# DWS Invest ESG Global Emerging Markets Equities
DWS INVEST ESG GLOBAL EMERGING MARKETS EQUITIES

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1984220373 | -7.3% |
| Class FC | LU1984219524 | -7.0% |
| Class LD | LU1984221009 | -7.3% |
| Class MFC | LU2352398098 | -6.8% |
| Class TFC | LU1984221934 | -7.0% |

“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
ESG Global Emerging Markets Equities
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 21 298 700.99 | 16.22 |
| Telecommunication Services | 29 377 184.70 | 22.39 |
| Consumer Discretionaries | 8 127 435.38 | 6.20 |
| Energy | 858 874.75 | 0.65 |
| Consumer Staples | 11 083 293.78 | 8.45 |
| Financials | 44 951 318.17 | 34.24 |
| Basic Materials | 2 382 434.48 | 1.81 |
| Industrials | 5 584 434.94 | 4.26 |
| Total equities | 123 663 677.19 | 94.22 |
| 2. Cash at bank | 6 839 352.88 | 5.21 |
| 3. Other assets | 878 955.16 | 0.68 |
| 4. Receivables from share certificate transactions | 118.22 | 0.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -129 379.97 | -0.11 |
| III. Net assets | 131 252 723.48 | 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/ | principal | additions | disposals |  | value in | net assets |
| currency	amount	in the reporting period	EUR |
| Securities traded on an exchange	123 663 677.19 | 94.22 |
| Equities Localiza Rent a Car SA .............................	Count	152 038	BRL	52.17	1 450 401.61 | 1.11 |
| Natura & Co. Holding SA ............................	Count	164 238	BRL	13.15	394 925.06 | 0.30 |
| HSBC Holdings PLC  ...............................  | Count | 311 731 | 311 731 |  | GBP | 5.287 | 1 924 405.24 | 1.47 |
| Prudential PLC ....................................  | Count | 188 845 | 108 369 |  | GBP | 10.015 | 2 208 328.48 | 1.68 |
| Unilever PLC .....................................  | Count | 70 041 |  |  | GBP | 37.01 | 3 026 764.63 | 2.31 |
| AIA Group Ltd ....................................  | Count | 276 200 | 276 200 | 279 200 | HKD | 85.05 | 2 874 402.86 | 2.19 |
| Alibaba Group Holding Ltd  ..........................  | Count | 250 900 |  |  | HKD | 111.9 | 3 435 424.37 | 2.62 |
| Baidu, Inc. .......................................  | Count | 102 250 |  |  | HKD | 148.5 | 1 857 973.07 | 1.42 |
| BOC Hong Kong Holdings Ltd  .......................  | Count | 687 000 | 687 000 |  | HKD | 31 | 2 605 961.98 | 1.99 |
| BYD Co., Ltd .....................................  | Count | 24 000 |  | 50 000 | HKD | 314 | 922 126.57 | 0.70 |
| China Construction Bank Corp. .......................  | Count | 1 267 440 |  |  | HKD | 5.27 | 817 311.61 | 0.62 |
| China Merchants Bank Co., Ltd  ......................  | Count | 116 500 |  | 87 000 | HKD | 52.5 | 748 401.89 | 0.57 |
| China State Construction International Holdings Ltd ......  | Count | 1 346 000 | 1 346 000 |  | HKD | 8.68 | 1 429 599.64 | 1.09 |
| CK Asset Holdings Ltd  .............................  | Count | 418 000 | 418 000 |  | HKD | 55.5 | 2 838 696.15 | 2.16 |
| Country Garden Services Holdings Co., Ltd .............  | Count | 12 000 |  |  | HKD | 34.95 | 51 318.99 | 0.04 |
| GCL Technology Holdings Ltd ........................  | Count | 1 852 000 | 1 852 000 |  | HKD | 3.79 | 858 874.75 | 0.65 |
| Hong Kong Exchanges & Clearing Ltd  .................  | Count | 62 000 | 62 000 | 45 100 | HKD | 386 | 2 928 388.13 | 2.23 |
| HSBC Holdings PLC  ...............................  | Count | 564 800 |  |  | HKD | 51.65 | 3 569 559.77 | 2.72 |
| Meituan .........................................  | Count | 144 200 | 65 600 | 78 800 | HKD | 194.2 | 3 426 605.68 | 2.61 |
| Ping An Insurance Group Co. of China Ltd ..............  | Count | 404 000 | 293 500 |  | HKD | 53.35 | 2 637 335.82 | 2.01 |
| Tencent Holdings Ltd  ..............................  | Count | 142 400 | 207 000 | 242 100 | HKD | 354.4 | 6 175 232.97 | 4.71 |
| Tongcheng-Elong Holdings Ltd .......................  | Count | 428 800 | 428 800 |  | HKD | 16.88 | 885 680.05 | 0.68 |
| Yum China Holdings, Inc. ...........................  | Count | 13 650 |  |  | HKD | 382.8 | 639 372.90 | 0.49 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd . | Count | 1 390 800 |  |  | HKD | 4.19 | 713 063.73 | 0.54 |
| Aneka Tambang Tbk ................................  | Count | 4 873 300 |  |  | IDR | 1 800 | 565 330.41 | 0.43 |
| Bank Central Asia Tbk PT  ...........................  | Count | 7 181 000 |  |  | IDR | 7 250 | 3 355 286.64 | 2.56 |
| Elang Mahkota Teknologi Tbk PT ......................  | Count | 8 685 900 |  |  | IDR | 1 605 | 898 455.47 | 0.68 |
| Kakao Corp. ......................................  | Count | 17 628 | 17 628 |  | KRW | 69 900 | 911 154.03 | 0.69 |
| KB Financial Group, Inc. ............................  | Count | 64 737 |  | 15 281 | KRW | 48 150 | 2 304 944.34 | 1.76 |
| NAVER Corp. .....................................  | Count | 7 766 | 5 375 |  | KRW | 240 000 | 1 378 225.27 | 1.05 |
| Samsung Electronics Co., Ltd ........................  | Count | 120 945 | 35 841 | 9 263 | KRW | 57 000 | 5 097 700.97 | 3.88 |
| Samsung SDI Co., Ltd ..............................  | Count | 1 341 |  |  | KRW | 532 000 | 527 535.87 | 0.40 |
| SK Hynix, Inc. ....................................  | Count | 24 015 | 29 900 | 5 885 | KRW | 91 000 | 1 615 978.45 | 1.23 |
| SKC Co., Ltd .....................................  | Count | 5 292 |  |  | KRW | 133 000 | 520 454.85 | 0.40 |
| Fomento Economico Mexicano SAB de CV .............  | Count | 155 710 |  |  | MXN | 133.62 | 988 298.25 | 0.75 |
| Wal-Mart de Mexico SAB de CV ......................  | Count | 544 823 |  |  | MXN | 68.45 | 1 771 450.17 | 1.35 |
| United Overseas Bank Ltd  ..........................  | Count | 11 700 |  |  | SGD | 26.25 | 211 704.90 | 0.16 |
| Fubon Financial Holding Co., Ltd ......................  | Count | 572 900 |  |  | TWD | 59.8 | 1 106 251.98 | 0.84 |
| Hon Hai Precision Industry Co., Ltd ...................  | Count | 830 000 |  |  | TWD | 109 | 2 921 316.72 | 2.23 |
| Taiwan Semiconductor Manufacturing Co., Ltd  ..........  | Count | 487 000 |  | 103 000 | TWD | 476 | 7 485 313.05 | 5.70 |
| Alibaba Group Holding Ltd -ADR- .....................  | Count | 26 285 | 15 673 | 176 | USD | 111.99 | 2 826 228.78 | 2.15 |
| Baidu, Inc. -ADR- ..................................  | Count | 32 640 | 32 640 |  | USD | 147.21 | 4 613 255.96 | 3.52 |
| Banco Bradesco SA -ADR-  ..........................  | Count | 454 100 | 41 281 | 1 | USD | 3.245 | 1 414 771.46 | 1.08 |
| Bancolombia SA -ADR- .............................  | Count | 14 700 |  |  | USD | 31.58 | 445 707.10 | 0.34 |
| Fomento Economico Mexicano SAB de CV -ADR- ........  | Count | 19 575 |  |  | USD | 66.14 | 1 243 042.71 | 0.95 |
| HDFC Bank Ltd -ADR- ..............................  | Count | 64 427 |  |  | USD | 54.37 | 3 363 158.46 | 2.56 |
| ICICI Bank Ltd -ADR- ...............................  | Count | 172 506 |  |  | USD | 17.605 | 2 915 817.40 | 2.22 |
| Infosys Ltd -ADR- .................................  | Count | 135 612 | 29 064 |  | USD | 18.41 | 2 397 021.88 | 1.83 |
| Itau Unibanco Holding SA -ADR- ......................  | Count | 633 823 | 298 386 |  | USD | 4.28 | 2 604 544.92 | 1.98 |
| Jackson Financial, Inc. ..............................  | Count | 5 876 |  |  | USD | 26.415 | 149 022.72 | 0.11 |
| NetEase, Inc. -ADR- ...............................  | Count | 53 908 | 60 671 | 14 961 | USD | 90.86 | 4 702 686.64 | 3.58 |
| Trip.com Group Ltd -ADR- ...........................  | Count | 31 905 | 31 905 |  | USD | 26.42 | 809 303.93 | 0.62 |
| XP, Inc. ..........................................  | Count | 7 744 |  |  | USD | 17.39 | 129 295.98 | 0.10 |
| Yum China Holdings, Inc. ...........................  | Count | 97 751 | 97 751 |  | USD | 47.26 | 4 435 422.70 | 3.38 |
| Anglo American Platinum Ltd ........................  | Count | 21 640 |  |  | ZAR | 1 436.07 | 1 817 104.07 | 1.38 |
| Clicks Group Ltd ..................................  | Count | 181 140 | 72 986 |  | ZAR | 275.69 | 2 919 996.38 | 2.23 |
| FirstRand Ltd .....................................  | Count | 1 027 616 |  |  | ZAR | 62.355 | 3 746 701.35 | 2.85 |
| Naspers Ltd -N- ...................................  | Count | 11 861 | 11 861 |  | ZAR | 2 353.32 | 1 632 109.25 | 1.24 |
| Shoprite Holdings Ltd ..............................  | Count | 123 182 |  |  | ZAR | 197 | 1 418 928.18 | 1.08 |
| Total securities portfolio |  |  |  |  |  |  | 123 663 677.19 | 94.22 |
| Cash at bank |  |  |  |  |  |  | 6 839 352.88 | 5.21 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 2 486 297.79 | 1.89 |

DWS Invest ESG Global Emerging Markets Equities
| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Brazilian real ......................................  | BRL | 324 596 |  | 59 355.08 | 0.04 |
| British pound .....................................  | GBP | 1 740 056 |  | 2 031 751.44 | 1.55 |
| Chinese yuan renminbi ..............................  | CNY | 1 629 659 |  | 233 728.48 | 0.18 |
| Hong Kong dollar ..................................  | HKD | 2 639 009 |  | 322 916.66 | 0.24 |
| Indonesian rupiah ..................................  | IDR | 600 601 533 |  | 38 707.32 | 0.03 |
| Mexican peso .....................................  | MXN | 2 228 856 |  | 105 872.26 | 0.08 |
| New Taiwan dollar ..................................  | TWD | 5 020 933 |  | 162 128.17 | 0.12 |
| Philippine peso ....................................  | PHP | 87 481 |  | 1 527.53 | 0.00 |
| Singapore dollar ...................................  | SGD | 32 997 |  | 22 745.21 | 0.02 |
| South African rand..................................  | ZAR | 9 454 654 |  | 552 831.23 | 0.42 |
| South African rand..................................  | SAR | 545 837 |  | 139 671.76 | 0.11 |
| South Korean won ..................................  | KRW | 277 072 426 |  | 204 882.51 | 0.16 |
| Thai baht .........................................  | THB | 1 391 648 |  | 37 791.89 | 0.03 |
| U.S. dollar ........................................  | USD | 311 865 |  | 299 424.56 | 0.23 |
| UAE dirham .......................................  | AED | 534 533 |  | 139 720.99 | 0.11 |
| Other assets |  |  |  | 878 955.16 | 0.68 |
| Dividends/Distributions receivable .....................  |  |  |  | 326 777.53 | 0.25 |
| Receivables from exceeding the expense cap ............  |  |  |  | 20 445.02 | 0.02 |
| Other receivables ..................................  |  |  |  | 531 732.61 | 0.41 |
| Receivables from share certificate transactions |  |  |  | 118.22 | 0.00 |
| Total assets |  |  |  | 131 382 103.45 | 100.11 |
| Other liabilities |  |  |  | -129 379.97 | -0.11 |
| Liabilities from cost items ............................  |  |  |  | -129 379.97 | -0.11 |
| Total liabilities |  |  |  | -129 379.97 | -0.11 |
| Net assets |  |  |  | 131 252 723.48 | 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 | 119.81 |
| Class LC .........................................  | EUR | 116.74 |
| Class LD .........................................  | EUR | 116.27 |
| Class MFC ........................................  | EUR | 90.09 |
| Class TFC.........................................  | EUR | 119.80 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 11 173.794 |
| Class LD .........................................  | Count | 706.000 |
| Class MFC ........................................  | Count | 1 172 074.000 |
| Class TFC.........................................  | Count | 202 535.935 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Emerging Markets in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 75.586 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 111.981 |
| Average market risk exposure.........................  | % | 92.780 |

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 0.0, 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 0.00 as of the reporting date.	.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| UAE dirham .................... . | AED | 3.825715 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brazilian real ................... . | BRL | 5.468708 | = | EUR | 1 |
| Chinese yuan renminbi ........... . | CNY | 6.972445 | = | EUR | 1 |
| British pound .................. . | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.172414 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 15 516.483562 | = | EUR | 1 |
| South Korean won............... . | KRW | 1 352.347861 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 21.052319 | = | EUR | 1 |
| Philippine peso ................. . | PHP | 57.269599 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.450722 | = | EUR | 1 |
| Thai baht ...................... . | THB | 36.823982 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 30.968912 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.041549 | = | EUR | 1 |
| South African rand............... . | SAR | 3.907998 | = | EUR | 1 |
| South African rand............... . | ZAR | 17.102243 | = | 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.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Global Emerging Markets Equities
| DWS INVEST ESG GLOBAL EMERGING MARKETS | EQUITIES |
| --- | --- |
| Wertentwicklung der Anteilklassen (in EUR) Anteilklasse	ISIN | 6 Monate |
| Klasse LC	LU1984220373 | -7,3% |
| Klasse FC	LU1984219524 | -7,0% |
| Klasse LD	LU1984221009 | -7,3% |
| Klasse MFC	LU2352398098 | -6,8% |
| Klasse TFC	LU1984221934 | -7,0% |

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 ESG Global Emerging Markets Equities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 21 298 700,99 | 16,22 |
| Telekommunikationsdienste | 29 377 184,70 | 22,39 |
| Dauerhafte Konsumgüter | 8 127 435,38 | 6,20 |
| Energie | 858 874,75 | 0,65 |
| Hauptverbrauchsgüter | 11 083 293,78 | 8,45 |
| Finanzsektor | 44 951 318,17 | 34,24 |
| Grundstoffe | 2 382 434,48 | 1,81 |
| Industrien | 5 584 434,94 | 4,26 |
| Summe Aktien | 123 663 677,19 | 94,22 |
| 2. Bankguthaben | 6 839 352,88 | 5,21 |
| 3. Sonstige Vermögensgegenstände | 878 955,16 | 0,68 |
| 4. Forderungen aus Anteilscheingeschäften | 118,22 | 0,00 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -129 379,97 | -0,11 |
| III. Fondsvermögen | 131 252 723,48 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |

| 123 663 677,19 | 94,22 |
| --- | --- |
| 1 450 401,61 | 1,11 |
| 394 925,06 | 0,30 |

Börsengehandelte Wertpapiere Aktien
Localiza Rent a Car SA .............................	Stück	152 038	BRL	52,17
| HSBC Holdings PLC  ...............................  | Stück | 311 731 | 311 731 |  | GBP | 5,287 | 1 924 405,24 | 1,47 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Prudential PLC  ...................................  | Stück | 188 845 | 108 369 |  | GBP | 10,015 | 2 208 328,48 | 1,68 |
| Unilever PLC  ....................................  | Stück | 70 041 |  |  | GBP | 37,01 | 3 026 764,63 | 2,31 |
| AIA Group Ltd  ...................................  | Stück | 276 200 | 276 200 | 279 200 | HKD | 85,05 | 2 874 402,86 | 2,19 |
| Alibaba Group Holding Ltd  ..........................  | Stück | 250 900 |  |  | HKD | 111,9 | 3 435 424,37 | 2,62 |
| Baidu, Inc.  ......................................  | Stück | 102 250 |  |  | HKD | 148,5 | 1 857 973,07 | 1,42 |
| BOC Hong Kong Holdings Ltd .......................  | Stück | 687 000 | 687 000 |  | HKD | 31 | 2 605 961,98 | 1,99 |
| BYD Co., Ltd  ....................................  | Stück | 24 000 |  | 50 000 | HKD | 314 | 922 126,57 | 0,70 |
| China Construction Bank Corp.  ......................  | Stück | 1 267 440 |  |  | HKD | 5,27 | 817 311,61 | 0,62 |
| China Merchants Bank Co., Ltd  ......................  | Stück | 116 500 |  | 87 000 | HKD | 52,5 | 748 401,89 | 0,57 |
| China State Construction International Holdings Ltd ......  | Stück | 1 346 000 | 1 346 000 |  | HKD | 8,68 | 1 429 599,64 | 1,09 |
| CK Asset Holdings Ltd  .............................  | Stück | 418 000 | 418 000 |  | HKD | 55,5 | 2 838 696,15 | 2,16 |
| Country Garden Services Holdings Co., Ltd  ............  | Stück | 12 000 |  |  | HKD | 34,95 | 51 318,99 | 0,04 |
| GCL Technology Holdings Ltd  .......................  | Stück | 1 852 000 | 1 852 000 |  | HKD | 3,79 | 858 874,75 | 0,65 |
| Hong Kong Exchanges & Clearing Ltd .................  | Stück | 62 000 | 62 000 | 45 100 | HKD | 386 | 2 928 388,13 | 2,23 |
| HSBC Holdings PLC  ...............................  | Stück | 564 800 |  |  | HKD | 51,65 | 3 569 559,77 | 2,72 |
| Meituan  ........................................  | Stück | 144 200 | 65 600 | 78 800 | HKD | 194,2 | 3 426 605,68 | 2,61 |
| Ping An Insurance Group Co. of China Ltd  .............  | Stück | 404 000 | 293 500 |  | HKD | 53,35 | 2 637 335,82 | 2,01 |
| Tencent Holdings Ltd ..............................  | Stück | 142 400 | 207 000 | 242 100 | HKD | 354,4 | 6 175 232,97 | 4,71 |
| Tongcheng-Elong Holdings Ltd  ......................  | Stück | 428 800 | 428 800 |  | HKD | 16,88 | 885 680,05 | 0,68 |
| Yum China Holdings, Inc. ...........................  | Stück | 13 650 |  |  | HKD | 382,8 | 639 372,90 | 0,49 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd | Stück | 1 390 800 |  |  | HKD | 4,19 | 713 063,73 | 0,54 |
| Aneka Tambang Tbk  ..............................  | Stück | 4 873 300 |  |  | IDR | 1 800 | 565 330,41 | 0,43 |
| Bank Central Asia Tbk PT ...........................  | Stück | 7 181 000 |  |  | IDR | 7 250 | 3 355 286,64 | 2,56 |
| Elang Mahkota Teknologi Tbk PT .....................  | Stück | 8 685 900 |  |  | IDR | 1 605 | 898 455,47 | 0,68 |
| Kakao Corp.  .....................................  | Stück | 17 628 | 17 628 |  | KRW | 69 900 | 911 154,03 | 0,69 |
| KB Financial Group, Inc. ............................  | Stück | 64 737 |  | 15 281 | KRW | 48 150 | 2 304 944,34 | 1,76 |
| NAVER Corp.  ....................................  | Stück | 7 766 | 5 375 |  | KRW | 240 000 | 1 378 225,27 | 1,05 |
| Samsung Electronics Co., Ltd  .......................  | Stück | 120 945 | 35 841 | 9 263 | KRW | 57 000 | 5 097 700,97 | 3,88 |
| Samsung SDI Co., Ltd  .............................  | Stück | 1 341 |  |  | KRW | 532 000 | 527 535,87 | 0,40 |
| SK Hynix, Inc. ....................................  | Stück | 24 015 | 29 900 | 5 885 | KRW | 91 000 | 1 615 978,45 | 1,23 |
| SKC Co., Ltd .....................................  | Stück | 5 292 |  |  | KRW | 133 000 | 520 454,85 | 0,40 |
| Fomento Economico Mexicano SAB de CV  ............  | Stück | 155 710 |  |  | MXN | 133,62 | 988 298,25 | 0,75 |
| Wal-Mart de Mexico SAB de CV  .....................  | Stück | 544 823 |  |  | MXN | 68,45 | 1 771 450,17 | 1,35 |
| United Overseas Bank Ltd  ..........................  | Stück | 11 700 |  |  | SGD | 26,25 | 211 704,90 | 0,16 |
| Fubon Financial Holding Co., Ltd  .....................  | Stück | 572 900 |  |  | TWD | 59,8 | 1 106 251,98 | 0,84 |
| Hon Hai Precision Industry Co., Ltd ...................  | Stück | 830 000 |  |  | TWD | 109 | 2 921 316,72 | 2,23 |
| Taiwan Semiconductor Manufacturing Co., Ltd . . . . . . . . . . | Stück | 487 000 |  | 103 000 | TWD | 476 | 7 485 313,05 | 5,70 |
| Alibaba Group Holding Ltd -ADR- .....................  | Stück | 26 285 | 15 673 | 176 | USD | 111,99 | 2 826 228,78 | 2,15 |
| Baidu, Inc. -ADR-  .................................  | Stück | 32 640 | 32 640 |  | USD | 147,21 | 4 613 255,96 | 3,52 |
| Banco Bradesco SA -ADR-  ..........................  | Stück | 454 100 | 41 281 | 1 | USD | 3,245 | 1 414 771,46 | 1,08 |
| Bancolombia SA -ADR-  ............................  | Stück | 14 700 |  |  | USD | 31,58 | 445 707,10 | 0,34 |
| Fomento Economico Mexicano SAB de CV -ADR-  .......  | Stück | 19 575 |  |  | USD | 66,14 | 1 243 042,71 | 0,95 |
| HDFC Bank Ltd -ADR-  .............................  | Stück | 64 427 |  |  | USD | 54,37 | 3 363 158,46 | 2,56 |
| ICICI Bank Ltd -ADR-  ..............................  | Stück | 172 506 |  |  | USD | 17,605 | 2 915 817,40 | 2,22 |
| Infosys Ltd -ADR- .................................  | Stück | 135 612 | 29 064 |  | USD | 18,41 | 2 397 021,88 | 1,83 |
| Itau Unibanco Holding SA -ADR-  .....................  | Stück | 633 823 | 298 386 |  | USD | 4,28 | 2 604 544,92 | 1,98 |
| Jackson Financial, Inc.  .............................  | Stück | 5 876 |  |  | USD | 26,415 | 149 022,72 | 0,11 |
| NetEase, Inc. -ADR-  ...............................  | Stück | 53 908 | 60 671 | 14 961 | USD | 90,86 | 4 702 686,64 | 3,58 |
| Trip.com Group Ltd -ADR-  ..........................  | Stück | 31 905 | 31 905 |  | USD | 26,42 | 809 303,93 | 0,62 |
| XP, Inc. .........................................  | Stück | 7 744 |  |  | USD | 17,39 | 129 295,98 | 0,10 |
| Yum China Holdings, Inc. ...........................  | Stück | 97 751 | 97 751 |  | USD | 47,26 | 4 435 422,70 | 3,38 |
| Anglo American Platinum Ltd  .......................  | Stück | 21 640 |  |  | ZAR | 1 436,07 | 1 817 104,07 | 1,38 |
| Clicks Group Ltd ..................................  | Stück | 181 140 | 72 986 |  | ZAR | 275,69 | 2 919 996,38 | 2,23 |
| FirstRand Ltd  ....................................  | Stück | 1 027 616 |  |  | ZAR | 62,355 | 3 746 701,35 | 2,85 |
| Naspers Ltd -N-  ..................................  | Stück | 11 861 | 11 861 |  | ZAR | 2 353,32 | 1 632 109,25 | 1,24 |
| Shoprite Holdings Ltd  .............................  | Stück | 123 182 |  |  | ZAR | 197 | 1 418 928,18 | 1,08 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 123 663 677,19 | 94,22 |
| Bankguthaben |  |  |  |  |  |  | 6 839 352,88 | 5,21 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  |  | 2 486 297,79 | 1,89 |

Natura & Co. Holding SA  ...........................	Stück	164 238	BRL	13,15
DWS Invest ESG Global Emerging Markets Equities
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Brasilianischer Real ................................  | BRL | 324 596 |  | 59 355,08 | 0,04 |
| Britisches Pfund ...................................  | GBP | 1 740 056 |  | 2 031 751,44 | 1,55 |
| Chinesischer Renminbi ..............................  | CNY | 1 629 659 |  | 233 728,48 | 0,18 |
| Hongkong Dollar ...................................  | HKD | 2 639 009 |  | 322 916,66 | 0,24 |
| Indonesische Rupie ................................  | IDR | 600 601 533 |  | 38 707,32 | 0,03 |
| Mexikanischer Peso ................................  | MXN | 2 228 856 |  | 105 872,26 | 0,08 |
| Neue Taiwan Dollar ................................  | TWD | 5 020 933 |  | 162 128,17 | 0,12 |
| Philippinischer Peso ................................  | PHP | 87 481 |  | 1 527,53 | 0,00 |
| Singapur Dollar ....................................  | SGD | 32 997 |  | 22 745,21 | 0,02 |
| Südafrikanischer Rand ..............................  | ZAR | 9 454 654 |  | 552 831,23 | 0,42 |
| Südafrikanischer Rand ..............................  | SAR | 545 837 |  | 139 671,76 | 0,11 |
| Südkoreanischer Won ..............................  | KRW | 277 072 426 |  | 204 882,51 | 0,16 |
| Thailändischer Baht ................................  | THB | 1 391 648 |  | 37 791,89 | 0,03 |
| US-Dollar ........................................  | USD | 311 865 |  | 299 424,56 | 0,23 |
| VAE Dirham ......................................  | AED | 534 533 |  | 139 720,99 | 0,11 |
| Sonstige Vermögensgegenstände |  |  |  | 878 955,16 | 0,68 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 326 777,53 | 0,25 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 20 445,02 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  | 531 732,61 | 0,41 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 118,22 | 0,00 |
| Summe der Vermögensgegenstände |  |  |  | 131 382 103,45 | 100,11 |
| Sonstige Verbindlichkeiten |  |  |  | -129 379,97 | -0,11 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -129 379,97 | -0,11 |
| Summe der Verbindlichkeiten | -129 379,97 | -0,11 |
| Fondsvermögen | 131 252 723,48 | 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 | 119,81 |
| Klasse LC ........................................  | EUR | 116,74 |
| Klasse LD ........................................  | EUR | 116,27 |
| Klasse MFC ......................................  | EUR | 90,09 |
| Klasse TFC .......................................  | EUR | 119,80 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 11 173,794 |
| Klasse LD ........................................  | Stück | 706,000 |
| Klasse MFC ......................................  | Stück | 1 172 074,000 |
| Klasse TFC .......................................  | Stück | 202 535,935 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Emerging Markets in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 75,586 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 111,981 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 92,780 |

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 0,0, 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 0,00.	.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| VAE Dirham ....................  | AED | 3,825715 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brasilianischer Real ..............  | BRL | 5,468708 | = | EUR | 1 |
| Chinesischer Renminbi ............  | CNY | 6,972445 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Indonesische Rupie ..............  | IDR | 15 516,483562 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 352,347861 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 21,052319 | = | EUR | 1 |
| Philippinischer Peso ..............  | PHP | 57,269599 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,450722 | = | EUR | 1 |
| Thailändischer Baht ..............  | THB | 36,823982 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 30,968912 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |
| Südafrikanischer Rand ............  | SAR | 3,907998 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 17,102243 | = | 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.