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

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class IDH | LU0982740572 | -23.0% |
| Class TFCH | LU1663860127 | -23.1% |
| Class USD IC 1 | LU2182990833 | -22.4% |


##### JPM EMBI Global Diversified Inv Grade	-20.6%
1 
in USD
“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 IG Sovereign Debt
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 64 147 175.32 | 49.61 |
| Central governments | 55 048 928.67 | 42.53 |
| Total bonds | 119 196 103.99 | 92.14 |
| 2. Derivatives | 135 591.55 | 0.11 |
| 3. Cash at bank | 7 971 928.17 | 6.16 |
| 4. Other assets | 2 174 654.00 | 1.68 |
| II. Liabilities |  |  |
| 1. Other liabilities | -117 856.72 | -0.09 |
| III. Net assets | 129 360 420.99 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 119 196 103.99 | 92.14 |
| Interest-bearing securities 4.95 % Benin Government International Bond 2021/2035 | EUR | 1 500 000 |  |  | % | 65.69 | 1 026 290.79 | 0.79 |
| 7.50 % BOI Finance BV -Reg- (MTN) 2022/2027 .......  3.50 % Bulgarian Energy Holding EAD (MTN) 2018/2025 * ..............................  | EUR EUR | 1 750 000 2 000 000 | 1 750 000 |  | % % | 81.539 93.157 | 1 486 220.82 1 940 552.52 | 1.15 1.50 |
| 2.875 % Croatia Government International Bond (MTN) 2022/2032 ..............................  | EUR | 500 000 | 1 590 000 | 1 090 000 | % | 94.548 | 492 382.11 | 0.38 |
| 1.816 % EP Infrastructure AS (MTN) 2021/2031 .......  2.375 % Romanian Government International Bond -Reg- (MTN) 2017/2027 ........................  | EUR EUR | 520 000 1 000 000 | 1 000 000 |  | % % | 61.528 88.458 | 333 239.18 921 333.85 | 0.26 0.71 |
| 4.625 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2019/2049 ..............................  | EUR | 500 000 | 1 500 000 | % | 71.269 | 371 150.95 | 0.29 |
| 2.124 % Romanian Government International Bond -Reg- 2019/2031 ..............................  | EUR | 2 000 000 | 3 500 000 | 1 500 000 | % | 70.996 | 1 478 916.96 | 1.14 |
| 3.375 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2050 ..............................  | EUR | 1 000 000 | 1 000 000 | % | 59.615 | 620 919.73 | 0.48 |
| 1.75 % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2030	EUR | 1 920 000 |  |  | % | 71.364 | 1 427 119.45 | 1.10 |
| 2017/2047	USD | 1 500 000 |  |  | % | 94.811 | 1 422 165.00 | 1.10 |
| 5.125 % Aeropuerto Internacional de Tocumen SA -Reg- 2021/2061 ..............................  | USD | 2 000 000 |  |  | % | 78.741 | 1 574 820.00 | 1.22 |
| 3.75 % Africa Finance Corp. (MTN) 2019/2029 .........  | USD | 1 000 000 |  | 1 500 000 | % | 88.923 | 889 230.00 | 0.69 |
| 2.875 % Africa Finance Corp. -Reg- (MTN) 2021/2028 ...  2.50 % Banco Nacional de Panama -Reg- (MTN) 2020/2030 .........................  | USD USD | 1 630 000 2 750 000 | 750 000 |  | % % | 86.83 79.033 | 1 415 329.00 2 173 407.50 | 1.09 1.68 |
| 5.00 % Banque Ouest Africaine de Developpement -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2017/2027 .........................  | USD | 2 200 000 | % | 89.745 | 1 974 390.00 | 1.53 |
| 4.70 % Banque Ouest Africaine de Developpement -Reg- 2019/2031 ...............................  | USD | 3 000 000 | 460 000 |  | % | 83.064 | 2 491 920.00 | 1.93 |
| 3.10 % Chile Government International Bond 2021/2041 . | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 75.803 | 758 030.00 | 0.59 |
| 2.75 % Chile Government International Bond (MTN) 2022/2027 * ..............................  | USD | 1 000 000 | 5 890 000 | 4 890 000 | % | 92.945 | 929 445.87 | 0.72 |
| 3.50 % Chile Government International Bond 2022/2034 . | USD | 1 110 000 | 1 110 000 |  | % | 88.475 | 982 072.50 | 0.76 |
| 4.125 % CNAC HK Finbridge Co., Ltd (MTN) 2017/2027 * | USD | 2 000 000 |  |  | % | 97.365 | 1 947 300.00 | 1.51 |
| 3.375 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2024 . | USD | 1 500 000 |  |  | % | 98.956 | 1 484 340.00 | 1.15 |
| 3.00 % CNAC HK Finbridge Co., Ltd (MTN) 2020/2030 ..  4.875 % Comision Federal de Electricidad -Reg- 2013/2024 ..............................  | USD USD | 1 000 000 3 000 000 | 3 000 000 | 3 000 000 | % % | 86.531 99.852 | 865 310.00 2 995 560.00 | 0.67 2.32 |
| 3.348 % Comision Federal de Electricidad -Reg- (MTN) 2021/2031 * .............................  | USD | 2 000 000 | 2 000 000 |  | % | 76.741 | 1 534 820.00 | 1.19 |
| 4.677 % Comision Federal de Electricidad -Reg- 2021/2051 | USD | 500 000 |  | 1 500 000 | % | 67.541 | 337 705.00 | 0.26 |
| 3.875 % Comision Federal de Electricidad -Reg- 2021/2033 4.688 % Comision Federal de Electricidad -Reg- (MTN) 2022/2029 ..............................  | USD USD | 1 150 000 1 000 000 | 2 000 000 | 1 000 000 | % % | 76.068 89.802 | 874 782.00 898 020.00 | 0.68 0.69 |
| 2.40 % Corp. Financiera de Desarrollo SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2027 ...............................  | USD | 763 000 | % | 84.89 | 647 710.70 | 0.50 |
| 4.25 % Corp. Nacional del Cobre de Chile -Reg- |  |  |  |  |  |  |  |  |
| 2012/2042 ...............................  | USD | 1 500 000 | 1 000 000 | % | 83.161 | 1 247 415.00 | 0.96 |
| 3.15 % Corp. Nacional del Cobre de Chile -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ...............................  | USD | 2 000 000 | 2 000 000 | % | 87.542 | 1 750 840.00 | 1.35 |
| 2.95 % Development Bank of Kazakhstan -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2031 ...............................  | USD | 3 000 000 | 1 000 000 | % | 75.465 | 2 263 950.00 | 1.75 |
| 5.75 % Development Bank of Kazakhstan JSC -Reg- |  |  |  |  |  |  |  |  |
| 2022/2025 * ..............................  | USD | 2 330 000 | 2 330 000 | % | 99.88 | 2 327 204.00 | 1.80 |
| 5.625 % DP World Ltd/United Arab Emirates -Reg- |  |  |  |  |  |  |  |  |
| 2018/2048 ..............................  | USD | 750 000 | % | 93.993 | 704 947.50 | 0.54 |
| 9.40 % DP World Ltd/United Arab Emirates -Reg- |  |  |  |  |  |  |  |  |
| 2019/2049 ...............................  | USD | 2 000 000 | 500 000 | % | 82.046 | 1 640 920.00 | 1.27 |
| 3.068 % Empresa de los Ferrocarriles del Estado -Reg- |  |  |  |  |  |  |  |  |
| 2020/2050 ..............................  | USD | 1 000 000 | 558 000 | % | 60.508 | 605 080.00 | 0.47 |
| 3.83 % Empresa de los Ferrocarriles del Estado -Reg- |  |  |  |  |  |  |  |  |
| 2021/2061	USD | 210 000 |  |  | % | 71.694 | 150 557.40 | 0.12 |
| -Reg- 2017/2047	USD | 1 000 000 |  |  | % | 85.107 | 851 070.00 | 0.66 |
| 4.70 % Empresa de Transporte de Pasajeros Metro SA |  |  |  |  |  |  |  |  |
| -Reg- 2020/2050 ..........................  | USD | 500 000 | 1 000 000 | % | 84.603 | 423 015.00 | 0.33 |
| 3.693 % Empresa de Transporte de Pasajeros Metro SA |  |  |  |  |  |  |  |  |
| -Reg- 2021/2061 .........................  | USD | 500 000 | 500 000 | % | 66.257 | 331 285.00 | 0.26 |
| 4.75 % Empresa Nacional de Telecomunicaciones SA |  |  |  |  |  |  |  |  |
| -Reg- 2014/2026 * .........................  | USD | 1 500 000 | 2 000 000 | % | 97.672 | 1 465 080.00 | 1.13 |
| 4.767 % Eurasian Development Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2012/2022 ..............................  | USD | 1 510 000 | % | 74.994 | 1 132 409.40 | 0.88 |
| 3.875 % Export-Import Bank of India -Reg- (MTN) 2018/2028 ..............................  | USD | 750 000 |  |  | % | 95.546 | 716 595.00 | 0.55 |
| 4.00 % Georgian Railway JSC -Reg- (MTN) 2021/2028 ..  3.125 % Hungary Government International Bond -Reg- 2021/2051 ..............................  | USD USD | 1 000 000 2 000 000 | 2 000 000 | 1 460 000 | % % | 84.709 66.249 | 847 090.00 1 324 980.00 | 0.65 1.02 |

4.60 % Abu Dhabi Crude Oil Pipeline LLC -Reg-
5.00 % Empresa de Transporte de Pasajeros Metro SA
| 5.25 % Hungary Government International Bond (MTN) 2022/2029 .........................  | USD | 1 400 000 | 1 400 000 | % | 99.925 | 1 398 950.00 | 1.08 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 8.50 % Indonesia Government International Bond |  |  |  |  |  |  |  |
| -Reg- 2005/2035 ..........................  | USD | 1 000 000 | % | 126.22 | 1 262 200.00 | 0.98 |
| 6.625 % Indonesia Government International Bond |  |  |  |  |  |  |  |
| -Reg- 2007/2037 .........................  | USD | 2 000 000 | 500 000 | % | 109.464 | 2 189 280.00 | 1.69 |
| 7.75 % Indonesia Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2008/2038	USD | 1 000 000 |  |  | % | 119.569 | 1 195 690.00 | 0.92 |
| -Reg- 2017/2047	USD | 500 000 |  |  | % | 92.073 | 460 365.00 | 0.36 |
| 3.50 % Indonesia Government International Bond |  |  |  |  |  |  |  |  |
| (MTN) 2017/2028 .........................  | USD | 2 000 000 | 2 000 000 | % | 95.629 | 1 912 580.00 | 1.48 |
| 4.75 % Indonesia Government International Bond 2018/2029 ...............................  | USD | 1 000 000 | 1 000 000 | 1 500 000 | % | 101.045 | 1 010 450.00 | 0.78 |
| 13.90 % Kazakhstan Temir Zholy Finance BV -Reg- 2012/2042 ...............................  | USD | 3 000 000 | 1 000 000 |  | % | 90.651 | 2 719 530.00 | 2.10 |
| 4.375 % KazTransGas JSC -Reg- (MTN) 2017/2027 .....  | USD | 1 000 000 |  |  | % | 88.126 | 881 260.00 | 0.68 |
| 3.70 % MDGH GMTN RSC Ltd -Reg- 2019/2049 .......  6.05 % Mexico Government International Bond | USD | 500 000 |  | 1 000 000 | % | 85.148 | 425 740.00 | 0.33 |
| 2008/2040	USD | 500 000 |  |  | % | 97.728 | 488 640.00 | 0.38 |
| (MTN) 2010/2110	USD | 500 000 |  |  | % | 83.202 | 416 010.00 | 0.32 |
| 4.35 % Mexico Government International Bond 2016/2047 ...............................  | USD | 500 000 | 1 000 000 | 500 000 | % | 75.751 | 378 755.00 | 0.29 |
| 3.75 % Mexico Government International Bond (MTN) 2018/2028 .........................  | USD | 1 000 000 | 2 000 000 | 1 000 000 | % | 95.425 | 954 250.00 | 0.74 |
| 3.75 % Mexico Government International Bond |  |  |  |  |  |  |  |  |
| 2021/2071 * ..............................  | USD | 1 000 000 | 1 000 000 | % | 62.808 | 628 080.00 | 0.49 |
| 4.28 % Mexico Government International Bond 2021/2041 ...............................  | USD | 2 000 000 | 2 000 000 | 1 000 000 | % | 78.505 | 1 570 100.00 | 1.21 |
| 6.70 % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2006/2036 ...............................  | USD | 2 000 000 | % | 108.257 | 2 165 140.00 | 1.67 |
| 4.50 % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2017/2047 ...............................  | USD | 1 500 000 | 500 000 | % | 82.638 | 1 239 570.00 | 0.96 |
| 3.16 % Panama Government International Bond |  |  |  |  |  |  |  |  |
| 2019/2030 ...............................  | USD | 1 000 000 | 1 000 000 | % | 89.022 | 890 220.00 | 0.69 |
| 3.87 % Panama Government International Bond 2019/2060 ...............................  | USD | 500 000 | 500 000 |  | % | 71.036 | 355 180.00 | 0.27 |
| 5.625 % Pertamina Persero PT -Reg- 2013/2043 .......  | USD | 1 200 000 |  |  | % | 92.59 | 1 111 080.00 | 0.86 |
| 6.45 % Pertamina Persero PT -Reg- 2014/2044 ........  | USD | 1 000 000 |  | 1 000 000 | % | 101.723 | 1 017 230.00 | 0.79 |
| 3.65 % Pertamina Persero PT -Reg- (MTN) 2019/2029 ...  | USD | 350 000 |  |  | % | 91.653 | 320 785.50 | 0.25 |
| 4.70 % Pertamina Persero PT -Reg- 2019/2049 ........  | USD | 1 000 000 | 1 000 000 |  | % | 83.179 | 831 790.00 | 0.64 |
| 4.15 % Pertamina Persero PT -Reg- 2020/2060 ........  4.125 % Peruvian Government International Bond (MTN) 2015/2027 ........................  | USD USD | 750 000 1 000 000 | 750 000 1 000 000 |  | % % | 73.759 97.832 | 553 192.50 978 320.00 | 0.43 0.76 |
| 2.783 % Peruvian Government International Bond |  |  |  |  |  |  |  |  |
| 2020/2031 ..............................  | USD | 2 000 000 | 2 000 000 | % | 84.523 | 1 690 460.00 | 1.31 |
| 1.862 % Peruvian Government International Bond |  |  |  |  |  |  |  |  |
| 2020/2032 ..............................  | USD | 1 000 000 | % | 75.62 | 756 200.00 | 0.58 |
| 3.00 % Peruvian Government International Bond 2021/2034 ...............................  | USD | 1 000 000 |  | 1 000 000 | % | 81.583 | 815 830.00 | 0.63 |
| 4.50 % Petronas Capital Ltd -Reg- 2015/2045 .........  | USD | 1 000 000 |  | 500 000 | % | 95.93 | 959 300.00 | 0.74 |
| 3.50 % Petronas Capital Ltd -Reg- (MTN) 2020/2030 ....  | USD | 1 000 000 |  |  | % | 94.332 | 943 320.00 | 0.73 |
| 4.55 % Petronas Capital Ltd -Reg- 2020/2050 .........  | USD | 2 000 000 |  |  | % | 95.532 | 1 910 640.00 | 1.48 |
| 2.48 % Petronas Capital Ltd -Reg- 2021/2032 .........  5.00 % Philippine Government International Bond 2012/2037 ...............................  | USD USD | 2 000 000 1 000 000 | 1 000 000 |  | % % | 85.263 100.048 | 1 705 260.00 1 000 480.00 | 1.32 0.77 |
| 3.70 % Philippine Government International Bond |  |  |  |  |  |  |  |  |
| 2016/2041 ...............................  | USD | 1 500 000 | % | 83.011 | 1 245 165.00 | 0.96 |
| 2.65 % Philippine Government International Bond 2020/2045 ...............................  | USD | 1 000 000 |  | 1 000 000 | % | 68.947 | 689 470.00 | 0.53 |
| 3.75 % Power Finance Corp., Ltd (MTN) 2017/2027  ....  | USD | 1 000 000 |  | 1 000 000 | % | 93.599 | 935 990.00 | 0.72 |
| 1.375 % Qatar Energy -Reg- (MTN) 2021/2026 ........  | USD | 2 000 000 | 2 000 000 |  | % | 90.203 | 1 804 060.00 | 1.39 |
| 3.125 % Qatar Energy -Reg- 2021/2041 ..............  4.817 % Qatar Government International Bond -Reg- 2019/2049 ..............................  | USD USD | 3 500 000 1 500 000 | 3 500 000 | 1 500 000 | % % | 78.671 100.935 | 2 753 485.00 1 514 025.00 | 2.13 1.17 |
| 4.40 % Qatar Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2050 ...............................  | USD | 1 000 000 | 2 000 000 | % | 95.716 | 957 160.00 | 0.74 |
| 4.00 % Romanian Government International Bond -Reg- 2020/2051 ...............................  | USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 65.385 | 653 850.00 | 0.51 |
| 4.50 % Saudi Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2016/2046 ...............................  | USD | 3 000 000 | 1 000 000 | % | 91.463 | 2 743 890.00 | 2.12 |
| 5.00 % Saudi Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2018/2049 ...............................  | USD | 500 000 | 500 000 | % | 98.309 | 491 545.00 | 0.38 |
| 3.25 % Saudi Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2021/2051 * ..............................  | USD | 3 500 000 | 3 500 000 | % | 75.566 | 2 644 810.00 | 2.04 |
| 4.875 % Sinopec Group Overseas Development 2012 |  |  |  |  |  |  |  |  |
| Ltd -Reg- 2012/2042 ......................  | USD | 500 000 | % | 98.9 | 494 500.00 | 0.38 |
| 1.625 % State Grid Overseas Investment BVI Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ..............................  | USD | 2 000 000 | 2 000 000 | % | 83.625 | 1 672 500.00 | 1.29 |
| 2.875 % UAE International Government Bond -Reg- |  |  |  |  |  |  |  |  |
| 2021/2041 * .............................  | USD | 1 000 000 | 1 000 000 | % | 79.102 | 791 020.00 | 0.61 |
| 7.875 % Uruguay Government International Bond |  |  |  |  |  |  |  |  |
| 2003/2033 ..............................  | USD | 1 000 000 | % | 125.438 | 1 254 380.00 | 0.97 |

4.75 % Indonesia Government International Bond
5.75 % Mexico Government International Bond
| 7.625 % Uruguay Government International Bond 2006/2036 ..............................  | USD | 1 100 000 |  |  | % | 125.367 | 1 379 037.00 | 1.07 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5.10 % Uruguay Government International Bond 2014/2050 ...............................  | USD | 2 500 000 |  |  | % | 99.968 | 2 499 200.00 | 1.93 |
| 4.375 % Uruguay Government International Bond 2015/2027 ..............................  | USD | 1 500 000 | 3 000 000 | 1 500 000 | % | 101.131 | 1 516 965.00 | 1.17 |
| 6.80 % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025 ...............................  | USD | 4 600 000 |  |  | % | 9.878 | 454 388.00 | 0.35 |
| 5.942 % Vnesheconombank Via VEB Finance PLC -Reg- (MTN) 2013/2023 ........................  | USD | 3 000 000 |  |  | % | 9.105 | 273 150.00 | 0.21 |
| 8.00 % Republic of South Africa Government Bond |  |  |  |  |  |  |  |  |
| (MTN) 2013/2030 .........................  | ZAR | 23 000 000 | 120 000 000 | 97 000 000 | % | 86.72 | 1 214 713.76 | 0.94 |
| Total securities portfolio |  |  |  |  |  |  | 119 196 103.99 | 92.14 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -126 868.16 | -0.10 |
| Interest rate futures Germany Federal Republic Notes 10 year 09/2022 (DB) .....  | Count | -19 |  | 19 |  |  | -29 356.07 | -0.02 |
| Euro SCHATZ Futures 09/2022 (DB) ....................  | Count | -88 |  | 88 |  |  | -37 583.04 | -0.03 |
| Germany Federal Republic Bonds 5 year 09/2022 (DB) .....  | Count | -42 | 187 | 229 |  |  | -59 929.05 | -0.05 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 262 459.71 | 0.21 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions EUR/USD 42.9 million ...............................  |  |  |  |  |  |  | -387 688.01 | -0.30 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions USD/ZAR 0.5 million ................................  |  |  |  |  |  |  | 1 190.78 | 0.00 |
| Closed positions USD/BRL 12.0 million ...............................  |  |  |  |  |  |  | 80 532.47 | 0.06 |
| USD/EUR 27.4 million ...............................  |  |  |  |  |  |  | 526 219.70 | 0.41 |
| USD/ZAR 34.0 million ...............................  |  |  |  |  |  |  | 42 204.77 | 0.04 |
| Cash at bank |  |  |  |  |  |  | 7 971 928.17 | 6.16 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 1 132 414 |  |  |  |  | 1 179 464.94 | 0.91 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Polish zloty........................................  | PLN | 53 760 |  |  |  |  | 11 920.84 | 0.01 |
| Hungarian forint ....................................         | HUF | 505 500 |  |  |  |  | 1 328.38 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Brazilian real ......................................  | BRL | 117 690 |  |  |  |  | 22 414.80 | 0.02 |
| Indonesian rupiah ..................................  | IDR | 350 000 000 |  |  |  |  | 23 493.87 | 0.02 |
| Mexican peso .....................................  | MXN | 45 095 |  |  |  |  | 2 231.03 | 0.00 |
| Russian rouble .....................................  | RUB | 1 031 000 |  |  |  |  | 18 987.11 | 0.01 |
| South African rand..................................  | ZAR | 54 979 |  |  |  |  | 3 348.33 | 0.00 |
| U.S. dollar ........................................  | USD |  |  |  |  |  | 6 708 738.87 | 5.19 |
| Other assets |  |  |  |  |  |  | 2 174 654.00 | 1.68 |
| Interest receivable .................................  |  |  |  |  |  |  | 2 171 764.81 | 1.68 |
| Other receivables ..................................  |  |  |  |  |  |  | 2 889.19 | 0.00 |
| Total assets ** |  |  |  |  |  |  | 129 992 833.88 | 100.49 |
| Other liabilities |  |  |  |  |  |  | -117 856.72 | -0.09 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -117 856.72 | -0.09 |
| Total liabilities |  |  |  |  |  |  | -632 412.89 | -0.49 |
| Net assets |  |  |  |  |  |  | 129 360 420.99 | 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 | 71.27 |
| Class TFCH .......................................  | EUR | 86.09 |
| Class USD IC ......................................  | USD | 80.99 |
| Number of shares outstanding Class IDH.........................................  | Count | 776 794.090 |
| Class TFCH .......................................  | Count | 12 445.000 |
| Class USD IC ......................................  | Count | 871 443.000 |

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 .........................  | % | 68.206 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 136.242 |
| Average market risk exposure.........................  | % | 94.359 |

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 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 48 454 912.06 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Bofa Securities Europe S.A., Citigroup Global Markets Europe AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in USD No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 3.50  % Bulgarian Energy Holding EAD (MTN) 2018/2025 ...................  | EUR | 1 700 000 | 1 649 469.64 |  |
| 2.75  % Chile Government International Bond (MTN) 2022/2027 ..............  | USD | 500 000 | 464 722.94 |  |
| 4.125 % CNAC HK Finbridge Co., Ltd (MTN) 2017/2027 .....................  | USD | 500 000 | 486 825.00 |  |
| 3.348 % Comision Federal de Electricidad -Reg- (MTN) 2021/2031 .............  | USD | 1 700 000 | 1 304 597.00 |  |
| 5.75  % Development Bank of Kazakhstan JSC -Reg- 2022/2025 ..............  | USD | 700 000 | 699 160.00 |  |
| 4.75  % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026 ........  | USD | 500 000 | 488 360.00 |  |
| 3.75  % Mexico Government International Bond 2021/2071 ..................  | USD | 800 000 | 502 464.00 |  |
| 3.25  % Saudi Government International Bond -Reg- 2021/2051 ..............  | USD | 800 000 | 604 528.00 |  |
| 2.875 % UAE International Government Bond -Reg- 2021/2041 ...............  | USD | 1 000 000 | 791 020.00 |  |
| Total receivables from securities loans |  |  | 6 991 146.58 | 6 991 146.58 |

Contracting parties for securities loans
Barclays Bank Ireland PLC FI, Crédit Suisse Securities Sociedad de Valores S.A. FI, Deutsche Bank AG FI, Morgan Stanley Europe SE FI, Nomura Financial Products Europe GmbH, Unicredit Bank AG
Total collateral pledged by third parties for securities loans	USD	7 785 630.31
thereof:
Bonds	USD	7 278 563.87
Equities	USD	507 066.44
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Brazilian real	BRL | 5.250550 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0.960108 | = USD | 1 |
| Hungarian forint	HUF | 380.538650 | = USD | 1 |
| Indonesian rupiah	IDR | 14 897.500000 | = USD | 1 |
| Mexican peso	MXN | 20.212500 | = USD | 1 |
| Polish zloty	PLN | 4.509750 | = USD | 1 |
| Russian rouble	RUB | 54.300000 | = USD | 1 |
| South African rand	ZAR | 16.420000 | = USD | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest Emerging Markets IG Sovereign Debt
DWS INVEST EMERGING MARKETS IG SOVEREIGN DEBT

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse IDH | LU0982740572 | -23,0% |
| Klasse TFCH | LU1663860127 | -23,1% |
| Klasse USD IC 1) | LU2182990833 | -22,4% |


##### JPM EMBI Global Diversified Inv Grade	-20,6%
1) 
in USD
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 IG Sovereign Debt
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 64 147 175,32 | 49,61 |
| Zentralregierungen | 55 048 928,67 | 42,53 |
| Summe Anleihen | 119 196 103,99 | 92,14 |
| 2. Derivate | 135 591,55 | 0,11 |
| 3. Bankguthaben | 7 971 928,17 | 6,16 |
| 4. Sonstige Vermögensgegenstände | 2 174 654,00 | 1,68 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -117 856,72 | -0,09 |
| III. Fondsvermögen | 129 360 420,99 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Vermögensaufstellung zum 30.6.2022
Börsengehandelte Wertpapiere	119 196 103,99	92,14
Verzinsliche Wertpapiere
4,95 % Benin Government International Bond 2021/2035	EUR	1 500 000	%	65,69	1 026 290,79	0,79
7,50 % BOI Finance BV -Reg- (MTN) 2022/2027 .......	EUR	1 750 000	1 750 000	%	81,539	1 486 220,82	1,15
3,50 % Bulgarian Energy Holding EAD (MTN)
2018/2025 * .............................	EUR	2 000 000	%	93,157	1 940 552,52	1,50
2,875 % Croatia Government International Bond (MTN)
2022/2032  ..............................	EUR	500 000	1 590 000	1 090 000	%	94,548	492 382,11	0,38
1,816 % EP Infrastructure AS (MTN) 2021/2031 ........	EUR	520 000	%	61,528	333 239,18	0,26
2,375 % Romanian Government International Bond -Reg-
(MTN) 2017/2027 .........................	EUR	1 000 000	1 000 000	%	88,458	921 333,85	0,71
4,625 % Romanian Government International Bond -Reg-
2019/2049  ..............................	EUR	500 000	1 500 000	%	71,269	371 150,95	0,29
2,124 % Romanian Government International Bond -Reg-
2019/2031  ..............................	EUR	2 000 000	3 500 000	1 500 000	%	70,996	1 478 916,96	1,14
3,375 % Romanian Government International Bond -Reg-
2020/2050  ..............................	EUR	1 000 000	1 000 000	%	59,615	620 919,73	0,48
1,75 % Romanian Government International Bond -Reg-
(MTN) 2021/2030 .........................	EUR	1 920 000	%	71,364	1 427 119,45	1,10
4,60 % Abu Dhabi Crude Oil Pipeline LLC -Reg-
2017/2047  ..............................	USD	1 500 000	%	94,811	1 422 165,00	1,10
5,125 % Aeropuerto Internacional de Tocumen SA -Reg-
2021/2061  ..............................	USD	2 000 000	%	78,741	1 574 820,00	1,22
3,75 % Africa Finance Corp. (MTN) 2019/2029  ........	USD	1 000 000	1 500 000	%	88,923	889 230,00	0,69
2,875 % Africa Finance Corp. -Reg- (MTN) 2021/2028  ...	USD	1 630 000	%	86,83	1 415 329,00	1,09
2,50 % Banco Nacional de Panama -Reg-
(MTN) 2020/2030 .........................	USD	2 750 000	750 000	%	79,033	2 173 407,50	1,68
5,00 % Banque Ouest Africaine de Developpement -Reg-
(MTN) 2017/2027 .........................	USD	2 200 000	%	89,745	1 974 390,00	1,53
4,70 % Banque Ouest Africaine de Developpement -Reg-
2019/2031  ..............................	USD	3 000 000	460 000	%	83,064	2 491 920,00	1,93
3,10 % Chile Government International Bond 2021/2041	USD	1 000 000	1 000 000	1 000 000	%	75,803	758 030,00	0,59 2,75 % Chile Government International Bond (MTN)
2022/2027 * .............................	USD	1 000 000	5 890 000	4 890 000	%	92,945	929 445,87	0,72
3,50 % Chile Government International Bond 2022/2034	USD	1 110 000	1 110 000	%	88,475	982 072,50	0,76
4,125 % CNAC HK Finbridge Co., Ltd (MTN) 2017/2027 * .	USD	2 000 000	%	97,365	1 947 300,00	1,51
3,375 % CNAC HK Finbridge Co., Ltd (MTN) 2019/2024 ..	USD	1 500 000	%	98,956	1 484 340,00	1,15
3,00 % CNAC HK Finbridge Co., Ltd (MTN) 2020/2030 ..	USD	1 000 000	3 000 000	%	86,531	865 310,00	0,67
4,875 % Comision Federal de Electricidad -Reg-
2013/2024  ..............................	USD	3 000 000	3 000 000	%	99,852	2 995 560,00	2,32
3,348 % Comision Federal de Electricidad -Reg- (MTN)
2021/2031 * .............................	USD	2 000 000	2 000 000	%	76,741	1 534 820,00	1,19
4,677 % Comision Federal de Electricidad -Reg- 2021/2051	USD	500 000	1 500 000	%	67,541	337 705,00	0,26
3,875 % Comision Federal de Electricidad -Reg- 2021/2033	USD	1 150 000	%	76,068	874 782,00	0,68 4,688 % Comision Federal de Electricidad -Reg- (MTN)
2022/2029  ..............................	USD	1 000 000	2 000 000	1 000 000	%	89,802	898 020,00	0,69
2,40 % Corp. Financiera de Desarrollo SA -Reg- (MTN)
2020/2027  ..............................	USD	763 000	%	84,89	647 710,70	0,50
4,25 % Corp. Nacional del Cobre de Chile -Reg-
2012/2042  ..............................	USD	1 500 000	1 000 000	%	83,161	1 247 415,00	0,96
3,15 % Corp. Nacional del Cobre de Chile -Reg- (MTN)
2020/2030  ..............................	USD	2 000 000	2 000 000	%	87,542	1 750 840,00	1,35
2,95 % Development Bank of Kazakhstan -Reg- (MTN)
2021/2031  ..............................	USD	3 000 000	1 000 000	%	75,465	2 263 950,00	1,75
5,75 % Development Bank of Kazakhstan JSC -Reg-
2022/2025 * .............................	USD	2 330 000	2 330 000	%	99,88	2 327 204,00	1,80
5,625 % DP World Ltd/United Arab Emirates -Reg-
2018/2048  ..............................	USD	750 000	%	93,993	704 947,50	0,54
9,40 % DP World Ltd/United Arab Emirates -Reg-
2019/2049  ..............................	USD	2 000 000	500 000	%	82,046	1 640 920,00	1,27
3,068 % Empresa de los Ferrocarriles del Estado -Reg-
2020/2050  ..............................	USD	1 000 000	558 000	%	60,508	605 080,00	0,47
3,83 % Empresa de los Ferrocarriles del Estado -Reg-
2021/2061  ..............................	USD	210 000	%	71,694	150 557,40	0,12
5,00 % Empresa de Transporte de Pasajeros Metro SA
-Reg- 2017/2047 ..........................	USD	1 000 000	%	85,107	851 070,00	0,66
4,70 % Empresa de Transporte de Pasajeros Metro SA
-Reg- 2020/2050 ..........................	USD	500 000	1 000 000	%	84,603	423 015,00	0,33
3,693 % Empresa de Transporte de Pasajeros Metro SA
-Reg- 2021/2061 ..........................	USD	500 000	500 000	%	66,257	331 285,00	0,26
4,75 % Empresa Nacional de Telecomunicaciones SA
-Reg- 2014/2026 * .........................	USD	1 500 000	2 000 000	%	97,672	1 465 080,00	1,13
4,767 % Eurasian Development Bank -Reg- (MTN)
2012/2022  ..............................	USD	1 510 000	%	74,994	1 132 409,40	0,88
3,875 % Export-Import Bank of India -Reg- (MTN)
2018/2028  ..............................	USD	750 000	%	95,546	716 595,00	0,55
4,00 % Georgian Railway JSC -Reg- (MTN) 2021/2028 ..	USD	1 000 000	1 460 000	%	84,709	847 090,00	0,65
3,125 % Hungary Government International Bond -Reg-
2021/2051  ..............................	USD	2 000 000	2 000 000	%	66,249	1 324 980,00	1,02
| USD | 1 400 000 | 1 400 000 |  | % | 99,925 | 1 398 950,00 | 1,08 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 1 000 000 |  |  | % | 126,22 | 1 262 200,00 | 0,98 |
| USD | 2 000 000 |  | 500 000 | % | 109,464 | 2 189 280,00 | 1,69 |
| USD | 1 000 000 |  |  | % | 119,569 | 1 195 690,00 | 0,92 |
| USD | 500 000 |  |  | % | 92,073 | 460 365,00 | 0,36 |
| USD | 2 000 000 | 2 000 000 |  | % | 95,629 | 1 912 580,00 | 1,48 |
| USD | 1 000 000 | 1 000 000 | 1 500 000 | % | 101,045 | 1 010 450,00 | 0,78 |
| USD | 3 000 000 | 1 000 000 |  | % | 90,651 | 2 719 530,00 | 2,10 |
| USD | 1 000 000 |  |  | % | 88,126 | 881 260,00 | 0,68 |
| USD | 500 000 |  | 1 000 000 | % | 85,148 | 425 740,00 | 0,33 |
| USD | 500 000 |  |  | % | 97,728 | 488 640,00 | 0,38 |
| USD | 500 000 |  |  | % | 83,202 | 416 010,00 | 0,32 |
| USD | 500 000 | 1 000 000 | 500 000 | % | 75,751 | 378 755,00 | 0,29 |
| USD | 1 000 000 | 2 000 000 | 1 000 000 | % | 95,425 | 954 250,00 | 0,74 |
| USD | 1 000 000 | 1 000 000 |  | % | 62,808 | 628 080,00 | 0,49 |
| USD | 2 000 000 | 2 000 000 | 1 000 000 | % | 78,505 | 1 570 100,00 | 1,21 |
| USD | 2 000 000 |  |  | % | 108,257 | 2 165 140,00 | 1,67 |
| USD | 1 500 000 | 500 000 |  | % | 82,638 | 1 239 570,00 | 0,96 |
| USD | 1 000 000 |  | 1 000 000 | % | 89,022 | 890 220,00 | 0,69 |
| USD | 500 000 | 500 000 |  | % | 71,036 | 355 180,00 | 0,27 |
| USD | 1 200 000 |  |  | % | 92,59 | 1 111 080,00 | 0,86 |
| USD | 1 000 000 |  | 1 000 000 | % | 101,723 | 1 017 230,00 | 0,79 |
| USD | 350 000 |  |  | % | 91,653 | 320 785,50 | 0,25 |
| USD | 1 000 000 | 1 000 000 |  | % | 83,179 | 831 790,00 | 0,64 |
| USD | 750 000 | 750 000 |  | % | 73,759 | 553 192,50 | 0,43 |
| USD | 1 000 000 | 1 000 000 |  | % | 97,832 | 978 320,00 | 0,76 |
| USD | 2 000 000 | 2 000 000 |  | % | 84,523 | 1 690 460,00 | 1,31 |
| USD | 1 000 000 |  |  | % | 75,62 | 756 200,00 | 0,58 |
| USD | 1 000 000 |  | 1 000 000 | % | 81,583 | 815 830,00 | 0,63 |
| USD | 1 000 000 |  | 500 000 | % | 95,93 | 959 300,00 | 0,74 |
| USD | 1 000 000 |  |  | % | 94,332 | 943 320,00 | 0,73 |
| USD | 2 000 000 |  |  | % | 95,532 | 1 910 640,00 | 1,48 |
| USD | 2 000 000 |  |  | % | 85,263 | 1 705 260,00 | 1,32 |
| USD | 1 000 000 | 1 000 000 |  | % | 100,048 | 1 000 480,00 | 0,77 |
| USD | 1 500 000 |  |  | % | 83,011 | 1 245 165,00 | 0,96 |
| USD | 1 000 000 |  | 1 000 000 | % | 68,947 | 689 470,00 | 0,53 |
| USD | 1 000 000 |  | 1 000 000 | % | 93,599 | 935 990,00 | 0,72 |
| USD | 2 000 000 | 2 000 000 |  | % | 90,203 | 1 804 060,00 | 1,39 |
| USD | 3 500 000 | 3 500 000 |  | % | 78,671 | 2 753 485,00 | 2,13 |
| USD | 1 500 000 |  | 1 500 000 | % | 100,935 | 1 514 025,00 | 1,17 |
| USD | 1 000 000 |  | 2 000 000 | % | 95,716 | 957 160,00 | 0,74 |
| USD | 1 000 000 | 1 000 000 | 1 000 000 | % | 65,385 | 653 850,00 | 0,51 |
| USD | 3 000 000 |  | 1 000 000 | % | 91,463 | 2 743 890,00 | 2,12 |
| USD | 500 000 |  | 500 000 | % | 98,309 | 491 545,00 | 0,38 |
| USD | 3 500 000 | 3 500 000 |  | % | 75,566 | 2 644 810,00 | 2,04 |
| USD | 500 000 |  |  | % | 98,9 | 494 500,00 | 0,38 |
| USD | 2 000 000 | 2 000 000 |  | % | 83,625 | 1 672 500,00 | 1,29 |
| USD | 1 000 000 |  | 1 000 000 | % | 79,102 | 791 020,00 | 0,61 |
| USD | 1 000 000 |  |  | % | 125,438 | 1 254 380,00 | 0,97 |

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

5,25 % Hungary Government International Bond
(MTN) 2022/2029 ......................... 
8,50 % Indonesia Government International Bond
-Reg- 2005/2035 .......................... 
6,625 % Indonesia Government International Bond
-Reg- 2007/2037 .......................... 
7,75 % Indonesia Government International Bond
-Reg- 2008/2038 .......................... 
4,75 % Indonesia Government International Bond
-Reg- 2017/2047 .......................... 
3,50 % Indonesia Government International Bond
(MTN) 2017/2028 ......................... 
4,75 % Indonesia Government International Bond 2018/2029 .............................. 
13,90 % Kazakhstan Temir Zholy Finance BV -Reg- 2012/2042  .............................. 
4,375 % KazTransGas JSC -Reg- (MTN) 2017/2027  ..... 
3,70 % MDGH GMTN RSC Ltd -Reg- 2019/2049  ...... 
6,05 % Mexico Government International Bond
2008/2040  .............................. 
5,75 % Mexico Government International Bond
(MTN) 2010/2110 ......................... 
4,35 % Mexico Government International Bond
2016/2047  .............................. 
3,75 % Mexico Government International Bond
(MTN) 2018/2028 ......................... 
3,75 % Mexico Government International Bond
2021/2071 * ............................. 
4,28 % Mexico Government International Bond
2021/2041  .............................. 
6,70 % Panama Government International Bond 2006/2036 .............................. 
4,50 % Panama Government International Bond 2017/2047 .............................. 
3,16 % Panama Government International Bond 2019/2030 .............................. 
3,87 % Panama Government International Bond 2019/2060 .............................. 
5,625 % Pertamina Persero PT -Reg- 2013/2043 ........ 6,45 % Pertamina Persero PT -Reg- 2014/2044 ........ 3,65 % Pertamina Persero PT -Reg- (MTN) 2019/2029 .. 4,70 % Pertamina Persero PT -Reg- 2019/2049 ........ 4,15 % Pertamina Persero PT -Reg- 2020/2060 ........ 4,125 % Peruvian Government International Bond
(MTN) 2015/2027 ......................... 
2,783 % Peruvian Government International Bond 2020/2031 .............................. 
1,862 % Peruvian Government International Bond 2020/2032 .............................. 
3,00 % Peruvian Government International Bond 2021/2034 .............................. 
4,50 % Petronas Capital Ltd -Reg- 2015/2045 ......... 3,50 % Petronas Capital Ltd -Reg- (MTN) 2020/2030 ... 4,55 % Petronas Capital Ltd -Reg- 2020/2050 ......... 2,48 % Petronas Capital Ltd -Reg- 2021/2032 ......... 5,00 % Philippine Government International Bond
2012/2037  .............................. 
3,70 % Philippine Government International Bond 2016/2041 .............................. 
2,65 % Philippine Government International Bond 2020/2045 .............................. 
3,75 % Power Finance Corp., Ltd (MTN) 2017/2027 .... 1,375 % Qatar Energy -Reg- (MTN) 2021/2026 ......... 
3,125 % Qatar Energy -Reg- 2021/2041  .............. 
4,817 % Qatar Government International Bond -Reg- 2019/2049 .............................. 
4,40 % Qatar Government International Bond -Reg- 2020/2050 .............................. 
4,00 % Romanian Government International Bond -Reg- 2020/2051 .............................. 
4,50 % Saudi Government International Bond -Reg- 2016/2046 .............................. 
5,00 % Saudi Government International Bond -Reg- 2018/2049 .............................. 
3,25 % Saudi Government International Bond -Reg- 2021/2051 * ............................. 
4,875 % Sinopec Group Overseas Development 2012
Ltd -Reg- 2012/2042  ...................... 
1,625 % State Grid Overseas Investment BVI Ltd (MTN) 2020/2030 .............................. 
2,875 % UAE International Government Bond -Reg- 2021/2041 * ............................. 
7,875 % Uruguay Government International Bond 2003/2033 .............................. 
| 7,625 % Uruguay Government International Bond 2006/2036  ..............................  | USD | 1 100 000 |  |  | % | 125,367 | 1 379 037,00 | 1,07 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5,10 % Uruguay Government International Bond 2014/2050  ..............................  | USD | 2 500 000 |  |  | % | 99,968 | 2 499 200,00 | 1,93 |
| 4,375 % Uruguay Government International Bond 2015/2027  ..............................  | USD | 1 500 000 | 3 000 000 | 1 500 000 | % | 101,131 | 1 516 965,00 | 1,17 |
| 6,80 % Vnesheconombank Via VEB Finance PLC -Reg- 2010/2025  ..............................  | USD | 4 600 000 |  |  | % | 9,878 | 454 388,00 | 0,35 |
| 5,942 % Vnesheconombank Via VEB Finance PLC -Reg- (MTN) 2013/2023 .........................  | USD | 3 000 000 |  |  | % | 9,105 | 273 150,00 | 0,21 |
| 8,00 % Republic of South Africa Government Bond (MTN) 2013/2030 .........................  | ZAR | 23 000 000 | 120 000 000 | 97 000 000 | % | 86,72 | 1 214 713,76 | 0,94 |
| Summe Wertpapiervermögen |  |  | 119 196 103,99 | 92,14 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -126 868,16 | -0,10 |
| Zinsterminkontrakte Germany Federal Republic Notes 10 year 09/2022 (DB) ....	Stück	-19 |  | 19 | -29 356,07 | -0,02 |
| Euro SCHATZ Futures 09/2022 (DB) ...................	Stück	-88 |  | 88 | -37 583,04 | -0,03 |
| Germany Federal Republic Bonds 5 year 09/2022 (DB) .....	Stück	-42 | 187 | 229 | -59 929,05 | -0,05 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 262 459,71 | 0,21 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen EUR/USD 42,9 Mio. ................................  |  |  | -387 688,01 | -0,30 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen USD/ZAR 0,5 Mio. .................................  |  |  | 1 190,78 | 0,00 |
| Geschlossene Positionen USD/BRL 12,0 Mio. ................................  |  |  | 80 532,47 | 0,06 |
| USD/EUR 27,4 Mio. ................................  |  |  | 526 219,70 | 0,41 |
| USD/ZAR 34,0 Mio. ................................  |  |  | 42 204,77 | 0,04 |
| Bankguthaben |  |  | 7 971 928,17 | 6,16 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................	EUR	1 132 414 |  |  | 1 179 464,94 | 0,91 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Polnischer Zloty ...................................	PLN	53 760 |  |  | 11 920,84 | 0,01 |
| Ungarischer Forint .................................	HUF	505 500 |  |  | 1 328,38 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Brasilianischer Real ................................	BRL	117 690 |  |  | 22 414,80 | 0,02 |
| Indonesische Rupie ................................	IDR	350 000 000 |  |  | 23 493,87 | 0,02 |
| Mexikanischer Peso ................................	MXN	45 095 |  |  | 2 231,03 | 0,00 |
| Russischer Rubel ..................................	RUB	1 031 000 |  |  | 18 987,11 | 0,01 |
| Südafrikanischer Rand ..............................	ZAR	54 979 |  |  | 3 348,33 | 0,00 |
| US-Dollar	USD |  |  | 6 708 738,87 | 5,19 |
| Sonstige Vermögensgegenstände |  |  | 2 174 654,00 | 1,68 |
| Zinsansprüche .....................................  |  |  | 2 171 764,81 | 1,68 |
| Sonstige Ansprüche ................................  |  |  | 2 889,19 | 0,00 |
| Summe der Vermögensgegenstände ** |  |  | 129 992 833,88 | 100,49 |
| Sonstige Verbindlichkeiten |  |  | -117 856,72 | -0,09 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -117 856,72 | -0,09 |
| Summe der Verbindlichkeiten | -632 412,89 | -0,49 |
| Fondsvermögen | 129 360 420,99 | 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 | 71,27 |
| Klasse TFCH ......................................  | EUR | 86,09 |
| Klasse USD IC ....................................  | USD | 80,99 |
| Umlaufende Anteile Klasse IDH .......................................  | Stück | 776 794,090 |
| Klasse TFCH ......................................  | Stück | 12 445,000 |
| Klasse USD IC ....................................  | Stück | 871 443,000 |

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 .....................  | % | 68,206 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 136,242 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 94,359 |

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 Halte- dauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsver- mögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,3, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte 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 USD 48 454 912,06. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe S.A., Citigroup Global Markets Europe AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank und UBS AG.

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung	Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in USD unbefristet | gesamt |
| --- | --- | --- | --- |
| 3,50  % Bulgarian Energy Holding EAD (MTN) 2018/2025	EUR | 1 700 000 | 1 649 469,64 |  |
| 2,75  % Chile Government International Bond (MTN) 2022/2027	USD | 500 000 | 464 722,94 |  |
| 4,125 % CNAC HK Finbridge Co., Ltd (MTN) 2017/2027	USD | 500 000 | 486 825,00 |  |
| 3,348 % Comision Federal de Electricidad -Reg- (MTN) 2021/2031	USD | 1 700 000 | 1 304 597,00 |  |
| 5,75 % Development Bank of Kazakhstan JSC -Reg- 2022/2025	USD | 700 000 | 699 160,00 |  |
| 4,75  % Empresa Nacional de Telecomunicaciones SA -Reg- 2014/2026	USD | 500 000 | 488 360,00 |  |
| 3,75 % Mexico Government International Bond 2021/2071	USD | 800 000 | 502 464,00 |  |
| 3,25  % Saudi Government International Bond -Reg- 2021/2051	USD | 800 000 | 604 528,00 |  |
| 2,875 % UAE International Government Bond -Reg- 2021/2041	USD | 1 000 000 | 791 020,00 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 6 991 146,58 | 6 991 146,58 |

Vertragspartner der Wertpapier-Darlehen
Barclays Bank Ireland PLC FI, Crédit Suisse Securities Sociedad de Valores S.A. FI, Deutsche Bank AG FI, Morgan Stanley Europe SE FI, Nomura Financial Products Europe GmbH, Unicredit Bank AG
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | USD | 7 785 630,31 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | USD | 7 278 563,87 |
| Aktien | USD | 507 066,44 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Brasilianischer Real	BRL | 5,250550 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0,960108 | = USD | 1 |
| Ungarischer Forint	HUF | 380,538650 | = USD | 1 |
| Indonesische Rupie	IDR | 14 897,500000 | = USD | 1 |
| Mexikanischer Peso	MXN | 20,212500 | = USD | 1 |
| Polnischer Zloty	PLN | 4,509750 | = USD | 1 |
| Russischer Rubel	RUB | 54,300000 | = USD | 1 |
| Südafrikanischer Rand	ZAR | 16,420000 | = USD | 1 |

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