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

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD IC | LU0982741976 | -25.2% |
| Class USD XC | LU2096795310 | -25.1% |
| Class IDH 1 | LU0982741547 | -26.0% |
| Class LDH 1 | LU0982741208 | -26.1% |


##### JPM EMBI Global Diversified	-20.2%
1 
in EUR
“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 Sovereign Debt
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 10 489 481.37 | 34.78 |
| Central governments | 18 068 193.36 | 59.97 |
| Total bonds | 28 557 674.73 | 94.75 |
| 2. Derivatives | 104 972.96 | 0.35 |
| 3. Cash at bank | 897 241.58 | 2.97 |
| 4. Other assets | 640 356.13 | 2.12 |
| II. Liabilities |  |  |
| 1. Other liabilities | -57 672.76 | -0.18 |
| 2. Liabilities from share certificate transactions | -2 189.45 | -0.01 |
| III. Net assets | 30 140 383.19 | 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 |  |  |  |  |  |  | 28 557 674.73 | 94.75 |
| Interest-bearing securities 2.75 % Banque Ouest Africaine de Developpement -Reg- 2021/2033 ..........................  | EUR | 300 000 |  |  | % | 81.321 | 254 099.54 | 0.84 |
| 4.875 % Benin Government International Bond -Reg- 2021/2032 ..........................  | EUR | 1 100 000 |  | 700 000 | % | 72.151 | 826 637.21 | 2.74 |
| 7.50 % BOI Finance BV -Reg- (MTN) 2022/2027 .......  4.75 % Egypt Government International Bond -Reg- (MTN) 2018/2026 .....................  | EUR EUR | 1 050 000 600 000 | 1 050 000 | 650 000 | % % | 81.539 75.097 | 891 732.49 469 303.45 | 2.96 1.56 |
| 6.375 % Egypt Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2019/2031 ..........................  | EUR | 300 000 | 300 000 | % | 63.27 | 197 696.51 | 0.66 |
| 5.875 % Ivory Coast Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2019/2031 ..........................  | EUR | 400 000 | 200 000 | % | 79.05 | 329 337.95 | 1.09 |
| 7.125 % NAK Naftogaz Ukraine Via Kondor Finance |  |  |  |  |  |  |  |  |
| PLC (MTN) 2019/2024  .....................  | EUR | 450 000 | 200 000 | % | 33.695 | 157 927.55 | 0.52 |
| 5.95 % Republic of Cameroon International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2021/2032 ..........................  | EUR | 500 000 | 700 000 | % | 74.641 | 388 711.48 | 1.29 |
| 2.124 % Romanian Government International Bond -Reg- 2019/2031 ..........................  | EUR | 400 000 | 600 000 | 200 000 | % | 70.996 | 295 783.39 | 0.98 |
| 2.00 % Romanian Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2032 * .........................  | EUR | 500 000 | 500 000 | % | 68.31 | 355 741.23 | 1.18 |
| 4.60 % Abu Dhabi Crude Oil Pipeline LLC -Reg- |  |  |  |  |  |  |  |  |
| 2017/2047 ...............................  | USD | 200 000 | % | 94.811 | 189 622.00 | 0.63 |
| 2.70 % Abu Dhabi Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2070 ..........................  | USD | 200 000 | % | 67.07 | 134 140.00 | 0.45 |
| 4.00 % Aeropuerto Internacional de Tocumen SA |  |  |  |  |  |  |  |  |
| -Reg- 2021/2041 ..........................  | USD | 250 000 | 550 000 | % | 82.078 | 205 195.00 | 0.68 |
| 3.798 % African Export-Import Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2031 ...............................  | USD | 600 000 | 600 000 | % | 82.575 | 495 450.00 | 1.64 |
| 8.25 % Angolan Government International Bond -Reg- (MTN) 2018/2028 .....................  | USD | 1 000 000 | 1 250 000 | 250 000 | % | 83.361 | 833 610.00 | 2.77 |
| 9.375 % Angolan Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2018/2048 * .........................  | USD | 450 000 | 450 000 | % | 72.667 | 327 001.50 | 1.09 |
| 5.00 % Banque Ouest Africaine de Developpement |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2017/2027 .....................  | USD | 250 000 | 1 250 000 | % | 89.745 | 224 362.50 | 0.74 |
| 4.70 % Banque Ouest Africaine de Developpement |  |  |  |  |  |  |  |  |
| -Reg- 2019/2031 ..........................  | USD | 1 000 000 | 1 000 000 | % | 83.064 | 830 640.00 | 2.76 |
| 4.75 % Brazilian Government International Bond |  |  |  |  |  |  |  |  |
| 2019/2050 ...............................  | USD | 600 000 |  | % | 68.289 | 409 734.00 | 1.36 |
| 3.10 % Chile Government International Bond 2021/2061 . 5.00 % Colombia Government International Bond | USD | 300 000 | 200 000 | % | 67.103 | 201 309.00 | 0.67 |
| 2015/2045	USD | 200 000 |  |  | % | 65.887 | 131 774.00 | 0.44 |
| 2021/2061 *	USD | 1 000 000 |  |  | % | 56.836 | 568 360.00 | 1.89 |
| 2012/2042	USD | 200 000 |  |  | % | 82.989 | 165 978.00 | 0.55 |
| 5.00 % Comision Federal de Electricidad |  |  |  |  |  |  |  |  |
| (MTN) 2019/2049 .........................  | USD | 186 667 | % | 83.408 | 155 694.94 | 0.52 |
| 3.348 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2031 .........................  | USD | 250 000 | 500 000 | % | 76.741 | 191 852.50 | 0.64 |
| 4.677 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| 2021/2051 ...............................  | USD | 500 000 | % | 67.541 | 337 705.00 | 1.12 |
| 3.875 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| 2021/2033 ...............................  | USD | 380 000 | % | 76.068 | 289 058.40 | 0.96 |
| 3.125 % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 * ..............................  | USD | 1 000 000 | % | 50.505 | 505 050.00 | 1.68 |
| 3.875 % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ...............................  | USD | 500 000 | % | 42.214 | 211 070.00 | 0.70 |
| 2.95 % Development Bank of Kazakhstan -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2031 .........................  | USD | 200 000 | 350 000 | % | 75.465 | 150 930.00 | 0.50 |
| 6.85 % Dominican Republic International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2015/2045 ..........................  | USD | 200 000 | 200 000 | % | 79.684 | 159 368.00 | 0.53 |
| 5.875 % Dominican Republic International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2060 ..........................  | USD | 300 000 | 200 000 | % | 67.868 | 203 604.00 | 0.68 |
| 4.875 % Dominican Republic International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2032 ..........................  | USD | 200 000 | 150 000 | % | 76.765 | 153 530.00 | 0.51 |
| 5.50 % Dominican Republic International Bond -Reg- (MTN) 2022/2029 .....................  | USD | 150 000 | 150 000 |  | % | 86.769 | 130 153.50 | 0.43 |
| 4.125 % Eastern & Southern African Trade & Development Bank (MTN) 2021/2028 .....................  | USD | 1 400 000 |  | 350 000 | % | 82.345 | 1 152 830.00 | 3.82 |
| 4.625 % Ecopetrol SA (MTN) 2021/2031 ..............  0.00 % Ecuador Government International Bond -Reg- (MTN) 2020/2030 .....................  | USD USD | 330 000 71 567 |  |  | % % | 75.352 41.75 | 248 661.60 29 879.22 | 0.83 0.10 |
| 1.00 % Ecuador Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2035 ..........................  | USD | 619 125 | % | 48.22 | 298 542.08 | 0.99 |
| 0.50 % Ecuador Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2040 ..........................  | USD | 1 600 000 | 1 700 000 | % | 40.864 | 653 824.00 | 2.17 |

3.875 % Colombia Government International Bond
5.75 % Comision Federal de Electricidad -Reg-
| Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| currency | amount	in the reporting period	USD |
| USD | 500 000 | 700 000 | 200 000 | % | 57.766 | 288 830.00 | 0.96 |
| USD | 200 000 |  | 600 000 | % | 60.19 | 120 380.00 | 0.40 |
| USD | 250 000 |  |  | % | 56.007 | 140 017.50 | 0.46 |
| USD | 300 000 |  | 200 000 | % | 60.706 | 182 118.00 | 0.60 |
| USD | 500 000 |  | 301 000 | % | 60.508 | 302 540.00 | 1.00 |
| USD | 200 000 |  |  | % | 84.748 | 169 496.00 | 0.56 |
| USD | 200 000 |  | 600 000 | % | 84.709 | 169 418.00 | 0.56 |
| USD | 650 000 |  | 200 000 | % | 86.421 | 561 736.50 | 1.86 |
| USD | 200 000 |  |  | % | 49.137 | 98 274.00 | 0.33 |
| USD | 350 000 |  |  | % | 48.56 | 169 960.00 | 0.56 |
| USD | 200 000 |  |  | % | 47.514 | 95 028.00 | 0.32 |
| USD | 200 000 |  |  | % | 47.232 | 94 464.00 | 0.31 |
| USD | 250 000 |  |  | % | 47.445 | 118 612.50 | 0.39 |
| USD | 300 000 |  | 400 000 | % | 50.081 | 150 243.00 | 0.50 |
| USD | 200 000 |  | 300 000 | % | 77.41 | 154 820.00 | 0.51 |
| USD | 200 000 |  |  | % | 66.249 | 132 498.00 | 0.44 |
| USD | 200 000 |  |  | % | 76.539 | 153 078.00 | 0.51 |
| USD | 200 000 |  |  | % | 94.067 | 188 134.00 | 0.62 |
| USD | 156 736 |  | 286 527 | % | 86.715 | 135 913.84 | 0.45 |
| USD | 200 000 |  |  | % | 78.769 | 157 538.00 | 0.52 |
| USD | 400 000 |  |  | % | 90.651 | 362 604.00 | 1.20 |
| USD | 300 000 |  |  | % | 62.808 | 188 424.00 | 0.63 |
| USD | 300 000 |  |  | % | 81.2 | 243 600.00 | 0.81 |
| USD | 200 000 |  |  | % | 58.718 | 117 436.00 | 0.39 |
| USD | 650 000 |  |  | % | 60.06 | 390 390.00 | 1.30 |
| USD | 210 000 |  |  | % | 25.681 | 53 930.10 | 0.18 |
| USD | 250 000 |  |  | % | 101.2 | 253 000.00 | 0.84 |
| USD | 250 000 |  |  | % | 105.819 | 264 547.50 | 0.88 |
| USD | 250 000 |  |  | % | 84.432 | 211 080.00 | 0.70 |
| USD | 200 000 |  | 200 000 | % | 96.457 | 192 914.00 | 0.64 |
| USD | 200 000 |  | 600 000 | % | 96.682 | 193 364.00 | 0.64 |
| USD | 200 000 |  |  | % | 67.818 | 135 636.00 | 0.45 |
| USD | 200 000 |  | 600 000 | % | 67.857 | 135 714.00 | 0.45 |
| USD | 300 000 |  | 600 000 | % | 63.148 | 189 444.00 | 0.63 |
| USD | 200 000 |  |  | % | 55.76 | 111 520.00 | 0.37 |
| USD | 200 000 |  |  | % | 79.644 | 159 288.00 | 0.53 |
| USD | 250 000 |  |  | % | 86.935 | 217 337.50 | 0.72 |
| USD | 300 000 |  |  | % | 101.093 | 303 279.00 | 1.01 |
| USD | 200 000 |  |  | % | 101.723 | 203 446.00 | 0.68 |
| USD | 250 000 |  |  | % | 101.675 | 254 187.50 | 0.84 |
| USD | 200 000 |  |  | % | 73.759 | 147 518.00 | 0.49 |
| USD | 300 000 |  |  | % | 61.442 | 184 326.00 | 0.61 |
| USD | 200 000 |  |  | % | 95.532 | 191 064.00 | 0.63 |
| USD | 300 000 |  |  | % | 71.875 | 215 625.00 | 0.72 |
| USD | 200 000 |  |  | % | 68.947 | 137 894.00 | 0.46 |

7.903 % Egypt Government International Bond -Reg- 2018/2048 ............................... 
8.70 % Egypt Government International Bond -Reg- 2019/2049 ............................... 
7.50 % Egypt Government International Bond -Reg- 2021/2061 ............................... 
8.75 % Egypt Government International Bond -Reg- 2021/2051 ............................... 
3.068 % Empresa de los Ferrocarriles del Estado -Reg- 2020/2050 * .............................. 
5.125 % Empresa de Transmision Electrica SA -Reg- 2019/2049 ............................... 
4.00 % Georgian Railway JSC -Reg- (MTN) 2021/2028 .. 
10.75 % Ghana Government International Bond -Reg- 2015/2030 ............................... 
7.625 % Ghana Government International Bond -Reg- 2018/2029 ............................... 
8.125 % Ghana Government International Bond -Reg- 2019/2032 ............................... 
8.95 % Ghana Government International Bond -Reg- 2019/2051 ............................... 
7.875 % Ghana Government International Bond -Reg- 2020/2035 ............................... 
8.75 % Ghana Government International Bond -Reg- 2020/2061 ............................... 
7.75 % Ghana Government International Bond -Reg- (MTN) 2021/2029 ......................... 
3.70 % Guatemala Government Bond -Reg- 2021/2033 .. 
3.125 % Hungary Government International Bond
-Reg- 2021/2051 .......................... 
3.05 % Indonesia Government International Bond 2021/2051 ............................... 
6.75 % Instituto Costarricense de Electricidad
-Reg- (MTN) 2021/2031 ..................... 
5.75 % Ivory Coast Government International Bond
-Reg- 2010/2032 .......................... 
6.125 % Ivory Coast Government International Bond
-Reg- 2017/2033 .......................... 
6.95 % Kazakhstan Temir Zholy Finance BV -Reg- 2012/2042 ............................... 
3.75 % Mexico Government International Bond
2021/2071 ............................... 
3.50 % Mongolia Government International Bond
-Reg- (MTN) 2021/2027 ..................... 
4.00 % Morocco Government International Bond
-Reg- 2020/2050 .......................... 
7.625 % Nigeria Government International Bond
-Reg- 2017/2047 .......................... 6.875 % NPC Ukrenergo -Reg- (MTN) 2021/2026  ....... 
7.50 % Oil and Gas Holding Co., BSCC -Reg- (MTN) 2017/2027 ............................... 
8.375 % Oil and Gas Holding Co., BSCC -Reg- (MTN) 2018/2028 ............................... 
6.50 % Oman Government International Bond -Reg- 2017/2047 * .............................. 
5.625 % Oman Government International Bond -Reg-
(MTN) 2018/2028 ......................... 
6.00 % Oman Government International Bond -Reg-
(MTN) 2019/2029 ......................... 
6.875 % Pakistan Government International Bond -Reg- (MTN) 2017/2027 ......................... 
6.00 % Pakistan Government International Bond -Reg- (MTN) 2021/2026 * ........................ 
7.375 % Pakistan Government International Bond -Reg- (MTN) 2021/2031 ......................... 
7.50 % Pakistan Water & Power Development Authority (MTN) 2021/2031 ......................... 
4.50 % Panama Government International Bond 2020/2056 ............................... 
6.10 % Paraguay Government International Bond -Reg- 2014/2044 ............................... 
6.50 % Pertamina Persero PT -Reg- 2011/2041 ........ 
6.45 % Pertamina Persero PT -Reg- 2014/2044 ........ 
6.50 % Pertamina Persero PT -Reg- 2018/2048 ........ 
4.15 % Pertamina Persero PT -Reg- 2020/2060 ........ 
2.78 % Peruvian Government International Bond 2020/2060 ............................... 
4.55 % Petronas Capital Ltd -Reg- 2020/2050 ......... 
2.95 % Philippine Government International Bond 2020/2045 ............................... 
2.65 % Philippine Government International Bond 2020/2045 ............................... 
| 4.625 % Qatar Government International Bond -Reg- 2016/2046 ...............................  | USD | 200 000 |  | 200 000 | % | 99.583 | 199 166.00 | 0.66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5.103 % Qatar Government International Bond -Reg- 2018/2048 ...............................  | USD | 200 000 |  |  | % | 104.978 | 209 956.00 | 0.70 |
| 4.817 % Qatar Government International Bond -Reg- 2019/2049 ...............................  | USD | 200 000 |  |  | % | 100.935 | 201 870.00 | 0.67 |
| 8.25 % Republic of Kenya Government International Bond -Reg- 2018/2048 .....................  | USD | 200 000 |  |  | % | 61.775 | 123 550.00 | 0.41 |
| 8.00 % Republic of Kenya Government International Bond -Reg- 2019/2032 .....................  | USD | 200 000 |  | 200 000 | % | 71.341 | 142 682.00 | 0.47 |
| 5.00 % Republic of South Africa Government International Bond 2016/2046 ................  | USD | 600 000 | 1 000 000 | 1 400 000 | % | 64.888 | 389 328.00 | 1.29 |
| 4.85 % Republic of South Africa Government International Bond (MTN) 2019/2029 ..........  | USD | 200 000 | 200 000 | 1 000 000 | % | 85.699 | 171 398.00 | 0.57 |
| 7.125 % Republic of Tajikistan International Bond -Reg- |  |  |  |  |  |  |  |  |
| 3.70 | (MTN) 2017/2027 .........................  % Republic of Uzbekistan International Bond -Reg- (MTN) 2020/2030 .........................  | USD USD | 250 000 250 000 |  | 250 000 | % % | 62.944 72.578 | 157 360.00 181 445.00 | 0.52 0.60 |
| 3.90 | % Republic of Uzbekistan International Bond (MTN) 2021/2031 ...............................  | USD | 500 000 | 500 000 | 500 000 | % | 71.224 | 356 120.00 | 1.18 |
| 4.50 | % Saudi Government International Bond -Reg- 2016/2046 ...............................  | USD | 200 000 |  | 200 000 | % | 91.463 | 182 926.00 | 0.61 |
| 3.45 | % Saudi Government International Bond -Reg- 2021/2061 ...............................  | USD | 400 000 |  | 400 000 | % | 75.042 | 300 168.00 | 1.00 |
| 6.25 | % Senegal Government International Bond -Reg- 2017/2033 * ..............................  | USD | 300 000 |  | 700 000 | % | 77.227 | 231 681.00 | 0.77 |
| 6.75 | % Senegal Government International Bond -Reg- 2018/2048 ...............................  | USD | 200 000 |  |  | % | 64.155 | 128 310.00 | 0.43 |
| 4.75 | % Shimao Group Holdings Ltd (MTN) 2017/2022 ...  | USD | 1 000 000 |  |  | % | 12.182 | 121 820.00 | 0.40 |
| 6.30 | % Sinochem Overseas Capital Co., Ltd -Reg- 2010/2040 ...............................  | USD | 200 000 |  |  | % | 109.031 | 218 062.00 | 0.72 |
| 3.10 | % Sinopec Group Overseas Development 2018 Ltd -Reg- 2021/2051 ..........................  | USD | 200 000 |  | 300 000 | % | 72.075 | 144 150.00 | 0.48 |
| 6.25 | % State Agency of Roads of Ukraine -Reg- (MTN) 2021/2028 ...............................  | USD | 600 000 |  | 600 000 | % | 25.352 | 152 112.00 | 0.50 |
| 5.375 | % TC Ziraat Bankasi AS -Reg- (MTN) 2021/2026 ...  | USD | 200 000 |  | 1 600 000 | % | 84.926 | 169 852.00 | 0.56 |
| 4.875 | % Turkey Government International Bond 2013/2043 ...............................  | USD | 400 000 |  | 600 000 | % | 59.381 | 237 524.00 | 0.79 |
| 6.00 % Turkey Government International Bond (MTN) 2017/2027 ...............................  | USD | 250 000 |  | % | 82.562 | 206 405.00 | 0.68 |
| 5.75 % Turkiye Ihracat Kredi Bankasi AS -Reg- (MTN) 2021/2026 ...............................  | USD | 700 000 | 650 000 | % | 83.72 | 586 040.00 | 1.94 |
| 5.50 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2021/2026 ...............................  | USD | 1 200 000 |  | % | 82.232 | 986 784.00 | 3.27 |
| 8.25 % Ukraine Railways Via Rail Capital Markets PLC (MTN) 2019/2024 .........................  | USD | 550 000 |  | % | 29.539 | 162 461.75 | 0.54 |
| 5.10 % Uruguay Government International Bond |  |  |  |  |  |  |  |
| 2014/2050 ...............................  | USD | 200 000 |  | 600 000 | % | 99.968 | 199 936.00 | 0.66 |
| Total securities portfolio |  |  |  |  |  |  | 28 557 674.73 | 94.75 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 27 359.37 | 0.09 |
| Interest rate futures US Treasury Notes 10 year Futures 09/2022 (DB) ..........  | Count | -35 | 35 | 70 |  |  | 27 359.37 | 0.09 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 77 613.59 | 0.26 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions EUR/USD 13.0 million ...............................  |  |  |  |  |  |  | -88 040.72 | -0.29 |
| Closed positions EUR/USD 0.3 million ................................  |  |  |  |  |  |  | 3 001.56 | 0.01 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions USD/EUR 5.3 million ................................  |  |  |  |  |  |  | 162 652.75 | 0.54 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash at bank |  |  |  |  |  | 897 241.58 | 2.97 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 27 138 |  |  |  | 28 265.71 | 0.09 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD |  |  |  |  | 868 975.87 | 2.88 |
| Other assets |  |  |  |  |  | 640 356.13 | 2.12 |
| Interest receivable .................................  |  |  |  |  |  | 617 762.17 | 2.05 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  | 22 470.89 | 0.07 |
| Other receivables ..................................  |  |  |  |  |  | 123.07 | 0.00 |
| Total assets ** |  |  |  |  |  | 30 288 286.12 | 100.48 |
| Other liabilities |  |  |  |  |  | -57 672.76 | -0.18 |
| Liabilities from cost items ............................  |  |  |  |  |  | -57 672.76 | -0.18 |
| Liabilities from share certificate transactions |  |  |  |  |  | -2 189.45 | -0.01 |
| Total liabilities |  |  |  |  |  | -147 902.93 | -0.48 |
| Net assets |  |  |  |  |  | 30 140 383.19 | 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 | 63.61 |
| Class LDH ........................................  | EUR | 63.84 |
| Class USD IC ......................................  | USD | 103.89 |
| Class USD XC .....................................  | USD | 76.86 |
| Number of shares outstanding Class IDH.........................................  | Count | 30 000.465 |
| Class LDH ........................................  | Count | 168 021.875 |
| Class USD IC ......................................  | Count | 15 478.000 |
| Class USD XC .....................................  | Count | 200 001.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) JPM EMBI Global Diversified
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 108.714 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 181.826 |
| Average market risk exposure.........................  | % | 145.096 |

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 0.2, 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 7 573 560.94 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., HSBC France, Royal Bank of Canada (UK) 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 |
| --- | --- | --- | --- | --- |
| 2.00  % Romanian Government International Bond -Reg- 2020/2032 ...........  | EUR | 500 000 | 355 741.23 |  |
| 9.375 % Angolan Government International Bond -Reg- 2018/2048 ............  | USD | 450 000 | 327 001.50 |  |
| 3.875 % Colombia Government International Bond 2021/2061 ................  | USD | 500 000 | 284 180.00 |  |
| 3.125 % Country Garden Holdings Co., Ltd (MTN) 2020/2025 ................  | USD | 1 000 000 | 505 050.00 |  |
| 3.068 % Empresa de los Ferrocarriles del Estado -Reg- 2020/2050 .............  | USD | 500 000 | 302 540.00 |  |
| 6.50  % Oman Government International Bond -Reg- 2017/2047 ..............  | USD | 250 000 | 211 080.00 |  |
| 6.00  % Pakistan Government International Bond -Reg- (MTN) 2021/2026 .......  | USD | 200 000 | 135 714.00 |  |
| 6.25  % Senegal Government International Bond -Reg- 2017/2033 .............  | USD | 290 000 | 223 958.30 |  |
| Total receivables from securities loans |  |  | 2 345 265.03 | 2 345 265.03 |
| Contracting parties for securities loans Barclays Bank Ireland PLC FI, Deutsche Bank AG FI, J.P. Morgan AG EQ, Nomura Financial Products Europe GmbH |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds | USD USD | 2 620 493.07 2 158 399.97 |
| Equities | USD | 462 093.10 |

 Exchange rates (indirect quotes)	
As of June 30, 2022 Euro .......................... EUR	0.960108	= 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 Sovereign Debt
DWS INVEST EMERGING MARKETS SOVEREIGN DEBT

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD IC | LU0982741976 | -25,2% |
| Klasse USD XC | LU2096795310 | -25,1% |
| Klasse IDH 1) | LU0982741547 | -26,0% |
| Klasse LDH 1) | LU0982741208 | -26,1% |


##### JPM EMBI Global Diversified	-20,2%
1) 
in EUR
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 Sovereign Debt
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 10 489 481,37 | 34,78 |
| Zentralregierungen | 18 068 193,36 | 59,97 |
| Summe Anleihen | 28 557 674,73 | 94,75 |
| 2. Derivate | 104 972,96 | 0,35 |
| 3. Bankguthaben | 897 241,58 | 2,97 |
| 4. Sonstige Vermögensgegenstände | 640 356,13 | 2,12 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -57 672,76 | -0,18 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -2 189,45 | -0,01 |
| III. Fondsvermögen | 30 140 383,19 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Vermögensaufstellung zum 30.6.2022
| Verzinsliche Wertpapiere 2,75 % Banque Ouest Africaine de Developpement |  |
| --- | --- |
| -Reg- 2021/2033 ..........................  4,875 % Benin Government International Bond | EUR | 300 000 | % | 81,321 | 254 099,54 | 0,84 |
| -Reg- 2021/2032 ..........................  | EUR | 1 100 000 |  | 700 000 | % | 72,151 | 826 637,21 | 2,74 |
| 7,50 % BOI Finance BV -Reg- (MTN) 2022/2027 .......  4,75 % Egypt Government International Bond -Reg- (MTN) 2018/2026 ....................  | EUR EUR | 1 050 000 600 000 | 1 050 000 | 650 000 | % % | 81,539 75,097 | 891 732,49 469 303,45 | 2,96 1,56 |
| 6,375 % Egypt Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2019/2031 ..........................  | EUR | 300 000 | 300 000 | % | 63,27 | 197 696,51 | 0,66 |
| 5,875 % Ivory Coast Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2019/2031 ..........................  | EUR | 400 000 | 200 000 | % | 79,05 | 329 337,95 | 1,09 |
| 7,125 % NAK Naftogaz Ukraine Via Kondor Finance |  |  |  |  |  |  |  |  |
| PLC (MTN) 2019/2024  .....................  | EUR | 450 000 | 200 000 | % | 33,695 | 157 927,55 | 0,52 |
| 5,95 % Republic of Cameroon International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2021/2032 ..........................  | EUR | 500 000 | 700 000 | % | 74,641 | 388 711,48 | 1,29 |
| 2,124 % Romanian Government International Bond -Reg- 2019/2031 ..........................  | EUR | 400 000 | 600 000 | 200 000 | % | 70,996 | 295 783,39 | 0,98 |
| 2,00 % Romanian Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2032 * .........................  | EUR | 500 000 | 500 000 | % | 68,31 | 355 741,23 | 1,18 |
| 4,60 % Abu Dhabi Crude Oil Pipeline LLC -Reg- |  |  |  |  |  |  |  |  |
| 2017/2047	USD | 200 000 |  |  | % | 94,811 | 189 622,00 | 0,63 |
| -Reg- 2020/2070	USD | 200 000 |  |  | % | 67,07 | 134 140,00 | 0,45 |
| 4,00 % Aeropuerto Internacional de Tocumen SA |  |  |  |  |  |  |  |  |
| -Reg- 2021/2041 ..........................  | USD | 250 000 | 550 000 | % | 82,078 | 205 195,00 | 0,68 |
| 3,798 % African Export-Import Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2031  ..............................  | USD | 600 000 | 600 000 | % | 82,575 | 495 450,00 | 1,64 |
| 8,25 % Angolan Government International Bond -Reg- (MTN) 2018/2028 ....................  | USD | 1 000 000 | 1 250 000 | 250 000 | % | 83,361 | 833 610,00 | 2,77 |
| 9,375 % Angolan Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2018/2048 * .........................  | USD | 450 000 | 450 000 | % | 72,667 | 327 001,50 | 1,09 |
| 5,00 % Banque Ouest Africaine de Developpement |  |  |  |  |  |  |  |  |
| -Reg- (MTN) 2017/2027 ....................  | USD | 250 000 | 1 250 000 | % | 89,745 | 224 362,50 | 0,74 |
| 4,70 % Banque Ouest Africaine de Developpement |  |  |  |  |  |  |  |  |
| -Reg- 2019/2031 ..........................  | USD | 1 000 000 | 1 000 000 | % | 83,064 | 830 640,00 | 2,76 |
| 4,75 % Brazilian Government International Bond |  |  |  |  |  |  |  |  |
| 2019/2050	USD | 600 000 |  |  | % | 68,289 | 409 734,00 | 1,36 |
| 3,10 % Chile Government International Bond 2021/2061	USD | 300 000 |  | 200 000 | % | 67,103 | 201 309,00 | 0,67 |
| 2015/2045	USD | 200 000 |  |  | % | 65,887 | 131 774,00 | 0,44 |
| 2021/2061 *	USD | 1 000 000 |  |  | % | 56,836 | 568 360,00 | 1,89 |
| 5,75 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| 2012/2042  ..............................  | USD | 200 000 | % | 82,989 | 165 978,00 | 0,55 |
| 5,00 % Comision Federal de Electricidad |  |  |  |  |  |  |  |  |
| (MTN) 2019/2049 .........................  | USD | 186 667 | % | 83,408 | 155 694,94 | 0,52 |
| 3,348 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2031 .........................  | USD | 250 000 | 500 000 | % | 76,741 | 191 852,50 | 0,64 |
| 4,677 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| 2021/2051  ..............................  | USD | 500 000 | % | 67,541 | 337 705,00 | 1,12 |
| 3,875 % Comision Federal de Electricidad -Reg- |  |  |  |  |  |  |  |  |
| 2021/2033  ..............................  | USD | 380 000 | % | 76,068 | 289 058,40 | 0,96 |
| 3,125 % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 * .............................  | USD | 1 000 000 | % | 50,505 | 505 050,00 | 1,68 |
| 3,875 % Country Garden Holdings Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030  ..............................  | USD | 500 000 | % | 42,214 | 211 070,00 | 0,70 |
| 2,95 % Development Bank of Kazakhstan -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2021/2031 .........................  | USD | 200 000 | 350 000 | % | 75,465 | 150 930,00 | 0,50 |
| 6,85 % Dominican Republic International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2015/2045 ..........................  | USD | 200 000 | 200 000 | % | 79,684 | 159 368,00 | 0,53 |
| 5,875 % Dominican Republic International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2060 ..........................  | USD | 300 000 | 200 000 | % | 67,868 | 203 604,00 | 0,68 |
| 4,875 % Dominican Republic International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2032 ..........................  | USD | 200 000 | 150 000 | % | 76,765 | 153 530,00 | 0,51 |
| 5,50 % Dominican Republic International Bond -Reg- (MTN) 2022/2029 ....................  | USD | 150 000 | 150 000 |  | % | 86,769 | 130 153,50 | 0,43 |
| 4,125 % Eastern & Southern African Trade & Development Bank (MTN) 2021/2028  ....................  | USD | 1 400 000 |  | 350 000 | % | 82,345 | 1 152 830,00 | 3,82 |
| 4,625 % Ecopetrol SA (MTN) 2021/2031 ..............  0,00 % Ecuador Government International Bond -Reg- (MTN) 2020/2030 ....................  | USD USD | 330 000 71 567 |  |  | % % | 75,352 41,75 | 248 661,60 29 879,22 | 0,83 0,10 |
| 1,00 % Ecuador Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2035 ..........................  | USD | 619 125 | % | 48,22 | 298 542,08 | 0,99 |
| 0,50 % Ecuador Government International Bond |  |  |  |  |  |  |  |  |
| -Reg- 2020/2040 ..........................  | USD | 1 600 000 | 1 700 000 | % | 40,864 | 653 824,00 | 2,17 |

Börsengehandelte Wertpapiere	28 557 674,73	94,75
2,70 % Abu Dhabi Government International Bond
5,00 % Colombia Government International Bond 3,875 % Colombia Government International Bond
| Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand	im Berichtszeitraum	USD	vermögen |
| USD | 500 000 | 700 000 | 200 000 | % | 57,766 | 288 830,00 | 0,96 |
| USD | 200 000 |  | 600 000 | % | 60,19 | 120 380,00 | 0,40 |
| USD | 250 000 |  |  | % | 56,007 | 140 017,50 | 0,46 |
| USD | 300 000 |  | 200 000 | % | 60,706 | 182 118,00 | 0,60 |
| USD | 500 000 |  | 301 000 | % | 60,508 | 302 540,00 | 1,00 |
| USD | 200 000 |  |  | % | 84,748 | 169 496,00 | 0,56 |
| USD | 200 000 |  | 600 000 | % | 84,709 | 169 418,00 | 0,56 |
| USD | 650 000 |  | 200 000 | % | 86,421 | 561 736,50 | 1,86 |
| USD | 200 000 |  |  | % | 49,137 | 98 274,00 | 0,33 |
| USD | 350 000 |  |  | % | 48,56 | 169 960,00 | 0,56 |
| USD | 200 000 |  |  | % | 47,514 | 95 028,00 | 0,32 |
| USD | 200 000 |  |  | % | 47,232 | 94 464,00 | 0,31 |
| USD | 250 000 |  |  | % | 47,445 | 118 612,50 | 0,39 |
| USD | 300 000 |  | 400 000 | % | 50,081 | 150 243,00 | 0,50 |
| USD | 200 000 |  | 300 000 | % | 77,41 | 154 820,00 | 0,51 |
| USD | 200 000 |  |  | % | 66,249 | 132 498,00 | 0,44 |
| USD | 200 000 |  |  | % | 76,539 | 153 078,00 | 0,51 |
| USD | 200 000 |  |  | % | 94,067 | 188 134,00 | 0,62 |
| USD | 156 736 |  | 286 527 | % | 86,715 | 135 913,84 | 0,45 |
| USD | 200 000 |  |  | % | 78,769 | 157 538,00 | 0,52 |
| USD | 400 000 |  |  | % | 90,651 | 362 604,00 | 1,20 |
| USD | 300 000 |  |  | % | 62,808 | 188 424,00 | 0,63 |
| USD | 300 000 |  |  | % | 81,2 | 243 600,00 | 0,81 |
| USD | 200 000 |  |  | % | 58,718 | 117 436,00 | 0,39 |
| USD | 650 000 |  |  | % | 60,06 | 390 390,00 | 1,30 |
| USD | 210 000 |  |  | % | 25,681 | 53 930,10 | 0,18 |
| USD | 250 000 |  |  | % | 101,2 | 253 000,00 | 0,84 |
| USD | 250 000 |  |  | % | 105,819 | 264 547,50 | 0,88 |
| USD | 250 000 |  |  | % | 84,432 | 211 080,00 | 0,70 |
| USD | 200 000 |  | 200 000 | % | 96,457 | 192 914,00 | 0,64 |
| USD | 200 000 |  | 600 000 | % | 96,682 | 193 364,00 | 0,64 |
| USD | 200 000 |  |  | % | 67,818 | 135 636,00 | 0,45 |
| USD | 200 000 |  | 600 000 | % | 67,857 | 135 714,00 | 0,45 |
| USD | 300 000 |  | 600 000 | % | 63,148 | 189 444,00 | 0,63 |
| USD | 200 000 |  |  | % | 55,76 | 111 520,00 | 0,37 |
| USD | 200 000 |  |  | % | 79,644 | 159 288,00 | 0,53 |
| USD | 250 000 |  |  | % | 86,935 | 217 337,50 | 0,72 |
| USD | 300 000 |  |  | % | 101,093 | 303 279,00 | 1,01 |
| USD | 200 000 |  |  | % | 101,723 | 203 446,00 | 0,68 |
| USD | 250 000 |  |  | % | 101,675 | 254 187,50 | 0,84 |
| USD | 200 000 |  |  | % | 73,759 | 147 518,00 | 0,49 |
| USD | 300 000 |  |  | % | 61,442 | 184 326,00 | 0,61 |
| USD | 200 000 |  |  | % | 95,532 | 191 064,00 | 0,63 |
| USD | 300 000 |  |  | % | 71,875 | 215 625,00 | 0,72 |
| USD | 200 000 |  |  | % | 68,947 | 137 894,00 | 0,46 |

7,903 % Egypt Government International Bond -Reg- 2018/2048 .............................. 
8,70 % Egypt Government International Bond -Reg- 2019/2049 .............................. 
7,50 % Egypt Government International Bond -Reg- 2021/2061 .............................. 
8,75 % Egypt Government International Bond -Reg- 2021/2051 .............................. 
3,068 % Empresa de los Ferrocarriles del Estado -Reg- 2020/2050 * ............................. 
5,125 % Empresa de Transmision Electrica SA -Reg- 2019/2049  .............................. 
4,00 % Georgian Railway JSC -Reg- (MTN) 2021/2028 .. 10,75 % Ghana Government International Bond -Reg-
2015/2030  .............................. 
7,625 % Ghana Government International Bond -Reg- 2018/2029 .............................. 
8,125 % Ghana Government International Bond -Reg- 2019/2032 .............................. 
8,95 % Ghana Government International Bond -Reg- 2019/2051 .............................. 
7,875 % Ghana Government International Bond -Reg- 2020/2035 .............................. 
8,75 % Ghana Government International Bond -Reg- 2020/2061 .............................. 
7,75 % Ghana Government International Bond -Reg- (MTN) 2021/2029 ......................... 
3,70 % Guatemala Government Bond -Reg- 2021/2033 . 3,125 % Hungary Government International Bond
-Reg- 2021/2051 .......................... 
3,05 % Indonesia Government International Bond 2021/2051 .............................. 
6,75 % Instituto Costarricense de Electricidad
-Reg- (MTN) 2021/2031 .................... 
5,75 % Ivory Coast Government International Bond
-Reg- 2010/2032 .......................... 
6,125 % Ivory Coast Government International Bond
-Reg- 2017/2033 .......................... 
6,95 % Kazakhstan Temir Zholy Finance BV -Reg- 2012/2042 .............................. 
3,75 % Mexico Government International Bond
2021/2071  .............................. 
3,50 % Mongolia Government International Bond
-Reg- (MTN) 2021/2027 .................... 
4,00 % Morocco Government International Bond
-Reg- 2020/2050 .......................... 
7,625 % Nigeria Government International Bond
-Reg- 2017/2047 .......................... 6,875 % NPC Ukrenergo -Reg- (MTN) 2021/2026  ....... 
7,50 % Oil and Gas Holding Co., BSCC -Reg- (MTN) 2017/2027 .............................. 
8,375 % Oil and Gas Holding Co., BSCC -Reg- (MTN) 2018/2028 .............................. 
6,50 % Oman Government International Bond -Reg- 2017/2047 * ............................. 
5,625 % Oman Government International Bond -Reg-
(MTN) 2018/2028 ......................... 
6,00 % Oman Government International Bond -Reg-
(MTN) 2019/2029 ......................... 
6,875 % Pakistan Government International Bond -Reg- (MTN) 2017/2027 ......................... 
6,00 % Pakistan Government International Bond -Reg- (MTN) 2021/2026 * ........................ 
7,375 % Pakistan Government International Bond -Reg- (MTN) 2021/2031 ......................... 
7,50 % Pakistan Water & Power Development Authority (MTN) 2021/2031 ......................... 
4,50 % Panama Government International Bond 2020/2056 .............................. 
6,10 % Paraguay Government International Bond -Reg- 2014/2044 .............................. 
6,50 % Pertamina Persero PT -Reg- 2011/2041 ........ 6,45 % Pertamina Persero PT -Reg- 2014/2044 ........ 6,50 % Pertamina Persero PT -Reg- 2018/2048 ........ 4,15 % Pertamina Persero PT -Reg- 2020/2060 ........ 2,78 % Peruvian Government International Bond
2020/2060  .............................. 
4,55 % Petronas Capital Ltd -Reg- 2020/2050 ......... 2,95 % Philippine Government International Bond
2020/2045  .............................. 
2,65 % Philippine Government International Bond 2020/2045 .............................. 
| 4,625 % Qatar Government International Bond -Reg- 2016/2046  ..............................  | USD | 200 000 |  | 200 000 | % | 99,583 | 199 166,00 | 0,66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5,103 % Qatar Government International Bond -Reg- 2018/2048  ..............................  | USD | 200 000 |  |  | % | 104,978 | 209 956,00 | 0,70 |
| 4,817 % Qatar Government International Bond -Reg- 2019/2049  ..............................  | USD | 200 000 |  |  | % | 100,935 | 201 870,00 | 0,67 |
| 8,25 % Republic of Kenya Government International Bond -Reg- 2018/2048 .....................  | USD | 200 000 |  |  | % | 61,775 | 123 550,00 | 0,41 |
| 8,00 % Republic of Kenya Government International Bond -Reg- 2019/2032 .....................  | USD | 200 000 |  | 200 000 | % | 71,341 | 142 682,00 | 0,47 |
| 5,00 % Republic of South Africa Government International Bond 2016/2046  ...............  | USD | 600 000 | 1 000 000 | 1 400 000 | % | 64,888 | 389 328,00 | 1,29 |
| 4,85 % Republic of South Africa Government International Bond (MTN) 2019/2029 ..........  | USD | 200 000 | 200 000 | 1 000 000 | % | 85,699 | 171 398,00 | 0,57 |
| 7,125 % Republic of Tajikistan International Bond -Reg- |  |  |  |  |  |  |  |  |
| 3,70 | (MTN) 2017/2027 .........................  % Republic of Uzbekistan International Bond -Reg- (MTN) 2020/2030 .........................  | USD USD | 250 000 250 000 |  | 250 000 | % % | 62,944 72,578 | 157 360,00 181 445,00 | 0,52 0,60 |
| 3,90 | % Republic of Uzbekistan International Bond (MTN) 2021/2031  ..............................  | USD | 500 000 | 500 000 | 500 000 | % | 71,224 | 356 120,00 | 1,18 |
| 4,50 | % Saudi Government International Bond -Reg- 2016/2046  ..............................  | USD | 200 000 |  | 200 000 | % | 91,463 | 182 926,00 | 0,61 |
| 3,45 | % Saudi Government International Bond -Reg- 2021/2061  ..............................  | USD | 400 000 |  | 400 000 | % | 75,042 | 300 168,00 | 1,00 |
| 6,25 | % Senegal Government International Bond -Reg- 2017/2033 * .............................  | USD | 300 000 |  | 700 000 | % | 77,227 | 231 681,00 | 0,77 |
| 6,75 | % Senegal Government International Bond -Reg- 2018/2048  ..............................  | USD | 200 000 |  |  | % | 64,155 | 128 310,00 | 0,43 |
| 4,75 | % Shimao Group Holdings Ltd (MTN) 2017/2022  ..  | USD | 1 000 000 |  |  | % | 12,182 | 121 820,00 | 0,40 |
| 6,30 | % Sinochem Overseas Capital Co., Ltd -Reg- 2010/2040  ..............................  | USD | 200 000 |  |  | % | 109,031 | 218 062,00 | 0,72 |
| 3,10 | % Sinopec Group Overseas Development 2018 Ltd -Reg- 2021/2051 ..........................  | USD | 200 000 |  | 300 000 | % | 72,075 | 144 150,00 | 0,48 |
| 6,25 | % State Agency of Roads of Ukraine -Reg- (MTN) 2021/2028  ..............................  | USD | 600 000 |  | 600 000 | % | 25,352 | 152 112,00 | 0,50 |
| 5,375 | % TC Ziraat Bankasi AS -Reg- (MTN) 2021/2026 ...  | USD | 200 000 |  | 1 600 000 | % | 84,926 | 169 852,00 | 0,56 |
| 4,875 | % Turkey Government International Bond 2013/2043  ..............................  | USD | 400 000 |  | 600 000 | % | 59,381 | 237 524,00 | 0,79 |
| 6,00 % Turkey Government International Bond (MTN) 2017/2027  ..............................  | USD | 250 000 |  | % | 82,562 | 206 405,00 | 0,68 |
| 5,75 % Turkiye Ihracat Kredi Bankasi AS -Reg- (MTN) 2021/2026  ..............................  | USD | 700 000 | 650 000 | % | 83,72 | 586 040,00 | 1,94 |
| 5,50 % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2021/2026  ..............................  | USD | 1 200 000 |  | % | 82,232 | 986 784,00 | 3,27 |
| 8,25 % Ukraine Railways Via Rail Capital Markets PLC (MTN) 2019/2024 .........................  | USD | 550 000 |  | % | 29,539 | 162 461,75 | 0,54 |
| 5,10 % Uruguay Government International Bond 2014/2050  ..............................  | USD | 200 000 | 600 000 | % | 99,968 | 199 936,00 | 0,66 |
| Summe Wertpapiervermögen |  |  |  | 28 557 674,73 | 94,75 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  | 27 359,37 | 0,09 |
| Zinsterminkontrakte US Treasury Notes 10 year Futures 09/2022 (DB)	Stück | -35 | 35 | 70 | 27 359,37 | 0,09 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | 77 613,59 | 0,26 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen EUR/USD 13,0 Mio. ................................  |  |  |  | -88 040,72 | -0,29 |
| Geschlossene Positionen EUR/USD 0,3 Mio. .................................  |  |  |  | 3 001,56 | 0,01 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen USD/EUR 5,3 Mio. .................................  |  |  |  | 162 652,75 | 0,54 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Bankguthaben |  |  |  | 897 241,58 | 2,97 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 27 138 |  | 28 265,71 | 0,09 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar ........................................  | USD |  |  | 868 975,87 | 2,88 |
| Sonstige Vermögensgegenstände |  |  |  | 640 356,13 | 2,12 |
| Zinsansprüche .....................................  |  |  |  | 617 762,17 | 2,05 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 22 470,89 | 0,07 |
| Sonstige Ansprüche ................................  |  |  |  | 123,07 | 0,00 |
| Summe der Vermögensgegenstände ** |  |  |  | 30 288 286,12 | 100,48 |
| Sonstige Verbindlichkeiten |  |  |  | -57 672,76 | -0,18 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -57 672,76 | -0,18 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -2 189,45 | -0,01 |
| Summe der Verbindlichkeiten |  |  |  | -147 902,93 | -0,48 |
| Fondsvermögen |  |  |  | 30 140 383,19 | 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 | 63,61 |
| Klasse LDH .......................................  | EUR | 63,84 |
| Klasse USD IC ....................................  | USD | 103,89 |
| Klasse USD XC ....................................  | USD | 76,86 |
| Umlaufende Anteile Klasse IDH .......................................  | Stück | 30 000,465 |
| Klasse LDH .......................................  | Stück | 168 021,875 |
| Klasse USD IC ....................................  | Stück | 15 478,000 |
| Klasse USD XC ....................................  | Stück | 200 001,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) JPM EMBI Global Diversified
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 108,714 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 181,826 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 145,096 |

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 0,2, 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 7 573 560,94. 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., HSBC France, Royal Bank of Canada (UK) 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 |
| --- | --- | --- | --- |
| 2,00  % Romanian Government International Bond -Reg- 2020/2032	EUR 9,375 % Angolan Government International Bond -Reg- 2018/2048	USD | 500 000 450 000 | 355 741,23 327 001,50 |  |
| 3,875 % Colombia Government International Bond 2021/2061	USD | 500 000 | 284 180,00 |  |
| 3,125 % Country Garden Holdings Co., Ltd (MTN) 2020/2025	USD | 1 000 000 | 505 050,00 |  |
| 3,068 % Empresa de los Ferrocarriles del Estado -Reg- 2020/2050	USD | 500 000 | 302 540,00 |  |
| 6,50  % Oman Government International Bond -Reg- 2017/2047	USD | 250 000 | 211 080,00 |  |
| 6,00  % Pakistan Government International Bond -Reg- (MTN) 2021/2026	USD | 200 000 | 135 714,00 |  |
| 6,25  % Senegal Government International Bond -Reg- 2017/2033	USD | 290 000 | 223 958,30 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 2 345 265,03 | 2 345 265,03 |
| Vertragspartner der Wertpapier-Darlehen Barclays Bank Ireland PLC FI, Deutsche Bank AG FI, J.P. Morgan AG EQ, Nomura Financial Products Europe GmbH |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen |  | USD USD | 2 620 493,07 2 158 399,97 |
| Aktien |  | USD | 462 093,10 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2022 Euro .......................... EUR	0,960108	= 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 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.
 Fußnoten	
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.