# DWS Invest Brazilian Equities
DWS INVEST BRAZILIAN EQUITIES

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0616856935 | 5.3% |
| Class FC | LU0616857586 | 5.8% |
| Class FC50 | LU1987882872 | 6.1% |
| Class IC | LU1573968200 | 6.0% |
| Class NC | LU0616857313 | 5.0% |
| Class TFC | LU1663839865 | 5.8% |
| Class USD IC 1 | LU2079148784 | -2.6% |
| Class USD LC 1 | LU2079148867 | -3.2% |
| Class USD TFC 1 | LU2034325691 | -2.7% |
| MSCI Brazil 10/40 |  | 8.1% |

1 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2022
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Brazilian Equities
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 3 846 731.33 | 4.07 |
| Telecommunication Services | 1 285 252.46 | 1.36 |
| Consumer Discretionaries | 12 458 989.85 | 13.18 |
| Energy | 12 055 672.56 | 12.74 |
| Consumer Staples | 6 686 348.40 | 7.06 |
| Financials | 24 516 481.05 | 25.91 |
| Basic Materials | 15 487 565.18 | 16.37 |
| Industrials | 9 447 440.82 | 9.99 |
| Utilities | 5 018 860.30 | 5.31 |
| Total equities | 90 803 341.95 | 95.99 |
| 2. Cash at bank | 2 976 815.46 | 3.14 |
| 3. Other assets | 1 797 206.89 | 1.89 |
| 4. Receivables from share certificate transactions | 23 847.16 | 0.03 |
| II. Liabilities |  |  |
| 1. Other liabilities | -604 525.71 | -0.63 |
| 2. Liabilities from share certificate transactions | -398 015.05 | -0.42 |
| III. Net assets | 94 598 670.70 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| DWS Invest Brazilian Equities |  |
| --- | --- |
| Investment portfolio – June 30, 2022 |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 90 803 341.95 | 95.99 |
| Equities Ambev SA .......................................  | Count | 593 600 | 604 500 | 10 900 | BRL | 13.46 | 1 461 013.54 | 1.55 |
| Anima Holding SA .................................  | Count | 848 773 | 437 266 | 969 285 | BRL | 4.01 | 622 373.68 | 0.66 |
| Banco Bradesco SA ................................  | Count | 1 359 572 | 817 498 | 964 901 | BRL | 17.28 | 4 295 970.00 | 4.54 |
| Banco Bradesco SA ................................  | Count | 223 915 | 20 356 | 11 000 | BRL | 14.47 | 592 470.61 | 0.63 |
| Banco BTG Pactual SA  .............................  | Count | 786 400 | 828 200 | 41 800 | BRL | 21.95 | 3 156 409.34 | 3.34 |
| Banco do Brasil SA ................................  | Count | 723 700 | 853 900 | 130 200 | BRL | 32.54 | 4 306 172.38 | 4.55 |
| CCR SA .........................................  | Count | 1 132 404 | 300 600 | 82 700 | BRL | 12.53 | 2 594 584.12 | 2.74 |
| Centrais Eletricas Brasileiras SA ......................  | Count | 295 500 | 295 500 |  | BRL | 45.5 | 2 458 579.02 | 2.60 |
| Cosan SA ........................................  | Count | 572 900 | 572 900 |  | BRL | 18.27 | 1 913 959.13 | 2.02 |
| Empreendimentos Pague Menos S/A ..................  | Count | 441 396 |  | 343 050 | BRL | 4.27 | 344 644.66 | 0.36 |
| Energisa SA ......................................  | Count | 351 001 | 130 700 | 55 500 | BRL | 39.89 | 2 560 281.28 | 2.71 |
| Gerdau SA .......................................  | Count | 802 000 | 363 600 | 245 100 | BRL | 22.38 | 3 282 084.37 | 3.47 |
| Hapvida Participacoes e Investimentos S/A .............  | Count | 2 811 817 | 1 272 669 | 731 700 | BRL | 5.22 | 2 683 940.26 | 2.84 |
| Itau Unibanco Holding SA ...........................  | Count | 1 451 400 | 634 100 | 655 300 | BRL | 22.71 | 6 027 254.68 | 6.37 |
| Klabin SA ........................................  | Count | 546 000 | 71 800 | 48 000 | BRL | 20.34 | 2 030 761.31 | 2.15 |
| Localiza Rent a Car SA .............................  | Count | 534 300 | 308 000 | 63 600 | BRL | 52.17 | 5 097 078.25 | 5.39 |
| Lojas Renner SA ..................................  | Count | 1 102 450 | 461 300 | 169 000 | BRL | 22.02 | 4 439 065.02 | 4.69 |
| Multiplan Empreendimentos Imobiliarios SA  ............  | Count | 422 100 | 340 800 | 58 200 | BRL | 22.22 | 1 715 041.75 | 1.81 |
| Petroleo Brasileiro SA ..............................  | Count | 597 260 | 376 800 | 553 300 | BRL | 27.8 | 3 036 152.04 | 3.21 |
| Rumo SA ........................................  | Count | 1 455 700 | 247 100 | 141 300 | BRL | 16.03 | 4 266 980.85 | 4.51 |
| Sendas Distribuidora SA ............................  | Count | 301 500 | 301 500 |  | BRL | 13.85 | 763 576.19 | 0.81 |
| Sequoia Logistica e Transportes SA  ...................  | Count | 651 598 | 71 400 | 31 500 | BRL | 5.29 | 630 304.93 | 0.67 |
| Suzano SA .......................................  | Count | 495 520 | 186 500 | 89 500 | BRL | 49.68 | 4 501 508.40 | 4.76 |
| TIM SA Brazil .....................................  | Count | 560 500 | 694 300 | 133 800 | BRL | 12.54 | 1 285 252.46 | 1.36 |
| TOTVS SA .......................................  | Count | 927 951 | 329 065 | 42 800 | BRL | 22.67 | 3 846 731.33 | 4.07 |
| Vale SA .........................................  | Count | 410 435 | 250 800 | 187 385 | BRL | 77.26 | 5 798 482.92 | 6.13 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA .................................  | Count | 537 000 | 94 100 | 242 900 | BRL | 11.6 | 1 139 062.53 | 1.20 |
| Vibra Energia SA ..................................  | Count | 714 722 | 232 122 | 365 400 | BRL | 16.55 | 2 162 969.71 | 2.29 |
| WEG SA  ........................................  | Count | 531 552 | 393 900 | 488 169 | BRL | 25.92 | 2 519 393.73 | 2.66 |
| XP, Inc. ..........................................  | Count | 22 054 |  | 6 700 | BRL | 91.2 | 367 787.95 | 0.39 |
| Banco Bradesco SA -ADR-  ..........................  | Count | 663 184 | 77 062 | 597 400 | USD | 3.245 | 2 066 183.22 | 2.18 |
| Gerdau SA -ADR- ..................................  | Count | 208 391 | 98 100 | 6 600 | USD | 4.265 | 853 332.10 | 0.90 |
| Itau Unibanco Holding SA -ADR- ......................  | Count | 440 600 | 434 100 | 410 500 | USD | 4.28 | 1 810 540.94 | 1.91 |
| Petroleo Brasileiro SA -ADR- .........................  | Count | 185 247 | 174 700 | 6 000 | USD | 10.55 | 1 876 392.69 | 1.98 |
| Petroleo Brasileiro SA -ADR- .........................  | Count | 274 600 | 81 000 | 231 800 | USD | 11.63 | 3 066 198.99 | 3.24 |
| Vale SA -ADR- ....................................  | Count | 74 600 | 64 000 | 65 400 | USD | 14.69 | 1 052 157.39 | 1.11 |
| XP, Inc. ..........................................  | Count | 10 700 | 29 000 | 22 754 | USD | 17.39 | 178 650.18 | 0.19 |
| Total securities portfolio |  |  |  |  |  |  | 90 803 341.95 | 95.99 |
| Cash at bank |  |  |  |  |  |  | 2 976 815.46 | 3.14 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 587 896.55 | 0.62 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Brazilian real ......................................  | BRL | 3 734 958 |  |  |  |  | 682 968.96 | 0.72 |
| British pound .....................................  | GBP | 482 |  |  |  |  | 563.41 | 0.00 |
| Canadian dollar ....................................  | CAD | 2 095 |  |  |  |  | 1 559.84 | 0.00 |
| U.S. dollar ........................................  | USD | 1 774 620 |  |  |  |  | 1 703 826.70 | 1.80 |
| Other assets |  |  |  |  |  |  | 1 797 206.89 | 1.89 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 1 089 467.85 | 1.15 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 23 419.48 | 0.02 |
| Other receivables ..................................  |  |  |  |  |  |  | 684 319.56 | 0.72 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 23 847.16 | 0.03 |
| Total assets |  |  |  |  |  |  | 95 601 211.46 | 101.05 |
| Other liabilities |  |  |  |  |  |  | -604 525.71 | -0.63 |
| Liabilities from cost items ...........................  |  |  |  |  |  |  | -249 200.18 | -0.25 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -355 325.53 | -0.38 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -398 015.05 | -0.42 |
| Total liabilities |  |  |  |  |  |  | -1 002 540.76 | -1.05 |
| Net assets |  |  |  |  |  |  | 94 598 670.70 | 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.
DWS Invest Brazilian Equities
| 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 | 146.17 |
| Class FC50 .......................................  | EUR | 122.87 |
| Class IC ..........................................  | EUR | 165.62 |
| Class LC .........................................  | EUR | 128.33 |
| Class NC .........................................  | EUR | 120.29 |
| Class TFC.........................................  | EUR | 153.53 |
| Class USD IC ......................................  | USD | 87.81 |
| Class USD LC .....................................  | USD | 85.22 |
| Class USD TFC ....................................  | USD | 88.52 |
| Number of shares outstanding Class FC .........................................  | Count | 10 869.333 |
| Class FC50 .......................................  | Count | 126 025.000 |
| Class IC ..........................................  | Count | 142 842.000 |
| Class LC .........................................  | Count | 350 983.052 |
| Class NC .........................................  | Count | 44 172.294 |
| Class TFC.........................................  | Count | 14 368.597 |
| Class USD IC ......................................  | Count | 93.000 |
| Class USD LC .....................................  | Count | 120.000 |
| Class USD TFC ....................................  | Count | 15 181.156 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Brazil 10/40 Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure ..................... . | % | 92.883 |
| --- | --- | --- |
| Highest market risk exposure ..................... . | % | 108.855 |
| Average market risk exposure .................... . | % | 98.054 |

The values-at-risk were calculated for the period from January 1, 2022, through June 30, 2022, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of June 30, 2022
| Brazilian real	BRL | 5.468708 | = EUR | 1 |
| --- | --- | --- | --- |
| Canadian dollar	CAD | 1.343026 | = EUR | 1 |
| British pound	GBP | 0.856432 | = EUR | 1 |
| U.S. dollar	USD | 1.041549 | = EUR | 1 |

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

Translation (ENDE, 2022-06-30):
# DWS Invest Brazilian Equities
DWS INVEST BRAZILIAN EQUITIES

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0616856935 | 5,3% |
| Klasse FC | LU0616857586 | 5,8% |
| Klasse FC50 | LU1987882872 | 6,1% |
| Klasse IC | LU1573968200 | 6,0% |
| Klasse NC | LU0616857313 | 5,0% |
| Klasse TFC | LU1663839865 | 5,8% |
| Klasse USD IC 1) | LU2079148784 | -2,6% |
| Klasse USD LC 1) | LU2079148867 | -3,2% |
| Klasse USD TFC 1) | LU2034325691 | -2,7% |
| MSCI Brazil 10/40 |  | 8,1% |

1) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2022
DWS Invest Brazilian Equities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 3 846 731,33 | 4,07 |
| Telekommunikationsdienste | 1 285 252,46 | 1,36 |
| Dauerhafte Konsumgüter | 12 458 989,85 | 13,18 |
| Energie | 12 055 672,56 | 12,74 |
| Hauptverbrauchsgüter | 6 686 348,40 | 7,06 |
| Finanzsektor | 24 516 481,05 | 25,91 |
| Grundstoffe | 15 487 565,18 | 16,37 |
| Industrien | 9 447 440,82 | 9,99 |
| Versorger | 5 018 860,30 | 5,31 |
| Summe Aktien | 90 803 341,95 | 95,99 |
| 2. Bankguthaben | 2 976 815,46 | 3,14 |
| 3. Sonstige Vermögensgegenstände | 1 797 206,89 | 1,89 |
| 4. Forderungen aus Anteilscheingeschäften | 23 847,16 | 0,03 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -604 525,71 | -0,63 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -398 015,05 | -0,42 |
| III. Fondsvermögen | 94 598 670,70 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

DWS Invest Brazilian Equities
Vermögensaufstellung zum 30.6.2022
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 90 803 341,95 | 95,99 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aktien Ambev SA  ......................................  | Stück | 593 600 | 604 500 | 10 900 | BRL | 13,46 | 1 461 013,54 | 1,55 |
| Anima Holding SA  ................................  | Stück | 848 773 | 437 266 | 969 285 | BRL | 4,01 | 622 373,68 | 0,66 |
| Banco Bradesco SA  ...............................  | Stück | 1 359 572 | 817 498 | 964 901 | BRL | 17,28 | 4 295 970,00 | 4,54 |
| Banco Bradesco SA  ...............................  | Stück | 223 915 | 20 356 | 11 000 | BRL | 14,47 | 592 470,61 | 0,63 |
| Banco BTG Pactual SA  .............................  | Stück | 786 400 | 828 200 | 41 800 | BRL | 21,95 | 3 156 409,34 | 3,34 |
| Banco do Brasil SA ................................  | Stück | 723 700 | 853 900 | 130 200 | BRL | 32,54 | 4 306 172,38 | 4,55 |
| CCR SA  ........................................  | Stück | 1 132 404 | 300 600 | 82 700 | BRL | 12,53 | 2 594 584,12 | 2,74 |
| Centrais Eletricas Brasileiras SA  .....................  | Stück | 295 500 | 295 500 |  | BRL | 45,5 | 2 458 579,02 | 2,60 |
| Cosan SA  .......................................  | Stück | 572 900 | 572 900 |  | BRL | 18,27 | 1 913 959,13 | 2,02 |
| Empreendimentos Pague Menos S/A  .................  | Stück | 441 396 |  | 343 050 | BRL | 4,27 | 344 644,66 | 0,36 |
| Energisa SA  .....................................  | Stück | 351 001 | 130 700 | 55 500 | BRL | 39,89 | 2 560 281,28 | 2,71 |
| Gerdau SA  ......................................  | Stück | 802 000 | 363 600 | 245 100 | BRL | 22,38 | 3 282 084,37 | 3,47 |
| Hapvida Participacoes e Investimentos S/A . . . . . . . . . . . . . | Stück | 2 811 817 | 1 272 669 | 731 700 | BRL | 5,22 | 2 683 940,26 | 2,84 |
| Itau Unibanco Holding SA  ..........................  | Stück | 1 451 400 | 634 100 | 655 300 | BRL | 22,71 | 6 027 254,68 | 6,37 |
| Klabin SA  .......................................  | Stück | 546 000 | 71 800 | 48 000 | BRL | 20,34 | 2 030 761,31 | 2,15 |
| Localiza Rent a Car SA .............................  | Stück | 534 300 | 308 000 | 63 600 | BRL | 52,17 | 5 097 078,25 | 5,39 |
| Lojas Renner SA  .................................  | Stück | 1 102 450 | 461 300 | 169 000 | BRL | 22,02 | 4 439 065,02 | 4,69 |
| Multiplan Empreendimentos Imobiliarios SA  ............  | Stück | 422 100 | 340 800 | 58 200 | BRL | 22,22 | 1 715 041,75 | 1,81 |
| Petroleo Brasileiro SA  .............................  | Stück | 597 260 | 376 800 | 553 300 | BRL | 27,8 | 3 036 152,04 | 3,21 |
| Rumo SA  .......................................  | Stück | 1 455 700 | 247 100 | 141 300 | BRL | 16,03 | 4 266 980,85 | 4,51 |
| Sendas Distribuidora SA  ...........................  | Stück | 301 500 | 301 500 |  | BRL | 13,85 | 763 576,19 | 0,81 |
| Sequoia Logistica e Transportes SA  ..................  | Stück | 651 598 | 71 400 | 31 500 | BRL | 5,29 | 630 304,93 | 0,67 |
| Suzano SA  ......................................  | Stück | 495 520 | 186 500 | 89 500 | BRL | 49,68 | 4 501 508,40 | 4,76 |
| TIM SA Brazil  ....................................  | Stück | 560 500 | 694 300 | 133 800 | BRL | 12,54 | 1 285 252,46 | 1,36 |
| TOTVS SA  ......................................  | Stück | 927 951 | 329 065 | 42 800 | BRL | 22,67 | 3 846 731,33 | 4,07 |
| Vale SA .........................................  | Stück | 410 435 | 250 800 | 187 385 | BRL | 77,26 | 5 798 482,92 | 6,13 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA .................................  | Stück | 537 000 | 94 100 | 242 900 | BRL | 11,6 | 1 139 062,53 | 1,20 |
| Vibra Energia SA  .................................  | Stück | 714 722 | 232 122 | 365 400 | BRL | 16,55 | 2 162 969,71 | 2,29 |
| WEG SA  ........................................  | Stück | 531 552 | 393 900 | 488 169 | BRL | 25,92 | 2 519 393,73 | 2,66 |
| XP, Inc. .........................................  | Stück | 22 054 |  | 6 700 | BRL | 91,2 | 367 787,95 | 0,39 |
| Banco Bradesco SA -ADR-  ..........................  | Stück | 663 184 | 77 062 | 597 400 | USD | 3,245 | 2 066 183,22 | 2,18 |
| Gerdau SA -ADR-  .................................  | Stück | 208 391 | 98 100 | 6 600 | USD | 4,265 | 853 332,10 | 0,90 |
| Itau Unibanco Holding SA -ADR-  .....................  | Stück | 440 600 | 434 100 | 410 500 | USD | 4,28 | 1 810 540,94 | 1,91 |
| Petroleo Brasileiro SA -ADR-  ........................  | Stück | 185 247 | 174 700 | 6 000 | USD | 10,55 | 1 876 392,69 | 1,98 |
| Petroleo Brasileiro SA -ADR-  ........................  | Stück | 274 600 | 81 000 | 231 800 | USD | 11,63 | 3 066 198,99 | 3,24 |
| Vale SA -ADR-  ...................................  | Stück | 74 600 | 64 000 | 65 400 | USD | 14,69 | 1 052 157,39 | 1,11 |
| XP, Inc. .........................................  | Stück | 10 700 | 29 000 | 22 754 | USD | 17,39 | 178 650,18 | 0,19 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 90 803 341,95 | 95,99 |
| Bankguthaben |  |  |  |  |  |  | 2 976 815,46 | 3,14 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  |  | 587 896,55 | 0,62 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Brasilianischer Real ................................  | BRL | 3 734 958 |  |  |  |  | 682 968,96 | 0,72 |
| Britisches Pfund ...................................  | GBP | 482 |  |  |  |  | 563,41 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 2 095 |  |  |  |  | 1 559,84 | 0,00 |
| US-Dollar ........................................  | USD | 1 774 620 |  |  |  |  | 1 703 826,70 | 1,80 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 1 797 206,89 | 1,89 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 1 089 467,85 | 1,15 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  |  |  | 23 419,48 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 684 319,56 | 0,72 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  |  | 23 847,16 | 0,03 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 95 601 211,46 | 101,05 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  | -604 525,71 | -0,63 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  |  |  |  | -249 200,18 | -0,25 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  |  |  | -355 325,53 | -0,38 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  |  |  | -398 015,05 | -0,42 |
| Summe der Verbindlichkeiten |  |  |  |  |  |  | -1 002 540,76 | -1,05 |
| Fondsvermögen |  |  |  |  |  |  | 94 598 670,70 | 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.
DWS Invest Brazilian Equities
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 146,17 |
| Klasse FC50 ......................................  | EUR | 122,87 |
| Klasse IC .........................................  | EUR | 165,62 |
| Klasse LC ........................................  | EUR | 128,33 |
| Klasse NC ........................................  | EUR | 120,29 |
| Klasse TFC .......................................  | EUR | 153,53 |
| Klasse USD IC ....................................  | USD | 87,81 |
| Klasse USD LC ....................................  | USD | 85,22 |
| Klasse USD TFC ...................................  | USD | 88,52 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 10 869,333 |
| Klasse FC50 ......................................  | Stück | 126 025,000 |
| Klasse IC .........................................  | Stück | 142 842,000 |
| Klasse LC ........................................  | Stück | 350 983,052 |
| Klasse NC ........................................  | Stück | 44 172,294 |
| Klasse TFC .......................................  | Stück | 14 368,597 |
| Klasse USD IC ....................................  | Stück | 93,000 |
| Klasse USD LC ....................................  | Stück | 120,000 |
| Klasse USD TFC ...................................  | Stück | 15 181,156 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Brazil 10/40 Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag ..................  | % | 92,883 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  ..................  | % | 108,855 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . | % | 98,054 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2022 bis 30.6.2022 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.
 Devisenkurse (in Mengennotiz)	
per 30.6.2022
| Brasilianischer Real	BRL | 5,468708 | = EUR | 1 |
| --- | --- | --- | --- |
| Kanadischer Dollar	CAD | 1,343026 | = EUR | 1 |
| Britisches Pfund	GBP | 0,856432 | = 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.