# DWS Invest Chinese Equities
DWS INVEST CHINESE EQUITIES

### Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0273157635 | -4.2% |
| Class FC | LU0273146190 | -3.8% |
| Class NC | LU0273145622 | -4.5% |
| Class TFC | LU1663840285 | -3.8% |
| Class GBP D RD 1 | LU0333022746 | -1.8% |
| Class USD FC 2 | LU0273176932 | -11.6% |
| Class USD LC 2 | LU0273164177 | -12.0% |
| Class USD TFC 2 | LU1663840368 | -11.6% |
| MSCI China 10/40 (EUR) |  | -1.2% |

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, 2022
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, 2022 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 3 845 679.47 | 3.22 |
| Telecommunication Services | 34 862 526.17 | 29.18 |
| Consumer Discretionaries | 17 794 774.07 | 14.90 |
| Energy | 9 041 652.60 | 7.57 |
| Consumer Staples | 12 279 961.49 | 10.28 |
| Financials | 23 851 092.02 | 19.96 |
| Basic Materials | 1 874 042.86 | 1.57 |
| Industrials | 8 312 117.37 | 6.96 |
| Utilities | 2 325 780.30 | 1.95 |
| Total equities | 114 187 626.35 | 95.59 |
| 2. Cash at bank | 4 243 027.41 | 3.55 |
| 3. Other assets | 1 597 986.71 | 1.34 |
| 4. Receivables from share certificate transactions | 120 004.76 | 0.10 |
| II. Liabilities |  |  |
| 1. Other liabilities | -613 037.43 | -0.51 |
| 2. Liabilities from share certificate transactions | -83 229.92 | -0.07 |
|  |  |  |
| III. Net assets | 119 452 377.88 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
| 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 |  |  |  |  |  |  | 114 187 615.58 | 95.59 |
| Equities China Tourism Group Duty Free Corp., Ltd ...............  | Count | 32 946 | 16 700 | 17 400 | CNY | 232.93 | 1 100 634.29 | 0.92 |
| Contemporary Amperex Technology Co., Ltd .............  | Count | 23 142 | 20 700 | 28 800 | CNY | 534 | 1 772 380.91 | 1.48 |
| ENN Natural Gas Co., Ltd ............................  | Count | 638 258 | 301 758 | 154 500 | CNY | 18.59 | 1 701 729.68 | 1.43 |
| GoerTek, Inc. ......................................         | Count | 70 236 |  | 115 200 | CNY | 33.6 | 338 465.16 | 0.28 |
| Industrial Bank Co., Ltd ..............................  | Count | 473 300 | 202 600 |  | CNY | 19.9 | 1 350 841.82 | 1.13 |
| JA Solar Technology Co., Ltd ..........................  | Count | 70 700 | 70 700 |  | CNY | 78.9 | 800 039.32 | 0.67 |
| Jiangsu Hengrui Medicine Co., Ltd .....................  | Count | 92 738 |  |  | CNY | 37.09 | 493 320.86 | 0.41 |
| Kweichow Moutai Co., Ltd ...........................  | Count | 9 568 | 6 920 | 5 400 | CNY | 2 045 | 2 806 269.63 | 2.35 |
| LONGi Green Energy Technology Co., Ltd ...............  | Count | 156 908 | 136 888 | 199 100 | CNY | 66.63 | 1 499 442.50 | 1.26 |
| Luxshare Precision Industry Co., Ltd ...................  | Count | 83 235 |  | 75 900 | CNY | 33.79 | 403 375.11 | 0.34 |
| Ming Yang Smart Energy Group Ltd ....................  | Count | 311 000 | 128 600 | 80 400 | CNY | 33.8 | 1 507 620.40 | 1.26 |
| Riyue Heavy Industry Co., Ltd ........................  | Count | 125 200 | 35 400 | 89 100 | CNY | 25.4 | 456 092.53 | 0.38 |
| Shenzhen Inovance Technology Co., Ltd .................  | Count | 68 799 |  | 68 200 | CNY | 65.87 | 649 957.12 | 0.54 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd .......  | Count | 18 300 |  | 7 500 | CNY | 313.2 | 822 030.18 | 0.69 |
| Tongling Jingda Special Magnet Wire Co., Ltd ............  | Count | 1 093 900 | 417 800 | 270 700 | CNY | 5.55 | 870 734.04 | 0.73 |
| Wuliangye Yibin Co., Ltd .............................  | Count | 106 102 | 72 002 | 24 800 | CNY | 201.93 | 3 072 835.65 | 2.57 |
| Wuxi Lead Intelligent Equipment Co., Ltd. . . . . . . . . . . . . . . . | Count | 142 681 | 142 681 |  | CNY | 63.18 | 1 292 887.34 | 1.08 |
| Yantai Jereh Oilfield Services Group Co., Ltd .............  | Count | 206 900 | 206 900 |  | CNY | 40.3 | 1 195 860.32 | 1.00 |
| Yunnan Baiyao Group Co., Ltd.........................  | Count | 62 300 | 62 300 |  | CNY | 60.39 | 539 595.10 | 0.45 |
| AIA Group Ltd .....................................  | Count | 134 800 | 82 400 | 155 400 | HKD | 85.05 | 1 402 858.46 | 1.17 |
| Air China Ltd ......................................  | Count | 416 000 | 690 000 | 274 000 | HKD | 6.82 | 347 158.14 | 0.29 |
| Alibaba Group Holding Ltd ...........................  | Count | 381 500 | 152 800 | 65 400 | HKD | 111.9 | 5 223 652.44 | 4.37 |
| Aluminum Corp. of China Ltd .........................  | Count | 1 562 000 | 3 376 000 | 1 814 000 | HKD | 2.97 | 567 658.47 | 0.48 |
| ANTA Sports Products Ltd ...........................  | Count | 49 400 |  | 133 600 | HKD | 96.4 | 582 711.55 | 0.49 |
| Bank of China Ltd ..................................  | Count | 5 347 000 | 10 330 000 | 4 983 000 | HKD | 3.13 | 2 047 878.40 | 1.71 |
| BOC Hong Kong Holdings Ltd.........................  | Count | 698 000 | 698 000 |  | HKD | 31 | 2 647 687.72 | 2.22 |
| BYD Co., Ltd ......................................  | Count | 57 000 | 30 000 | 75 500 | HKD | 314 | 2 190 050.59 | 1.83 |
| Cathay Pacific Airways Ltd ...........................  | Count | 611 000 | 611 000 |  | HKD | 8.59 | 642 220.28 | 0.54 |
| China Construction Bank Corp. ........................  | Count | 4 264 000 | 433 000 | 4 030 000 | HKD | 5.27 | 2 749 650.25 | 2.30 |
| China Mengniu Dairy Co., Ltd .........................  | Count | 541 000 | 101 000 | 279 000 | HKD | 39.15 | 2 591 663.88 | 2.17 |
| China Merchants Bank Co., Ltd........................  | Count | 226 500 |  | 262 500 | HKD | 52.5 | 1 455 047.44 | 1.22 |
| China Railway Group Ltd .............................  | Count | 2 187 000 | 2 187 000 |  | HKD | 4.85 | 1 297 896.81 | 1.09 |
| China Resources Beer Holdings Co., Ltd ................  | Count | 216 000 | 86 000 | 274 000 | HKD | 58.5 | 1 546 177.19 | 1.29 |
| China Resources Land Ltd ...........................  | Count | 621 111 | 202 000 |  | HKD | 36.6 | 2 781 633.77 | 2.33 |
| China State Construction International Holdings Ltd .......  | Count | 2 194 000 | 144 000 |  | HKD | 8.68 | 2 330 268.65 | 1.95 |
| China Suntien Green Energy Corp., Ltd .................  | Count | 1 275 000 |  | 368 000 | HKD | 4 | 624 050.62 | 0.52 |
| CK Asset Holdings Ltd ..............................  | Count | 88 500 | 233 500 | 145 000 | HKD | 55.5 | 601 015.81 | 0.50 |
| Country Garden Services Holdings Co., Ltd ..............  | Count | 263 000 | 363 000 | 196 000 | HKD | 34.95 | 1 124 741.12 | 0.94 |
| CSPC Pharmaceutical Group Ltd.......................  | Count | 1 286 000 |  | 456 000 | HKD | 7.79 | 1 225 823.86 | 1.03 |
| Fosun Tourism Group................................  | Count | 485 000 | 192 400 | 82 200 | HKD | 13.3 | 789 301.67 | 0.66 |
| Ganfeng Lithium Co., Ltd ............................  | Count | 123 640 | 56 040 | 85 400 | HKD | 86.35 | 1 306 384.39 | 1.09 |
| GCL Technology Holdings Ltd .........................  | Count | 1 905 000 | 2 431 000 | 526 000 | HKD | 3.79 | 883 453.78 | 0.74 |
| Great Wall Motor Co., Ltd ............................  | Count | 514 000 | 696 500 | 468 000 | HKD | 16.14 | 1 015 117.45 | 0.85 |
| Guangzhou Automobile Group Co., Ltd..................  | Count | 964 000 | 964 000 |  | HKD | 7.59 | 895 299.73 | 0.75 |
| Hua Hong Semiconductor Ltd.........................  | Count | 354 000 | 54 000 | 189 000 | HKD | 28.4 | 1 230 187.32 | 1.03 |
| Innovent Biologics, Inc. ..............................  | Count | 143 000 |  |  | HKD | 34.9 | 610 676.36 | 0.51 |
| JD.com, Inc. ......................................  | Count | 35 632 | 54 333 | 18 701 | HKD | 252.8 | 1 102 216.51 | 0.92 |
| JS Global Lifestyle Co., Ltd ...........................  | Count | 447 000 | 126 500 |  | HKD | 10.22 | 558 995.18 | 0.47 |
| Li Ning Co., Ltd ....................................  | Count | 80 500 |  | 126 500 | HKD | 72.7 | 716 110.32 | 0.60 |
| Link REIT .........................................  | Count | 58 500 |  | 114 000 | HKD | 64 | 458 126.57 | 0.38 |
| Meituan ..........................................  | Count | 235 900 | 159 200 | 58 800 | HKD | 194.2 | 5 605 660.75 | 4.69 |
| PetroChina Co., Ltd .................................  | Count | 5 898 000 | 926 000 | 870 000 | HKD | 3.74 | 2 699 143.75 | 2.26 |
| Ping An Insurance Group Co. of China Ltd ...............  | Count | 734 500 | 539 500 |  | HKD | 53.35 | 4 794 859.30 | 4.01 |
| Postal Savings Bank of China Co., Ltd ..................  | Count | 1 640 000 |  | 1 457 000 | HKD | 6.23 | 1 250 205.89 | 1.05 |
| Prudential PLC .....................................  | Count | 30 550 | 30 550 |  | HKD | 95.15 | 355 688.36 | 0.30 |
| Sany Heavy Equipment International Holdings Co., Ltd .....  | Count | 747 000 |  |  | HKD | 8.34 | 762 318.21 | 0.64 |
| Sunny Optical Technology Group Co., Ltd ................  | Count | 23 400 |  | 38 600 | HKD | 127.9 | 366 214.93 | 0.31 |
| Tencent Holdings Ltd................................  | Count | 209 590 | 240 090 | 270 590 | HKD | 354.4 | 9 088 954.20 | 7.61 |
| Tongcheng-Elong Holdings Ltd ........................  | Count | 439 600 | 312 000 | 380 800 | HKD | 16.88 | 907 987.29 | 0.76 |
| Tsingtao Brewery Co., Ltd ...........................  | Count | 228 000 | 58 000 | 106 000 | HKD | 81.6 | 2 276 536.67 | 1.91 |
| Wuxi Biologics Cayman, Inc. ..........................  | Count | 206 000 | 135 500 | 39 000 | HKD | 71.8 | 1 809 844.69 | 1.52 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 59 219 | 17 371 | 14 223 | USD | 111.99 | 6 367 374.63 | 5.33 |
| Baidu, Inc. -ADR- ...................................  | Count | 6 423 | 3 661 | 4 090 | USD | 147.21 | 907 810.75 | 0.76 |
| JD.com, Inc. -ADR- .................................  | Count | 46 258 | 34 375 | 36 981 | USD | 63.24 | 2 808 657.62 | 2.35 |
| KE Holdings, Inc. -ADR-..............................  | Count | 50 430 | 50 430 |  | USD | 17.16 | 830 857.11 | 0.70 |
| NetEase, Inc. -ADR-.................................  | Count | 29 982 | 12 401 | 29 694 | USD | 90.86 | 2 615 492.15 | 2.19 |
| Pinduoduo, Inc. -ADR- ...............................  | Count | 30 886 | 51 883 | 20 997 | USD | 60.39 | 1 790 798.76 | 1.50 |
| Trip.com Group Ltd -ADR- ............................  | Count | 41 765 | 22 333 | 28 900 | USD | 26.42 | 1 059 413.22 | 0.89 |
| Yum China Holdings, Inc. ............................  | Count | 36 804 | 17 931 | 34 122 | USD | 47.26 | 1 669 970.61 | 1.40 |
| Unlisted securities |  |  |  |  |  |  | 10.77 | 0.00 |
| Equities Moulin Global Eyecare...............................  | Count | 880 000 |  |  | HKD | 0.001 | 10.77 | 0.00 |
| Total securities portfolio |  |  |  |  |  |  | 114 187 626.35 | 95.59 |

| 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 |
| Cash at bank |  |  | 4 243 027.41 | 3.55 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  | 163 470.89 | 0.14 |
| Deposits in non-EU/EEA currencies |  |  |  |  |
| Australian dollar ....................................         | AUD | 1 | 0.26 | 0.00 |
| British pound ......................................  | GBP | 10 387 | 12 128.57 | 0.01 |
| Chinese yuan renminbi ..............................  | CNY | 5 177 422 | 742 554.72 | 0.62 |
| Hong Kong dollar ...................................  | HKD | 19 467 920 | 2 382 150.45 | 1.99 |
| U.S. dollar ........................................  | USD | 981 892 | 942 722.52 | 0.79 |
| Other assets |  |  | 1 597 986.71 | 1.34 |
| Dividends/Distributions receivable .....................  |  |  | 571 728.29 | 0.48 |
| Receivables from exceeding the expense cap ............  |  |  | 1 893.04 | 0.00 |
| Other receivables ..................................  |  |  | 1 024 365.38 | 0.86 |
| Receivables from share certificate transactions |  |  | 120 004.76 | 0.10 |
| Total assets |  |  | 120 148 645.23 | 100.58 |
| Other liabilities |  |  | -613 037.43 | -0.51 |
| Liabilities from cost items ............................  |  |  | -336 958.91 | -0.28 |
| Additional other liabilities.............................  |  |  | -276 078.52 | -0.23 |
| Liabilities from share certificate transactions |  |  | -83 229.92 | -0.07 |
| Total liabilities |  |  | -696 267.35 | -0.58 |
| Net assets |  |  | 119 452 377.88 | 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 | 287.32 |
| Class LC .........................................  | EUR | 254.44 |
| Class NC .........................................  | EUR | 229.59 |
| Class TFC ........................................  | EUR | 113.24 |
| Class GBP D RD ...................................  | GBP | 171.53 |
| Class USD FC .....................................  | USD | 229.77 |
| Class USD LC .....................................  | USD | 203.89 |
| Class USD TFC ....................................  | USD | 101.67 |
| Number of shares outstanding Class FC .........................................  | Count | 22 783.173 |
| Class LC .........................................  | Count | 376 364.962 |
| Class NC .........................................  | Count | 62 623.978 |
| Class TFC ........................................  | Count | 2 064.500 |
| Class GBP D RD ...................................  | Count | 307.006 |
| Class USD FC .....................................  | Count | 327.000 |
| Class USD LC .....................................  | Count | 12 235.328 |
| 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 .........................  | % | 84.329 |
| --- | --- | --- |
| Highest market risk exposure ........................  | % | 96.069 |
| Average market risk exposure ........................  | % | 91.240 |

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
| Australian dollar	AUD | 1.508945 | = EUR | 1 |
| --- | --- | --- | --- |
| Chinese yuan renminbi	CNY | 6.972445 | = EUR | 1 |
| British pound	GBP | 0.856432 | = EUR | 1 |
| Hong Kong dollar	HKD | 8.172414 | = 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 valued at derived market values.

Translation (ENDE, 2022-06-30):
# 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 | -3,8% |
| Klasse NC | LU0273145622 | -4,5% |
| Klasse TFC | LU1663840285 | -3,8% |
| Klasse GBP D RD 1) | LU0333022746 | -1,8% |
| Klasse USD FC 2) | LU0273176932 | -11,6% |
| Klasse USD LC 2) | LU0273164177 | -12,0% |
| Klasse USD TFC 2) | LU1663840368 | -11,6% |
| MSCI China 10/40 (EUR) |  | -1,2% |

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: 30.6.2022
DWS Invest Chinese Equities
| Vermögensübersicht zum 30.6.2022 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 3 845 679,47 | 3,22 |
| Telekommunikationsdienste | 34 862 526,17 | 29,18 |
| Dauerhafte Konsumgüter | 17 794 774,07 | 14,90 |
| Energie | 9 041 652,60 | 7,57 |
| Hauptverbrauchsgüter | 12 279 961,49 | 10,28 |
| Finanzsektor | 23 851 092,02 | 19,96 |
| Grundstoffe | 1 874 042,86 | 1,57 |
| Industrien | 8 312 117,37 | 6,96 |
| Versorger | 2 325 780,30 | 1,95 |
| Summe Aktien | 114 187 626,35 | 95,59 |
| 2. Bankguthaben | 4 243 027,41 | 3,55 |
| 3. Sonstige Vermögensgegenstände | 1 597 986,71 | 1,34 |
| 4. Forderungen aus Anteilscheingeschäften | 120 004,76 | 0,10 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -613 037,43 | -0,51 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -83 229,92 | -0,07 |
|  |  |  |
| III. Fondsvermögen | 119 452 377,88 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Vermögensaufstellung zum 30.6.2022 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 114 187 615,58 | 95,59 |
| Aktien China Tourism Group Duty Free Corp., Ltd ..............  | Stück | 32 946 | 16 700 | 17 400 | CNY | 232,93 | 1 100 634,29 | 0,92 |
| Contemporary Amperex Technology Co., Ltd ............  | Stück | 23 142 | 20 700 | 28 800 | CNY | 534 | 1 772 380,91 | 1,48 |
| ENN Natural Gas Co., Ltd ...........................  | Stück | 638 258 | 301 758 | 154 500 | CNY | 18,59 | 1 701 729,68 | 1,43 |
| GoerTek, Inc. .....................................  | Stück | 70 236 |  | 115 200 | CNY | 33,6 | 338 465,16 | 0,28 |
| Industrial Bank Co., Ltd .............................  | Stück | 473 300 | 202 600 |  | CNY | 19,9 | 1 350 841,82 | 1,13 |
| JA Solar Technology Co., Ltd .........................  | Stück | 70 700 | 70 700 |  | CNY | 78,9 | 800 039,32 | 0,67 |
| Jiangsu Hengrui Medicine Co., Ltd ....................  | Stück | 92 738 |  |  | CNY | 37,09 | 493 320,86 | 0,41 |
| Kweichow Moutai Co., Ltd ...........................  | Stück | 9 568 | 6 920 | 5 400 | CNY | 2 045 | 2 806 269,63 | 2,35 |
| LONGi Green Energy Technology Co., Ltd ..............  | Stück | 156 908 | 136 888 | 199 100 | CNY | 66,63 | 1 499 442,50 | 1,26 |
| Luxshare Precision Industry Co., Ltd ...................  | Stück | 83 235 |  | 75 900 | CNY | 33,79 | 403 375,11 | 0,34 |
| Ming Yang Smart Energy Group Ltd ...................  | Stück | 311 000 | 128 600 | 80 400 | CNY | 33,8 | 1 507 620,40 | 1,26 |
| Riyue Heavy Industry Co., Ltd ........................  | Stück | 125 200 | 35 400 | 89 100 | CNY | 25,4 | 456 092,53 | 0,38 |
| Shenzhen Inovance Technology Co., Ltd ................  | Stück | 68 799 |  | 68 200 | CNY | 65,87 | 649 957,12 | 0,54 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd .......  | Stück | 18 300 |  | 7 500 | CNY | 313,2 | 822 030,18 | 0,69 |
| Tongling Jingda Special Magnet Wire Co., Ltd ...........  | Stück | 1 093 900 | 417 800 | 270 700 | CNY | 5,55 | 870 734,04 | 0,73 |
| Wuliangye Yibin Co., Ltd ............................  | Stück | 106 102 | 72 002 | 24 800 | CNY | 201,93 | 3 072 835,65 | 2,57 |
| Wuxi Lead Intelligent Equipment Co., Ltd ...............  | Stück | 142 681 | 142 681 |  | CNY | 63,18 | 1 292 887,34 | 1,08 |
| Yantai Jereh Oilfield Services Group Co., Ltd ............  | Stück | 206 900 | 206 900 |  | CNY | 40,3 | 1 195 860,32 | 1,00 |
| Yunnan Baiyao Group Co., Ltd ........................  | Stück | 62 300 | 62 300 |  | CNY | 60,39 | 539 595,10 | 0,45 |
| AIA Group Ltd ....................................  | Stück | 134 800 | 82 400 | 155 400 | HKD | 85,05 | 1 402 858,46 | 1,17 |
| Air China Ltd ......................................  | Stück | 416 000 | 690 000 | 274 000 | HKD | 6,82 | 347 158,14 | 0,29 |
| Alibaba Group Holding Ltd ...........................  | Stück | 381 500 | 152 800 | 65 400 | HKD | 111,9 | 5 223 652,44 | 4,37 |
| Aluminum Corp. of China Ltd .........................  | Stück | 1 562 000 | 3 376 000 | 1 814 000 | HKD | 2,97 | 567 658,47 | 0,48 |
| ANTA Sports Products Ltd ...........................  | Stück | 49 400 |  | 133 600 | HKD | 96,4 | 582 711,55 | 0,49 |
| Bank of China Ltd ..................................  | Stück | 5 347 000 | 10 330 000 | 4 983 000 | HKD | 3,13 | 2 047 878,40 | 1,71 |
| BOC Hong Kong Holdings Ltd ........................  | Stück | 698 000 | 698 000 |  | HKD | 31 | 2 647 687,72 | 2,22 |
| BYD Co., Ltd .....................................  | Stück | 57 000 | 30 000 | 75 500 | HKD | 314 | 2 190 050,59 | 1,83 |
| Cathay Pacific Airways Ltd ...........................  | Stück | 611 000 | 611 000 |  | HKD | 8,59 | 642 220,28 | 0,54 |
| China Construction Bank Corp. .......................  | Stück | 4 264 000 | 433 000 | 4 030 000 | HKD | 5,27 | 2 749 650,25 | 2,30 |
| China Mengniu Dairy Co., Ltd ........................  | Stück | 541 000 | 101 000 | 279 000 | HKD | 39,15 | 2 591 663,88 | 2,17 |
| China Merchants Bank Co., Ltd .......................  | Stück | 226 500 |  | 262 500 | HKD | 52,5 | 1 455 047,44 | 1,22 |
| China Railway Group Ltd ............................  | Stück | 2 187 000 | 2 187 000 |  | HKD | 4,85 | 1 297 896,81 | 1,09 |
| China Resources Beer Holdings Co., Ltd ................  | Stück | 216 000 | 86 000 | 274 000 | HKD | 58,5 | 1 546 177,19 | 1,29 |
| China Resources Land Ltd ...........................  | Stück | 621 111 | 202 000 |  | HKD | 36,6 | 2 781 633,77 | 2,33 |
| China State Construction International Holdings Ltd .......  | Stück | 2 194 000 | 144 000 |  | HKD | 8,68 | 2 330 268,65 | 1,95 |
| China Suntien Green Energy Corp., Ltd .................  | Stück | 1 275 000 |  | 368 000 | HKD | 4 | 624 050,62 | 0,52 |
| CK Asset Holdings Ltd ..............................  | Stück | 88 500 | 233 500 | 145 000 | HKD | 55,5 | 601 015,81 | 0,50 |
| Country Garden Services Holdings Co., Ltd ..............  | Stück | 263 000 | 363 000 | 196 000 | HKD | 34,95 | 1 124 741,12 | 0,94 |
| CSPC Pharmaceutical Group Ltd ......................  | Stück | 1 286 000 |  | 456 000 | HKD | 7,79 | 1 225 823,86 | 1,03 |
| Fosun Tourism Group ...............................  | Stück | 485 000 | 192 400 | 82 200 | HKD | 13,3 | 789 301,67 | 0,66 |
| Ganfeng Lithium Co., Ltd ............................  | Stück | 123 640 | 56 040 | 85 400 | HKD | 86,35 | 1 306 384,39 | 1,09 |
| GCL Technology Holdings Ltd ........................  | Stück | 1 905 000 | 2 431 000 | 526 000 | HKD | 3,79 | 883 453,78 | 0,74 |
| Great Wall Motor Co., Ltd ...........................  | Stück | 514 000 | 696 500 | 468 000 | HKD | 16,14 | 1 015 117,45 | 0,85 |
| Guangzhou Automobile Group Co., Ltd .................  | Stück | 964 000 | 964 000 |  | HKD | 7,59 | 895 299,73 | 0,75 |
| Hua Hong Semiconductor Ltd ........................  | Stück | 354 000 | 54 000 | 189 000 | HKD | 28,4 | 1 230 187,32 | 1,03 |
| Innovent Biologics, Inc. .............................  | Stück | 143 000 |  |  | HKD | 34,9 | 610 676,36 | 0,51 |
| JD.com, Inc. ......................................  | Stück | 35 632 | 54 333 | 18 701 | HKD | 252,8 | 1 102 216,51 | 0,92 |
| JS Global Lifestyle Co., Ltd ..........................  | Stück | 447 000 | 126 500 |  | HKD | 10,22 | 558 995,18 | 0,47 |
| Li Ning Co., Ltd ...................................  | Stück | 80 500 |  | 126 500 | HKD | 72,7 | 716 110,32 | 0,60 |
| Link REIT ........................................  | Stück | 58 500 |  | 114 000 | HKD | 64 | 458 126,57 | 0,38 |
| Meituan .........................................  | Stück | 235 900 | 159 200 | 58 800 | HKD | 194,2 | 5 605 660,75 | 4,69 |
| PetroChina Co., Ltd ................................  | Stück | 5 898 000 | 926 000 | 870 000 | HKD | 3,74 | 2 699 143,75 | 2,26 |
| Ping An Insurance Group Co. of China Ltd ..............  | Stück | 734 500 | 539 500 |  | HKD | 53,35 | 4 794 859,30 | 4,01 |
| Postal Savings Bank of China Co., Ltd ..................  | Stück | 1 640 000 |  | 1 457 000 | HKD | 6,23 | 1 250 205,89 | 1,05 |
| Prudential PLC ....................................  | Stück | 30 550 | 30 550 |  | HKD | 95,15 | 355 688,36 | 0,30 |
| Sany Heavy Equipment International Holdings Co., Ltd ....  | Stück | 747 000 |  |  | HKD | 8,34 | 762 318,21 | 0,64 |
| Sunny Optical Technology Group Co., Ltd ...............  | Stück | 23 400 |  | 38 600 | HKD | 127,9 | 366 214,93 | 0,31 |
| Tencent Holdings Ltd ...............................  | Stück | 209 590 | 240 090 | 270 590 | HKD | 354,4 | 9 088 954,20 | 7,61 |
| Tongcheng-Elong Holdings Ltd .......................  | Stück | 439 600 | 312 000 | 380 800 | HKD | 16,88 | 907 987,29 | 0,76 |
| Tsingtao Brewery Co., Ltd ...........................  | Stück | 228 000 | 58 000 | 106 000 | HKD | 81,6 | 2 276 536,67 | 1,91 |
| Wuxi Biologics Cayman, Inc. .........................  | Stück | 206 000 | 135 500 | 39 000 | HKD | 71,8 | 1 809 844,69 | 1,52 |
| Alibaba Group Holding Ltd -ADR- ......................  | Stück | 59 219 | 17 371 | 14 223 | USD | 111,99 | 6 367 374,63 | 5,33 |
| Baidu, Inc. -ADR- ..................................  | Stück | 6 423 | 3 661 | 4 090 | USD | 147,21 | 907 810,75 | 0,76 |
| JD.com, Inc. -ADR- .................................  | Stück | 46 258 | 34 375 | 36 981 | USD | 63,24 | 2 808 657,62 | 2,35 |
| KE Holdings, Inc. -ADR- .............................  | Stück | 50 430 | 50 430 |  | USD | 17,16 | 830 857,11 | 0,70 |
| NetEase, Inc. -ADR- ................................  | Stück | 29 982 | 12 401 | 29 694 | USD | 90,86 | 2 615 492,15 | 2,19 |
| Pinduoduo, Inc. -ADR- ..............................  | Stück | 30 886 | 51 883 | 20 997 | USD | 60,39 | 1 790 798,76 | 1,50 |
| Trip.com Group Ltd -ADR- ...........................  | Stück | 41 765 | 22 333 | 28 900 | USD | 26,42 | 1 059 413,22 | 0,89 |
| Yum China Holdings, Inc. ............................  | Stück | 36 804 | 17 931 | 34 122 | USD | 47,26 | 1 669 970,61 | 1,40 |
| Nichtnotierte Wertpapiere |  |  |  |  |  |  | 10,77 | 0,00 |
| Aktien Moulin Global Eyecare ..............................  | Stück | 880 000 |  |  | HKD | 0,001 | 10,77 | 0,00 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 114 187 626,35 | 95,59 |

| DWS Invest Chinese Equities |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Bankguthaben |  |  |  | 4 243 027,41 | 3,55 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 163 470,89 | 0,14 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 1 |  | 0,26 | 0,00 |
| Britisches Pfund ...................................  | GBP | 10 387 |  | 12 128,57 | 0,01 |
| Chinesischer Renminbi ..............................  | CNY | 5 177 422 |  | 742 554,72 | 0,62 |
| Hongkong Dollar ...................................  | HKD | 19 467 920 |  | 2 382 150,45 | 1,99 |
| US-Dollar ........................................  | USD | 981 892 |  | 942 722,52 | 0,79 |
| Sonstige Vermögensgegenstände |  |  |  | 1 597 986,71 | 1,34 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 571 728,29 | 0,48 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 1 893,04 | 0,00 |
| Sonstige Ansprüche ................................  |  |  |  | 1 024 365,38 | 0,86 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 120 004,76 | 0,10 |
| Summe der Vermögensgegenstände |  |  |  | 120 148 645,23 | 100,58 |
| Sonstige Verbindlichkeiten |  |  |  | -613 037,43 | -0,51 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -336 958,91 | -0,28 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -276 078,52 | -0,23 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -83 229,92 | -0,07 |
| Summe der Verbindlichkeiten |  |  |  | -696 267,35 | -0,58 |
| Fondsvermögen |  |  |  | 119 452 377,88 | 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 | 287,32 |
| Klasse LC ........................................  | EUR | 254,44 |
| Klasse NC ........................................  | EUR | 229,59 |
| Klasse TFC .......................................  | EUR | 113,24 |
| Klasse GBP D RD ..................................  | GBP | 171,53 |
| Klasse USD FC ....................................  | USD | 229,77 |
| Klasse USD LC ....................................  | USD | 203,89 |
| Klasse USD TFC ...................................  | USD | 101,67 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 22 783,173 |
| Klasse LC ........................................  | Stück | 376 364,962 |
| Klasse NC ........................................  | Stück | 62 623,978 |
| Klasse TFC .......................................  | Stück | 2 064,500 |
| Klasse GBP D RD ..................................  | Stück | 307,006 |
| Klasse USD FC ....................................  | Stück | 327,000 |
| Klasse USD LC ....................................  | Stück | 12 235,328 |
| 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 .....................  | % | 84,329 |
| --- | --- | --- |
| größter potenzieller Risikobetrag  .....................  | % | 96,069 |
| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 91,240 |

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
| Australischer Dollar	AUD | 1,508945 | = EUR | 1 |
| --- | --- | --- | --- |
| Chinesischer Renminbi	CNY | 6,972445 | = EUR | 1 |
| Britisches Pfund	GBP | 0,856432 | = EUR | 1 |
| Hongkong Dollar	HKD | 8,172414 | = 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 zu abgeleiteten Verkehrswerten bewertet.