# DWS Invest Enhanced Commodity Strategy
DWS INVEST ENHANCED COMMODITY STRATEGY

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD TFC | LU1881477555 | 19.3% |
| Class USD IC | LU1881477399 | 19.4% |
| Class USD LC | LU1881477472 | 19.0% |
| Class CHF IC 1 | LU1881476581 | 24.9% |
| Class CHF LC 1 | LU1881476664 | 24.5% |
| Class IC 2 | LU1881476821 | 29.9% |
| Class LC 2 | LU1881477043 | 29.5% |
| Class LCH 2 | LU1956017716 | 18.5% |
| Class TFCH 2 | LU1956017807 | 18.6% |
| Class JPY JC 3 | LU1877301470 | 40.9% |
| Class JPY JCH (P) 3 | LU1877301553 | 19.4% |
| Class SGD LC 4 | LU1881477126 | 22.6% |


##### Bloomberg-Commodity-Index Total Return	18.1%
1 
in CHF
2 
in EUR
3 
in JPY
4 
in SGD
“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
Enhanced Commodity Strategy
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 108 754 666.64 | 50.85 |
| Central governments | 95 629 422.64 | 44.74 |
| Regional governments | 6 800 416.00 | 3.18 |
| Total bonds | 211 184 505.28 | 98.77 |
| 2. Derivatives | -18 797 918.42 | -8.79 |
| 3. Cash at bank | 21 511 175.43 | 10.06 |
| 4. Other assets | 999 352.89 | 0.47 |
| 5. Receivables from share certificate transactions | 921 844.38 | 0.43 |
| II. Liabilities |  |  |
| 1. Other liabilities | -400 770.16 | -0.19 |
| 2. Liabilities from share certificate transactions | -1 597 865.27 | -0.75 |
| III. Net assets | 213 820 324.13 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| Investment portfolio – June 30, 2022 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 209 196 885.28 | 97.84 |
| Interest-bearing securities 2.50 % Abu Dhabi Government International Bond -Reg- (MTN) 2020/2025 .........................  | USD | 630 000 |  |  | % | 97.149 | 612 038.70 | 0.29 |
| 3.00  % African Development Bank (MTN) 2018/2023 ...  | USD | 3 000 000 |  |  | % | 100.023 | 3 000 690.00 | 1.40 |
| 0.65  % AIG Global Funding -Reg- 2021/2024 ..........  0.25 % Asian Infrastructure Investment Bank/The 2020/2023 ...............................  | USD USD | 1 000 000 2 000 000 |  |  | % % | 94.031 96.613 | 940 310.00 1 932 260.00 | 0.44 0.90 |
| 4.25  % Banco de Credito del Peru SA -Reg- (MTN) 2013/2023 ...............................  | USD | 1 000 000 |  |  | % | 100.237 | 1 002 370.00 | 0.47 |
| 2.70  % Banco Santander Chile -Reg- (MTN) 2020/2025 ..  | USD | 236 000 |  |  | % | 95.689 | 225 826.04 | 0.11 |
| 3.125 % Banco Santander SA (MTN) 2017/2023 ........  | USD | 400 000 |  |  | % | 99.902 | 399 608.00 | 0.19 |
| 3.496 % Banco Santander SA 2022/2025 ..............  | USD | 2 000 000 | 2 000 000 |  | % | 97.925 | 1 958 500.00 | 0.92 |
| 3.00  % Bancolombia SA (MTN) 2020/2025 ............  | USD | 545 000 |  |  | % | 92.132 | 502 119.40 | 0.24 |
| 3.55  % Bank of America Corp. (MTN) 2018/2024 * ......  | USD | 2 000 000 | 2 000 000 |  | % | 99.792 | 1 995 840.00 | 0.93 |
| 0.25  % Bank of England Euro Note -Reg- 2021/2024 ....  | USD | 3 000 000 |  |  | % | 95.491 | 2 864 730.00 | 1.34 |
| 2.15  % Bank of Montreal (MTN) 2022/2024 ...........  | USD | 2 000 000 | 2 000 000 |  | % | 97.869 | 1 957 380.00 | 0.92 |
| 2.00  % Bank of Nova Scotia/The 2019/2022 ...........  | USD | 1 500 000 |  |  | % | 99.768 | 1 496 520.00 | 0.70 |
| 1.95  % Bank of Nova Scotia/The 2020/2023 ...........  | USD | 1 000 000 |  |  | % | 99.389 | 993 890.00 | 0.47 |
| 0.40  % Bank of Nova Scotia/The 2021/2023 ...........  3.50 % Black Sea Trade & Development Bank (MTN) 2019/2024 ...............................  | USD USD | 2 000 000 500 000 | 1 000 000 |  | % % | 96.545 90.886 | 1 930 900.00 454 430.00 | 0.90 0.21 |
| 3.00  % BNG Bank NV -144A- (MTN) 2018/2023 ........  | USD | 2 000 000 | 2 000 000 |  | % | 99.904 | 1 998 080.00 | 0.93 |
| 2.875 % Canada Government International Bond 2022/2025 2.25 % Canadian Imperial Bank of Commerce (MTN) 2020/2025 ...............................  | USD USD | 3 000 000 384 000 | 3 000 000 |  | % % | 99.351 95.95 | 2 980 530.00 368 448.00 | 1.39 0.17 |
| 3.90  % Capital One Financial Corp. (MTN) 2019/2024 ...  | USD | 1 400 000 |  |  | % | 99.976 | 1 399 664.00 | 0.65 |
| 3.50  % Celanese US Holdings LLC (MTN) 2019/2024 ...  | USD | 400 000 |  |  | % | 98.705 | 394 820.00 | 0.19 |
| 2.375 % Corp. Andina de Fomento 2020/2023 ..........  | USD | 500 000 |  |  | % | 99.269 | 496 345.00 | 0.23 |
| 1.75 % Council Of Europe Development Bank 2019/2022 | USD | 3 000 000 |  |  | % | 99.944 | 2 998 320.00 | 1.40 |
| 0.25 % Council Of Europe Development Bank 2020/2023 | USD | 2 000 000 |  |  | % | 96.483 | 1 929 660.00 | 0.90 |
| 1.00  % Credit Suisse AG/New York NY 2020/2023 .....  0.125 % Denmark Government International Bond -Reg- | USD | 500 000 |  |  | % | 97.56 | 487 800.00 | 0.23 |
| 2020/2022	USD | 2 000 000 |  | % | 99.31 | 1 986 200.00 | 0.93 |
| (MTN) 2020/2023	USD | 2 000 000 | 2 000 000 | % | 97.37 | 1 947 400.00 | 0.91 |
| 3.125 % European Investment Bank (MTN) 2018/2023 ...  | USD | 2 000 000 | 2 000 000 | % | 100.153 | 2 003 060.00 | 0.94 |
| 1.75  % Export Development Canada 2019/2022 .......  | USD | 2 000 000 |  | % | 99.995 | 1 999 900.00 | 0.94 |
| 0.50  % Federal Home Loan Banks 2021/2023 .........  | USD | 3 330 000 |  | % | 96.727 | 3 221 009.10 | 1.51 |
| 2.125 % Federal Home Loan Banks 2022/2024 .........  | USD | 3 500 000 | 3 500 000 | % | 98.636 | 3 452 260.00 | 1.61 |
| 2.75  % Federal Home Loan Banks 2022/2024 .........  | USD | 2 670 000 | 2 670 000 | % | 99.372 | 2 653 232.40 | 1.24 |
| 0.25  % Federal National Mortgage Association 2020/2023 | USD | 2 000 000 |  | % | 97.758 | 1 955 160.00 | 0.91 |
| 2.75  % FMS Wertmanagement (MTN) 2019/2024 ......  | USD | 4 000 000 | 4 000 000 | % | 99.549 | 3 981 960.00 | 1.86 |
| 5.10  % General Motors Financial Co., Inc. (MTN) 2019/2024 | USD | 1 500 000 | 1 500 000 | % | 101.078 | 1 516 170.00 | 0.71 |
| 1.70  % General Motors Financial Co., Inc. 2020/2023 ...  | USD | 767 000 | 767 000 | % | 97.819 | 750 271.73 | 0.35 |
| 1.50  % Global Payments, Inc. 2021/2024 .............  | USD | 360 000 |  | % | 93.86 | 337 896.00 | 0.16 |
| 3.00  % Goldman Sachs Group, Inc. 2022/2024 ........  | USD | 2 000 000 | 2 000 000 | % | 98.667 | 1 973 340.00 | 0.92 |
| 4.45  % Hewlett Packard Enterprise Co. 2020/2023 .....  | USD | 2 000 000 | 2 000 000 | % | 100.887 | 2 017 740.00 | 0.94 |
| 3.60  % HSBC Holdings PLC (MTN) 2016/2023 .........  | USD | 1 000 000 |  | % | 100.338 | 1 003 380.00 | 0.47 |
| 2.999 % HSBC Holdings PLC 2022/2026 * .............  | USD | 2 000 000 | 2 000 000 | % | 95.499 | 1 909 980.00 | 0.89 |
| 3.55  % ING Groep NV (MTN) 2019/2024 .............  | USD | 2 000 000 | 1 500 000 | % | 99.241 | 1 984 820.00 | 0.93 |
| 3.00  % Inter-American Development Bank (MTN) 2013/2023 | USD | 3 000 000 | 3 000 000 | % | 100.007 | 3 000 210.00 | 1.40 |
| 2.625 % Inter-American Development Bank (MTN) 2019/2024 0.904 % International Bank for Reconstruction & Development (MTN) 2021/2023 * ........................  | USD USD | 2 000 000 2 000 000 | 2 000 000 | % % | 99.364 100.035 | 1 987 280.00 2 000 700.00 | 0.93 0.94 |
| 2.875 % International Finance Corp. (MTN) 2018/2023 ...  | USD | 3 000 000 | 3 000 000 | % | 99.907 | 2 997 210.00 | 1.40 |
| 0.375 % Japan Bank for International Cooperation 2020/2023 | USD | 2 000 000 |  | % | 96.945 | 1 938 900.00 | 0.91 |
| 0.45  % John Deere Capital Corp. (MTN) 2021/2024 .....  | USD | 2 425 000 |  | % | 96.035 | 2 328 848.75 | 1.09 |
| 3.25  % JPMorgan Chase & Co. (MTN) 2012/2022 ......  | USD | 1 500 000 |  | % | 100.17 | 1 502 550.00 | 0.70 |
| 2.70  % JPMorgan Chase & Co. (MTN) 2016/2023 ......  | USD | 2 000 000 | 2 000 000 | % | 99.762 | 1 995 240.00 | 0.93 |
| 0.125 % Kommuninvest I Sverige AB -Reg- 2020/2022 ...  | USD | 2 000 000 |  | % | 99.934 | 1 998 680.00 | 0.94 |
| 2.875 % Kommuninvest I Sverige AB -Reg- 2022/2024 ...  | USD | 800 000 | 800 000 | % | 99.322 | 794 576.00 | 0.37 |
| 2.00  % Kreditanstalt fuer Wiederaufbau (MTN) 2012/2022 | USD | 3 000 000 | 3 000 000 | % | 99.947 | 2 998 410.00 | 1.40 |
| 2.907 % Lloyds Banking Group PLC (MTN) 2017/2023 * ..  | USD | 1 000 000 | 1 000 000 | % | 99.582 | 995 820.00 | 0.47 |
| 2.438 % Lloyds Banking Group PLC (MTN) 2020/2026 * ..  | USD | 240 000 |  | % | 94.727 | 227 344.80 | 0.11 |
| 2.90  % Merck & Co, Inc. (MTN) 2019/2024 ...........  | USD | 2 000 000 | 2 000 000 | % | 99.512 | 1 990 240.00 | 0.93 |
| 0.70  % Met Tower Global Funding -Reg- 2021/2024 ....  3.455 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2018/2023 ...............................  | USD USD | 2 000 000 1 000 000 |  | % % | 94.861 100.148 | 1 897 220.00 1 001 480.00 | 0.89 0.47 |
| 3.761 % Mitsubishi UFJ Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ...............................  | USD | 1 500 000 | 1 000 000 | % | 99.973 | 1 499 595.00 | 0.70 |
| 3.62  % Morgan Stanley 2022/2025 * .................  | USD | 2 000 000 | 2 000 000 | % | 98.913 | 1 978 260.00 | 0.93 |
| 3.25  % Mosaic Co. (MTN) 2017/2022 ................  | USD | 400 000 |  | % | 100.149 | 400 596.00 | 0.19 |
| 3.479 % NatWest Markets PLC 2022/2025  ............  | USD | 2 000 000 | 2 000 000 | % | 97.723 | 1 954 460.00 | 0.91 |
| 3.15  % New York Life Global Funding -Reg- 2022/2024 ..  | USD | 1 290 000 | 1 290 000 | % | 98.917 | 1 276 029.30 | 0.60 |
| 2.94  % NextEra Energy Capital Holdings, Inc. 2022/2024 | USD | 2 000 000 | 2 000 000 | % | 98.529 | 1 970 580.00 | 0.92 |
| 3.75  % Nordea Bank Abp -Reg- (MTN) 2018/2023 ......  | USD | 2 000 000 |  | % | 100.226 | 2 004 520.00 | 0.94 |
| 3.375 % ONEOK Partners LP (MTN) 2012/2022 .........  | USD | 1 000 000 |  | % | 100.004 | 1 000 040.00 | 0.47 |
| 3.15  % PACCAR Financial Corp. (MTN) 2022/2024  .....  | USD | 2 000 000 | 2 000 000 | % | 99.572 | 1 991 440.00 | 0.93 |
| 0.30  % Private Export Funding Corp. -Reg- 2021/2023 ...  | USD | 3 000 000 |  | % | 97.811 | 2 934 330.00 | 1.37 |

0.25  % European Bank for Reconstruction & Development
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Market price | Total market value in USD | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2.20  % Province of Ontario Canada (MTN) 2017/2022 ...  | USD | 2 000 000 | 2 000 000 | % | 99.967 | 1 999 340.00 | 0.94 |
| 3.40  % Province of Ontario Canada (MTN) 2018/2023 ...  | USD | 2 000 000 | 2 000 000 | % | 100.443 | 2 008 860.00 | 0.94 |
| 2.625 % Province of Quebec Canada (MTN) 2013/2023 .. 3.875 % Qatar Government International Bond -144A- (MTN) 2018/2023 .........................  | USD USD | 2 000 000 2 000 000 |  | % % | 99.882 100.499 | 1 997 640.00 2 009 980.00 | 0.93 0.94 |
| 1.418 % Royal Bank of Canada 2021/2024 * ............  | USD | 1 000 000 |  | % | 98.636 | 986 360.00 | 0.46 |
| 1.216 % Simon Property Group LP 2022/2024 * .........  | USD | 1 600 000 | 1 600 000 | % | 99.164 | 1 586 624.00 | 0.74 |
| 3.70  % Skandinaviska Enskilda Banken AB 2022/2025 . . . | USD | 2 000 000 | 2 000 000 | % | 99.138 | 1 982 760.00 | 0.93 |
| 4.351 % Societe Generale SA -Reg- 2022/2025 .........  | USD | 1 500 000 | 1 500 000 | % | 99.753 | 1 496 295.00 | 0.70 |
| 3.885 % Standard Chartered PLC -Reg- (MTN) 2018/2024 * | USD | 2 000 000 | 2 000 000 | % | 99.732 | 1 994 640.00 | 0.93 |
| 1.904 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 1 320 000 |  | % | 99.307 | 1 310 852.40 | 0.61 |
| 2.375 % Temasek Financial I Ltd -Reg- 2012/2023 .......  | USD | 500 000 |  | % | 99.716 | 498 580.00 | 0.23 |
| 2.50  % Toyota Motor Credit Corp. 2022/2024 .........  | USD | 1 040 000 | 1 040 000 | % | 98.488 | 1 024 275.20 | 0.48 |
| 3.20  % Truist Bank (MTN) 2019/2024 ................  | USD | 2 000 000 | 2 000 000 | % | 99.643 | 1 992 860.00 | 0.93 |
| 0.00  % United States Treasury Bill 2021/2022 .........  | USD | 4 000 000 | 4 000 000 | % | 99.961 | 3 998 435.12 | 1.87 |
| 0.00  % United States Treasury Bill 2021/2022 .........  | USD | 4 000 000 | 4 000 000 | % | 99.851 | 3 994 024.32 | 1.87 |
| 0.00  % United States Treasury Bill 2022/2022 .........  | USD | 3 000 000 | 3 000 000 | % | 99.985 | 2 999 542.47 | 1.40 |
| 0.00  % United States Treasury Bill 2022/2022 .........  | USD | 5 000 000 | 5 000 000 | % | 99.941 | 4 997 029.35 | 2.34 |
| 0.00  % United States Treasury Bill 2022/2022 .........  0.375 % United States Treasury Inflation Indexed Bonds (MTN) 2013/2023 .........................  | USD USD | 5 000 000 2 484 180 | 5 000 000 107 780 | % % | 99.923 101.992 | 4 996 163.60 2 533 669.54 | 2.34 1.19 |
| 1.75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023 ...............................  | USD | 3 000 000 | % | 99.008 | 2 970 244.92 | 1.39 |
| 1.75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2015/2022 ...............................  | USD | 3 000 000 | 3 000 000 | % | 99.978 | 2 999 347.26 | 1.40 |
| 1.875 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2015/2022 ...............................  | USD | 4 000 000 | 4 000 000 | % | 99.932 | 3 997 265.64 | 1.87 |
| 1.625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ...............................  | USD | 3 000 000 | % | 98.969 | 2 969 067.15 | 1.39 |
| 1.625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ...............................  | USD | 4 000 000 | 4 000 000 | % | 99.999 | 3 999 941.16 | 1.87 |
| 2.75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 ...............................  | USD | 2 000 000 |  | % | 99.879 | 1 997 581.84 | 0.93 |
| 1.625 % United States Treasury Note/Bond 2019/2022 ...  | USD | 4 000 000 | 4 000 000 | % | 99.648 | 3 985 937.52 | 1.86 |
| 0.125 % United States Treasury Note/Bond 2020/2022 ...  | USD | 3 000 000 |  | % | 99.076 | 2 972 288.10 | 1.39 |
| 0.125 % United States Treasury Note/Bond 2020/2023 ...  | USD | 3 000 000 |  | % | 95.979 | 2 879 355.48 | 1.35 |
| 0.125 % United States Treasury Note/Bond 2020/2022 ...  | USD | 3 000 000 | 3 000 000 | % | 98.799 | 2 963 979.42 | 1.39 |
| 0.125 % United States Treasury Note/Bond 2021/2023 ...  | USD | 2 000 000 |  | % | 98.594 | 1 971 875.00 | 0.92 |
| 0.125 % United States Treasury Note/Bond 2021/2023 ...  | USD | 5 000 000 | 5 000 000 | % | 98.284 | 4 914 224.55 | 2.30 |
| 0.375 % United States Treasury Note/Bond 2021/2024 ...  | USD | 4 000 000 | 4 000 000 | % | 95.469 | 3 818 750.00 | 1.79 |
| 2.375 % UnitedHealth Group, Inc. (MTN) 2017/2022 .....  | USD | 500 000 |  | % | 100.145 | 500 725.00 | 0.23 |
| 4.00  % Unum Group (MTN) 2014/2024  ..............  | USD | 1 400 000 | 1 400 000 | % | 99.922 | 1 398 908.00 | 0.65 |
| 0.60  % VMware, Inc. 2021/2023 ....................  | USD | 1 710 000 | 1 000 000 | % | 96.689 | 1 653 381.90 | 0.77 |
| 2.00  % Westpac Banking Corp. 2020/2023  ...........  | USD | 1 128 000 | 1 000 000 | % | 99.604 | 1 123 533.12 | 0.53 |
| 2.95  % Xilinx, Inc. (MTN) 2017/2024 .................  | USD | 1 000 000 |  | % | 99.313 | 993 130.00 | 0.46 |
| Securities admitted to or included in organized markets |  |  |  |  |  | 1 987 620.00 | 0.93 |
| Interest-bearing securities 1.588 % Toronto-Dominion Bank (MTN) 2021/2023 * .....  | USD | 2 000 000 |  | % | 99.381 | 1 987 620.00 | 0.93 |
| Total securities portfolio |  |  |  |  |  | 211 184 505.28 | 98.77 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | -201 325.85 | -0.09 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions EUR/USD 0.9 million ................................  |  |  |  |  |  | -15 401.75 | -0.01 |
| JPY/USD 4 851.5 million .............................  |  |  |  |  |  | -185 667.03 | -0.08 |
| Closed positions EUR/USD 0.1 million ................................  |  |  |  |  |  | -257.07 | 0.00 |
| Swaps Receivables/payables |  |  |  |  |  | -18 596 592.57 | -8.70 |
| Commodity swaps Bloomberg Commodity Index / 0.09% 21/07/2022 (OTC) (JP) ........................................  | Count | 1 315 114 | 1 315 114 |  |  | -12 559 207.21 | -5.87 |
| Bloomberg Commodity Index 2 Month Forward / 0.11% 21/07/2022 (OTC) (GS)...............................        | Count | 34 620 | 34 620 |  |  | -863 972.63 | -0.40 |
| Bloomberg Commodity Index 3 Month Forward / 0.12% 21/07/2022 (OTC) (GS)...............................        | Count | 32 340 | 32 340 |  |  | -872 813.61 | -0.41 |
| DJ ex-Agriculture and Livestock / 0.08% 21/07/2022 (OTC) (JP)..............................................  | Count | 223 555 | 223 555 |  |  | -2 655 345.08 | -1.24 |
| Goldman Sachs Commodity Enhanced Curve Long Only Strategy Index / 0.31% 21/07/2022 (OTC) (GS) ...........   | Count | 84 391 | 84 390 |  |  | -2 351 070.52 | -1.10 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | USD |  |
| Goldman Sachs Natural Gas Overweight Index / 0.008% 21/07/2022 (OTC) (GS)...............................  | Count | 105 039 | 105 039 | -849 075.23 | -0.40 |
| Goldman Sachs Overweight Aluminium Index / 0.011% 21/07/2022 (OTC) (GS)...............................        | Count | 259 752 | 259 752 | -2 492 374.17 | -1.17 |
| Goldman Sachs Overweight Brent Index / 0% 21/07/2022 (OTC) (GS) ........................................           | Count | 173 580 | 173 579 | 2 283 337.97 | 1.07 |
| Goldman Sachs Overweight Crude Oil Index / 0% 21/07/2022 (OTC) (GS)...............................        | Count | 690 759 | 690 758 | 7 848 055.99 | 3.67 |
| Goldman Sachs Overweight Gasoil Index / 0% 21/07/2022 (OTC) (GS) ........................................           | Count | 57 718 | 57 717 | 797 359.22 | 0.37 |
| Goldman Sachs Overweight Gasoline Index / 0.01% 21/07/2022 (OTC) (GS)...............................        | Count | 52 610 | 52 609 | -778 463.40 | -0.36 |
| Goldman Sachs Overweight Gold Index / 0% 21/07/2022 (OTC) (GS) ........................................           | Count | 94 007 | 94 006 | 1 205 457.92 | 0.56 |
| Goldman Sachs Overweight Gold Index / 0.009% 21/07/2022 (OTC) (GS)...............................        | Count | 835 514 | 835 514 | -9 086 221.95 | -4.25 |
| Goldman Sachs Overweight Heating Oil Index / 0% 21/07/2022 (OTC) (GS)...............................        | Count | 299 859 | 299 858 | 4 186 720.15 | 1.96 |
| Goldman Sachs Overweight Nickel Index / 0.011% 21/07/2022 (OTC) (GS)...............................        | Count | 29 698 | 29 698 | -400 711.15 | -0.19 |
| Goldman Sachs Overweight Silver Index / 0.012% 21/07/2022 (OTC) (GS)...............................        | Count | 134 722 | 134 721 | -1 590 929.00 | -0.74 |
| Goldman Sachs Overweight Zinc Index / 0.011% 21/07/2022 (OTC) (GS)...............................        | Count | 35 358 | 35 357 | -417 339.87 | -0.20 |
| Cash at bank |  |  |  | 21 511 175.43 | 10.06 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 20 601 |  | 21 456.28 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Japanese yen......................................  | JPY | 2 969 477 |  | 21 848.04 | 0.01 |
| Swiss franc .......................................  | CHF | 6 597 |  | 6 902.82 | 0.00 |
| Singapore dollar ...................................  | SGD | 15 955 |  | 11 455.07 | 0.01 |
| U.S. dollar ........................................  | USD |  |  | 21 449 513.22 | 10.03 |
| Other assets |  |  |  | 999 352.89 | 0.47 |
| Interest receivable .................................  |  |  |  | 954 249.92 | 0.45 |
| Receivables from exceeding the expense cap ............  |  |  |  | 43 309.76 | 0.02 |
| Other receivables ..................................  |  |  |  | 1 793.21 | 0.00 |
| Receivables from share certificate transactions |  |  |  | 921 844.38 | 0.43 |
| Total assets ** |  |  |  | 250 937 809.23 | 117.36 |
| Other liabilities |  |  |  | -400 770.16 | -0.19 |
| Liabilities from cost items ............................  |  |  |  | -400 770.16 | -0.19 |
| Liabilities from share certificate transactions |  |  |  | -1 597 865.27 | -0.75 |
| Total liabilities |  |  |  | -37 117 485.10 | -17.36 |
| Net assets |  |  |  | 213 820 324.13 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share |  |  |
| Class CHF IC ......................................  | CHF | 151.35 |
| Class CHF LC .....................................  | CHF | 148.36 |
| Class IC ..........................................  | EUR | 172.86 |
| Class LC .........................................  | EUR | 169.68 |
| Class LCH ........................................  | EUR | 145.08 |
| Class TFCH .......................................  | EUR | 146.60 |
| Class JPY JC ......................................  | JPY | 18 017.00 |
| Class JPY JCH (P) ..................................  | JPY | 14 260.00 |
| Class SGD LC .....................................  | SGD | 16.18 |
| Class USD IC ......................................  | USD | 152.29 |
| Class USD LC .....................................  | USD | 157.99 |
| Class USD TFC ....................................  | USD | 148.51 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class CHF IC ......................................  | Count | 913.014 |
| Class CHF LC .....................................  | Count | 12 658.793 |
| Class IC ..........................................  | Count | 6 947.159 |
| Class LC .........................................  | Count | 479 511.638 |
| Class LCH ........................................  | Count | 1 380.822 |
| Class TFCH .......................................  | Count | 4 932.000 |
| Class JPY JC ......................................  | Count | 620 331.000 |
| Class JPY JCH (P) ..................................  | Count | 335 936.000 |
| Class SGD LC .....................................  | Count | 1 562.424 |
| Class USD IC ......................................  | Count | 156.600 |
| Class USD LC .....................................  | Count | 38 926.331 |
| Class USD TFC ....................................  | Count | 7 310.381 |

Composition of the reference portfolio (according to CSSF circular 11/512) Bloomberg Commodity Index Total Return
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 100.295 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 131.050 |
| Average market risk exposure.........................  | % | 116.732 |

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 2.4, 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 USD 687 060 973.87 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
Total collateral pledged by third parties in connection with derivatives	USD 15 237 700.00
thereof:
Cash at bank	USD 15 237 700.00
 Market abbreviations	 Contracting parties for derivatives (with the exception of forward currency transactions)
GS = Goldman Sachs Bank Europe SE JP = J.P. Morgan SE
Contracting parties for forward currency transactions
HSBC France, Royal Bank of Canada (UK) and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Swiss franc	CHF | 0.955750 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0.960108 | = USD | 1 |
| Japanese yen	JPY | 135.915000 | = USD | 1 |
| Singapore dollar	SGD | 1.392850 | = USD | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest Enhanced Commodity Strategy
DWS INVEST ENHANCED COMMODITY STRATEGY

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD TFC | LU1881477555 | 19,3% |
| Klasse USD IC | LU1881477399 | 19,4% |
| Klasse USD LC | LU1881477472 | 19,0% |
| Klasse CHF IC 1) | LU1881476581 | 24,9% |
| Klasse CHF LC 1) | LU1881476664 | 24,5% |
| Klasse IC 2) | LU1881476821 | 29,9% |
| Klasse LC 2) | LU1881477043 | 29,5% |
| Klasse LCH 2) | LU1956017716 | 18,5% |
| Klasse TFCH 2) | LU1956017807 | 18,6% |
| Klasse JPY JC 3) | LU1877301470 | 40,9% |
| Klasse JPY JCH (P) 3) | LU1877301553 | 19,4% |
| Klasse SGD LC 4) | LU1881477126 | 22,6% |


##### Bloomberg-Commodity-Index Total Return	18,1%
1) 
in CHF
2) 
in EUR
3) 
in JPY
4) 
in SGD
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 Enhanced Commodity Strategy
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 108 754 666,64 | 50,85 |
| Zentralregierungen | 95 629 422,64 | 44,74 |
| Regionalregierungen | 6 800 416,00 | 3,18 |
| Summe Anleihen | 211 184 505,28 | 98,77 |
| 2. Derivate | -18 797 918,42 | -8,79 |
| 3. Bankguthaben | 21 511 175,43 | 10,06 |
| 4. Sonstige Vermögensgegenstände | 999 352,89 | 0,47 |
| 5. Forderungen aus Anteilscheingeschäften | 921 844,38 | 0,43 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -400 770,16 | -0,19 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -1 597 865,27 | -0,75 |
| III. Fondsvermögen | 213 820 324,13 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Vermögensaufstellung zum 30.6.2022
Börsengehandelte Wertpapiere	209 196 885,28	97,84
| Verzinsliche Wertpapiere 2,50  % Abu Dhabi Government International Bond -Reg- |  |
| --- | --- |
| (MTN) 2020/2025 .........................  | USD | 630 000 | % | 97,149 | 612 038,70 | 0,29 |
| 3,00 | % African Development Bank (MTN) 2018/2023 ...  | USD | 3 000 000 |  | % | 100,023 | 3 000 690,00 | 1,40 |
| 0,65 | % AIG Global Funding -Reg- 2021/2024 ..........  | USD | 1 000 000 |  | % | 94,031 | 940 310,00 | 0,44 |
| 0,25 | % Asian Infrastructure Investment Bank/The 2020/2023  ..............................  | USD | 2 000 000 |  | % | 96,613 | 1 932 260,00 | 0,90 |
| 4,25 | % Banco de Credito del Peru SA -Reg- (MTN) 2013/2023  ..............................  | USD | 1 000 000 |  | % | 100,237 | 1 002 370,00 | 0,47 |
| 2,70 | % Banco Santander Chile -Reg- (MTN) 2020/2025  . | USD | 236 000 |  | % | 95,689 | 225 826,04 | 0,11 |
| 3,125 | % Banco Santander SA (MTN) 2017/2023 ........  | USD | 400 000 |  | % | 99,902 | 399 608,00 | 0,19 |
| 3,496 | % Banco Santander SA 2022/2025  .............  | USD | 2 000 000 | 2 000 000 | % | 97,925 | 1 958 500,00 | 0,92 |
| 3,00 | % Bancolombia SA (MTN) 2020/2025  ...........  | USD | 545 000 |  | % | 92,132 | 502 119,40 | 0,24 |
| 3,55 | % Bank of America Corp. (MTN) 2018/2024 * .....  | USD | 2 000 000 | 2 000 000 | % | 99,792 | 1 995 840,00 | 0,93 |
| 0,25 | % Bank of England Euro Note -Reg- 2021/2024  ...  | USD | 3 000 000 |  | % | 95,491 | 2 864 730,00 | 1,34 |
| 2,15 | % Bank of Montreal (MTN) 2022/2024  ..........  | USD | 2 000 000 | 2 000 000 | % | 97,869 | 1 957 380,00 | 0,92 |
| 2,00 | % Bank of Nova Scotia/The 2019/2022  ..........  | USD | 1 500 000 |  | % | 99,768 | 1 496 520,00 | 0,70 |
| 1,95 | % Bank of Nova Scotia/The 2020/2023  ..........  | USD | 1 000 000 |  | % | 99,389 | 993 890,00 | 0,47 |
| 0,40 | % Bank of Nova Scotia/The 2021/2023  ..........  | USD | 2 000 000 | 1 000 000 | % | 96,545 | 1 930 900,00 | 0,90 |
| 3,50 | % Black Sea Trade & Development Bank (MTN) 2019/2024  ..............................  | USD | 500 000 |  | % | 90,886 | 454 430,00 | 0,21 |
| 3,00 | % BNG Bank NV -144A- (MTN) 2018/2023  .......  | USD | 2 000 000 | 2 000 000 | % | 99,904 | 1 998 080,00 | 0,93 |
| 2,875 | % Canada Government International Bond 2022/2025 | USD | 3 000 000 | 3 000 000 | % | 99,351 | 2 980 530,00 | 1,39 |
| 2,25 | % Canadian Imperial Bank of Commerce (MTN) 2020/2025  ..............................  | USD | 384 000 |  | % | 95,95 | 368 448,00 | 0,17 |
| 3,90 | % Capital One Financial Corp. (MTN) 2019/2024 ...  | USD | 1 400 000 |  | % | 99,976 | 1 399 664,00 | 0,65 |
| 3,50 | % Celanese US Holdings LLC (MTN) 2019/2024 ...  | USD | 400 000 |  | % | 98,705 | 394 820,00 | 0,19 |
| 2,375 | % Corp. Andina de Fomento 2020/2023  .........  | USD | 500 000 |  | % | 99,269 | 496 345,00 | 0,23 |
| 1,75 | % Council Of Europe Development Bank 2019/2022 | USD | 3 000 000 |  | % | 99,944 | 2 998 320,00 | 1,40 |
| 0,25 | % Council Of Europe Development Bank 2020/2023 | USD | 2 000 000 |  | % | 96,483 | 1 929 660,00 | 0,90 |
| 1,00 | % Credit Suisse AG/New York NY 2020/2023  .....  | USD | 500 000 |  | % | 97,56 | 487 800,00 | 0,23 |
| 0,125 | % Denmark Government International Bond -Reg- 2020/2022  ..............................  | USD | 2 000 000 |  | % | 99,31 | 1 986 200,00 | 0,93 |
| 0,25 | % European Bank for Reconstruction & Development (MTN) 2020/2023 .........................  | USD | 2 000 000 | 2 000 000 | % | 97,37 | 1 947 400,00 | 0,91 |
| 3,125 | % European Investment Bank (MTN) 2018/2023  ..  | USD | 2 000 000 | 2 000 000 | % | 100,153 | 2 003 060,00 | 0,94 |
| 1,75 | % Export Development Canada 2019/2022 .......  | USD | 2 000 000 |  | % | 99,995 | 1 999 900,00 | 0,94 |
| 0,50 | % Federal Home Loan Banks 2021/2023 .........  | USD | 3 330 000 |  | % | 96,727 | 3 221 009,10 | 1,51 |
| 2,125 | % Federal Home Loan Banks 2022/2024 .........  | USD | 3 500 000 | 3 500 000 | % | 98,636 | 3 452 260,00 | 1,61 |
| 2,75 | % Federal Home Loan Banks 2022/2024 .........  | USD | 2 670 000 | 2 670 000 | % | 99,372 | 2 653 232,40 | 1,24 |
| 0,25 | % Federal National Mortgage Association 2020/2023 | USD | 2 000 000 |  | % | 97,758 | 1 955 160,00 | 0,91 |
| 2,75 | % FMS Wertmanagement (MTN) 2019/2024  .....  | USD | 4 000 000 | 4 000 000 | % | 99,549 | 3 981 960,00 | 1,86 |
| 5,10 | % General Motors Financial Co., Inc. (MTN) 2019/2024 | USD | 1 500 000 | 1 500 000 | % | 101,078 | 1 516 170,00 | 0,71 |
| 1,70 | % General Motors Financial Co., Inc. 2020/2023 ...  | USD | 767 000 | 767 000 | % | 97,819 | 750 271,73 | 0,35 |
| 1,50 | % Global Payments, Inc. 2021/2024  ............  | USD | 360 000 |  | % | 93,86 | 337 896,00 | 0,16 |
| 3,00 | % Goldman Sachs Group, Inc. 2022/2024 ........  | USD | 2 000 000 | 2 000 000 | % | 98,667 | 1 973 340,00 | 0,92 |
| 4,45 | % Hewlett Packard Enterprise Co. 2020/2023 .....  | USD | 2 000 000 | 2 000 000 | % | 100,887 | 2 017 740,00 | 0,94 |
| 3,60 | % HSBC Holdings PLC (MTN) 2016/2023  ........  | USD | 1 000 000 |  | % | 100,338 | 1 003 380,00 | 0,47 |
| 2,999 | % HSBC Holdings PLC 2022/2026 * .............  | USD | 2 000 000 | 2 000 000 | % | 95,499 | 1 909 980,00 | 0,89 |
| 3,55 | % ING Groep NV (MTN) 2019/2024 .............  | USD | 2 000 000 | 1 500 000 | % | 99,241 | 1 984 820,00 | 0,93 |
| 3,00 | % Inter-American Development Bank (MTN) 2013/2023 | USD | 3 000 000 | 3 000 000 | % | 100,007 | 3 000 210,00 | 1,40 |
| 2,625 | % Inter-American Development Bank (MTN) 2019/2024 | USD | 2 000 000 | 2 000 000 | % | 99,364 | 1 987 280,00 | 0,93 |
| 0,904 | % International Bank for Reconstruction & Development (MTN) 2021/2023 * ........................  | USD | 2 000 000 |  | % | 100,035 | 2 000 700,00 | 0,94 |
| 2,875 | % International Finance Corp. (MTN) 2018/2023 ...  | USD | 3 000 000 | 3 000 000 | % | 99,907 | 2 997 210,00 | 1,40 |
| 0,375 | % Japan Bank for International Cooperation 2020/2023 | USD | 2 000 000 |  | % | 96,945 | 1 938 900,00 | 0,91 |
| 0,45 | % John Deere Capital Corp. (MTN) 2021/2024  ....  | USD | 2 425 000 |  | % | 96,035 | 2 328 848,75 | 1,09 |
| 3,25 | % JPMorgan Chase & Co. (MTN) 2012/2022  .....  | USD | 1 500 000 |  | % | 100,17 | 1 502 550,00 | 0,70 |
| 2,70 | % JPMorgan Chase & Co. (MTN) 2016/2023  .....  | USD | 2 000 000 | 2 000 000 | % | 99,762 | 1 995 240,00 | 0,93 |
| 0,125 | % Kommuninvest I Sverige AB -Reg- 2020/2022  ..  | USD | 2 000 000 |  | % | 99,934 | 1 998 680,00 | 0,94 |
| 2,875 | % Kommuninvest I Sverige AB -Reg- 2022/2024  ..  | USD | 800 000 | 800 000 | % | 99,322 | 794 576,00 | 0,37 |
| 2,00 | % Kreditanstalt fuer Wiederaufbau (MTN) 2012/2022 | USD | 3 000 000 | 3 000 000 | % | 99,947 | 2 998 410,00 | 1,40 |
| 2,907 | % Lloyds Banking Group PLC (MTN) 2017/2023 * ..  | USD | 1 000 000 | 1 000 000 | % | 99,582 | 995 820,00 | 0,47 |
| 2,438 | % Lloyds Banking Group PLC (MTN) 2020/2026 * ..  | USD | 240 000 |  | % | 94,727 | 227 344,80 | 0,11 |
| 2,90 | % Merck & Co, Inc. (MTN) 2019/2024 ...........  | USD | 2 000 000 | 2 000 000 | % | 99,512 | 1 990 240,00 | 0,93 |
| 0,70 | % Met Tower Global Funding -Reg- 2021/2024 ....  | USD | 2 000 000 |  | % | 94,861 | 1 897 220,00 | 0,89 |
| 3,455 | % Mitsubishi UFJ Financial Group, Inc. (MTN) 2018/2023  ..............................  | USD | 1 000 000 |  | % | 100,148 | 1 001 480,00 | 0,47 |
| 3,761 | % Mitsubishi UFJ Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |
| 2018/2023  ..............................  | USD | 1 500 000 | 1 000 000 | % | 99,973 | 1 499 595,00 | 0,70 |
| 3,62  % Morgan Stanley 2022/2025 * ................  | USD | 2 000 000 | 2 000 000 | % | 98,913 | 1 978 260,00 | 0,93 |
| 3,25  % Mosaic Co. (MTN) 2017/2022  ...............  | USD | 400 000 |  | % | 100,149 | 400 596,00 | 0,19 |
| 3,479 % NatWest Markets PLC 2022/2025  ............  | USD | 2 000 000 | 2 000 000 | % | 97,723 | 1 954 460,00 | 0,91 |
| 3,15  % New York Life Global Funding -Reg- 2022/2024  . | USD | 1 290 000 | 1 290 000 | % | 98,917 | 1 276 029,30 | 0,60 |
| 2,94  % NextEra Energy Capital Holdings, Inc. 2022/2024 | USD | 2 000 000 | 2 000 000 | % | 98,529 | 1 970 580,00 | 0,92 |
| 3,75  % Nordea Bank Abp -Reg- (MTN) 2018/2023  .....  | USD | 2 000 000 |  | % | 100,226 | 2 004 520,00 | 0,94 |
| 3,375 % ONEOK Partners LP (MTN) 2012/2022  ........  | USD | 1 000 000 |  | % | 100,004 | 1 000 040,00 | 0,47 |
| 3,15  % PACCAR Financial Corp. (MTN) 2022/2024  .....  | USD | 2 000 000 | 2 000 000 | % | 99,572 | 1 991 440,00 | 0,93 |
| 0,30  % Private Export Funding Corp. -Reg- 2021/2023  ..  | USD | 3 000 000 |  | % | 97,811 | 2 934 330,00 | 1,37 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| 2,20  % Province of Ontario Canada (MTN) 2017/2022  ..  | USD | 2 000 000 | 2 000 000 | % | 99,967 | 1 999 340,00 | 0,94 |
| 3,40  % Province of Ontario Canada (MTN) 2018/2023  ..  | USD | 2 000 000 | 2 000 000 | % | 100,443 | 2 008 860,00 | 0,94 |
| 2,625 % Province of Quebec Canada (MTN) 2013/2023  ..  | USD | 2 000 000 |  | % | 99,882 | 1 997 640,00 | 0,93 |
| 3,875 % Qatar Government International Bond -144A- |  |  |  |  |  |  |  |
| (MTN) 2018/2023 .........................  | USD | 2 000 000 |  | % | 100,499 | 2 009 980,00 | 0,94 |
| 1,418 % Royal Bank of Canada 2021/2024 * ...........  | USD | 1 000 000 |  | % | 98,636 | 986 360,00 | 0,46 |
| 1,216 % Simon Property Group LP 2022/2024 * ........  | USD | 1 600 000 | 1 600 000 | % | 99,164 | 1 586 624,00 | 0,74 |
| 3,70  % Skandinaviska Enskilda Banken AB 2022/2025  ..  | USD | 2 000 000 | 2 000 000 | % | 99,138 | 1 982 760,00 | 0,93 |
| 4,351 % Societe Generale SA -Reg- 2022/2025  ........  | USD | 1 500 000 | 1 500 000 | % | 99,753 | 1 496 295,00 | 0,70 |
| 3,885 % Standard Chartered PLC -Reg- (MTN) 2018/2024 * | USD | 2 000 000 | 2 000 000 | % | 99,732 | 1 994 640,00 | 0,93 |
| 1,904 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 1 320 000 |  | % | 99,307 | 1 310 852,40 | 0,61 |
| 2,375 % Temasek Financial I Ltd -Reg- 2012/2023  ......  | USD | 500 000 |  | % | 99,716 | 498 580,00 | 0,23 |
| 2,50  % Toyota Motor Credit Corp. 2022/2024 .........  | USD | 1 040 000 | 1 040 000 | % | 98,488 | 1 024 275,20 | 0,48 |
| 3,20  % Truist Bank (MTN) 2019/2024  ...............  | USD | 2 000 000 | 2 000 000 | % | 99,643 | 1 992 860,00 | 0,93 |
| 0,00  % United States Treasury Bill 2021/2022  ........  | USD | 4 000 000 | 4 000 000 | % | 99,961 | 3 998 435,12 | 1,87 |
| 0,00  % United States Treasury Bill 2021/2022  ........  | USD | 4 000 000 | 4 000 000 | % | 99,851 | 3 994 024,32 | 1,87 |
| 0,00  % United States Treasury Bill 2022/2022  ........  | USD | 3 000 000 | 3 000 000 | % | 99,985 | 2 999 542,47 | 1,40 |
| 0,00  % United States Treasury Bill 2022/2022  ........  | USD | 5 000 000 | 5 000 000 | % | 99,941 | 4 997 029,35 | 2,34 |
| 0,00  % United States Treasury Bill 2022/2022  ........  | USD | 5 000 000 | 5 000 000 | % | 99,923 | 4 996 163,60 | 2,34 |
| 0,375 % United States Treasury Inflation Indexed Bonds |  |  |  |  |  |  |  |
| (MTN) 2013/2023 .........................  | USD | 2 484 180 | 107 780 | % | 101,992 | 2 533 669,54 | 1,19 |
| 1,75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2013/2023  ..............................  | USD | 3 000 000 | % | 99,008 | 2 970 244,92 | 1,39 |
| 1,75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2015/2022  ..............................  | USD | 3 000 000 | 3 000 000 | % | 99,978 | 2 999 347,26 | 1,40 |
| 1,875 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2015/2022  ..............................  | USD | 4 000 000 | 4 000 000 | % | 99,932 | 3 997 265,64 | 1,87 |
| 1,625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023  ..............................  | USD | 3 000 000 | % | 98,969 | 2 969 067,15 | 1,39 |
| 1,625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022  ..............................  | USD | 4 000 000 | 4 000 000 | % | 99,999 | 3 999 941,16 | 1,87 |
| 2,75  % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023  ..............................  | USD | 2 000 000 |  | % | 99,879 | 1 997 581,84 | 0,93 |
| 1,625 % United States Treasury Note/Bond 2019/2022  ..  | USD | 4 000 000 | 4 000 000 | % | 99,648 | 3 985 937,52 | 1,86 |
| 0,125 % United States Treasury Note/Bond 2020/2022  ..  | USD | 3 000 000 |  | % | 99,076 | 2 972 288,10 | 1,39 |
| 0,125 % United States Treasury Note/Bond 2020/2023  ..  | USD | 3 000 000 |  | % | 95,979 | 2 879 355,48 | 1,35 |
| 0,125 % United States Treasury Note/Bond 2020/2022  ..  | USD | 3 000 000 | 3 000 000 | % | 98,799 | 2 963 979,42 | 1,39 |
| 0,125 % United States Treasury Note/Bond 2021/2023  ..  | USD | 2 000 000 |  | % | 98,594 | 1 971 875,00 | 0,92 |
| 0,125 % United States Treasury Note/Bond 2021/2023  ..  | USD | 5 000 000 | 5 000 000 | % | 98,284 | 4 914 224,55 | 2,30 |
| 0,375 % United States Treasury Note/Bond 2021/2024  ..  | USD | 4 000 000 | 4 000 000 | % | 95,469 | 3 818 750,00 | 1,79 |
| 2,375 % UnitedHealth Group, Inc. (MTN) 2017/2022  ....  | USD | 500 000 |  | % | 100,145 | 500 725,00 | 0,23 |
| 4,00  % Unum Group (MTN) 2014/2024  ..............  | USD | 1 400 000 | 1 400 000 | % | 99,922 | 1 398 908,00 | 0,65 |
| 0,60  % VMware, Inc. 2021/2023  ...................  | USD | 1 710 000 | 1 000 000 | % | 96,689 | 1 653 381,90 | 0,77 |
| 2,00  % Westpac Banking Corp. 2020/2023  ...........  | USD | 1 128 000 | 1 000 000 | % | 99,604 | 1 123 533,12 | 0,53 |
| 2,95  % Xilinx, Inc. (MTN) 2017/2024  ................  | USD | 1 000 000 |  | % | 99,313 | 993 130,00 | 0,46 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	1 987 620,00	0,93 Verzinsliche Wertpapiere
1,588 % Toronto-Dominion Bank (MTN) 2021/2023 * ....	USD	2 000 000	%	99,381	1 987 620,00	0,93
Summe Wertpapiervermögen	211 184 505,28	98,77
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |
| --- | --- |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | -201 325,85 | -0,09 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |
| Offene Positionen EUR/USD 0,9 Mio. .................................  |  | -15 401,75 | -0,01 |
| JPY/USD 4 851,5 Mio. ..............................  |  | -185 667,03 | -0,08 |
| Geschlossene Positionen EUR/USD 0,1 Mio. .................................  |  | -257,07 | 0,00 |
| Swaps Forderungen/Verbindlichkeiten |  | -18 596 592,57 | -8,70 |
| Commodity Swaps Bloomberg Commodity Index / 0,09% 21/07/2022 (OTC) (JP) ........................................	Stück	1 315 114 | 1 315 114 | -12 559 207,21 | -5,87 |
| Bloomberg Commodity Index 2 Month Forward / 0,11% 21/07/2022 (OTC) (GS) ..............................	Stück	34 620 | 34 620 | -863 972,63 | -0,40 |
| Bloomberg Commodity Index 3 Month Forward / 0,12% 21/07/2022 (OTC) (GS) ..............................	Stück	32 340 | 32 340 | -872 813,61 | -0,41 |
| DJ ex-Agriculture and Livestock / 0,08% 21/07/2022 (OTC) (JP) .............................................	Stück	223 555 | 223 555 | -2 655 345,08 | -1,24 |
| Goldman Sachs Commodity Enhanced Curve Long Only Strategy Index / 0,31% 21/07/2022 (OTC) (GS) ...........	Stück	84 391 | 84 390 | -2 351 070,52 | -1,10 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Goldman Sachs Natural Gas Overweight Index / 0,008% 21/07/2022 (OTC) (GS) ..............................  | Stück | 105 039 | 105 039 | -849 075,23 | -0,40 |
| Goldman Sachs Overweight Aluminium Index / 0,011% 21/07/2022 (OTC) (GS) ..............................        | Stück | 259 752 | 259 752 | -2 492 374,17 | -1,17 |
| Goldman Sachs Overweight Brent Index / 0% 21/07/2022 (OTC) (GS) .......................................  | Stück | 173 580 | 173 579 | 2 283 337,97 | 1,07 |
| Goldman Sachs Overweight Crude Oil Index / 0% 21/07/2022 (OTC) (GS) ..............................        | Stück | 690 759 | 690 758 | 7 848 055,99 | 3,67 |
| Goldman Sachs Overweight Gasoil Index / 0% 21/07/2022 (OTC) (GS) .......................................  | Stück | 57 718 | 57 717 | 797 359,22 | 0,37 |
| Goldman Sachs Overweight Gasoline Index / 0,01% 21/07/2022 (OTC) (GS) ..............................        | Stück | 52 610 | 52 609 | -778 463,40 | -0,36 |
| Goldman Sachs Overweight Gold Index / 0% 21/07/2022 (OTC) (GS) .......................................  | Stück | 94 007 | 94 006 | 1 205 457,92 | 0,56 |
| Goldman Sachs Overweight Gold Index / 0,009% 21/07/2022 (OTC) (GS) ..............................        | Stück | 835 514 | 835 514 | -9 086 221,95 | -4,25 |
| Goldman Sachs Overweight Heating Oil Index / 0% 21/07/2022 (OTC) (GS) ..............................        | Stück | 299 859 | 299 858 | 4 186 720,15 | 1,96 |
| Goldman Sachs Overweight Nickel Index / 0,011% 21/07/2022 (OTC) (GS) ..............................        | Stück | 29 698 | 29 698 | -400 711,15 | -0,19 |
| Goldman Sachs Overweight Silver Index / 0,012% 21/07/2022 (OTC) (GS) ..............................        | Stück | 134 722 | 134 721 | -1 590 929,00 | -0,74 |
| Goldman Sachs Overweight Zinc Index / 0,011% 21/07/2022 (OTC) (GS) ..............................        | Stück | 35 358 | 35 357 | -417 339,87 | -0,20 |
| Bankguthaben |  |  |  | 21 511 175,43 | 10,06 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 20 601 |  | 21 456,28 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Japanischer Yen ...................................  | JPY | 2 969 477 |  | 21 848,04 | 0,01 |
| Schweizer Franken .................................  | CHF | 6 597 |  | 6 902,82 | 0,00 |
| Singapur Dollar ....................................  | SGD | 15 955 |  | 11 455,07 | 0,01 |
| US-Dollar ........................................  | USD |  |  | 21 449 513,22 | 10,03 |
| Sonstige Vermögensgegenstände |  |  |  | 999 352,89 | 0,47 |
| Zinsansprüche .....................................  |  |  |  | 954 249,92 | 0,45 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 43 309,76 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  | 1 793,21 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 921 844,38 | 0,43 |
| Summe der Vermögensgegenstände ** |  |  |  | 250 937 809,23 | 117,36 |
| Sonstige Verbindlichkeiten |  |  |  | -400 770,16 | -0,19 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -400 770,16 | -0,19 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -1 597 865,27 | -0,75 |
| Summe der Verbindlichkeiten |  |  |  | -37 117 485,10 | -17,36 |
| Fondsvermögen |  |  |  | 213 820 324,13 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert |  |  |
| Klasse CHF IC ....................................  | CHF | 151,35 |
| Klasse CHF LC ....................................  | CHF | 148,36 |
| Klasse IC .........................................  | EUR | 172,86 |
| Klasse LC ........................................  | EUR | 169,68 |
| Klasse LCH .......................................  | EUR | 145,08 |
| Klasse TFCH ......................................  | EUR | 146,60 |
| Klasse JPY JC ....................................  | JPY | 18 017,00 |
| Klasse JPY JCH (P) .................................  | JPY | 14 260,00 |
| Klasse SGD LC ....................................  | SGD | 16,18 |
| Klasse USD IC ....................................  | USD | 152,29 |
| Klasse USD LC ....................................  | USD | 157,99 |
| Klasse USD TFC ...................................  | USD | 148,51 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse CHF IC ....................................  | Stück | 913,014 |
| Klasse CHF LC ....................................  | Stück | 12 658,793 |
| Klasse IC .........................................  | Stück | 6 947,159 |
| Klasse LC ........................................  | Stück | 479 511,638 |
| Klasse LCH .......................................  | Stück | 1 380,822 |
| Klasse TFCH ......................................  | Stück | 4 932,000 |
| Klasse JPY JC ....................................  | Stück | 620 331,000 |
| Klasse JPY JCH (P) .................................  | Stück | 335 936,000 |
| Klasse SGD LC ....................................  | Stück | 1 562,424 |
| Klasse USD IC ....................................  | Stück | 156,600 |
| Klasse USD LC ....................................  | Stück | 38 926,331 |
| Klasse USD TFC ...................................  | Stück | 7 310,381 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Bloomberg Commodity Index Total Return
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 100,295 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 131,050 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 116,732 |

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 2,4, 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 USD 687 060 973,87. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
Gesamtbetrag der in Zusammenhang mit Derivaten von Dritten gewährten Sicherheiten	USD 15 237 700,00
davon:
Bankguthaben	USD 15 237 700,00
 Marktschlüssel	 Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
GS = Goldman Sachs Bank Europe SE JP = J.P. Morgan SE
Vertragspartner der Devisentermingeschäfte
HSBC France, Royal Bank of Canada (UK) und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Schweizer Franken	CHF | 0,955750 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0,960108 | = USD | 1 |
| Japanischer Yen	JPY | 135,915000 | = USD | 1 |
| Singapur Dollar	SGD | 1,392850 | = USD | 1 |

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