# DWS Invest Corporate Hybrid Bonds
DWS INVEST CORPORATE HYBRID BONDS

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1245923484 | -20.6% |
| Class FC | LU1245923302 | -20.5% |
| Class FC10 | LU2112817668 | -20.4% |
| Class FD | LU1576724287 | -20.5% |
| Class LD | LU1245923641 | -20.6% |
| Class TFC | LU1663846050 | -20.5% |
| Class TFD | LU1663847967 | -20.5% |
| Class XC | LU1292896948 | -20.3% |
| Class XD | LU1292897086 | -20.3% |
| Class CHF FCH 1 | LU1292896518 | -20.5% |
| Class CHF LCH 1 | LU1292896609 | -20.6% |
| Class SGD LDMH 2 | LU1532502355 | -20.0% |
| Class USD FCH 3 | LU1292896781 | -19.9% |
| Class USD FDH 3 | LU1532502272 | -19.9% |
| Class USD FDQH 3 | LU1550205394 | -19.9% |
| Class USD LCH 3 | LU1292896864 | -20.0% |
| Class USD LDMH 3 | LU1532502439 | -20.0% |

1 
in CHF
2 
in SGD
3 
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 Corporate Hybrid Bonds
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 130 450 706.68 | 92.08 |
| Total bonds | 130 450 706.68 | 92.08 |
| 2. Derivatives | 326 682.26 | 0.23 |
| 3. Cash at bank | 8 677 757.55 | 6.13 |
| 4. Other assets | 2 075 853.47 | 1.46 |
| 5. Receivables from share certificate transactions | 348 890.40 | 0.25 |
| II. Liabilities |  |  |
| 1. Other liabilities | -209 652.42 | -0.15 |
| III. Net assets | 141 670 237.94 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 130 450 706.68 | 92.08 |
| Interest-bearing securities 3.248 % Abertis Infraestructuras Finance BV 2020/perpetual * ..........................  | EUR | 400 000 |  |  | % | 80.254 | 321 016.00 | 0.23 |
| 2.625 % Abertis Infraestructuras Finance BV 2021/perpetual * ..........................  | EUR | 1 100 000 |  |  | % | 72.407 | 796 477.00 | 0.56 |
| 3.875 % Akelius Residential Property AB 2018/2078 * ....  | EUR | 1 144 000 |  | 1 136 000 | % | 93.821 | 1 073 312.24 | 0.76 |
| 1.625 % Alliander NV 2018/perpetual * ................  | EUR | 575 000 |  |  | % | 88.876 | 511 037.00 | 0.36 |
| 6.375 % America Movil SAB de CV 2013/2073 * ........ 1.875 % American Medical Systems Europe BV 2022/2034 ...............................  | EUR EUR | 100 000 570 000 | 570 000 |  | % % | 101.689 83.214 | 101 689.00 474 319.80 | 0.07 0.33 |
| 1.50  % Arkema SA 2020/perpetual * .................  | EUR | 500 000 |  |  | % | 85.884 | 429 420.00 | 0.30 |
| 1.625 % AusNet Services Holdings (MTN) 2021/2081 * ...  | EUR | 5 450 000 | 3 500 000 | 2 000 000 | % | 76.07 | 4 145 815.00 | 2.93 |
| 3.75  % Bayer AG 2014/2074 * ......................  | EUR | 900 000 |  |  | % | 90.386 | 813 474.00 | 0.57 |
| 3.125 % Bayer AG 2019/2079 * ......................  | EUR | 2 400 000 |  |  | % | 76.524 | 1 836 576.00 | 1.30 |
| 3.625 % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 4 250 000 |  | 1 600 000 | % | 83.81 | 3 561 925.00 | 2.51 |
| 1.60  % Deutsche Bahn Finance GmbH 2019/perpetual * . | EUR | 700 000 | 700 000 |  | % | 77.734 | 544 138.00 | 0.38 |
| 1.25  % Deutsche Boerse AG 2020/2047 * ............  | EUR | 200 000 |  |  | % | 84.352 | 168 704.00 | 0.12 |
| 1.875 % EDP - Energias de Portugal SA 2021/2081 * .....  | EUR | 1 400 000 |  |  | % | 81.066 | 1 134 924.00 | 0.80 |
| 5.375 % Electricite de France SA (MTN) 2013/perpetual * . | EUR | 1 500 000 |  |  | % | 91.672 | 1 375 080.00 | 0.97 |
| 5.00  % Electricite de France SA (MTN) 2014/perpetual * . | EUR | 1 500 000 |  |  | % | 88.038 | 1 320 570.00 | 0.93 |
| 4.00  % Electricite de France SA 2018/perpetual * .......  | EUR | 2 200 000 |  | 500 000 | % | 91.925 | 2 022 350.00 | 1.43 |
| 3.00  % Electricite de France SA 2019/perpetual * .......  | EUR | 1 800 000 |  |  | % | 76.446 | 1 376 028.00 | 0.97 |
| 3.375 % Electricite de France SA 2020/perpetual * .......  | EUR | 2 000 000 |  |  | % | 65.569 | 1 311 380.00 | 0.93 |
| 2.625 % Electricite de France SA 2021/perpetual * .......  3.75 % ELM BV for Firmenich International SA 2020/perpetual * ..........................  | EUR EUR | 800 000 3 220 000 |  | 1 000 000 | % % | 70.789 92.234 | 566 312.00 2 969 934.80 | 0.40 2.10 |
| 1.625 % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
| 2019/2079 * ** ............................  | EUR | 6 200 000 | % | 78.382 | 4 859 684.00 | 3.43 |
| 1.125 % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
| 2019/2079 * ..............................  | EUR | 200 000 | % | 88.873 | 177 746.00 | 0.13 |
| 1.875 % EnBW Energie Baden-Wuerttemberg AG 2020/2080 * ..............................  | EUR | 600 000 |  |  | % | 84.63 | 507 780.00 | 0.36 |
| 3.375 % Enel SpA 2018/perpetual * ..................  | EUR | 4 900 000 |  |  | % | 88.042 | 4 314 058.00 | 3.05 |
| 2.25  % Enel SpA 2020/perpetual * ..................  | EUR | 1 890 000 |  |  | % | 82.64 | 1 561 896.00 | 1.10 |
| 1.875 % Enel SpA 2021/perpetual * ..................  | EUR | 2 380 000 |  |  | % | 66.819 | 1 590 292.20 | 1.12 |
| 3.25  % Engie SA 2019/perpetual * ..................  | EUR | 2 800 000 |  |  | % | 94.553 | 2 647 484.00 | 1.87 |
| 1.50  % Engie SA 2020/perpetual * ..................  | EUR | 1 900 000 |  | 1 500 000 | % | 76.647 | 1 456 293.00 | 1.03 |
| 1.875 % Engie SA 2021/perpetual * ..................  | EUR | 500 000 |  | 2 500 000 | % | 69.283 | 346 415.00 | 0.24 |
| 2.625 % Eni SpA 2020/perpetual * ...................  | EUR | 1 440 000 |  |  | % | 89.379 | 1 287 057.60 | 0.91 |
| 3.375 % Eni SpA 2020/perpetual * ...................  | EUR | 4 300 000 | 1 000 000 |  | % | 78.92 | 3 393 560.00 | 2.40 |
| 2.00  % Eni SpA 2021/perpetual * ...................  | EUR | 1 660 000 | 800 000 |  | % | 81.254 | 1 348 816.40 | 0.95 |
| 2.75  % Eni SpA 2021/perpetual * ...................  | EUR | 580 000 |  |  | % | 73.856 | 428 364.80 | 0.30 |
| 2.625 % Euroclear Investments SA 2018/2048 * ........  | EUR | 200 000 | 200 000 |  | % | 90.322 | 180 644.00 | 0.13 |
| 1.375 % Euroclear Investments SA 2021/2051 * ........  | EUR | 1 000 000 |  |  | % | 70.106 | 701 060.00 | 0.50 |
| 3.00 % Fastighets AB Balder 2017/2078 * ** ..........  | EUR | 2 531 000 |  | 300 000 | % | 75.928 | 1 921 737.68 | 1.36 |
| 1.50  % Grand City Properties SA (MTN) 2020/perpetual * | EUR | 1 900 000 |  |  | % | 69.829 | 1 326 751.00 | 0.94 |
| 3.248 % Heimstaden Bostad AB 2019/perpetual * .......  | EUR | 4 220 000 |  |  | % | 60.779 | 2 564 873.80 | 1.81 |
| 3.375 % Heimstaden Bostad AB 2020/perpetual * .......  | EUR | 1 080 000 |  |  | % | 59.493 | 642 524.40 | 0.45 |
| 2.25 % Iberdrola International BV 2020/perpetual * ......  | EUR | 5 100 000 |  | 2 000 000 | % | 77.933 | 3 974 583.00 | 2.81 |
| 1.825 % Iberdrola International BV 2021/perpetual * ......  | EUR | 4 400 000 |  |  | % | 73.214 | 3 221 416.00 | 2.27 |
| 3.625 % Infineon Technologies AG 2019/perpetual * .....  | EUR | 1 600 000 |  |  | % | 87.653 | 1 402 448.00 | 0.99 |
| 2.85  % Koninklijke FrieslandCampina NV 2020/perpetual * | EUR | 560 000 |  | 900 000 | % | 88.087 | 493 287.20 | 0.35 |
| 2.875 % Merck KGaA 2019/2079 * ...................  | EUR | 5 700 000 |  |  | % | 85.28 | 4 860 960.00 | 3.43 |
| 1.625 % Merck KGaA 2020/2080 * ...................  | EUR | 500 000 |  |  | % | 87.281 | 436 405.00 | 0.31 |
| 6.25  % OMV AG 2015/perpetual * ...................  | EUR | 100 000 |  |  | % | 102.305 | 102 305.00 | 0.07 |
| 2.50  % OMV AG 2020/perpetual * ...................  | EUR | 1 000 000 | 1 000 000 |  | % | 86.428 | 864 280.00 | 0.61 |
| 2.875 % OMV AG 2020/perpetual * ...................  | EUR | 3 500 000 | 1 000 000 |  | % | 80.505 | 2 817 675.00 | 1.99 |
| 5.00  % Orange SA (MTN) 2014/perpetual * ............  | EUR | 3 400 000 |  |  | % | 100.991 | 3 433 694.00 | 2.42 |
| 1.375 % Orange SA (MTN) 2021/perpetual * ............  | EUR | 600 000 |  |  | % | 74.769 | 448 614.00 | 0.32 |
| 2.25  % Orsted AS 2017/3017 * .....................  | EUR | 200 000 |  |  | % | 95.271 | 190 542.00 | 0.13 |
| 1.50  % Orsted AS 2021/3021 * .....................  | EUR | 260 000 |  |  | % | 73.658 | 191 510.80 | 0.14 |
| 4.25 % Rakuten Group, Inc. -Reg- 2021/perpetual * ..... 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ** ........................  | EUR EUR | 1 620 000 2 640 000 |  |  | % % | 69.897 33.807 | 1 132 331.40 892 504.80 | 0.80 0.63 |
| 2.875 % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
| 2021/perpetual * ..........................  | EUR | 1 670 000 |  | % | 33.117 | 553 053.90 | 0.39 |
| 1.875 % Southern Co. 2021/2081 * ...................  | EUR | 3 860 000 |  | % | 68.62 | 2 648 732.00 | 1.87 |
| 4.00  % SSE PLC 2022/perpetual * ...................  | EUR | 4 440 000 | 4 440 000 | % | 86.594 | 3 844 773.60 | 2.71 |
| 1.50  % Stedin Holding NV 2021/perpetual * ...........  | EUR | 4 040 000 |  | % | 84.449 | 3 411 739.60 | 2.41 |
| 2.376 % Telefonica Europe BV 2021/perpetual * .........  | EUR | 1 200 000 |  | % | 71.149 | 853 788.00 | 0.60 |
| 1.375 % Telia Co. AB 2020/2081 * ...................  | EUR | 430 000 |  | % | 88.89 | 382 227.00 | 0.27 |
| 2.75  % Telia Co. AB 2022/2083 * ...................  | EUR | 1 000 000 | 1 000 000 | % | 88.625 | 886 250.00 | 0.63 |
| 2.375 % Terna - Rete Elettrica Nazionale 2022/perpetual * . | EUR | 1 290 000 | 1 290 000 | % | 74.95 | 966 855.00 | 0.68 |
| 2.625 % TotalEnergies SE (MTN) 2015/perpetual * .......  | EUR | 2 100 000 |  | % | 93.382 | 1 961 022.00 | 1.38 |
| 3.369 % TotalEnergies SE (MTN) 2016/perpetual * .......  | EUR | 2 000 000 |  | % | 92.146 | 1 842 920.00 | 1.30 |
| 2.00  % TotalEnergies SE 2020/perpetual * ............  | EUR | 4 000 000 |  | % | 73.658 | 2 946 320.00 | 2.08 |
| 2.125 % TotalEnergies SE 2021/perpetual * ............  | EUR | 1 630 000 |  | % | 69.314 | 1 129 818.20 | 0.80 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3.25  % TotalEnergies SE 2022/perpetual * ............  2.125 % Unibail-Rodamco-Westfield SE 2018/perpetual * ** ........................  | EUR EUR | 2 710 000 1 600 000 | 2 710 000 | 2 600 000 | % % | 70.135 74.391 | 1 900 658.50 1 190 256.00 | 1.34 0.84 |
| 2.875 % Unibail-Rodamco-Westfield SE |  |  |  |  |  |  |  |  |
| 2018/perpetual * ..........................  | EUR | 1 300 000 | 500 000 | % | 70.09 | 911 170.00 | 0.64 |
| 4.625 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2014/perpetual * ..........................  | EUR | 1 100 000 | % | 94.655 | 1 041 205.00 | 0.74 |
| 3.875 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2017/perpetual * ..........................  | EUR | 1 800 000 | % | 88.2 | 1 587 600.00 | 1.12 |
| 4.625 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2018/perpetual * ..........................  | EUR | 1 800 000 | % | 88.409 | 1 591 362.00 | 1.12 |
| 3.50  % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2020/perpetual * ..........................  | EUR | 2 400 000 | % | 90.839 | 2 180 136.00 | 1.54 |
| 3.875 % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
| 2020/perpetual * ..........................  | EUR | 2 400 000 | % | 83.203 | 1 996 872.00 | 1.41 |
| 4.375 % Volkswagen International Finance NV 2022/perpetual * ..........................  | EUR | 3 100 000 | 3 100 000 |  | % | 80.575 | 2 497 825.00 | 1.76 |
| 3.00  % Wintershall Dea Finance 2 BV 2021/perpetual * ..  | EUR | 500 000 |  | 600 000 | % | 65.81 | 329 050.00 | 0.23 |
| 4.25  % BP Capital Markets PLC 2020/perpetual * .......  | GBP | 3 160 000 | 500 000 |  | % | 87.926 | 3 244 229.93 | 2.29 |
| 5.25  % Centrica PLC 2015/2075 * ...................  | GBP | 700 000 |  |  | % | 92.255 | 754 041.38 | 0.53 |
| 6.00  % Electricite de France SA (MTN) 2013/perpetual * . | GBP | 1 200 000 |  |  | % | 88.503 | 1 240 070.76 | 0.88 |
| 5.625 % NGG Finance PLC 2013/2073 * ...............  | GBP | 1 000 000 |  | 2 500 000 | % | 94.664 | 1 105 330.31 | 0.78 |
| 5.75  % Orange SA (MTN) 2014/perpetual * ............  | GBP | 242 000 |  |  | % | 99.995 | 282 553.62 | 0.20 |
| 2.50  % Orsted AS 2021/3021 * .....................  | GBP | 3 530 000 |  |  | % | 68.111 | 2 807 366.99 | 1.98 |
| 4.875 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 170 000 |  |  | % | 87.684 | 143 116.39 | 0.10 |
| 5.625 % Electricite de France SA -Reg- 2014/perpetual * ..  | USD | 400 000 |  |  | % | 92 | 353 319.74 | 0.25 |
| 6.25  % Enbridge, Inc. 2018/2078 * ..................  | USD | 500 000 |  |  | % | 89.157 | 428 001.74 | 0.30 |
| 6.25  % Rakuten Group, Inc. -Reg- 2021/perpetual * .....  | USD | 400 000 |  | 500 000 | % | 80.132 | 307 741.50 | 0.22 |
| 5.125 % Scentre Group Trust 2 -Reg- 2020/2080 * .......  | USD | 700 000 |  |  | % | 82.911 | 557 224.60 | 0.39 |
| Total securities portfolio |  |  |  |  |  |  | 130 450 706.68 | 92.08 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 69 305.00 | 0.05 |
| Interest rate futures Euro SCHATZ Futures 09/2022 (MS) ....................  | Count | -50 |  | 50 |  |  | -6 645.00 | 0.00 |
| Germany Federal Republic Notes 10 year 09/2022 (MS) ....  | Count | -35 | 20 | 55 |  |  | 75 950.00 | 0.05 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 257 377.26 | 0.18 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/EUR 3.7 million ................................  |  |  |  |  |  |  | 67 720.46 | 0.05 |
| SGD/EUR 1.2 million ................................  |  |  |  |  |  |  | 8 518.30 | 0.01 |
| USD/EUR 17.3 million ...............................  |  |  |  |  |  |  | 261 805.22 | 0.18 |
| Closed positions SGD/EUR 0.1 million ................................  |  |  |  |  |  |  | 84.43 | 0.00 |
| USD/EUR 3.2 million ................................  |  |  |  |  |  |  | 1 396.20 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 8.5 million ................................  |  |  |  |  |  |  | -82 147.35 | -0.06 |
| Cash at bank |  |  |  |  |  |  | 8 677 757.55 | 6.13 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 7 533 306.82 | 5.32 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Swedish krona .....................................  | SEK | 540 |  |  |  |  | 50.40 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 142 851 |  |  |  |  | 166 797.90 | 0.12 |
| Swiss franc .......................................  | CHF | 5 029 |  |  |  |  | 5 052.47 | 0.00 |
| Singapore dollar ...................................  | SGD | 24 611 |  |  |  |  | 16 964.36 | 0.01 |
| U.S. dollar ........................................  | USD | 995 290 |  |  |  |  | 955 585.60 | 0.68 |
| Other assets |  |  |  |  |  |  | 2 075 853.47 | 1.46 |
| Interest receivable .................................  |  |  |  |  |  |  | 2 003 853.31 | 1.41 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 71 456.05 | 0.05 |
| Other receivables ..................................  |  |  |  |  |  |  | 544.11 | 0.00 |

| Receivables from share certificate transactions | 348 890.40 | 0.25 |
| --- | --- | --- |
| Total assets *** | 141 968 682.71 | 100.21 |
| Other liabilities | -209 652.42 | -0.15 |
| Liabilities from cost items ...........................  | -209 652.42 | -0.15 |
| Total liabilities | -298 444.77 | -0.21 |
| Net assets | 141 670 237.94 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class CHF FCH ....................................  | CHF | 101.27 |
| Class CHF LCH ....................................  | CHF | 99.13 |
| Class FC .........................................  | EUR | 102.09 |
| Class FC10........................................  | EUR | 83.08 |
| Class FD .........................................  | EUR | 82.25 |
| Class LC .........................................  | EUR | 99.75 |
| Class LD .........................................  | EUR | 84.44 |
| Class TFC.........................................  | EUR | 88.19 |
| Class TFD.........................................  | EUR | 78.71 |
| Class XC .........................................  | EUR | 107.69 |
| Class XD .........................................  | EUR | 87.50 |
| Class SGD LDMH ..................................  | SGD | 8.26 |
| Class USD FCH ....................................  | USD | 117.34 |
| Class USD FDH ....................................  | USD | 93.30 |
| Class USD FDQH ..................................  | USD | 87.35 |
| Class USD LCH ....................................  | USD | 114.89 |
| Class USD LDMH ..................................  | USD | 84.83 |
| Number of shares outstanding Class CHF FCH ....................................  | Count | 17 115.266 |
| Class CHF LCH ....................................  | Count | 18 122.115 |
| Class FC .........................................  | Count | 326 960.791 |
| Class FC10........................................  | Count | 90 139.000 |
| Class FD .........................................  | Count | 9 930.817 |
| Class LC .........................................  | Count | 217 284.016 |
| Class LD .........................................  | Count | 62 896.099 |
| Class TFC.........................................  | Count | 135 125.811 |
| Class TFD.........................................  | Count | 27 805.555 |
| Class XC .........................................  | Count | 230 710.542 |
| Class XD .........................................  | Count | 125 380.096 |
| Class SGD LDMH ..................................  | Count | 145 721.000 |
| Class USD FCH ....................................  | Count | 55 024.360 |
| Class USD FDH ....................................  | Count | 4 418.648 |
| Class USD FDQH ..................................  | Count | 84 032.161 |
| Class USD LCH ....................................  | Count | 30 696.392 |
| Class USD LDMH ..................................  | Count | 20 563.685 |

Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.916 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 7.077 |
| Average market risk exposure.........................  | % | 3.346 |

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 absolute value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.2, 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 20 693 313.31 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
MS = Morgan Stanley Bank AG
Contracting parties for forward currency transactions
Bofa Securities Europe S.A., Deutsche Bank AG, HSBC France, Royal Bank of Canada (UK) and State Street Bank International GmbH.

####  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 Total market value in EUR No fixed maturity |
| --- | --- | --- | --- | --- |
| 1.625 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * .............................  | EUR |  | 6 200 000 | 4 859 684.00 |
| 3.00 % Fastighets AB Balder 2017/2078 * ............ 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ..........................  | EUR EUR |  | 500 000 2 600 000 | 379 640.00 878 982.00 |
| 2.125 % Unibail-Rodamco-Westfield SE |  |  |  |  |
| 2018/perpetual * ..........................  | EUR | 1 600 000 | 1 190 256.00 |  |
| Total receivables from securities loans |  |  | 7 308 562.00 | 7 308 562.00 |
| Contracting parties for securities loans Crédit Suisse Securities Sociedad de Valores S.A. FI, Goldman Sachs Bank Europe SE EQ |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds | EUR EUR | 7 765 768.94 3 327 367.98 |
| Equities | EUR | 4 438 400.96 |

 Exchange rates (indirect quotes)	
As of June 30, 2022
| Swiss franc	CHF | 0.995461 | = EUR | 1 |
| --- | --- | --- | --- |
| British pound	GBP | 0.856432 | = EUR | 1 |
| Swedish krona	SEK | 10.710462 | = EUR | 1 |
| Singapore dollar	SGD | 1.450722 | = EUR | 1 |
| U.S. dollar	USD | 1.041549 | = EUR | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest Corporate Hybrid Bonds
DWS INVEST CORPORATE HYBRID BONDS

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1245923484 | -20,6% |
| Klasse FC | LU1245923302 | -20,5% |
| Klasse FC10 | LU2112817668 | -20,4% |
| Klasse FD | LU1576724287 | -20,5% |
| Klasse LD | LU1245923641 | -20,6% |
| Klasse TFC | LU1663846050 | -20,5% |
| Klasse TFD | LU1663847967 | -20,5% |
| Klasse XC | LU1292896948 | -20,3% |
| Klasse XD | LU1292897086 | -20,3% |
| Klasse CHF FCH 1) | LU1292896518 | -20,5% |
| Klasse CHF LCH 1) | LU1292896609 | -20,6% |
| Klasse SGD LDMH 2) | LU1532502355 | -20,0% |
| Klasse USD FCH 3) | LU1292896781 | -19,9% |
| Klasse USD FDH 3) | LU1532502272 | -19,9% |
| Klasse USD FDQH 3) | LU1550205394 | -19,9% |
| Klasse USD LCH 3) | LU1292896864 | -20,0% |
| Klasse USD LDMH 3) | LU1532502439 | -20,0% |

1) 
in CHF
2) 
in SGD
3) 
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 Corporate Hybrid Bonds
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 130 450 706,68 | 92,08 |
| Summe Anleihen | 130 450 706,68 | 92,08 |
| 2. Derivate | 326 682,26 | 0,23 |
| 3. Bankguthaben | 8 677 757,55 | 6,13 |
| 4. Sonstige Vermögensgegenstände | 2 075 853,47 | 1,46 |
| 5. Forderungen aus Anteilscheingeschäften | 348 890,40 | 0,25 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -209 652,42 | -0,15 |
| III. Fondsvermögen | 141 670 237,94 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |

Börsengehandelte Wertpapiere	130 450 706,68	92,08
Verzinsliche Wertpapiere
| 3,248 | % Abertis Infraestructuras Finance BV |  |
| --- | --- | --- |
|  | 2020/perpetual * .........................  | EUR | 400 000 |  |  | % | 80,254 | 321 016,00 | 0,23 |
| 2,625 | % Abertis Infraestructuras Finance BV |  |  |  |  |  |  |  |  |
|  | 2021/perpetual * .........................  | EUR | 1 100 000 |  |  | % | 72,407 | 796 477,00 | 0,56 |
| 3,875 | % Akelius Residential Property AB 2018/2078 *  ..  | EUR | 1 144 000 |  | 1 136 000 | % | 93,821 | 1 073 312,24 | 0,76 |
| 1,625 | % Alliander NV 2018/perpetual * ..............  | EUR | 575 000 |  |  | % | 88,876 | 511 037,00 | 0,36 |
| 6,375 | % America Movil SAB de CV 2013/2073 * .......  | EUR | 100 000 |  |  | % | 101,689 | 101 689,00 | 0,07 |
| 1,875 | % American Medical Systems Europe BV |  |  |  |  |  |  |  |  |
|  | 2022/2034  .............................  | EUR | 570 000 | 570 000 |  | % | 83,214 | 474 319,80 | 0,33 |
| 1,50 | % Arkema SA 2020/perpetual * ...............  | EUR | 500 000 |  |  | % | 85,884 | 429 420,00 | 0,30 |
| 1,625 | % AusNet Services Holdings (MTN) 2021/2081 *  . | EUR | 5 450 000 | 3 500 000 | 2 000 000 | % | 76,07 | 4 145 815,00 | 2,93 |
| 3,75 | % Bayer AG 2014/2074 * ....................  | EUR | 900 000 |  |  | % | 90,386 | 813 474,00 | 0,57 |
| 3,125 | % Bayer AG 2019/2079 * ....................  | EUR | 2 400 000 |  |  | % | 76,524 | 1 836 576,00 | 1,30 |
| 3,625 | % BP Capital Markets PLC 2020/perpetual * .....  | EUR | 4 250 000 |  | 1 600 000 | % | 83,81 | 3 561 925,00 | 2,51 |
| 1,60 | % Deutsche Bahn Finance GmbH 2019/perpetual * | EUR | 700 000 | 700 000 |  | % | 77,734 | 544 138,00 | 0,38 |
| 1,25 | % Deutsche Boerse AG 2020/2047 * ...........  | EUR | 200 000 |  |  | % | 84,352 | 168 704,00 | 0,12 |
| 1,875 | % EDP - Energias de Portugal SA 2021/2081 * ...  | EUR | 1 400 000 |  |  | % | 81,066 | 1 134 924,00 | 0,80 |
| 5,375 | % Electricite de France SA (MTN) 2013/perpetual * | EUR | 1 500 000 |  |  | % | 91,672 | 1 375 080,00 | 0,97 |
| 5,00 | % Electricite de France SA (MTN) 2014/perpetual * | EUR | 1 500 000 |  |  | % | 88,038 | 1 320 570,00 | 0,93 |
| 4,00 | % Electricite de France SA 2018/perpetual * .....  | EUR | 2 200 000 |  | 500 000 | % | 91,925 | 2 022 350,00 | 1,43 |
| 3,00 | % Electricite de France SA 2019/perpetual * .....  | EUR | 1 800 000 |  |  | % | 76,446 | 1 376 028,00 | 0,97 |
| 3,375 | % Electricite de France SA 2020/perpetual * .....  | EUR | 2 000 000 |  |  | % | 65,569 | 1 311 380,00 | 0,93 |
| 2,625 | % Electricite de France SA 2021/perpetual * .....  | EUR | 800 000 |  |  | % | 70,789 | 566 312,00 | 0,40 |
| 3,75 | % ELM BV for Firmenich International SA |  |  |  |  |  |  |  |  |
|  | 2020/perpetual * .........................  | EUR | 3 220 000 |  | 1 000 000 | % | 92,234 | 2 969 934,80 | 2,10 |
| 1,625 | % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
|  | 2019/2079 * ** ..........................  | EUR | 6 200 000 |  |  | % | 78,382 | 4 859 684,00 | 3,43 |
| 1,125 | % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
|  | 2019/2079 * ............................  | EUR | 200 000 |  |  | % | 88,873 | 177 746,00 | 0,13 |
| 1,875 | % EnBW Energie Baden-Wuerttemberg AG |  |  |  |  |  |  |  |  |
|  | 2020/2080 * ............................  | EUR | 600 000 |  |  | % | 84,63 | 507 780,00 | 0,36 |
| 3,375 | % Enel SpA 2018/perpetual * .................  | EUR | 4 900 000 |  |  | % | 88,042 | 4 314 058,00 | 3,05 |
| 2,25 | % Enel SpA 2020/perpetual * .................  | EUR | 1 890 000 |  |  | % | 82,64 | 1 561 896,00 | 1,10 |
| 1,875 | % Enel SpA 2021/perpetual * .................  | EUR | 2 380 000 |  |  | % | 66,819 | 1 590 292,20 | 1,12 |
| 3,25 | % Engie SA 2019/perpetual * .................  | EUR | 2 800 000 |  |  | % | 94,553 | 2 647 484,00 | 1,87 |
| 1,50 | % Engie SA 2020/perpetual * .................  | EUR | 1 900 000 |  | 1 500 000 | % | 76,647 | 1 456 293,00 | 1,03 |
| 1,875 | % Engie SA 2021/perpetual * .................  | EUR | 500 000 |  | 2 500 000 | % | 69,283 | 346 415,00 | 0,24 |
| 2,625 | % Eni SpA 2020/perpetual * ..................  | EUR | 1 440 000 |  |  | % | 89,379 | 1 287 057,60 | 0,91 |
| 3,375 | % Eni SpA 2020/perpetual * ..................  | EUR | 4 300 000 | 1 000 000 |  | % | 78,92 | 3 393 560,00 | 2,40 |
| 2,00 | % Eni SpA 2021/perpetual * ..................  | EUR | 1 660 000 | 800 000 |  | % | 81,254 | 1 348 816,40 | 0,95 |
| 2,75 | % Eni SpA 2021/perpetual * ..................  | EUR | 580 000 |  |  | % | 73,856 | 428 364,80 | 0,30 |
| 2,625 | % Euroclear Investments SA 2018/2048 * .......  | EUR | 200 000 | 200 000 |  | % | 90,322 | 180 644,00 | 0,13 |
| 1,375 | % Euroclear Investments SA 2021/2051 * .......  | EUR | 1 000 000 |  |  | % | 70,106 | 701 060,00 | 0,50 |
| 3,00 | % Fastighets AB Balder 2017/2078 * ** .........  | EUR | 2 531 000 |  | 300 000 | % | 75,928 | 1 921 737,68 | 1,36 |
| 1,50 | % Grand City Properties SA (MTN) 2020/perpetual * | EUR | 1 900 000 |  |  | % | 69,829 | 1 326 751,00 | 0,94 |
| 3,248 | % Heimstaden Bostad AB 2019/perpetual *  .....  | EUR | 4 220 000 |  |  | % | 60,779 | 2 564 873,80 | 1,81 |
| 3,375 | % Heimstaden Bostad AB 2020/perpetual *  .....  | EUR | 1 080 000 |  |  | % | 59,493 | 642 524,40 | 0,45 |
| 2,25 | % Iberdrola International BV 2020/perpetual * ....  | EUR | 5 100 000 |  | 2 000 000 | % | 77,933 | 3 974 583,00 | 2,81 |
| 1,825 | % Iberdrola International BV 2021/perpetual * ....  | EUR | 4 400 000 |  |  | % | 73,214 | 3 221 416,00 | 2,27 |
| 3,625 | % Infineon Technologies AG 2019/perpetual *  ...  | EUR | 1 600 000 |  |  | % | 87,653 | 1 402 448,00 | 0,99 |
| 2,85 | % Koninklijke FrieslandCampina NV 2020/perpetual * | EUR | 560 000 |  | 900 000 | % | 88,087 | 493 287,20 | 0,35 |
| 2,875 | % Merck KGaA 2019/2079 * ..................  | EUR | 5 700 000 |  |  | % | 85,28 | 4 860 960,00 | 3,43 |
| 1,625 | % Merck KGaA 2020/2080 * ..................  | EUR | 500 000 |  |  | % | 87,281 | 436 405,00 | 0,31 |
| 6,25 | % OMV AG 2015/perpetual * .................  | EUR | 100 000 |  |  | % | 102,305 | 102 305,00 | 0,07 |
| 2,50 | % OMV AG 2020/perpetual * .................  | EUR | 1 000 000 | 1 000 000 |  | % | 86,428 | 864 280,00 | 0,61 |
| 2,875 | % OMV AG 2020/perpetual * .................  | EUR | 3 500 000 | 1 000 000 |  | % | 80,505 | 2 817 675,00 | 1,99 |
| 5,00 | % Orange SA (MTN) 2014/perpetual * ..........  | EUR | 3 400 000 |  |  | % | 100,991 | 3 433 694,00 | 2,42 |
| 1,375 | % Orange SA (MTN) 2021/perpetual * ..........  | EUR | 600 000 |  |  | % | 74,769 | 448 614,00 | 0,32 |
| 2,25 | % Orsted AS 2017/3017 *  ...................  | EUR | 200 000 |  |  | % | 95,271 | 190 542,00 | 0,13 |
| 1,50 | % Orsted AS 2021/3021 *  ...................  | EUR | 260 000 |  |  | % | 73,658 | 191 510,80 | 0,14 |
| 4,25 | % Rakuten Group, Inc. -Reg- 2021/perpetual * ...  | EUR | 1 620 000 |  |  | % | 69,897 | 1 132 331,40 | 0,80 |
| 2,624 | % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
|  | 2020/perpetual * ** .......................  | EUR | 2 640 000 |  |  | % | 33,807 | 892 504,80 | 0,63 |
| 2,875 | % Samhallsbyggnadsbolaget i Norden AB |  |  |  |  |  |  |  |  |
|  | 2021/perpetual * .........................  | EUR | 1 670 000 |  |  | % | 33,117 | 553 053,90 | 0,39 |
| 1,875 | % Southern Co. 2021/2081 * .................  | EUR | 3 860 000 |  |  | % | 68,62 | 2 648 732,00 | 1,87 |
| 4,00 | % SSE PLC 2022/perpetual * .................  | EUR | 4 440 000 | 4 440 000 |  | % | 86,594 | 3 844 773,60 | 2,71 |
| 1,50 | % Stedin Holding NV 2021/perpetual *  .........  | EUR | 4 040 000 |  |  | % | 84,449 | 3 411 739,60 | 2,41 |
| 2,376 | % Telefonica Europe BV 2021/perpetual * .......  | EUR | 1 200 000 |  |  | % | 71,149 | 853 788,00 | 0,60 |
| 1,375 | % Telia Co. AB 2020/2081 * ..................  | EUR | 430 000 |  |  | % | 88,89 | 382 227,00 | 0,27 |
| 2,75 | % Telia Co. AB 2022/2083 * ..................  | EUR | 1 000 000 | 1 000 000 |  | % | 88,625 | 886 250,00 | 0,63 |
| 2,375 | % Terna - Rete Elettrica Nazionale 2022/perpetual * | EUR | 1 290 000 | 1 290 000 |  | % | 74,95 | 966 855,00 | 0,68 |
| 2,625 | % TotalEnergies SE (MTN) 2015/perpetual * .....  | EUR | 2 100 000 |  |  | % | 93,382 | 1 961 022,00 | 1,38 |
| 3,369 | % TotalEnergies SE (MTN) 2016/perpetual * .....  | EUR | 2 000 000 |  |  | % | 92,146 | 1 842 920,00 | 1,30 |
| 2,00 | % TotalEnergies SE 2020/perpetual * ...........  | EUR | 4 000 000 |  |  | % | 73,658 | 2 946 320,00 | 2,08 |
| 2,125 | % TotalEnergies SE 2021/perpetual * ...........  | EUR | 1 630 000 |  |  | % | 69,314 | 1 129 818,20 | 0,80 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 3,25 | % TotalEnergies SE 2022/perpetual * ...........  | EUR | 2 710 000 | 2 710 000 |  | % | 70,135 | 1 900 658,50 | 1,34 |
| 2,125 | % Unibail-Rodamco-Westfield SE 2018/perpetual * ** .......................  | EUR | 1 600 000 |  | 2 600 000 | % | 74,391 | 1 190 256,00 | 0,84 |
| 2,875 | % Unibail-Rodamco-Westfield SE 2018/perpetual * .........................  | EUR | 1 300 000 |  | 500 000 | % | 70,09 | 911 170,00 | 0,64 |
| 4,625 | % Volkswagen International Finance NV 2014/perpetual * .........................  | EUR | 1 100 000 |  |  | % | 94,655 | 1 041 205,00 | 0,74 |
| 3,875 | % Volkswagen International Finance NV 2017/perpetual * .........................  | EUR | 1 800 000 |  |  | % | 88,2 | 1 587 600,00 | 1,12 |
| 4,625 | % Volkswagen International Finance NV 2018/perpetual * .........................  | EUR | 1 800 000 |  |  | % | 88,409 | 1 591 362,00 | 1,12 |
| 3,50 | % Volkswagen International Finance NV 2020/perpetual * .........................  | EUR | 2 400 000 |  |  | % | 90,839 | 2 180 136,00 | 1,54 |
| 3,875 | % Volkswagen International Finance NV 2020/perpetual * .........................  | EUR | 2 400 000 |  |  | % | 83,203 | 1 996 872,00 | 1,41 |
| 4,375 | % Volkswagen International Finance NV 2022/perpetual * .........................  | EUR | 3 100 000 | 3 100 000 |  | % | 80,575 | 2 497 825,00 | 1,76 |
| 3,00 | % Wintershall Dea Finance 2 BV 2021/perpetual * | EUR | 500 000 |  | 600 000 | % | 65,81 | 329 050,00 | 0,23 |
| 4,25 | % BP Capital Markets PLC 2020/perpetual * .....  | GBP | 3 160 000 | 500 000 |  | % | 87,926 | 3 244 229,93 | 2,29 |
| 5,25 | % Centrica PLC 2015/2075 * .................  | GBP | 700 000 |  |  | % | 92,255 | 754 041,38 | 0,53 |
| 6,00 | % Electricite de France SA (MTN) 2013/perpetual * | GBP | 1 200 000 |  |  | % | 88,503 | 1 240 070,76 | 0,88 |
| 5,625 | % NGG Finance PLC 2013/2073 * .............  | GBP | 1 000 000 |  | 2 500 000 | % | 94,664 | 1 105 330,31 | 0,78 |
| 5,75 | % Orange SA (MTN) 2014/perpetual * ..........  | GBP | 242 000 |  |  | % | 99,995 | 282 553,62 | 0,20 |
| 2,50 | % Orsted AS 2021/3021 *  ...................  | GBP | 3 530 000 |  |  | % | 68,111 | 2 807 366,99 | 1,98 |
| 4,875 | % BP Capital Markets PLC 2020/perpetual * .....  | USD | 170 000 |  |  | % | 87,684 | 143 116,39 | 0,10 |
| 5,625 | % Electricite de France SA -Reg- 2014/perpetual * | USD | 400 000 |  |  | % | 92 | 353 319,74 | 0,25 |
| 6,25 | % Enbridge, Inc. 2018/2078 * .................  | USD | 500 000 |  |  | % | 89,157 | 428 001,74 | 0,30 |
| 6,25 | % Rakuten Group, Inc. -Reg- 2021/perpetual * ...  | USD | 400 000 |  | 500 000 | % | 80,132 | 307 741,50 | 0,22 |
| 5,125 | % Scentre Group Trust 2 -Reg- 2020/2080 * .....  | USD | 700 000 |  |  | % | 82,911 | 557 224,60 | 0,39 |
| Summe Wertpapiervermögen |  |  | 130 450 706,68 | 92,08 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | 69 305,00 | 0,05 |
| Zinsterminkontrakte Euro SCHATZ Futures 09/2022 (MS) ...................	Stück	-50 |  | 50 | -6 645,00 | 0,00 |
| Germany Federal Republic Notes 10 year 09/2022 (MS) ....	Stück	-35 | 20 | 55 | 75 950,00 | 0,05 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 257 377,26 | 0,18 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen CHF/EUR 3,7 Mio. .................................  |  |  | 67 720,46 | 0,05 |
| SGD/EUR 1,2 Mio. .................................  |  |  | 8 518,30 | 0,01 |
| USD/EUR 17,3 Mio. ................................  |  |  | 261 805,22 | 0,18 |
| Geschlossene Positionen SGD/EUR 0,1 Mio. .................................  |  |  | 84,43 | 0,00 |
| USD/EUR 3,2 Mio. .................................  |  |  | 1 396,20 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/GBP 8,5 Mio. .................................  |  |  | -82 147,35 | -0,06 |
| Bankguthaben |  |  | 8 677 757,55 | 6,13 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 7 533 306,82 | 5,32 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Schwedische Kronen ...............................	SEK	540 |  |  | 50,40 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................	GBP	142 851 |  |  | 166 797,90 | 0,12 |
| Schweizer Franken .................................	CHF	5 029 |  |  | 5 052,47 | 0,00 |
| Singapur Dollar ....................................	SGD	24 611 |  |  | 16 964,36 | 0,01 |
| US-Dollar ........................................	USD	995 290 |  |  | 955 585,60 | 0,68 |
| Sonstige Vermögensgegenstände |  |  | 2 075 853,47 | 1,46 |
| Zinsansprüche .....................................  |  |  | 2 003 853,31 | 1,41 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 71 456,05 | 0,05 |
| Sonstige Ansprüche ................................  |  |  | 544,11 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Forderungen aus Anteilscheingeschäften |  |  |  | 348 890,40 | 0,25 |
| Summe der Vermögensgegenstände *** |  |  |  | 141 968 682,71 | 100,21 |
| Sonstige Verbindlichkeiten |  |  |  | -209 652,42 | -0,15 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -209 652,42 | -0,15 |
| Summe der Verbindlichkeiten |  |  |  | -298 444,77 | -0,21 |
| Fondsvermögen |  |  |  | 141 670 237,94 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse CHF FCH ...................................  | CHF | 101,27 |
| Klasse CHF LCH ...................................  | CHF | 99,13 |
| Klasse FC ........................................  | EUR | 102,09 |
| Klasse FC10 ......................................  | EUR | 83,08 |
| Klasse FD ........................................  | EUR | 82,25 |
| Klasse LC ........................................  | EUR | 99,75 |
| Klasse LD ........................................  | EUR | 84,44 |
| Klasse TFC .......................................  | EUR | 88,19 |
| Klasse TFD .......................................  | EUR | 78,71 |
| Klasse XC ........................................  | EUR | 107,69 |
| Klasse XD ........................................  | EUR | 87,50 |
| Klasse SGD LDMH .................................  | SGD | 8,26 |
| Klasse USD FCH ..................................  | USD | 117,34 |
| Klasse USD FDH ..................................  | USD | 93,30 |
| Klasse USD FDQH .................................  | USD | 87,35 |
| Klasse USD LCH ..................................  | USD | 114,89 |
| Klasse USD LDMH .................................  | USD | 84,83 |
| Umlaufende Anteile Klasse CHF FCH ...................................  | Stück | 17 115,266 |
| Klasse CHF LCH ...................................  | Stück | 18 122,115 |
| Klasse FC ........................................  | Stück | 326 960,791 |
| Klasse FC10 ......................................  | Stück | 90 139,000 |
| Klasse FD ........................................  | Stück | 9 930,817 |
| Klasse LC ........................................  | Stück | 217 284,016 |
| Klasse LD ........................................  | Stück | 62 896,099 |
| Klasse TFC .......................................  | Stück | 135 125,811 |
| Klasse TFD .......................................  | Stück | 27 805,555 |
| Klasse XC ........................................  | Stück | 230 710,542 |
| Klasse XD ........................................  | Stück | 125 380,096 |
| Klasse SGD LDMH .................................  | Stück | 145 721,000 |
| Klasse USD FCH ..................................  | Stück | 55 024,360 |
| Klasse USD FDH ..................................  | Stück | 4 418,648 |
| Klasse USD FDQH .................................  | Stück | 84 032,161 |
| Klasse USD LCH ..................................  | Stück | 30 696,392 |
| Klasse USD LDMH .................................  | Stück | 20 563,685 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14.14% vom Portfoliowert
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,916 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 7,077 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 3,346 |

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 absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,2, 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 20 693 313,31. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe S.A., Deutsche Bank AG, HSBC France, Royal Bank of Canada (UK) und State Street Bank International GmbH.

####  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	gesamt Kurswert in EUR unbefristet |
| --- | --- | --- | --- |
| 1,625 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * .............................  | EUR | 6 200 000 | 4 859 684,00 |
| 3,00 % Fastighets AB Balder 2017/2078 * ........... 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * .........................  | EUR EUR | 500 000 2 600 000 | 379 640,00 878 982,00 |
| 2,125 % Unibail-Rodamco-Westfield SE 2018/perpetual * .........................  | EUR | 1 600 000 | 1 190 256,00 |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | 7 308 562,00 | 7 308 562,00 |
| Vertragspartner der Wertpapier-Darlehen Crédit Suisse Securities Sociedad de Valores S.A. FI, Goldman Sachs Bank Europe SE EQ |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen | EUR EUR | 7 765 768,94 3 327 367,98 |
| Aktien | EUR | 4 438 400,96 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Schweizer Franken	CHF | 0,995461 | = EUR | 1 |
| --- | --- | --- | --- |
| Britisches Pfund	GBP | 0,856432 | = EUR | 1 |
| Schwedische Kronen	SEK | 10,710462 | = EUR | 1 |
| Singapur Dollar	SGD | 1,450722 | = EUR | 1 |
| US-Dollar	USD | 1,041549 | = EUR | 1 |

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