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

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD IC | LU0982741976 | -2.3% |
| Class USD XC | LU2096795310 | -4.1% 1 |
| Class IDH 2 | LU0982741547 | -3.8% |
| Class LDH 2 | LU0982741208 | -3.9% |


##### JPM EMBI Global Diversified	-2.8%
1 
Launched on January 31, 2020
2 
in EUR
“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 Sovereign Debt
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 21 408 985.35 | 33.01 |
| Central governments | 38 289 520.83 | 59.03 |
| Total bonds | 59 698 506.18 | 92.04 |
| 2. Derivatives | -246 335.80 | - 0.38 |
| 3. Cash at bank | 4 424 941.71 | 6.83 |
| 4. Other assets | 1 111 724.63 | 1.71 |
| 5. Receivables from share certificate transactions | 31.06 | 0.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -108 634.80 | - 0.17 |
| 2. Liabilities from share certificate transactions | -18 873.05 | - 0.03 |
| III. Net assets | 64 861 359.93 | 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	53 518 878.43	82.51
Interest-bearing securities
3.50  % Albania Government International Bond -Reg-
(MTN) 2020/2027 ..........................	EUR	220 000	220 000	%	99.614	245 613.16	0.38
5.625 % Banque Centrale de Tunisie International Bond
(MTN) 2017/2024 ..........................	EUR	700 000	%	92.122	722 723.76	1.11
6.375 % Banque Centrale de Tunisie International Bond
-Reg- (MTN) 2019/2026 ......................	EUR	200 000	%	90.414	202 661.78	0.31
4.75  % Egypt Government International Bond -Reg-
(MTN) 2019/2025 ..........................	EUR	450 000	%	97.246	490 445.33	0.76
7.125 % NAK Naftogaz Ukraine via Kondor Finance PLC
(MTN) 2019/2024 ..........................	EUR	400 000	200 000	%	98.006	439 360.72	0.68
1.99  % Petroleos Mexicanos (MTN) 2018/2023 *. . . . . . . .	EUR	100 000	%	87.582	98 158.05	0.15
6.75  % Ukraine Government International Bond -Reg-
(MTN) 2019/2026 ..........................	EUR	300 000	300 000	%	101.85	342 446.71	0.53
4.375 % Ukraine Government International Bond -Reg-
(MTN) 2020/2030 ..........................	EUR	300 000	300 000	%	86.117	289 546.77	0.45
4.60  % Abu Dhabi Crude Oil Pipeline LLC -Reg- 2017/2047	USD	200 000	%	118.72	237 439.00	0.37
2.50  % Abu Dhabi Government International Bond -Reg-
(MTN) 2019/2029 ..........................	USD	200 000	%	105.055	210 110.00	0.32
3.125 % Abu Dhabi Government International Bond -Reg-
(MTN) 2020/2030 ..........................	USD	200 000	200 000	%	110.176	220 351.00	0.34
4.125 % Abu Dhabi Government International Bond -Reg-
2017/2047 ................................	USD	300 000	200 000	200 000	%	122.262	366 786.00	0.57
5.625 % Aeropuerto Internacional de Tocumen SA -Reg-
2016/2036 ................................	USD	500 000	250 000	%	108.426	542 132.50	0.84
6.00  % Aeropuerto Internacional de Tocumen SA -Reg-
2018/2048 ................................	USD	199 116	200 000	884	%	109.968	218 962.78	0.34
3.125 % Africa Finance Corp. (MTN) 2020/2025 ..........	USD	870 000	870 000	%	100.265	872 305.50	1.34
8.00  % Angolan Government International Bond (MTN)
2019/2029 ................................	USD	200 000	%	82.875	165 750.00	0.26
8.25  % Angolan Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	310 000	%	82.974	257 220.95	0.40
8.25  % Angolan Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	200 000	200 000	%	82.974	165 949.00	0.26
9.375 % Angolan Government International Bond -Reg-
2018/2048 ................................	USD	200 000	%	81.938	163 875.00	0.25
9.125 % Angolan Government International Bond -Reg-
2019/2049 ................................	USD	250 000	250 000	%	81.846	204 615.00	0.32
5.875 % Argentine Republic Government International
Bond (MTN) 2018/2028 ......................	USD	700 000	%	40.32	282 243.50	0.43
6.875 % Argentine Republic Government International
Bond 2017/2021 ...........................	USD	600 000	%	42.04	252 240.00	0.39
6.625 % Argentine Republic Government International
Bond 2017/2028 ...........................	USD	550 000	%	40.146	220 800.25	0.34
7.125 % Argentine Republic Government International
Bond 2017/2036 ...........................	USD	700 000	%	39.536	276 752.00	0.43
6.875 % Argentine Republic Government International
Bond 2018/2048 ...........................	USD	600 000	%	39.008	234 048.00	0.36
7.00  % Bahrain Government International Bond -Reg-
2016/2028 ................................	USD	350 000	350 000	%	111.828	391 396.25	0.60
5.00  % Banque Ouest Africaine de Developpement -Reg-
(MTN) 2017/2027 ..........................	USD	1 000 000	%	104.963	1 049 630.00	1.62
4.70  % Banque Ouest Africaine de Developpement -Reg-
2019/2031 ................................	USD	700 000	%	101.042	707 297.50	1.09
4.00  % China Development Bank (MTN) 2017/2037 .....	USD	200 000	200 000	%	118.235	236 470.00	0.36
3.875 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2029 ...	USD	200 000	200 000	%	108.666	217 332.00	0.33
6.125 % Colombia Government International Bond
2009/2041 ................................	USD	400 000	%	124.206	496 824.00	0.77
4.50  % Colombia Government International Bond
2015/2026 ................................	USD	250 000	250 000	%	108.577	271 442.50	0.42
4.75  % Comision Federal de Electricidad 2016/2027 .....	USD	200 000	%	105.394	210 789.00	0.32
4.875 % Comision Federal de Electricidad -Reg- 2013/2024	USD	500 000	%	105.658	528 287.50	0.81
4.75  % Corp Financiera de Desarrollo SA -Reg- (MTN)
2015/2025 ................................	USD	400 000	400 000	%	109.656	438 626.00	0.68
4.875 % Corp. Nacional del Cobre de Chile -Reg- 2014/2044	USD	200 000	200 000	%	118.931	237 862.00	0.37
4.375 % Corp. Nacional del Cobre de Chile -Reg- 2019/2049	USD	200 000	%	113.431	226 862.00	0.35
7.00  % Costa Rica Government International Bond
2014/2044 ................................	USD	200 000	%	82.16	164 320.00	0.25
7.25 % Development Bank of Mongolia LLC -Reg-
(MTN) 2018/2023 ..........................	USD	200 000	%	97.084	194 168.00	0.30
6.75 % Development Bank of the Republic of Belarus JSC
-Reg- (MTN) 2019/2024 ......................	USD	200 000	%	95.766	191 531.00	0.30
5.95  % Dominican Republic International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	500 000	500 000	%	100.774	503 870.00	0.78
6.00  % Dominican Republic International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	400 000	250 000	%	100.69	402 762.00	0.62
| Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| currency | amount	in the reporting period	USD |
| USD | 400 000 | 400 000 |  | % | 90.464 | 361 856.00 | 0.56 |
| USD | 400 000 |  |  | % | 95.565 | 382 260.00 | 0.59 |
| USD | 1 000 000 |  |  | % | 100.41 | 1 004 105.00 | 1.55 |
| USD | 200 000 | 200 000 |  | % | 43.052 | 86 104.00 | 0.13 |
| USD | 500 000 |  |  | % | 42.11 | 210 547.50 | 0.32 |
| USD | 500 000 |  |  | % | 41.3 | 206 500.00 | 0.32 |
| USD | 490 000 |  |  | % | 44.157 | 216 369.30 | 0.33 |
| USD | 250 000 | 250 000 |  | % | 42.749 | 106 872.50 | 0.16 |
| USD | 200 000 | 200 000 | 400 000 | % | 105.109 | 210 218.00 | 0.32 |
| USD | 300 000 |  | 200 000 | % | 102.124 | 306 373.50 | 0.47 |
| USD | 400 000 |  |  | % | 98.146 | 392 586.00 | 0.61 |
| USD | 200 000 |  |  | % | 95.308 | 190 616.00 | 0.29 |
| USD | 200 000 | 300 000 | 100 000 | % | 91.856 | 183 713.00 | 0.28 |
| USD | 200 000 |  | 100 000 | % | 87.53 | 175 061.00 | 0.27 |
| USD | 200 000 | 200 000 |  | % | 117.664 | 235 328.00 | 0.36 |
| USD | 200 000 |  |  | % | 94.822 | 189 643.00 | 0.29 |
| USD | 200 000 |  |  | % | 93.014 | 186 027.00 | 0.29 |
| USD | 510 000 |  |  | % | 100.358 | 511 825.80 | 0.79 |
| USD | 450 000 |  |  | % | 100.418 | 451 881.00 | 0.70 |
| USD | 250 000 |  |  | % | 96.934 | 242 335.00 | 0.37 |
| USD | 450 000 |  |  | % | 97.5 | 438 750.00 | 0.68 |
| USD | 250 000 |  |  | % | 125.59 | 313 976.25 | 0.48 |
| USD | 200 000 | 200 000 |  | % | 89.843 | 179 686.00 | 0.28 |
| USD | 400 000 | 400 000 |  | % | 101.796 | 407 182.00 | 0.63 |
| USD | 250 000 |  |  | % | 101.76 | 254 398.75 | 0.39 |
| USD | 350 000 |  |  | % | 94.456 | 330 594.25 | 0.51 |
| USD | 200 000 |  |  | % | 92.14 | 184 280.00 | 0.28 |
| USD | 200 000 | 200 000 |  | % | 91.229 | 182 458.00 | 0.28 |
| USD | 250 000 |  |  | % | 103.745 | 259 362.50 | 0.40 |
| USD | 250 000 |  |  | % | 108.424 | 271 058.75 | 0.42 |
| USD | 100 000 |  | 150 000 | % | 168.002 | 168 002.50 | 0.26 |
| USD | 200 000 | 200 000 |  | % | 99.305 | 198 610.00 | 0.31 |
| USD | 250 000 | 250 000 |  | % | 118.801 | 297 002.50 | 0.46 |
| USD | 200 000 | 200 000 |  | % | 107.308 | 214 617.00 | 0.33 |
| USD | 220 000 | 220 000 |  | % | 112.382 | 247 240.40 | 0.38 |
| USD | 250 000 | 450 000 | 200 000 | % | 111.802 | 279 506.25 | 0.43 |
| USD | 500 000 |  |  | % | 99.452 | 497 262.50 | 0.77 |
| USD | 332 000 |  | 20 000 | % | 98.848 | 328 177.02 | 0.51 |
| USD | 400 000 | 400 000 |  | % | 102.537 | 410 148.00 | 0.63 |
| USD | 200 000 | 200 000 |  | % | 100.098 | 200 197.00 | 0.31 |
| USD | 400 000 |  | 200 000 | % | 133.286 | 533 142.00 | 0.82 |
| USD | 200 000 | 200 000 |  | % | 108.71 | 217 420.00 | 0.34 |
| USD | 250 000 |  |  | % | 116.914 | 292 286.25 | 0.45 |
| USD | 200 000 |  |  | % | 99.03 | 198 061.00 | 0.31 |
| USD | 50 000 |  | 200 000 | % | 99.03 | 49 515.25 | 0.08 |

4.50 % Dominican Republic International Bond -Reg- (MTN) 2020/2030 .......................... 
6.85 % Dominican Republic International Bond -Reg- 2015/2045 ................................ 
4.875 % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 ...................... 
9.65  % Ecuador Government International Bond (MTN)
-Reg- 2016/2026 ........................... 
8.875 % Ecuador Government International Bond -Reg- (MTN) 2017/2027 .......................... 
7.875 % Ecuador Government International Bond -Reg- (MTN) 2018/2028 .......................... 
7.875 % Ecuador Government International Bond -Reg- (MTN) 2019/2025 .......................... 
9.50 % Ecuador Government International Bond -Reg- 2019/2030 ................................ 
7.50  % Egypt Government International Bond -Reg-
(MTN) 2017/2027 .......................... 
7.60  % Egypt Government International Bond -Reg-
(MTN) 2019/2029 .......................... 
8.50 % Egypt Government International Bond -Reg- 2017/2047 ................................ 
7.053 % Egypt Government International Bond -Reg- 2019/2032 ................................ 
8.25 % El Salvador Government International Bond -Reg- 2002/2032 ................................ 
5.875 % El Salvador Government International Bond -Reg- 2012/2025 ................................ 
5.125 % Empresa de Transmision Electrica SA -Reg- 2019/2049 ................................ 
6.75  % Eskom Holdings SOC Ltd -Reg- (MTN) 2013/2023 .
7.125 % Eskom Holdings SOC Ltd -Reg- (MTN) 2015/2025 .
6.35 % Eskom Holdings SOC Ltd -Reg- (MTN) 2018/2028 . 6.625 % Ethiopia International Bond -Reg- (MTN) 2014/2024
5.375 % Export Credit Bank of Turkey -Reg- (MTN) 2016/2023 ................................ 
6.125 % Export Credit Bank of Turkey -Reg- (MTN) 2018/2024 ................................ 
4.00 % Export-Import Bank of China/The (MTN) 2017/2047 6.625 % Gabon Government International Bond -Reg-
2020/2031 ................................ 
7.75  % Georgian Railway LLC (MTN) 2012/2022 ........ 
8.125 % Ghana Government International Bond -Reg- 2014/2026 ................................ 
8.125 % Ghana Government International Bond -Reg- 2019/2032 ................................ 
8.95 % Ghana Government International Bond -Reg- 2019/2051 ................................ 
7.875 % Ghana Government International Bond -Reg- 2020/2035 ................................ 
4.375 % Guatemala Government International Bond
(MTN) 2017/2027 .......................... 
7.50 % Honduras Government International Bond -Reg- 2013/2024 ................................ 
7.625 % Hungary Government International Bond 2011/2041 ................................ 
3.249 % Indian Railway Finance Corp., Ltd -Reg- (MTN) 2020/2030 ................................ 
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 ................................ 
4.20 % Indonesia Government International Bond 2020/2050 ................................ 
6.95  % Instituto Costarricense de Electricidad -Reg-
(MTN) 2011/2021 .......................... 
5.75 % Ivory Coast Government International Bond -Reg- 2010/2032 * .............................. 
6.375 % Ivory Coast Government International Bond -Reg- 2015/2028 ................................ 
6.125 % Ivory Coast Government International Bond -Reg- 2017/2033 ................................ 
6.95 % Kazakhstan Temir Zholy Finance BV -Reg- 2040/2042 ................................ 
4.75 % KazMunayGas National Co. JSC -Reg- (MTN) 2017/2027 ................................ 
5.75  % KazMunayGas National Co. JSC -Reg- 2017/2047 .
7.25  % Kenya Government International Bond -Reg-
(MTN) 2018/2028 .......................... 
7.25  % Kenya Government International Bond -Reg-
(MTN) 2018/2028 .......................... 
7.00  % Kenya Government International Bond -Reg-
(MTN) 2019/2027 ..........................	USD	350 000	%	99.03	346 605.00	0.53
8.25  % Kenya Government International Bond -Reg-
2018/2048 ................................	USD	200 000	%	98.84	197 680.00	0.30
6.60  % Lebanon Government International Bond
(MTN) 2011/2026 ..........................	USD	600 000	600 000	%	18.04	108 240.00	0.17
7.00  % Lebanon Government International Bond
2017/2032 ................................	USD	600 000	600 000	%	17.983	107 898.00	0.17
4.236 % Malaysia Sovereign Sukuk Bhd -Reg- 2015/2045 ..	USD	200 000	%	125.969	251 938.00	0.39
4.60  % Mexico Government International Bond 2015/2046	USD	200 000	200 000	%	102.804	205 607.00	0.32
5.625 % Mongolia Government International Bond -Reg-
(MTN) 2017/2023 ..........................	USD	200 000	200 000	%	100.197	200 394.00	0.31
7.625 % NAK Naftogaz Ukraine Via Kondor Finance PLC
-Reg- (MTN) 2019/2026 ......................	USD	200 000	200 000	%	97.48	194 960.00	0.30
5.25  % Namibia International Bonds -Reg- (MTN)
2015/2025 ................................	USD	350 000	350 000	%	101.814	356 349.00	0.55
6.50  % Nigeria Government International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	650 000	250 000	%	95.302	619 459.75	0.95
7.625 % Nigeria Government International Bond -Reg-
(MTN) 2017/2047 ..........................	USD	450 000	200 000	%	89.582	403 119.00	0.62
8.747 % Nigeria Government International Bond -Reg-
2018/2031 ................................	USD	200 000	%	100.294	200 589.00	0.31
7.625 % Oil and Gas Holding Co. BSCC/The -Reg- (MTN)
2018/2024 ................................	USD	250 000	%	108.62	271 550.00	0.42
8.375 % Oil and Gas Holding Co., BSCC/The -Reg- (MTN)
2018/2028 ................................	USD	250 000	%	110.557	276 392.50	0.43
4.75  % Oman Government International Bond -Reg-
(MTN) 2016/2026 ..........................	USD	500 000	300 000	%	92.79	463 947.50	0.72
5.375 % Oman Government International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	750 000	750 000	%	93.618	702 131.25	1.08
4.125 % Oman Government International Bond -Reg-
(MTN) 2018/2023 ..........................	USD	200 000	200 000	%	98.414	196 827.00	0.30
5.625 % Oman Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	500 000	300 000	%	93.706	468 532.50	0.72
6.50  % Oman Government International Bond -Reg-
2017/2047 ................................	USD	250 000	%	86.874	217 186.25	0.33
8.25  % Pakistan Government International Bond -Reg-
(MTN) 2014/2024 ..........................	USD	200 000	200 000	%	104.68	209 359.00	0.32
6.875 % Pakistan Government International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	200 000	200 000	%	98.75	197 501.00	0.30
4.50  % Panama Government International Bond 2018/2050	USD	350 000	%	122.548	428 919.75	0.66
3.16  % Panama Government International Bond 2019/2030	USD	200 000	200 000	%	107.932	215 863.00	0.33
6.10  % Paraguay Government International Bond -Reg-
2014/2044 ................................	USD	250 000	250 000	%	121.911	304 777.50	0.47
6.50  % Pertamina Persero PT -Reg- 2011/2041 .........	USD	300 000	%	124.504	373 510.50	0.58
6.15  % Perusahaan Listrik Negara PT -Reg- (MTN)
2018/2048 ................................	USD	250 000	%	125.026	312 566.25	0.48
3.875 % Perusahaan Listrik Negara PT -Reg- (MTN)
2019/2029 ................................	USD	200 000	200 000	%	105.296	210 592.00	0.32
8.75  % Peruvian Government International Bond
2003/2033 ................................	USD	200 000	200 000	%	167.077	334 154.00	0.51
5.625 % Peruvian Government International Bond
2010/2050 ................................	USD	200 000	%	158.264	316 527.00	0.49
2.783 % Peruvian Government International Bond
2020/2031 ................................	USD	200 000	200 000	%	106.739	213 478.00	0.33
5.299 % Petrobras Global Finance BV (MTN) 2018/2025 ...	USD	200 000	200 000	%	103.929	207 858.00	0.32
4.75  % Petroleos del Peru SA -Reg- 2017/2032 .........	USD	300 000	%	111.302	333 906.00	0.51
5.625 % Petroleos del Peru SA -Reg- 2017/2047 .........	USD	200 000	200 000	%	117.389	234 778.00	0.36
6.35  % Petroleos Mexicanos 2018/2048...............	USD	250 000	250 000	%	73.498	183 745.00	0.28
4.55  % Petronas Capital Ltd -Reg- 2020/2050 ..........	USD	200 000	200 000	%	127.498	254 995.00	0.39
9.50  % Philippine Government International Bond
2005/2030 ................................	USD	250 000	250 000	250 000	%	163.03	407 573.75	0.63
7.75  % Philippine Government International Bond
2006/2031 ................................	USD	200 000	200 000	%	149.922	299 844.00	0.46
6.375 % Philippine Government International Bond
2009/2034 ................................	USD	200 000	150 000	250 000	%	144.442	288 883.00	0.45
3.70  % Philippine Government International Bond
2016/2041 ................................	USD	500 000	200 000	%	114.144	570 722.50	0.88
3.75  % Power Finance Corp., Ltd (MTN) 2017/2027 .....	USD	250 000	%	96.256	240 640.00	0.37
7.39  % Power Sector Assets & Liabilities Management
Corp. -Reg- 2009/2024 ......................	USD	200 000	200 000	%	123.038	246 075.00	0.38
4.00  % Qatar Government International Bond -Reg-
(MTN) 2019/2029 ..........................	USD	400 000	400 000	%	115.243	460 972.00	0.71
4.625 % Qatar Government International Bond -Reg-
2016/2046 ................................	USD	400 000	%	129.153	516 612.00	0.80
5.103 % Qatar Government International Bond -Reg-
2018/2048 ................................	USD	400 000	%	136.134	544 538.00	0.84
4.817 % Qatar Government International Bond -Reg-
2019/2049 ................................	USD	200 000	%	131.733	263 466.00	0.41
5.875 % Republic of Belarus Ministry of Finance -Reg-
(MTN) 2020/2026 ..........................	USD	280 000	280 000	%	97.086	271 840.80	0.42
5.65  % Republic of South Africa Government Bond
2017/2047 ................................	USD	200 000	%	87.37	174 740.00	0.27
| Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| currency | amount	in the reporting period	USD |
| USD | 200 000 |  |  | % | 101.808 | 203 615.00 | 0.31 |
| USD | 200 000 | 400 000 | 200 000 | % | 87 | 174 001.00 | 0.27 |
| USD | 250 000 |  |  | % | 83.31 | 208 276.25 | 0.32 |
| USD | 100 000 | 100 000 | 250 000 | % | 108.965 | 108 965.00 | 0.17 |
| USD | 250 000 |  |  | % | 118.5 | 296 250.00 | 0.46 |
| USD | 300 000 | 300 000 |  | % | 172.262 | 516 787.50 | 0.80 |
| USD | 200 000 |  |  | % | 135.95 | 271 899.00 | 0.42 |
| USD | 200 000 |  |  | % | 132.625 | 265 250.00 | 0.41 |
| USD | 200 000 | 200 000 |  | % | 99.27 | 198 541.00 | 0.31 |
| USD | 200 000 | 200 000 |  | % | 108.302 | 216 604.00 | 0.33 |
| USD | 200 000 | 200 000 |  | % | 108.24 | 216 481.00 | 0.33 |
| USD | 400 000 |  |  | % | 115.252 | 461 010.00 | 0.71 |
| USD | 200 000 | 200 000 | 400 000 | % | 110.128 | 220 257.00 | 0.34 |
| USD | 450 000 |  |  | % | 124.026 | 558 117.00 | 0.86 |
| USD | 400 000 |  |  | % | 118.255 | 473 020.00 | 0.73 |
| USD | 200 000 | 200 000 | 350 000 | % | 105.265 | 210 530.00 | 0.32 |
| USD | 200 000 |  |  | % | 97.084 | 194 167.00 | 0.30 |
| USD | 200 000 | 200 000 |  | % | 147.999 | 295 998.00 | 0.46 |
| USD | 200 000 |  |  | % | 114.4 | 228 800.00 | 0.35 |
| USD | 450 000 | 250 000 | 200 000 | % | 115.278 | 518 751.00 | 0.80 |
| USD | 700 000 |  |  | % | 67.628 | 473 396.00 | 0.73 |
| USD | 400 000 |  |  | % | 65.852 | 263 406.00 | 0.41 |
| USD | 600 000 |  | 600 000 | % | 71.125 | 426 750.00 | 0.66 |
| USD | 200 000 |  |  | % | 70.348 | 140 695.00 | 0.22 |
| USD | 200 000 |  |  | % | 118.254 | 236 509.00 | 0.36 |
| USD | 800 000 |  |  | % | 95.721 | 765 768.00 | 1.18 |
| USD | 400 000 | 400 000 |  | % | 93.726 | 374 906.00 | 0.58 |
| USD | 200 000 | 200 000 |  | % | 93.062 | 186 123.00 | 0.29 |
| USD | 400 000 | 400 000 |  | % | 89.93 | 359 720.00 | 0.55 |
| USD | 300 000 |  |  | % | 77.5 | 232 500.00 | 0.36 |
| USD | 200 000 |  |  | % | 107.731 | 215 462.00 | 0.33 |
| USD | 300 000 |  | 250 000 | % | 100.474 | 301 422.00 | 0.46 |
| USD | 330 000 |  |  | % | 99.222 | 327 432.60 | 0.50 |
| USD | 800 000 |  |  | % | 128.624 | 1 028 992.00 | 1.59 |
| USD | 200 000 | 200 000 |  | % | 127.563 | 255 126.00 | 0.39 |
| USD | 400 000 |  | 400 000 | % | 119.344 | 477 378.00 | 0.74 |
| USD | 400 000 |  |  | % | 53.242 | 212 968.00 | 0.33 |
|  |  |  |  |  |  | 6 179 627.75 | 9.53 |
| USD | 1 000 000 |  |  | % | 94.487 | 944 870.00 | 1.46 |
| USD | 300 000 |  |  | % | 98.416 | 295 249.50 | 0.46 |
| USD | 600 000 |  |  | % | 136.489 | 818 934.00 | 1.26 |
| USD | 400 000 |  |  | % | 129.606 | 518 424.00 | 0.80 |
| USD | 200 000 |  |  | % | 91.372 | 182 744.00 | 0.28 |
| USD | 200 000 | 200 000 |  | % | 103.7 | 207 399.00 | 0.32 |
| USD | 200 000 | 200 000 |  | % | 137.074 | 274 148.00 | 0.42 |
| USD | 400 000 |  |  | % | 108.098 | 432 392.00 | 0.67 |

5.875 % Republic of South Africa Government Bond 2018/2030 ................................ 
5.75 % Republic of South Africa Government International Bond 2019/2049 ........................... 
7.125 % Republic of Tajikistan International Bond -Reg- (MTN) 2017/2027 .......................... 
4.875 % Romanian Government International Bond -Reg- (MTN) 2014/2024 .......................... 
5.125 % Romanian Government International Bond -Reg- 2018/2048 ................................ 
12.75 % Russian Foreign Bond - Eurobond -Reg- 1998/2028 5.625 % Russian Foreign Bond - Eurobond -Reg- 2012/2042
5.25 % Russian Foreign Bond - Eurobond -Reg- 2017/2047 6.625 % Rwanda International Government Bond -Reg-
(MTN) 2013/2023 .......................... 
3.50  % Saudi Arabian Oil Co. -Reg- (MTN) 2019/2029 .... 
3.25 % Saudi Government International Bond (MTN) 2016/2026 ................................ 
4.50 % Saudi Government International Bond (MTN) 2016/2046 ................................ 
3.625 % Saudi Government International Bond -Reg-
(MTN) 2017/2028 .......................... 
5.00 % Saudi Government International Bond -Reg- 2018/(MTN)/2049 .......................... 
4.50 % Saudi Government International Bond -Reg- 2018/2030 ................................ 
6.25 % Senegal Government International Bond -Reg- (MTN) 2014/2024 .......................... 
6.75 % Senegal Government International Bond -Reg- 2018/2048 ................................ 
6.30 % Sinochem Overseas Capital Co., Ltd -Reg- 2010/2040 ................................ 
3.68  % Sinopec Group Overseas Development 2018
Ltd -Reg- 2019/2049 ........................ 
6.875 % Southern Gas Corridor CJSC -Reg- (MTN) 2016/2026 ................................ 
6.85 % Sri Lanka Government International Bond -Reg- (MTN) 2015/2025 .......................... 
6.20 % Sri Lanka Government International Bond -Reg- (MTN) 2017/2027 .......................... 
5.75 % Sri Lanka Government International Bond -Reg- (MTN) 2018/2023 .......................... 
6.85 % Sri Lanka Government International Bond -Reg- (MTN) 2019/2024 .......................... 
6.95  % State Oil Co. of the Azerbaijan Republic 2015/2030
5.125 % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2023 .... 
5.25 % Trinidad Generation UnLtd -Reg- 2016/2027...... 4.875 % Turkey Government International Bond (MTN)
2016/2026 ................................ 
5.25 % Turkey Government International Bond (MTN) 2020/2030 ................................ 
4.875 % Turkey Government International Bond 2013/2043 8.994 % Ukraine Government International Bond -Reg-
(MTN) 2018/2024 ** ........................ 
7.375 % Ukraine Government International Bond -Reg- 2017/2032 ................................ 
8.25 % Ukraine Railways Via Rail Capital Markets PLC (MTN) 2019/2024 .......................... 
5.10 % Uruguay Government International Bond 2014/2050 ................................ 
4.975 % Uruguay Government International Bond 2018/2055 ................................ 
6.80 % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025 ................................ 
8.97 % Zambia Government International Bond -Reg- 2015/2027 ................................ 
Securities admitted to or included in organized markets Interest-bearing securities
4.40 % 1MDB Global Investments Ltd -Reg- (MTN) 2013/2023 ................................ 
6.25 % Banco Nacional de Costa Rica -Reg- (MTN) 2013/2023 ................................ 
7.375 % Colombia Government International Bond 2006/2037 ................................ 
5.625 % Corp Nacional del Cobre de Chile -Reg- 2013/2043
6.40 % Dominican Republic International Bond -Reg- 2019/2049 ................................ 
3.75 % Empresa Nacional del Petroleo (MTN) 2016/2026 . 6.625 % Indonesia Government International Bond -Reg-
2007/2037 ................................ 
4.375 % KazTransGas JSC -Reg- (MTN) 2017/2027 ....... 
| Security | name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 7.50 | % Oil and Gas Holding Co., BSCC/The -Reg- (MTN) 2017/2027 ................................  | USD | 250 000 |  |  | % | 107.594 | 268 985.00 | 0.41 |
| 9.00 | % Petroleos de Venezuela SA -Reg- (MTN) 2011/2021 ................................  | USD | 400 000 |  |  | % | 2.875 | 11 500.00 | 0.02 |
| 6.00 | % Petroleos de Venezuela SA -Reg- 2013/2026 .....  | USD | 1 500 000 |  |  | % | 2.875 | 43 125.00 | 0.07 |
| 6.50 | % Petroleos Mexicanos 2011/2041...............  | USD | 300 000 |  |  | % | 75.847 | 227 541.00 | 0.35 |
| 6.75 | % Petroleos Mexicanos 2017/2047...............  | USD | 100 000 |  |  | % | 76.38 | 76 380.00 | 0.12 |
| 6.49 | % Petroleos Mexicanos -Reg- (MTN) 2019/2027 ....  | USD | 200 000 | 140 000 |  | % | 90.694 | 181 387.00 | 0.28 |
| 6.84 | % Petroleos Mexicanos -Reg- 2019/2030 ..........  | USD | 300 000 | 300 000 |  | % | 87.024 | 261 073.50 | 0.40 |
| 7.69 | % Petroleos Mexicanos -Reg- 2019/2050 ..........  | USD | 300 000 |  |  | % | 82.21 | 246 631.50 | 0.38 |
| 9.75 | % Qatar Government International Bond -Reg- 2000/2030 ................................  | USD | 200 000 |  |  | % | 166.365 | 332 730.00 | 0.51 |
| 7.65 | % Republic of El Salvador -Reg- 2005/2035 ........  | USD | 250 000 |  |  | % | 86.444 | 216 111.25 | 0.33 |
| 7.625 % Republic of Turkey (MTN) 2019/2029 ...........  | USD | 300 000 | 300 000 |  | % | 105.518 | 316 552.50 | 0.49 |
| 4.00  % Transnet Ltd -Reg- (MTN) 2012/2022 ...........  7.00 % Venezuela Government International Bond 2007/2038 ................................  | USD USD | 300 000 500 000 | 300 000 | 400 000 | % % | 97.401 6.25 | 292 203.00 31 247.50 | 0.45 0.05 |
| Total securities portfolio |  |  |  |  |  |  | 59 698 506.18 | 92.04 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -246 335.80 | -0.38 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions EUR/USD 37.1 million ...............................  |  |  |  |  |  |  | -249 217.00 | -0.38 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions USD/EUR 1 million .................................  |  |  |  |  |  |  | 6 633.44 | 0.01 |
| Closed positions USD/EUR 3.5 million ................................  |  |  |  |  |  |  | -3 752.24 | -0.01 |
| Cash at bank |  |  |  |  |  |  | 4 424 941.71 | 6.83 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 252 284 |  |  |  |  | 282 747.25 | 0.44 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD |  |  |  |  |  | 4 142 194.46 | 6.39 |
| Other assets |  |  |  |  |  |  | 1 111 724.63 | 1.71 |
| Interest receivable .................................  |  |  |  |  |  |  | 1 071 280.51 | 1.65 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 40 444.12 | 0.06 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 31.06 | 0.00 |
| Total assets *** |  |  |  |  |  |  | 65 241 837.02 | 100.59 |
| Other liabilities |  |  |  |  |  |  | -108 634.80 | -0.17 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -108 634.80 | -0.17 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -18 873.05 | -0.03 |
| Total liabilities |  |  |  |  |  |  | -380 477.09 | -0.59 |
| Net assets |  |  |  |  |  |  | 64 861 359.93 | 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 | 90.22 |
| Class LDH ........................................  | EUR | 90.09 |
| Class USD IC ......................................  | USD | 130.18 |
| Class USD XC .....................................  | USD | 95.95 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class IDH.........................................  | Count | 169 836.444 |
| Class LDH ........................................  | Count | 242 677.277 |
| Class USD IC ......................................  | Count | 172 953.000 |
| Class USD XC .....................................  | Count | 7 001.000 |

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 .........................  | % | 101.036 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 127.022 |
| Average market risk exposure ........................  | % | 110.445 |

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 8 975 200.00 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.
Contracting parties for forward currency transactions
BNP Paribas SA, JP Morgan, Royal Bank of Canada (UK), State Street Bank London and UBS AG
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 |
| --- | --- | --- | --- | --- |
| 8.994 % Ukraine Government International Bond -Reg- |
| (MTN) 2018/2024	USD | 200 000 | 215 462.00 |  |
| Total receivables from securities loans |  | 215 462.00 | 215 462.00 |
| Contracting parties for securities loans Crédit Suisse Securities (Europe) Ltd. FI |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds |  | USD USD | 205 663.61 205 663.61 |
| Exchange rates (indirect quotes) |  |  |  |

As of June 30, 2020 Euro ......................... . EUR	0.892260	= USD	1
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.
* Floating interest rate.
** Some or all of these securities are lent.
*** Does not include positions with a negative balance, if such exist.

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

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD IC | LU0982741976 | -2,3% |
| Klasse USD XC | LU2096795310 | -4,1% 1) |
| Klasse IDH 2) | LU0982741547 | -3,8% |
| Klasse LDH 2) | LU0982741208 | -3,9% |


##### JPM EMBI Global Diversified	-2,8%
1) 
aufgelegt am 31.1.2020
2) 
in EUR
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 Sovereign Debt
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 21 408 985,35 | 33,01 |
| Zentralregierungen | 38 289 520,83 | 59,03 |
| Summe Anleihen | 59 698 506,18 | 92,04 |
| 2. Derivate | -246 335,80 | - 0,38 |
| 3. Bankguthaben | 4 424 941,71 | 6,83 |
| 4. Sonstige Vermögensgegenstände | 1 111 724,63 | 1,71 |
| 5. Forderungen aus Anteilscheingeschäften | 31,06 | 0,00 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -108 634,80 | - 0,17 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -18 873,05 | - 0,03 |
| III. Fondsvermögen | 64 861 359,93 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Vermögensaufstellung zum 30.6.2020
Börsengehandelte Wertpapiere	53 518 878,43	82,51
Verzinsliche Wertpapiere
3,50  % Albania Government International Bond -Reg-
(MTN) 2020/2027 ..........................	EUR	220 000	220 000	%	99,614	245 613,16	0,38
5,625 % Banque Centrale de Tunisie International Bond
(MTN) 2017/2024 ..........................	EUR	700 000	%	92,122	722 723,76	1,11
6,375 % Banque Centrale de Tunisie International Bond
-Reg- (MTN) 2019/2026 .....................	EUR	200 000	%	90,414	202 661,78	0,31
4,75  % Egypt Government International Bond -Reg-
(MTN) 2019/2025 ..........................	EUR	450 000	%	97,246	490 445,33	0,76
7,125 % NAK Naftogaz Ukraine via Kondor Finance PLC
(MTN) 2019/2024 ..........................	EUR	400 000	200 000	%	98,006	439 360,72	0,68
1,99  % Petroleos Mexicanos (MTN) 2018/2023 * .......	EUR	100 000	%	87,582	98 158,05	0,15
6,75  % Ukraine Government International Bond -Reg-
(MTN) 2019/2026 ..........................	EUR	300 000	300 000	%	101,85	342 446,71	0,53
4,375 % Ukraine Government International Bond -Reg-
(MTN) 2020/2030 ..........................	EUR	300 000	300 000	%	86,117	289 546,77	0,45
4,60  % Abu Dhabi Crude Oil Pipeline LLC -Reg- 2017/2047	USD	200 000	%	118,72	237 439,00	0,37
2,50  % Abu Dhabi Government International Bond -Reg-
(MTN) 2019/2029 ..........................	USD	200 000	%	105,055	210 110,00	0,32
3,125 % Abu Dhabi Government International Bond -Reg-
(MTN) 2020/2030 ..........................	USD	200 000	200 000	%	110,176	220 351,00	0,34
4,125 % Abu Dhabi Government International Bond -Reg-
2017/2047 ...............................	USD	300 000	200 000	200 000	%	122,262	366 786,00	0,57
5,625 % Aeropuerto Internacional de Tocumen SA -Reg-
2016/2036 ...............................	USD	500 000	250 000	%	108,426	542 132,50	0,84
6,00  % Aeropuerto Internacional de Tocumen SA -Reg-
2018/2048 ...............................	USD	199 116	200 000	884	%	109,968	218 962,78	0,34
3,125 % Africa Finance Corp. (MTN) 2020/2025 .........	USD	870 000	870 000	%	100,265	872 305,50	1,34
8,00  % Angolan Government International Bond (MTN)
2019/2029 ...............................	USD	200 000	%	82,875	165 750,00	0,26
8,25  % Angolan Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	310 000	%	82,974	257 220,95	0,40
8,25  % Angolan Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	200 000	200 000	%	82,974	165 949,00	0,26
9,375 % Angolan Government International Bond -Reg-
2018/2048 ...............................	USD	200 000	%	81,938	163 875,00	0,25
9,125 % Angolan Government International Bond -Reg-
2019/2049 ...............................	USD	250 000	250 000	%	81,846	204 615,00	0,32
5,875 % Argentine Republic Government International
Bond (MTN) 2018/2028 .....................	USD	700 000	%	40,32	282 243,50	0,43
6,875 % Argentine Republic Government International
Bond 2017/2021 ...........................	USD	600 000	%	42,04	252 240,00	0,39
6,625 % Argentine Republic Government International
Bond 2017/2028 ...........................	USD	550 000	%	40,146	220 800,25	0,34
7,125 % Argentine Republic Government International
Bond 2017/2036 ...........................	USD	700 000	%	39,536	276 752,00	0,43
6,875 % Argentine Republic Government International
Bond 2018/2048 ...........................	USD	600 000	%	39,008	234 048,00	0,36
7,00  % Bahrain Government International Bond -Reg-
2016/2028 ...............................	USD	350 000	350 000	%	111,828	391 396,25	0,60
5,00  % Banque Ouest Africaine de Developpement -Reg-
(MTN) 2017/2027 ..........................	USD	1 000 000	%	104,963	1 049 630,00	1,62
4,70  % Banque Ouest Africaine de Developpement -Reg-
2019/2031 ...............................	USD	700 000	%	101,042	707 297,50	1,09
4,00  % China Development Bank (MTN) 2017/2037 .....	USD	200 000	200 000	%	118,235	236 470,00	0,36
3,875 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2029 ...	USD	200 000	200 000	%	108,666	217 332,00	0,33
6,125 % Colombia Government International Bond
2009/2041 ...............................	USD	400 000	%	124,206	496 824,00	0,77
4,50  % Colombia Government International Bond
2015/2026 ...............................	USD	250 000	250 000	%	108,577	271 442,50	0,42
4,75  % Comision Federal de Electricidad 2016/2027 .....	USD	200 000	%	105,394	210 789,00	0,32
4,875 % Comision Federal de Electricidad -Reg- 2013/2024	USD	500 000	%	105,658	528 287,50	0,81 4,75 % Corp Financiera de Desarrollo SA -Reg- (MTN)
2015/2025 ...............................	USD	400 000	400 000	%	109,656	438 626,00	0,68
4,875 % Corp. Nacional del Cobre de Chile -Reg- 2014/2044	USD	200 000	200 000	%	118,931	237 862,00	0,37
4,375 % Corp. Nacional del Cobre de Chile -Reg- 2019/2049	USD	200 000	%	113,431	226 862,00	0,35 7,00 % Costa Rica Government International Bond
2014/2044 ...............................	USD	200 000	%	82,16	164 320,00	0,25
7,25 % Development Bank of Mongolia LLC -Reg-
(MTN) 2018/2023 ..........................	USD	200 000	%	97,084	194 168,00	0,30
6,75 % Development Bank of the Republic of Belarus JSC
-Reg- (MTN) 2019/2024 .....................	USD	200 000	%	95,766	191 531,00	0,30
5,95  % Dominican Republic International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	500 000	500 000	%	100,774	503 870,00	0,78
6,00  % Dominican Republic International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	400 000	250 000	%	100,69	402 762,00	0,62
| Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand	im Berichtszeitraum	USD	vermögen |
| USD | 400 000 | 400 000 |  | % | 90,464 | 361 856,00 | 0,56 |
| USD | 400 000 |  |  | % | 95,565 | 382 260,00 | 0,59 |
| USD | 1 000 000 |  |  | % | 100,41 | 1 004 105,00 | 1,55 |
| USD | 200 000 | 200 000 |  | % | 43,052 | 86 104,00 | 0,13 |
| USD | 500 000 |  |  | % | 42,11 | 210 547,50 | 0,32 |
| USD | 500 000 |  |  | % | 41,3 | 206 500,00 | 0,32 |
| USD | 490 000 |  |  | % | 44,157 | 216 369,30 | 0,33 |
| USD | 250 000 | 250 000 |  | % | 42,749 | 106 872,50 | 0,16 |
| USD | 200 000 | 200 000 | 400 000 | % | 105,109 | 210 218,00 | 0,32 |
| USD | 300 000 |  | 200 000 | % | 102,124 | 306 373,50 | 0,47 |
| USD | 400 000 |  |  | % | 98,146 | 392 586,00 | 0,61 |
| USD | 200 000 |  |  | % | 95,308 | 190 616,00 | 0,29 |
| USD | 200 000 | 300 000 | 100 000 | % | 91,856 | 183 713,00 | 0,28 |
| USD | 200 000 |  | 100 000 | % | 87,53 | 175 061,00 | 0,27 |
| USD | 200 000 | 200 000 |  | % | 117,664 | 235 328,00 | 0,36 |
| USD | 200 000 |  |  | % | 94,822 | 189 643,00 | 0,29 |
| USD | 200 000 |  |  | % | 93,014 | 186 027,00 | 0,29 |
| USD | 510 000 |  |  | % | 100,358 | 511 825,80 | 0,79 |
| USD | 450 000 |  |  | % | 100,418 | 451 881,00 | 0,70 |
| USD | 250 000 |  |  | % | 96,934 | 242 335,00 | 0,37 |
| USD | 450 000 |  |  | % | 97,5 | 438 750,00 | 0,68 |
| USD | 250 000 |  |  | % | 125,59 | 313 976,25 | 0,48 |
| USD | 200 000 | 200 000 |  | % | 89,843 | 179 686,00 | 0,28 |
| USD | 400 000 | 400 000 |  | % | 101,796 | 407 182,00 | 0,63 |
| USD | 250 000 |  |  | % | 101,76 | 254 398,75 | 0,39 |
| USD | 350 000 |  |  | % | 94,456 | 330 594,25 | 0,51 |
| USD | 200 000 |  |  | % | 92,14 | 184 280,00 | 0,28 |
| USD | 200 000 | 200 000 |  | % | 91,229 | 182 458,00 | 0,28 |
| USD | 250 000 |  |  | % | 103,745 | 259 362,50 | 0,40 |
| USD | 250 000 |  |  | % | 108,424 | 271 058,75 | 0,42 |
| USD | 100 000 |  | 150 000 | % | 168,002 | 168 002,50 | 0,26 |
| USD | 200 000 | 200 000 |  | % | 99,305 | 198 610,00 | 0,31 |
| USD | 250 000 | 250 000 |  | % | 118,801 | 297 002,50 | 0,46 |
| USD | 200 000 | 200 000 |  | % | 107,308 | 214 617,00 | 0,33 |
| USD | 220 000 | 220 000 |  | % | 112,382 | 247 240,40 | 0,38 |
| USD | 250 000 | 450 000 | 200 000 | % | 111,802 | 279 506,25 | 0,43 |
| USD | 500 000 |  |  | % | 99,452 | 497 262,50 | 0,77 |
| USD | 332 000 |  | 20 000 | % | 98,848 | 328 177,02 | 0,51 |
| USD | 400 000 | 400 000 |  | % | 102,537 | 410 148,00 | 0,63 |
| USD | 200 000 | 200 000 |  | % | 100,098 | 200 197,00 | 0,31 |
| USD | 400 000 |  | 200 000 | % | 133,286 | 533 142,00 | 0,82 |
| USD | 200 000 | 200 000 |  | % | 108,71 | 217 420,00 | 0,34 |
| USD | 250 000 |  |  | % | 116,914 | 292 286,25 | 0,45 |
| USD | 200 000 |  |  | % | 99,03 | 198 061,00 | 0,31 |
| USD | 50 000 |  | 200 000 | % | 99,03 | 49 515,25 | 0,08 |

4,50 % Dominican Republic International Bond -Reg- (MTN) 2020/2030 .......................... 
6,85 % Dominican Republic International Bond -Reg- 2015/2045 ............................... 
4,875 % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 ..................... 
9,65  % Ecuador Government International Bond (MTN)
-Reg- 2016/2026 ........................... 
8,875 % Ecuador Government International Bond -Reg- (MTN) 2017/2027 .......................... 
7,875 % Ecuador Government International Bond -Reg- (MTN) 2018/2028 .......................... 
7,875 % Ecuador Government International Bond -Reg- (MTN) 2019/2025 .......................... 
9,50 % Ecuador Government International Bond -Reg- 2019/2030 ............................... 
7,50  % Egypt Government International Bond -Reg-
(MTN) 2017/2027 .......................... 
7,60  % Egypt Government International Bond -Reg-
(MTN) 2019/2029 .......................... 
8,50 % Egypt Government International Bond -Reg- 2017/2047 ............................... 
7,053 % Egypt Government International Bond -Reg- 2019/2032 ............................... 
8,25 % El Salvador Government International Bond -Reg- 2002/2032 ............................... 
5,875 % El Salvador Government International Bond -Reg- 2012/2025 ............................... 
5,125 % Empresa de Transmision Electrica SA -Reg- 2019/2049 ............................... 
6,75 % Eskom Holdings SOC Ltd -Reg- (MTN) 2013/2023 7,125 % Eskom Holdings SOC Ltd -Reg- (MTN) 2015/2025 6,35 % Eskom Holdings SOC Ltd -Reg- (MTN) 2018/2028 6,625 % Ethiopia International Bond -Reg- (MTN) 2014/2024 5,375 % Export Credit Bank of Turkey -Reg- (MTN)
2016/2023 ............................... 
6,125 % Export Credit Bank of Turkey -Reg- (MTN) 2018/2024 ............................... 
4,00 % Export-Import Bank of China/The (MTN) 2017/2047 6,625 % Gabon Government International Bond -Reg-
2020/2031 ............................... 
7,75 % Georgian Railway LLC (MTN) 2012/2022 ........ 8,125 % Ghana Government International Bond -Reg-
2014/2026 ............................... 
8,125 % Ghana Government International Bond -Reg- 2019/2032 ............................... 
8,95 % Ghana Government International Bond -Reg- 2019/2051 ............................... 
7,875 % Ghana Government International Bond -Reg- 2020/2035 ............................... 
4,375 % Guatemala Government International Bond
(MTN) 2017/2027 .......................... 
7,50 % Honduras Government International Bond -Reg- 2013/2024 ............................... 
7,625 % Hungary Government International Bond 2011/2041 ............................... 
3,249 % Indian Railway Finance Corp., Ltd -Reg- (MTN) 2020/2030 ............................... 
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 ............................... 
4,20 % Indonesia Government International Bond 2020/2050 ............................... 
6,95  % Instituto Costarricense de Electricidad -Reg-
(MTN) 2011/2021 .......................... 
5,75 % Ivory Coast Government International Bond -Reg- 2010/2032 * .............................. 
6,375 % Ivory Coast Government International Bond -Reg- 2015/2028 ............................... 
6,125 % Ivory Coast Government International Bond -Reg- 2017/2033 ............................... 
6,95 % Kazakhstan Temir Zholy Finance BV -Reg- 2040/2042 ............................... 
4,75 % KazMunayGas National Co. JSC -Reg- (MTN) 2017/2027 ............................... 
5,75 % KazMunayGas National Co. JSC -Reg- 2017/2047 . 7,25 % Kenya Government International Bond -Reg-
(MTN) 2018/2028 .......................... 
7,25  % Kenya Government International Bond -Reg-
(MTN) 2018/2028 .......................... 
7,00  % Kenya Government International Bond -Reg-
(MTN) 2019/2027 ..........................	USD	350 000	%	99,03	346 605,00	0,53
8,25  % Kenya Government International Bond -Reg-
2018/2048 ...............................	USD	200 000	%	98,84	197 680,00	0,30
6,60  % Lebanon Government International Bond
(MTN) 2011/2026 ..........................	USD	600 000	600 000	%	18,04	108 240,00	0,17
7,00  % Lebanon Government International Bond
2017/2032 ...............................	USD	600 000	600 000	%	17,983	107 898,00	0,17
4,236 % Malaysia Sovereign Sukuk Bhd -Reg- 2015/2045 .	USD	200 000	%	125,969	251 938,00	0,39
4,60 % Mexico Government International Bond 2015/2046	USD	200 000	200 000	%	102,804	205 607,00	0,32 5,625 % Mongolia Government International Bond -Reg-
(MTN) 2017/2023 ..........................	USD	200 000	200 000	%	100,197	200 394,00	0,31
7,625 % NAK Naftogaz Ukraine Via Kondor Finance PLC
-Reg- (MTN) 2019/2026 .....................	USD	200 000	200 000	%	97,48	194 960,00	0,30
5,25  % Namibia International Bonds -Reg- (MTN)
2015/2025 ...............................	USD	350 000	350 000	%	101,814	356 349,00	0,55
6,50  % Nigeria Government International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	650 000	250 000	%	95,302	619 459,75	0,95
7,625 % Nigeria Government International Bond -Reg-
(MTN) 2017/2047 ..........................	USD	450 000	200 000	%	89,582	403 119,00	0,62
8,747 % Nigeria Government International Bond -Reg-
2018/2031 ...............................	USD	200 000	%	100,294	200 589,00	0,31
7,625 % Oil and Gas Holding Co. BSCC/The -Reg- (MTN)
2018/2024 ...............................	USD	250 000	%	108,62	271 550,00	0,42
8,375 % Oil and Gas Holding Co., BSCC/The -Reg- (MTN)
2018/2028 ...............................	USD	250 000	%	110,557	276 392,50	0,43
4,75  % Oman Government International Bond -Reg-
(MTN) 2016/2026 ..........................	USD	500 000	300 000	%	92,79	463 947,50	0,72
5,375 % Oman Government International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	750 000	750 000	%	93,618	702 131,25	1,08
4,125 % Oman Government International Bond -Reg-
(MTN) 2018/2023 ..........................	USD	200 000	200 000	%	98,414	196 827,00	0,30
5,625 % Oman Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	500 000	300 000	%	93,706	468 532,50	0,72
6,50  % Oman Government International Bond -Reg-
2017/2047 ...............................	USD	250 000	%	86,874	217 186,25	0,33
8,25  % Pakistan Government International Bond -Reg-
(MTN) 2014/2024 ..........................	USD	200 000	200 000	%	104,68	209 359,00	0,32
6,875 % Pakistan Government International Bond -Reg-
(MTN) 2017/2027 ..........................	USD	200 000	200 000	%	98,75	197 501,00	0,30
4,50  % Panama Government International Bond 2018/2050	USD	350 000	%	122,548	428 919,75	0,66
3,16 % Panama Government International Bond 2019/2030	USD	200 000	200 000	%	107,932	215 863,00	0,33 6,10 % Paraguay Government International Bond -Reg-
2014/2044 ...............................	USD	250 000	250 000	%	121,911	304 777,50	0,47
6,50  % Pertamina Persero PT -Reg- 2011/2041 .........	USD	300 000	%	124,504	373 510,50	0,58
6,15  % Perusahaan Listrik Negara PT -Reg- (MTN)
2018/2048 ...............................	USD	250 000	%	125,026	312 566,25	0,48
3,875 % Perusahaan Listrik Negara PT -Reg- (MTN)
2019/2029 ...............................	USD	200 000	200 000	%	105,296	210 592,00	0,32
8,75  % Peruvian Government International Bond
2003/2033 ...............................	USD	200 000	200 000	%	167,077	334 154,00	0,51
5,625 % Peruvian Government International Bond
2010/2050 ...............................	USD	200 000	%	158,264	316 527,00	0,49
2,783 % Peruvian Government International Bond
2020/2031 ...............................	USD	200 000	200 000	%	106,739	213 478,00	0,33
5,299 % Petrobras Global Finance BV (MTN) 2018/2025 . . .	USD	200 000	200 000	%	103,929	207 858,00	0,32
4,75  % Petroleos del Peru SA -Reg- 2017/2032 ........	USD	300 000	%	111,302	333 906,00	0,51
5,625 % Petroleos del Peru SA -Reg- 2017/2047 ........	USD	200 000	200 000	%	117,389	234 778,00	0,36
6,35  % Petroleos Mexicanos 2018/2048 ..............	USD	250 000	250 000	%	73,498	183 745,00	0,28
4,55  % Petronas Capital Ltd -Reg- 2020/2050 ..........	USD	200 000	200 000	%	127,498	254 995,00	0,39
9,50  % Philippine Government International Bond
2005/2030 ...............................	USD	250 000	250 000	250 000	%	163,03	407 573,75	0,63
7,75  % Philippine Government International Bond
2006/2031 ...............................	USD	200 000	200 000	%	149,922	299 844,00	0,46
6,375 % Philippine Government International Bond
2009/2034 ...............................	USD	200 000	150 000	250 000	%	144,442	288 883,00	0,45
3,70  % Philippine Government International Bond
2016/2041 ...............................	USD	500 000	200 000	%	114,144	570 722,50	0,88
3,75  % Power Finance Corp., Ltd (MTN) 2017/2027 .....	USD	250 000	%	96,256	240 640,00	0,37
7,39  % Power Sector Assets & Liabilities Management
Corp. -Reg- 2009/2024 ......................	USD	200 000	200 000	%	123,038	246 075,00	0,38
4,00  % Qatar Government International Bond -Reg-
(MTN) 2019/2029 ..........................	USD	400 000	400 000	%	115,243	460 972,00	0,71
4,625 % Qatar Government International Bond -Reg-
2016/2046 ...............................	USD	400 000	%	129,153	516 612,00	0,80
5,103 % Qatar Government International Bond -Reg-
2018/2048 ...............................	USD	400 000	%	136,134	544 538,00	0,84
4,817 % Qatar Government International Bond -Reg-
2019/2049 ...............................	USD	200 000	%	131,733	263 466,00	0,41
5,875 % Republic of Belarus Ministry of Finance -Reg-
(MTN) 2020/2026 ..........................	USD	280 000	280 000	%	97,086	271 840,80	0,42
5,65  % Republic of South Africa Government Bond
2017/2047 ...............................	USD	200 000	%	87,37	174 740,00	0,27
| Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand	im Berichtszeitraum	USD	vermögen |
| USD | 200 000 |  |  | % | 101,808 | 203 615,00 | 0,31 |
| USD | 200 000 | 400 000 | 200 000 | % | 87 | 174 001,00 | 0,27 |
| USD | 250 000 |  |  | % | 83,31 | 208 276,25 | 0,32 |
| USD | 100 000 | 100 000 | 250 000 | % | 108,965 | 108 965,00 | 0,17 |
| USD | 250 000 |  |  | % | 118,5 | 296 250,00 | 0,46 |
| USD | 300 000 | 300 000 |  | % | 172,262 | 516 787,50 | 0,80 |
| USD | 200 000 |  |  | % | 135,95 | 271 899,00 | 0,42 |
| USD | 200 000 |  |  | % | 132,625 | 265 250,00 | 0,41 |
| USD | 200 000 | 200 000 |  | % | 99,27 | 198 541,00 | 0,31 |
| USD | 200 000 | 200 000 |  | % | 108,302 | 216 604,00 | 0,33 |
| USD | 200 000 | 200 000 |  | % | 108,24 | 216 481,00 | 0,33 |
| USD | 400 000 |  |  | % | 115,252 | 461 010,00 | 0,71 |
| USD | 200 000 | 200 000 | 400 000 | % | 110,128 | 220 257,00 | 0,34 |
| USD | 450 000 |  |  | % | 124,026 | 558 117,00 | 0,86 |
| USD | 400 000 |  |  | % | 118,255 | 473 020,00 | 0,73 |
| USD | 200 000 | 200 000 | 350 000 | % | 105,265 | 210 530,00 | 0,32 |
| USD | 200 000 |  |  | % | 97,084 | 194 167,00 | 0,30 |
| USD | 200 000 | 200 000 |  | % | 147,999 | 295 998,00 | 0,46 |
| USD | 200 000 |  |  | % | 114,4 | 228 800,00 | 0,35 |
| USD | 450 000 | 250 000 | 200 000 | % | 115,278 | 518 751,00 | 0,80 |
| USD | 700 000 |  |  | % | 67,628 | 473 396,00 | 0,73 |
| USD | 400 000 |  |  | % | 65,852 | 263 406,00 | 0,41 |
| USD | 600 000 |  | 600 000 | % | 71,125 | 426 750,00 | 0,66 |
| USD | 200 000 |  |  | % | 70,348 | 140 695,00 | 0,22 |
| USD | 200 000 |  |  | % | 118,254 | 236 509,00 | 0,36 |
| USD | 800 000 |  |  | % | 95,721 | 765 768,00 | 1,18 |
| USD | 400 000 | 400 000 |  | % | 93,726 | 374 906,00 | 0,58 |
| USD | 200 000 | 200 000 |  | % | 93,062 | 186 123,00 | 0,29 |
| USD | 400 000 | 400 000 |  | % | 89,93 | 359 720,00 | 0,55 |
| USD | 300 000 |  |  | % | 77,5 | 232 500,00 | 0,36 |
| USD | 200 000 |  |  | % | 107,731 | 215 462,00 | 0,33 |
| USD | 300 000 |  | 250 000 | % | 100,474 | 301 422,00 | 0,46 |
| USD | 330 000 |  |  | % | 99,222 | 327 432,60 | 0,50 |
| USD | 800 000 |  |  | % | 128,624 | 1 028 992,00 | 1,59 |
| USD | 200 000 | 200 000 |  | % | 127,563 | 255 126,00 | 0,39 |
| USD | 400 000 |  | 400 000 | % | 119,344 | 477 378,00 | 0,74 |
| USD | 400 000 |  |  | % | 53,242 | 212 968,00 | 0,33 |

5,875 % Republic of South Africa Government Bond 2018/2030 ............................... 
5,75 % Republic of South Africa Government International Bond 2019/2049 ........................... 
7,125 % Republic of Tajikistan International Bond -Reg- (MTN) 2017/2027 .......................... 
4,875 % Romanian Government International Bond -Reg- (MTN) 2014/2024 .......................... 
5,125 % Romanian Government International Bond -Reg- 2018/2048 ............................... 
12,75 % Russian Foreign Bond - Eurobond -Reg- 1998/2028 5,625 % Russian Foreign Bond - Eurobond -Reg- 2012/2042 5,25 % Russian Foreign Bond - Eurobond -Reg- 2017/2047 6,625 % Rwanda International Government Bond -Reg-
(MTN) 2013/2023 .......................... 
3,50 % Saudi Arabian Oil Co. -Reg- (MTN) 2019/2029 .... 3,25 % Saudi Government International Bond (MTN)
2016/2026 ............................... 
4,50 % Saudi Government International Bond (MTN) 2016/2046 ............................... 
3,625 % Saudi Government International Bond -Reg-
(MTN) 2017/2028 .......................... 
5,00 % Saudi Government International Bond -Reg- 2018/(MTN)/2049 .......................... 
4,50 % Saudi Government International Bond -Reg- 2018/2030 ............................... 
6,25 % Senegal Government International Bond -Reg- (MTN) 2014/2024 .......................... 
6,75 % Senegal Government International Bond -Reg- 2018/2048 ............................... 
6,30 % Sinochem Overseas Capital Co., Ltd -Reg- 2010/2040 ............................... 
3,68  % Sinopec Group Overseas Development 2018
Ltd -Reg- 2019/2049 ........................ 
6,875 % Southern Gas Corridor CJSC -Reg- (MTN) 2016/2026 ............................... 
6,85 % Sri Lanka Government International Bond -Reg- (MTN) 2015/2025 .......................... 
6,20 % Sri Lanka Government International Bond -Reg- (MTN) 2017/2027 .......................... 
5,75 % Sri Lanka Government International Bond -Reg- (MTN) 2018/2023 .......................... 
6,85 % Sri Lanka Government International Bond -Reg- (MTN) 2019/2024 .......................... 
6,95 % State Oil Co. of the Azerbaijan Republic 2015/2030 5,125 % TC Ziraat Bankasi AS -Reg- (MTN) 2017/2023 .... 5,25 % Trinidad Generation UnLtd -Reg- 2016/2027 ..... 4,875 % Turkey Government International Bond (MTN)
2016/2026 ............................... 
5,25 % Turkey Government International Bond (MTN) 2020/2030 ............................... 
4,875 % Turkey Government International Bond 2013/2043 8,994 % Ukraine Government International Bond -Reg-
(MTN) 2018/2024 ** ....................... 
7,375 % Ukraine Government International Bond -Reg- 2017/2032 ............................... 
8,25 % Ukraine Railways Via Rail Capital Markets PLC (MTN) 2019/2024 .......................... 
5,10 % Uruguay Government International Bond 2014/2050 ............................... 
4,975 % Uruguay Government International Bond 2018/2055 ............................... 
6,80 % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025 ............................... 
8,97 % Zambia Government International Bond -Reg- 2015/2027 ............................... 
An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	6 179 627,75	9,53
Verzinsliche Wertpapiere
| 2013/2023	USD | 1 000 000 |  | % | 94,487 | 944 870,00 | 1,46 |
| --- | --- | --- | --- | --- | --- | --- |
| 2013/2023	USD | 300 000 |  | % | 98,416 | 295 249,50 | 0,46 |
| 7,375 % Colombia Government International Bond |  |  |  |  |  |  |
| 2006/2037 ...............................  | USD | 600 000 | % | 136,489 | 818 934,00 | 1,26 |
| 5,625 % Corp Nacional del Cobre de Chile -Reg- 2013/2043 | USD | 400 000 | % | 129,606 | 518 424,00 | 0,80 |
| 6,40  % Dominican Republic International Bond -Reg- |  |  |  |  |  |  |  |
| 2019/2049 ...............................  | USD | 200 000 |  | % | 91,372 | 182 744,00 | 0,28 |
| 3,75  % Empresa Nacional del Petroleo (MTN) 2016/2026 . | USD | 200 000 | 200 000 | % | 103,7 | 207 399,00 | 0,32 |
| 6,625 % Indonesia Government International Bond -Reg- |  |  |  |  |  |  |  |
| 2007/2037 ...............................  | USD | 200 000 | 200 000 | % | 137,074 | 274 148,00 | 0,42 |
| 4,375 % KazTransGas JSC -Reg- (MTN) 2017/2027 .......  | USD | 400 000 |  | % | 108,098 | 432 392,00 | 0,67 |

4,40 % 1MDB Global Investments Ltd -Reg- (MTN) 6,25  % Banco Nacional de Costa Rica -Reg- (MTN)
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | USD |  | vermögen |
| 7,50 | % Oil and Gas Holding Co., BSCC/The -Reg- (MTN) 2017/2027 ...............................  | USD | 250 000 |  | % | 107,594 |  | 268 985,00 | 0,41 |
| 9,00 | % Petroleos de Venezuela SA -Reg- (MTN) 2011/2021 ...............................  | USD | 400 000 |  | % | 2,875 |  | 11 500,00 | 0,02 |
| 6,00 | % Petroleos de Venezuela SA -Reg- 2013/2026 ....  | USD | 1 500 000 |  | % | 2,875 |  | 43 125,00 | 0,07 |
| 6,50 | % Petroleos Mexicanos 2011/2041 ..............  | USD | 300 000 |  | % | 75,847 |  | 227 541,00 | 0,35 |
| 6,75 | % Petroleos Mexicanos 2017/2047 ..............  | USD | 100 000 |  | % | 76,38 |  | 76 380,00 | 0,12 |
| 6,49 | % Petroleos Mexicanos -Reg- (MTN) 2019/2027 ....  | USD | 200 000 | 140 000 | % | 90,694 |  | 181 387,00 | 0,28 |
| 6,84 | % Petroleos Mexicanos -Reg- 2019/2030 .........  | USD | 300 000 | 300 000 | % | 87,024 |  | 261 073,50 | 0,40 |
| 7,69 | % Petroleos Mexicanos -Reg- 2019/2050 .........  | USD | 300 000 |  | % | 82,21 |  | 246 631,50 | 0,38 |
| 9,75 | % Qatar Government International Bond -Reg- 2000/2030 ...............................  | USD | 200 000 |  | % | 166,365 |  | 332 730,00 | 0,51 |
| 7,65 | % Republic of El Salvador -Reg- 2005/2035 ........  | USD | 250 000 |  | % | 86,444 |  | 216 111,25 | 0,33 |
| 7,625 % Republic of Turkey (MTN) 2019/2029 ..........  | USD | 300 000 | 300 000 |  | % | 105,518 | 316 552,50 | 0,49 |
| 4,00  % Transnet Ltd -Reg- (MTN) 2012/2022 ..........  7,00 % Venezuela Government International Bond 2007/2038 ...............................  | USD USD | 300 000 500 000 | 300 000 | 400 000 | % % | 97,401 6,25 | 292 203,00 31 247,50 | 0,45 0,05 |

Summe Wertpapiervermögen	59 698 506,18	92,04
Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -246 335,80 | -0,38 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen EUR/USD 37,1 Mio.  ...............................  |  |  | -249 217,00 | -0,38 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen USD/EUR 1 Mio. ..................................  |  |  | 6 633,44 | 0,01 |
| Geschlossene Positionen USD/EUR 3,5 Mio.  ................................  |  |  | -3 752,24 | -0,01 |
| Bankguthaben |  |  | 4 424 941,71 | 6,83 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 252 284 | 282 747,25 | 0,44 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar .........................................  | USD |  | 4 142 194,46 | 6,39 |
| Sonstige Vermögensgegenstände |  |  | 1 111 724,63 | 1,71 |
| Zinsansprüche ....................................  |  |  | 1 071 280,51 | 1,65 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 40 444,12 | 0,06 |
| Forderungen aus Anteilscheingeschäften |  |  | 31,06 | 0,00 |
| Summe der Vermögensgegenstände *** |  |  | 65 241 837,02 | 100,59 |
| Sonstige Verbindlichkeiten |  |  | -108 634,80 | -0,17 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -108 634,80 | -0,17 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -18 873,05 | -0,03 |
| Summe der Verbindlichkeiten |  |  | -380 477,09 | -0,59 |
| Fondsvermögen |  |  | 64 861 359,93 | 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 | 90,22 |
| Klasse LDH .......................................  | EUR | 90,09 |
| Klasse USD IC ....................................  | USD | 130,18 |
| Klasse USD XC ....................................  | USD | 95,95 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse IDH .......................................  | Stück | 169 836,444 |
| Klasse LDH .......................................  | Stück | 242 677,277 |
| Klasse USD IC ....................................  | Stück | 172 953,000 |
| Klasse USD XC ....................................  | Stück | 7 001,000 |

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 .....................  | % | 101,036 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 127,022 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 110,445 |

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 8 975 200,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
Vertragspartner der Devisentermingeschäfte
BNP Paribas SA, JP Morgan, Royal Bank of Canada (UK), State Street Bank London und UBS AG
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 |
| --- | --- | --- | --- | --- |
| 8,994 % Ukraine Government International Bond -Reg- |
| (MTN) 2018/2024	USD | 200 000 | 215 462,00 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 215 462,00 | 215 462,00 |
| Vertragspartner der Wertpapier-Darlehen Crédit Suisse Securities (Europe) Ltd. FI |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen |  | USD USD | 205 663,61 205 663,61 |
| Devisenkurse (in Mengennotiz) |  |  |  |

per 30.6.2020 Euro .......................... EUR	0,892260	= USD	1
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.
* Variabler Zinssatz.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.