# DWS Invest ESG Emerging Markets Top Dividend
DWS INVEST ESG EMERGING MARKETS TOP DIVIDEND

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0329760002 | -12.3% |
| Class FC | LU0329760267 | -11.9% |
| Class LD | LU0363468686 | -12.3% |
| Class NC | LU0329760184 | -12.6% |
| Class ND | LU1054328791 | -12.6% |
| Class PFC | LU1054329336 | -12.4% |
| Class PFD | LU1054329419 | -12.9% |
| Class TFC | LU1663862685 | -11.9% |
| Class TFD | LU1663863816 | -11.9% |
| Class USD FC 1 | LU0329761406 | -19.1% |
| Class USD TFC 1 | LU1663864624 | -19.1% |
| Class USD TFD 1 | LU1663865944 | -19.0% |

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 Emerging Markets Top Dividend
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 45 980 973.57 | 23.68 |
| Telecommunication Services | 19 563 612.50 | 10.08 |
| Consumer Discretionaries | 6 808 026.24 | 3.50 |
| Energy | 2 669 468.31 | 1.37 |
| Consumer Staples | 22 301 993.23 | 11.49 |
| Financials | 67 439 162.98 | 34.71 |
| Basic Materials | 57.61 | 0.00 |
| Industrials | 20 780 423.61 | 10.69 |
| Total equities | 185 543 718.05 | 95.52 |
| 2. Investment fund units Other funds | 916 092.61 | 0.47 |
| Total investment fund units | 916 092.61 | 0.47 |
| 3. Cash at bank | 7 249 263.76 | 3.73 |
| 4. Other assets | 1 042 801.32 | 0.54 |
| 5. Receivables from share certificate transactions | 23 746.11 | 0.01 |
| II. Liabilities |  |  |
| 1. Other liabilities | -486 666.17 | -0.25 |
| 2. Liabilities from share certificate transactions | -36 623.55 | -0.02 |
| III. Net assets | 194 252 332.13 | 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 |  |  |  |  |  |  | 185 543 718.05 | 95.52 |
| Equities B3 SA - Brasil Bolsa Balcao ..........................  | Count | 900 000 | 200 000 |  | BRL | 10.88 | 1 790 551.00 | 0.92 |
| Banco Bradesco SA ................................  | Count | 858 000 | 208 000 |  | BRL | 17.28 | 2 711 104.86 | 1.40 |
| CCR SA .........................................  | Count | 720 000 |  |  | BRL | 12.53 | 1 649 676.76 | 0.85 |
| Itau Unibanco Holding SA ...........................  | Count | 580 000 | 60 000 |  | BRL | 22.71 | 2 408 576.35 | 1.24 |
| Itausa SA ........................................  | Count | 1 150 000 | 205 000 |  | BRL | 8.42 | 1 770 619.41 | 0.91 |
| Localiza Rent a Car SA .............................  | Count | 120 000 | 40 000 |  | BRL | 52.17 | 1 144 767.71 | 0.59 |
| Porto Seguro SA ..................................  | Count | 230 000 |  | 270 000 | BRL | 17.71 | 744 837.76 | 0.38 |
| AIA Group Ltd ....................................  | Count | 450 000 | 320 000 | 80 000 | HKD | 85.05 | 4 683 132.83 | 2.41 |
| ANTA Sports Products Ltd  ..........................  | Count | 280 000 |  | 80 000 | HKD | 96.4 | 3 302 818.51 | 1.70 |
| BYD Co., Ltd .....................................  | Count | 227 000 | 37 000 | 10 000 | HKD | 314 | 8 721 780.44 | 4.49 |
| China Merchants Bank Co., Ltd  ......................  | Count | 320 000 | 120 000 | 230 000 | HKD | 52.5 | 2 055 696.17 | 1.06 |
| HKT Trust & HKT Ltd ...............................  | Count | 830 000 |  | 670 000 | HKD | 10.54 | 1 070 454.83 | 0.55 |
| Hong Kong Exchanges & Clearing Ltd  .................  | Count | 106 000 | 6 000 | 10 000 | HKD | 386 | 5 006 599.07 | 2.58 |
| Lenovo Group Ltd .................................  | Count | 3 000 000 | 1 462 000 | 200 000 | HKD | 7.33 | 2 690 759.45 | 1.39 |
| MTR Corp., Ltd ...................................  | Count | 450 000 |  |  | HKD | 41 | 2 257 594.90 | 1.16 |
| Pacific Basin Shipping Ltd ...........................  | Count | 5 500 000 | 5 500 000 |  | HKD | 3 | 2 018 987.31 | 1.04 |
| Ping An Insurance Group Co. of China Ltd ..............  | Count | 600 000 | 330 000 | 50 000 | HKD | 53.35 | 3 916 835.37 | 2.02 |
| Shenzhou International Group Holdings Ltd .............  | Count | 115 000 |  | 55 000 | HKD | 95.05 | 1 337 517.91 | 0.69 |
| Techtronic Industries Co., Ltd ........................  | Count | 200 000 | 70 000 | 80 000 | HKD | 81.85 | 2 003 080.13 | 1.03 |
| Tencent Holdings Ltd  ..............................  | Count | 85 000 | 145 000 | 155 000 | HKD | 354.4 | 3 686 059.01 | 1.90 |
| Xinjiang Goldwind Science & Technology Co., Ltd ........  | Count | 3 400 000 | 900 000 | 200 000 | HKD | 14.68 | 6 107 375.42 | 3.14 |
| Xinyi Solar Holdings Ltd  ............................  | Count | 1 800 000 | 350 000 |  | HKD | 12.12 | 2 669 468.31 | 1.37 |
| Bank Rakyat Indonesia Persero Tbk PT .................  | Count | 9 200 000 | 5 700 000 |  | IDR | 4 150 | 2 460 609.06 | 1.27 |
| Telkom Indonesia Persero Tbk PT .....................  | Count | 9 200 000 | 4 800 000 | 1 600 000 | IDR | 4 000 | 2 371 671.38 | 1.22 |
| Unilever Indonesia Tbk PT ...........................  | Count | 1 800 000 | 1 800 000 |  | IDR | 4 770 | 553 347.02 | 0.28 |
| KB Financial Group, Inc. ............................  | Count | 105 000 | 29 000 |  | KRW | 48 150 | 3 738 498.17 | 1.92 |
| Samsung Electronics Co., Ltd ........................  | Count | 88 000 |  |  | KRW | 57 000 | 3 709 104.84 | 1.91 |
| Samsung Electronics Co., Ltd ........................  | Count | 247 222 |  |  | KRW | 52 000 | 9 506 092.61 | 4.89 |
| Samsung Fire & Marine Insurance Co., Ltd .............  | Count | 16 000 |  |  | KRW | 201 000 | 2 378 086.36 | 1.22 |
| Shinhan Financial Group Co., Ltd .....................  | Count | 120 000 | 20 000 |  | KRW | 37 050 | 3 287 615.66 | 1.69 |
| SK Hynix, Inc. ....................................  | Count | 45 000 | 3 000 |  | KRW | 91 000 | 3 028 067.05 | 1.56 |
| SK Telecom Co., Ltd ...............................  | Count | 100 000 | 10 000 |  | KRW | 52 000 | 3 845 164.51 | 1.98 |
| Fomento Economico Mexicano SAB de CV .............  | Count | 300 000 | 50 000 |  | MXN | 133.62 | 1 904 113.26 | 0.98 |
| Grupo Aeroportuario del Sureste SAB de CV ............  | Count | 100 000 | 10 000 |  | MXN | 401.77 | 1 908 435.83 | 0.98 |
| Wal-Mart de Mexico SAB de CV ......................  | Count | 1 450 000 | 50 000 |  | MXN | 68.45 | 4 714 563.72 | 2.43 |
| Malayan Banking Bhd ..............................  | Count | 1 400 000 | 200 000 |  | MYR | 8.59 | 2 619 684.36 | 1.35 |
| DBS Group Holdings Ltd ............................  | Count | 290 000 | 55 000 | 35 000 | SGD | 29.68 | 5 933 044.89 | 3.05 |
| Singapore Telecommunications Ltd ....................  | Count | 1 300 000 | 200 000 |  | SGD | 2.53 | 2 267 146.65 | 1.17 |
| Thai Beverage PCL ................................  | Count | 3 500 000 |  |  | SGD | 0.645 | 1 556 121.49 | 0.80 |
| Advanced Info Service PCL -NVDR- ...................  | Count | 300 000 |  |  | THB | 194.5 | 1 584 565.18 | 0.82 |
| Airports of Thailand PCL -NVDR- ......................  | Count | 400 000 |  |  | THB | 71 | 771 236.52 | 0.40 |
| Chailease Holding Co., Ltd ..........................  | Count | 465 357 | 122 159 |  | TWD | 208.5 | 3 133 043.07 | 1.61 |
| Chroma ATE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Count | 300 000 |  | 50 000 | TWD | 153 | 1 482 131.51 | 0.76 |
| CTBC Financial Holding Co., Ltd ......................  | Count | 4 700 000 | 1 000 000 |  | TWD | 25.1 | 3 809 304.01 | 1.96 |
| Delta Electronics, Inc. ..............................  | Count | 140 000 |  | 60 000 | TWD | 221.5 | 1 001 326.76 | 0.52 |
| First Financial Holding Co., Ltd .......................  | Count | 1 278 299 |  |  | TWD | 26.2 | 1 081 453.36 | 0.56 |
| Hon Hai Precision Industry Co., Ltd ...................  | Count | 620 800 |  | 220 000 | TWD | 109 | 2 185 004.12 | 1.12 |
| Inventec Corp. ....................................  | Count | 1 500 000 |  |  | TWD | 25.15 | 1 218 157.11 | 0.63 |
| MediaTek, Inc. ....................................  | Count | 100 000 |  |  | TWD | 651 | 2 102 108.09 | 1.08 |
| Merida Industry Co., Ltd ............................  | Count | 200 000 |  |  | TWD | 255.5 | 1 650 041.83 | 0.85 |
| Taiwan Cement Corp. ..............................  | Count | 819 501 |  | 272 000 | TWD | 39.5 | 1 045 251.11 | 0.54 |
| Taiwan Mobile Co., Ltd .............................  | Count | 230 000 |  |  | TWD | 108 | 802 094.70 | 0.41 |
| Taiwan Semiconductor Manufacturing Co., Ltd  ..........  | Count | 610 000 |  |  | TWD | 476 | 9 375 854.13 | 4.83 |
| Alrosa PJSC  .....................................  | Count | 600 000 |  | 600 000 | USD | 0.001 | 57.61 | 0.00 |
| Chunghwa Telecom Co., Ltd -ADR- ....................  | Count | 100 000 | 10 000 |  | USD | 41 | 3 936 442.80 | 2.03 |
| HDFC Bank Ltd -ADR- ..............................  | Count | 85 000 |  | 15 000 | USD | 54.37 | 4 437 091.12 | 2.28 |
| ICICI Bank Ltd -ADR- ...............................  | Count | 165 000 |  | 65 000 | USD | 17.605 | 2 788 945.72 | 1.44 |
| Infosys Ltd -ADR- .................................  | Count | 360 000 | 15 000 | 65 000 | USD | 18.41 | 6 363 211.78 | 3.28 |
| Mobile TeleSystems PJSC -ADR-  .....................  | Count | 140 000 |  | 310 000 | USD | 0.001 | 13.44 | 0.00 |
| NetEase, Inc. -ADR- ...............................  | Count | 25 000 | 25 000 |  | USD | 90.86 | 2 180 885.32 | 1.12 |
| Sberbank of Russia PJSC ...........................  | Count | 370 000 | 75 861 | 435 861 | USD | 0.001 | 35.52 | 0.00 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- .....  | Count | 75 000 |  | 23 000 | USD | 80.64 | 5 806 733.19 | 2.99 |
| Yum China Holdings, Inc. ...........................  | Count | 17 000 |  | 18 000 | USD | 47.26 | 771 369.97 | 0.40 |
| FirstRand Ltd .....................................  | Count | 630 000 |  |  | ZAR | 62.355 | 2 296 988.22 | 1.18 |
| Mr Price Group Ltd ................................  | Count | 175 000 | 55 000 |  | ZAR | 176.29 | 1 803 900.85 | 0.93 |
| Sanlam Ltd  ......................................  | Count | 650 000 | 100 000 |  | ZAR | 53.05 | 2 016 256.04 | 1.04 |
| Standard Bank Group Ltd ...........................  | Count | 260 000 | 40 000 |  | ZAR | 155.93 | 2 370 554.60 | 1.22 |

| Investment fund units |  |  |  |  |  |  | 916 092.61 | 0.47 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Non-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%)........  | Units | 92 | 1 777 | 2 046 | USD | 10 431.58 | 916 092.61 | 0.47 |
| Total securities portfolio |  |  |  |  |  |  | 186 459 810.66 | 95.99 |
| Cash at bank |  |  |  |  |  |  | 7 249 263.76 | 3.73 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 382 005.56 | 0.20 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Polish zloty........................................  | PLN | 6 373 |  |  |  |  | 1 356.72 | 0.00 |
| Czech koruna ......................................  | CZK | 729 058 |  |  |  |  | 29 472.35 | 0.02 |
| Hungarian forint ....................................         | HUF | 3 463 817 |  |  |  |  | 8 739.29 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Egyptian pound ....................................  | EGP | 880 |  |  |  |  | 44.96 | 0.00 |
| Brazilian real ......................................  | BRL | 360 748 |  |  |  |  | 65 965.93 | 0.03 |
| British pound .....................................  | GBP | 87 541 |  |  |  |  | 102 215.38 | 0.05 |
| Hong Kong dollar ..................................  | HKD | 2 458 668 |  |  |  |  | 300 849.70 | 0.15 |
| Indian rupee.......................................  | INR | 2 046 756 |  |  |  |  | 24 883.43 | 0.01 |
| Indonesian rupiah ..................................  | IDR | 174 471 221 |  |  |  |  | 11 244.25 | 0.01 |
| Malaysian ringgit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | MYR | 45 993 |  |  |  |  | 10 018.96 | 0.01 |
| Mexican peso .....................................  | MXN | 2 106 923 |  |  |  |  | 100 080.31 | 0.05 |
| New Taiwan dollar ..................................  | TWD | 23 259 259 |  |  |  |  | 751 051.87 | 0.39 |
| Philippine peso ....................................  | PHP | 2 826 682 |  |  |  |  | 49 357.45 | 0.03 |
| Russian rouble .....................................  | RUB | 31 538 902 |  |  |  |  | 557 656.58 | 0.29 |
| Singapore dollar ...................................  | SGD | 1 472 410 |  |  |  |  | 1 014 949.96 | 0.52 |
| South African rand..................................  | ZAR | 37 883 705 |  |  |  |  | 2 215 130.83 | 1.14 |
| South Korean won ..................................  | KRW | 649 004 856 |  |  |  |  | 479 909.70 | 0.25 |
| Thai baht .........................................  | THB | 23 115 058 |  |  |  |  | 627 717.50 | 0.32 |
| Turkish lira ........................................          | TRY | 34 246 |  |  |  |  | 1 969.55 | 0.00 |
| U.S. dollar ........................................  | USD | 536 027 |  |  |  |  | 514 643.48 | 0.26 |
| Other assets |  |  |  |  |  |  | 1 042 801.32 | 0.54 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 964 080.46 | 0.50 |
| Prepaid placement fee * .............................  |  |  |  |  |  |  | 2 395.21 | 0.00 |
| Other receivables ..................................  |  |  |  |  |  |  | 76 325.65 | 0.04 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 23 746.11 | 0.01 |
| Total assets |  |  |  |  |  |  | 194 775 621.85 | 100.27 |
| Other liabilities |  |  |  |  |  |  | -486 666.17 | -0.25 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -459 411.64 | -0.24 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -27 254.53 | -0.01 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -36 623.55 | -0.02 |
| Total liabilities |  |  |  |  |  |  | -523 289.72 | -0.27 |
| Net assets |  |  |  |  |  |  | 194 252 332.13 | 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 | 132.10 |
| Class LC .........................................  | EUR | 117.90 |
| Class LD .........................................  | EUR | 100.27 |
| Class NC .........................................  | EUR | 105.67 |
| Class ND .........................................  | EUR | 88.75 |
| Class PFC ........................................  | EUR | 114.50 |
| Class PFD ........................................  | EUR | 91.73 |
| Class TFC.........................................  | EUR | 107.89 |
| Class TFD.........................................  | EUR | 96.04 |
| Class USD FC .....................................  | USD | 134.24 |
| Class USD TFC ....................................  | USD | 95.70 |
| Class USD TFD ....................................  | USD | 84.28 |
| Number of shares outstanding Class FC .........................................  | Count | 719 893.998 |
| Class LC .........................................  | Count | 636 584.568 |
| Class LD .........................................  | Count | 195 501.423 |
| Class NC .........................................  | Count | 31 022.983 |
| Class ND .........................................  | Count | 4 463.000 |
| Class PFC ........................................  | Count | 1 801.000 |
| Class PFD ........................................  | Count | 2 117.000 |
| Class TFC.........................................  | Count | 20.000 |
| Class TFD.........................................  | Count | 39.711 |
| Class USD FC .....................................  | Count | 3 191.000 |
| Class USD TFC ....................................  | Count | 25.000 |
| Class USD TFD ....................................  | Count | 24.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Emerging Markets in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 73.538 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 106.015 |
| Average market risk exposure ........................  | % | 85.438 |

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 0.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Brazilian real ................... . | BRL | 5.468708 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Czech koruna................... . | CZK | 24.737009 | = | EUR | 1 |
| Egyptian pound ................. . | EGP | 19.581130 | = | EUR | 1 |
| British pound .................. . | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.172414 | = | EUR | 1 |
| Hungarian forint................. . | HUF | 396.349838 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 15 516.483562 | = | EUR | 1 |
| Indian rupee.................... . | INR | 82.253767 | = | EUR | 1 |
| South Korean won............... . | KRW | 1 352.347861 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 21.052319 | = | EUR | 1 |
| Malaysian ringgit ............... . | MYR | 4.590629 | = | EUR | 1 |
| Philippine peso ................. . | PHP | 57.269599 | = | EUR | 1 |
| Polish zloty .................... . | PLN | 4.697128 | = | EUR | 1 |
| Russian rouble.................. . | RUB | 56.556137 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.450722 | = | EUR | 1 |
| Thai baht ...................... . | THB | 36.823982 | = | EUR | 1 |
| Turkish lira ..................... . | TRY | 17.387888 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 30.968912 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.041549 | = | EUR | 1 |
| South African rand............... . | ZAR | 17.102243 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between 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 valued to a small extent at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnote	
* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).

Translation (ENDE, 2022-06-30):
# DWS Invest ESG Emerging Markets Top Dividend
| DWS INVEST ESG | EMERGING MARKETS | TOP | DIVIDEND |
| --- | --- | --- | --- |
| Wertentwicklung der Anteilklasse | Anteilklassen (in EUR) ISIN |  | 6 Monate |
| Klasse LC | LU0329760002 |  | -12,3% |
| Klasse FC | LU0329760267 |  | -11,9% |
| Klasse LD | LU0363468686 |  | -12,3% |
| Klasse NC | LU0329760184 |  | -12,6% |
| Klasse ND | LU1054328791 |  | -12,6% |
| Klasse PFC | LU1054329336 |  | -12,4% |
| Klasse PFD | LU1054329419 |  | -12,9% |
| Klasse TFC | LU1663862685 |  | -11,9% |
| Klasse TFD | LU1663863816 |  | -11,9% |
| Klasse USD FC 1) | LU0329761406 |  | -19,1% |
| Klasse USD TFC 1) | LU1663864624 |  | -19,1% |
| Klasse USD TFD 1) | LU1663865944 |  | -19,0% |

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 Emerging Markets Top Dividend
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 45 980 973,57 | 23,68 |
| Telekommunikationsdienste | 19 563 612,50 | 10,08 |
| Dauerhafte Konsumgüter | 6 808 026,24 | 3,50 |
| Energie | 2 669 468,31 | 1,37 |
| Hauptverbrauchsgüter | 22 301 993,23 | 11,49 |
| Finanzsektor | 67 439 162,98 | 34,71 |
| Grundstoffe | 57,61 | 0,00 |
| Industrien | 20 780 423,61 | 10,69 |
| Summe Aktien | 185 543 718,05 | 95,52 |
| 2. Investmentanteile Sonstige Fonds | 916 092,61 | 0,47 |
| Summe Investmentanteile | 916 092,61 | 0,47 |
| 3. Bankguthaben | 7 249 263,76 | 3,73 |
| 4. Sonstige Vermögensgegenstände | 1 042 801,32 | 0,54 |
| 5. Forderungen aus Anteilscheingeschäften | 23 746,11 | 0,01 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -486 666,17 | -0,25 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -36 623,55 | -0,02 |
| III. Fondsvermögen | 194 252 332,13 | 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	185 543 718,05	95,52
Aktien
| B3 SA - Brasil Bolsa Balcao  .........................  | Stück | 900 000 | 200 000 |  | BRL | 10,88 | 1 790 551,00 | 0,92 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Banco Bradesco SA  ...............................  | Stück | 858 000 | 208 000 |  | BRL | 17,28 | 2 711 104,86 | 1,40 |
| CCR SA  ........................................  | Stück | 720 000 |  |  | BRL | 12,53 | 1 649 676,76 | 0,85 |
| Itau Unibanco Holding SA  ..........................  | Stück | 580 000 | 60 000 |  | BRL | 22,71 | 2 408 576,35 | 1,24 |
| Itausa SA  .......................................  | Stück | 1 150 000 | 205 000 |  | BRL | 8,42 | 1 770 619,41 | 0,91 |
| Localiza Rent a Car SA .............................  | Stück | 120 000 | 40 000 |  | BRL | 52,17 | 1 144 767,71 | 0,59 |
| Porto Seguro SA  .................................  | Stück | 230 000 |  | 270 000 | BRL | 17,71 | 744 837,76 | 0,38 |
| AIA Group Ltd  ...................................  | Stück | 450 000 | 320 000 | 80 000 | HKD | 85,05 | 4 683 132,83 | 2,41 |
| ANTA Sports Products Ltd  ..........................  | Stück | 280 000 |  | 80 000 | HKD | 96,4 | 3 302 818,51 | 1,70 |
| BYD Co., Ltd  ....................................  | Stück | 227 000 | 37 000 | 10 000 | HKD | 314 | 8 721 780,44 | 4,49 |
| China Merchants Bank Co., Ltd  ......................  | Stück | 320 000 | 120 000 | 230 000 | HKD | 52,5 | 2 055 696,17 | 1,06 |
| HKT Trust & HKT Ltd  ..............................  | Stück | 830 000 |  | 670 000 | HKD | 10,54 | 1 070 454,83 | 0,55 |
| Hong Kong Exchanges & Clearing Ltd .................  | Stück | 106 000 | 6 000 | 10 000 | HKD | 386 | 5 006 599,07 | 2,58 |
| Lenovo Group Ltd  ................................  | Stück | 3 000 000 | 1 462 000 | 200 000 | HKD | 7,33 | 2 690 759,45 | 1,39 |
| MTR Corp., Ltd  ..................................  | Stück | 450 000 |  |  | HKD | 41 | 2 257 594,90 | 1,16 |
| Pacific Basin Shipping Ltd  ..........................  | Stück | 5 500 000 | 5 500 000 |  | HKD | 3 | 2 018 987,31 | 1,04 |
| Ping An Insurance Group Co. of China Ltd  .............  | Stück | 600 000 | 330 000 | 50 000 | HKD | 53,35 | 3 916 835,37 | 2,02 |
| Shenzhou International Group Holdings Ltd  ............  | Stück | 115 000 |  | 55 000 | HKD | 95,05 | 1 337 517,91 | 0,69 |
| Techtronic Industries Co., Ltd  .......................  | Stück | 200 000 | 70 000 | 80 000 | HKD | 81,85 | 2 003 080,13 | 1,03 |
| Tencent Holdings Ltd ..............................  | Stück | 85 000 | 145 000 | 155 000 | HKD | 354,4 | 3 686 059,01 | 1,90 |
| Xinjiang Goldwind Science & Technology Co., Ltd  .......  | Stück | 3 400 000 | 900 000 | 200 000 | HKD | 14,68 | 6 107 375,42 | 3,14 |
| Xinyi Solar Holdings Ltd  ............................  | Stück | 1 800 000 | 350 000 |  | HKD | 12,12 | 2 669 468,31 | 1,37 |
| Bank Rakyat Indonesia Persero Tbk PT ................  | Stück | 9 200 000 | 5 700 000 |  | IDR | 4 150 | 2 460 609,06 | 1,27 |
| Telkom Indonesia Persero Tbk PT  ....................  | Stück | 9 200 000 | 4 800 000 | 1 600 000 | IDR | 4 000 | 2 371 671,38 | 1,22 |
| Unilever Indonesia Tbk PT  ..........................  | Stück | 1 800 000 | 1 800 000 |  | IDR | 4 770 | 553 347,02 | 0,28 |
| KB Financial Group, Inc. ............................  | Stück | 105 000 | 29 000 |  | KRW | 48 150 | 3 738 498,17 | 1,92 |
| Samsung Electronics Co., Ltd  .......................  | Stück | 88 000 |  |  | KRW | 57 000 | 3 709 104,84 | 1,91 |
| Samsung Electronics Co., Ltd  .......................  | Stück | 247 222 |  |  | KRW | 52 000 | 9 506 092,61 | 4,89 |
| Samsung Fire & Marine Insurance Co., Ltd .............  | Stück | 16 000 |  |  | KRW | 201 000 | 2 378 086,36 | 1,22 |
| Shinhan Financial Group Co., Ltd .....................  | Stück | 120 000 | 20 000 |  | KRW | 37 050 | 3 287 615,66 | 1,69 |
| SK Hynix, Inc. ....................................  | Stück | 45 000 | 3 000 |  | KRW | 91 000 | 3 028 067,05 | 1,56 |
| SK Telecom Co., Ltd  ..............................  | Stück | 100 000 | 10 000 |  | KRW | 52 000 | 3 845 164,51 | 1,98 |
| Fomento Economico Mexicano SAB de CV  ............  | Stück | 300 000 | 50 000 |  | MXN | 133,62 | 1 904 113,26 | 0,98 |
| Grupo Aeroportuario del Sureste SAB de CV  ...........  | Stück | 100 000 | 10 000 |  | MXN | 401,77 | 1 908 435,83 | 0,98 |
| Wal-Mart de Mexico SAB de CV  .....................  | Stück | 1 450 000 | 50 000 |  | MXN | 68,45 | 4 714 563,72 | 2,43 |
| Malayan Banking Bhd  .............................  | Stück | 1 400 000 | 200 000 |  | MYR | 8,59 | 2 619 684,36 | 1,35 |
| DBS Group Holdings Ltd  ...........................  | Stück | 290 000 | 55 000 | 35 000 | SGD | 29,68 | 5 933 044,89 | 3,05 |
| Singapore Telecommunications Ltd ...................  | Stück | 1 300 000 | 200 000 |  | SGD | 2,53 | 2 267 146,65 | 1,17 |
| Thai Beverage PCL ................................  | Stück | 3 500 000 |  |  | SGD | 0,645 | 1 556 121,49 | 0,80 |
| Advanced Info Service PCL -NVDR- ...................  | Stück | 300 000 |  |  | THB | 194,5 | 1 584 565,18 | 0,82 |
| Airports of Thailand PCL -NVDR-  .....................  | Stück | 400 000 |  |  | THB | 71 | 771 236,52 | 0,40 |
| Chailease Holding Co., Ltd ..........................  | Stück | 465 357 | 122 159 |  | TWD | 208,5 | 3 133 043,07 | 1,61 |
| Chroma ATE, Inc. .................................  | Stück | 300 000 |  | 50 000 | TWD | 153 | 1 482 131,51 | 0,76 |
| CTBC Financial Holding Co., Ltd  .....................  | Stück | 4 700 000 | 1 000 000 |  | TWD | 25,1 | 3 809 304,01 | 1,96 |
| Delta Electronics, Inc.  .............................  | Stück | 140 000 |  | 60 000 | TWD | 221,5 | 1 001 326,76 | 0,52 |
| First Financial Holding Co., Ltd  ......................  | Stück | 1 278 299 |  |  | TWD | 26,2 | 1 081 453,36 | 0,56 |
| Hon Hai Precision Industry Co., Ltd ...................  | Stück | 620 800 |  | 220 000 | TWD | 109 | 2 185 004,12 | 1,12 |
| Inventec Corp.  ...................................  | Stück | 1 500 000 |  |  | TWD | 25,15 | 1 218 157,11 | 0,63 |
| MediaTek, Inc.  ...................................  | Stück | 100 000 |  |  | TWD | 651 | 2 102 108,09 | 1,08 |
| Merida Industry Co., Ltd  ...........................  | Stück | 200 000 |  |  | TWD | 255,5 | 1 650 041,83 | 0,85 |
| Taiwan Cement Corp.  .............................  | Stück | 819 501 |  | 272 000 | TWD | 39,5 | 1 045 251,11 | 0,54 |
| Taiwan Mobile Co., Ltd  ............................  | Stück | 230 000 |  |  | TWD | 108 | 802 094,70 | 0,41 |
| Taiwan Semiconductor Manufacturing Co., Ltd . . . . . . . . . . | Stück | 610 000 |  |  | TWD | 476 | 9 375 854,13 | 4,83 |
| Alrosa PJSC	....................................  | Stück | 600 000 |  | 600 000 | USD | 0,001 | 57,61 | 0,00 |
| Chunghwa Telecom Co., Ltd -ADR- ...................  | Stück | 100 000 | 10 000 |  | USD | 41 | 3 936 442,80 | 2,03 |
| HDFC Bank Ltd -ADR-  .............................  | Stück | 85 000 |  | 15 000 | USD | 54,37 | 4 437 091,12 | 2,28 |
| ICICI Bank Ltd -ADR-  ..............................  | Stück | 165 000 |  | 65 000 | USD | 17,605 | 2 788 945,72 | 1,44 |
| Infosys Ltd -ADR- .................................  | Stück | 360 000 | 15 000 | 65 000 | USD | 18,41 | 6 363 211,78 | 3,28 |
| Mobile TeleSystems PJSC -ADR-  ....................  | Stück | 140 000 |  | 310 000 | USD | 0,001 | 13,44 | 0,00 |
| NetEase, Inc. -ADR-  ...............................  | Stück | 25 000 | 25 000 |  | USD | 90,86 | 2 180 885,32 | 1,12 |
| Sberbank of Russia PJSC  ..........................  | Stück | 370 000 | 75 861 | 435 861 | USD | 0,001 | 35,52 | 0,00 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR-  ....  | Stück | 75 000 |  | 23 000 | USD | 80,64 | 5 806 733,19 | 2,99 |
| Yum China Holdings, Inc. ...........................  | Stück | 17 000 |  | 18 000 | USD | 47,26 | 771 369,97 | 0,40 |
| FirstRand Ltd  ....................................  | Stück | 630 000 |  |  | ZAR | 62,355 | 2 296 988,22 | 1,18 |
| Mr Price Group Ltd  ...............................  | Stück | 175 000 | 55 000 |  | ZAR | 176,29 | 1 803 900,85 | 0,93 |
| Sanlam Ltd  ......................................  | Stück | 650 000 | 100 000 |  | ZAR | 53,05 | 2 016 256,04 | 1,04 |
| Standard Bank Group Ltd ...........................  | Stück | 260 000 | 40 000 |  | ZAR | 155,93 | 2 370 554,60 | 1,22 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Investmentanteile |  |  |  |  |  |  | 916 092,61 | 0,47 |
| Gruppenfremde Investmentanteile Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,100%) .......  | Anteile | 92 | 1 777 | 2 046 | USD | 10 431,58 | 916 092,61 | 0,47 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 186 459 810,66 | 95,99 |
| Bankguthaben |  |  |  |  |  |  | 7 249 263,76 | 3,73 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  |  | 382 005,56 | 0,20 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Polnischer Zloty ...................................  | PLN | 6 373 |  |  |  |  | 1 356,72 | 0,00 |
| Tschechische Kronen ...............................  | CZK | 729 058 |  |  |  |  | 29 472,35 | 0,02 |
| Ungarischer Forint .................................  | HUF | 3 463 817 |  |  |  |  | 8 739,29 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Ägyptische Pfund ..................................  | EGP | 880 |  |  |  |  | 44,96 | 0,00 |
| Brasilianischer Real ................................  | BRL | 360 748 |  |  |  |  | 65 965,93 | 0,03 |
| Britisches Pfund ...................................  | GBP | 87 541 |  |  |  |  | 102 215,38 | 0,05 |
| Hongkong Dollar ...................................  | HKD | 2 458 668 |  |  |  |  | 300 849,70 | 0,15 |
| Indische Rupie ....................................  | INR | 2 046 756 |  |  |  |  | 24 883,43 | 0,01 |
| Indonesische Rupie ................................  | IDR | 174 471 221 |  |  |  |  | 11 244,25 | 0,01 |
| Malaysischer Ringgit ...............................  | MYR | 45 993 |  |  |  |  | 10 018,96 | 0,01 |
| Mexikanischer Peso ................................  | MXN | 2 106 923 |  |  |  |  | 100 080,31 | 0,05 |
| Neue Taiwan Dollar ................................  | TWD | 23 259 259 |  |  |  |  | 751 051,87 | 0,39 |
| Philippinischer Peso ................................  | PHP | 2 826 682 |  |  |  |  | 49 357,45 | 0,03 |
| Russischer Rubel ..................................  | RUB | 31 538 902 |  |  |  |  | 557 656,58 | 0,29 |
| Singapur Dollar ....................................  | SGD | 1 472 410 |  |  |  |  | 1 014 949,96 | 0,52 |
| Südafrikanischer Rand ..............................  | ZAR | 37 883 705 |  |  |  |  | 2 215 130,83 | 1,14 |
| Südkoreanischer Won ..............................  | KRW | 649 004 856 |  |  |  |  | 479 909,70 | 0,25 |
| Thailändischer Baht ................................  | THB | 23 115 058 |  |  |  |  | 627 717,50 | 0,32 |
| Türkische Lira .....................................  | TRY | 34 246 |  |  |  |  | 1 969,55 | 0,00 |
| US-Dollar ........................................  | USD | 536 027 |  |  |  |  | 514 643,48 | 0,26 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 1 042 801,32 | 0,54 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 964 080,46 | 0,50 |
| Abgegrenzte Platzierungsgebühr * ....................  |  |  |  |  |  |  | 2 395,21 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 76 325,65 | 0,04 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  |  | 23 746,11 | 0,01 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 194 775 621,85 | 100,27 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  | -486 666,17 | -0,25 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  |  |  |  | -459 411,64 | -0,24 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  |  |  | -27 254,53 | -0,01 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  |  |  | -36 623,55 | -0,02 |
| Summe der Verbindlichkeiten |  |  |  |  |  |  | -523 289,72 | -0,27 |
| Fondsvermögen |  |  |  |  |  |  | 194 252 332,13 | 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 | 132,10 |
| Klasse LC ........................................  | EUR | 117,90 |
| Klasse LD ........................................  | EUR | 100,27 |
| Klasse NC ........................................  | EUR | 105,67 |
| Klasse ND ........................................  | EUR | 88,75 |
| Klasse PFC .......................................  | EUR | 114,50 |
| Klasse PFD .......................................  | EUR | 91,73 |
| Klasse TFC .......................................  | EUR | 107,89 |
| Klasse TFD .......................................  | EUR | 96,04 |
| Klasse USD FC ....................................  | USD | 134,24 |
| Klasse USD TFC ...................................  | USD | 95,70 |
| Klasse USD TFD ...................................  | USD | 84,28 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 719 893,998 |
| Klasse LC ........................................  | Stück | 636 584,568 |
| Klasse LD ........................................  | Stück | 195 501,423 |
| Klasse NC ........................................  | Stück | 31 022,983 |
| Klasse ND ........................................  | Stück | 4 463,000 |
| Klasse PFC .......................................  | Stück | 1 801,000 |
| Klasse PFD .......................................  | Stück | 2 117,000 |
| Klasse TFC .......................................  | Stück | 20,000 |
| Klasse TFD .......................................  | Stück | 39,711 |
| Klasse USD FC ....................................  | Stück | 3 191,000 |
| Klasse USD TFC ...................................  | Stück | 25,000 |
| Klasse USD TFD ...................................  | Stück | 24,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Emerging Markets in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 73,538 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 106,015 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 85,438 |

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 0,00.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Brasilianischer Real ..............  | BRL | 5,468708 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Tschechische Kronen .............  | CZK | 24,737009 | = | EUR | 1 |
| Ägyptische Pfund ................  | EGP | 19,581130 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR | 1 |
| Ungarischer Forint ...............  | HUF | 396,349838 | = | EUR | 1 |
| Indonesische Rupie ..............  | IDR | 15 516,483562 | = | EUR | 1 |
| Indische Rupie ..................  | INR | 82,253767 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 352,347861 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 21,052319 | = | EUR | 1 |
| Malaysischer Ringgit .............  | MYR | 4,590629 | = | EUR | 1 |
| Philippinischer Peso ..............  | PHP | 57,269599 | = | EUR | 1 |
| Polnischer Zloty .................  | PLN | 4,697128 | = | EUR | 1 |
| Russischer Rubel ................  | RUB | 56,556137 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,450722 | = | EUR | 1 |
| Thailändischer Baht ..............  | THB | 36,823982 | = | EUR | 1 |
| Türkische Lira ...................  | TRY | 17,387888 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 30,968912 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,041549 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 17,102243 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden in geringem Maße zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnote	
* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).