# DWS Invest Artificial Intelligence
DWS INVEST ARTIFICIAL INTELLIGENCE

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1863263429 | -26.7% |
| Class FC | LU1863263262 | -26.4% |
| Class LC | LU1863263346 | -26.7% |
| Class MFC | LU2154580323 | -26.3% |
| Class NC | LU1914383960 | -26.9% |
| Klassse PFC | LU2082315453 | -27.4% |
| Class TFC | LU1863263858 | -26.4% |
| Class TFCH (P) | LU1982200518 | -32.2% |
| Class XC | LU1863263932 | -26.3% |
| Class USD FC 1 | LU1885668126 | -32.4% |
| Class USD IC 1 | LU2390401441 | -32.3% |
| Class USD LC 1 | LU1885668399 | -32.7% |

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 Artificial Intelligence
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 268 817 201.08 | 45.65 |
| Telecommunication Services | 228 547 417.43 | 38.82 |
| Consumer Discretionaries | 32 109 391.16 | 5.45 |
| Consumer Staples | 14 761 771.00 | 2.50 |
| Financials | 14 247 164.55 | 2.42 |
| Industrials | 16 665 715.51 | 2.83 |
| Total equities | 575 148 660.73 | 97.67 |
| 2. Derivate | -335.67 | 0.00 |
| 3. Cash at bank | 14 264 904.89 | 2.42 |
| 4. Other assets | 675 061.76 | 0.12 |
| 5. Receivables from share certificate transactions | 136 809.66 | 0.02 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 086 920.31 | -0.19 |
| 2. Liabilities from share certificate transactions | -241 450.07 | -0.04 |
| III. Net assets | 588 896 730.99 | 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/ | principal | additions | disposals |  |  | value in | net assets |

| 575 148 660.73 | 97.67 |
| --- | --- |
| 3 592 489.04 | 0.61 |
| 1 666 000.35 | 0.28 |
| 4 817 400.00 | 0.82 |

|  | currency | amount | in the reporting period |  | EUR |
| --- | --- | --- | --- | --- | --- |
| Securities traded on an exchange |  |  |  |  |  |
| Equities Hundsun Technologies, Inc. ..........................  | Count | 575 297 |  | CNY | 43.54 |
| Sangfor Technologies, Inc. ...........................  | Count | 111 930 |  | CNY | 103.78 |
| Adyen NV ........................................  | Count | 3 500 | 500 | EUR | 1 376.4 |
| ASML Holding NV ..................................  | Count | 21 000 | 3 000 |  | EUR | 447.5 | 9 397 500.00 | 1.60 |
| Koninklijke Philips NV ...............................  | Count | 149 000 | 2 000 |  | EUR | 20.215 | 3 012 035.00 | 0.51 |
| SAP SE ..........................................  | Count | 68 000 | 16 000 |  | EUR | 85.45 | 5 810 600.00 | 0.99 |
| Shop Apotheke Europe NV ...........................  | Count | 46 000 | 1 000 |  | EUR | 84.82 | 3 901 720.00 | 0.66 |
| Alibaba Group Holding Ltd ...........................  | Count | 1 539 000 | 222 000 | 226 000 | HKD | 111.9 | 21 072 611.02 | 3.58 |
| Baidu, Inc. ........................................  | Count | 606 000 | 606 000 |  | HKD | 148.5 | 11 011 556.77 | 1.87 |
| JD.com, Inc. ......................................  | Count | 338 904 | 338 905 | 1 | HKD | 252.8 | 10 483 430.22 | 1.78 |
| Meituan ..........................................  | Count | 257 000 | 2 000 | 50 000 | HKD | 194.2 | 6 107 057.28 | 1.04 |
| NetEase, Inc. ......................................  | Count | 579 500 | 579 500 |  | HKD | 144.1 | 10 218 027.46 | 1.74 |
| Tencent Holdings Ltd ...............................  | Count | 328 000 | 358 000 | 385 000 | HKD | 354.4 | 14 223 851.23 | 2.42 |
| XPeng, Inc. .......................................  | Count | 270 000 | 270 000 |  | HKD | 126.4 | 4 175 999.93 | 0.71 |
| Keyence Corp. .....................................  | Count | 9 098 |  |  | JPY | 46 380 | 2 980 776.24 | 0.51 |
| Alchip Technologies Ltd .............................  | Count | 224 000 | 4 000 | 20 000 | TWD | 694 | 5 019 743.70 | 0.85 |
| Silergy Corp. ......................................  | Count | 52 000 | 1 000 |  | TWD | 2 395 | 4 021 452.24 | 0.68 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 2 100 000 |  | 200 000 | TWD | 476 | 32 277 530.62 | 5.48 |
| Adobe, Inc. .......................................  | Count | 31 500 | 6 000 |  | USD | 359.15 | 10 861 917.83 | 1.84 |
| Alphabet, Inc. .....................................  | Count | 22 600 |  |  | USD | 2 157.78 | 46 820 461.61 | 7.95 |
| Amazon.com, Inc. ..................................  | Count | 256 500 | 243 900 |  | USD | 103.77 | 25 555 199.45 | 4.34 |
| Amphenol Corp. ...................................  | Count | 47 000 | 47 000 |  | USD | 63.48 | 2 864 539.83 | 0.49 |
| Apple, Inc. ........................................  | Count | 82 500 | 1 000 |  | USD | 135.28 | 10 715 381.35 | 1.82 |
| Applied Materials, Inc................................  | Count | 147 000 | 2 000 |  | USD | 89.46 | 12 626 015.47 | 2.14 |
| Arista Networks, Inc.................................  | Count | 124 500 | 2 500 | 12 000 | USD | 92.6 | 11 068 797.10 | 1.88 |
| Autodesk, Inc. .....................................  | Count | 18 500 | 1 000 |  | USD | 172.04 | 3 055 774.14 | 0.52 |
| Autohome, Inc. -ADR- ...............................  | Count | 127 500 | 500 |  | USD | 37.31 | 4 567 257.76 | 0.78 |
| Avalara, Inc. .......................................          | Count | 45 000 | 1 000 |  | USD | 68.36 | 2 953 484.23 | 0.50 |
| Calix, Inc. .........................................          | Count | 112 000 | 2 000 | 36 700 | USD | 33.66 | 3 619 530.35 | 0.61 |
| Ciena Corp. .......................................  | Count | 153 500 | 3 500 |  | USD | 44.91 | 6 618 682.12 | 1.12 |
| Deere & Co........................................  | Count | 24 000 | 7 000 |  | USD | 295.06 | 6 798 947.20 | 1.15 |
| Dynatrace, Inc. ....................................  | Count | 203 500 | 3 500 | 50 000 | USD | 39.3 | 7 678 511.74 | 1.30 |
| Fidelity National Information Services, Inc. ...............  | Count | 61 000 | 61 000 |  | USD | 90.66 | 5 309 646.87 | 0.90 |
| GoDaddy, Inc. .....................................  | Count | 103 500 | 1 500 |  | USD | 68.78 | 6 834 749.63 | 1.16 |
| Intuit, Inc. ........................................  | Count | 14 500 | 4 000 |  | USD | 378.83 | 5 273 906.85 | 0.90 |
| KE Holdings, Inc. -ADR-..............................  | Count | 155 000 |  |  | USD | 17.16 | 2 553 695.26 | 0.43 |
| Marvell Technology, Inc. .............................  | Count | 107 000 | 2 000 | 20 000 | USD | 42.93 | 4 410 265.70 | 0.75 |
| Medtronic PLC ....................................  | Count | 59 800 | 1 000 |  | USD | 89.51 | 5 139 168.17 | 0.87 |
| MercadoLibre, Inc. .................................  | Count | 5 000 | 5 000 |  | USD | 620.19 | 2 977 246.90 | 0.51 |
| Meta Platforms, Inc. ................................  | Count | 93 000 | 2 500 | 23 500 | USD | 160.04 | 14 289 978.65 | 2.43 |
| Microsoft Corp. ....................................  | Count | 161 000 |  |  | USD | 255.12 | 39 435 783.24 | 6.70 |
| Monolithic Power Systems, Inc. .......................  | Count | 18 500 | 500 |  | USD | 382.95 | 6 801 957.14 | 1.16 |
| Motorola Solutions, Inc. .............................  | Count | 69 000 | 1 000 | 8 000 | USD | 207.3 | 13 733 096.80 | 2.33 |
| Netflix, Inc. .......................................  | Count | 24 000 | 5 500 |  | USD | 171.45 | 3 950 652.40 | 0.67 |
| Nice Ltd -ADR-.....................................  | Count | 38 600 | 500 |  | USD | 191.51 | 7 097 392.93 | 1.21 |
| NVIDIA Corp. ......................................  | Count | 134 500 | 29 500 | 5 000 | USD | 150.54 | 19 439 911.55 | 3.30 |
| PayPal Holdings, Inc. ................................  | Count | 55 100 | 20 000 |  | USD | 67.98 | 3 596 274.62 | 0.61 |
| QUALCOMM, Inc...................................  | Count | 36 000 | 36 000 |  | USD | 126.16 | 4 360 580.11 | 0.74 |
| S&P Global, Inc.....................................  | Count | 15 500 |  | 3 500 | USD | 332.96 | 4 955 002.18 | 0.84 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Count | 10 000 | 1 000 |  | USD | 1 088 | 10 445 975.04 | 1.77 |
| Sea Ltd -ADR- .....................................  | Count | 49 000 | 11 000 |  | USD | 66.35 | 3 121 455.13 | 0.53 |
| ServiceNow, Inc. ...................................  | Count | 7 000 | 7 000 |  | USD | 462.31 | 3 107 072.71 | 0.53 |
| Snap, Inc..........................................  | Count | 235 000 | 65 000 |  | USD | 13.07 | 2 948 923.72 | 0.50 |
| Synopsys, Inc. .....................................  | Count | 58 000 | 1 000 | 5 000 | USD | 302.29 | 16 833 400.75 | 2.86 |
| Tenable Holdings, Inc. ...............................  | Count | 134 000 | 2 000 | 37 000 | USD | 45.19 | 5 813 895.59 | 0.99 |
| Tencent Music Entertainment Group -ADR- ..............  | Count | 770 000 | 10 000 |  | USD | 4.86 | 3 592 916.16 | 0.61 |
| Teradyne, Inc. .....................................  | Count | 50 000 | 1 000 |  | USD | 88.61 | 4 253 758.50 | 0.72 |
| Tesla, Inc. ........................................  | Count | 10 300 | 2 000 |  | USD | 675.9 | 6 684 051.07 | 1.13 |
| Texas Instruments, Inc...............................  | Count | 37 000 | 37 000 |  | USD | 151.5 | 5 381 885.40 | 0.91 |
| Trade Desk, Inc. ...................................  | Count | 120 500 | 2 500 | 11 100 | USD | 40.71 | 4 709 862.60 | 0.80 |
| Twilio, Inc. ........................................  | Count | 54 000 | 25 500 |  | USD | 82.21 | 4 262 245.85 | 0.72 |
| Uber Technologies, Inc...............................  | Count | 213 500 | 58 500 |  | USD | 20.21 | 4 142 707.60 | 0.70 |
| UnitedHealth Group, Inc..............................  | Count | 21 500 | 500 |  | USD | 513 | 10 589 511.19 | 1.80 |
| Veeva Systems, Inc. ................................  | Count | 37 500 | 500 |  | USD | 193.87 | 6 980 105.18 | 1.19 |
| Visa, Inc. .........................................  | Count | 62 900 | 1 500 |  | USD | 193.63 | 11 693 469.29 | 1.99 |
| VMware, Inc. ......................................  | Count | 31 500 |  |  | USD | 113.65 | 3 437 162.64 | 0.58 |
| Zoom Video Communications, Inc. .....................  | Count | 72 000 | 25 000 |  | USD | 107 | 7 396 672.03 | 1.26 |
| Total securities portfolio |  |  |  |  |  |  | 575 148 660.73 | 97.67 |

| 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 |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  | -335.67 | 0.00 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/CNH 0.1 million ................................  |  |  |  | -3.22 | 0.00 |
| EUR/HKD 0.1 million ................................  |  |  |  | -52.94 | 0.00 |
| EUR/ILS 0.1 million .................................  |  |  |  | 2.66 | 0.00 |
| EUR/JPY 0.1 million.................................  |  |  |  | -1.19 | 0.00 |
| EUR/KRW 0.6 million................................  |  |  |  | -2.34 | 0.00 |
| EUR/TWD 0.1 million................................  |  |  |  | -14.01 | 0.00 |
| EUR/USD 0.1 million ................................  |  |  |  | -262.87 | 0.00 |
| Closed positions EUR/USD 0.1 million ................................  |  |  |  | -1.76 | 0.00 |
| Cash at bank |  |  |  | 14 264 904.89 | 2.42 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 874 194.92 | 0.15 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| Danish krone ......................................  | DKK | 66 290 |  | 8 911.55 | 0.00 |
| Norwegian krone ...................................  | NOK | 104 035 |  | 10 072.52 | 0.00 |
| Swedish krona.....................................  | SEK | 873 |  | 81.50 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 7 664 |  | 8 949.42 | 0.00 |
| Chinese yuan renminbi ..............................  | CNY | 778 860 |  | 111 705.42 | 0.02 |
| Hong Kong dollar ..................................  | HKD | 975 830 |  | 119 405.32 | 0.02 |
| Japanese yen .....................................  | JPY | 3 772 780 |  | 26 651.04 | 0.01 |
| New Taiwan dollar..................................  | TWD | 137 253 443 |  | 4 431 975.00 | 0.75 |
| Swiss franc .......................................  | CHF | 9 992 |  | 10 037.86 | 0.00 |
| South Korean won..................................  | KRW | 440 |  | 0.33 | 0.00 |
| U.S. dollar ........................................  | USD | 9 022 860 |  | 8 662 920.01 | 1.47 |
| Other assets |  |  |  | 675 061.76 | 0.12 |
| Dividends/Distributions receivable .....................  |  |  |  | 316 127.15 | 0.05 |
| Prepaid placement fee * ............................  |  |  |  | 326 966.09 | 0.06 |
| Receivables from exceeding the expense cap ............  |  |  |  | 17.73 | 0.00 |
| Other receivables ..................................  |  |  |  | 31 950.79 | 0.01 |
| Receivables from share certificate transactions |  |  |  | 136 809.66 | 0.02 |
| Total assets ** |  |  |  | 590 225 439.70 | 100.23 |
| Other liabilities |  |  |  | -1 086 920.31 | -0.19 |
| Liabilities from cost items ...........................  |  |  |  | -1 038 340.31 | -0.18 |
| Additional other liabilities.............................  |  |  |  | -48 580.00 | -0.01 |
| Liabilities from share certificate transactions |  |  |  | -241 450.07 | -0.04 |
| Total liabilities |  |  |  | -1 328 708.71 | -0.23 |
| Net assets |  |  |  | 588 896 730.99 | 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 | 144.27 |
| Class LC .........................................  | EUR | 140.03 |
| Class LD .........................................  | EUR | 139.34 |
| Class MFC ........................................  | EUR | 112.03 |
| Class NC .........................................  | EUR | 155.40 |
| Class PFC ........................................  | EUR | 135.72 |
| Class TFC.........................................  | EUR | 144.20 |
| Class TFCH (P) .....................................  | EUR | 125.12 |
| Class XC .........................................  | EUR | 146.55 |
| Class USD FC .....................................  | USD | 126.73 |
| Class USD IC ......................................  | USD | 68.51 |
| Class USD LC .....................................  | USD | 123.66 |
| Number of shares outstanding Class FC .........................................  | Count | 136 054.436 |
| Class LC .........................................  | Count | 615 829.449 |
| Class LD .........................................  | Count | 582 769.083 |
| Class MFC ........................................  | Count | 2 844 392.000 |
| Class NC .........................................  | Count | 169 790.922 |
| Class PFC ........................................  | Count | 247 520.000 |
| Class TFC.........................................  | Count | 53 218.355 |
| Class TFCH (P) .....................................  | Count | 183.000 |
| Class XC .........................................  | Count | 50 013.000 |
| Class USD FC .....................................  | Count | 6 515.334 |
| Class USD IC ......................................  | Count | 100.000 |
| Class USD LC .....................................  | Count | 62 167.324 |

Composition of the reference portfolio (according to CSSF circular 11/512)
50% MSCI World Information Tech Index Net Return in EUR, 35% MSCI All Country World Index, in EUR, 15% MSCI China 50 Capped Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure ..................... . | % | 107.080 |
| --- | --- | --- |
| Highest market risk exposure .................... . | % | 125.912 |
| Average market risk exposure .................... . | % | 117.732 |

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.
 Market abbreviations	 Contracting parties for forward currency transactions
BNP Paribas S.A., Deutsche Bank AG, HSBC France, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Swiss franc .................... . | CHF | 0.995461 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Chinese yuan renminbi ........... . | CNY | 6.972445 | = | 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 |
| South Korean won............... . | KRW | 1 352.347861 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.328526 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.710462 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 30.968912 | = | 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 valued at derived market values.
 Footnotes	
* 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).
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest Artificial Intelligence
DWS INVEST ARTIFICIAL INTELLIGENCE

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1863263429 | -26,7% |
| Klasse FC | LU1863263262 | -26,4% |
| Klasse LC | LU1863263346 | -26,7% |
| Klasse MFC | LU2154580323 | -26,3% |
| Klasse NC | LU1914383960 | -26,9% |
| Klassse PFC | LU2082315453 | -27,4% |
| Klasse TFC | LU1863263858 | -26,4% |
| Klasse TFCH (P) | LU1982200518 | -32,2% |
| Klasse XC | LU1863263932 | -26,3% |
| Klasse USD FC 1) | LU1885668126 | -32,4% |
| Klasse USD IC 1) | LU2390401441 | -32,3% |
| Klasse USD LC 1) | LU1885668399 | -32,7% |

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 Artificial Intelligence
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 268 817 201,08 | 45,65 |
| Telekommunikationsdienste | 228 547 417,43 | 38,82 |
| Dauerhafte Konsumgüter | 32 109 391,16 | 5,45 |
| Hauptverbrauchsgüter | 14 761 771,00 | 2,50 |
| Finanzsektor | 14 247 164,55 | 2,42 |
| Industrien | 16 665 715,51 | 2,83 |
| Summe Aktien | 575 148 660,73 | 97,67 |
| 2. Derivate | -335,67 | 0,00 |
| 3. Bankguthaben | 14 264 904,89 | 2,42 |
| 4. Sonstige Vermögensgegenstände | 675 061,76 | 0,12 |
| 5. Forderungen aus Anteilscheingeschäften | 136 809,66 | 0,02 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 086 920,31 | -0,19 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -241 450,07 | -0,04 |
| III. Fondsvermögen | 588 896 730,99 | 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 |  |  |  |  | 575 148 660,73	97,67 |
| Aktien Hundsun Technologies, Inc. ..........................  | Stück | 575 297 |  | CNY | 43,54	3 592 489,04	0,61 |
| Sangfor Technologies, Inc. ...........................  | Stück | 111 930 |  | CNY | 103,78	1 666 000,35	0,28 |
| Adyen NV ........................................  | Stück | 3 500 | 500 | EUR | 1 376,4	4 817 400,00	0,82 |

|  |  |
| --- | --- |
|  |  |
|  |  |
|  |  |

| ASML Holding NV .................................  | Stück | 21 000 | 3 000 |  | EUR | 447,5 | 9 397 500,00 | 1,60 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Koninklijke Philips NV ...............................  | Stück | 149 000 | 2 000 |  | EUR | 20,215 | 3 012 035,00 | 0,51 |
| SAP SE ..........................................  | Stück | 68 000 | 16 000 |  | EUR | 85,45 | 5 810 600,00 | 0,99 |
| Shop Apotheke Europe NV ..........................  | Stück | 46 000 | 1 000 |  | EUR | 84,82 | 3 901 720,00 | 0,66 |
| Alibaba Group Holding Ltd ...........................  | Stück | 1 539 000 | 222 000 | 226 000 | HKD | 111,9 | 21 072 611,02 | 3,58 |
| Baidu, Inc. ........................................  | Stück | 606 000 | 606 000 |  | HKD | 148,5 | 11 011 556,77 | 1,87 |
| JD.com, Inc. ......................................  | Stück | 338 904 | 338 905 | 1 | HKD | 252,8 | 10 483 430,22 | 1,78 |
| Meituan .........................................  | Stück | 257 000 | 2 000 | 50 000 | HKD | 194,2 | 6 107 057,28 | 1,04 |
| NetEase, Inc. .....................................  | Stück | 579 500 | 579 500 |  | HKD | 144,1 | 10 218 027,46 | 1,74 |
| Tencent Holdings Ltd ...............................  | Stück | 328 000 | 358 000 | 385 000 | HKD | 354,4 | 14 223 851,23 | 2,42 |
| XPeng, Inc. .......................................  | Stück | 270 000 | 270 000 |  | HKD | 126,4 | 4 175 999,93 | 0,71 |
| Keyence Corp. ....................................  | Stück | 9 098 |  |  | JPY | 46 380 | 2 980 776,24 | 0,51 |
| Alchip Technologies Ltd .............................  | Stück | 224 000 | 4 000 | 20 000 | TWD | 694 | 5 019 743,70 | 0,85 |
| Silergy Corp. ......................................  | Stück | 52 000 | 1 000 |  | TWD | 2 395 | 4 021 452,24 | 0,68 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Stück | 2 100 000 |  | 200 000 | TWD | 476 | 32 277 530,62 | 5,48 |
| Adobe, Inc. .......................................  | Stück | 31 500 | 6 000 |  | USD | 359,15 | 10 861 917,83 | 1,84 |
| Alphabet, Inc. .....................................  | Stück | 22 600 |  |  | USD | 2 157,78 | 46 820 461,61 | 7,95 |
| Amazon.com, Inc. ..................................  | Stück | 256 500 | 243 900 |  | USD | 103,77 | 25 555 199,45 | 4,34 |
| Amphenol Corp. ...................................  | Stück | 47 000 | 47 000 |  | USD | 63,48 | 2 864 539,83 | 0,49 |
| Apple, Inc. .......................................  | Stück | 82 500 | 1 000 |  | USD | 135,28 | 10 715 381,35 | 1,82 |
| Applied Materials, Inc. ..............................  | Stück | 147 000 | 2 000 |  | USD | 89,46 | 12 626 015,47 | 2,14 |
| Arista Networks, Inc. ...............................  | Stück | 124 500 | 2 500 | 12 000 | USD | 92,6 | 11 068 797,10 | 1,88 |
| Autodesk, Inc. ....................................  | Stück | 18 500 | 1 000 |  | USD | 172,04 | 3 055 774,14 | 0,52 |
| Autohome, Inc. -ADR- ..............................  | Stück | 127 500 | 500 |  | USD | 37,31 | 4 567 257,76 | 0,78 |
| Avalara, Inc. ......................................  | Stück | 45 000 | 1 000 |  | USD | 68,36 | 2 953 484,23 | 0,50 |
| Calix, Inc. ........................................  | Stück | 112 000 | 2 000 | 36 700 | USD | 33,66 | 3 619 530,35 | 0,61 |
| Ciena Corp. .......................................  | Stück | 153 500 | 3 500 |  | USD | 44,91 | 6 618 682,12 | 1,12 |
| Deere & Co. ......................................  | Stück | 24 000 | 7 000 |  | USD | 295,06 | 6 798 947,20 | 1,15 |
| Dynatrace, Inc. ....................................  | Stück | 203 500 | 3 500 | 50 000 | USD | 39,3 | 7 678 511,74 | 1,30 |
| Fidelity National Information Services, Inc. ..............  | Stück | 61 000 | 61 000 |  | USD | 90,66 | 5 309 646,87 | 0,90 |
| GoDaddy, Inc. .....................................  | Stück | 103 500 | 1 500 |  | USD | 68,78 | 6 834 749,63 | 1,16 |
| Intuit, Inc. ........................................  | Stück | 14 500 | 4 000 |  | USD | 378,83 | 5 273 906,85 | 0,90 |
| KE Holdings, Inc. -ADR- .............................  | Stück | 155 000 |  |  | USD | 17,16 | 2 553 695,26 | 0,43 |
| Marvell Technology, Inc. ............................  | Stück | 107 000 | 2 000 | 20 000 | USD | 42,93 | 4 410 265,70 | 0,75 |
| Medtronic PLC ....................................  | Stück | 59 800 | 1 000 |  | USD | 89,51 | 5 139 168,17 | 0,87 |
| MercadoLibre, Inc. .................................  | Stück | 5 000 | 5 000 |  | USD | 620,19 | 2 977 246,90 | 0,51 |
| Meta Platforms, Inc. ................................  | Stück | 93 000 | 2 500 | 23 500 | USD | 160,04 | 14 289 978,65 | 2,43 |
| Microsoft Corp. ...................................  | Stück | 161 000 |  |  | USD | 255,12 | 39 435 783,24 | 6,70 |
| Monolithic Power Systems, Inc. ......................  | Stück | 18 500 | 500 |  | USD | 382,95 | 6 801 957,14 | 1,16 |
| Motorola Solutions, Inc. .............................  | Stück | 69 000 | 1 000 | 8 000 | USD | 207,3 | 13 733 096,80 | 2,33 |
| Netflix, Inc. .......................................  | Stück | 24 000 | 5 500 |  | USD | 171,45 | 3 950 652,40 | 0,67 |
| Nice Ltd -ADR- ....................................  | Stück | 38 600 | 500 |  | USD | 191,51 | 7 097 392,93 | 1,21 |
| NVIDIA Corp. .....................................  | Stück | 134 500 | 29 500 | 5 000 | USD | 150,54 | 19 439 911,55 | 3,30 |
| PayPal Holdings, Inc. ...............................  | Stück | 55 100 | 20 000 |  | USD | 67,98 | 3 596 274,62 | 0,61 |
| QUALCOMM, Inc. .................................  | Stück | 36 000 | 36 000 |  | USD | 126,16 | 4 360 580,11 | 0,74 |
| S&P Global, Inc. ...................................  | Stück | 15 500 |  | 3 500 | USD | 332,96 | 4 955 002,18 | 0,84 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Stück | 10 000 | 1 000 |  | USD | 1 088 | 10 445 975,04 | 1,77 |
| Sea Ltd -ADR- .....................................  | Stück | 49 000 | 11 000 |  | USD | 66,35 | 3 121 455,13 | 0,53 |
| ServiceNow, Inc. ..................................  | Stück | 7 000 | 7 000 |  | USD | 462,31 | 3 107 072,71 | 0,53 |
| Snap, Inc. ........................................  | Stück | 235 000 | 65 000 |  | USD | 13,07 | 2 948 923,72 | 0,50 |
| Synopsys, Inc. ....................................  | Stück | 58 000 | 1 000 | 5 000 | USD | 302,29 | 16 833 400,75 | 2,86 |
| Tenable Holdings, Inc. ..............................  | Stück | 134 000 | 2 000 | 37 000 | USD | 45,19 | 5 813 895,59 | 0,99 |
| Tencent Music Entertainment Group -ADR- .............  | Stück | 770 000 | 10 000 |  | USD | 4,86 | 3 592 916,16 | 0,61 |
| Teradyne, Inc. .....................................  | Stück | 50 000 | 1 000 |  | USD | 88,61 | 4 253 758,50 | 0,72 |
| Tesla, Inc. ........................................  | Stück | 10 300 | 2 000 |  | USD | 675,9 | 6 684 051,07 | 1,13 |
| Texas Instruments, Inc. .............................  | Stück | 37 000 | 37 000 |  | USD | 151,5 | 5 381 885,40 | 0,91 |
| Trade Desk, Inc. ...................................  | Stück | 120 500 | 2 500 | 11 100 | USD | 40,71 | 4 709 862,60 | 0,80 |
| Twilio, Inc. .......................................  | Stück | 54 000 | 25 500 |  | USD | 82,21 | 4 262 245,85 | 0,72 |
| Uber Technologies, Inc. .............................  | Stück | 213 500 | 58 500 |  | USD | 20,21 | 4 142 707,60 | 0,70 |
| UnitedHealth Group, Inc. ............................  | Stück | 21 500 | 500 |  | USD | 513 | 10 589 511,19 | 1,80 |
| Veeva Systems, Inc. ................................  | Stück | 37 500 | 500 |  | USD | 193,87 | 6 980 105,18 | 1,19 |
| Visa, Inc. .........................................  | Stück | 62 900 | 1 500 |  | USD | 193,63 | 11 693 469,29 | 1,99 |
| VMware, Inc. .....................................  | Stück | 31 500 |  |  | USD | 113,65 | 3 437 162,64 | 0,58 |
| Zoom Video Communications, Inc. ....................  | Stück | 72 000 | 25 000 |  | USD | 107 | 7 396 672,03 | 1,26 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 575 148 660,73 | 97,67 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | -335,67 | 0,00 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen EUR/CNH 0,1 Mio. .................................  | -3,22 | 0,00 |
| EUR/HKD 0,1 Mio. .................................  | -52,94 | 0,00 |
| EUR/ILS 0,1 Mio. ..................................  | 2,66 | 0,00 |
| EUR/JPY 0,1 Mio. ..................................  | -1,19 | 0,00 |
| EUR/KRW 0,6 Mio. .................................  | -2,34 | 0,00 |
| EUR/TWD 0,1 Mio. .................................  | -14,01 | 0,00 |
| EUR/USD 0,1 Mio. .................................  | -262,87 | 0,00 |
| Geschlossene Positionen EUR/USD 0,1 Mio. .................................  | -1,76 | 0,00 |
| Bankguthaben | 14 264 904,89 | 2,42 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR | 874 194,92 | 0,15 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |
| Dänische Kronen ..................................	DKK	66 290 | 8 911,55 | 0,00 |
| Norwegische Kronen ...............................	NOK	104 035 | 10 072,52 | 0,00 |
| Schwedische Kronen ...............................	SEK	873 | 81,50 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |
| Britisches Pfund ...................................	GBP	7 664 | 8 949,42 | 0,00 |
| Chinesischer Renminbi ..............................	CNY	778 860 | 111 705,42 | 0,02 |
| Hongkong Dollar ...................................	HKD	975 830 | 119 405,32 | 0,02 |
| Japanischer Yen ...................................	JPY	3 772 780 | 26 651,04 | 0,01 |
| Neue Taiwan Dollar ................................	TWD	137 253 443 | 4 431 975,00 | 0,75 |
| Schweizer Franken .................................	CHF	9 992 | 10 037,86 | 0,00 |
| Südkoreanischer Won ..............................	KRW	440 | 0,33 | 0,00 |
| US-Dollar ........................................	USD	9 022 860 | 8 662 920,01 | 1,47 |
| Sonstige Vermögensgegenstände | 675 061,76 | 0,12 |
| Dividenden- / Ausschüttungsansprüche .................  | 316 127,15 | 0,05 |
| Abgegrenzte Platzierungsgebühr * ....................  | 326 966,09 | 0,06 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 17,73 | 0,00 |
| Sonstige Ansprüche ................................  | 31 950,79 | 0,01 |
| Forderungen aus Anteilscheingeschäften | 136 809,66 | 0,02 |
| Summe der Vermögensgegenstände ** | 590 225 439,70 | 100,23 |
| Sonstige Verbindlichkeiten | -1 086 920,31 | -0,19 |
| Verbindlichkeiten aus Kostenpositionen ................  | -1 038 340,31 | -0,18 |
| Andere sonstige Verbindlichkeiten .....................  | -48 580,00 | -0,01 |
| Verbindlichkeiten aus Anteilscheingeschäften | -241 450,07 | -0,04 |
| Summe der Verbindlichkeiten | -1 328 708,71 | -0,23 |
| Fondsvermögen | 588 896 730,99 | 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 | 144,27 |
| Klasse LC ........................................  | EUR | 140,03 |
| Klasse LD ........................................  | EUR | 139,34 |
| Klasse MFC ......................................  | EUR | 112,03 |
| Klasse NC ........................................  | EUR | 155,40 |
| Klasse PFC .......................................  | EUR | 135,72 |
| Klasse TFC .......................................  | EUR | 144,20 |
| Klasse TFCH (P) ...................................  | EUR | 125,12 |
| Klasse XC ........................................  | EUR | 146,55 |
| Klasse USD FC ....................................  | USD | 126,73 |
| Klasse USD IC ....................................  | USD | 68,51 |
| Klasse USD LC ....................................  | USD | 123,66 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 136 054,436 |
| Klasse LC ........................................  | Stück | 615 829,449 |
| Klasse LD ........................................  | Stück | 582 769,083 |
| Klasse MFC ......................................  | Stück | 2 844 392,000 |
| Klasse NC ........................................  | Stück | 169 790,922 |
| Klasse PFC .......................................  | Stück | 247 520,000 |
| Klasse TFC .......................................  | Stück | 53 218,355 |
| Klasse TFCH (P) ...................................  | Stück | 183,000 |
| Klasse XC ........................................  | Stück | 50 013,000 |
| Klasse USD FC ....................................  | Stück | 6 515,334 |
| Klasse USD IC ....................................  | Stück | 100,000 |
| Klasse USD LC ....................................  | Stück | 62 167,324 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
50% MSCI World Information Tech Index Net Return in EUR, 35% MSCI All Country World Index, in EUR, 15% MSCI China 50 Capped Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag ..................  | % | 107,080 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  ..................  | % | 125,912 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . | % | 117,732 |

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.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
BNP Paribas S.A., Deutsche Bank AG, HSBC France, Royal Bank of Canada (UK), Société Générale, State Street Bank International GmbH und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Chinesischer Renminbi ............  | CNY | 6,972445 | = | 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 |
| Südkoreanischer Won ............  | KRW | 1 352,347861 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,328526 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,710462 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 30,968912 | = | 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.
 Fußnoten	
* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.