# DWS Invest ESG Next Generation Infrastructure
DWS INVEST ESG NEXT GENERATION INFRASTRUCTURE

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU2162004548 | -9.7% |
| Class FC | LU2162004381 | -9.3% |
| Class FD | LU2162004464 | -9.3% |
| Class LD | LU2162004621 | -9.7% |
| Class NC | LU2255692746 | -9.9% |
| Class PFC | LU2244930967 | -10.3% |
| Class TFC | LU2162004894 | -9.3% |
| Class TFD | LU2162004977 | -9.3% |
| Class XC | LU2162005354 | -9.2% |
| Class XD | LU2162005438 | -9.1% |
| Class USD XC 1 | LU2162005198 | -16.5% |
| Class USD XD 1 | LU2162005271 | -16.5% |

1 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest ESG Next Generation Infrastructure
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Telecommunication Services | 3 695 132.87 | 2.75 |
| Consumer Discretionaries | 4 071 804.42 | 3.03 |
| Energy | 11 925 883.09 | 8.87 |
| Financials | 36 487 053.96 | 27.16 |
| Industrials | 15 239 281.67 | 11.34 |
| Utilities | 57 922 654.32 | 43.14 |
| Total equities | 129 341 810.33 | 96.29 |
| 2. Cash at bank | 2 039 120.77 | 1.52 |
| 3. Other assets | 2 761 070.56 | 2.05 |
| 4. Receivables from share certificate transactions | 1 785 404.88 | 1.33 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 532 812.59 | -1.14 |
| 2. Liabilities from share certificate transactions | -66 542.61 | -0.05 |
| III. Net assets | 134 328 051.34 | 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 |  |  |  |  |  |  | 129 341 810.33 | 96.29 |
| Equities Goodman Group REIT ...............................  | Count | 216 656 | 76 440 | 13 690 | AUD | 17.84 | 2 561 487.32 | 1.91 |
| Transurban Group ..................................  | Count | 427 269 | 276 390 | 18 790 | AUD | 14.38 | 4 071 804.42 | 3.03 |
| Anaergia, Inc.......................................  | Count | 31 980 | 31 980 |  | CAD | 6.52 | 155 253.58 | 0.12 |
| Hydro One Ltd.....................................  | Count | 147 321 | 75 930 | 12 090 | CAD | 34.54 | 3 788 807.79 | 2.82 |
| Orsted A/S........................................  | Count | 40 770 | 17 650 | 2 050 | DKK | 733.3 | 4 019 071.01 | 2.99 |
| Cellnex Telecom SA ................................  | Count | 146 209 | 89 230 | 5 480 | EUR | 36.32 | 5 310 310.88 | 3.95 |
| E.ON SE .........................................  | Count | 340 735 | 193 950 | 14 740 | EUR | 7.926 | 2 700 665.61 | 2.01 |
| Elia Group SA .....................................  | Count | 4 928 | 4 928 |  | EUR | 134.9 | 664 787.20 | 0.50 |
| Ferrovial SA .......................................  | Count | 189 279 | 83 740 | 11 390 | EUR | 23.58 | 4 463 198.82 | 3.32 |
| Getlink SE ........................................  | Count | 248 505 | 116 790 | 13 030 | EUR | 16.79 | 4 172 398.95 | 3.11 |
| Red Electrica Corp., SA ..............................  | Count | 190 465 | 101 050 | 8 680 | EUR | 18.08 | 3 443 607.20 | 2.56 |
| Terna Rete Elettrica Nazionale SpA.....................  | Count | 504 767 | 268 340 | 24 790 | EUR | 7.54 | 3 805 943.18 | 2.83 |
| Vantage Towers AG ................................  | Count | 49 103 | 22 240 | 2 470 | EUR | 26.34 | 1 293 373.02 | 0.96 |
| VGP NV ..........................................  | Count | 1 535 | 3 120 | 6 356 | EUR | 151.6 | 232 706.00 | 0.17 |
| Assura PLC .......................................  | Count | 3 363 134 | 1 721 310 | 176 430 | GBP | 0.658 | 2 581 946.01 | 1.92 |
| Life Science PLC ..................................  | Count | 1 430 560 | 719 750 | 76 280 | GBP | 0.96 | 1 603 557.50 | 1.19 |
| National Grid PLC ..................................  | Count | 429 687 | 236 570 | 19 210 | GBP | 10.593 | 5 314 444.98 | 3.96 |
| Segro PLC ........................................  | Count | 223 072 | 81 530 | 13 770 | GBP | 9.674 | 2 519 755.33 | 1.88 |
| SSE PLC .........................................  | Count | 209 460 | 209 460 |  | GBP | 16.13 | 3 944 960.82 | 2.94 |
| SUNeVision Holdings Ltd ............................  | Count | 1 839 000 | 691 000 | 161 000 | HKD | 5.98 | 1 345 651.37 | 1.00 |
| Vital Healthcare Property Trust ........................  | Count | 813 546 | 424 940 | 41 710 | NZD | 2.695 | 1 313 651.84 | 0.98 |
| Keppel DC REIT....................................  | Count | 1 017 500 | 415 500 | 64 100 | SGD | 1.97 | 1 381 708.36 | 1.03 |
| Parkway Life Real Estate Investment Trust ..............  | Count | 413 000 | 115 600 | 30 100 | SGD | 4.87 | 1 386 419.80 | 1.03 |
| Alexandria Real Estate Equities, Inc.....................  | Count | 14 606 | 7 680 | 770 | USD | 142.77 | 2 002 111.89 | 1.49 |
| American Tower Corp ...............................  | Count | 27 343 | 20 050 | 490 | USD | 253.88 | 6 664 916.93 | 4.96 |
| American Water Works Co, Inc. .......................  | Count | 24 314 | 13 870 | 960 | USD | 146.06 | 3 409 634.27 | 2.54 |
| Archaea Energy, Inc. ................................  | Count | 165 970 | 165 970 |  | USD | 15.43 | 2 458 757.00 | 1.83 |
| Atlantica Sustainable Infrastructure PLC.................  | Count | 119 231 | 76 710 | 3 980 | USD | 31.81 | 3 641 438.20 | 2.71 |
| Brookfield Renewable Corp. ..........................  | Count | 87 490 | 87 490 |  | USD | 35.67 | 2 996 274.61 | 2.23 |
| CenterPoint Energy, Inc. .............................  | Count | 73 380 | 73 380 |  | USD | 29.12 | 2 051 583.35 | 1.53 |
| Consolidated Edison, Inc. ............................  | Count | 37 900 | 37 900 |  | USD | 95.08 | 3 459 779.90 | 2.58 |
| Crown Castle International Corp .......................  | Count | 40 878 | 26 440 | 1 380 | USD | 169.18 | 6 639 857.34 | 4.94 |
| Digital Realty Trust, Inc. .............................  | Count | 20 668 | 12 530 | 1 040 | USD | 130.01 | 2 579 855.01 | 1.92 |
| Edison International.................................  | Count | 78 450 | 59 850 | 12 420 | USD | 62.65 | 4 718 827.61 | 3.51 |
| Enviva, Inc. .......................................  | Count | 22 660 | 63 050 | 40 390 | USD | 58.3 | 1 268 377.56 | 0.94 |
| Equinix, Inc. .......................................          | Count | 3 616 | 1 810 | 100 | USD | 650.77 | 2 259 311.09 | 1.68 |
| Essential Utilities, Inc. ...............................  | Count | 76 890 | 76 890 |  | USD | 45.51 | 3 359 671.27 | 2.50 |
| Eversource Energy .................................  | Count | 31 666 | 9 920 | 11 990 | USD | 83.79 | 2 547 448.93 | 1.90 |
| Exelon Corp. ......................................  | Count | 80 780 | 80 780 |  | USD | 44.64 | 3 462 167.88 | 2.58 |
| NextEra Energy Partners LP ..........................  | Count | 64 854 | 41 550 | 2 900 | USD | 73.19 | 4 557 310.33 | 3.39 |
| Prologis, Inc. ......................................  | Count | 24 831 | 6 710 | 1 690 | USD | 115.76 | 2 759 769.54 | 2.06 |
| Sempra Energy ....................................  | Count | 28 236 | 22 850 | 10 950 | USD | 150.49 | 4 079 725.13 | 3.04 |
| Switch, Inc. .......................................  | Count | 73 026 | 19 820 | 6 170 | USD | 33.51 | 2 349 481.50 | 1.75 |
| Total securities portfolio |  |  |  |  |  |  | 129 341 810.33 | 96.29 |
| Cash at bank |  |  |  |  |  |  | 2 039 120.77 | 1.52 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 643 531.21 | 0.48 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 7 029 |  |  |  |  | 944.90 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 9 674 |  |  |  |  | 6 410.98 | 0.00 |
| British pound .....................................  | GBP | 227 676 |  |  |  |  | 265 842.89 | 0.20 |
| Hong Kong dollar ..................................  | HKD | 536 768 |  |  |  |  | 65 680.50 | 0.05 |
| Japanese yen .....................................  | JPY | 866 539 |  |  |  |  | 6 121.26 | 0.00 |
| Canadian dollar ....................................  | CAD | 1 289 |  |  |  |  | 959.53 | 0.00 |
| New Zealand dollar .................................  | NZD | 15 163 |  |  |  |  | 9 084.66 | 0.01 |
| Singapore dollar ...................................  | SGD | 9 315 |  |  |  |  | 6 420.92 | 0.01 |
| U.S. dollar ........................................  | USD | 1 077 091 |  |  |  |  | 1 034 123.92 | 0.77 |
| Other assets |  |  |  |  |  |  | 2 761 070.56 | 2.05 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 485 932.51 | 0.36 |
| Prepaid placement fee * ............................  |  |  |  |  |  |  | 246 586.33 | 0.18 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 30 092.19 | 0.02 |
| Other receivables ..................................  |  |  |  |  |  |  | 1 998 459.53 | 1.49 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 1 785 404.88 | 1.33 |
| Total assets |  |  |  |  |  |  | 135 927 406.54 | 101.19 |

DWS Invest ESG Next Generation Infrastructure
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Other liabilities | -1 532 812.59 | -1.14 |
| Additional other liabilities.............................  | -1 532 812.59 | -1.14 |
| Liabilities from share certificate transactions | -66 542.61 | -0.05 |
| Total liabilities | -1 599 355.20 | -1.19 |
| Net assets | 134 328 051.34 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 121.07 |
| Class FD .........................................  | EUR | 117.18 |
| Class LC .........................................  | EUR | 118.91 |
| Class LD .........................................  | EUR | 115.05 |
| Class NC .........................................  | EUR | 108.56 |
| Class PFC ........................................  | EUR | 108.90 |
| Class TFC ........................................  | EUR | 121.07 |
| Class TFD ........................................  | EUR | 117.18 |
| Class XC .........................................  | EUR | 122.18 |
| Class XD .........................................  | EUR | 118.27 |
| Class USD XC .....................................  | USD | 117.71 |
| Class USD XD .....................................  | USD | 113.79 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class FD .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 12 086.475 |
| Class LD .........................................  | Count | 658 414.819 |
| Class NC .........................................  | Count | 8 225.000 |
| Class PFC ........................................  | Count | 244 327.000 |
| Class TFC ........................................  | Count | 131 312.000 |
| Class TFD ........................................  | Count | 100.000 |
| Class XC .........................................  | Count | 104 220.000 |
| Class XD .........................................  | Count | 100.000 |
| Class USD XC .....................................  | Count | 8 398.000 |
| Class USD XD .....................................  | Count | 110.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) 70% MSCI World Infrastructure; 30% FTSE EPRA/NAREIT Developed
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure................................................... | % | 78.012 |
| --- | --- | --- |
| Highest market risk exposure .................................................. | % | 100.006 |
| Average market risk exposure ................................................. | % | 92.105 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar	AUD | 1.508945 | = EUR | 1 |
| --- | --- | --- | --- |
| Canadian dollar	CAD | 1.343026 | = 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 |
| New Zealand dollar	NZD | 1.669016 | = 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.
 Footnote	
* The prepaid placement fee is amortized over a period of three years (as specified in article 13 (f) of the general section of the fund’s management regulations).
DWS Invest ESG NextGen Consumer
DWS INVEST ESG NEXTGEN CONSUMER

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU2400048364 | -22.2% |
| Class FC | LU2400048018 | -21.9% |
| Class FD | LU2400048281 | -21.9% |
| Class LD | LU2400048448 | -22.2% |
| KlasseTFC | LU2400048521 | -21.9% |
| Class TFD | LU2400048794 | -21.9% |
| Class XC | LU2400048877 | -21.7% |
| Class XD | LU2400048950 | -21.7% |

“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 NextGen Consumer
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 697 405.56 | 17.17 |
| Telecommunication Services | 517 784.27 | 12.74 |
| Consumer Discretionaries | 1 120 251.74 | 27.56 |
| Consumer Staples | 659 483.77 | 16.22 |
| Financials | 633 541.28 | 15.59 |
| Basic Materials | 115 834.57 | 2.85 |
| Industrials | 172 392.97 | 4.24 |
| Total equities | 3 916 694.16 | 96.37 |
| 2. Cash at bank | 134 114.59 | 3.30 |
| 3. Other assets | 19 406.32 | 0.48 |
| II. Liabilities |  |  |
| 1. Other liabilities | -6 036.62 | -0.15 |
| III. Net assets | 4 064 178.45 | 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 |  |  |  |  |  |  | 3 916 694.16 | 96.37 |
| Equities Givaudan SA ......................................  | Count | 10 |  | 5 | CHF | 3 346 | 33 612.57 | 0.83 |
| Nestle SA ........................................  | Count | 650 |  | 250 | CHF | 110.98 | 72 465.93 | 1.78 |
| Roche Holding AG ..................................  | Count | 270 |  |  | CHF | 365.6 | 99 162.10 | 2.44 |
| Swissquote Group Holding SA ........................  | Count | 240 | 100 |  | CHF | 94.15 | 22 699.03 | 0.56 |
| Royal Unibrew A/S .................................  | Count | 290 | 90 |  | DKK | 628.8 | 24 513.98 | 0.60 |
| Alfen Beheer BV ...................................  | Count | 260 | 120 | 100 | EUR | 86.9 | 22 594.00 | 0.56 |
| Beiersdorf AG .....................................  | Count | 375 | 375 |  | EUR | 97.52 | 36 570.00 | 0.90 |
| Deutsche Post AG..................................  | Count | 850 |  | 350 | EUR | 35.225 | 29 941.25 | 0.74 |
| HelloFresh SE .....................................  | Count | 900 | 600 |  | EUR | 29.78 | 26 802.00 | 0.66 |
| Kering SA.........................................  | Count | 52 | 12 |  | EUR | 484.95 | 25 217.40 | 0.62 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 1 500 | 500 |  | EUR | 24.68 | 37 020.00 | 0.91 |
| L‘Oreal SA ........................................  | Count | 170 | 50 |  | EUR | 324 | 55 080.00 | 1.36 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 110 | 10 |  | EUR | 573.7 | 63 107.00 | 1.55 |
| Mercedes-Benz Group AG ...........................  | Count | 270 | 270 |  | EUR | 54.52 | 14 720.40 | 0.36 |
| Moncler SpA ......................................  | Count | 900 | 125 |  | EUR | 39.95 | 35 955.00 | 0.88 |
| Samsung SDI Co., Ltd -GDR- .........................  | Count | 400 | 115 |  | EUR | 96.1 | 38 440.00 | 0.95 |
| Smurfit Kappa Group PLC ............................  | Count | 1 300 | 200 |  | EUR | 31.54 | 41 002.00 | 1.01 |
| Symrise AG .......................................  | Count | 400 |  |  | EUR | 103.05 | 41 220.00 | 1.01 |
| Universal Music Group, Inc. ..........................  | Count | 1 400 |  |  | EUR | 18.9 | 26 460.00 | 0.65 |
| Virbac SA .........................................  | Count | 105 | 45 |  | EUR | 369 | 38 745.00 | 0.95 |
| AIA Group Ltd .....................................  | Count | 3 400 |  | 5 600 | HKD | 85.05 | 35 383.67 | 0.87 |
| Alibaba Group Holding Ltd ...........................  | Count | 2 300 |  |  | HKD | 111.9 | 31 492.53 | 0.77 |
| BYD Co., Ltd ......................................  | Count | 1 500 | 1 500 |  | HKD | 314 | 57 632.91 | 1.42 |
| Tencent Holdings Ltd ...............................  | Count | 500 | 500 | 500 | HKD | 354.4 | 21 682.70 | 0.53 |
| Recruit Holdings Co., Ltd ............................  | Count | 1 600 | 200 |  | JPY | 3 995 | 45 153.30 | 1.11 |
| Shimano, Inc.......................................  | Count | 200 | 100 |  | JPY | 22 920 | 32 381.53 | 0.80 |
| Shoei Co., Ltd .....................................  | Count | 1 100 | 200 |  | JPY | 5 310 | 41 261.01 | 1.01 |
| Sony Group Corp. ..................................  | Count | 1 100 | 400 |  | JPY | 11 095 | 86 212.99 | 2.12 |
| Bakkafrost P/F .....................................  | Count | 650 | 650 |  | NOK | 634 | 39 899.21 | 0.98 |
| DNB Bank ASA ....................................  | Count | 2 300 |  | 1 500 | NOK | 175.9 | 39 170.16 | 0.96 |
| TOMRA Systems ASA ..............................  | Count | 1 400 | 1 400 |  | NOK | 182.32 | 24 712.92 | 0.61 |
| Volvo Car AB ......................................  | Count | 3 100 | 1 750 | 3 400 | SEK | 67.81 | 19 626.70 | 0.48 |
| DBS Group Holdings Ltd .............................  | Count | 1 000 | 1 000 |  | SGD | 29.68 | 20 458.78 | 0.50 |
| Pegavision Corp. ...................................  | Count | 3 000 | 3 000 |  | TWD | 418 | 40 492.22 | 1.00 |
| Adobe, Inc. .......................................  | Count | 100 | 20 |  | USD | 359.15 | 34 482.28 | 0.85 |
| Akamai Technologies, Inc.............................  | Count | 500 |  |  | USD | 90.58 | 43 483.29 | 1.07 |
| Alphabet, Inc. .....................................  | Count | 67 | 7 |  | USD | 2 157.78 | 138 804.02 | 3.42 |
| Amazon.com, Inc. ..................................  | Count | 400 | 380 |  | USD | 103.77 | 39 852.16 | 0.98 |
| Apple, Inc. ........................................  | Count | 1 230 |  | 70 | USD | 135.28 | 159 756.59 | 3.93 |
| Assurant, Inc. .....................................  | Count | 365 | 180 | 165 | USD | 168.72 | 59 126.14 | 1.45 |
| Bank of America Corp. ..............................  | Count | 2 270 | 1 270 |  | USD | 30.77 | 67 061.53 | 1.65 |
| Booking Holdings, Inc................................  | Count | 30 | 5 |  | USD | 1 713.77 | 49 362.13 | 1.21 |
| Charles Schwab Corp. ...............................  | Count | 1 350 |  | 200 | USD | 61.31 | 79 466.70 | 1.96 |
| Coinbase Global, Inc.................................  | Count | 100 | 30 |  | USD | 45.02 | 4 322.41 | 0.11 |
| Colgate-Palmolive Co. ...............................  | Count | 900 |  |  | USD | 79.54 | 68 730.29 | 1.69 |
| eBay, Inc..........................................  | Count | 800 |  |  | USD | 41.19 | 31 637.48 | 0.78 |
| Electronic Arts, Inc. .................................  | Count | 460 | 50 | 140 | USD | 121.37 | 53 603.02 | 1.32 |
| Eli Lilly & Co. ......................................  | Count | 240 |  | 30 | USD | 323.1 | 74 450.61 | 1.83 |
| Estee Lauder Cos, Inc. ..............................  | Count | 150 |  |  | USD | 250.12 | 36 021.33 | 0.89 |
| Etsy, Inc. .........................................  | Count | 320 | 70 | 80 | USD | 71.3 | 21 905.82 | 0.54 |
| FedEx Corp........................................  | Count | 100 | 50 | 180 | USD | 225.58 | 21 658.12 | 0.53 |
| Garmin Ltd........................................  | Count | 220 | 220 |  | USD | 97.42 | 20 577.42 | 0.51 |
| Graphic Packaging Holding Co. ........................  | Count | 1 750 | 1 750 |  | USD | 20.38 | 34 242.25 | 0.84 |
| Home Depot, Inc. ..................................  | Count | 130 | 40 |  | USD | 270.06 | 33 707.28 | 0.83 |
| ICICI Bank Ltd -ADR-................................  | Count | 4 340 | 340 |  | USD | 17.605 | 73 357.72 | 1.80 |
| IDEXX Laboratories, Inc. .............................  | Count | 90 | 90 |  | USD | 347.7 | 30 044.66 | 0.74 |
| Intuit, Inc. ........................................  | Count | 150 |  | 30 | USD | 378.83 | 54 557.66 | 1.34 |
| Lululemon Athletica, Inc..............................  | Count | 190 | 50 | 50 | USD | 272.55 | 49 718.71 | 1.22 |
| Mastercard, Inc. ...................................  | Count | 260 |  |  | USD | 310.68 | 77 554.45 | 1.91 |
| MercadoLibre, Inc. .................................  | Count | 50 |  |  | USD | 620.19 | 29 772.47 | 0.73 |
| Meta Platforms, Inc. ................................  | Count | 280 | 30 |  | USD | 160.04 | 43 023.59 | 1.06 |
| Microsoft Corp. ....................................  | Count | 600 |  |  | USD | 255.12 | 146 965.65 | 3.62 |
| MSCI, Inc. ........................................  | Count | 130 |  | 25 | USD | 401.11 | 50 064.16 | 1.23 |
| Netflix, Inc. .......................................  | Count | 180 | 35 | 25 | USD | 171.45 | 29 629.89 | 0.73 |
| NIKE, Inc..........................................  | Count | 500 |  | 100 | USD | 101.19 | 48 576.66 | 1.20 |
| Nomad Foods Ltd ..................................  | Count | 2 200 | 350 | 650 | USD | 19.53 | 41 252.00 | 1.01 |
| NVIDIA Corp. ......................................  | Count | 300 | 50 |  | USD | 150.54 | 43 360.40 | 1.07 |
| PayPal Holdings, Inc. ................................  | Count | 475 |  | 135 | USD | 67.98 | 31 002.37 | 0.76 |
| Procter & Gamble Co. ...............................  | Count | 690 |  | 60 | USD | 142.04 | 94 097.88 | 2.32 |
| Progressive Corp. ..................................  | Count | 600 |  | 100 | USD | 114.06 | 65 705.95 | 1.62 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Count | 70 |  |  | USD | 1 088 | 73 121.83 | 1.80 |
| Snap, Inc..........................................  | Count | 1 230 | 1 230 |  | USD | 13.07 | 15 434.79 | 0.38 |
| Starbucks Corp. ....................................  | Count | 870 |  |  | USD | 75.335 | 62 926.87 | 1.55 |
| Tesla, Inc. ........................................  | Count | 60 | 60 |  | USD | 675.9 | 38 936.22 | 0.96 |
| TJX Cos, Inc. ......................................  | Count | 750 |  | 250 | USD | 55.87 | 40 230.93 | 0.99 |
| TransUnion .......................................  | Count | 600 |  | 230 | USD | 78.27 | 45 088.59 | 1.11 |

DWS Invest ESG NextGen Consumer
| UnitedHealth Group, Inc..............................  | Count | 210 |  | 70 | USD | 513 | 103 432.43 | 2.54 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Visa, Inc. .........................................  | Count | 480 |  | 80 | USD | 193.63 | 89 234.74 | 2.20 |
| Walt Disney Co.....................................  | Count | 300 |  | 100 | USD | 92.86 | 26 746.69 | 0.66 |
| YETI Holdings, Inc. .................................  | Count | 580 | 580 |  | USD | 43.23 | 24 073.17 | 0.59 |
| Zoetis, Inc.........................................  | Count | 350 |  | 100 | USD | 171.51 | 57 633.84 | 1.42 |
| Zoom Video Communications, Inc. .....................  | Count | 370 | 330 | 80 | USD | 107 | 38 010.68 | 0.94 |
| Total securities portfolio |  |  |  |  |  |  | 3 916 694.16 | 96.37 |
| Cash at bank |  |  |  |  |  |  | 134 114.59 | 3.30 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 105 387.84 | 2.59 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 19 795 |  |  |  |  | 2 661.08 | 0.07 |
| Norwegian krone ...................................  | NOK | 20 976 |  |  |  |  | 2 030.90 | 0.05 |
| Swedish krona.....................................  | SEK | 22 578 |  |  |  |  | 2 108.01 | 0.05 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 1 908 |  |  |  |  | 2 227.44 | 0.06 |
| Hong Kong dollar ..................................  | HKD | 28 743 |  |  |  |  | 3 517.13 | 0.09 |
| Japanese yen .....................................  | JPY | 299 103 |  |  |  |  | 2 112.87 | 0.05 |
| Canadian dollar ....................................  | CAD | 2 985 |  |  |  |  | 2 222.37 | 0.05 |
| New Taiwan dollar..................................  | TWD | 131 271 |  |  |  |  | 4 238.80 | 0.10 |
| Swiss franc .......................................  | CHF | 2 213 |  |  |  |  | 2 222.97 | 0.05 |
| Singapore dollar ...................................  | SGD | 3 973 |  |  |  |  | 2 738.87 | 0.07 |
| U.S. dollar ........................................  | USD | 2 756 |  |  |  |  | 2 646.31 | 0.07 |
| Other assets |  |  |  |  |  |  | 19 406.32 | 0.48 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 1 475.54 | 0.04 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 14 163.71 | 0.35 |
| Other receivables ..................................  |  |  |  |  |  |  | 3 767.07 | 0.09 |
| Total assets |  |  |  |  |  |  | 4 070 215.07 | 100.15 |
| Other liabilities |  |  |  |  |  |  | -6 036.62 | -0.15 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -6 036.62 | -0.15 |
| Total liabilities |  |  |  |  |  |  | -6 036.62 | -0.15 |
| Net assets |  |  |  |  |  |  | 4 064 178.45 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 80.69 |
| Class FD .........................................  | EUR | 80.69 |
| Class LC .........................................  | EUR | 80.29 |
| Class LD .........................................  | EUR | 80.29 |
| Class TFC ........................................  | EUR | 80.69 |
| Class TFD ........................................  | EUR | 80.69 |
| Class XC .........................................  | EUR | 80.90 |
| Class XD .........................................  | EUR | 80.91 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class FD .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 310.000 |
| Class LD .........................................  | Count | 132.000 |
| Class TFC ........................................  | Count | 100.000 |
| Class TFD ........................................  | Count | 100.000 |
| Class XC .........................................  | Count | 49 300.000 |
| Class XD .........................................  | Count | 100.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure................................................... | % | 100.681 |
| --- | --- | --- |
| Highest market risk exposure .................................................. | % | 125.951 |
| Average market risk exposure ................................................. | % | 113.825 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| 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 |
| New Taiwan dollar................  | TWD | 30.968912 | = | 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.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Next Generation Infrastructure
DWS INVEST ESG NEXT GENERATION INFRASTRUCTURE

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU2162004548 | -9,7% |
| Klasse FC | LU2162004381 | -9,3% |
| Klasse FD | LU2162004464 | -9,3% |
| Klasse LD | LU2162004621 | -9,7% |
| Klasse NC | LU2255692746 | -9,9% |
| Klasse PFC | LU2244930967 | -10,3% |
| Klasse TFC | LU2162004894 | -9,3% |
| Klasse TFD | LU2162004977 | -9,3% |
| Klasse XC | LU2162005354 | -9,2% |
| Klasse XD | LU2162005438 | -9,1% |
| Klasse USD XC 1) | LU2162005198 | -16,5% |
| Klasse USD XD 1) | LU2162005271 | -16,5% |

1) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest ESG Next Generation Infrastructure
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Telekommunikationsdienste | 3 695 132,87 | 2,75 |
| Dauerhafte Konsumgüter | 4 071 804,42 | 3,03 |
| Energie | 11 925 883,09 | 8,87 |
| Finanzsektor | 36 487 053,96 | 27,16 |
| Industrien | 15 239 281,67 | 11,34 |
| Versorger | 57 922 654,32 | 43,14 |
| Summe Aktien | 129 341 810,33 | 96,29 |
| 2. Bankguthaben | 2 039 120,77 | 1,52 |
| 3. Sonstige Vermögensgegenstände | 2 761 070,56 | 2,05 |
| 4. Forderungen aus Anteilscheingeschäften | 1 785 404,88 | 1,33 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 532 812,59 | -1,14 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -66 542,61 | -0,05 |
| III. Fondsvermögen | 134 328 051,34 | 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 |  |  |  |  |  |  | 129 341 810,33 | 96,29 |
| Aktien Goodman Group REIT  .............................  | Stück | 216 656 | 76 440 | 13 690 | AUD | 17,84 | 2 561 487,32 | 1,91 |
| Transurban Group .................................  | Stück | 427 269 | 276 390 | 18 790 | AUD | 14,38 | 4 071 804,42 | 3,03 |
| Anaergia, Inc. ....................................  | Stück | 31 980 | 31 980 |  | CAD | 6,52 | 155 253,58 | 0,12 |
| Hydro One Ltd  ...................................  | Stück | 147 321 | 75 930 | 12 090 | CAD | 34,54 | 3 788 807,79 | 2,82 |
| Orsted A/S  ......................................  | Stück | 40 770 | 17 650 | 2 050 | DKK | 733,3 | 4 019 071,01 | 2,99 |
| Cellnex Telecom SA  ...............................  | Stück | 146 209 | 89 230 | 5 480 | EUR | 36,32 | 5 310 310,88 | 3,95 |
| E.ON SE  ........................................  | Stück | 340 735 | 193 950 | 14 740 | EUR | 7,926 | 2 700 665,61 | 2,01 |
| Elia Group SA  ....................................  | Stück | 4 928 | 4 928 |  | EUR | 134,9 | 664 787,20 | 0,50 |
| Ferrovial SA  .....................................  | Stück | 189 279 | 83 740 | 11 390 | EUR | 23,58 | 4 463 198,82 | 3,32 |
| Getlink SE .......................................  | Stück | 248 505 | 116 790 | 13 030 | EUR | 16,79 | 4 172 398,95 | 3,11 |
| Red Electrica Corp., SA  ............................  | Stück | 190 465 | 101 050 | 8 680 | EUR | 18,08 | 3 443 607,20 | 2,56 |
| Terna Rete Elettrica Nazionale SpA  ...................  | Stück | 504 767 | 268 340 | 24 790 | EUR | 7,54 | 3 805 943,18 | 2,83 |
| Vantage Towers AG  ...............................  | Stück | 49 103 | 22 240 | 2 470 | EUR | 26,34 | 1 293 373,02 | 0,96 |
| VGP NV  ........................................  | Stück | 1 535 | 3 120 | 6 356 | EUR | 151,6 | 232 706,00 | 0,17 |
| Assura PLC  ......................................  | Stück | 3 363 134 | 1 721 310 | 176 430 | GBP | 0,658 | 2 581 946,01 | 1,92 |
| Life Science PLC  .................................  | Stück | 1 430 560 | 719 750 | 76 280 | GBP | 0,96 | 1 603 557,50 | 1,19 |
| National Grid PLC .................................  | Stück | 429 687 | 236 570 | 19 210 | GBP | 10,593 | 5 314 444,98 | 3,96 |
| Segro PLC  ......................................  | Stück | 223 072 | 81 530 | 13 770 | GBP | 9,674 | 2 519 755,33 | 1,88 |
| SSE PLC  ........................................  | Stück | 209 460 | 209 460 |  | GBP | 16,13 | 3 944 960,82 | 2,94 |
| SUNeVision Holdings Ltd  ...........................  | Stück | 1 839 000 | 691 000 | 161 000 | HKD | 5,98 | 1 345 651,37 | 1,00 |
| Vital Healthcare Property Trust  ......................  | Stück | 813 546 | 424 940 | 41 710 | NZD | 2,695 | 1 313 651,84 | 0,98 |
| Keppel DC REIT ...................................  | Stück | 1 017 500 | 415 500 | 64 100 | SGD | 1,97 | 1 381 708,36 | 1,03 |
| Parkway Life Real Estate Investment Trust .............  | Stück | 413 000 | 115 600 | 30 100 | SGD | 4,87 | 1 386 419,80 | 1,03 |
| Alexandria Real Estate Equities, Inc.  ..................  | Stück | 14 606 | 7 680 | 770 | USD | 142,77 | 2 002 111,89 | 1,49 |
| American Tower Corp  .............................  | Stück | 27 343 | 20 050 | 490 | USD | 253,88 | 6 664 916,93 | 4,96 |
| American Water Works Co, Inc.  .....................  | Stück | 24 314 | 13 870 | 960 | USD | 146,06 | 3 409 634,27 | 2,54 |
| Archaea Energy, Inc.  ..............................  | Stück | 165 970 | 165 970 |  | USD | 15,43 | 2 458 757,00 | 1,83 |
| Atlantica Sustainable Infrastructure PLC  ...............  | Stück | 119 231 | 76 710 | 3 980 | USD | 31,81 | 3 641 438,20 | 2,71 |
| Brookfield Renewable Corp.  ........................  | Stück | 87 490 | 87 490 |  | USD | 35,67 | 2 996 274,61 | 2,23 |
| CenterPoint Energy, Inc.  ...........................  | Stück | 73 380 | 73 380 |  | USD | 29,12 | 2 051 583,35 | 1,53 |
| Consolidated Edison, Inc. ...........................  | Stück | 37 900 | 37 900 |  | USD | 95,08 | 3 459 779,90 | 2,58 |
| Crown Castle International Corp  .....................  | Stück | 40 878 | 26 440 | 1 380 | USD | 169,18 | 6 639 857,34 | 4,94 |
| Digital Realty Trust, Inc. ............................  | Stück | 20 668 | 12 530 | 1 040 | USD | 130,01 | 2 579 855,01 | 1,92 |
| Edison International  ...............................  | Stück | 78 450 | 59 850 | 12 420 | USD | 62,65 | 4 718 827,61 | 3,51 |
| Enviva, Inc. ......................................  | Stück | 22 660 | 63 050 | 40 390 | USD | 58,3 | 1 268 377,56 | 0,94 |
| Equinix, Inc.  .....................................  | Stück | 3 616 | 1 810 | 100 | USD | 650,77 | 2 259 311,09 | 1,68 |
| Essential Utilities, Inc.  .............................  | Stück | 76 890 | 76 890 |  | USD | 45,51 | 3 359 671,27 | 2,50 |
| Eversource Energy  ................................  | Stück | 31 666 | 9 920 | 11 990 | USD | 83,79 | 2 547 448,93 | 1,90 |
| Exelon Corp. .....................................  | Stück | 80 780 | 80 780 |  | USD | 44,64 | 3 462 167,88 | 2,58 |
| NextEra Energy Partners LP  ........................  | Stück | 64 854 | 41 550 | 2 900 | USD | 73,19 | 4 557 310,33 | 3,39 |
| Prologis, Inc. .....................................  | Stück | 24 831 | 6 710 | 1 690 | USD | 115,76 | 2 759 769,54 | 2,06 |
| Sempra Energy ...................................  | Stück | 28 236 | 22 850 | 10 950 | USD | 150,49 | 4 079 725,13 | 3,04 |
| Switch, Inc.  .....................................  | Stück | 73 026 | 19 820 | 6 170 | USD | 33,51 | 2 349 481,50 | 1,75 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 129 341 810,33 | 96,29 |
| Bankguthaben |  |  |  |  |  |  | 2 039 120,77 | 1,52 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  |  | 643 531,21 | 0,48 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 7 029 |  |  |  |  | 944,90 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 9 674 |  |  |  |  | 6 410,98 | 0,00 |
| Britisches Pfund ...................................  | GBP | 227 676 |  |  |  |  | 265 842,89 | 0,20 |
| Hongkong Dollar ...................................  | HKD | 536 768 |  |  |  |  | 65 680,50 | 0,05 |
| Japanischer Yen ...................................  | JPY | 866 539 |  |  |  |  | 6 121,26 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 1 289 |  |  |  |  | 959,53 | 0,00 |
| Neuseeländischer Dollar .............................  | NZD | 15 163 |  |  |  |  | 9 084,66 | 0,01 |
| Singapur Dollar ....................................  | SGD | 9 315 |  |  |  |  | 6 420,92 | 0,01 |
| US-Dollar ........................................  | USD | 1 077 091 |  |  |  |  | 1 034 123,92 | 0,77 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 2 761 070,56 | 2,05 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 485 932,51 | 0,36 |
| Abgegrenzte Platzierungsgebühr * ....................  |  |  |  |  |  |  | 246 586,33 | 0,18 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  |  |  | 30 092,19 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 1 998 459,53 | 1,49 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  |  | 1 785 404,88 | 1,33 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 135 927 406,54 | 101,19 |

DWS Invest ESG Next Generation Infrastructure
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Sonstige Verbindlichkeiten | -1 532 812,59 | -1,14 |
| Andere sonstige Verbindlichkeiten .....................  | -1 532 812,59 | -1,14 |
| Verbindlichkeiten aus Anteilscheingeschäften | -66 542,61 | -0,05 |
| Summe der Verbindlichkeiten | -1 599 355,20 | -1,19 |
| Fondsvermögen | 134 328 051,34 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 121,07 |
| Klasse FD ........................................  | EUR | 117,18 |
| Klasse LC ........................................  | EUR | 118,91 |
| Klasse LD ........................................  | EUR | 115,05 |
| Klasse NC ........................................  | EUR | 108,56 |
| Klasse PFC .......................................  | EUR | 108,90 |
| Klasse TFC .......................................  | EUR | 121,07 |
| Klasse TFD .......................................  | EUR | 117,18 |
| Klasse XC ........................................  | EUR | 122,18 |
| Klasse XD ........................................  | EUR | 118,27 |
| Klasse USD XC ....................................  | USD | 117,71 |
| Klasse USD XD ....................................  | USD | 113,79 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 12 086,475 |
| Klasse LD ........................................  | Stück | 658 414,819 |
| Klasse NC ........................................  | Stück | 8 225,000 |
| Klasse PFC .......................................  | Stück | 244 327,000 |
| Klasse TFC .......................................  | Stück | 131 312,000 |
| Klasse TFD .......................................  | Stück | 100,000 |
| Klasse XC ........................................  | Stück | 104 220,000 |
| Klasse XD ........................................  | Stück | 100,000 |
| Klasse USD XC ....................................  | Stück | 8 398,000 |
| Klasse USD XD ....................................  | Stück | 110,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 70% MSCI World Infrastructure; 30% FTSE EPRA/NAREIT Developed
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 78,012 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 100,006 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 92,105 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar	AUD | 1,508945 | = EUR | 1 |
| --- | --- | --- | --- |
| Kanadischer Dollar	CAD | 1,343026 | = 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 |
| Neuseeländischer Dollar	NZD | 1,669016 | = 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.
 Fußnote	
* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 13 f) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
DWS Invest ESG NextGen Consumer
DWS INVEST ESG NEXTGEN CONSUMER

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU2400048364 | -22,2% |
| Klasse FC | LU2400048018 | -21,9% |
| Klasse FD | LU2400048281 | -21,9% |
| Klasse LD | LU2400048448 | -22,2% |
| KlasseTFC | LU2400048521 | -21,9% |
| Klasse TFD | LU2400048794 | -21,9% |
| Klasse XC | LU2400048877 | -21,7% |
| Klasse XD | LU2400048950 | -21,7% |

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 NextGen Consumer
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 697 405,56 | 17,17 |
| Telekommunikationsdienste | 517 784,27 | 12,74 |
| Dauerhafte Konsumgüter | 1 120 251,74 | 27,56 |
| Hauptverbrauchsgüter | 659 483,77 | 16,22 |
| Finanzsektor | 633 541,28 | 15,59 |
| Grundstoffe | 115 834,57 | 2,85 |
| Industrien | 172 392,97 | 4,24 |
| Summe Aktien | 3 916 694,16 | 96,37 |
| 2. Bankguthaben | 134 114,59 | 3,30 |
| 3. Sonstige Vermögensgegenstände | 19 406,32 | 0,48 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -6 036,62 | -0,15 |
| III. Fondsvermögen | 4 064 178,45 | 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 |  |  |  |  |  |  | 3 916 694,16 | 96,37 |
| Aktien Givaudan SA .....................................  | Stück | 10 |  | 5 | CHF | 3 346 | 33 612,57 | 0,83 |
| Nestle SA  .......................................  | Stück | 650 |  | 250 | CHF | 110,98 | 72 465,93 | 1,78 |
| Roche Holding AG  ................................  | Stück | 270 |  |  | CHF | 365,6 | 99 162,10 | 2,44 |
| Swissquote Group Holding SA .......................  | Stück | 240 | 100 |  | CHF | 94,15 | 22 699,03 | 0,56 |
| Royal Unibrew A/S  ................................  | Stück | 290 | 90 |  | DKK | 628,8 | 24 513,98 | 0,60 |
| Alfen Beheer BV  .................................  | Stück | 260 | 120 | 100 | EUR | 86,9 | 22 594,00 | 0,56 |
| Beiersdorf AG ....................................  | Stück | 375 | 375 |  | EUR | 97,52 | 36 570,00 | 0,90 |
| Deutsche Post AG  ................................  | Stück | 850 |  | 350 | EUR | 35,225 | 29 941,25 | 0,74 |
| HelloFresh SE ....................................  | Stück | 900 | 600 |  | EUR | 29,78 | 26 802,00 | 0,66 |
| Kering SA  .......................................  | Stück | 52 | 12 |  | EUR | 484,95 | 25 217,40 | 0,62 |
| Koninklijke Ahold Delhaize NV  .......................  | Stück | 1 500 | 500 |  | EUR | 24,68 | 37 020,00 | 0,91 |
| L‘Oreal SA  ......................................  | Stück | 170 | 50 |  | EUR | 324 | 55 080,00 | 1,36 |
| LVMH Moet Hennessy Louis Vuitton SE ...............  | Stück | 110 | 10 |  | EUR | 573,7 | 63 107,00 | 1,55 |
| Mercedes-Benz Group AG  ..........................  | Stück | 270 | 270 |  | EUR | 54,52 | 14 720,40 | 0,36 |
| Moncler SpA  ....................................  | Stück | 900 | 125 |  | EUR | 39,95 | 35 955,00 | 0,88 |
| Samsung SDI Co., Ltd -GDR- ........................  | Stück | 400 | 115 |  | EUR | 96,1 | 38 440,00 | 0,95 |
| Smurfit Kappa Group PLC  ..........................  | Stück | 1 300 | 200 |  | EUR | 31,54 | 41 002,00 | 1,01 |
| Symrise AG  .....................................  | Stück | 400 |  |  | EUR | 103,05 | 41 220,00 | 1,01 |
| Universal Music Group, Inc. .........................  | Stück | 1 400 |  |  | EUR | 18,9 | 26 460,00 | 0,65 |
| Virbac SA  .......................................  | Stück | 105 | 45 |  | EUR | 369 | 38 745,00 | 0,95 |
| AIA Group Ltd  ...................................  | Stück | 3 400 |  | 5 600 | HKD | 85,05 | 35 383,67 | 0,87 |
| Alibaba Group Holding Ltd  ..........................  | Stück | 2 300 |  |  | HKD | 111,9 | 31 492,53 | 0,77 |
| BYD Co., Ltd  ....................................  | Stück | 1 500 | 1 500 |  | HKD | 314 | 57 632,91 | 1,42 |
| Tencent Holdings Ltd ..............................  | Stück | 500 | 500 | 500 | HKD | 354,4 | 21 682,70 | 0,53 |
| Recruit Holdings Co., Ltd  ...........................  | Stück | 1 600 | 200 |  | JPY | 3 995 | 45 153,30 | 1,11 |
| Shimano, Inc. ....................................  | Stück | 200 | 100 |  | JPY | 22 920 | 32 381,53 | 0,80 |
| Shoei Co., Ltd  ...................................  | Stück | 1 100 | 200 |  | JPY | 5 310 | 41 261,01 | 1,01 |
| Sony Group Corp. .................................  | Stück | 1 100 | 400 |  | JPY | 11 095 | 86 212,99 | 2,12 |
| Bakkafrost P/F  ...................................  | Stück | 650 | 650 |  | NOK | 634 | 39 899,21 | 0,98 |
| DNB Bank ASA  ..................................  | Stück | 2 300 |  | 1 500 | NOK | 175,9 | 39 170,16 | 0,96 |
| TOMRA Systems ASA  .............................  | Stück | 1 400 | 1 400 |  | NOK | 182,32 | 24 712,92 | 0,61 |
| Volvo Car AB  ....................................  | Stück | 3 100 | 1 750 | 3 400 | SEK | 67,81 | 19 626,70 | 0,48 |
| DBS Group Holdings Ltd  ...........................  | Stück | 1 000 | 1 000 |  | SGD | 29,68 | 20 458,78 | 0,50 |
| Pegavision Corp.  .................................  | Stück | 3 000 | 3 000 |  | TWD | 418 | 40 492,22 | 1,00 |
| Adobe, Inc. ......................................  | Stück | 100 | 20 |  | USD | 359,15 | 34 482,28 | 0,85 |
| Akamai Technologies, Inc. ..........................  | Stück | 500 |  |  | USD | 90,58 | 43 483,29 | 1,07 |
| Alphabet, Inc. ....................................  | Stück | 67 | 7 |  | USD | 2 157,78 | 138 804,02 | 3,42 |
| Amazon.com, Inc.  ................................  | Stück | 400 | 380 |  | USD | 103,77 | 39 852,16 | 0,98 |
| Apple, Inc.  ......................................  | Stück | 1 230 |  | 70 | USD | 135,28 | 159 756,59 | 3,93 |
| Assurant, Inc. ....................................  | Stück | 365 | 180 | 165 | USD | 168,72 | 59 126,14 | 1,45 |
| Bank of America Corp. .............................  | Stück | 2 270 | 1 270 |  | USD | 30,77 | 67 061,53 | 1,65 |
| Booking Holdings, Inc. .............................  | Stück | 30 | 5 |  | USD | 1 713,77 | 49 362,13 | 1,21 |
| Charles Schwab Corp.  .............................  | Stück | 1 350 |  | 200 | USD | 61,31 | 79 466,70 | 1,96 |
| Coinbase Global, Inc.  ..............................  | Stück | 100 | 30 |  | USD | 45,02 | 4 322,41 | 0,11 |
| Colgate-Palmolive Co.  .............................  | Stück | 900 |  |  | USD | 79,54 | 68 730,29 | 1,69 |
| eBay, Inc. .......................................  | Stück | 800 |  |  | USD | 41,19 | 31 637,48 | 0,78 |
| Electronic Arts, Inc.  ...............................  | Stück | 460 | 50 | 140 | USD | 121,37 | 53 603,02 | 1,32 |
| Eli Lilly & Co.  ....................................  | Stück | 240 |  | 30 | USD | 323,1 | 74 450,61 | 1,83 |
| Estee Lauder Cos, Inc. .............................  | Stück | 150 |  |  | USD | 250,12 | 36 021,33 | 0,89 |
| Etsy, Inc.  .......................................  | Stück | 320 | 70 | 80 | USD | 71,3 | 21 905,82 | 0,54 |
| FedEx Corp.  .....................................  | Stück | 100 | 50 | 180 | USD | 225,58 | 21 658,12 | 0,53 |
| Garmin Ltd  ......................................  | Stück | 220 | 220 |  | USD | 97,42 | 20 577,42 | 0,51 |
| Graphic Packaging Holding Co.  ......................  | Stück | 1 750 | 1 750 |  | USD | 20,38 | 34 242,25 | 0,84 |
| Home Depot, Inc. .................................  | Stück | 130 | 40 |  | USD | 270,06 | 33 707,28 | 0,83 |
| ICICI Bank Ltd -ADR-  ..............................  | Stück | 4 340 | 340 |  | USD | 17,605 | 73 357,72 | 1,80 |
| IDEXX Laboratories, Inc.  ...........................  | Stück | 90 | 90 |  | USD | 347,7 | 30 044,66 | 0,74 |
| Intuit, Inc. .......................................  | Stück | 150 |  | 30 | USD | 378,83 | 54 557,66 | 1,34 |
| Lululemon Athletica, Inc.  ...........................  | Stück | 190 | 50 | 50 | USD | 272,55 | 49 718,71 | 1,22 |
| Mastercard, Inc.  ..................................  | Stück | 260 |  |  | USD | 310,68 | 77 554,45 | 1,91 |
| MercadoLibre, Inc.  ................................  | Stück | 50 |  |  | USD | 620,19 | 29 772,47 | 0,73 |
| Meta Platforms, Inc.  ..............................  | Stück | 280 | 30 |  | USD | 160,04 | 43 023,59 | 1,06 |
| Microsoft Corp.  ..................................  | Stück | 600 |  |  | USD | 255,12 | 146 965,65 | 3,62 |
| MSCI, Inc.  ......................................  | Stück | 130 |  | 25 | USD | 401,11 | 50 064,16 | 1,23 |
| Netflix, Inc. ......................................  | Stück | 180 | 35 | 25 | USD | 171,45 | 29 629,89 | 0,73 |
| NIKE, Inc. .......................................  | Stück | 500 |  | 100 | USD | 101,19 | 48 576,66 | 1,20 |
| Nomad Foods Ltd  ................................  | Stück | 2 200 | 350 | 650 | USD | 19,53 | 41 252,00 | 1,01 |
| NVIDIA Corp.  ....................................  | Stück | 300 | 50 |  | USD | 150,54 | 43 360,40 | 1,07 |
| PayPal Holdings, Inc.  ..............................  | Stück | 475 |  | 135 | USD | 67,98 | 31 002,37 | 0,76 |
| Procter & Gamble Co.  .............................  | Stück | 690 |  | 60 | USD | 142,04 | 94 097,88 | 2,32 |
| Progressive Corp. .................................  | Stück | 600 |  | 100 | USD | 114,06 | 65 705,95 | 1,62 |
| Samsung Electronics Co., Ltd -GDR-  ..................  | Stück | 70 |  |  | USD | 1 088 | 73 121,83 | 1,80 |
| Snap, Inc. .......................................  | Stück | 1 230 | 1 230 |  | USD | 13,07 | 15 434,79 | 0,38 |
| Starbucks Corp.  ..................................  | Stück | 870 |  |  | USD | 75,335 | 62 926,87 | 1,55 |
| Tesla, Inc. .......................................  | Stück | 60 | 60 |  | USD | 675,9 | 38 936,22 | 0,96 |
| TJX Cos, Inc.  ....................................  | Stück | 750 |  | 250 | USD | 55,87 | 40 230,93 | 0,99 |
| TransUnion ......................................  | Stück | 600 |  | 230 | USD | 78,27 | 45 088,59 | 1,11 |

DWS Invest ESG NextGen Consumer
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| UnitedHealth Group, Inc.  ...........................  | Stück | 210 |  | 70 | USD | 513 | 103 432,43 | 2,54 |
| Visa, Inc. ........................................  | Stück | 480 |  | 80 | USD | 193,63 | 89 234,74 | 2,20 |
| Walt Disney Co.  ..................................  | Stück | 300 |  | 100 | USD | 92,86 | 26 746,69 | 0,66 |
| YETI Holdings, Inc. ................................  | Stück | 580 | 580 |  | USD | 43,23 | 24 073,17 | 0,59 |
| Zoetis, Inc.  ......................................  | Stück | 350 |  | 100 | USD | 171,51 | 57 633,84 | 1,42 |
| Zoom Video Communications, Inc.  ...................  | Stück | 370 | 330 | 80 | USD | 107 | 38 010,68 | 0,94 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 3 916 694,16 | 96,37 |
| Bankguthaben |  |  |  |  |  |  | 134 114,59 | 3,30 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  |  | 105 387,84 | 2,59 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 19 795 |  |  |  |  | 2 661,08 | 0,07 |
| Norwegische Kronen ...............................  | NOK | 20 976 |  |  |  |  | 2 030,90 | 0,05 |
| Schwedische Kronen ...............................  | SEK | 22 578 |  |  |  |  | 2 108,01 | 0,05 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 1 908 |  |  |  |  | 2 227,44 | 0,06 |
| Hongkong Dollar ...................................  | HKD | 28 743 |  |  |  |  | 3 517,13 | 0,09 |
| Japanischer Yen ...................................  | JPY | 299 103 |  |  |  |  | 2 112,87 | 0,05 |
| Kanadischer Dollar .................................  | CAD | 2 985 |  |  |  |  | 2 222,37 | 0,05 |
| Neue Taiwan Dollar ................................  | TWD | 131 271 |  |  |  |  | 4 238,80 | 0,10 |
| Schweizer Franken .................................  | CHF | 2 213 |  |  |  |  | 2 222,97 | 0,05 |
| Singapur Dollar ....................................  | SGD | 3 973 |  |  |  |  | 2 738,87 | 0,07 |
| US-Dollar ........................................  | USD | 2 756 |  |  |  |  | 2 646,31 | 0,07 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 19 406,32 | 0,48 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 1 475,54 | 0,04 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  |  |  | 14 163,71 | 0,35 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 3 767,07 | 0,09 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 4 070 215,07 | 100,15 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  | -6 036,62 | -0,15 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  |  |  |  | -6 036,62 | -0,15 |
| Summe der Verbindlichkeiten | -6 036,62 | -0,15 |
| Fondsvermögen | 4 064 178,45 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 80,69 |
| Klasse FD ........................................  | EUR | 80,69 |
| Klasse LC ........................................  | EUR | 80,29 |
| Klasse LD ........................................  | EUR | 80,29 |
| Klasse TFC .......................................  | EUR | 80,69 |
| Klasse TFD .......................................  | EUR | 80,69 |
| Klasse XC ........................................  | EUR | 80,90 |
| Klasse XD ........................................  | EUR | 80,91 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 310,000 |
| Klasse LD ........................................  | Stück | 132,000 |
| Klasse TFC .......................................  | Stück | 100,000 |
| Klasse TFD .......................................  | Stück | 100,000 |
| Klasse XC ........................................  | Stück | 49 300,000 |
| Klasse XD ........................................  | Stück | 100,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI All Countries World Index (EUR)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 100,681 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 125,951 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 113,825 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| 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 |
| Neue Taiwan Dollar ..............  | TWD | 30,968912 | = | 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.