# DWS Invest ESG Multi Asset Income
DWS INVEST ESG MULTI ASSET INCOME

### Performance of share classes (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1054320970 | -8.7% |
| Class FC | LU1186220148 | -8.4% |
| Class LC | LU1054320897 | -8.7% |
| Class LDH (P) | LU1769944361 | -9.5% |
| Class NC | LU1186218753 | -8.8% |
| Class ND | LU1054321192 | -8.9% |
| Class PFD | LU1217772232 | -9.0% |
| Class TFD | LU1663932561 | -8.4% |

“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 Multi Asset Income
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 7 193 167.31 | 4.20 |
| Telecommunication Services | 9 848 055.55 | 5.74 |
| Consumer Discretionaries | 17 609 517.86 | 10.30 |
| Energy | 6 758 761.88 | 3.96 |
| Consumer Staples | 3 741 545.61 | 2.18 |
| Financials | 15 511 178.73 | 9.04 |
| Basic Materials | 6 849 897.97 | 4.00 |
| Industrials | 5 909 463.64 | 3.46 |
| Utilities | 4 710 282.44 | 2.75 |
| Total equities | 78 131 870.99 | 45.63 |
| 2. Bonds (issuers) Companies | 47 260 868.62 | 27.60 |
| Institutions | 1 692 972.39 | 0.99 |
| Central governments | 9 241 855.27 | 5.40 |
| Total bonds | 58 195 696.28 | 33.99 |
| 3. Investment fund units Equity funds | 8 259 380.51 | 4.82 |
| Total investment fund units | 8 259 380.51 | 4.82 |
| 4. Derivatives | -768 100.73 | -0.45 |
| 5. Cash at bank | 26 967 485.06 | 15.75 |
| 6. Other assets | 845 926.92 | 0.49 |
| 7. Receivables from share certificate transactions | 4 697 382.00 | 2.74 |
| II. Liabilities |  |  |
| 1. Other liabilities | -339 746.78 | -0.19 |
| 2. Liabilities from share certificate transactions | -4 758 011.55 | -2.78 |
|  |  |  |
| III. Net assets | 171 231 882.70 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 136 327 567.27 | 79.62 |
| Equities Toronto-Dominion Bank..............................        | Count | 21 397 |  | 6 488 | CAD | 82.88 | 1 320 438.60 | 0.77 |
| Nestle SA ........................................  | Count | 1 698 |  | 514 | CHF | 110.98 | 189 303.30 | 0.11 |
| Roche Holding AG ..................................  | Count | 4 340 |  | 1 317 | CHF | 316 | 1 377 693.45 | 0.80 |
| Novo Nordisk A/S ..................................  | Count | 11 038 |  | 3 347 | DKK | 783.3 | 1 162 309.53 | 0.68 |
| Vestas Wind Systems A/S ...........................  | Count | 14 365 |  |  | DKK | 150.02 | 289 706.39 | 0.17 |
| Aegon NV ........................................  | Count | 248 000 | 41 203 | 62 719 | EUR | 4.073 | 1 010 104.00 | 0.59 |
| Allianz SE.........................................  | Count | 7 733 |  | 842 | EUR | 180.38 | 1 394 878.54 | 0.81 |
| Assicurazioni Generali SpA ...........................  | Count | 50 000 | 11 770 |  | EUR | 15.22 | 761 000.00 | 0.44 |
| AXA SA ..........................................  | Count | 77 000 | 5 560 | 119 529 | EUR | 21.42 | 1 649 340.00 | 0.96 |
| BNP Paribas SA ....................................  | Count | 32 000 | 12 000 | 29 157 | EUR | 44.47 | 1 423 040.00 | 0.83 |
| Cie Generale des Etablissements Michelin SCA. . . . . . . . . . . | Count | 15 736 | 15 736 |  | EUR | 25.49 | 401 110.64 | 0.23 |
| Covestro AG ......................................  | Count | 5 326 |  | 1 616 | EUR | 32.1 | 170 964.60 | 0.10 |
| Deutsche Boerse AG................................  | Count | 1 976 |  | 598 | EUR | 158.95 | 314 085.20 | 0.18 |
| Deutsche Post AG..................................  | Count | 16 271 |  | 4 935 | EUR | 35.225 | 573 145.98 | 0.34 |
| Deutsche Telekom AG ..............................  | Count | 50 000 | 50 000 |  | EUR | 18.896 | 944 800.00 | 0.55 |
| E.ON SE .........................................  | Count | 47 785 |  |  | EUR | 7.926 | 378 743.91 | 0.22 |
| EDP - Energias de Portugal SA ........................  | Count | 203 910 | 101 734 |  | EUR | 4.434 | 904 136.94 | 0.53 |
| EDP Renovaveis SA ................................  | Count | 52 446 |  |  | EUR | 22.26 | 1 167 447.96 | 0.68 |
| Enel SpA .........................................  | Count | 109 591 | 172 772 | 196 260 | EUR | 5.215 | 571 517.07 | 0.33 |
| Ferrovial SA .......................................  | Count | 35 531 |  |  | EUR | 23.58 | 837 820.98 | 0.49 |
| Gaztransport Et Technigaz SA.........................  | Count | 3 400 | 9 065 | 5 665 | EUR | 120.3 | 409 020.00 | 0.24 |
| Grifols SA ........................................  | Count | 37 921 | 37 921 |  | EUR | 18.275 | 693 006.28 | 0.40 |
| Hannover Rueck SE.................................  | Count | 1 488 |  | 451 | EUR | 136.7 | 203 409.60 | 0.12 |
| Iberdrola SA.......................................  | Count | 110 885 |  | 33 632 | EUR | 9.872 | 1 094 656.72 | 0.64 |
| ING Groep NV .....................................  | Count | 268 000 | 268 000 |  | EUR | 9.305 | 2 493 740.00 | 1.46 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 37 395 |  | 11 339 | EUR | 24.68 | 922 908.60 | 0.54 |
| Koninklijke Philips NV ...............................  | Count | 15 821 |  | 4 798 | EUR | 20.215 | 319 821.52 | 0.19 |
| Linde PLC ........................................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ......................................  | Count Count | 4 818 2 800 | 404 | 1 462 | EUR EUR | 271.8 221.6 | 1 309 532.40 620 480.00 | 0.77 0.36 |
| Nordex SE ........................................  | Count | 31 779 |  |  | EUR | 7.96 | 252 960.84 | 0.15 |
| Red Electrica Corp., SA ..............................  | Count | 20 036 |  | 6 075 | EUR | 18.08 | 362 250.88 | 0.21 |
| Sampo Oyj -A- .....................................  | Count | 11 077 |  | 3 358 | EUR | 41.4 | 458 587.80 | 0.27 |
| SAP SE ..........................................  | Count | 6 838 | 8 911 | 2 073 | EUR | 85.45 | 584 307.10 | 0.34 |
| Siemens AG ......................................  | Count | 7 611 | 9 919 | 2 308 | EUR | 96.45 | 734 080.95 | 0.43 |
| Smurfit Kappa Group PLC ............................  | Count | 13 146 |  | 3 986 | EUR | 31.54 | 414 624.84 | 0.24 |
| Societe Generale SA ................................  | Count | 88 000 | 28 000 | 28 000 | EUR | 20.605 | 1 813 240.00 | 1.06 |
| Tenaris SA ........................................  | Count | 55 276 | 72 040 | 16 764 | EUR | 12.38 | 684 316.88 | 0.40 |
| Trigano SA ........................................  | Count | 1 311 | 1 311 |  | EUR | 92.35 | 121 070.85 | 0.07 |
| UPM-Kymmene Oyj ................................  | Count | 26 247 |  | 7 959 | EUR | 28.86 | 757 488.42 | 0.44 |
| Veolia Environnement SA ............................  | Count | 10 049 |  | 20 267 | EUR | 23.04 | 231 528.96 | 0.14 |
| Vonovia SE .......................................  | Count | 4 942 |  | 1 499 | EUR | 29.11 | 143 861.62 | 0.08 |
| Wacker Chemie AG.................................  | Count | 2 283 | 2 975 | 692 | EUR | 135.2 | 308 661.60 | 0.18 |
| Informa PLC ......................................  | Count | 53 237 |  |  | GBP | 5.236 | 325 477.10 | 0.19 |
| Mondi PLC........................................  | Count | 15 647 |  | 4 746 | GBP | 14.31 | 261 443.56 | 0.15 |
| Persimmon PLC ...................................  | Count | 13 352 |  | 4 049 | GBP | 18.405 | 286 938.86 | 0.17 |
| RELX PLC ........................................  | Count | 12 659 |  | 3 839 | GBP | 22.07 | 326 218.78 | 0.19 |
| Smith & Nephew PLC ...............................  | Count | 27 211 | 27 211 |  | GBP | 11.448 | 363 725.52 | 0.21 |
| Alibaba Group Holding Ltd ...........................  | Count | 13 000 | 13 000 |  | HKD | 111.9 | 178 001.26 | 0.10 |
| Baidu, Inc. ........................................  | Count | 13 000 | 13 000 |  | HKD | 148.5 | 236 221.51 | 0.14 |
| BYD Co., Ltd ......................................  | Count | 15 500 | 15 500 |  | HKD | 314 | 595 540.07 | 0.35 |
| Meituan ..........................................  | Count | 20 000 | 20 000 |  | HKD | 194.2 | 475 257.38 | 0.28 |
| Ping An Insurance Group Co. of China Ltd ...............  | Count | 48 000 | 48 000 |  | HKD | 53.35 | 313 346.83 | 0.18 |
| Tencent Holdings Ltd ...............................  | Count | 8 500 | 8 500 |  | HKD | 354.4 | 368 605.90 | 0.22 |
| East Japan Railway Co. ..............................  | Count | 9 800 |  |  | JPY | 6 938 | 480 300.53 | 0.28 |
| Fujitsu Ltd ........................................  | Count | 4 900 |  | 1 400 | JPY | 16 965 | 587 222.44 | 0.34 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 42 200 |  | 12 800 | JPY | 3 896 | 1 161 406.09 | 0.68 |
| Sekisui House Ltd ..................................  | Count | 27 300 |  | 8 300 | JPY | 2 377 | 458 303.49 | 0.27 |
| Sony Group Corp. ..................................  | Count | 1 800 |  | 500 | JPY | 11 095 | 141 075.80 | 0.08 |
| Toyota Motor Corp. .................................  | Count | 32 600 |  | 9 900 | JPY | 2 100 | 483 603.68 | 0.28 |
| West Japan Railway Co. .............................  | Count | 13 400 |  |  | JPY | 4 991 | 472 438.27 | 0.28 |
| Samsung Electronics Co., Ltd .........................  | Count | 15 122 | 19 708 | 4 586 | KRW | 57 000 | 637 375.95 | 0.37 |
| Telenor ASA ......................................  | Count | 73 047 |  | 22 153 | NOK | 131.15 | 927 539.37 | 0.54 |
| Boliden AB........................................  | Count | 11 744 | 11 744 |  | SEK | 325.4 | 356 800.45 | 0.21 |
| Swedbank AB .....................................  | Count | 26 182 | 26 182 |  | SEK | 128.9 | 315 099.37 | 0.18 |
| Telefonaktiebolaget LM Ericsson -B- ...................  | Count | 82 944 | 60 698 | 25 155 | SEK | 76.04 | 588 869.27 | 0.34 |
| Volvo AB -B- ......................................  | Count | 20 201 |  | 6 126 | SEK | 156.84 | 295 815.90 | 0.17 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 40 000 |  |  | TWD | 476 | 614 810.11 | 0.36 |
| AbbVie, Inc. .......................................  | Count | 12 758 |  | 16 969 | USD | 152.29 | 1 865 409.02 | 1.09 |
| Agnico Eagle Mines Ltd .............................  | Count | 17 381 |  |  | USD | 47.25 | 788 490.86 | 0.46 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 6 762 | 6 762 |  | USD | 111.99 | 727 067.11 | 0.42 |
| Atlantica Sustainable Infrastructure PLC.................  | Count | 16 642 |  |  | USD | 31.81 | 508 263.91 | 0.30 |
| Automatic Data Processing, Inc. .......................  | Count | 4 897 |  | 1 486 | USD | 210.35 | 988 991.84 | 0.58 |
| Baidu, Inc. -ADR- ...................................  | Count | 5 500 | 5 500 |  | USD | 147.21 | 777 356.24 | 0.45 |
| Baker Hughes Co. ..................................  | Count | 59 851 |  | 18 149 | USD | 29.97 | 1 722 178.82 | 1.01 |
| Biogen, Inc. .......................................  | Count | 1 724 |  | 522 | USD | 202.38 | 334 984.68 | 0.20 |
| Citrix Systems, Inc. .................................  | Count | 3 733 |  | 1 131 | USD | 96.68 | 346 509.16 | 0.20 |

| Colgate-Palmolive Co. ...............................  | Count | 9 345 |  | 2 834 | USD | 79.54 | 713 649.52 | 0.42 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Corning, Inc. ......................................  | Count | 16 075 |  | 4 874 | USD | 31.47 | 485 699.68 | 0.28 |
| Danaher Corp. .....................................  | Count | 1 971 | 1 971 |  | USD | 250.48 | 474 001.56 | 0.28 |
| Eaton Corp. PLC ...................................  | Count | 11 042 |  | 3 347 | USD | 124.89 | 1 324 022.90 | 0.77 |
| First Solar, Inc......................................  | Count | 8 756 | 8 756 |  | USD | 66.05 | 555 262.91 | 0.32 |
| Gilead Sciences, Inc. ................................  | Count | 19 595 |  | 5 942 | USD | 61.63 | 1 159 464.68 | 0.68 |
| Intel Corp. ........................................  | Count | 10 718 |  | 3 249 | USD | 36.84 | 379 099.72 | 0.22 |
| Medtronic PLC ....................................  | Count | 14 458 | 6 702 | 2 352 | USD | 89.51 | 1 242 509.92 | 0.73 |
| Merck & Co, Inc. ...................................  | Count | 12 828 |  | 3 891 | USD | 92.29 | 1 136 668.14 | 0.66 |
| Microsoft Corp. ....................................  | Count | 5 120 |  | 1 553 | USD | 255.12 | 1 254 106.90 | 0.73 |
| Mondelez International, Inc. ..........................  | Count | 4 498 |  | 1 365 | USD | 61.97 | 267 621.52 | 0.16 |
| Motorola Solutions, Inc. .............................  | Count | 4 561 |  | 1 384 | USD | 207.3 | 907 777.60 | 0.53 |
| NetEase, Inc. -ADR-.................................  | Count | 6 600 | 6 600 |  | USD | 90.86 | 575 753.73 | 0.34 |
| Newmont Corp.....................................  | Count | 13 138 | 13 138 |  | USD | 61.11 | 770 835.36 | 0.45 |
| NIO, Inc. -ADR- ....................................  | Count | 24 000 | 24 000 |  | USD | 21.03 | 484 585.71 | 0.28 |
| PepsiCo, Inc. ......................................  | Count | 6 866 |  | 4 147 | USD | 167.02 | 1 101 012.80 | 0.64 |
| Procter & Gamble Co. ...............................  | Count | 15 063 |  | 4 568 | USD | 142.04 | 2 054 197.65 | 1.20 |
| Prudential Financial, Inc. .............................  | Count | 8 072 |  | 2 448 | USD | 94.12 | 729 429.23 | 0.43 |
| QUALCOMM, Inc...................................  | Count | 7 769 |  | 2 356 | USD | 126.16 | 941 037.41 | 0.55 |
| Sarepta Therapeutics, Inc.............................  | Count | 5 398 | 5 398 |  | USD | 75.15 | 389 477.12 | 0.23 |
| Schlumberger NV ..................................  | Count | 48 000 |  |  | USD | 36.59 | 1 686 256.88 | 0.99 |
| State Street Corp. ..................................  | Count | 2 224 |  | 674 | USD | 60.76 | 129 739.62 | 0.08 |
| Sunnova Energy International, Inc. .....................  | Count | 33 877 | 33 877 |  | USD | 17.68 | 575 052.23 | 0.34 |
| Sunrun, Inc. .......................................          | Count | 36 000 | 6 000 |  | USD | 21.99 | 760 059.90 | 0.44 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 5 000 |  |  | USD | 80.64 | 387 115.55 | 0.23 |
| Teladoc Health, Inc..................................  | Count | 17 000 | 17 000 |  | USD | 32.26 | 526 542.43 | 0.31 |
| Texas Instruments, Inc...............................  | Count | 6 090 |  | 1 847 | USD | 151.5 | 885 829.24 | 0.52 |
| Union Pacific Corp. .................................  | Count | 3 980 |  | 1 205 | USD | 210.23 | 803 337.15 | 0.47 |
| Verizon Communications, Inc..........................  | Count | 25 799 |  | 2 806 | USD | 50.69 | 1 255 582.50 | 0.73 |
| VF Corp...........................................  | Count | 11 353 |  | 3 442 | USD | 43.44 | 473 500.61 | 0.28 |
| Visa, Inc. .........................................  | Count | 2 245 |  | 681 | USD | 193.63 | 417 358.32 | 0.24 |
| Walt Disney Co.....................................  | Count | 5 478 |  |  | USD | 92.86 | 488 394.54 | 0.29 |
| Yamana Gold, Inc. ..................................  | Count | 373 225 |  | 98 655 | USD | 4.775 | 1 711 055.88 | 1.00 |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 1.375 | % Acciona Energia Financiacion Filiales SA (MTN) 2022/2032 ................................  | EUR | 2 500 000 | 2 500 000 |  | % | 81.699 | 2 042 475.00 | 1.19 |
| 0.25 | % ACEA SpA (MTN) 2021/2030 .................  | EUR | 1 100 000 |  |  | % | 75.927 | 835 197.00 | 0.49 |
| 3.50 | % Albania Government International Bond -Reg- (MTN) 2018/2025 ..........................  | EUR | 450 000 |  |  | % | 90.146 | 405 657.00 | 0.24 |
| 5.125 | % ASR Nederland NV 2015/2045 *...............  | EUR | 250 000 |  |  | % | 101.711 | 254 277.50 | 0.15 |
| 3.375 | % ASR Nederland NV 2019/2049 *...............  | EUR | 200 000 |  |  | % | 88.066 | 176 132.00 | 0.10 |
| 2.124 | % Assicurazioni Generali SpA (MTN) 2019/2030 ....  | EUR | 1 000 000 |  |  | % | 79.292 | 792 920.00 | 0.46 |
| 2.429 | % Assicurazioni Generali SpA (MTN) 2020/2031 ....  | EUR | 1 300 000 | 1 300 000 |  | % | 78.709 | 1 023 217.00 | 0.60 |
| 3.55 | % AT&T, Inc. 2012/2032 .......................  | EUR | 150 000 |  |  | % | 100.848 | 151 272.00 | 0.09 |
| 4.875 | % Benin Government International Bond -Reg- 2021/2032 ................................  | EUR | 499 000 |  |  | % | 72.151 | 360 033.49 | 0.21 |
| 1.625 | % BNP Paribas SA (MTN) 2019/2031 .............  | EUR | 300 000 |  |  | % | 78.057 | 234 171.00 | 0.14 |
| 0.50 | % BNP Paribas SA (MTN) 2020/2028 *. . . . . . . . . . . . | EUR | 300 000 |  |  | % | 87.273 | 261 819.00 | 0.15 |
| 0.25 | % BPCE SA (MTN) 2021/2031 ..................  | EUR | 700 000 |  |  | % | 77.167 | 540 169.00 | 0.32 |
| 0.75 | % Caisse Nationale de Reassurance Mutuelle Agricole Groupama (MTN) 2021/2028. . . . . . . . . . . | EUR | 800 000 |  |  | % | 81.269 | 650 152.00 | 0.38 |
| 0.50 | % CaixaBank SA (MTN) 2021/2029 * .............  | EUR | 1 300 000 |  |  | % | 82.677 | 1 074 801.00 | 0.63 |
| 2.00 | % CNP Assurances 2019/2050 * ................  | EUR | 200 000 |  |  | % | 82.485 | 164 970.00 | 0.10 |
| 2.00 | % Credit Agricole SA (MTN) 2019/2029 ...........  | EUR | 1 000 000 |  |  | % | 86.077 | 860 770.00 | 0.50 |
| 1.625 | % Deutsche Bank AG (MTN) 2020/2027...........  | EUR | 200 000 |  |  | % | 89.662 | 179 324.00 | 0.10 |
| 0.35 | % E.ON SE (MTN) 2019/2030 ...................  | EUR | 2 145 000 |  |  | % | 81.095 | 1 739 487.75 | 1.02 |
| 0.875 | % E.ON SE (MTN) 2020/2031 ...................  | EUR | 1 627 000 |  |  | % | 83.051 | 1 351 239.77 | 0.79 |
| 0.60 | % E.ON SE (MTN) 2021/2032 ...................  | EUR | 657 000 |  | 970 000 | % | 76.58 | 503 130.60 | 0.29 |
| 1.875 | % EDP - Energias de Portugal SA 2021/2081 * .....  | EUR | 2 900 000 |  |  | % | 81.066 | 2 350 914.00 | 1.37 |
| 1.125 | % Fastighets AB Balder (MTN) 2019/2027 .........  | EUR | 250 000 |  |  | % | 72.125 | 180 312.50 | 0.11 |
| 3.50 | % Getlink SE (MTN) 2020/2025. . . . . . . . . . . . . . . . . . | EUR | 475 000 | 475 000 |  | % | 95.868 | 455 373.00 | 0.27 |
| 1.00 | % Intesa Sanpaolo SpA (MTN) 2019/2026 .........  | EUR | 350 000 |  |  | % | 90.004 | 315 014.00 | 0.18 |
| 5.25 | % Ivory Coast Government International Bond -Reg- 2018/2030 ...........................  | EUR | 500 000 |  |  | % | 79.053 | 395 265.00 | 0.23 |
| 5.875 | % Ivory Coast Government International Bond -Reg- 2019/2031 ...........................  | EUR | 150 000 |  |  | % | 79.05 | 118 575.00 | 0.07 |
| 2.00 | % Koninklijke KPN NV 2019/perpetual * ...........  | EUR | 300 000 |  |  | % | 92.171 | 276 513.00 | 0.16 |
| 2.875 | % Merck KGaA 2019/2079 * ....................  | EUR | 500 000 |  |  | % | 85.28 | 426 400.00 | 0.25 |
| 2.55 | % Montenegro Government International Bond -Reg- (MTN) 2019/2029 ......................      | EUR | 500 000 |  |  | % | 68.969 | 344 845.00 | 0.20 |
| 1.25 | % Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2020/2041 * ...................  | EUR | 1 900 000 |  |  | % | 76.695 | 1 457 205.00 | 0.85 |
| 6.50 | % Nordex SE -Reg- (MTN) 2018/2023.............  | EUR | 800 000 | 800 000 |  | % | 95.653 | 765 224.00 | 0.45 |
| 1.75 | % Orsted AS 2019/3019 *. . . . . . . . . . . . . . . . . . . . . . | EUR | 1 000 000 |  |  | % | 84.752 | 847 520.00 | 0.50 |
| 1.50 | % Orsted AS 2021/3021 *. . . . . . . . . . . . . . . . . . . . . . | EUR | 1 000 000 |  |  | % | 73.658 | 736 580.00 | 0.43 |
| 2.875 | % Romanian Government International Bond (MTN) 2018/2029 ................................  | EUR | 1 400 000 |  |  | % | 83.268 | 1 165 752.00 | 0.68 |
| 1.125 | % Samhallsbyggnadsbolaget i Norden AB (MTN) 2019/2026 ................................  | EUR | 190 000 |  |  | % | 67.218 | 127 714.20 | 0.07 |
| 2.624 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ...........................  | EUR | 150 000 |  |  | % | 33.807 | 50 710.50 | 0.03 |

| Security | name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2.625 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ...........................  | EUR | 580 000 |  |  | % | 32.178 | 186 632.40 | 0.11 |
| 4.75 | % Senegal Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 2 785 000 |  |  | % | 81.806 | 2 278 297.10 | 1.33 |
| 2.00 | % Signify NV 2020/2024 .......................  | EUR | 953 000 | 953 000 |  | % | 98.423 | 937 971.19 | 0.55 |
| 2.375 | % Signify NV (MTN) 2020/2027. . . . . . . . . . . . . . . . . . | EUR | 950 000 | 950 000 |  | % | 94.929 | 901 825.50 | 0.53 |
| 0.50 | % Societe Generale SA (MTN) 2021/2029 * ........  | EUR | 700 000 |  |  | % | 82.435 | 577 045.00 | 0.34 |
| 1.50 | % Swedbank AB (MTN) 2018/2028 * .............  | EUR | 200 000 |  |  | % | 98.211 | 196 422.00 | 0.11 |
| 7.75 | % Telecom Italia Finance SA (MTN) 2003/2033 .....  | EUR | 910 000 | 360 000 |  | % | 103.995 | 946 354.50 | 0.55 |
| 5.625 | % Tunisian Republic (MTN) 2017/2024 ............  | EUR | 1 990 000 |  | 977 000 | % | 58.869 | 1 171 493.10 | 0.68 |
| 6.375 | % Tunisian Republic -Reg- (MTN) 2019/2026 .......  | EUR | 1 000 000 |  |  | % | 54.138 | 541 380.00 | 0.32 |
| 1.375 | % Unibail-Rodamco-Westfield SE (MTN) 2021/2033 . | EUR | 500 000 |  |  | % | 68.169 | 340 845.00 | 0.20 |
| 2.731 | % UniCredit SpA 2020/2032 *. . . . . . . . . . . . . . . . . . . | EUR | 200 000 |  |  | % | 84.864 | 169 728.00 | 0.10 |
| 1.50 | % Vestas Wind Systems Finance BV (MTN) 2022/2029 ................................  | EUR | 620 000 | 620 000 |  | % | 90.843 | 563 226.60 | 0.33 |
| 0.625 | % Vonovia SE (MTN) 2021/2031 .................  | EUR | 1 200 000 |  |  | % | 72.305 | 867 660.00 | 0.51 |
| 2.50 | % Orsted AS 2021/3021 *. . . . . . . . . . . . . . . . . . . . . . | GBP | 440 000 |  |  | % | 68.111 | 349 926.76 | 0.20 |
| 1.25 | % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2023 ................................  | NOK | 47 740 000 |  |  | % | 98.407 | 4 548 519.69 | 2.66 |
| 0.375 | % Akamai Technologies, Inc. (MTN) 2019/2027 .....  | USD | 752 000 |  |  | % | 99.12 | 715 647.61 | 0.42 |
| 5.125 | % Akbank TAS -Reg- (MTN) 2015/2025 ...........  | USD | 331 000 |  |  | % | 88.266 | 280 505.60 | 0.16 |
| 4.25 | % Apple, Inc. 2017/2047 .......................  | USD | 300 000 |  |  | % | 98.144 | 282 686.52 | 0.17 |
| 4.375 | % AstraZeneca PLC 2015/2045..................  | USD | 300 000 |  |  | % | 97.183 | 279 918.53 | 0.16 |
| 4.08 | % Baker Hughes Holdings LLC Via Baker Hughes Co-Obligor, Inc. 2018/2047 ...................  | USD | 300 000 |  |  | % | 84.997 | 244 818.90 | 0.14 |
| 5.375 | % Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025 ................................  | USD | 500 000 |  |  | % | 100.525 | 482 574.28 | 0.28 |
| 6.11 | % Bank of America Corp. 2007/2037 .............  | USD | 200 000 |  |  | % | 107.946 | 207 279.64 | 0.12 |
| 6.625 | % Citigroup, Inc. 2002/2032 ....................  | USD | 236 000 |  |  | % | 109.265 | 247 578.63 | 0.14 |
| 4.78 | % CVS Health Corp. 2018/2038 .................  | USD | 300 000 |  |  | % | 94.808 | 273 077.76 | 0.16 |
| 1.71 | % EDP Finance BV -Reg- (MTN) 2020/2028 ........  | USD | 900 000 |  |  | % | 85.45 | 738 371.06 | 0.43 |
| 8.125 | % Ghana Government International Bond -Reg- 2014/2026 ................................  | USD | 1 250 000 |  |  | % | 72.099 | 865 285.33 | 0.51 |
| 7.875 | % Ghana Government International Bond -Reg- (MTN) 2019/2027 ..........................  | USD | 500 000 |  |  | % | 57.96 | 278 239.30 | 0.16 |
| 5.25 | % Global Bank Corp. -Reg- (MTN) 2019/2029 * .....  | USD | 500 000 |  |  | % | 93.849 | 450 525.88 | 0.26 |
| 4.75 | % Halliburton Co. 2013/2043....................  | USD | 300 000 |  |  | % | 88.796 | 255 761.25 | 0.15 |
| 1.75 | % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2029 ................................  | USD | 2 871 000 |  |  | % | 90.949 | 2 506 981.96 | 1.46 |
| 0.75 | % Kreditanstalt fuer Wiederaufbau (MTN) 2020/2030 ................................  | USD | 6 563 000 |  |  | % | 82.491 | 5 197 931.43 | 3.04 |
| 0.625 | % Kreditanstalt fuer Wiederaufbau (MTN) 2021/2026 ................................  | USD | 2 605 000 |  |  | % | 91.367 | 2 285 172.99 | 1.33 |
| 0.50 | % Lumentum Holdings, Inc. (MTN) 2019/2026......  | USD | 783 000 |  |  | % | 103.164 | 775 550.40 | 0.45 |
| 5.70 | % MetLife, Inc. 2005/2035 .....................  | USD | 253 000 |  |  | % | 109.709 | 266 491.20 | 0.16 |
| 8.75 | % Mongolia Government International Bond -Reg- (MTN) 2017/2024 ..........................  | USD | 300 000 |  |  | % | 100.913 | 290 662.14 | 0.17 |
| 0.125 | % Okta, Inc. (MTN) 2019/2025 ..................  | USD | 236 000 |  |  | % | 89.05 | 201 774.38 | 0.12 |
| 3.925 | % Tencent Holdings Ltd -Reg- 2018/2038 .........  | USD | 300 000 |  |  | % | 85.626 | 246 630.62 | 0.14 |
| 5.75 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2018/2023 ................................  | USD | 649 000 |  |  | % | 98.775 | 615 476.99 | 0.36 |
| 5.50 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2021/2026 ................................  | USD | 1 300 000 |  |  | % | 82.232 | 1 026 370.81 | 0.60 |
| 2.55 | % Verizon Communications, Inc. (MTN) 2021/2031 ................................  | USD | 855 000 |  |  | % | 85.763 | 704 021.90 | 0.41 |
| 4.30 | % Visa, Inc. 2015/2045 ........................  | USD | 300 000 |  |  | % | 98.566 | 283 902.02 | 0.17 |
| Investment fund units |  |  |  |  |  |  | 8 259 380.51 | 4.82 |
| In-group fund units DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) ....................  | Units | 37 864 |  | 6 641 | EUR | 129.4 | 4 899 601.60 | 2.86 |
| Xtrackers (IE) plc - Xtrackers ESG MSCI Japan UCITS ETF -1C- USD - (0.100%) .......................  | Units | 206 172 | 206 172 |  | EUR | 16.296 | 3 359 778.91 | 1.96 |
| Total securities portfolio |  |  |  |  |  |  | 144 586 947.78 | 84.44 |
| Derivatives Minus signs denote short positions |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | 17 971.06 | 0.01 |
| Equity index futures DJ Euro Stoxx 50 09/2022 (DB) .......................  | Count | -268 | 49 | 317 |  |  | 155 365.09 | 0.09 |
| DJ Euro Stoxx 50 09/2022 (DB) .......................  | Count | 444 | 843 | 399 |  |  | -125 121.96 | -0.07 |
| E-mini Nasdaq 100 Futures 09/2022 (DB)................  | Count | -7 |  | 7 |  |  | -12 272.07 | -0.01 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -70 538.35 | -0.04 |
| Interest rate futures Euro SCHATZ Futures 09/2022 (DB) ....................  | Count | -396 |  | 396 |  |  | 20 885.83 | 0.01 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Count | 133 | 133 |  |  |  | -299 250.00 | -0.17 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........  | Count | -103 | 181 | 284 |  |  | 207 825.82 | 0.12 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -715 533.44 | -0.42 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions AUD/EUR 1.2 million ................................  |  |  |  |  |  |  | 8 043.73 | 0.00 |
| JPY/EUR 647.2 million...............................  |  |  |  |  |  |  | 68 179.18 | 0.04 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/CAD 0.1 million ................................  |  |  |  |  |  |  | -33.72 | 0.00 |
| EUR/CHF 1.5 million ................................  |  |  |  |  |  |  | -22 690.80 | -0.01 |
| EUR/DKK 0.1 million ................................  |  |  |  |  |  |  | -0.62 | 0.00 |
| EUR/GBP 1.9 million ................................  |  |  |  |  |  |  | -17 599.37 | -0.01 |
| EUR/HKD 0.1 million ................................  |  |  |  |  |  |  | -112.74 | 0.00 |
| EUR/KRW 1.3 million................................  |  |  |  |  |  |  | -5.16 | 0.00 |
| EUR/NOK 59.6 million ...............................  |  |  |  |  |  |  | -5 642.69 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | 9.00 | 0.00 |
| EUR/TWD 0.1 million................................  |  |  |  |  |  |  | -15.47 | 0.00 |
| EUR/USD 46.7 million ...............................  |  |  |  |  |  |  | -742 356.75 | -0.44 |
| Closed positions EUR/AUD 0.1 million ................................  |  |  |  |  |  |  | -1.81 | 0.00 |
| EUR/JPY 1.8 million.................................  |  |  |  |  |  |  | 64.26 | 0.00 |
| EUR/USD 0.5 million ................................  |  |  |  |  |  |  | -3 370.48 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 26 967 485.06 | 15.75 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 4 218 247.99 | 2.46 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Danish krone ......................................  | DKK | 693 037 |  |  |  |  | 93 166.46 | 0.06 |
| Norwegian krone ...................................  | NOK | 1 295 471 |  |  |  |  | 125 426.49 | 0.07 |
| Swedish krona.....................................  | SEK | 970 697 |  |  |  |  | 90 630.77 | 0.05 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 137 182 |  |  |  |  | 90 912.42 | 0.05 |
| British pound .....................................  | GBP | 372 651 |  |  |  |  | 435 120.86 | 0.25 |
| Hong Kong dollar ..................................  | HKD | 712 030 |  |  |  |  | 87 126.02 | 0.05 |
| Indonesian rupiah ..................................  | IDR | 94 932 |  |  |  |  | 6.12 | 0.00 |
| Israeli shekel ......................................  | ILS | 370 932 |  |  |  |  | 101 687.33 | 0.06 |
| Japanese yen .....................................  | JPY | 56 362 029 |  |  |  |  | 398 143.21 | 0.23 |
| Canadian dollar ....................................  | CAD | 126 595 |  |  |  |  | 94 260.74 | 0.06 |
| New Taiwan dollar..................................  | TWD | 12 884 211 |  |  |  |  | 416 036.93 | 0.24 |
| Swiss franc .......................................  | CHF | 96 122 |  |  |  |  | 96 559.82 | 0.06 |
| Singapore dollar ...................................  | SGD | 139 330 |  |  |  |  | 96 041.90 | 0.06 |
| South Korean won..................................  | KRW | 17 317 978 |  |  |  |  | 12 805.86 | 0.01 |
| U.S. dollar ........................................  | USD | 480 479 |  |  |  |  | 461 312.14 | 0.27 |
| Time deposits EUR deposits – (DZ Bank AG, Frankfurt) ................  | EUR |  |  |  |  |  | 6 550 000.00 | 3.83 |
| EUR deposits – (The Royal Bank Of Scotland NV, Edinburgh) | EUR |  |  |  |  |  | 2 350 000.00 | 1.37 |
| EUR deposits – (Natixis, Paris) ........................  | EUR |  |  |  |  |  | 11 250 000.00 | 6.57 |
| Other assets |  |  |  |  |  |  | 845 926.92 | 0.49 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 138 048.16 | 0.08 |
| Prepaid placement fee ** ...........................  |  |  |  |  |  |  | 203.49 | 0.00 |
| Interest receivable .................................  |  |  |  |  |  |  | 707 530.61 | 0.41 |
| Other receivables ..................................  |  |  |  |  |  |  | 144.66 | 0.00 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 4 697 382.00 | 2.74 |
| Total assets *** |  |  |  |  |  |  | 177 558 114.67 | 103.68 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Other liabilities | -339 746.78 | -0.19 |
| Liabilities from cost items | -339 746.78 | -0.19 |
| Liabilities from share certificate transactions | -4 758 011.55 | -2.78 |
| Total liabilities | -6 326 231.97 | -3.68 |
| Net assets | 171 231 882.70 | 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 | 114.82 |
| Class LC | EUR | 109.74 |
| Class LD | EUR | 89.50 |
| Class LDH (P) | EUR | 86.59 |
| Class NC | EUR | 107.33 |
| Class ND | EUR | 86.88 |
| Class PFD | EUR | 93.63 |
| Class TFD | EUR | 92.06 |
| Number of shares outstanding Class FC .........................................  | Count | 606 222.127 |
| Class LC .........................................  | Count | 350 578.276 |
| Class LD .........................................  | Count | 314 143.703 |
| Class LDH (P) .....................................  | Count | 2 912.000 |
| Class NC .........................................  | Count | 27 986.054 |
| Class ND .........................................  | Count | 216 195.168 |
| Class PFD ........................................  | Count | 136 914.000 |
| Class TFD ........................................  | Count | 1 944.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
55% MSCI All Country World Net TR Index - in EUR, 35% BBG High Yield 2% Issuer Capped Index EUR Hedged, 10% JP Morgan GBI-EM Global Diversified Index - in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 55.037 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 90.776 |
| Average market risk exposure ........................  | % | 69.126 |

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 0.8, 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 150 912 582.45 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas S.A., Deutsche Bank AG, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH and UBS AG.
Exchange rates (indirect quotes)
As of June 30, 2022
| Australian dollar ................. . | AUD | 1.508945 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.343026 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 0.995461 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.438694 | = | EUR | 1 |
| British pound .................. . | GBP | 0.856432 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.172414 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 15 516.483562 | = | EUR | 1 |
| Israeli shekel ................... . | ILS | 3.647767 | = | 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 |
| Singapore dollar ................ . | SGD | 1.450722 | = | 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 ongo- ing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
Footnotes
* Floating interest rate.
** 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 ESG Multi Asset Income
DWS INVEST ESG MULTI ASSET INCOME

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1054320970 | -8,7% |
| Klasse FC | LU1186220148 | -8,4% |
| Klasse LC | LU1054320897 | -8,7% |
| Klasse LDH (P) | LU1769944361 | -9,5% |
| Klasse NC | LU1186218753 | -8,8% |
| Klasse ND | LU1054321192 | -8,9% |
| Klasse PFD | LU1217772232 | -9,0% |
| Klasse TFD | LU1663932561 | -8,4% |

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 Multi Asset Income
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 7 193 167,31 | 4,20 |
| Telekommunikationsdienste | 9 848 055,55 | 5,74 |
| Dauerhafte Konsumgüter | 17 609 517,86 | 10,30 |
| Energie | 6 758 761,88 | 3,96 |
| Hauptverbrauchsgüter | 3 741 545,61 | 2,18 |
| Finanzsektor | 15 511 178,73 | 9,04 |
| Grundstoffe | 6 849 897,97 | 4,00 |
| Industrien | 5 909 463,64 | 3,46 |
| Versorger | 4 710 282,44 | 2,75 |
| Summe Aktien | 78 131 870,99 | 45,63 |
| 2. Anleihen (Emittenten) Unternehmen | 47 260 868,62 | 27,60 |
| Institute | 1 692 972,39 | 0,99 |
| Zentralregierungen | 9 241 855,27 | 5,40 |
| Summe Anleihen | 58 195 696,28 | 33,99 |
| 3. Investmentanteile Aktienfonds | 8 259 380,51 | 4,82 |
| Summe Investmentanteile | 8 259 380,51 | 4,82 |
| 4. Derivate | -768 100,73 | -0,45 |
| 5. Bankguthaben | 26 967 485,06 | 15,75 |
| 6. Sonstige Vermögensgegenstände | 845 926,92 | 0,49 |
| 7. Forderungen aus Anteilscheingeschäften | 4 697 382,00 | 2,74 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -339 746,78 | -0,19 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -4 758 011,55 | -2,78 |
| III. Fondsvermögen | 171 231 882,70 | 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 |  |  |  |  |  |  | 136 327 567,27 | 79,62 |
| Aktien Toronto-Dominion Bank ............................  | Stück | 21 397 |  | 6 488 | CAD | 82,88 | 1 320 438,60 | 0,77 |
| Nestle SA  .......................................  | Stück | 1 698 |  | 514 | CHF | 110,98 | 189 303,30 | 0,11 |
| Roche Holding AG  ................................  | Stück | 4 340 |  | 1 317 | CHF | 316 | 1 377 693,45 | 0,80 |
| Novo Nordisk A/S .................................  | Stück | 11 038 |  | 3 347 | DKK | 783,3 | 1 162 309,53 | 0,68 |
| Vestas Wind Systems A/S  ..........................  | Stück | 14 365 |  |  | DKK | 150,02 | 289 706,39 | 0,17 |
| Aegon NV  .......................................  | Stück | 248 000 | 41 203 | 62 719 | EUR | 4,073 | 1 010 104,00 | 0,59 |
| Allianz SE  .......................................  | Stück | 7 733 |  | 842 | EUR | 180,38 | 1 394 878,54 | 0,81 |
| Assicurazioni Generali SpA  .........................  | Stück | 50 000 | 11 770 |  | EUR | 15,22 | 761 000,00 | 0,44 |
| AXA SA .........................................  | Stück | 77 000 | 5 560 | 119 529 | EUR | 21,42 | 1 649 340,00 | 0,96 |
| BNP Paribas SA  ..................................  | Stück | 32 000 | 12 000 | 29 157 | EUR | 44,47 | 1 423 040,00 | 0,83 |
| Cie Generale des Etablissements Michelin SCA .........  | Stück | 15 736 | 15 736 |  | EUR | 25,49 | 401 110,64 | 0,23 |
| Covestro AG  .....................................  | Stück | 5 326 |  | 1 616 | EUR | 32,1 | 170 964,60 | 0,10 |
| Deutsche Boerse AG  ..............................  | Stück | 1 976 |  | 598 | EUR | 158,95 | 314 085,20 | 0,18 |
| Deutsche Post AG  ................................  | Stück | 16 271 |  | 4 935 | EUR | 35,225 | 573 145,98 | 0,34 |
| Deutsche Telekom AG  .............................  | Stück | 50 000 | 50 000 |  | EUR | 18,896 | 944 800,00 | 0,55 |
| E.ON SE  ........................................  | Stück | 47 785 |  |  | EUR | 7,926 | 378 743,91 | 0,22 |
| EDP - Energias de Portugal SA  ......................  | Stück | 203 910 | 101 734 |  | EUR | 4,434 | 904 136,94 | 0,53 |
| EDP Renovaveis SA  ...............................  | Stück | 52 446 |  |  | EUR | 22,26 | 1 167 447,96 | 0,68 |
| Enel SpA ........................................  | Stück | 109 591 | 172 772 | 196 260 | EUR | 5,215 | 571 517,07 | 0,33 |
| Ferrovial SA  .....................................  | Stück | 35 531 |  |  | EUR | 23,58 | 837 820,98 | 0,49 |
| Gaztransport Et Technigaz SA  .......................  | Stück | 3 400 | 9 065 | 5 665 | EUR | 120,3 | 409 020,00 | 0,24 |
| Grifols SA  .......................................  | Stück | 37 921 | 37 921 |  | EUR | 18,275 | 693 006,28 | 0,40 |
| Hannover Rueck SE  ...............................  | Stück | 1 488 |  | 451 | EUR | 136,7 | 203 409,60 | 0,12 |
| Iberdrola SA  .....................................  | Stück | 110 885 |  | 33 632 | EUR | 9,872 | 1 094 656,72 | 0,64 |
| ING Groep NV  ...................................  | Stück | 268 000 | 268 000 |  | EUR | 9,305 | 2 493 740,00 | 1,46 |
| Koninklijke Ahold Delhaize NV  .......................  | Stück | 37 395 |  | 11 339 | EUR | 24,68 | 922 908,60 | 0,54 |
| Koninklijke Philips NV ..............................  | Stück | 15 821 |  | 4 798 | EUR | 20,215 | 319 821,52 | 0,19 |
| Linde PLC  .......................................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  ....................................  | Stück Stück | 4 818 2 800 | 404 | 1 462 | EUR EUR | 271,8 221,6 | 1 309 532,40 620 480,00 | 0,77 0,36 |
| Nordex SE  ......................................  | Stück | 31 779 |  |  | EUR | 7,96 | 252 960,84 | 0,15 |
| Red Electrica Corp., SA  ............................  | Stück | 20 036 |  | 6 075 | EUR | 18,08 | 362 250,88 | 0,21 |
| Sampo Oyj -A-  ...................................  | Stück | 11 077 |  | 3 358 | EUR | 41,4 | 458 587,80 | 0,27 |
| SAP SE  .........................................  | Stück | 6 838 | 8 911 | 2 073 | EUR | 85,45 | 584 307,10 | 0,34 |
| Siemens AG  .....................................  | Stück | 7 611 | 9 919 | 2 308 | EUR | 96,45 | 734 080,95 | 0,43 |
| Smurfit Kappa Group PLC  ..........................  | Stück | 13 146 |  | 3 986 | EUR | 31,54 | 414 624,84 | 0,24 |
| Societe Generale SA  ..............................  | Stück | 88 000 | 28 000 | 28 000 | EUR | 20,605 | 1 813 240,00 | 1,06 |
| Tenaris SA  ......................................  | Stück | 55 276 | 72 040 | 16 764 | EUR | 12,38 | 684 316,88 | 0,40 |
| Trigano SA  ......................................  | Stück | 1 311 | 1 311 |  | EUR | 92,35 | 121 070,85 | 0,07 |
| UPM-Kymmene Oyj  ...............................  | Stück | 26 247 |  | 7 959 | EUR | 28,86 | 757 488,42 | 0,44 |
| Veolia Environnement SA  ..........................  | Stück | 10 049 |  | 20 267 | EUR | 23,04 | 231 528,96 | 0,14 |
| Vonovia SE  ......................................  | Stück | 4 942 |  | 1 499 | EUR | 29,11 | 143 861,62 | 0,08 |
| Wacker Chemie AG  ...............................  | Stück | 2 283 | 2 975 | 692 | EUR | 135,2 | 308 661,60 | 0,18 |
| Informa PLC  .....................................  | Stück | 53 237 |  |  | GBP | 5,236 | 325 477,10 | 0,19 |
| Mondi PLC  ......................................  | Stück | 15 647 |  | 4 746 | GBP | 14,31 | 261 443,56 | 0,15 |
| Persimmon PLC  ..................................  | Stück | 13 352 |  | 4 049 | GBP | 18,405 | 286 938,86 | 0,17 |
| RELX PLC  .......................................  | Stück | 12 659 |  | 3 839 | GBP | 22,07 | 326 218,78 | 0,19 |
| Smith & Nephew PLC  .............................  | Stück | 27 211 | 27 211 |  | GBP | 11,448 | 363 725,52 | 0,21 |
| Alibaba Group Holding Ltd  ..........................  | Stück | 13 000 | 13 000 |  | HKD | 111,9 | 178 001,26 | 0,10 |
| Baidu, Inc.  ......................................  | Stück | 13 000 | 13 000 |  | HKD | 148,5 | 236 221,51 | 0,14 |
| BYD Co., Ltd  ....................................  | Stück | 15 500 | 15 500 |  | HKD | 314 | 595 540,07 | 0,35 |
| Meituan  ........................................  | Stück | 20 000 | 20 000 |  | HKD | 194,2 | 475 257,38 | 0,28 |
| Ping An Insurance Group Co. of China Ltd  .............  | Stück | 48 000 | 48 000 |  | HKD | 53,35 | 313 346,83 | 0,18 |
| Tencent Holdings Ltd ..............................  | Stück | 8 500 | 8 500 |  | HKD | 354,4 | 368 605,90 | 0,22 |
| East Japan Railway Co.  ............................  | Stück | 9 800 |  |  | JPY | 6 938 | 480 300,53 | 0,28 |
| Fujitsu Ltd  ......................................  | Stück | 4 900 |  | 1 400 | JPY | 16 965 | 587 222,44 | 0,34 |
| Nippon Telegraph & Telephone Corp.  .................  | Stück | 42 200 |  | 12 800 | JPY | 3 896 | 1 161 406,09 | 0,68 |
| Sekisui House Ltd  ................................  | Stück | 27 300 |  | 8 300 | JPY | 2 377 | 458 303,49 | 0,27 |
| Sony Group Corp. .................................  | Stück | 1 800 |  | 500 | JPY | 11 095 | 141 075,80 | 0,08 |
| Toyota Motor Corp.  ...............................  | Stück | 32 600 |  | 9 900 | JPY | 2 100 | 483 603,68 | 0,28 |
| West Japan Railway Co.  ...........................  | Stück | 13 400 |  |  | JPY | 4 991 | 472 438,27 | 0,28 |
| Samsung Electronics Co., Ltd  .......................  | Stück | 15 122 | 19 708 | 4 586 | KRW | 57 000 | 637 375,95 | 0,37 |
| Telenor ASA  .....................................  | Stück | 73 047 |  | 22 153 | NOK | 131,15 | 927 539,37 | 0,54 |
| Boliden AB  ......................................  | Stück | 11 744 | 11 744 |  | SEK | 325,4 | 356 800,45 | 0,21 |
| Swedbank AB ....................................  | Stück | 26 182 | 26 182 |  | SEK | 128,9 | 315 099,37 | 0,18 |
| Telefonaktiebolaget LM Ericsson -B-  ..................  | Stück | 82 944 | 60 698 | 25 155 | SEK | 76,04 | 588 869,27 | 0,34 |
| Volvo AB -B- .....................................  | Stück | 20 201 |  | 6 126 | SEK | 156,84 | 295 815,90 | 0,17 |
| Taiwan Semiconductor Manufacturing Co., Ltd . . . . . . . . . . | Stück | 40 000 |  |  | TWD | 476 | 614 810,11 | 0,36 |
| AbbVie, Inc.  .....................................  | Stück | 12 758 |  | 16 969 | USD | 152,29 | 1 865 409,02 | 1,09 |
| Agnico Eagle Mines Ltd  ............................  | Stück | 17 381 |  |  | USD | 47,25 | 788 490,86 | 0,46 |
| Alibaba Group Holding Ltd -ADR- .....................  | Stück | 6 762 | 6 762 |  | USD | 111,99 | 727 067,11 | 0,42 |
| Atlantica Sustainable Infrastructure PLC  ...............  | Stück | 16 642 |  |  | USD | 31,81 | 508 263,91 | 0,30 |
| Automatic Data Processing, Inc.  .....................  | Stück | 4 897 |  | 1 486 | USD | 210,35 | 988 991,84 | 0,58 |
| Baidu, Inc. -ADR-  .................................  | Stück | 5 500 | 5 500 |  | USD | 147,21 | 777 356,24 | 0,45 |
| Baker Hughes Co.  ................................  | Stück | 59 851 |  | 18 149 | USD | 29,97 | 1 722 178,82 | 1,01 |
| Biogen, Inc.  .....................................  | Stück | 1 724 |  | 522 | USD | 202,38 | 334 984,68 | 0,20 |
| Citrix Systems, Inc.  ...............................  | Stück | 3 733 |  | 1 131 | USD | 96,68 | 346 509,16 | 0,20 |

| Colgate-Palmolive Co.  .............................  | Stück | 9 345 |  | 2 834 | USD | 79,54 | 713 649,52 | 0,42 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Corning, Inc. .....................................  | Stück | 16 075 |  | 4 874 | USD | 31,47 | 485 699,68 | 0,28 |
| Danaher Corp.  ...................................  | Stück | 1 971 | 1 971 |  | USD | 250,48 | 474 001,56 | 0,28 |
| Eaton Corp. PLC ..................................  | Stück | 11 042 |  | 3 347 | USD | 124,89 | 1 324 022,90 | 0,77 |
| First Solar, Inc. ...................................  | Stück | 8 756 | 8 756 |  | USD | 66,05 | 555 262,91 | 0,32 |
| Gilead Sciences, Inc.  ..............................  | Stück | 19 595 |  | 5 942 | USD | 61,63 | 1 159 464,68 | 0,68 |
| Intel Corp. .......................................  | Stück | 10 718 |  | 3 249 | USD | 36,84 | 379 099,72 | 0,22 |
| Medtronic PLC  ...................................  | Stück | 14 458 | 6 702 | 2 352 | USD | 89,51 | 1 242 509,92 | 0,73 |
| Merck & Co, Inc.  .................................  | Stück | 12 828 |  | 3 891 | USD | 92,29 | 1 136 668,14 | 0,66 |
| Microsoft Corp.  ..................................  | Stück | 5 120 |  | 1 553 | USD | 255,12 | 1 254 106,90 | 0,73 |
| Mondelez International, Inc. .........................  | Stück | 4 498 |  | 1 365 | USD | 61,97 | 267 621,52 | 0,16 |
| Motorola Solutions, Inc.  ............................  | Stück | 4 561 |  | 1 384 | USD | 207,3 | 907 777,60 | 0,53 |
| NetEase, Inc. -ADR-  ...............................  | Stück | 6 600 | 6 600 |  | USD | 90,86 | 575 753,73 | 0,34 |
| Newmont Corp.  ..................................  | Stück | 13 138 | 13 138 |  | USD | 61,11 | 770 835,36 | 0,45 |
| NIO, Inc. -ADR-  ..................................  | Stück | 24 000 | 24 000 |  | USD | 21,03 | 484 585,71 | 0,28 |
| PepsiCo, Inc.  ....................................  | Stück | 6 866 |  | 4 147 | USD | 167,02 | 1 101 012,80 | 0,64 |
| Procter & Gamble Co.  .............................  | Stück | 15 063 |  | 4 568 | USD | 142,04 | 2 054 197,65 | 1,20 |
| Prudential Financial, Inc.  ...........................  | Stück | 8 072 |  | 2 448 | USD | 94,12 | 729 429,23 | 0,43 |
| QUALCOMM, Inc.  ................................  | Stück | 7 769 |  | 2 356 | USD | 126,16 | 941 037,41 | 0,55 |
| Sarepta Therapeutics, Inc. ..........................  | Stück | 5 398 | 5 398 |  | USD | 75,15 | 389 477,12 | 0,23 |
| Schlumberger NV  .................................  | Stück | 48 000 |  |  | USD | 36,59 | 1 686 256,88 | 0,99 |
| State Street Corp.  ................................  | Stück | 2 224 |  | 674 | USD | 60,76 | 129 739,62 | 0,08 |
| Sunnova Energy International, Inc.  ...................  | Stück | 33 877 | 33 877 |  | USD | 17,68 | 575 052,23 | 0,34 |
| Sunrun, Inc.  .....................................  | Stück | 36 000 | 6 000 |  | USD | 21,99 | 760 059,90 | 0,44 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR-  ....  | Stück | 5 000 |  |  | USD | 80,64 | 387 115,55 | 0,23 |
| Teladoc Health, Inc. ...............................  | Stück | 17 000 | 17 000 |  | USD | 32,26 | 526 542,43 | 0,31 |
| Texas Instruments, Inc. ............................  | Stück | 6 090 |  | 1 847 | USD | 151,5 | 885 829,24 | 0,52 |
| Union Pacific Corp. ................................  | Stück | 3 980 |  | 1 205 | USD | 210,23 | 803 337,15 | 0,47 |
| Verizon Communications, Inc.  .......................  | Stück | 25 799 |  | 2 806 | USD | 50,69 | 1 255 582,50 | 0,73 |
| VF Corp.  ........................................  | Stück | 11 353 |  | 3 442 | USD | 43,44 | 473 500,61 | 0,28 |
| Visa, Inc. ........................................  | Stück | 2 245 |  | 681 | USD | 193,63 | 417 358,32 | 0,24 |
| Walt Disney Co.  ..................................  | Stück | 5 478 |  |  | USD | 92,86 | 488 394,54 | 0,29 |
| Yamana Gold, Inc.  ................................  | Stück | 373 225 |  | 98 655 | USD | 4,775 | 1 711 055,88 | 1,00 |
| Verzinsliche Wertpapiere |  |  |  |  |  |  |  |  |
| 1,375 | % Acciona Energia Financiacion Filiales SA (MTN) 2022/2032  .............................  | EUR | 2 500 000 | 2 500 000 |  | % | 81,699 | 2 042 475,00 | 1,19 |
| 0,25 | % ACEA SpA (MTN) 2021/2030 ...............  | EUR | 1 100 000 |  |  | % | 75,927 | 835 197,00 | 0,49 |
| 3,50 | % Albania Government International Bond -Reg- (MTN) 2018/2025 ........................  | EUR | 450 000 |  |  | % | 90,146 | 405 657,00 | 0,24 |
| 5,125 | % ASR Nederland NV 2015/2045 *  ............  | EUR | 250 000 |  |  | % | 101,711 | 254 277,50 | 0,15 |
| 3,375 | % ASR Nederland NV 2019/2049 *  ............  | EUR | 200 000 |  |  | % | 88,066 | 176 132,00 | 0,10 |
| 2,124 | % Assicurazioni Generali SpA (MTN) 2019/2030 ..  | EUR | 1 000 000 |  |  | % | 79,292 | 792 920,00 | 0,46 |
| 2,429 | % Assicurazioni Generali SpA (MTN) 2020/2031 ..  | EUR | 1 300 000 | 1 300 000 |  | % | 78,709 | 1 023 217,00 | 0,60 |
| 3,55 | % AT&T, Inc. 2012/2032  ....................  | EUR | 150 000 |  |  | % | 100,848 | 151 272,00 | 0,09 |
| 4,875 | % Benin Government International Bond -Reg- 2021/2032  .............................  | EUR | 499 000 |  |  | % | 72,151 | 360 033,49 | 0,21 |
| 1,625 | % BNP Paribas SA (MTN) 2019/2031  ..........  | EUR | 300 000 |  |  | % | 78,057 | 234 171,00 | 0,14 |
| 0,50 | % BNP Paribas SA (MTN) 2020/2028 *  .........  | EUR | 300 000 |  |  | % | 87,273 | 261 819,00 | 0,15 |
| 0,25 | % BPCE SA (MTN) 2021/2031  ................  | EUR | 700 000 |  |  | % | 77,167 | 540 169,00 | 0,32 |
| 0,75 | % Caisse Nationale de Reassurance Mutuelle Agricole Groupama (MTN) 2021/2028 ........  | EUR | 800 000 |  |  | % | 81,269 | 650 152,00 | 0,38 |
| 0,50 | % CaixaBank SA (MTN) 2021/2029 * ...........  | EUR | 1 300 000 |  |  | % | 82,677 | 1 074 801,00 | 0,63 |
| 2,00 | % CNP Assurances 2019/2050 *  ..............  | EUR | 200 000 |  |  | % | 82,485 | 164 970,00 | 0,10 |
| 2,00 | % Credit Agricole SA (MTN) 2019/2029  ........  | EUR | 1 000 000 |  |  | % | 86,077 | 860 770,00 | 0,50 |
| 1,625 | % Deutsche Bank AG (MTN) 2020/2027  ........  | EUR | 200 000 |  |  | % | 89,662 | 179 324,00 | 0,10 |
| 0,35 | % E.ON SE (MTN) 2019/2030  ................  | EUR | 2 145 000 |  |  | % | 81,095 | 1 739 487,75 | 1,02 |
| 0,875 | % E.ON SE (MTN) 2020/2031  ................  | EUR | 1 627 000 |  |  | % | 83,051 | 1 351 239,77 | 0,79 |
| 0,60 | % E.ON SE (MTN) 2021/2032  ................  | EUR | 657 000 |  | 970 000 | % | 76,58 | 503 130,60 | 0,29 |
| 1,875 | % EDP - Energias de Portugal SA 2021/2081 * ...  | EUR | 2 900 000 |  |  | % | 81,066 | 2 350 914,00 | 1,37 |
| 1,125 | % Fastighets AB Balder (MTN) 2019/2027  ......  | EUR | 250 000 |  |  | % | 72,125 | 180 312,50 | 0,11 |
| 3,50 | % Getlink SE (MTN) 2020/2025 ...............  | EUR | 475 000 | 475 000 |  | % | 95,868 | 455 373,00 | 0,27 |
| 1,00 | % Intesa Sanpaolo SpA (MTN) 2019/2026 .......  | EUR | 350 000 |  |  | % | 90,004 | 315 014,00 | 0,18 |
| 5,25 | % Ivory Coast Government International Bond -Reg- 2018/2030  ........................  | EUR | 500 000 |  |  | % | 79,053 | 395 265,00 | 0,23 |
| 5,875 | % Ivory Coast Government International Bond -Reg- 2019/2031  ........................  | EUR | 150 000 |  |  | % | 79,05 | 118 575,00 | 0,07 |
| 2,00 | % Koninklijke KPN NV 2019/perpetual * .........  | EUR | 300 000 |  |  | % | 92,171 | 276 513,00 | 0,16 |
| 2,875 | % Merck KGaA 2019/2079 * ..................  | EUR | 500 000 |  |  | % | 85,28 | 426 400,00 | 0,25 |
| 2,55 | % Montenegro Government International Bond -Reg- (MTN) 2019/2029 ...................  | EUR | 500 000 |  |  | % | 68,969 | 344 845,00 | 0,20 |
| 1,25 | % Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2020/2041 * .................  | EUR | 1 900 000 |  |  | % | 76,695 | 1 457 205,00 | 0,85 |
| 6,50 | % Nordex SE -Reg- (MTN) 2018/2023 ..........  | EUR | 800 000 | 800 000 |  | % | 95,653 | 765 224,00 | 0,45 |
| 1,75 | % Orsted AS 2019/3019 *  ...................  | EUR | 1 000 000 |  |  | % | 84,752 | 847 520,00 | 0,50 |
| 1,50 | % Orsted AS 2021/3021 *  ...................  | EUR | 1 000 000 |  |  | % | 73,658 | 736 580,00 | 0,43 |
| 2,875 | % Romanian Government International Bond (MTN) 2018/2029  .............................  | EUR | 1 400 000 |  |  | % | 83,268 | 1 165 752,00 | 0,68 |
| 1,125 | % Samhallsbyggnadsbolaget i Norden AB (MTN) 2019/2026  .............................  | EUR | 190 000 |  |  | % | 67,218 | 127 714,20 | 0,07 |
| 2,624 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * .........................  | EUR | 150 000 |  |  | % | 33,807 | 50 710,50 | 0,03 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 2,625 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * .........................  | EUR | 580 000 | % | 32,178 | 186 632,40 | 0,11 |
| 4,75 | % Senegal Government International Bond -Reg- |  |  |  |  |  |  |
|  | (MTN) 2018/2028 ........................  | EUR | 2 785 000 |  |  | % | 81,806 | 2 278 297,10 | 1,33 |
| 2,00 | % Signify NV 2020/2024  ....................  | EUR | 953 000 | 953 000 |  | % | 98,423 | 937 971,19 | 0,55 |
| 2,375 | % Signify NV (MTN) 2020/2027 ...............  | EUR | 950 000 | 950 000 |  | % | 94,929 | 901 825,50 | 0,53 |
| 0,50 | % Societe Generale SA (MTN) 2021/2029 * ......  | EUR | 700 000 |  |  | % | 82,435 | 577 045,00 | 0,34 |
| 1,50 | % Swedbank AB (MTN) 2018/2028 * ...........  | EUR | 200 000 |  |  | % | 98,211 | 196 422,00 | 0,11 |
| 7,75 | % Telecom Italia Finance SA (MTN) 2003/2033  ..  | EUR | 910 000 | 360 000 |  | % | 103,995 | 946 354,50 | 0,55 |
| 5,625 | % Tunisian Republic (MTN) 2017/2024  .........  | EUR | 1 990 000 |  | 977 000 | % | 58,869 | 1 171 493,10 | 0,68 |
| 6,375 | % Tunisian Republic -Reg- (MTN) 2019/2026  ....  | EUR | 1 000 000 |  |  | % | 54,138 | 541 380,00 | 0,32 |
| 1,375 | % Unibail-Rodamco-Westfield SE (MTN) 2021/2033 | EUR | 500 000 |  |  | % | 68,169 | 340 845,00 | 0,20 |
| 2,731 | % UniCredit SpA 2020/2032 *  ................  | EUR | 200 000 |  |  | % | 84,864 | 169 728,00 | 0,10 |
| 1,50 | % Vestas Wind Systems Finance BV (MTN) 2022/2029  .............................  | EUR | 620 000 | 620 000 |  | % | 90,843 | 563 226,60 | 0,33 |
| 0,625 | % Vonovia SE (MTN) 2021/2031  ..............  | EUR | 1 200 000 |  |  | % | 72,305 | 867 660,00 | 0,51 |
| 2,50 | % Orsted AS 2021/3021 *  ...................  | GBP | 440 000 |  |  | % | 68,111 | 349 926,76 | 0,20 |
| 1,25 | % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2023  .............................  | NOK | 47 740 000 |  |  | % | 98,407 | 4 548 519,69 | 2,66 |
| 0,375 | % Akamai Technologies, Inc. (MTN) 2019/2027  ..  | USD | 752 000 |  |  | % | 99,12 | 715 647,61 | 0,42 |
| 5,125 | % Akbank TAS -Reg- (MTN) 2015/2025 .........  | USD | 331 000 |  |  | % | 88,266 | 280 505,60 | 0,16 |
| 4,25 | % Apple, Inc. 2017/2047  ....................  | USD | 300 000 |  |  | % | 98,144 | 282 686,52 | 0,17 |
| 4,375 | % AstraZeneca PLC 2015/2045  ...............  | USD | 300 000 |  |  | % | 97,183 | 279 918,53 | 0,16 |
| 4,08 | % Baker Hughes Holdings LLC Via Baker Hughes Co-Obligor, Inc. 2018/2047  ................  | USD | 300 000 |  |  | % | 84,997 | 244 818,90 | 0,14 |
| 5,375 | % Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand -Reg- (MTN) 2020/2025 .............................  | USD | 500 000 |  |  | % | 100,525 | 482 574,28 | 0,28 |
| 6,11 | % Bank of America Corp. 2007/2037 ...........  | USD | 200 000 |  |  | % | 107,946 | 207 279,64 | 0,12 |
| 6,625 | % Citigroup, Inc. 2002/2032 ..................  | USD | 236 000 |  |  | % | 109,265 | 247 578,63 | 0,14 |
| 4,78 | % CVS Health Corp. 2018/2038 ...............  | USD | 300 000 |  |  | % | 94,808 | 273 077,76 | 0,16 |
| 1,71 | % EDP Finance BV -Reg- (MTN) 2020/2028  .....  | USD | 900 000 |  |  | % | 85,45 | 738 371,06 | 0,43 |
| 8,125 | % Ghana Government International Bond -Reg- 2014/2026  .............................  | USD | 1 250 000 |  |  | % | 72,099 | 865 285,33 | 0,51 |
| 7,875 | % Ghana Government International Bond -Reg- (MTN) 2019/2027 ........................  | USD | 500 000 |  |  | % | 57,96 | 278 239,30 | 0,16 |
| 5,25 | % Global Bank Corp. -Reg- (MTN) 2019/2029 * ...  | USD | 500 000 |  |  | % | 93,849 | 450 525,88 | 0,26 |
| 4,75 | % Halliburton Co. 2013/2043 .................  | USD | 300 000 |  |  | % | 88,796 | 255 761,25 | 0,15 |
| 1,75 | % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2029  .............................  | USD | 2 871 000 |  |  | % | 90,949 | 2 506 981,96 | 1,46 |
| 0,75 | % Kreditanstalt fuer Wiederaufbau (MTN) 2020/2030  .............................  | USD | 6 563 000 |  |  | % | 82,491 | 5 197 931,43 | 3,04 |
| 0,625 | % Kreditanstalt fuer Wiederaufbau (MTN) 2021/2026  .............................  | USD | 2 605 000 |  |  | % | 91,367 | 2 285 172,99 | 1,33 |
| 0,50 | % Lumentum Holdings, Inc. (MTN) 2019/2026 ...  | USD | 783 000 |  |  | % | 103,164 | 775 550,40 | 0,45 |
| 5,70 | % MetLife, Inc. 2005/2035  ..................  | USD | 253 000 |  |  | % | 109,709 | 266 491,20 | 0,16 |
| 8,75 | % Mongolia Government International Bond -Reg- (MTN) 2017/2024 ........................  | USD | 300 000 |  |  | % | 100,913 | 290 662,14 | 0,17 |
| 0,125 | % Okta, Inc. (MTN) 2019/2025  ...............  | USD | 236 000 |  |  | % | 89,05 | 201 774,38 | 0,12 |
| 3,925 | % Tencent Holdings Ltd -Reg- 2018/2038 .......  | USD | 300 000 |  |  | % | 85,626 | 246 630,62 | 0,14 |
| 5,75 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2018/2023  .............................  | USD | 649 000 |  |  | % | 98,775 | 615 476,99 | 0,36 |
| 5,50 | % Turkiye Vakiflar Bankasi TAO -Reg- (MTN) 2021/2026  .............................  | USD | 1 300 000 |  |  | % | 82,232 | 1 026 370,81 | 0,60 |
| 2,55 | % Verizon Communications, Inc. (MTN) 2021/2031  .............................  | USD | 855 000 |  |  | % | 85,763 | 704 021,90 | 0,41 |
| 4,30 | % Visa, Inc. 2015/2045  .....................  | USD | 300 000 |  |  | % | 98,566 | 283 902,02 | 0,17 |
| Investmentanteile |  |  |  |  |  |  | 8 259 380,51 | 4,82 |
| Gruppeneigene Investmentanteile DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0,350%) ...................  | Anteile | 37 864 |  | 6 641 | EUR | 129,4 | 4 899 601,60 | 2,86 |
| Xtrackers (IE) plc - Xtrackers ESG MSCI Japan UCITS ETF -1C- USD - (0,100%) ......................  | Anteile | 206 172 | 206 172 |  | EUR | 16,296 | 3 359 778,91 | 1,96 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 144 586 947,78 | 84,44 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | 17 971,06 | 0,01 |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienindex-Terminkontrakte DJ Euro Stoxx 50 09/2022 (DB) .......................  | Stück | -268 | 49 | 317 | 155 365,09 | 0,09 |
| DJ Euro Stoxx 50 09/2022 (DB) .......................  | Stück | 444 | 843 | 399 | -125 121,96 | -0,07 |
| E-mini Nasdaq 100 Futures 09/2022 (DB) ...............  | Stück | -7 |  | 7 | -12 272,07 | -0,01 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  | EUR | vermögen |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -70 538,35 | -0,04 |
| Zinsterminkontrakte Euro SCHATZ Futures 09/2022 (DB) ...................  | Stück | -396 |  | 396 | 20 885,83 | 0,01 |
| Germany Federal Republic Notes 10 year 09/2022 (DB) ....  | Stück | 133 | 133 |  | -299 250,00 | -0,17 |
| US Treasury Notes 10 year Futures 09/2022 (DB) .........  | Stück | -103 | 181 | 284 | 207 825,82 | 0,12 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  |  |  | -715 533,44 | -0,42 |
| Devisentermingeschäfte |  |  |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |  |
| Offene Positionen AUD/EUR 1,2 Mio. .................................  |  |  |  |  | 8 043,73 | 0,00 |
| JPY/EUR 647,2 Mio. ................................  |  |  |  |  | 68 179,18 | 0,04 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |  |
| Offene Positionen EUR/CAD 0,1 Mio. .................................  |  |  |  |  | -33,72 | 0,00 |
| EUR/CHF 1,5 Mio. .................................  |  |  |  |  | -22 690,80 | -0,01 |
| EUR/DKK 0,1 Mio. .................................  |  |  |  |  | -0,62 | 0,00 |
| EUR/GBP 1,9 Mio. .................................  |  |  |  |  | -17 599,37 | -0,01 |
| EUR/HKD 0,1 Mio. .................................  |  |  |  |  | -112,74 | 0,00 |
| EUR/KRW 1,3 Mio. .................................  |  |  |  |  | -5,16 | 0,00 |
| EUR/NOK 59,6 Mio. ................................  |  |  |  |  | -5 642,69 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  |  |  |  |  | 9,00 | 0,00 |
| EUR/TWD 0,1 Mio. .................................  |  |  |  |  | -15,47 | 0,00 |
| EUR/USD 46,7 Mio. ................................  |  |  |  |  | -742 356,75 | -0,44 |
| Geschlossene Positionen EUR/AUD 0,1 Mio. .................................  |  |  |  |  | -1,81 | 0,00 |
| EUR/JPY 1,8 Mio. ..................................  |  |  |  |  | 64,26 | 0,00 |
| EUR/USD 0,5 Mio. .................................  |  |  |  |  | -3 370,48 | 0,00 |
| Bankguthaben |  |  |  |  | 26 967 485,06 | 15,75 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  | 4 218 247,99 | 2,46 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |
| Dänische Kronen ..................................  | DKK | 693 037 |  |  | 93 166,46 | 0,06 |
| Norwegische Kronen ...............................  | NOK | 1 295 471 |  |  | 125 426,49 | 0,07 |
| Schwedische Kronen ...............................  | SEK | 970 697 |  |  | 90 630,77 | 0,05 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 137 182 |  |  | 90 912,42 | 0,05 |
| Britisches Pfund ...................................  | GBP | 372 651 |  |  | 435 120,86 | 0,25 |
| Hongkong Dollar ...................................  | HKD | 712 030 |  |  | 87 126,02 | 0,05 |
| Indonesische Rupie ................................  | IDR | 94 932 |  |  | 6,12 | 0,00 |
| Israelischer Schekel ................................  | ILS | 370 932 |  |  | 101 687,33 | 0,06 |
| Japanischer Yen ...................................  | JPY | 56 362 029 |  |  | 398 143,21 | 0,23 |
| Kanadischer Dollar .................................  | CAD | 126 595 |  |  | 94 260,74 | 0,06 |
| Neue Taiwan Dollar ................................  | TWD | 12 884 211 |  |  | 416 036,93 | 0,24 |
| Schweizer Franken .................................  | CHF | 96 122 |  |  | 96 559,82 | 0,06 |
| Singapur Dollar ....................................  | SGD | 139 330 |  |  | 96 041,90 | 0,06 |
| Südkoreanischer Won ..............................  | KRW | 17 317 978 |  |  | 12 805,86 | 0,01 |
| US-Dollar ........................................  | USD | 480 479 |  |  | 461 312,14 | 0,27 |
| Termingelder EUR Guthaben – (DZ Bank AG, Frankfurt) ...............  | EUR |  |  |  | 6 550 000,00 | 3,83 |
| EUR Guthaben – (The Royal Bank Of Scotland NV, Edinburgh) | EUR |  |  |  | 2 350 000,00 | 1,37 |
| EUR Guthaben – (Natixis, Paris) .......................  | EUR |  |  |  | 11 250 000,00 | 6,57 |
| Sonstige Vermögensgegenstände |  |  |  |  | 845 926,92 | 0,49 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  | 138 048,16 | 0,08 |
| Abgegrenzte Platzierungsgebühr ** ...................  |  |  |  |  | 203,49 | 0,00 |
| Zinsansprüche .....................................  |  |  |  |  | 707 530,61 | 0,41 |
| Sonstige Ansprüche ................................  |  |  |  |  | 144,66 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  | 4 697 382,00 | 2,74 |
| Summe der Vermögensgegenstände *** |  |  |  |  | 177 558 114,67 | 103,68 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Sonstige Verbindlichkeiten | -339 746,78 | -0,19 |
| Verbindlichkeiten aus Kostenpositionen | -339 746,78 | -0,19 |
| Verbindlichkeiten aus Anteilscheingeschäften | -4 758 011,55 | -2,78 |
| Summe der Verbindlichkeiten | -6 326 231,97 | -3,68 |
| Fondsvermögen | 171 231 882,70 | 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 | 114,82 |
| Klasse LC | EUR | 109,74 |
| Klasse LD | EUR | 89,50 |
| Klasse LDH (P) | EUR | 86,59 |
| Klasse NC | EUR | 107,33 |
| Klasse ND | EUR | 86,88 |
| Klasse PFD | EUR | 93,63 |
| Klasse TFD | EUR | 92,06 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 606 222,127 |
| Klasse LC ........................................  | Stück | 350 578,276 |
| Klasse LD ........................................  | Stück | 314 143,703 |
| Klasse LDH (P) ....................................  | Stück | 2 912,000 |
| Klasse NC ........................................  | Stück | 27 986,054 |
| Klasse ND ........................................  | Stück | 216 195,168 |
| Klasse PFD .......................................  | Stück | 136 914,000 |
| Klasse TFD .......................................  | Stück | 1 944,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
55% MSCI All Country World Net TR Index - in EUR, 35% BBG High Yield 2% Issuer Capped Index EUR Hedged, 10% JP Morgan GBI-EM Global Diversified Index - in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 55,037 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 90,776 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 69,126 |

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 0,8, 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 150 912 582,45.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas S.A., Deutsche Bank AG, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH und UBS AG.
| Devisenkurse (in Mengennotiz) |  |
| --- | --- |
|  |  |  |  | per 30.6.2022 |
| Australischer Dollar ..............  | AUD | 1,508945 | = | EUR	1 |
| Kanadischer Dollar ...............  | CAD | 1,343026 | = | EUR	1 |
| Schweizer Franken ...............  | CHF | 0,995461 | = | EUR	1 |
| Dänische Kronen ................  | DKK | 7,438694 | = | EUR	1 |
| Britisches Pfund .................  | GBP | 0,856432 | = | EUR	1 |
| Hongkong Dollar .................  | HKD | 8,172414 | = | EUR	1 |
| Indonesische Rupie ..............  | IDR | 15 516,483562 | = | EUR	1 |
| Israelischer Schekel ..............  | ILS | 3,647767 | = | 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 |
| Singapur Dollar ..................  | SGD | 1,450722 | = | 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 nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
Fußnoten
* Variabler Zinssatz.
** 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.