# DWS Invest Emerging Markets IG Sovereign Debt
DWS INVEST EMERGING MARKETS IG SOVEREIGN DEBT

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class IDH | LU0982740572 | 2.0% |
| Class TFCH | LU1663860127 | 1.9% |
| Class USD IC 2 | LU2182990833 | 0.0% 1 |


##### JPM EMBI Global Diversified Inv Grade (hedged in EUR) since November 24, 2016 (previously: JPM EMBI Global Diversified Comp. Selected (hedged in EUR))
1 
Class USD IC launched on June 30, 2020
2 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.

##### 2.2%
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 IG Sovereign Debt
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 108 476 447.55 | 48.93 |
| Central governments | 107 568 072.60 | 48.54 |
| Total bonds | 216 044 520.15 | 97.47 |
| 2. Derivatives | -1 120 089.52 | - 0.51 |
| 3. Cash at bank | 3 492 206.35 | 1.58 |
| 4. Other assets | 2 409 159.32 | 1.09 |
| 5. Receivables from share certificate transactions | 1 447 960.29 | 0.65 |
| II. Liabilities |  |  |
| 1. Other liabilities | -625 484.08 | - 0.28 |
| 2. Liabilities from share certificate transactions | -4 566.59 | 0.00 |
| III. Net assets | 221 643 705.92 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – June 30, 2020
Securities traded on an exchange	195 306 902.05	88.12
Interest-bearing securities
3.50  % Bulgarian Energy Holding EAD (MTN) 2018/2025..	EUR	2 000 000	%	101.992	2 286 138.57	1.03
2.95  % Gazprom PJSC Via Gaz Finance PLC (MTN)
2020/2025 ................................	EUR	1 570 000	1 570 000	%	104.386	1 836 743.05	0.83
5.875 % Ivory Coast Government International Bond -Reg-
2019/2031 * ..............................	EUR	1 000 000	1 000 000	%	94.232	1 056 104.72	0.48
3.125 % Petroleos Mexicanos -Reg- (MTN) 2013/2020 ....	EUR	3 000 000	3 000 000	%	99.254	3 337 166.30	1.51
3.624 % Romanian Government International Bond -Reg-
(MTN) 2020/2030 ..........................	EUR	2 000 000	2 000 000	%	108.182	2 424 909.78	1.09
2.20 % Russian Railways Via RZD Capital PLC (MTN)
2019/2027 ................................	EUR	1 700 000	%	102.406	1 951 105.62	0.88
3.875 % Abu Dhabi Government International Bond -Reg-
2020/2050 ................................	USD	1 000 000	1 640 000	640 000	%	118.329	1 183 290.00	0.53
6.00  % Aeropuerto Internacional de Tocumen SA -Reg-
2018/2048 ................................	USD	1 991 159	1 008 841	%	109.968	2 189 627.76	0.99
3.125 % Africa Finance Corp. (MTN) 2020/2025 ..........	USD	2 780 000	2 780 000	%	100.265	2 787 367.00	1.26
5.00  % Banque Ouest Africaine de Developpement -Reg-
(MTN) 2017/2027 ..........................	USD	1 200 000	%	104.963	1 259 556.00	0.57
4.70  % Banque Ouest Africaine de Developpement -Reg-
2019/2031 ................................	USD	2 540 000	%	101.042	2 566 479.50	1.16
3.50  % Black Sea Trade & Development Bank -Reg- (MTN)
2019/2024 ................................	USD	4 320 000	%	102.978	4 448 671.20	2.01
5.125 % CNAC HK Finbridge Co., Ltd (MTN) 2018/2028 ...	USD	1 400 000	%	116.142	1 625 995.00	0.73
5.125 % CNAC HK Finbridge Co., Ltd (MTN) 2018/2028 ...	USD	1 500 000	%	116.142	1 742 137.50	0.79
3.375 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2024 ...	USD	1 500 000	1 500 000	%	103.796	1 556 947.50	0.70
3.875 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2029 ...	USD	1 000 000	%	108.666	1 086 660.00	0.49
3.875 % Colombia Government International Bond (MTN)
2017/2027 ................................	USD	3 000 000	1 600 000	2 000 000	%	105.54	3 166 185.00	1.43
6.125 % Colombia Government International Bond
2009/2041 ................................	USD	1 000 000	2 000 000	1 000 000	%	124.206	1 242 060.00	0.56
4.50  % Colombia Government International Bond
2015/2026 ................................	USD	2 600 000	%	108.577	2 823 002.00	1.27
4.50  % Colombia Government International Bond
2018/2029 ................................	USD	3 000 000	%	109.222	3 276 660.00	1.48
4.75  % Comision Federal de Electricidad 2016/2027 .....	USD	2 000 000	%	105.394	2 107 890.00	0.95
4.75  % Corp Financiera de Desarrollo SA -Reg- (MTN)
2015/2025 ................................	USD	4 800 000	%	109.656	5 263 512.00	2.37
4.25  % Corp Nacional del Cobre de Chile -Reg- 2012/2042	USD	1 500 000	%	109.824	1 647 360.00	0.74
4.50  % Corp Nacional del Cobre de Chile -Reg- 2017/2047	USD	2 000 000	%	114.348	2 286 950.00	1.03
4.375 % Corp. Nacional del Cobre de Chile -Reg- 2019/2049  USD	500 000	%	113.431	567 155.00	0.26
4.875 % Eastern & Southern African Trade & Development
Bank (MTN) 2019/2024 ......................	USD	1 820 000	%	100.41	1 827 471.10	0.82
6.875 % Ecopetrol SA (MTN) 2020/2030 ...............	USD	630 000	630 000	%	114.195	719 428.50	0.32
4.375 % Empresa Nacional del Petroleo -Reg- (MTN)
2014/2024 ................................	USD	1 000 000	%	107.396	1 073 955.00	0.48
5.15  % Gazprom PJSC Via Gaz Capital SA -Reg- (MTN)
2019/2026 ................................	USD	2 000 000	2 000 000	%	111.177	2 223 540.00	1.00
7.75  % Georgian Railway LLC (MTN) 2012/2022 ........	USD	1 500 000	1 500 000	%	101.796	1 526 932.50	0.69
4.75  % Indian Oil Corp., Ltd (MTN) 2019/2024 ..........	USD	1 500 000	%	105.43	1 581 450.00	0.71
6.53  % Indonesia Asahan Aluminium Persero PT -Reg-
(MTN) 2018/2028 ..........................	USD	540 000	%	118.801	641 525.40	0.29
4.75  % Indonesia Asahan Aluminium Persero PT -Reg-
(MTN) 2020/2025 ..........................	USD	1 600 000	1 600 000	%	107.308	1 716 936.00	0.77
5.80  % Indonesia Asahan Aluminium Persero PT -Reg-
2020/2050 ................................	USD	560 000	560 000	%	112.382	629 339.20	0.28
4.75  % Indonesia Government International Bond
2018/2029 ................................	USD	1 500 000	1 500 000	%	116.064	1 740 952.50	0.79
5.35  % Indonesia Government International Bond
2018/2049 * ..............................	USD	1 000 000	%	129.821	1 298 215.00	0.59
8.50  % Indonesia Government International Bond -Reg-
2005/2035 ................................	USD	1 000 000	%	156.2	1 562 000.00	0.70
5.75  % Ivory Coast Government International Bond -Reg-
2010/2032 ** .............................	USD	1 245 000	1 282 500	37 500	%	98.848	1 230 663.83	0.55
6.95  % Kazakhstan Temir Zholy Finance BV -Reg-
2040/2042 ................................	USD	2 000 000	%	133.286	2 665 710.00	1.20
4.75  % KazMunayGas National Co., JSC -Reg- (MTN)
2017/2027 ................................	USD	2 400 000	%	108.71	2 609 040.00	1.18
6.375 % KazMunayGas National Co., JSC -Reg- 2018/2048 .	USD	2 900 000	%	126.584	3 670 921.50	1.66
3.95  % MDGH - GMTN BV (MTN) 2020/2050...........	USD	300 000	300 000	%	111.204	333 610.50	0.15
3.70  % MDGH - GMTN BV -Reg- 2019/2049 ...........	USD	1 500 000	%	106.122	1 591 837.50	0.72
3.25  % Mexico Government International Bond (MTN)
2020/2030 ................................	USD	1 000 000	1 000 000	%	98.816	988 165.00	0.45
6.05  % Mexico Government International Bond 2008/2040	USD	500 000	1 000 000	%	121.618	608 090.00	0.27
5.75  % Mexico Government International Bond 2010/2110	USD	500 000	500 000	%	110.436	552 180.00	0.25
4.75  % Mexico Government International Bond 2012/2044	USD	500 000	1 000 000	500 000	%	104.852	524 262.50	0.24
4.60  % Mexico Government International Bond 2017/2048	USD	2 000 000	%	102.984	2 059 690.00	0.93
5.50  % Namibia International Bonds -Reg- (MTN)
2011/2021 ................................	USD	2 000 000	2 000 000	%	100.576	2 011 520.00	0.91
| 2015/2025 ................................  9.375 % Panama Government International Bond | USD | 1 500 000 | 1 500 000 | 3 000 000 | % | 101.814 | 1 527 210.00 | 0.69 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1999/2029	USD | 2 000 000 |  |  | % | 151.94 | 3 038 810.00 | 1.37 |
| 2006/2036	USD | 1 300 000 |  |  | % | 144.069 | 1 872 897.00 | 0.84 |
| 3.875 % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2016/2028 ................................  | USD | 2 000 000 | 1 500 000 | % | 112.634 | 2 252 670.00 | 1.02 |
| 4.50  % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2020/2056 ................................  | USD | 2 000 000 | 2 000 000 | % | 122.754 | 2 455 090.00 | 1.11 |
| 5.625 % Pertamina Persero PT -Reg- (MTN) 2013/2043 ....  | USD | 1 200 000 |  | % | 116.261 | 1 395 132.00 | 0.63 |
| 6.45  % Pertamina Persero PT -Reg- (MTN) 2014/2044 ....  | USD | 2 000 000 |  | % | 128.02 | 2 560 410.00 | 1.15 |
| 6.50  % Pertamina Persero PT -Reg- (MTN) 2018/2048 ....  | USD | 500 000 |  | % | 130.906 | 654 532.50 | 0.30 |
| 3.65  % Pertamina Persero PT -Reg- (MTN) 2019/2029 ....  4.125 % Perusahaan Listrik Negara PT -Reg- (MTN) 2017/2027 ................................  | USD USD | 350 000 4 000 000 |  | % % | 104.886 106.292 | 367 099.25 4 251 660.00 | 0.17 1.92 |
| 6.15  % Perusahaan Listrik Negara PT -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2048 ................................  | USD | 500 000 | 500 000 | % | 125.026 | 625 132.50 | 0.28 |
| 3.875 % Perusahaan Listrik Negara PT -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ................................  | USD | 500 000 | 500 000 | % | 105.296 | 526 480.00 | 0.24 |
| 6.25  % Perusahaan Listrik Negara PT -Reg- 2018/2049 ...  8.75 % Peruvian Government International Bond 2003/2033 ................................  | USD USD | 500 000 1 500 000 |  | % % | 126.348 167.077 | 631 737.50 2 506 155.00 | 0.28 1.13 |
| 5.625 % Petroleos del Peru SA -Reg- 2017/2047 .........  | USD | 3 000 000 |  | % | 117.389 | 3 521 670.00 | 1.59 |
| 3.50  % Petroleos Mexicanos (MTN) 2013/2023 .........  | USD | 1 500 000 | 1 500 000 | % | 94.904 | 1 423 560.00 | 0.64 |
| 4.55  % Petronas Capital Ltd -Reg- 2020/2050 ..........  2.457 % Philippine Government International Bond (MTN) 2020/2030 ................................  | USD USD | 240 000 3 000 000 | 240 000 3 000 000 | % % | 127.498 105.062 | 305 994.00 3 151 875.00 | 0.14 1.42 |
| 3.75  % Power Finance Corp., Ltd (MTN) 2017/2027 .....  4.00 % Qatar Government International Bond -Reg- (MTN) 2019/2029 ................................  | USD USD | 2 000 000 1 500 000 |  | % % | 96.256 115.243 | 1 925 120.00 1 728 645.00 | 0.87 0.78 |
| 3.75  % Qatar Government International Bond -Reg- (MTN) 2020/2030 ................................  | USD | 3 000 000 | 3 000 000 | % | 114.103 | 3 423 090.00 | 1.54 |
| 5.75  % Qatar Government International Bond -Reg- 2011/2042 ................................  | USD | 1 000 000 |  | % | 143.941 | 1 439 410.00 | 0.65 |
| 5.103 % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2048	USD | 2 500 000 |  |  | % | 136.134 | 3 403 362.50 | 1.54 |
| 2019/2049	USD | 2 500 000 |  |  | % | 131.733 | 3 293 325.00 | 1.49 |
| 4.40  % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2050 ................................  | USD | 430 000 | 430 000 | % | 123.886 | 532 709.80 | 0.24 |
| 2.75  % QNB Finance Ltd (MTN) 2020/2027 ............  | USD | 2 700 000 | 2 700 000 | % | 102.638 | 2 771 239.50 | 1.25 |
| 3.375 % REC Ltd (MTN) 2019/2024 ...................  6.125 % Romanian Government International Bond -Reg- (MTN) 2014/2044 ..........................  | USD USD | 2 000 000 1 000 000 |  | % % | 99.272 131.595 | 1 985 450.00 1 315 950.00 | 0.90 0.59 |
| 5.125 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2048 ................................  | USD | 500 000 | 750 000 | % | 118.5 | 592 500.00 | 0.27 |
| 4.25  % Russian Foreign Bond - Eurobond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 ................................  | USD | 3 000 000 |  | % | 111.986 | 3 359 595.00 | 1.52 |
| 5.625 % Russian Foreign Bond - Eurobond -Reg- 2012/2042 | USD | 2 000 000 |  | % | 135.95 | 2 718 990.00 | 1.23 |
| 4.375 % Russian Foreign Bond - Eurobond -Reg- 2018/2029 | USD | 2 000 000 |  | % | 113.83 | 2 276 590.00 | 1.03 |
| 5.10  % Russian Foreign Bond - Eurobond -Reg- 2019/2035 | USD | 1 000 000 |  | % | 124.014 | 1 240 140.00 | 0.56 |
| 4.25  % Saudi Arabian Oil Co. -Reg- 2019/2039 ..........  4.50 % Saudi Government International Bond (MTN) 2016/2046 ................................  | USD USD | 500 000 1 500 000 | 500 000 | % % | 112.158 115.252 | 560 790.00 1 728 787.50 | 0.25 0.78 |
| 4.625 % Saudi Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2047 ................................  | USD | 1 000 000 |  | % | 116.985 | 1 169 850.00 | 0.53 |
| 5.25 | % Saudi Government International Bond 2019/2050 . | USD | 1 000 000 |  | % | 128.812 | 1 288 120.00 | 0.58 |
| 3.625 | % Saudi Government International Bond -Reg- (MTN) 2017/2028 ................................  | USD | 1 000 000 |  | % | 110.128 | 1 101 285.00 | 0.50 |
| 4.375 | % Saudi Government International Bond -Reg- (MTN) 2019/2029 ................................  | USD | 2 000 000 |  | % | 116.498 | 2 329 960.00 | 1.05 |
| 5.00 | % Saudi Government International Bond -Reg- 2018/(MTN)/2049 ..........................  | USD | 1 500 000 |  | % | 124.026 | 1 860 390.00 | 0.84 |
| 4.50 | % Saudi Government International Bond -Reg- 2018/2030 ................................  | USD | 1 000 000 |  | % | 118.255 | 1 182 550.00 | 0.53 |
| 3.75 | % Saudi Government International Bond -Reg- 2020/2055 ................................  | USD | 1 000 000 | 1 000 000 | % | 102.088 | 1 020 885.00 | 0.46 |
| 4.50 | % Saudi Government International Bond -Reg- 2020/2060 ................................  | USD | 760 000 | 760 000 | % | 115.169 | 875 284.40 | 0.39 |
| 3.854 | % Sharjah Sukuk Program Ltd (MTN) 2019/2026 ....  | USD | 1 000 000 |  | % | 105.923 | 1 059 230.00 | 0.48 |
| 3.50 | % Sinopec Group Overseas Development 2016 Ltd -Reg- (MTN) 2016/2026 ......................      | USD | 1 000 000 |  | % | 110.03 | 1 100 295.00 | 0.50 |
| 6.875 | % Southern Gas Corridor CJSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ................................  | USD | 4 000 000 | 4 000 000 | % | 115.278 | 4 611 120.00 | 2.08 |
| 5.75 | % Sri Lanka Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2023 ..........................  | USD | 2 200 000 | % | 71.125 | 1 564 750.00 | 0.71 |
| 7.875 | % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2003/2033 ................................  | USD | 2 000 000 | % | 151.378 | 3 027 550.00 | 1.37 |
| 7.625 | % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2006/2036 ................................  | USD | 1 100 000 | % | 151.662 | 1 668 287.50 | 0.75 |
| 4.125 | % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2012/2045 ................................  | USD | 1 000 000 | % | 115.073 | 1 150 730.00 | 0.52 |

5.25  % Namibia International Bonds -Reg- (MTN)
6.70  % Panama Government International Bond
4.817 % Qatar Government International Bond -Reg-
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5.10 % Uruguay Government International Bond 2014/2050 ................................  | USD | 2 000 000 |  | 1 100 000 | % | 128.624 | 2 572 480.00 | 1.16 |
| 4.375 % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2019/2031 ................................  | USD | 3 359 147 | 359 147 | % | 116.862 | 3 925 549.57 | 1.77 |
| 5.942 % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 2 000 000 | 1 800 000 | % | 111.236 | 2 224 710.00 | 1.00 |
| 6.80 % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025 ................................  | USD | 2 600 000 |  |  | % | 119.344 | 3 102 957.00 | 1.40 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 20 737 618.10 | 9.35 |
| Interest-bearing securities 7.375 % Colombia Government International Bond 2006/2037 ................................  | USD | 800 000 |  | 3 000 000 | % | 136.489 | 1 091 912.00 | 0.49 |
| 5.625 % Corp Nacional del Cobre de Chile -Reg- 2013/2043 | USD | 1 000 000 |  |  | % | 129.606 | 1 296 060.00 | 0.58 |
| 3.70  % Corp Nacional del Cobre de Chile -Reg- 2019/2050 4.75  % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ...........................  | USD USD | 1 000 000 2 500 000 | 1 000 000 |  | % % | 101.617 106.765 | 1 016 170.00 2 669 125.00 | 0.46 1.20 |
| 3.75  % Empresa Nacional del Petroleo (MTN) 2016/2026 . | USD | 2 000 000 |  | 1 200 000 | % | 103.7 | 2 073 990.00 | 0.94 |
| 4.50 % Empresa Nacional del Petroleo -Reg- 2017/2047 .. 4.767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ................................  | USD USD | 1 000 000 1 510 000 |  |  | % % | 104.529 104.186 | 1 045 290.00 1 573 208.60 | 0.47 0.71 |
| 3.50  % Fondo MIVIVIENDA SA -Reg- (MTN) 2013/2023 ..  5.50 % Morocco Government International Bond -Reg- 2012/2042 ................................  | USD USD | 1 700 000 1 000 000 |  |  | % % | 103.125 122.504 | 1 753 125.00 1 225 045.00 | 0.79 0.55 |
| 5.35  % Petroleos Mexicanos (MTN) 2018/2028 *. . . . . . . . | USD | 3 000 000 |  | 3 000 000 | % | 83.39 | 2 501 715.00 | 1.13 |
| 6.625 % Petroleos Mexicanos 2006/2035...............  | USD | 1 000 000 |  |  | % | 80.868 | 808 680.00 | 0.37 |
| 5.95  % Petroleos Mexicanos -Reg- 2020/2031 ..........  | USD | 500 000 | 2 500 000 | 2 000 000 | % | 81.733 | 408 665.00 | 0.18 |
| 3.50  % Petronas Capital Ltd -Reg- (MTN) 2015/2025 .....  | USD | 500 000 |  | 1 500 000 | % | 109.028 | 545 140.00 | 0.25 |
| 4.50  % Petronas Capital Ltd -Reg- (MTN) 2015/2045 .....  9.75 % Qatar Government International Bond -Reg- 2000/2030 ................................  | USD USD | 1 000 000 500 000 |  |  | % % | 124.779 166.365 | 1 247 790.00 831 825.00 | 0.56 0.38 |
| 4.875 % Sinopec Group Overseas Development 2012 Ltd |  |  |  |  |  |  |  |  |
| -Reg- 2012/2042 ...........................  | USD | 500 000 |  | % | 129.976 | 649 877.50 | 0.29 |
| Total securities portfolio |  |  |  |  |  | 216 044 520.15 | 97.47 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  | 27 148.52 | 0.01 |
| Interest rate futures US Treasury Notes 5 year Futures 09/2020 (MS) ..........  | Count | 125 | 125 |  |  | 27 148.52 | 0.01 |
| Currency derivatives Receivables/payables |  |  |  |  |  | -1 147 238.04 | -0.52 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions EUR/USD 196 million ...............................  |  |  |  |  |  | -1 293 097.49 | -0.59 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |
| Open positions USD/EUR 11.5 million ...............................  |  |  |  |  |  | 145 859.45 | 0.07 |
| Cash at bank |  |  |  |  |  | 3 492 206.35 | 1.58 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 124 614 |  |  |  | 139 660.78 | 0.06 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD |  |  |  |  | 3 352 545.57 | 1.52 |
| Other assets |  |  |  |  |  | 2 409 159.32 | 1.09 |
| Interest receivable .................................  |  |  |  |  |  | 2 409 159.32 | 1.09 |
| Receivables from share certificate transactions |  |  |  |  |  | 1 447 960.29 | 0.65 |
| Total assets *** |  |  |  |  |  | 223 566 854.08 | 100.87 |
| Other liabilities |  |  |  |  |  | -625 484.08 | -0.28 |
| Liabilities from cost items ............................  |  |  |  |  |  | -202 310.89 | -0.09 |
| Additional other liabilities.............................  |  |  |  |  |  | -423 173.19 | -0.19 |
| Liabilities from share certificate transactions |  |  |  |  |  | -4 566.59 | 0.00 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total liabilities |  |  |  |  |  | -1 923 148.16 | -0.87 |
| Net assets |  |  |  |  |  | 221 643 705.92 | 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 IDH.........................................  | EUR | 97.18 |
| Class TFCH .......................................  | EUR | 109.14 |
| Class USD IC ......................................  | USD | 100.00 |
| Number of shares outstanding Class IDH.........................................  | Count | 2 035 100.772 |
| Class TFCH .......................................  | Count | 20.000 |
| Class USD IC ......................................  | Count | 0.010 |

Composition of the reference portfolio (according to CSSF circular 11/512) JPM EMBI Global Diversified
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 69.401 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 98.241 |
| Average market risk exposure ........................  | % | 84.407 |

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 0.1, 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 26 086 420.00 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited and Goldman Sachs International.

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 5.875 % Ivory Coast Government International Bond -Reg- 2019/2031	EUR | 1 000 000 | 1 056 104.72 |  |
| 5.35  % Indonesia Government International Bond 2018/2049	USD | 1 000 000 | 1 298 215.00 |  |
| Total receivables from securities loans |  | 2 354 319.72 | 2 354 319.72 |
| Contracting parties for securities loans Barclays Capital Securities Limited, Deutsche Bank AG FI |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds |  | USD USD | 2 132 216.06 1 322 873.57 |
| Equities |  | USD | 809 342.49 |

 Exchange rates (indirect quotes)	
As of June 30, 2020 Euro ......................... . EUR	0.892260	= 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	
* Some or all of these securities are lent.
** Floating interest rate.
*** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Emerging Markets IG Sovereign Debt
DWS INVEST EMERGING MARKETS IG SOVEREIGN DEBT

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse IDH | LU0982740572 | 2,0% |
| Klasse TFCH | LU1663860127 | 1,9% |
| Klasse USD IC 2) | LU2182990833 | 0,0% 1) |


##### JPM EMBI Global Diversified Inv Grade (hedged in EUR) seit dem 24.11.16 (vorher: JPM EMBI Global Diversified Comp. Selected (hedged in EUR))
1) 
Klasse USD IC aufgelegt am 30.6.2020
2) 
in USD

##### 2,2%
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 IG Sovereign Debt
| Vermögensübersicht zum 30.06.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 108 476 447,55 | 48,93 |
| Zentralregierungen | 107 568 072,60 | 48,54 |
| Summe Anleihen | 216 044 520,15 | 97,47 |
| 2. Derivate | -1 120 089,52 | - 0,51 |
| 3. Bankguthaben | 3 492 206,35 | 1,58 |
| 4. Sonstige Vermögensgegenstände | 2 409 159,32 | 1,09 |
| 5. Forderungen aus Anteilscheingeschäften | 1 447 960,29 | 0,65 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -625 484,08 | - 0,28 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -4 566,59 | 0,00 |
| III. Fondsvermögen | 221 643 705,92 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |

|  | 195 306 902,05 | 88,12 |
| --- | --- | --- |
| EUR | 2 000 000 |  |  | % | 101,992 | 2 286 138,57 | 1,03 |
| EUR | 1 570 000 | 1 570 000 |  | % | 104,386 | 1 836 743,05 | 0,83 |
| EUR | 1 000 000 | 1 000 000 |  | % | 94,232 | 1 056 104,72 | 0,48 |
| EUR | 3 000 000 | 3 000 000 |  | % | 99,254 | 3 337 166,30 | 1,51 |
| EUR | 2 000 000 | 2 000 000 |  | % | 108,182 | 2 424 909,78 | 1,09 |
| EUR | 1 700 000 |  |  | % | 102,406 | 1 951 105,62 | 0,88 |
| USD | 1 000 000 | 1 640 000 | 640 000 | % | 118,329 | 1 183 290,00 | 0,53 |
| USD | 1 991 159 |  | 1 008 841 | % | 109,968 | 2 189 627,76 | 0,99 |
| USD | 2 780 000 | 2 780 000 |  | % | 100,265 | 2 787 367,00 | 1,26 |
| USD | 1 200 000 |  |  | % | 104,963 | 1 259 556,00 | 0,57 |
| USD | 2 540 000 |  |  | % | 101,042 | 2 566 479,50 | 1,16 |
| USD | 4 320 000 |  |  | % | 102,978 | 4 448 671,20 | 2,01 |
| USD | 1 400 000 |  |  | % | 116,142 | 1 625 995,00 | 0,73 |
| USD | 1 500 000 |  |  | % | 116,142 | 1 742 137,50 | 0,79 |
| USD | 1 500 000 | 1 500 000 |  | % | 103,796 | 1 556 947,50 | 0,70 |
| USD | 1 000 000 |  |  | % | 108,666 | 1 086 660,00 | 0,49 |
| USD | 3 000 000 | 1 600 000 | 2 000 000 | % | 105,54 | 3 166 185,00 | 1,43 |
| USD | 1 000 000 | 2 000 000 | 1 000 000 | % | 124,206 | 1 242 060,00 | 0,56 |
| USD | 2 600 000 |  |  | % | 108,577 | 2 823 002,00 | 1,27 |
| USD | 3 000 000 |  |  | % | 109,222 | 3 276 660,00 | 1,48 |
| USD | 2 000 000 |  |  | % | 105,394 | 2 107 890,00 | 0,95 |
| USD | 4 800 000 |  |  | % | 109,656 | 5 263 512,00 | 2,37 |
| USD | 1 500 000 |  |  | % | 109,824 | 1 647 360,00 | 0,74 |
| USD | 2 000 000 |  |  | % | 114,348 | 2 286 950,00 | 1,03 |
| USD | 500 000 |  |  | % | 113,431 | 567 155,00 | 0,26 |
| USD | 1 820 000 |  |  | % | 100,41 | 1 827 471,10 | 0,82 |
| USD | 630 000 | 630 000 |  | % | 114,195 | 719 428,50 | 0,32 |
| USD | 1 000 000 |  |  | % | 107,396 | 1 073 955,00 | 0,48 |
| USD | 2 000 000 | 2 000 000 |  | % | 111,177 | 2 223 540,00 | 1,00 |
| USD | 1 500 000 | 1 500 000 |  | % | 101,796 | 1 526 932,50 | 0,69 |
| USD | 1 500 000 |  |  | % | 105,43 | 1 581 450,00 | 0,71 |
| USD | 540 000 |  |  | % | 118,801 | 641 525,40 | 0,29 |
| USD | 1 600 000 | 1 600 000 |  | % | 107,308 | 1 716 936,00 | 0,77 |
| USD | 560 000 | 560 000 |  | % | 112,382 | 629 339,20 | 0,28 |
| USD | 1 500 000 | 1 500 000 |  | % | 116,064 | 1 740 952,50 | 0,79 |
| USD | 1 000 000 |  |  | % | 129,821 | 1 298 215,00 | 0,59 |
| USD | 1 000 000 |  |  | % | 156,2 | 1 562 000,00 | 0,70 |
| USD | 1 245 000 | 1 282 500 | 37 500 | % | 98,848 | 1 230 663,83 | 0,55 |
| USD | 2 000 000 |  |  | % | 133,286 | 2 665 710,00 | 1,20 |
| USD | 2 400 000 |  |  | % | 108,71 | 2 609 040,00 | 1,18 |
| USD | 2 900 000 |  |  | % | 126,584 | 3 670 921,50 | 1,66 |
| USD | 300 000 | 300 000 |  | % | 111,204 | 333 610,50 | 0,15 |
| USD | 1 500 000 |  |  | % | 106,122 | 1 591 837,50 | 0,72 |
| USD | 1 000 000 | 1 000 000 |  | % | 98,816 | 988 165,00 | 0,45 |
| USD | 500 000 |  | 1 000 000 | % | 121,618 | 608 090,00 | 0,27 |
| USD | 500 000 | 500 000 |  | % | 110,436 | 552 180,00 | 0,25 |
| USD | 500 000 | 1 000 000 | 500 000 | % | 104,852 | 524 262,50 | 0,24 |
| USD | 2 000 000 |  |  | % | 102,984 | 2 059 690,00 | 0,93 |
| USD | 2 000 000 | 2 000 000 |  | % | 100,576 | 2 011 520,00 | 0,91 |

Börsengehandelte Wertpapiere Verzinsliche Wertpapiere
3,50 % Bulgarian Energy Holding EAD (MTN) 2018/2025 . 2,95 % Gazprom PJSC Via Gaz Finance PLC (MTN)
2020/2025 ............................... 
5,875 % Ivory Coast Government International Bond -Reg- 2019/2031 * .............................. 
3,125 % Petroleos Mexicanos -Reg- (MTN) 2013/2020 .... 3,624 % Romanian Government International Bond -Reg-
(MTN) 2020/2030 .......................... 
2,20 % Russian Railways Via RZD Capital PLC (MTN) 2019/2027 ............................... 
3,875 % Abu Dhabi Government International Bond -Reg- 2020/2050 ............................... 
6,00 % Aeropuerto Internacional de Tocumen SA -Reg- 2018/2048 ............................... 
3,125 % Africa Finance Corp. (MTN) 2020/2025 ......... 5,00 % Banque Ouest Africaine de Developpement -Reg-
(MTN) 2017/2027 .......................... 
4,70 % Banque Ouest Africaine de Developpement -Reg- 2019/2031 ............................... 
3,50 % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ............................... 
5,125 % CNAC HK Finbridge Co., Ltd (MTN) 2018/2028 ... 
5,125 % CNAC HK Finbridge Co., Ltd (MTN) 2018/2028 ... 
3,375 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2024 ... 
3,875 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2029 ... 
3,875 % Colombia Government International Bond (MTN) 2017/2027 ............................... 
6,125 % Colombia Government International Bond 2009/2041 ............................... 
4,50 % Colombia Government International Bond 2015/2026 ............................... 
4,50 % Colombia Government International Bond 2018/2029 ............................... 
4,75 % Comision Federal de Electricidad 2016/2027 ..... 4,75 % Corp Financiera de Desarrollo SA -Reg- (MTN)
2015/2025 ............................... 
4,25 % Corp Nacional del Cobre de Chile -Reg- 2012/2042 4,50 % Corp Nacional del Cobre de Chile -Reg- 2017/2047 4,375 % Corp. Nacional del Cobre de Chile -Reg- 2019/2049 4,875 % Eastern & Southern African Trade & Development
Bank (MTN) 2019/2024 ..................... 
6,875 % Ecopetrol SA (MTN) 2020/2030 ............... 
4,375 % Empresa Nacional del Petroleo -Reg- (MTN) 2014/2024 ............................... 
5,15 % Gazprom PJSC Via Gaz Capital SA -Reg- (MTN) 2019/2026 ............................... 
7,75  % Georgian Railway LLC (MTN) 2012/2022 ........ 
4,75  % Indian Oil Corp., Ltd (MTN) 2019/2024 ......... 
6,53 % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2018/2028 .......................... 
4,75 % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2020/2025 .......................... 
5,80 % Indonesia Asahan Aluminium Persero PT -Reg- 2020/2050 ............................... 
4,75 % Indonesia Government International Bond 2018/2029 ............................... 
5,35 % Indonesia Government International Bond 2018/2049 * .............................. 
8,50 % Indonesia Government International Bond -Reg- 2005/2035 ............................... 
5,75 % Ivory Coast Government International Bond -Reg- 2010/2032 ** ............................. 
6,95 % Kazakhstan Temir Zholy Finance BV -Reg- 2040/2042 ............................... 
4,75 % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2027 ............................... 
6,375 % KazMunayGas National Co., JSC -Reg- 2018/2048 3,95  % MDGH - GMTN BV (MTN) 2020/2050 .......... 
3,70  % MDGH - GMTN BV -Reg- 2019/2049 ........... 
3,25 % Mexico Government International Bond (MTN) 2020/2030 ............................... 
6,05 % Mexico Government International Bond 2008/2040 5,75 % Mexico Government International Bond 2010/2110 4,75 % Mexico Government International Bond 2012/2044 4,60 % Mexico Government International Bond 2017/2048 5,50 % Namibia International Bonds -Reg- (MTN)
2011/2021 ............................... 
| 2015/2025 ...............................  9,375 % Panama Government International Bond | USD | 1 500 000 | 1 500 000 | 3 000 000 | % | 101,814 | 1 527 210,00 | 0,69 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1999/2029	USD | 2 000 000 |  |  | % | 151,94 | 3 038 810,00 | 1,37 |
| 2006/2036	USD | 1 300 000 |  |  | % | 144,069 | 1 872 897,00 | 0,84 |
| 3,875 % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2016/2028 ...............................  | USD | 2 000 000 | 1 500 000 | % | 112,634 | 2 252 670,00 | 1,02 |
| 4,50  % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2020/2056 ...............................  | USD | 2 000 000 | 2 000 000 | % | 122,754 | 2 455 090,00 | 1,11 |
| 5,625 % Pertamina Persero PT -Reg- (MTN) 2013/2043 ...  | USD | 1 200 000 |  | % | 116,261 | 1 395 132,00 | 0,63 |
| 6,45  % Pertamina Persero PT -Reg- (MTN) 2014/2044 ...  | USD | 2 000 000 |  | % | 128,02 | 2 560 410,00 | 1,15 |
| 6,50  % Pertamina Persero PT -Reg- (MTN) 2018/2048 ...  | USD | 500 000 |  | % | 130,906 | 654 532,50 | 0,30 |
| 3,65 % Pertamina Persero PT -Reg- (MTN) 2019/2029 ... 4,125 % Perusahaan Listrik Negara PT -Reg- (MTN) 2017/2027 ...............................  | USD USD | 350 000 4 000 000 |  | % % | 104,886 106,292 | 367 099,25 4 251 660,00 | 0,17 1,92 |
| 6,15  % Perusahaan Listrik Negara PT -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2048 ...............................  | USD | 500 000 | 500 000 | % | 125,026 | 625 132,50 | 0,28 |
| 3,875 % Perusahaan Listrik Negara PT -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 500 000 | 500 000 | % | 105,296 | 526 480,00 | 0,24 |
| 6,25 % Perusahaan Listrik Negara PT -Reg- 2018/2049 ... 8,75 % Peruvian Government International Bond 2003/2033 ...............................  | USD USD | 500 000 1 500 000 |  | % % | 126,348 167,077 | 631 737,50 2 506 155,00 | 0,28 1,13 |
| 5,625 % Petroleos del Peru SA -Reg- 2017/2047 ........  | USD | 3 000 000 |  | % | 117,389 | 3 521 670,00 | 1,59 |
| 3,50  % Petroleos Mexicanos (MTN) 2013/2023 . . . . . . . . . | USD | 1 500 000 | 1 500 000 | % | 94,904 | 1 423 560,00 | 0,64 |
| 4,55 % Petronas Capital Ltd -Reg- 2020/2050 .......... 2,457 % Philippine Government International Bond (MTN) 2020/2030 ...............................  | USD USD | 240 000 3 000 000 | 240 000 3 000 000 | % % | 127,498 105,062 | 305 994,00 3 151 875,00 | 0,14 1,42 |
| 3,75  % Power Finance Corp., Ltd (MTN) 2017/2027 .....  4,00 % Qatar Government International Bond -Reg- (MTN) 2019/2029 ...............................  | USD USD | 2 000 000 1 500 000 |  | % % | 96,256 115,243 | 1 925 120,00 1 728 645,00 | 0,87 0,78 |
| 3,75  % Qatar Government International Bond -Reg- (MTN) 2020/2030 ...............................  | USD | 3 000 000 | 3 000 000 | % | 114,103 | 3 423 090,00 | 1,54 |
| 5,75  % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |
| 2011/2042	USD | 1 000 000 |  |  | % | 143,941 | 1 439 410,00 | 0,65 |
| 2018/2048	USD | 2 500 000 |  |  | % | 136,134 | 3 403 362,50 | 1,54 |
| 4,817 % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2049 ...............................  | USD | 2 500 000 | % | 131,733 | 3 293 325,00 | 1,49 |
| 4,40  % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2050 ...............................  | USD | 430 000 | 430 000 | % | 123,886 | 532 709,80 | 0,24 |
| 2,75  % QNB Finance Ltd (MTN) 2020/2027 ............  | USD | 2 700 000 | 2 700 000 | % | 102,638 | 2 771 239,50 | 1,25 |
| 3,375 % REC Ltd (MTN) 2019/2024 ...................  6,125 % Romanian Government International Bond -Reg- (MTN) 2014/2044 ..........................  | USD USD | 2 000 000 1 000 000 |  | % % | 99,272 131,595 | 1 985 450,00 1 315 950,00 | 0,90 0,59 |
| 5,125 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2048 ...............................  | USD | 500 000 | 750 000 | % | 118,5 | 592 500,00 | 0,27 |
| 4,25  % Russian Foreign Bond - Eurobond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 ...............................  | USD | 3 000 000 |  | % | 111,986 | 3 359 595,00 | 1,52 |
| 5,625 % Russian Foreign Bond - Eurobond -Reg- 2012/2042 | USD | 2 000 000 |  | % | 135,95 | 2 718 990,00 | 1,23 |
| 4,375 % Russian Foreign Bond - Eurobond -Reg- 2018/2029 | USD | 2 000 000 |  | % | 113,83 | 2 276 590,00 | 1,03 |
| 5,10  % Russian Foreign Bond - Eurobond -Reg- 2019/2035 | USD | 1 000 000 |  | % | 124,014 | 1 240 140,00 | 0,56 |
| 4,25 % Saudi Arabian Oil Co. -Reg- 2019/2039 ......... 4,50 % Saudi Government International Bond (MTN) 2016/2046 ...............................  | USD USD | 500 000 1 500 000 | 500 000 | % % | 112,158 115,252 | 560 790,00 1 728 787,50 | 0,25 0,78 |
| 4,625 % Saudi Government International Bond (MTN) |  |  |  |  |  |  |  |  |
|  | 2017/2047 ...............................  | USD | 1 000 000 |  | % | 116,985 | 1 169 850,00 | 0,53 |
| 5,25 | % Saudi Government International Bond 2019/2050 . | USD | 1 000 000 |  | % | 128,812 | 1 288 120,00 | 0,58 |
| 3,625 | % Saudi Government International Bond -Reg- (MTN) 2017/2028 ...............................  | USD | 1 000 000 |  | % | 110,128 | 1 101 285,00 | 0,50 |
| 4,375 | % Saudi Government International Bond -Reg- (MTN) 2019/2029 ...............................  | USD | 2 000 000 |  | % | 116,498 | 2 329 960,00 | 1,05 |
| 5,00 | % Saudi Government International Bond -Reg- 2018/(MTN)/2049 ..........................  | USD | 1 500 000 |  | % | 124,026 | 1 860 390,00 | 0,84 |
| 4,50 | % Saudi Government International Bond -Reg- 2018/2030 ...............................  | USD | 1 000 000 |  | % | 118,255 | 1 182 550,00 | 0,53 |
| 3,75 | % Saudi Government International Bond -Reg- 2020/2055 ...............................  | USD | 1 000 000 | 1 000 000 | % | 102,088 | 1 020 885,00 | 0,46 |
| 4,50 | % Saudi Government International Bond -Reg- 2020/2060 ...............................  | USD | 760 000 | 760 000 | % | 115,169 | 875 284,40 | 0,39 |
| 3,854 | % Sharjah Sukuk Program Ltd (MTN) 2019/2026 . . . . | USD | 1 000 000 |  | % | 105,923 | 1 059 230,00 | 0,48 |
| 3,50 | % Sinopec Group Overseas Development 2016 Ltd -Reg- (MTN) 2016/2026 .....................  | USD | 1 000 000 |  | % | 110,03 | 1 100 295,00 | 0,50 |
| 6,875 | % Southern Gas Corridor CJSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ...............................  | USD | 4 000 000 | 4 000 000 | % | 115,278 | 4 611 120,00 | 2,08 |
| 5,75 | % Sri Lanka Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2023 ..........................  | USD | 2 200 000 | % | 71,125 | 1 564 750,00 | 0,71 |
| 7,875 | % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2003/2033 ...............................  | USD | 2 000 000 | % | 151,378 | 3 027 550,00 | 1,37 |
| 7,625 | % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2006/2036 ...............................  | USD | 1 100 000 | % | 151,662 | 1 668 287,50 | 0,75 |
| 4,125 | % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2012/2045 ...............................  | USD | 1 000 000 | % | 115,073 | 1 150 730,00 | 0,52 |

5,25  % Namibia International Bonds -Reg- (MTN)
6,70  % Panama Government International Bond
5,103 % Qatar Government International Bond -Reg-
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| 5,10 % Uruguay Government International Bond 2014/2050 ...............................  | USD | 2 000 000 | 1 100 000 | % | 128,624 | 2 572 480,00 | 1,16 |
| 4,375 % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2019/2031 ...............................  | USD | 3 359 147 | 359 147 | % | 116,862 | 3 925 549,57 | 1,77 |
| 5,942 % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 2 000 000 | 1 800 000 | % | 111,236 | 2 224 710,00 | 1,00 |
| 6,80  % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| 2010/2025 ...............................  | USD | 2 600 000 | % | 119,344 | 3 102 957,00 | 1,40 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	20 737 618,10	9,35 Verzinsliche Wertpapiere
7,375 % Colombia Government International Bond
| 2006/2037 ...............................  | USD | 800 000 |  | 3 000 000 | % | 136,489 | 1 091 912,00 | 0,49 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5,625 % Corp Nacional del Cobre de Chile -Reg- 2013/2043 | USD | 1 000 000 |  |  | % | 129,606 | 1 296 060,00 | 0,58 |
| 3,70 % Corp Nacional del Cobre de Chile -Reg- 2019/2050 4,75 % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ...........................  | USD USD | 1 000 000 2 500 000 | 1 000 000 |  | % % | 101,617 106,765 | 1 016 170,00 2 669 125,00 | 0,46 1,20 |
| 3,75  % Empresa Nacional del Petroleo (MTN) 2016/2026 . | USD | 2 000 000 |  | 1 200 000 | % | 103,7 | 2 073 990,00 | 0,94 |
| 4,50 % Empresa Nacional del Petroleo -Reg- 2017/2047 . . 4,767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ...............................  | USD USD | 1 000 000 1 510 000 |  |  | % % | 104,529 104,186 | 1 045 290,00 1 573 208,60 | 0,47 0,71 |
| 3,50  % Fondo MIVIVIENDA SA -Reg- (MTN) 2013/2023 ..  5,50 % Morocco Government International Bond -Reg- 2012/2042 ...............................  | USD USD | 1 700 000 1 000 000 |  |  | % % | 103,125 122,504 | 1 753 125,00 1 225 045,00 | 0,79 0,55 |
| 5,35  % Petroleos Mexicanos (MTN) 2018/2028 * .......  | USD | 3 000 000 |  | 3 000 000 | % | 83,39 | 2 501 715,00 | 1,13 |
| 6,625 % Petroleos Mexicanos 2006/2035 ..............  | USD | 1 000 000 |  |  | % | 80,868 | 808 680,00 | 0,37 |
| 5,95  % Petroleos Mexicanos -Reg- 2020/2031 .........  | USD | 500 000 | 2 500 000 | 2 000 000 | % | 81,733 | 408 665,00 | 0,18 |
| 3,50  % Petronas Capital Ltd -Reg- (MTN) 2015/2025 ....  | USD | 500 000 |  | 1 500 000 | % | 109,028 | 545 140,00 | 0,25 |
| 4,50 % Petronas Capital Ltd -Reg- (MTN) 2015/2045 .... 9,75 % Qatar Government International Bond -Reg- 2000/2030 ...............................  | USD USD | 1 000 000 500 000 |  |  | % % | 124,779 166,365 | 1 247 790,00 831 825,00 | 0,56 0,38 |
| 4,875 % Sinopec Group Overseas Development 2012 Ltd |  |  |  |  |  |  |  |  |
| -Reg- 2012/2042 ...........................  | USD | 500 000 | % | 129,976 | 649 877,50 | 0,29 |
| Summe Wertpapiervermögen |  | 216 044 520,15 | 97,47 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  | 27 148,52 | 0,01 |
| Zinsterminkontrakte US Treasury Notes 5 year Futures 09/2020 (MS) .........	Stück	125 | 125 | 27 148,52 | 0,01 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | -1 147 238,04 | -0,52 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |
| Offene Positionen EUR/USD 196 Mio. ................................  |  | -1 293 097,49 | -0,59 |
| Devisentermingeschäfte (Verkauf) |  |  |  |
| Offene Positionen USD/EUR 11,5 Mio.  ...............................  |  | 145 859,45 | 0,07 |
| Bankguthaben |  | 3 492 206,35 | 1,58 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................	EUR	124 614 |  | 139 660,78 | 0,06 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| US-Dollar	USD |  | 3 352 545,57 | 1,52 |
| Sonstige Vermögensgegenstände |  | 2 409 159,32 | 1,09 |
| Zinsansprüche ....................................  |  | 2 409 159,32 | 1,09 |
| Forderungen aus Anteilscheingeschäften |  | 1 447 960,29 | 0,65 |
| Summe der Vermögensgegenstände *** |  | 223 566 854,08 | 100,87 |
| Sonstige Verbindlichkeiten |  | -625 484,08 | -0,28 |
| Verbindlichkeiten aus Kostenpositionen ................  |  | -202 310,89 | -0,09 |
| Andere sonstige Verbindlichkeiten .....................  |  | -423 173,19 | -0,19 |
| Verbindlichkeiten aus Anteilscheingeschäften |  | -4 566,59 | 0,00 |

|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Summe der Verbindlichkeiten |  |  |  | -1 923 148,16 | -0,87 |

Fondsvermögen	221 643 705,92	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 IDH .......................................  | EUR | 97,18 |
| Klasse TFCH ......................................  | EUR | 109,14 |
| Klasse USD IC ....................................  | USD | 100,00 |
| Umlaufende Anteile Klasse IDH .......................................  | Stück | 2 035 100,772 |
| Klasse TFCH ......................................  | Stück | 20,000 |
| Klasse USD IC ....................................  | Stück | 0,010 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) JPM EMBI Global Diversified
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 69,401 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 98,241 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 84,407 |

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 0,1, 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 26 086 420,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited und Goldman Sachs International.

####  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 |
| --- | --- | --- | --- | --- |
| 5,875 % Ivory Coast Government International Bond -Reg- 2019/2031	EUR | 1 000 000 | 1 056 104,72 |  |
| 5,35  % Indonesia Government International Bond 2018/2049	USD | 1 000 000 | 1 298 215,00 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 2 354 319,72 | 2 354 319,72 |
| Vertragspartner der Wertpapier-Darlehen Barclays Capital Securities Limited, Deutsche Bank AG FI |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen |  | USD USD | 2 132 216,06 1 322 873,57 |
| Aktien |  | USD | 809 342,49 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020 Euro .......................... EUR	0,892260	= 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	
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Variabler Zinssatz.
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.