# DWS Invest II US Top Dividend
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 24 091 553.49 | 7.71 |
| Telecommunication Services | 30 516 810.60 | 9.75 |
| Consumer Discretionaries | 113 768 600.07 | 36.38 |
| Energy | 14 857 450.01 | 4.75 |
| Consumer Staples | 20 556 381.48 | 6.58 |
| Financials | 36 056 801.33 | 11.53 |
| Basic Materials | 6 005 142.62 | 1.92 |
| Industrials | 36 110 796.23 | 11.54 |
| Utilities | 20 110 684.85 | 6.44 |
| Total equities | 302 074 220.68 | 96.60 |
| 2. Investment fund units Other funds | 8 875 650.96 | 2.84 |
| Total investment fund units | 8 875 650.96 | 2.84 |
| 3. Derivatives | -43 747.57 | - 0.01 |
| 4. Cash at bank | 5 380 491.76 | 1.71 |
| 5. Other assets | 615 970.30 | 0.20 |
| 6. Receivables from share certificate transactions | 234 667.41 | 0.08 |
| II. Liabilities |  |  |
| 1. Other liabilities | -503 752.70 | - 0.16 |
| 2. Liabilities from share certificate transactions | -3 936 171.08 | - 1.26 |
|  |  |  |
| III. Net assets | 312 697 329.76 | 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 |  |  |  |  |  |  | 302 074 220.68 | 96.60 |
| Equities Canadian Imperial Bank of Commerce/Canada ............  | Count | 43 545 | 28 307 | 15 178 | CAD | 89.9 | 2 554 896.10 | 0.82 |
| Canadian National Railway Co. ........................  | Count | 41 133 |  | 31 370 | CAD | 118.87 | 3 191 081.57 | 1.02 |
| National Bank of Canada .............................  | Count | 35 872 | 40 851 | 4 979 | CAD | 60.61 | 1 418 976.27 | 0.45 |
| Toronto-Dominion Bank/The ..........................       | Count | 52 830 |  | 11 806 | CAD | 59.83 | 2 062 884.30 | 0.66 |
| 3M Co............................................  | Count | 39 299 | 10 542 | 5 454 | USD | 155.23 | 5 443 128.42 | 1.74 |
| AbbVie, Inc. .......................................  | Count | 65 783 | 72 493 | 6 710 | USD | 96.07 | 5 638 880.49 | 1.80 |
| Air Products & Chemicals, Inc. ........................  | Count | 15 554 |  | 2 159 | USD | 237.39 | 3 294 548.76 | 1.05 |
| Allstate Corp./The ..................................  | Count | 20 470 | 21 117 | 647 | USD | 95.85 | 1 750 658.29 | 0.56 |
| Altria Group, Inc. ...................................  | Count | 225 098 | 74 528 | 25 929 | USD | 39.01 | 7 835 000.18 | 2.51 |
| Amdocs Ltd .......................................  | Count | 37 574 |  | 23 106 | USD | 60.45 | 2 026 633.23 | 0.65 |
| American Water Works Co., Inc........................  | Count | 25 241 | 27 578 | 2 337 | USD | 126.13 | 2 840 641.17 | 0.91 |
| AmerisourceBergen Corp.............................  | Count | 21 626 | 8 562 | 2 133 | USD | 98.8 | 1 906 446.26 | 0.61 |
| Amgen, Inc. .......................................  | Count | 34 635 |  | 4 807 | USD | 232.42 | 7 182 574.06 | 2.30 |
| AT&T, Inc. ........................................  | Count | 376 423 | 16 843 | 50 311 | USD | 29.74 | 9 988 690.11 | 3.19 |
| Bank of America Corp. ..............................  | Count | 103 000 |  | 111 858 | USD | 23.41 | 2 151 444.08 | 0.69 |
| Bristol-Myers Squibb Co..............................  | Count | 126 111 |  | 17 504 | USD | 57.68 | 6 490 372.84 | 2.08 |
| Broadcom, Inc. ....................................  | Count | 11 413 |  | 1 584 | USD | 313.16 | 3 189 022.08 | 1.02 |
| Broadridge Financial Solutions, Inc. ....................  | Count | 40 552 | 11 256 | 4 487 | USD | 126.08 | 4 561 943.50 | 1.46 |
| Carnival Corp. * ....................................  | Count | 117 338 | 38 448 | 11 837 | USD | 16.07 | 1 682 464.78 | 0.54 |
| Charles Schwab Corp./The ...........................  | Count | 9 144 |  | 1 269 | USD | 32.85 | 268 017.42 | 0.09 |
| Chevron Corp. .....................................  | Count | 24 395 |  | 3 385 | USD | 86.68 | 1 886 736.06 | 0.60 |
| Chubb Ltd ........................................  | Count | 38 832 | 7 127 | 5 389 | USD | 125.71 | 4 355 630.29 | 1.39 |
| Cisco Systems, Inc..................................  | Count | 91 676 |  | 47 659 | USD | 46.69 | 3 819 187.27 | 1.22 |
| Citigroup, Inc. .....................................  | Count | 48 099 | 49 731 | 1 632 | USD | 50.215 | 2 155 067.81 | 0.69 |
| Citizens Financial Group, Inc. .........................  | Count | 59 424 |  | 74 428 | USD | 24.74 | 1 311 755.83 | 0.42 |
| Clorox Co./The.....................................  | Count | 14 156 |  | 5 983 | USD | 219.06 | 2 766 910.18 | 0.88 |
| CME Group, Inc. ...................................  | Count | 16 203 | 16 536 | 333 | USD | 162.81 | 2 353 791.19 | 0.75 |
| CMS Energy Corp...................................  | Count | 76 380 |  | 13 426 | USD | 57.67 | 3 930 257.72 | 1.26 |
| Coca-Cola Co./The ..................................  | Count | 145 204 | 20 772 | 42 660 | USD | 44.29 | 5 738 200.05 | 1.84 |
| Comcast Corp......................................  | Count | 92 814 | 45 470 | 23 925 | USD | 38.15 | 3 159 362.48 | 1.01 |
| ConocoPhillips .....................................  | Count | 57 859 |  | 8 029 | USD | 40.33 | 2 082 047.19 | 0.67 |
| Corning, Inc. ......................................  | Count | 95 824 | 39 851 | 30 829 | USD | 25.7 | 2 197 348.00 | 0.70 |
| Dow, Inc. ........................................  | Count | 18 118 |  | 28 521 | USD | 40 | 646 638.67 | 0.21 |
| DTE Energy Co. ....................................  | Count | 19 647 |  | 2 725 | USD | 106.36 | 1 864 515.50 | 0.60 |
| Dupont De Nemours, Inc. ............................  | Count | 16 908 |  | 12 375 | USD | 52.1 | 785 997.90 | 0.25 |
| Eli Lilly & Co. ......................................  | Count | 29 491 | 6 093 | 8 471 | USD | 162.92 | 4 287 018.17 | 1.37 |
| Emerson Electric Co.................................  | Count | 17 386 |  | 28 368 | USD | 61.05 | 947 058.42 | 0.30 |
| EOG Resources, Inc. ................................  | Count | 52 810 | 59 269 | 6 459 | USD | 49.12 | 2 314 546.71 | 0.74 |
| Eversource Energy .................................  | Count | 21 317 | 21 756 | 439 | USD | 83.05 | 1 579 636.45 | 0.51 |
| Exxon Mobil Corp. ..................................  | Count | 141 318 |  | 19 614 | USD | 43.38 | 5 469 888.26 | 1.75 |
| Genuine Parts Co. ..................................  | Count | 12 079 | 22 853 | 10 774 | USD | 86.29 | 929 999.84 | 0.30 |
| Gilead Sciences, Inc. ................................  | Count | 81 592 | 7 263 | 10 479 | USD | 75.61 | 5 504 504.63 | 1.76 |
| Hasbro, Inc. .......................................  | Count | 50 704 | 55 168 | 4 464 | USD | 72.68 | 3 288 126.86 | 1.05 |
| Home Depot, Inc./The ...............................  | Count | 13 726 |  | 5 290 | USD | 247.06 | 3 025 783.54 | 0.97 |
| HP, Inc. ..........................................  | Count | 112 810 | 28 320 | 128 549 | USD | 17.05 | 1 716 182.25 | 0.55 |
| Huntsman Corp. ...................................  | Count | 59 916 |  | 8 315 | USD | 17.64 | 943 045.87 | 0.30 |
| Intel Corp. ........................................  | Count | 83 390 |  | 29 341 | USD | 59.615 | 4 435 687.54 | 1.42 |
| Johnson & Johnson.................................  | Count | 76 042 |  | 10 553 | USD | 138.34 | 9 386 263.16 | 3.00 |
| JPMorgan Chase & Co...............................  | Count | 39 972 |  | 25 305 | USD | 93.49 | 3 334 359.81 | 1.07 |
| Las Vegas Sands Corp. ..............................  | Count | 34 431 |  | 42 616 | USD | 44.06 | 1 353 585.06 | 0.43 |
| Lockheed Martin Corp. ..............................  | Count | 16 193 |  | 2 247 | USD | 363.91 | 5 257 904.94 | 1.68 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 56 697 |  | 7 868 | USD | 105.82 | 5 353 271.39 | 1.71 |
| Medtronic PLC ....................................  | Count | 47 271 |  | 21 925 | USD | 89.43 | 3 771 980.55 | 1.21 |
| Merck & Co., Inc. ..................................  | Count | 188 282 | 14 810 | 74 412 | USD | 76.39 | 12 833 252.43 | 4.10 |
| Microsoft Corp. ....................................  | Count | 34 787 | 1 978 | 26 512 | USD | 199.69 | 6 198 187.62 | 1.98 |
| Mondelez International, Inc. ..........................  | Count | 68 324 |  | 9 482 | USD | 50.69 | 3 090 202.93 | 0.99 |
| Motorola Solutions, Inc. .............................  | Count | 36 254 | 5 952 | 13 650 | USD | 138.84 | 4 491 195.49 | 1.44 |
| National Instruments Corp. ..........................  | Count | 59 120 | 65 811 | 6 691 | USD | 38.27 | 2 018 758.24 | 0.65 |
| Newmont Mining Corp...............................  | Count | 23 947 | 24 440 | 493 | USD | 59.81 | 1 277 957.29 | 0.41 |
| Northrop Grumman Corp. ............................  | Count | 5 589 | 5 704 | 115 | USD | 306.1 | 1 526 472.07 | 0.49 |
| PepsiCo, Inc. ......................................  | Count | 83 818 |  | 19 802 | USD | 131.74 | 9 852 498.49 | 3.15 |
| Pfizer, Inc. ........................................  | Count | 280 538 |  | 71 728 | USD | 32.29 | 8 082 601.47 | 2.58 |
| Philip Morris International, Inc. ........................  | Count | 139 956 |  | 19 425 | USD | 69.9 | 8 728 912.13 | 2.79 |
| Phillips 66 ........................................  | Count | 21 052 |  | 2 921 | USD | 67.8 | 1 273 545.54 | 0.41 |
| Procter & Gamble Co. ...............................  | Count | 100 705 |  | 21 933 | USD | 118.78 | 10 672 982.05 | 3.41 |
| Prudential Financial, Inc. .............................  | Count | 31 563 |  | 9 168 | USD | 59.15 | 1 665 806.10 | 0.53 |
| Public Service Enterprise Group, Inc. ...................  | Count | 63 559 | 37 534 | 8 821 | USD | 49.2 | 2 790 188.75 | 0.89 |
| Raytheon Technologies Corp. ........................  | Count | 134 077 | 138 627 | 22 522 | USD | 60.25 | 7 207 800.53 | 2.30 |
| Regions Financial Corp. ..............................  | Count | 131 373 |  | 114 877 | USD | 10.925 | 1 280 616.19 | 0.41 |
| Republic Services, Inc. ..............................  | Count | 43 194 |  | 5 995 | USD | 80.8 | 3 114 054.50 | 1.00 |
| Rockwell Automation, Inc. ...........................  | Count | 6 994 |  | 9 306 | USD | 209.44 | 1 307 003.29 | 0.42 |
| Royal Caribbean Cruises Ltd .........................  | Count | 19 511 | 21 931 | 2 420 | USD | 48.28 | 840 500.96 | 0.27 |
| Schlumberger Ltd ..................................  | Count | 57 561 |  | 7 987 | USD | 17.69 | 908 547.39 | 0.29 |
| TE Connectivity Ltd .................................  | Count | 21 161 | 5 839 | 2 260 | USD | 80.32 | 1 516 531.07 | 0.48 |
| Texas Instruments, Inc...............................  | Count | 17 331 |  | 7 290 | USD | 127 | 1 963 897.27 | 0.63 |

| 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 |
| Tractor Supply Co. ..................................  | Count | 30 894 | 9 619 | 4 288 | USD | 132.5 | 3 652 426.16 | 1.17 |
| Travelers Cos, Inc./The ..............................  | Count | 16 712 |  | 2 319 | USD | 112.78 | 1 681 713.23 | 0.54 |
| Truist Financial Corp. ...............................  | Count | 39 476 |  | 27 231 | USD | 36.78 | 1 295 496.64 | 0.41 |
| UGI Corp..........................................  | Count | 115 678 | 127 646 | 11 968 | USD | 31.44 | 3 245 074.96 | 1.04 |
| Vail Resorts, Inc. ...................................  | Count | 8 310 |  | 1 153 | USD | 176.22 | 1 306 615.02 | 0.42 |
| Valero Energy Corp..................................  | Count | 18 508 |  | 2 569 | USD | 55.84 | 922 138.86 | 0.29 |
| Verizon Communications, Inc..........................  | Count | 141 325 | 19 494 | 19 616 | USD | 54.41 | 6 861 027.25 | 2.19 |
| VF Corp. .........................................  | Count | 17 815 | 18 182 | 367 | USD | 59.21 | 941 179.18 | 0.30 |
| Wal-Mart Stores, Inc. ...............................  | Count | 33 174 |  | 4 606 | USD | 119.45 | 3 535 700.08 | 1.13 |
| Waste Management, Inc. ............................  | Count | 39 144 |  | 5 433 | USD | 104.16 | 3 637 957.31 | 1.16 |
| WEC Energy Group, Inc. .............................  | Count | 49 690 |  | 16 751 | USD | 87.07 | 3 860 370.30 | 1.23 |
| Wells Fargo & Co. ..................................  | Count | 46 915 | 20 321 | 34 917 | USD | 25.38 | 1 062 416.39 | 0.34 |
| Investment fund units |  |  |  |  |  |  | 8 875 650.96 | 2.84 |
| In-group fund units Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0.000%) .................................  | Units | 357 | 3 964 | 5 841 | EUR | 9 816.751 | 3 504 580.07 | 1.12 |
| Deutsche Global Liquidity Series Plc - Managed Dollar Fund - EUR - (0.150%) ...................................         | Units | 580 | 5 541 | 5 392 | USD | 10 380.74 | 5 371 070.89 | 1.72 |
| Total securities portfolio |  |  |  |  |  |  | 310 949 871.64 | 99.44 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -43 747.57 | -0.01 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/CAD 0.5 million ...............................  |  |  |  |  |  |  | 609.09 | 0.00 |
| EUR/USD 7.8 million ...............................  |  |  |  |  |  |  | -42 802.76 | -0.01 |
| Closed positions EUR/USD 0.3 million ...............................  |  |  |  |  |  |  | -1 553.90 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 5 380 491.76 | 1.71 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 770 040.81 | 0.25 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Norwegian krone ...................................  | NOK | 1 |  |  |  |  | 0.08 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Canadian dollar ....................................  | CAD | 5 835 882 |  |  |  |  | 3 808 743.65 | 1.21 |
| U.S. dollar ........................................  | USD | 898 513 |  |  |  |  | 801 707.22 | 0.25 |
| Other assets | 615 970.30 | 0.20 |
| Dividends/Distributions receivable .....................  | 615 970.30 | 0.20 |
| Receivables from share certificate transactions | 234 667.41 | 0.08 |
| Total assets ** | 317 181 610.20 | 101.43 |
| Other liabilities | -503 752.70 | -0.16 |
| Liabilities from cost items ............................  | -503 752.70 | -0.16 |
| Liabilities from share certificate transactions | -3 936 171.08 | -1.26 |
| Total liabilities | -4 484 280.44 | -1.43 |
| Net assets | 312 697 329.76 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 204.95 |
| Class FD .........................................  | EUR | 148.84 |
| Class LC .........................................  | EUR | 192.48 |
| Class LCH (P)......................................  | EUR | 119.94 |
| Class LD .........................................  | EUR | 164.51 |
| Class NC .........................................  | EUR | 181.90 |
| Class NCH (P) .....................................  | EUR | 114.39 |
| Class TFC ........................................  | EUR | 105.67 |
| Class TFD ........................................  | EUR | 101.17 |
| Class USD LC .....................................  | USD | 131.77 |
| Number of shares outstanding Class FC .........................................  | Count | 255 373.843 |
| Class FD .........................................  | Count | 1 906.534 |
| Class LC .........................................  | Count | 53 667.356 |
| Class LCH (P)......................................  | Count | 58 955.226 |
| Class LD .........................................  | Count | 960 266.086 |
| Class NC .........................................  | Count | 41 630.995 |
| Class NCH (P) .....................................  | Count | 1 929.899 |
| Class TFC ........................................  | Count | 2 485.012 |
| Class TFD ........................................  | Count | 20.000 |
| Class USD LC .....................................  | Count | 651 864.515 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 90.501 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 101.322 |
| Average market risk exposure ........................  | % | 96.184 |

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 96.184 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
BNP Paribas SA, Bofa Securities Europe and JP Morgan

######  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 |
| --- | --- | --- | --- | --- |
| Carnival Corp. ........................................................................... | Count | 100 000 | 1 433 861.80 |  |
| Total receivables from securities loans |  |  | 1 433 861.80 | 1 433 861.80 |
| Contracting parties for securities loans J.P. Morgan Sec Ltd. |  |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Equities |  |  | EUR EUR | 1,541,050.05 1,541,050.05 |

 Exchange rates (indirect quotes)	
As of June 30, 2020
| Canadian dollar	CAD | 1.532233 | = EUR | 1 |
| --- | --- | --- | --- |
| Norwegian krone	NOK | 10.880517 | = EUR | 1 |
| U.S. dollar	USD | 1.120750 | = EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnote	
* 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 US Top Dividend
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 24 091 553,49 | 7,71 |
| Telekommunikationsdienste | 30 516 810,60 | 9,75 |
| Dauerhafte Konsumgüter | 113 768 600,07 | 36,38 |
| Energie | 14 857 450,01 | 4,75 |
| Hauptverbrauchsgüter | 20 556 381,48 | 6,58 |
| Finanzsektor | 36 056 801,33 | 11,53 |
| Grundstoffe | 6 005 142,62 | 1,92 |
| Industrien | 36 110 796,23 | 11,54 |
| Versorger | 20 110 684,85 | 6,44 |
| Summe Aktien | 302 074 220,68 | 96,60 |
| 2. Investmentanteile Sonstige Fonds | 8 875 650,96 | 2,84 |
| Summe Investmentanteile | 8 875 650,96 | 2,84 |
| 3. Derivate | -43 747,57 | - 0,01 |
| 4. Bankguthaben | 5 380 491,76 | 1,71 |
| 5. Sonstige Vermögensgegenstände | 615 970,30 | 0,20 |
| 6. Forderungen aus Anteilscheingeschäften | 234 667,41 | 0,08 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -503 752,70 | - 0,16 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -3 936 171,08 | - 1,26 |
| III. Fondsvermögen | 312 697 329,76 | 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 |  |  |  |  |  |  | 302 074 220,68 | 96,60 |
| Aktien Canadian Imperial Bank of Commerce/Canada ...........  | Stück | 43 545 | 28 307 | 15 178 | CAD | 89,9 | 2 554 896,10 | 0,82 |
| Canadian National Railway Co. ........................  | Stück | 41 133 |  | 31 370 | CAD | 118,87 | 3 191 081,57 | 1,02 |
| National Bank of Canada ............................  | Stück | 35 872 | 40 851 | 4 979 | CAD | 60,61 | 1 418 976,27 | 0,45 |
| Toronto-Dominion Bank/The ..........................       | Stück | 52 830 |  | 11 806 | CAD | 59,83 | 2 062 884,30 | 0,66 |
| 3M Co. ..........................................  | Stück | 39 299 | 10 542 | 5 454 | USD | 155,23 | 5 443 128,42 | 1,74 |
| AbbVie, Inc. ......................................  | Stück | 65 783 | 72 493 | 6 710 | USD | 96,07 | 5 638 880,49 | 1,80 |
| Air Products & Chemicals, Inc. .......................  | Stück | 15 554 |  | 2 159 | USD | 237,39 | 3 294 548,76 | 1,05 |
| Allstate Corp./The ..................................  | Stück | 20 470 | 21 117 | 647 | USD | 95,85 | 1 750 658,29 | 0,56 |
| Altria Group, Inc. ..................................  | Stück | 225 098 | 74 528 | 25 929 | USD | 39,01 | 7 835 000,18 | 2,51 |
| Amdocs Ltd ......................................  | Stück | 37 574 |  | 23 106 | USD | 60,45 | 2 026 633,23 | 0,65 |
| American Water Works Co., Inc. ......................  | Stück | 25 241 | 27 578 | 2 337 | USD | 126,13 | 2 840 641,17 | 0,91 |
| AmerisourceBergen Corp. ...........................  | Stück | 21 626 | 8 562 | 2 133 | USD | 98,8 | 1 906 446,26 | 0,61 |
| Amgen, Inc. ......................................  | Stück | 34 635 |  | 4 807 | USD | 232,42 | 7 182 574,06 | 2,30 |
| AT&T, Inc. ........................................  | Stück | 376 423 | 16 843 | 50 311 | USD | 29,74 | 9 988 690,11 | 3,19 |
| Bank of America Corp. ..............................  | Stück | 103 000 |  | 111 858 | USD | 23,41 | 2 151 444,08 | 0,69 |
| Bristol-Myers Squibb Co. ............................  | Stück | 126 111 |  | 17 504 | USD | 57,68 | 6 490 372,84 | 2,08 |
| Broadcom, Inc. ...................................  | Stück | 11 413 |  | 1 584 | USD | 313,16 | 3 189 022,08 | 1,02 |
| Broadridge Financial Solutions, Inc. ....................  | Stück | 40 552 | 11 256 | 4 487 | USD | 126,08 | 4 561 943,50 | 1,46 |
| Carnival Corp. * ...................................  | Stück | 117 338 | 38 448 | 11 837 | USD | 16,07 | 1 682 464,78 | 0,54 |
| Charles Schwab Corp./The ...........................  | Stück | 9 144 |  | 1 269 | USD | 32,85 | 268 017,42 | 0,09 |
| Chevron Corp. ....................................  | Stück | 24 395 |  | 3 385 | USD | 86,68 | 1 886 736,06 | 0,60 |
| Chubb Ltd ........................................  | Stück | 38 832 | 7 127 | 5 389 | USD | 125,71 | 4 355 630,29 | 1,39 |
| Cisco Systems, Inc. ................................  | Stück | 91 676 |  | 47 659 | USD | 46,69 | 3 819 187,27 | 1,22 |
| Citigroup, Inc. .....................................  | Stück | 48 099 | 49 731 | 1 632 | USD | 50,215 | 2 155 067,81 | 0,69 |
| Citizens Financial Group, Inc. .........................  | Stück | 59 424 |  | 74 428 | USD | 24,74 | 1 311 755,83 | 0,42 |
| Clorox Co./The ....................................  | Stück | 14 156 |  | 5 983 | USD | 219,06 | 2 766 910,18 | 0,88 |
| CME Group, Inc. ...................................  | Stück | 16 203 | 16 536 | 333 | USD | 162,81 | 2 353 791,19 | 0,75 |
| CMS Energy Corp. .................................  | Stück | 76 380 |  | 13 426 | USD | 57,67 | 3 930 257,72 | 1,26 |
| Coca-Cola Co./The .................................  | Stück | 145 204 | 20 772 | 42 660 | USD | 44,29 | 5 738 200,05 | 1,84 |
| Comcast Corp. ....................................  | Stück | 92 814 | 45 470 | 23 925 | USD | 38,15 | 3 159 362,48 | 1,01 |
| ConocoPhillips ....................................  | Stück | 57 859 |  | 8 029 | USD | 40,33 | 2 082 047,19 | 0,67 |
| Corning, Inc. ......................................  | Stück | 95 824 | 39 851 | 30 829 | USD | 25,7 | 2 197 348,00 | 0,70 |
| Dow, Inc. ........................................  | Stück | 18 118 |  | 28 521 | USD | 40 | 646 638,67 | 0,21 |
| DTE Energy Co. ...................................  | Stück | 19 647 |  | 2 725 | USD | 106,36 | 1 864 515,50 | 0,60 |
| Dupont De Nemours, Inc. ...........................  | Stück | 16 908 |  | 12 375 | USD | 52,1 | 785 997,90 | 0,25 |
| Eli Lilly & Co. .....................................  | Stück | 29 491 | 6 093 | 8 471 | USD | 162,92 | 4 287 018,17 | 1,37 |
| Emerson Electric Co. ...............................  | Stück | 17 386 |  | 28 368 | USD | 61,05 | 947 058,42 | 0,30 |
| EOG Resources, Inc. ...............................  | Stück | 52 810 | 59 269 | 6 459 | USD | 49,12 | 2 314 546,71 | 0,74 |
| Eversource Energy .................................  | Stück | 21 317 | 21 756 | 439 | USD | 83,05 | 1 579 636,45 | 0,51 |
| Exxon Mobil Corp. .................................  | Stück | 141 318 |  | 19 614 | USD | 43,38 | 5 469 888,26 | 1,75 |
| Genuine Parts Co. .................................  | Stück | 12 079 | 22 853 | 10 774 | USD | 86,29 | 929 999,84 | 0,30 |
| Gilead Sciences, Inc. ...............................  | Stück | 81 592 | 7 263 | 10 479 | USD | 75,61 | 5 504 504,63 | 1,76 |
| Hasbro, Inc. ......................................  | Stück | 50 704 | 55 168 | 4 464 | USD | 72,68 | 3 288 126,86 | 1,05 |
| Home Depot, Inc./The ..............................  | Stück | 13 726 |  | 5 290 | USD | 247,06 | 3 025 783,54 | 0,97 |
| HP, Inc. ..........................................  | Stück | 112 810 | 28 320 | 128 549 | USD | 17,05 | 1 716 182,25 | 0,55 |
| Huntsman Corp. ..................................  | Stück | 59 916 |  | 8 315 | USD | 17,64 | 943 045,87 | 0,30 |
| Intel Corp. ........................................  | Stück | 83 390 |  | 29 341 | USD | 59,615 | 4 435 687,54 | 1,42 |
| Johnson & Johnson ................................  | Stück | 76 042 |  | 10 553 | USD | 138,34 | 9 386 263,16 | 3,00 |
| JPMorgan Chase & Co. .............................  | Stück | 39 972 |  | 25 305 | USD | 93,49 | 3 334 359,81 | 1,07 |
| Las Vegas Sands Corp. .............................  | Stück | 34 431 |  | 42 616 | USD | 44,06 | 1 353 585,06 | 0,43 |
| Lockheed Martin Corp. ..............................  | Stück | 16 193 |  | 2 247 | USD | 363,91 | 5 257 904,94 | 1,68 |
| Marsh & McLennan Cos, Inc. ........................  | Stück | 56 697 |  | 7 868 | USD | 105,82 | 5 353 271,39 | 1,71 |
| Medtronic PLC ....................................  | Stück | 47 271 |  | 21 925 | USD | 89,43 | 3 771 980,55 | 1,21 |
| Merck & Co., Inc. ..................................  | Stück | 188 282 | 14 810 | 74 412 | USD | 76,39 | 12 833 252,43 | 4,10 |
| Microsoft Corp. ...................................  | Stück | 34 787 | 1 978 | 26 512 | USD | 199,69 | 6 198 187,62 | 1,98 |
| Mondelez International, Inc. ..........................  | Stück | 68 324 |  | 9 482 | USD | 50,69 | 3 090 202,93 | 0,99 |
| Motorola Solutions, Inc. .............................  | Stück | 36 254 | 5 952 | 13 650 | USD | 138,84 | 4 491 195,49 | 1,44 |
| National Instruments Corp. ..........................  | Stück | 59 120 | 65 811 | 6 691 | USD | 38,27 | 2 018 758,24 | 0,65 |
| Newmont Mining Corp. .............................  | Stück | 23 947 | 24 440 | 493 | USD | 59,81 | 1 277 957,29 | 0,41 |
| Northrop Grumman Corp. ...........................  | Stück | 5 589 | 5 704 | 115 | USD | 306,1 | 1 526 472,07 | 0,49 |
| PepsiCo, Inc. .....................................  | Stück | 83 818 |  | 19 802 | USD | 131,74 | 9 852 498,49 | 3,15 |
| Pfizer, Inc. ........................................  | Stück | 280 538 |  | 71 728 | USD | 32,29 | 8 082 601,47 | 2,58 |
| Philip Morris International, Inc. ........................  | Stück | 139 956 |  | 19 425 | USD | 69,9 | 8 728 912,13 | 2,79 |
| Phillips 66 ........................................  | Stück | 21 052 |  | 2 921 | USD | 67,8 | 1 273 545,54 | 0,41 |
| Procter & Gamble Co. ..............................  | Stück | 100 705 |  | 21 933 | USD | 118,78 | 10 672 982,05 | 3,41 |
| Prudential Financial, Inc. .............................  | Stück | 31 563 |  | 9 168 | USD | 59,15 | 1 665 806,10 | 0,53 |
| Public Service Enterprise Group, Inc. ...................  | Stück | 63 559 | 37 534 | 8 821 | USD | 49,2 | 2 790 188,75 | 0,89 |
| Raytheon Technologies Corp. ........................  | Stück | 134 077 | 138 627 | 22 522 | USD | 60,25 | 7 207 800,53 | 2,30 |
| Regions Financial Corp. .............................  | Stück | 131 373 |  | 114 877 | USD | 10,925 | 1 280 616,19 | 0,41 |
| Republic Services, Inc. ..............................  | Stück | 43 194 |  | 5 995 | USD | 80,8 | 3 114 054,50 | 1,00 |
| Rockwell Automation, Inc. ...........................  | Stück | 6 994 |  | 9 306 | USD | 209,44 | 1 307 003,29 | 0,42 |
| Royal Caribbean Cruises Ltd .........................  | Stück | 19 511 | 21 931 | 2 420 | USD | 48,28 | 840 500,96 | 0,27 |
| Schlumberger Ltd ..................................  | Stück | 57 561 |  | 7 987 | USD | 17,69 | 908 547,39 | 0,29 |
| TE Connectivity Ltd ................................  | Stück | 21 161 | 5 839 | 2 260 | USD | 80,32 | 1 516 531,07 | 0,48 |
| Texas Instruments, Inc. .............................  | Stück | 17 331 |  | 7 290 | USD | 127 | 1 963 897,27 | 0,63 |

| Tractor Supply Co. .................................  | Stück | 30 894 | 9 619 | 4 288 | USD | 132,5 | 3 652 426,16 | 1,17 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Travelers Cos, Inc./The ..............................  | Stück | 16 712 |  | 2 319 | USD | 112,78 | 1 681 713,23 | 0,54 |
| Truist Financial Corp. ...............................  | Stück | 39 476 |  | 27 231 | USD | 36,78 | 1 295 496,64 | 0,41 |
| UGI Corp. ........................................  | Stück | 115 678 | 127 646 | 11 968 | USD | 31,44 | 3 245 074,96 | 1,04 |
| Vail Resorts, Inc. ..................................  | Stück | 8 310 |  | 1 153 | USD | 176,22 | 1 306 615,02 | 0,42 |
| Valero Energy Corp. ................................  | Stück | 18 508 |  | 2 569 | USD | 55,84 | 922 138,86 | 0,29 |
| Verizon Communications, Inc. ........................  | Stück | 141 325 | 19 494 | 19 616 | USD | 54,41 | 6 861 027,25 | 2,19 |
| VF Corp.  ........................................  | Stück | 17 815 | 18 182 | 367 | USD | 59,21 | 941 179,18 | 0,30 |
| Wal-Mart Stores, Inc. ...............................  | Stück | 33 174 |  | 4 606 | USD | 119,45 | 3 535 700,08 | 1,13 |
| Waste Management, Inc. ............................  | Stück | 39 144 |  | 5 433 | USD | 104,16 | 3 637 957,31 | 1,16 |
| WEC Energy Group, Inc. ............................  | Stück | 49 690 |  | 16 751 | USD | 87,07 | 3 860 370,30 | 1,23 |
| Wells Fargo & Co. .................................  | Stück | 46 915 | 20 321 | 34 917 | USD | 25,38 | 1 062 416,39 | 0,34 |
| Investmentanteile |  |  |  |  |  |  | 8 875 650,96 | 2,84 |
| Gruppeneigene Investmentanteile Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0,000%) .................................  | Anteile | 357 | 3 964 | 5 841 | EUR | 9 816,751 | 3 504 580,07 | 1,12 |
| Deutsche Global Liquidity Series Plc - Managed Dollar Fund - EUR - (0,150%) ..................................  | Anteile | 580 | 5 541 | 5 392 | USD | 10 380,74 | 5 371 070,89 | 1,72 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 310 949 871,64 | 99,44 |

Derivate
(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -43 747,57 | -0,01 |
| --- | --- | --- | --- | --- |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/CAD 0,5 Mio.  ................................  |  |  | 609,09 | 0,00 |
| EUR/USD 7,8 Mio.  ................................  |  |  | -42 802,76 | -0,01 |
| Geschlossene Positionen EUR/USD 0,3 Mio.  ................................  |  |  | -1 553,90 | 0,00 |
| Bankguthaben |  |  | 5 380 491,76 | 1,71 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  | 770 040,81 | 0,25 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Norwegische Kronen ...............................  | NOK | 1 | 0,08 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Kanadischer Dollar .................................  | CAD | 5 835 882 | 3 808 743,65 | 1,21 |
| US-Dollar ........................................  | USD | 898 513 | 801 707,22 | 0,25 |
| Sonstige Vermögensgegenstände |  |  | 615 970,30 | 0,20 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  | 615 970,30 | 0,20 |
| Forderungen aus Anteilscheingeschäften |  |  | 234 667,41 | 0,08 |
| Summe der Vermögensgegenstände ** |  |  | 317 181 610,20 | 101,43 |
| Sonstige Verbindlichkeiten |  |  | -503 752,70 | -0,16 |
| Verbindlichkeiten aus Kostenpositionen .................  |  |  | -503 752,70 | -0,16 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -3 936 171,08 | -1,26 |
| Summe der Verbindlichkeiten |  |  | -4 484 280,44 | -1,43 |
| Fondsvermögen |  |  | 312 697 329,76 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 204,95 |
| Klasse FD ........................................  | EUR | 148,84 |
| Klasse LC ........................................  | EUR | 192,48 |
| Klasse LCH (P) ....................................  | EUR | 119,94 |
| Klasse LD ........................................  | EUR | 164,51 |
| Klasse NC ........................................  | EUR | 181,90 |
| Klasse NCH (P) ....................................  | EUR | 114,39 |
| Klasse TFC .......................................  | EUR | 105,67 |
| Klasse TFD .......................................  | EUR | 101,17 |
| Klasse USD LC ....................................  | USD | 131,77 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 255 373,843 |
| Klasse FD ........................................  | Stück | 1 906,534 |
| Klasse LC ........................................  | Stück | 53 667,356 |
| Klasse LCH (P) ....................................  | Stück | 58 955,226 |
| Klasse LD ........................................  | Stück | 960 266,086 |
| Klasse NC ........................................  | Stück | 41 630,995 |
| Klasse NCH (P) ....................................  | Stück | 1 929,899 |
| Klasse TFC .......................................  | Stück | 2 485,012 |
| Klasse TFD .......................................  | Stück | 20,000 |
| Klasse USD LC ....................................  | Stück | 651 864,515 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI USA High Dividend Yield in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 90,501 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 101,322 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 96,184 |

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 96,184.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
BNP Paribas SA, Bofa Securities Europe und JP Morgan
 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 Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| Carnival Corp.	Stück | 100 000 | 1 433 861,80 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen |  | 1 433 861,80 | 1 433 861,80 |
| Vertragspartner der Wertpapier-Darlehen J.P. Morgan Sec Ltd. |  |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Aktien |  | EUR EUR | 1541050,05 1.541.050,05 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Kanadischer Dollar	CAD | 1,532233 | = EUR | 1 |
| --- | --- | --- | --- |
| Norwegische Kronen	NOK | 10,880517 | = EUR | 1 |
| US-Dollar	USD | 1,120750 | = EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnote	
* Diese Wertpapiere sind ganz oder teilweise verliehen.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.