# DWS Invest Conservative Opportunities
DWS INVEST CONSERVATIVE OPPORTUNITIES

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU2034326152 | -1.5% |
| Class FD | LU2034326079 | -1.3% |
| Class LD | LU2034326236 | -1.5% |
| Class NC | LU2161839753 | -1.6% |
| Class ND | LU2034326319 | -1.6% |

“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 Conservative Opportunities
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Telecommunication Services | 12 838 426.90 | 1.02 |
| Consumer Discretionaries | 10 211 529.34 | 0.83 |
| Energy | 15 692 854.85 | 1.25 |
| Financials | 10 832 738.90 | 0.86 |
| Industrials | 348 054.56 | 0.03 |
| Total equities | 49 923 604.55 | 3.99 |
| 2. Bonds (issuers) Companies | 58 054 443.69 | 4.64 |
| Total bonds | 58 054 443.69 | 4.64 |
| 3. Investment fund units Equity funds | 424 431 966.56 | 33.93 |
| Other funds | 525 018 245.94 | 41.97 |
| Bond funds | 86 497 914.12 | 6.91 |
| Total investment fund units | 1 035 948 126.62 | 82.81 |
| 4. Derivatives | 10 825 772.26 | 0.86 |
| 5. Cash at bank | 98 159 158.12 | 7.85 |
| 6. Other assets | 8 245 235.04 | 0.66 |
| 7. Receivables from share certificate transactions | 5 092 437.37 | 0.41 |
| II. Liabilities |  |  |
| 1. Other liabilities | -13 457 985.08 | -1.08 |
| 2. Liabilities from share certificate transactions | -1 793 659.16 | -0.14 |
|  |  |  |
| III. Net assets | 1 250 997 133.41 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ | principal | additions | disposals |  |  | value in | net assets |

| currency | amount	in the reporting period	EUR |
| --- | --- |
| Securities traded on an exchange |  |  |  |  |  | 107 978 048.24 | 8.63 |
| Equities Enbridge, Inc. ....................................  | Count | 18 813 | 18 813 | CAD | 54.11 | 757 968.52 | 0.06 |
| Intact Financial Corp. ...............................  | Count | 1 778 | 1 778 | CAD | 177.95 | 235 583.75 | 0.02 |
| Manulife Financial Corp. ............................  | Count | 18 750 | 18 750 | CAD | 21.81 | 304 489.64 | 0.02 |
| Rogers Communications, Inc. ........................  | Count | 3 037 | 3 037 | CAD | 61.2 | 138 392.26 | 0.01 |
| Sun Life Financial, Inc. .............................  | Count | 5 845 | 5 845 | CAD | 58.12 | 252 944.77 | 0.02 |
| TC Energy Corp. ..................................  | Count | 9 470 | 9 470 | CAD | 66.35 | 467 849.84 | 0.04 |
| Swiss Re AG .....................................  | Count | 3 176 | 3 176 | CHF | 73.16 | 233 415.65 | 0.02 |
| Swisscom AG  ....................................  | Count | 492 | 492 | CHF | 521.6 | 257 797.36 | 0.02 |
| Zurich Insurance Group AG ..........................  | Count | 1 503 | 1 503 | CHF | 410.4 | 619 643.81 | 0.05 |
| Allianz SE ........................................  | Count | 3 999 | 3 999 | EUR | 180.38 | 721 339.62 | 0.06 |
| AXA SA .........................................  | Count | 18 906 | 18 906 | EUR | 21.42 | 404 966.52 | 0.03 |
| Cellnex Telecom SA  ...............................  | Count | 9 583 | 9 583 | EUR | 36.32 | 348 054.56 | 0.03 |
| Deutsche Telekom AG  .............................  | Count | 62 504 | 62 504 | EUR | 18.896 | 1 181 075.58 | 0.09 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen .....................................  | Count | 1 395 | 1 395 | EUR | 221.6 | 309 132.00 | 0.02 |
| Orange SA .......................................  | Count | 37 405 | 37 405 | EUR | 11.216 | 419 534.48 | 0.03 |
| Sampo Oyj -A- ....................................  | Count | 4 721 | 4 721 | EUR | 41.4 | 195 449.40 | 0.02 |
| Telefonica SA  ....................................  | Count | 94 375 | 94 375 | EUR | 4.831 | 455 926.74 | 0.04 |
| TotalEnergies SE ..................................  | Count | 23 071 | 23 071 | EUR | 50.47 | 1 164 393.37 | 0.09 |
| BP PLC  .........................................  | Count | 185 835 | 185 835 | GBP | 3.885 | 842 996.49 | 0.07 |
| BT Group PLC ....................................  | Count | 171 230 | 171 230 | GBP | 1.869 | 373 677.02 | 0.03 |
| Prudential PLC ....................................  | Count | 27 970 | 27 970 | GBP | 10.015 | 327 077.48 | 0.03 |
| Shell PLC ........................................  | Count | 73 908 | 73 908 | GBP | 21.385 | 1 845 474.01 | 0.15 |
| Vodafone Group PLC ...............................  | Count | 240 422 | 240 422 | GBP | 1.265 | 355 061.27 | 0.03 |
| AIA Group Ltd ....................................  | Count | 123 223 | 123 223 | HKD | 85.05 | 1 282 377.06 | 0.10 |
| KDDI Corp. ......................................  | Count | 14 655 | 14 655 | JPY | 4 289 | 444 011.86 | 0.04 |
| Nippon Telegraph & Telephone Corp. ..................  | Count | 22 933 | 22 933 | JPY | 3 896 | 631 149.90 | 0.05 |
| SoftBank Corp.  ...................................  | Count | 26 892 | 26 892 | JPY | 1 507 | 286 183.73 | 0.02 |
| SoftBank Group Corp. ..............................  | Count | 11 166 | 11 166 | JPY | 5 235 | 412 921.04 | 0.03 |
| Tokio Marine Holdings, Inc.  .........................  | Count | 6 699 | 6 699 | JPY | 7 903 | 373 985.41 | 0.03 |
| Tele2 AB -B- .....................................  | Count | 4 314 | 4 314 | SEK | 116 | 46 722.92 | 0.00 |
| Singapore Telecommunications Ltd ...................  | Count | 161 057 | 161 057 | SGD | 2.53 | 280 876.80 | 0.02 |
| Aflac, Inc. .......................................  | Count | 6 040 | 6 040 | USD | 54.71 | 317 266.15 | 0.02 |
| Allstate Corp. .....................................  | Count | 2 740 | 2 740 | USD | 124.64 | 327 889.94 | 0.03 |
| American International Group, Inc. ....................  | Count | 7 979 | 7 979 | USD | 49.69 | 380 660.27 | 0.03 |
| AmerisourceBergen Corp. ...........................  | Count | 1 559 | 1 559 | USD | 141.61 | 211 963.03 | 0.02 |
| Anthem, Inc. .....................................  | Count | 2 403 | 2 403 | USD | 486.48 | 1 122 377.24 | 0.09 |
| Aon PLC/Ireland  ..................................  | Count | 2 110 | 2 110 | USD | 265.8 | 538 465.05 | 0.04 |
| Arthur J Gallagher & Co. ............................  | Count | 1 956 | 1 956 | USD | 161.88 | 304 005.99 | 0.02 |
| AT&T, Inc. .......................................  | Count | 156 863 | 156 863 | USD | 20.885 | 3 145 394.23 | 0.25 |
| Centene Corp. ....................................  | Count | 6 059 | 6 059 | USD | 84.59 | 492 084.93 | 0.04 |
| Chevron Corp. ....................................  | Count | 18 154 | 18 154 | USD | 146.65 | 2 556 080.26 | 0.20 |
| Chubb Ltd .......................................  | Count | 4 281 | 4 281 | USD | 192.09 | 789 532.61 | 0.06 |
| Cigna Corp. ......................................  | Count | 3 252 | 3 252 | USD | 263.95 | 824 123.49 | 0.07 |
| ConocoPhillips ....................................  | Count | 12 254 | 12 254 | USD | 90.47 | 1 064 394.34 | 0.08 |
| CVS Health Corp.  .................................  | Count | 13 817 | 13 817 | USD | 92.96 | 1 233 189.91 | 0.10 |
| Devon Energy Corp. ...............................  | Count | 5 808 | 5 808 | USD | 55.79 | 311 102.18 | 0.02 |
| EOG Resources, Inc. ...............................  | Count | 5 376 | 5 376 | USD | 113.38 | 585 215.47 | 0.05 |
| Exxon Mobil Corp. .................................  | Count | 39 823 | 39 823 | USD | 86.4 | 3 303 450.51 | 0.26 |
| Hartford Financial Services Group, Inc. .................  | Count | 3 273 | 3 273 | USD | 63.81 | 200 518.68 | 0.02 |
| HCA Healthcare, Inc. ...............................  | Count | 2 530 | 2 530 | USD | 166.99 | 405 630.94 | 0.03 |
| Humana, Inc. .....................................  | Count | 1 287 | 1 287 | USD | 470.01 | 580 772.08 | 0.05 |
| Kinder Morgan, Inc. ................................  | Count | 19 015 | 19 015 | USD | 16.84 | 307 438.68 | 0.02 |
| Laboratory Corp. of America Holdings .................  | Count | 991 | 991 | USD | 236.06 | 224 603.31 | 0.02 |
| Marathon Petroleum Corp. ..........................  | Count | 5 707 | 5 707 | USD | 83.48 | 457 415.00 | 0.04 |
| Marsh & McLennan Cos, Inc. ........................  | Count | 4 811 | 4 811 | USD | 153.69 | 709 906.34 | 0.06 |
| McKesson Corp.  ..................................  | Count | 1 512 | 1 512 | USD | 325.6 | 472 668.08 | 0.04 |
| MetLife, Inc. .....................................  | Count | 6 803 | 6 803 | USD | 61.54 | 401 955.57 | 0.03 |
| Occidental Petroleum Corp.  .........................  | Count | 8 340 | 8 340 | USD | 58.91 | 471 710.09 | 0.04 |
| Phillips 66 .......................................  | Count | 4 438 | 4 438 | USD | 83.12 | 354 170.94 | 0.03 |
| Pioneer Natural Resources Co. .......................  | Count | 2 185 | 2 185 | USD | 224.48 | 470 922.22 | 0.04 |
| Progressive Corp. .................................  | Count | 5 903 | 5 903 | USD | 114.06 | 646 437.05 | 0.05 |
| Prudential Financial, Inc. ............................  | Count | 3 624 | 3 624 | USD | 94.12 | 327 484.08 | 0.03 |
| T-Mobile US, Inc. ..................................  | Count | 5 426 | 5 426 | USD | 133.62 | 696 099.54 | 0.06 |
| Travelers Cos, Inc. .................................  | Count | 2 500 | 2 500 | USD | 165.01 | 396 068.55 | 0.03 |
| UnitedHealth Group, Inc. ............................  | Count | 9 429 | 9 429 | USD | 513 | 4 644 116.33 | 0.37 |
| Valero Energy Corp. ...............................  | Count | 3 748 | 3 748 | USD | 108.125 | 389 086.17 | 0.03 |
| Verizon Communications, Inc. ........................  | Count | 76 305 | 76 305 | USD | 50.69 | 3 713 602.17 | 0.30 |
| Williams Cos, Inc. .................................  | Count | 11 420 | 11 420 | USD | 31.3 | 343 186.76 | 0.03 |
| Willis Towers Watson PLC ..........................  | Count | 1 224 | 1 224 | USD | 197.54 | 232 143.51 | 0.02 |
| Interest-bearing securities 1.875 % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 .........................  | EUR | 100 000 |  | % | 83.225 | 83 225.00 | 0.01 |
| 0.00  % European Investment Bank (MTN) 2021/2027 ...  | EUR | 3 630 000 | 3 630 000 | % | 91.738 | 3 330 089.40 | 0.26 |
| 6.375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 . | EUR | 100 000 |  | % | 84.508 | 84 508.00 | 0.01 |

| 4.00  % Telecom Italia SpA (MTN) 2019/2024 ..........  | EUR | 100 000 |  |  | % | 98.71 | 98 710.00 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2.125 % Volvo Car AB (MTN) 2019/2024 ..............  | EUR | 100 000 |  |  | % | 96.969 | 96 969.00 | 0.01 |
| 1.50  % European Investment Bank (MTN) 2017/2024 ...  | NOK | 25 000 000 |  |  | % | 97.894 | 2 369 505.69 | 0.19 |
| 1.625 % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2024 | NOK | 65 000 000 |  |  | % | 97.794 | 6 154 421.53 | 0.49 |
| 1.125 % Kreditanstalt fuer Wiederaufbau (MTN) 2021/2025 | NOK | 50 000 000 |  |  | % | 94.376 | 4 568 706.33 | 0.36 |
| 1.625 % European Investment Bank (MTN) 2020/2025 ...  | USD | 5 000 000 |  |  | % | 96.229 | 4 619 511.64 | 0.37 |
| 0.375 % European Investment Bank 2021/2024 .........  | USD | 10 000 000 |  |  | % | 94.735 | 9 095 583.14 | 0.73 |
| 1.375 % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2024 | USD | 4 000 000 |  |  | % | 96.652 | 3 711 854.34 | 0.30 |
| 0.375 % Kreditanstalt fuer Wiederaufbau (MTN) 2020/2025 | USD | 5 000 000 |  |  | % | 92.035 | 4 418 176.99 | 0.35 |
| 0.25  % Kreditanstalt fuer Wiederaufbau 2021/2023 .....  | USD | 8 000 000 |  |  | % | 97.928 | 7 521 716.50 | 0.60 |
| 0.50  % Kreditanstalt fuer Wiederaufbau 2021/2024 .....  | USD | 13 000 000 | 6 000 000 |  | % | 94.561 | 11 802 540.44 | 0.94 |
| 8.375 % Time Warner Entertainment Co., LP 1993/2023 ..  | USD | 100 000 |  |  | % | 103.036 | 98 925.69 | 0.01 |
| Investment fund units |  |  |  |  |  |  | 1 035 948 126.62 | 82.81 |
| In-group fund units Deutsche ESG Dynamic Opportunities -SC- EUR - (0.200%) .........................................  | Units | 3 730 142 | 713 746 |  | EUR | 54.36 | 202 770 519.12 | 16.21 |
| DWS Concept - DWS Concept Kaldemorgen -IC100- EUR - (0.350%) ....................................  | Units | 2 049 588 | 410 745 |  | EUR | 110.71 | 226 909 887.48 | 18.14 |
| DWS Invest SICAV - DWS Invest Euro High Yield Corporates -IC50- EUR - (0.350%) .....................  | Units | 723 141 | 60 282 | 420 834 | EUR | 106.76 | 77 202 533.16 | 6.17 |
| DWS Invest SICAV - DWS Invest Macro Bonds I -FC- EUR - (0.600%) ....................................  | Units | 72 000 |  |  | EUR | 96.08 | 6 917 760.00 | 0.55 |
| DWS Invest SICAV - DWS Top Dividend -IC- EUR - (0.500%) .........................................  | Units | 224 763 | 224 763 |  | EUR | 138.92 | 31 224 075.96 | 2.50 |
| Xtrackers - S&P Global Infrastructure Swap UCITS ETF -1C- EUR - (0.400%) ................................  | Units | 774 069 | 774 069 |  | EUR | 48.91 | 37 859 714.79 | 3.03 |
| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) ...................  | Units | 293 492 | 688 101 | 646 496 | EUR | 41.69 | 12 235 681.48 | 0.98 |
| Xtrackers (IE) plc - Xtrackers MSCI World Communication Services UCITS ETF -1C- EUR - (0.100%)................  | Units | 896 875 | 2 073 682 | 1 635 792 | EUR | 14.152 | 12 692 575.00 | 1.01 |
| Xtrackers (IE) plc - Xtrackers MSCI World Consumer Staples UCITS ETF -1C- EUR - (0.100%).................  | Units | 689 452 | 679 648 | 443 388 | EUR | 40.07 | 27 626 341.64 | 2.21 |
| Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS ETF -1C- EUR - (0.100%) .......................  | Units | 491 212 | 1 710 945 | 2 907 777 | EUR | 20.005 | 9 826 696.06 | 0.78 |
| Xtrackers (IE) plc - Xtrackers MSCI World Health Care UCITS ETF -1C- EUR - (0.150%) .......................  | Units | 828 468 | 526 986 | 358 761 | EUR | 44.14 | 36 568 577.52 | 2.92 |
| Xtrackers (IE) plc - Xtrackers MSCI World Industrials UCITS ETF -1C- EUR - (0.150%) .......................  | Units | 52 085 | 230 429 | 178 344 | EUR | 37.715 | 1 964 385.78 | 0.16 |
| Xtrackers (IE) plc - Xtrackers MSCI World Information Technology UCITS ETF -1C- EUR - (0.100%) .............  | Units | 679 497 | 1 350 536 | 1 253 664 | EUR | 45.085 | 30 635 122.25 | 2.45 |
| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.150%) ................  | Units | 1 999 794 | 1 093 373 | 167 959 | EUR | 34.43 | 68 852 907.42 | 5.50 |
| Xtrackers (IE) plc - Xtrackers MSCI World Utilities UCITS ETF -1C- EUR - (0.100%) .......................  | Units | 473 938 | 727 853 | 253 915 | EUR | 29.29 | 13 881 644.02 | 1.11 |
| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) .......................  | Units | 2 095 085 | 2 729 842 | 634 757 | EUR | 32.235 | 67 535 064.98 | 5.40 |
| Xtrackers IE Physical Gold ETC Securities EUR - (0.150%) .. Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1C- EUR - (0.100%).............................  | Units Units | 2 728 153 129 712 | 1 211 497 | 424 260 490 074 | EUR EUR | 26.952 18.33 | 73 529 179.66 2 377 620.96 | 5.88 0.19 |
| Non-group fund units THEAM Quant - Cross Asset High Focus -M- EUR - (0.300%) | Units | 829 674 | 249 674 |  | EUR | 114.91 | 95 337 839.34 | 7.62 |
| Total securities portfolio |  |  |  |  |  |  | 1 143 926 174.86 | 91.44 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | 6 590 025.73 | 0.53 |
| Equity index futures Dax Index 09/2022 (DB) .............................  | Count | -86 |  | 86 |  |  | 1 658 289.79 | 0.13 |
| MSCI World Index 09/2022 (DB).......................  | Count | -8 510 | 234 | 8 744 |  |  | 46 911.99 | 0.00 |
| S & P MINI 500 Futures 09/2022 (DB) ..................  | Count | -59 |  | 59 |  |  | 87 408.04 | 0.01 |
| Option contracts |  |  |  |  |  |  |  |  |
| Options on equity indices Call Dax Index 12/2022 16 200 EUR (DB)................  | Count | -250 | -250 |  |  |  | -22 437.50 | 0.00 |
| Put Dax Index 09/2022 11 000 EUR (DB) ................  | Count | 250 | 250 |  |  |  | 249 375.00 | 0.02 |
| Call Dax Index 09/2022 16 200 EUR (DB)................  | Count | -250 | -250 |  |  |  | -3 937.50 | 0.00 |
| Put Dax Index 12/2022 10 400 EUR (DB) ................  | Count | 250 | 250 |  |  |  | 357 500.00 | 0.03 |
| Put Dax Index 09/2022 10 400 EUR (DB) ................  | Count | 250 | 250 |  |  |  | 155 937.50 | 0.01 |
| Put S & P 500 Futures 12/2022 4 000 USD (DB) ..........  | Count | 118 | 118 |  |  |  | 4 238 848.02 | 0.34 |
| Call S & P 500 Futures 12/2022 4 600 USD (DB) ..........  | Count | -118 | -118 |  |  |  | -177 869.61 | -0.01 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -342 022.86 | -0.03 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| Interest rate futures Euro BTP Futures 09/2022 (DB) .......................  | Count | -202 |  | 202 | -791 257.04 | -0.06 |
| Euro SCHATZ Futures 09/2022 (DB) ....................  | Count | -332 | 541 | 873 | -379 297.78 | -0.03 |
| Germany Federal Republic Bonds 5 year 09/2022 (DB) .....  | Count | -225 | 53 | 278 | -76 920.00 | -0.01 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Count | -201 | 62 | 263 | 41 860.00 | 0.00 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........  | Count | -214 | 36 | 250 | 431 793.47 | 0.03 |
| US Treasury Notes 2 year Futures 09/2022 (DB) ..........  | Count | -246 | 281 | 527 | -381 913.28 | -0.03 |
| US Treasury Notes 30 year Futures 09/2022 (DB) .........  | Count | -75 | 39 | 114 | 239 897.65 | 0.02 |
| US Treasury Notes 5 year Futures 09/2022 (DB) ..........  | Count | -450 | 591 | 1 041 | 573 814.12 | 0.05 |
| Currency derivatives Receivables/payables |  |  |  |  | -256 091.31 | -0.02 |
| Forward currency transactions |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |
| Open positions AUD/EUR 10.3 million ...............................  |  |  |  |  | 69 395.35 | 0.00 |
| CAD/EUR 9.3 million ................................  |  |  |  |  | 85 884.72 | 0.01 |
| CHF/EUR 47.6 million. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  |  |  |  | 723 493.54 | 0.06 |
| JPY/EUR 11 180.0 million ............................  |  |  |  |  | 1 175 840.40 | 0.09 |
| Forward currency transactions (short) |  |  |  |  |  |  |
| Open positions EUR/GBP 2.6 million ................................  |  |  |  |  | -23 905.43 | 0.00 |
| EUR/NOK 76.4 million ...............................  |  |  |  |  | -7 366.78 | 0.00 |
| EUR/USD 143.0 million ..............................  |  |  |  |  | -2 279 433.11 | -0.18 |
| Swaps Receivables/payables |  |  |  |  | 4 833 860.70 | 0.38 |
| Credit default swaps Protection buyer iTraxx Crossover / 1% / 20/06/2027 (OTC) (GS) ...........  | Count | 1 000 000 | 1 000 000 |  | 36 899.70 | 0.00 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 10 000 000 | 10 000 000 |  | 368 997.00 | 0.03 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 12 000 000 | 12 000 000 |  | 442 796.40 | 0.03 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (GS) ...........  | Count | 13 000 000 | 13 000 000 |  | 479 696.10 | 0.04 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 12 000 000 | 12 000 000 |  | 442 796.40 | 0.03 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 12 000 000 | 12 000 000 |  | 442 796.40 | 0.04 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 23 000 000 | 23 000 000 |  | 848 693.10 | 0.07 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 24 000 000 | 24 000 000 |  | 885 592.80 | 0.07 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ...........  | Count | 24 000 000 | 24 000 000 |  | 885 592.80 | 0.07 |
| Cash at bank |  |  |  |  | 98 159 158.12 | 7.85 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  | 82 917 272.55 | 6.63 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 4 933 288 |  |  | 663 192.73 | 0.05 |
| Norwegian krone ...................................  | NOK | 3 025 783 |  |  | 292 954.05 | 0.02 |
| Swedish krona.....................................  | SEK | 7 440 769 |  |  | 694 719.71 | 0.06 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 354 368 |  |  | 234 844.90 | 0.02 |
| British pound .....................................  | GBP | 2 139 573 |  |  | 2 498 241.32 | 0.20 |
| Hong Kong dollar ..................................  | HKD | 6 244 113 |  |  | 764 047.60 | 0.06 |
| Japanese yen .....................................  | JPY | 168 447 282 |  |  | 1 189 917.10 | 0.09 |
| Canadian dollar ....................................  | CAD | 343 021 |  |  | 255 408.83 | 0.02 |
| Swiss franc .......................................  | CHF | 2 476 264 |  |  | 2 487 554.51 | 0.20 |
| Singapore dollar ...................................  | SGD | 122 695 |  |  | 84 575.17 | 0.01 |
| U.S. dollar ........................................  | USD | 6 328 902 |  |  | 6 076 429.65 | 0.49 |
| Other assets |  |  |  |  | 8 245 235.04 | 0.66 |
| Dividends/Distributions receivable .....................  |  |  |  |  | 66 629.55 | 0.01 |
| Interest receivable .................................  |  |  |  |  | 183 964.02 | 0.01 |
| Other receivables ..................................  |  |  |  |  | 7 994 641.47 | 0.64 |
| Receivables from share certificate transactions |  |  |  |  | 5 092 437.37 | 0.41 |
| Total assets * |  |  |  |  | 1 270 393 115.68 | 101.54 |
| Other liabilities |  |  |  |  | -13 457 985.08 | -1.08 |
| Additional other liabilities.............................  |  |  |  |  | -13 457 985.08 | -1.08 |
| Liabilities from share certificate transactions |  |  |  |  | -1 793 659.16 | -0.14 |
| Total liabilities |  |  |  |  | -19 395 982.27 | -1.54 |
| Net assets |  |  |  |  | 1 250 997 133.41 | 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 FD .........................................  | EUR | 111.97 |
| Class LC .........................................  | EUR | 110.40 |
| Class LD .........................................  | EUR | 110.25 |
| Class NC .........................................  | EUR | 105.73 |
| Class ND .........................................  | EUR | 109.69 |
| Number of shares outstanding Class FD .........................................  | Count | 23 487.001 |
| Class LC .........................................  | Count | 282 132.269 |
| Class LD .........................................  | Count | 11 036 594.489 |
| Class NC .........................................  | Count | 100.000 |
| Class ND .........................................  | Count | 3 551.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI All Country World Index, in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 23.686 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 83.884 |
| Average market risk exposure.........................  | % | 59.483 |

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 0.9, 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 1 015 114 302.60 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
DB = Deutsche Bank AG Frankfurt GS = Goldman Sachs International ML = Bank of America Merrill Lynch
Contracting parties for forward currency transactions
Deutsche Bank AG, Royal Bank of Canada (UK) and State Street Bank International GmbH.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar ..................     | AUD | 1.508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ..................  | CAD | 1.343026 | = | EUR | 1 |
| Swiss franc .....................  | CHF | 0.995461 | = | EUR | 1 |
| Danish krone ....................  | DKK | 7.438694 | = | EUR | 1 |
| British pound ...................  | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 8.172414 | = | EUR | 1 |
| Japanese yen ...................  | JPY | 141.562199 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.328526 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.710462 | = | EUR | 1 |
| Singapore dollar .................  | SGD | 1.450722 | = | EUR | 1 |
| U.S. dollar ......................  | USD | 1.041549 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnote	
* Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest Conservative Opportunities
DWS INVEST CONSERVATIVE OPPORTUNITIES

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU2034326152 | -1,5% |
| Klasse FD | LU2034326079 | -1,3% |
| Klasse LD | LU2034326236 | -1,5% |
| Klasse NC | LU2161839753 | -1,6% |
| Klasse ND | LU2034326319 | -1,6% |

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 Conservative Opportunities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Telekommunikationsdienste | 12 838 426,90 | 1,02 |
| Dauerhafte Konsumgüter | 10 211 529,34 | 0,83 |
| Energie | 15 692 854,85 | 1,25 |
| Finanzsektor | 10 832 738,90 | 0,86 |
| Industrien | 348 054,56 | 0,03 |
| Summe Aktien | 49 923 604,55 | 3,99 |
| 2. Anleihen (Emittenten) Unternehmen | 58 054 443,69 | 4,64 |
| Summe Anleihen | 58 054 443,69 | 4,64 |
| 3. Investmentanteile Aktienfonds | 424 431 966,56 | 33,93 |
| Sonstige Fonds | 525 018 245,94 | 41,97 |
| Rentenfonds | 86 497 914,12 | 6,91 |
| Summe Investmentanteile | 1 035 948 126,62 | 82,81 |
| 4. Derivate | 10 825 772,26 | 0,86 |
| 5. Bankguthaben | 98 159 158,12 | 7,85 |
| 6. Sonstige Vermögensgegenstände | 8 245 235,04 | 0,66 |
| 7. Forderungen aus Anteilscheingeschäften | 5 092 437,37 | 0,41 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -13 457 985,08 | -1,08 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -1 793 659,16 | -0,14 |
|  |  |  |
| III. Fondsvermögen | 1 250 997 133,41 | 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 |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 107 978 048,24 | 8,63 |
| Aktien Enbridge, Inc. ....................................  | Stück | 18 813 | 18 813 | CAD | 54,11 | 757 968,52 | 0,06 |
| Intact Financial Corp.  ..............................  | Stück | 1 778 | 1 778 | CAD | 177,95 | 235 583,75 | 0,02 |
| Manulife Financial Corp. ............................  | Stück | 18 750 | 18 750 | CAD | 21,81 | 304 489,64 | 0,02 |
| Rogers Communications, Inc.  .......................  | Stück | 3 037 | 3 037 | CAD | 61,2 | 138 392,26 | 0,01 |
| Sun Life Financial, Inc. .............................  | Stück | 5 845 | 5 845 | CAD | 58,12 | 252 944,77 | 0,02 |
| TC Energy Corp. ..................................  | Stück | 9 470 | 9 470 | CAD | 66,35 | 467 849,84 | 0,04 |
| Swiss Re AG  ....................................  | Stück | 3 176 | 3 176 | CHF | 73,16 | 233 415,65 | 0,02 |
| Swisscom AG  ....................................  | Stück | 492 | 492 | CHF | 521,6 | 257 797,36 | 0,02 |
| Zurich Insurance Group AG  .........................  | Stück | 1 503 | 1 503 | CHF | 410,4 | 619 643,81 | 0,05 |
| Allianz SE  .......................................  | Stück | 3 999 | 3 999 | EUR | 180,38 | 721 339,62 | 0,06 |
| AXA SA .........................................  | Stück | 18 906 | 18 906 | EUR | 21,42 | 404 966,52 | 0,03 |
| Cellnex Telecom SA  ...............................  | Stück | 9 583 | 9 583 | EUR | 36,32 | 348 054,56 | 0,03 |
| Deutsche Telekom AG  .............................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  ....................................  | Stück Stück | 62 504 1 395 | 62 504 1 395 | EUR EUR | 18,896 221,6 | 1 181 075,58 309 132,00 | 0,09 0,02 |
| Orange SA  ......................................  | Stück | 37 405 | 37 405 | EUR | 11,216 | 419 534,48 | 0,03 |
| Sampo Oyj -A-  ...................................  | Stück | 4 721 | 4 721 | EUR | 41,4 | 195 449,40 | 0,02 |
| Telefonica SA  ....................................  | Stück | 94 375 | 94 375 | EUR | 4,831 | 455 926,74 | 0,04 |
| TotalEnergies SE  .................................  | Stück | 23 071 | 23 071 | EUR | 50,47 | 1 164 393,37 | 0,09 |
| BP PLC  .........................................  | Stück | 185 835 | 185 835 | GBP | 3,885 | 842 996,49 | 0,07 |
| BT Group PLC  ...................................  | Stück | 171 230 | 171 230 | GBP | 1,869 | 373 677,02 | 0,03 |
| Prudential PLC  ...................................  | Stück | 27 970 | 27 970 | GBP | 10,015 | 327 077,48 | 0,03 |
| Shell PLC  .......................................  | Stück | 73 908 | 73 908 | GBP | 21,385 | 1 845 474,01 | 0,15 |
| Vodafone Group PLC  ..............................  | Stück | 240 422 | 240 422 | GBP | 1,265 | 355 061,27 | 0,03 |
| AIA Group Ltd  ...................................  | Stück | 123 223 | 123 223 | HKD | 85,05 | 1 282 377,06 | 0,10 |
| KDDI Corp. ......................................  | Stück | 14 655 | 14 655 | JPY | 4 289 | 444 011,86 | 0,04 |
| Nippon Telegraph & Telephone Corp.  .................  | Stück | 22 933 | 22 933 | JPY | 3 896 | 631 149,90 | 0,05 |
| SoftBank Corp.  ...................................  | Stück | 26 892 | 26 892 | JPY | 1 507 | 286 183,73 | 0,02 |
| SoftBank Group Corp.  .............................  | Stück | 11 166 | 11 166 | JPY | 5 235 | 412 921,04 | 0,03 |
| Tokio Marine Holdings, Inc.  .........................  | Stück | 6 699 | 6 699 | JPY | 7 903 | 373 985,41 | 0,03 |
| Tele2 AB -B- .....................................  | Stück | 4 314 | 4 314 | SEK | 116 | 46 722,92 | 0,00 |
| Singapore Telecommunications Ltd ...................  | Stück | 161 057 | 161 057 | SGD | 2,53 | 280 876,80 | 0,02 |
| Aflac, Inc. .......................................  | Stück | 6 040 | 6 040 | USD | 54,71 | 317 266,15 | 0,02 |
| Allstate Corp.  ....................................  | Stück | 2 740 | 2 740 | USD | 124,64 | 327 889,94 | 0,03 |
| American International Group, Inc.  ...................  | Stück | 7 979 | 7 979 | USD | 49,69 | 380 660,27 | 0,03 |
| AmerisourceBergen Corp.  ..........................  | Stück | 1 559 | 1 559 | USD | 141,61 | 211 963,03 | 0,02 |
| Anthem, Inc. .....................................  | Stück | 2 403 | 2 403 | USD | 486,48 | 1 122 377,24 | 0,09 |
| Aon PLC/Ireland  ..................................  | Stück | 2 110 | 2 110 | USD | 265,8 | 538 465,05 | 0,04 |
| Arthur J Gallagher & Co.  ...........................  | Stück | 1 956 | 1 956 | USD | 161,88 | 304 005,99 | 0,02 |
| AT&T, Inc.  ......................................  | Stück | 156 863 | 156 863 | USD | 20,885 | 3 145 394,23 | 0,25 |
| Centene Corp.  ...................................  | Stück | 6 059 | 6 059 | USD | 84,59 | 492 084,93 | 0,04 |
| Chevron Corp.  ...................................  | Stück | 18 154 | 18 154 | USD | 146,65 | 2 556 080,26 | 0,20 |
| Chubb Ltd .......................................  | Stück | 4 281 | 4 281 | USD | 192,09 | 789 532,61 | 0,06 |
| Cigna Corp. ......................................  | Stück | 3 252 | 3 252 | USD | 263,95 | 824 123,49 | 0,07 |
| ConocoPhillips  ...................................  | Stück | 12 254 | 12 254 | USD | 90,47 | 1 064 394,34 | 0,08 |
| CVS Health Corp.  .................................  | Stück | 13 817 | 13 817 | USD | 92,96 | 1 233 189,91 | 0,10 |
| Devon Energy Corp. ...............................  | Stück | 5 808 | 5 808 | USD | 55,79 | 311 102,18 | 0,02 |
| EOG Resources, Inc.  ..............................  | Stück | 5 376 | 5 376 | USD | 113,38 | 585 215,47 | 0,05 |
| Exxon Mobil Corp.  ................................  | Stück | 39 823 | 39 823 | USD | 86,4 | 3 303 450,51 | 0,26 |
| Hartford Financial Services Group, Inc.  ................  | Stück | 3 273 | 3 273 | USD | 63,81 | 200 518,68 | 0,02 |
| HCA Healthcare, Inc.  ..............................  | Stück | 2 530 | 2 530 | USD | 166,99 | 405 630,94 | 0,03 |
| Humana, Inc.  ....................................  | Stück | 1 287 | 1 287 | USD | 470,01 | 580 772,08 | 0,05 |
| Kinder Morgan, Inc.  ...............................  | Stück | 19 015 | 19 015 | USD | 16,84 | 307 438,68 | 0,02 |
| Laboratory Corp. of America Holdings .................  | Stück | 991 | 991 | USD | 236,06 | 224 603,31 | 0,02 |
| Marathon Petroleum Corp.  .........................  | Stück | 5 707 | 5 707 | USD | 83,48 | 457 415,00 | 0,04 |
| Marsh & McLennan Cos, Inc.  .......................  | Stück | 4 811 | 4 811 | USD | 153,69 | 709 906,34 | 0,06 |
| McKesson Corp.  ..................................  | Stück | 1 512 | 1 512 | USD | 325,6 | 472 668,08 | 0,04 |
| MetLife, Inc. .....................................  | Stück | 6 803 | 6 803 | USD | 61,54 | 401 955,57 | 0,03 |
| Occidental Petroleum Corp.  .........................  | Stück | 8 340 | 8 340 | USD | 58,91 | 471 710,09 | 0,04 |
| Phillips 66 .......................................  | Stück | 4 438 | 4 438 | USD | 83,12 | 354 170,94 | 0,03 |
| Pioneer Natural Resources Co.  ......................  | Stück | 2 185 | 2 185 | USD | 224,48 | 470 922,22 | 0,04 |
| Progressive Corp. .................................  | Stück | 5 903 | 5 903 | USD | 114,06 | 646 437,05 | 0,05 |
| Prudential Financial, Inc.  ...........................  | Stück | 3 624 | 3 624 | USD | 94,12 | 327 484,08 | 0,03 |
| T-Mobile US, Inc.  .................................  | Stück | 5 426 | 5 426 | USD | 133,62 | 696 099,54 | 0,06 |
| Travelers Cos, Inc.  ................................  | Stück | 2 500 | 2 500 | USD | 165,01 | 396 068,55 | 0,03 |
| UnitedHealth Group, Inc.  ...........................  | Stück | 9 429 | 9 429 | USD | 513 | 4 644 116,33 | 0,37 |
| Valero Energy Corp. ...............................  | Stück | 3 748 | 3 748 | USD | 108,125 | 389 086,17 | 0,03 |
| Verizon Communications, Inc.  .......................  | Stück | 76 305 | 76 305 | USD | 50,69 | 3 713 602,17 | 0,30 |
| Williams Cos, Inc.  ................................  | Stück | 11 420 | 11 420 | USD | 31,3 | 343 186,76 | 0,03 |
| Willis Towers Watson PLC  .........................  | Stück | 1 224 | 1 224 | USD | 197,54 | 232 143,51 | 0,02 |
| Verzinsliche Wertpapiere 1,875 % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 .........................  | EUR | 100 000 |  | % | 83,225 | 83 225,00 | 0,01 |
| 0,00  % European Investment Bank (MTN) 2021/2027  ..  | EUR | 3 630 000 | 3 630 000 | % | 91,738 | 3 330 089,40 | 0,26 |
| 6,375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 . | EUR | 100 000 |  | % | 84,508 | 84 508,00 | 0,01 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 4,00  % Telecom Italia SpA (MTN) 2019/2024  .........  | EUR | 100 000 |  | % | 98,71 | 98 710,00 | 0,01 |
| 2,125 % Volvo Car AB (MTN) 2019/2024 ..............  | EUR | 100 000 |  | % | 96,969 | 96 969,00 | 0,01 |
| 1,50  % European Investment Bank (MTN) 2017/2024  ..  | NOK | 25 000 000 |  | % | 97,894 | 2 369 505,69 | 0,19 |
| 1,625 % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2024 | NOK | 65 000 000 |  | % | 97,794 | 6 154 421,53 | 0,49 |
| 1,125 % Kreditanstalt fuer Wiederaufbau (MTN) 2021/2025 | NOK | 50 000 000 |  | % | 94,376 | 4 568 706,33 | 0,36 |
| 1,625 % European Investment Bank (MTN) 2020/2025  ..  | USD | 5 000 000 |  | % | 96,229 | 4 619 511,64 | 0,37 |
| 0,375 % European Investment Bank 2021/2024  ........  | USD | 10 000 000 |  | % | 94,735 | 9 095 583,14 | 0,73 |
| 1,375 % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2024 | USD | 4 000 000 |  | % | 96,652 | 3 711 854,34 | 0,30 |
| 0,375 % Kreditanstalt fuer Wiederaufbau (MTN) 2020/2025 | USD | 5 000 000 |  | % | 92,035 | 4 418 176,99 | 0,35 |
| 0,25  % Kreditanstalt fuer Wiederaufbau 2021/2023  ....  | USD | 8 000 000 |  | % | 97,928 | 7 521 716,50 | 0,60 |
| 0,50  % Kreditanstalt fuer Wiederaufbau 2021/2024  ....  | USD | 13 000 000 | 6 000 000 | % | 94,561 | 11 802 540,44 | 0,94 |
| 8,375 % Time Warner Entertainment Co., LP 1993/2023  . | USD | 100 000 |  | % | 103,036 | 98 925,69 | 0,01 |

Investmentanteile	1 035 948 126,62	82,81
| Gruppeneigene Investmentanteile Deutsche ESG Dynamic Opportunities -SC- EUR - (0.200%) .........................................  | Anteile | 3 730 142 | 713 746 | EUR | 54,36 | 202 770 519,12 | 16,21 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DWS Concept - DWS Concept Kaldemorgen -IC100- EUR - (0.350%) ...................................  | Anteile | 2 049 588 | 410 745 | EUR | 110,71 | 226 909 887,48 | 18,14 |
| DWS Invest SICAV - DWS Invest Euro High Yield Corporates -IC50- EUR - (0.350%) .....................  | Anteile | 723 141 | 60 282	420 834 | EUR | 106,76 | 77 202 533,16 | 6,17 |
| DWS Invest SICAV - DWS Invest Macro Bonds I -FC- EUR - (0.600%) ...................................  | Anteile | 72 000 |  | EUR | 96,08 | 6 917 760,00 | 0,55 |
| DWS Invest SICAV - DWS Top Dividend -IC- EUR - (0.500%) .........................................  | Anteile | 224 763 | 224 763 | EUR | 138,92 | 31 224 075,96 | 2,50 |
| Xtrackers - S&P Global Infrastructure Swap UCITS ETF -1C- EUR - (0.400%) ................................  | Anteile | 774 069 | 774 069 | EUR | 48,91 | 37 859 714,79 | 3,03 |
| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) ..................  | Anteile | 293 492 | 688 101	646 496 | EUR | 41,69 | 12 235 681,48 | 0,98 |
| Xtrackers (IE) plc - Xtrackers MSCI World Communication Services UCITS ETF -1C- EUR - (0.100%) ...............  | Anteile | 896 875 | 2 073 682	1 635 792 | EUR | 14,152 | 12 692 575,00 | 1,01 |
| Xtrackers (IE) plc - Xtrackers MSCI World Consumer Staples UCITS ETF -1C- EUR - (0.100%) ................  | Anteile | 689 452 | 679 648	443 388 | EUR | 40,07 | 27 626 341,64 | 2,21 |
| Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS ETF -1C- EUR - (0.100%) ......................  | Anteile | 491 212 | 1 710 945	2 907 777 | EUR | 20,005 | 9 826 696,06 | 0,78 |
| Xtrackers (IE) plc - Xtrackers MSCI World Health Care UCITS ETF -1C- EUR - (0.150%) ......................  | Anteile | 828 468 | 526 986	358 761 | EUR | 44,14 | 36 568 577,52 | 2,92 |
| Xtrackers (IE) plc - Xtrackers MSCI World Industrials UCITS ETF -1C- EUR - (0.150%) ......................  | Anteile | 52 085 | 230 429	178 344 | EUR | 37,715 | 1 964 385,78 | 0,16 |
| Xtrackers (IE) plc - Xtrackers MSCI World Information Technology UCITS ETF -1C- EUR - (0.100%) .............  | Anteile | 679 497 | 1 350 536	1 253 664 | EUR | 45,085 | 30 635 122,25 | 2,45 |
| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.150%) ...............  | Anteile | 1 999 794 | 1 093 373	167 959 | EUR | 34,43 | 68 852 907,42 | 5,50 |
| Xtrackers (IE) plc - Xtrackers MSCI World Utilities UCITS ETF -1C- EUR - (0.100%) ......................  | Anteile | 473 938 | 727 853	253 915 | EUR | 29,29 | 13 881 644,02 | 1,11 |
| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) ......................  | Anteile | 2 095 085 | 2 729 842	634 757 | EUR | 32,235 | 67 535 064,98 | 5,40 |
| Xtrackers IE Physical Gold ETC Securities EUR - (0,150%) .. Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1C- EUR - (0.100%) ............................  | Anteile Anteile | 2 728 153 129 712 | 1 211 497	424 260 490 074 | EUR EUR | 26,952 18,33 | 73 529 179,66 2 377 620,96 | 5,88 0,19 |
| Gruppenfremde Investmentanteile THEAM Quant - Cross Asset High Focus -M- EUR - (0,300%) | Anteile | 829 674 | 249 674 | EUR | 114,91 | 95 337 839,34 | 7,62 |
| Summe Wertpapiervermögen |  |  |  |  |  | 1 143 926 174,86 | 91,44 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 6 590 025,73 | 0,53 |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienindex-Terminkontrakte Dax Index 09/2022 (DB) .............................  | Stück | -86 |  | 86 | 1 658 289,79 | 0,13 |
| MSCI World Index 09/2022 (DB) ......................  | Stück | -8 510 | 234 | 8 744 | 46 911,99 | 0,00 |
| S & P MINI 500 Futures 09/2022 (DB) ..................  | Stück | -59 |  | 59 | 87 408,04 | 0,01 |
| Optionsrechte |  |  |  |  |  |  |
| Optionsrechte auf Aktienindices Call Dax Index 12/2022 16 200 EUR (DB) ...............  | Stück | -250 | -250 |  | -22 437,50 | 0,00 |
| Put Dax Index 09/2022 11 000 EUR (DB) ...............  | Stück | 250 | 250 |  | 249 375,00 | 0,02 |
| Call Dax Index 09/2022 16 200 EUR (DB) ...............  | Stück | -250 | -250 |  | -3 937,50 | 0,00 |
| Put Dax Index 12/2022 10 400 EUR (DB) ...............  | Stück | 250 | 250 |  | 357 500,00 | 0,03 |
| Put Dax Index 09/2022 10 400 EUR (DB) ...............  | Stück | 250 | 250 |  | 155 937,50 | 0,01 |
| Put S & P 500 Futures 12/2022 4 000 USD (DB) .........  | Stück | 118 | 118 |  | 4 238 848,02 | 0,34 |
| Call S & P 500 Futures 12/2022 4 600 USD (DB) .........  | Stück | -118 | -118 |  | -177 869,61 | -0,01 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -342 022,86 | -0,03 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Zinsterminkontrakte Euro BTP Futures 09/2022 (DB) .......................  | Stück | -202 |  | 202 | -791 257,04 | -0,06 |
| Euro SCHATZ Futures 09/2022 (DB) ...................  | Stück | -332 | 541 | 873 | -379 297,78 | -0,03 |
| Germany Federal Republic Bonds 5 year 09/2022 (DB) .....  | Stück | -225 | 53 | 278 | -76 920,00 | -0,01 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Stück | -201 | 62 | 263 | 41 860,00 | 0,00 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........  | Stück | -214 | 36 | 250 | 431 793,47 | 0,03 |
| US Treasury Notes 2 year Futures 09/2022 (DB) ..........  | Stück | -246 | 281 | 527 | -381 913,28 | -0,03 |
| US Treasury Notes 30 year Futures 09/2022 (DB) .........  | Stück | -75 | 39 | 114 | 239 897,65 | 0,02 |
| US Treasury Notes 5 year Futures 09/2022 (DB) ..........  | Stück | -450 | 591 | 1 041 | 573 814,12 | 0,05 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -256 091,31 | -0,02 |
| Devisentermingeschäfte |  |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |  |
| Offene Positionen AUD/EUR 10,3 Mio. ................................  |  |  |  |  | 69 395,35 | 0,00 |
| CAD/EUR 9,3 Mio. .................................  |  |  |  |  | 85 884,72 | 0,01 |
| CHF/EUR 47,6 Mio. ................................  |  |  |  |  | 723 493,54 | 0,06 |
| JPY/EUR 11 180,0 Mio. .............................  |  |  |  |  | 1 175 840,40 | 0,09 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |  |
| Offene Positionen EUR/GBP 2,6 Mio. .................................  |  |  |  |  | -23 905,43 | 0,00 |
| EUR/NOK 76,4 Mio. ................................  |  |  |  |  | -7 366,78 | 0,00 |
| EUR/USD 143,0 Mio. ...............................  |  |  |  |  | -2 279 433,11 | -0,18 |
| Swaps Forderungen/Verbindlichkeiten |  |  |  |  | 4 833 860,70 | 0,38 |
| Credit Default Swaps Protection buyer iTraxx Crossover / 1% / 20/06/2027 (OTC) (GS) ...........  | Stück | 1 000 000 | 1 000 000 |  | 36 899,70 | 0,00 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 10 000 000 | 10 000 000 |  | 368 997,00 | 0,03 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 12 000 000 | 12 000 000 |  | 442 796,40 | 0,03 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (GS) ...........  | Stück | 13 000 000 | 13 000 000 |  | 479 696,10 | 0,04 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 12 000 000 | 12 000 000 |  | 442 796,40 | 0,03 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 12 000 000 | 12 000 000 |  | 442 796,40 | 0,04 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 23 000 000 | 23 000 000 |  | 848 693,10 | 0,07 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 24 000 000 | 24 000 000 |  | 885 592,80 | 0,07 |
| iTraxx Crossover / 1% / 20/06/2027 (OTC) (ML) ..........  | Stück | 24 000 000 | 24 000 000 |  | 885 592,80 | 0,07 |
| Bankguthaben |  |  |  |  | 98 159 158,12 | 7,85 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  | 82 917 272,55 | 6,63 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 4 933 288 |  |  | 663 192,73 | 0,05 |
| Norwegische Kronen ...............................  | NOK | 3 025 783 |  |  | 292 954,05 | 0,02 |
| Schwedische Kronen ...............................  | SEK | 7 440 769 |  |  | 694 719,71 | 0,06 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 354 368 |  |  | 234 844,90 | 0,02 |
| Britisches Pfund ...................................  | GBP | 2 139 573 |  |  | 2 498 241,32 | 0,20 |
| Hongkong Dollar ...................................  | HKD | 6 244 113 |  |  | 764 047,60 | 0,06 |
| Japanischer Yen ...................................  | JPY | 168 447 282 |  |  | 1 189 917,10 | 0,09 |
| Kanadischer Dollar .................................  | CAD | 343 021 |  |  | 255 408,83 | 0,02 |
| Schweizer Franken .................................  | CHF | 2 476 264 |  |  | 2 487 554,51 | 0,20 |
| Singapur Dollar ....................................  | SGD | 122 695 |  |  | 84 575,17 | 0,01 |
| US-Dollar ........................................  | USD | 6 328 902 |  |  | 6 076 429,65 | 0,49 |
| Sonstige Vermögensgegenstände |  |  |  |  | 8 245 235,04 | 0,66 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  | 66 629,55 | 0,01 |
| Zinsansprüche .....................................  |  |  |  |  | 183 964,02 | 0,01 |
| Sonstige Ansprüche ................................  |  |  |  |  | 7 994 641,47 | 0,64 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  | 5 092 437,37 | 0,41 |
| Summe der Vermögensgegenstände * |  |  |  |  | 1 270 393 115,68 | 101,54 |
| Sonstige Verbindlichkeiten |  |  |  |  | -13 457 985,08 | -1,08 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  | -13 457 985,08 | -1,08 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  | -1 793 659,16 | -0,14 |
| Summe der Verbindlichkeiten |  |  |  |  | -19 395 982,27 | -1,54 |
| Fondsvermögen |  |  |  |  | 1 250 997 133,41 | 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 FD ........................................  | EUR | 111,97 |
| Klasse LC ........................................  | EUR | 110,40 |
| Klasse LD ........................................  | EUR | 110,25 |
| Klasse NC ........................................  | EUR | 105,73 |
| Klasse ND ........................................  | EUR | 109,69 |
| Umlaufende Anteile Klasse FD ........................................  | Stück | 23 487,001 |
| Klasse LC ........................................  | Stück | 282 132,269 |
| Klasse LD ........................................  | Stück | 11 036 594,489 |
| Klasse NC ........................................  | Stück | 100,000 |
| Klasse ND ........................................  | Stück | 3 551,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 70% iBoxx Euro Overall Index, 30% MSCI All Country World Index, in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 23,686 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 83,884 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 59,483 |

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 0,9, 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 1 015 114 302,60.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
DB = Deutsche Bank AG Frankfurt GS = Goldman Sachs International ML = Bank of America Merrill Lynch
Vertragspartner der Devisentermingeschäfte
Deutsche Bank AG, Royal Bank of Canada (UK) und State Street Bank International GmbH.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar ..............  | AUD | 1,508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,343026 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,438694 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 141,562199 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,328526 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,710462 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,450722 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnote	
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.