# DWS Invest ESG European Small/Mid Cap
DWS INVEST ESG EUROPEAN SMALL/MID CAP

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1863262371 | -22.8% |
| Class FC | LU1863262025 | -22.5% |
| Class IC | LU2471129010 | -11.2% 1 |
| Class ID | LU2357626097 | -22.5% |
| Class LC | LU1863262298 | -22.8% |
| Class NC | LU2357626170 | -23.0% |
| Class TFC | LU1932939488 | -22.5% |
| Class TFD | LU1932939645 | -22.6% |
| Class XC | LU1863262454 | -22.4% |
| Class USD LCH 2 | LU2357626253 | -22.0% |

1 
Launched on May 31, 2022
2 
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 European Small/Mid Cap
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 9 361 381.86 | 4.51 |
| Telecommunication Services | 22 746 912.49 | 10.96 |
| Consumer Discretionaries | 40 150 199.65 | 19.34 |
| Energy | 15 167 651.85 | 7.31 |
| Consumer Staples | 38 113 796.91 | 18.36 |
| Financials | 28 153 711.61 | 13.58 |
| Basic Materials | 14 308 040.15 | 6.89 |
| Industrials | 25 470 921.60 | 12.27 |
| Utilities | 11 623 379.17 | 5.60 |
| Total equities | 205 095 995.29 | 98.82 |
| 2. Derivatives | -51 371.64 | -0.02 |
| 3. Cash at bank | 3 642 244.91 | 1.75 |
| 4. Other assets | 1 056 348.93 | 0.51 |
| 5. Receivables from share certificate transactions | 11 981.97 | 0.01 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 569 742.23 | -0.76 |
| 2. Liabilities from share certificate transactions | -636 919.98 | -0.31 |
| III. Net assets | 207 548 537.25 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 205 095 995.29 | 98.82 |
| Equities Siegfried Holding AG ...............................  | Count | 8 861 | 2 715 | 872 | CHF | 605 | 5 385 349.49 | 2.60 |
| Swissquote Group Holding SA  .......................  | Count | 3 900 | 3 900 |  | CHF | 94.15 | 368 859.28 | 0.18 |
| Pandora A/S ......................................  | Count | 84 782 | 85 450 | 668 | DKK | 441.9 | 5 036 524.40 | 2.43 |
| Aegon NV  .......................................  | Count | 1 574 624 | 68 041 | 976 915 | EUR | 4.073 | 6 413 443.55 | 3.09 |
| AIB Group PLC  ...................................  | Count | 1 901 402 | 2 750 013 | 2 245 962 | EUR | 2.18 | 4 145 056.36 | 2.00 |
| AIXTRON SE .....................................  | Count | 15 894 | 86 629 | 70 735 | EUR | 23.7 | 376 687.80 | 0.18 |
| APERAM SA  .....................................  | Count | 142 208 | 13 522 | 35 394 | EUR | 25.99 | 3 695 985.92 | 1.78 |
| Aramis Group SAS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Count | 87 227 | 10 164 | 149 003 | EUR | 4.228 | 368 795.76 | 0.18 |
| Azelis Group NV  ..................................  | Count | 80 533 | 7 159 | 8 443 | EUR | 20.4 | 1 642 873.20 | 0.79 |
| Bankinter SA .....................................  | Count | 874 815 | 156 921 | 1 570 266 | EUR | 5.926 | 5 184 153.69 | 2.50 |
| Befesa SA .......................................  | Count | 59 698 | 7 638 | 54 730 | EUR | 46.1 | 2 752 077.80 | 1.33 |
| BioMerieux  ......................................  | Count | 43 858 | 18 032 | 4 313 | EUR | 93.82 | 4 114 757.56 | 1.98 |
| BPER Banca  .....................................  | Count | 1 155 102 | 253 300 | 3 621 591 | EUR | 1.535 | 1 772 504.02 | 0.85 |
| Brenntag SE  .....................................  | Count | 67 143 | 10 134 | 29 978 | EUR | 61.14 | 4 105 123.02 | 1.98 |
| Dermapharm Holding SE ............................  | Count | 21 286 | 22 426 | 1 140 | EUR | 47.26 | 1 005 976.36 | 0.48 |
| Deutz AG ........................................  | Count | 197 547 | 54 074 | 869 352 | EUR | 3.552 | 701 686.94 | 0.34 |
| EDP Renovaveis SA ................................  | Count | 136 546 | 40 165 | 13 427 | EUR | 22.26 | 3 039 513.96 | 1.46 |
| eDreams ODIGEO SA ..............................  | Count | 96 340 | 200 740 | 104 400 | EUR | 5.03 | 484 590.20 | 0.23 |
| Eurazeo SE ......................................  | Count | 33 810 | 52 668 | 105 534 | EUR | 58.7 | 1 984 647.00 | 0.96 |
| Euroapi SA .......................................  | Count | 179 305 | 188 912 | 9 607 | EUR | 15.098 | 2 707 146.89 | 1.30 |
| Fugro NV ........................................  | Count | 227 128 | 227 128 |  | EUR | 11.93 | 2 709 637.04 | 1.31 |
| Gaztransport Et Technigaz SA ........................  | Count | 39 997 | 56 985 | 16 988 | EUR | 120.3 | 4 811 639.10 | 2.32 |
| Grifols SA  .......................................  | Count | 334 274 | 18 563 | 97 153 | EUR | 18.275 | 6 108 857.35 | 2.94 |
| HUGO BOSS AG ..................................  | Count | 127 630 | 131 543 | 3 913 | EUR | 49.59 | 6 329 171.70 | 3.05 |
| Infrastrutture Wireless Italiane SpA ....................  | Count | 369 765 | 369 765 |  | EUR | 9.548 | 3 530 516.22 | 1.70 |
| IPSOS ..........................................  | Count | 19 130 | 19 130 |  | EUR | 44.55 | 852 241.50 | 0.41 |
| Italgas SpA ......................................  | Count | 508 746 | 536 004 | 27 258 | EUR | 5.605 | 2 851 521.33 | 1.37 |
| Jeronimo Martins SGPS SA  .........................  | Count | 352 219 | 35 560 | 135 727 | EUR | 20.76 | 7 312 066.44 | 3.52 |
| Jungheinrich AG  ..................................  | Count | 49 753 | 6 497 | 53 421 | EUR | 20.3 | 1 009 985.90 | 0.49 |
| Knaus Tabbert AG .................................  | Count | 2 842 | 1 050 | 21 564 | EUR | 25.2 | 71 618.40 | 0.03 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros ......................................  | Count | 2 130 322 | 188 937 | 209 487 | EUR | 1.244 | 2 650 120.57 | 1.28 |
| Majorel Group Luxembourg SA .......................  | Count | 103 641 | 24 399 | 10 192 | EUR | 25.65 | 2 658 391.65 | 1.28 |
| MARR SpA  ......................................  | Count | 52 473 | 55 284 | 2 811 | EUR | 13.18 | 691 594.14 | 0.33 |
| Nexans SA .......................................  | Count | 30 843 | 4 254 | 38 387 | EUR | 73.4 | 2 263 876.20 | 1.09 |
| Nexi SpA ........................................  | Count | 284 372 | 361 796 | 307 208 | EUR | 7.77 | 2 209 570.44 | 1.06 |
| Novem Group SA  .................................  | Count | 29 282 | 29 282 |  | EUR | 7.76 | 227 228.32 | 0.11 |
| Rexel SA ........................................  | Count | 466 829 | 27 762 | 178 417 | EUR | 14.42 | 6 731 674.18 | 3.24 |
| SCOR SE ........................................  | Count | 169 327 | 185 978 | 16 651 | EUR | 20.16 | 3 413 632.32 | 1.65 |
| Scout24 AG ......................................  | Count | 143 362 | 91 449 | 32 850 | EUR | 48.6 | 6 967 393.20 | 3.36 |
| Signify NV .......................................  | Count | 79 788 | 36 992 | 127 450 | EUR | 31.07 | 2 479 013.16 | 1.19 |
| Smurfit Kappa Group PLC ...........................  | Count | 137 759 | 16 714 | 87 607 | EUR | 31.54 | 4 344 918.86 | 2.09 |
| Sodexo SA .......................................  | Count | 109 985 | 54 322 | 42 428 | EUR | 65.46 | 7 199 618.10 | 3.47 |
| Solaria Energia y Medio Ambiente SA  .................  | Count | 326 943 | 69 924 | 217 053 | EUR | 19.955 | 6 524 147.57 | 3.14 |
| Sopra Steria Group ................................  | Count | 27 961 | 6 762 | 2 749 | EUR | 140.8 | 3 936 908.80 | 1.90 |
| SUSE SA ........................................  | Count | 78 922 | 6 993 | 7 761 | EUR | 21.04 | 1 660 518.88 | 0.80 |
| Terna Rete Elettrica Nazionale SpA ....................  | Count | 428 332 | 451 282 | 22 950 | EUR | 7.54 | 3 229 623.28 | 1.56 |
| Trigano SA .......................................  | Count | 5 212 | 5 491 | 279 | EUR | 92.35 | 481 328.20 | 0.23 |
| Virbac SA ........................................  | Count | 6 394 | 839 | 6 960 | EUR | 369 | 2 359 386.00 | 1.14 |
| Wienerberger AG  .................................  | Count | 109 763 | 31 102 | 114 021 | EUR | 20.1 | 2 206 236.30 | 1.06 |
| Worldline SA .....................................  | Count | 68 135 | 68 135 |  | EUR | 34.62 | 2 358 833.70 | 1.14 |
| ASOS PLC .......................................  | Count | 157 614 | 82 018 | 151 453 | GBP | 8.19 | 1 507 252.18 | 0.73 |
| B&M European Value Retail SA . . . . . . . . . . . . . . . . . . . . . . . | Count | 1 373 339 | 1 024 785 | 102 312 | GBP | 3.631 | 5 822 523.23 | 2.81 |
| Computacenter PLC  ...............................  | Count | 26 953 | 3 753 | 14 863 | GBP | 23.16 | 728 874.73 | 0.35 |
| CVS Group PLC ...................................  | Count | 102 378 | 11 470 | 65 802 | GBP | 16.45 | 1 966 435.79 | 0.95 |
| Drax Group PLC  ..................................  | Count | 336 485 | 354 514 | 18 029 | GBP | 6.37 | 2 502 720.60 | 1.21 |
| IG Group Holdings PLC .............................  | Count | 276 309 | 93 083 | 680 677 | GBP | 6.885 | 2 221 294.82 | 1.07 |
| Informa PLC  .....................................  | Count | 887 498 | 106 371 | 731 736 | GBP | 5.236 | 5 425 930.77 | 2.61 |
| National Express Group PLC .........................  | Count | 1 210 664 | 86 845 | 996 836 | GBP | 1.908 | 2 697 175.62 | 1.30 |
| Pearson PLC  .....................................  | Count | 822 422 | 494 634 | 80 874 | GBP | 7.436 | 7 140 708.88 | 3.44 |
| RS Group PLC ....................................  | Count | 387 481 | 52 984 | 382 298 | GBP | 8.575 | 3 879 643.04 | 1.87 |
| Tate & Lyle PLC ...................................  | Count | 525 388 | 553 538 | 28 150 | GBP | 7.534 | 4 621 819.63 | 2.23 |
| Weir Group PLC  ..................................  | Count | 273 173 | 31 467 | 195 632 | GBP | 13.425 | 4 282 124.55 | 2.06 |
| Norsk Hydro ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Count | 408 234 | 430 107 | 21 873 | NOK | 54.7 | 2 162 012.35 | 1.04 |
| OX2 AB .........................................  | Count | 155 896 | 164 249 | 8 353 | SEK | 77.1 | 1 122 228.14 | 0.54 |
| Trelleborg AB -B- ..................................  | Count | 187 300 | 197 335 | 10 035 | SEK | 202.9 | 3 548 228.91 | 1.71 |
| Total securities portfolio |  |  |  |  |  |  | 205 095 995.29 | 98.82 |

DWS Invest ESG European Small/Mid Cap
| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  | -54 280.00 | -0.02 |
| Equity index futures STOXX® Europe Small 200 09/2022 (DB) ................  | Count | 118 | 253 | 135 |  | -54 280.00 | -0.02 |
| Currency derivatives Receivables/payables |  |  |  |  |  | 2 908.36 | 0.00 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions USD/EUR 0.2 million ................................  |  |  |  |  |  | 2 908.36 | 0.00 |
| Cash at bank |  |  |  |  |  | 3 642 244.91 | 1.75 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  | 3 598 604.64 | 1.73 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 87 |  |  |  | 11.72 | 0.00 |
| Norwegian krone ...................................  | NOK | 42 |  |  |  | 4.07 | 0.00 |
| Swedish krona .....................................  | SEK | 91 |  |  |  | 8.47 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 18 635 |  |  |  | 21 758.23 | 0.01 |
| Swiss franc .......................................  | CHF | 11 |  |  |  | 11.17 | 0.00 |
| U.S. dollar ........................................  | USD | 22 754 |  |  |  | 21 846.61 | 0.01 |
| Other assets |  |  |  |  |  | 1 056 348.93 | 0.51 |
| Dividends/Distributions receivable |  |  |  |  |  | 799 330.99 | 0.39 |
| Receivables from exceeding the expense cap |  |  |  |  | 23 442.54 | 0.01 |  |
| Other receivables |  |  |  |  |  | 233 575.40 | 0.11 |
| Receivables from share certificate transactions |  |  |  |  |  | 11 981.97 | 0.01 |
| Total assets * |  |  |  |  |  | 209 809 479.46 | 101.09 |
| Other liabilities |  |  |  |  |  | -1 569 742.23 | -0.76 |
| Additional other liabilities.............................  |  |  |  |  |  | -1 569 742.23 | -0.76 |
| Liabilities from share certificate transactions |  |  |  |  |  | -636 919.98 | -0.31 |
| Total liabilities |  |  |  |  |  | -2 260 942.21 | -1.09 |
| Net assets |  |  |  |  |  | 207 548 537.25 | 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 | 124.06 |
| Class IC ..........................................  | EUR | 88.85 |
| Class ID ..........................................  | EUR | 74.99 |
| Class LC .........................................  | EUR | 120.50 |
| Class LD .........................................  | EUR | 118.84 |
| Class NC .........................................  | EUR | 76.94 |
| Class TFC.........................................  | EUR | 135.78 |
| Class TFD.........................................  | EUR | 132.51 |
| Class XC .........................................  | EUR | 125.96 |
| Class USD LCH ....................................  | USD | 75.90 |

| Number of shares outstanding |  |
| --- | --- |
| Class FC .........................................  | Count | 69 284.420 |
| Class IC ..........................................  | Count | 100.000 |
| Class ID ..........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 82 182.650 |
| Class LD .........................................  | Count | 174 319.343 |
| Class NC .........................................  | Count | 99 605.583 |
| Class TFC.........................................  | Count | 152 543.822 |
| Class TFD.........................................  | Count | 12 427.916 |
| Class XC .........................................  | Count | 1 096 521.626 |
| Class USD LCH ....................................  | Count | 2 435.791 |

Composition of the reference portfolio (according to CSSF circular 11/512) 50% STOXX Europe Mid 200, 50% STOXX Europe Small 200 (Net Return)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 96.345 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 112.211 |
| Average market risk exposure ........................  | % | 105.748 |

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 1 754 414.77 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
State Street Bank International GmbH.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Swiss franc	CHF | 0.995461 | = EUR | 1 |
| --- | --- | --- | --- |
| Danish krone	DKK | 7.438694 | = EUR | 1 |
| British pound	GBP | 0.856432 | = EUR | 1 |
| Norwegian krone	NOK | 10.328526 | = EUR | 1 |
| Swedish krona	SEK | 10.710462 | = 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	
* Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG European Small/Mid Cap
DWS INVEST ESG EUROPEAN SMALL/MID CAP

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1863262371 | -22,8% |
| Klasse FC | LU1863262025 | -22,5% |
| Klasse IC | LU2471129010 | -11,2% 1) |
| Klasse ID | LU2357626097 | -22,5% |
| Klasse LC | LU1863262298 | -22,8% |
| Klasse NC | LU2357626170 | -23,0% |
| Klasse TFC | LU1932939488 | -22,5% |
| Klasse TFD | LU1932939645 | -22,6% |
| Klasse XC | LU1863262454 | -22,4% |
| Klasse USD LCH 2) | LU2357626253 | -22,0% |

1) 
aufgelegt am 31.5.2022
2) 
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 European Small/Mid Cap
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 9 361 381,86 | 4,51 |
| Telekommunikationsdienste | 22 746 912,49 | 10,96 |
| Dauerhafte Konsumgüter | 40 150 199,65 | 19,34 |
| Energie | 15 167 651,85 | 7,31 |
| Hauptverbrauchsgüter | 38 113 796,91 | 18,36 |
| Finanzsektor | 28 153 711,61 | 13,58 |
| Grundstoffe | 14 308 040,15 | 6,89 |
| Industrien | 25 470 921,60 | 12,27 |
| Versorger | 11 623 379,17 | 5,60 |
| Summe Aktien | 205 095 995,29 | 98,82 |
| 2. Derivate | -51 371,64 | -0,02 |
| 3. Bankguthaben | 3 642 244,91 | 1,75 |
| 4. Sonstige Vermögensgegenstände | 1 056 348,93 | 0,51 |
| 5. Forderungen aus Anteilscheingeschäften | 11 981,97 | 0,01 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 569 742,23 | -0,76 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -636 919,98 | -0,31 |
| III. Fondsvermögen | 207 548 537,25 | 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 |  |  |  |  |  |  | 205 095 995,29 | 98,82 |
| Aktien Siegfried Holding AG  ..............................  | Stück | 8 861 | 2 715 | 872 | CHF | 605 | 5 385 349,49 | 2,60 |
| Swissquote Group Holding SA .......................  | Stück | 3 900 | 3 900 |  | CHF | 94,15 | 368 859,28 | 0,18 |
| Pandora A/S  .....................................  | Stück | 84 782 | 85 450 | 668 | DKK | 441,9 | 5 036 524,40 | 2,43 |
| Aegon NV  .......................................  | Stück | 1 574 624 | 68 041 | 976 915 | EUR | 4,073 | 6 413 443,55 | 3,09 |
| AIB Group PLC  ...................................  | Stück | 1 901 402 | 2 750 013 | 2 245 962 | EUR | 2,18 | 4 145 056,36 | 2,00 |
| AIXTRON SE  ....................................  | Stück | 15 894 | 86 629 | 70 735 | EUR | 23,7 | 376 687,80 | 0,18 |
| APERAM SA  .....................................  | Stück | 142 208 | 13 522 | 35 394 | EUR | 25,99 | 3 695 985,92 | 1,78 |
| Aramis Group SAS  ................................  | Stück | 87 227 | 10 164 | 149 003 | EUR | 4,228 | 368 795,76 | 0,18 |
| Azelis Group NV  ..................................  | Stück | 80 533 | 7 159 | 8 443 | EUR | 20,4 | 1 642 873,20 | 0,79 |
| Bankinter SA  ....................................  | Stück | 874 815 | 156 921 | 1 570 266 | EUR | 5,926 | 5 184 153,69 | 2,50 |
| Befesa SA  ......................................  | Stück | 59 698 | 7 638 | 54 730 | EUR | 46,1 | 2 752 077,80 | 1,33 |
| BioMerieux  ......................................  | Stück | 43 858 | 18 032 | 4 313 | EUR | 93,82 | 4 114 757,56 | 1,98 |
| BPER Banca  .....................................  | Stück | 1 155 102 | 253 300 | 3 621 591 | EUR | 1,535 | 1 772 504,02 | 0,85 |
| Brenntag SE  .....................................  | Stück | 67 143 | 10 134 | 29 978 | EUR | 61,14 | 4 105 123,02 | 1,98 |
| Dermapharm Holding SE  ...........................  | Stück | 21 286 | 22 426 | 1 140 | EUR | 47,26 | 1 005 976,36 | 0,48 |
| Deutz AG  .......................................  | Stück | 197 547 | 54 074 | 869 352 | EUR | 3,552 | 701 686,94 | 0,34 |
| EDP Renovaveis SA  ...............................  | Stück | 136 546 | 40 165 | 13 427 | EUR | 22,26 | 3 039 513,96 | 1,46 |
| eDreams ODIGEO SA  .............................  | Stück | 96 340 | 200 740 | 104 400 | EUR | 5,03 | 484 590,20 | 0,23 |
| Eurazeo SE  ......................................  | Stück | 33 810 | 52 668 | 105 534 | EUR | 58,7 | 1 984 647,00 | 0,96 |
| Euroapi SA  ......................................  | Stück | 179 305 | 188 912 | 9 607 | EUR | 15,098 | 2 707 146,89 | 1,30 |
| Fugro NV  .......................................  | Stück | 227 128 | 227 128 |  | EUR | 11,93 | 2 709 637,04 | 1,31 |
| Gaztransport Et Technigaz SA  .......................  | Stück | 39 997 | 56 985 | 16 988 | EUR | 120,3 | 4 811 639,10 | 2,32 |
| Grifols SA  .......................................  | Stück | 334 274 | 18 563 | 97 153 | EUR | 18,275 | 6 108 857,35 | 2,94 |
| HUGO BOSS AG  .................................  | Stück | 127 630 | 131 543 | 3 913 | EUR | 49,59 | 6 329 171,70 | 3,05 |
| Infrastrutture Wireless Italiane SpA ...................  | Stück | 369 765 | 369 765 |  | EUR | 9,548 | 3 530 516,22 | 1,70 |
| IPSOS ..........................................  | Stück | 19 130 | 19 130 |  | EUR | 44,55 | 852 241,50 | 0,41 |
| Italgas SpA ......................................  | Stück | 508 746 | 536 004 | 27 258 | EUR | 5,605 | 2 851 521,33 | 1,37 |
| Jeronimo Martins SGPS SA  .........................  | Stück | 352 219 | 35 560 | 135 727 | EUR | 20,76 | 7 312 066,44 | 3,52 |
| Jungheinrich AG ..................................  | Stück | 49 753 | 6 497 | 53 421 | EUR | 20,3 | 1 009 985,90 | 0,49 |
| Knaus Tabbert AG  ................................  | Stück | 2 842 | 1 050 | 21 564 | EUR | 25,2 | 71 618,40 | 0,03 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros  .....................................  | Stück | 2 130 322 | 188 937 | 209 487 | EUR | 1,244 | 2 650 120,57 | 1,28 |
| Majorel Group Luxembourg SA  ......................  | Stück | 103 641 | 24 399 | 10 192 | EUR | 25,65 | 2 658 391,65 | 1,28 |
| MARR SpA  ......................................  | Stück | 52 473 | 55 284 | 2 811 | EUR | 13,18 | 691 594,14 | 0,33 |
| Nexans SA  ......................................  | Stück | 30 843 | 4 254 | 38 387 | EUR | 73,4 | 2 263 876,20 | 1,09 |
| Nexi SpA  .......................................  | Stück | 284 372 | 361 796 | 307 208 | EUR | 7,77 | 2 209 570,44 | 1,06 |
| Novem Group SA  .................................  | Stück | 29 282 | 29 282 |  | EUR | 7,76 | 227 228,32 | 0,11 |
| Rexel SA ........................................  | Stück | 466 829 | 27 762 | 178 417 | EUR | 14,42 | 6 731 674,18 | 3,24 |
| SCOR SE  .......................................  | Stück | 169 327 | 185 978 | 16 651 | EUR | 20,16 | 3 413 632,32 | 1,65 |
| Scout24 AG  .....................................  | Stück | 143 362 | 91 449 | 32 850 | EUR | 48,6 | 6 967 393,20 | 3,36 |
| Signify NV .......................................  | Stück | 79 788 | 36 992 | 127 450 | EUR | 31,07 | 2 479 013,16 | 1,19 |
| Smurfit Kappa Group PLC  ..........................  | Stück | 137 759 | 16 714 | 87 607 | EUR | 31,54 | 4 344 918,86 | 2,09 |
| Sodexo SA  ......................................  | Stück | 109 985 | 54 322 | 42 428 | EUR | 65,46 | 7 199 618,10 | 3,47 |
| Solaria Energia y Medio Ambiente SA  .................  | Stück | 326 943 | 69 924 | 217 053 | EUR | 19,955 | 6 524 147,57 | 3,14 |
| Sopra Steria Group ................................  | Stück | 27 961 | 6 762 | 2 749 | EUR | 140,8 | 3 936 908,80 | 1,90 |
| SUSE SA  .......................................  | Stück | 78 922 | 6 993 | 7 761 | EUR | 21,04 | 1 660 518,88 | 0,80 |
| Terna Rete Elettrica Nazionale SpA  ...................  | Stück | 428 332 | 451 282 | 22 950 | EUR | 7,54 | 3 229 623,28 | 1,56 |
| Trigano SA  ......................................  | Stück | 5 212 | 5 491 | 279 | EUR | 92,35 | 481 328,20 | 0,23 |
| Virbac SA  .......................................  | Stück | 6 394 | 839 | 6 960 | EUR | 369 | 2 359 386,00 | 1,14 |
| Wienerberger AG  .................................  | Stück | 109 763 | 31 102 | 114 021 | EUR | 20,1 | 2 206 236,30 | 1,06 |
| Worldline SA  ....................................  | Stück | 68 135 | 68 135 |  | EUR | 34,62 | 2 358 833,70 | 1,14 |
| ASOS PLC  ......................................  | Stück | 157 614 | 82 018 | 151 453 | GBP | 8,19 | 1 507 252,18 | 0,73 |
| B&M European Value Retail SA  ......................  | Stück | 1 373 339 | 1 024 785 | 102 312 | GBP | 3,631 | 5 822 523,23 | 2,81 |
| Computacenter PLC  ...............................  | Stück | 26 953 | 3 753 | 14 863 | GBP | 23,16 | 728 874,73 | 0,35 |
| CVS Group PLC  ..................................  | Stück | 102 378 | 11 470 | 65 802 | GBP | 16,45 | 1 966 435,79 | 0,95 |
| Drax Group PLC  ..................................  | Stück | 336 485 | 354 514 | 18 029 | GBP | 6,37 | 2 502 720,60 | 1,21 |
| IG Group Holdings PLC  ............................  | Stück | 276 309 | 93 083 | 680 677 | GBP | 6,885 | 2 221 294,82 | 1,07 |
| Informa PLC  .....................................  | Stück | 887 498 | 106 371 | 731 736 | GBP | 5,236 | 5 425 930,77 | 2,61 |
| National Express Group PLC  ........................  | Stück | 1 210 664 | 86 845 | 996 836 | GBP | 1,908 | 2 697 175,62 | 1,30 |
| Pearson PLC .....................................  | Stück | 822 422 | 494 634 | 80 874 | GBP | 7,436 | 7 140 708,88 | 3,44 |
| RS Group PLC  ...................................  | Stück | 387 481 | 52 984 | 382 298 | GBP | 8,575 | 3 879 643,04 | 1,87 |
| Tate & Lyle PLC  ..................................  | Stück | 525 388 | 553 538 | 28 150 | GBP | 7,534 | 4 621 819,63 | 2,23 |
| Weir Group PLC  ..................................  | Stück | 273 173 | 31 467 | 195 632 | GBP | 13,425 | 4 282 124,55 | 2,06 |
| Norsk Hydro ASA  .................................  | Stück | 408 234 | 430 107 | 21 873 | NOK | 54,7 | 2 162 012,35 | 1,04 |
| OX2 AB  ........................................  | Stück | 155 896 | 164 249 | 8 353 | SEK | 77,1 | 1 122 228,14 | 0,54 |
| Trelleborg AB -B-  .................................  | Stück | 187 300 | 197 335 | 10 035 | SEK | 202,9 | 3 548 228,91 | 1,71 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 205 095 995,29 | 98,82 |

DWS Invest ESG European Small/Mid Cap
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -54 280,00 | -0,02 |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienindex-Terminkontrakte STOXX® Europe Small 200 09/2022 (DB) ...............  | Stück | 118 | 253 | 135 | -54 280,00 | -0,02 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 2 908,36 | 0,00 |
| Devisentermingeschäfte |  |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |  |
| Offene Positionen USD/EUR 0,2 Mio. .................................  |  |  |  |  | 2 908,36 | 0,00 |
| Bankguthaben |  |  |  |  | 3 642 244,91 | 1,75 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  | 3 598 604,64 | 1,73 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 87 |  |  | 11,72 | 0,00 |
| Norwegische Kronen ...............................  | NOK | 42 |  |  | 4,07 | 0,00 |
| Schwedische Kronen ...............................  | SEK | 91 |  |  | 8,47 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 18 635 |  |  | 21 758,23 | 0,01 |
| Schweizer Franken .................................  | CHF | 11 |  |  | 11,17 | 0,00 |
| US-Dollar ........................................  | USD | 22 754 |  |  | 21 846,61 | 0,01 |
| Sonstige Vermögensgegenstände |  |  |  |  | 1 056 348,93 | 0,51 |
| Dividenden- / Ausschüttungsansprüche |  |  |  |  | 799 330,99 | 0,39 |
| Forderungen aus der Überschreitung des „Expense Cap“ |  |  |  |  | 23 442,54 | 0,01 |
| Sonstige Ansprüche |  |  |  |  | 233 575,40 | 0,11 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  | 11 981,97 | 0,01 |
| Summe der Vermögensgegenstände * |  |  |  |  | 209 809 479,46 | 101,09 |
| Sonstige Verbindlichkeiten |  |  |  |  | -1 569 742,23 | -0,76 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  | -1 569 742,23 | -0,76 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  | -636 919,98 | -0,31 |
| Summe der Verbindlichkeiten |  |  |  |  | -2 260 942,21 | -1,09 |
| Fondsvermögen |  |  |  |  | 207 548 537,25 | 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 | 124,06 |
| Klasse IC .........................................  | EUR | 88,85 |
| Klasse ID ........................................  | EUR | 74,99 |
| Klasse LC ........................................  | EUR | 120,50 |
| Klasse LD ........................................  | EUR | 118,84 |
| Klasse NC ........................................  | EUR | 76,94 |
| Klasse TFC .......................................  | EUR | 135,78 |
| Klasse TFD .......................................  | EUR | 132,51 |
| Klasse XC ........................................  | EUR | 125,96 |
| Klasse USD LCH ..................................  | USD | 75,90 |

| Umlaufende Anteile |  |
| --- | --- |
| Klasse FC ........................................  | Stück | 69 284,420 |
| Klasse IC .........................................  | Stück | 100,000 |
| Klasse ID ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 82 182,650 |
| Klasse LD ........................................  | Stück | 174 319,343 |
| Klasse NC ........................................  | Stück | 99 605,583 |
| Klasse TFC .......................................  | Stück | 152 543,822 |
| Klasse TFD .......................................  | Stück | 12 427,916 |
| Klasse XC ........................................  | Stück | 1 096 521,626 |
| Klasse USD LCH ..................................  | Stück | 2 435,791 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 50% STOXX Europe Mid 200, 50% STOXX Europe Small 200 (Net Return)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 96,345 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 112,211 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 105,748 |

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 1 754 414,77.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
State Street Bank International GmbH.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Schweizer Franken	CHF | 0,995461 | = EUR | 1 |
| --- | --- | --- | --- |
| Dänische Kronen	DKK | 7,438694 | = EUR | 1 |
| Britisches Pfund	GBP | 0,856432 | = EUR | 1 |
| Norwegische Kronen	NOK | 10,328526 | = EUR | 1 |
| Schwedische Kronen	SEK | 10,710462 | = 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	
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.