# DWS Invest Chinese Equities
DWS INVEST CHINESE EQUITIES

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0273157635 | 4.2% |
| Class FC | LU0273146190 | 4.6% |
| Class NC | LU0273145622 | 3.9% |
| Class TFC | LU1663840285 | 4.5% |
| Class GBP D RD 1 | LU0333022746 | 11.7% |
| Class USD FC 2 | LU0273176932 | 4.3% |
| Class USD LC 2 | LU0273164177 | 4.1% |
| Class USD TFC 2 | LU1663840368 | 4.6% |
| MSCI China 10/40 (EUR) |  | 1.0% |

1 
in GBP
2 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Chinese Equities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 4 970 907.56 | 4.11 |
| Telecommunication Services | 36 627 044.23 | 30.25 |
| Consumer Discretionaries | 19 015 976.95 | 15.69 |
| Energy | 2 901 954.38 | 2.39 |
| Consumer Staples | 12 319 294.80 | 10.17 |
| Financials | 29 313 249.24 | 24.20 |
| Basic Materials | 517 970.96 | 0.43 |
| Industrials | 7 931 601.67 | 6.55 |
| Utilities | 852 624.77 | 0.70 |
| Total equities | 114 450 624.56 | 94.49 |
| 2. Investment fund units Equity funds | 1 593 914.47 | 1.32 |
| Total investment fund units | 3 601 818.63 | 2.95 |
| 3. Cash at bank | 2 964 086.05 | 2.45 |
| 4. Other assets | 774 421.07 | 0.64 |
| 5. Receivables from share certificate transactions | 4 607 142.86 | 3.80 |
| II. Liabilities |  |  |
| 1. Other liabilities | -3 043 974.17 | - 2.51 |
| 2. Liabilities from share certificate transactions | -230 237.18 | - 0.19 |
|  |  |  |
| III. Net assets | 121 115 977.66 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | 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 |  |  |  |  |  |  | 112 785 352.55 | 93.12 |
| Equities China International Travel Service Corp., Ltd .............  | Count | 73 781 | 40 187 | 94 000 | CNY | 154.03 | 1 433 408.85 | 1.18 |
| Contemporary Amperex Technology Co., Ltd.............  | Count | 57 300 | 60 100 | 2 800 | CNY | 174.36 | 1 260 148.46 | 1.04 |
| Gree Electric Appliances of Zhuhai, Inc. .................  | Count | 75 800 | 79 300 | 3 500 | CNY | 56.57 | 540 848.48 | 0.45 |
| Han‘s Laser Technology Industry Group Co., Ltd ..........  | Count | 247 718 | 167 685 | 163 467 | CNY | 35.95 | 1 123 250.68 | 0.93 |
| Jiangsu Hengrui Medicine Co., Ltd .....................  | Count | 123 699 | 54 533 | 56 600 | CNY | 92.3 | 1 440 084.97 | 1.19 |
| Kweichow Moutai Co., Ltd ...........................  | Count | 8 348 | 1 000 | 5 100 | CNY | 1 462.88 | 1 540 321.48 | 1.27 |
| Luxshare Precision Industry Co., Ltd ...................  | Count | 198 935 | 266 735 | 67 800 | CNY | 51.35 | 1 288 462.77 | 1.06 |
| Ping An Bank Co., Ltd ...............................  | Count | 356 400 | 592 900 | 236 500 | CNY | 12.8 | 575 397.40 | 0.48 |
| Sany Heavy Industry Co., Ltd .........................  | Count | 480 554 | 504 354 | 23 800 | CNY | 18.76 | 1 137 091.10 | 0.94 |
| AIA Group Ltd .....................................  | Count | 116 000 | 86 000 | 206 800 | HKD | 72.3 | 965 531.38 | 0.80 |
| Akeso, Inc.........................................  | Count | 1 576 | 1 576 |  | HKD | 37.1 | 6 731.32 | 0.01 |
| Alibaba Health Information Technology Ltd ..............  | Count | 220 000 | 220 000 |  | HKD | 22.6 | 572 402.11 | 0.47 |
| A-Living Services Co., Ltd ............................  | Count | 226 500 | 305 250 | 78 750 | HKD | 39.05 | 1 018 261.57 | 0.84 |
| Byd Co., Ltd.......................................  | Count | 174 000 | 181 500 | 7 500 | HKD | 59.85 | 1 198 901.52 | 0.99 |
| China Construction Bank Corp. ........................  | Count | 7 674 000 | 1 897 000 | 4 028 000 | HKD | 6.27 | 5 539 358.13 | 4.57 |
| China Life Insurance Co., Ltd .........................  | Count | 751 000 | 782 000 | 790 000 | HKD | 15.6 | 1 348 759.90 | 1.11 |
| China Mengniu Dairy Co., Ltd .........................  | Count | 453 000 | 57 000 | 167 000 | HKD | 29.6 | 1 543 689.75 | 1.27 |
| China Merchants Bank Co., Ltd .......................  | Count | 267 500 | 24 500 | 299 500 | HKD | 35.65 | 1 097 876.35 | 0.91 |
| China Mobile Ltd ...................................  | Count | 516 500 | 169 000 | 123 500 | HKD | 52.3 | 3 109 869.20 | 2.57 |
| China Oilfield Services Ltd ...........................  | Count | 1 110 000 | 1 152 000 | 42 000 | HKD | 6.96 | 889 410.65 | 0.73 |
| China Overseas Land & Investment Ltd .................  | Count | 516 000 | 44 000 | 424 000 | HKD | 23.45 | 1 393 037.02 | 1.15 |
| China Railway Construction Corp., Ltd ..................  | Count | 743 500 | 437 500 | 946 000 | HKD | 6.09 | 521 276.77 | 0.43 |
| China Resources Beer Holdings Co., Ltd ................  | Count | 300 000 | 316 000 | 16 000 | HKD | 43.2 | 1 492 021.60 | 1.23 |
| China Resources Cement Holdings Ltd .................  | Count | 996 000 | 88 000 | 496 000 | HKD | 9.49 | 1 088 167.27 | 0.90 |
| China Resources Land Ltd ...........................  | Count | 329 111 | 62 000 | 196 000 | HKD | 29.35 | 1 112 040.52 | 0.92 |
| CIFI Holdings Group Co., Ltd .........................  | Count | 2 152 000 | 2 896 000 | 744 000 | HKD | 6.04 | 1 496 405.56 | 1.24 |
| CNOOC Ltd .......................................  | Count | 2 028 000 | 930 000 | 548 000 | HKD | 8.62 | 2 012 543.73 | 1.66 |
| CSPC Pharmaceutical Group Ltd.......................  | Count | 448 000 | 88 000 | 190 000 | HKD | 14.64 | 755 073.45 | 0.62 |
| ENN Energy Holdings Ltd ............................  | Count | 84 932 | 6 686 | 20 190 | HKD | 87.2 | 852 624.77 | 0.70 |
| Hong Kong Exchanges and Clearing Ltd.................  | Count | 34 000 | 34 000 |  | HKD | 330 | 1 291 703.88 | 1.07 |
| Hua Hong Semiconductor Ltd -144A- ...................  | Count | 554 000 | 119 000 | 158 000 | HKD | 26.9 | 1 715 663.66 | 1.42 |
| Huatai Securities Co., Ltd ............................  | Count | 1 223 400 | 1 443 400 | 546 600 | HKD | 12.34 | 1 738 015.90 | 1.43 |
| Industrial & Commercial Bank of China Ltd ..............  | Count | 5 218 956 | 3 532 000 | 6 272 000 | HKD | 4.7 | 2 823 914.88 | 2.33 |
| Innovent Biologics, Inc. ..............................  | Count | 146 500 | 154 000 | 7 500 | HKD | 57.5 | 969 785.26 | 0.80 |
| Jinxin Fertility Group Ltd .............................  | Count | 664 000 | 182 000 | 130 000 | HKD | 11.74 | 897 441.78 | 0.74 |
| KWG Property Holding Ltd ...........................  | Count | 1 320 000 | 1 037 000 | 1 050 000 | HKD | 13.02 | 1 978 586.42 | 1.63 |
| Li Ning Co., Ltd ....................................  | Count | 467 500 | 623 000 | 155 500 | HKD | 24.6 | 1 323 996.48 | 1.09 |
| Longfor Properties Co., Ltd...........................  | Count | 136 000 |  | 20 500 | HKD | 36.85 | 576 961.07 | 0.48 |
| Meituan Dianping ..................................  | Count | 192 200 | 112 700 | 99 000 | HKD | 171.9 | 3 803 639.67 | 3.14 |
| MMG Ltd.........................................  | Count | 2 812 000 | 2 812 000 |  | HKD | 1.6 | 517 970.96 | 0.43 |
| Nissin Foods Co., Ltd ...............................  | Count | 817 000 | 230 000 | 588 000 | HKD | 6.23 | 585 976.52 | 0.48 |
| Ping An Insurance Group Co. of China Ltd ...............  | Count | 350 000 | 27 000 | 155 000 | HKD | 77.5 | 3 122 768.97 | 2.58 |
| Powerlong Commercial Management Holdings Ltd ........  | Count | 506 500 | 733 500 | 227 000 | HKD | 17.9 | 1 043 764.66 | 0.86 |
| Powerlong Commercial Management Holdings Ltd ........  | Count | 37 000 | 142 000 | 105 000 | HKD | 17.9 | 76 247.37 | 0.06 |
| Shenzhou International Group Holdings Ltd ..............  | Count | 92 000 | 16 000 | 41 000 | HKD | 93.4 | 989 247.16 | 0.82 |
| Shimao Property Holdings Ltd ........................  | Count | 119 000 | 453 500 | 1 092 000 | HKD | 32.8 | 449 356.38 | 0.37 |
| Sino Biopharmaceutical Ltd...........................  | Count | 640 000 | 28 000 | 354 000 | HKD | 14.6 | 1 075 729.15 | 0.89 |
| Sun Art Retail Group Ltd .............................  | Count | 1 129 000 | 411 500 | 370 500 | HKD | 13.24 | 1 720 885.74 | 1.42 |
| Sunny Optical Technology Group Co., Ltd ...............  | Count | 106 000 | 61 500 | 104 800 | HKD | 124 | 1 513 204.62 | 1.25 |
| Tencent Holdings Ltd ...............................  | Count | 206 690 | 27 900 | 102 400 | HKD | 498.6 | 11 864 292.58 | 9.80 |
| Tingyi Cayman Islands Holding Corp. ...................  | Count | 544 000 | 250 000 | 282 000 | HKD | 12.02 | 752 789.37 | 0.62 |
| Topsports International Holdings Ltd ...................  | Count | 741 000 | 25 000 |  | HKD | 9.9 | 844 546.39 | 0.70 |
| Weichai Power Co., Ltd .............................  | Count | 867 000 | 369 000 | 43 000 | HKD | 14.44 | 1 441 306.68 | 1.19 |
| Wuxi Biologics Cayman, Inc...........................  | Count | 64 500 | 67 500 | 3 000 | HKD | 141.8 | 1 052 945.89 | 0.87 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 56 549 | 11 385 | 18 773 | USD | 215.99 | 10 898 080.16 | 9.00 |
| JD.com, Inc. -ADR- .................................  | Count | 94 336 | 51 896 | 51 965 | USD | 60.23 | 5 069 693.98 | 4.19 |
| Melco Crown Entertainment Ltd -ADR- .................  | Count | 41 976 | 63 722 | 98 037 | USD | 15.02 | 562 551.66 | 0.46 |
| NetEase, Inc. -ADR-.................................  | Count | 8 356 | 4 939 | 3 041 | USD | 436.61 | 3 255 243.90 | 2.69 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Count | 28 385 | 9 302 | 13 693 | USD | 133.51 | 3 381 381.08 | 2.79 |
| TAL Education Group -ADR- ..........................  | Count | 57 549 | 34 365 | 64 288 | USD | 68.59 | 3 522 005.33 | 2.91 |
| Vipshop Holdings Ltd -ADR- ..........................  | Count | 105 697 | 113 025 | 7 328 | USD | 19.95 | 1 881 468.64 | 1.55 |
| Yum China Holdings, Inc. ............................  | Count | 39 000 | 19 196 | 17 312 | USD | 48.6 | 1 691 189.60 | 1.40 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 10.13 | 0.00 |
| Equities Moulin Global Eyecare...............................  | Count | 880 000 |  |  | HKD | 0 | 10.13 | 0.00 |
| Unlisted securities |  |  |  |  |  |  | 1 665 261.88 | 1.37 |
| Equities Shimao Group Holdings Ltd ..........................  | Count | 441 000 | 441 000 |  | HKD | 32.8 | 1 665 261.88 | 1.37 |

| DWS Invest Chinese Equities |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 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 |
| Investment fund units |  |  |  |  |  |  | 1 593 914.47 | 1.32 |
| In-group fund units Xtrackers - CSI300 Swap UCITS ETF -2D- HKD - (0.300%) ..  | Units | 1 634 600 | 374 700 | 2 429 100 | HKD | 8.47 | 1 593 914.47 | 1.32 |
| Total securities portfolio |  |  |  |  |  |  | 116 044 539.03 | 95.81 |
| Cash at bank |  |  |  |  |  |  | 2 964 086.05 | 2.45 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 206 126.83 | 0.16 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 9 775 |  |  |  |  | 10 728.32 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 0 |  |  |  |  | 0.24 | 0.00 |
| Chinese yuan renminbi ..............................  | CNY | 631 800 |  |  |  |  | 79 689.28 | 0.07 |
| Hong Kong dollar ..................................  | HKD | 12 166 674 |  |  |  |  | 1 400 689.82 | 1.16 |
| U.S. dollar ........................................  | USD | 1 419 823 |  |  |  |  | 1 266 851.56 | 1.05 |
| Other assets |  |  |  |  |  |  | 774 421.07 | 0.64 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 665 430.06 | 0.55 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 4 016.24 | 0.00 |
| Other receivables ..................................  |  |  |  |  |  |  | 104 974.77 | 0.09 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 4 607 142.86 | 3.80 |
| Total assets |  |  |  |  |  |  | 124 390 189.01 | 102.70 |
| Other liabilities |  |  |  |  |  |  | -3 043 974.17 | -2.51 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -3 043 974.17 | -2.51 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -230 237.18 | -0.19 |
| Total liabilities |  |  |  |  |  |  | -3 274 211.35 | -2.70 |
| Net assets |  |  |  |  |  |  | 121 115 977.66 | 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 | 296.72 |
| Class LC .........................................  | EUR | 265.28 |
| Class NC .........................................  | EUR | 242.72 |
| Class TFC ........................................  | EUR | 116.70 |
| Class GBP D RD ...................................  | GBP | 188.90 |
| Class USD FC .....................................  | USD | 254.37 |
| Class USD LC .....................................  | USD | 229.45 |
| Class USD TFC ....................................  | USD | 112.55 |
| Number of shares outstanding Class FC .........................................  | Count | 39 900.782 |
| Class LC .........................................  | Count | 359 732.943 |
| Class NC .........................................  | Count | 43 046.532 |
| Class TFC ........................................  | Count | 1 444.000 |
| Class GBP D RD ...................................  | Count | 276.607 |
| Class USD FC .....................................  | Count | 350.000 |
| Class USD LC .....................................  | Count | 15 091.663 |
| Class USD TFC ....................................  | Count | 24.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI China 10/40 Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 95.343 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 106.594 |
| Average market risk exposure ........................  | % | 100.686 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, 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, 2020
| Australian dollar	AUD | 1.632080 | = EUR | 1 |
| --- | --- | --- | --- |
| Chinese yuan renminbi	CNY | 7.928294 | = EUR | 1 |
| British pound	GBP | 0.911178 | = EUR | 1 |
| Hong Kong dollar	HKD | 8.686201 | = EUR | 1 |
| U.S. dollar	USD | 1.120750 | = 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.
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.

Translation (ENDE, 2020-06-30):
# DWS Invest Chinese Equities
DWS INVEST CHINESE EQUITIES

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0273157635 | 4,2% |
| Klasse FC | LU0273146190 | 4,6% |
| Klasse NC | LU0273145622 | 3,9% |
| Klasse TFC | LU1663840285 | 4,5% |
| Klasse GBP D RD 1) | LU0333022746 | 11,7% |
| Klasse USD FC 2) | LU0273176932 | 4,3% |
| Klasse USD LC 2) | LU0273164177 | 4,1% |
| Klasse USD TFC 2) | LU1663840368 | 4,6% |
| MSCI China 10/40 (EUR) |  | 1,0% |

1) 
in GBP
2) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Chinese Equities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 4 970 907,56 | 4,11 |
| Telekommunikationsdienste | 36 627 044,23 | 30,25 |
| Dauerhafte Konsumgüter | 19 015 976,95 | 15,69 |
| Energie | 2 901 954,38 | 2,39 |
| Hauptverbrauchsgüter | 12 319 294,80 | 10,17 |
| Finanzsektor | 29 313 249,24 | 24,20 |
| Grundstoffe | 517 970,96 | 0,43 |
| Industrien | 7 931 601,67 | 6,55 |
| Versorger | 852 624,77 | 0,70 |
| Summe Aktien | 114 450 624,56 | 94,49 |
| 2. Investmentanteile Aktienfonds | 1 593 914,47 | 1,32 |
| Summe Investmentanteile | 3 601 818,63 | 2,95 |
| 3. Bankguthaben | 2 964 086,05 | 2,45 |
| 4. Sonstige Vermögensgegenstände | 774 421,07 | 0,64 |
| 5. Forderungen aus Anteilscheingeschäften | 4 607 142,86 | 3,80 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -3 043 974,17 | - 2,51 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -230 237,18 | - 0,19 |
|  |  |  |
| III. Fondsvermögen | 121 115 977,66 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | 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	112 785 352,55	93,12
Aktien
| China International Travel Service Corp., Ltd | ............  | Stück | 73 781 | 40 187 | 94 000 | CNY | 154,03 | 1 433 408,85 | 1,18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Contemporary Amperex Technology Co., Ltd ............  | Stück | 57 300 | 60 100 | 2 800 | CNY | 174,36 | 1 260 148,46 | 1,04 |
| Gree Electric Appliances of Zhuhai, Inc. ................  | Stück | 75 800 | 79 300 | 3 500 | CNY | 56,57 | 540 848,48 | 0,45 |
| Han‘s Laser Technology Industry Group Co., Ltd .........  | Stück | 247 718 | 167 685 | 163 467 | CNY | 35,95 | 1 123 250,68 | 0,93 |
| Jiangsu Hengrui Medicine Co., Ltd ....................  | Stück | 123 699 | 54 533 | 56 600 | CNY | 92,3 | 1 440 084,97 | 1,19 |
| Kweichow Moutai Co., Ltd ..........................  | Stück | 8 348 | 1 000 | 5 100 | CNY | 1 462,88 | 1 540 321,48 | 1,27 |
| Luxshare Precision Industry Co., Ltd  ..................  | Stück | 198 935 | 266 735 | 67 800 | CNY | 51,35 | 1 288 462,77 | 1,06 |
| Ping An Bank Co., Ltd ..............................  | Stück | 356 400 | 592 900 | 236 500 | CNY | 12,8 | 575 397,40 | 0,48 |
| Sany Heavy Industry Co., Ltd ........................  | Stück | 480 554 | 504 354 | 23 800 | CNY | 18,76 | 1 137 091,10 | 0,94 |
| AIA Group Ltd ....................................  | Stück | 116 000 | 86 000 | 206 800 | HKD | 72,3 | 965 531,38 | 0,80 |
| Akeso, Inc.  ......................................  | Stück | 1 576 | 1 576 |  | HKD | 37,1 | 6 731,32 | 0,01 |
| Alibaba Health Information Technology Ltd ..............  | Stück | 220 000 | 220 000 |  | HKD | 22,6 | 572 402,11 | 0,47 |
| A-Living Services Co., Ltd ...........................  | Stück | 226 500 | 305 250 | 78 750 | HKD | 39,05 | 1 018 261,57 | 0,84 |
| Byd Co., Ltd ......................................  | Stück | 174 000 | 181 500 | 7 500 | HKD | 59,85 | 1 198 901,52 | 0,99 |
| China Construction Bank Corp. .......................  | Stück | 7 674 000 | 1 897 000 | 4 028 000 | HKD | 6,27 | 5 539 358,13 | 4,57 |
| China Life Insurance Co., Ltd .........................  | Stück | 751 000 | 782 000 | 790 000 | HKD | 15,6 | 1 348 759,90 | 1,11 |
| China Mengniu Dairy Co., Ltd ........................  | Stück | 453 000 | 57 000 | 167 000 | HKD | 29,6 | 1 543 689,75 | 1,27 |
| China Merchants Bank Co., Ltd .......................  | Stück | 267 500 | 24 500 | 299 500 | HKD | 35,65 | 1 097 876,35 | 0,91 |
| China Mobile Ltd ..................................  | Stück | 516 500 | 169 000 | 123 500 | HKD | 52,3 | 3 109 869,20 | 2,57 |
| China Oilfield Services Ltd ...........................  | Stück | 1 110 000 | 1 152 000 | 42 000 | HKD | 6,96 | 889 410,65 | 0,73 |
| China Overseas Land & Investment Ltd ................  | Stück | 516 000 | 44 000 | 424 000 | HKD | 23,45 | 1 393 037,02 | 1,15 |
| China Railway Construction Corp., Ltd .................  | Stück | 743 500 | 437 500 | 946 000 | HKD | 6,09 | 521 276,77 | 0,43 |
| China Resources Beer Holdings Co., Ltd ................  | Stück | 300 000 | 316 000 | 16 000 | HKD | 43,2 | 1 492 021,60 | 1,23 |
| China Resources Cement Holdings Ltd .................  | Stück | 996 000 | 88 000 | 496 000 | HKD | 9,49 | 1 088 167,27 | 0,90 |
| China Resources Land Ltd ...........................  | Stück | 329 111 | 62 000 | 196 000 | HKD | 29,35 | 1 112 040,52 | 0,92 |
| CIFI Holdings Group Co., Ltd .........................  | Stück | 2 152 000 | 2 896 000 | 744 000 | HKD | 6,04 | 1 496 405,56 | 1,24 |
| CNOOC Ltd ......................................  | Stück | 2 028 000 | 930 000 | 548 000 | HKD | 8,62 | 2 012 543,73 | 1,66 |
| CSPC Pharmaceutical Group Ltd ......................  | Stück | 448 000 | 88 000 | 190 000 | HKD | 14,64 | 755 073,45 | 0,62 |
| ENN Energy Holdings Ltd ...........................  | Stück | 84 932 | 6 686 | 20 190 | HKD | 87,2 | 852 624,77 | 0,70 |
| Hong Kong Exchanges and Clearing Ltd ................  | Stück | 34 000 | 34 000 |  | HKD | 330 | 1 291 703,88 | 1,07 |
| Hua Hong Semiconductor Ltd -144A- ..................  | Stück | 554 000 | 119 000 | 158 000 | HKD | 26,9 | 1 715 663,66 | 1,42 |
| Huatai Securities Co., Ltd ............................  | Stück | 1 223 400 | 1 443 400 | 546 600 | HKD | 12,34 | 1 738 015,90 | 1,43 |
| Industrial & Commercial Bank of China Ltd ..............  | Stück | 5 218 956 | 3 532 000 | 6 272 000 | HKD | 4,7 | 2 823 914,88 | 2,33 |
| Innovent Biologics, Inc. .............................  | Stück | 146 500 | 154 000 | 7 500 | HKD | 57,5 | 969 785,26 | 0,80 |
| Jinxin Fertility Group Ltd ............................  | Stück | 664 000 | 182 000 | 130 000 | HKD | 11,74 | 897 441,78 | 0,74 |
| KWG Property Holding Ltd ...........................  | Stück | 1 320 000 | 1 037 000 | 1 050 000 | HKD | 13,02 | 1 978 586,42 | 1,63 |
| Li Ning Co., Ltd ...................................  | Stück | 467 500 | 623 000 | 155 500 | HKD | 24,6 | 1 323 996,48 | 1,09 |
| Longfor Properties Co., Ltd ..........................  | Stück | 136 000 |  | 20 500 | HKD | 36,85 | 576 961,07 | 0,48 |
| Meituan Dianping  .................................  | Stück | 192 200 | 112 700 | 99 000 | HKD | 171,9 | 3 803 639,67 | 3,14 |
| MMG Ltd ........................................  | Stück | 2 812 000 | 2 812 000 |  | HKD | 1,6 | 517 970,96 | 0,43 |
| Nissin Foods Co., Ltd ..............................  | Stück | 817 000 | 230 000 | 588 000 | HKD | 6,23 | 585 976,52 | 0,48 |
| Ping An Insurance Group Co. of China Ltd ..............  | Stück | 350 000 | 27 000 | 155 000 | HKD | 77,5 | 3 122 768,97 | 2,58 |
| Powerlong Commercial Management Holdings Ltd .......  | Stück | 506 500 | 733 500 | 227 000 | HKD | 17,9 | 1 043 764,66 | 0,86 |
| Powerlong Commercial Management Holdings Ltd .......  | Stück | 37 000 | 142 000 | 105 000 | HKD | 17,9 | 76 247,37 | 0,06 |
| Shenzhou International Group Holdings Ltd .............  | Stück | 92 000 | 16 000 | 41 000 | HKD | 93,4 | 989 247,16 | 0,82 |
| Shimao Property Holdings Ltd ........................  | Stück | 119 000 | 453 500 | 1 092 000 | HKD | 32,8 | 449 356,38 | 0,37 |
| Sino Biopharmaceutical Ltd ..........................  | Stück | 640 000 | 28 000 | 354 000 | HKD | 14,6 | 1 075 729,15 | 0,89 |
| Sun Art Retail Group Ltd ............................  | Stück | 1 129 000 | 411 500 | 370 500 | HKD | 13,24 | 1 720 885,74 | 1,42 |
| Sunny Optical Technology Group Co., Ltd ...............  | Stück | 106 000 | 61 500 | 104 800 | HKD | 124 | 1 513 204,62 | 1,25 |
| Tencent Holdings Ltd ...............................  | Stück | 206 690 | 27 900 | 102 400 | HKD | 498,6 | 11 864 292,58 | 9,80 |
| Tingyi Cayman Islands Holding Corp. ...................  | Stück | 544 000 | 250 000 | 282 000 | HKD | 12,02 | 752 789,37 | 0,62 |
| Topsports International Holdings Ltd ..................  | Stück | 741 000 | 25 000 |  | HKD | 9,9 | 844 546,39 | 0,70 |
| Weichai Power Co., Ltd .............................  | Stück | 867 000 | 369 000 | 43 000 | HKD | 14,44 | 1 441 306,68 | 1,19 |
| Wuxi Biologics Cayman, Inc. .........................  | Stück | 64 500 | 67 500 | 3 000 | HKD | 141,8 | 1 052 945,89 | 0,87 |
| Alibaba Group Holding Ltd -ADR- ......................  | Stück | 56 549 | 11 385 | 18 773 | USD | 215,99 | 10 898 080,16 | 9,00 |
| JD.com, Inc. -ADR- .................................  | Stück | 94 336 | 51 896 | 51 965 | USD | 60,23 | 5 069 693,98 | 4,19 |
| Melco Crown Entertainment Ltd -ADR- .................  | Stück | 41 976 | 63 722 | 98 037 | USD | 15,02 | 562 551,66 | 0,46 |
| NetEase, Inc. -ADR- ................................  | Stück | 8 356 | 4 939 | 3 041 | USD | 436,61 | 3 255 243,90 | 2,69 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Stück | 28 385 | 9 302 | 13 693 | USD | 133,51 | 3 381 381,08 | 2,79 |
| TAL Education Group -ADR- ..........................  | Stück | 57 549 | 34 365 | 64 288 | USD | 68,59 | 3 522 005,33 | 2,91 |
| Vipshop Holdings Ltd -ADR- ..........................  | Stück | 105 697 | 113 025 | 7 328 | USD | 19,95 | 1 881 468,64 | 1,55 |
| Yum China Holdings, Inc. ............................  | Stück | 39 000 | 19 196 | 17 312 | USD | 48,6 | 1 691 189,60 | 1,40 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	10,13	0,00 |
| Aktien Moulin Global Eyecare ..............................  | Stück | 880 000 |  | HKD | 0 | 10,13 | 0,00 |
| Nichtnotierte Wertpapiere |  |  |  |  |  | 1 665 261,88 | 1,37 |
| Aktien Shimao Group Holdings Ltd ..........................  | Stück | 441 000 | 441 000 | HKD | 32,8 | 1 665 261,88 | 1,37 |

| DWS Invest Chinese Equities |  |
| --- | --- |
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Investmentanteile |  |  |  |  |  |  | 1 593 914,47 | 1,32 |
| Gruppeneigene Investmentanteile Xtrackers - CSI300 Swap UCITS ETF -2D- HKD - (0,300%) ..  | Anteile | 1 634 600 | 374 700 | 2 429 100 | HKD | 8,47 | 1 593 914,47 | 1,32 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 116 044 539,03 | 95,81 |
| Bankguthaben |  |  |  |  |  |  | 2 964 086,05 | 2,45 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  |  |  |  | 206 126,83 | 0,16 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 9 775 |  |  |  |  | 10 728,32 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 0 |  |  |  |  | 0,24 | 0,00 |
| Chinesischer Renminbi ..............................  | CNY | 631 800 |  |  |  |  | 79 689,28 | 0,07 |
| Hongkong Dollar ...................................  | HKD | 12 166 674 |  |  |  |  | 1 400 689,82 | 1,16 |
| US-Dollar ........................................  | USD | 1 419 823 |  |  |  |  | 1 266 851,56 | 1,05 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 774 421,07 | 0,64 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 665 430,06 | 0,55 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  |  |  | 4 016,24 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 104 974,77 | 0,09 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  |  | 4 607 142,86 | 3,80 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 124 390 189,01 | 102,70 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  | -3 043 974,17 | -2,51 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  |  |  | -3 043 974,17 | -2,51 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  |  |  | -230 237,18 | -0,19 |
| Summe der Verbindlichkeiten |  |  |  |  |  |  | -3 274 211,35 | -2,70 |
| Fondsvermögen |  |  |  |  |  |  | 121 115 977,66 | 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 | 296,72 |
| Klasse LC ........................................  | EUR | 265,28 |
| Klasse NC ........................................  | EUR | 242,72 |
| Klasse TFC .......................................  | EUR | 116,70 |
| Klasse GBP D RD ..................................  | GBP | 188,90 |
| Klasse USD FC ....................................  | USD | 254,37 |
| Klasse USD LC ....................................  | USD | 229,45 |
| Klasse USD TFC ...................................  | USD | 112,55 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 39 900,782 |
| Klasse LC ........................................  | Stück | 359 732,943 |
| Klasse NC ........................................  | Stück | 43 046,532 |
| Klasse TFC .......................................  | Stück | 1 444,000 |
| Klasse GBP D RD ..................................  | Stück | 276,607 |
| Klasse USD FC ....................................  | Stück | 350,000 |
| Klasse USD LC ....................................  | Stück | 15 091,663 |
| Klasse USD TFC ...................................  | Stück | 24,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI China 10/40 Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 95,343 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 106,594 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 100,686 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 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 zugrundeliegende 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 30.6.2020
| Australischer Dollar	AUD | 1,632080 | = EUR | 1 |
| --- | --- | --- | --- |
| Chinesischer Renminbi	CNY | 7,928294 | = EUR | 1 |
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| Hongkong Dollar	HKD | 8,686201 | = EUR | 1 |
| US-Dollar	USD | 1,120750 | = 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.