# DWS Invest II European Top Dividend
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Telecommunication Services | 18 715 846.71 | 5.30 |
| Consumer Discretionaries | 101 709 227.88 | 28.72 |
| Energy | 28 099 913.85 | 7.92 |
| Consumer Staples | 7 425 142.72 | 2.10 |
| Financials | 60 834 331.61 | 17.17 |
| Basic Materials | 61 458 892.07 | 17.35 |
| Industrials | 24 644 640.15 | 6.96 |
| Utilities | 32 894 907.29 | 9.29 |
| Total equities | 335 782 902.28 | 94.81 |
| 2. Derivatives | 958.48 | 0.00 |
| 3. Cash at bank | 19 411 098.77 | 5.48 |
| 4. Other assets | 1 222 889.64 | 0.35 |
| 5. Receivables from share certificate transactions | 44 715.32 | 0.01 |
| II. Liabilities |  |  |
| 1. Other liabilities | -1 901 343.56 | - 0.54 |
| 2. Liabilities from share certificate transactions | -412 266.89 | - 0.11 |
| III. Net assets | 446 907 349.79 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ | principal | additions | disposals |  |  | value in | net assets |
| currency	amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 320 408 140.24 | 90.47 |
| Equities Galenica AG.......................................  | Count | 141 794 |  | 48 600 | CHF | 67.65 | 9 008 876.16 | 2.54 |
| Nestle SA ........................................  | Count | 78 200 | 5 600 | 5 700 | CHF | 105.06 | 7 715 944.79 | 2.18 |
| Novartis AG .......................................  | Count | 53 775 |  | 10 600 | CHF | 81.91 | 4 136 778.87 | 1.17 |
| Roche Holding AG * ................................  | Count | 25 982 |  | 13 100 | CHF | 327.65 | 7 995 170.18 | 2.26 |
| Moneta Money Bank AS .............................  | Count | 1 202 631 | 495 000 | 341 000 | CZK | 53.9 | 2 426 056.26 | 0.68 |
| Novo Nordisk A/S ..................................  | Count | 89 842 |  | 17 400 | DKK | 429.95 | 5 183 026.99 | 1.46 |
| Aena SME SA .....................................  | Count | 14 100 | 6 900 | 18 700 | EUR | 119.2 | 1 680 720.00 | 0.47 |
| Allianz SE.........................................  | Count | 29 140 | 9 900 | 2 100 | EUR | 180.22 | 5 251 610.80 | 1.48 |
| AXA SA ..........................................  | Count | 282 754 | 81 800 | 214 900 | EUR | 18.418 | 5 207 763.17 | 1.47 |
| BASF SE .........................................  | Count | 35 049 | 15 100 | 50 300 | EUR | 49.485 | 1 734 399.77 | 0.49 |
| Bayer AG .........................................  | Count | 100 500 |  | 26 400 | EUR | 65.79 | 6 611 895.00 | 1.87 |
| BNP Paribas SA ....................................  | Count | 49 700 | 51 300 | 175 200 | EUR | 34.795 | 1 729 311.50 | 0.49 |
| Cie Générale des Etablissements Michelin SCA. . . . . . . . . . . | Count | 19 335 | 7 600 | 16 900 | EUR | 91.6 | 1 771 086.00 | 0.50 |
| Coface SA ........................................  | Count | 336 594 | 76 500 | 109 200 | EUR | 5.79 | 1 948 879.26 | 0.55 |
| Covestro AG ......................................  | Count | 50 601 | 31 900 | 94 100 | EUR | 33.81 | 1 710 819.81 | 0.48 |
| Danone SA .......................................  | Count | 109 056 |  | 4 800 | EUR | 61.82 | 6 741 841.92 | 1.90 |
| Deutsche Pfandbriefbank AG .........................  | Count | 386 900 | 113 300 | 128 800 | EUR | 6.385 | 2 470 356.50 | 0.70 |
| Deutsche Post AG..................................  | Count | 77 900 | 110 200 | 32 300 | EUR | 32.55 | 2 535 645.00 | 0.72 |
| Deutsche Telekom AG ..............................  | Count | 720 784 |  | 208 800 | EUR | 14.93 | 10 761 305.12 | 3.04 |
| E.ON SE .........................................  | Count | 580 456 | 251 400 | 15 100 | EUR | 10.04 | 5 827 778.24 | 1.65 |
| Elisa Oyj..........................................  | Count | 67 676 |  |  | EUR | 54.28 | 3 673 453.28 | 1.04 |
| Enel SpA .........................................  | Count | 1 246 057 | 203 000 | 68 200 | EUR | 7.735 | 9 638 250.90 | 2.72 |
| Essilor International Cie Générale d‘Optique SA...........  | Count | 38 200 | 10 800 | 4 100 | EUR | 113.8 | 4 347 160.00 | 1.23 |
| Euronext NV ......................................  | Count | 88 756 |  | 7 200 | EUR | 88.85 | 7 885 970.60 | 2.23 |
| Gaztransport Et Technigaz S.A. .......................  | Count | 33 645 | 2 000 | 20 100 | EUR | 67.4 | 2 267 673.00 | 0.64 |
| Grifols SA ........................................  | Count | 168 665 |  | 18 400 | EUR | 27.18 | 4 584 314.70 | 1.29 |
| Grupo Catalana Occidente SA.........................  | Count | 83 700 | 20 800 | 7 700 | EUR | 20.4 | 1 707 480.00 | 0.48 |
| Henkel AG & Co., KgaA -Pref-.........................  | Count | 21 316 |  | 1 400 | EUR | 83.14 | 1 772 212.24 | 0.50 |
| Instone Real Estate Group AG ........................  | Count | 61 100 | 61 100 |  | EUR | 19.14 | 1 169 454.00 | 0.33 |
| JDE Peet‘s BV ....................................  | Count | 47 922 | 47 922 |  | EUR | 36.1 | 1 729 984.20 | 0.49 |
| Jungheinrich AG -Pref- ..............................  | Count | 46 169 |  | 97 031 | EUR | 20.7 | 955 698.30 | 0.27 |
| Koninklijke DSM NV ................................  | Count | 21 668 | 3 600 | 10 900 | EUR | 122.55 | 2 655 413.40 | 0.75 |
| Koninklijke Philips NV ...............................  | Count | 126 500 | 30 600 | 16 900 | EUR | 41.225 | 5 214 962.50 | 1.47 |
| La Francaise des Jeux SAEM ........................  | Count | 115 000 | 20 000 |  | EUR | 27.31 | 3 140 650.00 | 0.89 |
| LANXESS AG......................................  | Count | 49 700 | 63 500 | 13 800 | EUR | 46.7 | 2 320 990.00 | 0.66 |
| Mayr Melnhof Karton AG ............................  | Count | 13 700 | 13 700 |  | EUR | 136.4 | 1 868 680.00 | 0.53 |
| Neste Oyj ........................................  | Count | 150 300 | 14 200 | 13 900 | EUR | 34.47 | 5 180 841.00 | 1.46 |
| Nokia Oyj .........................................  | Count | 474 467 |  | 823 200 | EUR | 3.852 | 1 827 884.12 | 0.52 |
| Porsche Automobil Holding SE -Pref- ...................  | Count | 50 028 | 42 000 | 57 400 | EUR | 50.24 | 2 513 406.72 | 0.71 |
| Red Electrica Corp., SA ..............................  | Count | 155 821 | 44 700 | 10 300 | EUR | 16.71 | 2 603 768.91 | 0.74 |
| Sampo Oyj........................................  | Count | 140 609 | 64 000 | 9 700 | EUR | 30.2 | 4 246 391.80 | 1.20 |
| Siemens Gamesa Renewable Energy SA ................  | Count | 116 521 | 12 200 | 56 500 | EUR | 15.61 | 1 818 892.81 | 0.51 |
| Siemens Healthineers AG ...........................  | Count | 50 289 |  |  | EUR | 42.77 | 2 150 860.53 | 0.61 |
| Solvay SA ........................................  | Count | 24 300 | 3 200 | 20 900 | EUR | 70.34 | 1 709 262.00 | 0.48 |
| Talanx AG ........................................  | Count | 240 334 | 16 700 | 3 700 | EUR | 32.7 | 7 858 921.80 | 2.22 |
| Thales SA ........................................  | Count | 49 200 | 19 400 | 19 300 | EUR | 71.44 | 3 514 848.00 | 0.99 |
| Total SA ..........................................  | Count | 168 122 | 83 500 | 50 000 | EUR | 33.81 | 5 684 204.82 | 1.60 |
| Unilever NV ......................................  | Count | 144 011 | 4 300 | 2 800 | EUR | 47.43 | 6 830 441.73 | 1.93 |
| Vinci SA ..........................................  | Count | 91 102 | 9 800 | 15 100 | EUR | 81.56 | 7 430 279.12 | 2.10 |
| Vonovia SE .......................................  | Count | 185 034 |  | 6 800 | EUR | 54.8 | 10 139 863.20 | 2.86 |
| Antofagasta PLC ...................................  | Count | 352 300 | 167 100 | 164 800 | GBP | 9.256 | 3 578 760.16 | 1.01 |
| AstraZeneca PLC...................................  | Count | 17 961 |  | 10 200 | GBP | 84.22 | 1 660 130.98 | 0.47 |
| BAE Systems PLC..................................  | Count | 164 366 |  | 647 300 | GBP | 4.817 | 868 930.89 | 0.25 |
| British American Tobacco PLC ........................  | Count | 207 600 |  | 140 000 | GBP | 31.085 | 7 082 308.26 | 2.00 |
| Centamin PLC .....................................  | Count | 4 245 400 | 620 700 | 888 000 | GBP | 1.784 | 8 314 416.44 | 2.35 |
| Fresnillo PLC ......................................  | Count | 250 444 | 160 800 | 103 300 | GBP | 8.268 | 2 272 519.95 | 0.64 |
| Imperial Brands PLC ................................  | Count | 420 000 | 86 100 | 103 200 | GBP | 15.475 | 7 133 071.10 | 2.01 |
| National Grid PLC ..................................  | Count | 995 926 | 29 000 | 166 200 | GBP | 9.864 | 10 781 439.22 | 3.04 |
| Pearson PLC ......................................  | Count | 137 873 |  | 143 700 | GBP | 5.756 | 870 956.81 | 0.25 |
| Polymetal International PLC ..........................  | Count | 518 000 | 30 000 | 121 500 | GBP | 16.005 | 9 098 756.51 | 2.57 |
| Prudential PLC.....................................  | Count | 144 806 |  | 134 400 | GBP | 12.065 | 1 917 390.13 | 0.54 |
| Reckitt Benckiser Group PLC .........................  | Count | 110 160 | 70 200 | 7 700 | GBP | 74.92 | 9 057 707.69 | 2.56 |
| Rio Tinto PLC......................................  | Count | 68 432 | 22 100 | 59 700 | GBP | 45.135 | 3 389 762.61 | 0.96 |
| Royal Dutch Shell PLC ..............................  | Count | 302 399 | 169 700 | 113 800 | GBP | 12.82 | 4 254 661.18 | 1.20 |
| Royal Dutch Shell PLC ..............................  | Count | 317 237 | 173 300 | 104 600 | GBP | 12.222 | 4 255 279.08 | 1.20 |
| United Utilities Group PLC ...........................  | Count | 401 100 | 409 000 | 7 900 | GBP | 9.186 | 4 043 670.02 | 1.14 |
| DNB ASA.........................................  | Count | 295 176 | 202 300 | 312 300 | NOK | 126.85 | 3 441 295.66 | 0.97 |
| Equinor ASA ......................................  | Count | 344 500 | 260 700 | 107 400 | NOK | 136.5 | 4 321 876.48 | 1.22 |
| Gjensidige Forsikring BA .............................  | Count | 135 253 |  |  | NOK | 176.5 | 2 194 027.61 | 0.62 |
| Mowi ASA ........................................  | Count | 164 691 | 16 000 |  | NOK | 181.85 | 2 752 540.04 | 0.78 |
| Telenor ASA ......................................  | Count | 123 013 |  | 11 000 | NOK | 139.95 | 1 582 247.38 | 0.45 |
| TGS NOPEC Geophysical Co. ASA ....................  | Count | 201 700 | 106 100 | 32 800 | NOK | 139.4 | 2 584 158.48 | 0.73 |
| Warsaw Stock Exchange ............................  | Count | 129 650 | 121 150 | 16 500 | PLN | 42.5 | 1 239 559.32 | 0.35 |
| Boliden AB .......................................  | Count | 146 088 | 73 600 | 102 700 | SEK | 209.2 | 2 917 224.49 | 0.82 |
| Epiroc AB.........................................  | Count | 160 863 |  | 348 000 | SEK | 115.2 | 1 768 895.88 | 0.50 |
| Sandvik AB .......................................  | Count | 106 696 |  | 91 800 | SEK | 172.15 | 1 753 269.96 | 0.49 |
| Polyus PJSC ......................................  | Count | 85 300 | 98 100 | 12 800 | USD | 83.85 | 6 381 804.89 | 1.80 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 15 374 762.04 | 4.34 |
| Equities BHP Group PLC ...................................  | Count | 853 800 | 382 700 | 125 200 | GBP | 16.408 | 15 374 762.04 | 4.34 |
| Total securities portfolio |  |  |  |  |  |  | 335 782 902.28 | 94.81 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 958.48 | 0.00 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/EUR 0.1 million ................................  |  |  |  |  |  |  | 202.06 | 0.00 |
| CHF/GBP 0.1 million ................................  |  |  |  |  |  |  | 453.27 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions CHF/CZK 0.1 million ................................  |  |  |  |  |  |  | 3.99 | 0.00 |
| CHF/DKK 0.1 million ................................  |  |  |  |  |  |  | 6.27 | 0.00 |
| CHF/NOK 0.1 million ...............................  |  |  |  |  |  |  | 92.80 | 0.00 |
| CHF/PLN 0.1 million ................................  |  |  |  |  |  |  | 1.46 | 0.00 |
| CHF/RUB 0.2 million ...............................  |  |  |  |  |  |  | 62.66 | 0.00 |
| CHF/SEK 0.1 million ................................  |  |  |  |  |  |  | 5.69 | 0.00 |
| EUR/CZK 0.1 million ................................  |  |  |  |  |  |  | 0.61 | 0.00 |
| EUR/DKK 0.1 million ................................  |  |  |  |  |  |  | -0.03 | 0.00 |
| EUR/GBP 0.1 million ...............................  |  |  |  |  |  |  | 96.31 | 0.00 |
| EUR/NOK 0.1 million ...............................  |  |  |  |  |  |  | 19.50 | 0.00 |
| EUR/PLN 0.1 million ................................  |  |  |  |  |  |  | -0.06 | 0.00 |
| EUR/RUB 0.1 million ...............................  |  |  |  |  |  |  | 15.74 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | -1.36 | 0.00 |
| Closed positions EUR/CHF 0.1 million ................................  |  |  |  |  |  |  | -0.43 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 19 411 098.77 | 5.48 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 6 769 080.69 | 1.91 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 5 916 501 |  |  |  |  | 6 493 241.25 | 1.83 |
| Danish krone ......................................  | DKK | 4 224 822 |  |  |  |  | 566 884.45 | 0.16 |
| Norwegian krone ...................................  | NOK | 9 853 885 |  |  |  |  | 905 644.98 | 0.26 |
| Polish zloty .......................................  | PLN | 1 251 314 |  |  |  |  | 281 495.92 | 0.08 |
| Swedish krona.....................................  | SEK | 19 573 126 |  |  |  |  | 1 868 331.01 | 0.53 |
| Czech koruna......................................  | CZK | 9 587 340 |  |  |  |  | 358 821.00 | 0.10 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 107 |  |  |  |  | 65.49 | 0.00 |
| Canadian dollar ....................................  | CAD | 870 |  |  |  |  | 567.88 | 0.00 |
| Swiss franc .......................................  | CHF | 2 264 181 |  |  |  |  | 2 126 454.94 | 0.60 |
| Turkish lira ........................................          | TRY | 710 |  |  |  |  | 92.45 | 0.00 |
| U.S. dollar ........................................  | USD | 45 299 |  |  |  |  | 40 418.71 | 0.01 |
| Other assets |  |  |  |  |  |  | 1 222 889.64 | 0.35 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 877 252.55 | 0.25 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 280.33 | 0.00 |
| Other receivables ..................................  |  |  |  |  |  |  | 345 356.76 | 0.10 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 44 715.32 | 0.01 |
| Total assets ** |  |  |  |  |  |  | 356 462 566.37 | 100.65 |
| Other liabilities |  |  |  |  |  |  | -1 901 343.56 | -0.54 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -523 779.83 | -0.15 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -1 377 563.73 | -0.39 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -412 266.89 | -0.11 |
| Total liabilities |  |  |  |  |  |  | -2 313 612.33 | -0.65 |
| Net assets |  |  |  |  |  |  | 354 148 954.04 | 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 LDH (P) .................................  | CHF | 95.82 |
| Class FC .........................................  | EUR | 104.29 |
| Class FD .........................................  | EUR | 90.98 |
| Class LC .........................................  | EUR | 159.05 |
| Class LD .........................................  | EUR | 127.11 |
| Class LDH (P) .....................................  | EUR | 98.26 |
| Class NC .........................................  | EUR | 150.07 |
| Class ND .........................................  | EUR | 122.19 |
| Class TFC ........................................  | EUR | 96.79 |
| Class TFD ........................................  | EUR | 90.40 |
| Class XC .........................................  | EUR | 174.22 |
| Class XD .........................................  | EUR | 108.08 |
| Number of shares outstanding Class CHF LDH (P) .................................  | Count | 1 350.000 |
| Class FC .........................................  | Count | 84 939.737 |
| Class FD .........................................  | Count | 593 326.000 |
| Class LC .........................................  | Count | 265 159.238 |
| Class LD .........................................  | Count | 1 896 970.217 |
| Class LDH (P) .....................................  | Count | 359.161 |
| Class NC .........................................  | Count | 29 595.682 |
| Class ND .........................................  | Count | 255.000 |
| Class TFC ........................................  | Count | 4 154.395 |
| Class TFD ........................................  | Count | 6 261.000 |
| Class XC .........................................  | Count | 13 774.412 |
| Class XD .........................................  | Count | 88.207 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 82.100 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 104.088 |
| Average market risk exposure ........................  | % | 91.477 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 91.477 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), JP Morgan, Royal Bank of Canada (UK) and UBS AG

######  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| Roche Holding AG ...............................  | Count | 25 000 | 7 692 989.55 |  |
| Total receivables from securities loans |  |  | 7 692 989.55 | 7 692 989.55 |
| Contracting parties for securities loans Barclays Capital Securities Limited |  |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds |  |  | EUR EUR | 8 172 431.23 2 198 873.41 |
| Equities |  |  | EUR | 5 973 557.82 |

 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ................. . | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.532233 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 1.064768 | = | EUR | 1 |
| Czech koruna................... . | CZK | 26.719006 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.452704 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.880517 | = | EUR | 1 |
| Polish zloty .................... . | PLN | 4.445229 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| Turkish lira ..................... . | TRY | 7.682458 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest II European Top Dividend
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Telekommunikationsdienste | 18 715 846,71 | 5,30 |
| Dauerhafte Konsumgüter | 101 709 227,88 | 28,72 |
| Energie | 28 099 913,85 | 7,92 |
| Hauptverbrauchsgüter | 7 425 142,72 | 2,10 |
| Finanzsektor | 60 834 331,61 | 17,17 |
| Grundstoffe | 61 458 892,07 | 17,35 |
| Industrien | 24 644 640,15 | 6,96 |
| Versorger | 32 894 907,29 | 9,29 |
| Summe Aktien | 335 782 902,28 | 94,81 |
| 2. Derivate | 958,48 | 0,00 |
| 3. Bankguthaben | 19 411 098,77 | 5,48 |
| 4. Sonstige Vermögensgegenstände | 1 222 889,64 | 0,35 |
| 5. Forderungen aus Anteilscheingeschäften | 44 715,32 | 0,01 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -1 901 343,56 | - 0,54 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -412 266,89 | - 0,11 |
| III. Fondsvermögen | 446 907 349,79 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 320 408 140,24 | 90,47 |
| Aktien Galenica AG ......................................  | Stück | 141 794 |  | 48 600 | CHF | 67,65 | 9 008 876,16 | 2,54 |
| Nestle SA ........................................  | Stück | 78 200 | 5 600 | 5 700 | CHF | 105,06 | 7 715 944,79 | 2,18 |
| Novartis AG ......................................  | Stück | 53 775 |  | 10 600 | CHF | 81,91 | 4 136 778,87 | 1,17 |
| Roche Holding AG * ................................  | Stück | 25 982 |  | 13 100 | CHF | 327,65 | 7 995 170,18 | 2,26 |
| Moneta Money Bank AS ............................  | Stück | 1 202 631 | 495 000 | 341 000 | CZK | 53,9 | 2 426 056,26 | 0,68 |
| Novo Nordisk A/S ..................................  | Stück | 89 842 |  | 17 400 | DKK | 429,95 | 5 183 026,99 | 1,46 |
| Aena SME SA .....................................  | Stück | 14 100 | 6 900 | 18 700 | EUR | 119,2 | 1 680 720,00 | 0,47 |
| Allianz SE ........................................  | Stück | 29 140 | 9 900 | 2 100 | EUR | 180,22 | 5 251 610,80 | 1,48 |
| AXA SA ..........................................  | Stück | 282 754 | 81 800 | 214 900 | EUR | 18,418 | 5 207 763,17 | 1,47 |
| BASF SE .........................................  | Stück | 35 049 | 15 100 | 50 300 | EUR | 49,485 | 1 734 399,77 | 0,49 |
| Bayer AG ........................................  | Stück | 100 500 |  | 26 400 | EUR | 65,79 | 6 611 895,00 | 1,87 |
| BNP Paribas SA ...................................  | Stück | 49 700 | 51 300 | 175 200 | EUR | 34,795 | 1 729 311,50 | 0,49 |
| Cie Générale des Etablissements Michelin SCA ..........  | Stück | 19 335 | 7 600 | 16 900 | EUR | 91,6 | 1 771 086,00 | 0,50 |
| Coface SA ........................................  | Stück | 336 594 | 76 500 | 109 200 | EUR | 5,79 | 1 948 879,26 | 0,55 |
| Covestro AG ......................................  | Stück | 50 601 | 31 900 | 94 100 | EUR | 33,81 | 1 710 819,81 | 0,48 |
| Danone SA .......................................  | Stück | 109 056 |  | 4 800 | EUR | 61,82 | 6 741 841,92 | 1,90 |
| Deutsche Pfandbriefbank AG .........................  | Stück | 386 900 | 113 300 | 128 800 | EUR | 6,385 | 2 470 356,50 | 0,70 |
| Deutsche Post AG .................................  | Stück | 77 900 | 110 200 | 32 300 | EUR | 32,55 | 2 535 645,00 | 0,72 |
| Deutsche Telekom AG ..............................  | Stück | 720 784 |  | 208 800 | EUR | 14,93 | 10 761 305,12 | 3,04 |
| E.ON SE .........................................  | Stück | 580 456 | 251 400 | 15 100 | EUR | 10,04 | 5 827 778,24 | 1,65 |
| Elisa Oyj .........................................  | Stück | 67 676 |  |  | EUR | 54,28 | 3 673 453,28 | 1,04 |
| Enel SpA .........................................  | Stück | 1 246 057 | 203 000 | 68 200 | EUR | 7,735 | 9 638 250,90 | 2,72 |
| Essilor International Cie Générale d‘Optique SA ..........  | Stück | 38 200 | 10 800 | 4 100 | EUR | 113,8 | 4 347 160,00 | 1,23 |
| Euronext NV ......................................  | Stück | 88 756 |  | 7 200 | EUR | 88,85 | 7 885 970,60 | 2,23 |
| Gaztransport Et Technigaz S.A. .......................  | Stück | 33 645 | 2 000 | 20 100 | EUR | 67,4 | 2 267 673,00 | 0,64 |
| Grifols SA ........................................  | Stück | 168 665 |  | 18 400 | EUR | 27,18 | 4 584 314,70 | 1,29 |
| Grupo Catalana Occidente SA ........................  | Stück | 83 700 | 20 800 | 7 700 | EUR | 20,4 | 1 707 480,00 | 0,48 |
| Henkel AG & Co., KgaA -Pref- ........................  | Stück | 21 316 |  | 1 400 | EUR | 83,14 | 1 772 212,24 | 0,50 |
| Instone Real Estate Group AG ........................  | Stück | 61 100 | 61 100 |  | EUR | 19,14 | 1 169 454,00 | 0,33 |
| JDE Peet‘s BV ....................................  | Stück | 47 922 | 47 922 |  | EUR | 36,1 | 1 729 984,20 | 0,49 |
| Jungheinrich AG -Pref- ..............................  | Stück | 46 169 |  | 97 031 | EUR | 20,7 | 955 698,30 | 0,27 |
| Koninklijke DSM NV ................................  | Stück | 21 668 | 3 600 | 10 900 | EUR | 122,55 | 2 655 413,40 | 0,75 |
| Koninklijke Philips NV ...............................  | Stück | 126 500 | 30 600 | 16 900 | EUR | 41,225 | 5 214 962,50 | 1,47 |
| La Francaise des Jeux SAEM ........................  | Stück | 115 000 | 20 000 |  | EUR | 27,31 | 3 140 650,00 | 0,89 |
| LANXESS AG .....................................  | Stück | 49 700 | 63 500 | 13 800 | EUR | 46,7 | 2 320 990,00 | 0,66 |
| Mayr Melnhof Karton AG  ...........................  | Stück | 13 700 | 13 700 |  | EUR | 136,4 | 1 868 680,00 | 0,53 |
| Neste Oyj ........................................  | Stück | 150 300 | 14 200 | 13 900 | EUR | 34,47 | 5 180 841,00 | 1,46 |
| Nokia Oyj ........................................  | Stück | 474 467 |  | 823 200 | EUR | 3,852 | 1 827 884,12 | 0,52 |
| Porsche Automobil Holding SE -Pref- ..................  | Stück | 50 028 | 42 000 | 57 400 | EUR | 50,24 | 2 513 406,72 | 0,71 |
| Red Electrica Corp., SA .............................  | Stück | 155 821 | 44 700 | 10 300 | EUR | 16,71 | 2 603 768,91 | 0,74 |
| Sampo Oyj .......................................  | Stück | 140 609 | 64 000 | 9 700 | EUR | 30,2 | 4 246 391,80 | 1,20 |
| Siemens Gamesa Renewable Energy SA ...............  | Stück | 116 521 | 12 200 | 56 500 | EUR | 15,61 | 1 818 892,81 | 0,51 |
| Siemens Healthineers AG ...........................  | Stück | 50 289 |  |  | EUR | 42,77 | 2 150 860,53 | 0,61 |
| Solvay SA ........................................  | Stück | 24 300 | 3 200 | 20 900 | EUR | 70,34 | 1 709 262,00 | 0,48 |
| Talanx AG ........................................  | Stück | 240 334 | 16 700 | 3 700 | EUR | 32,7 | 7 858 921,80 | 2,22 |
| Thales SA ........................................  | Stück | 49 200 | 19 400 | 19 300 | EUR | 71,44 | 3 514 848,00 | 0,99 |
| Total SA .........................................  | Stück | 168 122 | 83 500 | 50 000 | EUR | 33,81 | 5 684 204,82 | 1,60 |
| Unilever NV ......................................  | Stück | 144 011 | 4 300 | 2 800 | EUR | 47,43 | 6 830 441,73 | 1,93 |
| Vinci SA .........................................  | Stück | 91 102 | 9 800 | 15 100 | EUR | 81,56 | 7 430 279,12 | 2,10 |
| Vonovia SE .......................................  | Stück | 185 034 |  | 6 800 | EUR | 54,8 | 10 139 863,20 | 2,86 |
| Antofagasta PLC ...................................  | Stück | 352 300 | 167 100 | 164 800 | GBP | 9,256 | 3 578 760,16 | 1,01 |
| AstraZeneca PLC ..................................  | Stück | 17 961 |  | 10 200 | GBP | 84,22 | 1 660 130,98 | 0,47 |
| BAE Systems PLC .................................  | Stück | 164 366 |  | 647 300 | GBP | 4,817 | 868 930,89 | 0,25 |
| British American Tobacco PLC ........................  | Stück | 207 600 |  | 140 000 | GBP | 31,085 | 7 082 308,26 | 2,00 |
| Centamin PLC ....................................  | Stück | 4 245 400 | 620 700 | 888 000 | GBP | 1,784 | 8 314 416,44 | 2,35 |
| Fresnillo PLC .....................................  | Stück | 250 444 | 160 800 | 103 300 | GBP | 8,268 | 2 272 519,95 | 0,64 |
| Imperial Brands PLC ................................  | Stück | 420 000 | 86 100 | 103 200 | GBP | 15,475 | 7 133 071,10 | 2,01 |
| National Grid PLC ..................................  | Stück | 995 926 | 29 000 | 166 200 | GBP | 9,864 | 10 781 439,22 | 3,04 |
| Pearson PLC ......................................  | Stück | 137 873 |  | 143 700 | GBP | 5,756 | 870 956,81 | 0,25 |
| Polymetal International PLC .........................  | Stück | 518 000 | 30 000 | 121 500 | GBP | 16,005 | 9 098 756,51 | 2,57 |
| Prudential PLC ....................................  | Stück | 144 806 |  | 134 400 | GBP | 12,065 | 1 917 390,13 | 0,54 |
| Reckitt Benckiser Group PLC .........................  | Stück | 110 160 | 70 200 | 7 700 | GBP | 74,92 | 9 057 707,69 | 2,56 |
| Rio Tinto PLC .....................................  | Stück | 68 432 | 22 100 | 59 700 | GBP | 45,135 | 3 389 762,61 | 0,96 |
| Royal Dutch Shell PLC ..............................  | Stück | 302 399 | 169 700 | 113 800 | GBP | 12,82 | 4 254 661,18 | 1,20 |
| Royal Dutch Shell PLC ..............................  | Stück | 317 237 | 173 300 | 104 600 | GBP | 12,222 | 4 255 279,08 | 1,20 |
| United Utilities Group PLC ...........................  | Stück | 401 100 | 409 000 | 7 900 | GBP | 9,186 | 4 043 670,02 | 1,14 |
| DNB ASA ........................................  | Stück | 295 176 | 202 300 | 312 300 | NOK | 126,85 | 3 441 295,66 | 0,97 |
| Equinor ASA ......................................  | Stück | 344 500 | 260 700 | 107 400 | NOK | 136,5 | 4 321 876,48 | 1,22 |
| Gjensidige Forsikring BA ............................  | Stück | 135 253 |  |  | NOK | 176,5 | 2 194 027,61 | 0,62 |
| Mowi ASA .......................................  | Stück | 164 691 | 16 000 |  | NOK | 181,85 | 2 752 540,04 | 0,78 |
| Telenor ASA ......................................  | Stück | 123 013 |  | 11 000 | NOK | 139,95 | 1 582 247,38 | 0,45 |
| TGS NOPEC Geophysical Co. ASA ....................  | Stück | 201 700 | 106 100 | 32 800 | NOK | 139,4 | 2 584 158,48 | 0,73 |
| Warsaw Stock Exchange  ...........................  | Stück | 129 650 | 121 150 | 16 500 | PLN | 42,5 | 1 239 559,32 | 0,35 |
| Boliden AB  ......................................  | Stück | 146 088 | 73 600 | 102 700 | SEK | 209,2 | 2 917 224,49 | 0,82 |
| Epiroc AB ........................................  | Stück | 160 863 |  | 348 000 | SEK | 115,2 | 1 768 895,88 | 0,50 |
| Sandvik AB .......................................  | Stück | 106 696 |  | 91 800 | SEK | 172,15 | 1 753 269,96 | 0,49 |
| Polyus PJSC ......................................  | Stück | 85 300 | 98 100 | 12 800 | USD | 83,85 | 6 381 804,89 | 1,80 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  | 15 374 762,04 | 4,34 |
| Aktien BHP Group PLC ...................................	Stück	853 800	382 700 | 125 200 | GBP | 16,408 | 15 374 762,04 | 4,34 |
| Summe Wertpapiervermögen |  |  |  | 335 782 902,28 | 94,81 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 958,48 | 0,00 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen CHF/EUR 0,1 Mio. .................................  |  |  | 202,06 | 0,00 |
| CHF/GBP 0,1 Mio. .................................  |  |  | 453,27 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen CHF/CZK 0,1 Mio. .................................  |  |  | 3,99 | 0,00 |
| CHF/DKK 0,1 Mio. .................................  |  |  | 6,27 | 0,00 |
| CHF/NOK 0,1 Mio.  ................................  |  |  | 92,80 | 0,00 |
| CHF/PLN 0,1 Mio. .................................  |  |  | 1,46 | 0,00 |
| CHF/RUB 0,2 Mio. .................................  |  |  | 62,66 | 0,00 |
| CHF/SEK 0,1 Mio. .................................  |  |  | 5,69 | 0,00 |
| EUR/CZK 0,1 Mio. .................................  |  |  | 0,61 | 0,00 |
| EUR/DKK 0,1 Mio. .................................  |  |  | -0,03 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  |  |  | 96,31 | 0,00 |
| EUR/NOK 0,1 Mio.  ................................  |  |  | 19,50 | 0,00 |
| EUR/PLN 0,1 Mio. .................................  |  |  | -0,06 | 0,00 |
| EUR/RUB 0,1 Mio.  ................................  |  |  | 15,74 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  |  |  | -1,36 | 0,00 |
| Geschlossene Positionen EUR/CHF 0,1 Mio. .................................  |  |  | -0,43 | 0,00 |
| Bankguthaben |  |  | 19 411 098,77 | 5,48 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  | 6 769 080,69 | 1,91 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 5 916 501 | 6 493 241,25 | 1,83 |
| Dänische Kronen ..................................  | DKK | 4 224 822 | 566 884,45 | 0,16 |
| Norwegische Kronen ...............................  | NOK | 9 853 885 | 905 644,98 | 0,26 |
| Polnischer Zloty ...................................  | PLN | 1 251 314 | 281 495,92 | 0,08 |
| Schwedische Kronen ...............................  | SEK | 19 573 126 | 1 868 331,01 | 0,53 |
| Tschechische Kronen ...............................  | CZK | 9 587 340 | 358 821,00 | 0,10 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Australischer Dollar ................................  | AUD | 107 | 65,49 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 870 | 567,88 | 0,00 |
| Schweizer Franken .................................  | CHF | 2 264 181 | 2 126 454,94 | 0,60 |
| Türkische Lira .....................................  | TRY | 710 | 92,45 | 0,00 |
| US-Dollar ........................................  | USD | 45 299 | 40 418,71 | 0,01 |
| Sonstige Vermögensgegenstände |  |  | 1 222 889,64 | 0,35 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  | 877 252,55 | 0,25 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 280,33 | 0,00 |
| Sonstige Ansprüche ................................  |  |  | 345 356,76 | 0,10 |
| Forderungen aus Anteilscheingeschäften |  |  | 44 715,32 | 0,01 |
| Summe der Vermögensgegenstände ** |  |  | 356 462 566,37 | 100,65 |
| Sonstige Verbindlichkeiten |  |  | -1 901 343,56 | -0,54 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  | -523 779,83 | -0,15 |
| Andere sonstige Verbindlichkeiten .....................  |  |  | -1 377 563,73 | -0,39 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -412 266,89 | -0,11 |
| Summe der Verbindlichkeiten |  |  | -2 313 612,33 | -0,65 |
| Fondsvermögen |  |  | 354 148 954,04 | 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 LDH (P) ................................  | CHF | 95,82 |
| Klasse FC ........................................  | EUR | 104,29 |
| Klasse FD ........................................  | EUR | 90,98 |
| Klasse LC ........................................  | EUR | 159,05 |
| Klasse LD ........................................  | EUR | 127,11 |
| Klasse LDH (P) ....................................  | EUR | 98,26 |
| Klasse NC ........................................  | EUR | 150,07 |
| Klasse ND ........................................  | EUR | 122,19 |
| Klasse TFC .......................................  | EUR | 96,79 |
| Klasse TFD .......................................  | EUR | 90,40 |
| Klasse XC ........................................  | EUR | 174,22 |
| Klasse XD ........................................  | EUR | 108,08 |
| Umlaufende Anteile Klasse CHF LDH (P) ................................  | Stück | 1 350,000 |
| Klasse FC ........................................  | Stück | 84 939,737 |
| Klasse FD ........................................  | Stück | 593 326,000 |
| Klasse LC ........................................  | Stück | 265 159,238 |
| Klasse LD ........................................  | Stück | 1 896 970,217 |
| Klasse LDH (P) ....................................  | Stück | 359,161 |
| Klasse NC ........................................  | Stück | 29 595,682 |
| Klasse ND ........................................  | Stück | 255,000 |
| Klasse TFC .......................................  | Stück | 4 154,395 |
| Klasse TFD .......................................  | Stück | 6 261,000 |
| Klasse XC ........................................  | Stück | 13 774,412 |
| Klasse XD ........................................  | Stück | 88,207 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Europe High Dividend Yield net TR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 82,100 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 104,088 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 91,477 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 91,477.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), JP Morgan, Royal Bank of Canada (UK) und UBS AG
 Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen	gesamt Kurswert in EUR unbefristet |
| --- | --- | --- | --- |
| Roche Holding AG ..............................  | Stück | 25 000 | 7 692 989,55 |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | 7 692 989,55 | 7 692 989,55 |
| Vertragspartner der Wertpapier-Darlehen Barclays Capital Securities Limited |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen | EUR EUR | 8 172 431,23 2 198 873,41 |
| Aktien | EUR | 5 973 557,82 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,532233 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Tschechische Kronen .............  | CZK | 26,719006 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Polnischer Zloty .................  | PLN | 4,445229 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Türkische Lira ...................  | TRY | 7,682458 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |

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