# DWS Invest ESG Multi Asset Defensive
DWS INVEST ESG MULTI ASSET DEFENSIVE

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1935133790 | -12.6% |
| Class LC | LU2098861896 | -12.6% |
| Class NC | LU2098862191 | -12.7% |
| Class ND | LU1935133956 | -12.7% |
| Class PFD | LU1935134335 | -12.7% |
| Class TFC | LU2309412620 | -12.4% |

“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest ESG Multi Asset Defensive
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 746 235.11 | 1.79 |
| Telecommunication Services | 655 590.25 | 1.58 |
| Consumer Discretionaries | 1 969 046.12 | 4.69 |
| Energy | 61 082.07 | 0.15 |
| Consumer Staples | 650 543.59 | 1.56 |
| Financials | 970 096.13 | 2.34 |
| Basic Materials | 311 378.73 | 0.74 |
| Industrials | 759 264.04 | 1.82 |
| Utilities | 156 450.00 | 0.37 |
| Total equities | 6 279 686.04 | 15.04 |
| 2. Bonds (issuers) Companies | 30 368 808.35 | 72.72 |
| Central governments | 1 974 117.79 | 4.72 |
| Total bonds | 32 342 926.14 | 77.44 |
| 3. Investment fund units Bond funds | 546 360.00 | 1.31 |
| Equity funds | 555 680.00 | 1.33 |
| Total investment fund units | 1 102 040.00 | 2.64 |
| 4. Derivatives | 22 949.11 | 0.06 |
| 5. Cash at bank | 1 549 887.57 | 3.71 |
| 6. Other assets | 649 981.41 | 1.55 |
| 7. Receivables from share certificate transactions | 44 675.21 | 0.11 |
| II. Liabilities |  |  |
| 1. Other liabilities | -118 128.87 | -0.28 |
| 2. Liabilities from share certificate transactions | -111 483.88 | -0.27 |
| III. Net assets | 41 762 532.73 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 37 554 040.41 | 89.92 |
| Equities Lendlease Corp., Ltd ................................  | Count | 8 000 |  |  | AUD | 9.11 | 48 298.65 | 0.12 |
| Sonic Healthcare Ltd ................................  | Count | 2 000 |  |  | AUD | 33.01 | 43 752.43 | 0.10 |
| BCE, Inc. .........................................  | Count | 1 000 |  | 2 000 | CAD | 62.87 | 46 812.20 | 0.11 |
| Canadian Tire Corp., Ltd .............................  | Count | 800 | 800 | 1 000 | CAD | 160.58 | 95 652.65 | 0.23 |
| Manulife Financial Corp. .............................  | Count | 5 000 |  | 5 000 | CAD | 21.81 | 81 197.24 | 0.19 |
| Nutrien Ltd .......................................  | Count | 800 | 800 |  | CAD | 103.17 | 61 455.25 | 0.15 |
| Royal Bank of Canada ...............................  | Count | 500 |  | 1 500 | CAD | 123.48 | 45 970.82 | 0.11 |
| Georg Fischer AG ..................................  | Count | 2 000 | 2 000 |  | CHF | 46.14 | 92 700.78 | 0.22 |
| Roche Holding AG ..................................  | Count | 300 |  |  | CHF | 316 | 95 232.27 | 0.23 |
| Aegon NV ........................................  | Count | 10 000 | 15 000 | 25 000 | EUR | 4.073 | 40 730.00 | 0.10 |
| Allianz SE.........................................  | Count | 500 |  | 500 | EUR | 180.38 | 90 190.00 | 0.22 |
| Alstom SA ........................................  | Count | 7 000 | 2 000 |  | EUR | 21.36 | 149 520.00 | 0.36 |
| AXA SA ..........................................  | Count | 6 000 |  | 4 000 | EUR | 21.42 | 128 520.00 | 0.31 |
| BASF SE .........................................  | Count | 2 000 |  | 1 000 | EUR | 39.895 | 79 790.00 | 0.19 |
| Bayerische Motoren Werke AG .......................  | Count | 1 000 |  |  | EUR | 71.79 | 71 790.00 | 0.17 |
| BNP Paribas SA ....................................  | Count | 3 000 | 4 000 | 1 000 | EUR | 44.47 | 133 410.00 | 0.32 |
| Capgemini SE .....................................  | Count | 500 |  |  | EUR | 163.95 | 81 975.00 | 0.20 |
| Cherry AG ........................................  | Count | 5 000 |  |  | EUR | 8.1 | 40 500.00 | 0.10 |
| Covestro AG ......................................  | Count | 2 000 |  | 1 000 | EUR | 32.1 | 64 200.00 | 0.15 |
| Deutsche Post AG..................................  | Count | 3 000 |  |  | EUR | 35.225 | 105 675.00 | 0.25 |
| Deutsche Telekom AG ..............................  | Count | 5 000 |  | 3 000 | EUR | 18.896 | 94 480.00 | 0.23 |
| Enel SpA .........................................  | Count | 30 000 |  |  | EUR | 5.215 | 156 450.00 | 0.37 |
| Grifols SA ........................................  | Count | 5 000 | 3 000 | 3 000 | EUR | 18.275 | 91 375.00 | 0.22 |
| Henkel AG & Co. KGaA ..............................  | Count | 1 200 |  |  | EUR | 58.68 | 70 416.00 | 0.17 |
| Kerry Group PLC ...................................  | Count | 1 190 |  | 1 000 | EUR | 91.86 | 109 313.40 | 0.26 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 4 000 |  |  | EUR | 24.68 | 98 720.00 | 0.24 |
| Mercedes-Benz Group AG ...........................  | Count | 2 000 |  |  | EUR | 54.52 | 109 040.00 | 0.26 |
| Metso Outotec Oyj .................................  | Count | 7 000 | 5 000 | 8 000 | EUR | 7.088 | 49 616.00 | 0.12 |
| ProSiebenSat.1 Media SE ............................  | Count | 6 000 |  |  | EUR | 8.724 | 52 344.00 | 0.13 |
| Rexel SA .........................................  | Count | 2 000 |  | 2 000 | EUR | 14.42 | 28 840.00 | 0.07 |
| Sanofi............................................  | Count | 1 000 | 1 000 | 1 500 | EUR | 96.5 | 96 500.00 | 0.23 |
| Siemens AG ......................................  | Count | 1 000 | 1 000 |  | EUR | 96.45 | 96 450.00 | 0.23 |
| Societe Generale SA ................................  | Count | 5 000 |  | 5 000 | EUR | 20.605 | 103 025.00 | 0.25 |
| Stellantis NV ......................................  | Count | 5 000 | 4 000 | 6 452 | EUR | 11.668 | 58 340.00 | 0.14 |
| STMicroelectronics NV ..............................  | Count | 4 000 | 6 000 | 2 000 | EUR | 29.465 | 117 860.00 | 0.28 |
| Unibail-Rodamco-Westfield ...........................  | Count | 1 600 |  |  | EUR | 48.47 | 77 552.00 | 0.19 |
| Unilever PLC ......................................  | Count | 1 500 |  | 1 258 | EUR | 43.195 | 64 792.50 | 0.15 |
| JD Sports Fashion PLC ..............................  | Count | 60 000 | 60 000 |  | GBP | 1.136 | 79 551.00 | 0.19 |
| Prudential PLC.....................................  | Count | 5 000 |  |  | GBP | 10.015 | 58 469.34 | 0.14 |
| ITOCHU Corp. .....................................  | Count | 4 000 |  | 2 300 | JPY | 3 667 | 103 615.23 | 0.25 |
| Akamai Technologies, Inc.............................  | Count | 1 000 |  |  | USD | 90.58 | 86 966.58 | 0.21 |
| Alphabet, Inc. .....................................  | Count | 60 | 60 |  | USD | 2 157.78 | 124 302.11 | 0.30 |
| Applied Materials, Inc................................  | Count | 1 500 |  |  | USD | 89.46 | 128 836.89 | 0.31 |
| AT&T, Inc. ........................................  | Count | 7 000 |  |  | USD | 20.885 | 140 362.99 | 0.34 |
| Atlantica Sustainable Infrastructure PLC.................  | Count | 2 000 |  |  | USD | 31.81 | 61 082.07 | 0.15 |
| Bristol-Myers Squibb Co..............................  | Count | 2 000 |  | 3 100 | USD | 76.9 | 147 664.61 | 0.35 |
| Catalent, Inc. ......................................         | Count | 1 000 | 1 000 |  | USD | 105.29 | 101 089.77 | 0.24 |
| Centene Corp. .....................................  | Count | 1 000 |  | 3 000 | USD | 84.59 | 81 215.54 | 0.19 |
| Cognizant Technology Solutions Corp. ..................  | Count | 1 000 |  | 2 000 | USD | 67.19 | 64 509.66 | 0.15 |
| Colgate-Palmolive Co. ...............................  | Count | 1 000 |  | 1 000 | USD | 79.54 | 76 366.99 | 0.18 |
| HCA Healthcare, Inc. ................................  | Count | 500 |  | 500 | USD | 166.99 | 80 164.22 | 0.19 |
| Home Depot, Inc. ..................................  | Count | 400 | 400 |  | USD | 270.06 | 103 714.71 | 0.25 |
| Invesco Ltd .......................................  | Count | 8 000 |  |  | USD | 15.71 | 120 666.37 | 0.29 |
| Medtronic PLC ....................................  | Count | 1 500 |  |  | USD | 89.51 | 128 908.90 | 0.31 |
| Merck & Co, Inc. ...................................  | Count | 1 000 |  | 1 000 | USD | 92.29 | 88 608.37 | 0.21 |
| Mondelez International, Inc. ..........................  | Count | 1 000 |  | 1 000 | USD | 61.97 | 59 497.89 | 0.14 |
| Motorola Solutions, Inc. .............................  | Count | 500 |  |  | USD | 207.3 | 99 515.19 | 0.24 |
| Novavax, Inc. ......................................         | Count | 2 500 | 1 500 |  | USD | 50.07 | 120 181.52 | 0.29 |
| Owens Corning ....................................  | Count | 2 000 | 1 000 | 3 000 | USD | 73.71 | 141 539.12 | 0.34 |
| PayPal Holdings, Inc. ................................  | Count | 2 000 | 1 000 |  | USD | 67.98 | 130 536.28 | 0.31 |
| Pfizer, Inc. ........................................  | Count | 3 000 |  | 2 000 | USD | 51.5 | 148 336.69 | 0.35 |
| Procter & Gamble Co. ...............................  | Count | 1 000 |  |  | USD | 142.04 | 136 373.74 | 0.33 |
| Prudential Financial, Inc. .............................  | Count | 1 000 |  | 1 000 | USD | 94.12 | 90 365.36 | 0.22 |
| QUALCOMM, Inc...................................  | Count | 1 000 | 800 | 500 | USD | 126.16 | 121 127.23 | 0.29 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Count | 100 |  |  | USD | 1 088 | 104 459.75 | 0.25 |
| Verizon Communications, Inc..........................  | Count | 2 009 |  |  | USD | 50.69 | 97 773.76 | 0.23 |
| Westrock Co.......................................  | Count | 2 000 | 2 000 | 5 000 | USD | 39.3 | 75 464.49 | 0.18 |
| Impala Platinum Holdings Ltd .........................  | Count | 10 000 | 10 000 | 5 000 | ZAR | 181.17 | 105 933.48 | 0.25 |
| Interest-bearing securities 1.50  % A2A SpA (MTN) 2022/2028...................  | EUR | 150 000 | 150 000 |  | % | 89.67 | 134 505.00 | 0.32 |
| 1.625 % Aroundtown SA (MTN) 2021/perpetual * ........  0.75 % Ascendas Real Estate Investment Trust (MTN) 2021/2028 ................................  | EUR EUR | 400 000 250 000 |  |  | % % | 61.982 80.369 | 247 928.00 200 922.50 | 0.59 0.48 |
| 5.50  % Assicurazioni Generali SpA (MTN) 2015/2047 * ...  | EUR | 400 000 |  |  | % | 100.804 | 403 216.00 | 0.97 |
| 3.75  % ATF Netherlands BV 2016/perpetual * ..........  | EUR | 200 000 |  |  | % | 88.008 | 176 016.00 | 0.42 |

| 1.982 | % AXA SA (MTN) 2003/perpetual * ..............  | EUR | 300 000 |  | % | 85.257 | 255 771.00 | 0.61 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.612 | % AXA SA (MTN) 2004/perpetual * ..............  | EUR | 300 000 |  | % | 83.463 | 250 389.00 | 0.60 |
| 1.00 | % Balder Finland Oyj (MTN) 2021/2029 ...........  | EUR | 700 000 |  | % | 63.138 | 441 966.00 | 1.06 |
| 1.875 | % Bank of Ireland Group PLC (MTN) 2022/2026 * ...  | EUR | 220 000 | 220 000 | % | 95.189 | 209 415.80 | 0.50 |
| 2.365 | % Banque Federative du Credit Mutuel SA (MTN) 2004/perpetual * ...........................  | EUR | 485 000 |  | % | 82.083 | 398 102.55 | 0.95 |
| 0.957 | % Banque Federative du Credit Mutuel SA (MTN) 2005/perpetual * ...........................  | EUR | 500 000 |  | % | 82.267 | 411 335.00 | 0.98 |
| 0.334 | % Becton Dickinson Euro Finance Sarl (MTN) 2021/2028 ................................  | EUR | 260 000 |  | % | 83.773 | 217 809.80 | 0.52 |
| 3.50 | % Bertelsmann SE & Co., KGaA 2015/2075 * ......  | EUR | 200 000 |  | % | 84.683 | 169 366.00 | 0.41 |
| 4.75 | % CNP Assurances 2018/perpetual * .............  | EUR | 300 000 |  | % | 90.604 | 271 812.00 | 0.65 |
| 0.875 | % Cofinimmo SA (MTN) 2020/2030 ..............  | EUR | 200 000 |  | % | 73.834 | 147 668.00 | 0.35 |
| 0.95 | % Deutsche Bahn Finance GmbH 2019/perpetual *. . | EUR | 300 000 | 300 000 | % | 88.905 | 266 715.00 | 0.64 |
| 1.625 | % Deutsche Bank AG (MTN) 2020/2027...........  | EUR | 300 000 | 300 000 | % | 89.662 | 268 986.00 | 0.64 |
| 1.75 | % Deutsche Bank AG (MTN) 2020/2030 * .........  | EUR | 400 000 |  | % | 82.563 | 330 252.00 | 0.79 |
| 1.807 | % Deutsche Postbank Funding Trust I 2004/perpetual * | EUR | 400 000 |  | % | 80.007 | 320 028.00 | 0.77 |
| 0.625 | % Digital Intrepid Holding BV (MTN) 2021/2031 .....  | EUR | 500 000 |  | % | 70.605 | 353 025.00 | 0.85 |
| 1.875 | % EDP - Energias de Portugal SA 2021/2082 * .....  | EUR | 300 000 |  | % | 69.753 | 209 259.00 | 0.50 |
| 0.375 | % EDP Finance BV (MTN) 2019/2026 .............  | EUR | 500 000 | 500 000 | % | 91.329 | 456 645.00 | 1.09 |
| 1.375 | % EnBW Energie Baden-Wuerttemberg AG 2021/2081 * | EUR | 500 000 | 500 000 | % | 73.769 | 368 845.00 | 0.88 |
| 1.50 | % Engie SA 2020/perpetual * ...................  | EUR | 200 000 |  | % | 76.647 | 153 294.00 | 0.37 |
| 0.00 | % European Union (MTN) 2021/2028 .............  | EUR | 400 000 | 400 000 | % | 89.707 | 358 828.00 | 0.86 |
| 2.873 | % Fastighets AB Balder 2021/2081 * .............  | EUR | 300 000 |  | % | 55.125 | 165 375.00 | 0.40 |
| 1.375 | % Global Switch Finance BV (MTN) 2020/2030 .....  | EUR | 500 000 |  | % | 81.304 | 406 520.00 | 0.97 |
| 0.00 | % Goldman Sachs Group, Inc. (MTN) 2015/2025 * ..  | EUR | 200 000 |  | % | 96.61 | 193 220.00 | 0.46 |
| 1.125 | % Heimstaden Bostad AB (MTN) 2020/2026 .......  | EUR | 200 000 |  | % | 87.107 | 174 214.00 | 0.42 |
| 2.625 | % Heimstaden Bostad AB 2021/perpetual *........  | EUR | 380 000 |  | % | 51.913 | 197 269.40 | 0.47 |
| 2.25 | % Iberdrola International BV 2020/perpetual * ......  | EUR | 200 000 |  | % | 77.933 | 155 866.00 | 0.37 |
| 1.45 | % Iberdrola International BV 2021/perpetual * ......  | EUR | 300 000 | 300 000 | % | 83.112 | 249 336.00 | 0.60 |
| 0.625 | % ICADE (MTN) 2021/2031.....................  | EUR | 400 000 |  | % | 73.279 | 293 116.00 | 0.70 |
| 2.00 | % Infineon Technologies AG (MTN) 2020/2032 .....  | EUR | 300 000 |  | % | 88.544 | 265 632.00 | 0.64 |
| 1.75 | % Intesa Sanpaolo SpA (MTN) 2018/2028 .........  | EUR | 160 000 |  | % | 89.568 | 143 308.80 | 0.34 |
| 3.00 | % Intrum AB -Reg- (MTN) 2019/2027 .............  | EUR | 290 000 |  | % | 77.444 | 224 587.60 | 0.54 |
| 3.40 | % Ireland Government Bond (MTN) 2014/2024 .....  | EUR | 200 000 | 200 000 | % | 104.652 | 209 304.00 | 0.50 |
| 0.00 | % Ireland Government Bond (MTN) 2021/2031 .....  | EUR | 500 000 |  | % | 83.697 | 418 485.00 | 1.00 |
| 1.25 | % ISS Finance BV (MTN) 2020/2025..............  | EUR | 180 000 |  | % | 96.224 | 173 203.20 | 0.41 |
| 1.50 | % ISS Global A/S (MTN) 2017/2027 ..............  | EUR | 600 000 |  | % | 88.98 | 533 880.00 | 1.28 |
| 0.875 | % ISS Global A/S (MTN) 2019/2026 ..............  | EUR | 400 000 |  | % | 90.044 | 360 176.00 | 0.86 |
| 2.125 | % La Mondiale SAM 2020/2031 .................  | EUR | 600 000 |  | % | 80.105 | 480 630.00 | 1.15 |
| 1.00 | % LEG Immobilien SE 2021/2032 ................  | EUR | 400 000 |  | % | 67.26 | 269 040.00 | 0.64 |
| 2.875 | % Merck KGaA 2019/2079 * ....................  | EUR | 600 000 |  | % | 85.28 | 511 680.00 | 1.23 |
| 1.625 | % Mondi Finance PLC (MTN) 2018/2026 ..........  | EUR | 500 000 |  | % | 92.323 | 461 615.00 | 1.11 |
| 1.539 | % Prosus NV -Reg- (MTN) 2020/2028 .............  | EUR | 410 000 |  | % | 79.288 | 325 080.80 | 0.78 |
| 0.00 | % Prosus NV -Reg- (MTN) 2021/2029 .............  | EUR | 510 000 |  | % | 74.877 | 381 872.70 | 0.91 |
| 1.207 | % Prosus NV -Reg- 2022/2026 ..................  | EUR | 100 000 | 100 000 | % | 87.201 | 87 201.00 | 0.21 |
| 3.125 | % PVH Corp. -Reg- (MTN) 2017/2027 .............  | EUR | 500 000 |  | % | 94.399 | 471 995.00 | 1.13 |
| 4.25 | % Rakuten Group, Inc. -Reg- 2021/perpetual *......  | EUR | 500 000 |  | % | 69.897 | 349 485.00 | 0.84 |
| 2.375 | % Romanian Government International Bond -Reg- (MTN) 2017/2027 ..........................  | EUR | 300 000 |  | % | 88.458 | 265 374.00 | 0.64 |
| 1.75 | % Romanian Government International Bond -Reg- (MTN) 2021/2030 ..........................  | EUR | 320 000 |  | % | 71.364 | 228 364.80 | 0.55 |
| 2.625 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ...........................  | EUR | 300 000 | 300 000 | % | 32.178 | 96 534.00 | 0.23 |
| 2.875 | % Samhallsbyggnadsbolaget i Norden AB 2021/perpetual * ...........................  | EUR | 500 000 |  | % | 33.117 | 165 585.00 | 0.40 |
| 3.625 | % Sappi Papier Holding GmbH -Reg- (MTN) 2021/2028 | EUR | 300 000 |  | % | 83.295 | 249 885.00 | 0.60 |
| 0.75 | % SBB Treasury Oyj (MTN) 2020/2028 ............  | EUR | 500 000 |  | % | 60.337 | 301 685.00 | 0.72 |
| 1.125 | % SBB Treasury Oyj (MTN) 2021/2029 ............  | EUR | 200 000 | 200 000 | % | 60.238 | 120 476.00 | 0.29 |
| 4.75 | % Senegal Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 200 000 |  | % | 81.806 | 163 612.00 | 0.39 |
| 0.10 | % Spain Government Bond -144A- (MTN) 2021/2031 EUR | 500 000 |  | % | 82.736 | 413 680.00 | 0.99 |
| 0.80 | % Standard Chartered PLC (MTN) 2021/2029 *	EUR | 400 000 |  | % | 82.342 | 329 368.00 | 0.79 |
| 1.25 | % Stellantis NV (MTN) 2021/2033	EUR | 200 000 |  | % | 69.922 | 139 844.00 | 0.33 |
| 2.714 | % Swiss Re Finance UK PLC (MTN) 2020/2052 * ...	EUR | 300 000 |  | % | 81.488 | 244 464.00 | 0.59 |
| 2.00 | % TotalEnergies SE 2020/perpetual *	EUR | 300 000 |  | % | 73.658 | 220 974.00 | 0.53 |
| 0.25 | % Vonovia SE (MTN) 2021/2028	EUR | 100 000 |  | % | 77.749 | 77 749.00 | 0.19 |
| 3.00 | % Wintershall Dea Finance 2 BV 2021/perpetual * ..	EUR | 500 000 |  | % | 65.81 | 329 050.00 | 0.79 |
| 3.00 | % Aroundtown SA (MTN) 2017/2029	GBP | 300 000 |  | % | 84.131 | 294 702.98 | 0.71 |
| 0.875 | % Banque Federative du Credit Mutuel SA (MTN) 2021/2027	GBP | 300 000 |  | % | 85.796 | 300 535.32 | 0.72 |
| 1.25 | % BNP Paribas SA (MTN) 2021/2031	GBP | 600 000 |  | % | 76.193 | 533 793.83 | 1.28 |
| 6.25 | % E.ON International Finance BV (MTN) 2002/2030. .	GBP | 300 000 |  | % | 115.082 | 403 121.43 | 0.97 |
| 5.445 | % Telefonica Emisiones SA (MTN) 2010/2029	GBP | 600 000 |  | % | 107.183 | 750 903.95 | 1.80 |
| 4.875 | % Vodafone Group PLC 2018/2078 *	GBP | 300 000 |  | % | 91.944 | 322 071.19 | 0.77 |
| 1.425 | % Aegon NV 1996/perpetual *	NLG | 450 000 |  | % | 85.417 | 174 422.45 | 0.42 |
| 3.50 | % Allianz SE -Reg- 2020/perpetual *	USD | 400 000 | 400 000 | % | 82.875 | 318 275.80 | 0.76 |
| 3.20 | % Allianz SE -Reg- 2021/perpetual *	USD | 600 000 |  | % | 73.543 | 423 655.34 | 1.01 |
| 5.25 | % AT Securities BV 2017/perpetual *	USD | 500 000 |  | % | 90.148 | 432 759.08 | 1.04 |
| 1.976 | % Australia & New Zealand Banking Group Ltd 1986/ perpetual *	USD | 500 000 |  | % | 72.279 | 346 978.23 | 0.83 |
| 2.50 | % Banco Nacional de Panama -Reg- (MTN) 2020/2030  USD | 200 000 |  | % | 79.033 | 151 760.43 | 0.36 |

| 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 |  |  |
| 2.375 | % Bermuda Government International Bond -Reg- (MTN) 2020/2030 ..........................  | USD | 204 000 |  | % | 84.262 |  | 165 037.27 | 0.39 |
| 1.575 | % BNP Paribas SA 1986/perpetual *..............  | USD | 300 000 | 300 000 | % | 74.119 |  | 213 486.73 | 0.51 |
| 9.625 | % British Telecommunications PLC 2000/2030 .....  | USD | 300 000 |  | % | 125.221 |  | 360 677.05 | 0.86 |
| 2.599 | % Citigroup, Inc. (MTN) 2022/2028 * .............  | USD | 500 000 | 500 000 | % | 96.626 |  | 463 856.98 | 1.11 |
| 4.875 | % CNP Assurances 2021/perpetual * .............  | USD | 600 000 |  | % | 78.488 |  | 452 141.74 | 1.08 |
| 2.125 | % Daimler Finance North America LLC -Reg- (MTN) 2020/2025 ................................  | USD | 300 000 |  | % | 95.03 |  | 273 717.19 | 0.66 |
| 3.396 | % Deutsche Bank AG/Singapore (MTN) 2018/2025 * | USD | 400 000 |  | % | 98.417 |  | 377 963.80 | 0.90 |
| 8.75 | % Deutsche Telekom International Finance BV 2000/2030 ................................  | USD | 300 000 |  | % | 123.685 |  | 356 252.87 | 0.85 |
| 1.848 | % DNB Bank ASA 1985/perpetual * ..............  | USD | 300 000 |  | % | 68.316 |  | 196 772.21 | 0.47 |
| 1.71 | % EDP Finance BV -Reg- (MTN) 2020/2028 ........  | USD | 500 000 |  | % | 85.45 |  | 410 206.14 | 0.98 |
| 8.75 | % Enel SpA -144A- 2013/2073 * .................  | USD | 500 000 | 200 000 | % | 102.487 |  | 491 992.94 | 1.18 |
| 1.375 | % European Investment Bank 2020/2023..........  | USD | 290 000 |  | % | 98.758 |  | 274 973.20 | 0.66 |
| 0.375 | % European Investment Bank (MTN) 2020/2025 ....  | USD | 800 000 |  | % | 90.988 |  | 698 866.45 | 1.67 |
| 6.375 | % Ghana Government International Bond -Reg- (MTN) 2020/2027 ................................  | USD | 200 000 |  | % | 57.421 |  | 110 260.72 | 0.26 |
| 1.426 | % Hongkong & Shanghai Banking Corp., Ltd 1986/perpetual * ...........................  | USD | 400 000 |  | % | 77.854 |  | 298 992.99 | 0.72 |
| 0.75 | % HSBC Bank PLC 1985/perpetual * .............  | USD | 500 000 |  | % | 77.28 |  | 370 985.73 | 0.89 |
| 0.60 | % HSBC Bank PLC 1986/perpetual * .............  | USD | 500 000 |  | % | 77.328 |  | 371 216.16 | 0.89 |
| 0.132 | % HSBC Bank PLC (MTN) 2018/2024 * ...........  | USD | 570 000 | 30 000 | % | 95.966 |  | 525 185.03 | 1.26 |
| 1.625 | % Kreditanstalt fuer Wiederaufbau 2020/2023 ......  | USD | 200 000 | 200 000 | % | 99.348 |  | 190 769.62 | 0.46 |
| 0.75 | % Kreditanstalt fuer Wiederaufbau (MTN) 2020/2030 | USD | 1 000 000 |  | % | 82.491 |  | 792 005.40 | 1.90 |
| 1.00 | % Kreditanstalt fuer Wiederaufbau (MTN) 2021/2026 | USD | 500 000 | 500 000 | % | 91.518 |  | 439 335.82 | 1.05 |
| 3.40 | % Owens Corning (MTN) 2016/2026 .............  | USD | 200 000 |  | % | 95.414 |  | 183 215.49 | 0.44 |
| 4.875 | % Prudential PLC (MTN) 2017/perpetual. . . . . . . . . . . | USD | 300 000 |  | % | 92.507 |  | 266 450.13 | 0.64 |
| 5.125 | % Scentre Group Trust 2 -Reg- 2020/2080 * .......  | USD | 300 000 |  | % | 82.911 |  | 238 810.54 | 0.57 |
| 1.663 | % Westpac Banking Corp. 1986/perpetual * .......  | USD | 600 000 |  | % | 74.187 |  | 427 365.19 | 1.02 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 1 068 571.77 | 2.56 |
| Interest-bearing securities 2.85  % BMW Finance NV -144A- (MTN) 2019/2029 ......  | USD | 300 000 |  |  | % | 90.768 | 261 441.25 | 0.62 |
| 2.625 % Societe Generale SA -144A- (MTN) 2020/2025. . . . | USD | 250 000 |  |  | % | 95.225 | 228 565.71 | 0.55 |
| 5.00  % Vonovia Finance BV -144A- (MTN) 2013/2023 ....  | USD | 421 000 |  |  | % | 101.009 | 408 283.90 | 0.98 |
| 3.50  % WEA Finance LLC -144A- (MTN) 2019/2029. . . . . . | USD | 200 000 |  |  | % | 88.678 | 170 280.91 | 0.41 |
| Investment fund units |  |  |  |  |  |  | 1 102 040.00 | 2.64 |
| In-group fund units DWS Convertibles -FC- EUR - (0.600%) .................  | Units | 4 000 |  | 2 000 | EUR | 136.59 | 546 360.00 | 1.31 |
| Non-group fund units Amundi Physical Gold ETC -C- USD - (0.150%) ...........  | Units | 8 000 |  |  | EUR | 69.46 | 555 680.00 | 1.33 |
| Total securities portfolio |  |  |  |  |  |  | 39 724 652.18 | 95.12 |
| Derivatives Minus signs denote short positions |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | 46 589.32 | 0.11 |
| Equity index futures DJ Euro Stoxx 50 09/2022 (DB) .......................  | Count | -50 |  | 50 |  |  | 30 690.00 | 0.07 |
| S & P MINI 500 Futures 09/2022 (DB) ..................  | Count | -8 | 3 | 11 |  |  | 15 899.32 | 0.04 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 183 935.29 | 0.44 |
| Interest rate futures Germany Federal Republic Bonds 5 year 09/2022 (MS) .....  | Count | -14 |  | 14 |  |  | 8 105.02 | 0.02 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Count | -52 |  | 52 |  |  | 116 944.36 | 0.28 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........  | Count | -29 |  | 29 |  |  | 58 885.91 | 0.14 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -207 575.50 | -0.49 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 3.0 million ................................  |  |  |  |  |  |  | -28 031.94 | -0.06 |
| EUR/USD 11.3 million ...............................  |  |  |  |  |  |  | -179 543.56 | -0.43 |
| Cash at bank |  |  |  |  |  |  | 1 549 887.57 | 3.71 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 354 377.68 | 0.85 |

| 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 |  |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| Danish krone ......................................  | DKK | 393 421 |  | 52 888.45 | 0.13 |
| Norwegian krone ...................................  | NOK | 35 649 |  | 3 451.54 | 0.01 |
| Swedish krona.....................................  | SEK | 58 685 |  | 5 479.18 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 132 831 |  | 88 029.01 | 0.21 |
| British pound .....................................  | GBP | 401 348 |  | 468 627.80 | 1.12 |
| Hong Kong dollar ..................................  | HKD | 98 032 |  | 11 995.43 | 0.03 |
| Japanese yen .....................................  | JPY | 18 369 253 |  | 129 761.00 | 0.31 |
| Canadian dollar ....................................  | CAD | 84 817 |  | 63 153.65 | 0.15 |
| Swiss franc .......................................  | CHF | 8 611 |  | 8 650.38 | 0.02 |
| South African rand..................................  | ZAR | 80 843 |  | 4 727.07 | 0.01 |
| U.S. dollar ........................................  | USD | 373 652 |  | 358 746.38 | 0.86 |
| Other assets |  |  |  | 649 981.41 | 1.55 |
| Dividends/Distributions receivable .....................  |  |  |  | 8 691.46 | 0.02 |
| Interest receivable .................................  |  |  |  | 320 654.72 | 0.77 |
| Receivables from exceeding the expense cap ............  |  |  |  | 26 386.11 | 0.06 |
| Other receivables ..................................  |  |  |  | 294 249.12 | 0.70 |
| Receivables from share certificate transactions |  |  |  | 44 675.21 | 0.11 |
| Total assets ** |  |  |  | 42 199 720.98 | 101.04 |
| Other liabilities |  |  |  | -118 128.87 | -0.28 |
| Liabilities from cost items ............................  |  |  |  | -118 128.87 | -0.28 |
| Liabilities from share certificate transactions |  |  |  | -111 483.88 | -0.27 |
| Total liabilities |  |  |  | -437 188.25 | -1.04 |
| Net assets |  |  |  | 41 762 532.73 | 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 LC .........................................  | EUR | 95.32 |
| Class LD .........................................  | EUR | 98.95 |
| Class NC .........................................  | EUR | 94.83 |
| Class ND .........................................  | EUR | 98.40 |
| Class PFD ........................................  | EUR | 98.01 |
| Class TFC ........................................  | EUR | 90.03 |
| Number of shares outstanding Class LC .........................................  | Count | 130 350.286 |
| Class LD .........................................  | Count | 18 128.454 |
| Class NC .........................................  | Count | 113 122.838 |
| Class ND .........................................  | Count | 67 420.000 |
| Class PFD ........................................  | Count | 103 349.207 |
| Class TFC ........................................  | Count | 588.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) 65% iBoxx Euro Overall Index, 35% MSCI World High Dividend Yield
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 78.872 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 126.031 |
| Average market risk exposure ........................  | % | 98.670 |

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 0.5, 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 26 263 780.01 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC and Deutsche Bank AG.
 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 |
| Niederländischer Gulden ...........  | NLG | 2.203710 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.328526 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.710462 | = | EUR | 1 |
| U.S. dollar ......................  | USD | 1.041549 | = | EUR | 1 |
| South African rand................  | ZAR | 17.102243 | = | EUR | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Multi Asset Defensive
DWS INVEST ESG MULTI ASSET DEFENSIVE

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1935133790 | -12,6% |
| Klasse LC | LU2098861896 | -12,6% |
| Klasse NC | LU2098862191 | -12,7% |
| Klasse ND | LU1935133956 | -12,7% |
| Klasse PFD | LU1935134335 | -12,7% |
| Klasse TFC | LU2309412620 | -12,4% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest ESG Multi Asset Defensive
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 746 235,11 | 1,79 |
| Telekommunikationsdienste | 655 590,25 | 1,58 |
| Dauerhafte Konsumgüter | 1 969 046,12 | 4,69 |
| Energie | 61 082,07 | 0,15 |
| Hauptverbrauchsgüter | 650 543,59 | 1,56 |
| Finanzsektor | 970 096,13 | 2,34 |
| Grundstoffe | 311 378,73 | 0,74 |
| Industrien | 759 264,04 | 1,82 |
| Versorger | 156 450,00 | 0,37 |
| Summe Aktien | 6 279 686,04 | 15,04 |
| 2. Anleihen (Emittenten) Unternehmen | 30 368 808,35 | 72,72 |
| Zentralregierungen | 1 974 117,79 | 4,72 |
| Summe Anleihen | 32 342 926,14 | 77,44 |
| 3. Investmentanteile Rentenfonds | 546 360,00 | 1,31 |
| Aktienfonds | 555 680,00 | 1,33 |
| Summe Investmentanteile | 1 102 040,00 | 2,64 |
| 4. Derivate | 22 949,11 | 0,06 |
| 5. Bankguthaben | 1 549 887,57 | 3,71 |
| 6. Sonstige Vermögensgegenstände | 649 981,41 | 1,55 |
| 7. Forderungen aus Anteilscheingeschäften | 44 675,21 | 0,11 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -118 128,87 | -0,28 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -111 483,88 | -0,27 |
| III. Fondsvermögen | 41 762 532,73 | 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	37 554 040,41	89,92
Aktien
| Lendlease Corp., Ltd  ..............................  | Stück | 8 000 |  |  | AUD | 9,11 | 48 298,65 | 0,12 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sonic Healthcare Ltd  ..............................  | Stück | 2 000 |  |  | AUD | 33,01 | 43 752,43 | 0,10 |
| BCE, Inc.  .......................................  | Stück | 1 000 |  | 2 000 | CAD | 62,87 | 46 812,20 | 0,11 |
| Canadian Tire Corp., Ltd ............................  | Stück | 800 | 800 | 1 000 | CAD | 160,58 | 95 652,65 | 0,23 |
| Manulife Financial Corp. ............................  | Stück | 5 000 |  | 5 000 | CAD | 21,81 | 81 197,24 | 0,19 |
| Nutrien Ltd  ......................................  | Stück | 800 | 800 |  | CAD | 103,17 | 61 455,25 | 0,15 |
| Royal Bank of Canada  .............................  | Stück | 500 |  | 1 500 | CAD | 123,48 | 45 970,82 | 0,11 |
| Georg Fischer AG .................................  | Stück | 2 000 | 2 000 |  | CHF | 46,14 | 92 700,78 | 0,22 |
| Roche Holding AG  ................................  | Stück | 300 |  |  | CHF | 316 | 95 232,27 | 0,23 |
| Aegon NV  .......................................  | Stück | 10 000 | 15 000 | 25 000 | EUR | 4,073 | 40 730,00 | 0,10 |
| Allianz SE  .......................................  | Stück | 500 |  | 500 | EUR | 180,38 | 90 190,00 | 0,22 |
| Alstom SA  ......................................  | Stück | 7 000 | 2 000 |  | EUR | 21,36 | 149 520,00 | 0,36 |
| AXA SA .........................................  | Stück | 6 000 |  | 4 000 | EUR | 21,42 | 128 520,00 | 0,31 |
| BASF SE  ........................................  | Stück | 2 000 |  | 1 000 | EUR | 39,895 | 79 790,00 | 0,19 |
| Bayerische Motoren Werke AG  ......................  | Stück | 1 000 |  |  | EUR | 71,79 | 71 790,00 | 0,17 |
| BNP Paribas SA  ..................................  | Stück | 3 000 | 4 000 | 1 000 | EUR | 44,47 | 133 410,00 | 0,32 |
| Capgemini SE ....................................  | Stück | 500 |  |  | EUR | 163,95 | 81 975,00 | 0,20 |
| Cherry AG .......................................  | Stück | 5 000 |  |  | EUR | 8,1 | 40 500,00 | 0,10 |
| Covestro AG  .....................................  | Stück | 2 000 |  | 1 000 | EUR | 32,1 | 64 200,00 | 0,15 |
| Deutsche Post AG  ................................  | Stück | 3 000 |  |  | EUR | 35,225 | 105 675,00 | 0,25 |
| Deutsche Telekom AG  .............................  | Stück | 5 000 |  | 3 000 | EUR | 18,896 | 94 480,00 | 0,23 |
| Enel SpA ........................................  | Stück | 30 000 |  |  | EUR | 5,215 | 156 450,00 | 0,37 |
| Grifols SA  .......................................  | Stück | 5 000 | 3 000 | 3 000 | EUR | 18,275 | 91 375,00 | 0,22 |
| Henkel AG & Co. KGaA  ............................  | Stück | 1 200 |  |  | EUR | 58,68 | 70 416,00 | 0,17 |
| Kerry Group PLC  .................................  | Stück | 1 190 |  | 1 000 | EUR | 91,86 | 109 313,40 | 0,26 |
| Koninklijke Ahold Delhaize NV  .......................  | Stück | 4 000 |  |  | EUR | 24,68 | 98 720,00 | 0,24 |
| Mercedes-Benz Group AG  ..........................  | Stück | 2 000 |  |  | EUR | 54,52 | 109 040,00 | 0,26 |
| Metso Outotec Oyj  ...............................  | Stück | 7 000 | 5 000 | 8 000 | EUR | 7,088 | 49 616,00 | 0,12 |
| ProSiebenSat.1 Media SE  ..........................  | Stück | 6 000 |  |  | EUR | 8,724 | 52 344,00 | 0,13 |
| Rexel SA ........................................  | Stück | 2 000 |  | 2 000 | EUR | 14,42 | 28 840,00 | 0,07 |
| Sanofi ..........................................  | Stück | 1 000 | 1 000 | 1 500 | EUR | 96,5 | 96 500,00 | 0,23 |
| Siemens AG  .....................................  | Stück | 1 000 | 1 000 |  | EUR | 96,45 | 96 450,00 | 0,23 |
| Societe Generale SA  ..............................  | Stück | 5 000 |  | 5 000 | EUR | 20,605 | 103 025,00 | 0,25 |
| Stellantis NV .....................................  | Stück | 5 000 | 4 000 | 6 452 | EUR | 11,668 | 58 340,00 | 0,14 |
| STMicroelectronics NV  .............................  | Stück | 4 000 | 6 000 | 2 000 | EUR | 29,465 | 117 860,00 | 0,28 |
| Unibail-Rodamco-Westfield  .........................  | Stück | 1 600 |  |  | EUR | 48,47 | 77 552,00 | 0,19 |
| Unilever PLC  ....................................  | Stück | 1 500 |  | 1 258 | EUR | 43,195 | 64 792,50 | 0,15 |
| JD Sports Fashion PLC  ............................  | Stück | 60 000 | 60 000 |  | GBP | 1,136 | 79 551,00 | 0,19 |
| Prudential PLC  ...................................  | Stück | 5 000 |  |  | GBP | 10,015 | 58 469,34 | 0,14 |
| ITOCHU Corp.  ...................................  | Stück | 4 000 |  | 2 300 | JPY | 3 667 | 103 615,23 | 0,25 |
| Akamai Technologies, Inc. ..........................  | Stück | 1 000 |  |  | USD | 90,58 | 86 966,58 | 0,21 |
| Alphabet, Inc. ....................................  | Stück | 60 | 60 |  | USD | 2 157,78 | 124 302,11 | 0,30 |
| Applied Materials, Inc.  .............................  | Stück | 1 500 |  |  | USD | 89,46 | 128 836,89 | 0,31 |
| AT&T, Inc.  ......................................  | Stück | 7 000 |  |  | USD | 20,885 | 140 362,99 | 0,34 |
| Atlantica Sustainable Infrastructure PLC  ...............  | Stück | 2 000 |  |  | USD | 31,81 | 61 082,07 | 0,15 |
| Bristol-Myers Squibb Co.  ...........................  | Stück | 2 000 |  | 3 100 | USD | 76,9 | 147 664,61 | 0,35 |
| Catalent, Inc.  ....................................  | Stück | 1 000 | 1 000 |  | USD | 105,29 | 101 089,77 | 0,24 |
| Centene Corp.  ...................................  | Stück | 1 000 |  | 3 000 | USD | 84,59 | 81 215,54 | 0,19 |
| Cognizant Technology Solutions Corp.  ................  | Stück | 1 000 |  | 2 000 | USD | 67,19 | 64 509,66 | 0,15 |
| Colgate-Palmolive Co.  .............................  | Stück | 1 000 |  | 1 000 | USD | 79,54 | 76 366,99 | 0,18 |
| HCA Healthcare, Inc.  ..............................  | Stück | 500 |  | 500 | USD | 166,99 | 80 164,22 | 0,19 |
| Home Depot, Inc. .................................  | Stück | 400 | 400 |  | USD | 270,06 | 103 714,71 | 0,25 |
| Invesco Ltd ......................................  | Stück | 8 000 |  |  | USD | 15,71 | 120 666,37 | 0,29 |
| Medtronic PLC  ...................................  | Stück | 1 500 |  |  | USD | 89,51 | 128 908,90 | 0,31 |
| Merck & Co, Inc.  .................................  | Stück | 1 000 |  | 1 000 | USD | 92,29 | 88 608,37 | 0,21 |
| Mondelez International, Inc. .........................  | Stück | 1 000 |  | 1 000 | USD | 61,97 | 59 497,89 | 0,14 |
| Motorola Solutions, Inc.  ............................  | Stück | 500 |  |  | USD | 207,3 | 99 515,19 | 0,24 |
| Novavax, Inc.  ....................................  | Stück | 2 500 | 1 500 |  | USD | 50,07 | 120 181,52 | 0,29 |
| Owens Corning  ..................................  | Stück | 2 000 | 1 000 | 3 000 | USD | 73,71 | 141 539,12 | 0,34 |
| PayPal Holdings, Inc.  ..............................  | Stück | 2 000 | 1 000 |  | USD | 67,98 | 130 536,28 | 0,31 |
| Pfizer, Inc.  ......................................  | Stück | 3 000 |  | 2 000 | USD | 51,5 | 148 336,69 | 0,35 |
| Procter & Gamble Co.  .............................  | Stück | 1 000 |  |  | USD | 142,04 | 136 373,74 | 0,33 |
| Prudential Financial, Inc.  ...........................  | Stück | 1 000 |  | 1 000 | USD | 94,12 | 90 365,36 | 0,22 |
| QUALCOMM, Inc.  ................................  | Stück | 1 000 | 800 | 500 | USD | 126,16 | 121 127,23 | 0,29 |
| Samsung Electronics Co., Ltd -GDR-  ..................  | Stück | 100 |  |  | USD | 1 088 | 104 459,75 | 0,25 |
| Verizon Communications, Inc.  .......................  | Stück | 2 009 |  |  | USD | 50,69 | 97 773,76 | 0,23 |
| Westrock Co.  ....................................  | Stück | 2 000 | 2 000 | 5 000 | USD | 39,3 | 75 464,49 | 0,18 |
| Impala Platinum Holdings Ltd  .......................  | Stück | 10 000 | 10 000 | 5 000 | ZAR | 181,17 | 105 933,48 | 0,25 |
| Verzinsliche Wertpapiere 1,50  % A2A SpA (MTN) 2022/2028  .................  | EUR | 150 000 | 150 000 |  | % | 89,67 | 134 505,00 | 0,32 |
| 1,625 % Aroundtown SA (MTN) 2021/perpetual * ....... 0,75 % Ascendas Real Estate Investment Trust (MTN) 2021/2028  ..............................  | EUR EUR | 400 000 250 000 |  |  | % % | 61,982 80,369 | 247 928,00 200 922,50 | 0,59 0,48 |
| 5,50  % Assicurazioni Generali SpA (MTN) 2015/2047 * ..  | EUR | 400 000 |  |  | % | 100,804 | 403 216,00 | 0,97 |
| 3,75  % ATF Netherlands BV 2016/perpetual * .........  | EUR | 200 000 |  |  | % | 88,008 | 176 016,00 | 0,42 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 1,982 % AXA SA (MTN) 2003/perpetual *  .............  | EUR | 300 000 |  | % | 85,257 | 255 771,00 | 0,61 |
| 1,612 % AXA SA (MTN) 2004/perpetual *  .............  | EUR | 300 000 |  | % | 83,463 | 250 389,00 | 0,60 |
| 1,00  % Balder Finland Oyj (MTN) 2021/2029 ..........  | EUR | 700 000 |  | % | 63,138 | 441 966,00 | 1,06 |
| 1,875 % Bank of Ireland Group PLC (MTN) 2022/2026 * .. 2,365 % Banque Federative du Credit Mutuel SA (MTN) 2004/perpetual * ..........................  | EUR EUR | 220 000 485 000 | 220 000 | % % | 95,189 82,083 | 209 415,80 398 102,55 | 0,50 0,95 |
| 0,957 % Banque Federative du Credit Mutuel SA (MTN) 2005/perpetual * ..........................  | EUR | 500 000 |  | % | 82,267 | 411 335,00 | 0,98 |
| 0,334 % Becton Dickinson Euro Finance Sarl (MTN) |  |  |  |  |  |  |  |
| 2021/2028  ..............................  | EUR | 260 000 |  | % | 83,773 | 217 809,80 | 0,52 |
| 3,50 % Bertelsmann SE & Co., KGaA 2015/2075 * .....  | EUR | 200 000 |  | % | 84,683 | 169 366,00 | 0,41 |
| 4,75  % CNP Assurances 2018/perpetual * ............  | EUR | 300 000 |  | % | 90,604 | 271 812,00 | 0,65 |
| 0,875 % Cofinimmo SA (MTN) 2020/2030 .............  | EUR | 200 000 |  | % | 73,834 | 147 668,00 | 0,35 |
| 0,95  % Deutsche Bahn Finance GmbH 2019/perpetual * | EUR | 300 000 | 300 000 | % | 88,905 | 266 715,00 | 0,64 |
| 1,625 % Deutsche Bank AG (MTN) 2020/2027  .........  | EUR | 300 000 | 300 000 | % | 89,662 | 268 986,00 | 0,64 |
| 1,75  % Deutsche Bank AG (MTN) 2020/2030 * ........  | EUR | 400 000 |  | % | 82,563 | 330 252,00 | 0,79 |
| 1,807 % Deutsche Postbank Funding Trust I 2004/perpetual * | EUR | 400 000 |  | % | 80,007 | 320 028,00 | 0,77 |
| 0,625 % Digital Intrepid Holding BV (MTN) 2021/2031  ...  | EUR | 500 000 |  | % | 70,605 | 353 025,00 | 0,85 |
| 1,875 % EDP - Energias de Portugal SA 2021/2082 * ....  | EUR | 300 000 |  | % | 69,753 | 209 259,00 | 0,50 |
| 0,375 % EDP Finance BV (MTN) 2019/2026  ...........  | EUR | 500 000 | 500 000 | % | 91,329 | 456 645,00 | 1,09 |
| 1,375 % EnBW Energie Baden-Wuerttemberg AG 2021/2081 * | EUR | 500 000 | 500 000 | % | 73,769 | 368 845,00 | 0,88 |
| 1,50  % Engie SA 2020/perpetual * ..................  | EUR | 200 000 |  | % | 76,647 | 153 294,00 | 0,37 |
| 0,00  % European Union (MTN) 2021/2028  ...........  | EUR | 400 000 | 400 000 | % | 89,707 | 358 828,00 | 0,86 |
| 2,873 % Fastighets AB Balder 2021/2081 * ............  | EUR | 300 000 |  | % | 55,125 | 165 375,00 | 0,40 |
| 1,375 % Global Switch Finance BV (MTN) 2020/2030 ....  | EUR | 500 000 |  | % | 81,304 | 406 520,00 | 0,97 |
| 0,00  % Goldman Sachs Group, Inc. (MTN) 2015/2025 * . | EUR | 200 000 |  | % | 96,61 | 193 220,00 | 0,46 |
| 1,125 % Heimstaden Bostad AB (MTN) 2020/2026  .....  | EUR | 200 000 |  | % | 87,107 | 174 214,00 | 0,42 |
| 2,625 % Heimstaden Bostad AB 2021/perpetual *  ......  | EUR | 380 000 |  | % | 51,913 | 197 269,40 | 0,47 |
| 2,25 % Iberdrola International BV 2020/perpetual * .....  | EUR | 200 000 |  | % | 77,933 | 155 866,00 | 0,37 |
| 1,45 % Iberdrola International BV 2021/perpetual * .....  | EUR | 300 000 | 300 000 | % | 83,112 | 249 336,00 | 0,60 |
| 0,625 % ICADE (MTN) 2021/2031  ...................  | EUR | 400 000 |  | % | 73,279 | 293 116,00 | 0,70 |
| 2,00  % Infineon Technologies AG (MTN) 2020/2032 ....  | EUR | 300 000 |  | % | 88,544 | 265 632,00 | 0,64 |
| 1,75  % Intesa Sanpaolo SpA (MTN) 2018/2028 ........  | EUR | 160 000 |  | % | 89,568 | 143 308,80 | 0,34 |
| 3,00  % Intrum AB -Reg- (MTN) 2019/2027  ...........  | EUR | 290 000 |  | % | 77,444 | 224 587,60 | 0,54 |
| 3,40  % Ireland Government Bond (MTN) 2014/2024 ....  | EUR | 200 000 | 200 000 | % | 104,652 | 209 304,00 | 0,50 |
| 0,00  % Ireland Government Bond (MTN) 2021/2031 ....  | EUR | 500 000 |  | % | 83,697 | 418 485,00 | 1,00 |
| 1,25  % ISS Finance BV (MTN) 2020/2025  ............  | EUR | 180 000 |  | % | 96,224 | 173 203,20 | 0,41 |
| 1,50  % ISS Global A/S (MTN) 2017/2027 .............  | EUR | 600 000 |  | % | 88,98 | 533 880,00 | 1,28 |
| 0,875 % ISS Global A/S (MTN) 2019/2026 .............  | EUR | 400 000 |  | % | 90,044 | 360 176,00 | 0,86 |
| 2,125 % La Mondiale SAM 2020/2031  ...............  | EUR | 600 000 |  | % | 80,105 | 480 630,00 | 1,15 |
| 1,00  % LEG Immobilien SE 2021/2032  ..............  | EUR | 400 000 |  | % | 67,26 | 269 040,00 | 0,64 |
| 2,875 % Merck KGaA 2019/2079 * ...................  | EUR | 600 000 |  | % | 85,28 | 511 680,00 | 1,23 |
| 1,625 % Mondi Finance PLC (MTN) 2018/2026 .........  | EUR | 500 000 |  | % | 92,323 | 461 615,00 | 1,11 |
| 1,539 % Prosus NV -Reg- (MTN) 2020/2028  ...........  | EUR | 410 000 |  | % | 79,288 | 325 080,80 | 0,78 |
| 0,00  % Prosus NV -Reg- (MTN) 2021/2029  ...........  | EUR | 510 000 |  | % | 74,877 | 381 872,70 | 0,91 |
| 1,207 % Prosus NV -Reg- 2022/2026 .................  | EUR | 100 000 | 100 000 | % | 87,201 | 87 201,00 | 0,21 |
| 3,125 % PVH Corp. -Reg- (MTN) 2017/2027  ...........  | EUR | 500 000 |  | % | 94,399 | 471 995,00 | 1,13 |
| 4,25 % Rakuten Group, Inc. -Reg- 2021/perpetual * ..... 2,375 % Romanian Government International Bond -Reg- (MTN) 2017/2027 .........................  | EUR EUR | 500 000 300 000 |  | % % | 69,897 88,458 | 349 485,00 265 374,00 | 0,84 0,64 |
| 1,75  % Romanian Government International Bond -Reg- (MTN) 2021/2030 .........................  | EUR | 320 000 |  | % | 71,364 | 228 364,80 | 0,55 |
| 2,625 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ..........................  | EUR | 300 000 | 300 000 | % | 32,178 | 96 534,00 | 0,23 |
| 2,875 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |
| 2021/perpetual * ..........................  | EUR | 500 000 |  | % | 33,117 | 165 585,00 | 0,40 |
| 3,625 % Sappi Papier Holding GmbH -Reg- (MTN) 2021/2028 | EUR | 300 000 |  | % | 83,295 | 249 885,00 | 0,60 |
| 0,75  % SBB Treasury Oyj (MTN) 2020/2028  ..........  | EUR | 500 000 |  | % | 60,337 | 301 685,00 | 0,72 |
| 1,125 % SBB Treasury Oyj (MTN) 2021/2029  ..........  4,75 % Senegal Government International Bond -Reg- (MTN) 2018/2028 .........................  | EUR EUR | 200 000 200 000 | 200 000 | % % | 60,238 81,806 | 120 476,00 163 612,00 | 0,29 0,39 |
| 0,10  % Spain Government Bond -144A- (MTN) 2021/2031 | EUR | 500 000 |  | % | 82,736 | 413 680,00 | 0,99 |
| 0,80  % Standard Chartered PLC (MTN) 2021/2029 * ....  | EUR | 400 000 |  | % | 82,342 | 329 368,00 | 0,79 |
| 1,25  % Stellantis NV (MTN) 2021/2033  ..............  | EUR | 200 000 |  | % | 69,922 | 139 844,00 | 0,33 |
| 2,714 % Swiss Re Finance UK PLC (MTN) 2020/2052 * ..  | EUR | 300 000 |  | % | 81,488 | 244 464,00 | 0,59 |
| 2,00  % TotalEnergies SE 2020/perpetual * ............  | EUR | 300 000 |  | % | 73,658 | 220 974,00 | 0,53 |
| 0,25  % Vonovia SE (MTN) 2021/2028  ...............  | EUR | 100 000 |  | % | 77,749 | 77 749,00 | 0,19 |
| 3,00  % Wintershall Dea Finance 2 BV 2021/perpetual *  . | EUR | 500 000 |  | % | 65,81 | 329 050,00 | 0,79 |
| 3,00  % Aroundtown SA (MTN) 2017/2029  ...........  0,875 % Banque Federative du Credit Mutuel SA (MTN) 2021/2027 ..............................  | GBP GBP | 300 000 300 000 |  | % % | 84,131 85,796 | 294 702,98 300 535,32 | 0,71 0,72 |
| 1,25  % BNP Paribas SA (MTN) 2021/2031  ...........  | GBP | 600 000 |  | % | 76,193 | 533 793,83 | 1,28 |
| 6,25  % E.ON International Finance BV (MTN) 2002/2030 | GBP | 300 000 |  | % | 115,082 | 403 121,43 | 0,97 |
| 5,445 % Telefonica Emisiones SA (MTN) 2010/2029  ....  | GBP | 600 000 |  | % | 107,183 | 750 903,95 | 1,80 |
| 4,875 % Vodafone Group PLC 2018/2078 * ............  | GBP | 300 000 |  | % | 91,944 | 322 071,19 | 0,77 |
| 1,425 % Aegon NV 1996/perpetual * .................  | NLG | 450 000 |  | % | 85,417 | 174 422,45 | 0,42 |
| 3,50  % Allianz SE -Reg- 2020/perpetual * .............  | USD | 400 000 | 400 000 | % | 82,875 | 318 275,80 | 0,76 |
| 3,20  % Allianz SE -Reg- 2021/perpetual * .............  | USD | 600 000 |  | % | 73,543 | 423 655,34 | 1,01 |
| 5,25 % AT Securities BV 2017/perpetual * ............ 1,976 % Australia & New Zealand Banking Group Ltd 1986/ perpetual * ..............................  | USD USD | 500 000 500 000 |  | % % | 90,148 72,279 | 432 759,08 346 978,23 | 1,04 0,83 |
| 2,50  % Banco Nacional de Panama -Reg- (MTN) 2020/2030 | USD | 200 000 |  | % | 79,033 | 151 760,43 | 0,36 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR |  | vermögen |
| 2,375 % Bermuda Government International Bond -Reg- (MTN) 2020/2030 .........................  | USD | 204 000 |  | % | 84,262 |  | 165 037,27 | 0,39 |
| 1,575 % BNP Paribas SA 1986/perpetual *  ............  | USD | 300 000 | 300 000 | % | 74,119 |  | 213 486,73 | 0,51 |
| 9,625 % British Telecommunications PLC 2000/2030  ....  | USD | 300 000 |  | % | 125,221 |  | 360 677,05 | 0,86 |
| 2,599 % Citigroup, Inc. (MTN) 2022/2028 * ............  | USD | 500 000 | 500 000 | % | 96,626 |  | 463 856,98 | 1,11 |
| 4,875 % CNP Assurances 2021/perpetual * ............ 2,125 % Daimler Finance North America LLC -Reg- (MTN) 2020/2025  ..............................  | USD USD | 600 000 300 000 |  | % % | 78,488 95,03 |  | 452 141,74 273 717,19 | 1,08 0,66 |
| 3,396 % Deutsche Bank AG/Singapore (MTN) 2018/2025 * 8,75 % Deutsche Telekom International Finance BV 2000/2030  ..............................  | USD USD | 400 000 300 000 |  | % % | 98,417 123,685 |  | 377 963,80 356 252,87 | 0,90 0,85 |
| 1,848 % DNB Bank ASA 1985/perpetual * .............  | USD | 300 000 |  | % | 68,316 |  | 196 772,21 | 0,47 |
| 1,71  % EDP Finance BV -Reg- (MTN) 2020/2028  ......  | USD | 500 000 |  | % | 85,45 |  | 410 206,14 | 0,98 |
| 8,75  % Enel SpA -144A- 2013/2073 * ................  | USD | 500 000 | 200 000 | % | 102,487 |  | 491 992,94 | 1,18 |
| 1,375 % European Investment Bank 2020/2023  ........  | USD | 290 000 |  | % | 98,758 |  | 274 973,20 | 0,66 |
| 0,375 % European Investment Bank (MTN) 2020/2025 .. 6,375 % Ghana Government International Bond -Reg- (MTN) 2020/2027  ..............................  | USD USD | 800 000 200 000 |  | % % | 90,988 57,421 |  | 698 866,45 110 260,72 | 1,67 0,26 |
| 1,426 % Hongkong & Shanghai Banking Corp., Ltd |  |  |  |  |  |  |  |  |  |
| 1986/perpetual * ..........................  | USD | 400 000 |  |  | % | 77,854 | 298 992,99 | 0,72 |
| 0,75  % HSBC Bank PLC 1985/perpetual * ............  | USD | 500 000 |  |  | % | 77,28 | 370 985,73 | 0,89 |
| 0,60  % HSBC Bank PLC 1986/perpetual * ............  | USD | 500 000 |  |  | % | 77,328 | 371 216,16 | 0,89 |
| 0,132 % HSBC Bank PLC (MTN) 2018/2024 * ..........  | USD | 570 000 |  | 30 000 | % | 95,966 | 525 185,03 | 1,26 |
| 1,625 % Kreditanstalt fuer Wiederaufbau 2020/2023  ....  | USD | 200 000 | 200 000 |  | % | 99,348 | 190 769,62 | 0,46 |
| 0,75  % Kreditanstalt fuer Wiederaufbau (MTN) 2020/2030 | USD | 1 000 000 |  |  | % | 82,491 | 792 005,40 | 1,90 |
| 1,00  % Kreditanstalt fuer Wiederaufbau (MTN) 2021/2026 | USD | 500 000 | 500 000 |  | % | 91,518 | 439 335,82 | 1,05 |
| 3,40  % Owens Corning (MTN) 2016/2026 ............  | USD | 200 000 |  |  | % | 95,414 | 183 215,49 | 0,44 |
| 4,875 % Prudential PLC (MTN) 2017/perpetual  .........  | USD | 300 000 |  |  | % | 92,507 | 266 450,13 | 0,64 |
| 5,125 % Scentre Group Trust 2 -Reg- 2020/2080 * ......  | USD | 300 000 |  |  | % | 82,911 | 238 810,54 | 0,57 |
| 1,663 % Westpac Banking Corp. 1986/perpetual *  ......  | USD | 600 000 |  |  | % | 74,187 | 427 365,19 | 1,02 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  | 1 068 571,77 | 2,56 |
| Verzinsliche Wertpapiere 2,85  % BMW Finance NV -144A- (MTN) 2019/2029  ....	USD	300 000 |  |  | % | 90,768 | 261 441,25 | 0,62 |
| 2,625 % Societe Generale SA -144A- (MTN) 2020/2025  ..	USD	250 000 |  |  | % | 95,225 | 228 565,71 | 0,55 |
| 5,00  % Vonovia Finance BV -144A- (MTN) 2013/2023 ...	USD	421 000 |  |  | % | 101,009 | 408 283,90 | 0,98 |
| 3,50  % WEA Finance LLC -144A- (MTN) 2019/2029  ....	USD	200 000 |  |  | % | 88,678 | 170 280,91 | 0,41 |
| Investmentanteile |  |  |  |  | 1 102 040,00 | 2,64 |
| Gruppeneigene Investmentanteile DWS Convertibles -FC- EUR - (0,600%) ................	Anteile	4 000 |  | 2 000 | EUR | 136,59 | 546 360,00 | 1,31 |
| Gruppenfremde Investmentanteile Amundi Physical Gold ETC -C- USD - (0,150%) ...........	Anteile	8 000 |  |  | EUR | 69,46 | 555 680,00 | 1,33 |
| Summe Wertpapiervermögen |  |  |  |  | 39 724 652,18 | 95,12 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 46 589,32 | 0,11 |
| Aktienindex-Terminkontrakte DJ Euro Stoxx 50 09/2022 (DB) .......................	Stück	-50 |  | 50 |  |  | 30 690,00 | 0,07 |
| S & P MINI 500 Futures 09/2022 (DB) ..................	Stück	-8 | 3 | 11 |  |  | 15 899,32 | 0,04 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 183 935,29 | 0,44 |
| Zinsterminkontrakte Germany Federal Republic Bonds 5 year 09/2022 (MS) ....	Stück	-14 |  | 14 |  |  | 8 105,02 | 0,02 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....	Stück	-52 |  | 52 |  |  | 116 944,36 | 0,28 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........	Stück	-29 |  | 29 |  |  | 58 885,91 | 0,14 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -207 575,50 | -0,49 |
| Devisentermingeschäfte |  |  |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |  |
| Offene Positionen EUR/GBP 3,0 Mio. .................................  |  |  |  |  | -28 031,94 | -0,06 |
| EUR/USD 11,3 Mio. ................................  |  |  |  |  | -179 543,56 | -0,43 |
| Bankguthaben |  |  |  |  | 1 549 887,57 | 3,71 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  |  |  | 354 377,68 | 0,85 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 393 421 |  | 52 888,45 | 0,13 |
| Norwegische Kronen ...............................  | NOK | 35 649 |  | 3 451,54 | 0,01 |
| Schwedische Kronen ...............................  | SEK | 58 685 |  | 5 479,18 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 132 831 |  | 88 029,01 | 0,21 |
| Britisches Pfund ...................................  | GBP | 401 348 |  | 468 627,80 | 1,12 |
| Hongkong Dollar ...................................  | HKD | 98 032 |  | 11 995,43 | 0,03 |
| Japanischer Yen ...................................  | JPY | 18 369 253 |  | 129 761,00 | 0,31 |
| Kanadischer Dollar .................................  | CAD | 84 817 |  | 63 153,65 | 0,15 |
| Schweizer Franken .................................  | CHF | 8 611 |  | 8 650,38 | 0,02 |
| Südafrikanischer Rand ..............................  | ZAR | 80 843 |  | 4 727,07 | 0,01 |
| US-Dollar ........................................  | USD | 373 652 |  | 358 746,38 | 0,86 |
| Sonstige Vermögensgegenstände |  |  |  | 649 981,41 | 1,55 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 8 691,46 | 0,02 |
| Zinsansprüche .....................................  |  |  |  | 320 654,72 | 0,77 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 26 386,11 | 0,06 |
| Sonstige Ansprüche ................................  |  |  |  | 294 249,12 | 0,70 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 44 675,21 | 0,11 |
| Summe der Vermögensgegenstände ** |  |  |  | 42 199 720,98 | 101,04 |
| Sonstige Verbindlichkeiten |  |  |  | -118 128,87 | -0,28 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -118 128,87 | -0,28 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -111 483,88 | -0,27 |
| Summe der Verbindlichkeiten |  |  |  | -437 188,25 | -1,04 |
| Fondsvermögen |  |  |  | 41 762 532,73 | 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 LC ........................................  | EUR | 95,32 |
| Klasse LD ........................................  | EUR | 98,95 |
| Klasse NC ........................................  | EUR | 94,83 |
| Klasse ND ........................................  | EUR | 98,40 |
| Klasse PFD .......................................  | EUR | 98,01 |
| Klasse TFC .......................................  | EUR | 90,03 |
| Umlaufende Anteile Klasse LC ........................................  | Stück | 130 350,286 |
| Klasse LD ........................................  | Stück | 18 128,454 |
| Klasse NC ........................................  | Stück | 113 122,838 |
| Klasse ND ........................................  | Stück | 67 420,000 |
| Klasse PFD .......................................  | Stück | 103 349,207 |
| Klasse TFC .......................................  | Stück | 588,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 65% iBoxx Euro Overall Index, 35% MSCI World High Dividend Yield
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 78,872 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 126,031 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 98,670 |

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 0,5, 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 26 263 780,01.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC und Deutsche Bank AG.
 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 |
| Niederländischer Gulden ..........  | NLG | 2,203710 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,328526 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,710462 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 17,102243 | = | EUR | 1 |

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