# DWS Invest ESG Smart Industrial Technologies
DWS INVEST ESG SMART INDUSTRIAL TECHNOLOGIES

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1891278043 | -19.4% |
| Class FC | LU1891277821 | -19.0% |
| Class LD | LU1891278472 | -19.4% |
| Class NC | LU1914383705 | -19.6% |
| Class PFC | LU2092852313 | -20.2% |
| Class TFC | LU1980276692 | -19.1% |
| Class USD TFCH 1 | LU2025537536 | -18.3% |


##### MSCI World Industrials Net TR	-15.1%
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 Smart Industrial Technologies
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 2 343 407.50 | 5.96 |
| Telecommunication Services | 866 597.04 | 2.20 |
| Consumer Discretionaries | 2 042 484.63 | 5.19 |
| Energy | 1 090 981.54 | 2.77 |
| Consumer Staples | 1 989 940.68 | 5.06 |
| Financials | 770 570.34 | 1.96 |
| Industrials | 27 198 738.92 | 69.13 |
| Total equities | 36 302 720.65 | 92.27 |
| 2. Derivatives | -52 441.49 | -0.13 |
| 3. Cash at bank | 2 549 855.70 | 6.48 |
| 4. Other assets | 655 946.60 | 1.67 |
| 5. Receivables from share certificate transactions | 157 006.24 | 0.40 |
| II. Liabilities |  |  |
| 1. Other liabilities | -258 429.95 | -0.66 |
| 2. Liabilities from share certificate transactions | -10 543.20 | -0.03 |
| III. Net assets | 39 344 114.55 | 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 |  |  |  |  |  |  | 36 302 720.65 | 92.27 |
| Equities Canadian National Railway Co. ........................  | Count | 3 474 |  | 2 863 | CAD | 142.23 | 367 905.78 | 0.93 |
| Canadian Pacific Railway Ltd..........................  | Count | 8 482 | 789 | 298 | CAD | 89 | 562 087.41 | 1.43 |
| DSV Panalpina A/S..................................  | Count | 6 251 | 4 281 | 26 | DKK | 991.2 | 832 940.68 | 2.12 |
| Aena SME SA .....................................  | Count | 3 277 |  | 127 | EUR | 118.85 | 389 471.45 | 0.99 |
| Alstom SA ........................................  | Count | 32 740 | 9 058 | 9 039 | EUR | 21.36 | 699 326.40 | 1.78 |
| ANDRITZ AG ......................................  | Count | 12 832 |  | 640 | EUR | 37.96 | 487 102.72 | 1.24 |
| Carl Zeiss Meditec AG ..............................  | Count | 1 226 |  | 16 | EUR | 112.4 | 137 802.40 | 0.35 |
| Cie de Saint-Gobain .................................  | Count | 7 088 |  | 275 | EUR | 40.11 | 284 299.68 | 0.72 |
| CNH Industrial NV ..................................  | Count | 44 137 | 26 379 | 12 582 | EUR | 10.91 | 481 534.67 | 1.22 |
| Faurecia SE .......................................  | Count | 21 419 | 21 419 |  | EUR | 18.19 | 389 611.61 | 0.99 |
| Gaztransport Et Technigaz SA.........................  | Count | 2 392 | 2 392 |  | EUR | 120.3 | 287 757.60 | 0.73 |
| KION Group AG ....................................  | Count | 7 115 | 1 426 | 221 | EUR | 38.24 | 272 077.60 | 0.69 |
| Knorr-Bremse AG ..................................  | Count | 1 468 | 1 468 |  | EUR | 53.44 | 78 449.92 | 0.20 |
| Kone Oyj .........................................  | Count | 11 314 | 4 135 | 95 | EUR | 44.98 | 508 903.72 | 1.29 |
| Legrand SA .......................................  | Count | 5 384 | 1 630 | 928 | EUR | 69.9 | 376 341.60 | 0.96 |
| Rexel SA .........................................  | Count | 36 068 |  | 13 637 | EUR | 14.42 | 520 100.56 | 1.32 |
| Schneider Electric SE ...............................  | Count | 850 | 850 | 4 580 | EUR | 111.34 | 94 639.00 | 0.24 |
| Vinci SA ..........................................  | Count | 9 916 | 1 543 | 324 | EUR | 84.09 | 833 836.44 | 2.12 |
| Ashtead Group PLC.................................  | Count | 10 019 | 10 019 |  | GBP | 33.91 | 396 697.44 | 1.01 |
| AVEVA Group PLC..................................  | Count | 14 594 | 14 594 |  | GBP | 22.11 | 376 764.79 | 0.96 |
| Rotork PLC .......................................  | Count | 51 567 |  | 691 | GBP | 2.398 | 144 387.06 | 0.37 |
| Spirax-Sarco Engineering PLC .........................  | Count | 2 063 | 2 063 |  | GBP | 96.52 | 232 500.43 | 0.59 |
| Weir Group PLC ...................................  | Count | 14 092 | 1 440 | 10 935 | GBP | 13.425 | 352 542.09 | 0.90 |
| Baidu, Inc. ........................................  | Count | 15 250 | 15 250 |  | HKD | 148.5 | 277 106.01 | 0.70 |
| Daifuku Co., Ltd....................................  | Count | 4 500 |  | 100 | JPY | 7 760 | 246 676.02 | 0.63 |
| Daikin Industries Ltd ................................  | Count | 2 400 |  | 100 | JPY | 21 750 | 368 742.51 | 0.94 |
| East Japan Railway Co. ..............................  | Count | 21 700 |  | 1 500 | JPY | 6 938 | 1 063 522.61 | 2.70 |
| FANUC Corp.......................................  | Count | 5 500 | 2 400 | 100 | JPY | 21 240 | 825 220.30 | 2.10 |
| IHI Corp. .........................................  | Count | 17 400 |  | 200 | JPY | 3 630 | 446 178.43 | 1.13 |
| Komatsu Ltd ......................................  | Count | 34 900 | 5 500 | 1 300 | JPY | 3 008 | 741 576.50 | 1.88 |
| Nabtesco Corp. ....................................  | Count | 11 200 |  | 100 | JPY | 3 170 | 250 801.42 | 0.64 |
| Nidec Corp. .......................................  | Count | 6 900 | 3 100 | 100 | JPY | 8 380 | 408 456.50 | 1.04 |
| NSK Ltd ..........................................  | Count | 38 600 |  | 500 | JPY | 730 | 199 050.31 | 0.51 |
| Recruit Holdings Co., Ltd ............................  | Count | 19 500 | 7 900 | 500 | JPY | 3 995 | 550 305.80 | 1.40 |
| Yaskawa Electric Corp. ..............................  | Count | 12 300 |  | 200 | JPY | 4 370 | 379 698.82 | 0.96 |
| Grupo Aeroportuario del Centro Norte SAB de CV .........  | Count | 32 635 | 32 635 |  | MXN | 131.82 | 204 345.45 | 0.52 |
| Grupo Aeroportuario del Sureste SAB de CV .............  | Count | 10 899 | 10 899 |  | MXN | 401.77 | 208 000.42 | 0.53 |
| Assa Abloy AB.....................................  | Count | 27 921 | 10 305 | 233 | SEK | 216.8 | 565 173.84 | 1.44 |
| Atlas Copco AB -A- .................................  | Count | 44 278 | 44 278 |  | SEK | 95.18 | 393 482.57 | 1.00 |
| Sandvik AB .......................................  | Count | 39 151 | 18 600 | 13 958 | SEK | 164.05 | 599 668.04 | 1.52 |
| AerCap Holdings NV ................................  | Count | 20 595 | 10 460 | 1 945 | USD | 38.97 | 770 570.34 | 1.96 |
| Allegion plc .......................................  | Count | 12 235 | 12 235 |  | USD | 97.69 | 1 147 556.75 | 2.92 |
| Alphabet, Inc. .....................................  | Count | 193 | 54 | 167 | USD | 2 157.78 | 399 838.46 | 1.02 |
| Aptiv PLC.........................................  | Count | 1 533 | 1 533 |  | USD | 87.31 | 128 506.84 | 0.33 |
| Baker Hughes Co. ..................................  | Count | 24 926 | 11 113 | 17 528 | USD | 29.97 | 717 231.61 | 1.82 |
| Caterpillar, Inc......................................  | Count | 3 935 |  | 5 251 | USD | 177.43 | 670 334.97 | 1.70 |
| CSX Corp. ........................................  | Count | 28 846 | 13 022 | 611 | USD | 28.735 | 795 823.74 | 2.02 |
| Deere & Co........................................  | Count | 2 374 |  | 860 | USD | 295.06 | 672 529.19 | 1.71 |
| Dover Corp. .......................................  | Count | 2 976 | 2 976 |  | USD | 119.71 | 342 045.16 | 0.87 |
| Eaton Corp. PLC ...................................  | Count | 5 603 |  | 943 | USD | 124.89 | 671 843.90 | 1.71 |
| Emerson Electric Co.................................  | Count | 5 368 | 5 368 |  | USD | 79.28 | 408 598.00 | 1.04 |
| Flowserve Corp. ...................................  | Count | 8 947 | 8 947 |  | USD | 28.3 | 243 099.44 | 0.62 |
| Generac Holdings, Inc. ..............................  | Count | 1 100 | 1 100 |  | USD | 206.99 | 218 606.03 | 0.55 |
| General Electric Co..................................  | Count | 12 526 | 1 878 | 2 555 | USD | 62.11 | 746 954.29 | 1.90 |
| GXO Logistics, Inc. .................................  | Count | 1 819 | 1 819 |  | USD | 41.73 | 72 878.79 | 0.18 |
| Howmet Aerospace, Inc..............................  | Count | 40 035 |  | 534 | USD | 30.67 | 1 178 891.12 | 3.00 |
| Illinois Tool Works, Inc. ..............................  | Count | 3 433 | 1 399 | 27 | USD | 178.61 | 588 707.63 | 1.50 |
| Johnson Controls International Plc .....................  | Count | 11 071 | 3 698 | 98 | USD | 47.78 | 507 870.61 | 1.29 |
| Nordson Corp. .....................................  | Count | 982 |  | 13 | USD | 199.41 | 188 008.94 | 0.48 |
| Otis Worldwide Corp. ...............................  | Count | 9 207 | 2 141 | 274 | USD | 69.33 | 612 857.40 | 1.56 |
| Owens Corning ....................................  | Count | 5 509 |  | 213 | USD | 73.71 | 389 869.51 | 0.99 |
| PTC, Inc. .........................................  | Count | 2 990 |  | 163 | USD | 105.06 | 301 598.15 | 0.77 |
| QUALCOMM, Inc...................................  | Count | 4 225 |  | 164 | USD | 126.16 | 511 762.53 | 1.30 |
| Republic Services, Inc. ..............................  | Count | 3 172 |  | 1 450 | USD | 129.33 | 393 869.68 | 1.00 |
| Rockwell Automation, Inc. ...........................  | Count | 2 155 | 2 155 |  | USD | 196.08 | 405 695.94 | 1.03 |
| Sunrun, Inc. .......................................          | Count | 4 073 |  | 54 | USD | 21.99 | 85 992.33 | 0.22 |
| Synopsys, Inc. .....................................  | Count | 748 |  | 1 019 | USD | 302.29 | 217 092.82 | 0.55 |
| TE Connectivity Ltd .................................  | Count | 3 380 |  | 1 827 | USD | 110.55 | 358 753.00 | 0.91 |
| Texas Instruments, Inc...............................  | Count | 2 361 |  | 91 | USD | 151.5 | 343 422.47 | 0.87 |
| TransUnion .......................................  | Count | 2 308 |  | 2 358 | USD | 78.27 | 173 440.78 | 0.44 |
| Trimble, Inc........................................  | Count | 3 497 | 515 | 39 | USD | 57.91 | 194 432.69 | 0.49 |

DWS Invest ESG Smart Industrial Technologies
| Uber Technologies, Inc...............................  | Count | 9 774 |  | 1 822 | USD | 20.21 | 189 652.57 | 0.48 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Union Pacific Corp. .................................  | Count | 5 670 |  | 1 232 | USD | 210.23 | 1 144 452.67 | 2.91 |
| United Parcel Service, Inc. ...........................  | Count | 4 925 | 696 | 56 | USD | 178.44 | 843 759.23 | 2.14 |
| United Rentals, Inc. .................................  | Count | 1 636 | 1 636 |  | USD | 238.15 | 374 070.94 | 0.95 |
| Verisk Analytics, Inc. ................................  | Count | 2 066 |  | 812 | USD | 170.04 | 337 288.48 | 0.86 |
| Vertiv Holdings Co. .................................  | Count | 24 915 |  | 965 | USD | 8.235 | 196 990.19 | 0.50 |
| Waste Management, Inc. ............................  | Count | 2 608 |  | 3 024 | USD | 151.06 | 378 248.45 | 0.96 |
| WW Grainger, Inc...................................  | Count | 2 199 |  | 85 | USD | 450.78 | 951 721.67 | 2.42 |
| Zebra Technologies Corp. ............................  | Count | 2 122 | 1 564 | 7 | USD | 290.95 | 592 766.74 | 1.51 |
| Total securities portfolio |  |  |  |  |  |  | 36 302 720.65 | 92.27 |
| Derivatives Minus signs denote short positions |  |  |  |  |  |  |  |  |
| Derivatives on individual securities |  |  |  |  |  |  | -59 211.60 | -0.15 |
| Securities futures |  |  |  |  |  |  |  |  |
| Equity futures Siemens (DB) 09/2022 ..............................  | Count | 70 | 70 |  |  |  | -59 211.60 | -0.15 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 6 770.11 | 0.02 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions USD/EUR 0.5 million ................................  |  |  |  |  |  |  | 6 770.11 | 0.02 |
| Cash at bank |  |  |  |  |  |  | 2 549 855.70 | 6.48 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 1 225 952.06 | 3.12 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 30 173 |  |  |  |  | 4 056.20 | 0.01 |
| Swedish krona.....................................  | SEK | 2 455 048 |  |  |  |  | 229 219.60 | 0.58 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 276 |  |  |  |  | 183.13 | 0.00 |
| British pound .....................................  | GBP | 3 373 |  |  |  |  | 3 937.77 | 0.01 |
| Hong Kong dollar ..................................  | HKD | 34 688 |  |  |  |  | 4 244.55 | 0.01 |
| Japanese yen .....................................  | JPY | 5 525 112 |  |  |  |  | 39 029.57 | 0.10 |
| Canadian dollar ....................................  | CAD | 346 873 |  |  |  |  | 258 277.00 | 0.66 |
| Mexican peso .....................................  | MXN | 374 245 |  |  |  |  | 17 776.90 | 0.04 |
| Swiss franc .......................................  | CHF | 429 433 |  |  |  |  | 431 391.33 | 1.10 |
| U.S. dollar ........................................  | USD | 349 739 |  |  |  |  | 335 787.59 | 0.85 |
| Other assets |  |  |  |  |  |  | 655 946.60 | 1.67 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 19 016.92 | 0.05 |
| Prepaid placement fee * ............................  |  |  |  |  |  |  | 475 089.14 | 1.21 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 32 046.21 | 0.08 |
| Other receivables ..................................  |  |  |  |  |  |  | 129 794.33 | 0.33 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 157 006.24 | 0.40 |
| Total assets ** |  |  |  |  |  |  | 39 672 299.30 | 100.84 |
| Other liabilities |  |  |  |  |  |  | -258 429.95 | -0.66 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -128 882.98 | -0.33 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -129 546.97 | -0.33 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -10 543.20 | -0.03 |
| Total liabilities |  |  |  |  |  |  | -328 184.75 | -0.84 |
| Net assets |  |  |  |  |  |  | 39 344 114.55 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 130.36 |
| Class LC .........................................  | EUR | 126.63 |
| Class LD .........................................  | EUR | 126.03 |
| Class NC .........................................  | EUR | 132.76 |
| Class PFC ........................................  | EUR | 84.48 |
| Class TFC ........................................  | EUR | 126.13 |
| Class USD TFCH ...................................  | USD | 121.19 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 18 986.953 |
| Class LD .........................................  | Count | 1 080.000 |
| Class NC .........................................  | Count | 9 155.000 |
| Class PFC ........................................  | Count | 334 375.000 |
| Class TFC ........................................  | Count | 54 723.000 |
| Class USD TFCH ...................................  | Count | 3 649.258 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Industrials NET EUR version Composite
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure................................................... | % | 94.276 |
| --- | --- | --- |
| Highest market risk exposure .................................................. | % | 114.142 |
| Average market risk exposure ................................................. | % | 104.441 |

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 679 630.00 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	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
State Street Bank International GmbH.
 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 |
| Mexican peso .................. . | MXN | 21.052319 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.710462 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.041549 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnotes	
* The prepaid placement fee is amortized over a period of three years (as specified in article 13 (f) of the general section of the fund’s management regulations).
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Smart Industrial Technologies
DWS INVEST ESG SMART INDUSTRIAL TECHNOLOGIES

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1891278043 | -19,4% |
| Klasse FC | LU1891277821 | -19,0% |
| Klasse LD | LU1891278472 | -19,4% |
| Klasse NC | LU1914383705 | -19,6% |
| Klasse PFC | LU2092852313 | -20,2% |
| Klasse TFC | LU1980276692 | -19,1% |
| Klasse USD TFCH 1) | LU2025537536 | -18,3% |
| MSCI World Industrials Net | TR | -15,1% |

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 Smart Industrial Technologies
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 2 343 407,50 | 5,96 |
| Telekommunikationsdienste | 866 597,04 | 2,20 |
| Dauerhafte Konsumgüter | 2 042 484,63 | 5,19 |
| Energie | 1 090 981,54 | 2,77 |
| Hauptverbrauchsgüter | 1 989 940,68 | 5,06 |
| Finanzsektor | 770 570,34 | 1,96 |
| Industrien | 27 198 738,92 | 69,13 |
| Summe Aktien | 36 302 720,65 | 92,27 |
| 2. Derivate | -52 441,49 | -0,13 |
| 3. Bankguthaben | 2 549 855,70 | 6,48 |
| 4. Sonstige Vermögensgegenstände | 655 946,60 | 1,67 |
| 5. Forderungen aus Anteilscheingeschäften | 157 006,24 | 0,40 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -258 429,95 | -0,66 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -10 543,20 | -0,03 |
| III. Fondsvermögen | 39 344 114,55 | 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 |  |  |  |  |  |  | 36 302 720,65 | 92,27 |
| Aktien Canadian National Railway Co. ........................  | Stück | 3 474 |  | 2 863 | CAD | 142,23 | 367 905,78 | 0,93 |
| Canadian Pacific Railway Ltd .........................  | Stück | 8 482 | 789 | 298 | CAD | 89 | 562 087,41 | 1,43 |
| DSV Panalpina A/S .................................  | Stück | 6 251 | 4 281 | 26 | DKK | 991,2 | 832 940,68 | 2,12 |
| Aena SME SA .....................................  | Stück | 3 277 |  | 127 | EUR | 118,85 | 389 471,45 | 0,99 |
| Alstom SA .......................................  | Stück | 32 740 | 9 058 | 9 039 | EUR | 21,36 | 699 326,40 | 1,78 |
| ANDRITZ AG .....................................  | Stück | 12 832 |  | 640 | EUR | 37,96 | 487 102,72 | 1,24 |
| Carl Zeiss Meditec AG ..............................  | Stück | 1 226 |  | 16 | EUR | 112,4 | 137 802,40 | 0,35 |
| Cie de Saint-Gobain ................................  | Stück | 7 088 |  | 275 | EUR | 40,11 | 284 299,68 | 0,72 |
| CNH Industrial NV .................................  | Stück | 44 137 | 26 379 | 12 582 | EUR | 10,91 | 481 534,67 | 1,22 |
| Faurecia SE .......................................  | Stück | 21 419 | 21 419 |  | EUR | 18,19 | 389 611,61 | 0,99 |
| Gaztransport Et Technigaz SA ........................  | Stück | 2 392 | 2 392 |  | EUR | 120,3 | 287 757,60 | 0,73 |
| KION Group AG ...................................  | Stück | 7 115 | 1 426 | 221 | EUR | 38,24 | 272 077,60 | 0,69 |
| Knorr-Bremse AG ..................................  | Stück | 1 468 | 1 468 |  | EUR | 53,44 | 78 449,92 | 0,20 |
| Kone Oyj .........................................  | Stück | 11 314 | 4 135 | 95 | EUR | 44,98 | 508 903,72 | 1,29 |
| Legrand SA .......................................  | Stück | 5 384 | 1 630 | 928 | EUR | 69,9 | 376 341,60 | 0,96 |
| Rexel SA .........................................  | Stück | 36 068 |  | 13 637 | EUR | 14,42 | 520 100,56 | 1,32 |
| Schneider Electric SE ...............................  | Stück | 850 | 850 | 4 580 | EUR | 111,34 | 94 639,00 | 0,24 |
| Vinci SA .........................................  | Stück | 9 916 | 1 543 | 324 | EUR | 84,09 | 833 836,44 | 2,12 |
| Ashtead Group PLC ................................  | Stück | 10 019 | 10 019 |  | GBP | 33,91 | 396 697,44 | 1,01 |
| AVEVA Group PLC .................................  | Stück | 14 594 | 14 594 |  | GBP | 22,11 | 376 764,79 | 0,96 |
| Rotork PLC .......................................  | Stück | 51 567 |  | 691 | GBP | 2,398 | 144 387,06 | 0,37 |
| Spirax-Sarco Engineering PLC ........................  | Stück | 2 063 | 2 063 |  | GBP | 96,52 | 232 500,43 | 0,59 |
| Weir Group PLC ...................................  | Stück | 14 092 | 1 440 | 10 935 | GBP | 13,425 | 352 542,09 | 0,90 |
| Baidu, Inc. ........................................  | Stück | 15 250 | 15 250 |  | HKD | 148,5 | 277 106,01 | 0,70 |
| Daifuku Co., Ltd ...................................  | Stück | 4 500 |  | 100 | JPY | 7 760 | 246 676,02 | 0,63 |
| Daikin Industries Ltd ...............................  | Stück | 2 400 |  | 100 | JPY | 21 750 | 368 742,51 | 0,94 |
| East Japan Railway Co. .............................  | Stück | 21 700 |  | 1 500 | JPY | 6 938 | 1 063 522,61 | 2,70 |
| FANUC Corp. .....................................  | Stück | 5 500 | 2 400 | 100 | JPY | 21 240 | 825 220,30 | 2,10 |
| IHI Corp. .........................................  | Stück | 17 400 |  | 200 | JPY | 3 630 | 446 178,43 | 1,13 |
| Komatsu Ltd ......................................  | Stück | 34 900 | 5 500 | 1 300 | JPY | 3 008 | 741 576,50 | 1,88 |
| Nabtesco Corp. ....................................  | Stück | 11 200 |  | 100 | JPY | 3 170 | 250 801,42 | 0,64 |
| Nidec Corp. .......................................  | Stück | 6 900 | 3 100 | 100 | JPY | 8 380 | 408 456,50 | 1,04 |
| NSK Ltd .........................................  | Stück | 38 600 |  | 500 | JPY | 730 | 199 050,31 | 0,51 |
| Recruit Holdings Co., Ltd ............................  | Stück | 19 500 | 7 900 | 500 | JPY | 3 995 | 550 305,80 | 1,40 |
| Yaskawa Electric Corp. ..............................  | Stück | 12 300 |  | 200 | JPY | 4 370 | 379 698,82 | 0,96 |
| Grupo Aeroportuario del Centro Norte SAB de CV ........  | Stück | 32 635 | 32 635 |  | MXN | 131,82 | 204 345,45 | 0,52 |
| Grupo Aeroportuario del Sureste SAB de CV ............  | Stück | 10 899 | 10 899 |  | MXN | 401,77 | 208 000,42 | 0,53 |
| Assa Abloy AB ....................................  | Stück | 27 921 | 10 305 | 233 | SEK | 216,8 | 565 173,84 | 1,44 |
| Atlas Copco AB -A- .................................  | Stück | 44 278 | 44 278 |  | SEK | 95,18 | 393 482,57 | 1,00 |
| Sandvik AB .......................................  | Stück | 39 151 | 18 600 | 13 958 | SEK | 164,05 | 599 668,04 | 1,52 |
| AerCap Holdings NV ................................  | Stück | 20 595 | 10 460 | 1 945 | USD | 38,97 | 770 570,34 | 1,96 |
| Allegion plc .......................................  | Stück | 12 235 | 12 235 |  | USD | 97,69 | 1 147 556,75 | 2,92 |
| Alphabet, Inc. .....................................  | Stück | 193 | 54 | 167 | USD | 2 157,78 | 399 838,46 | 1,02 |
| Aptiv PLC ........................................  | Stück | 1 533 | 1 533 |  | USD | 87,31 | 128 506,84 | 0,33 |
| Baker Hughes Co. .................................  | Stück | 24 926 | 11 113 | 17 528 | USD | 29,97 | 717 231,61 | 1,82 |
| Caterpillar, Inc. ....................................  | Stück | 3 935 |  | 5 251 | USD | 177,43 | 670 334,97 | 1,70 |
| CSX Corp. ........................................  | Stück | 28 846 | 13 022 | 611 | USD | 28,735 | 795 823,74 | 2,02 |
| Deere & Co. ......................................  | Stück | 2 374 |  | 860 | USD | 295,06 | 672 529,19 | 1,71 |
| Dover Corp. ......................................  | Stück | 2 976 | 2 976 |  | USD | 119,71 | 342 045,16 | 0,87 |
| Eaton Corp. PLC ...................................  | Stück | 5 603 |  | 943 | USD | 124,89 | 671 843,90 | 1,71 |
| Emerson Electric Co. ...............................  | Stück | 5 368 | 5 368 |  | USD | 79,28 | 408 598,00 | 1,04 |
| Flowserve Corp. ...................................  | Stück | 8 947 | 8 947 |  | USD | 28,3 | 243 099,44 | 0,62 |
| Generac Holdings, Inc. ..............................  | Stück | 1 100 | 1 100 |  | USD | 206,99 | 218 606,03 | 0,55 |
| General Electric Co. ................................  | Stück | 12 526 | 1 878 | 2 555 | USD | 62,11 | 746 954,29 | 1,90 |
| GXO Logistics, Inc. .................................  | Stück | 1 819 | 1 819 |  | USD | 41,73 | 72 878,79 | 0,18 |
| Howmet Aerospace, Inc. ............................  | Stück | 40 035 |  | 534 | USD | 30,67 | 1 178 891,12 | 3,00 |
| Illinois Tool Works, Inc. .............................  | Stück | 3 433 | 1 399 | 27 | USD | 178,61 | 588 707,63 | 1,50 |
| Johnson Controls International Plc .....................  | Stück | 11 071 | 3 698 | 98 | USD | 47,78 | 507 870,61 | 1,29 |
| Nordson Corp. ....................................  | Stück | 982 |  | 13 | USD | 199,41 | 188 008,94 | 0,48 |
| Otis Worldwide Corp. ...............................  | Stück | 9 207 | 2 141 | 274 | USD | 69,33 | 612 857,40 | 1,56 |
| Owens Corning ...................................  | Stück | 5 509 |  | 213 | USD | 73,71 | 389 869,51 | 0,99 |
| PTC, Inc. .........................................  | Stück | 2 990 |  | 163 | USD | 105,06 | 301 598,15 | 0,77 |
| QUALCOMM, Inc. .................................  | Stück | 4 225 |  | 164 | USD | 126,16 | 511 762,53 | 1,30 |
| Republic Services, Inc. ..............................  | Stück | 3 172 |  | 1 450 | USD | 129,33 | 393 869,68 | 1,00 |
| Rockwell Automation, Inc. ...........................  | Stück | 2 155 | 2 155 |  | USD | 196,08 | 405 695,94 | 1,03 |
| Sunrun, Inc. ......................................  | Stück | 4 073 |  | 54 | USD | 21,99 | 85 992,33 | 0,22 |
| Synopsys, Inc. ....................................  | Stück | 748 |  | 1 019 | USD | 302,29 | 217 092,82 | 0,55 |
| TE Connectivity Ltd ................................  | Stück | 3 380 |  | 1 827 | USD | 110,55 | 358 753,00 | 0,91 |
| Texas Instruments, Inc. .............................  | Stück | 2 361 |  | 91 | USD | 151,5 | 343 422,47 | 0,87 |
| TransUnion .......................................  | Stück | 2 308 |  | 2 358 | USD | 78,27 | 173 440,78 | 0,44 |
| Trimble, Inc. ......................................  | Stück | 3 497 | 515 | 39 | USD | 57,91 | 194 432,69 | 0,49 |

DWS Invest ESG Smart Industrial Technologies
| Uber Technologies, Inc. .............................  | Stück | 9 774 |  | 1 822 | USD | 20,21 | 189 652,57 | 0,48 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Union Pacific Corp. .................................  | Stück | 5 670 |  | 1 232 | USD | 210,23 | 1 144 452,67 | 2,91 |
| United Parcel Service, Inc. ...........................  | Stück | 4 925 | 696 | 56 | USD | 178,44 | 843 759,23 | 2,14 |
| United Rentals, Inc. ................................  | Stück | 1 636 | 1 636 |  | USD | 238,15 | 374 070,94 | 0,95 |
| Verisk Analytics, Inc. ...............................  | Stück | 2 066 |  | 812 | USD | 170,04 | 337 288,48 | 0,86 |
| Vertiv Holdings Co. .................................  | Stück | 24 915 |  | 965 | USD | 8,235 | 196 990,19 | 0,50 |
| Waste Management, Inc. ............................  | Stück | 2 608 |  | 3 024 | USD | 151,06 | 378 248,45 | 0,96 |
| WW Grainger, Inc. .................................  | Stück | 2 199 |  | 85 | USD | 450,78 | 951 721,67 | 2,42 |
| Zebra Technologies Corp. ...........................  | Stück | 2 122 | 1 564 | 7 | USD | 290,95 | 592 766,74 | 1,51 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 36 302 720,65 | 92,27 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |
| Derivate auf einzelne Wertpapiere |  | -59 211,60 | -0,15 |
| Wertpapier-Terminkontrakte |  |  |  |
| Wertpapier-Terminkontrakte auf Aktien Siemens (DB) 09/2022 ..............................	Stück	70 | 70 | -59 211,60 | -0,15 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | 6 770,11 | 0,02 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |
| Offene Positionen USD/EUR 0,5 Mio. .................................  |  | 6 770,11 | 0,02 |
| Bankguthaben |  | 2 549 855,70 | 6,48 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  | 1 225 952,06 | 3,12 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |
| Dänische Kronen ..................................	DKK	30 173 |  | 4 056,20 | 0,01 |
| Schwedische Kronen ...............................	SEK	2 455 048 |  | 229 219,60 | 0,58 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| Australischer Dollar ................................	AUD	276 |  | 183,13 | 0,00 |
| Britisches Pfund ...................................	GBP	3 373 |  | 3 937,77 | 0,01 |
| Hongkong Dollar ...................................	HKD	34 688 |  | 4 244,55 | 0,01 |
| Japanischer Yen ...................................	JPY	5 525 112 |  | 39 029,57 | 0,10 |
| Kanadischer Dollar .................................	CAD	346 873 |  | 258 277,00 | 0,66 |
| Mexikanischer Peso ................................	MXN	374 245 |  | 17 776,90 | 0,04 |
| Schweizer Franken .................................	CHF	429 433 |  | 431 391,33 | 1,10 |
| US-Dollar ........................................	USD	349 739 |  | 335 787,59 | 0,85 |
| Sonstige Vermögensgegenstände |  | 655 946,60 | 1,67 |
| Dividenden- / Ausschüttungsansprüche .................  |  | 19 016,92 | 0,05 |
| Abgegrenzte Platzierungsgebühr * ....................  |  | 475 089,14 | 1,21 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  | 32 046,21 | 0,08 |
| Sonstige Ansprüche ................................  |  | 129 794,33 | 0,33 |
| Forderungen aus Anteilscheingeschäften |  | 157 006,24 | 0,40 |
| Summe der Vermögensgegenstände ** |  | 39 672 299,30 | 100,84 |
| Sonstige Verbindlichkeiten |  | -258 429,95 | -0,66 |
| Verbindlichkeiten aus Kostenpositionen ................  |  | -128 882,98 | -0,33 |
| Andere sonstige Verbindlichkeiten .....................  |  | -129 546,97 | -0,33 |
| Verbindlichkeiten aus Anteilscheingeschäften |  | -10 543,20 | -0,03 |
| Summe der Verbindlichkeiten |  | -328 184,75 | -0,84 |
| Fondsvermögen |  | 39 344 114,55 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 130,36 |
| Klasse LC ........................................  | EUR | 126,63 |
| Klasse LD ........................................  | EUR | 126,03 |
| Klasse NC ........................................  | EUR | 132,76 |
| Klasse PFC .......................................  | EUR | 84,48 |
| Klasse TFC .......................................  | EUR | 126,13 |
| Klasse USD TFCH .................................  | USD | 121,19 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 18 986,953 |
| Klasse LD ........................................  | Stück | 1 080,000 |
| Klasse NC ........................................  | Stück | 9 155,000 |
| Klasse PFC .......................................  | Stück | 334 375,000 |
| Klasse TFC .......................................  | Stück | 54 723,000 |
| Klasse USD TFCH .................................  | Stück | 3 649,258 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI World Industrials NET EUR version Composite
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 94,276 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 114,142 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 104,441 |

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 679 630,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
State Street Bank International GmbH.
 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 |
| Mexikanischer Peso ..............  | MXN | 21,052319 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,710462 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
 Fußnoten	
* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 13 f) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.