# DWS Invest China Bonds
DWS INVEST CHINA BONDS

### Performance of unit classes (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LCH 1 | LU0632805262 | -3.1% |
| Class FCH 1 | LU0632808951 | -2.8% |
| Class FDH 1 | LU0740831374 | -2.9% |
| Class LDH 1 | LU0740830996 | -3.2% |
| Class NC 1 | LU0616855887 | 5.8% |
| Class NCH 1 | LU0740831614 | -3.3% |
| Class NDH 1 | LU0740832000 | -3.3% |
| Class NDQH 1 | LU1054325771 | -3.4% |
| Class PFCH 1 | LU1054325854 | -3.4% |
| Class PFDQH 1 | LU1054325938 | -3.6% |
| Class TFCH 1 | LU1663839949 | -2.9% |
| Class CHF FCH 2 | LU0813328357 | -3.0% |
| Class CHF LCH 2 | LU0813327896 | -3.2% |
| Class RMB FC 3 | LU0813328860 | 2.6% |
| Class RMB FCH 3 | LU2093591621 | -1.1% |
| Class RMB LC 3 | LU0813328787 | 2.4% |
| Class RMB LCH 3 | LU2093593593 | -1.4% |
| Class SEK FCH 4 | LU1322112480 | -2.6% |
| Class SEK LCH 4 | LU1322112563 | -2.8% |
| Class USD FC | LU0616856778 | -2.3% |
| Class USD FCH (P) | LU1322112647 | 1.2% |
| Class USD LC | LU0616856422 | -2.6% |
| Class USD LDH (P) | LU1322112720 | -2.1% 5) |
| Class USD LDMH (P) | LU1322112993 | 0.9% |
| Class USD TFC | LU1663840103 | -2.2% |

1 
in EUR
2 
in CHF
3 
in CNY
4 
in SEK
5 
Last share price calculation on February 28, 2022
“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 China Bonds
| Statement of net assets as of June 30, 2022 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 138 173 610.60 | 88.35 |
| Central governments | 17 722 290.75 | 11.34 |
| Total bonds | 155 895 901.35 | 99.69 |
| 2. Investment fund units Other funds | 1 512 631.30 | 0.97 |
| Total investment fund units | 1 512 631.30 | 0.97 |
| 3. Derivatives | -1 487 428.10 | -0.95 |
| 4. Cash at bank | 167 437.18 | 0.10 |
| 5. Other assets | 1 353 577.04 | 0.86 |
| 6. Receivables from share certificate transactions | 117 437.97 | 0.08 |
| II. Liabilities |  |  |
| 1. Short-term liabilities | -581 846.45 | -0.37 |
| 2. Other liabilities | -341 867.95 | -0.21 |
| 3. Liabilities from share certificate transactions | -260 932.22 | -0.17 |
| III. Net assets | 156 374 910.12 | 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 |  |  |  |  |  |  | 155 895 901.35 | 99.69 |
| Interest-bearing securities 5.35 % China City Construction International Co., Ltd 2014/2017 * .............................  | CNY | 61 913 254 | 61 913 254 | 61 913 254 | % | 0.01 | 9.25 | 0.00 |
| 4.20 % Adani Ports & Special Economic Zone Ltd -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2027 .........................  | USD | 1 000 000 |  | % | 92.92 | 929 200.00 | 0.59 |
| 3.125 % AIA Group Ltd (MTN) 2013/2023 .............  | USD | 613 000 |  | % | 99.959 | 612 748.67 | 0.39 |
| 3.25  % Amber Circle Funding Ltd (MTN) 2012/2022 ....  | USD | 2 950 000 | 2 350 000 | % | 99.988 | 2 949 646.00 | 1.89 |
| 6.50  % Asahi Mutual Life Insurance Co. 2018/perpetual * | USD | 4 000 000 | 2 000 000 | % | 99.789 | 3 991 560.00 | 2.55 |
| 2.935 % Bank of China Ltd/Hong Kong (MTN) 2020/2023 * | USD | 2 000 000 | 2 000 000 | % | 100.19 | 2 003 800.00 | 1.28 |
| 0.80  % Bank of China Ltd/Singapore (MTN) 2021/2024 ..  | USD | 3 000 000 |  | % | 95.596 | 2 867 880.00 | 1.83 |
| 2.125 % BDO Unibank, Inc. (MTN) 2020/2026 ..........  | USD | 1 500 000 |  | % | 93.444 | 1 401 660.00 | 0.90 |
| 5.375 % CA Magnum Holdings -Reg- (MTN) 2021/2026  ..  | USD | 300 000 |  | % | 87.34 | 262 020.00 | 0.17 |
| 3.00  % CDBL Funding 2 (MTN) 2017/2022 ............  2.495 % China Construction Bank Corp/Hong Kong (MTN) 2018/2023 * ..............................  | USD USD | 3 500 000 3 500 000 | 3 500 000 | % % | 99.971 100.198 | 3 498 985.00 3 506 930.00 | 2.24 2.24 |
| 0.86  % China Construction Bank Corp/Hong Kong (MTN) |  |  |  |  |  |  |  |  |
| 2021/2024 ...............................  | USD | 3 000 000 |  | % | 95.716 | 2 871 480.00 | 1.84 |
| 2.75  % China Development Bank (MTN) 2017/2022  ....  | USD | 825 000 |  | % | 99.931 | 824 430.75 | 0.53 |
| 1.048 % China Development Bank (MTN) 2018/2023 * ...  | USD | 5 000 000 | 5 000 000 | % | 100.309 | 5 015 450.00 | 3.21 |
| 1.875 % China Government International Bond 2019/2022 0.40 % China Government International Bond -Reg- 2020/2023 ...............................  | USD USD | 6 000 000 1 000 000 |  | % % | 99.612 96.819 | 5 976 720.00 968 190.00 | 3.82 0.62 |
| 4.25 % China Mengniu Dairy Co., Ltd (MTN) 2018/2023 . 3.875 % China Southern Power Grid International Finance BVI 2018 Co., Ltd (MTN) 2018/2023 ...........  | USD USD | 2 400 000 2 700 000 |  | % % | 100.588 100.605 | 2 414 112.00 2 716 335.00 | 1.54 1.74 |
| 4.25 % Clean Renewable Power Mauritius Pte Ltd -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2021/2027 .........................  | USD | 196 000 |  | 4 000 | % | 79.084 | 155 004.64 | 0.10 |
| 3.55 | % CLP Power HK Finance Ltd 2019/perpetual * ....  | USD | 1 000 000 | 1 000 000 |  | % | 95.181 | 951 810.00 | 0.61 |
| 2.875 | % CLP Power Hong Kong Financing Ltd (MTN) 2012/2023 ...............................  | USD | 5 150 000 |  |  | % | 99.602 | 5 129 503.00 | 3.28 |
| 3.75 | % Competition Team Technologies Ltd (MTN) 2019/2024 ...............................  | USD | 2 400 000 | 2 400 000 |  | % | 99.965 | 2 399 160.00 | 1.53 |
| 4.50 | % Continuum Energy Levanter Pte Ltd -Reg- (MTN) 2021/2027 ...............................  | USD | 986 250 |  | 6 250 | % | 78.63 | 775 488.38 | 0.50 |
| 4.75 | % Country Garden Holdings Co., Ltd (MTN) 2017/2022 ...............................  | USD | 2 000 000 | 2 000 000 |  | % | 99.378 | 1 987 560.00 | 1.27 |
| 5.10 | % Dai-ichi Life Insurance Co., Ltd -Reg- 2014/perpetual * ..........................  | USD | 1 000 000 |  |  | % | 99.656 | 996 560.00 | 0.64 |
| 2.80 | % Eastern Creation II Investment Holdings Ltd (MTN) 2019/2022 .........................  | USD | 3 050 000 |  |  | % | 99.993 | 3 049 786.50 | 1.95 |
| 1.00 | % Eastern Creation II Investment Holdings Ltd (MTN) 2020/2023 .........................  | USD | 550 000 |  |  | % | 97.227 | 534 748.50 | 0.34 |
| 7.50 | % Eterna Capital Pte Ltd (MTN) 2017/2022 .......  | USD | 2 106 985 |  | 2 089 395 | % | 96.576 | 2 034 841.83 | 1.30 |
| 4.125 | % FTL Capital Ltd (MTN) 2013/2023 .............  | USD | 5 970 000 |  | 1 000 000 | % | 99.952 | 5 967 134.40 | 3.82 |
| 5.00 | % FWD Ltd (MTN) 2014/2024 ..................  | USD | 930 000 |  |  | % | 100.032 | 930 297.60 | 0.59 |
| 4.30 | % Greenko Power II Ltd -Reg- (MTN) 2021/2028 ...  | USD | 1 886 575 |  | 43 425 | % | 79.794 | 1 505 373.66 | 0.96 |
| 5.50 | % Greenko Wind Projects Mauritius Ltd -Reg- 2022/2025 ...............................  | USD | 2 110 000 | 2 110 000 |  | % | 93.28 | 1 968 208.00 | 1.26 |
| 1.625 | % GS Caltex Corp. (MTN) 2020/2025 ............  | USD | 1 000 000 |  |  | % | 92.405 | 924 050.00 | 0.59 |
| 1.00 | % Harvest Operations Corp. -Reg- 2021/2024 .....  | USD | 1 250 000 |  |  | % | 95.434 | 1 192 925.00 | 0.76 |
| 1.50 | % Hero Asia Investment Ltd 2020/2023 ..........  | USD | 1 500 000 |  |  | % | 96.785 | 1 451 775.00 | 0.93 |
| 2.75 | % HPHT Finance 17 Ltd (MTN) 2017/2022 ........  | USD | 4 569 000 | 325 000 |  | % | 99.888 | 4 563 882.72 | 2.92 |
| 2.552 | % Huarong Finance 2017 Co., Ltd (MTN) 2017/2022 * | USD | 2 008 000 | 2 008 000 |  | % | 99.292 | 1 993 783.36 | 1.28 |
| 3.25  % Huarong Finance 2019 Co., Ltd (MTN) 2019/2024	USD | 1 000 000 |  |  | % | 94.169 | 941 690.00 | 0.60 |
| 2.631 % Huarong Finance 2019 Co., Ltd (MTN) 2020/2023 *  USD | 4 000 000 | 4 000 000 |  | % | 98.368 | 3 934 720.00 | 2.52 |
| (MTN) 2012/2022	USD | 2 250 000 |  |  | % | 100.054 | 2 251 215.00 | 1.44 |
| 4.50 | % India Clean Energy Holdings -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2022/2027 ...............................  | USD | 2 000 000 | 2 000 000 | % | 73.337 | 1 466 740.00 | 0.94 |
| 4.00 | % India Green Power Holdings -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2021/2027 ...............................  | USD | 830 000 | % | 78.34 | 650 222.00 | 0.42 |
| 2.875 | % Industrial & Commercial Bank of China Ltd |  |  |  |  |  |  |  |  |
| (MTN) 2017/2022 .........................  2.575 % Industrial & Commercial Bank of China Ltd/London (MTN) 2018/2023 * ........................  | USD USD | 1 000 000 2 000 000 | 2 000 000 | % % | 99.945 100.27 | 999 450.00 2 005 400.00 | 0.64 1.28 |
| 1.00 | % Industrial & Commercial Bank of China |  |  |  |  |  |  |  |  |
| Ltd/Singapore (MTN) 2020/2023 ..............  | USD | 4 000 000 | % | 97.447 | 3 897 880.00 | 2.49 |
| 1.00  % Kia Corp. -Reg- 2021/2024 ..................  | USD | 920 000 | % | 95.331 | 877 045.20 | 0.56 |
| 0.849 % Komatsu Finance America, Inc. 2020/2023 .....  | USD | 2 000 000 | % | 96.783 | 1 935 660.00 | 1.24 |
| 1.75  % Kookmin Bank -Reg- (MTN) 2020/2025 ........  | USD | 800 000 | % | 94.622 | 756 976.00 | 0.48 |
| 1.00  % KT Corp. (MTN) 2020/2025 ..................  | USD | 1 000 000 | % | 91.632 | 916 320.00 | 0.59 |
| 7.375 % Medco Oak Tree Pte Ltd -Reg- (MTN) 2019/2026 6.75 % Medco Platinum Road Pte Ltd -Reg- (MTN) 2018/2025 ...............................  | USD USD | 2 000 000 1 000 000 | % % | 91 93.178 | 1 820 000.00 931 780.00 | 1.16 0.60 |
| 4.625 % Minejesa Capital BV -Reg- 2017/2030  .........  5.125 % Mong Duong Finance Holdings BV -Reg- (MTN) 2019/2029 ...............................  | USD USD | 500 000 1 000 000 | % % | 89.785 81.098 | 448 925.00 810 980.00 | 0.29 0.52 |

3.25  % Hutchison Whampoa International 12 II Ltd -Reg-
| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4.70  % Newcastle Coal Infrastructure Group Pty Ltd -Reg- (MTN) 2021/2031 .....................  | USD | 1 000 000 |  |  | % | 82.95 | 829 500.00 | 0.53 |
| 5.00  % Nippon Life Insurance Co. -Reg- 2012/2042 * ....  | USD | 2 450 000 |  |  | % | 100.158 | 2 453 871.00 | 1.57 |
| 5.10  % Nippon Life Insurance Co. -Reg- 2014/2044 * ....  | USD | 2 000 000 |  |  | % | 99.561 | 1 991 220.00 | 1.27 |
| 0.583 % NTT Finance Corp. -Reg- 2021/2024 ...........  | USD | 1 250 000 |  |  | % | 95.16 | 1 189 500.00 | 0.76 |
| 4.375 % NWD Ltd (MTN) 2015/2022 .................  3.75 % PCCW-HKT Capital No 5 Ltd -Reg- (MTN) 2013/2023 ...............................  | USD USD | 5 000 000 5 830 000 | 600 000 | 2 000 000 | % % | 100.226 100.164 | 5 011 300.00 5 839 561.20 | 3.20 3.73 |
| 1.35  % Shinhan Financial Group Co., Ltd -Reg- (MTN) 2020/2026 ...............................  | USD | 2 400 000 |  |  | % | 91.897 | 2 205 528.00 | 1.41 |
| 2.50  % Sinopec Group Overseas Development 2017 Ltd -Reg- (MTN) 2017/2022 .................  | USD | 200 000 |  |  | % | 99.899 | 199 798.00 | 0.13 |
| 1.50  % SK Hynix, Inc. -Reg- (MTN) 2021/2026 .........  | USD | 2 500 000 |  |  | % | 89.876 | 2 246 900.00 | 1.44 |
| 3.875 % SmarTone Finance Ltd (MTN) 2013/2023 .......  | USD | 6 931 000 |  |  | % | 99.67 | 6 908 127.23 | 4.42 |
| 6.00  % SoftBank Group Corp. 2017/perpetual * ........  | USD | 2 500 000 |  |  | % | 89.506 | 2 237 650.00 | 1.43 |
| 5.325 % Sompo Japan Insurance, Inc. -Reg- 2013/2073 * . 3.625 % Sun Hung Kai Properties Capital Market Ltd (MTN) 2013/2023 .........................  | USD USD | 1 313 000 299 000 |  |  | % % | 100.224 100.106 | 1 315 941.12 299 316.94 | 0.84 0.19 |
| 3.75  % Sunny Optical Technology Group Co., Ltd |  |  |  |  |  |  |  |  |
| (MTN) 2018/2023 .........................  | USD | 725 000 |  | % | 100.032 | 725 232.00 | 0.46 |
| 0.75  % TSMC Global Ltd -Reg- (MTN) 2020/2025 ......  2.875 % United States Treasury Note/Bond (MTN) 2022/2032 ...............................  | USD USD | 1 000 000 5 000 000 | 5 000 000 | % % | 91.014 98.75 | 910 140.00 4 937 500.00 | 0.58 3.16 |
| 3.074 % Vanke Real Estate Hong Kong Co., Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 * ..............................  | USD | 6 370 000 | 6 370 000 | % | 99.422 | 6 333 181.40 | 4.05 |
| 8.00  % Vedanta Resources Finance II PLC -Reg- |  |  |  |  |  |  |  |  |
| 2019/2023 ...............................  | USD | 2 000 000 | % | 83.767 | 1 675 340.00 | 1.07 |
| 13.875 % Vedanta Resources Finance II PLC -Reg- 2020/2024 ...............................  | USD | 1 800 000 |  | 200 000 | % | 89.899 | 1 618 182.00 | 1.03 |
| 3.375 % Voyage Bonds Ltd (MTN) 2017/2022 ..........  | USD | 1 000 000 |  |  | % | 100.006 | 1 000 060.00 | 0.64 |
| Investment fund units |  |  |  |  |  |  | 1 512 631.30 | 0.97 |
| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%)........................  | Units | 145 | 4 876 | 5 524 | USD | 10 431.58 | 1 512 631.30 | 0.97 |
| Total securities portfolio |  |  |  |  |  |  | 157 408 532.65 | 100.66 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -1 487 428.10 | -0.95 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/USD 5.5 million ................................  |  |  |  |  |  |  | 15 575.48 | 0.01 |
| EUR/USD 90.0 million ...............................  |  |  |  |  |  |  | -1 500 752.41 | -0.96 |
| SEK/USD 0.2 million ................................  |  |  |  |  |  |  | -270.49 | 0.00 |
| Closed positions CNH/USD 0.2 million ................................  |  |  |  |  |  |  | 1.01 | 0.00 |
| EUR/USD 0.4 million ................................  |  |  |  |  |  |  | -1 992.51 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions USD/CNH 0.2 million ................................  |  |  |  |  |  |  | 10.82 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 167 437.18 | 0.10 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 95 360 |  |  |  |  | 99 322.31 | 0.06 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Swedish krona | SEK | 52 447 |  |  |  |  | 5 100.23 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Chinese yuan renminbi ..............................  | CNY | 410 927 |  |  |  |  | 61 366.71 | 0.04 |
| Swiss franc .......................................  | CHF | 1 575 |  |  |  |  | 1 647.93 | 0.00 |

| 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 |  |
| Other assets |  |  |  | 1 353 577.04 | 0.86 |
| Prepaid placement fee**.............................  |  |  |  | 6 083.48 | 0.00 |
| Interest receivable .................................  |  |  |  | 1 314 281.65 | 0.84 |
| Receivables from exceeding the expense cap ............  |  |  |  | 32 651.37 | 0.02 |
| Other receivables ..................................  |  |  |  | 560.54 | 0.00 |
| Receivables from share certificate transactions |  |  |  | 117 437.97 | 0.08 |
| Total assets *** |  |  |  | 159 062 572.15 | 101.71 |
| Short-term liabilities |  |  |  | -581 846.45 | -0.37 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD |  |  | -581 846.45 | -0.37 |
| Other liabilities |  |  |  | -341 867.95 | -0.21 |
| Liabilities from cost items ...........................  |  |  |  | -341 867.95 | -0.21 |
| Liabilities from share certificate transactions |  |  |  | -260 932.22 | -0.17 |
| Total liabilities |  |  |  | -2 687 662.03 | -1.71 |
| Net assets |  |  |  | 156 374 910.12 | 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 FCH ....................................  | CHF | 105.77 |
| Class CHF LCH ....................................  | CHF | 100.73 |
| Class RMB FC .....................................  | CNH | 133.21 |
| Class RMB LC .....................................  | CNH | 127.51 |
| Class RMB FCH....................................  | CNY | 106.72 |
| Class RMB LCH....................................  | CNY | 105.37 |
| Class FCH ........................................  | EUR | 117.24 |
| Class FDH ........................................  | EUR | 83.30 |
| Class LCH ........................................  | EUR | 110.76 |
| Class LDH ........................................  | EUR | 82.50 |
| Class NC .........................................  | EUR | 144.26 |
| Class NCH ........................................  | EUR | 106.27 |
| Class NDH ........................................  | EUR | 76.10 |
| Class NDQH ......................................  | EUR | 88.33 |
| Class PFCH .......................................  | EUR | 95.84 |
| Class PFDQH......................................  | EUR | 78.94 |
| Class TFCH .......................................  | EUR | 94.97 |
| Class SEK FCH ....................................  | SEK | 1 010.65 |
| Class SEK LCH ....................................  | SEK | 991.56 |
| Class USD FC .....................................  | USD | 134.71 |
| Class USD FCH (P) .................................  | USD | 101.11 |
| Class USD LC .....................................  | USD | 127.12 |
| Class USD LDMH (P) ...............................  | USD | 72.61 |
| Class USD TFC ....................................  | USD | 104.12 |
| Number of shares outstanding Class CHF FCH ....................................  | Count | 20 586.317 |
| Class CHF LCH ....................................  | Count | 32 375.223 |
| Class RMB FC .....................................  | Count | 15 050.000 |
| Class RMB LC .....................................  | Count | 506 860.000 |
| Class RMB FCH....................................  | Count | 770.000 |
| Class RMB LCH....................................  | Count | 1 270.000 |
| Class FCH ........................................  | Count | 304 478.561 |
| Class FDH ........................................  | Count | 107.921 |
| Class LCH ........................................  | Count | 300 833.019 |
| Class LDH ........................................  | Count | 177 343.058 |
| Class NC .........................................  | Count | 42 521.000 |
| Class NCH ........................................  | Count | 40 164.144 |
| Class NDH ........................................  | Count | 5 149.000 |
| Class NDQH ......................................  | Count | 8 011.000 |
| Class PFCH .......................................  | Count | 12 451.000 |
| Class PFDQH......................................  | Count | 5 231.000 |
| Class TFCH .......................................  | Count | 270.828 |
| Class SEK FCH ....................................  | Count | 91.000 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Class SEK LCH ....................................  | Count | 49.000 |
| Class USD FC .....................................  | Count | 34 205.351 |
| Class USD FCH (P) .................................  | Count | 99.000 |
| Class USD LC .....................................  | Count | 276 924.432 |
| Class USD LDMH (P) ...............................  | Count | 663.000 |
| Class USD TFC ....................................  | Count | 61.000 |

Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.412 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 1.122 |
| Average market risk exposure.........................  | % | 0.729 |

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 absolute 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 USD 0.00 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.
Contracting parties for forward currency transactions
Bofa Securities Europe S.A., HSBC France, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.
| Exchange rates (indirect quotes) |  |
| --- | --- |
|  |  | As of June 30, | 2022 |
| Swiss franc	CHF | 0.955750 | = USD | 1 |
| Chinese yuan renminbi	CNY | 6.696250 | = USD | 1 |
| Euro	EUR | 0.960108 | = USD | 1 |
| Swedish krona	SEK | 10.257850 | = 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 valued to a minor extent 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.
*  Floating interest rate.
** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund‘s management regulations).
***  Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2022-06-30):
# DWS Invest China Bonds
DWS INVEST CHINA BONDS

### Wertentwicklung der Anteilklassen (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LCH 1) | LU0632805262 | -3,1% |
| Klasse FCH 1) | LU0632808951 | -2,8% |
| Klasse FDH 1) | LU0740831374 | -2,9% |
| Klasse LDH 1) | LU0740830996 | -3,2% |
| Klasse NC 1) | LU0616855887 | 5,8% |
| Klasse NCH 1) | LU0740831614 | -3,3% |
| Klasse NDH 1) | LU0740832000 | -3,3% |
| Klasse NDQH 1) | LU1054325771 | -3,4% |
| Klasse PFCH 1) | LU1054325854 | -3,4% |
| Klasse PFDQH 1) | LU1054325938 | -3,6% |
| Klasse TFCH 1) | LU1663839949 | -2,9% |
| Klasse CHF FCH 2) | LU0813328357 | -3,0% |
| Klasse CHF LCH 2) | LU0813327896 | -3,2% |
| Klasse RMB FC 3) | LU0813328860 | 2,6% |
| Klasse RMB FCH 3) | LU2093591621 | -1,1% |
| Klasse RMB LC 3) | LU0813328787 | 2,4% |
| Klasse RMB LCH 3) | LU2093593593 | -1,4% |
| Klasse SEK FCH 4) | LU1322112480 | -2,6% |
| Klasse SEK LCH 4) | LU1322112563 | -2,8% |
| Klasse USD FC | LU0616856778 | -2,3% |
| Klasse USD FCH (P) | LU1322112647 | 1,2% |
| Klasse USD LC | LU0616856422 | -2,6% |
| Klasse USD LDH (P) | LU1322112720 | -2,1% 5) |
| Klasse USD LDMH (P) | LU1322112993 | 0,9% |
| Klasse USD TFC | LU1663840103 | -2,2% |

1) 
in EUR
2) 
in CHF
3) 
in CNY
4) 
in SEK
5) 
letzte Anteilpreisberechnung am 28.2.2022
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 China Bonds
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 138 173 610,60 | 88,35 |
| Zentralregierungen | 17 722 290,75 | 11,34 |
| Summe Anleihen | 155 895 901,35 | 99,69 |
| 2. Investmentanteile Sonstige Fonds | 1 512 631,30 | 0,97 |
| Summe Investmentanteile | 1 512 631,30 | 0,97 |
| 3. Derivate | -1 487 428,10 | -0,95 |
| 4. Bankguthaben | 167 437,18 | 0,10 |
| 5. Sonstige Vermögensgegenstände | 1 353 577,04 | 0,86 |
| 6. Forderungen aus Anteilscheingeschäften | 117 437,97 | 0,08 |
| II. Verbindlichkeiten |  |  |
| 1. Kurzfristige Verbindlichkeiten | -581 846,45 | -0,37 |
| 2. Sonstige Verbindlichkeiten | -341 867,95 | -0,21 |
| 3. Verbindlichkeiten aus Anteilscheingeschäften | -260 932,22 | -0,17 |
| III. Fondsvermögen | 156 374 910,12 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Vermögensaufstellung zum 30.6.2022
Börsengehandelte Wertpapiere	155 895 901,35	99,69
Verzinsliche Wertpapiere
5,35	% China City Construction International Co., Ltd
| 2014/2017 *	CNY 4,20	% Adani Ports & Special Economic Zone Ltd -Reg- | 61 913 254 | 61 913 254 | 61 913 254 | % | 0,01 | 9,25 | 0,00 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | (MTN) 2020/2027 ........................  | USD | 1 000 000 |  | % | 92,92 | 929 200,00 | 0,59 |
| 3,125 | % AIA Group Ltd (MTN) 2013/2023 ............  | USD | 613 000 |  | % | 99,959 | 612 748,67 | 0,39 |
| 3,25 | % Amber Circle Funding Ltd (MTN) 2012/2022 ...  | USD | 2 950 000 | 2 350 000 | % | 99,988 | 2 949 646,00 | 1,89 |
| 6,50 | % Asahi Mutual Life Insurance Co. 2018/perpetual * | USD | 4 000 000 | 2 000 000 | % | 99,789 | 3 991 560,00 | 2,55 |
| 2,935 | % Bank of China Ltd/Hong Kong (MTN) 2020/2023 * | USD | 2 000 000 | 2 000 000 | % | 100,19 | 2 003 800,00 | 1,28 |
| 0,80 | % Bank of China Ltd/Singapore (MTN) 2021/2024 | USD | 3 000 000 |  | % | 95,596 | 2 867 880,00 | 1,83 |
| 2,125 | % BDO Unibank, Inc. (MTN) 2020/2026  ........  | USD | 1 500 000 |  | % | 93,444 | 1 401 660,00 | 0,90 |
| 5,375 | % CA Magnum Holdings -Reg- (MTN) 2021/2026 . | USD | 300 000 |  | % | 87,34 | 262 020,00 | 0,17 |
| 3,00 | % CDBL Funding 2 (MTN) 2017/2022  ..........  | USD | 3 500 000 |  | % | 99,971 | 3 498 985,00 | 2,24 |
| 2,495 | % China Construction Bank Corp/Hong Kong (MTN) 2018/2023 * ............................  | USD | 3 500 000 | 3 500 000 | % | 100,198 | 3 506 930,00 | 2,24 |
| 0,86 | % China Construction Bank Corp/Hong Kong (MTN) 2021/2024  .............................  | USD | 3 000 000 |  | % | 95,716 | 2 871 480,00 | 1,84 |
| 2,75 | % China Development Bank (MTN) 2017/2022 ...  | USD | 825 000 |  | % | 99,931 | 824 430,75 | 0,53 |
| 1,048 | % China Development Bank (MTN) 2018/2023 * ..  | USD | 5 000 000 | 5 000 000 | % | 100,309 | 5 015 450,00 | 3,21 |
| 1,875 | % China Government International Bond 2019/2022 | USD | 6 000 000 |  | % | 99,612 | 5 976 720,00 | 3,82 |
| 0,40 | % China Government International Bond -Reg- |  |  |  |  |  |  |  |
| 2020/2023	USD | 1 000 000 |  |  | % | 96,819 | 968 190,00 | 0,62 |
| 4,25 | % China Mengniu Dairy Co., Ltd (MTN) 2018/2023 | USD | 2 400 000 |  |  | % | 100,588 | 2 414 112,00 | 1,54 |
| 3,875 | % China Southern Power Grid International Finance BVI 2018 Co., Ltd (MTN) 2018/2023 .........  | USD | 2 700 000 |  |  | % | 100,605 | 2 716 335,00 | 1,74 |
| 4,25 | % Clean Renewable Power Mauritius Pte Ltd -Reg- (MTN) 2021/2027 ........................  | USD | 196 000 |  | 4 000 | % | 79,084 | 155 004,64 | 0,10 |
| 3,55 | % CLP Power HK Finance Ltd 2019/perpetual *  ..  | USD | 1 000 000 | 1 000 000 |  | % | 95,181 | 951 810,00 | 0,61 |
| 2,875 | % CLP Power Hong Kong Financing Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2012/2023	USD | 5 150 000 |  |  | % | 99,602 | 5 129 503,00 | 3,28 |
| 3,75 | % Competition Team Technologies Ltd (MTN) |  |  |  |  |  |  |  |  |
|  | 2019/2024  .............................  | USD | 2 400 000 | 2 400 000 |  | % | 99,965 | 2 399 160,00 | 1,53 |
| 4,50 | % Continuum Energy Levanter Pte Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2021/2027  .............................  | USD | 986 250 |  | 6 250 | % | 78,63 | 775 488,38 | 0,50 |
| 4,75 | % Country Garden Holdings Co., Ltd (MTN) 2017/2022  .............................  | USD | 2 000 000 | 2 000 000 |  | % | 99,378 | 1 987 560,00 | 1,27 |

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2014/perpetual *	USD | 1 000 000 |  |  | % | 99,656 | 996 560,00 | 0,64 |
| (MTN) 2019/2022	USD | 3 050 000 |  |  | % | 99,993 | 3 049 786,50 | 1,95 |
| 1,00	% Eastern Creation II Investment Holdings Ltd |  |  |  |  |  |  |  |
|  | (MTN) 2020/2023 ........................  | USD | 550 000 |  |  | % | 97,227 | 534 748,50 | 0,34 |
| 7,50 | % Eterna Capital Pte Ltd (MTN) 2017/2022 ......  | USD | 2 106 985 |  | 2 089 395 | % | 96,576 | 2 034 841,83 | 1,30 |
| 4,125 | % FTL Capital Ltd (MTN) 2013/2023  ...........  | USD | 5 970 000 |  | 1 000 000 | % | 99,952 | 5 967 134,40 | 3,82 |
| 5,00 | % FWD Ltd (MTN) 2014/2024  ................  | USD | 930 000 |  |  | % | 100,032 | 930 297,60 | 0,59 |
| 4,30 | % Greenko Power II Ltd -Reg- (MTN) 2021/2028  . | USD | 1 886 575 |  | 43 425 | % | 79,794 | 1 505 373,66 | 0,96 |
| 5,50 | % Greenko Wind Projects Mauritius Ltd -Reg- |  |  |  |  |  |  |  |  |
|  | 2022/2025  .............................  | USD | 2 110 000 | 2 110 000 |  | % | 93,28 | 1 968 208,00 | 1,26 |
| 1,625 | % GS Caltex Corp. (MTN) 2020/2025  ..........  | USD | 1 000 000 |  |  | % | 92,405 | 924 050,00 | 0,59 |
| 1,00 | % Harvest Operations Corp. -Reg- 2021/2024 ....  | USD | 1 250 000 |  |  | % | 95,434 | 1 192 925,00 | 0,76 |
| 1,50 | % Hero Asia Investment Ltd 2020/2023  ........  | USD | 1 500 000 |  |  | % | 96,785 | 1 451 775,00 | 0,93 |
| 2,75 | % HPHT Finance 17 Ltd (MTN) 2017/2022  ......  | USD | 4 569 000 | 325 000 |  | % | 99,888 | 4 563 882,72 | 2,92 |
| 2,552 | % Huarong Finance 2017 Co., Ltd (MTN) 2017/2022 * | USD | 2 008 000 | 2 008 000 |  | % | 99,292 | 1 993 783,36 | 1,28 |
| 3,25 | % Huarong Finance 2019 Co., Ltd (MTN) 2019/2024 | USD | 1 000 000 |  |  | % | 94,169 | 941 690,00 | 0,60 |
| 2,631 | % Huarong Finance 2019 Co., Ltd (MTN) 2020/2023 * | USD | 4 000 000 | 4 000 000 |  | % | 98,368 | 3 934 720,00 | 2,52 |
| 3,25 | % Hutchison Whampoa International 12 II Ltd -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2012/2022 ........................  | USD | 2 250 000 |  |  | % | 100,054 | 2 251 215,00 | 1,44 |

5,10	% Dai-ichi Life Insurance Co., Ltd -Reg-
2,80	% Eastern Creation II Investment Holdings Ltd
|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2022/2027	USD | 2 000 000 | 2 000 000 |  | % | 73,337 | 1 466 740,00 | 0,94 |
| 2021/2027	USD 2,875  % Industrial & Commercial Bank of China Ltd | 830 000 |  |  | % | 78,34 | 650 222,00 | 0,42 |
| 2,575 | (MTN) 2017/2022 ........................  % Industrial & Commercial Bank of China Ltd/London (MTN) 2018/2023 * .......................  | USD USD | 1 000 000 2 000 000 | 2 000 000 | % % | 99,945 100,27 | 999 450,00 2 005 400,00 | 0,64 1,28 |
| 1,00 | % Industrial & Commercial Bank of China |  |  |  |  |  |  |  |  |
|  | Ltd/Singapore (MTN) 2020/2023 ............  | USD | 4 000 000 | % | 97,447 | 3 897 880,00 | 2,49 |
| 1,00 | % Kia Corp. -Reg- 2021/2024 .................  | USD | 920 000 | % | 95,331 | 877 045,20 | 0,56 |
| 0,849 | % Komatsu Finance America, Inc. 2020/2023 ....  | USD | 2 000 000 | % | 96,783 | 1 935 660,00 | 1,24 |
| 1,75 | % Kookmin Bank -Reg- (MTN) 2020/2025 .......  | USD | 800 000 | % | 94,622 | 756 976,00 | 0,48 |
| 1,00 | % KT Corp. (MTN) 2020/2025  ................  | USD | 1 000 000 | % | 91,632 | 916 320,00 | 0,59 |
| 7,375 | % Medco Oak Tree Pte Ltd -Reg- (MTN) 2019/2026 | USD | 2 000 000 | % | 91 | 1 820 000,00 | 1,16 |
| 6,75 | % Medco Platinum Road Pte Ltd -Reg- (MTN) 2018/2025  .............................  | USD | 1 000 000 | % | 93,178 | 931 780,00 | 0,60 |
| 4,625 | % Minejesa Capital BV -Reg- 2017/2030  ........  | USD | 500 000 | % | 89,785 | 448 925,00 | 0,29 |
| 5,125 | % Mong Duong Finance Holdings BV -Reg- (MTN) |  |  |  |  |  |  |
| 2019/2029	USD | 1 000 000 |  |  | % | 81,098 | 810 980,00 | 0,52 |

4,50	% India Clean Energy Holdings -Reg- (MTN) 4,00	% India Green Power Holdings -Reg- (MTN)
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| 4,70 | % Newcastle Coal Infrastructure Group Pty Ltd -Reg- (MTN) 2021/2031 ...................  | USD | 1 000 000 |  | % | 82,95 | 829 500,00 | 0,53 |
| 5,00 | % Nippon Life Insurance Co. -Reg- 2012/2042 * ..  | USD | 2 450 000 |  | % | 100,158 | 2 453 871,00 | 1,57 |
| 5,10 | % Nippon Life Insurance Co. -Reg- 2014/2044 * ..  | USD | 2 000 000 |  | % | 99,561 | 1 991 220,00 | 1,27 |
| 0,583 | % NTT Finance Corp. -Reg- 2021/2024  .........  | USD | 1 250 000 |  | % | 95,16 | 1 189 500,00 | 0,76 |
| 4,375 | % NWD Ltd (MTN) 2015/2022 ................  | USD | 5 000 000 |  | % | 100,226 | 5 011 300,00 | 3,20 |
| 3,75 | % PCCW-HKT Capital No 5 Ltd -Reg- (MTN) |  |  |  |  |  |  |  |
| 1,35 | 2013/2023  .............................  % Shinhan Financial Group Co., Ltd -Reg- (MTN) 2020/2026 .............................  | USD USD | 5 830 000 2 400 000 | 600 000 | 2 000 000 | % % | 100,164 91,897 | 5 839 561,20 2 205 528,00 | 3,73 1,41 |
| 2,50 | % Sinopec Group Overseas Development 2017 Ltd -Reg- (MTN) 2017/2022 ................  | USD | 200 000 |  |  | % | 99,899 | 199 798,00 | 0,13 |
| 1,50 | % SK Hynix, Inc. -Reg- (MTN) 2021/2026  .......  | USD | 2 500 000 |  |  | % | 89,876 | 2 246 900,00 | 1,44 |
| 3,875 | % SmarTone Finance Ltd (MTN) 2013/2023  .....  | USD | 6 931 000 |  |  | % | 99,67 | 6 908 127,23 | 4,42 |
| 6,00 | % SoftBank Group Corp. 2017/perpetual * .......  | USD | 2 500 000 |  |  | % | 89,506 | 2 237 650,00 | 1,43 |
| 5,325 | % Sompo Japan Insurance, Inc. -Reg- 2013/2073 * | USD | 1 313 000 |  |  | % | 100,224 | 1 315 941,12 | 0,84 |
| 3,625 | % Sun Hung Kai Properties Capital Market Ltd (MTN) 2013/2023 ........................  | USD | 299 000 |  |  | % | 100,106 | 299 316,94 | 0,19 |
| 3,75 | % Sunny Optical Technology Group Co., Ltd (MTN) 2018/2023 ........................  | USD | 725 000 |  |  | % | 100,032 | 725 232,00 | 0,46 |
| 0,75 | % TSMC Global Ltd -Reg- (MTN) 2020/2025 .....  | USD | 1 000 000 |  |  | % | 91,014 | 910 140,00 | 0,58 |
| 2,875 | % United States Treasury Note/Bond (MTN) 2022/2032  .............................  | USD | 5 000 000 | 5 000 000 |  | % | 98,75 | 4 937 500,00 | 3,16 |
| 3,074 | % Vanke Real Estate Hong Kong Co., Ltd (MTN) 2018/2023 * ............................  | USD | 6 370 000 | 6 370 000 |  | % | 99,422 | 6 333 181,40 | 4,05 |
| 8,00 | % Vedanta Resources Finance II PLC -Reg- 2019/2023  .............................  | USD | 2 000 000 |  |  | % | 83,767 | 1 675 340,00 | 1,07 |
| 13,875 | % Vedanta Resources Finance II PLC -Reg- 2020/2024  .............................  | USD | 1 800 000 |  | 200 000 | % | 89,899 | 1 618 182,00 | 1,03 |
| 3,375 | % Voyage Bonds Ltd (MTN) 2017/2022  ........  | USD | 1 000 000 |  |  | % | 100,006 | 1 000 060,00 | 0,64 |
| Investmentanteile |  |  |  |  |  |  | 1 512 631,30 | 0,97 |
| Gruppeneigene Investmentanteile Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,100%) .......................  | Anteile | 145 | 4 876 | 5 524 | USD | 10 431,58 | 1 512 631,30 | 0,97 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 157 408 532,65 | 100,66 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -1 487 428,10 | -0,95 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen CHF/USD 5,5 Mio. .................................  |  |  | 15 575,48 | 0,01 |
| EUR/USD 90,0 Mio. ................................  |  |  | -1 500 752,41 | -0,96 |
| SEK/USD 0,2 Mio. .................................  |  |  | -270,49 | 0,00 |
| Geschlossene Positionen CNH/USD 0,2 Mio. .................................  |  |  | 1,01 | 0,00 |
| EUR/USD 0,4 Mio. .................................  |  |  | -1 992,51 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen USD/CNH 0,2 Mio. .................................  |  |  | 10,82 | 0,00 |
| Bankguthaben |  |  | 167 437,18 | 0,10 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 95 360 | 99 322,31 | 0,06 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Schwedische Kronen | SEK | 52 447 | 5 100,23 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Chinesischer Renminbi ..............................  | CNY | 410 927 | 61 366,71 | 0,04 |
| Schweizer Franken .................................  | CHF | 1 575 | 1 647,93 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Sonstige Vermögensgegenstände |  |  |  | 1 353 577,04 | 0,86 |
| Abgegrenzte Platzierungsgebühr ** ...................  |  |  |  | 6 083,48 | 0,00 |
| Zinsansprüche .....................................  |  |  |  | 1 314 281,65 | 0,84 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 32 651,37 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  | 560,54 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 117 437,97 | 0,08 |
| Summe der Vermögensgegenstände *** |  |  |  | 159 062 572,15 | 101,71 |
| Kurzfristige Verbindlichkeiten |  |  |  | -581 846,45 | -0,37 |
| Kredite in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar ........................................  | USD |  |  | -581 846,45 | -0,37 |
| Sonstige Verbindlichkeiten |  |  |  | -341 867,95 | -0,21 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -341 867,95 | -0,21 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -260 932,22 | -0,17 |
| Summe der Verbindlichkeiten |  |  |  | -2 687 662,03 | -1,71 |
| Fondsvermögen |  |  |  | 156 374 910,12 | 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 FCH ...................................  | CHF | 105,77 |
| Klasse CHF LCH ...................................  | CHF | 100,73 |
| Klasse RMB FC ...................................  | CNH | 133,21 |
| Klasse RMB LC ...................................  | CNH | 127,51 |
| Klasse RMB FCH ..................................  | CNY | 106,72 |
| Klasse RMB LCH ..................................  | CNY | 105,37 |
| Klasse FCH .......................................  | EUR | 117,24 |
| Klasse FDH .......................................  | EUR | 83,30 |
| Klasse LCH .......................................  | EUR | 110,76 |
| Klasse LDH .......................................  | EUR | 82,50 |
| Klasse NC ........................................  | EUR | 144,26 |
| Klasse NCH ......................................  | EUR | 106,27 |
| Klasse NDH ......................................  | EUR | 76,10 |
| Klasse NDQH .....................................  | EUR | 88,33 |
| Klasse PFCH ......................................  | EUR | 95,84 |
| Klasse PFDQH ....................................  | EUR | 78,94 |
| Klasse TFCH ......................................  | EUR | 94,97 |
| Klasse SEK FCH ...................................  | SEK | 1 010,65 |
| Klasse SEK LCH ...................................  | SEK | 991,56 |
| Klasse USD FC ....................................  | USD | 134,71 |
| Klasse USD FCH (P) ................................  | USD | 101,11 |
| Klasse USD LC ....................................  | USD | 127,12 |
| Klasse USD LDMH (P) ..............................  | USD | 72,61 |
| Klasse USD TFC ...................................  | USD | 104,12 |
| Umlaufende Anteile Klasse CHF FCH ...................................  | Stück | 20 586,317 |
| Klasse CHF LCH ...................................  | Stück | 32 375,223 |
| Klasse RMB FC ...................................  | Stück | 15 050,000 |
| Klasse RMB LC ...................................  | Stück | 506 860,000 |
| Klasse RMB FCH ..................................  | Stück | 770,000 |
| Klasse RMB LCH ..................................  | Stück | 1 270,000 |
| Klasse FCH .......................................  | Stück | 304 478,561 |
| Klasse FDH .......................................  | Stück | 107,921 |
| Klasse LCH .......................................  | Stück | 300 833,019 |
| Klasse LDH .......................................  | Stück | 177 343,058 |
| Klasse NC ........................................  | Stück | 42 521,000 |
| Klasse NCH ......................................  | Stück | 40 164,144 |
| Klasse NDH ......................................  | Stück | 5 149,000 |
| Klasse NDQH .....................................  | Stück | 8 011,000 |
| Klasse PFCH ......................................  | Stück | 12 451,000 |
| Klasse PFDQH ....................................  | Stück | 5 231,000 |
| Klasse TFCH ......................................  | Stück | 270,828 |
| Klasse SEK FCH ...................................  | Stück | 91,000 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Klasse SEK LCH ...................................  | Stück | 49,000 |
| Klasse USD FC ....................................  | Stück | 34 205,351 |
| Klasse USD FCH (P) ................................  | Stück | 99,000 |
| Klasse USD LC ....................................  | Stück | 276 924,432 |
| Klasse USD LDMH (P) ..............................  | Stück | 663,000 |
| Klasse USD TFC ...................................  | Stück | 61,000 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,412 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 1,122 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 0,729 |

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 absoluten 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 USD 0,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe S.A., HSBC France, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank und UBS AG.
| Devisenkurse (in Mengennotiz) |  |
| --- | --- |
|  |  | per 30.6.2022 |
| Schweizer Franken	CHF | 0,955750 | = USD	1 |
| Chinesischer Renminbi	CNY | 6,696250 | = USD	1 |
| Euro	EUR | 0,960108 | = USD	1 |
| Schwedische Kronen	SEK | 10,257850 | = 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 in geringfügigem Umfang 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.
* Variabler Zinssatz.
**  Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
***  Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.