# DWS Invest Global Real Estate Securities
| DWS INVEST GLOBAL REAL ESTATE | SECURITIES |  |
| --- | --- | --- |
| Performance of share classes (in USD) Share class	ISIN |  | 6 months |
| Class USD FC	LU0507268943 |  | -22.3% |
| Class USD FC100	LU2254186161 |  | -22.2% |
| Class USD ID	LU1445759035 |  | -22.2% |
| Class USD LC	LU0507268869 |  | -22.6% |
| Class USD LDMH (P)	LU1316036653 |  | -20.0% |
| Class USD TFC	LU1663931753 |  | -22.3% |
| Class CHF ICH (P)100 1	 LU2138677336 |  | -20.5% |
| Class CHF LDH (P) 1	 LU1212621004 |  | -20.9% |
| Class CHF TFCH (P) 1	 LU2262867992 |  | -20.6% |
| Class FC 2	 LU0507268786 |  | -15.4% |
| Class FD 2	 LU1445758904 |  | -15.5% |
| Class FDH (P) 2	 LU1316036224 |  | -20.5% |
| Class LD 2	 LU0507268513 |  | -15.8% |
| Class GBP DH (P) RD 3	 LU1316036497 |  | -20.1% |
| 1  in CHF |  |  |

2 
in EUR
3 
in GBP
“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 Global Real Estate Securities
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Consumer Staples | 1 140 420.72 | 0.36 |
| Financials | 312 263 103.50 | 98.44 |
| Total equities | 313 403 524.22 | 98.80 |
| 2. Derivatives | 281 473.18 | 0.09 |
| 3. Cash at bank | 2 867 184.43 | 0.90 |
| 4. Other assets | 1 871 310.11 | 0.59 |
| 5. Receivables from share certificate transactions | 118 987.86 | 0.04 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 267 379.76 | -0.40 |
| 2. Liabilities from share certificate transactions | -65 358.17 | -0.02 |
| III. Net assets | 317 209 741.87 | 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 USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 313 397 644.65 | 98.80 |
| Equities Dexus ...........................................  | Count | 228 707 | 18 782 | 125 623 | AUD | 8.88 | 1 401 841.70 | 0.44 |
| GPT Group........................................  | Count | 930 480 | 56 991 | 138 439 | AUD | 4.22 | 2 710 354.17 | 0.85 |
| Mirvac Group......................................  | Count | 2 241 101 | 151 542 | 60 259 | AUD | 1.975 | 3 055 167.89 | 0.96 |
| Scentre Group .....................................  | Count | 1 896 891 | 223 902 | 406 617 | AUD | 2.59 | 3 391 163.20 | 1.07 |
| Shopping Centres Australasia Property Group ............  | Count | 789 379 | 35 022 | 67 071 | AUD | 2.75 | 1 498 389.82 | 0.47 |
| Canadian Apartment Properties Reit ...................  | Count | 65 193 | 6 796 | 51 711 | CAD | 43.41 | 2 194 756.00 | 0.69 |
| Granite Real Estate Investment Trust ...................  | Count | 35 125 | 15 768 | 16 948 | CAD | 76.72 | 2 089 875.53 | 0.66 |
| RioCan Real Estate Investment Trust ...................  | Count | 191 531 | 71 896 | 4 479 | CAD | 19.75 | 2 933 605.22 | 0.93 |
| Tricon Residential, Inc................................  | Count | 160 139 | 16 008 | 7 703 | CAD | 12.56 | 1 559 847.87 | 0.49 |
| Aedifica SA .......................................  | Count | 12 510 | 1 411 | 1 302 | EUR | 91.15 | 1 187 664.83 | 0.37 |
| Arima Real Estate SOCIMI SA ........................  | Count | 66 052 |  | 8 233 | EUR | 8.3 | 571 010.34 | 0.18 |
| CTP NV ..........................................  | Count | 63 948 | 7 506 | 3 435 | EUR | 10.9 | 725 994.58 | 0.23 |
| ICADE ...........................................  | Count | 15 049 | 1 762 | 10 381 | EUR | 46.42 | 727 600.00 | 0.23 |
| Inmobiliaria Colonial Socimi SA ........................  | Count | 132 185 | 12 374 | 83 671 | EUR | 6.085 | 837 765.89 | 0.26 |
| Merlin Properties Socimi SA ..........................  | Count | 113 689 | 115 035 | 1 346 | EUR | 9.225 | 1 092 357.35 | 0.34 |
| Tritax EuroBox PLC .................................  | Count | 781 719 | 70 719 | 95 850 | EUR | 1.01 | 822 341.02 | 0.26 |
| Unibail-Rodamco-Westfield ...........................  | Count | 47 394 | 6 102 | 16 169 | EUR | 48.47 | 2 392 634.14 | 0.75 |
| VGP NV ..........................................  | Count | 3 930 | 405 | 159 | EUR | 151.6 | 620 542.69 | 0.20 |
| Vonovia SE........................................  | Count | 236 574 | 17 938 | 28 381 | EUR | 29.11 | 7 172 806.75 | 2.26 |
| Warehouses De Pauw CVA ...........................  | Count | 43 076 | 31 087 | 5 969 | EUR | 29.9 | 1 341 487.00 | 0.42 |
| Big Yellow Group PLC ...............................  | Count | 101 915 | 6 624 | 10 830 | GBP | 13.12 | 1 626 144.31 | 0.51 |
| British Land Co., PLC ...............................  | Count | 644 698 | 42 724 | 126 378 | GBP | 4.443 | 3 483 531.76 | 1.10 |
| Derwent London PLC ...............................  | Count | 38 463 | 1 946 | 4 800 | GBP | 26.24 | 1 227 422.63 | 0.39 |
| Grainger PLC ......................................  | Count | 728 011 | 67 171 | 62 802 | GBP | 2.798 | 2 477 266.85 | 0.78 |
| Life Science PLC ..................................  | Count | 474 940 | 58 157 | 33 112 | GBP | 0.96 | 554 494.34 | 0.18 |
| PRS Plc..........................................  | Count | 512 181 | 32 197 | 40 235 | GBP | 1.056 | 657 798.10 | 0.21 |
| Segro PLC ........................................  | Count | 304 170 | 19 131 | 41 087 | GBP | 9.674 | 3 578 570.68 | 1.13 |
| UNITE Group PLC ..................................  | Count | 201 294 | 30 397 | 33 189 | GBP | 10.64 | 2 604 711.32 | 0.82 |
| CK Asset Holdings Ltd ..............................  | Count | 541 629 | 303 000 | 488 000 | HKD | 55.5 | 3 831 108.47 | 1.21 |
| Hang Lung Properties Ltd ............................  | Count | 614 000 | 614 000 |  | HKD | 14.88 | 1 164 396.41 | 0.37 |
| Link REIT .........................................  | Count | 499 882 | 55 100 | 62 200 | HKD | 64 | 4 077 340.95 | 1.29 |
| Sun Hung Kai Properties Ltd ..........................  | Count | 380 000 | 257 500 | 197 500 | HKD | 92.7 | 4 489 447.39 | 1.42 |
| Wharf Real Estate Investment Co., Ltd .................  | Count | 512 000 | 266 000 | 47 000 | HKD | 37.4 | 2 440 456.77 | 0.77 |
| Activia Properties, Inc................................  | Count | 1 116 | 138 | 317 | JPY | 404 500 | 3 321 355.26 | 1.05 |
| Global One Real Estate Investment Corp. ...............  | Count | 2 266 | 1 016 | 437 | JPY | 106 100 | 1 768 918.81 | 0.56 |
| Hulic, Inc..........................................  | Count | 1 632 | 300 | 413 | JPY | 159 800 | 1 918 799.25 | 0.61 |
| Industrial & Infrastructure Fund Investment Corp. .........  | Count | 1 270 | 1 316 | 46 | JPY | 179 500 | 1 677 261.52 | 0.53 |
| Keihanshin Building Co., Ltd ..........................  | Count | 136 100 | 61 700 | 3 100 | JPY | 1 313 | 1 314 787.18 | 0.41 |
| Kenedix Retail Corp. ................................  | Count | 1 227 | 127 | 153 | JPY | 275 400 | 2 486 228.89 | 0.78 |
| LaSalle Logiport ....................................  | Count | 916 | 165 | 780 | JPY | 166 500 | 1 122 127.80 | 0.35 |
| Mitsubishi Estate Co., Ltd............................  | Count | 312 700 | 49 000 | 40 500 | JPY | 1 969 | 4 530 083.51 | 1.43 |
| Mitsui Fudosan Co., Ltd .............................  | Count | 143 900 | 13 800 | 20 900 | JPY | 2 918 | 3 088 902.99 | 0.97 |
| Mori Trust Hotel Reit, Inc. ............................  | Count | 2 042 |  |  | JPY | 125 600 | 1 887 026.45 | 0.60 |
| Mori Trust Sogo Reit, Inc. ............................  | Count | 2 030 | 150 | 315 | JPY | 142 000 | 2 120 884.38 | 0.67 |
| Nippon Prologis , Inc. ...............................  | Count | 426 | 137 | 32 | JPY | 334 000 | 1 046 860.17 | 0.33 |
| Samty Residential Investment Corp.....................  | Count | 539 | 136 | 1 092 | JPY | 135 700 | 538 147.37 | 0.17 |
| Sekisui House, Inc. .................................  | Count | 2 039 | 2 039 |  | JPY | 80 400 | 1 206 162.68 | 0.38 |
| TOC Co., Ltd ......................................  | Count | 61 400 | 44 200 |  | JPY | 719 | 324 810.36 | 0.10 |
| Tokyu Fudosan Holdings Corp. ........................  | Count | 271 800 | 17 200 | 40 200 | JPY | 714 | 1 427 842.40 | 0.45 |
| Castellum AB......................................  | Count | 124 327 | 8 462 | 16 327 | SEK | 131.45 | 1 589 270.28 | 0.50 |
| Fabege AB ........................................  | Count | 202 401 | 13 778 | 26 580 | SEK | 96.56 | 1 900 560.19 | 0.60 |
| Fastighets AB Balder ................................  | Count | 302 720 | 302 720 |  | SEK | 48.64 | 1 431 879.26 | 0.45 |
| Ascendas India Trust ................................  | Count | 1 326 200 | 1 356 000 | 29 800 | SGD | 1.17 | 1 114 013.71 | 0.35 |
| CapitaLand China Trust ..............................  | Count | 766 600 | 805 000 | 38 400 | SGD | 1.15 | 632 939.66 | 0.20 |
| CapitaLand Integrated Commercial Trust. . . . . . . . . . . . . . . . . | Count | 2 141 224 | 1 166 900 | 71 800 | SGD | 2.17 | 3 335 934.29 | 1.05 |
| Capitaland Investment Ltd/Singapore ...................  | Count | 716 461 | 15 200 | 299 400 | SGD | 3.82 | 1 964 950.30 | 0.62 |
| City Developments Ltd ..............................  | Count | 194 900 | 65 900 | 103 700 | SGD | 8.15 | 1 140 420.72 | 0.36 |
| Daiwa House Logistics Trust ..........................  | Count | 286 058 | 9 800 | 1 109 900 | SGD | 0.645 | 132 467.54 | 0.04 |
| Frasers Logistics & Commercial Trust ...................  | Count | 2 609 300 | 2 609 300 |  | SGD | 1.33 | 2 491 559.75 | 0.79 |
| Agree Realty Corp. .................................  | Count | 106 355 | 38 894 | 14 011 | USD | 72.8 | 7 742 644.00 | 2.44 |
| American Homes 4 Rent .............................  | Count | 196 914 | 115 171 | 51 620 | USD | 35.04 | 6 899 866.56 | 2.18 |
| American Tower Corp ...............................  | Count | 4 793 | 4 793 |  | USD | 253.88 | 1 216 846.84 | 0.38 |
| Apartment Income REIT Corp. ........................  | Count | 98 292 | 10 367 | 53 096 | USD | 41.13 | 4 042 749.96 | 1.27 |
| Apple Hospitality REIT, Inc. ...........................  | Count | 140 989 | 146 818 | 28 598 | USD | 14.37 | 2 026 011.93 | 0.64 |
| AvalonBay Communities, Inc. .........................  | Count | 46 013 | 9 314 | 31 528 | USD | 193.11 | 8 885 570.43 | 2.80 |
| Boston Properties, Inc. ..............................  | Count | 78 200 | 44 644 | 23 610 | USD | 88.07 | 6 887 074.00 | 2.17 |
| Brixmor Property Group, Inc. .........................  | Count | 31 789 | 166 464 | 134 675 | USD | 20.15 | 640 548.35 | 0.20 |
| Digital Realty Trust, Inc. ..............................        | Count | 69 871 | 10 008 | 13 501 | USD | 130.01 | 9 083 928.71 | 2.86 |
| Duke Realty Corp. ..................................  | Count | 59 644 | 59 644 |  | USD | 54.13 | 3 228 529.72 | 1.02 |
| EastGroup Properties, Inc. ...........................  | Count | 33 119 | 3 952 | 7 751 | USD | 153.7 | 5 090 390.30 | 1.61 |
| Equinix, Inc. .......................................          | Count | 14 222 | 6 226 | 4 320 | USD | 650.77 | 9 255 250.94 | 2.92 |
| Equity LifeStyle Properties, Inc. .......................  | Count | 26 639 | 26 639 |  | USD | 70.74 | 1 884 442.86 | 0.59 |
| Essential Properties Realty Trust, Inc. ...................  | Count | 167 826 | 21 203 | 49 562 | USD | 21.34 | 3 581 406.84 | 1.13 |
| First Industrial Realty Trust, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | Count | 73 424 | 9 244 | 17 853 | USD | 46.99 | 3 450 193.76 | 1.09 |
| Gaming and Leisure Properties, Inc. ....................  | Count | 7 081 | 16 913 | 9 832 | USD | 45.68 | 323 460.08 | 0.10 |
| Healthcare Realty Trust, Inc. ..........................  | Count | 102 916 | 113 440 | 10 524 | USD | 27.65 | 2 845 627.40 | 0.90 |

| Healthcare Trust of America, Inc........................  | Count | 86 284 | 86 284 |  | USD | 28.31 | 2 442 700.04 | 0.77 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Healthpeak Properties, Inc. ...........................  | Count | 140 918 | 280 743 | 139 825 | USD | 25.67 | 3 617 365.06 | 1.14 |
| Independence Realty Trust, Inc. .......................  | Count | 149 414 | 11 514 | 62 180 | USD | 20.625 | 3 081 663.75 | 0.97 |
| Kilroy Realty Corp. ..................................  | Count | 64 447 | 65 068 | 621 | USD | 50.96 | 3 284 219.12 | 1.04 |
| Kimco Realty Corp. .................................  | Count | 309 548 | 20 708 | 103 066 | USD | 19.74 | 6 110 477.52 | 1.93 |
| Kite Realty Group Trust ..............................  | Count | 232 405 | 53 651 | 48 499 | USD | 17.26 | 4 011 310.30 | 1.26 |
| Life Storage, Inc. ...................................  | Count | 43 922 | 8 311 | 42 744 | USD | 111.04 | 4 877 098.88 | 1.54 |
| Mid-America Apartment Communities, Inc. ..............  | Count | 47 192 | 6 883 | 10 167 | USD | 172.18 | 8 125 518.56 | 2.56 |
| NETST Corp. ......................................  | Count | 106 722 | 28 463 | 1 653 | USD | 18.7 | 1 995 701.40 | 0.63 |
| Prologis, Inc. ......................................  | Count | 124 753 | 10 893 | 66 030 | USD | 115.76 | 14 441 407.28 | 4.55 |
| Public Storage .....................................  | Count | 36 524 | 42 052 | 5 528 | USD | 310.9 | 11 355 311.60 | 3.58 |
| Realty Income Corp. ................................  | Count | 141 395 | 141 395 |  | USD | 68.42 | 9 674 245.90 | 3.05 |
| Ryman Hospitality Properties, Inc. .....................  | Count | 63 168 | 34 431 | 33 373 | USD | 74.12 | 4 682 012.16 | 1.48 |
| Sabra Health Care, Inc. ..............................  | Count | 114 856 | 114 856 |  | USD | 14.1 | 1 619 469.60 | 0.51 |
| SBA Communications Corp. ..........................  | Count | 6 383 | 6 598 | 14 346 | USD | 319.49 | 2 039 304.67 | 0.64 |
| Simon Property Group, Inc............................  | Count | 3 030 | 6 705 | 109 060 | USD | 94.19 | 285 395.70 | 0.09 |
| SITE Centers Corp. .................................  | Count | 149 889 | 149 889 |  | USD | 13.37 | 2 004 015.93 | 0.63 |
| STAG Industrial, Inc. ................................  | Count | 16 556 | 4 599 | 107 048 | USD | 30.85 | 510 752.60 | 0.16 |
| Sunstone Hotel Investors, Inc. ........................  | Count | 213 094 | 219 393 | 6 299 | USD | 9.62 | 2 049 964.28 | 0.65 |
| Ventas, Inc. .......................................  | Count | 175 816 | 180 173 | 4 357 | USD | 51.11 | 8 985 955.76 | 2.83 |
| VICI Properties, Inc..................................  | Count | 322 073 | 332 592 | 10 519 | USD | 29.58 | 9 526 919.34 | 3.00 |
| Welltower, Inc......................................  | Count | 129 143 | 18 299 | 24 901 | USD | 83.01 | 10 720 160.43 | 3.38 |
| WP Carey, Inc. .....................................  | Count | 57 426 | 57 426 |  | USD | 83.9 | 4 818 041.40 | 1.52 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 5 879.57 | 0.00 |
| Equities AZ. BGP Holdings ..................................  | Count | 1 462 440 |  |  | EUR | 0.004 | 5 879.57 | 0.00 |
| Total securities portfolio |  |  |  |  |  |  | 313 403 524.22 | 98.80 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 281 473.18 | 0.09 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/AUD 2.3 million ................................  |  |  |  |  |  |  | 16 161.62 | 0.01 |
| CHF/EUR 3.3 million ................................  |  |  |  |  |  |  | 63 521.59 | 0.02 |
| CHF/GBP 3.1 million ................................  |  |  |  |  |  |  | 36 877.74 | 0.01 |
| CHF/JPY 5.4 million.................................  |  |  |  |  |  |  | 44 980.65 | 0.01 |
| CHF/USD 36.8 million ...............................  |  |  |  |  |  |  | 94 272.95 | 0.03 |
| EUR/USD 1.8 million ................................  |  |  |  |  |  |  | -30 237.31 | -0.01 |
| Closed positions EUR/USD 0.6 million ................................  |  |  |  |  |  |  | 94.18 | 0.00 |
| GBP/EUR 0.1 million ................................  |  |  |  |  |  |  | -0.05 | 0.00 |
| GBP/USD 0.1 million ................................  |  |  |  |  |  |  | -3.49 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions CHF/CAD 2.3 million ................................  |  |  |  |  |  |  | 3 572.28 | 0.00 |
| CHF/HKD 23.5 million ...............................  |  |  |  |  |  |  | 9 202.18 | 0.00 |
| CHF/SEK 9.7 million ................................  |  |  |  |  |  |  | 21 431.08 | 0.01 |
| CHF/SGD 2.8 million ................................  |  |  |  |  |  |  | 17 041.75 | 0.01 |
| EUR/AUD 0.2 million ................................  |  |  |  |  |  |  | -1 771.11 | 0.00 |
| EUR/CAD 0.1 million ................................  |  |  |  |  |  |  | -1 923.02 | 0.00 |
| EUR/GBP 0.2 million ................................  |  |  |  |  |  |  | -1 453.75 | 0.00 |
| EUR/HKD 1.6 million ................................  |  |  |  |  |  |  | -3 072.05 | 0.00 |
| EUR/JPY 51.1 million ................................  |  |  |  |  |  |  | -3 711.66 | 0.00 |
| EUR/SEK 0.6 million ................................  |  |  |  |  |  |  | 244.94 | 0.00 |
| EUR/SGD 0.2 million ................................  |  |  |  |  |  |  | -1 316.37 | 0.00 |
| GBP/AUD 0.1 million ................................  |  |  |  |  |  |  | -2.20 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  |  |  |  | -3.52 | 0.00 |
| GBP/HKD 0.1 million ................................  |  |  |  |  |  |  | -5.12 | 0.00 |
| GBP/JPY 0.2 million.................................  |  |  |  |  |  |  | -3.21 | 0.00 |
| GBP/SEK 0.1 million ................................  |  |  |  |  |  |  | 2.06 | 0.00 |
| GBP/SGD 0.1 million ................................  |  |  |  |  |  |  | -1.23 | 0.00 |
| USD/AUD 0.6 million ................................  |  |  |  |  |  |  | 1 729.17 | 0.00 |
| USD/CAD 0.4 million ................................  |  |  |  |  |  |  | -154.45 | 0.00 |
| USD/GBP 0.5 million ................................  |  |  |  |  |  |  | 4 815.29 | 0.00 |
| USD/HKD 4.2 million ................................  |  |  |  |  |  |  | 242.81 | 0.00 |
| USD/JPY 136.4 million...............................  |  |  |  |  |  |  | 5 472.56 | 0.00 |
| USD/SEK 1.7 million ................................  |  |  |  |  |  |  | 3 384.41 | 0.00 |
| USD/SGD 0.5 million ................................  |  |  |  |  |  |  | 2 084.46 | 0.00 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | USD |  |
| Cash at bank |  |  |  | 2 867 184.43 | 0.90 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 20 530 |  | 21 383.05 | 0.01 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| Swedish krona .....................................  | SEK | 169 889 |  | 16 521.04 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 23 774 |  | 16 410.15 | 0.01 |
| British pound .....................................  | GBP | 13 078 |  | 15 904.47 | 0.00 |
| Chinese yuan renminbi ..............................  | CNY | 24 |  | 3.51 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 127 928 |  | 16 304.10 | 0.01 |
| Japanese yen......................................  | JPY | 1 878 811 |  | 13 823.43 | 0.00 |
| Canadian dollar ....................................  | CAD | 20 939 |  | 16 239.09 | 0.01 |
| Philippine peso ....................................  | PHP | 53 283 |  | 969.05 | 0.00 |
| Swiss franc .......................................  | CHF | 1 458 |  | 1 525.35 | 0.00 |
| Singapore dollar ...................................  | SGD | 16 522 |  | 11 861.84 | 0.00 |
| U.S. dollar ........................................  | USD |  |  | 2 736 239.35 | 0.86 |
| Other assets |  |  |  | 1 871 310.11 | 0.59 |
| Dividends/Distributions receivable .....................  |  |  |  | 897 139.57 | 0.28 |
| Receivables from exceeding the expense cap ............  |  |  |  | 1 198.88 | 0.00 |
| Other receivables ..................................  |  |  |  | 972 971.66 | 0.31 |
| Receivables from share certificate transactions |  |  |  | 118 987.86 | 0.04 |
| Total assets * |  |  |  | 318 586 138.34 | 100.43 |
| Other liabilities |  |  |  | -1 267 379.76 | -0.40 |
| Liabilities from cost items ............................  |  |  |  | -430 600.37 | -0.14 |
| Additional other liabilities.............................  |  |  |  | -836 779.39 | -0.26 |
| Liabilities from share certificate transactions |  |  |  | -65 358.17 | -0.02 |
| Total liabilities |  |  |  | -1 376 396.47 | -0.43 |
| Net assets |  |  |  | 317 209 741.87 | 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 CHF ICH (P) 100...............................  | CHF | 121.90 |
| Class CHF LDH (P) .................................  | CHF | 80.37 |
| Class CHF TFCH (P) .................................  | CHF | 102.64 |
| Class FC .........................................  | EUR | 121.22 |
| Class FD .........................................  | EUR | 96.99 |
| Class FDH (P) .....................................  | EUR | 94.51 |
| Class LD .........................................  | EUR | 159.59 |
| Class GBP DH (P) RD ...............................  | GBP | 98.36 |
| Class USD FC .....................................  | USD | 195.32 |
| Class USD FC100 ..................................  | USD | 102.72 |
| Class USD ID......................................  | USD | 91.55 |
| Class USD LC .....................................  | USD | 138.39 |
| Class USD LDMH (P) ...............................  | USD | 84.27 |
| Class USD TFC ....................................  | USD | 115.35 |
| Number of shares outstanding Class CHF ICH (P) 100...............................  | Count | 454 970.000 |
| Class CHF LDH (P) .................................  | Count | 10 742.000 |
| Class CHF TFCH (P) .................................  | Count | 108.000 |
| Class FC .........................................  | Count | 14 297.617 |
| Class FD .........................................  | Count | 95 521.000 |
| Class FDH (P) .....................................  | Count | 39 390.000 |
| Class LD .........................................  | Count | 190 115.048 |
| Class GBP DH (P) RD ...............................  | Count | 97.000 |
| Class USD FC .....................................  | Count | 86 735.211 |
| Class USD FC100 ..................................  | Count | 947 084.000 |
| Class USD ID......................................  | Count | 881 190.000 |
| Class USD LC .....................................  | Count | 16 670.767 |
| Class USD LDMH (P) ...............................  | Count | 123 918.483 |
| Class USD TFC ....................................  | Count | 31 769.588 |

Composition of the reference portfolio (according to CSSF circular 11/512) FTSE EPRA/NAREIT Developed Index in USD
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 97.921 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 112.600 |
| Average market risk exposure.........................  | % | 106.975 |

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 USD 0.00 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
BNP Paribas S.A., Goldman Sachs Bank Europe SE, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar ................. . | AUD | 1.448750 | = | USD | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.289450 | = | USD | 1 |
| Swiss franc .................... . | CHF | 0.955750 | = | USD | 1 |
| Chinese yuan renminbi ........... . | CNY | 6.694300 | = | USD | 1 |
| Euro ......................... . | EUR | 0.960108 | = | USD | 1 |
| British pound .................. . | GBP | 0.822267 | = | USD | 1 |
| Hong Kong dollar ............... . | HKD | 7.846400 | = | USD | 1 |
| Japanese yen .................. . | JPY | 135.915000 | = | USD | 1 |
| Philippine peso ................. . | PHP | 54.985000 | = | USD | 1 |
| Swedish krona.................. . | SEK | 10.283200 | = | USD | 1 |
| Singapore dollar ................ . | SGD | 1.392850 | = | USD | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest Global Real Estate Securities
DWS INVEST GLOBAL REAL ESTATE SECURITIES

### Wertentwicklung der Anteilklassen (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD FC | LU0507268943 | -22,3% |
| Klasse USD FC100 | LU2254186161 | -22,2% |
| Klasse USD ID | LU1445759035 | -22,2% |
| Klasse USD LC | LU0507268869 | -22,6% |
| Klasse USD LDMH (P) | LU1316036653 | -20,0% |
| Klasse USD TFC | LU1663931753 | -22,3% |
| Klasse CHF ICH (P)100 1) | LU2138677336 | -20,5% |
| Klasse CHF LDH (P) 1) | LU1212621004 | -20,9% |
| Klasse CHF TFCH (P) 1) | LU2262867992 | -20,6% |
| Klasse FC 2) | LU0507268786 | -15,4% |
| Klasse FD 2) | LU1445758904 | -15,5% |
| Klasse FDH (P) 2) | LU1316036224 | -20,5% |
| Klasse LD 2) | LU0507268513 | -15,8% |
| Klasse GBP DH (P) RD 3) | LU1316036497 | -20,1% |

1) 
in CHF
2) 
in EUR
3) 
in GBP
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 Global Real Estate Securities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Hauptverbrauchsgüter | 1 140 420,72 | 0,36 |
| Finanzsektor | 312 263 103,50 | 98,44 |
| Summe Aktien | 313 403 524,22 | 98,80 |
| 2. Derivate | 281 473,18 | 0,09 |
| 3. Bankguthaben | 2 867 184,43 | 0,90 |
| 4. Sonstige Vermögensgegenstände | 1 871 310,11 | 0,59 |
| 5. Forderungen aus Anteilscheingeschäften | 118 987,86 | 0,04 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 267 379,76 | -0,40 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -65 358,17 | -0,02 |
| III. Fondsvermögen | 317 209 741,87 | 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	USD	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 313 397 644,65 | 98,80 |
| Aktien Dexus  ..........................................  | Stück | 228 707 | 18 782 | 125 623 | AUD | 8,88 | 1 401 841,70 | 0,44 |
| GPT Group  ......................................  | Stück | 930 480 | 56 991 | 138 439 | AUD | 4,22 | 2 710 354,17 | 0,85 |
| Mirvac Group  ....................................  | Stück | 2 241 101 | 151 542 | 60 259 | AUD | 1,975 | 3 055 167,89 | 0,96 |
| Scentre Group  ...................................  | Stück | 1 896 891 | 223 902 | 406 617 | AUD | 2,59 | 3 391 163,20 | 1,07 |
| Shopping Centres Australasia Property Group . . . . . . . . . . . | Stück | 789 379 | 35 022 | 67 071 | AUD | 2,75 | 1 498 389,82 | 0,47 |
| Canadian Apartment Properties Reit  .................  | Stück | 65 193 | 6 796 | 51 711 | CAD | 43,41 | 2 194 756,00 | 0,69 |
| Granite Real Estate Investment Trust  .................  | Stück | 35 125 | 15 768 | 16 948 | CAD | 76,72 | 2 089 875,53 | 0,66 |
| RioCan Real Estate Investment Trust  .................  | Stück | 191 531 | 71 896 | 4 479 | CAD | 19,75 | 2 933 605,22 | 0,93 |
| Tricon Residential, Inc. .............................  | Stück | 160 139 | 16 008 | 7 703 | CAD | 12,56 | 1 559 847,87 | 0,49 |
| Aedifica SA  ......................................  | Stück | 12 510 | 1 411 | 1 302 | EUR | 91,15 | 1 187 664,83 | 0,37 |
| Arima Real Estate SOCIMI SA  .......................  | Stück | 66 052 |  | 8 233 | EUR | 8,3 | 571 010,34 | 0,18 |
| CTP NV .........................................  | Stück | 63 948 | 7 506 | 3 435 | EUR | 10,9 | 725 994,58 | 0,23 |
| ICADE ..........................................  | Stück | 15 049 | 1 762 | 10 381 | EUR | 46,42 | 727 600,00 | 0,23 |
| Inmobiliaria Colonial Socimi SA  ......................  | Stück | 132 185 | 12 374 | 83 671 | EUR | 6,085 | 837 765,89 | 0,26 |
| Merlin Properties Socimi SA  ........................  | Stück | 113 689 | 115 035 | 1 346 | EUR | 9,225 | 1 092 357,35 | 0,34 |
| Tritax EuroBox PLC  ...............................  | Stück | 781 719 | 70 719 | 95 850 | EUR | 1,01 | 822 341,02 | 0,26 |
| Unibail-Rodamco-Westfield  .........................  | Stück | 47 394 | 6 102 | 16 169 | EUR | 48,47 | 2 392 634,14 | 0,75 |
| VGP NV  ........................................  | Stück | 3 930 | 405 | 159 | EUR | 151,6 | 620 542,69 | 0,20 |
| Vonovia SE  ......................................  | Stück | 236 574 | 17 938 | 28 381 | EUR | 29,11 | 7 172 806,75 | 2,26 |
| Warehouses De Pauw CVA  .........................  | Stück | 43 076 | 31 087 | 5 969 | EUR | 29,9 | 1 341 487,00 | 0,42 |
| Big Yellow Group PLC  .............................  | Stück | 101 915 | 6 624 | 10 830 | GBP | 13,12 | 1 626 144,31 | 0,51 |
| British Land Co., PLC  ..............................  | Stück | 644 698 | 42 724 | 126 378 | GBP | 4,443 | 3 483 531,76 | 1,10 |
| Derwent London PLC  .............................  | Stück | 38 463 | 1 946 | 4 800 | GBP | 26,24 | 1 227 422,63 | 0,39 |
| Grainger PLC  ....................................  | Stück | 728 011 | 67 171 | 62 802 | GBP | 2,798 | 2 477 266,85 | 0,78 |
| Life Science PLC  .................................  | Stück | 474 940 | 58 157 | 33 112 | GBP | 0,96 | 554 494,34 | 0,18 |
| PRS Plc  ........................................  | Stück | 512 181 | 32 197 | 40 235 | GBP | 1,056 | 657 798,10 | 0,21 |
| Segro PLC  ......................................  | Stück | 304 170 | 19 131 | 41 087 | GBP | 9,674 | 3 578 570,68 | 1,13 |
| UNITE Group PLC  ................................  | Stück | 201 294 | 30 397 | 33 189 | GBP | 10,64 | 2 604 711,32 | 0,82 |
| CK Asset Holdings Ltd  .............................  | Stück | 541 629 | 303 000 | 488 000 | HKD | 55,5 | 3 831 108,47 | 1,21 |
| Hang Lung Properties Ltd  ..........................  | Stück | 614 000 | 614 000 |  | HKD | 14,88 | 1 164 396,41 | 0,37 |
| Link REIT  .......................................  | Stück | 499 882 | 55 100 | 62 200 | HKD | 64 | 4 077 340,95 | 1,29 |
| Sun Hung Kai Properties Ltd  ........................  | Stück | 380 000 | 257 500 | 197 500 | HKD | 92,7 | 4 489 447,39 | 1,42 |
| Wharf Real Estate Investment Co., Ltd  ................  | Stück | 512 000 | 266 000 | 47 000 | HKD | 37,4 | 2 440 456,77 | 0,77 |
| Activia Properties, Inc.  .............................  | Stück | 1 116 | 138 | 317 | JPY | 404 500 | 3 321 355,26 | 1,05 |
| Global One Real Estate Investment Corp.  ..............  | Stück | 2 266 | 1 016 | 437 | JPY | 106 100 | 1 768 918,81 | 0,56 |
| Hulic, Inc. .......................................  | Stück | 1 632 | 300 | 413 | JPY | 159 800 | 1 918 799,25 | 0,61 |
| Industrial & Infrastructure Fund Investment Corp.  .......  | Stück | 1 270 | 1 316 | 46 | JPY | 179 500 | 1 677 261,52 | 0,53 |
| Keihanshin Building Co., Ltd  ........................  | Stück | 136 100 | 61 700 | 3 100 | JPY | 1 313 | 1 314 787,18 | 0,41 |
| Kenedix Retail Corp.  ..............................  | Stück | 1 227 | 127 | 153 | JPY | 275 400 | 2 486 228,89 | 0,78 |
| LaSalle Logiport  ..................................  | Stück | 916 | 165 | 780 | JPY | 166 500 | 1 122 127,80 | 0,35 |
| Mitsubishi Estate Co., Ltd  ..........................  | Stück | 312 700 | 49 000 | 40 500 | JPY | 1 969 | 4 530 083,51 | 1,43 |
| Mitsui Fudosan Co., Ltd  ............................  | Stück | 143 900 | 13 800 | 20 900 | JPY | 2 918 | 3 088 902,99 | 0,97 |
| Mori Trust Hotel Reit, Inc.  ..........................  | Stück | 2 042 |  |  | JPY | 125 600 | 1 887 026,45 | 0,60 |
| Mori Trust Sogo Reit, Inc.  ..........................  | Stück | 2 030 | 150 | 315 | JPY | 142 000 | 2 120 884,38 | 0,67 |
| Nippon Prologis , Inc. ..............................  | Stück | 426 | 137 | 32 | JPY | 334 000 | 1 046 860,17 | 0,33 |
| Samty Residential Investment Corp.  ..................  | Stück | 539 | 136 | 1 092 | JPY | 135 700 | 538 147,37 | 0,17 |
| Sekisui House, Inc.  ...............................  | Stück | 2 039 | 2 039 |  | JPY | 80 400 | 1 206 162,68 | 0,38 |
| TOC Co., Ltd  ....................................  | Stück | 61 400 | 44 200 |  | JPY | 719 | 324 810,36 | 0,10 |
| Tokyu Fudosan Holdings Corp.  ......................  | Stück | 271 800 | 17 200 | 40 200 | JPY | 714 | 1 427 842,40 | 0,45 |
| Castellum AB  ....................................  | Stück | 124 327 | 8 462 | 16 327 | SEK | 131,45 | 1 589 270,28 | 0,50 |
| Fabege AB  ......................................  | Stück | 202 401 | 13 778 | 26 580 | SEK | 96,56 | 1 900 560,19 | 0,60 |
| Fastighets AB Balder  ..............................  | Stück | 302 720 | 302 720 |  | SEK | 48,64 | 1 431 879,26 | 0,45 |
| Ascendas India Trust  ..............................  | Stück | 1 326 200 | 1 356 000 | 29 800 | SGD | 1,17 | 1 114 013,71 | 0,35 |
| CapitaLand China Trust  ............................  | Stück | 766 600 | 805 000 | 38 400 | SGD | 1,15 | 632 939,66 | 0,20 |
| CapitaLand Integrated Commercial Trust  ..............  | Stück | 2 141 224 | 1 166 900 | 71 800 | SGD | 2,17 | 3 335 934,29 | 1,05 |
| Capitaland Investment Ltd/Singapore  .................  | Stück | 716 461 | 15 200 | 299 400 | SGD | 3,82 | 1 964 950,30 | 0,62 |
| City Developments Ltd  ............................  | Stück | 194 900 | 65 900 | 103 700 | SGD | 8,15 | 1 140 420,72 | 0,36 |
| Daiwa House Logistics Trust  ........................  | Stück | 286 058 | 9 800 | 1 109 900 | SGD | 0,645 | 132 467,54 | 0,04 |
| Frasers Logistics & Commercial Trust  .................  | Stück | 2 609 300 | 2 609 300 |  | SGD | 1,33 | 2 491 559,75 | 0,79 |
| Agree Realty Corp. ................................  | Stück | 106 355 | 38 894 | 14 011 | USD | 72,8 | 7 742 644,00 | 2,44 |
| American Homes 4 Rent  ...........................  | Stück | 196 914 | 115 171 | 51 620 | USD | 35,04 | 6 899 866,56 | 2,18 |
| American Tower Corp  .............................  | Stück | 4 793 | 4 793 |  | USD | 253,88 | 1 216 846,84 | 0,38 |
| Apartment Income REIT Corp. .......................  | Stück | 98 292 | 10 367 | 53 096 | USD | 41,13 | 4 042 749,96 | 1,27 |
| Apple Hospitality REIT, Inc.  .........................  | Stück | 140 989 | 146 818 | 28 598 | USD | 14,37 | 2 026 011,93 | 0,64 |
| AvalonBay Communities, Inc.  .......................  | Stück | 46 013 | 9 314 | 31 528 | USD | 193,11 | 8 885 570,43 | 2,80 |
| Boston Properties, Inc.  ............................  | Stück | 78 200 | 44 644 | 23 610 | USD | 88,07 | 6 887 074,00 | 2,17 |
| Brixmor Property Group, Inc. ........................  | Stück | 31 789 | 166 464 | 134 675 | USD | 20,15 | 640 548,35 | 0,20 |
| Digital Realty Trust, Inc. ............................  | Stück | 69 871 | 10 008 | 13 501 | USD | 130,01 | 9 083 928,71 | 2,86 |
| Duke Realty Corp.  ................................  | Stück | 59 644 | 59 644 |  | USD | 54,13 | 3 228 529,72 | 1,02 |
| EastGroup Properties, Inc. ..........................  | Stück | 33 119 | 3 952 | 7 751 | USD | 153,7 | 5 090 390,30 | 1,61 |
| Equinix, Inc.  .....................................  | Stück | 14 222 | 6 226 | 4 320 | USD | 650,77 | 9 255 250,94 | 2,92 |
| Equity LifeStyle Properties, Inc. ......................  | Stück | 26 639 | 26 639 |  | USD | 70,74 | 1 884 442,86 | 0,59 |
| Essential Properties Realty Trust, Inc. .................  | Stück | 167 826 | 21 203 | 49 562 | USD | 21,34 | 3 581 406,84 | 1,13 |
| First Industrial Realty Trust, Inc.  .....................  | Stück | 73 424 | 9 244 | 17 853 | USD | 46,99 | 3 450 193,76 | 1,09 |
| Gaming and Leisure Properties, Inc.  ..................  | Stück | 7 081 | 16 913 | 9 832 | USD | 45,68 | 323 460,08 | 0,10 |
| Healthcare Realty Trust, Inc.  ........................  | Stück | 102 916 | 113 440 | 10 524 | USD | 27,65 | 2 845 627,40 | 0,90 |

| Healthcare Trust of America, Inc.  ....................  | Stück | 86 284 | 86 284 |  | USD | 28,31 | 2 442 700,04 | 0,77 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Healthpeak Properties, Inc.  .........................  | Stück | 140 918 | 280 743 | 139 825 | USD | 25,67 | 3 617 365,06 | 1,14 |
| Independence Realty Trust, Inc.  .....................  | Stück | 149 414 | 11 514 | 62 180 | USD | 20,625 | 3 081 663,75 | 0,97 |
| Kilroy Realty Corp.  ................................  | Stück | 64 447 | 65 068 | 621 | USD | 50,96 | 3 284 219,12 | 1,04 |
| Kimco Realty Corp.  ...............................  | Stück | 309 548 | 20 708 | 103 066 | USD | 19,74 | 6 110 477,52 | 1,93 |
| Kite Realty Group Trust  ............................  | Stück | 232 405 | 53 651 | 48 499 | USD | 17,26 | 4 011 310,30 | 1,26 |
| Life Storage, Inc.  .................................  | Stück | 43 922 | 8 311 | 42 744 | USD | 111,04 | 4 877 098,88 | 1,54 |
| Mid-America Apartment Communities, Inc.  ............  | Stück | 47 192 | 6 883 | 10 167 | USD | 172,18 | 8 125 518,56 | 2,56 |
| NETST Corp. .....................................  | Stück | 106 722 | 28 463 | 1 653 | USD | 18,7 | 1 995 701,40 | 0,63 |
| Prologis, Inc. .....................................  | Stück | 124 753 | 10 893 | 66 030 | USD | 115,76 | 14 441 407,28 | 4,55 |
| Public Storage  ...................................  | Stück | 36 524 | 42 052 | 5 528 | USD | 310,9 | 11 355 311,60 | 3,58 |
| Realty Income Corp.  ..............................  | Stück | 141 395 | 141 395 |  | USD | 68,42 | 9 674 245,90 | 3,05 |
| Ryman Hospitality Properties, Inc. ....................  | Stück | 63 168 | 34 431 | 33 373 | USD | 74,12 | 4 682 012,16 | 1,48 |
| Sabra Health Care, Inc.  ............................  | Stück | 114 856 | 114 856 |  | USD | 14,1 | 1 619 469,60 | 0,51 |
| SBA Communications Corp.  ........................  | Stück | 6 383 | 6 598 | 14 346 | USD | 319,49 | 2 039 304,67 | 0,64 |
| Simon Property Group, Inc.  .........................  | Stück | 3 030 | 6 705 | 109 060 | USD | 94,19 | 285 395,70 | 0,09 |
| SITE Centers Corp.  ...............................  | Stück | 149 889 | 149 889 |  | USD | 13,37 | 2 004 015,93 | 0,63 |
| STAG Industrial, Inc.  ..............................  | Stück | 16 556 | 4 599 | 107 048 | USD | 30,85 | 510 752,60 | 0,16 |
| Sunstone Hotel Investors, Inc. .......................  | Stück | 213 094 | 219 393 | 6 299 | USD | 9,62 | 2 049 964,28 | 0,65 |
| Ventas, Inc.  .....................................  | Stück | 175 816 | 180 173 | 4 357 | USD | 51,11 | 8 985 955,76 | 2,83 |
| VICI Properties, Inc. ...............................  | Stück | 322 073 | 332 592 | 10 519 | USD | 29,58 | 9 526 919,34 | 3,00 |
| Welltower, Inc. ...................................  | Stück | 129 143 | 18 299 | 24 901 | USD | 83,01 | 10 720 160,43 | 3,38 |
| WP Carey, Inc.  ...................................  | Stück | 57 426 | 57 426 |  | USD | 83,9 | 4 818 041,40 | 1,52 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  | 5 879,57 | 0,00 |
| Aktien AZ. BGP Holdings  ................................	Stück	1 462 440 | EUR | 0,004 | 5 879,57 | 0,00 |
| Summe Wertpapiervermögen |  |  | 313 403 524,22 | 98,80 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 281 473,18 | 0,09 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen CHF/AUD 2,3 Mio. .................................  |  |  | 16 161,62 | 0,01 |
| CHF/EUR 3,3 Mio. .................................  |  |  | 63 521,59 | 0,02 |
| CHF/GBP 3,1 Mio. .................................  |  |  | 36 877,74 | 0,01 |
| CHF/JPY 5,4 Mio. ..................................  |  |  | 44 980,65 | 0,01 |
| CHF/USD 36,8 Mio. ................................  |  |  | 94 272,95 | 0,03 |
| EUR/USD 1,8 Mio. .................................  |  |  | -30 237,31 | -0,01 |
| Geschlossene Positionen EUR/USD 0,6 Mio. .................................  |  |  | 94,18 | 0,00 |
| GBP/EUR 0,1 Mio. .................................  |  |  | -0,05 | 0,00 |
| GBP/USD 0,1 Mio. .................................  |  |  | -3,49 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen CHF/CAD 2,3 Mio. .................................  |  |  | 3 572,28 | 0,00 |
| CHF/HKD 23,5 Mio. ................................  |  |  | 9 202,18 | 0,00 |
| CHF/SEK 9,7 Mio. .................................  |  |  | 21 431,08 | 0,01 |
| CHF/SGD 2,8 Mio. .................................  |  |  | 17 041,75 | 0,01 |
| EUR/AUD 0,2 Mio. .................................  |  |  | -1 771,11 | 0,00 |
| EUR/CAD 0,1 Mio. .................................  |  |  | -1 923,02 | 0,00 |
| EUR/GBP 0,2 Mio. .................................  |  |  | -1 453,75 | 0,00 |
| EUR/HKD 1,6 Mio. .................................  |  |  | -3 072,05 | 0,00 |
| EUR/JPY 51,1 Mio. .................................  |  |  | -3 711,66 | 0,00 |
| EUR/SEK 0,6 Mio. .................................  |  |  | 244,94 | 0,00 |
| EUR/SGD 0,2 Mio. .................................  |  |  | -1 316,37 | 0,00 |
| GBP/AUD 0,1 Mio. .................................  |  |  | -2,20 | 0,00 |
| GBP/CAD 0,1 Mio. .................................  |  |  | -3,52 | 0,00 |
| GBP/HKD 0,1 Mio. .................................  |  |  | -5,12 | 0,00 |
| GBP/JPY 0,2 Mio. ..................................  |  |  | -3,21 | 0,00 |
| GBP/SEK 0,1 Mio. .................................  |  |  | 2,06 | 0,00 |
| GBP/SGD 0,1 Mio. .................................  |  |  | -1,23 | 0,00 |
| USD/AUD 0,6 Mio. .................................  |  |  | 1 729,17 | 0,00 |
| USD/CAD 0,4 Mio. .................................  |  |  | -154,45 | 0,00 |
| USD/GBP 0,5 Mio. .................................  |  |  | 4 815,29 | 0,00 |
| USD/HKD 4,2 Mio. .................................  |  |  | 242,81 | 0,00 |
| USD/JPY 136,4 Mio. ...............................  |  |  | 5 472,56 | 0,00 |
| USD/SEK 1,7 Mio. .................................  |  |  | 3 384,41 | 0,00 |
| USD/SGD 0,5 Mio. .................................  |  |  | 2 084,46 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Bankguthaben |  |  |  | 2 867 184,43 | 0,90 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 20 530 |  | 21 383,05 | 0,01 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Schwedische Kronen ...............................  | SEK | 169 889 |  | 16 521,04 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 23 774 |  | 16 410,15 | 0,01 |
| Britisches Pfund ...................................  | GBP | 13 078 |  | 15 904,47 | 0,00 |
| Chinesischer Renminbi ..............................  | CNY | 24 |  | 3,51 | 0,00 |
| Hongkong Dollar ...................................  | HKD | 127 928 |  | 16 304,10 | 0,01 |
| Japanischer Yen ...................................  | JPY | 1 878 811 |  | 13 823,43 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 20 939 |  | 16 239,09 | 0,01 |
| Philippinischer Peso ................................  | PHP | 53 283 |  | 969,05 | 0,00 |
| Schweizer Franken .................................  | CHF | 1 458 |  | 1 525,35 | 0,00 |
| Singapur Dollar ....................................  | SGD | 16 522 |  | 11 861,84 | 0,00 |
| US-Dollar ........................................  | USD |  |  | 2 736 239,35 | 0,86 |
| Sonstige Vermögensgegenstände |  |  |  | 1 871 310,11 | 0,59 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 897 139,57 | 0,28 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 1 198,88 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  | 972 971,66 | 0,31 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 118 987,86 | 0,04 |
| Summe der Vermögensgegenstände * |  |  |  | 318 586 138,34 | 100,43 |
| Sonstige Verbindlichkeiten |  |  |  | -1 267 379,76 | -0,40 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -430 600,37 | -0,14 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -836 779,39 | -0,26 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -65 358,17 | -0,02 |
| Summe der Verbindlichkeiten |  |  |  | -1 376 396,47 | -0,43 |
| Fondsvermögen |  |  |  | 317 209 741,87 | 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 CHF ICH (P) 100 .............................  | CHF | 121,90 |
| Klasse CHF LDH (P) ................................  | CHF | 80,37 |
| Klasse CHF TFCH (P) ...............................  | CHF | 102,64 |
| Klasse FC ........................................  | EUR | 121,22 |
| Klasse FD ........................................  | EUR | 96,99 |
| Klasse FDH (P) ....................................  | EUR | 94,51 |
| Klasse LD ........................................  | EUR | 159,59 |
| Klasse GBP DH (P) RD ..............................  | GBP | 98,36 |
| Klasse USD FC ....................................  | USD | 195,32 |
| Klasse USD FC100 .................................  | USD | 102,72 |
| Klasse USD ID ....................................  | USD | 91,55 |
| Klasse USD LC ....................................  | USD | 138,39 |
| Klasse USD LDMH (P) ..............................  | USD | 84,27 |
| Klasse USD TFC ...................................  | USD | 115,35 |
| Umlaufende Anteile Klasse CHF ICH (P) 100 .............................  | Stück | 454 970,000 |
| Klasse CHF LDH (P) ................................  | Stück | 10 742,000 |
| Klasse CHF TFCH (P) ...............................  | Stück | 108,000 |
| Klasse FC ........................................  | Stück | 14 297,617 |
| Klasse FD ........................................  | Stück | 95 521,000 |
| Klasse FDH (P) ....................................  | Stück | 39 390,000 |
| Klasse LD ........................................  | Stück | 190 115,048 |
| Klasse GBP DH (P) RD ..............................  | Stück | 97,000 |
| Klasse USD FC ....................................  | Stück | 86 735,211 |
| Klasse USD FC100 .................................  | Stück | 947 084,000 |
| Klasse USD ID ....................................  | Stück | 881 190,000 |
| Klasse USD LC ....................................  | Stück | 16 670,767 |
| Klasse USD LDMH (P) ..............................  | Stück | 123 918,483 |
| Klasse USD TFC ...................................  | Stück | 31 769,588 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) FTSE EPRA/NAREIT Developed Index in USD
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 97,921 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 112,600 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 106,975 |

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 USD 0,00.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
BNP Paribas S.A., Goldman Sachs Bank Europe SE, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar ..............  | AUD | 1,448750 | = | USD | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,289450 | = | USD | 1 |
| Schweizer Franken ...............  | CHF | 0,955750 | = | USD | 1 |
| Chinesischer Renminbi ............  | CNY | 6,694300 | = | USD | 1 |
| Euro ..........................  | EUR | 0,960108 | = | USD | 1 |
| Britisches Pfund .................  | GBP | 0,822267 | = | USD | 1 |
| Hongkong Dollar .................  | HKD | 7,846400 | = | USD | 1 |
| Japanischer Yen .................  | JPY | 135,915000 | = | USD | 1 |
| Philippinischer Peso ..............  | PHP | 54,985000 | = | USD | 1 |
| Schwedische Kronen .............  | SEK | 10,283200 | = | USD | 1 |
| Singapur Dollar ..................  | SGD | 1,392850 | = | USD | 1 |

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