# DWS Invest ESG Asian Bonds
DWS INVEST ESG ASIAN BONDS

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD LC | LU1859276286 | -3.6% |
| Class USD FC100 | LU1936919510 | -3.1% |
| Class USD IC | LU1859276104 | -3.2% |
| Class USD IC500 | LU2026199591 | -3.1% |
| Class USD TFC | LU1859276443 | -3.3% |
| Class ICH 1 | LU1859275809 | -3.8% |
| Class TFCH 1 | LU1859275981 | -3.9% |


##### JPM JACI Investment Grade Total Return (USD)
1 
in EUR
“BVI method” performance, i.e., excluding the initial sales charge.

##### -8.9%
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest ESG Asian Bonds
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 169 322 773.82 | 85.13 |
| Central governments | 26 468 766.90 | 13.31 |
| Total bonds | 195 791 540.72 | 98.44 |
| 2. Investment fund units Other funds | 1 509 230.61 | 0.76 |
| Total investment fund units | 1 509 230.61 | 0.76 |
| 3. Derivatives | -64 577.60 | -0.03 |
| 4. Cash at bank | 719 176.68 | 0.36 |
| 5. Other assets | 1 009 768.02 | 0.50 |
| II. Liabilities |  |  |
| 1. Other liabilities | -77 444.78 | -0.03 |
| III. Net assets | 198 887 693.65 | 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/ | principal | additions | disposals |  | value in | net assets |
| currency | amount	in the reporting period	USD |
| Securities traded on an exchange |  |  |  |  |  | 195 791 540.72 | 98.44 |
| Interest-bearing securities 3.125 % AIA Group Ltd (MTN) 2013/2023 .............  | USD | 2 290 000 |  | % | 99.959 | 2 289 061.10 | 1.15 |
| 6.50 % Asahi Mutual Life Insurance Co. 2018/perpetual * 4.625 % Bank Rakyat Indonesia Persero Tbk PT (MTN) 2018/2023 ...............................  | USD USD | 3 400 000 1 500 000 | 1 500 000 500 000 | % % | 99.789 100.537 | 3 392 826.00 1 508 055.00 | 1.71 0.76 |
| 3.95  % Bank Rakyat Indonesia Persero Tbk PT (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2024 ...............................  | USD | 1 606 000 |  |  | % | 99.558 | 1 598 901.48 | 0.80 |
| 2.20 | % Central Japan Railway Co. (MTN) 2019/2024 ....  | USD | 2 200 000 |  |  | % | 96.67 | 2 126 740.00 | 1.07 |
| 2.204 | % Commonwealth Bank of Australia -Reg- 2022/2025 * ..............................  | USD | 4 350 000 | 4 350 000 |  | % | 99.383 | 4 323 160.50 | 2.17 |
| 3.75 | % Competition Team Technologies Ltd (MTN) 2019/2024 ...............................  | USD | 800 000 |  | 700 000 | % | 99.965 | 799 720.00 | 0.40 |
| 3.75 | % Daegu Bank Ltd (MTN) 2018/2023 ............  | USD | 1 000 000 | 1 000 000 |  | % | 100.119 | 1 001 190.00 | 0.50 |
| 5.10 | % Dai-ichi Life Insurance Co., Ltd -Reg- 2014/perpetual * ..........................  | USD | 2 570 000 |  |  | % | 99.656 | 2 561 159.20 | 1.29 |
| 4.00 | % Dai-ichi Life Insurance Co., Ltd -Reg- 2016/perpetual * ..........................  | USD | 3 100 000 |  |  | % | 94.309 | 2 923 579.00 | 1.47 |
| 4.52 | % DBS Group Holdings Ltd -Reg- (MTN) 2018/2028 * | USD | 2 000 000 |  |  | % | 100.709 | 2 014 180.00 | 1.01 |
| 1.543 | % DBS Group Holdings Ltd -Reg- 2021/2024 * .....  | USD | 7 400 000 | 7 400 000 |  | % | 99.547 | 7 366 478.00 | 3.70 |
| 1.239 | % Denso Corp. -Reg- (MTN) 2021/2026 ..........  | USD | 1 200 000 |  |  | % | 89.237 | 1 070 844.00 | 0.54 |
| 2.505 | % Export-Import Bank of India (MTN) 2017/2022 * ..  | USD | 4 930 000 | 4 930 000 |  | % | 99.995 | 4 929 753.50 | 2.48 |
| 2.401 | % Export-Import Bank of Korea (MTN) 2018/2023 * . | USD | 5 000 000 | 5 000 000 |  | % | 100.41 | 5 020 500.00 | 2.52 |
| 2.425 | % Export-Import Bank of Korea 2020/2023 * ......  | USD | 3 000 000 | 3 000 000 |  | % | 100.762 | 3 022 860.00 | 1.52 |
| 4.125 | % FTL Capital Ltd (MTN) 2013/2023 .............  | USD | 3 007 000 |  |  | % | 99.952 | 3 005 556.64 | 1.51 |
| 2.521 | % Hana Bank (MTN) 2018/2023 * ...............  | USD | 5 300 000 | 5 300 000 |  | % | 100.184 | 5 309 752.00 | 2.67 |
| 1.375 | % HCL America, Inc. -Reg- (MTN) 2021/2026 .....  | USD | 6 000 000 |  |  | % | 90.096 | 5 405 760.00 | 2.72 |
| 3.625 | % HKT Capital No 2 Ltd (MTN) 2015/2025 ........  | USD | 200 000 |  |  | % | 98.838 | 197 676.00 | 0.10 |
| 3.00 | % HKT Capital No 4 Ltd (MTN) 2016/2026 ........  | USD | 300 000 |  |  | % | 95.955 | 287 865.00 | 0.14 |
| 1.50 | % KB Capital Co., Ltd (MTN) 2020/2025 ..........  | USD | 4 600 000 |  |  | % | 91.482 | 4 208 172.00 | 2.12 |
| 1.50 | % KB Kookmin Card Co., Ltd (MTN) 2021/2026 ....  | USD | 2 000 000 |  |  | % | 90.022 | 1 800 440.00 | 0.91 |
| 2.014 | % KEB Hana Bank (MTN) 2018/2023 * ...........  | USD | 4 000 000 | 4 000 000 |  | % | 100.322 | 4 012 880.00 | 2.02 |
| 0.849 | % Komatsu Finance America, Inc. 2020/2023  .....  | USD | 5 000 000 |  |  | % | 96.783 | 4 839 150.00 | 2.43 |
| 3.057 | % Kookmin Bank (MTN) 2018/2023 * ............  | USD | 500 000 | 500 000 |  | % | 100.26 | 501 300.00 | 0.25 |
| 1.75 | % Kookmin Bank -Reg- (MTN) 2020/2025 ........  | USD | 900 000 |  |  | % | 94.622 | 851 598.00 | 0.43 |
| 1.653 | % Korea Development Bank 2021/2024 * .........  | USD | 8 000 000 | 8 000 000 |  | % | 99.917 | 7 993 360.00 | 4.02 |
| 2.494 | % Korea Development Bank/The (MTN) 2020/2023 * | USD | 1 100 000 | 1 100 000 |  | % | 100.938 | 1 110 318.00 | 0.56 |
| 3.00 | % Korea Housing Finance Corp. -Reg- (MTN) 2017/2022 ...............................  | USD | 750 000 |  |  | % | 99.958 | 749 685.00 | 0.38 |
| 1.75 | % Korea Mine Rehabilitation & Mineral Resources |  |  |  |  |  |  |  |  |
| Corp. (MTN) 2021/2026 ....................  | USD | 340 000 |  | % | 91.356 | 310 610.40 | 0.16 |
| 2.50  % Korea National Oil Corp. -Reg- (MTN) 2016/2026 . | USD | 200 000 |  | % | 93.929 | 187 858.00 | 0.09 |
| 0.875 % Korea National Oil Corp. -Reg- (MTN) 2020/2025 . | USD | 200 000 |  | % | 90.661 | 181 322.00 | 0.09 |
| 1.00  % KT Corp. (MTN) 2020/2025 ..................  | USD | 1 600 000 |  | % | 91.632 | 1 466 112.00 | 0.74 |
| 3.25  % LG Chem Ltd -Reg- (MTN) 2019/2024 .........  | USD | 4 000 000 |  | % | 98.756 | 3 950 240.00 | 1.99 |
| 2.618 % Macquarie Group Ltd -Reg- (MTN) 2017/2023 * ..  | USD | 8 600 000 | 8 600 000 | % | 99.953 | 8 595 958.00 | 4.32 |
| 2.796 % Malayan Banking Bhd (MTN) 2018/2023 * ......  | USD | 1 000 000 | 1 000 000 | % | 100.024 | 1 000 240.00 | 0.50 |
| 3.75  % Marubeni Corp. (MTN) 2018/2023 ............  | USD | 340 000 | 340 000 | % | 100.116 | 340 394.40 | 0.17 |
| 3.56  % Marubeni Corp. (MTN) 2019/2024 ............  | USD | 1 680 000 |  | % | 99.171 | 1 666 072.80 | 0.84 |
| 1.319 % Marubeni Corp. (MTN) 2020/2025 ............  3.25 % Minera y Metalurgica del Boleo SAPI de CV (MTN) 2019/2024 .........................  | USD USD | 800 000 3 700 000 |  | % % | 91.367 99.031 | 730 936.00 3 664 147.00 | 0.37 1.84 |
| 1.974 | % Mitsubishi UFJ Financial Group, Inc. |  |  |  |  |  |  |  |  |
| (MTN) 2017/2022 * ........................  | USD | 5 901 000 | 5 901 000 | % | 99.98 | 5 899 819.80 | 2.97 |
| 2.95  % Mitsui Fudosan Co., Ltd -Reg- (MTN) 2018/2023 . | USD | 300 000 |  | % | 99.777 | 299 331.00 | 0.15 |
| 2.401 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * . | USD | 3 000 000 | 3 000 000 | % | 100.002 | 3 000 060.00 | 1.51 |
| 2.571 % Mizuho Financial Group, Inc. 2019/2023 * .......  2.298 % National Australia Bank Ltd/New York -Reg- 2022/2025 * ..............................  | USD USD | 6 000 000 3 850 000 | 6 000 000 3 850 000 | % % | 99.973 99.694 | 5 998 380.00 3 838 219.00 | 3.02 1.93 |
| 4.25 | % Oversea-Chinese Banking Corp., Ltd -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2014/2024 .........................  | USD | 1 200 000 | % | 100.667 | 1 208 004.00 | 0.61 |
| 3.75 | % PCCW-HKT Capital No 5 Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023 ...............................  | USD | 1 860 000 |  |  | % | 100.164 | 1 863 050.40 | 0.94 |
| 1.375 % Shinhan Card Co., Ltd (MTN) 2020/2025 .......  | USD | 5 500 000 |  |  | % | 91.763 | 5 046 965.00 | 2.54 |
| 1.375 % Shinhan Card Co., Ltd (MTN) 2021/2026 .......  2.875 % Shire Acquisitions Investments Ireland DAC (MTN) 2016/2023 .........................  | USD USD | 360 000 280 000 |  | 420 000 | % % | 89.4 98.987 | 321 840.00 277 163.60 | 0.16 0.14 |
| 1.234 % Singapore Exchange Ltd (MTN) 2021/2026 .....  2.375 % SingTel Group Treasury Pte Ltd (MTN) 2016/2026 ...............................  | USD USD | 300 000 500 000 |  |  | % % | 90.971 94.894 | 272 913.00 474 470.00 | 0.14 0.24 |
| 3.875 % SK Broadband Co., Ltd (MTN) 2018/2023 .......  | USD | 800 000 |  |  | % | 100.423 | 803 384.00 | 0.40 |
| 3.00  % SK Hynix, Inc. (MTN) 2019/2024 ..............  | USD | 3 450 000 |  |  | % | 97.593 | 3 366 958.50 | 1.69 |
| 1.50  % SK Hynix, Inc. -Reg- (MTN) 2021/2026 .........  | USD | 2 500 000 |  |  | % | 89.876 | 2 246 900.00 | 1.13 |
| 3.75  % SK Telecom Co., Ltd -Reg- (MTN) 2018/2023  ...  | USD | 1 050 000 |  |  | % | 100.227 | 1 052 383.50 | 0.53 |
| 3.875 % SmarTone Finance Ltd (MTN) 2013/2023 .......  | USD | 900 000 |  |  | % | 99.67 | 897 030.00 | 0.45 |
| 6.50 % Sumitomo Life Insurance Co. -Reg- 2013/2073 * . 1.784 % Sumitomo Mitsui Financial Group, Inc. (MTN) 2017/2022 * ..............................  | USD USD | 2 500 000 3 000 000 | 3 000 000 |  | % % | 101.604 99.996 | 2 540 100.00 2 999 880.00 | 1.28 1.51 |
| 1.05 | % Sumitomo Mitsui Trust Bank Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | USD | 250 000 | % | 90.926 | 227 315.00 | 0.11 |

DWS Invest ESG Asian Bonds
| 0.85 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 ...............................  | USD | 800 000 | % | 95.032 | 760 256.00 | 0.38 |
| --- | --- | --- | --- | --- | --- | --- |
| 0.80 % Sumitomo Mitsui Trust Bank Ltd -Reg- |  |  |  |  |  |  |
| 2021/2024 ...............................  3.625 % Sun Hung Kai Properties Capital Market Ltd (MTN) 2013/2023 .........................  | USD USD | 3 340 000 2 200 000 | % % | 93.542 100.106 | 3 124 302.80 2 202 332.00 | 1.57 1.11 |
| 2.25  % Suntory Holdings Ltd -Reg- (MTN) 2019/2024 ...  3.375 % Sydney Airport Finance Co., Pty, Ltd -Reg- (MTN) 2015/2025 .........................  | USD USD | 200 000 1 300 000 | % % | 95.459 97.092 | 190 918.00 1 262 196.00 | 0.10 0.63 |
| 3.625 % Sydney Airport Finance Co., Pty, Ltd -Reg- |  |  |  |  |  |  |
| (MTN) 2016/2026 .........................  | USD | 3 100 000 |  | % | 96.569 | 2 993 639.00 | 1.50 |
| 4.40  % Takeda Pharmaceutical Co., Ltd 2019/2023 .....  | USD | 4 730 000 |  | % | 100.715 | 4 763 819.50 | 2.39 |
| 1.385 % United Overseas Bank Ltd -Reg- 2022/2025 * ... 2.875 % United States Treasury Note/Bond (MTN) 2022/2032 ...............................  | USD USD | 8 400 000 3 000 000 | 8 400 000 3 000 000 | % % | 99.99 98.75 | 8 399 160.00 2 962 500.00 | 4.22 1.49 |
| 3.074 % Vanke Real Estate Hong Kong Co., Ltd (MTN) |  |  |  |  |  |  |  |
| 2018/2023 * ..............................  | USD | 2 180 000 | 2 180 000 |  | % | 99.422 | 2 167 399.60 | 1.09 |
| 3.133 % Vena Energy Capital Pte Ltd (MTN) 2020/2025 ..  | USD | 1 000 000 |  |  | % | 95.571 | 955 710.00 | 0.48 |
| 2.325 % Westpac Banking Corp. 2022/2025 * ..........  | USD | 5 000 000 | 5 000 000 |  | % | 100.072 | 5 003 600.00 | 2.52 |
| 1.50  % Wipro IT Services LLC -Reg- (MTN) 2021/2026 ..  | USD | 4 500 000 |  |  | % | 89.84 | 4 042 800.00 | 2.03 |
| 2.156 % Woori Bank (MTN) 2018/2023 * ..............  | USD | 3 000 000 | 3 000 000 |  | % | 100.183 | 3 005 490.00 | 1.51 |
| 2.275 % Woori Bank (MTN) 2019/2024 * ..............  | USD | 3 000 000 | 3 000 000 |  | % | 100.228 | 3 006 840.00 | 1.51 |
| Investment fund units |  |  |  |  |  |  | 1 509 230.61 | 0.76 |
| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%) ........................  | Units | 145 | 5 302 | 6 450 | USD | 10 431.58 | 1 509 230.61 | 0.76 |
| Total securities portfolio |  |  |  |  |  |  | 197 300 771.33 | 99.20 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -64 577.60 | -0.03 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions EUR/USD 3.8 million ................................  |  |  |  |  |  |  | -64 577.60 | -0.03 |
| Cash at bank |  |  |  |  |  |  | 719 176.68 | 0.36 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 18 737 |  |  |  |  | 19 515.79 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Singapore dollar ...................................  | SGD | 325 |  |  |  |  | 233.33 | 0.00 |
| U.S. dollar ........................................  | USD |  |  |  |  |  | 699 427.56 | 0.35 |
| Other assets | 1 009 768.02 | 0.50 |
| Interest receivable .................................  | 943 514.73 | 0.47 |
| Receivables from exceeding the expense cap ............  | 63 731.21 | 0.03 |
| Other receivables ..................................  | 2 522.08 | 0.00 |
| Total assets ** | 199 029 716.03 | 100.06 |
| Other liabilities | -77 444.78 | -0.03 |
| Liabilities from cost items ............................  | -77 444.78 | -0.03 |
| Total liabilities | -142 022.38 | -0.06 |
| Net assets | 198 887 693.65 | 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 ICH.........................................  | EUR | 106.29 |
| Class TFCH .......................................  | EUR | 105.26 |
| Class USD FC100 ..................................  | USD | 112.14 |
| Class USD IC ......................................  | USD | 113.96 |
| Class USD IC100 ...................................  | USD | 103.40 |
| Class USD LC .....................................  | USD | 110.40 |
| Class USD TFC ....................................  | USD | 112.80 |
| Number of shares outstanding Class ICH.........................................  | Count | 18 587.000 |
| Class TFCH .......................................  | Count | 17 298.000 |
| Class USD FC100 ..................................  | Count | 26 757.000 |
| Class USD IC ......................................  | Count | 100.000 |
| Class USD IC100 ...................................  | Count | 1 813 868.000 |
| Class USD LC .....................................  | Count | 3 735.615 |
| Class USD TFC ....................................  | Count | 35 062.141 |

Composition of the reference portfolio (according to CSSF circular 11/512) JP Morgan ACI - Investment Grade
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 22.368 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 43.417 |
| Average market risk exposure.........................  | % | 30.451 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for forward currency transactions
Bofa Securities Europe S.A. and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Euro	EUR | 0.960108 | = USD | 1 |
| --- | --- | --- | --- |
| Singapore dollar	SGD | 1.392850 | = USD | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Asian Bonds
DWS INVEST ESG ASIAN BONDS

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD LC | LU1859276286 | -3,6% |
| Klasse USD FC100 | LU1936919510 | -3,1% |
| Klasse USD IC | LU1859276104 | -3,2% |
| Klasse USD IC500 | LU2026199591 | -3,1% |
| Klasse USD TFC | LU1859276443 | -3,3% |
| Klasse ICH 1) | LU1859275809 | -3,8% |
| Klasse TFCH 1) | LU1859275981 | -3,9% |


##### JPM JACI Investment Grade Total Return (USD)
1) 
in EUR

##### -8,9%
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest ESG Asian Bonds
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 169 322 773,82 | 85,13 |
| Zentralregierungen | 26 468 766,90 | 13,31 |
| Summe Anleihen | 195 791 540,72 | 98,44 |
| 2. Investmentanteile Sonstige Fonds | 1 509 230,61 | 0,76 |
| Summe Investmentanteile | 1 509 230,61 | 0,76 |
| 3. Derivate | -64 577,60 | -0,03 |
| 4. Bankguthaben | 719 176,68 | 0,36 |
| 5. Sonstige Vermögensgegenstände | 1 009 768,02 | 0,50 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -77 444,78 | -0,03 |
| III. Fondsvermögen | 198 887 693,65 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 195 791 540,72 | 98,44 |
| Verzinsliche Wertpapiere 3,125 % AIA Group Ltd (MTN) 2013/2023 .............  | USD | 2 290 000 |  | % | 99,959 | 2 289 061,10 | 1,15 |
| 6,50 % Asahi Mutual Life Insurance Co. 2018/perpetual * 4,625 % Bank Rakyat Indonesia Persero Tbk PT (MTN) 2018/2023  ..............................  | USD USD | 3 400 000 1 500 000 | 1 500 000 500 000 | % % | 99,789 100,537 | 3 392 826,00 1 508 055,00 | 1,71 0,76 |
| 3,95  % Bank Rakyat Indonesia Persero Tbk PT (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2024  ..............................  | USD | 1 606 000 |  |  | % | 99,558 | 1 598 901,48 | 0,80 |
| 2,20 | % Central Japan Railway Co. (MTN) 2019/2024  ...  | USD | 2 200 000 |  |  | % | 96,67 | 2 126 740,00 | 1,07 |
| 2,204 | % Commonwealth Bank of Australia -Reg- 2022/2025 * .............................  | USD | 4 350 000 | 4 350 000 |  | % | 99,383 | 4 323 160,50 | 2,17 |
| 3,75 | % Competition Team Technologies Ltd (MTN) 2019/2024  ..............................  | USD | 800 000 |  | 700 000 | % | 99,965 | 799 720,00 | 0,40 |
| 3,75 | % Daegu Bank Ltd (MTN) 2018/2023  ...........  | USD | 1 000 000 | 1 000 000 |  | % | 100,119 | 1 001 190,00 | 0,50 |
| 5,10 | % Dai-ichi Life Insurance Co., Ltd -Reg- 2014/perpetual * ..........................  | USD | 2 570 000 |  |  | % | 99,656 | 2 561 159,20 | 1,29 |
| 4,00 | % Dai-ichi Life Insurance Co., Ltd -Reg- 2016/perpetual * ..........................  | USD | 3 100 000 |  |  | % | 94,309 | 2 923 579,00 | 1,47 |
| 4,52 | % DBS Group Holdings Ltd -Reg- (MTN) 2018/2028 * | USD | 2 000 000 |  |  | % | 100,709 | 2 014 180,00 | 1,01 |
| 1,543 | % DBS Group Holdings Ltd -Reg- 2021/2024 * ....  | USD | 7 400 000 | 7 400 000 |  | % | 99,547 | 7 366 478,00 | 3,70 |
| 1,239 | % Denso Corp. -Reg- (MTN) 2021/2026  .........  | USD | 1 200 000 |  |  | % | 89,237 | 1 070 844,00 | 0,54 |
| 2,505 | % Export-Import Bank of India (MTN) 2017/2022 * . | USD | 4 930 000 | 4 930 000 |  | % | 99,995 | 4 929 753,50 | 2,48 |
| 2,401 | % Export-Import Bank of Korea (MTN) 2018/2023 * | USD | 5 000 000 | 5 000 000 |  | % | 100,41 | 5 020 500,00 | 2,52 |
| 2,425 | % Export-Import Bank of Korea 2020/2023 * ......  | USD | 3 000 000 | 3 000 000 |  | % | 100,762 | 3 022 860,00 | 1,52 |
| 4,125 | % FTL Capital Ltd (MTN) 2013/2023  ............  | USD | 3 007 000 |  |  | % | 99,952 | 3 005 556,64 | 1,51 |
| 2,521 | % Hana Bank (MTN) 2018/2023 * ...............  | USD | 5 300 000 | 5 300 000 |  | % | 100,184 | 5 309 752,00 | 2,67 |
| 1,375 | % HCL America, Inc. -Reg- (MTN) 2021/2026 .....  | USD | 6 000 000 |  |  | % | 90,096 | 5 405 760,00 | 2,72 |
| 3,625 | % HKT Capital No 2 Ltd (MTN) 2015/2025  .......  | USD | 200 000 |  |  | % | 98,838 | 197 676,00 | 0,10 |
| 3,00 | % HKT Capital No 4 Ltd (MTN) 2016/2026  .......  | USD | 300 000 |  |  | % | 95,955 | 287 865,00 | 0,14 |
| 1,50 | % KB Capital Co., Ltd (MTN) 2020/2025  .........  | USD | 4 600 000 |  |  | % | 91,482 | 4 208 172,00 | 2,12 |
| 1,50 | % KB Kookmin Card Co., Ltd (MTN) 2021/2026  ...  | USD | 2 000 000 |  |  | % | 90,022 | 1 800 440,00 | 0,91 |
| 2,014 | % KEB Hana Bank (MTN) 2018/2023 * ...........  | USD | 4 000 000 | 4 000 000 |  | % | 100,322 | 4 012 880,00 | 2,02 |
| 0,849 | % Komatsu Finance America, Inc. 2020/2023 .....  | USD | 5 000 000 |  |  | % | 96,783 | 4 839 150,00 | 2,43 |
| 3,057 | % Kookmin Bank (MTN) 2018/2023 * ............  | USD | 500 000 | 500 000 |  | % | 100,26 | 501 300,00 | 0,25 |
| 1,75 | % Kookmin Bank -Reg- (MTN) 2020/2025 ........  | USD | 900 000 |  |  | % | 94,622 | 851 598,00 | 0,43 |
| 1,653 | % Korea Development Bank 2021/2024 * ........  | USD | 8 000 000 | 8 000 000 |  | % | 99,917 | 7 993 360,00 | 4,02 |
| 2,494 | % Korea Development Bank/The (MTN) 2020/2023 * | USD | 1 100 000 | 1 100 000 |  | % | 100,938 | 1 110 318,00 | 0,56 |
| 3,00 | % Korea Housing Finance Corp. -Reg- (MTN) 2017/2022  ..............................  | USD | 750 000 |  |  | % | 99,958 | 749 685,00 | 0,38 |
| 1,75 | % Korea Mine Rehabilitation & Mineral Resources |  |  |  |  |  |  |  |  |
| Corp. (MTN) 2021/2026 ....................  | USD | 340 000 |  | % | 91,356 | 310 610,40 | 0,16 |
| 2,50  % Korea National Oil Corp. -Reg- (MTN) 2016/2026 | USD | 200 000 |  | % | 93,929 | 187 858,00 | 0,09 |
| 0,875 % Korea National Oil Corp. -Reg- (MTN) 2020/2025 | USD | 200 000 |  | % | 90,661 | 181 322,00 | 0,09 |
| 1,00  % KT Corp. (MTN) 2020/2025  .................  | USD | 1 600 000 |  | % | 91,632 | 1 466 112,00 | 0,74 |
| 3,25  % LG Chem Ltd -Reg- (MTN) 2019/2024 .........  | USD | 4 000 000 |  | % | 98,756 | 3 950 240,00 | 1,99 |
| 2,618 % Macquarie Group Ltd -Reg- (MTN) 2017/2023 *  . | USD | 8 600 000 | 8 600 000 | % | 99,953 | 8 595 958,00 | 4,32 |
| 2,796 % Malayan Banking Bhd (MTN) 2018/2023 * ......  | USD | 1 000 000 | 1 000 000 | % | 100,024 | 1 000 240,00 | 0,50 |
| 3,75  % Marubeni Corp. (MTN) 2018/2023 ............  | USD | 340 000 | 340 000 | % | 100,116 | 340 394,40 | 0,17 |
| 3,56  % Marubeni Corp. (MTN) 2019/2024 ............  | USD | 1 680 000 |  | % | 99,171 | 1 666 072,80 | 0,84 |
| 1,319 % Marubeni Corp. (MTN) 2020/2025 ............  3,25 % Minera y Metalurgica del Boleo SAPI de CV (MTN) 2019/2024 .........................  | USD USD | 800 000 3 700 000 |  | % % | 91,367 99,031 | 730 936,00 3 664 147,00 | 0,37 1,84 |
| 1,974 | % Mitsubishi UFJ Financial Group, Inc. |  |  |  |  |  |  |  |  |
| (MTN) 2017/2022 * ........................  | USD | 5 901 000 | 5 901 000 | % | 99,98 | 5 899 819,80 | 2,97 |
| 2,95  % Mitsui Fudosan Co., Ltd -Reg- (MTN) 2018/2023 | USD | 300 000 |  | % | 99,777 | 299 331,00 | 0,15 |
| 2,401 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * | USD | 3 000 000 | 3 000 000 | % | 100,002 | 3 000 060,00 | 1,51 |
| 2,571 % Mizuho Financial Group, Inc. 2019/2023 * ...... 2,298 % National Australia Bank Ltd/New York -Reg- 2022/2025 * .............................  | USD USD | 6 000 000 3 850 000 | 6 000 000 3 850 000 | % % | 99,973 99,694 | 5 998 380,00 3 838 219,00 | 3,02 1,93 |
| 4,25 | % Oversea-Chinese Banking Corp., Ltd -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2014/2024 .........................  | USD | 1 200 000 | % | 100,667 | 1 208 004,00 | 0,61 |
| 3,75 | % PCCW-HKT Capital No 5 Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023  ..............................  | USD | 1 860 000 |  |  | % | 100,164 | 1 863 050,40 | 0,94 |
| 1,375 % Shinhan Card Co., Ltd (MTN) 2020/2025 .......  | USD | 5 500 000 |  |  | % | 91,763 | 5 046 965,00 | 2,54 |
| 1,375 % Shinhan Card Co., Ltd (MTN) 2021/2026 .......  2,875 % Shire Acquisitions Investments Ireland DAC (MTN) 2016/2023 .........................  | USD USD | 360 000 280 000 |  | 420 000 | % % | 89,4 98,987 | 321 840,00 277 163,60 | 0,16 0,14 |
| 1,234 % Singapore Exchange Ltd (MTN) 2021/2026 ..... 2,375 % SingTel Group Treasury Pte Ltd (MTN) 2016/2026  ..............................  | USD USD | 300 000 500 000 |  |  | % % | 90,971 94,894 | 272 913,00 474 470,00 | 0,14 0,24 |
| 3,875 % SK Broadband Co., Ltd (MTN) 2018/2023  ......  | USD | 800 000 |  |  | % | 100,423 | 803 384,00 | 0,40 |
| 3,00  % SK Hynix, Inc. (MTN) 2019/2024  .............  | USD | 3 450 000 |  |  | % | 97,593 | 3 366 958,50 | 1,69 |
| 1,50  % SK Hynix, Inc. -Reg- (MTN) 2021/2026  ........  | USD | 2 500 000 |  |  | % | 89,876 | 2 246 900,00 | 1,13 |
| 3,75  % SK Telecom Co., Ltd -Reg- (MTN) 2018/2023  ...  | USD | 1 050 000 |  |  | % | 100,227 | 1 052 383,50 | 0,53 |
| 3,875 % SmarTone Finance Ltd (MTN) 2013/2023  ......  | USD | 900 000 |  |  | % | 99,67 | 897 030,00 | 0,45 |
| 6,50 % Sumitomo Life Insurance Co. -Reg- 2013/2073 * . 1,784 % Sumitomo Mitsui Financial Group, Inc. (MTN) 2017/2022 * .............................  | USD USD | 2 500 000 3 000 000 | 3 000 000 |  | % % | 101,604 99,996 | 2 540 100,00 2 999 880,00 | 1,28 1,51 |
| 1,05 | % Sumitomo Mitsui Trust Bank Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025  ..............................  | USD | 250 000 | % | 90,926 | 227 315,00 | 0,11 |

DWS Invest ESG Asian Bonds
| 0,85 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024  ..............................  | USD | 800 000 | % | 95,032 | 760 256,00 | 0,38 |
| --- | --- | --- | --- | --- | --- | --- |
| 0,80 % Sumitomo Mitsui Trust Bank Ltd -Reg- |  |  |  |  |  |  |
| 2021/2024  ..............................  3,625 % Sun Hung Kai Properties Capital Market Ltd (MTN) 2013/2023 .........................  | USD USD | 3 340 000 2 200 000 | % % | 93,542 100,106 | 3 124 302,80 2 202 332,00 | 1,57 1,11 |
| 2,25 % Suntory Holdings Ltd -Reg- (MTN) 2019/2024 ... 3,375 % Sydney Airport Finance Co., Pty, Ltd -Reg- (MTN) 2015/2025 .........................  | USD USD | 200 000 1 300 000 | % % | 95,459 97,092 | 190 918,00 1 262 196,00 | 0,10 0,63 |
| 3,625 % Sydney Airport Finance Co., Pty, Ltd -Reg- |  |  |  |  |  |  |
| (MTN) 2016/2026 .........................  | USD | 3 100 000 |  | % | 96,569 | 2 993 639,00 | 1,50 |
| 4,40  % Takeda Pharmaceutical Co., Ltd 2019/2023  ....  | USD | 4 730 000 |  | % | 100,715 | 4 763 819,50 | 2,39 |
| 1,385 % United Overseas Bank Ltd -Reg- 2022/2025 * ...  | USD | 8 400 000 | 8 400 000 | % | 99,99 | 8 399 160,00 | 4,22 |
| 2,875 % United States Treasury Note/Bond (MTN) 2022/2032  ..............................  | USD | 3 000 000 | 3 000 000 | % | 98,75 | 2 962 500,00 | 1,49 |
| 3,074 % Vanke Real Estate Hong Kong Co., Ltd (MTN) 2018/2023 * .............................  | USD | 2 180 000 | 2 180 000 | % | 99,422 | 2 167 399,60 | 1,09 |
| 3,133 % Vena Energy Capital Pte Ltd (MTN) 2020/2025 ..  | USD | 1 000 000 |  | % | 95,571 | 955 710,00 | 0,48 |
| 2,325 % Westpac Banking Corp. 2022/2025 * ..........  | USD | 5 000 000 | 5 000 000 | % | 100,072 | 5 003 600,00 | 2,52 |
| 1,50  % Wipro IT Services LLC -Reg- (MTN) 2021/2026 ..  | USD | 4 500 000 |  | % | 89,84 | 4 042 800,00 | 2,03 |
| 2,156 % Woori Bank (MTN) 2018/2023 * ..............  | USD | 3 000 000 | 3 000 000 | % | 100,183 | 3 005 490,00 | 1,51 |
| 2,275 % Woori Bank (MTN) 2019/2024 * ..............  | USD | 3 000 000 | 3 000 000 | % | 100,228 | 3 006 840,00 | 1,51 |

Investmentanteile	1 509 230,61	0,76
Gruppeneigene Investmentanteile
Deutsche Global Liquidity Series PLC - Deutsche Managed
Dollar Fund -Z- USD - (0,100%) .......................	Anteile	145	5 302	6 450	USD	10 431,58	1 509 230,61	0,76
Summe Wertpapiervermögen	197 300 771,33	99,20
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |
| --- | --- | --- |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | -64 577,60 | -0,03 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |
| Offene Positionen EUR/USD 3,8 Mio. .................................  |  | -64 577,60 | -0,03 |
| Bankguthaben |  | 719 176,68 | 0,36 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR | 18 737 | 19 515,79 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| Singapur Dollar	SGD | 325 | 233,33 | 0,00 |
| US-Dollar	USD |  | 699 427,56 | 0,35 |
| Sonstige Vermögensgegenstände |  | 1 009 768,02 | 0,50 |
| Zinsansprüche .....................................  |  | 943 514,73 | 0,47 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  | 63 731,21 | 0,03 |
| Sonstige Ansprüche ................................  |  | 2 522,08 | 0,00 |
| Summe der Vermögensgegenstände ** |  | 199 029 716,03 | 100,06 |
| Sonstige Verbindlichkeiten |  | -77 444,78 | -0,03 |
| Verbindlichkeiten aus Kostenpositionen ................  |  | -77 444,78 | -0,03 |
| Summe der Verbindlichkeiten | -142 022,38 | -0,06 |
| Fondsvermögen | 198 887 693,65 | 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 ICH .......................................  | EUR | 106,29 |
| Klasse TFCH ......................................  | EUR | 105,26 |
| Klasse USD FC100 .................................  | USD | 112,14 |
| Klasse USD IC ....................................  | USD | 113,96 |
| Klasse USD IC100 .................................  | USD | 103,40 |
| Klasse USD LC ....................................  | USD | 110,40 |
| Klasse USD TFC ...................................  | USD | 112,80 |
| Umlaufende Anteile Klasse ICH .......................................  | Stück | 18 587,000 |
| Klasse TFCH ......................................  | Stück | 17 298,000 |
| Klasse USD FC100 .................................  | Stück | 26 757,000 |
| Klasse USD IC ....................................  | Stück | 100,000 |
| Klasse USD IC100 .................................  | Stück | 1 813 868,000 |
| Klasse USD LC ....................................  | Stück | 3 735,615 |
| Klasse USD TFC ...................................  | Stück | 35 062,141 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) JP Morgan ACI - Investment Grade
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 22,368 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 43,417 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 30,451 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 0,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe S.A. und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Euro	EUR | 0,960108 | = USD | 1 |
| --- | --- | --- | --- |
| Singapur Dollar	SGD | 1,392850 | = USD | 1 |

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