# DWS Invest ESG Qi LowVol World
DWS INVEST ESG QI LOWVOL WORLD

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1230072479 | -6.7% |
| Class FC | LU1230072396 | -6.5% |
| Class FC EB | LU1236797764 | -6.3% |
| Class FCH (P) EB | LU1236813124 | -11.4% |
| Class FD | LU1342482624 | -6.5% |
| Class LD | LU1230072552 | -6.7% |
| Class ND | LU1230072636 | -7.0% |
| Class TFC | LU1663932306 | -6.5% |
| Class TFD | LU1663932488 | -6.4% |
| Class USD LC 1 | LU1230072719 | -14.3% |

1 
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 ESG Qi LowVol World
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 14 809 547.77 | 9.23 |
| Telecommunication Services | 21 456 333.16 | 13.36 |
| Consumer Discretionaries | 56 259 758.40 | 35.06 |
| Energy | 423 559.71 | 0.26 |
| Consumer Staples | 15 634 869.85 | 9.76 |
| Financials | 19 670 525.88 | 12.26 |
| Basic Materials | 7 225 852.45 | 4.50 |
| Industrials | 11 952 661.60 | 7.46 |
| Utilities | 9 465 480.50 | 5.89 |
| Total equities | 156 898 589.32 | 97.78 |
| 2. Derivatives | -84 567.32 | -0.05 |
| 3. Cash at bank | 3 710 596.61 | 2.31 |
| 4. Other assets | 200 404.60 | 0.12 |
| 5. Receivables from share certificate transactions | 229 606.13 | 0.14 |
| II. Liabilities |  |  |
| 1. Other liabilities | -357 703.21 | -0.21 |
| 2. Liabilities from share certificate transactions | -138 889.36 | -0.09 |
| III. Net assets | 160 458 036.77 | 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 |  |  |  |  |  |  | 156 898 589.32 | 97.78 |
| Equities Wesfarmers Ltd ...................................  | Count | 21 101 | 3 130 |  | AUD | 41.91 | 586 067.09 | 0.37 |
| Agnico Eagle Mines Ltd .............................  | Count | 27 130 | 27 130 | 17 117 | CAD | 60.7 | 1 226 179.54 | 0.76 |
| Franco-Nevada Corp. ................................  | Count | 18 539 | 11 629 |  | CAD | 173.5 | 2 394 977.10 | 1.49 |
| Hydro One Ltd.....................................  | Count | 23 931 | 4 035 | 13 833 | CAD | 34.54 | 615 458.48 | 0.38 |
| Wheaton Precious Metals Corp. .......................  | Count | 19 147 | 19 147 | 35 543 | CAD | 47.18 | 672 626.94 | 0.42 |
| Geberit AG........................................  | Count | 1 941 | 287 |  | CHF | 454 | 885 232.13 | 0.55 |
| Kuehne + Nagel International AG ......................  | Count | 3 463 | 3 463 |  | CHF | 225 | 782 727.86 | 0.49 |
| Logitech International SA ............................  | Count | 20 184 | 2 994 |  | CHF | 49.36 | 1 000 825.06 | 0.62 |
| Nestle SA ........................................  | Count | 11 984 | 1 777 |  | CHF | 110.98 | 1 336 048.74 | 0.83 |
| Novartis AG .......................................  | Count | 28 839 | 28 839 |  | CHF | 80.33 | 2 327 200.20 | 1.45 |
| Roche Holding AG ..................................  | Count | 5 928 | 879 |  | CHF | 316 | 1 881 789.58 | 1.17 |
| Swiss Prime Site AG ................................  | Count | 6 706 | 6 706 |  | CHF | 83.2 | 560 483.27 | 0.35 |
| Swisscom AG .....................................  | Count | 4 110 | 610 |  | CHF | 521.6 | 2 153 551.13 | 1.34 |
| Coloplast A/S ......................................  | Count | 8 431 | 2 248 | 6 724 | DKK | 808.6 | 916 465.48 | 0.57 |
| Novo Nordisk A/S ..................................  | Count | 4 165 | 193 | 9 366 | DKK | 783.3 | 438 577.57 | 0.27 |
| Air Liquide SA .....................................  | Count | 2 500 | 2 500 |  | EUR | 128.34 | 320 850.00 | 0.20 |
| BioMerieux .......................................  | Count | 7 935 | 9 425 | 4 866 | EUR | 93.82 | 744 461.70 | 0.46 |
| Deutsche Telekom AG ..............................  | Count | 83 570 | 12 396 |  | EUR | 18.896 | 1 579 138.72 | 0.98 |
| Elisa Oyj..........................................  | Count | 29 201 | 4 332 |  | EUR | 53.26 | 1 555 245.26 | 0.97 |
| Ferrari NV ........................................  | Count | 2 701 | 2 701 |  | EUR | 172.35 | 465 517.35 | 0.29 |
| Groupe Bruxelles Lambert SA.........................  | Count | 16 831 | 16 831 |  | EUR | 78.72 | 1 324 936.32 | 0.83 |
| Hermes International................................  | Count | 1 269 | 84 | 544 | EUR | 1 050.5 | 1 333 084.50 | 0.83 |
| Iberdrola SA.......................................  | Count | 46 748 | 6 094 |  | EUR | 9.872 | 461 496.26 | 0.29 |
| Industria de Diseno Textil SA .........................  | Count | 25 704 | 25 704 |  | EUR | 21.33 | 548 266.32 | 0.34 |
| Kone Oyj .........................................  | Count | 23 648 | 23 648 |  | EUR | 44.98 | 1 063 687.04 | 0.66 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 59 123 | 22 785 |  | EUR | 24.68 | 1 459 155.64 | 0.91 |
| Koninklijke KPN NV .................................  | Count | 250 386 | 250 386 |  | EUR | 3.387 | 848 057.38 | 0.53 |
| Proximus SADP ....................................  | Count | 41 316 | 6 128 |  | EUR | 14.09 | 582 142.44 | 0.36 |
| Red Electrica Corp., SA ..............................  | Count | 51 811 | 7 686 | 22 969 | EUR | 18.08 | 936 742.88 | 0.58 |
| Sanofi ...........................................  | Count | 4 100 | 4 100 |  | EUR | 96.5 | 395 650.00 | 0.25 |
| Auto Trader Group PLC ..............................  | Count | 107 995 | 16 027 |  | GBP | 5.468 | 689 508.12 | 0.43 |
| GSK PLC .........................................  | Count | 62 437 | 9 261 |  | GBP | 17.568 | 1 280 771.28 | 0.80 |
| AIA Group Ltd .....................................  | Count | 69 400 | 11 600 | 40 200 | HKD | 85.05 | 722 243.15 | 0.45 |
| CK Asset Holdings Ltd ..............................  | Count | 113 500 | 113 500 |  | HKD | 55.5 | 770 794.29 | 0.48 |
| HKT Trust & HKT Ltd................................  | Count | 361 000 | 47 000 |  | HKD | 10.54 | 465 583.37 | 0.29 |
| Power Assets Holdings Ltd...........................  | Count | 75 000 | 75 000 |  | HKD | 49.35 | 452 895.56 | 0.28 |
| Sun Hung Kai Properties Ltd ..........................  | Count | 61 000 | 9 000 |  | HKD | 92.7 | 691 925.30 | 0.43 |
| Canon, Inc. .......................................  | Count | 44 000 | 21 100 |  | JPY | 3 085 | 958 871.79 | 0.60 |
| Chugai Pharmaceutical Co., Ltd .......................  | Count | 66 100 | 27 200 |  | JPY | 3 470 | 1 620 255.98 | 1.01 |
| Dai Nippon Printing Co., Ltd ..........................  | Count | 41 700 | 6 100 |  | JPY | 2 926 | 861 912.29 | 0.54 |
| Daiwa House Industry Co., Ltd ........................  | Count | 29 400 | 4 400 |  | JPY | 3 162 | 656 692.26 | 0.41 |
| Hamamatsu Photonics KK............................  | Count | 21 400 | 1 400 | 6 300 | JPY | 5 270 | 796 667.48 | 0.50 |
| ITOCHU Corp. .....................................  | Count | 64 300 | 35 900 |  | JPY | 3 667 | 1 665 614.84 | 1.04 |
| Kajima Corp. ......................................  | Count | 46 200 | 46 200 |  | JPY | 1 557 | 508 139.89 | 0.32 |
| MEIJI Holdings Co., Ltd .............................  | Count | 23 100 | 23 100 |  | JPY | 6 660 | 1 086 773.17 | 0.68 |
| Mitsui Chemicals, Inc. ...............................  | Count | 19 300 | 2 500 |  | JPY | 2 890 | 394 010.55 | 0.25 |
| Nintendo Co., Ltd ..................................  | Count | 4 600 | 2 200 |  | JPY | 58 680 | 1 906 780.21 | 1.19 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 111 500 | 16 600 |  | JPY | 3 896 | 3 068 644.05 | 1.91 |
| Osaka Gas Co., Ltd .................................  | Count | 78 500 | 47 100 |  | JPY | 2 596 | 1 439 550.96 | 0.90 |
| Secom Co., Ltd ....................................  | Count | 18 800 | 2 800 |  | JPY | 8 383 | 1 113 294.37 | 0.69 |
| SG Holdings Co., Ltd................................  | Count | 63 200 | 9 300 |  | JPY | 2 289 | 1 021 916.87 | 0.64 |
| Sompo Holdings, Inc. ...............................  | Count | 9 800 | 2 900 | 9 400 | JPY | 5 983 | 414 188.25 | 0.26 |
| Suntory Beverage & Food Ltd.........................  | Count | 34 100 | 2 300 | 6 900 | JPY | 5 130 | 1 235 732.43 | 0.77 |
| Welcia Holdings Co., Ltd.............................  | Count | 24 000 | 3 100 |  | JPY | 2 720 | 461 140.05 | 0.29 |
| Swedbank AB .....................................  | Count | 48 352 | 7 173 |  | SEK | 128.9 | 581 914.48 | 0.36 |
| DBS Group Holdings Ltd .............................  | Count | 66 600 | 9 900 |  | SGD | 29.68 | 1 362 554.45 | 0.85 |
| Keppel Corp., Ltd...................................  | Count | 157 400 | 157 400 |  | SGD | 6.49 | 704 149.97 | 0.44 |
| United Overseas Bank Ltd ...........................  | Count | 71 500 | 4 700 | 11 800 | SGD | 26.25 | 1 293 752.16 | 0.81 |
| Accenture PLC ....................................  | Count | 8 932 | 3 142 |  | USD | 276.21 | 2 368 689.86 | 1.48 |
| Akamai Technologies, Inc.............................  | Count | 7 477 | 1 108 |  | USD | 90.58 | 650 249.14 | 0.40 |
| Allstate Corp.......................................  | Count | 5 527 | 5 527 | 7 521 | USD | 124.64 | 661 404.27 | 0.41 |
| American Tower Corp ...............................  | Count | 4 350 | 933 | 1 945 | USD | 253.88 | 1 060 322.15 | 0.66 |
| AmerisourceBergen Corp.............................  | Count | 5 529 | 5 529 |  | USD | 141.61 | 751 727.78 | 0.47 |
| Apple, Inc. ........................................  | Count | 3 901 | 579 |  | USD | 135.28 | 506 675.18 | 0.32 |
| AT&T, Inc. ........................................  | Count | 40 554 | 40 554 |  | USD | 20.885 | 813 182.95 | 0.51 |
| Atmos Energy Corp. ................................  | Count | 8 295 | 1 230 |  | USD | 110.98 | 883 855.36 | 0.55 |
| Automatic Data Processing, Inc. .......................  | Count | 5 355 | 5 355 |  | USD | 210.35 | 1 081 488.93 | 0.67 |
| Berkshire Hathaway, Inc. ............................  | Count | 1 762 | 1 762 | 4 515 | USD | 269.33 | 455 628.33 | 0.28 |
| Black Knight, Inc....................................  | Count | 8 308 | 8 308 |  | USD | 64.49 | 514 409.47 | 0.32 |
| Bristol-Myers Squibb Co..............................  | Count | 5 855 | 5 855 |  | USD | 76.9 | 432 288.15 | 0.27 |
| Carrier Global Corp. .................................  | Count | 14 517 | 2 153 |  | USD | 35.54 | 495 352.53 | 0.31 |
| Cboe Global Markets, Inc.............................  | Count | 18 936 | 14 157 |  | USD | 112.733 | 2 049 545.06 | 1.28 |
| CH Robinson Worldwide, Inc. .........................  | Count | 6 873 | 6 873 |  | USD | 101.21 | 667 866.80 | 0.42 |
| Check Point Software Technologies Ltd .................  | Count | 3 545 | 3 545 |  | USD | 121.21 | 412 548.28 | 0.26 |
| Cisco Systems, Inc..................................  | Count | 22 489 | 3 336 |  | USD | 42.27 | 912 688.29 | 0.57 |
| Coca-Cola Co. .....................................  | Count | 13 372 | 2 027 | 5 595 | USD | 62.53 | 802 795.42 | 0.50 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Edison, Inc. ............................  | Count | 36 770 | 5 454 |  | USD | 95.08 | 3 356 625.52 | 2.09 |
| Costco Wholesale Corp. .............................  | Count | 3 322 | 219 | 426 | USD | 468.75 | 1 495 068.18 | 0.93 |
| Cummins, Inc. .....................................  | Count | 2 449 | 2 449 |  | USD | 189.59 | 445 783.82 | 0.28 |
| Dollar General Corp. ................................  | Count | 6 819 | 1 012 |  | USD | 244.82 | 1 602 830.78 | 1.00 |
| Eli Lilly & Co. ......................................  | Count | 6 586 | 978 |  | USD | 323.1 | 2 043 048.95 | 1.27 |
| Eversource Energy .................................  | Count | 16 394 | 7 269 |  | USD | 83.79 | 1 318 855.48 | 0.82 |
| Expeditors International of Washington, Inc. .............  | Count | 18 097 | 18 097 |  | USD | 96.93 | 1 684 165.97 | 1.05 |
| Extra Space Storage, Inc. ............................  | Count | 7 315 | 1 086 |  | USD | 170.75 | 1 199 209.70 | 0.75 |
| Exxon Mobil Corp. ..................................  | Count | 5 106 | 11 322 | 6 216 | USD | 86.4 | 423 559.71 | 0.26 |
| Fox Corp. .........................................  | Count | 19 192 | 2 846 |  | USD | 29.66 | 546 526.81 | 0.34 |
| General Mills, Inc. ..................................  | Count | 23 273 | 3 453 |  | USD | 74.61 | 1 667 130.12 | 1.04 |
| Gilead Sciences, Inc. ................................  | Count | 27 982 | 27 982 |  | USD | 61.63 | 1 655 735.68 | 1.03 |
| Hershey Co........................................  | Count | 12 933 | 2 227 | 2 080 | USD | 217.16 | 2 696 492.39 | 1.68 |
| Hologic, Inc........................................  | Count | 5 727 | 5 727 |  | USD | 69.62 | 382 808.25 | 0.24 |
| Home Depot, Inc. ..................................  | Count | 4 743 | 703 |  | USD | 270.06 | 1 229 797.13 | 0.77 |
| Incyte Corp. .......................................  | Count | 9 028 | 9 028 |  | USD | 75.19 | 651 736.02 | 0.41 |
| Intercontinental Exchange, Inc. ........................  | Count | 5 872 | 5 872 |  | USD | 94.47 | 532 598.64 | 0.33 |
| International Business Machines Corp...................  | Count | 6 000 | 6 000 |  | USD | 139.76 | 805 108.16 | 0.50 |
| International Paper Co. ..............................  | Count | 23 072 | 23 072 |  | USD | 41.79 | 925 715.86 | 0.58 |
| J M Smucker Co. ..................................  | Count | 5 284 | 783 |  | USD | 130.65 | 662 814.97 | 0.41 |
| Jack Henry & Associates, Inc..........................  | Count | 11 828 | 11 828 |  | USD | 181.22 | 2 057 962.85 | 1.28 |
| Johnson & Johnson.................................  | Count | 22 155 | 3 287 |  | USD | 176.37 | 3 751 600.26 | 2.34 |
| JPMorgan Chase & Co...............................  | Count | 7 357 | 1 092 |  | USD | 111.27 | 785 957.26 | 0.49 |
| Kellogg Co. .......................................  | Count | 10 309 | 10 309 |  | USD | 71.76 | 710 262.78 | 0.44 |
| Keysight Technologies, Inc............................  | Count | 4 487 | 665 |  | USD | 136.88 | 589 679.67 | 0.37 |
| Kroger Co. ........................................  | Count | 48 841 | 8 580 | 27 773 | USD | 47.55 | 2 229 744.79 | 1.39 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 6 251 | 927 |  | USD | 153.69 | 922 391.30 | 0.57 |
| McDonald‘s Corp. ..................................  | Count | 11 154 | 1 807 | 1 727 | USD | 246.56 | 2 640 422.05 | 1.65 |
| Merck & Co, Inc. ...................................  | Count | 37 122 | 18 523 |  | USD | 92.29 | 3 289 319.81 | 2.05 |
| Microsoft Corp. ....................................  | Count | 9 258 | 3 971 |  | USD | 255.12 | 2 267 680.01 | 1.41 |
| Motorola Solutions, Inc. .............................  | Count | 12 606 | 1 870 |  | USD | 207.3 | 2 508 977.08 | 1.56 |
| Newmont Corp.....................................  | Count | 22 012 | 13 266 | 7 735 | USD | 61.11 | 1 291 492.46 | 0.80 |
| Omnicom Group, Inc. ...............................  | Count | 6 357 | 6 357 |  | USD | 62.65 | 382 378.42 | 0.24 |
| Otis Worldwide Corp. ...............................  | Count | 10 581 | 1 570 |  | USD | 69.33 | 704 316.73 | 0.44 |
| Paychex, Inc. ......................................  | Count | 6 432 | 6 432 |  | USD | 114.29 | 705 788.14 | 0.44 |
| PepsiCo, Inc. ......................................  | Count | 24 048 | 3 568 |  | USD | 167.02 | 3 856 270.86 | 2.40 |
| Pfizer, Inc. ........................................  | Count | 46 832 | 25 861 |  | USD | 51.5 | 2 315 634.56 | 1.44 |
| Procter & Gamble Co. ...............................  | Count | 20 905 | 3 102 |  | USD | 142.04 | 2 850 893.04 | 1.78 |
| Public Storage .....................................  | Count | 9 197 | 1 364 |  | USD | 310.9 | 2 745 282.22 | 1.71 |
| Quest Diagnostics, Inc. ..............................  | Count | 10 828 | 10 828 |  | USD | 135.46 | 1 408 248.86 | 0.88 |
| Regeneron Pharmaceuticals, Inc. ......................  | Count | 3 913 | 581 | 1 342 | USD | 587.87 | 2 208 570.33 | 1.38 |
| Republic Services, Inc. ..............................  | Count | 5 283 | 5 283 |  | USD | 129.33 | 655 994.17 | 0.41 |
| Sirius XM Holdings, Inc. .............................  | Count | 149 197 | 149 197 |  | USD | 6.08 | 870 931.02 | 0.54 |
| Starbucks Corp. ....................................  | Count | 8 265 | 1 226 |  | USD | 75.335 | 597 805.27 | 0.37 |
| Take-Two Interactive Software, Inc. ....................  | Count | 4 626 | 686 |  | USD | 121.66 | 540 347.98 | 0.34 |
| Texas Instruments, Inc...............................  | Count | 8 413 | 1 249 |  | USD | 151.5 | 1 223 724.37 | 0.76 |
| T-Mobile US, Inc....................................  | Count | 3 613 | 3 613 |  | USD | 133.62 | 463 510.44 | 0.29 |
| Verizon Communications, Inc..........................  | Count | 82 524 | 37 303 |  | USD | 50.69 | 4 016 267.68 | 2.50 |
| Vertex Pharmaceuticals, Inc. ..........................  | Count | 9 924 | 2 069 | 5 440 | USD | 278.78 | 2 656 247.01 | 1.66 |
| Visa, Inc. .........................................  | Count | 8 259 | 1 225 |  | USD | 193.63 | 1 535 395.28 | 0.96 |
| Waste Management, Inc. ............................  | Count | 15 096 | 15 096 |  | USD | 151.06 | 2 189 431.97 | 1.36 |
| West Pharmaceutical Services, Inc. ....................  | Count | 5 107 | 757 |  | USD | 297.11 | 1 456 811.01 | 0.91 |
| Total securities portfolio |  |  |  |  |  |  | 156 898 589.32 | 97.78 |
| Derivatives Minus signs denote short positions |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | -84 375.48 | -0.05 |
| Equity index futures DJ Euro Stoxx 50 09/2022 (DB) .......................  | Count | 17 | 17 |  |  |  | -17 085.00 | -0.01 |
| S & P MINI 500 Futures 09/2022 (DB) ..................  | Count | 8 | 8 |  |  |  | -55 705.47 | -0.03 |
| Topix Index 09/2022 (DB) ............................  | Count | 2 | 2 |  |  |  | -11 585.01 | -0.01 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -191.84 | 0.00 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |

| 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 |  |
| Open positions EUR/AUD 0.1 million ................................  |  |  |  | -0.63 | 0.00 |
| EUR/CAD 0.1 million ................................  |  |  |  | -7.37 | 0.00 |
| EUR/CHF 0.1 million ................................  |  |  |  | -18.21 | 0.00 |
| EUR/DKK 0.1 million ................................  |  |  |  | -0.03 | 0.00 |
| EUR/GBP 0.1 million ................................  |  |  |  | -1.22 | 0.00 |
| EUR/HKD 0.1 million ................................  |  |  |  | -4.17 | 0.00 |
| EUR/JPY 0.3 million.................................  |  |  |  | -17.98 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  | 0.21 | 0.00 |
| EUR/SGD 0.1 million ................................  |  |  |  | -2.98 | 0.00 |
| EUR/USD 0.1 million ................................  |  |  |  | -139.46 | 0.00 |
| Cash at bank |  |  |  | 3 710 596.61 | 2.31 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 2 531 362.79 | 1.58 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| Danish krone ......................................  | DKK | 113 598 |  | 15 271.16 | 0.01 |
| Norwegian krone ...................................  | NOK | 148 139 |  | 14 342.70 | 0.01 |
| Swedish krona.....................................  | SEK | 131 664 |  | 12 293.06 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 26 196 |  | 17 360.73 | 0.01 |
| British pound .....................................  | GBP | 13 170 |  | 15 378.15 | 0.01 |
| Hong Kong dollar ..................................  | HKD | 170 917 |  | 20 913.86 | 0.01 |
| Japanese yen .....................................  | JPY | 54 251 621 |  | 383 235.22 | 0.24 |
| Canadian dollar ....................................  | CAD | 41 416 |  | 30 837.79 | 0.02 |
| New Zealand dollar .................................  | NZD | 48 122 |  | 28 832.23 | 0.02 |
| Swiss franc .......................................  | CHF | 19 939 |  | 20 030.20 | 0.01 |
| Singapore dollar ...................................  | SGD | 49 261 |  | 33 956.50 | 0.02 |
| U.S. dollar ........................................  | USD | 611 163 |  | 586 782.22 | 0.37 |
| Other assets |  |  |  | 200 404.60 | 0.12 |
| Dividends/Distributions receivable .....................  |  |  |  | 193 946.48 | 0.12 |
| Receivables from exceeding the expense cap ............  |  |  |  | 203.09 | 0.00 |
| Other receivables ..................................  |  |  |  | 6 255.03 | 0.00 |
| Receivables from share certificate transactions |  |  |  | 229 606.13 | 0.14 |
| Total assets * |  |  |  | 161 039 196.87 | 100.35 |
| Other liabilities |  |  |  | -357 703.21 | -0.21 |
| Liabilities from cost items ............................  |  |  |  | -357 703.21 | -0.21 |
| Liabilities from share certificate transactions |  |  |  | -138 889.36 | -0.09 |
| Total liabilities |  |  |  | -581 160.10 | -0.35 |
| Net assets |  |  |  | 160 458 036.77 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share |  |  |
| Class FC .........................................  | EUR | 154.48 |
| Class FC EB.......................................  | EUR | 158.72 |
| Class FCH (P) EB...................................  | EUR | 142.50 |
| Class FD .........................................  | EUR | 147.69 |
| Class LC .........................................  | EUR | 147.90 |
| Class LD .........................................  | EUR | 142.50 |
| Class ND .........................................  | EUR | 139.48 |
| Class TFC ........................................  | EUR | 135.93 |
| Class TFD ........................................  | EUR | 129.85 |
| Class USD LC .....................................  | USD | 140.36 |

| 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 FC .........................................  | Count | 34 410.369 |
| Class FC EB.......................................  | Count | 3 438.000 |
| Class FCH (P) EB...................................  | Count | 100.000 |
| Class FD .........................................  | Count | 980.000 |
| Class LC .........................................  | Count | 381 119.934 |
| Class LD .........................................  | Count | 600 427.117 |
| Class ND .........................................  | Count | 19.965 |
| Class TFC ........................................  | Count | 91 814.447 |
| Class TFD ........................................  | Count | 22.000 |
| Class USD LC .....................................  | Count | 152.937 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 61.141 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 77.162 |
| Average market risk exposure ........................  | % | 69.419 |

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 EUR 2 299 050.13 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
BNP Paribas S.A., HSBC France, Royal Bank of Canada (UK), State Street Bank International GmbH and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Australian dollar ................. . | AUD | 1.508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.343026 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 0.995461 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.438694 | = | EUR | 1 |
| British pound .................. . | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.172414 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 141.562199 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.328526 | = | EUR | 1 |
| New Zealand dollar .............. . | NZD | 1.669016 | = | 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.
 Footnote	
* Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Qi LowVol World
DWS INVEST ESG QI LOWVOL WORLD

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1230072479 | -6,7% |
| Klasse FC | LU1230072396 | -6,5% |
| Klasse FC EB | LU1236797764 | -6,3% |
| Klasse FCH (P) EB | LU1236813124 | -11,4% |
| Klasse FD | LU1342482624 | -6,5% |
| Klasse LD | LU1230072552 | -6,7% |
| Klasse ND | LU1230072636 | -7,0% |
| Klasse TFC | LU1663932306 | -6,5% |
| Klasse TFD | LU1663932488 | -6,4% |
| Klasse USD LC 1) | LU1230072719 | -14,3% |

1) 
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 ESG Qi LowVol World
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 14 809 547,77 | 9,23 |
| Telekommunikationsdienste | 21 456 333,16 | 13,36 |
| Dauerhafte Konsumgüter | 56 259 758,40 | 35,06 |
| Energie | 423 559,71 | 0,26 |
| Hauptverbrauchsgüter | 15 634 869,85 | 9,76 |
| Finanzsektor | 19 670 525,88 | 12,26 |
| Grundstoffe | 7 225 852,45 | 4,50 |
| Industrien | 11 952 661,60 | 7,46 |
| Versorger | 9 465 480,50 | 5,89 |
| Summe Aktien | 156 898 589,32 | 97,78 |
| 2. Derivate | -84 567,32 | -0,05 |
| 3. Bankguthaben | 3 710 596,61 | 2,31 |
| 4. Sonstige Vermögensgegenstände | 200 404,60 | 0,12 |
| 5. Forderungen aus Anteilscheingeschäften | 229 606,13 | 0,14 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -357 703,21 | -0,21 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -138 889,36 | -0,09 |
| III. Fondsvermögen | 160 458 036,77 | 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 |  |  |  |  |  |  | 156 898 589,32 | 97,78 |
| Aktien Wesfarmers Ltd ...................................  | Stück | 21 101 | 3 130 |  | AUD | 41,91 | 586 067,09 | 0,37 |
| Agnico Eagle Mines Ltd .............................  | Stück | 27 130 | 27 130 | 17 117 | CAD | 60,7 | 1 226 179,54 | 0,76 |
| Franco-Nevada Corp. ...............................  | Stück | 18 539 | 11 629 |  | CAD | 173,5 | 2 394 977,10 | 1,49 |
| Hydro One Ltd ....................................  | Stück | 23 931 | 4 035 | 13 833 | CAD | 34,54 | 615 458,48 | 0,38 |
| Wheaton Precious Metals Corp. ......................  | Stück | 19 147 | 19 147 | 35 543 | CAD | 47,18 | 672 626,94 | 0,42 |
| Geberit AG .......................................  | Stück | 1 941 | 287 |  | CHF | 454 | 885 232,13 | 0,55 |
| Kuehne + Nagel International AG . . . . . . . . . . . . . . . . . . . . . . | Stück | 3 463 | 3 463 |  | CHF | 225 | 782 727,86 | 0,49 |
| Logitech International SA ............................  | Stück | 20 184 | 2 994 |  | CHF | 49,36 | 1 000 825,06 | 0,62 |
| Nestle SA ........................................  | Stück | 11 984 | 1 777 |  | CHF | 110,98 | 1 336 048,74 | 0,83 |
| Novartis AG ......................................  | Stück | 28 839 | 28 839 |  | CHF | 80,33 | 2 327 200,20 | 1,45 |
| Roche Holding AG .................................  | Stück | 5 928 | 879 |  | CHF | 316 | 1 881 789,58 | 1,17 |
| Swiss Prime Site AG ...............................  | Stück | 6 706 | 6 706 |  | CHF | 83,2 | 560 483,27 | 0,35 |
| Swisscom AG .....................................  | Stück | 4 110 | 610 |  | CHF | 521,6 | 2 153 551,13 | 1,34 |
| Coloplast A/S .....................................  | Stück | 8 431 | 2 248 | 6 724 | DKK | 808,6 | 916 465,48 | 0,57 |
| Novo Nordisk A/S ..................................  | Stück | 4 165 | 193 | 9 366 | DKK | 783,3 | 438 577,57 | 0,27 |
| Air Liquide SA .....................................  | Stück | 2 500 | 2 500 |  | EUR | 128,34 | 320 850,00 | 0,20 |
| BioMerieux .......................................  | Stück | 7 935 | 9 425 | 4 866 | EUR | 93,82 | 744 461,70 | 0,46 |
| Deutsche Telekom AG ..............................  | Stück | 83 570 | 12 396 |  | EUR | 18,896 | 1 579 138,72 | 0,98 |
| Elisa Oyj .........................................  | Stück | 29 201 | 4 332 |  | EUR | 53,26 | 1 555 245,26 | 0,97 |
| Ferrari NV ........................................  | Stück | 2 701 | 2 701 |  | EUR | 172,35 | 465 517,35 | 0,29 |
| Groupe Bruxelles Lambert SA ........................  | Stück | 16 831 | 16 831 |  | EUR | 78,72 | 1 324 936,32 | 0,83 |
| Hermes International ...............................  | Stück | 1 269 | 84 | 544 | EUR | 1 050,5 | 1 333 084,50 | 0,83 |
| Iberdrola SA ......................................  | Stück | 46 748 | 6 094 |  | EUR | 9,872 | 461 496,26 | 0,29 |
| Industria de Diseno Textil SA .........................  | Stück | 25 704 | 25 704 |  | EUR | 21,33 | 548 266,32 | 0,34 |
| Kone Oyj .........................................  | Stück | 23 648 | 23 648 |  | EUR | 44,98 | 1 063 687,04 | 0,66 |
| Koninklijke Ahold Delhaize NV ........................  | Stück | 59 123 | 22 785 |  | EUR | 24,68 | 1 459 155,64 | 0,91 |
| Koninklijke KPN NV ................................  | Stück | 250 386 | 250 386 |  | EUR | 3,387 | 848 057,38 | 0,53 |
| Proximus SADP ...................................  | Stück | 41 316 | 6 128 |  | EUR | 14,09 | 582 142,44 | 0,36 |
| Red Electrica Corp., SA .............................  | Stück | 51 811 | 7 686 | 22 969 | EUR | 18,08 | 936 742,88 | 0,58 |
| Sanofi ..........................................  | Stück | 4 100 | 4 100 |  | EUR | 96,5 | 395 650,00 | 0,25 |
| Auto Trader Group PLC .............................  | Stück | 107 995 | 16 027 |  | GBP | 5,468 | 689 508,12 | 0,43 |
| GSK PLC .........................................  | Stück | 62 437 | 9 261 |  | GBP | 17,568 | 1 280 771,28 | 0,80 |
| AIA Group Ltd ....................................  | Stück | 69 400 | 11 600 | 40 200 | HKD | 85,05 | 722 243,15 | 0,45 |
| CK Asset Holdings Ltd ..............................  | Stück | 113 500 | 113 500 |  | HKD | 55,5 | 770 794,29 | 0,48 |
| HKT Trust & HKT Ltd ...............................  | Stück | 361 000 | 47 000 |  | HKD | 10,54 | 465 583,37 | 0,29 |
| Power Assets Holdings Ltd ..........................  | Stück | 75 000 | 75 000 |  | HKD | 49,35 | 452 895,56 | 0,28 |
| Sun Hung Kai Properties Ltd .........................  | Stück | 61 000 | 9 000 |  | HKD | 92,7 | 691 925,30 | 0,43 |
| Canon, Inc. .......................................  | Stück | 44 000 | 21 100 |  | JPY | 3 085 | 958 871,79 | 0,60 |
| Chugai Pharmaceutical Co., Ltd .......................  | Stück | 66 100 | 27 200 |  | JPY | 3 470 | 1 620 255,98 | 1,01 |
| Dai Nippon Printing Co., Ltd ..........................  | Stück | 41 700 | 6 100 |  | JPY | 2 926 | 861 912,29 | 0,54 |
| Daiwa House Industry Co., Ltd .......................  | Stück | 29 400 | 4 400 |  | JPY | 3 162 | 656 692,26 | 0,41 |
| Hamamatsu Photonics KK ...........................  | Stück | 21 400 | 1 400 | 6 300 | JPY | 5 270 | 796 667,48 | 0,50 |
| ITOCHU Corp. ....................................  | Stück | 64 300 | 35 900 |  | JPY | 3 667 | 1 665 614,84 | 1,04 |
| Kajima Corp. ......................................  | Stück | 46 200 | 46 200 |  | JPY | 1 557 | 508 139,89 | 0,32 |
| MEIJI Holdings Co., Ltd .............................  | Stück | 23 100 | 23 100 |  | JPY | 6 660 | 1 086 773,17 | 0,68 |
| Mitsui Chemicals, Inc. ..............................  | Stück | 19 300 | 2 500 |  | JPY | 2 890 | 394 010,55 | 0,25 |
| Nintendo Co., Ltd ..................................  | Stück | 4 600 | 2 200 |  | JPY | 58 680 | 1 906 780,21 | 1,19 |
| Nippon Telegraph & Telephone Corp. ..................  | Stück | 111 500 | 16 600 |  | JPY | 3 896 | 3 068 644,05 | 1,91 |
| Osaka Gas Co., Ltd ................................  | Stück | 78 500 | 47 100 |  | JPY | 2 596 | 1 439 550,96 | 0,90 |
| Secom Co., Ltd ...................................  | Stück | 18 800 | 2 800 |  | JPY | 8 383 | 1 113 294,37 | 0,69 |
| SG Holdings Co., Ltd ...............................  | Stück | 63 200 | 9 300 |  | JPY | 2 289 | 1 021 916,87 | 0,64 |
| Sompo Holdings, Inc. ...............................  | Stück | 9 800 | 2 900 | 9 400 | JPY | 5 983 | 414 188,25 | 0,26 |
| Suntory Beverage & Food Ltd ........................  | Stück | 34 100 | 2 300 | 6 900 | JPY | 5 130 | 1 235 732,43 | 0,77 |
| Welcia Holdings Co., Ltd ............................  | Stück | 24 000 | 3 100 |  | JPY | 2 720 | 461 140,05 | 0,29 |
| Swedbank AB .....................................  | Stück | 48 352 | 7 173 |  | SEK | 128,9 | 581 914,48 | 0,36 |
| DBS Group Holdings Ltd ............................  | Stück | 66 600 | 9 900 |  | SGD | 29,68 | 1 362 554,45 | 0,85 |
| Keppel Corp., Ltd ..................................  | Stück | 157 400 | 157 400 |  | SGD | 6,49 | 704 149,97 | 0,44 |
| United Overseas Bank Ltd ...........................  | Stück | 71 500 | 4 700 | 11 800 | SGD | 26,25 | 1 293 752,16 | 0,81 |
| Accenture PLC ....................................  | Stück | 8 932 | 3 142 |  | USD | 276,21 | 2 368 689,86 | 1,48 |
| Akamai Technologies, Inc. ...........................  | Stück | 7 477 | 1 108 |  | USD | 90,58 | 650 249,14 | 0,40 |
| Allstate Corp. .....................................  | Stück | 5 527 | 5 527 | 7 521 | USD | 124,64 | 661 404,27 | 0,41 |
| American Tower Corp ..............................  | Stück | 4 350 | 933 | 1 945 | USD | 253,88 | 1 060 322,15 | 0,66 |
| AmerisourceBergen Corp. ...........................  | Stück | 5 529 | 5 529 |  | USD | 141,61 | 751 727,78 | 0,47 |
| Apple, Inc. .......................................  | Stück | 3 901 | 579 |  | USD | 135,28 | 506 675,18 | 0,32 |
| AT&T, Inc. ........................................  | Stück | 40 554 | 40 554 |  | USD | 20,885 | 813 182,95 | 0,51 |
| Atmos Energy Corp. ................................  | Stück | 8 295 | 1 230 |  | USD | 110,98 | 883 855,36 | 0,55 |
| Automatic Data Processing, Inc. ......................  | Stück | 5 355 | 5 355 |  | USD | 210,35 | 1 081 488,93 | 0,67 |
| Berkshire Hathaway, Inc. ............................  | Stück | 1 762 | 1 762 | 4 515 | USD | 269,33 | 455 628,33 | 0,28 |
| Black Knight, Inc. ..................................  | Stück | 8 308 | 8 308 |  | USD | 64,49 | 514 409,47 | 0,32 |
| Bristol-Myers Squibb Co. ............................  | Stück | 5 855 | 5 855 |  | USD | 76,9 | 432 288,15 | 0,27 |
| Carrier Global Corp. ................................  | Stück | 14 517 | 2 153 |  | USD | 35,54 | 495 352,53 | 0,31 |
| Cboe Global Markets, Inc. ...........................  | Stück | 18 936 | 14 157 |  | USD | 112,733 | 2 049 545,06 | 1,28 |
| CH Robinson Worldwide, Inc. ........................  | Stück | 6 873 | 6 873 |  | USD | 101,21 | 667 866,80 | 0,42 |
| Check Point Software Technologies Ltd ................  | Stück | 3 545 | 3 545 |  | USD | 121,21 | 412 548,28 | 0,26 |
| Cisco Systems, Inc. ................................  | Stück | 22 489 | 3 336 |  | USD | 42,27 | 912 688,29 | 0,57 |
| Coca-Cola Co. .....................................  | Stück | 13 372 | 2 027 | 5 595 | USD | 62,53 | 802 795,42 | 0,50 |

| Consolidated Edison, Inc. ............................  | Stück | 36 770 | 5 454 |  | USD | 95,08 | 3 356 625,52 | 2,09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Costco Wholesale Corp. .............................  | Stück | 3 322 | 219 | 426 | USD | 468,75 | 1 495 068,18 | 0,93 |
| Cummins, Inc. ....................................  | Stück | 2 449 | 2 449 |  | USD | 189,59 | 445 783,82 | 0,28 |
| Dollar General Corp. ................................  | Stück | 6 819 | 1 012 |  | USD | 244,82 | 1 602 830,78 | 1,00 |
| Eli Lilly & Co. .....................................  | Stück | 6 586 | 978 |  | USD | 323,1 | 2 043 048,95 | 1,27 |
| Eversource Energy .................................  | Stück | 16 394 | 7 269 |  | USD | 83,79 | 1 318 855,48 | 0,82 |
| Expeditors International of Washington, Inc. .............  | Stück | 18 097 | 18 097 |  | USD | 96,93 | 1 684 165,97 | 1,05 |
| Extra Space Storage, Inc. ............................  | Stück | 7 315 | 1 086 |  | USD | 170,75 | 1 199 209,70 | 0,75 |
| Exxon Mobil Corp. .................................  | Stück | 5 106 | 11 322 | 6 216 | USD | 86,4 | 423 559,71 | 0,26 |
| Fox Corp. ........................................  | Stück | 19 192 | 2 846 |  | USD | 29,66 | 546 526,81 | 0,34 |
| General Mills, Inc. .................................  | Stück | 23 273 | 3 453 |  | USD | 74,61 | 1 667 130,12 | 1,04 |
| Gilead Sciences, Inc. ...............................  | Stück | 27 982 | 27 982 |  | USD | 61,63 | 1 655 735,68 | 1,03 |
| Hershey Co. ......................................  | Stück | 12 933 | 2 227 | 2 080 | USD | 217,16 | 2 696 492,39 | 1,68 |
| Hologic, Inc. ......................................  | Stück | 5 727 | 5 727 |  | USD | 69,62 | 382 808,25 | 0,24 |
| Home Depot, Inc. ..................................  | Stück | 4 743 | 703 |  | USD | 270,06 | 1 229 797,13 | 0,77 |
| Incyte Corp. ......................................  | Stück | 9 028 | 9 028 |  | USD | 75,19 | 651 736,02 | 0,41 |
| Intercontinental Exchange, Inc. .......................  | Stück | 5 872 | 5 872 |  | USD | 94,47 | 532 598,64 | 0,33 |
| International Business Machines Corp. .................  | Stück | 6 000 | 6 000 |  | USD | 139,76 | 805 108,16 | 0,50 |
| International Paper Co. ..............................  | Stück | 23 072 | 23 072 |  | USD | 41,79 | 925 715,86 | 0,58 |
| J M Smucker Co. ..................................  | Stück | 5 284 | 783 |  | USD | 130,65 | 662 814,97 | 0,41 |
| Jack Henry & Associates, Inc. ........................  | Stück | 11 828 | 11 828 |  | USD | 181,22 | 2 057 962,85 | 1,28 |
| Johnson & Johnson ................................  | Stück | 22 155 | 3 287 |  | USD | 176,37 | 3 751 600,26 | 2,34 |
| JPMorgan Chase & Co. .............................  | Stück | 7 357 | 1 092 |  | USD | 111,27 | 785 957,26 | 0,49 |
| Kellogg Co. .......................................  | Stück | 10 309 | 10 309 |  | USD | 71,76 | 710 262,78 | 0,44 |
| Keysight Technologies, Inc. ..........................  | Stück | 4 487 | 665 |  | USD | 136,88 | 589 679,67 | 0,37 |
| Kroger Co. .......................................  | Stück | 48 841 | 8 580 | 27 773 | USD | 47,55 | 2 229 744,79 | 1,39 |
| Marsh & McLennan Cos, Inc. ........................  | Stück | 6 251 | 927 |  | USD | 153,69 | 922 391,30 | 0,57 |
| McDonald‘s Corp. ..................................  | Stück | 11 154 | 1 807 | 1 727 | USD | 246,56 | 2 640 422,05 | 1,65 |
| Merck & Co, Inc. ..................................  | Stück | 37 122 | 18 523 |  | USD | 92,29 | 3 289 319,81 | 2,05 |
| Microsoft Corp. ...................................  | Stück | 9 258 | 3 971 |  | USD | 255,12 | 2 267 680,01 | 1,41 |
| Motorola Solutions, Inc. .............................  | Stück | 12 606 | 1 870 |  | USD | 207,3 | 2 508 977,08 | 1,56 |
| Newmont Corp. ...................................  | Stück | 22 012 | 13 266 | 7 735 | USD | 61,11 | 1 291 492,46 | 0,80 |
| Omnicom Group, Inc. ...............................  | Stück | 6 357 | 6 357 |  | USD | 62,65 | 382 378,42 | 0,24 |
| Otis Worldwide Corp. ...............................  | Stück | 10 581 | 1 570 |  | USD | 69,33 | 704 316,73 | 0,44 |
| Paychex, Inc. .....................................  | Stück | 6 432 | 6 432 |  | USD | 114,29 | 705 788,14 | 0,44 |
| PepsiCo, Inc. .....................................  | Stück | 24 048 | 3 568 |  | USD | 167,02 | 3 856 270,86 | 2,40 |
| Pfizer, Inc. ........................................  | Stück | 46 832 | 25 861 |  | USD | 51,5 | 2 315 634,56 | 1,44 |
| Procter & Gamble Co. ..............................  | Stück | 20 905 | 3 102 |  | USD | 142,04 | 2 850 893,04 | 1,78 |
| Public Storage ....................................  | Stück | 9 197 | 1 364 |  | USD | 310,9 | 2 745 282,22 | 1,71 |
| Quest Diagnostics, Inc. .............................  | Stück | 10 828 | 10 828 |  | USD | 135,46 | 1 408 248,86 | 0,88 |
| Regeneron Pharmaceuticals, Inc. ......................  | Stück | 3 913 | 581 | 1 342 | USD | 587,87 | 2 208 570,33 | 1,38 |
| Republic Services, Inc. ..............................  | Stück | 5 283 | 5 283 |  | USD | 129,33 | 655 994,17 | 0,41 |
| Sirius XM Holdings, Inc. .............................  | Stück | 149 197 | 149 197 |  | USD | 6,08 | 870 931,02 | 0,54 |
| Starbucks Corp. ...................................  | Stück | 8 265 | 1 226 |  | USD | 75,335 | 597 805,27 | 0,37 |
| Take-Two Interactive Software, Inc. ...................  | Stück | 4 626 | 686 |  | USD | 121,66 | 540 347,98 | 0,34 |
| Texas Instruments, Inc. .............................  | Stück | 8 413 | 1 249 |  | USD | 151,5 | 1 223 724,37 | 0,76 |
| T-Mobile US, Inc. ..................................  | Stück | 3 613 | 3 613 |  | USD | 133,62 | 463 510,44 | 0,29 |
| Verizon Communications, Inc. ........................  | Stück | 82 524 | 37 303 |  | USD | 50,69 | 4 016 267,68 | 2,50 |
| Vertex Pharmaceuticals, Inc. .........................  | Stück | 9 924 | 2 069 | 5 440 | USD | 278,78 | 2 656 247,01 | 1,66 |
| Visa, Inc. .........................................  | Stück | 8 259 | 1 225 |  | USD | 193,63 | 1 535 395,28 | 0,96 |
| Waste Management, Inc. ............................  | Stück | 15 096 | 15 096 |  | USD | 151,06 | 2 189 431,97 | 1,36 |
| West Pharmaceutical Services, Inc. ....................  | Stück | 5 107 | 757 |  | USD | 297,11 | 1 456 811,01 | 0,91 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 156 898 589,32 | 97,78 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  | -84 375,48 | -0,05 |
| --- | --- | --- | --- | --- | --- |
| Aktienindex-Terminkontrakte DJ Euro Stoxx 50 09/2022 (DB) .......................  | Stück | 17 | 17 | -17 085,00 | -0,01 |
| S & P MINI 500 Futures 09/2022 (DB) ..................  | Stück | 8 | 8 | -55 705,47 | -0,03 |
| Topix Index 09/2022 (DB) ............................  | Stück | 2 | 2 | -11 585,01 | -0,01 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  | -191,84 | 0,00 |
| Devisentermingeschäfte |  |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Offene Positionen EUR/AUD 0,1 Mio. .................................  |  |  |  | -0,63 | 0,00 |
| EUR/CAD 0,1 Mio. .................................  |  |  |  | -7,37 | 0,00 |
| EUR/CHF 0,1 Mio. .................................  |  |  |  | -18,21 | 0,00 |
| EUR/DKK 0,1 Mio. .................................  |  |  |  | -0,03 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  |  |  |  | -1,22 | 0,00 |
| EUR/HKD 0,1 Mio. .................................  |  |  |  | -4,17 | 0,00 |
| EUR/JPY 0,3 Mio. ..................................  |  |  |  | -17,98 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  |  |  |  | 0,21 | 0,00 |
| EUR/SGD 0,1 Mio. .................................  |  |  |  | -2,98 | 0,00 |
| EUR/USD 0,1 Mio. .................................  |  |  |  | -139,46 | 0,00 |
| Bankguthaben |  |  |  | 3 710 596,61 | 2,31 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 2 531 362,79 | 1,58 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 113 598 |  | 15 271,16 | 0,01 |
| Norwegische Kronen ...............................  | NOK | 148 139 |  | 14 342,70 | 0,01 |
| Schwedische Kronen ...............................  | SEK | 131 664 |  | 12 293,06 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 26 196 |  | 17 360,73 | 0,01 |
| Britisches Pfund ...................................  | GBP | 13 170 |  | 15 378,15 | 0,01 |
| Hongkong Dollar ...................................  | HKD | 170 917 |  | 20 913,86 | 0,01 |
| Japanischer Yen ...................................  | JPY | 54 251 621 |  | 383 235,22 | 0,24 |
| Kanadischer Dollar .................................  | CAD | 41 416 |  | 30 837,79 | 0,02 |
| Neuseeländischer Dollar .............................  | NZD | 48 122 |  | 28 832,23 | 0,02 |
| Schweizer Franken .................................  | CHF | 19 939 |  | 20 030,20 | 0,01 |
| Singapur Dollar ....................................  | SGD | 49 261 |  | 33 956,50 | 0,02 |
| US-Dollar ........................................  | USD | 611 163 |  | 586 782,22 | 0,37 |
| Sonstige Vermögensgegenstände |  |  |  | 200 404,60 | 0,12 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 193 946,48 | 0,12 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 203,09 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  | 6 255,03 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 229 606,13 | 0,14 |
| Summe der Vermögensgegenstände * |  |  |  | 161 039 196,87 | 100,35 |
| Sonstige Verbindlichkeiten |  |  |  | -357 703,21 | -0,21 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -357 703,21 | -0,21 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -138 889,36 | -0,09 |
| Summe der Verbindlichkeiten |  |  |  | -581 160,10 | -0,35 |
| Fondsvermögen |  |  |  | 160 458 036,77 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert |  |  |
| Klasse FC ........................................  | EUR | 154,48 |
| Klasse FC EB .....................................  | EUR | 158,72 |
| Klasse FCH (P) EB .................................  | EUR | 142,50 |
| Klasse FD ........................................  | EUR | 147,69 |
| Klasse LC ........................................  | EUR | 147,90 |
| Klasse LD ........................................  | EUR | 142,50 |
| Klasse ND ........................................  | EUR | 139,48 |
| Klasse TFC .......................................  | EUR | 135,93 |
| Klasse TFD .......................................  | EUR | 129,85 |
| Klasse USD LC ....................................  | USD | 140,36 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse FC ........................................  | Stück | 34 410,369 |
| Klasse FC EB .....................................  | Stück | 3 438,000 |
| Klasse FCH (P) EB .................................  | Stück | 100,000 |
| Klasse FD ........................................  | Stück | 980,000 |
| Klasse LC ........................................  | Stück | 381 119,934 |
| Klasse LD ........................................  | Stück | 600 427,117 |
| Klasse ND ........................................  | Stück | 19,965 |
| Klasse TFC .......................................  | Stück | 91 814,447 |
| Klasse TFD .......................................  | Stück | 22,000 |
| Klasse USD LC ....................................  | Stück | 152,937 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI World Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 61,141 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 77,162 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 69,419 |

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 EUR 2 299 050,13.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
BNP Paribas S.A., HSBC France, Royal Bank of Canada (UK), State Street Bank International GmbH und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Australischer Dollar ..............  | AUD | 1,508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,343026 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,438694 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 141,562199 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,328526 | = | EUR | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,669016 | = | 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 zu abgeleiteten Verkehrswerten bewertet.
 Fußnote	
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.