# DWS Invest China Bonds
DWS INVEST CHINA BONDS

### Performance of share classes (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LCH 2 | LU0632805262 | 0.6% |
| Class FCH 2 | LU0632808951 | 0.8% |
| Class FDH 2 | LU0740831374 | 0.8% |
| Class LDH 2 | LU0740830996 | 0.6% |
| Class NC 2 | LU0616855887 | 1.5% |
| Class NCH 2 | LU0740831614 | 0.3% |
| Class NDH 2 | LU0740832000 | 0.4% |
| Class NDQH 2 | LU1054325771 | 0.4% |
| Class PFCH 2 | LU1054325854 | 0.4% |
| Class PFDQH 2 | LU1054325938 | 1.2% |
| Class TFCH 2 | LU1663839949 | 0.8% |
| Class CHF FCH 3 | LU0813328357 | 0.6% |
| Class CHF LCH 3 | LU0813327896 | 0.3% |
| Class RMB FC 4 | LU0813328860 | 3.3% |
| Class RMB FCH 4 | LU2093591621 | 0.7% 1 |
| Class RMB LC 4 | LU0813328787 | 3.0% |
| Class RMB LCH 4 | LU2093593593 | 0.5% 1 |
| Class SEK FCH 5 | LU1322112480 | 1.1% |
| Class SEK LCH 5 | LU1322112563 | 1.0% |
| Class USD FC | LU0616856778 | 1.9% |
| Class USD FCH (P) | LU1322112647 | 3.2% |
| Class USD LC | LU0616856422 | 1.7% |
| Class USD LDH (P) | LU1322112720 | 2.4% |
| Class USD LDMH (P) | LU1322112993 | 2.5% |
| Class USD TFC | LU1663840103 | 1.9% |

1 
Classes RMB FCH and RMB LCH launched on January 31, 2020
2 
in EUR
3 
in CHF
4 
in CNY
5 
in SEK
“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 China Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 162 245 263.31 | 73.93 |
| Central governments | 43 952 986.35 | 20.02 |
| Total bonds | 206 198 249.66 | 93.95 |
| 2. Derivatives | -741 676.91 | - 0.33 |
| 3. Cash at bank | 12 464 995.28 | 5.68 |
| 4. Other assets | 1 995 895.92 | 0.91 |
| 5. Receivables from share certificate transactions | 352 408.01 | 0.16 |
| II. Liabilities |  |  |
| 1. Other liabilities | -426 928.22 | - 0.19 |
| 2. Liabilities from share certificate transactions | -364 825.60 | - 0.17 |
| III. Net assets | 219 478 118.14 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | 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 |  |  |  |  |  |  | 178 957 959.84 | 81.54 |
| Interest-bearing securities 5.35  % China City Construction International Co., Ltd 2014/2017 .............................  | CNY | 59 333 534 |  | 2 579 720 | % | 0 | 8.39 | 0.00 |
| 2.50  % Abu Dhabi Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2020/2025 ..........................  | USD | 3 170 000 | 3 170 000 | % | 105.28 | 3 337 391.85 | 1.52 |
| 3.949 % Adani Electricity Mumbai Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | USD | 2 000 000 | 2 000 000 | % | 93.796 | 1 875 910.00 | 0.85 |
| 9.50  % Agile Group Holdings Ltd 2018/2020 ...........  | USD | 670 000 | 670 000 | % | 102.229 | 684 934.30 | 0.31 |
| 7.25  % Asahi Mutual Life Insurance Co. 2017/perpetual * . | USD | 1 000 000 | 1 000 000 | % | 105.376 | 1 053 765.00 | 0.48 |
| 2.85 % Avi Funding Co., Ltd -Reg- (MTN) 2015/2020 ..... 2.625 % Azure Orbit III International Finance Ltd (MTN) 2016/2021 ................................  | USD USD | 4 000 000 2 200 000 | 4 000 000 2 200 000 | % % | 100.412 100.991 | 4 016 460.00 2 221 802.00 | 1.83 1.01 |
| 4.05  % Bangkok Bank PCL/Hong Kong -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2018/2024 ................................  | USD | 800 000 |  | % | 108.283 | 866 264.00 | 0.39 |
| 2.375 % Bank of China Ltd/Hong Kong (MTN) 2016/2021 ..  | USD | 1 000 000 | 1 000 000 | % | 100.818 | 1 008 175.00 | 0.46 |
| 2.25  % Bank of China Ltd/Luxembourg (MTN) 2016/2021 . 2.054 % Bank of Communications Co., Ltd/Hong Kong (MTN) 2017/2020 * .........................  | USD USD | 4 000 000 1 200 000 | 4 000 000 1 200 000 | % % | 101.092 100.1 | 4 043 660.00 1 201 194.00 | 1.84 0.55 |
| 2.375 % BOC Aviation Ltd -Reg- (MTN) 2016/2021 .......  | USD | 1 000 000 | 1 000 000 | % | 100.238 | 1 002 375.00 | 0.46 |
| 3.875 % Central Plaza Development Ltd 2018/2021.......  | USD | 2 930 000 | 2 930 000 | % | 100.322 | 2 939 419.95 | 1.34 |
| 8.50  % China Aoyuan Group Ltd 2019/2022 ............  | USD | 2 000 000 | 2 000 000 | % | 103.42 | 2 068 410.00 | 0.94 |
| 4.80  % China Aoyuan Group Ltd 2020/2021 ............  2.45  % China Construction Bank Corp. (MTN) 2020/2030 * ..............................  | USD USD | 1 350 000 1 000 000 | 1 350 000 1 000 000 | % % | 99.575 99.801 | 1 344 262.50 998 010.00 | 0.61 0.45 |
| 1.729 % China Construction Bank Corp./Hong Kong |  |  |  |  |  |  |  |  |
| (MTN) 2018/2021 * .........................  | USD | 3 000 000 | 3 000 000 | % | 99.972 | 2 999 145.00 | 1.37 |
| 1.954 % China Construction Bank Corp./Hong Kong |  |  |  |  |  |  |  |  |
| (MTN) 2018/2021 * .........................  | USD | 3 550 000 | 3 550 000 | % | 100.032 | 3 551 153.75 | 1.62 |
| 2.50  % China Development Bank (MTN) 2015/2020 .....  | USD | 9 000 000 | 1 000 000 | % | 100.39 | 9 035 100.00 | 4.12 |
| 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 |  | % % | 107.656 107.554 | 2 583 756.00 2 903 944.50 | 1.18 1.32 |
| 7.625 % CIFI Holdings Group Co., Ltd 2019/2021 ........ 1.875 % CK Hutchison International 16 Ltd -Reg- (MTN) 2016/2021 ..........................  | USD USD | 1 000 000 500 000 | 1 000 000 500 000 | % % | 101.904 100.601 | 1 019 040.00 503 005.00 | 0.46 0.23 |
| 2.875 % CK Hutchison International 17 Ltd -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2022 ..........................  | USD | 1 000 000 |  |  | % | 102.538 | 1 025 385.00 | 0.47 |
| 3.609 | % CMT MTN Pte Ltd (MTN) 2019/2029 ...........  | USD | 3 150 000 |  |  | % | 106.477 | 3 354 025.50 | 1.53 |
| 4.25 | % CNOOC Finance 2011 Ltd -Reg- (MTN) 2011/2021 ................................  | USD | 5 150 000 | 5 150 000 |  | % | 101.658 | 5 235 361.25 | 2.39 |
| 4.50 | % CNPC HK Overseas Capital Ltd -Reg- (MTN) 2011/2021 ..........................  | USD | 5 000 000 | 5 000 000 |  | % | 102.679 | 5 133 950.00 | 2.34 |
| 2.75 | % Eastern Creation II Investment Holdings Ltd (MTN) 2017/2020 ..........................  | USD | 750 000 |  |  | % | 100.25 | 751 878.75 | 0.34 |
| 2.80 | % Eastern Creation II Investment Holdings Ltd (MTN) 2019/2022 ..........................  | USD | 3 050 000 |  |  | % | 101.67 | 3 100 919.75 | 1.41 |
| 7.50 | % Eterna Capital Pte Ltd (MTN) 2017/2022 ........  | USD | 5 238 462 |  | 59 684 | % | 55.673 | 2 916 385.90 | 1.33 |
| 2.00 | % Export-Import Bank of China/The (MTN) 2016/2021 ................................  | USD | 1 000 000 | 1 000 000 |  | % | 100.845 | 1 008 450.00 | 0.46 |
| 1.875 | % Export-Import Bank of Korea (MTN) 2020/2025 ...  | USD | 850 000 | 850 000 |  | % | 104.05 | 884 429.25 | 0.40 |
| 2.191 | % Export-Import Bank of Korea 2020/2023 * .......  | USD | 850 000 | 850 000 |  | % | 101.46 | 862 410.00 | 0.39 |
| 3.375 | % Guangzhou Metro Investment Finance BVI Ltd (MTN) 2015/2020 ..........................  | USD | 800 000 | 800 000 |  | % | 100.79 | 806 316.00 | 0.37 |
| 4.50 | % Hongkong Land Finance Cayman Islands Co., |  |  |  |  |  |  |  |  |
| Ltd/The (MTN) 2012/2022 ....................     | USD | 5 000 000 | 5 000 000 | % | 105.393 | 5 269 650.00 | 2.40 |
| 1.342 % ICBCIL Finance Co., Ltd (MTN) 2018/2021 * .....  4.75 % Indonesia Asahan Aluminium Persero PT -Reg- (MTN) 2020/2025 ..........................  | USD USD | 700 000 1 150 000 | 700 000 1 150 000 | % % | 99.512 107.308 | 696 584.00 1 234 047.75 | 0.32 0.56 |
| 5.125 | % Industrial & Commercial Bank of China Asia Ltd |  |  |  |  |  |  |  |  |
| (MTN) 2010/2020 ..........................  | USD | 6 000 000 | 6 000 000 |  | % | 101.579 | 6 094 740.00 | 2.78 |
| 11.75 % Kaisa Group Holdings Ltd 2019/2021 ...........  | USD | 694 000 |  |  | % | 103.036 | 715 073.31 | 0.33 |
| 7.875 % Kaisa Group Holdings Ltd 2020/2021 ...........  | USD | 1 000 000 | 3 000 000 | 2 000 000 | % | 100.472 | 1 004 720.00 | 0.46 |
| 4.50  % Kookmin Bank (MTN) 2019/2029 ..............  | USD | 1 000 000 |  |  | % | 114.014 | 1 140 140.00 | 0.52 |
| 1.75  % Kookmin Bank -Reg- (MTN) 2020/2025..........  | USD | 800 000 | 800 000 |  | % | 102.321 | 818 568.00 | 0.37 |
| 1.75  % Korea Development Bank/The (MTN) 2020/2025 ..  1.75 % Korea East-West Power Co., Ltd -Reg- (MTN) 2020/2025 ................................  | USD USD | 2 000 000 1 250 000 | 2 000 000 1 250 000 |  | % % | 103.586 103.076 | 2 071 710.00 1 288 443.75 | 0.94 0.59 |
| 1.125 | % Korea Electric Power Corp. -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2020/2025 ................................  | USD | 850 000 | 850 000 |  | % | 100.402 | 853 417.00 | 0.39 |
| 7.375 % Medco Oak Tree Pte Ltd (MTN) -Reg- 2019/2026 . | USD | 2 000 000 | 2 000 000 |  | % | 92.677 | 1 853 540.00 | 0.84 |
| 4.625 % Minejesa Capital BV -Reg- 2017/2030...........  5.125 % Mong Duong Finance Holdings BV -Reg- (MTN) 2019/2029 ................................  | USD USD | 1 250 000 2 300 000 |  | 750 000 | % % | 102.114 99.852 | 1 276 425.00 2 296 607.50 | 0.58 1.05 |
| 3.40  % Nippon Life Insurance Co. -Reg- 2020/2050 * ....  | USD | 750 000 | 750 000 |  | % | 102.83 | 771 221.25 | 0.35 |
| 5.25  % NWD Ltd (MTN) 2014/2021 ..................  | USD | 5 500 000 | 5 500 000 |  | % | 101.888 | 5 603 812.50 | 2.55 |
| 2.65  % ORIX Corp. (MTN) 2016/2021 .................  | USD | 200 000 | 200 000 |  | % | 101.294 | 202 588.00 | 0.09 |
| 5.75  % PCCW Capital No 4 Ltd (MTN) 2012/2022 .......  | USD | 3 840 000 |  | 340 000 | % | 106.18 | 4 077 292.80 | 1.86 |

| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3.75  % PCCW-HKT Capital No. 5 Ltd -Reg- (MTN) 2013/2023 ................................  | USD | 5 000 000 | 5 000 000 |  | % | 104.046 | 5 202 300.00 | 2.37 |
| 5.375 % Perusahaan Listrik Negara PT -Reg- 2018/2029 ...  | USD | 2 000 000 |  |  | % | 115.802 | 2 316 030.00 | 1.06 |
| 7.125 % Powerlong Real Estate Holdings Ltd 2019/2022 ..  2.587 % PTTEP Treasury Center Co., Ltd -Reg- (MTN) 2020/2027 ................................  | USD USD | 400 000 650 000 | 650 000 |  | % % | 101.379 102.413 | 405 516.00 665 684.50 | 0.19 0.30 |
| 5.25  % SDG Finance I Ltd 2018/2021 .................  3.90  % Siam Commercial Bank PCL/Cayman Islands (MTN) 2019/2024 ..........................  | USD USD | 1 000 000 2 500 000 | 1 000 000 |  | % % | 103.283 107.07 | 1 032 830.00 2 676 737.50 | 0.47 1.22 |
| 2.00  % Sinopec Group Overseas Development 2016 Ltd -Reg- (MTN) 2016/2021 ......................      | USD | 2 000 000 | 2 000 000 |  | % | 100.842 | 2 016 840.00 | 0.92 |
| 2.25  % Sinopec Group Overseas Development 2017 Ltd -Reg- 2017/2020 ...........................  | USD | 5 000 000 | 3 000 000 |  | % | 100.162 | 5 008 125.00 | 2.28 |
| 5.325 % Sompo Japan Nipponkoa Insurance, Inc. -Reg- |  |  |  |  |  |  |  |  |
| 2.75 | 2013/2073 * ..............................  % State Grid Overseas Investment 2016 Ltd -Reg- (MTN) 2017/2022 ..........................  | USD USD | 1 313 000 5 000 000 | 1 313 000 |  | % % | 107.995 102.702 | 1 417 974.35 5 135 125.00 | 0.65 2.34 |
| 7.35 | % Sunac China Holdings Ltd 2018/2021 ...........  | USD | 2 000 000 | 2 000 000 |  | % | 101.758 | 2 035 160.00 | 0.93 |
| 3.80 | % Tencent Holdings Ltd -Reg- (MTN) 2015/2025 ....  | USD | 2 000 000 | 2 000 000 |  | % | 109.918 | 2 198 360.00 | 1.00 |
| 2.50 | % Thaioil Treasury Center Co. Ltd -Reg- (MTN) 2020/2030 ................................  | USD | 400 000 | 8 000 000 | 7 600 000 | % | 100.136 | 400 542.00 | 0.18 |
| 6.25 1.125 | % Times China Holdings Ltd 2018/2021 ...........  % United States Treasury Note/Bond (MTN) | USD | 200 000 |  |  | % | 100.528 | 201 055.00 | 0.09 |
| 2020/2025 ................................  | USD | 21 000 000 | 31 000 000 | 10 000 000 | % | 104.07 | 21 854 765.73 | 9.96 |
| 4.625 % UPL Corp., Ltd (MTN) 2020/2030 ..............  2.95 % Vanke Real Estate Hong Kong Co., Ltd (MTN) 2016/2021 ................................  | USD USD | 1 500 000 3 800 000 | 1 500 000 3 800 000 |  | % % | 99.135 102.106 | 1 487 025.00 3 880 047.00 | 0.68 1.77 |
| 6.375 % Vedanta Resources PLC -Reg- (MTN) 2017/2022 ..  | USD | 200 000 |  | 400 000 | % | 76.422 | 152 845.00 | 0.07 |
| 1.90  % Visa, Inc. (MTN) 2020/2027...................  | USD | 1 250 000 | 1 250 000 |  | % | 104.8 | 1 310 000.00 | 0.60 |
| 4.875 % Westwood Group Holdings Ltd (MTN) 2018/2021 . | USD | 5 000 000 | 1 000 000 |  | % | 101.487 | 5 074 350.00 | 2.31 |
| 5.50  % Wtt Investment Ltd -Reg- (MTN) 2017/2022 .....  | USD | 871 000 |  | 129 000 | % | 101.19 | 881 369.26 | 0.40 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 27 240 289.82 | 12.41 |
| Interest-bearing securities 5.50 % China Oversea Financial KY II (MTN) 2010/2020 * . | USD | 5 880 000 | 1 880 000 |  | % | 101.382 | 5 961 261.60 | 2.72 |
| 2.25  % CK Hutchison International 17 II Ltd -Reg- 2017/2020 ................................  | USD | 5 300 000 |  |  | % | 100.223 | 5 311 819.00 | 2.42 |
| 7.25  % Dai-ichi Life Insurance Co., Ltd/The -Reg- 2011/2049 * ..............................  | USD | 400 000 | 400 000 |  | % | 105.744 | 422 974.00 | 0.19 |
| 3.20  % ICBCIL Finance Co., Ltd -Reg- (MTN) 2015/2020 ..  | USD | 800 000 | 800 000 |  | % | 100.492 | 803 936.00 | 0.37 |
| 2.635 | % Industrial & Commercial Bank of China Ltd/ |  |  |  |  |  |  |  |  |
| New York NY (MTN) 2016/2021 ...............  | USD | 1 000 000 |  | % | 101.338 | 1 013 385.00 | 0.46 |
| 5.10  % Nippon Life Insurance Co. -Reg- 2014/2044 * ....  | USD | 2 000 000 | 2 000 000 | % | 111.398 | 2 227 970.00 | 1.02 |
| 1.65  % PayPal Holdings, Inc. (MTN) 2020/2025 .........  | USD | 1 720 000 | 1 720 000 | % | 103.503 | 1 780 251.60 | 0.81 |
| 1.35  % PayPal Holdings, Inc. 2020/2023...............  | USD | 1 665 000 | 1 665 000 | % | 101.974 | 1 697 867.10 | 0.77 |
| 4.00  % Takeda Pharmaceutical Co., Ltd 2019/2021 ......  0.50 % United States Treasury Note/Bond (MTN) 2020/2025 ................................  | USD USD | 200 000 4 000 000 | 200 000 4 000 000 | % % | 104.335 101.133 | 208 670.00 4 045 312.52 | 0.09 1.84 |
| 8.25  % Vedanta Resources PLC -Reg- (MTN) 2011/2021 ..  | USD | 4 300 000 |  | % | 87.601 | 3 766 843.00 | 1.72 |
| Total securities portfolio |  |  |  |  |  | 206 198 249.66 | 93.95 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | -741 676.91 | -0.33 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions CHF/USD 9.2 million ................................  |  |  |  |  |  | -6 944.84 | 0.00 |
| EUR/USD 111.4 million ..............................  |  |  |  |  |  | -734 117.27 | -0.33 |
| SEK/USD 0.2 million ................................  |  |  |  |  |  | -25.44 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |
| Open positions USD/CNH 1.8 million ................................  |  |  |  |  |  | -579.88 | 0.00 |
| Closed positions USD/CNH 0.1 million ................................  |  |  |  |  |  | -9.48 | 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 |  |
| Cash at bank |  |  |  | 12 464 995.28 | 5.68 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 18 953 |  | 21 241.68 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Chinese yuan renminbi ..............................  | CNY | 75 073 |  | 10 612.39 | 0.00 |
| Swiss franc .......................................  | CHF | 2 026 |  | 2 132.78 | 0.00 |
| U.S. dollar ........................................  | USD |  |  | 12 431 008.43 | 5.67 |
| Other assets |  |  |  | 1 995 895.92 | 0.91 |
| Prepaid placement fee ** ............................  |  |  |  | 1 422.51 | 0.00 |
| Interest receivable .................................  |  |  |  | 1 753 712.14 | 0.80 |
| Receivables from exceeding the expense cap ............  |  |  |  | 40 634.71 | 0.02 |
| Other receivables ..................................  |  |  |  | 200 126.56 | 0.09 |
| Receivables from share certificate transactions |  |  |  | 352 408.01 | 0.16 |
| Total assets *** |  |  |  | 221 011 548.87 | 100.70 |
| Other liabilities |  |  |  | -426 928.22 | -0.19 |
| Additional other liabilities.............................  |  |  |  | -426 928.22 | -0.19 |
| Liabilities from share certificate transactions |  |  |  | -364 825.60 | -0.17 |
| Total liabilities |  |  |  | -1 533 430.73 | -0.70 |
| Net assets |  |  |  | 219 478 118.14 | 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 | 107.54 |
| Class CHF LCH ....................................  | CHF | 103.31 |
| Class RMB FC .....................................  | CNY | 139.58 |
| Class RMB FCH....................................  | CNY | 100.73 |
| Class RMB LC .....................................  | CNY | 135.18 |
| Class RMB LCH....................................  | CNY | 100.50 |
| Class FCH ........................................  | EUR | 118.46 |
| Class FDH ........................................  | EUR | 88.90 |
| Class LCH ........................................  | EUR | 113.32 |
| Class LDH ........................................  | EUR | 88.08 |
| Class NC .........................................  | EUR | 135.57 |
| Class NCH ........................................  | EUR | 109.61 |
| Class NDH ........................................  | EUR | 81.25 |
| Class NDQH ......................................  | EUR | 93.45 |
| Class PFCH .......................................  | EUR | 98.65 |
| Class PFDQH......................................  | EUR | 85.26 |
| Class TFCH .......................................  | EUR | 96.11 |
| Class SEK FCH ....................................  | SEK | 1 012.74 |
| Class SEK LCH ....................................  | SEK | 1 007.44 |
| Class USD FC .....................................  | USD | 133.80 |
| Class USD FCH (P) .................................  | USD | 112.25 |
| Class USD LC .....................................  | USD | 127.62 |
| Class USD LDH (P) .................................  | USD | 94.40 |
| Class USD LDMH (P) ...............................  | USD | 90.14 |
| Class USD TFC ....................................  | USD | 103.33 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class CHF FCH ....................................  | Count | 26 811.317 |
| Class CHF LCH ....................................  | Count | 61 391.791 |
| Class RMB FC .....................................  | Count | 214 535.000 |
| Class RMB FCH....................................  | Count | 770.000 |
| Class RMB LC .....................................  | Count | 620 682.428 |
| Class RMB LCH....................................  | Count | 770.000 |
| Class FCH ........................................  | Count | 224 298.398 |
| Class FDH ........................................  | Count | 107.921 |
| Class LCH ........................................  | Count | 382 002.536 |
| Class LDH ........................................  | Count | 356 388.504 |
| Class NC .........................................  | Count | 33 547.000 |
| Class NCH ........................................  | Count | 54 510.144 |
| Class NDH ........................................  | Count | 8 049.000 |
| Class NDQH ......................................  | Count | 8 083.000 |
| Class PFCH .......................................  | Count | 16 656.000 |
| Class PFDQH......................................  | Count | 11 233.000 |
| Class TFCH .......................................  | Count | 168.828 |
| Class SEK FCH ....................................  | Count | 91.000 |
| Class SEK LCH ....................................  | Count | 59.000 |
| Class USD FC .....................................  | Count | 80 341.351 |
| Class USD FCH (P) .................................  | Count | 99.000 |
| Class USD LC .....................................  | Count | 406 493.387 |
| Class USD LDH (P) .................................  | Count | 2 095.000 |
| Class USD LDMH (P) ...............................  | Count | 579.000 |
| Class USD TFC ....................................  | Count | 9 182.817 |

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 .........................  | % | 1.957 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 2.464 |
| Average market risk exposure ........................  | % | 2.147 |

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 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 0.1, 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
BNP Paribas SA, Bofa Securities Europe, Goldman Sachs International, State Street Bank London and UBS AG
| Exchange rates (indirect quotes) |  |
| --- | --- |
|  |  | As of June 30, | 2020 |
| Swiss franc	CHF | 0.950050 | = USD | 1 |
| Chinese yuan renminbi	CNY | 7.074100 | = USD | 1 |
| Euro	EUR | 0.892260 | = USD | 1 |
| Notes on valuation |  |  |  |

Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
*  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, 2020-06-30):
# DWS Invest China Bonds
DWS INVEST CHINA BONDS

### Wertentwicklung der Anteilklassen (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LCH 2) | LU0632805262 | 0,6% |
| Klasse FCH 2) | LU0632808951 | 0,8% |
| Klasse FDH 2) | LU0740831374 | 0,8% |
| Klasse LDH 2) | LU0740830996 | 0,6% |
| Klasse NC 2) | LU0616855887 | 1,5% |
| Klasse NCH 2) | LU0740831614 | 0,3% |
| Klasse NDH 2) | LU0740832000 | 0,4% |
| Klasse NDQH 2) | LU1054325771 | 0,4% |
| Klasse PFCH 2) | LU1054325854 | 0,4% |
| Klasse PFDQH 2) | LU1054325938 | 1,2% |
| Klasse TFCH 2) | LU1663839949 | 0,8% |
| Klasse CHF FCH 3) | LU0813328357 | 0,6% |
| Klasse CHF LCH 3) | LU0813327896 | 0,3% |
| Klasse RMB FC 4) | LU0813328860 | 3,3% |
| Klasse RMB FCH 4) | LU2093591621 | 0,7% 1) |
| Klasse RMB LC 4) | LU0813328787 | 3,0% |
| Klasse RMB LCH 4) | LU2093593593 | 0,5% 1) |
| Klasse SEK FCH 5) | LU1322112480 | 1,1% |
| Klasse SEK LCH 5) | LU1322112563 | 1,0% |
| Klasse USD FC | LU0616856778 | 1,9% |
| Klasse USD FCH (P) | LU1322112647 | 3,2% |
| Klasse USD LC | LU0616856422 | 1,7% |
| Klasse USD LDH (P) | LU1322112720 | 2,4% |
| Klasse USD LDMH (P) | LU1322112993 | 2,5% |
| Klasse USD TFC | LU1663840103 | 1,9% |

1) 
Klassen RMB FCH und RMB LCH aufgelegt am 31.1.2020
2) 
in EUR
3) 
in CHF
4) 
in CNY
5) 
in SEK
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 China Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 162 245 263,31 | 73,93 |
| Zentralregierungen | 43 952 986,35 | 20,02 |
| Summe Anleihen | 206 198 249,66 | 93,95 |
| 2. Derivate | -741 676,91 | - 0,33 |
| 3. Bankguthaben | 12 464 995,28 | 5,68 |
| 4. Sonstige Vermögensgegenstände | 1 995 895,92 | 0,91 |
| 5. Forderungen aus Anteilscheingeschäften | 352 408,01 | 0,16 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -426 928,22 | - 0,19 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -364 825,60 | - 0,17 |
| III. Fondsvermögen | 219 478 118,14 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |

Börsengehandelte Wertpapiere	178 957 959,84	81,54
Verzinsliche Wertpapiere
5,35	% China City Construction International Co.,
|  | Ltd 2014/2017 ...........................  | CNY | 59 333 534 |  | 2 579 720 | % | 0 | 8,39 | 0,00 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2,50 | % Abu Dhabi Government International Bond -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2020/2025 .........................  | USD | 3 170 000 | 3 170 000 |  | % | 105,28 | 3 337 391,85 | 1,52 |
| 3,949 | % Adani Electricity Mumbai Ltd -Reg- (MTN) |  |  |  |  |  |  |  |  |
|  | 2020/2030 ..............................  | USD | 2 000 000 | 2 000 000 | % | 93,796 | 1 875 910,00 | 0,85 |
| 9,50 | % Agile Group Holdings Ltd 2018/2020 ..........  | USD | 670 000 | 670 000 | % | 102,229 | 684 934,30 | 0,31 |
| 7,25 | % Asahi Mutual Life Insurance Co. 2017/perpetual * | USD | 1 000 000 | 1 000 000 | % | 105,376 | 1 053 765,00 | 0,48 |
| 2,85 | % Avi Funding Co., Ltd -Reg- (MTN) 2015/2020 ...  | USD | 4 000 000 | 4 000 000 | % | 100,412 | 4 016 460,00 | 1,83 |
| 2,625 | % Azure Orbit III International Finance Ltd (MTN) |  |  |  |  |  |  |  |
|  | 2016/2021 ..............................  | USD | 2 200 000 | 2 200 000 |  | % | 100,991 | 2 221 802,00 | 1,01 |

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2018/2024	USD | 800 000 |  |  | % | 108,283 | 866 264,00 | 0,39 |
| 2,375 | % Bank of China Ltd/Hong Kong (MTN) 2016/2021 | USD | 1 000 000 | 1 000 000 | % | 100,818 | 1 008 175,00 | 0,46 |
| 2,25 | % Bank of China Ltd/Luxembourg (MTN) 2016/2021 | USD | 4 000 000 | 4 000 000 | % | 101,092 | 4 043 660,00 | 1,84 |
| 2,054 | % Bank of Communications Co., Ltd/Hong Kong (MTN) 2017/2020 * .......................  | USD | 1 200 000 | 1 200 000 | % | 100,1 | 1 201 194,00 | 0,55 |
| 2,375 | % BOC Aviation Ltd -Reg- (MTN) 2016/2021 ......  | USD | 1 000 000 | 1 000 000 | % | 100,238 | 1 002 375,00 | 0,46 |
| 3,875 | % Central Plaza Development Ltd 2018/2021 .....  | USD | 2 930 000 | 2 930 000 | % | 100,322 | 2 939 419,95 | 1,34 |
| 8,50 | % China Aoyuan Group Ltd 2019/2022 ..........  | USD | 2 000 000 | 2 000 000 | % | 103,42 | 2 068 410,00 | 0,94 |
| 4,80 | % China Aoyuan Group Ltd 2020/2021 ..........  | USD | 1 350 000 | 1 350 000 | % | 99,575 | 1 344 262,50 | 0,61 |
| 2,45 | % China Construction Bank Corp. (MTN) |  |  |  |  |  |  |  |
| 2020/2030 *	USD | 1 000 000 | 1 000 000 |  | % | 99,801 | 998 010,00 | 0,45 |
| (MTN) 2018/2021 *	USD | 3 000 000 | 3 000 000 |  | % | 99,972 | 2 999 145,00 | 1,37 |
| 1,954 | % China Construction Bank Corp./Hong Kong |  |  |  |  |  |  |  |  |
|  | (MTN) 2018/2021 * .......................  | USD | 3 550 000 | 3 550 000 | % | 100,032 | 3 551 153,75 | 1,62 |
| 2,50 | % China Development Bank (MTN) 2015/2020 ....  | USD | 9 000 000 | 1 000 000 | % | 100,39 | 9 035 100,00 | 4,12 |
| 4,25 | % China Mengniu Dairy Co., Ltd (MTN) 2018/2023 . | USD | 2 400 000 |  | % | 107,656 | 2 583 756,00 | 1,18 |
| 3,875 | % China Southern Power Grid International Finance BVI 2018 Co., Ltd (MTN) 2018/2023 ..........  | USD | 2 700 000 |  | % | 107,554 | 2 903 944,50 | 1,32 |
| 7,625 | % CIFI Holdings Group Co., Ltd 2019/2021 .......  | USD | 1 000 000 | 1 000 000 | % | 101,904 | 1 019 040,00 | 0,46 |
| 1,875 | % CK Hutchison International 16 Ltd -Reg- |  |  |  |  |  |  |  |
| (MTN) 2016/2021	USD | 500 000 | 500 000 |  | % | 100,601 | 503 005,00 | 0,23 |
| 2,875 | % CK Hutchison International 17 Ltd -Reg- |  |  |  |  |  |  |  |  |
|  | (MTN) 2017/2022 .........................  | USD | 1 000 000 | % | 102,538 | 1 025 385,00 | 0,47 |
| 3,609 | % CMT MTN Pte Ltd (MTN) 2019/2029 .........  | USD | 3 150 000 | % | 106,477 | 3 354 025,50 | 1,53 |
| 4,25 | % CNOOC Finance 2011 Ltd -Reg- (MTN) |  |  |  |  |  |  |
|  | 2011/2021 ..............................  | USD | 5 150 000 | 5 150 000 |  | % | 101,658 | 5 235 361,25 | 2,39 |

4,05	% Bangkok Bank PCL/Hong Kong -Reg- (MTN)
1,729  % China Construction Bank Corp./Hong Kong
|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| (MTN) 2011/2021	USD | 5 000 000 | 5 000 000 |  | % | 102,679 | 5 133 950,00 | 2,34 |
| (MTN) 2017/2020	USD 2,80	% Eastern Creation II Investment Holdings Ltd | 750 000 |  |  | % | 100,25 | 751 878,75 | 0,34 |
|  | (MTN) 2019/2022 .........................  | USD | 3 050 000 |  |  | % | 101,67 | 3 100 919,75 | 1,41 |
| 7,50 | % Eterna Capital Pte Ltd (MTN) 2017/2022 .......  | USD | 5 238 462 |  | 59 684 | % | 55,673 | 2 916 385,90 | 1,33 |
| 2,00 | % Export-Import Bank of China/The (MTN) 2016/2021 ..............................  | USD | 1 000 000 | 1 000 000 |  | % | 100,845 | 1 008 450,00 | 0,46 |
| 1,875 | % Export-Import Bank of Korea (MTN) 2020/2025 . | USD | 850 000 | 850 000 |  | % | 104,05 | 884 429,25 | 0,40 |
| 2,191 | % Export-Import Bank of Korea 2020/2023 * .....  | USD | 850 000 | 850 000 |  | % | 101,46 | 862 410,00 | 0,39 |
| 3,375 | % Guangzhou Metro Investment Finance BVI Ltd |  |  |  |  |  |  |  |  |
| (MTN) 2015/2020	USD | 800 000 | 800 000 |  | % | 100,79 | 806 316,00 | 0,37 |
| 4,50 | % Hongkong Land Finance Cayman Islands Co., |  |  |  |  |  |  |  |  |
|  | Ltd/The (MTN) 2012/2022 ..................  | USD | 5 000 000 | 5 000 000 | % | 105,393 | 5 269 650,00 | 2,40 |
| 1,342 | % ICBCIL Finance Co., Ltd (MTN) 2018/2021 * ...  | USD | 700 000 | 700 000 | % | 99,512 | 696 584,00 | 0,32 |
| 4,75 | % Indonesia Asahan Aluminium Persero PT -Reg- |  |  |  |  |  |  |  |
| (MTN) 2020/2025	USD | 1 150 000 | 1 150 000 |  | % | 107,308 | 1 234 047,75 | 0,56 |
| 5,125 | % Industrial & Commercial Bank of China Asia Ltd (MTN) 2010/2020 .........................  | USD | 6 000 000 | 6 000 000 |  | % | 101,579 | 6 094 740,00 | 2,78 |
| 11,75 | % Kaisa Group Holdings Ltd 2019/2021 .........  | USD | 694 000 |  |  | % | 103,036 | 715 073,31 | 0,33 |
| 7,875 | % Kaisa Group Holdings Ltd 2020/2021 .........  | USD | 1 000 000 | 3 000 000 | 2 000 000 | % | 100,472 | 1 004 720,00 | 0,46 |
| 4,50 | % Kookmin Bank (MTN) 2019/2029 .............  | USD | 1 000 000 |  |  | % | 114,014 | 1 140 140,00 | 0,52 |
| 1,75 | % Kookmin Bank -Reg- (MTN) 2020/2025 ........  | USD | 800 000 | 800 000 |  | % | 102,321 | 818 568,00 | 0,37 |
| 1,75	% Korea Development Bank/The (MTN) 2020/2025	USD | 2 000 000 | 2 000 000 |  | % | 103,586 | 2 071 710,00 | 0,94 |
| 2020/2025	USD | 1 250 000 | 1 250 000 |  | % | 103,076 | 1 288 443,75 | 0,59 |
| 1,125 | % Korea Electric Power Corp. -Reg- (MTN) 2020/2025 ..............................  | USD | 850 000 | 850 000 |  | % | 100,402 | 853 417,00 | 0,39 |
| 7,375 | % Medco Oak Tree Pte Ltd (MTN) -Reg- 2019/2026 | USD | 2 000 000 | 2 000 000 |  | % | 92,677 | 1 853 540,00 | 0,84 |
| 4,625 | % Minejesa Capital BV -Reg- 2017/2030 .........  | USD | 1 250 000 |  | 750 000 | % | 102,114 | 1 276 425,00 | 0,58 |
| 5,125 | % Mong Duong Finance Holdings BV -Reg- (MTN) 2019/2029 ..............................  | USD | 2 300 000 |  |  | % | 99,852 | 2 296 607,50 | 1,05 |
| 3,40 | % Nippon Life Insurance Co. -Reg- 2020/2050 * ...  | USD | 750 000 | 750 000 |  | % | 102,83 | 771 221,25 | 0,35 |
| 5,25 | % NWD Ltd (MTN) 2014/2021 .................  | USD | 5 500 000 | 5 500 000 |  | % | 101,888 | 5 603 812,50 | 2,55 |
| 2,65 | % ORIX Corp. (MTN) 2016/2021 ...............  | USD | 200 000 | 200 000 |  | % | 101,294 | 202 588,00 | 0,09 |
| 5,75 | % PCCW Capital No 4 Ltd (MTN) 2012/2022 .....  | USD | 3 840 000 |  | 340 000 | % | 106,18 | 4 077 292,80 | 1,86 |

4,50	% CNPC HK Overseas Capital Ltd -Reg-
2,75	% Eastern Creation II Investment Holdings Ltd
1,75	% Korea East-West Power Co., Ltd -Reg- (MTN)
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| 3,75 | % PCCW-HKT Capital No. 5 Ltd -Reg- (MTN) 2013/2023 ..............................  | USD | 5 000 000 | 5 000 000 | % | 104,046 | 5 202 300,00 | 2,37 |
| 5,375 | % Perusahaan Listrik Negara PT -Reg- 2018/2029 . | USD | 2 000 000 |  | % | 115,802 | 2 316 030,00 | 1,06 |
| 7,125 | % Powerlong Real Estate Holdings Ltd 2019/2022 . | USD | 400 000 |  | % | 101,379 | 405 516,00 | 0,19 |
| 2,587 | % PTTEP Treasury Center Co., Ltd -Reg- (MTN) 2020/2027 ..............................  | USD | 650 000 | 650 000 | % | 102,413 | 665 684,50 | 0,30 |
| 5,25 | % SDG Finance I Ltd 2018/2021 ...............  | USD | 1 000 000 | 1 000 000 | % | 103,283 | 1 032 830,00 | 0,47 |
| 3,90 | % Siam Commercial Bank PCL/Cayman Islands (MTN) 2019/2024 .........................  | USD | 2 500 000 |  | % | 107,07 | 2 676 737,50 | 1,22 |
| 2,00 | % Sinopec Group Overseas Development 2016 Ltd -Reg- (MTN) 2016/2021 ....................  | USD | 2 000 000 | 2 000 000 | % | 100,842 | 2 016 840,00 | 0,92 |
| 2,25 | % Sinopec Group Overseas Development 2017 Ltd -Reg- 2017/2020 ..........................  | USD | 5 000 000 | 3 000 000 | % | 100,162 | 5 008 125,00 | 2,28 |
| 5,325 | % Sompo Japan Nipponkoa Insurance, Inc. -Reg- 2013/2073 * .............................  | USD | 1 313 000 | 1 313 000 | % | 107,995 | 1 417 974,35 | 0,65 |
| 2,75 | % State Grid Overseas Investment 2016 Ltd -Reg- (MTN) 2017/2022 .........................  | USD | 5 000 000 |  | % | 102,702 | 5 135 125,00 | 2,34 |
| 7,35 | % Sunac China Holdings Ltd 2018/2021 .........  | USD | 2 000 000 | 2 000 000 | % | 101,758 | 2 035 160,00 | 0,93 |
| 3,80 | % Tencent Holdings Ltd -Reg- (MTN) 2015/2025 ..  | USD | 2 000 000 | 2 000 000 | % | 109,918 | 2 198 360,00 | 1,00 |
| 2,50 | % Thaioil Treasury Center Co. Ltd -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2020/2030 ..............................  | USD | 400 000 | 8 000 000 | 7 600 000 | % | 100,136 | 400 542,00 | 0,18 |
| 6,25 | % Times China Holdings Ltd 2018/2021 .........  | USD | 200 000 |  |  | % | 100,528 | 201 055,00 | 0,09 |
| 1,125 | % United States Treasury Note/Bond (MTN) 2020/2025 ..............................  | USD | 21 000 000 | 31 000 000 | 10 000 000 | % | 104,07 | 21 854 765,73 | 9,96 |
| 4,625 | % UPL Corp., Ltd (MTN) 2020/2030 ............  | USD | 1 500 000 | 1 500 000 |  | % | 99,135 | 1 487 025,00 | 0,68 |
| 2,95 | % Vanke Real Estate Hong Kong Co., Ltd (MTN) 2016/2021 ..............................  | USD | 3 800 000 | 3 800 000 |  | % | 102,106 | 3 880 047,00 | 1,77 |
| 6,375 | % Vedanta Resources PLC -Reg- (MTN) 2017/2022 | USD | 200 000 |  | 400 000 | % | 76,422 | 152 845,00 | 0,07 |
| 1,90 | % Visa, Inc. (MTN) 2020/2027 .................  | USD | 1 250 000 | 1 250 000 |  | % | 104,8 | 1 310 000,00 | 0,60 |
| 4,875 | % Westwood Group Holdings Ltd (MTN) 2018/2021 | USD | 5 000 000 | 1 000 000 |  | % | 101,487 | 5 074 350,00 | 2,31 |
| 5,50 | % Wtt Investment Ltd -Reg- (MTN) 2017/2022 ....  | USD | 871 000 |  | 129 000 | % | 101,19 | 881 369,26 | 0,40 |

| 5,50 | % China Oversea Financial KY II (MTN) 2010/2020 * | USD | 5 880 000 | 1 880 000 | % | 101,382 | 5 961 261,60 | 2,72 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2,25 | % CK Hutchison International 17 II Ltd -Reg- 2017/2020 ..............................  | USD | 5 300 000 |  | % | 100,223 | 5 311 819,00 | 2,42 |
| 7,25 | % Dai-ichi Life Insurance Co., Ltd/The -Reg- 2011/2049 * .............................  | USD | 400 000 | 400 000 | % | 105,744 | 422 974,00 | 0,19 |
| 3,20 | % ICBCIL Finance Co., Ltd -Reg- (MTN) 2015/2020 | USD | 800 000 | 800 000 | % | 100,492 | 803 936,00 | 0,37 |
| 2,635 | % Industrial & Commercial Bank of China Ltd/ New York NY (MTN) 2016/2021 .............  | USD | 1 000 000 |  | % | 101,338 | 1 013 385,00 | 0,46 |
| 5,10 | % Nippon Life Insurance Co. -Reg- 2014/2044 * ...  | USD | 2 000 000 | 2 000 000 | % | 111,398 | 2 227 970,00 | 1,02 |
| 1,65 | % PayPal Holdings, Inc. (MTN) 2020/2025 .......  | USD | 1 720 000 | 1 720 000 | % | 103,503 | 1 780 251,60 | 0,81 |
| 1,35 | % PayPal Holdings, Inc. 2020/2023 .............  | USD | 1 665 000 | 1 665 000 | % | 101,974 | 1 697 867,10 | 0,77 |
| 4,00 | % Takeda Pharmaceutical Co., Ltd 2019/2021 ....  | USD | 200 000 | 200 000 | % | 104,335 | 208 670,00 | 0,09 |
| 0,50 | % United States Treasury Note/Bond (MTN) 2020/2025 ..............................  | USD | 4 000 000 | 4 000 000 | % | 101,133 | 4 045 312,52 | 1,84 |
| 8,25 | % Vedanta Resources PLC -Reg- (MTN) 2011/2021 | USD | 4 300 000 |  | % | 87,601 | 3 766 843,00 | 1,72 |
| Summe Wertpapiervermögen | 206 198 249,66 | 93,95 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | -741 676,91 | -0,33 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen CHF/USD 9,2 Mio. .................................  | -6 944,84 | 0,00 |
| EUR/USD 111,4 Mio.  ..............................  | -734 117,27 | -0,33 |
| SEK/USD 0,2 Mio. .................................  | -25,44 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen USD/CNH 1,8 Mio.  ................................  | -579,88 | 0,00 |
| Geschlossene Positionen USD/CNH 0,1 Mio.  ................................  | -9,48 | 0,00 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	27 240 289,82	12,41 Verzinsliche Wertpapiere
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Bankguthaben |  |  |  | 12 464 995,28 | 5,68 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 18 953 |  | 21 241,68 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Chinesischer Renminbi ..............................  | CNY | 75 073 |  | 10 612,39 | 0,00 |
| Schweizer Franken .................................  | CHF | 2 026 |  | 2 132,78 | 0,00 |
| US-Dollar .........................................  | USD |  |  | 12 431 008,43 | 5,67 |
| Sonstige Vermögensgegenstände |  |  |  | 1 995 895,92 | 0,91 |
| Abgegrenzte Platzierungsgebühr ** ....................  |  |  |  | 1 422,51 | 0,00 |
| Zinsansprüche ....................................  |  |  |  | 1 753 712,14 | 0,80 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 40 634,71 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  | 200 126,56 | 0,09 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 352 408,01 | 0,16 |
| Summe der Vermögensgegenstände *** |  |  |  | 221 011 548,87 | 100,70 |
| Sonstige Verbindlichkeiten |  |  |  | -426 928,22 | -0,19 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -426 928,22 | -0,19 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -364 825,60 | -0,17 |
| Summe der Verbindlichkeiten |  |  |  | -1 533 430,73 | -0,70 |
| Fondsvermögen |  |  |  | 219 478 118,14 | 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 | 107,54 |
| Klasse CHF LCH ...................................  | CHF | 103,31 |
| Klasse RMB FC ...................................  | CNY | 139,58 |
| Klasse RMB FCH ..................................  | CNY | 100,73 |
| Klasse RMB LC ...................................  | CNY | 135,18 |
| Klasse RMB LCH ..................................  | CNY | 100,50 |
| Klasse FCH .......................................  | EUR | 118,46 |
| Klasse FDH .......................................  | EUR | 88,90 |
| Klasse LCH .......................................  | EUR | 113,32 |
| Klasse LDH .......................................  | EUR | 88,08 |
| Klasse NC ........................................  | EUR | 135,57 |
| Klasse NCH ......................................  | EUR | 109,61 |
| Klasse NDH ......................................  | EUR | 81,25 |
| Klasse NDQH .....................................  | EUR | 93,45 |
| Klasse PFCH ......................................  | EUR | 98,65 |
| Klasse PFDQH ....................................  | EUR | 85,26 |
| Klasse TFCH ......................................  | EUR | 96,11 |
| Klasse SEK FCH ...................................  | SEK | 1 012,74 |
| Klasse SEK LCH ...................................  | SEK | 1 007,44 |
| Klasse USD FC ....................................  | USD | 133,80 |
| Klasse USD FCH (P) ................................  | USD | 112,25 |
| Klasse USD LC ....................................  | USD | 127,62 |
| Klasse USD LDH (P) ................................  | USD | 94,40 |
| Klasse USD LDMH (P) ..............................  | USD | 90,14 |
| Klasse USD TFC ...................................  | USD | 103,33 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse CHF FCH ...................................  | Stück | 26 811,317 |
| Klasse CHF LCH ...................................  | Stück | 61 391,791 |
| Klasse RMB FC ...................................  | Stück | 214 535,000 |
| Klasse RMB FCH ..................................  | Stück | 770,000 |
| Klasse RMB LC ...................................  | Stück | 620 682,428 |
| Klasse RMB LCH ..................................  | Stück | 770,000 |
| Klasse FCH .......................................  | Stück | 224 298,398 |
| Klasse FDH .......................................  | Stück | 107,921 |
| Klasse LCH .......................................  | Stück | 382 002,536 |
| Klasse LDH .......................................  | Stück | 356 388,504 |
| Klasse NC ........................................  | Stück | 33 547,000 |
| Klasse NCH ......................................  | Stück | 54 510,144 |
| Klasse NDH ......................................  | Stück | 8 049,000 |
| Klasse NDQH .....................................  | Stück | 8 083,000 |
| Klasse PFCH ......................................  | Stück | 16 656,000 |
| Klasse PFDQH ....................................  | Stück | 11 233,000 |
| Klasse TFCH ......................................  | Stück | 168,828 |
| Klasse SEK FCH ...................................  | Stück | 91,000 |
| Klasse SEK LCH ...................................  | Stück | 59,000 |
| Klasse USD FC ....................................  | Stück | 80 341,351 |
| Klasse USD FCH (P) ................................  | Stück | 99,000 |
| Klasse USD LC ....................................  | Stück | 406 493,387 |
| Klasse USD LDH (P) ................................  | Stück | 2 095,000 |
| Klasse USD LDMH (P) ..............................  | Stück | 579,000 |
| Klasse USD TFC ...................................  | Stück | 9 182,817 |

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 .....................  | % | 1,957 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 2,464 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 2,147 |

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 absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, 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 USD 0,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
Vertragspartner der Devisentermingeschäfte
BNP Paribas SA, Bofa Securities Europe, Goldman Sachs International, State Street Bank London und UBS AG
| Devisenkurse (in Mengennotiz) |  |
| --- | --- |
|  |  | per 30.6.2020 |
| Schweizer Franken	CHF | 0,950050 | = USD	1 |
| Chinesischer Renminbi	CNY | 7,074100 | = USD	1 |
| Euro	EUR | 0,892260 | = USD	1 |
| Erläuterungen zur Bewertung |  |  |

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