# DWS Invest Emerging Markets Opportunities
| DWS INVEST | EMERGING MARKETS | OPPORTUNITIES |
| --- | --- | --- |
| Performance of Share class | share classes (in EUR) ISIN | 6 months |
| Class LC | LU1747710736 | -25.9% |
| Class FC | LU1747710579 | -25.7% |
| Class IC | LU1747710652 | -25.6% |
| Class IC100 | LU1747710819 | -25.5% |
| Class ID50 | LU1862379432 | -25.5% |
| Class XC | LU1747710900 | -25.5% |

“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
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, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 69 122 944.30 | 29.80 |
| Central governments | 157 851 987.81 | 68.03 |
| Total bonds | 226 974 932.11 | 97.83 |
| 2. Derivatives | -4 983 058.99 | -2.15 |
| 3. Cash at bank | 4 757 736.81 | 2.05 |
| 4. Other assets | 5 410 583.62 | 2.33 |
| II. Liabilities |  |  |
| 1. Other liabilities | -140 255.27 | -0.06 |
| III. Net assets | 232 019 938.28 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 226 187 259.51 | 97.49 |
| Interest-bearing securities 3.50 % Albania Government International Bond -Reg- (MTN) 2020/2027 .........................  | EUR | 2 090 000 |  | 500 000 | % | 85.47 | 1 786 323.00 | 0.77 |
| 2.75  % Banque Ouest Africaine de Developpement -Reg- |  |  |  |  |  |  |  |  |
| 2021/2033 ...............................  | EUR | 1 970 000 | % | 81.321 | 1 602 023.70 | 0.69 |
| 4.875 % Benin Government International Bond -Reg- 2021/2032 ...............................  | EUR | 14 000 000 |  |  | % | 72.151 | 10 101 140.00 | 4.35 |
| 7.50  % BOI Finance BV -Reg- (MTN) 2022/2027 .......  | EUR | 2 620 000 | 2 620 000 |  | % | 81.539 | 2 136 321.80 | 0.92 |
| 3.50 % Bulgarian Energy Holding EAD (MTN) 2018/2025 5.625 % Egypt Government International Bond -Reg- 2018/2030 ...............................  | EUR EUR | 1 500 000 4 000 000 |  | 500 000 | % % | 93.157 62.612 | 1 397 355.00 2 504 480.00 | 0.60 1.08 |
| 6.375 % Egypt Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2031 ...............................  | EUR | 12 100 000 | 2 600 000 | % | 63.27 | 7 655 670.00 | 3.30 |
| 4.35  % Fortune Star BVI Ltd 2019/2023 ..............  4.25 % Hungary Government International Bond -Reg- (MTN) 2022/2031 .........................  | EUR EUR | 1 017 000 2 440 000 | 2 440 000 | % % | 78.667 95.248 | 800 043.39 2 324 051.20 | 0.35 1.00 |
| 5.25  % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2030 ...............................  | EUR | 8 000 000 | % | 79.053 | 6 324 240.00 | 2.73 |
| 5.875 % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2031 ...............................  2.875 % Montenegro Government International Bond -Reg- (MTN) 2020/2027 .........................  | EUR EUR | 7 030 000 1 000 000 | % % | 79.05 77.609 | 5 557 215.00 776 090.00 | 2.40 0.33 |
| 3.675 % North Macedonia Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2020/2026 .....................  | EUR | 1 290 000 | 1 000 000 | % | 89.357 | 1 152 705.30 | 0.50 |
| 5.95  % Republic of Cameroon International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2021/2032 ...............................  | EUR | 1 800 000 | % | 74.641 | 1 343 538.00 | 0.58 |
| 2.124 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2031 ...............................  | EUR | 6 000 000 | 6 000 000 | % | 70.996 | 4 259 760.00 | 1.84 |
| 2.625 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2040 ...............................  | EUR | 8 400 000 | 8 400 000 | % | 58.366 | 4 902 744.00 | 2.11 |
| 1.75  % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 .........................  | EUR | 7 000 000 | 4 100 000 | % | 71.364 | 4 995 480.00 | 2.15 |
| 4.75  % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 .........................  | EUR | 13 600 000 | 1 000 000 | % | 81.806 | 11 125 616.00 | 4.80 |
| 1.625 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| 2016/2028 ...............................  | EUR | 7 500 000 | % | 70.854 | 5 314 050.00 | 2.29 |
| 6.00  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2019/2025 .....................  | EUR | 1 640 000 |  | % | 97.684 | 1 602 017.60 | 0.69 |
| 3.125 % Africa Finance Corp. (MTN) 2020/2025 .........  8.25 % Angolan Government International Bond -Reg- (MTN) 2018/2028 .........................  | USD USD | 4 320 000 4 000 000 | 4 000 000 | % % | 93.912 83.361 | 3 895 156.62 3 201 422.52 | 1.68 1.38 |
| 8.00  % Angolan Government International Bond -Reg- (MTN) 2019/2029	USD 5.375 % Banco Santander Mexico SA Institucion de Banca | 5 000 000 | 5 000 000 |  | % | 79.576 | 3 820 077.71 | 1.65 |
| Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025	USD | 1 000 000 |  | 410 000 | % | 100.525 | 965 148.57 | 0.42 |
| 5.00 | % Banque Ouest Africaine de Developpement -Reg- (MTN) 2017/2027 .........................  | USD | 10 600 000 |  |  | % | 89.745 | 9 133 478.60 | 3.94 |
| 4.70 | % Banque Ouest Africaine de Developpement -Reg- 2019/2031 ...............................  | USD | 3 820 000 |  |  | % | 83.064 | 3 046 465.70 | 1.31 |
| 4.50 | % Colombia Government International Bond 2018/2029 ...............................  | USD | 4 100 000 | 5 100 000 | 1 000 000 | % | 85.83 | 3 378 648.86 | 1.46 |
| 3.348 | % Comision Federal de Electricidad -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2031 ...............................  | USD | 1 000 000 | 1 000 000 | % | 76.741 | 736 796.48 | 0.32 |
| 4.688 | % Comision Federal de Electricidad -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2022/2029 ...............................  | USD | 5 000 000 | 5 000 000 | % | 89.802 | 4 310 980.93 | 1.86 |
| 7.25 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | USD | 3 200 000 | % | 54.238 | 1 666 378.81 | 0.72 |
| 5.125 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ...............................  | USD | 2 310 000 | % | 44.442 | 985 656.67 | 0.42 |
| 3.875 | % Country Garden Holdings Co., Ltd (MTN) 2020/2030 ...............................  | USD | 2 300 000 |  |  | % | 42.214 | 932 189.98 | 0.40 |
| 6.75 | % Development Bank of the Republic of Belarus JSC -Reg- (MTN) 2019/2024 .....................  | USD | 5 000 000 |  |  | % | 13.138 | 630 694.95 | 0.27 |
| 6.00 | % Dominican Republic International Bond -Reg- (MTN) 2018/2028 .........................  | USD | 8 800 000 | 4 000 000 | 1 000 000 | % | 92.853 | 7 845 103.92 | 3.38 |
| 5.50 | % Dominican Republic International Bond -Reg- (MTN) 2022/2029 .........................  | USD | 2 000 000 | 2 000 000 |  | % | 86.769 | 1 666 152.22 | 0.72 |
| 4.875 | % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 .....................  | USD | 3 010 000 |  | 1 000 000 | % | 94.417 | 2 728 580.56 | 1.18 |
| 4.125 | % Eastern & Southern African Trade & Development Bank (MTN) 2021/2028 .....................  | USD | 4 430 000 |  |  | % | 82.345 | 3 502 362.13 | 1.51 |
| 6.875 | % Ecopetrol SA (MTN) 2020/2030 ..............  | USD | 6 500 000 | 2 500 000 |  | % | 88.288 | 5 509 790.98 | 2.37 |
| 4.625 | % Ecopetrol SA (MTN) 2021/2031 ..............  | USD | 2 000 000 | 2 000 000 |  | % | 75.352 | 1 446 921.16 | 0.62 |
| 5.00 | % Ecuador Government International Bond -Reg- (MTN) 2020/2030 .........................  | USD | 6 600 000 | 6 600 000 |  | % | 64.184 | 4 067 155.74 | 1.75 |
| 8.125 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2014/2026 ...............................  | USD | 11 000 000 | % | 72.099 | 7 614 510.94 | 3.28 |

| Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| USD | 3 500 000 |  | % | 49.137 | 1 651 188.94 | 0.71 |
| USD | 1 500 000 |  | % | 57.96 | 834 717.90 | 0.36 |
| USD | 4 000 000 |  | % | 72.539 | 2 785 810.97 | 1.20 |
| USD | 5 000 000 |  | % | 95.185 | 4 569 394.00 | 1.97 |
| USD | 2 500 000 | 500 000 | % | 100.913 | 2 422 184.47 | 1.04 |
| USD | 9 000 000 | 2 500 000 | % | 88.636 | 7 659 011.94 | 3.30 |
| USD | 5 000 000 | 8 600 000 | % | 76.4 | 3 667 612.56 | 1.58 |
| USD | 6 100 000 | 2 000 000 | % | 71.012 | 4 158 930.55 | 1.79 |
| USD | 2 500 000 |  | % | 101.2 | 2 429 073.24 | 1.05 |
| USD | 1 800 000 |  | % | 67.857 | 1 172 700.87 | 0.51 |
| USD | 940 000 |  | % | 55.76 | 503 234.85 | 0.22 |
| USD | 220 000 |  | % | 86.935 | 183 627.38 | 0.08 |
| USD | 6 000 000 |  | % | 15.274 | 879 881.38 | 0.38 |
| USD | 5 000 000 |  | % | 75.131 | 3 606 693.71 | 1.55 |
| USD | 5 000 000 |  | 1 500 000 | % | 85.674 | 4 112 814.64 | 1.77 |
| USD | 2 500 000 |  |  | % | 62.944 | 1 510 825.95 | 0.65 |
| USD | 3 600 000 | 3 600 000 |  | % | 88.015 | 3 042 140.60 | 1.31 |
| USD | 3 000 000 | 1 000 000 |  | % | 72.578 | 2 090 481.55 | 0.90 |
| USD | 4 000 000 |  |  | % | 12.182 | 467 841.43 | 0.20 |
| USD | 3 700 000 |  |  | % | 11.459 | 407 069.47 | 0.18 |
| USD | 1 800 000 |  |  | % | 11.366 | 196 426.58 | 0.08 |
| USD | 7 020 000 |  | 3 200 000 | % | 84.926 | 5 723 976.87 | 2.47 |
| USD | 12 500 000 |  | 3 500 000 | % | 80.479 | 9 658 566.47 | 4.16 |

7.625 % Ghana Government International Bond -Reg- 2018/2029 ............................... 
7.875 % Ghana Government International Bond -Reg- (MTN) 2019/2027 ............................... 
7.25 % Kenya Government International Bond -Reg- (MTN) 2018/2028 ............................... 
3.958 % Lamar Funding Ltd -Reg- (MTN) 2015/2025 ..... 
8.75 % Mongolia Government International Bond -Reg- (MTN) 2017/2024 ......................... 
5.25 % Namibia International Bonds -Reg- (MTN) 2015/2025 ............................... 
6.50 % Nigeria Government International Bond -Reg- (MTN) 2017/2027 ......................... 
7.143 % Nigeria Government International Bond -Reg- 2018/2030 ............................... 
7.50 % Oil and Gas Holding Co., BSCC -Reg- (MTN) 2017/2027 ............................... 
6.00 % Pakistan Government International Bond -Reg- (MTN) 2021/2026 ......................... 
7.50 % Pakistan Water & Power Development Authority (MTN) 2021/2031 ......................... 
8.375 % Papua New Guinea Government International Bond -Reg- (MTN) 2018/2028 ................ 
6.20 % Republic of Belarus International Bond -Reg- 2018/2030 ............................... 
7.00  % Republic of Kenya Government International
Bond -Reg- (MTN) 2019/2027 ................ 
4.30 % Republic of South Africa Government International Bond 2016/2028 .......................... 
7.125 % Republic of Tajikistan International Bond -Reg- (MTN) 2017/2027 ......................... 
5.375 % Republic of Uzbekistan International Bond -Reg- (MTN) 2019/2029 ......................... 
3.70 % Republic of Uzbekistan International Bond -Reg- (MTN) 2020/2030 ......................... 
4.75  % Shimao Group Holdings Ltd (MTN) 2017/2022 ... 
6.125 % Shimao Group Holdings Ltd (MTN) 2019/2024 ... 
5.60  % Shimao Group Holdings Ltd (MTN) 2019/2026 ... 
5.375 % TC Ziraat Bankasi AS -Reg- (MTN) 2021/2026 ... 4.875 % Turkey Government International Bond (MTN)
| USD | 2 500 000 | 2 500 000 |  | % | 71.766 | 1 722 577.77 | 0.74 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 5 500 000 |  |  | % | 83.72 | 4 420 913.30 | 1.91 |
| USD | 3 780 000 |  | 3 100 000 | % | 87.655 | 3 181 182.48 | 1.37 |
| USD | 5 000 000 |  |  | % | 82.232 | 3 947 580.05 | 1.70 |
| USD | 4 600 000 |  |  | % | 9.878 | 436 261.55 | 0.19 |
| Securities admitted to or included in organized markets |  |  |  |  |  | 787 672.60 | 0.34 |
| 6.378 % Republic of Belarus International Bond -Reg- 2020/2031	USD | 5 000 000 |  |  | % | 16.408 | 787 672.60 | 0.34 |
| Total securities portfolio |  |  | 226 974 932.11 | 97.83 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |
| Currency derivatives Receivables/payables |  |  | -4 983 058.99 | -2.15 |
| Forward currency transactions |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |
| Open positions EUR/USD 168.3 million ..............................  |  |  | -1 505 643.77 | -0.65 |
| Closed positions EUR/USD 173.3 million ..............................  |  |  | -3 477 415.22 | -1.50 |
| Cash at bank |  |  | 4 757 736.81 | 2.05 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  | 4 031 894.16 | 1.74 |
| Deposits in non-EU/EEA currencies |  |  |  |  |
| U.S. dollar ........................................  | USD | 756 001 | 725 842.65 | 0.31 |

2016/2026 ............................... 
| 5.25 | % Turkey Government International Bond (MTN) |
| --- | --- |
|  | 2020/2030 ...............................  |
| 5.75 | % Turkiye Ihracat Kredi Bankasi AS -Reg- (MTN) |
|  | 2021/2026 ...............................  |
| 5.25 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |
|  | 2020/2025 ...............................  |
| 5.50 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) |
|  | 2021/2026 ...............................  |
| 6.80 | % Vnesheconombank Via VEB Finance PLC -Reg- |
|  | 2010/2025 ...............................  |

Interest-bearing securities
| Other assets | 5 410 583.62 | 2.33 |
| --- | --- | --- |
| Interest receivable .................................  | 5 410 219.64 | 2.33 |
| Other receivables ..................................  | 363.98 | 0.00 |
| Total assets * | 237 143 252.54 | 102.21 |
| Other liabilities | -140 255.27 | -0.06 |
| Liabilities from cost items ............................  | -140 255.27 | -0.06 |
| Total liabilities | -5 123 314.26 | -2.21 |
| Net assets | 232 019 938.28 | 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 | 77.21 |
| Class IC ..........................................  | EUR | 77.74 |
| Class IC100 .......................................  | EUR | 78.46 |
| Class ID50 ........................................  | EUR | 71.14 |
| Class LC .........................................  | EUR | 75.20 |
| Class XC .........................................  | EUR | 78.31 |
| Number of shares outstanding Class FC .........................................  | Count | 131.903 |
| Class IC ..........................................  | Count | 676 728.000 |
| Class IC100 .......................................  | Count | 1 565 684.000 |
| Class ID50 ........................................  | Count | 505 372.000 |
| Class LC .........................................  | Count | 1 755.000 |
| Class XC .........................................  | Count | 261 414.000 |

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 ..................... . | % | 62.150 |
| --- | --- | --- |
| Highest market risk exposure ..................... . | % | 136.562 |
| Average market risk exposure..................... . | % | 98.516 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, 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 0.8, 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 492 480 547.90 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
Société Générale and Toronto Dominion Bank.
 Exchange rates (indirect quotes)	
As of June 30, 2022
U.S. dollar ..................... .  USD	1.041549	= 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, 2022-06-30):
# DWS Invest Emerging Markets Opportunities
DWS INVEST EMERGING MARKETS OPPORTUNITIES

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1747710736 | -25,9% |
| Klasse FC | LU1747710579 | -25,7% |
| Klasse IC | LU1747710652 | -25,6% |
| Klasse IC100 | LU1747710819 | -25,5% |
| Klasse ID50 | LU1862379432 | -25,5% |
| Klasse XC | LU1747710900 | -25,5% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest Emerging Markets Opportunities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 69 122 944,30 | 29,80 |
| Zentralregierungen | 157 851 987,81 | 68,03 |
| Summe Anleihen | 226 974 932,11 | 97,83 |
| 2. Derivate | -4 983 058,99 | -2,15 |
| 3. Bankguthaben | 4 757 736,81 | 2,05 |
| 4. Sonstige Vermögensgegenstände | 5 410 583,62 | 2,33 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -140 255,27 | -0,06 |
| III. Fondsvermögen | 232 019 938,28 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | 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 |  |  |  |  |  |  |  | 226 187 259,51 | 97,49 |
| Verzinsliche Wertpapiere 3,50 % Albania Government International Bond -Reg- (MTN) 2020/2027 .........................  | EUR | 2 090 000 |  | 500 000 | % |  | 85,47 | 1 786 323,00 | 0,77 |
| 2,75  % Banque Ouest Africaine de Developpement -Reg- |  |  |  |  |  |  |  |  |  |
| 2021/2033  ..............................  | EUR | 1 970 000 | % | 81,321 | 1 602 023,70 | 0,69 |
| 4,875 % Benin Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |
| 2021/2032  ..............................  | EUR | 14 000 000 |  |  | % | 72,151 | 10 101 140,00 | 4,35 |
| 7,50  % BOI Finance BV -Reg- (MTN) 2022/2027 .......  | EUR | 2 620 000 | 2 620 000 |  | % | 81,539 | 2 136 321,80 | 0,92 |
| 3,50 % Bulgarian Energy Holding EAD (MTN) 2018/2025 5,625 % Egypt Government International Bond -Reg- 2018/2030  ..............................  | EUR EUR | 1 500 000 4 000 000 |  | 500 000 | % % | 93,157 62,612 | 1 397 355,00 2 504 480,00 | 0,60 1,08 |
| 6,375 % Egypt Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2019/2031  ..............................  | EUR | 12 100 000 | 2 600 000 | % | 63,27 | 7 655 670,00 | 3,30 |
| 4,35  % Fortune Star BVI Ltd 2019/2023  .............  4,25 % Hungary Government International Bond -Reg- (MTN) 2022/2031 .........................  | EUR EUR | 1 017 000 2 440 000 | 2 440 000 | % % | 78,667 95,248 | 800 043,39 2 324 051,20 | 0,35 1,00 |
| 5,25  % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2018/2030  ..............................  | EUR | 8 000 000 | % | 79,053 | 6 324 240,00 | 2,73 |
| 5,875 % Ivory Coast Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2019/2031  ..............................  2,875 % Montenegro Government International Bond -Reg- (MTN) 2020/2027 .........................  | EUR EUR | 7 030 000 1 000 000 | % % | 79,05 77,609 | 5 557 215,00 776 090,00 | 2,40 0,33 |
| 3,675 % North Macedonia Government International Bond |  |  |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2020/2026 ....................  | EUR | 1 290 000 | 1 000 000 | % | 89,357 | 1 152 705,30 | 0,50 |
| 5,95  % Republic of Cameroon International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2021/2032  ..............................  | EUR | 1 800 000 | % | 74,641 | 1 343 538,00 | 0,58 |
| 2,124 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2019/2031  ..............................  | EUR | 6 000 000 | 6 000 000 | % | 70,996 | 4 259 760,00 | 1,84 |
| 2,625 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2020/2040  ..............................  | EUR | 8 400 000 | 8 400 000 | % | 58,366 | 4 902 744,00 | 2,11 |
| 1,75  % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030 .........................  | EUR | 7 000 000 | 4 100 000 | % | 71,364 | 4 995 480,00 | 2,15 |
| 4,75  % Senegal Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 .........................  | EUR | 13 600 000 | 1 000 000 | % | 81,806 | 11 125 616,00 | 4,80 |
| 1,625 % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |  |
| 2016/2028  ..............................  | EUR | 7 500 000 | % | 70,854 | 5 314 050,00 | 2,29 |
| 6,00  % Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2019/2025 ....................  | EUR | 1 640 000 |  | % | 97,684 | 1 602 017,60 | 0,69 |
| 3,125 % Africa Finance Corp. (MTN) 2020/2025 ........ 8,25 % Angolan Government International Bond -Reg- (MTN) 2018/2028 .........................  | USD USD | 4 320 000 4 000 000 | 4 000 000 | % % | 93,912 83,361 | 3 895 156,62 3 201 422,52 | 1,68 1,38 |
| 8,00  % Angolan Government International Bond -Reg- (MTN) 2019/2029	USD 5,375 % Banco Santander Mexico SA Institucion de Banca | 5 000 000 | 5 000 000 |  | % | 79,576 | 3 820 077,71 | 1,65 |
| Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025	USD | 1 000 000 |  | 410 000 | % | 100,525 | 965 148,57 | 0,42 |
| 5,00 | % Banque Ouest Africaine de Developpement -Reg- (MTN) 2017/2027 .........................  | USD | 10 600 000 |  |  | % | 89,745 | 9 133 478,60 | 3,94 |
| 4,70 | % Banque Ouest Africaine de Developpement -Reg- 2019/2031  ..............................  | USD | 3 820 000 |  |  | % | 83,064 | 3 046 465,70 | 1,31 |
| 4,50 | % Colombia Government International Bond 2018/2029  ..............................  | USD | 4 100 000 | 5 100 000 | 1 000 000 | % | 85,83 | 3 378 648,86 | 1,46 |
| 3,348 | % Comision Federal de Electricidad -Reg- (MTN) |  |  |  |  |  |  |  |  |  |  |
| 2021/2031  ..............................  | USD | 1 000 000 | 1 000 000 | % | 76,741 | 736 796,48 | 0,32 |
| 4,688 | % Comision Federal de Electricidad -Reg- (MTN) |  |  |  |  |  |  |  |  |  |  |
| 2022/2029  ..............................  | USD | 5 000 000 | 5 000 000 | % | 89,802 | 4 310 980,93 | 1,86 |
| 7,25 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |  |  |
| 2019/2026  ..............................  | USD | 3 200 000 | % | 54,238 | 1 666 378,81 | 0,72 |
| 5,125 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |  |  |
| 2020/2027  ..............................  | USD | 2 310 000 | % | 44,442 | 985 656,67 | 0,42 |
| 3,875 | % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |  |  |
| 6,75 | 2020/2030  ..............................  % Development Bank of the Republic of Belarus JSC -Reg- (MTN) 2019/2024 ....................  | USD USD | 2 300 000 5 000 000 |  |  | % % | 42,214 13,138 | 932 189,98 630 694,95 | 0,40 0,27 |
| 6,00 | % Dominican Republic International Bond -Reg- (MTN) 2018/2028 .........................  | USD | 8 800 000 | 4 000 000 | 1 000 000 | % | 92,853 | 7 845 103,92 | 3,38 |
| 5,50 | % Dominican Republic International Bond -Reg- (MTN) 2022/2029 .........................  | USD | 2 000 000 | 2 000 000 |  | % | 86,769 | 1 666 152,22 | 0,72 |
| 4,875 | % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024  ....................  | USD | 3 010 000 |  | 1 000 000 | % | 94,417 | 2 728 580,56 | 1,18 |
| 4,125 | % Eastern & Southern African Trade & Development Bank (MTN) 2021/2028  ....................  | USD | 4 430 000 |  |  | % | 82,345 | 3 502 362,13 | 1,51 |
| 6,875 | % Ecopetrol SA (MTN) 2020/2030 ..............  | USD | 6 500 000 | 2 500 000 |  | % | 88,288 | 5 509 790,98 | 2,37 |
| 4,625 | % Ecopetrol SA (MTN) 2021/2031 ..............  | USD | 2 000 000 | 2 000 000 |  | % | 75,352 | 1 446 921,16 | 0,62 |
| 5,00 | % Ecuador Government International Bond -Reg- (MTN) 2020/2030 .........................  | USD | 6 600 000 | 6 600 000 |  | % | 64,184 | 4 067 155,74 | 1,75 |
| 8,125 | % Ghana Government International Bond -Reg- |  |  |  |  |  |  |  |  |  |  |
| 2014/2026  ..............................  | USD | 11 000 000 | % | 72,099 | 7 614 510,94 | 3,28 |

| Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand	im Berichtszeitraum	EUR	vermögen |
| USD | 3 500 000 |  | % | 49,137 | 1 651 188,94 | 0,71 |
| USD | 1 500 000 |  | % | 57,96 | 834 717,90 | 0,36 |
| USD | 4 000 000 |  | % | 72,539 | 2 785 810,97 | 1,20 |
| USD | 5 000 000 |  | % | 95,185 | 4 569 394,00 | 1,97 |
| USD | 2 500 000 | 500 000 | % | 100,913 | 2 422 184,47 | 1,04 |
| USD | 9 000 000 | 2 500 000 | % | 88,636 | 7 659 011,94 | 3,30 |
| USD | 5 000 000 | 8 600 000 | % | 76,4 | 3 667 612,56 | 1,58 |
| USD | 6 100 000 | 2 000 000 | % | 71,012 | 4 158 930,55 | 1,79 |
| USD | 2 500 000 |  | % | 101,2 | 2 429 073,24 | 1,05 |
| USD | 1 800 000 |  | % | 67,857 | 1 172 700,87 | 0,51 |
| USD | 940 000 |  | % | 55,76 | 503 234,85 | 0,22 |
| USD | 220 000 |  | % | 86,935 | 183 627,38 | 0,08 |
| USD | 6 000 000 |  | % | 15,274 | 879 881,38 | 0,38 |
| USD | 5 000 000 |  | % | 75,131 | 3 606 693,71 | 1,55 |
| USD | 5 000 000 |  | 1 500 000 | % | 85,674 | 4 112 814,64 | 1,77 |
| USD | 2 500 000 |  |  | % | 62,944 | 1 510 825,95 | 0,65 |
| USD | 3 600 000 | 3 600 000 |  | % | 88,015 | 3 042 140,60 | 1,31 |
| USD | 3 000 000 | 1 000 000 |  | % | 72,578 | 2 090 481,55 | 0,90 |
| USD | 4 000 000 |  |  | % | 12,182 | 467 841,43 | 0,20 |
| USD | 3 700 000 |  |  | % | 11,459 | 407 069,47 | 0,18 |
| USD | 1 800 000 |  |  | % | 11,366 | 196 426,58 | 0,08 |
| USD | 7 020 000 |  | 3 200 000 | % | 84,926 | 5 723 976,87 | 2,47 |
| USD | 12 500 000 |  | 3 500 000 | % | 80,479 | 9 658 566,47 | 4,16 |
| USD | 2 500 000 | 2 500 000 |  | % | 71,766 | 1 722 577,77 | 0,74 |
| USD | 5 500 000 |  |  | % | 83,72 | 4 420 913,30 | 1,91 |
| USD | 3 780 000 |  | 3 100 000 | % | 87,655 | 3 181 182,48 | 1,37 |
| USD | 5 000 000 |  |  | % | 82,232 | 3 947 580,05 | 1,70 |
| USD | 4 600 000 |  |  | % | 9,878 | 436 261,55 | 0,19 |

7,625 % Ghana Government International Bond -Reg- 2018/2029  .............................. 
7,875 % Ghana Government International Bond -Reg- (MTN) 2019/2027  .............................. 
7,25 % Kenya Government International Bond -Reg- (MTN) 2018/2028  .............................. 
3,958 % Lamar Funding Ltd -Reg- (MTN) 2015/2025 .... 8,75 % Mongolia Government International Bond -Reg-
(MTN) 2017/2024 ......................... 
5,25 % Namibia International Bonds -Reg- (MTN) 2015/2025 .............................. 
6,50 % Nigeria Government International Bond -Reg- (MTN) 2017/2027 ......................... 
7,143 % Nigeria Government International Bond -Reg- 2018/2030 .............................. 
7,50 % Oil and Gas Holding Co., BSCC -Reg- (MTN) 2017/2027 .............................. 
6,00 % Pakistan Government International Bond -Reg- (MTN) 2021/2026 ......................... 
7,50 % Pakistan Water & Power Development Authority (MTN) 2021/2031 ......................... 
8,375 % Papua New Guinea Government International Bond -Reg- (MTN) 2018/2028 ............... 
6,20 % Republic of Belarus International Bond -Reg- 2018/2030 .............................. 
7,00  % Republic of Kenya Government International
Bond -Reg- (MTN) 2019/2027  ............... 
4,30 % Republic of South Africa Government International Bond 2016/2028 .......................... 
7,125 % Republic of Tajikistan International Bond -Reg- (MTN) 2017/2027 ......................... 
5,375 % Republic of Uzbekistan International Bond -Reg- (MTN) 2019/2029 ......................... 
3,70 % Republic of Uzbekistan International Bond -Reg- (MTN) 2020/2030 ......................... 
4,75 % Shimao Group Holdings Ltd (MTN) 2017/2022 .. 6,125 % Shimao Group Holdings Ltd (MTN) 2019/2024 .. 5,60 % Shimao Group Holdings Ltd (MTN) 2019/2026 .. 5,375 % TC Ziraat Bankasi AS -Reg- (MTN) 2021/2026 ... 4,875 % Turkey Government International Bond (MTN)
2016/2026  .............................. 
5,25 % Turkey Government International Bond (MTN) 2020/2030 .............................. 
5,75 % Turkiye Ihracat Kredi Bankasi AS -Reg- (MTN) 2021/2026 .............................. 
5,25 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2020/2025 .............................. 
5,50 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2021/2026 .............................. 
6,80 % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025 .............................. 
An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	787 672,60	0,34 Verzinsliche Wertpapiere
6,378 % Republic of Belarus International Bond -Reg-
| 5 000 000 | % | 16,408 | 787 672,60 | 0,34 |
| --- | --- | --- | --- | --- |
|  |  |  | 226 974 932,11 | 97,83 |

2020/2031	USD
Summe Wertpapiervermögen
Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -4 983 058,99 | -2,15 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/USD 168,3 Mio. ...............................  |  |  | -1 505 643,77 | -0,65 |
| Geschlossene Positionen EUR/USD 173,3 Mio. ...............................  |  |  | -3 477 415,22 | -1,50 |
| Bankguthaben |  |  | 4 757 736,81 | 2,05 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  | 4 031 894,16 | 1,74 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar ........................................  | USD | 756 001 | 725 842,65 | 0,31 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Sonstige Vermögensgegenstände |  |  |  | 5 410 583,62 | 2,33 |
| Zinsansprüche .....................................  |  |  |  | 5 410 219,64 | 2,33 |
| Sonstige Ansprüche ................................  |  |  |  | 363,98 | 0,00 |
| Summe der Vermögensgegenstände * |  |  |  | 237 143 252,54 | 102,21 |
| Sonstige Verbindlichkeiten |  |  |  | -140 255,27 | -0,06 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -140 255,27 | -0,06 |
| Summe der Verbindlichkeiten | -5 123 314,26 | -2,21 |
| Fondsvermögen | 232 019 938,28 | 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 | 77,21 |
| Klasse IC .........................................  | EUR | 77,74 |
| Klasse IC100 ......................................  | EUR | 78,46 |
| Klasse ID50 ......................................  | EUR | 71,14 |
| Klasse LC ........................................  | EUR | 75,20 |
| Klasse XC ........................................  | EUR | 78,31 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 131,903 |
| Klasse IC .........................................  | Stück | 676 728,000 |
| Klasse IC100 ......................................  | Stück | 1 565 684,000 |
| Klasse ID50 ......................................  | Stück | 505 372,000 |
| Klasse LC ........................................  | Stück | 1 755,000 |
| Klasse XC ........................................  | Stück | 261 414,000 |

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 ................. . | % | 62,150 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ................. . | % | 136,562 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . | % | 98,516 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 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 0,8, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende 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 492 480 547,90.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Société Générale und Toronto Dominion Bank.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022 US-Dollar ..................... . USD	1,041549	= 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.