# DWS Invest Multi Strategy
DWS INVEST MULTI STRATEGY

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class FC | LU0616844766 | -6.9% |
| Class FD | LU1264174118 | -6.9% |
| Class LC | LU0616843958 | -7.1% |
| Class LD | LU0616844170 | -7.1% |
| Class XC | LU1808979337 | -6.7% |

“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Multi Strategy
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 1 282 765.99 | 1.75 |
| Telecommunication Services | 804 057.90 | 1.09 |
| Consumer Discretionaries | 1 685 055.25 | 2.32 |
| Energy | 149 734.69 | 0.20 |
| Consumer Staples | 789 064.37 | 1.06 |
| Financials | 1 212 056.81 | 1.64 |
| Basic Materials | 349 516.45 | 0.46 |
| Industrials | 657 027.98 | 0.88 |
| Utilities | 145 604.43 | 0.21 |
| Total equities | 7 074 883.87 | 9.61 |
| 2. Bonds (issuers) Central governments | 46 247 303.64 | 62.84 |
| Total bonds | 46 247 303.64 | 62.84 |
| 3. Investment fund units Other funds | 5 368 720.47 | 7.30 |
| Bond funds | 1 228 636.74 | 1.67 |
| Equity funds | 1 746 166.18 | 2.37 |
| Total investment fund units | 8 343 523.39 | 11.34 |
| 4. Derivatives | 4 118 314.27 | 5.60 |
| 5. Cash at bank | 7 841 342.64 | 10.65 |
| 6. Other assets | 121 393.70 | 0.17 |
| II. Liabilities |  |  |
| 1. Other liabilities | -153 092.25 | -0.21 |
| III. Net assets | 73 593 669.26 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 53 247 655.04 | 72.35 |
| Equities Fortescue Metals Group Ltd ..........................  | Count | 1 901 | 554 |  | AUD | 17.53 | 22 084.66 | 0.03 |
| Goodman Group REIT ...............................  | Count | 3 115 | 1 445 |  | AUD | 17.84 | 36 828.12 | 0.05 |
| National Australia Bank Ltd ...........................  | Count | 1 617 | 750 |  | AUD | 27.39 | 29 351.39 | 0.04 |
| Newcrest Mining Ltd................................  | Count | 1 850 | 858 |  | AUD | 20.89 | 25 611.61 | 0.03 |
| Scentre Group .....................................  | Count | 22 123 | 7 921 |  | AUD | 2.59 | 37 972.61 | 0.05 |
| Bank of Montreal...................................  | Count | 312 | 141 |  | CAD | 121.8 | 28 295.51 | 0.04 |
| Bank of Nova Scotia ................................  | Count | 405 | 112 |  | CAD | 75.13 | 22 656.04 | 0.03 |
| Canadian National Railway Co. ........................  | Count | 703 | 365 | 105 | CAD | 142.23 | 74 449.56 | 0.10 |
| Canadian Tire Corp., Ltd .............................  | Count | 353 | 160 |  | CAD | 160.58 | 42 206.73 | 0.06 |
| Magna International, Inc..............................  | Count | 1 036 | 539 | 155 | CAD | 69.36 | 53 503.77 | 0.07 |
| Royal Bank of Canada ...............................  | Count | 451 | 232 |  | CAD | 123.48 | 41 465.68 | 0.06 |
| Toronto-Dominion Bank..............................        | Count | 603 | 212 |  | CAD | 82.88 | 37 211.97 | 0.05 |
| Cie Financiere Richemont SA .........................  | Count | 383 | 173 |  | CHF | 99.76 | 38 382.30 | 0.05 |
| Nestle SA ........................................  | Count | 238 | 108 |  | CHF | 110.98 | 26 533.68 | 0.04 |
| Roche Holding AG ..................................  | Count | 159 | 72 |  | CHF | 316 | 50 473.10 | 0.07 |
| Zurich Insurance Group AG ...........................  | Count | 74 | 34 |  | CHF | 410.4 | 30 508.08 | 0.04 |
| Carlsberg AS ......................................  | Count | 461 | 208 |  | DKK | 901.8 | 55 887.47 | 0.08 |
| adidas AG ........................................  | Count | 116 | 53 |  | EUR | 166.54 | 19 318.64 | 0.03 |
| Allianz SE.........................................  | Count | 123 | 52 |  | EUR | 180.38 | 22 186.74 | 0.03 |
| BNP Paribas SA ....................................  | Count | 394 | 109 |  | EUR | 44.47 | 17 521.18 | 0.02 |
| CRH PLC .........................................  | Count | 1 191 | 538 |  | EUR | 32.28 | 38 445.48 | 0.05 |
| Deutsche Post AG..................................  | Count | 1 445 | 654 |  | EUR | 35.225 | 50 900.13 | 0.07 |
| E.ON SE .........................................  | Count | 2 471 | 1 118 |  | EUR | 7.926 | 19 585.15 | 0.03 |
| Enel SpA .........................................  | Count | 4 013 | 1 815 |  | EUR | 5.215 | 20 927.80 | 0.03 |
| Euroapi SA........................................  | Count | 21 | 21 |  | EUR | 15.098 | 317.06 | 0.00 |
| Industria de Diseno Textil SA .........................  | Count | 814 | 368 |  | EUR | 21.33 | 17 362.62 | 0.02 |
| Kering SA.........................................  | Count | 57 | 29 |  | EUR | 484.95 | 27 642.15 | 0.04 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 2 043 | 924 |  | EUR | 24.68 | 50 421.24 | 0.07 |
| Koninklijke Philips NV ...............................  | Count | 892 | 404 |  | EUR | 20.215 | 18 031.78 | 0.02 |
| LANXESS AG......................................  | Count | 997 | 451 |  | EUR | 32.97 | 32 871.09 | 0.04 |
| L‘Oreal SA ........................................  | Count | 70 | 19 |  | EUR | 324 | 22 680.00 | 0.03 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 80 | 36 |  | EUR | 573.7 | 45 896.00 | 0.06 |
| Red Electrica Corp., SA ..............................  | Count | 1 437 | 650 |  | EUR | 18.08 | 25 980.96 | 0.04 |
| Sanofi ..........................................  | Count | 503 | 731 | 503 | EUR | 96.5 | 48 539.50 | 0.07 |
| SAP SE ..........................................  | Count | 547 | 247 |  | EUR | 85.45 | 46 741.15 | 0.06 |
| Sartorius Stedim Biotech.............................  | Count | 74 | 33 |  | EUR | 296 | 21 904.00 | 0.03 |
| Schneider Electric SE ...............................  | Count | 622 | 281 |  | EUR | 111.34 | 69 253.48 | 0.09 |
| Siemens Energy AG ................................  | Count | 2 411 | 1 090 |  | EUR | 13.78 | 33 223.58 | 0.04 |
| Tenaris SA ........................................  | Count | 4 595 | 2 389 | 687 | EUR | 12.38 | 56 886.10 | 0.08 |
| Terna Rete Elettrica Nazionale SpA.....................  | Count | 2 719 | 1 225 |  | EUR | 7.54 | 20 501.26 | 0.03 |
| TotalEnergies SE ...................................  | Count | 862 | 390 |  | EUR | 50.47 | 43 505.14 | 0.06 |
| Universal Music Group NV ...........................  | Count | 797 |  |  | EUR | 18.9 | 15 063.30 | 0.02 |
| Universal Music Group, Inc. ..........................  | Count | 305 | 305 |  | EUR | 18.9 | 5 764.50 | 0.01 |
| Vinci SA ..........................................  | Count | 268 | 74 |  | EUR | 84.09 | 22 536.12 | 0.03 |
| Vivendi SE ........................................  | Count | 2 791 | 1 262 |  | EUR | 9.558 | 26 676.38 | 0.04 |
| Vonovia SE .......................................  | Count | 879 | 383 |  | EUR | 29.11 | 25 587.69 | 0.03 |
| Anglo American PLC ................................  | Count | 226 |  |  | GBP | 29.245 | 7 717.33 | 0.01 |
| AstraZeneca PLC...................................  | Count | 277 | 125 |  | GBP | 106.98 | 34 601.07 | 0.05 |
| Drax Group PLC....................................  | Count | 2 775 | 1 255 |  | GBP | 6.37 | 20 640.00 | 0.03 |
| GSK PLC .........................................  | Count | 1 363 | 376 |  | GBP | 17.568 | 27 959.24 | 0.04 |
| Reckitt Benckiser Group PLC .........................  | Count | 370 | 167 |  | GBP | 61.34 | 26 500.42 | 0.04 |
| RELX PLC ........................................  | Count | 2 387 | 1 241 | 357 | GBP | 22.07 | 61 512.30 | 0.08 |
| Rio Tinto PLC......................................  | Count | 496 | 224 |  | GBP | 48.82 | 28 273.96 | 0.04 |
| SSE PLC .........................................  | Count | 2 016 | 1 040 |  | GBP | 16.13 | 37 969.26 | 0.05 |
| WPP PLC.........................................  | Count | 4 339 | 1 963 |  | GBP | 8.124 | 41 159.19 | 0.06 |
| AIA Group Ltd .....................................  | Count | 3 000 | 1 200 |  | HKD | 85.05 | 31 220.89 | 0.04 |
| Hong Kong Exchanges & Clearing Ltd ..................  | Count | 600 | 300 |  | HKD | 386 | 28 339.24 | 0.04 |
| Inpex Corp. .......................................  | Count | 5 700 | 3 400 | 1 600 | JPY | 1 470 | 59 189.53 | 0.08 |
| KDDI Corp. .......................................  | Count | 1 900 | 1 000 | 300 | JPY | 4 289 | 57 565.51 | 0.08 |
| Mitsubishi UFJ Financial Group, Inc.....................  | Count | 4 500 | 1 300 |  | JPY | 729 | 23 186.27 | 0.03 |
| Murata Manufacturing Co., Ltd ........................  | Count | 300 | 100 |  | JPY | 7 396 | 15 673.68 | 0.02 |
| NEC Corp. ........................................  | Count | 800 | 300 |  | JPY | 5 270 | 29 781.96 | 0.04 |
| Nintendo Co., Ltd ..................................  | Count | 100 | 100 |  | JPY | 58 680 | 41 451.74 | 0.06 |
| Nissan Chemical Corp. ..............................  | Count | 500 | 200 |  | JPY | 6 250 | 22 075.10 | 0.03 |
| Ono Pharmaceutical Co., Ltd .........................  | Count | 1 400 | 700 |  | JPY | 3 482 | 34 435.75 | 0.05 |
| Shin-Etsu Chemical Co., Ltd ..........................  | Count | 300 | 200 |  | JPY | 15 300 | 32 423.91 | 0.04 |
| Shionogi & Co., Ltd .................................  | Count | 400 | 200 |  | JPY | 6 855 | 19 369.58 | 0.03 |
| SoftBank Group Corp. ...............................  | Count | 700 | 200 |  | JPY | 5 235 | 25 886.15 | 0.03 |
| Sony Group Corp. ..................................  | Count | 900 | 500 | 200 | JPY | 11 095 | 70 537.90 | 0.10 |
| TIS, Inc. ..........................................           | Count | 1 000 | 500 |  | JPY | 3 555 | 25 112.64 | 0.03 |
| Lundin Energy AB ..................................  | Count | 2 361 | 1 068 |  | SEK | 6.976 | 1 537.78 | 0.00 |
| Sandvik AB .......................................  | Count | 2 205 | 997 |  | SEK | 164.05 | 33 773.54 | 0.05 |
| Tele2 AB -B- ......................................  | Count | 2 129 | 963 |  | SEK | 116 | 23 058.20 | 0.03 |
| Telefonaktiebolaget LM Ericsson -B- ...................  | Count | 3 016 | 1 364 |  | SEK | 76.04 | 21 412.40 | 0.03 |
| Abbott Laboratories.................................  | Count | 355 | 191 |  | USD | 108.2 | 36 878.71 | 0.05 |

| AbbVie, Inc. .......................................  | Count | 1 001 | 520 | 149 | USD | 152.29 | 146 361.06 | 0.20 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Adobe, Inc. .......................................  | Count | 207 | 108 | 31 | USD | 359.15 | 71 378.32 | 0.10 |
| Advanced Micro Devices, Inc..........................  | Count | 383 | 173 |  | USD | 76.62 | 28 174.81 | 0.04 |
| AGCO Corp........................................  | Count | 403 | 403 |  | USD | 97.43 | 37 697.96 | 0.05 |
| Align Technology, Inc. ...............................  | Count | 50 | 23 |  | USD | 233.84 | 11 225.58 | 0.02 |
| Alphabet, Inc. .....................................  | Count | 136 | 71 | 20 | USD | 2 157.78 | 281 751.45 | 0.38 |
| Amazon.com, Inc. ..................................  | Count | 809 | 895 | 111 | USD | 103.77 | 80 601.00 | 0.11 |
| American Express Co. ...............................  | Count | 259 | 106 |  | USD | 134.89 | 33 542.82 | 0.05 |
| Anthem, Inc. ......................................  | Count | 127 | 57 |  | USD | 486.48 | 59 318.31 | 0.08 |
| Apple, Inc. ........................................  | Count | 2 402 | 1 249 | 359 | USD | 135.28 | 311 979.95 | 0.42 |
| Applied Materials, Inc................................  | Count | 573 | 298 | 86 | USD | 89.46 | 49 215.69 | 0.07 |
| Automatic Data Processing, Inc. .......................  | Count | 339 | 176 | 50 | USD | 210.35 | 68 464.01 | 0.09 |
| Bank of America Corp. ..............................  | Count | 1 817 | 822 |  | USD | 30.77 | 53 678.76 | 0.07 |
| Berkshire Hathaway, Inc. ............................  | Count | 260 | 135 | 39 | USD | 269.33 | 67 232.33 | 0.09 |
| Best Buy Co, Inc. ..................................  | Count | 586 | 265 |  | USD | 65.23 | 36 699.92 | 0.05 |
| BlackRock, Inc. ....................................  | Count | 36 | 10 |  | USD | 597.91 | 20 666.09 | 0.03 |
| BorgWarner, Inc. ...................................  | Count | 1 423 | 644 |  | USD | 33.15 | 45 290.65 | 0.06 |
| Caterpillar, Inc......................................  | Count | 89 | 89 |  | USD | 177.43 | 15 161.32 | 0.02 |
| CBRE Group, Inc. ..................................  | Count | 444 | 201 |  | USD | 72.3 | 30 820.62 | 0.04 |
| CDW Corp/DE .....................................  | Count | 160 | 72 |  | USD | 155.35 | 23 864.44 | 0.03 |
| CF Industries Holdings, Inc. ..........................  | Count | 545 | 452 | 455 | USD | 84.99 | 44 471.77 | 0.06 |
| Charles Schwab Corp. ...............................  | Count | 509 | 202 |  | USD | 61.31 | 29 961.89 | 0.04 |
| Chubb Ltd ........................................  | Count | 191 | 101 |  | USD | 192.09 | 35 225.58 | 0.05 |
| Citigroup, Inc. .....................................  | Count | 682 | 308 |  | USD | 45.51 | 29 799.66 | 0.04 |
| Cognizant Technology Solutions Corp. ..................  | Count | 388 | 175 |  | USD | 67.19 | 25 029.75 | 0.03 |
| Colgate-Palmolive Co. ...............................  | Count | 404 | 183 |  | USD | 79.54 | 30 852.26 | 0.04 |
| CSX Corp. ........................................  | Count | 2 357 | 1 226 | 353 | USD | 28.735 | 65 026.58 | 0.09 |
| Dexcom, Inc. ......................................  | Count | 252 | 218 |  | USD | 74.32 | 17 981.52 | 0.02 |
| Dow, Inc. .........................................  | Count | 588 | 266 |  | USD | 51.06 | 28 825.59 | 0.04 |
| eBay, Inc..........................................  | Count | 1 226 | 638 | 184 | USD | 41.19 | 48 484.44 | 0.07 |
| Edwards Lifesciences Corp. ..........................  | Count | 621 | 281 |  | USD | 94.65 | 56 432.89 | 0.08 |
| Electronic Arts, Inc. .................................  | Count | 216 | 60 |  | USD | 121.37 | 25 170.11 | 0.03 |
| Eli Lilly & Co. ......................................  | Count | 122 | 55 |  | USD | 323.1 | 37 845.73 | 0.05 |
| EOG Resources, Inc. ................................  | Count | 418 | 189 |  | USD | 113.38 | 45 502.24 | 0.06 |
| FMC Corp. ........................................  | Count | 383 | 173 |  | USD | 106.3 | 39 088.78 | 0.05 |
| Fortune Brands Home & Security, Inc. ..................  | Count | 563 | 255 |  | USD | 59.02 | 31 902.72 | 0.04 |
| Fox Corp. .........................................  | Count | 1 725 | 780 |  | USD | 32.1 | 53 163.58 | 0.07 |
| Gilead Sciences, Inc. ................................  | Count | 439 | 198 |  | USD | 61.63 | 25 976.27 | 0.04 |
| Goldman Sachs Group, Inc............................  | Count | 85 | 24 |  | USD | 293.41 | 23 944.95 | 0.03 |
| Home Depot, Inc. ..................................  | Count | 341 | 177 | 51 | USD | 270.06 | 88 416.79 | 0.12 |
| International Paper Co. ..............................  | Count | 182 |  |  | USD | 41.79 | 7 302.37 | 0.01 |
| Intuit, Inc. ........................................  | Count | 141 | 64 |  | USD | 378.83 | 51 284.20 | 0.07 |
| JPMorgan Chase & Co...............................  | Count | 564 | 313 | 84 | USD | 111.27 | 60 252.81 | 0.08 |
| Keurig Dr Pepper, Inc. ...............................  | Count | 891 | 403 |  | USD | 35.25 | 30 154.83 | 0.04 |
| KLA Corp. ........................................  | Count | 68 | 19 |  | USD | 314.59 | 20 538.75 | 0.03 |
| Kroger Co. ........................................  | Count | 1 245 | 563 |  | USD | 47.55 | 56 838.15 | 0.08 |
| Lam Research Corp. ................................  | Count | 102 | 46 |  | USD | 416.55 | 40 793.16 | 0.06 |
| Linde PLC ........................................  | Count | 146 | 66 |  | USD | 283.44 | 39 731.42 | 0.05 |
| Lowe‘s Cos, Inc. ...................................  | Count | 223 | 101 |  | USD | 172.32 | 36 894.42 | 0.05 |
| Lululemon Athletica, Inc..............................  | Count | 91 | 31 |  | USD | 272.55 | 23 812.65 | 0.03 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 158 | 52 |  | USD | 153.69 | 23 314.32 | 0.03 |
| Mastercard, Inc. ...................................  | Count | 176 | 79 |  | USD | 310.68 | 52 498.40 | 0.07 |
| Merck & Co, Inc. ...................................  | Count | 645 | 335 | 96 | USD | 92.29 | 57 152.40 | 0.08 |
| Meta Platforms, Inc. ................................  | Count | 296 | 134 |  | USD | 160.04 | 45 482.08 | 0.06 |
| Micron Technology, Inc. .............................  | Count | 849 | 384 |  | USD | 54.51 | 44 432.83 | 0.06 |
| Microsoft Corp. ....................................  | Count | 1 286 | 665 | 192 | USD | 255.12 | 314 996.38 | 0.43 |
| Mondelez International, Inc. ..........................  | Count | 514 | 233 |  | USD | 61.97 | 30 581.92 | 0.04 |
| Moody‘s Corp......................................  | Count | 82 | 37 |  | USD | 269.46 | 21 214.28 | 0.03 |
| Morgan Stanley ....................................  | Count | 465 | 211 |  | USD | 74.93 | 33 452.51 | 0.05 |
| Mosaic Co. .......................................  | Count | 418 | 418 |  | USD | 47.44 | 19 038.86 | 0.03 |
| Motorola Solutions, Inc. .............................  | Count | 235 | 106 |  | USD | 207.3 | 46 772.14 | 0.06 |
| Netflix, Inc. .......................................  | Count | 58 | 16 |  | USD | 171.45 | 9 547.41 | 0.01 |
| Norfolk Southern Corp. ..............................  | Count | 255 | 115 |  | USD | 224.55 | 54 976.02 | 0.07 |
| NVIDIA Corp. ......................................  | Count | 454 | 236 | 68 | USD | 150.54 | 65 618.73 | 0.09 |
| Oracle Corp. ......................................  | Count | 1 084 | 563 | 162 | USD | 68.66 | 71 458.38 | 0.10 |
| Paycom Software, Inc. ..............................  | Count | 78 | 35 |  | USD | 275.84 | 20 657.22 | 0.03 |
| PayPal Holdings, Inc. ................................  | Count | 344 | 156 |  | USD | 67.98 | 22 452.24 | 0.03 |
| PepsiCo, Inc. ......................................  | Count | 700 | 364 | 105 | USD | 167.02 | 112 250.07 | 0.15 |
| Pfizer, Inc. ........................................  | Count | 940 | 425 |  | USD | 51.5 | 46 478.83 | 0.06 |
| PNC Financial Services Group, Inc. .....................  | Count | 132 | 37 |  | USD | 153.25 | 19 422.02 | 0.03 |
| Public Storage .....................................  | Count | 130 | 59 |  | USD | 310.9 | 38 804.69 | 0.05 |
| PulteGroup, Inc.....................................  | Count | 666 | 301 |  | USD | 39.05 | 24 969.82 | 0.03 |
| QUALCOMM, Inc...................................  | Count | 168 | 76 |  | USD | 126.16 | 20 349.37 | 0.03 |
| Regeneron Pharmaceuticals, Inc. ......................  | Count | 85 | 39 |  | USD | 587.87 | 47 975.59 | 0.07 |
| S&P Global, Inc.....................................  | Count | 64 | 18 |  | USD | 332.96 | 20 459.36 | 0.03 |
| Starbucks Corp. ....................................  | Count | 724 | 376 | 108 | USD | 75.335 | 52 366.73 | 0.07 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 259 | 117 |  | USD | 80.64 | 20 052.59 | 0.03 |
| Target Corp........................................  | Count | 244 | 114 |  | USD | 137.71 | 32 260.82 | 0.04 |
| Tesla, Inc. ........................................  | Count | 85 | 44 | 12 | USD | 675.9 | 55 159.64 | 0.07 |
| Truist Financial Corp. ................................  | Count | 439 | 121 |  | USD | 46.09 | 19 426.35 | 0.03 |
| Union Pacific Corp. .................................  | Count | 283 | 153 | 43 | USD | 210.23 | 57 121.71 | 0.08 |
| United Rentals, Inc. .................................  | Count | 122 | 55 |  | USD | 238.15 | 27 895.27 | 0.04 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| UnitedHealth Group, Inc..............................  | Count | 370 | 192 | 55 | USD | 513 | 182 238.10 | 0.25 |
| Visa, Inc. .........................................  | Count | 626 | 325 | 93 | USD | 193.63 | 116 376.98 | 0.16 |
| Walt Disney Co.....................................  | Count | 209 | 95 |  | USD | 92.86 | 18 633.53 | 0.03 |
| Warner Bros Discovery, Inc. ..........................  | Count | 1 302 | 1 302 |  | USD | 12.85 | 16 063.28 | 0.02 |
| Wells Fargo & Co. ..................................  | Count | 993 | 449 |  | USD | 38.57 | 36 772.15 | 0.05 |
| Zoetis, Inc.........................................  | Count | 236 | 106 |  | USD | 171.51 | 38 861.68 | 0.05 |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 0.00 | % Austria Treasury Bill 2022/2023 ...............  | EUR | 600 000 | 600 000 |  | % | 99.912 | 599 472.00 | 0.81 |
| 0.00 | % Dutch Treasury Certificate 2022/2022 ..........  | EUR | 1 468 000 | 1 468 000 |  | % | 100.089 | 1 469 306.52 | 2.00 |
| 0.00 | % France Treasury Bill BTF 2021/2022 ............  | EUR | 2 202 000 | 2 202 000 |  | % | 100.089 | 2 203 959.78 | 2.99 |
| 0.00 | % France Treasury Bill BTF 2021/2022 ............  | EUR | 5 108 000 | 5 108 000 |  | % | 100.096 | 5 112 903.68 | 6.95 |
| 0.00 | % France Treasury Bill BTF 2022/2023 ............  | EUR | 3 388 220 | 6 574 220 | 3 186 000 | % | 99.858 | 3 383 408.73 | 4.60 |
| 0.00 | % German Treasury Bill 2021/2022...............  | EUR | 5 224 000 | 6 124 000 | 900 000 | % | 100.034 | 5 225 776.16 | 7.10 |
| 0.00 | % German Treasury Bill 2021/2022...............  | EUR | 2 763 000 | 2 763 000 |  | % | 100.109 | 2 766 011.67 | 3.76 |
| 0.00 | % German Treasury Bill 2021/2022...............  | EUR | 5 999 000 | 5 999 000 |  | % | 100.094 | 6 004 639.06 | 8.16 |
| 0.00 | % German Treasury Bill 2022/2023...............  | EUR | 510 000 | 510 000 |  | % | 99.732 | 508 633.20 | 0.69 |
| 1.50 | % Israel Government International Bond (MTN) 2019/2029 ................................  | EUR | 550 000 |  |  | % | 92.38 | 508 090.00 | 0.69 |
| 0.00 | % Italy Buoni Ordinari del Tesoro BOT 2022/2023 ...  | EUR | 5 303 000 | 9 568 000 | 4 265 000 | % | 99.942 | 5 299 924.26 | 7.20 |
| 0.00 | % Italy Buoni Ordinari del Tesoro BOT 2022/2023 ...  | EUR | 730 000 | 730 000 |  | % | 99.562 | 726 802.60 | 0.99 |
| 0.00 | % Kingdom of Belgium Treasury Bill 2021/2022 .....  | EUR | 2 388 564 | 2 906 000 | 517 436 | % | 100.062 | 2 390 044.91 | 3.25 |
| 0.00 | % Kingdom of Belgium Treasury Bill 2022/2023 .....  | EUR | 743 000 | 743 000 |  | % | 99.643 | 740 347.49 | 1.01 |
| 0.00 | % Portugal Treasury Bill 2022/2023 ..............  | EUR | 1 027 000 | 1 027 000 |  | % | 99.65 | 1 023 405.50 | 1.39 |
| 0.00 | % Spain Letras del Tesoro 2021/2022 ............  | EUR | 3 586 000 | 4 227 000 | 641 000 | % | 100.007 | 3 586 251.02 | 4.87 |
| 0.00 0.125 | % Spain Letras del Tesoro 2022/2023 ............  % United States Treasury Inflation Indexed Bonds - | EUR | 4 125 000 | 8 003 000 | 3 878 000 | % | 99.784 | 4 116 090.00 | 5.59 |
| WI Reopening 2021/2051 ....................  | USD | 0 | % | 99.258 | 0.01 | 0.00 |
| 2.00 | % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2026 ................................  | USD | 634 900 |  |  | % | 95.516 | 582 237.05 | 0.79 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 74 532.47 | 0.10 |
| Equities Aker Bp ASA ......................................  | Count | 2 245 | 4 490 |  | SEK | 355.58 | 74 532.47 | 0.10 |
| Investment fund units |  |  |  |  |  |  | 8 343 523.39 | 11.34 |
| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%).................  | Units | 0 |  |  | EUR | 9 703.959 | 9.70 | 0.00 |
| Xtrackers IE Physical Gold ETC Securities EUR - (0.150%) ..  | Units | 64 788 |  |  | EUR | 26.952 | 1 746 166.18 | 2.37 |
| Non-group fund units Athena UI UCITS EUR - ( 0.300%).....................  | Units | 51 967 | 51 967 |  | EUR | 103.31 | 5 368 710.77 | 7.30 |
| Gamma Plus - Gamma Plus -V- EUR - (1.000%) ...........  | Units | 12 279 |  |  | EUR | 100.06 | 1 228 636.74 | 1.67 |
| Total securities portfolio |  |  |  |  |  |  | 61 665 710.90 | 83.79 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | 4 294 531.59 | 5.84 |
| Equity index futures DJ Euro Stoxx 50 09/2022 (DB) .......................  | Count | -281 | 70 | 351 |  |  | 154 635.68 | 0.21 |
| DJ Euro Stoxx 50 09/2022 (DB) .......................  | Count | -875 |  | 875 |  |  | 144 375.00 | 0.20 |
| FVSN2 Index Futures 07/2022 (DB) ....................  | Count | 270 | 270 |  |  |  | -57 037.50 | -0.08 |
| FVSU2 Index Futures 09/2022 (DB) ....................  | Count | 230 | 230 |  |  |  | -11 787.50 | -0.02 |
| S & P MINI 500 Futures 09/2022 (DB) ..................  | Count | -108 |  | 108 |  |  | -6 306.48 | -0.01 |
| Vstoxx Futures 08/2022 (DB) .........................  | Count | 180 | 180 |  |  |  | -17 325.00 | -0.02 |
| Option contracts |  |  |  |  |  |  |  |  |
| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 300 EUR (DB) ...........  | Count | -101 | -101 |  |  |  | -130 542.50 | -0.18 |
| Put DJ Euro Stoxx 50 07/2022 3 550 EUR (DB) ...........  | Count | -125 | -125 |  |  |  | -201 625.00 | -0.27 |
| Put DJ Euro Stoxx 50 08/2022 3 475 EUR (DB) ...........  | Count | -98 | -98 |  |  |  | -165 816.00 | -0.23 |
| Call DJ Euro Stoxx 50 06/2024 3 500 EUR (DB) ...........  | Count | 562 | 562 |  |  |  | 1 990 042.00 | 2.70 |
| Put DJ Euro Stoxx Bank Futures 09/2022 75 EUR (DB) .....  | Count | -875 | -875 |  |  |  | -157 500.00 | -0.21 |
| Call DJ Euro Stoxx Bank Futures 09/2022 90 EUR (DB) .....  | Count | 2 188 | 2 188 |  |  |  | 147 690.00 | 0.20 |
| Call DJ Euro Stoxx Bank Futures 12/2022 95 EUR (DB) .....  | Count | -650 | -650 |  |  |  | -59 312.50 | -0.08 |
| Put S & P 500 Futures 09/2022 3 550 USD (DB) ..........  | Count | -20 | -20 |  |  |  | -209 399.55 | -0.28 |
| Put S & P 500 Futures 07/2022 4 250 USD (DB) ..........  | Count | -23 | -23 |  |  |  | -1 109 092.76 | -1.51 |
| Put S & P 500 Futures 08/2022 3 780 USD (DB) ..........  | Count | -19 | -19 |  |  |  | -293 240.99 | -0.40 |
| Call S & P 500 Futures 06/2024 4 075 USD (DB) ..........  | Count | 108 | 108 |  |  |  | 3 895 695.82 | 5.29 |
| Call S & P 500 Volatility Index 07/2022 30 USD (DB) .......  | Count | 540 | 540 |  |  |  | 129 614.58 | 0.18 |
| Call S & P 500 Volatility Index 08/2022 32.5 USD (DB)......  | Count | 415 | 415 |  |  |  | 114 552.89 | 0.16 |
| Call S & P 500 Volatility Index 09/2022 35 USD (DB) .......  | Count | 460 | 460 |  |  |  | 136 911.40 | 0.19 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -176 217.32 | -0.24 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions JPY/EUR 273.3 million...............................  |  |  |  |  |  |  | -79 171.12 | -0.11 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/USD 3.2 million ................................  |  |  |  |  |  |  | -54 277.97 | -0.07 |
| Closed positions EUR/USD 12.8 million ...............................  |  |  |  |  |  |  | -42 768.23 | -0.06 |
| Cash at bank |  |  |  |  |  |  | 7 841 342.64 | 10.65 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 7 277 873.58 | 9.89 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 75 814 |  |  |  |  | 10 191.75 | 0.01 |
| Norwegian krone ...................................  | NOK | 220 202 |  |  |  |  | 21 319.80 | 0.03 |
| Swedish krona .....................................  | SEK | 155 204 |  |  |  |  | 14 490.90 | 0.02 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 40 440 |  |  |  |  | 26 800.03 | 0.04 |
| British pound .....................................  | GBP | 20 121 |  |  |  |  | 23 493.96 | 0.03 |
| Hong Kong dollar ..................................  | HKD | 14 595 |  |  |  |  | 1 785.86 | 0.00 |
| Japanese yen......................................  | JPY | 1 312 336 |  |  |  |  | 9 270.38 | 0.01 |
| Canadian dollar ....................................  | CAD | 43 915 |  |  |  |  | 32 698.39 | 0.04 |
| Swiss franc .......................................  | CHF | 11 982 |  |  |  |  | 12 037.19 | 0.02 |
| U.S. dollar ........................................  | USD | 428 473 |  |  |  |  | 411 380.80 | 0.56 |
| Other assets |  |  |  |  |  |  | 121 393.70 | 0.17 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 8 322.54 | 0.01 |
| Interest receivable .................................  |  |  |  |  |  |  | 5 309.30 | 0.01 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 29 943.57 | 0.04 |
| Other receivables ..................................  |  |  |  |  |  |  | 77 818.29 | 0.11 |
| Total assets * |  |  |  |  |  |  | 76 341 964.61 | 103.74 |
| Other liabilities |  |  |  |  |  |  | -153 092.25 | -0.21 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -93 339.60 | -0.13 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -59 752.65 | -0.08 |
| Total liabilities |  |  |  |  |  |  | -2 748 295.35 | -3.74 |
| Net assets |  |  |  |  |  |  | 73 593 669.26 | 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 | 130.88 |
| Class FD .........................................  | EUR | 96.74 |
| Class LC .........................................  | EUR | 100.78 |
| Class LD .........................................  | EUR | 95.57 |
| Class XC .........................................  | EUR | 104.11 |
| Number of shares outstanding Class FC .........................................  | Count | 542 288.000 |
| Class FD .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 1 365.177 |
| Class LD .........................................  | Count | 1 094.000 |
| Class XC .........................................  | Count | 22 744.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
45% BBG Global Aggregate Corporate EUR Index, 35% MSCI World Net TR Index in EUR, 15% BBG Global High Yield Index, 5% JPM Morgan GBI-EM Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 26.157 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 114.916 |
| Average market risk exposure.........................  | % | 46.310 |

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 1.1, 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 103 588 029.88 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
BNP Paribas S.A., Bofa Securities Europe S.A., Deutsche Bank AG, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar ................. . | AUD | 1.508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.343026 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 0.995461 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.438694 | = | EUR | 1 |
| British pound .................. . | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.172414 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 141.562199 | = | EUR | 1 |
| 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 valued to a minor extent at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnote	
* Does not include positions with a negative balance, if such exist.
DWS Invest Nomura Japan Growth
DWS INVEST NOMURA JAPAN GROWTH

### Performance of share classes (in JPY)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class JPY FC | LU1342482384 | -12.5% |
| Class JPY MFC | LU2206602224 | -12.3% |
| Class MFCH 1 | LU1218760608 | –  2 |

1 
in EUR
2 
Last share price calculation on September 15, 2020 (share class still active)
“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 Nomura Japan Growth
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in JPY | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 612 907 400.00 | 6.17 |
| Telecommunication Services | 992 384 300.00 | 10.00 |
| Consumer Discretionaries | 1 344 309 800.00 | 13.54 |
| Consumer Staples | 3 094 875 080.00 | 31.15 |
| Financials | 774 504 600.00 | 7.79 |
| Basic Materials | 493 339 000.00 | 4.97 |
| Industrials | 2 243 391 900.00 | 22.56 |
| Total equities | 9 555 712 080.00 | 96.18 |
| 2. Cash at bank | 308 352 020.00 | 3.10 |
| 3. Other assets | 11 933 601.00 | 0.12 |
| 4. Receivables from share certificate transactions | 113 766 511.00 | 1.15 |
| II. Liabilities |  |  |
| 1. Other liabilities | -53 903 095.00 | -0.55 |
| 2. Liabilities from share certificate transactions | -388 700.00 | 0.00 |
| III. Net assets | 9 935 472 417.00 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
DWS Invest Nomura Japan Growth
Investment portfolio – June 30, 2022
| Securities traded on an exchange |  |  |  |  |  |  | 9 555 712 080.00 | 96.18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities Ajinomoto Co, Inc...................................  | Count | 67 000 | 22 000 | 8 600 | JPY | 3 300 | 221 100 000.00 | 2.23 |
| Asahi Intecc Co., Ltd ................................  | Count | 22 600 | 1 400 | 1 900 | JPY | 2 048 | 46 284 800.00 | 0.47 |
| Bandai Namco Holdings, Inc. .........................  | Count | 28 300 | 10 400 | 19 800 | JPY | 9 579 | 271 085 700.00 | 2.73 |
| Chugai Pharmaceutical Co., Ltd .......................  | Count | 76 400 | 17 300 | 5 400 | JPY | 3 470 | 265 108 000.00 | 2.67 |
| Daifuku Co., Ltd....................................  | Count | 12 900 | 900 | 3 100 | JPY | 7 760 | 100 104 000.00 | 1.01 |
| Daiichi Sankyo Co., Ltd ..............................  | Count | 4 800 | 1 200 | 34 400 | JPY | 3 437 | 16 497 600.00 | 0.17 |
| Daikin Industries Ltd ................................  | Count | 12 900 | 2 900 | 1 000 | JPY | 21 750 | 280 575 000.00 | 2.82 |
| Daiwa House Industry Co., Ltd ........................  | Count | 120 600 | 15 400 | 12 300 | JPY | 3 162 | 381 337 200.00 | 3.84 |
| Disco Corp. .......................................  | Count | 4 300 | 100 | 800 | JPY | 32 200 | 138 460 000.00 | 1.39 |
| Fast Retailing Co., Ltd ...............................  | Count | 1 900 | 400 |  | JPY | 71 080 | 135 052 000.00 | 1.36 |
| FUJIFILM Holdings Corp. ............................  | Count | 36 900 | 10 000 | 3 200 | JPY | 7 278 | 268 558 200.00 | 2.70 |
| Honda Motor Co., Ltd ...............................  | Count | 49 400 | 51 700 | 2 300 | JPY | 3 293 | 162 674 200.00 | 1.64 |
| Hoya Corp.........................................  | Count | 17 500 | 3 000 | 2 300 | JPY | 11 585 | 202 737 500.00 | 2.04 |
| IHI Corp. .........................................  | Count | 91 800 | 23 900 | 11 500 | JPY | 3 630 | 333 234 000.00 | 3.35 |
| ITOCHU Corp. .....................................  | Count | 99 300 | 12 100 | 9 600 | JPY | 3 667 | 364 133 100.00 | 3.66 |
| Katitas Co., Ltd ....................................  | Count | 10 500 | 2 200 | 900 | JPY | 2 922 | 30 681 000.00 | 0.31 |
| KDDI Corp. .......................................  | Count | 35 200 | 9 700 | 7 000 | JPY | 4 289 | 150 972 800.00 | 1.52 |
| Keyence Corp. .....................................  | Count | 5 600 | 1 100 | 500 | JPY | 46 380 | 259 728 000.00 | 2.61 |
| M3, Inc. ..........................................  | Count | 46 100 | 29 000 | 7 200 | JPY | 3 898 | 179 697 800.00 | 1.81 |
| Makita Corp. ......................................  | Count | 22 400 | 24 100 | 1 700 | JPY | 3 382 | 75 756 800.00 | 0.76 |
| Mitsubishi Estate Co., Ltd............................  | Count | 71 800 | 71 800 |  | JPY | 1 969 | 141 374 200.00 | 1.42 |
| Mitsui & Co., Ltd ...................................  | Count | 99 800 | 14 100 | 23 700 | JPY | 2 995 | 298 851 100.00 | 3.01 |
| MonotaRO Co., Ltd .................................  | Count | 23 200 | 1 500 | 11 700 | JPY | 2 016 | 46 771 200.00 | 0.47 |
| Murata Manufacturing Co., Ltd ........................  | Count | 36 600 | 4 200 | 3 500 | JPY | 7 396 | 270 693 600.00 | 2.72 |
| Nidec Corp. .......................................  | Count | 24 900 | 2 800 | 2 500 | JPY | 8 380 | 208 662 000.00 | 2.10 |
| Nihon M&A Center Holdings, Inc.......................  | Count | 25 100 | 2 000 | 2 500 | JPY | 1 443 | 36 219 300.00 | 0.36 |
| Nippon Shinyaku Co., Ltd ............................  | Count | 1 800 | 1 800 |  | JPY | 8 250 | 14 850 000.00 | 0.15 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 109 900 | 13 400 | 20 500 | JPY | 3 896 | 428 170 400.00 | 4.31 |
| Nissan Chemical Corp. ..............................  | Count | 17 100 | 8 800 | 2 300 | JPY | 6 250 | 106 875 000.00 | 1.08 |
| Nissan Motor Co., Ltd ...............................  | Count | 206 900 | 223 700 | 16 800 | JPY | 528 | 109 284 580.00 | 1.10 |
| Nitori Holdings Co., Ltd ..............................  | Count | 11 300 | 1 100 | 900 | JPY | 12 895 | 145 713 500.00 | 1.47 |
| NOF Corp. ........................................  | Count | 5 300 | 5 300 |  | JPY | 5 030 | 26 659 000.00 | 0.27 |
| Obic Co., Ltd ......................................  | Count | 4 600 | 100 | 200 | JPY | 19 190 | 88 274 000.00 | 0.89 |
| Otsuka Corp. ......................................  | Count | 2 400 | 100 | 100 | JPY | 4 025 | 9 660 000.00 | 0.10 |
| Pan Pacific International Holdings Corp. .................  | Count | 34 600 | 2 500 | 3 800 | JPY | 2 165 | 74 909 000.00 | 0.75 |
| Pigeon Corp. ......................................  | Count | 48 300 | 3 400 | 4 800 | JPY | 1 861 | 89 886 300.00 | 0.90 |
| Recruit Holdings Co., Ltd ............................  | Count | 87 100 | 18 600 | 8 400 | JPY | 3 995 | 347 964 500.00 | 3.50 |
| Renesas Electronics Corp. ...........................  | Count | 124 400 | 128 800 | 4 400 | JPY | 1 233 | 153 385 200.00 | 1.54 |
| Shimano, Inc.......................................  | Count | 2 500 | 100 |  | JPY | 22 920 | 57 300 000.00 | 0.58 |
| Shin-Etsu Chemical Co., Ltd ..........................  | Count | 17 100 | 3 400 | 1 700 | JPY | 15 300 | 261 630 000.00 | 2.63 |
| Shionogi & Co., Ltd .................................  | Count | 4 500 | 400 | 2 800 | JPY | 6 855 | 30 847 500.00 | 0.31 |
| SMC Corp.........................................  | Count | 3 000 | 600 |  | JPY | 60 470 | 181 410 000.00 | 1.83 |
| SMS Co., Ltd ......................................  | Count | 8 400 | 700 | 700 | JPY | 2 674 | 22 461 600.00 | 0.23 |
| SoftBank Group Corp. ...............................  | Count | 19 500 | 3 400 | 1 600 | JPY | 5 235 | 102 082 500.00 | 1.03 |
| Sony Group Corp. ..................................  | Count | 55 700 | 8 900 | 5 800 | JPY | 11 095 | 617 991 500.00 | 6.22 |
| Sumitomo Metal Mining Co., Ltd ......................  | Count | 23 100 | 5 100 | 17 500 | JPY | 4 250 | 98 175 000.00 | 0.99 |
| Sumitomo Mitsui Financial Group, Inc. ..................  | Count | 98 100 | 15 500 | 10 000 | JPY | 4 032 | 395 539 200.00 | 3.98 |
| Suzuki Motor Corp. .................................  | Count | 76 300 | 7 100 | 16 700 | JPY | 4 264 | 325 343 200.00 | 3.27 |
| Sysmex Corp. .....................................  | Count | 7 700 | 4 300 | 100 | JPY | 8 166 | 62 878 200.00 | 0.63 |
| T&D Holdings, Inc. .................................  | Count | 146 300 | 35 600 | 27 600 | JPY | 1 624 | 237 591 200.00 | 2.39 |
| Taiyo Yuden Co., Ltd ................................  | Count | 35 000 | 24 300 | 2 100 | JPY | 4 610 | 161 350 000.00 | 1.62 |
| Terumo Corp. .....................................  | Count | 32 700 | 8 600 | 32 000 | JPY | 4 088 | 133 677 600.00 | 1.35 |
| Tokyo Electron Ltd .................................  | Count | 2 100 | 200 | 4 000 | JPY | 44 300 | 93 030 000.00 | 0.94 |
| Toyota Industries Corp. ..............................  | Count | 18 000 | 7 800 | 1 200 | JPY | 8 400 | 151 200 000.00 | 1.52 |
| Trend Micro, Inc. ...................................  | Count | 9 400 | 2 200 | 12 400 | JPY | 6 620 | 62 228 000.00 | 0.63 |
| Unicharm Corp. ....................................  | Count | 17 400 | 7 100 | 3 100 | JPY | 4 540 | 78 996 000.00 | 0.80 |
| Total securities portfolio |  |  |  |  |  |  | 9 555 712 080.00 | 96.18 |
| Cash at bank |  |  |  |  |  |  | 308 352 020.00 | 3.10 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 42 554 |  |  |  |  | 6 046 831.00 | 0.06 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Japanese yen .....................................  | JPY |  |  |  |  |  | 302 305 189.00 | 3.04 |
| Other assets |  |  |  |  |  |  | 11 933 601.00 | 0.12 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 5 260 113.00 | 0.05 |
| Other receivables ..................................  |  |  |  |  |  |  | 6 673 488.00 | 0.07 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 113 766 511.00 | 1.15 |
| Total assets |  |  |  |  |  |  | 9 989 764 212.00 | 100.55 |

DWS Invest Nomura Japan Growth
| Other liabilities | -53 903 095.00 | -0.55 |
| --- | --- | --- |
| Liabilities from cost items ............................  | -23 008 633.00 | -0.24 |
| Additional other liabilities.............................  | -30 894 462.00 | -0.31 |
| Liabilities from share certificate transactions | -388 700.00 | 0.00 |
| Total liabilities | -54 291 795.00 | -0.55 |
| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages. | 9 935 472 417.00 | 100.00 |

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 JPY FC ......................................  | JPY | 15 608.00 |
| Class JPY MFC ....................................  | JPY | 11 442.00 |
| Number of shares outstanding Class JPY FC ......................................  | Count | 128.000 |
| Class JPY MFC ....................................  | Count | 868 195.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Tokyo Stock Price (TOPIX) Index - BRS only
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 107.260 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 124.352 |
| Average market risk exposure.........................  | % | 114.155 |

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 JPY 0.00 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Exchange rates (indirect quotes)	
As of June 30, 2022 Euro ......................... . EUR	0.007037	= JPY	1
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.

Translation (ENDE, 2022-06-30):
# DWS Invest Multi Strategy
DWS INVEST MULTI STRATEGY

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse FC | LU0616844766 | -6,9% |
| Klasse FD | LU1264174118 | -6,9% |
| Klasse LC | LU0616843958 | -7,1% |
| Klasse LD | LU0616844170 | -7,1% |
| Klasse XC | LU1808979337 | -6,7% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.
Stand: 30.6.2022
DWS Invest Multi Strategy
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 1 282 765,99 | 1,75 |
| Telekommunikationsdienste | 804 057,90 | 1,09 |
| Dauerhafte Konsumgüter | 1 685 055,25 | 2,32 |
| Energie | 149 734,69 | 0,20 |
| Hauptverbrauchsgüter | 789 064,37 | 1,06 |
| Finanzsektor | 1 212 056,81 | 1,64 |
| Grundstoffe | 349 516,45 | 0,46 |
| Industrien | 657 027,98 | 0,88 |
| Versorger | 145 604,43 | 0,21 |
| Summe Aktien | 7 074 883,87 | 9,61 |
| 2. Anleihen (Emittenten) Zentralregierungen | 46 247 303,64 | 62,84 |
| Summe Anleihen | 46 247 303,64 | 62,84 |
| 3. Investmentanteile Sonstige Fonds | 5 368 720,47 | 7,30 |
| Rentenfonds | 1 228 636,74 | 1,67 |
| Aktienfonds | 1 746 166,18 | 2,37 |
| Summe Investmentanteile | 8 343 523,39 | 11,34 |
| 4. Derivate | 4 118 314,27 | 5,60 |
| 5. Bankguthaben | 7 841 342,64 | 10,65 |
| 6. Sonstige Vermögensgegenstände | 121 393,70 | 0,17 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -153 092,25 | -0,21 |
| III. Fondsvermögen | 73 593 669,26 | 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 |  |  |  |  |  |  | 53 247 655,04 | 72,35 |
| Aktien Fortescue Metals Group Ltd  ........................  | Stück | 1 901 | 554 |  | AUD | 17,53 | 22 084,66 | 0,03 |
| Goodman Group REIT  .............................  | Stück | 3 115 | 1 445 |  | AUD | 17,84 | 36 828,12 | 0,05 |
| National Australia Bank Ltd  .........................  | Stück | 1 617 | 750 |  | AUD | 27,39 | 29 351,39 | 0,04 |
| Newcrest Mining Ltd  ..............................  | Stück | 1 850 | 858 |  | AUD | 20,89 | 25 611,61 | 0,03 |
| Scentre Group  ...................................  | Stück | 22 123 | 7 921 |  | AUD | 2,59 | 37 972,61 | 0,05 |
| Bank of Montreal  .................................  | Stück | 312 | 141 |  | CAD | 121,8 | 28 295,51 | 0,04 |
| Bank of Nova Scotia ...............................  | Stück | 405 | 112 |  | CAD | 75,13 | 22 656,04 | 0,03 |
| Canadian National Railway Co. .......................  | Stück | 703 | 365 | 105 | CAD | 142,23 | 74 449,56 | 0,10 |
| Canadian Tire Corp., Ltd ............................  | Stück | 353 | 160 |  | CAD | 160,58 | 42 206,73 | 0,06 |
| Magna International, Inc. ...........................  | Stück | 1 036 | 539 | 155 | CAD | 69,36 | 53 503,77 | 0,07 |
| Royal Bank of Canada  .............................  | Stück | 451 | 232 |  | CAD | 123,48 | 41 465,68 | 0,06 |
| Toronto-Dominion Bank ............................  | Stück | 603 | 212 |  | CAD | 82,88 | 37 211,97 | 0,05 |
| Cie Financiere Richemont SA  .......................  | Stück | 383 | 173 |  | CHF | 99,76 | 38 382,30 | 0,05 |
| Nestle SA  .......................................  | Stück | 238 | 108 |  | CHF | 110,98 | 26 533,68 | 0,04 |
| Roche Holding AG  ................................  | Stück | 159 | 72 |  | CHF | 316 | 50 473,10 | 0,07 |
| Zurich Insurance Group AG  .........................  | Stück | 74 | 34 |  | CHF | 410,4 | 30 508,08 | 0,04 |
| Carlsberg AS  ....................................  | Stück | 461 | 208 |  | DKK | 901,8 | 55 887,47 | 0,08 |
| adidas AG .......................................  | Stück | 116 | 53 |  | EUR | 166,54 | 19 318,64 | 0,03 |
| Allianz SE  .......................................  | Stück | 123 | 52 |  | EUR | 180,38 | 22 186,74 | 0,03 |
| BNP Paribas SA  ..................................  | Stück | 394 | 109 |  | EUR | 44,47 | 17 521,18 | 0,02 |
| CRH PLC  .......................................  | Stück | 1 191 | 538 |  | EUR | 32,28 | 38 445,48 | 0,05 |
| Deutsche Post AG  ................................  | Stück | 1 445 | 654 |  | EUR | 35,225 | 50 900,13 | 0,07 |
| E.ON SE  ........................................  | Stück | 2 471 | 1 118 |  | EUR | 7,926 | 19 585,15 | 0,03 |
| Enel SpA ........................................  | Stück | 4 013 | 1 815 |  | EUR | 5,215 | 20 927,80 | 0,03 |
| Euroapi SA  ......................................  | Stück | 21 | 21 |  | EUR | 15,098 | 317,06 | 0,00 |
| Industria de Diseno Textil SA ........................  | Stück | 814 | 368 |  | EUR | 21,33 | 17 362,62 | 0,02 |
| Kering SA  .......................................  | Stück | 57 | 29 |  | EUR | 484,95 | 27 642,15 | 0,04 |
| Koninklijke Ahold Delhaize NV  .......................  | Stück | 2 043 | 924 |  | EUR | 24,68 | 50 421,24 | 0,07 |
| Koninklijke Philips NV ..............................  | Stück | 892 | 404 |  | EUR | 20,215 | 18 031,78 | 0,02 |
| LANXESS AG  ....................................  | Stück | 997 | 451 |  | EUR | 32,97 | 32 871,09 | 0,04 |
| L‘Oreal SA  ......................................  | Stück | 70 | 19 |  | EUR | 324 | 22 680,00 | 0,03 |
| LVMH Moet Hennessy Louis Vuitton SE ...............  | Stück | 80 | 36 |  | EUR | 573,7 | 45 896,00 | 0,06 |
| Red Electrica Corp., SA  ............................  | Stück | 1 437 | 650 |  | EUR | 18,08 | 25 980,96 | 0,04 |
| Sanofi	........................................  | Stück | 503 | 731 | 503 | EUR | 96,5 | 48 539,50 | 0,07 |
| SAP SE  ........................................  | Stück | 547 | 247 |  | EUR | 85,45 | 46 741,15 | 0,06 |
| Sartorius Stedim Biotech  ...........................  | Stück | 74 | 33 |  | EUR | 296 | 21 904,00 | 0,03 |
| Schneider Electric SE  ..............................  | Stück | 622 | 281 |  | EUR | 111,34 | 69 253,48 | 0,09 |
| Siemens Energy AG  ...............................  | Stück | 2 411 | 1 090 |  | EUR | 13,78 | 33 223,58 | 0,04 |
| Tenaris SA  ......................................  | Stück | 4 595 | 2 389 | 687 | EUR | 12,38 | 56 886,10 | 0,08 |
| Terna Rete Elettrica Nazionale SpA  ...................  | Stück | 2 719 | 1 225 |  | EUR | 7,54 | 20 501,26 | 0,03 |
| TotalEnergies SE  .................................  | Stück | 862 | 390 |  | EUR | 50,47 | 43 505,14 | 0,06 |
| Universal Music Group NV  ..........................  | Stück | 797 |  |  | EUR | 18,9 | 15 063,30 | 0,02 |
| Universal Music Group, Inc. .........................  | Stück | 305 | 305 |  | EUR | 18,9 | 5 764,50 | 0,01 |
| Vinci SA  ........................................  | Stück | 268 | 74 |  | EUR | 84,09 | 22 536,12 | 0,03 |
| Vivendi SE  ......................................  | Stück | 2 791 | 1 262 |  | EUR | 9,558 | 26 676,38 | 0,04 |
| Vonovia SE  ......................................  | Stück | 879 | 383 |  | EUR | 29,11 | 25 587,69 | 0,03 |
| Anglo American PLC  ..............................  | Stück | 226 |  |  | GBP | 29,245 | 7 717,33 | 0,01 |
| AstraZeneca PLC  .................................  | Stück | 277 | 125 |  | GBP | 106,98 | 34 601,07 | 0,05 |
| Drax Group PLC  ..................................  | Stück | 2 775 | 1 255 |  | GBP | 6,37 | 20 640,00 | 0,03 |
| GSK PLC  ........................................  | Stück | 1 363 | 376 |  | GBP | 17,568 | 27 959,24 | 0,04 |
| Reckitt Benckiser Group PLC  ........................  | Stück | 370 | 167 |  | GBP | 61,34 | 26 500,42 | 0,04 |
| RELX PLC  .......................................  | Stück | 2 387 | 1 241 | 357 | GBP | 22,07 | 61 512,30 | 0,08 |
| Rio Tinto PLC  ....................................  | Stück | 496 | 224 |  | GBP | 48,82 | 28 273,96 | 0,04 |
| SSE PLC  ........................................  | Stück | 2 016 | 1 040 |  | GBP | 16,13 | 37 969,26 | 0,05 |
| WPP PLC  .......................................  | Stück | 4 339 | 1 963 |  | GBP | 8,124 | 41 159,19 | 0,06 |
| AIA Group Ltd  ...................................  | Stück | 3 000 | 1 200 |  | HKD | 85,05 | 31 220,89 | 0,04 |
| Hong Kong Exchanges & Clearing Ltd .................  | Stück | 600 | 300 |  | HKD | 386 | 28 339,24 | 0,04 |
| Inpex Corp. ......................................  | Stück | 5 700 | 3 400 | 1 600 | JPY | 1 470 | 59 189,53 | 0,08 |
| KDDI Corp. ......................................  | Stück | 1 900 | 1 000 | 300 | JPY | 4 289 | 57 565,51 | 0,08 |
| Mitsubishi UFJ Financial Group, Inc.  ..................  | Stück | 4 500 | 1 300 |  | JPY | 729 | 23 186,27 | 0,03 |
| Murata Manufacturing Co., Ltd  ......................  | Stück | 300 | 100 |  | JPY | 7 396 | 15 673,68 | 0,02 |
| NEC Corp.  ......................................  | Stück | 800 | 300 |  | JPY | 5 270 | 29 781,96 | 0,04 |
| Nintendo Co., Ltd .................................  | Stück | 100 | 100 |  | JPY | 58 680 | 41 451,74 | 0,06 |
| Nissan Chemical Corp.  .............................  | Stück | 500 | 200 |  | JPY | 6 250 | 22 075,10 | 0,03 |
| Ono Pharmaceutical Co., Ltd  ........................  | Stück | 1 400 | 700 |  | JPY | 3 482 | 34 435,75 | 0,05 |
| Shin-Etsu Chemical Co., Ltd  ........................  | Stück | 300 | 200 |  | JPY | 15 300 | 32 423,91 | 0,04 |
| Shionogi & Co., Ltd  ...............................  | Stück | 400 | 200 |  | JPY | 6 855 | 19 369,58 | 0,03 |
| SoftBank Group Corp.  .............................  | Stück | 700 | 200 |  | JPY | 5 235 | 25 886,15 | 0,03 |
| Sony Group Corp. .................................  | Stück | 900 | 500 | 200 | JPY | 11 095 | 70 537,90 | 0,10 |
| TIS, Inc.  ........................................  | Stück | 1 000 | 500 |  | JPY | 3 555 | 25 112,64 | 0,03 |
| Lundin Energy AB  ................................  | Stück | 2 361 | 1 068 |  | SEK | 6,976 | 1 537,78 | 0,00 |
| Sandvik AB  ......................................  | Stück | 2 205 | 997 |  | SEK | 164,05 | 33 773,54 | 0,05 |
| Tele2 AB -B- .....................................  | Stück | 2 129 | 963 |  | SEK | 116 | 23 058,20 | 0,03 |
| Telefonaktiebolaget LM Ericsson -B-  ..................  | Stück | 3 016 | 1 364 |  | SEK | 76,04 | 21 412,40 | 0,03 |
| Abbott Laboratories  ...............................  | Stück | 355 | 191 |  | USD | 108,2 | 36 878,71 | 0,05 |

| AbbVie, Inc.  .....................................  | Stück | 1 001 | 520 | 149 | USD | 152,29 | 146 361,06 | 0,20 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Adobe, Inc. ......................................  | Stück | 207 | 108 | 31 | USD | 359,15 | 71 378,32 | 0,10 |
| Advanced Micro Devices, Inc.  .......................  | Stück | 383 | 173 |  | USD | 76,62 | 28 174,81 | 0,04 |
| AGCO Corp.	....................................  | Stück | 403 | 403 |  | USD | 97,43 | 37 697,96 | 0,05 |
| Align Technology, Inc.  .............................  | Stück | 50 | 23 |  | USD | 233,84 | 11 225,58 | 0,02 |
| Alphabet, Inc. ....................................  | Stück | 136 | 71 | 20 | USD | 2 157,78 | 281 751,45 | 0,38 |
| Amazon.com, Inc.  ................................  | Stück | 809 | 895 | 111 | USD | 103,77 | 80 601,00 | 0,11 |
| American Express Co.  .............................  | Stück | 259 | 106 |  | USD | 134,89 | 33 542,82 | 0,05 |
| Anthem, Inc. .....................................  | Stück | 127 | 57 |  | USD | 486,48 | 59 318,31 | 0,08 |
| Apple, Inc.  ......................................  | Stück | 2 402 | 1 249 | 359 | USD | 135,28 | 311 979,95 | 0,42 |
| Applied Materials, Inc.  .............................  | Stück | 573 | 298 | 86 | USD | 89,46 | 49 215,69 | 0,07 |
| Automatic Data Processing, Inc.  .....................  | Stück | 339 | 176 | 50 | USD | 210,35 | 68 464,01 | 0,09 |
| Bank of America Corp.  .............................  | Stück | 1 817 | 822 |  | USD | 30,77 | 53 678,76 | 0,07 |
| Berkshire Hathaway, Inc. ...........................  | Stück | 260 | 135 | 39 | USD | 269,33 | 67 232,33 | 0,09 |
| Best Buy Co, Inc.  .................................  | Stück | 586 | 265 |  | USD | 65,23 | 36 699,92 | 0,05 |
| BlackRock, Inc. ...................................  | Stück | 36 | 10 |  | USD | 597,91 | 20 666,09 | 0,03 |
| BorgWarner, Inc.  .................................  | Stück | 1 423 | 644 |  | USD | 33,15 | 45 290,65 | 0,06 |
| Caterpillar, Inc. ...................................  | Stück | 89 | 89 |  | USD | 177,43 | 15 161,32 | 0,02 |
| CBRE Group, Inc.  .................................  | Stück | 444 | 201 |  | USD | 72,3 | 30 820,62 | 0,04 |
| CDW Corp/DE  ...................................  | Stück | 160 | 72 |  | USD | 155,35 | 23 864,44 | 0,03 |
| CF Industries Holdings, Inc. .........................  | Stück | 545 | 452 | 455 | USD | 84,99 | 44 471,77 | 0,06 |
| Charles Schwab Corp.  .............................  | Stück | 509 | 202 |  | USD | 61,31 | 29 961,89 | 0,04 |
| Chubb Ltd .......................................  | Stück | 191 | 101 |  | USD | 192,09 | 35 225,58 | 0,05 |
| Citigroup, Inc. ....................................  | Stück | 682 | 308 |  | USD | 45,51 | 29 799,66 | 0,04 |
| Cognizant Technology Solutions Corp.  ................  | Stück | 388 | 175 |  | USD | 67,19 | 25 029,75 | 0,03 |
| Colgate-Palmolive Co.  .............................  | Stück | 404 | 183 |  | USD | 79,54 | 30 852,26 | 0,04 |
| CSX Corp. .......................................  | Stück | 2 357 | 1 226 | 353 | USD | 28,735 | 65 026,58 | 0,09 |
| Dexcom, Inc.  ....................................  | Stück | 252 | 218 |  | USD | 74,32 | 17 981,52 | 0,02 |
| Dow, Inc.  .......................................  | Stück | 588 | 266 |  | USD | 51,06 | 28 825,59 | 0,04 |
| eBay, Inc. .......................................  | Stück | 1 226 | 638 | 184 | USD | 41,19 | 48 484,44 | 0,07 |
| Edwards Lifesciences Corp.  ........................  | Stück | 621 | 281 |  | USD | 94,65 | 56 432,89 | 0,08 |
| Electronic Arts, Inc.  ...............................  | Stück | 216 | 60 |  | USD | 121,37 | 25 170,11 | 0,03 |
| Eli Lilly & Co.  ....................................  | Stück | 122 | 55 |  | USD | 323,1 | 37 845,73 | 0,05 |
| EOG Resources, Inc.  ..............................  | Stück | 418 | 189 |  | USD | 113,38 | 45 502,24 | 0,06 |
| FMC Corp.  ......................................  | Stück | 383 | 173 |  | USD | 106,3 | 39 088,78 | 0,05 |
| Fortune Brands Home & Security, Inc.  ................  | Stück | 563 | 255 |  | USD | 59,02 | 31 902,72 | 0,04 |
| Fox Corp.  .......................................  | Stück | 1 725 | 780 |  | USD | 32,1 | 53 163,58 | 0,07 |
| Gilead Sciences, Inc.  ..............................  | Stück | 439 | 198 |  | USD | 61,63 | 25 976,27 | 0,04 |
| Goldman Sachs Group, Inc.  .........................  | Stück | 85 | 24 |  | USD | 293,41 | 23 944,95 | 0,03 |
| Home Depot, Inc. .................................  | Stück | 341 | 177 | 51 | USD | 270,06 | 88 416,79 | 0,12 |
| International Paper Co. .............................  | Stück | 182 |  |  | USD | 41,79 | 7 302,37 | 0,01 |
| Intuit, Inc. .......................................  | Stück | 141 | 64 |  | USD | 378,83 | 51 284,20 | 0,07 |
| JPMorgan Chase & Co.  ............................  | Stück | 564 | 313 | 84 | USD | 111,27 | 60 252,81 | 0,08 |
| Keurig Dr Pepper, Inc.  .............................  | Stück | 891 | 403 |  | USD | 35,25 | 30 154,83 | 0,04 |
| KLA Corp.  .......................................  | Stück | 68 | 19 |  | USD | 314,59 | 20 538,75 | 0,03 |
| Kroger Co.  ......................................  | Stück | 1 245 | 563 |  | USD | 47,55 | 56 838,15 | 0,08 |
| Lam Research Corp.  ..............................  | Stück | 102 | 46 |  | USD | 416,55 | 40 793,16 | 0,06 |
| Linde PLC  .......................................  | Stück | 146 | 66 |  | USD | 283,44 | 39 731,42 | 0,05 |
| Lowe‘s Cos, Inc.  .................................  | Stück | 223 | 101 |  | USD | 172,32 | 36 894,42 | 0,05 |
| Lululemon Athletica, Inc.  ...........................  | Stück | 91 | 31 |  | USD | 272,55 | 23 812,65 | 0,03 |
| Marsh & McLennan Cos, Inc.  .......................  | Stück | 158 | 52 |  | USD | 153,69 | 23 314,32 | 0,03 |
| Mastercard, Inc.  ..................................  | Stück | 176 | 79 |  | USD | 310,68 | 52 498,40 | 0,07 |
| Merck & Co, Inc.  .................................  | Stück | 645 | 335 | 96 | USD | 92,29 | 57 152,40 | 0,08 |
| Meta Platforms, Inc.  ..............................  | Stück | 296 | 134 |  | USD | 160,04 | 45 482,08 | 0,06 |
| Micron Technology, Inc. ............................  | Stück | 849 | 384 |  | USD | 54,51 | 44 432,83 | 0,06 |
| Microsoft Corp.  ..................................  | Stück | 1 286 | 665 | 192 | USD | 255,12 | 314 996,38 | 0,43 |
| Mondelez International, Inc. .........................  | Stück | 514 | 233 |  | USD | 61,97 | 30 581,92 | 0,04 |
| Moody‘s Corp.  ...................................  | Stück | 82 | 37 |  | USD | 269,46 | 21 214,28 | 0,03 |
| Morgan Stanley  ..................................  | Stück | 465 | 211 |  | USD | 74,93 | 33 452,51 | 0,05 |
| Mosaic Co.  ......................................  | Stück | 418 | 418 |  | USD | 47,44 | 19 038,86 | 0,03 |
| Motorola Solutions, Inc.  ............................  | Stück | 235 | 106 |  | USD | 207,3 | 46 772,14 | 0,06 |
| Netflix, Inc. ......................................  | Stück | 58 | 16 |  | USD | 171,45 | 9 547,41 | 0,01 |
| Norfolk Southern Corp.  ............................  | Stück | 255 | 115 |  | USD | 224,55 | 54 976,02 | 0,07 |
| NVIDIA Corp.  ....................................  | Stück | 454 | 236 | 68 | USD | 150,54 | 65 618,73 | 0,09 |
| Oracle Corp.  .....................................  | Stück | 1 084 | 563 | 162 | USD | 68,66 | 71 458,38 | 0,10 |
| Paycom Software, Inc. .............................  | Stück | 78 | 35 |  | USD | 275,84 | 20 657,22 | 0,03 |
| PayPal Holdings, Inc.  ..............................  | Stück | 344 | 156 |  | USD | 67,98 | 22 452,24 | 0,03 |
| PepsiCo, Inc.  ....................................  | Stück | 700 | 364 | 105 | USD | 167,02 | 112 250,07 | 0,15 |
| Pfizer, Inc.  ......................................  | Stück | 940 | 425 |  | USD | 51,5 | 46 478,83 | 0,06 |
| PNC Financial Services Group, Inc.  ...................  | Stück | 132 | 37 |  | USD | 153,25 | 19 422,02 | 0,03 |
| Public Storage  ...................................  | Stück | 130 | 59 |  | USD | 310,9 | 38 804,69 | 0,05 |
| PulteGroup, Inc. ..................................  | Stück | 666 | 301 |  | USD | 39,05 | 24 969,82 | 0,03 |
| QUALCOMM, Inc.  ................................  | Stück | 168 | 76 |  | USD | 126,16 | 20 349,37 | 0,03 |
| Regeneron Pharmaceuticals, Inc.  ....................  | Stück | 85 | 39 |  | USD | 587,87 | 47 975,59 | 0,07 |
| S&P Global, Inc.  ..................................  | Stück | 64 | 18 |  | USD | 332,96 | 20 459,36 | 0,03 |
| Starbucks Corp.  ..................................  | Stück | 724 | 376 | 108 | USD | 75,335 | 52 366,73 | 0,07 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR-  ....  | Stück | 259 | 117 |  | USD | 80,64 | 20 052,59 | 0,03 |
| Target Corp. .....................................  | Stück | 244 | 114 |  | USD | 137,71 | 32 260,82 | 0,04 |
| Tesla, Inc. .......................................  | Stück | 85 | 44 | 12 | USD | 675,9 | 55 159,64 | 0,07 |
| Truist Financial Corp.  ..............................  | Stück | 439 | 121 |  | USD | 46,09 | 19 426,35 | 0,03 |
| Union Pacific Corp. ................................  | Stück | 283 | 153 | 43 | USD | 210,23 | 57 121,71 | 0,08 |
| United Rentals, Inc.  ...............................  | Stück | 122 | 55 |  | USD | 238,15 | 27 895,27 | 0,04 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| UnitedHealth Group, Inc.  ...........................  | Stück | 370 | 192 | 55 | USD | 513 | 182 238,10 | 0,25 |
| Visa, Inc. ........................................  | Stück | 626 | 325 | 93 | USD | 193,63 | 116 376,98 | 0,16 |
| Walt Disney Co.  ..................................  | Stück | 209 | 95 |  | USD | 92,86 | 18 633,53 | 0,03 |
| Warner Bros Discovery, Inc.  ........................  | Stück | 1 302 | 1 302 |  | USD | 12,85 | 16 063,28 | 0,02 |
| Wells Fargo & Co.  ................................  | Stück | 993 | 449 |  | USD | 38,57 | 36 772,15 | 0,05 |
| Zoetis, Inc.  ......................................  | Stück | 236 | 106 |  | USD | 171,51 | 38 861,68 | 0,05 |
| Verzinsliche Wertpapiere |  |  |  |  |  |  |  |  |
| 0,00 | % Austria Treasury Bill 2022/2023 .............  | EUR | 600 000 | 600 000 |  | % | 99,912 | 599 472,00 | 0,81 |
| 0,00 | % Dutch Treasury Certificate 2022/2022 ........  | EUR | 1 468 000 | 1 468 000 |  | % | 100,089 | 1 469 306,52 | 2,00 |
| 0,00 | % France Treasury Bill BTF 2021/2022  .........  | EUR | 2 202 000 | 2 202 000 |  | % | 100,089 | 2 203 959,78 | 2,99 |
| 0,00 | % France Treasury Bill BTF 2021/2022  .........  | EUR | 5 108 000 | 5 108 000 |  | % | 100,096 | 5 112 903,68 | 6,95 |
| 0,00 | % France Treasury Bill BTF 2022/2023  .........  | EUR | 3 388 220 | 6 574 220 | 3 186 000 | % | 99,858 | 3 383 408,73 | 4,60 |
| 0,00 | % German Treasury Bill 2021/2022  ............  | EUR | 5 224 000 | 6 124 000 | 900 000 | % | 100,034 | 5 225 776,16 | 7,10 |
| 0,00 | % German Treasury Bill 2021/2022  ............  | EUR | 2 763 000 | 2 763 000 |  | % | 100,109 | 2 766 011,67 | 3,76 |
| 0,00 | % German Treasury Bill 2021/2022  ............  | EUR | 5 999 000 | 5 999 000 |  | % | 100,094 | 6 004 639,06 | 8,16 |
| 0,00 | % German Treasury Bill 2022/2023  ............  | EUR | 510 000 | 510 000 |  | % | 99,732 | 508 633,20 | 0,69 |
| 1,50 | % Israel Government International Bond (MTN) 2019/2029  .............................  | EUR | 550 000 |  |  | % | 92,38 | 508 090,00 | 0,69 |
| 0,00 | % Italy Buoni Ordinari del Tesoro BOT 2022/2023 | EUR | 5 303 000 | 9 568 000 | 4 265 000 | % | 99,942 | 5 299 924,26 | 7,20 |
| 0,00 | % Italy Buoni Ordinari del Tesoro BOT 2022/2023 | EUR | 730 000 | 730 000 |  | % | 99,562 | 726 802,60 | 0,99 |
| 0,00 | % Kingdom of Belgium Treasury Bill 2021/2022  ..  | EUR | 2 388 564 | 2 906 000 | 517 436 | % | 100,062 | 2 390 044,91 | 3,25 |
| 0,00 | % Kingdom of Belgium Treasury Bill 2022/2023  ..  | EUR | 743 000 | 743 000 |  | % | 99,643 | 740 347,49 | 1,01 |
| 0,00 | % Portugal Treasury Bill 2022/2023 ............  | EUR | 1 027 000 | 1 027 000 |  | % | 99,65 | 1 023 405,50 | 1,39 |
| 0,00 | % Spain Letras del Tesoro 2021/2022 ..........  | EUR | 3 586 000 | 4 227 000 | 641 000 | % | 100,007 | 3 586 251,02 | 4,87 |
| 0,00 | % Spain Letras del Tesoro 2022/2023 ..........  | EUR | 4 125 000 | 8 003 000 | 3 878 000 | % | 99,784 | 4 116 090,00 | 5,59 |
| 0,125 | % United States Treasury Inflation Indexed Bonds - WI Reopening 2021/2051  .................  | USD | 0 |  |  | % | 99,258 | 0,01 | 0,00 |
| 2,00 | % United States Treasury Note/Bond (MTN) 2016/2026  .............................  | USD | 634 900 |  |  | % | 95,516 | 582 237,05 | 0,79 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  | 74 532,47 | 0,10 |
| Aktien Aker Bp ASA  ....................................	Stück	2 245 | 4 490 |  | SEK | 355,58 | 74 532,47 | 0,10 |
| Investmentanteile |  |  |  |  | 8 343 523,39 | 11,34 |
| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ................	Anteile	0 |  |  | EUR | 9 703,959 | 9,70 | 0,00 |
| Xtrackers IE Physical Gold ETC Securities EUR - (0,150%) ..	Anteile	64 788 |  |  | EUR | 26,952 | 1 746 166,18 | 2,37 |
| Gruppenfremde Investmentanteile Athena UI UCITS EUR - ( 0,300%) ....................	Anteile	51 967 | 51 967 |  | EUR | 103,31 | 5 368 710,77 | 7,30 |
| Gamma Plus - Gamma Plus -V- EUR - (1,000%) ..........	Anteile	12 279 |  |  | EUR | 100,06 | 1 228 636,74 | 1,67 |
| Summe Wertpapiervermögen |  |  |  |  | 61 665 710,90 | 83,79 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 4 294 531,59 | 5,84 |
| Aktienindex-Terminkontrakte DJ Euro Stoxx 50 09/2022 (DB) .......................	Stück	-281 | 70 | 351 |  |  | 154 635,68 | 0,21 |
| DJ Euro Stoxx 50 09/2022 (DB) .......................	Stück	-875 |  | 875 |  |  | 144 375,00 | 0,20 |
| FVSN2 Index Futures 07/2022 (DB) ....................	Stück	270 | 270 |  |  |  | -57 037,50 | -0,08 |
| FVSU2 Index Futures 09/2022 (DB) ....................	Stück	230 | 230 |  |  |  | -11 787,50 | -0,02 |
| S & P MINI 500 Futures 09/2022 (DB) ..................	Stück	-108 |  | 108 |  |  | -6 306,48 | -0,01 |
| Vstoxx Futures 08/2022 (DB) .........................	Stück	180 | 180 |  |  |  | -17 325,00 | -0,02 |
| Optionsrechte |  |  |  |  |  |  |
| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 09/2022 3 300 EUR (DB) ..........	Stück	-101 | -101 |  |  |  | -130 542,50 | -0,18 |
| Put DJ Euro Stoxx 50 07/2022 3 550 EUR (DB) ..........	Stück	-125 | -125 |  |  |  | -201 625,00 | -0,27 |
| Put DJ Euro Stoxx 50 08/2022 3 475 EUR (DB) ..........	Stück	-98 | -98 |  |  |  | -165 816,00 | -0,23 |
| Call DJ Euro Stoxx 50 06/2024 3 500 EUR (DB) ..........	Stück	562 | 562 |  |  |  | 1 990 042,00 | 2,70 |
| Put DJ Euro Stoxx Bank Futures 09/2022 75 EUR (DB) ....	Stück	-875 | -875 |  |  |  | -157 500,00 | -0,21 |
| Call DJ Euro Stoxx Bank Futures 09/2022 90 EUR (DB) ....	Stück	2 188 | 2 188 |  |  |  | 147 690,00 | 0,20 |
| Call DJ Euro Stoxx Bank Futures 12/2022 95 EUR (DB) ....	Stück	-650 | -650 |  |  |  | -59 312,50 | -0,08 |
| Put S & P 500 Futures 09/2022 3 550 USD (DB) .........	Stück	-20 | -20 |  |  |  | -209 399,55 | -0,28 |
| Put S & P 500 Futures 07/2022 4 250 USD (DB) .........	Stück	-23 | -23 |  |  |  | -1 109 092,76 | -1,51 |
| Put S & P 500 Futures 08/2022 3 780 USD (DB) .........	Stück	-19 | -19 |  |  |  | -293 240,99 | -0,40 |
| Call S & P 500 Futures 06/2024 4 075 USD (DB) .........	Stück	108 | 108 |  |  |  | 3 895 695,82 | 5,29 |
| Call S & P 500 Volatility Index 07/2022 30 USD (DB) ......	Stück	540 | 540 |  |  |  | 129 614,58 | 0,18 |
| Call S & P 500 Volatility Index 08/2022 32.5 USD (DB) .....	Stück	415 | 415 |  |  |  | 114 552,89 | 0,16 |
| Call S & P 500 Volatility Index 09/2022 35 USD (DB) ......	Stück	460 | 460 |  |  |  | 136 911,40 | 0,19 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -176 217,32 | -0,24 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen JPY/EUR 273,3 Mio. ................................  |  |  |  | -79 171,12 | -0,11 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen EUR/USD 3,2 Mio. .................................  |  |  |  | -54 277,97 | -0,07 |
| Geschlossene Positionen EUR/USD 12,8 Mio. ................................  |  |  |  | -42 768,23 | -0,06 |
| Bankguthaben |  |  |  | 7 841 342,64 | 10,65 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 7 277 873,58 | 9,89 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 75 814 |  | 10 191,75 | 0,01 |
| Norwegische Kronen ...............................  | NOK | 220 202 |  | 21 319,80 | 0,03 |
| Schwedische Kronen ...............................  | SEK | 155 204 |  | 14 490,90 | 0,02 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 40 440 |  | 26 800,03 | 0,04 |
| Britisches Pfund ...................................  | GBP | 20 121 |  | 23 493,96 | 0,03 |
| Hongkong Dollar ...................................  | HKD | 14 595 |  | 1 785,86 | 0,00 |
| Japanischer Yen ...................................  | JPY | 1 312 336 |  | 9 270,38 | 0,01 |
| Kanadischer Dollar .................................  | CAD | 43 915 |  | 32 698,39 | 0,04 |
| Schweizer Franken .................................  | CHF | 11 982 |  | 12 037,19 | 0,02 |
| US-Dollar ........................................  | USD | 428 473 |  | 411 380,80 | 0,56 |
| Sonstige Vermögensgegenstände |  |  |  | 121 393,70 | 0,17 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 8 322,54 | 0,01 |
| Zinsansprüche .....................................  |  |  |  | 5 309,30 | 0,01 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 29 943,57 | 0,04 |
| Sonstige Ansprüche ................................  |  |  |  | 77 818,29 | 0,11 |
| Summe der Vermögensgegenstände * |  |  |  | 76 341 964,61 | 103,74 |
| Sonstige Verbindlichkeiten |  |  |  | -153 092,25 | -0,21 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -93 339,60 | -0,13 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -59 752,65 | -0,08 |
| Summe der Verbindlichkeiten |  |  |  | -2 748 295,35 | -3,74 |
| Fondsvermögen |  |  |  | 73 593 669,26 | 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 | 130,88 |
| Klasse FD ........................................  | EUR | 96,74 |
| Klasse LC ........................................  | EUR | 100,78 |
| Klasse LD ........................................  | EUR | 95,57 |
| Klasse XC ........................................  | EUR | 104,11 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 542 288,000 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 1 365,177 |
| Klasse LD ........................................  | Stück | 1 094,000 |
| Klasse XC ........................................  | Stück | 22 744,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
45% BBG Global Aggregate Corporate EUR Index, 35% MSCI World Net TR Index in EUR, 15% BBG Global High Yield Index, 5% JPM Morgan GBI-EM Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 26,157 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 114,916 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 46,310 |

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 1,1, 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 103 588 029,88.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
BNP Paribas S.A., Bofa Securities Europe S.A., Deutsche Bank AG, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar ..............  | AUD | 1,508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,343026 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,438694 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 141,562199 | = | EUR | 1 |
| 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 in geringfügigem Umfang zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnote	
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.
DWS Invest Nomura Japan Growth
DWS INVEST NOMURA JAPAN GROWTH

### Wertentwicklung der Anteilklassen (in JPY)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse JPY FC | LU1342482384 | -12,5% |
| Klasse JPY MFC | LU2206602224 | -12,3% |
| Klasse MFCH 1) | LU1218760608 | –  2) |

1) 
in EUR
2) 
Letzte Anteilpreisberechnung am 15.9.2020 (Anteilklasse noch aktiv)
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 Nomura Japan Growth
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in JPY | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 612 907 400,00 | 6,17 |
| Telekommunikationsdienste | 992 384 300,00 | 10,00 |
| Dauerhafte Konsumgüter | 1 344 309 800,00 | 13,54 |
| Hauptverbrauchsgüter | 3 094 875 080,00 | 31,15 |
| Finanzsektor | 774 504 600,00 | 7,79 |
| Grundstoffe | 493 339 000,00 | 4,97 |
| Industrien | 2 243 391 900,00 | 22,56 |
| Summe Aktien | 9 555 712 080,00 | 96,18 |
| 2. Bankguthaben | 308 352 020,00 | 3,10 |
| 3. Sonstige Vermögensgegenstände | 11 933 601,00 | 0,12 |
| 4. Forderungen aus Anteilscheingeschäften | 113 766 511,00 | 1,15 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -53 903 095,00 | -0,55 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -388 700,00 | 0,00 |
| III. Fondsvermögen | 9 935 472 417,00 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

DWS Invest Nomura Japan Growth
Vermögensaufstellung zum 30.6.2022
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	JPY	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 9 555 712 080,00 | 96,18 |
| Aktien Ajinomoto Co, Inc.  ................................  | Stück | 67 000 | 22 000 | 8 600 | JPY | 3 300 | 221 100 000,00 | 2,23 |
| Asahi Intecc Co., Ltd  ..............................  | Stück | 22 600 | 1 400 | 1 900 | JPY | 2 048 | 46 284 800,00 | 0,47 |
| Bandai Namco Holdings, Inc. ........................  | Stück | 28 300 | 10 400 | 19 800 | JPY | 9 579 | 271 085 700,00 | 2,73 |
| Chugai Pharmaceutical Co., Ltd ......................  | Stück | 76 400 | 17 300 | 5 400 | JPY | 3 470 | 265 108 000,00 | 2,67 |
| Daifuku Co., Ltd  ..................................  | Stück | 12 900 | 900 | 3 100 | JPY | 7 760 | 100 104 000,00 | 1,01 |
| Daiichi Sankyo Co., Ltd  ............................  | Stück | 4 800 | 1 200 | 34 400 | JPY | 3 437 | 16 497 600,00 | 0,17 |
| Daikin Industries Ltd  ..............................  | Stück | 12 900 | 2 900 | 1 000 | JPY | 21 750 | 280 575 000,00 | 2,82 |
| Daiwa House Industry Co., Ltd  ......................  | Stück | 120 600 | 15 400 | 12 300 | JPY | 3 162 | 381 337 200,00 | 3,84 |
| Disco Corp. ......................................  | Stück | 4 300 | 100 | 800 | JPY | 32 200 | 138 460 000,00 | 1,39 |
| Fast Retailing Co., Ltd  .............................  | Stück | 1 900 | 400 |  | JPY | 71 080 | 135 052 000,00 | 1,36 |
| FUJIFILM Holdings Corp.  ...........................  | Stück | 36 900 | 10 000 | 3 200 | JPY | 7 278 | 268 558 200,00 | 2,70 |
| Honda Motor Co., Ltd  .............................  | Stück | 49 400 | 51 700 | 2 300 | JPY | 3 293 | 162 674 200,00 | 1,64 |
| Hoya Corp.  ......................................  | Stück | 17 500 | 3 000 | 2 300 | JPY | 11 585 | 202 737 500,00 | 2,04 |
| IHI Corp. ........................................  | Stück | 91 800 | 23 900 | 11 500 | JPY | 3 630 | 333 234 000,00 | 3,35 |
| ITOCHU Corp.  ...................................  | Stück | 99 300 | 12 100 | 9 600 | JPY | 3 667 | 364 133 100,00 | 3,66 |
| Katitas Co., Ltd ...................................  | Stück | 10 500 | 2 200 | 900 | JPY | 2 922 | 30 681 000,00 | 0,31 |
| KDDI Corp. ......................................  | Stück | 35 200 | 9 700 | 7 000 | JPY | 4 289 | 150 972 800,00 | 1,52 |
| Keyence Corp.  ...................................  | Stück | 5 600 | 1 100 | 500 | JPY | 46 380 | 259 728 000,00 | 2,61 |
| M3, Inc.  ........................................  | Stück | 46 100 | 29 000 | 7 200 | JPY | 3 898 | 179 697 800,00 | 1,81 |
| Makita Corp. .....................................  | Stück | 22 400 | 24 100 | 1 700 | JPY | 3 382 | 75 756 800,00 | 0,76 |
| Mitsubishi Estate Co., Ltd  ..........................  | Stück | 71 800 | 71 800 |  | JPY | 1 969 | 141 374 200,00 | 1,42 |
| Mitsui & Co., Ltd  .................................  | Stück | 99 800 | 14 100 | 23 700 | JPY | 2 995 | 298 851 100,00 | 3,01 |
| MonotaRO Co., Ltd  ...............................  | Stück | 23 200 | 1 500 | 11 700 | JPY | 2 016 | 46 771 200,00 | 0,47 |
| Murata Manufacturing Co., Ltd  ......................  | Stück | 36 600 | 4 200 | 3 500 | JPY | 7 396 | 270 693 600,00 | 2,72 |
| Nidec Corp.  .....................................  | Stück | 24 900 | 2 800 | 2 500 | JPY | 8 380 | 208 662 000,00 | 2,10 |
| Nihon M&A Center Holdings, Inc.  ....................  | Stück | 25 100 | 2 000 | 2 500 | JPY | 1 443 | 36 219 300,00 | 0,36 |
| Nippon Shinyaku Co., Ltd ...........................  | Stück | 1 800 | 1 800 |  | JPY | 8 250 | 14 850 000,00 | 0,15 |
| Nippon Telegraph & Telephone Corp.  .................  | Stück | 109 900 | 13 400 | 20 500 | JPY | 3 896 | 428 170 400,00 | 4,31 |
| Nissan Chemical Corp.  .............................  | Stück | 17 100 | 8 800 | 2 300 | JPY | 6 250 | 106 875 000,00 | 1,08 |
| Nissan Motor Co., Ltd  .............................  | Stück | 206 900 | 223 700 | 16 800 | JPY | 528 | 109 284 580,00 | 1,10 |
| Nitori Holdings Co., Ltd  ............................  | Stück | 11 300 | 1 100 | 900 | JPY | 12 895 | 145 713 500,00 | 1,47 |
| NOF Corp.  ......................................  | Stück | 5 300 | 5 300 |  | JPY | 5 030 | 26 659 000,00 | 0,27 |
| Obic Co., Ltd  ....................................  | Stück | 4 600 | 100 | 200 | JPY | 19 190 | 88 274 000,00 | 0,89 |
| Otsuka Corp.  ....................................  | Stück | 2 400 | 100 | 100 | JPY | 4 025 | 9 660 000,00 | 0,10 |
| Pan Pacific International Holdings Corp.  ...............  | Stück | 34 600 | 2 500 | 3 800 | JPY | 2 165 | 74 909 000,00 | 0,75 |
| Pigeon Corp. .....................................  | Stück | 48 300 | 3 400 | 4 800 | JPY | 1 861 | 89 886 300,00 | 0,90 |
| Recruit Holdings Co., Ltd  ...........................  | Stück | 87 100 | 18 600 | 8 400 | JPY | 3 995 | 347 964 500,00 | 3,50 |
| Renesas Electronics Corp.  ..........................  | Stück | 124 400 | 128 800 | 4 400 | JPY | 1 233 | 153 385 200,00 | 1,54 |
| Shimano, Inc. ....................................  | Stück | 2 500 | 100 |  | JPY | 22 920 | 57 300 000,00 | 0,58 |
| Shin-Etsu Chemical Co., Ltd  ........................  | Stück | 17 100 | 3 400 | 1 700 | JPY | 15 300 | 261 630 000,00 | 2,63 |
| Shionogi & Co., Ltd  ...............................  | Stück | 4 500 | 400 | 2 800 | JPY | 6 855 | 30 847 500,00 | 0,31 |
| SMC Corp.  ......................................  | Stück | 3 000 | 600 |  | JPY | 60 470 | 181 410 000,00 | 1,83 |
| SMS Co., Ltd  ....................................  | Stück | 8 400 | 700 | 700 | JPY | 2 674 | 22 461 600,00 | 0,23 |
| SoftBank Group Corp.  .............................  | Stück | 19 500 | 3 400 | 1 600 | JPY | 5 235 | 102 082 500,00 | 1,03 |
| Sony Group Corp. .................................  | Stück | 55 700 | 8 900 | 5 800 | JPY | 11 095 | 617 991 500,00 | 6,22 |
| Sumitomo Metal Mining Co., Ltd  ....................  | Stück | 23 100 | 5 100 | 17 500 | JPY | 4 250 | 98 175 000,00 | 0,99 |
| Sumitomo Mitsui Financial Group, Inc.  ................  | Stück | 98 100 | 15 500 | 10 000 | JPY | 4 032 | 395 539 200,00 | 3,98 |
| Suzuki Motor Corp.  ...............................  | Stück | 76 300 | 7 100 | 16 700 | JPY | 4 264 | 325 343 200,00 | 3,27 |
| Sysmex Corp. ....................................  | Stück | 7 700 | 4 300 | 100 | JPY | 8 166 | 62 878 200,00 | 0,63 |
| T&D Holdings, Inc. ................................  | Stück | 146 300 | 35 600 | 27 600 | JPY | 1 624 | 237 591 200,00 | 2,39 |
| Taiyo Yuden Co., Ltd  ..............................  | Stück | 35 000 | 24 300 | 2 100 | JPY | 4 610 | 161 350 000,00 | 1,62 |
| Terumo Corp. ....................................  | Stück | 32 700 | 8 600 | 32 000 | JPY | 4 088 | 133 677 600,00 | 1,35 |
| Tokyo Electron Ltd  ................................  | Stück | 2 100 | 200 | 4 000 | JPY | 44 300 | 93 030 000,00 | 0,94 |
| Toyota Industries Corp.  ............................  | Stück | 18 000 | 7 800 | 1 200 | JPY | 8 400 | 151 200 000,00 | 1,52 |
| Trend Micro, Inc.  .................................  | Stück | 9 400 | 2 200 | 12 400 | JPY | 6 620 | 62 228 000,00 | 0,63 |
| Unicharm Corp.  ..................................  | Stück | 17 400 | 7 100 | 3 100 | JPY | 4 540 | 78 996 000,00 | 0,80 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 9 555 712 080,00 | 96,18 |
| Bankguthaben |  |  |  |  |  |  | 308 352 020,00 | 3,10 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 42 554 |  |  |  |  | 6 046 831,00 | 0,06 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Japanischer Yen ...................................  | JPY |  |  |  |  |  | 302 305 189,00 | 3,04 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 11 933 601,00 | 0,12 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 5 260 113,00 | 0,05 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 6 673 488,00 | 0,07 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  |  | 113 766 511,00 | 1,15 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 9 989 764 212,00 | 100,55 |

DWS Invest Nomura Japan Growth
| Sonstige Verbindlichkeiten | -53 903 095,00 | -0,55 |
| --- | --- | --- |
| Verbindlichkeiten aus Kostenpositionen ................  | -23 008 633,00 | -0,24 |
| Andere sonstige Verbindlichkeiten .....................  | -30 894 462,00 | -0,31 |
| Verbindlichkeiten aus Anteilscheingeschäften | -388 700,00 | 0,00 |
| Summe der Verbindlichkeiten | -54 291 795,00 | -0,55 |
| Fondsvermögen Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | 9 935 472 417,00 | 100,00 |

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 JPY FC ....................................  | JPY | 15 608,00 |
| Klasse JPY MFC ...................................  | JPY | 11 442,00 |
| Umlaufende Anteile Klasse JPY FC ....................................  | Stück | 128,000 |
| Klasse JPY MFC ...................................  | Stück | 868 195,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Tokyo Stock Price (TOPIX) Index - BRS only
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 107,260 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 124,352 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 114,155 |

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 JPY 0,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022 Euro .......................... EUR	0,007037	= JPY	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.