# DWS Invest Multi Opportunities
DWS INVEST MULTI OPPORTUNITIES

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1054321358 | -9.2% |
| Class FC | LU1054322166 | -9.0% |
| Class FD | LU1254146480 | -9.0% |
| Class LD | LU1254146563 | -9.2% |
| Class LDQ | LU1054321515 | -9.2% |
| Class NC | LU1054321606 | -9.5% |
| Class NDQ | LU1054321861 | -9.5% |
| Class PFC | LU1054321945 | -9.6% |
| Class PFDQ | LU1054322083 | -9.5% |
| Class TFC | LU1663932728 | -9.0% |
| Class TFD | LU1663932991 | -9.0% |
| Class AUD LCH 1 | LU1196385774 | -8.9% |
| Class AUD LDMH 1 | LU1254146217 | -8.9% |
| Class RMB LDMH 2 | LU1289539220 | -7.5% |
| Class GBP CH RD 3 | LU1220887316 | -8.5% |
| Class HKD LDMH 4 | LU1230072123 | -8.8% |
| Class SEK LCH 5 | LU1289020312 | -9.2% |
| Class SGD LDMH 6 | LU1196386152 | -8.5% |
| Class USD FCH 7 | LU1224427564 | -8.4% |
| Class USD LCH 7 | LU1196394099 | -8.6% |
| Class USD LDMH 7 | LU1254146647 | -8.6% |
| Class USD RDMH 7 | LU1433454672 | -8.2% |
| Class USD TFCH 7 | LU1663933882 | -8.3% |
| 1  in AUD |  |  |

2 
in CNY
3 
in GBP
4 
in HKD
5 
in SEK
6 
in SGD
7 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Multi Opportunities
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 14 698 482.07 | 4.10 |
| Telecommunication Services | 20 787 629.38 | 5.80 |
| Consumer Discretionaries | 30 913 634.79 | 8.62 |
| Consumer Staples | 2 939 011.72 | 0.82 |
| Financials | 19 284 347.08 | 5.37 |
| Basic Materials | 5 249 264.58 | 1.46 |
| Industrials | 8 269 145.77 | 2.31 |
| Utilities | 8 550 829.69 | 2.39 |
| Total equities | 110 692 345.08 | 30.87 |
| 2. Bonds (issuers) Companies | 18 930 062.57 | 5.28 |
| Total bonds | 18 930 062.57 | 5.28 |
| 3. Investment fund units Bond funds | 28 334 523.62 | 7.90 |
| Other funds | 171 027 632.59 | 47.70 |
| Equity funds | 24 591 722.26 | 6.87 |
| Total investment fund units | 223 953 878.47 | 62.47 |
| 4. Derivatives | 596 972.13 | 0.16 |
| 5. Cash at bank | 5 479 368.08 | 1.53 |
| 6. Other assets | 171 285.89 | 0.04 |
| 7. Receivables from share certificate transactions | 20 246.19 | 0.01 |
| II. Liabilities |  |  |
| 1. Short-term liabilities | -71 556.81 | -0.02 |
| 2. Other liabilities | -961 056.58 | -0.26 |
| 3. Liabilities from share certificate transactions | -276 141.77 | -0.08 |
| III. Net assets | 358 535 403.25 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 129 622 407.65 | 36.15 |
| Equities Roche Holding AG ..................................  | Count | 7 931 |  | 2 338 | CHF | 316 | 2 517 623.68 | 0.70 |
| Allianz SE.........................................  | Count | 10 597 |  | 1 908 | EUR | 180.38 | 1 911 486.86 | 0.53 |
| Alstom SA ........................................  | Count | 87 431 |  |  | EUR | 21.36 | 1 867 526.16 | 0.52 |
| AXA SA ..........................................  | Count | 171 471 |  | 30 946 | EUR | 21.42 | 3 672 908.82 | 1.02 |
| Bayer AG .........................................  | Count | 40 931 |  |  | EUR | 56.47 | 2 311 373.57 | 0.64 |
| Deutsche Post AG ..................................  | Count | 50 815 | 17 815 |  | EUR | 35.225 | 1 789 958.38 | 0.50 |
| Deutsche Telekom AG ...............................  | Count | 388 988 |  | 35 072 | EUR | 18.896 | 7 350 317.25 | 2.05 |
| E.ON SE .........................................  | Count | 460 217 |  | 161 040 | EUR | 7.926 | 3 647 679.94 | 1.02 |
| Enel SpA .........................................  | Count | 455 407 |  |  | EUR | 5.215 | 2 374 947.51 | 0.66 |
| EssilorLuxottica SA .................................  | Count | 15 920 |  |  | EUR | 141.35 | 2 250 292.00 | 0.63 |
| Evonik Industries AG ................................  | Count | 98 962 |  | 19 814 | EUR | 20.02 | 1 981 219.24 | 0.55 |
| Infineon Technologies AG ............................  | Count | 92 997 |  |  | EUR | 22.76 | 2 116 611.72 | 0.59 |
| Koninklijke Philips NV ...............................  | Count | 70 800 |  |  | EUR | 20.215 | 1 431 222.00 | 0.40 |
| L‘Oreal SA ........................................  | Count | 3 930 | 3 930 |  | EUR | 324 | 1 273 320.00 | 0.36 |
| Merck KGaA ......................................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ......................................  | Count Count | 7 442 11 283 | 11 283 | 3 326 | EUR EUR | 159.75 221.6 | 1 188 859.50 2 500 312.80 | 0.33 0.70 |
| Sanofi............................................  | Count | 12 611 | 12 611 | 20 538 | EUR | 96.5 | 1 216 961.50 | 0.34 |
| Veolia Environnement SA ............................  | Count | 109 731 |  | 62 059 | EUR | 23.04 | 2 528 202.24 | 0.71 |
| Vinci SA ..........................................  | Count | 29 947 |  | 5 660 | EUR | 84.09 | 2 518 243.23 | 0.70 |
| Volkswagen AG ....................................  | Count | 23 546 | 16 688 |  | EUR | 124.82 | 2 939 011.72 | 0.82 |
| Vonovia SE........................................  | Count | 127 744 | 37 551 |  | EUR | 29.11 | 3 718 627.84 | 1.04 |
| Reckitt Benckiser Group PLC..........................  | Count | 13 735 |  | 13 527 | GBP | 61.34 | 983 738.49 | 0.27 |
| Samsung Electronics Co., Ltd .........................  | Count | 35 000 |  | 7 763 | KRW | 57 000 | 1 475 212.15 | 0.41 |
| Activision Blizzard, Inc. ..............................  | Count | 34 349 | 10 898 |  | USD | 77.29 | 2 548 927.56 | 0.71 |
| Alphabet, Inc. .....................................  | Count | 2 384 |  | 1 288 | USD | 2 172.1 | 4 971 714.20 | 1.39 |
| Amazon.com, Inc. ..................................  | Count | 18 240 | 17 905 | 264 | USD | 103.77 | 1 817 258.63 | 0.51 |
| Amgen, Inc. .......................................  | Count | 9 905 |  |  | USD | 241.94 | 2 300 817.89 | 0.64 |
| AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Count | 197 071 | 73 515 |  | USD | 20.885 | 3 951 639.24 | 1.10 |
| BioNTech SE -ADR- .................................  | Count | 6 177 | 6 177 |  | USD | 144.98 | 859 816.52 | 0.24 |
| Emerson Electric Co.................................  | Count | 9 826 |  | 4 408 | USD | 79.28 | 747 929.20 | 0.21 |
| Johnson & Johnson.................................  | Count | 8 614 |  | 4 054 | USD | 176.37 | 1 458 645.21 | 0.41 |
| JPMorgan Chase & Co...............................  | Count | 25 919 |  | 4 328 | USD | 111.27 | 2 768 958.32 | 0.77 |
| Linde PLC ........................................  | Count | 12 009 |  | 3 234 | USD | 283.44 | 3 268 045.34 | 0.91 |
| Mastercard, Inc. ...................................  | Count | 7 564 |  | 1 456 | USD | 310.68 | 2 256 237.98 | 0.63 |
| Medtronic PLC ....................................  | Count | 37 017 | 37 017 |  | USD | 89.51 | 3 181 213.85 | 0.89 |
| Merck & Co, Inc. ...................................  | Count | 22 761 | 22 761 |  | USD | 92.29 | 2 016 815.05 | 0.56 |
| Microsoft Corp. ....................................  | Count | 22 066 |  | 6 421 | USD | 255.12 | 5 404 906.79 | 1.51 |
| PayPal Holdings, Inc. ................................  | Count | 33 936 | 25 086 |  | USD | 67.98 | 2 214 939.66 | 0.62 |
| Pfizer, Inc. ........................................  | Count | 70 577 |  | 4 094 | USD | 51.5 | 3 489 719.43 | 0.97 |
| Pinterest, Inc. .....................................  | Count | 91 060 | 49 019 |  | USD | 18.36 | 1 605 167.70 | 0.45 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 40 722 |  | 13 824 | USD | 80.64 | 3 152 823.85 | 0.88 |
| Thermo Fisher Scientific, Inc. .........................  | Count | 4 330 |  | 1 847 | USD | 533.59 | 2 218 276.44 | 0.62 |
| Union Pacific Corp. .................................  | Count | 6 666 |  | 3 088 | USD | 210.23 | 1 345 488.80 | 0.38 |
| Visa, Inc. .........................................  | Count | 13 210 |  | 8 367 | USD | 193.63 | 2 455 814.46 | 0.68 |
| Walt Disney Co.....................................  | Count | 12 243 |  |  | USD | 92.86 | 1 091 532.36 | 0.30 |
| Interest-bearing securities 4.75 % Coty, Inc. -Reg- (MTN) 2018/2026 * ............  | EUR | 2 775 000 |  |  | % | 86.379 | 2 397 017.25 | 0.67 |
| 3.25  % Eurofins Scientific SE 2017/perpetual ** ........  | EUR | 2 557 000 |  |  | % | 89.189 | 2 280 562.73 | 0.64 |
| 0.375 % European Investment Bank 2021/2024..........  1.375 % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2024 ..........................  | USD USD | 6 200 000 3 000 000 |  |  | % % | 94.735 96.652 | 5 639 261.55 2 783 890.75 | 1.57 0.78 |
| 0.25  % Kreditanstalt fuer Wiederaufbau 2021/2023 ......  | USD | 6 200 000 |  |  | % | 97.928 | 5 829 330.29 | 1.62 |
| Investment fund units |  |  |  |  |  |  | 223 953 878.47 | 62.47 |
| In-group fund units Deutsche ESG Dynamic Opportunities -SC- EUR - (0.200%) . | Units | 1 289 055 |  | 60 758 | EUR | 54.36 | 70 073 029.80 | 19.54 |
| DWS Concept – DWS Concept Kaldemorgen -IC100- EUR - (0.350%) ...................     | Units | 637 349 |  | 95 293 | EUR | 110.71 | 70 560 907.79 | 19.68 |
| DWS Invest SICAV – Corporate Hybrid Bonds -XD- EUR - (0.200%) ..........................  | Units | 45 582 |  |  | EUR | 88.5 | 4 034 007.00 | 1.13 |
| DWS Invest SICAV – DWS Invest Macro Bonds I -FC- EUR - (0.600%)..........................  | Units | 172 475 |  |  | EUR | 96.08 | 16 571 398.00 | 4.62 |
| DWS Invest SICAV – Global Bonds -IC- EUR - (0.350%).....  DWS Invest SICAV – Invest Euro High Yield Corporates -FC- EUR - (0.650%) .......................  | Units Units | 66 977 12 146 |  | 15 565 | EUR EUR | 88.02 150.98 | 5 895 315.54 1 833 803.08 | 1.64 0.51 |
| Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS ETF -1C- EUR - (0.100%) .......................  | Units | 201 571 |  | 45 286 | EUR | 20.005 | 4 032 427.86 | 1.13 |
| Xtrackers IE Physical Gold ETC Securities EUR - (0.150%)...  | Units | 143 073 | 214 930 | 289 690 | EUR | 26.952 | 3 856 103.50 | 1.08 |
| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) ..  | Units | 620 000 |  |  | USD | 28.06 | 16 703 190.90 | 4.66 |
| Non-group fund units THEAM Quant – Cross Asset High Focus -M- EUR - (0.300%) ...........................  | Units | 264 500 | 52 500 |  | EUR | 114.91 | 30 393 695.00 | 8.48 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total securities portfolio |  |  |  |  |  |  | 353 576 286.12 | 98.62 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | 5 596.50 | 0.00 |
| Equity index futures MSCI World Index 09/2022 (DB) .......................  | Count | 287 | 287 |  |  |  | 5 596.50 | 0.00 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -67 084.11 | -0.02 |
| Interest rate futures Euro BTP Futures 09/2022 (DB) .......................  | Count | -60 |  | 60 |  |  | -233 060.77 | -0.07 |
| Euro SCHATZ Futures 09/2022 (DB) ....................  | Count | -97 | 161 | 258 |  |  | -110 504.68 | -0.03 |
| Germany Federal Republic Bonds 5 year 09/2022 (DB) .....  | Count | -66 | 16 | 82 |  |  | -10 580.00 | 0.00 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) .....  | Count | -59 | 19 | 78 |  |  | 31 260.00 | 0.01 |
| US Treasury Notes 10 year Futures 09/2022 (DB) ..........  | Count | -62 | 17 | 79 |  |  | 125 099.04 | 0.03 |
| US Treasury Notes 2 year Futures 09/2022 (DB)...........  | Count | -72 | 84 | 156 |  |  | -111 185.11 | -0.03 |
| US Treasury Notes 30 year Futures 09/2022 (DB)..........  | Count | -23 | 13 | 36 |  |  | 73 568.61 | 0.02 |
| US Treasury Notes 5 year Futures 09/2022 (DB)...........  | Count | -132 | 197 | 329 |  |  | 168 318.80 | 0.05 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 621 560.04 | 0.17 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions AUD/EUR 1.8 million ................................  |  |  |  |  |  |  | 13 340.24 | 0.00 |
| CHF/EUR 9.5 million ................................  |  |  |  |  |  |  | 143 910.51 | 0.04 |
| CNY/EUR 0.1 million ................................  |  |  |  |  |  |  | 149.32 | 0.00 |
| JPY/EUR 3 737.6 million .............................  |  |  |  |  |  |  | 389 983.86 | 0.11 |
| SEK/EUR 0.4 million ................................  |  |  |  |  |  |  | -134.42 | 0.00 |
| SGD/EUR 7.9 million ................................  |  |  |  |  |  |  | 54 472.37 | 0.01 |
| USD/EUR 10.8 million ...............................  |  |  |  |  |  |  | 162 317.89 | 0.05 |
| Closed positions GBP/EUR 0.1 million ................................  |  |  |  |  |  |  | -15.00 | 0.00 |
| HKD/EUR 18.0 million ...............................  |  |  |  |  |  |  | -2 354.69 | 0.00 |
| USD/EUR 34.9 million ...............................  |  |  |  |  |  |  | -29 656.50 | -0.01 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 7.2 million ................................  |  |  |  |  |  |  | -68 038.46 | -0.02 |
| EUR/HKD 19.0 million ...............................  |  |  |  |  |  |  | -38 247.89 | -0.01 |
| EUR/NOK 53.0 million ...............................  |  |  |  |  |  |  | -4 167.19 | 0.00 |
| Swaps Receivables/payables |  |  |  |  |  |  | 36 899.70 | 0.01 |
| Credit default swaps |  |  |  |  |  |  |  |  |
| Protection buyer iTraxx Crossover / 1% / 20/06/2027 (OTC) (JP) ............   | Count | 1 000 000 | 1 000 000 |  |  |  | 36 899.70 | 0.01 |
| Cash at bank |  |  |  |  |  |  | 5 479 368.08 | 1.53 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 1 266 453.56 | 0.35 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Norwegian krone ...................................  | NOK | 87 698 |  |  |  |  | 8 490.80 | 0.00 |
| Swedish krona .....................................  | SEK | 1 249 790 |  |  |  |  | 116 688.75 | 0.04 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 64 420 |  | 42 692.23 | 0.01 |
| Brazilian real ......................................  | BRL | 523 760 |  | 95 773.94 | 0.03 |
| British pound .....................................  | GBP | 180 079 |  | 210 267.03 | 0.06 |
| Chinese yuan renminbi ..............................  | CNY | 1 053 581 |  | 151 062.11 | 0.04 |
| Hong Kong dollar ..................................  | HKD | 1 051 864 |  | 128 709.05 | 0.03 |
| Japanese yen......................................  | JPY | 282 863 |  | 1 998.15 | 0.00 |
| Mexican peso .....................................  | MXN | 317 137 |  | 15 064.25 | 0.00 |
| Russian rouble .....................................  | RUB | 1 212 170 |  | 21 433.05 | 0.01 |
| Swiss franc .......................................  | CHF | 206 905 |  | 207 848.44 | 0.06 |
| Singapore dollar ...................................  | SGD | 91 825 |  | 63 295.80 | 0.02 |
| South African rand..................................  | ZAR | 10 883 |  | 636.34 | 0.00 |
| South Korean won ..................................  | KRW | 133 821 015 |  | 98 954.58 | 0.03 |
| Time deposits EUR deposits – (EUR deposits (DZ Bank AG, Frankfurt)) ....  | EUR |  |  | 3 050 000.00 | 0.85 |
| Other assets |  |  |  | 171 285.89 | 0.04 |
| Dividends/Distributions receivable .....................  |  |  |  | 50 028.62 | 0.01 |
| Prepaid placement fee *** ...........................  |  |  |  | 11 754.05 | 0.00 |
| Interest receivable .................................  |  |  |  | 108 715.11 | 0.03 |
| Other receivables ..................................  |  |  |  | 788.11 | 0.00 |
| Receivables from share certificate transactions |  |  |  | 20 246.19 | 0.01 |
| Total assets **** |  |  |  | 360 452 103.12 | 100.53 |
| Short-term liabilities |  |  |  | -71 556.81 | -0.02 |
| Loans in non-EU/EEA currencies U.S. dollar ........................................  | USD | -74 530 |  | -71 556.81 | -0.02 |
| Other liabilities |  |  |  | -961 056.58 | -0.26 |
| Liabilities from cost items ............................  |  |  |  | -958 822.02 | -0.26 |
| Additional other liabilities.............................  |  |  |  | -2 234.56 | 0.00 |
| Liabilities from share certificate transactions |  |  |  | -276 141.77 | -0.08 |
| Total liabilities |  |  |  | -1 916 699.87 | -0.53 |
| Net assets |  |  |  | 358 535 403.25 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share |  |  |
| Class AUD LCH ....................................  | AUD | 111.00 |
| Class AUD LDMH ..................................  | AUD | 72.31 |
| Class RMB LDMH ..................................  | CNY | 94.51 |
| Class FC .........................................  | EUR | 114.41 |
| Class FD .........................................  | EUR | 101.34 |
| Class LC .........................................  | EUR | 115.48 |
| Class LD .........................................  | EUR | 100.71 |
| Class LDQ ........................................  | EUR | 87.55 |
| Class NC .........................................  | EUR | 110.91 |
| Class NDQ........................................  | EUR | 84.08 |
| Class PFC ........................................  | EUR | 111.80 |
| Class PFDQ .......................................  | EUR | 84.38 |
| Class TFC.........................................  | EUR | 105.34 |
| Class TFD.........................................  | EUR | 101.80 |
| Class GBP CH RD ..................................  | GBP | 109.04 |
| Class HKD LDMH ..................................  | HKD | 62.69 |
| Class SEK LCH ....................................  | SEK | 1 069.30 |
| Class SGD LDMH ..................................  | SGD | 6.55 |
| Class USD FCH ....................................  | USD | 115.55 |
| Class USD LCH ....................................  | USD | 111.65 |
| Class USD LDMH ..................................  | USD | 73.05 |
| Class USD RDMH ..................................  | USD | 84.89 |
| Class USD TFCH ...................................  | USD | 114.90 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class AUD LCH ....................................  | Count | 5 076.924 |
| Class AUD LDMH ..................................  | Count | 16 310.000 |
| Class RMB LDMH ..................................  | Count | 725.000 |
| Class FC .........................................  | Count | 125 609.534 |
| Class FD .........................................  | Count | 105.000 |
| Class LC .........................................  | Count | 653 816.133 |
| Class LD .........................................  | Count | 4 383.000 |
| Class LDQ ........................................  | Count | 559 007.300 |
| Class NC .........................................  | Count | 669 648.108 |
| Class NDQ........................................  | Count | 1 048 266.440 |
| Class PFC ........................................  | Count | 12 466.000 |
| Class PFDQ .......................................  | Count | 37 605.000 |
| Class TFC.........................................  | Count | 2 552.000 |
| Class TFD.........................................  | Count | 20.000 |
| Class GBP CH RD ..................................  | Count | 72.000 |
| Class HKD LDMH ..................................  | Count | 283 489.247 |
| Class SEK LCH ....................................  | Count | 361.000 |
| Class SGD LDMH ..................................  | Count | 1 203 529.000 |
| Class USD FCH ....................................  | Count | 107.000 |
| Class USD LCH ....................................  | Count | 156 871.417 |
| Class USD LDMH ..................................  | Count | 91 089.920 |
| Class USD RDMH ..................................  | Count | 245 194.000 |
| Class USD TFCH ...................................  | Count | 34.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
60% MSCI All Country World Net TR Index - in EUR, 40% iBoxx Euro Overall Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 67.510 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 110.355 |
| Average market risk exposure.........................  | % | 86.865 |

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 0.6, 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 159 140 237.47 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.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
JP = J.P. Morgan SE
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas S.A., Deutsche Bank AG, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH and UBS AG

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 4.75	% Coty, Inc. -Reg- (MTN) 2018/2026 ......................... | EUR | 211 000 | 182 259.69 |  |
| Total receivables from securities loans |  |  | 182 259.69 | 182 259.69 |
| Contracting parties for securities loans Morgan Stanley Europe SE FI |  |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Equities |  |  | EUR EUR | 195 517.42 195 517.42 |

 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar ..................     | AUD | 1.508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brazilian real ....................  | BRL | 5.468708 | = | EUR | 1 |
| Swiss franc .....................  | CHF | 0.995461 | = | EUR | 1 |
| Chinese yuan renminbi ............  | CNY | 6.974476 | = | EUR | 1 |
| British pound ...................  | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 8.172414 | = | EUR | 1 |
| Japanese yen ...................  | JPY | 141.562199 | = | EUR | 1 |
| South Korean won................  | KRW | 1 352.347861 | = | EUR | 1 |
| Mexican peso ...................  | MXN | 21.052319 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.328526 | = | EUR | 1 |
| Russian rouble...................  | RUB | 56.556137 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.710462 | = | EUR | 1 |
| Singapore dollar .................  | SGD | 1.450722 | = | EUR | 1 |
| U.S. dollar ......................  | USD | 1.041549 | = | EUR | 1 |
| South African rand................  | ZAR | 17.102243 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnotes	
* Some or all of these securities are lent.
** Floating interest rate.
*** The prepaid placement fee is amortized over a period of three years (as specified in article 13 (f) of the general section of the fund’s management regulations).
**** Does not include positions with a negative balance, if such exist.

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

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1054321358 | -9,2% |
| Klasse FC | LU1054322166 | -9,0% |
| Klasse FD | LU1254146480 | -9,0% |
| Klasse LD | LU1254146563 | -9,2% |
| Klasse LDQ | LU1054321515 | -9,2% |
| Klasse NC | LU1054321606 | -9,5% |
| Klasse NDQ | LU1054321861 | -9,5% |
| Klasse PFC | LU1054321945 | -9,6% |
| Klasse PFDQ | LU1054322083 | -9,5% |
| Klasse TFC | LU1663932728 | -9,0% |
| Klasse TFD | LU1663932991 | -9,0% |
| Klasse AUD LCH 1) | LU1196385774 | -8,9% |
| Klasse AUD LDMH 1) | LU1254146217 | -8,9% |
| Klasse RMB LDMH 2) | LU1289539220 | -7,5% |
| Klasse GBP CH RD 3) | LU1220887316 | -8,5% |
| Klasse HKD LDMH 4) | LU1230072123 | -8,8% |
| Klasse SEK LCH 5) | LU1289020312 | -9,2% |
| Klasse SGD LDMH 6) | LU1196386152 | -8,5% |
| Klasse USD FCH 7) | LU1224427564 | -8,4% |
| Klasse USD LCH 7) | LU1196394099 | -8,6% |
| Klasse USD LDMH 7) | LU1254146647 | -8,6% |
| Klasse USD RDMH 7) | LU1433454672 | -8,2% |
| Klasse USD TFCH 7) | LU1663933882 | -8,3% |

1) 
in AUD
2) 
in CNY
3) 
in GBP
4) 
in HKD
5) 
in SEK
6) 
in SGD
7) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest Multi Opportunities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 14 698 482,07 | 4,10 |
| Telekommunikationsdienste | 20 787 629,38 | 5,80 |
| Dauerhafte Konsumgüter | 30 913 634,79 | 8,62 |
| Hauptverbrauchsgüter | 2 939 011,72 | 0,82 |
| Finanzsektor | 19 284 347,08 | 5,37 |
| Grundstoffe | 5 249 264,58 | 1,46 |
| Industrien | 8 269 145,77 | 2,31 |
| Versorger | 8 550 829,69 | 2,39 |
| Summe Aktien | 110 692 345,08 | 30,87 |
| 2. Anleihen (Emittenten) Unternehmen | 18 930 062,57 | 5,28 |
| Summe Anleihen | 18 930 062,57 | 5,28 |
| 3. Investmentanteile Rentenfonds | 28 334 523,62 | 7,90 |
| Sonstige Fonds | 171 027 632,59 | 47,70 |
| Aktienfonds | 24 591 722,26 | 6,87 |
| Summe Investmentanteile | 223 953 878,47 | 62,47 |
| 4. Derivate | 596 972,13 | 0,16 |
| 5. Bankguthaben | 5 479 368,08 | 1,53 |
| 6. Sonstige Vermögensgegenstände | 171 285,89 | 0,04 |
| 7. Forderungen aus Anteilscheingeschäften | 20 246,19 | 0,01 |
| II. Verbindlichkeiten |  |  |
| 1. Kurzfristige Verbindlichkeiten | -71 556,81 | -0,02 |
| 2. Sonstige Verbindlichkeiten | -961 056,58 | -0,26 |
| 3. Verbindlichkeiten aus Anteilscheingeschäften | -276 141,77 | -0,08 |
| III. Fondsvermögen | 358 535 403,25 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 129 622 407,65 | 36,15 |
| Aktien Roche Holding AG .................................  | Stück | 7 931 |  | 2 338 | CHF | 316 | 2 517 623,68 | 0,70 |
| Allianz SE ........................................  | Stück | 10 597 |  | 1 908 | EUR | 180,38 | 1 911 486,86 | 0,53 |
| Alstom SA .......................................  | Stück | 87 431 |  |  | EUR | 21,36 | 1 867 526,16 | 0,52 |
| AXA SA ..........................................  | Stück | 171 471 |  | 30 946 | EUR | 21,42 | 3 672 908,82 | 1,02 |
| Bayer AG ........................................  | Stück | 40 931 |  |  | EUR | 56,47 | 2 311 373,57 | 0,64 |
| Deutsche Post AG .................................  | Stück | 50 815 | 17 815 |  | EUR | 35,225 | 1 789 958,38 | 0,50 |
| Deutsche Telekom AG ..............................  | Stück | 388 988 |  | 35 072 | EUR | 18,896 | 7 350 317,25 | 2,05 |
| E.ON SE .........................................  | Stück | 460 217 |  | 161 040 | EUR | 7,926 | 3 647 679,94 | 1,02 |
| Enel SpA .........................................  | Stück | 455 407 |  |  | EUR | 5,215 | 2 374 947,51 | 0,66 |
| EssilorLuxottica SA .................................  | Stück | 15 920 |  |  | EUR | 141,35 | 2 250 292,00 | 0,63 |
| Evonik Industries AG ...............................  | Stück | 98 962 |  | 19 814 | EUR | 20,02 | 1 981 219,24 | 0,55 |
| Infineon Technologies AG ...........................  | Stück | 92 997 |  |  | EUR | 22,76 | 2 116 611,72 | 0,59 |
| Koninklijke Philips NV ...............................  | Stück | 70 800 |  |  | EUR | 20,215 | 1 431 222,00 | 0,40 |
| L‘Oreal SA .......................................  | Stück | 3 930 | 3 930 |  | EUR | 324 | 1 273 320,00 | 0,36 |
| Merck KGaA ......................................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen .....................................  | Stück Stück | 7 442 11 283 | 11 283 | 3 326 | EUR EUR | 159,75 221,6 | 1 188 859,50 2 500 312,80 | 0,33 0,70 |
| Sanofi ...........................................  | Stück | 12 611 | 12 611 | 20 538 | EUR | 96,5 | 1 216 961,50 | 0,34 |
| Veolia Environnement SA ............................  | Stück | 109 731 |  | 62 059 | EUR | 23,04 | 2 528 202,24 | 0,71 |
| Vinci SA .........................................  | Stück | 29 947 |  | 5 660 | EUR | 84,09 | 2 518 243,23 | 0,70 |
| Volkswagen AG ...................................  | Stück | 23 546 | 16 688 |  | EUR | 124,82 | 2 939 011,72 | 0,82 |
| Vonovia SE .......................................  | Stück | 127 744 | 37 551 |  | EUR | 29,11 | 3 718 627,84 | 1,04 |
| Reckitt Benckiser Group PLC .........................  | Stück | 13 735 |  | 13 527 | GBP | 61,34 | 983 738,49 | 0,27 |
| Samsung Electronics Co., Ltd ........................  | Stück | 35 000 |  | 7 763 | KRW | 57 000 | 1 475 212,15 | 0,41 |
| Activision Blizzard, Inc. ..............................  | Stück | 34 349 | 10 898 |  | USD | 77,29 | 2 548 927,56 | 0,71 |
| Alphabet, Inc. .....................................  | Stück | 2 384 |  | 1 288 | USD | 2 172,1 | 4 971 714,20 | 1,39 |
| Amazon.com, Inc. ..................................  | Stück | 18 240 | 17 905 | 264 | USD | 103,77 | 1 817 258,63 | 0,51 |
| Amgen, Inc. ......................................  | Stück | 9 905 |  |  | USD | 241,94 | 2 300 817,89 | 0,64 |
| AT&T, Inc. ........................................  | Stück | 197 071 | 73 515 |  | USD | 20,885 | 3 951 639,24 | 1,10 |
| BioNTech SE -ADR- ................................  | Stück | 6 177 | 6 177 |  | USD | 144,98 | 859 816,52 | 0,24 |
| Emerson Electric Co. ...............................  | Stück | 9 826 |  | 4 408 | USD | 79,28 | 747 929,20 | 0,21 |
| Johnson & Johnson ................................  | Stück | 8 614 |  | 4 054 | USD | 176,37 | 1 458 645,21 | 0,41 |
| JPMorgan Chase & Co. .............................  | Stück | 25 919 |  | 4 328 | USD | 111,27 | 2 768 958,32 | 0,77 |
| Linde PLC ........................................  | Stück | 12 009 |  | 3 234 | USD | 283,44 | 3 268 045,34 | 0,91 |
| Mastercard, Inc. ...................................  | Stück | 7 564 |  | 1 456 | USD | 310,68 | 2 256 237,98 | 0,63 |
| Medtronic PLC ....................................  | Stück | 37 017 | 37 017 |  | USD | 89,51 | 3 181 213,85 | 0,89 |
| Merck & Co, Inc. ..................................  | Stück | 22 761 | 22 761 |  | USD | 92,29 | 2 016 815,05 | 0,56 |
| Microsoft Corp. ...................................  | Stück | 22 066 |  | 6 421 | USD | 255,12 | 5 404 906,79 | 1,51 |
| PayPal Holdings, Inc. ...............................  | Stück | 33 936 | 25 086 |  | USD | 67,98 | 2 214 939,66 | 0,62 |
| Pfizer, Inc. ........................................  | Stück | 70 577 |  | 4 094 | USD | 51,5 | 3 489 719,43 | 0,97 |
| Pinterest, Inc. .....................................  | Stück | 91 060 | 49 019 |  | USD | 18,36 | 1 605 167,70 | 0,45 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- .....  | Stück | 40 722 |  | 13 824 | USD | 80,64 | 3 152 823,85 | 0,88 |
| Thermo Fisher Scientific, Inc. .........................  | Stück | 4 330 |  | 1 847 | USD | 533,59 | 2 218 276,44 | 0,62 |
| Union Pacific Corp. .................................  | Stück | 6 666 |  | 3 088 | USD | 210,23 | 1 345 488,80 | 0,38 |
| Visa, Inc. .........................................  | Stück | 13 210 |  | 8 367 | USD | 193,63 | 2 455 814,46 | 0,68 |
| Walt Disney Co. ...................................  | Stück | 12 243 |  |  | USD | 92,86 | 1 091 532,36 | 0,30 |
| Verzinsliche Wertpapiere 4,75	% Coty, Inc. -Reg- (MTN) 2018/2026 * ..........  | EUR | 2 775 000 |  |  | % | 86,379 | 2 397 017,25 | 0,67 |
| 3,25	% Eurofins Scientific SE 2017/perpetual ** .......  | EUR | 2 557 000 |  |  | % | 89,189 | 2 280 562,73 | 0,64 |
| 0,375 % European Investment Bank 2021/2024 ........ 1,375 % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2024 .........................  | USD USD | 6 200 000 3 000 000 |  |  | % % | 94,735 96,652 | 5 639 261,55 2 783 890,75 | 1,57 0,78 |
| 0,25	% Kreditanstalt fuer Wiederaufbau 2021/2023 ....  | USD | 6 200 000 |  |  | % | 97,928 | 5 829 330,29 | 1,62 |
| Investmentanteile |  |  |  |  |  |  | 223 953 878,47 | 62,47 |
| Gruppeneigene Investmentanteile Deutsche ESG Dynamic Opportunities -SC- EUR - (0,200%) | Anteile | 1 289 055 |  | 60 758 | EUR | 54,36 | 70 073 029,80 | 19,54 |
| DWS Concept – DWS Concept Kaldemorgen -IC100- EUR - (0,350%) ..................  | Anteile | 637 349 |  | 95 293 | EUR | 110,71 | 70 560 907,79 | 19,68 |
| DWS Invest SICAV – Corporate Hybrid Bonds -XD- EUR - (0,200%) ..........................  | Anteile | 45 582 |  |  | EUR | 88,5 | 4 034 007,00 | 1,13 |
| DWS Invest SICAV – DWS Invest Macro Bonds I -FC- EUR - (0,600%) .........................  | Anteile | 172 475 |  |  | EUR | 96,08 | 16 571 398,00 | 4,62 |
| DWS Invest SICAV – Global Bonds -IC- EUR - (0,350%) .... DWS Invest SICAV – Invest Euro High Yield Corporates -FC- EUR - (0,650%) ......................  | Anteile Anteile | 66 977 12 146 |  | 15 565 | EUR EUR | 88,02 150,98 | 5 895 315,54 1 833 803,08 | 1,64 0,51 |
| Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS ETF -1C- EUR - (0,100%) ......................  | Anteile | 201 571 |  | 45 286 | EUR | 20,005 | 4 032 427,86 | 1,13 |
| Xtrackers IE Physical Gold ETC Securities EUR - (0,150%) ..  | Anteile | 143 073 | 214 930 | 289 690 | EUR | 26,952 | 3 856 103,50 | 1,08 |
| Xtrackers IE Physical Gold ETC Securities USD - (0,150%) ..  | Anteile | 620 000 |  |  | USD | 28,06 | 16 703 190,90 | 4,66 |
| Gruppenfremde Investmentanteile THEAM Quant – Cross Asset High Focus -M- EUR - (0,300%) ...........................  | Anteile | 264 500 | 52 500 |  | EUR | 114,91 | 30 393 695,00 | 8,48 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Summe Wertpapiervermögen |  |  |  | 353 576 286,12 | 98,62 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  | 5 596,50 | 0,00 |
| Aktienindex-Terminkontrakte MSCI World Index 09/2022 (DB) ......................	Stück	287 | 287 |  | 5 596,50 | 0,00 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -67 084,11 | -0,02 |
| Zinsterminkontrakte Euro BTP Futures 09/2022 (DB) .......................	Stück	-60 |  | 60 | -233 060,77 | -0,07 |
| Euro SCHATZ Futures 09/2022 (DB) ...................	Stück	-97 | 161 | 258 | -110 504,68 | -0,03 |
| Germany Federal Republic Bonds 5 year 09/2022 (DB) .....	Stück	-66 | 16 | 82 | -10 580,00 | 0,00 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....	Stück	-59 | 19 | 78 | 31 260,00 | 0,01 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........	Stück	-62 | 17 | 79 | 125 099,04 | 0,03 |
| US Treasury Notes 2 year Futures 09/2022 (DB) ..........	Stück	-72 | 84 | 156 | -111 185,11 | -0,03 |
| US Treasury Notes 30 year Futures 09/2022 (DB) .........	Stück	-23 | 13 | 36 | 73 568,61 | 0,02 |
| US Treasury Notes 5 year Futures 09/2022 (DB) ..........	Stück	-132 | 197 | 329 | 168 318,80 | 0,05 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 621 560,04 | 0,17 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen AUD/EUR 1,8 Mio. .................................  |  |  | 13 340,24 | 0,00 |
| CHF/EUR 9,5 Mio. .................................  |  |  | 143 910,51 | 0,04 |
| CNY/EUR 0,1 Mio. .................................  |  |  | 149,32 | 0,00 |
| JPY/EUR 3 737,6 Mio. ..............................  |  |  | 389 983,86 | 0,11 |
| SEK/EUR 0,4 Mio. .................................  |  |  | -134,42 | 0,00 |
| SGD/EUR 7,9 Mio. .................................  |  |  | 54 472,37 | 0,01 |
| USD/EUR 10,8 Mio. ................................  |  |  | 162 317,89 | 0,05 |
| Geschlossene Positionen GBP/EUR 0,1 Mio. .................................  |  |  | -15,00 | 0,00 |
| HKD/EUR 18,0 Mio. ................................  |  |  | -2 354,69 | 0,00 |
| USD/EUR 34,9 Mio. ................................  |  |  | -29 656,50 | -0,01 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 7,2 Mio. .................................  |  |  | -68 038,46 | -0,02 |
| EUR/HKD 19,0 Mio. ................................  |  |  | -38 247,89 | -0,01 |
| EUR/NOK 53,0 Mio. ................................  |  |  | -4 167,19 | 0,00 |
| Swaps Forderungen/Verbindlichkeiten |  |  | 36 899,70 | 0,01 |
| Credit Default Swaps |  |  |  |  |
| Protection buyer iTraxx Crossover / 1% / 20/06/2027 (OTC) (JP) ...........	Stück	1 000 000 | 1 000 000 |  | 36 899,70 | 0,01 |
| Bankguthaben |  |  | 5 479 368,08 | 1,53 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 1 266 453,56 | 0,35 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Norwegische Kronen ...............................	NOK	87 698 |  |  | 8 490,80 | 0,00 |
| Schwedische Kronen ...............................	SEK	1 249 790 |  |  | 116 688,75 | 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 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 64 420 |  | 42 692,23 | 0,01 |
| Brasilianischer Real ................................  | BRL | 523 760 |  | 95 773,94 | 0,03 |
| Britisches Pfund ...................................  | GBP | 180 079 |  | 210 267,03 | 0,06 |
| Chinesischer Renminbi ..............................  | CNY | 1 053 581 |  | 151 062,11 | 0,04 |
| Hongkong Dollar ...................................  | HKD | 1 051 864 |  | 128 709,05 | 0,03 |
| Japanischer Yen ...................................  | JPY | 282 863 |  | 1 998,15 | 0,00 |
| Mexikanischer Peso ................................  | MXN | 317 137 |  | 15 064,25 | 0,00 |
| Russischer Rubel ..................................  | RUB | 1 212 170 |  | 21 433,05 | 0,01 |
| Schweizer Franken .................................  | CHF | 206 905 |  | 207 848,44 | 0,06 |
| Singapur Dollar ....................................  | SGD | 91 825 |  | 63 295,80 | 0,02 |
| Südafrikanischer Rand ..............................  | ZAR | 10 883 |  | 636,34 | 0,00 |
| Südkoreanischer Won ..............................  | KRW | 133 821 015 |  | 98 954,58 | 0,03 |
| Termingelder EUR Guthaben – (EUR - Guthaben (DZ Bank AG, Frankfurt)) | EUR |  |  | 3 050 000,00 | 0,85 |
| Sonstige Vermögensgegenstände |  |  |  | 171 285,89 | 0,04 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 50 028,62 | 0,01 |
| Abgegrenzte Platzierungsgebühr *** ...................  |  |  |  | 11 754,05 | 0,00 |
| Zinsansprüche .....................................  |  |  |  | 108 715,11 | 0,03 |
| Sonstige Ansprüche ................................  |  |  |  | 788,11 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 20 246,19 | 0,01 |
| Summe der Vermögensgegenstände **** |  |  |  | 360 452 103,12 | 100,53 |
| Kurzfristige Verbindlichkeiten |  |  |  | -71 556,81 | -0,02 |
| Kredite in Nicht-EU/EWR-Währungen US-Dollar ........................................  | USD | -74 530 |  | -71 556,81 | -0,02 |
| Sonstige Verbindlichkeiten |  |  |  | -961 056,58 | -0,26 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -958 822,02 | -0,26 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -2 234,56 | 0,00 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -276 141,77 | -0,08 |
| Summe der Verbindlichkeiten |  |  |  | -1 916 699,87 | -0,53 |
| Fondsvermögen |  |  |  | 358 535 403,25 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert |  |  |
| Klasse AUD LCH ..................................  | AUD | 111,00 |
| Klasse AUD LDMH .................................  | AUD | 72,31 |
| Klasse RMB LDMH ................................  | CNY | 94,51 |
| Klasse FC ........................................  | EUR | 114,41 |
| Klasse FD ........................................  | EUR | 101,34 |
| Klasse LC ........................................  | EUR | 115,48 |
| Klasse LD ........................................  | EUR | 100,71 |
| Klasse LDQ .......................................  | EUR | 87,55 |
| Klasse NC ........................................  | EUR | 110,91 |
| Klasse NDQ ......................................  | EUR | 84,08 |
| Klasse PFC .......................................  | EUR | 111,80 |
| Klasse PFDQ .....................................  | EUR | 84,38 |
| Klasse TFC .......................................  | EUR | 105,34 |
| Klasse TFD .......................................  | EUR | 101,80 |
| Klasse GBP CH RD .................................  | GBP | 109,04 |
| Klasse HKD LDMH .................................  | HKD | 62,69 |
| Klasse SEK LCH ...................................  | SEK | 1 069,30 |
| Klasse SGD LDMH .................................  | SGD | 6,55 |
| Klasse USD FCH ..................................  | USD | 115,55 |
| Klasse USD LCH ..................................  | USD | 111,65 |
| Klasse USD LDMH .................................  | USD | 73,05 |
| Klasse USD RDMH  ................................  | USD | 84,89 |
| Klasse USD TFCH .................................  | USD | 114,90 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse AUD LCH ..................................  | Stück | 5 076,924 |
| Klasse AUD LDMH .................................  | Stück | 16 310,000 |
| Klasse RMB LDMH ................................  | Stück | 725,000 |
| Klasse FC ........................................  | Stück | 125 609,534 |
| Klasse FD ........................................  | Stück | 105,000 |
| Klasse LC ........................................  | Stück | 653 816,133 |
| Klasse LD ........................................  | Stück | 4 383,000 |
| Klasse LDQ .......................................  | Stück | 559 007,300 |
| Klasse NC ........................................  | Stück | 669 648,108 |
| Klasse NDQ ......................................  | Stück | 1 048 266,440 |
| Klasse PFC .......................................  | Stück | 12 466,000 |
| Klasse PFDQ .....................................  | Stück | 37 605,000 |
| Klasse TFC .......................................  | Stück | 2 552,000 |
| Klasse TFD .......................................  | Stück | 20,000 |
| Klasse GBP CH RD .................................  | Stück | 72,000 |
| Klasse HKD LDMH .................................  | Stück | 283 489,247 |
| Klasse SEK LCH ...................................  | Stück | 361,000 |
| Klasse SGD LDMH .................................  | Stück | 1 203 529,000 |
| Klasse USD FCH ..................................  | Stück | 107,000 |
| Klasse USD LCH ..................................  | Stück | 156 871,417 |
| Klasse USD LDMH .................................  | Stück | 91 089,920 |
| Klasse USD RDMH  ................................  | Stück | 245 194,000 |
| Klasse USD TFCH .................................  | Stück | 34,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 60% MSCI All Country World Net TR Index - in EUR, 40% iBoxx Euro Overall Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 67,510 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 110,355 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 86,865 |

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 0,6, 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 159 140 237,47. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
JP = J.P. Morgan SE
Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas S.A., Deutsche Bank AG, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH und UBS AG

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 4,75	% Coty, Inc. -Reg- (MTN) 2018/2026	EUR | 211 000 | 182 259,69 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 182 259,69 | 182 259,69 |
| Vertragspartner der Wertpapier-Darlehen Morgan Stanley Europe SE FI |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Aktien |  | EUR EUR | 195 517,42 195 517,42 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar ..............  | AUD | 1,508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brasilianischer Real ..............  | BRL | 5,468708 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR | 1 |
| Chinesischer Renminbi ............  | CNY | 6,974476 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 141,562199 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 352,347861 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 21,052319 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,328526 | = | EUR | 1 |
| Russischer Rubel ................  | RUB | 56,556137 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,710462 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,450722 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 17,102243 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile (“Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnoten	
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Variabler Zinssatz.
*** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 13 f) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
**** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.