# DWS Invest Emerging Markets Opportunities
DWS INVEST EMERGING MARKETS OPPORTUNITIES

### Performance of share classes (in euro)

#### Share class	ISIN	6 months

##### Class LC	LU1747710736	-4.9%

##### Class FC	LU1747710579	-4.4%

##### Class IC	LU1747710652	-4.5%

##### Class IC100	LU1747710819	-4.4%

##### Class ID50	LU1862379432	-4.5%

##### Class XC	LU1747710900	-4.5%
“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 Opportunities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 249 645 992.13 | 46.61 |
| Central governments | 263 654 455.90 | 49.23 |
| Total bonds | 513 300 448.03 | 95.84 |
| 2. Derivatives | -1 325 835.88 | - 0.25 |
| 3. Cash at bank | 15 901 459.49 | 2.97 |
| 4. Other assets | 7 896 541.00 | 1.47 |
| II. Liabilities |  |  |
| 1. Other liabilities | -184 294.87 | - 0.03 |
| III. Net assets | 535 588 317.77 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 487 526 107.84 | 91.03 |
| Interest-bearing securities 3.50 % Albania Government International Bond -Reg- (MTN) 2018/2025 ..........................  | EUR | 2 000 000 |  |  | % | 101.522 | 2 030 450.00 | 0.38 |
| 3.50  % Albania Government International Bond -Reg- (MTN) 2020/2027 ..........................  | EUR | 1 790 000 | 1 790 000 | % | 99.614 | 1 783 090.60 | 0.33 |
| 5.625 % Banque Centrale de Tunisie International Bond (MTN) 2017/2024 ..........................  | EUR | 11 000 000 |  | % | 92.122 | 10 133 475.00 | 1.89 |
| 6.375 % Banque Centrale de Tunisie International Bond -Reg- (MTN) 2019/2026 ......................      | EUR | 5 000 000 | 1 500 000 | % | 90.414 | 4 520 675.00 | 0.84 |
| 5.75  % Benin Government International Bond (MTN) |  |  |  |  |  |  |  |
| 2019/2026 ................................  | EUR | 8 250 000 | 500 000 | % | 93.44 | 7 708 758.75 | 1.44 |
| 3.50  % Bulgarian Energy Holding EAD (MTN) 2018/2025..  | EUR | 2 500 000 |  | % | 101.992 | 2 549 787.50 | 0.48 |
| 1.50  % Ceske Drahy AS (MTN) 2019/2026 .............  | EUR | 4 500 000 |  | % | 100.588 | 4 526 460.00 | 0.85 |
| 1.75  % CNAC HK Finbridge Co., Ltd 2018/2022 .........  3.875 % Colombia Government International Bond (MTN) 2016/2026 ................................  | EUR EUR | 8 000 000 1 000 000 | 1 000 000 1 000 000 | % % | 99.854 110.354 | 7 988 320.00 1 103 535.00 | 1.49 0.21 |
| 8.50  % Dtek Renewables Finance BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  4.75 % Egypt Government International Bond -Reg- (MTN) 2018/2026 ................................  | EUR EUR | 3 000 000 8 500 000 | % % | 87.162 95.165 | 2 614 875.00 8 089 025.00 | 0.49 1.51 |
| 6.375 % Egypt Government International Bond -Reg- 2019/2031 ................................  | EUR | 8 000 000 | 2 900 000 |  | % | 92.849 | 7 427 920.00 | 1.39 |
| 2.045 % EP Infrastructure AS (MTN) 2019/2028. . . . . . . . . . | EUR | 6 000 000 | 1 000 000 |  | % | 97.287 | 5 837 220.00 | 1.09 |
| 4.35  % Fortune Star BVI Ltd 2019/2023 ...............  2.50  % Gazprom OAO Via Gaz Capital SA (MTN) 2018/2026 ................................  | EUR EUR | 1 300 000 9 000 000 | 500 000 |  | % % | 97.091 102.834 | 1 262 183.00 9 255 105.00 | 0.24 1.73 |
| 3.125 % Gazprom OAO Via Gaz Capital SA -Reg- (MTN) 2016/2023 ................................  | EUR | 1 000 000 |  | 2 000 000 | % | 104.56 | 1 045 605.00 | 0.20 |
| 2.95  % Gazprom PJSC Via Gaz Finance PLC (MTN) 2020/2025 ................................  | EUR | 3 930 000 | 3 930 000 |  | % | 104.386 | 4 102 350.15 | 0.77 |
| 5.125 % Ivory Coast Government International Bond -Reg- (MTN) 2017/2025 ..........................  | EUR | 6 000 000 |  | 2 000 000 | % | 100.994 | 6 059 640.00 | 1.13 |
| 5.25  % Ivory Coast Government International Bond -Reg- 2018/2030 ................................  | EUR | 7 100 000 | 2 100 000 |  | % | 93.511 | 6 639 281.00 | 1.24 |
| 5.875 % Ivory Coast Government International Bond -Reg- 2019/2031 ................................  | EUR | 2 030 000 | 1 000 000 |  | % | 94.232 | 1 912 909.60 | 0.36 |
| 2.375 % Kazakhstan Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 2 000 000 |  |  | % | 104.66 | 2 093 200.00 | 0.39 |
| 2.75  % Macedonia Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2025 ..........................  3.375 % Montenegro Government International Bond -Reg- (MTN) 2018/2025 ..........................  | EUR EUR | 1 000 000 2 500 000 | 500 000 | % % | 98.789 98.061 | 987 890.00 2 451 525.00 | 0.18 0.46 |
| 7.125 % NAK Naftogaz Ukraine via Kondor Finance PLC (MTN) 2019/2024 ..........................  | EUR | 4 500 000 | 1 000 000 | % | 98.006 | 4 410 270.00 | 0.82 |
| 3.675 % North Macedonia Government International Bond -Reg- (MTN) 2020/2026 ......................      | EUR | 3 290 000 | 3 290 000 | % | 101.883 | 3 351 950.70 | 0.63 |
| 2.875 % Perusahaan Listrik Negara PT -Reg- (MTN) |  |  |  |  |  |  |  |
| 2018/2025 ................................  | EUR | 4 070 000 | 1 000 000 |  | % | 104.608 | 4 257 525.25 | 0.79 |
| 3.75  % Petroleos Mexicanos (MTN) 2017/2024 .........  | EUR | 3 000 000 | 3 000 000 |  | % | 92.364 | 2 770 935.00 | 0.52 |
| 3.75  % Petroleos Mexicanos -Reg- (MTN) 2014/2026 ....  3.75 % Republic of South Africa Government Bond 2014/2026 ................................  | EUR EUR | 13 000 000 4 200 000 | 1 000 000 | 7 300 000 | % % | 88.226 100.104 | 11 469 315.00 4 204 368.00 | 2.14 0.79 |
| 2.875 % Romanian Government International Bond (MTN) 2018/2029 ................................  | EUR | 6 000 000 |  |  | % | 103.658 | 6 219 450.00 | 1.16 |
| 2.875 % Russian Foreign Bond - Eurobond -Reg- (MTN) 2018/2025 ................................  | EUR | 3 000 000 |  | 7 000 000 | % | 110.318 | 3 309 525.00 | 0.62 |
| 4.75  % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | EUR | 14 000 000 | 1 000 000 | % | 96.866 | 13 561 310.00 | 2.53 |
| 2.625 % Sigma Alimentos SA de CV -Reg- (MTN) 2017/2024 1.125 % Teva Pharmaceutical Finance Netherlands II BV | EUR | 2 500 000 | 500 000 | % | 102.459 | 2 561 475.00 | 0.48 |
| (MTN) 2016/2024	EUR | 7 500 000 |  |  | % | 87.941 | 6 595 575.00 | 1.23 |
| 2016/2028	EUR | 7 500 000 |  |  | % | 81.718 | 6 128 887.50 | 1.14 |
| -Reg- (MTN) 2019/2025	EUR | 1 640 000 |  |  | % | 105.914 | 1 736 989.60 | 0.32 |
| 2017/2025	EUR | 8 700 000 | 4 200 000 |  | % | 94.252 | 8 199 967.50 | 1.53 |
| 2019/2025	EUR | 6 500 000 |  |  | % | 99.962 | 6 497 562.50 | 1.21 |
| 4.625 % Turkey Government International Bond (MTN) 2019/2025 ................................  | EUR | 1 500 000 |  |  | % | 99.962 | 1 499 437.50 | 0.28 |
| 2.375 % Turkiye Vakiflar Bankasi TAO (MTN) 2016/2021 ...  6.75 % Ukraine Government International Bond -Reg- (MTN) 2019/2026 ................................  | EUR EUR | 1 100 000 6 300 000 | 1 100 000 1 400 000 | 2 500 000 | % % | 99.35 101.85 | 1 092 844.50 6 416 581.50 | 0.20 1.20 |
| 4.375 % Ukraine Government International Bond -Reg- (MTN) 2020/2030 ................................  | EUR | 2 700 000 | 2 700 000 |  | % | 86.117 | 2 325 159.00 | 0.43 |
| 3.75  % Vale SA (MTN) 2012/2023....................  | EUR | 7 000 000 | 1 500 000 |  | % | 103.618 | 7 253 260.00 | 1.35 |

1.625 % Teva Pharmaceutical Finance Netherlands II BV
6.00  % Teva Pharmaceutical Finance Netherlands II BV
3.25 % Turkey Government International Bond (MTN) 4.625 % Turkey Government International Bond (MTN)
| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period |  |  | EUR |  |
| 4.032 % Vnesheconombank Via VEB Finance PLC (MTN) 2013/2023 ................................  | EUR | 3 000 000 |  | % | 107.029 | 3 210 870.00 | 0.60 |
| 3.125 % Africa Finance Corp. (MTN) 2020/2025 ..........  | USD | 3 820 000 | 3 820 000 | % | 100.265 | 3 417 465.55 | 0.64 |
| 5.125 % Akbank T.A.S. -Reg- (MTN) 2015/2025 ..........  | USD | 3 200 000 |  | % | 94.556 | 2 699 793.17 | 0.50 |
| 5.125 % Akbank Turk AS -Reg- (MTN) 2015/2025 ........  9.50 % Angolan Government International Bond -Reg- (MTN) 2015/2025 ..........................  | USD USD | 1 800 000 6 400 000 |  | % % | 94.556 90.134 | 1 518 633.66 5 147 098.18 | 0.28 0.96 |
| 8.25  % Angolan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 2 200 000 | % | 82.974 | 1 628 766.20 | 0.30 |
| 8.25  % Angolan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 6 800 000 | 1 000 000 | % | 82.974 | 5 034 368.26 | 0.94 |
| 6.125 % Bahrain Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 1 000 000 | % | 104.554 | 932 893.52 | 0.17 |
| 6.125 % Bahrain Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 500 000 | % | 106.045 | 473 098.56 | 0.09 |
| 6.125 % Bahrain Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 5.50 | (MTN) 2013/2023 ..........................  % Banque Ouest Africaine de Developpement -Reg- (MTN) 2016/2021 ..........................  | USD USD | 1 800 000 5 500 000 | 1 500 000 |  | % % | 106.045 102.352 | 1 703 154.81 5 022 877.29 | 0.32 0.94 |
| 5.00 | % Banque Ouest Africaine de Developpement -Reg- (MTN) 2017/2027 ..........................  | USD | 10 600 000 | 1 100 000 |  | % | 104.963 | 9 927 354.36 | 1.85 |
| 4.70 | % Banque Ouest Africaine de Developpement -Reg- 2019/2031 ................................  | USD | 2 820 000 |  |  | % | 101.042 | 2 542 404.31 | 0.47 |
| 4.875 | % Black Sea Trade & Development Bank -Reg- (MTN) 2016/2021 ................................  | USD | 500 000 |  | 500 000 | % | 101.709 | 453 754.36 | 0.08 |
| 3.50 | % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ................................  | USD | 2 400 000 |  |  | % | 102.978 | 2 205 206.31 | 0.41 |
| 4.50 | % Braskem Netherlands Finance BV -Reg- 2017/2028 | USD | 2 600 000 |  |  | % | 93.91 | 2 178 607.15 | 0.41 |
| 4.875 | % Comision Federal de Electricidad -Reg- (MTN) 2011/2021 ................................  | USD | 500 000 |  |  | % | 102.054 | 455 295.74 | 0.09 |
| 4.875 | % Comision Federal de Electricidad -Reg- 2013/2024 | USD | 1 000 000 |  |  | % | 105.658 | 942 739.61 | 0.18 |
| 7.25 | % Country Garden Holdings Co., Ltd (MTN) 2019/2026 ................................  | USD | 6 000 000 |  |  | % | 108.988 | 5 834 764.74 | 1.09 |
| 5.125 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ................................  4.125 % Development Bank of Kazakhstan JSC -Reg- (MTN) 2012/2022 ................................  | USD USD | 1 810 000 4 500 000 | 1 810 000 | % % | 100.798 104.416 | 1 627 886.30 4 192 459.83 | 0.30 0.78 |
| 6.75 % Development Bank of the Republic of Belarus JSC -Reg- (MTN) 2019/2024 ......................      | USD | 4 000 000 | 500 000 | % | 95.766 | 3 417 909.00 | 0.64 |
| 6.875 % Dominican Republic International Bond -Reg- (MTN) 2016/2026 ................................  | USD | 5 000 000 | 5 000 000 | % | 105.056 | 4 686 863.33 | 0.88 |
| 5.875 | % Dominican Republic International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2013/2024 ................................  4.875 % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 ......................  | USD USD | 3 000 000 4 310 000 | 3 000 000 | % % | 102.686 100.41 | 2 748 691.70 3 861 426.96 | 0.51 0.72 |
| 5.375 | % Eastern and Southern African Trade and |  |  |  |  |  |  |  |  |
| Development Bank (MTN) 2017/2022...........  | USD | 4 100 000 |  |  | % | 101.177 | 3 701 323.79 | 0.69 |
| 5.875 % Ecopetrol SA (MTN) 2013/2023 ...............  | USD | 1 800 000 |  |  | % | 107.335 | 1 723 873.09 | 0.32 |
| 6.875 % Ecopetrol SA (MTN) 2020/2030 ...............  7.875 % Ecuador Government International Bond -Reg- (MTN) 2019/2025 ..........................  | USD USD | 3 500 000 2 170 000 | 3 500 000 1 550 000 | 3 830 000 | % % | 114.195 44.157 | 3 566 207.08 854 969.69 | 0.67 0.16 |
| 10.75 | % Ecuador Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | USD | 3 000 000 | 3 000 000 | % | 41.615 | 1 113 942.00 | 0.21 |
| 6.35 % Eskom Holdings SOC Ltd -Reg- (MTN) 2018/2028 . 6.625 % Ethiopia International Bond -Reg- (MTN) 2014/2024 ................................  | USD USD | 18 500 000 3 000 000 | 12 500 000 | % % | 100.358 100.418 | 16 565 904.38 2 687 968.94 | 3.09 0.50 |
| 4.767 | % Eurasian Development Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2012/2022 ................................  | USD | 500 000 | 500 000 | % | 104.186 | 464 805.00 | 0.09 |
| 5.375 | % Export Credit Bank of Turkey -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ................................  | USD | 7 500 000 | % | 96.934 | 6 486 774.81 | 1.21 |
| 6.125 | % Export Credit Bank of Turkey -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2024 ................................  | USD | 3 700 000 | 3 700 000 | % | 97.5 | 3 218 827.95 | 0.60 |
| 4.875 % Gerdau Trade, Inc. -Reg- (MTN) 2017/2027 ......  7.875 % Ghana Government International Bond -Reg- (MTN) 2019/2027 ................................  | USD USD | 3 000 000 1 500 000 | 1 500 000 | % % | 105.092 99.43 | 2 813 095.02 1 330 761.18 | 0.53 0.25 |
| 8.125 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2014/2026 ................................  | USD | 11 500 000 | % | 101.76 | 10 441 532.12 | 1.95 |
| 7.625 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | 2018/2029 ................................  | USD | 3 500 000 | 3 500 000 | % | 94.868 | 2 962 642.26 | 0.55 |
| 4.25 | % GUSAP III LP -Reg- 2019/2030 ................  | USD | 1 540 000 |  | % | 98.908 | 1 359 082.31 | 0.25 |
| 3.00 | % Hyundai Capital Services, Inc. -Reg- (MTN) 2017/2022 ................................  | USD | 2 000 000 | 1 000 000 | % | 102.296 | 1 825 501.50 | 0.34 |
| 5.75 | % Indian Oil Corp., Ltd (MTN) 2013/2023 ..........  | USD | 1 000 000 | 1 000 000 | % | 108.17 | 965 157.64 | 0.18 |
| 5.71 | % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2018/2023 ..........................  | USD | 1 150 000 |  | % | 108.936 | 1 117 791.21 | 0.21 |
| 4.75 | % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2020/2025 ..........................  | USD | 850 000 | 850 000 | % | 107.308 | 813 850.20 | 0.15 |
| 6.95 | % Instituto Costarricense de Electricidad -Reg- (MTN) 2011/2021 ................................  | USD | 2 000 000 |  | % | 99.452 | 1 774 749.75 | 0.33 |
| 4.75 | % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2027 ................................  | USD | 2 000 000 |  | % | 108.71 | 1 939 951.69 | 0.36 |
| 6.875 | % Kenya Government International Bond -Reg- (MTN) 2014/2024 ................................  | USD | 3 000 000 |  | % | 101.916 | 2 728 053.72 | 0.51 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6.875 % Kenya Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2014/2024 ..........................  | USD | 3 000 000 | 1 000 000 |  | % | 101.916 | 2 728 053.72 | 0.51 |
| 7.25  % Kenya Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 3 000 000 | 3 000 000 | % | 99.03 | 2 650 828.62 | 0.50 |
| 3.958 % Lamar Funding Ltd -Reg- (MTN) 2015/2025 ......  | USD | 5 000 000 | 500 000 | % | 93.606 | 4 176 022.17 | 0.78 |
| 8.75  % Mongolia Government International Bond -Reg- |  |  |  |  |  |  |  |
| (MTN) 2017/2024 ..........................  | USD | 3 000 000 | 3 000 000 | % | 108.14 | 2 894 656.51 | 0.54 |
| 5.50  % Namibia International Bonds -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2011/2021 ................................  | USD | 3 500 000 | % | 100.576 | 3 140 897.96 | 0.59 |
| 5.25  % Namibia International Bonds -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2025 ................................  | USD | 11 500 000 | 1 000 000 | % | 101.814 | 10 447 124.36 | 1.95 |
| 6.375 % Nigeria Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
| 2013/2023 ................................  | USD | 6 400 000 |  | % | 102.026 | 5 826 186.55 | 1.09 |
| 6.50  % Nigeria Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
| 2017/2027 ................................  | USD | 10 000 000 | 1 500 000 | % | 95.302 | 8 503 371.64 | 1.59 |
| 7.143 % Nigeria Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2030 ................................  | USD | 2 000 000 | 1 000 000 |  | % | 93.587 | 1 670 078.73 | 0.31 |
| 4.75  % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ................................  | USD | 4 200 000 |  |  | % | 92.79 | 3 477 279.09 | 0.65 |
| 4.75  % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ................................  | USD | 6 500 000 | 4 500 000 |  | % | 92.79 | 5 381 503.35 | 1.00 |
| 4.125 % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ................................  | USD | 2 500 000 | 500 000 | 2 900 000 | % | 98.414 | 2 195 260.74 | 0.41 |
| 4.875 % Oman Government International Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2025 ................................  | USD | 1 000 000 | 1 000 000 |  | % | 96.86 | 864 243.04 | 0.16 |
| 8.375 % Papua New Guinea Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2018/2028 ......................      | USD | 220 000 |  |  | % | 96.844 | 190 102.06 | 0.04 |
| 4.30  % Pertamina Persero PT 2011/2021 -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023 ................................  | USD | 1 000 000 | 2 000 000 | 1 000 000 | % | 105.706 | 943 167.89 | 0.18 |
| 3.95  % Republic of Armenia International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | USD | 1 000 000 | 1 000 000 |  | % | 96.808 | 863 779.06 | 0.16 |
| 4.75  % Republic of Azerbaijan International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2014/2024 ..........................  | USD | 2 000 000 | 2 000 000 |  | % | 106.759 | 1 905 135.71 | 0.36 |
| 6.378 % Republic of Belarus Ministry of Finance -Reg- |  |  |  |  |  |  |  |  |
| 2020/2031 ................................  | USD | 2 000 000 | 2 000 000 | % | 96.713 | 1 725 862.83 | 0.32 |
| 7.125 % Republic of Tajikistan International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2027 ..........................  | USD | 2 500 000 | 500 000 | % | 83.31 | 1 858 365.67 | 0.35 |
| 5.375 % Republic of Uzbekistan Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ................................  | USD | 1 000 000 | 1 000 000 | % | 109.338 | 975 583.70 | 0.18 |
| 6.625 % Rwanda International Government Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 1 000 000 | % | 99.27 | 885 750.96 | 0.17 |
| 6.25  % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2014/2024 ..........................  | USD | 2 500 000 | 2 500 000 | % | 105.265 | 2 348 093.72 | 0.44 |
| 6.875 % Southern Gas Corridor CJSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2016/2026 ................................  | USD | 8 700 000 | 2 000 000 | % | 115.278 | 8 948 641.50 | 1.67 |
| 5.75 | % Sri Lanka Government International Bond -Reg- |  |  |  |  |  |  |  |
|  | (MTN) 2016/2022 ..........................  | USD | 5 000 000 |  | % | 79.34 | 3 539 617.73 | 0.66 |
| 5.75 | % Sri Lanka Government International Bond -Reg- |  |  |  |  |  |  |  |
|  | (MTN) 2018/2023 ..........................  | USD | 5 000 000 |  | % | 71.125 | 3 173 099.63 | 0.59 |
| 6.85 | % Sri Lanka Government International Bond -Reg- |  |  |  |  |  |  |  |
|  | (MTN) 2019/2024 ..........................  | USD | 6 000 000 |  | % | 70.348 | 3 766 095.62 | 0.70 |
| 5.125 | % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2022 ....  | USD | 3 500 000 |  | % | 98.378 | 3 072 240.79 | 0.57 |
| 5.125 | % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2023 ....  | USD | 6 900 000 | 2 100 000 | % | 95.721 | 5 893 153.34 | 1.10 |
| 2.80 | % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |
|  | (MTN) 2016/2023 ..........................  | USD | 1 100 000 | 1 100 000 | % | 94.914 | 931 572.53 | 0.17 |
| 5.50 | % Third Pakistan International Sukuk Co., Ltd/The |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2016/2021 ......................      | USD | 1 600 000 | % | 98.136 | 1 400 998.10 | 0.26 |
| 3.25 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023 ................................  | USD | 8 000 000 | 8 000 000 | % | 94.632 | 6 754 943.56 | 1.26 |
| 5.875 | % Turkiye Garanti Bankasi AS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 ................................  | USD | 3 000 000 | % | 100.316 | 2 685 238.63 | 0.50 |
| 5.00  % Turkiye Halk Bankasi AS -Reg- (MTN) 2016/2021 ..  | USD | 700 000 | % | 99.107 | 619 004.48 | 0.12 |
| 5.75  % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |  |  |  |  |  |  |
| 2018/2023 ................................  | USD | 8 030 000 | % | 97.739 | 7 002 850.59 | 1.31 |
| 5.25 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | USD | 3 880 000 | 3 880 000 | % | 92.078 | 3 187 694.32 | 0.60 |
| 8.994 | % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2024 ..........................  | USD | 1 640 000 | 3 000 000 | % | 107.731 | 1 576 434.62 | 0.29 |
| 6.902 | % Vnesheconombank Via VEB Finance PLC (MTN) |  |  |  |  |  |  |  |  |
| 2010/2020 ................................  | USD | 1 000 000 | 1 200 000 | 2 700 000 | % | 100.276 | 894 727.10 | 0.17 |
| 6.025 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 2 500 000 | % | 107.098 | 2 388 981.54 | 0.45 |
| 5.942 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 3 000 000 | % | 111.236 | 2 977 529.62 | 0.56 |
| 6.80 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| 2010/2025 ................................  | USD | 10 100 000 | 2 000 000 | % | 119.344 | 10 755 118.68 | 2.01 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 25 774 340.19 | 4.81 |
| Interest-bearing securities 5.375 % Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025 ................................  | USD | 1 910 000 | 1 910 000 |  | % | 109.508 | 1 866 262.04 | 0.35 |
| 5.50  % Dominican Republic International Bond -Reg- (MTN) 2015/2025 ................................  | USD | 7 500 000 | 7 500 000 |  | % | 101.407 | 6 786 105.74 | 1.27 |
| 7.50  % Oil and Gas Holding Co., BSCC/The -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2027 ................................  | USD | 2 500 000 |  | % | 107.594 | 2 400 045.56 | 0.45 |
| 6.875 % Petroleos Mexicanos (MTN) 2017/2026 .........  5.90 % Severstal OAO Via Steel Capital SA -Reg- (MTN) 2012/2022 ................................  | USD USD | 2 000 000 2 000 000 | 2 000 000 | % % | 94.054 108.014 | 1 678 403.52 1 927 531.43 | 0.31 0.36 |
| 4.00  % Tengizchevroil Finance Co International Ltd -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 5 800 000 | % | 105.641 | 5 467 035.84 | 1.02 |
| 4.00  % Transnet Ltd -Reg- (MTN) 2012/2022 ...........  | USD | 6 500 000 | % | 97.401 | 5 648 956.06 | 1.05 |
| Total securities portfolio |  |  |  |  | 513 300 448.03 | 95.84 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  | -1 325 835.88 | -0.25 |
| Forward currency transactions |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |
| Open positions EUR/USD 342.9 million ..............................  |  |  |  |  | -1 325 835.88 | -0.25 |
| Cash at bank |  |  |  |  | 15 901 459.49 | 2.97 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  | 15 466 161.80 | 2.89 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 487 860 |  |  | 435 297.69 | 0.08 |
| Other assets | 7 896 541.00 | 1.47 |
| Interest receivable .................................  | 7 895 343.20 | 1.47 |
| Receivables from exceeding the expense cap ............  | 1 197.80 | 0.00 |
| Total assets * | 537 098 448.52 | 100.28 |
| Other liabilities | -184 294.87 | -0.03 |
| Liabilities from cost items | -184 294.87 | -0.03 |
| Total liabilities | -1 510 130.75 | -0.28 |
| Net assets | 535 588 317.77 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 99.19 |
| Class IC ..........................................  | EUR | 99.54 |
| Class IC100 .......................................  | EUR | 100.06 |
| Class ID50 ........................................  | EUR | 100.78 |
| Class LC .........................................  | EUR | 97.71 |
| Class XC .........................................  | EUR | 99.95 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class IC ..........................................  | Count | 1 425 040.000 |
| Class IC100 .......................................  | Count | 2 845 890.000 |
| Class ID50 ........................................  | Count | 807 472.000 |
| Class LC .........................................  | Count | 1 968.000 |
| Class XC .........................................  | Count | 274 257.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) JP Morgan EMBI Global Diversified High Yield Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure ..................... . | % | 25.716 |
| --- | --- | --- |
| Highest market risk exposure ..................... . | % | 79.697 |
| Average market risk exposure .................... . | % | 57.162 |

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 0.6, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 304 908 395.00 as of the reporting date.
Market abbreviations
Contracting parties for forward currency transactions
Morgan Stanley and Co. International
Exchange rates (indirect quotes)
As of June 30, 2020
U.S. dollar ..................... .  USD	1.120750	= EUR	1
Notes on valuation
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
Footnote
* Does not include positions with a negative balance, if such exist.

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

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1747710736 | -4,9% |
| Klasse FC | LU1747710579 | -4,4% |
| Klasse IC | LU1747710652 | -4,5% |
| Klasse IC100 | LU1747710819 | -4,4% |
| Klasse ID50 | LU1862379432 | -4,5% |
| Klasse XC | LU1747710900 | -4,5% |

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 Opportunities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 249 645 992,13 | 46,61 |
| Zentralregierungen | 263 654 455,90 | 49,23 |
| Summe Anleihen | 513 300 448,03 | 95,84 |
| 2. Derivate | -1 325 835,88 | - 0,25 |
| 3. Bankguthaben | 15 901 459,49 | 2,97 |
| 4. Sonstige Vermögensgegenstände | 7 896 541,00 | 1,47 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -184 294,87 | - 0,03 |
| III. Fondsvermögen | 535 588 317,77 | 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 |  |  | EUR | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 487 526 107,84 | 91,03 |
| Verzinsliche Wertpapiere 3,50 % Albania Government International Bond -Reg- (MTN) 2018/2025 ..........................  | EUR | 2 000 000 |  |  | % | 101,522 | 2 030 450,00 | 0,38 |
| 3,50  % Albania Government International Bond -Reg- (MTN) 2020/2027 ..........................  | EUR | 1 790 000 | 1 790 000 | % | 99,614 | 1 783 090,60 | 0,33 |
| 5,625 % Banque Centrale de Tunisie International Bond (MTN) 2017/2024 ..........................  | EUR | 11 000 000 |  | % | 92,122 | 10 133 475,00 | 1,89 |
| 6,375 % Banque Centrale de Tunisie International Bond -Reg- (MTN) 2019/2026 .....................  | EUR | 5 000 000 | 1 500 000 | % | 90,414 | 4 520 675,00 | 0,84 |
| 5,75  % Benin Government International Bond (MTN) |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | EUR | 8 250 000 | 500 000 | % | 93,44 | 7 708 758,75 | 1,44 |
| 3,50  % Bulgarian Energy Holding EAD (MTN) 2018/2025 . | EUR | 2 500 000 |  | % | 101,992 | 2 549 787,50 | 0,48 |
| 1,50  % Ceske Drahy AS (MTN) 2019/2026 ............  | EUR | 4 500 000 |  | % | 100,588 | 4 526 460,00 | 0,85 |
| 1,75  % CNAC HK Finbridge Co., Ltd 2018/2022 ........  3,875 % Colombia Government International Bond (MTN) 2016/2026 ...............................  | EUR EUR | 8 000 000 1 000 000 | 1 000 000 1 000 000 | % % | 99,854 110,354 | 7 988 320,00 1 103 535,00 | 1,49 0,21 |
| 8,50  % Dtek Renewables Finance BV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ...............................  4,75 % Egypt Government International Bond -Reg- (MTN) 2018/2026 ...............................  | EUR EUR | 3 000 000 8 500 000 | % % | 87,162 95,165 | 2 614 875,00 8 089 025,00 | 0,49 1,51 |
| 6,375 % Egypt Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2031 ...............................  | EUR | 8 000 000 | 2 900 000 |  | % | 92,849 | 7 427 920,00 | 1,39 |
| 2,045 % EP Infrastructure AS (MTN) 2019/2028 .........  | EUR | 6 000 000 | 1 000 000 |  | % | 97,287 | 5 837 220,00 | 1,09 |
| 4,35  % Fortune Star BVI Ltd 2019/2023 ..............  2,50  % Gazprom OAO Via Gaz Capital SA (MTN) 2018/2026 ...............................  | EUR EUR | 1 300 000 9 000 000 | 500 000 |  | % % | 97,091 102,834 | 1 262 183,00 9 255 105,00 | 0,24 1,73 |
| 3,125 % Gazprom OAO Via Gaz Capital SA -Reg- (MTN) 2016/2023 ...............................  | EUR | 1 000 000 |  | 2 000 000 | % | 104,56 | 1 045 605,00 | 0,20 |
| 2,95  % Gazprom PJSC Via Gaz Finance PLC (MTN) 2020/2025 ...............................  | EUR | 3 930 000 | 3 930 000 |  | % | 104,386 | 4 102 350,15 | 0,77 |
| 5,125 % Ivory Coast Government International Bond -Reg- (MTN) 2017/2025 ..........................  | EUR | 6 000 000 |  | 2 000 000 | % | 100,994 | 6 059 640,00 | 1,13 |
| 5,25  % Ivory Coast Government International Bond -Reg- 2018/2030 ...............................  | EUR | 7 100 000 | 2 100 000 |  | % | 93,511 | 6 639 281,00 | 1,24 |
| 5,875 % Ivory Coast Government International Bond -Reg- 2019/2031 ...............................  | EUR | 2 030 000 | 1 000 000 |  | % | 94,232 | 1 912 909,60 | 0,36 |
| 2,375 % Kazakhstan Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 2 000 000 |  |  | % | 104,66 | 2 093 200,00 | 0,39 |
| 2,75  % Macedonia Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2025 ..........................  3,375 % Montenegro Government International Bond -Reg- (MTN) 2018/2025 ..........................  | EUR EUR | 1 000 000 2 500 000 | 500 000 | % % | 98,789 98,061 | 987 890,00 2 451 525,00 | 0,18 0,46 |
| 7,125 % NAK Naftogaz Ukraine via Kondor Finance PLC (MTN) 2019/2024 ..........................  | EUR | 4 500 000 | 1 000 000 | % | 98,006 | 4 410 270,00 | 0,82 |
| 3,675 % North Macedonia Government International Bond -Reg- (MTN) 2020/2026 .....................  | EUR | 3 290 000 | 3 290 000 | % | 101,883 | 3 351 950,70 | 0,63 |
| 2,875 % Perusahaan Listrik Negara PT -Reg- (MTN) |  |  |  |  |  |  |  |
| 2018/2025 ...............................  | EUR | 4 070 000 | 1 000 000 |  | % | 104,608 | 4 257 525,25 | 0,79 |
| 3,75  % Petroleos Mexicanos (MTN) 2017/2024 . . . . . . . . . | EUR | 3 000 000 | 3 000 000 |  | % | 92,364 | 2 770 935,00 | 0,52 |
| 3,75 % Petroleos Mexicanos -Reg- (MTN) 2014/2026 .... 3,75 % Republic of South Africa Government Bond 2014/2026 ...............................  | EUR EUR | 13 000 000 4 200 000 | 1 000 000 | 7 300 000 | % % | 88,226 100,104 | 11 469 315,00 4 204 368,00 | 2,14 0,79 |
| 2,875 % Romanian Government International Bond (MTN) 2018/2029 ...............................  | EUR | 6 000 000 |  |  | % | 103,658 | 6 219 450,00 | 1,16 |
| 2,875 % Russian Foreign Bond - Eurobond -Reg- (MTN) 2018/2025 ...............................  | EUR | 3 000 000 |  | 7 000 000 | % | 110,318 | 3 309 525,00 | 0,62 |
| 4,75  % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | EUR | 14 000 000 | 1 000 000 | % | 96,866 | 13 561 310,00 | 2,53 |
| 2,625 % Sigma Alimentos SA de CV -Reg- (MTN) 2017/2024 1,125 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 ..........................  | EUR EUR | 2 500 000 7 500 000 | 500 000 | % % | 102,459 87,941 | 2 561 475,00 6 595 575,00 | 0,48 1,23 |
| 1,625 % Teva Pharmaceutical Finance Netherlands II BV 2016/2028 ...............................  | EUR | 7 500 000 |  | % | 81,718 | 6 128 887,50 | 1,14 |
| 6,00  % Teva Pharmaceutical Finance Netherlands II BV -Reg- (MTN) 2019/2025 .....................  | EUR | 1 640 000 |  | % | 105,914 | 1 736 989,60 | 0,32 |
| 3,25  % Turkey Government International Bond (MTN) 2017/2025 ...............................  | EUR | 8 700 000 | 4 200 000 | % | 94,252 | 8 199 967,50 | 1,53 |
| 4,625 % Turkey Government International Bond (MTN) 2019/2025 ...............................  | EUR | 6 500 000 |  | % | 99,962 | 6 497 562,50 | 1,21 |
| 4,625 % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |
| 2019/2025 ...............................  | EUR | 1 500 000 |  |  | % | 99,962 | 1 499 437,50 | 0,28 |
| 2,375 % Turkiye Vakiflar Bankasi TAO (MTN) 2016/2021 .. 6,75 % Ukraine Government International Bond -Reg- (MTN) 2019/2026 ...............................  | EUR EUR | 1 100 000 6 300 000 | 1 100 000 1 400 000 | 2 500 000 | % % | 99,35 101,85 | 1 092 844,50 6 416 581,50 | 0,20 1,20 |
| 4,375 % Ukraine Government International Bond -Reg- (MTN) 2020/2030 ...............................  | EUR | 2 700 000 | 2 700 000 |  | % | 86,117 | 2 325 159,00 | 0,43 |
| 3,75  % Vale SA (MTN) 2012/2023 ...................  | EUR | 7 000 000 | 1 500 000 |  | % | 103,618 | 7 253 260,00 | 1,35 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| 4,032 % Vnesheconombank Via VEB Finance PLC (MTN) 2013/2023 ...............................  | EUR | 3 000 000 |  | % | 107,029 | 3 210 870,00 | 0,60 |
| 3,125 % Africa Finance Corp. (MTN) 2020/2025 .........  | USD | 3 820 000 | 3 820 000 | % | 100,265 | 3 417 465,55 | 0,64 |
| 5,125 % Akbank T.A.S. -Reg- (MTN) 2015/2025 .........  | USD | 3 200 000 |  | % | 94,556 | 2 699 793,17 | 0,50 |
| 5,125 % Akbank Turk AS -Reg- (MTN) 2015/2025 ........  9,50 % Angolan Government International Bond -Reg- (MTN) 2015/2025 ..........................  | USD USD | 1 800 000 6 400 000 |  | % % | 94,556 90,134 | 1 518 633,66 5 147 098,18 | 0,28 0,96 |
| 8,25  % Angolan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 2 200 000 | % | 82,974 | 1 628 766,20 | 0,30 |
| 8,25  % Angolan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 6 800 000 | 1 000 000 | % | 82,974 | 5 034 368,26 | 0,94 |
| 6,125 % Bahrain Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 1 000 000 | % | 104,554 | 932 893,52 | 0,17 |
| 6,125 % Bahrain Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 500 000 | % | 106,045 | 473 098,56 | 0,09 |
| 6,125 % Bahrain Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 5,50 | (MTN) 2013/2023 ..........................  % Banque Ouest Africaine de Developpement -Reg- (MTN) 2016/2021 ..........................  | USD USD | 1 800 000 5 500 000 | 1 500 000 |  | % % | 106,045 102,352 | 1 703 154,81 5 022 877,29 | 0,32 0,94 |
| 5,00 | % Banque Ouest Africaine de Developpement -Reg- (MTN) 2017/2027 ..........................  | USD | 10 600 000 | 1 100 000 |  | % | 104,963 | 9 927 354,36 | 1,85 |
| 4,70 | % Banque Ouest Africaine de Developpement -Reg- 2019/2031 ...............................  | USD | 2 820 000 |  |  | % | 101,042 | 2 542 404,31 | 0,47 |
| 4,875 | % Black Sea Trade & Development Bank -Reg- (MTN) 2016/2021 ...............................  | USD | 500 000 |  | 500 000 | % | 101,709 | 453 754,36 | 0,08 |
| 3,50 | % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ...............................  | USD | 2 400 000 |  |  | % | 102,978 | 2 205 206,31 | 0,41 |
| 4,50 | % Braskem Netherlands Finance BV -Reg- 2017/2028 | USD | 2 600 000 |  |  | % | 93,91 | 2 178 607,15 | 0,41 |
| 4,875 | % Comision Federal de Electricidad -Reg- (MTN) 2011/2021 ...............................  | USD | 500 000 |  |  | % | 102,054 | 455 295,74 | 0,09 |
| 4,875 | % Comision Federal de Electricidad -Reg- 2013/2024 | USD | 1 000 000 |  |  | % | 105,658 | 942 739,61 | 0,18 |
| 7,25 | % Country Garden Holdings Co., Ltd (MTN) 2019/2026 ...............................  | USD | 6 000 000 |  |  | % | 108,988 | 5 834 764,74 | 1,09 |
| 5,125 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ...............................  4,125 % Development Bank of Kazakhstan JSC -Reg- (MTN) 2012/2022 ...............................  | USD USD | 1 810 000 4 500 000 | 1 810 000 | % % | 100,798 104,416 | 1 627 886,30 4 192 459,83 | 0,30 0,78 |
| 6,75 % Development Bank of the Republic of Belarus JSC -Reg- (MTN) 2019/2024 .....................  | USD | 4 000 000 | 500 000 | % | 95,766 | 3 417 909,00 | 0,64 |
| 6,875 % Dominican Republic International Bond -Reg- (MTN) 2016/2026 ...............................  | USD | 5 000 000 | 5 000 000 | % | 105,056 | 4 686 863,33 | 0,88 |
| 5,875 | % Dominican Republic International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2013/2024 ...............................  4,875 % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 .....................  | USD USD | 3 000 000 4 310 000 | 3 000 000 | % % | 102,686 100,41 | 2 748 691,70 3 861 426,96 | 0,51 0,72 |
| 5,375 | % Eastern and Southern African Trade and |  |  |  |  |  |  |  |  |
| Development Bank (MTN) 2017/2022 ..........  | USD | 4 100 000 |  |  | % | 101,177 | 3 701 323,79 | 0,69 |
| 5,875 % Ecopetrol SA (MTN) 2013/2023 ...............  | USD | 1 800 000 |  |  | % | 107,335 | 1 723 873,09 | 0,32 |
| 6,875 % Ecopetrol SA (MTN) 2020/2030 ...............  7,875 % Ecuador Government International Bond -Reg- (MTN) 2019/2025 ..........................  | USD USD | 3 500 000 2 170 000 | 3 500 000 1 550 000 | 3 830 000 | % % | 114,195 44,157 | 3 566 207,08 854 969,69 | 0,67 0,16 |
| 10,75 | % Ecuador Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | USD | 3 000 000 | 3 000 000 | % | 41,615 | 1 113 942,00 | 0,21 |
| 6,35 % Eskom Holdings SOC Ltd -Reg- (MTN) 2018/2028 6,625 % Ethiopia International Bond -Reg- (MTN) 2014/2024 ...............................  | USD USD | 18 500 000 3 000 000 | 12 500 000 | % % | 100,358 100,418 | 16 565 904,38 2 687 968,94 | 3,09 0,50 |
| 4,767 | % Eurasian Development Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2012/2022 ...............................  | USD | 500 000 | 500 000 | % | 104,186 | 464 805,00 | 0,09 |
| 5,375 | % Export Credit Bank of Turkey -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ...............................  | USD | 7 500 000 | % | 96,934 | 6 486 774,81 | 1,21 |
| 6,125 | % Export Credit Bank of Turkey -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2024 ...............................  | USD | 3 700 000 | 3 700 000 | % | 97,5 | 3 218 827,95 | 0,60 |
| 4,875 % Gerdau Trade, Inc. -Reg- (MTN) 2017/2027 ......  7,875 % Ghana Government International Bond -Reg- (MTN) 2019/2027 ...............................  | USD USD | 3 000 000 1 500 000 | 1 500 000 | % % | 105,092 99,43 | 2 813 095,02 1 330 761,18 | 0,53 0,25 |
| 8,125 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2014/2026 ...............................  | USD | 11 500 000 | % | 101,76 | 10 441 532,12 | 1,95 |
| 7,625 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | 2018/2029 ...............................  | USD | 3 500 000 | 3 500 000 | % | 94,868 | 2 962 642,26 | 0,55 |
| 4,25 | % GUSAP III LP -Reg- 2019/2030 ...............  | USD | 1 540 000 |  | % | 98,908 | 1 359 082,31 | 0,25 |
| 3,00 | % Hyundai Capital Services, Inc. -Reg- (MTN) 2017/2022 ...............................  | USD | 2 000 000 | 1 000 000 | % | 102,296 | 1 825 501,50 | 0,34 |
| 5,75 | % Indian Oil Corp., Ltd (MTN) 2013/2023 .........  | USD | 1 000 000 | 1 000 000 | % | 108,17 | 965 157,64 | 0,18 |
| 5,71 | % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2018/2023 ..........................  | USD | 1 150 000 |  | % | 108,936 | 1 117 791,21 | 0,21 |
| 4,75 | % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2020/2025 ..........................  | USD | 850 000 | 850 000 | % | 107,308 | 813 850,20 | 0,15 |
| 6,95 | % Instituto Costarricense de Electricidad -Reg- (MTN) 2011/2021 ...............................  | USD | 2 000 000 |  | % | 99,452 | 1 774 749,75 | 0,33 |
| 4,75 | % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2027 ...............................  | USD | 2 000 000 |  | % | 108,71 | 1 939 951,69 | 0,36 |
| 6,875 | % Kenya Government International Bond -Reg- (MTN) 2014/2024 ...............................  | USD | 3 000 000 |  | % | 101,916 | 2 728 053,72 | 0,51 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| 6,875 % Kenya Government International Bond -Reg- (MTN) 2014/2024 ..........................  | USD | 3 000 000 | 1 000 000 | % | 101,916 | 2 728 053,72 | 0,51 |
| 7,25  % Kenya Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 3 000 000 | 3 000 000 | % | 99,03 | 2 650 828,62 | 0,50 |
| 3,958 % Lamar Funding Ltd -Reg- (MTN) 2015/2025 ..... 8,75 % Mongolia Government International Bond -Reg- (MTN) 2017/2024 ..........................  | USD USD | 5 000 000 3 000 000 | 500 000 3 000 000 | % % | 93,606 108,14 | 4 176 022,17 2 894 656,51 | 0,78 0,54 |
| 5,50  % Namibia International Bonds -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2011/2021 ...............................  | USD | 3 500 000 | % | 100,576 | 3 140 897,96 | 0,59 |
| 5,25  % Namibia International Bonds -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2015/2025 ...............................  6,375 % Nigeria Government International Bond -Reg- (MTN) 2013/2023 ...............................  | USD USD | 11 500 000 6 400 000 | 1 000 000 | % % | 101,814 102,026 | 10 447 124,36 5 826 186,55 | 1,95 1,09 |
| 6,50  % Nigeria Government International Bond -Reg- (MTN) 2017/2027 ...............................  | USD | 10 000 000 | 1 500 000 | % | 95,302 | 8 503 371,64 | 1,59 |
| 7,143 % Nigeria Government International Bond -Reg- 2018/2030 ...............................  | USD | 2 000 000 | 1 000 000 |  | % | 93,587 | 1 670 078,73 | 0,31 |
| 4,75  % Oman Government International Bond -Reg- (MTN) 2016/2026 ...............................  | USD | 4 200 000 |  |  | % | 92,79 | 3 477 279,09 | 0,65 |
| 4,75  % Oman Government International Bond -Reg- (MTN) 2016/2026 ...............................  | USD | 6 500 000 | 4 500 000 |  | % | 92,79 | 5 381 503,35 | 1,00 |
| 4,125 % Oman Government International Bond -Reg- (MTN) 2018/2023 ...............................  | USD | 2 500 000 | 500 000 | 2 900 000 | % | 98,414 | 2 195 260,74 | 0,41 |
| 4,875 % Oman Government International Bond -Reg- (MTN) 2019/2025 ...............................  | USD | 1 000 000 | 1 000 000 |  | % | 96,86 | 864 243,04 | 0,16 |
| 8,375 % Papua New Guinea Government International Bond -Reg- (MTN) 2018/2028 .....................  | USD | 220 000 |  |  | % | 96,844 | 190 102,06 | 0,04 |
| 4,30  % Pertamina Persero PT 2011/2021 -Reg- (MTN) 2013/2023 ...............................  | USD | 1 000 000 | 2 000 000 | 1 000 000 | % | 105,706 | 943 167,89 | 0,18 |
| 3,95  % Republic of Armenia International Bond -Reg- (MTN) 2019/2029 ..........................  | USD | 1 000 000 | 1 000 000 |  | % | 96,808 | 863 779,06 | 0,16 |
| 4,75  % Republic of Azerbaijan International Bond -Reg- (MTN) 2014/2024 ..........................  | USD | 2 000 000 | 2 000 000 |  | % | 106,759 | 1 905 135,71 | 0,36 |
| 6,378 % Republic of Belarus Ministry of Finance -Reg- |  |  |  |  |  |  |  |  |
| 2020/2031 ...............................  | USD | 2 000 000 | 2 000 000 | % | 96,713 | 1 725 862,83 | 0,32 |
| 7,125 % Republic of Tajikistan International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2027 ..........................  | USD | 2 500 000 | 500 000 | % | 83,31 | 1 858 365,67 | 0,35 |
| 5,375 % Republic of Uzbekistan Bond -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 1 000 000 | 1 000 000 | % | 109,338 | 975 583,70 | 0,18 |
| 6,625 % Rwanda International Government Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 1 000 000 | % | 99,27 | 885 750,96 | 0,17 |
| 6,25  % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2014/2024 ..........................  | USD | 2 500 000 | 2 500 000 | % | 105,265 | 2 348 093,72 | 0,44 |
| 6,875 % Southern Gas Corridor CJSC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 5,75 | 2016/2026 ...............................  % Sri Lanka Government International Bond -Reg- (MTN) 2016/2022 ..........................  | USD USD | 8 700 000 5 000 000 | 2 000 000 | % % | 115,278 79,34 | 8 948 641,50 3 539 617,73 | 1,67 0,66 |
| 5,75 | % Sri Lanka Government International Bond -Reg- (MTN) 2018/2023 ..........................  | USD | 5 000 000 |  | % | 71,125 | 3 173 099,63 | 0,59 |
| 6,85 | % Sri Lanka Government International Bond -Reg- (MTN) 2019/2024 ..........................  | USD | 6 000 000 |  | % | 70,348 | 3 766 095,62 | 0,70 |
| 5,125 | % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2022 ....  | USD | 3 500 000 |  | % | 98,378 | 3 072 240,79 | 0,57 |
| 5,125 | % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2023 ....  | USD | 6 900 000 | 2 100 000 | % | 95,721 | 5 893 153,34 | 1,10 |
| 2,80 | % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2016/2023 ..........................  | USD | 1 100 000 | 1 100 000 | % | 94,914 | 931 572,53 | 0,17 |
| 5,50 | % Third Pakistan International Sukuk Co., Ltd/The |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2016/2021 .....................  | USD | 1 600 000 | % | 98,136 | 1 400 998,10 | 0,26 |
| 3,25 | % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023 ...............................  | USD | 8 000 000 | 8 000 000 | % | 94,632 | 6 754 943,56 | 1,26 |
| 5,875 | % Turkiye Garanti Bankasi AS -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 ...............................  | USD | 3 000 000 | % | 100,316 | 2 685 238,63 | 0,50 |
| 5,00 % Turkiye Halk Bankasi AS -Reg- (MTN) 2016/2021 . 5,75 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2018/2023 ...............................  | USD USD | 700 000 8 030 000 | % % | 99,107 97,739 | 619 004,48 7 002 850,59 | 0,12 1,31 |
| 5,25 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | USD | 3 880 000 | 3 880 000 | % | 92,078 | 3 187 694,32 | 0,60 |
| 8,994 | % Ukraine Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2024 ..........................  | USD | 1 640 000 | 3 000 000 | % | 107,731 | 1 576 434,62 | 0,29 |
| 6,902 | % Vnesheconombank Via VEB Finance PLC (MTN) |  |  |  |  |  |  |  |  |
| 2010/2020 ...............................  | USD | 1 000 000 | 1 200 000 | 2 700 000 | % | 100,276 | 894 727,10 | 0,17 |
| 6,025 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 2 500 000 | % | 107,098 | 2 388 981,54 | 0,45 |
| 5,942 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2013/2023 ..........................  | USD | 3 000 000 | % | 111,236 | 2 977 529,62 | 0,56 |
| 6,80 | % Vnesheconombank Via VEB Finance PLC -Reg- |  |  |  |  |  |  |  |  |
| 2010/2025 ...............................  | USD | 10 100 000 | 2 000 000 | % | 119,344 | 10 755 118,68 | 2,01 |

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

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	25 774 340,19	4,81 Verzinsliche Wertpapiere
5,375 % Banco Santander Mexico SA Institucion de Banca
| Multiple Grupo Financiero Santand -Reg- (MTN) |  |
| --- | --- |
| 2020/2025 ...............................  | USD | 1 910 000 | 1 910 000 | % | 109,508 | 1 866 262,04 | 0,35 |
| 5,50  % Dominican Republic International Bond -Reg- (MTN) |  |  |  |  |  |  |  |
| 2015/2025 ...............................  | USD | 7 500 000 | 7 500 000 | % | 101,407 | 6 786 105,74 | 1,27 |
| 7,50  % Oil and Gas Holding Co., BSCC/The -Reg- (MTN) |  |  |  |  |  |  |  |
| 2017/2027 ...............................  | USD | 2 500 000 |  | % | 107,594 | 2 400 045,56 | 0,45 |
| 6,875 % Petroleos Mexicanos (MTN) 2017/2026 . . . . . . . . . | USD | 2 000 000 | 2 000 000 | % | 94,054 | 1 678 403,52 | 0,31 |
| 5,90  % Severstal OAO Via Steel Capital SA -Reg- (MTN) |  |  |  |  |  |  |  |
| 2012/2022 ...............................  | USD | 2 000 000 |  | % | 108,014 | 1 927 531,43 | 0,36 |
| 4,00  % Tengizchevroil Finance Co International Ltd -Reg- |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 5 800 000 | % | 105,641 | 5 467 035,84 | 1,02 |
| 4,00  % Transnet Ltd -Reg- (MTN) 2012/2022 ..........  | USD | 6 500 000 | % | 97,401 | 5 648 956,06 | 1,05 |

Summe Wertpapiervermögen	513 300 448,03	95,84
Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -1 325 835,88 | -0,25 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/USD 342,9 Mio.  ..............................  |  |  | -1 325 835,88 | -0,25 |
| Bankguthaben |  |  | 15 901 459,49 | 2,97 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  | 15 466 161,80 | 2,89 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar ........................................  | USD | 487 860 | 435 297,69 | 0,08 |
| Sonstige Vermögensgegenstände |  |  | 7 896 541,00 | 1,47 |
| Zinsansprüche ....................................  |  |  | 7 895 343,20 | 1,47 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 1 197,80 | 0,00 |
| Summe der Vermögensgegenstände * |  |  | 537 098 448,52 | 100,28 |
| Sonstige Verbindlichkeiten |  |  | -184 294,87 | -0,03 |
| Verbindlichkeiten aus Kostenpositionen |  |  | -184 294,87 | -0,03 |
| Summe der Verbindlichkeiten |  |  | -1 510 130,75 | -0,28 |
| Fondsvermögen |  |  | 535 588 317,77 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 99,19 |
| Klasse IC .........................................  | EUR | 99,54 |
| Klasse IC100 ......................................  | EUR | 100,06 |
| Klasse ID50 ......................................  | EUR | 100,78 |
| Klasse LC ........................................  | EUR | 97,71 |
| Klasse XC ........................................  | EUR | 99,95 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse IC .........................................  | Stück | 1 425 040,000 |
| Klasse IC100 ......................................  | Stück | 2 845 890,000 |
| Klasse ID50 ......................................  | Stück | 807 472,000 |
| Klasse LC ........................................  | Stück | 1 968,000 |
| Klasse XC ........................................  | Stück | 274 257,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) JP Morgan EMBI Global Diversified High Yield Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag ..................  | % | 25,716 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ...................  | % | 79,697 |
| durchschnittlicher potenzieller Risikobetrag ...........  | % | 57,162 |

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 0,6, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 304 908 395,00.
| Marktschlüssel |  |
| --- | --- |
| Vertragspartner der Devisentermingeschäfte Morgan Stanley and Co. International |  |  |
| Devisenkurse (in Mengennotiz) |  |  |
| US-Dollar	USD | 1,120750 | per 30.6.2020 = EUR	1 |
| Erläuterungen zur Bewertung |  |  |

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