  | 500 000 250 000 | % % | 106,412 101,194 | 1 064 115,00 758 951,25 | 0,68 0,49 |
| 6,75 % Mexichem SAB de CV 2012/2042 ** ..........  | USD | 500 000 | 1 000 000 | 500 000 | % | 119,196 | 595 980,00 | 0,38 |
| 6,067% Nakilat, Inc. -Reg- 2006/2033 .................  | USD | 1 000 000 |  |  | % | 122,947 | 1 229 470,00 | 0,79 |
| 7,00 % NBM US Holdings, Inc. -Reg- (MTN) 2019/2026 ..  | USD | 750 000 | 250 000 | 1 500 000 | % | 100,762 | 755 715,00 | 0,48 |
| 6,50 % SASOL Financing USA LLC (MTN) 2018/2028 ...  4,375% SURA Asset Management SA -Reg- (MTN) 2017/2027 ...............................  | USD USD | 1 000 000 1 000 000 |  | 1 000 000 | % % | 88,998 104,472 | 889 980,00 1 044 720,00 | 0,57 0,67 |
| 4,869% Trust F/1401 -Reg- 2019/2030 ** .............  | USD | 1 000 000 |  | 500 000 | % | 101,346 | 1 013 455,00 | 0,65 |
| 7,00 % Tullow Oil PLC -Reg- (MTN) 2018/2025 .........  | USD | 1 000 000 |  |  | % | 63,974 | 639 740,00 | 0,41 |
| 7,25 % Votorantim Cimentos SA -Reg- 2011/2041 ** ....  | USD | 750 000 |  | 550 000 | % | 115,049 | 862 867,50 | 0,55 |
| Nichtnotierte Wertpapiere |  |  |  |  |  |  | 2 709,24 | 0,00 |
| Verzinsliche Wertpapiere 5,00  % OAS Restructuring BVI Ltd 2016/2035 .........  | BRL | 989 885 |  |  | % | 1,5 | 2 709,24 | 0,00 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 148 972 282,32 | 95,43 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |  |
| Derivate auf einzelne Wertpapiere |  |  |  | 0,00 | 0,00 |
| Wertpapier-Optionsscheine |  |  |  |  |  |
| Optionsscheine auf Aktien OAS Finance Ltd 30/09/2021 .........................	Stück	365 867 |  | BRL | 0 | 0,00 | 0,00 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  | -81 640,38 | -0,05 |
| Zinsterminkontrakte US Treasury Notes 10 year Futures 09/2020 (DB)	Stück	-25 | 25 |  |  | -16 796,88 | -0,01 |
| US Ultra Bond 09/2020 (DB)	Stück	-25 | 25 |  |  | -64 843,50 | -0,04 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -734 674,86 | -0,47 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen CHF/USD 3,2 Mio. .................................  |  |  |  | -2 306,97 | 0,00 |
| EUR/USD 84,9 Mio.  ...............................  |  |  |  | -559 317,61 | -0,36 |
| SEK/USD 1,8 Mio. .................................  |  |  |  | -317,84 | 0,00 |
| SGD/USD 0,1 Mio.  ................................  |  |  |  | -268,21 | 0,00 |
| Geschlossene Positionen EUR/USD 0,1 Mio.  ................................  |  |  |  | -168,76 | 0,00 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen USD/EUR 7,6 Mio.  ................................  |  |  |  | -153 737,92 | -0,10 |
| USD/GBP 0,5 Mio.  ................................  |  |  |  | -2 524,19 | 0,00 |
| Geschlossene Positionen USD/EUR 1,4 Mio.  ................................  |  |  |  | -16 033,36 | -0,01 |
| Swaps Forderungen/Verbindlichkeiten |  |  |  | 65 805,40 | 0,04 |
| Credit Default Swaps |  |  |  |  |  |
| Protection Buyer United Mexican States / 1% / 20/06/2024 (OTC) (CIT) .....  | Stück | 5 000 000 |  | 65 805,40 | 0,04 |
| Bankguthaben |  |  |  | 6 786 147,96 | 4,35 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 67 885 |  | 76 082,59 | 0,05 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 6 554 |  | 8 061,13 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Hongkong Dollar ...................................  | HKD | 1 |  | 0,04 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 263 |  | 192,20 | 0,00 |
| Mexikanischer Peso ................................  | MXN | 1 |  | 0,02 | 0,00 |
| Russischer Rubel ..................................  | RUB | 1 |  | 0,01 | 0,00 |
| Singapur Dollar ....................................  | SGD | 12 271 |  | 8 789,21 | 0,01 |
| Türkische Lira .....................................  | TRY | 26 080 |  | 3 804,64 | 0,00 |
| US-Dollar .........................................  | USD |  |  | 6 689 218,12 | 4,28 |
| Sonstige Vermögensgegenstände |  |  |  | 3 180 263,30 | 2,04 |
| Abgegrenzte Platzierungsgebühr *** ...................  |  |  |  | 34 812,15 | 0,02 |
| Zinsansprüche ....................................  |  |  |  | 2 050 408,05 | 1,32 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 116 156,33 | 0,07 |
| Sonstige Ansprüche ................................  |  |  |  | 978 886,77 | 0,63 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 613 282,53 | 0,39 |
| Summe der Vermögensgegenstände **** |  |  |  | 159 617 781,51 | 102,25 |
| Sonstige Verbindlichkeiten |  |  |  | -2 400 071,02 | -1,54 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -2 400 071,02 | -1,54 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -291 242,49 | -0,19 |
| Summe der Verbindlichkeiten |  |  |  | -3 507 628,75 | -2,25 |
| Fondsvermögen |  |  |  | 156 110 152,76 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert |  |  |
| Klasse CHF FCH ...................................  | CHF | 112,10 |
| Klasse FCH .......................................  | EUR | 142,66 |
| Klasse LCH .......................................  | EUR | 135,42 |
| Klasse LDH .......................................  | EUR | 89,96 |
| Klasse NCH ......................................  | EUR | 130,50 |
| Klasse ND ........................................  | EUR | 104,29 |
| Klasse NDH ......................................  | EUR | 89,59 |
| Klasse NDQH .....................................  | EUR | 84,96 |
| Klasse PFCH ......................................  | EUR | 103,75 |
| Klasse PFDQH ....................................  | EUR | 81,81 |
| Klasse TFCH ......................................  | EUR | 96,84 |
| Klasse TFDH ......................................  | EUR | 85,87 |
| Klasse SEK LCH ...................................  | SEK | 1 116,54 |
| Klasse SGD LDMH .................................  | SGD | 9,46 |
| Klasse USD FC ....................................  | USD | 171,49 |
| Klasse USD LC ....................................  | USD | 159,63 |
| Klasse USD LD ....................................  | USD | 90,98 |
| Klasse USD LDM ..................................  | USD | 98,37 |
| Klasse USD RC ....................................  | USD | 109,30 |
| Klasse USD TFC ...................................  | USD | 103,89 |
| Klasse USD TFD ...................................  | USD | 92,57 |

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.

### 138
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse CHF FCH ...................................  | Stück | 28 959,991 |
| Klasse FCH .......................................  | Stück | 148 522,681 |
| Klasse LCH .......................................  | Stück | 97 967,695 |
| Klasse LDH .......................................  | Stück | 254 669,284 |
| Klasse NCH ......................................  | Stück | 147 323,596 |
| Klasse ND ........................................  | Stück | 6 262,000 |
| Klasse NDH ......................................  | Stück | 18 730,907 |
| Klasse NDQH .....................................  | Stück | 17 947,000 |
| Klasse PFCH ......................................  | Stück | 33 031,000 |
| Klasse PFDQH ....................................  | Stück | 25 414,000 |
| Klasse TFCH ......................................  | Stück | 133,888 |
| Klasse TFDH ......................................  | Stück | 20,000 |
| Klasse SEK LCH ...................................  | Stück | 1 674,850 |
| Klasse SGD LDMH .................................  | Stück | 14 180,000 |
| Klasse USD FC ....................................  | Stück | 28 366,413 |
| Klasse USD LC ....................................  | Stück | 42 798,065 |
| Klasse USD LD ....................................  | Stück | 108 521,045 |
| Klasse USD LDM ..................................  | Stück | 522,000 |
| Klasse USD RC ....................................  | Stück | 230 260,000 |
| Klasse USD TFC ...................................  | Stück | 24,000 |
| Klasse USD TFD ...................................  | Stück | 100 001,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) JPM CEMBI Broad Diversified
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 96,807 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 153,578 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 130,424 |

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 0,3, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 27 819 198,69. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
BC = Barclays Capital
Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Goldman Sachs International, JP Morgan, State Street Bank London und UBS AG
Erläuterungen zu den Wertpapier-Darlehen
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in USD unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 5	% Credito Real SAB de CV SOFOM ER -Reg- (MTN) |  |  |  |  |
| 2019/2027 ..............................  | EUR | 900 000 | 852 496,47 |  |
| 4,75  % Petrobras Global Finance BV 2014/2025 .......  | EUR | 1 000 000 | 1 180 373,43 |  |
| 3,625 % CK Hutchison International 19 Ltd -Reg- (MTN) |  |  |  |  |
| 2019/2029 ..............................  | USD | 700 000 | 780 591,00 |  |
| 4,52  % DBS Group Holdings Ltd -Reg- (MTN) 2018/2028 * | USD | 1 000 000 | 1 081 825,00 |  |
| 5,375 % Ecopetrol SA 2015/2026 ...................  | USD | 1 000 000 | 1 048 090,00 |  |
| 8	% Eterna Capital Pte Ltd (MTN) 2017/2022 .......  | USD | 1 079 826 | 333 741,82 |  |
| 5,625 % Melco Resorts Finance Ltd -Reg- (MTN) |  |  |  |  |
| 2019/2027 ..............................  | USD | 200 000 | 202 387,00 |  |
| 6,75  % Mexichem SAB de CV 2012/2042 ............  | USD | 300 000 | 357 588,00 |  |
| 5,65  % Network i2i Ltd -Reg- 2019/perpetual * ........  | USD | 800 000 | 775 568,00 |  |
| 4,4	% Qatar Government International Bond -Reg- |  |  |  |  |
| 2020/2050 ..............................  | USD | 1 500 000 | 1 858 290,00 |  |
| 4,25  % Saudi Arabian Oil Co. -Reg- 2019/2039 ........  | USD | 1 600 000 | 1 794 528,00 |  |
| 3,68  % Sinopec Group Overseas Development 2018 Ltd |  |  |  |  |
| -Reg- 2019/2049 ..........................  | USD | 600 000 | 686 400,00 |  |
| 4,869 % Trust F/1401 -Reg- 2019/2030 ...............  | USD | 1 000 000 | 1 013 455,00 |  |
| 7,25  % Votorantim Cimentos SA -Reg- 2011/2041 .....  | USD | 700 000 | 805 343,00 |  |

Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen	12 770 676,72 12 770 676,72 Vertragspartner der Wertpapier-Darlehen
BNP Paribas S.A., Barclays Capital Securities Limited, Crédit Suisse Securities (Europe) Ltd. FI, Deutsche Bank AG FI, Goldman Sachs Int., Morgan Stanley Europe SE FI,
Zuercher Kantonalbank
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | USD | 10 011 614,51 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | USD | 7 887 541,33 |
| Aktien | USD | 2 124 073,18 |
| Devisenkurse (in Mengennotiz) |  |  |

per 30.6.2020
| Brasilianischer Real ..............  | BRL | 5,480600 | = USD | 1 |
| --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,367150 | = USD | 1 |
| Euro ..........................  | EUR | 0,892260 | = USD | 1 |
| Britisches Pfund .................  | GBP | 0,813008 | = USD | 1 |
| Hongkong Dollar .................  | HKD | 7,750350 | = USD | 1 |
| Mexikanischer Peso ..............  | MXN | 23,168000 | = USD | 1 |
| Russischer Rubel ................  | RUB | 71,160000 | = USD | 1 |
| Singapur Dollar ..................  | SGD | 1,396200 | = USD | 1 |
| Türkische Lira ...................  | TRY | 6,854750 | = 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.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
**** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.