# DWS Invest Top Dividend
DWS INVEST TOP DIVIDEND

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0507265923 | -12.8% |
| Class FC | LU0507266228 | -12.5% |
| Class FD | LU0740838205 | -12.5% |
| Class IC | LU1472572954 | -12.4% |
| Class IDQ | LU1589658365 | -12.4% |
| Class LCH (P) | LU0616863808 | -12.7% |
| Class LD | LU0507266061 | -12.8% |
| Class LDQH (P) | LU0911039310 | -12.6% |
| Class NC | LU0507266145 | -13.2% |
| Class ND | LU0544572786 | -13.1% |
| Class PFC | LU1054340812 | -12.9% |
| Class PFD | LU1054340903 | -12.9% |
| Class TFC | LU1663951603 | -12.5% |
| Class TFCH (P) | LU1978535224 | -13.0% |
| Class AUD TFCH (P) 2 | LU2158788054 | 2.4% 1) |
| Class CHF FCH (P) 3 | LU0616864285 | -12.5% |
| Class CHF LCH (P) 3 | LU0616864012 | -12.9% |
| Class GBP C RD 4 | LU1263963255 | -6.6% |
| Class GBP D RD 4 | LU0911038932 | -6.5% |
| Class GBP DH (P) RD 4 | LU1466055248 | -12.7% |
| Class GBP LD DS 4 | LU0511520347 | -6.9% |
| Class SEK LCH (P) 5 | LU1282659025 | -13.0% |
| Class SGD LC 6 | LU0740838460 | -9.8% |
| Class SGD LCH (P) 6 | LU0740838544 | -12.4% |
| Class SGD LDQ 6 | LU0616864442 | -9.8% |
| Class SGD LDQH (P) 6 | LU0911038858 | -12.3% |
| Class USD FC 7 | LU0507266574 | -12.5% |
| Class USD FCH (P) 7 | LU0813338588 | -11.5% |
| Class USD LC 7 | LU0507266491 | -12.8% |
| Class USD LCH (P) 7 | LU0544572604 | -11.7% |
| Class USD LDH (P) 7 | LU0740838031 | -11.7% |
| Class USD LDM 7 | LU0911038429 | -12.9% |
| Class USD LDQ 7 | LU0911038775 | -12.8% |
| Class USD LDQH (P) 7 | LU1282658993 | -11.7% |

1 
Launched on May 15, 2020
2 
in AUD
3 
in CHF
4 
in GBP
5 
in SEK
6 
in SGD
7 
in USD
“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 Top Dividend
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 140 837 447.06 | 4.71 |
| Telecommunication Services | 345 835 631.65 | 11.55 |
| Consumer Discretionaries | 953 309 311.70 | 31.85 |
| Energy | 261 868 249.71 | 8.74 |
| Consumer Staples | 27 319 034.18 | 0.91 |
| Financials | 368 245 663.23 | 12.30 |
| Basic Materials | 225 771 337.77 | 7.55 |
| Industrials | 107 402 050.73 | 3.58 |
| Utilities | 277 048 832.44 | 9.25 |
| Total equities | 2 707 637 558.47 | 90.44 |
| 2. Bonds (issuers) Central governments | 180 179 025.52 | 6.01 |
| Total bonds | 180 179 025.52 | 6.01 |
| 3. Derivatives | 495 319.27 | 0.02 |
| 4. Cash at bank | 105 441 445.07 | 3.52 |
| 5. Other assets | 21 955 383.61 | 0.73 |
| 6. Receivables from share certificate transactions | 1 884 930.29 | 0.06 |
| II. Liabilities |  |  |
| 1. Other liabilities | -6 334 433.81 | - 0.21 |
| 2. Liabilities from share certificate transactions | -17 146 813.87 | - 0.57 |
|  |  |  |
| III. Net assets | 2 994 112 414.55 | 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/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 2 773 138 871.32 | 92.622 |
| Equities BCE, Inc. *........................................  | Count | 1 435 390 | 132 000 | 184 000 | CAD | 56.62 | 53 041 407.34 | 1.77 |
| Enbridge, Inc. * ....................................  | Count | 1 355 000 | 17 000 | 220 000 | CAD | 41.02 | 36 275 232.82 | 1.21 |
| TC Energy Corp. ...................................  | Count | 1 755 470 | 17 000 | 309 000 | CAD | 57.32 | 65 671 184.71 | 2.19 |
| Nestle SA ........................................  | Count | 590 990 | 275 000 | 74 000 | CHF | 105.06 | 58 312 611.36 | 1.95 |
| Novartis AG .......................................  | Count | 1 008 510 | 66 000 | 150 000 | CHF | 81.91 | 77 582 201.03 | 2.59 |
| Roche Holding AG * ................................  | Count | 285 300 | 31 000 | 52 000 | CHF | 327.65 | 87 792 396.77 | 2.93 |
| Allianz SE.........................................  | Count | 496 130 | 109 000 | 62 000 | EUR | 180.22 | 89 412 548.63 | 2.99 |
| Cie Générale des Etablissements Michelin SCA. . . . . . . . . . . | Count | 135 100 |  | 21 000 | EUR | 91.6 | 12 375 160.00 | 0.41 |
| Fuchs Petrolub SE ..................................  | Count | 835 371 | 115 177 | 42 000 | EUR | 30.1 | 25 144 667.10 | 0.84 |
| Hannover Rueck SE.................................  | Count | 419 530 | 4 000 | 72 000 | EUR | 151.3 | 63 474 889.00 | 2.12 |
| Koninklijke Philips NV ...............................  | Count | 863 890 | 918 890 | 55 000 | EUR | 41.225 | 35 613 865.25 | 1.19 |
| Royal Dutch Shell PLC ..............................  | Count | 3 544 300 | 353 000 | 517 000 | EUR | 14.29 | 50 648 047.00 | 1.69 |
| Sampo Oyj........................................  | Count | 1 344 560 | 144 000 | 201 000 | EUR | 30.2 | 40 605 712.00 | 1.36 |
| Sanofi ..........................................  | Count | 669 344 | 6 000 | 117 000 | EUR | 90.36 | 60 481 923.84 | 2.02 |
| Siemens AG ......................................  | Count | 219 660 | 70 000 | 318 000 | EUR | 103.78 | 22 796 314.80 | 0.76 |
| Total SA * ........................................  | Count | 1 983 200 | 291 000 | 279 000 | EUR | 33.81 | 67 051 992.00 | 2.24 |
| Unilever NV * .....................................  | Count | 1 841 390 | 22 000 | 327 000 | EUR | 47.43 | 87 337 127.70 | 2.92 |
| Vinci SA * ........................................  | Count | 420 130 | 148 500 | 64 000 | EUR | 81.56 | 34 265 802.80 | 1.14 |
| BAE Systems PLC..................................  | Count | 671 525 |  | 4 205 385 | GBP | 4.817 | 3 550 057.91 | 0.12 |
| British American Tobacco PLC ........................  | Count | 1 377 970 | 209 000 | 194 000 | GBP | 31.085 | 47 009 673.98 | 1.57 |
| Imperial Brands PLC ................................  | Count | 1 602 730 | 96 500 | 242 000 | GBP | 15.475 | 27 219 969.16 | 0.91 |
| Bridgestone Corp. ..................................  | Count | 520 000 |  | 65 000 | JPY | 3 469 | 14 943 874.18 | 0.50 |
| Daito Trust Construction Co., Ltd ......................  | Count | 167 800 |  | 21 000 | JPY | 9 909 | 13 774 547.59 | 0.46 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 4 505 800 | 36 000 | 994 000 | JPY | 2 515.5 | 93 897 016.10 | 3.14 |
| Tokio Marine Holdings, Inc............................  | Count | 1 193 400 | 37 000 | 169 000 | JPY | 4 698 | 46 446 672.38 | 1.55 |
| KT&G Corp. .......................................  | Count | 556 957 | 9 000 | 102 000 | KRW | 78 200 | 32 307 873.31 | 1.08 |
| DNB ASA.........................................  | Count | 3 217 969 | 52 000 | 522 000 | NOK | 126.85 | 37 516 541.89 | 1.25 |
| Gjensidige Forsikring BA * ...........................  | Count | 2 402 106 | 24 000 | 390 000 | NOK | 176.5 | 38 966 136.75 | 1.30 |
| Telenor ASA ......................................  | Count | 2 508 560 | 44 000 | 479 600 | NOK | 139.95 | 32 266 203.49 | 1.08 |
| Atlas Copco AB ....................................  | Count | 46 389 |  | 2 000 | SEK | 392.7 | 1 738 879.71 | 0.06 |
| Chunghwa Telecom Co., Ltd..........................  | Count | 3 080 000 |  | 619 000 | TWD | 117 | 10 897 822.83 | 0.36 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 5 258 000 | 300 000 |  | TWD | 313 | 49 770 050.81 | 1.66 |
| Automatic Data Processing, Inc. .......................  | Count | 253 000 | 3 000 | 42 000 | USD | 147.12 | 33 211 130.68 | 1.11 |
| Chevron Corp. .....................................  | Count | 340 200 | 44 300 | 309 000 | USD | 86.68 | 26 311 441.14 | 0.88 |
| Chunghwa Telecom Co., Ltd -ADR- ....................  | Count | 203 563 |  |  | USD | 39.17 | 7 114 491.07 | 0.24 |
| Cisco Systems, Inc..................................  | Count | 1 422 190 | 308 000 | 249 000 | USD | 46.69 | 59 247 894.13 | 1.98 |
| Coca-Cola Co./The ..................................  | Count | 334 860 | 143 400 | 1 135 100 | USD | 44.29 | 13 233 062.92 | 0.44 |
| Dominion Resources, Inc. ............................  | Count | 769 670 | 101 000 | 112 000 | USD | 80.59 | 55 344 840.35 | 1.85 |
| Duke Energy Corp. .................................  | Count | 267 299 |  | 84 000 | USD | 79.66 | 18 998 926.39 | 0.63 |
| Dupont De Nemours, Inc. ............................  | Count | 512 976 | 338 000 | 117 000 | USD | 52.1 | 23 846 585.02 | 0.80 |
| HP, Inc. ..........................................  | Count | 1 369 560 | 20 000 | 697 000 | USD | 17.05 | 20 835 161.48 | 0.70 |
| Johnson & Johnson.................................  | Count | 434 880 | 23 000 | 76 000 | USD | 138.34 | 53 679 520.84 | 1.79 |
| Lockheed Martin Corp. ..............................  | Count | 44 600 | 44 600 |  | USD | 363.91 | 14 481 724.22 | 0.48 |
| Medtronic PLC ....................................  | Count | 503 840 | 17 000 | 88 000 | USD | 89.43 | 40 203 817.99 | 1.34 |
| Merck & Co., Inc. ..................................  | Count | 1 175 800 | 12 000 | 202 000 | USD | 76.39 | 80 142 223.96 | 2.68 |
| Newmont Mining Corp...............................  | Count | 1 839 700 | 849 700 | 164 000 | USD | 59.81 | 98 177 560.11 | 3.28 |
| NextEra Energy, Inc. ................................  | Count | 487 267 | 10 000 | 108 000 | USD | 238.62 | 103 744 543.80 | 3.46 |
| PepsiCo, Inc. ......................................  | Count | 455 300 | 4 000 | 76 000 | USD | 131.74 | 53 518 845.16 | 1.79 |
| Pfizer, Inc. ........................................  | Count | 2 343 420 | 23 000 | 412 000 | USD | 32.29 | 67 516 450.33 | 2.26 |
| Philip Morris International, Inc. ........................  | Count | 920 100 | 10 000 | 163 000 | USD | 69.9 | 57 385 692.99 | 1.92 |
| Procter & Gamble Co. ...............................  | Count | 384 600 | 384 600 |  | USD | 118.78 | 40 760 924.43 | 1.36 |
| Raytheon Technologies Corp. .........................  | Count | 512 853 | 525 854 | 169 511 | USD | 60.25 | 27 570 292.63 | 0.92 |
| Schlumberger Ltd ..................................  | Count | 1 008 000 |  | 162 000 | USD | 17.69 | 15 910 352.04 | 0.53 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 1 385 300 |  | 307 500 | USD | 56.82 | 70 232 234.77 | 2.35 |
| UGI Corp..........................................  | Count | 1 024 120 | 98 000 | 157 200 | USD | 31.44 | 28 729 284.43 | 0.96 |
| Union Pacific Corp. .................................  | Count | 20 400 | 20 400 |  | USD | 164.76 | 2 998 978.66 | 0.10 |
| Verizon Communications, Inc..........................  | Count | 1 840 880 | 120 000 | 324 000 | USD | 54.41 | 89 370 796.69 | 2.98 |
| WEC Energy Group, Inc. .............................  | Count | 904 004 | 9 000 | 198 000 | USD | 87.07 | 70 231 237.47 | 2.35 |
| Wells Fargo & Co. ..................................  | Count | 1 680 180 | 18 000 | 367 000 | USD | 25.38 | 38 048 614.99 | 1.27 |
| Verzinsliche Wertpapiere 22.625 % United States Treasury Note/Bond (MTN) 2010/2020 * ..............................  | USD | 40 000 000 |  |  | % | 100.928 | 36 021 511.99 | 1.20 |
| 1.125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 * ..............................  | USD | 40 000 000 | % | 100.641 | 35 919 041.63 | 1.20 |
| 1.125 % United States Treasury Note/Bond (MTN) 2016/2021 * ..............................  | USD | 40 000 000 |  |  | % | 101.037 | 36 060 548.36 | 1.20 |
| 1.75  % United States Treasury Note/Bond 2017/2020 * ..  | USD | 40 223 300 |  |  | % | 100.594 | 36 102 736.41 | 1.21 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 114 677 712.67 | 3.83 |
| Equities BHP Group PLC....................................  | Count | 4 365 000 | 1 161 000 | 309 000 | GBP | 16.408 | 78 602 525.54 | 2.63 |
| Interest-bearing securities 2.75  % United States Treasury Note/Bond 2018/2020 * ..  | USD | 40 000 000 |  | 10 000 000 | % | 101.078 | 36 075 187.13 | 1.20 |

| 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 |  |
| Total securities portfolio |  |  |  | 2 887 816 583.99 | 96.45 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  | 495 319.27 | 0.02 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |
| Open positions CHF/EUR 16.5 million ...............................  |  |  |  | 53 047.67 | 0.01 |
| CHF/GBP 5.7 million ................................  |  |  |  | 69 756.02 | 0.01 |
| CHF/JPY 5.7 million.................................  |  |  |  | 32 836.87 | 0.00 |
| CHF/USD 34.1 million ...............................  |  |  |  | -85 298.82 | -0.01 |
| SEK/CAD 0.2 million ................................  |  |  |  | 74.66 | 0.00 |
| SEK/EUR 0.2 million ................................  |  |  |  | 26.78 | 0.00 |
| SEK/GBP 0.2 million ................................  |  |  |  | 250.81 | 0.00 |
| SEK/JPY 0.2 million .................................  |  |  |  | 93.10 | 0.00 |
| SEK/NOK 0.2 million ................................  |  |  |  | 191.72 | 0.00 |
| SGD/CAD 0.7 million ................................  |  |  |  | 1 358.15 | 0.00 |
| SGD/EUR 1.1 million ................................  |  |  |  | 767.22 | 0.00 |
| SGD/GBP 0.7 million ................................  |  |  |  | 4 948.67 | 0.00 |
| SGD/JPY 0.8 million ................................  |  |  |  | 1 869.87 | 0.00 |
| SGD/NOK 0.5 million ................................  |  |  |  | 3 794.98 | 0.00 |
| SGD/SEK 0.1 million ................................  |  |  |  | -2.62 | 0.00 |
| USD/EUR 12 million ................................  |  |  |  | 64 998.81 | 0.01 |
| Closed positions CHF/EUR 1.5 million ................................  |  |  |  | 380.02 | 0.00 |
| CHF/GBP 0.1 million ................................  |  |  |  | 0.63 | 0.00 |
| SEK/CAD 0.1 million ................................  |  |  |  | 4.11 | 0.00 |
| SEK/GBP 0.1 million ................................  |  |  |  | 0.25 | 0.00 |
| SGD/CAD 0.1 million ................................  |  |  |  | 132.40 | 0.00 |
| SGD/EUR 1.2 million ................................  |  |  |  | 93.47 | 0.00 |
| SGD/SEK 0.1 million ................................  |  |  |  | 5.11 | 0.00 |
| USD/EUR 6.7 million ................................  |  |  |  | 462.55 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions CHF/CAD 7.5 million ................................  |  |  |  | 26 478.08 | 0.00 |
| CHF/NOK 36.4 million ...............................  |  |  |  | 51 132.41 | 0.00 |
| CHF/SEK 3.3 million ................................  |  |  |  | 660.35 | 0.00 |
| CHF/SGD 6.9 million ................................  |  |  |  | 10 144.28 | 0.00 |
| EUR/CAD 1.1 million ................................  |  |  |  | 1 423.34 | 0.00 |
| EUR/GBP 0.7 million ................................  |  |  |  | 7 510.98 | 0.00 |
| EUR/JPY 97.1 million................................  |  |  |  | 2 311.51 | 0.00 |
| EUR/NOK 5.5 million ................................  |  |  |  | 5 807.87 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  | -89.20 | 0.00 |
| GBP/JPY 1.5 million.................................  |  |  |  | -84.65 | 0.00 |
| GBP/NOK 0.1 million ................................  |  |  |  | 12.95 | 0.00 |
| USD/CAD 7.5 million ................................  |  |  |  | 39 215.97 | 0.00 |
| USD/GBP 4.7 million ................................  |  |  |  | 81 216.72 | 0.00 |
| USD/JPY 639.5 million ..............................  |  |  |  | 47 419.29 | 0.00 |
| USD/NOK 36.4 million ...............................  |  |  |  | 59 003.47 | 0.00 |
| USD/SEK 1.7 million ................................  |  |  |  | 704.60 | 0.00 |
| USD/SGD 2.6 million ................................  |  |  |  | 8 590.25 | 0.00 |
| Closed positions CHF/CAD 0.6 million ................................  |  |  |  | 1 680.37 | 0.00 |
| CHF/SEK 0.3 million ................................  |  |  |  | 0.86 | 0.00 |
| CHF/SGD 1 million..................................  |  |  |  | -23.15 | 0.00 |
| EUR/CAD 0.1 million ................................  |  |  |  | 25.57 | 0.00 |
| EUR/GBP 0.1 million ................................  |  |  |  | 4.67 | 0.00 |
| EUR/SEK 0.6 million ................................  |  |  |  | -20.13 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  | -0.96 | 0.00 |
| GBP/SGD 0.1 million ................................  |  |  |  | -1.17 | 0.00 |
| USD/CAD 0.6 million ................................  |  |  |  | 2 302.47 | 0.00 |
| USD/CHF 7.8 million ................................  |  |  |  | -875.63 | 0.00 |
| USD/GBP 0.1 million ................................  |  |  |  | 2.05 | 0.00 |
| USD/SEK 1.8 million ................................  |  |  |  | 12.12 | 0.00 |
| USD/SGD 5.5 million ................................  |  |  |  | 961.55 | 0.00 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash at bank |  |  |  |  |  |  | 105 441 445.07 | 3.52 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 9 680 063.97 | 0.32 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 22 045 539 |  |  |  |  | 24 194 537.25 | 0.81 |
| Danish krone ......................................  | DKK | 3 906 |  |  |  |  | 524.16 | 0.00 |
| Norwegian krone ...................................  | NOK | 37 575 884 |  |  |  |  | 3 453 501.70 | 0.12 |
| Swedish krona.....................................  | SEK | 109 235 409 |  |  |  |  | 10 426 944.56 | 0.35 |
| Hungarian forint....................................  | HUF | 27 623 |  |  |  |  | 77.75 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 15 801 |  |  |  |  | 9 681.44 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 591 226 |  |  |  |  | 68 064.93 | 0.00 |
| Japanese yen .....................................  | JPY | 1 455 456 524 |  |  |  |  | 12 057 431.30 | 0.40 |
| Canadian dollar ....................................  | CAD | 18 273 798 |  |  |  |  | 11 926 254.63 | 0.40 |
| New Taiwan dollar..................................  | TWD | 85 440 639 |  |  |  |  | 2 583 852.11 | 0.09 |
| Polish zloty .......................................  | PLN | 1 |  |  |  |  | 0.02 | 0.00 |
| Swiss franc .......................................  | CHF | 13 882 162 |  |  |  |  | 13 037 732.87 | 0.44 |
| Singapore dollar ...................................  | SGD | 115 408 |  |  |  |  | 73 752.95 | 0.00 |
| South Korean won..................................  | KRW | 7 834 023 569 |  |  |  |  | 5 811 186.66 | 0.19 |
| U.S. dollar ........................................  | USD | 13 581 062 |  |  |  |  | 12 117 838.77 | 0.40 |
| Other assets |  |  |  |  |  |  | 21 955 383.61 | 0.73 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 10 141 806.43 | 0.34 |
| Interest receivable .................................  |  |  |  |  |  |  | 584 870.73 | 0.02 |
| Other receivables ..................................  |  |  |  |  |  |  | 11 228 706.45 | 0.37 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 1 884 930.29 | 0.06 |
| Total assets ** |  |  |  |  |  |  | 3 017 680 058.56 | 100.79 |
| Other liabilities |  |  |  |  |  |  | -6 334 433.81 | -0.21 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -4 765 821.65 | -0.16 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -1 568 612.16 | -0.05 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -17 146 813.87 | -0.57 |
| Total liabilities |  |  |  |  |  |  | -23 567 644.01 | -0.79 |
| Net assets |  |  |  |  |  |  | 2 994 112 414.55 | 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 (P) .................................  | CHF | 160.38 |
| Class CHF LCH (P) .................................  | CHF | 149.72 |
| Class FC .........................................  | EUR | 213.04 |
| Class FD .........................................  | EUR | 131.51 |
| Class IC ..........................................  | EUR | 107.79 |
| Class IDQ ........................................  | EUR | 90.14 |
| Class LC .........................................  | EUR | 197.58 |
| Class LCH (P)......................................  | EUR | 114.75 |
| Class LD .........................................  | EUR | 152.24 |
| Class LDQH (P) ....................................  | EUR | 102.40 |
| Class NC .........................................  | EUR | 184.25 |
| Class ND .........................................  | EUR | 134.98 |
| Class PFC ........................................  | EUR | 127.06 |
| Class PFD ........................................  | EUR | 108.47 |
| Class TFC ........................................  | EUR | 102.08 |
| Class GBP C RD ...................................  | GBP | 149.47 |
| Class GBP D RD ...................................  | GBP | 131.95 |
| Class GBP DH (P) RD ...............................  | GBP | 96.94 |
| Class GBP LD DS ..................................  | GBP | 167.72 |
| Class SEK LCH (P)..................................  | SEK | 1 100.73 |
| Class SGD LC .....................................  | SGD | 15.96 |
| Class SGD LCH (P) .................................  | SGD | 16.16 |
| Class SGD LDQ ....................................  | SGD | 13.59 |
| Class SGD LDQH (P) ................................  | SGD | 11.47 |
| Class USD FC .....................................  | USD | 136.65 |
| Class USD FCH (P) .................................  | USD | 113.09 |
| Class USD LC .....................................  | USD | 159.29 |
| Class USD LCH (P) .................................  | USD | 169.68 |
| Class USD LDH (P) .................................  | USD | 123.18 |
| Class USD LDM ...................................  | USD | 78.32 |
| Class USD LDQ ....................................  | USD | 103.65 |
| Class USD LDQH (P) ................................  | USD | 94.01 |
| Number of shares outstanding Class CHF FCH (P) .................................  | Count | 174 343.164 |
| Class CHF LCH (P) .................................  | Count | 422 353.682 |
| Class FC .........................................  | Count | 1 143 033.746 |
| Class FD .........................................  | Count | 184 772.143 |
| Class IC ..........................................  | Count | 336 454.000 |
| Class IDQ ........................................  | Count | 1 787 825.000 |
| Class LC .........................................  | Count | 5 049 890.884 |
| Class LCH (P)......................................  | Count | 78 968.008 |
| Class LD .........................................  | Count | 4 638 007.747 |
| Class LDQH (P) ....................................  | Count | 28 006.028 |
| Class NC .........................................  | Count | 1 361 215.586 |
| Class ND .........................................  | Count | 877 183.580 |
| Class PFC ........................................  | Count | 101 684.000 |
| Class PFD ........................................  | Count | 79 954.000 |
| Class TFC ........................................  | Count | 478 303.234 |
| Class GBP C RD ...................................  | Count | 960.313 |
| Class GBP D RD ...................................  | Count | 14 689.750 |
| Class GBP DH (P) RD ...............................  | Count | 1 852.124 |
| Class GBP LD DS ..................................  | Count | 49 876.831 |
| Class SEK LCH (P)..................................  | Count | 3 560.649 |
| Class SGD LC .....................................  | Count | 50 561.137 |
| Class SGD LCH (P) .................................  | Count | 390 368.608 |
| Class SGD LDQ ....................................  | Count | 460 620.869 |
| Class SGD LDQH (P) ................................  | Count | 492 423.669 |
| Class USD FC .....................................  | Count | 402 037.846 |
| Class USD FCH (P) .................................  | Count | 34 726.983 |
| Class USD LC .....................................  | Count | 840 017.714 |
| Class USD LCH (P) .................................  | Count | 309 163.897 |
| Class USD LDH (P) .................................  | Count | 324 537.655 |
| Class USD LDM ...................................  | Count | 34 899.999 |
| Class USD LDQ ....................................  | Count | 55 646.195 |
| Class USD LDQH (P) ................................  | Count | 6 425.689 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI WORLD HIGH DIVIDEND YIELD
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 65.771 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 86.233 |
| Average market risk exposure ........................  | % | 77.499 |

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 0.00 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), Goldman Sachs International, JP Morgan, State Street Bank International GmbH, State Street Bank London 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 |
| --- | --- | --- | --- | --- |
| BCE, Inc. ...................................  | CAD | 933 395 | 34 491 381.41 |  |
| Enbridge, Inc. ...............................  | CAD | 273 705 | 7 327 463.30 |  |
| Roche Holding AG ............................  | CHF | 284 300 | 87 484 677.16 |  |
| Total SA ....................................  | EUR | 1 500 000 | 50 715 000.00 |  |
| Unilever NV .................................  | EUR | 1 800 000 | 85 374 000.00 |  |
| Vinci SA ....................................  | EUR | 350 000 | 28 546 000.00 |  |
| Gjensidige Forsikring BA .......................  | NOK | 2 402 000 | 38 964 417.71 |  |
| 2.625  % United States Treasury Note/Bond (MTN) 2010/2020 | USD | 35 000 000 | 31 518 823.00 |  |
| 1.125  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 39 900 000 | 35 829 244.00 |  |
| 1.125  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 40 000 000 | 36 060 548.40 |  |
| 1.75	% United States Treasury Note/Bond 2017/2020 ......  | USD | 40 000 000 | 35 902 311.60 |  |
| 2.75	% United States Treasury Note/Bond 2018/2020 ......  | USD | 37 500 000 | 33 820 488.00 |  |
| Total receivables from securities loans |  |  | 506 034 354.58 | 506 034 354.58 |

Contracting parties for securities loans
BNP Paribas Arbitrage SNC, Barclays Capital Securities Limited, BofA SECURITIES EUROPE SA - BB, BofA SECURITIES EUROPE SA - EQ, Société Générale, UBS AG London Branch
Total collateral pledged by third parties for securities loans	EUR	536 350 369.22
thereof:
Bonds	EUR	51 660 009.40
Equities	EUR	484 690 359.82
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 |
| Danish krone ....................  | DKK | 7.452704 | = | EUR | 1 |
| British pound ...................  | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 8.686201 | = | EUR | 1 |
| Hungarian forint..................  | HUF | 355.299913 | = | EUR | 1 |
| Japanese yen ...................  | JPY | 120.710331 | = | EUR | 1 |
| South Korean won................  | KRW | 1 348.093605 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.880517 | = | EUR | 1 |
| Polish zloty .....................  | PLN | 4.445229 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar .................  | SGD | 1.564791 | = | EUR | 1 |
| New Taiwan dollar................  | TWD | 33.067155 | = | 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 Top Dividend
DWS INVEST TOP DIVIDEND

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0507265923 | -12,8% |
| Klasse FC | LU0507266228 | -12,5% |
| Klasse FD | LU0740838205 | -12,5% |
| Klasse IC | LU1472572954 | -12,4% |
| Klasse IDQ | LU1589658365 | -12,4% |
| Klasse LCH (P) | LU0616863808 | -12,7% |
| Klasse LD | LU0507266061 | -12,8% |
| Klasse LDQH (P) | LU0911039310 | -12,6% |
| Klasse NC | LU0507266145 | -13,2% |
| Klasse ND | LU0544572786 | -13,1% |
| Klasse PFC | LU1054340812 | -12,9% |
| Klasse PFD | LU1054340903 | -12,9% |
| Klasse TFC | LU1663951603 | -12,5% |
| Klasse TFCH (P) | LU1978535224 | -13,0% |
| Klasse AUD TFCH (P) 2) | LU2158788054 | 2,4% 1) |
| Klasse CHF FCH (P) 3) | LU0616864285 | -12,5% |
| Klasse CHF LCH (P) 3) | LU0616864012 | -12,9% |
| Klasse GBP C RD 4) | LU1263963255 | -6,6% |
| Klasse GBP D RD 4) | LU0911038932 | -6,5% |
| Klasse GBP DH (P) RD 4) | LU1466055248 | -12,7% |
| Klasse GBP LD DS 4) | LU0511520347 | -6,9% |
| Klasse SEK LCH (P) 5) | LU1282659025 | -13,0% |
| Klasse SGD LC 6) | LU0740838460 | -9,8% |
| Klasse SGD LCH (P) 6) | LU0740838544 | -12,4% |
| Klasse SGD LDQ 6) | LU0616864442 | -9,8% |
| Klasse SGD LDQH (P) 6) | LU0911038858 | -12,3% |
| Klasse USD FC 7) | LU0507266574 | -12,5% |
| Klasse USD FCH (P) 7) | LU0813338588 | -11,5% |
| Klasse USD LC 7) | LU0507266491 | -12,8% |
| Klasse USD LCH (P) 7) | LU0544572604 | -11,7% |
| Klasse USD LDH (P) 7) | LU0740838031 | -11,7% |
| Klasse USD LDM 7) | LU0911038429 | -12,9% |
| Klasse USD LDQ 7) | LU0911038775 | -12,8% |
| Klasse USD LDQH (P) 7) | LU1282658993 | -11,7% |

1) 
aufgelegt am 15.5.2020
2) 
in AUD
3) 
in CHF
4) 
in GBP
5) 
in SEK
6) 
in SGD
7) 
in USD
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 Top Dividend
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 140 837 447,06 | 4,71 |
| Telekommunikationsdienste | 345 835 631,65 | 11,55 |
| Dauerhafte Konsumgüter | 953 309 311,70 | 31,85 |
| Energie | 261 868 249,71 | 8,74 |
| Hauptverbrauchsgüter | 27 319 034,18 | 0,91 |
| Finanzsektor | 368 245 663,23 | 12,30 |
| Grundstoffe | 225 771 337,77 | 7,55 |
| Industrien | 107 402 050,73 | 3,58 |
| Versorger | 277 048 832,44 | 9,25 |
| Summe Aktien | 2 707 637 558,47 | 90,44 |
| 2. Anleihen (Emittenten) Zentralregierungen | 180 179 025,52 | 6,01 |
| Summe Anleihen | 180 179 025,52 | 6,01 |
| 3. Derivate | 495 319,27 | 0,02 |
| 4. Bankguthaben | 105 441 445,07 | 3,52 |
| 5. Sonstige Vermögensgegenstände | 21 955 383,61 | 0,73 |
| 6. Forderungen aus Anteilscheingeschäften | 1 884 930,29 | 0,06 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -6 334 433,81 | - 0,21 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -17 146 813,87 | - 0,57 |
|  |  |  |
| III. Fondsvermögen | 2 994 112 414,55 | 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 |  |  |  |  |  |  | 2 773 138 871,32 | 92,622 |
| Aktien BCE, Inc. * .......................................  | Stück | 1 435 390 | 132 000 | 184 000 | CAD | 56,62 | 53 041 407,34 | 1,77 |
| Enbridge, Inc. * ...................................  | Stück | 1 355 000 | 17 000 | 220 000 | CAD | 41,02 | 36 275 232,82 | 1,21 |
| TC Energy Corp. ..................................  | Stück | 1 755 470 | 17 000 | 309 000 | CAD | 57,32 | 65 671 184,71 | 2,19 |
| Nestle SA ........................................  | Stück | 590 990 | 275 000 | 74 000 | CHF | 105,06 | 58 312 611,36 | 1,95 |
| Novartis AG ......................................  | Stück | 1 008 510 | 66 000 | 150 000 | CHF | 81,91 | 77 582 201,03 | 2,59 |
| Roche Holding AG * ................................  | Stück | 285 300 | 31 000 | 52 000 | CHF | 327,65 | 87 792 396,77 | 2,93 |
| Allianz SE ........................................  | Stück | 496 130 | 109 000 | 62 000 | EUR | 180,22 | 89 412 548,63 | 2,99 |
| Cie Générale des Etablissements Michelin SCA ..........  | Stück | 135 100 |  | 21 000 | EUR | 91,6 | 12 375 160,00 | 0,41 |
| Fuchs Petrolub SE .................................  | Stück | 835 371 | 115 177 | 42 000 | EUR | 30,1 | 25 144 667,10 | 0,84 |
| Hannover Rueck SE ................................  | Stück | 419 530 | 4 000 | 72 000 | EUR | 151,3 | 63 474 889,00 | 2,12 |
| Koninklijke Philips NV ...............................  | Stück | 863 890 | 918 890 | 55 000 | EUR | 41,225 | 35 613 865,25 | 1,19 |
| Royal Dutch Shell PLC ..............................  | Stück | 3 544 300 | 353 000 | 517 000 | EUR | 14,29 | 50 648 047,00 | 1,69 |
| Sampo Oyj .......................................  | Stück | 1 344 560 | 144 000 | 201 000 | EUR | 30,2 | 40 605 712,00 | 1,36 |
| Sanofi ..........................................  | Stück | 669 344 | 6 000 | 117 000 | EUR | 90,36 | 60 481 923,84 | 2,02 |
| Siemens AG ......................................  | Stück | 219 660 | 70 000 | 318 000 | EUR | 103,78 | 22 796 314,80 | 0,76 |
| Total SA * ........................................  | Stück | 1 983 200 | 291 000 | 279 000 | EUR | 33,81 | 67 051 992,00 | 2,24 |
| Unilever NV * ....................................  | Stück | 1 841 390 | 22 000 | 327 000 | EUR | 47,43 | 87 337 127,70 | 2,92 |
| Vinci SA * ........................................  | Stück | 420 130 | 148 500 | 64 000 | EUR | 81,56 | 34 265 802,80 | 1,14 |
| BAE Systems PLC .................................  | Stück | 671 525 |  | 4 205 385 | GBP | 4,817 | 3 550 057,91 | 0,12 |
| British American Tobacco PLC ........................  | Stück | 1 377 970 | 209 000 | 194 000 | GBP | 31,085 | 47 009 673,98 | 1,57 |
| Imperial Brands PLC ................................  | Stück | 1 602 730 | 96 500 | 242 000 | GBP | 15,475 | 27 219 969,16 | 0,91 |
| Bridgestone Corp. .................................  | Stück | 520 000 |  | 65 000 | JPY | 3 469 | 14 943 874,18 | 0,50 |
| Daito Trust Construction Co., Ltd .....................  | Stück | 167 800 |  | 21 000 | JPY | 9 909 | 13 774 547,59 | 0,46 |
| Nippon Telegraph & Telephone Corp. ..................  | Stück | 4 505 800 | 36 000 | 994 000 | JPY | 2 515,5 | 93 897 016,10 | 3,14 |
| Tokio Marine Holdings, Inc. ..........................  | Stück | 1 193 400 | 37 000 | 169 000 | JPY | 4 698 | 46 446 672,38 | 1,55 |
| KT&G Corp. ......................................  | Stück | 556 957 | 9 000 | 102 000 | KRW | 78 200 | 32 307 873,31 | 1,08 |
| DNB ASA ........................................  | Stück | 3 217 969 | 52 000 | 522 000 | NOK | 126,85 | 37 516 541,89 | 1,25 |
| Gjensidige Forsikring BA * ...........................  | Stück | 2 402 106 | 24 000 | 390 000 | NOK | 176,5 | 38 966 136,75 | 1,30 |
| Telenor ASA ......................................  | Stück | 2 508 560 | 44 000 | 479 600 | NOK | 139,95 | 32 266 203,49 | 1,08 |
| Atlas Copco AB ...................................  | Stück | 46 389 |  | 2 000 | SEK | 392,7 | 1 738 879,71 | 0,06 |
| Chunghwa Telecom Co., Ltd .........................  | Stück | 3 080 000 |  | 619 000 | TWD | 117 | 10 897 822,83 | 0,36 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Stück | 5 258 000 | 300 000 |  | TWD | 313 | 49 770 050,81 | 1,66 |
| Automatic Data Processing, Inc. ......................  | Stück | 253 000 | 3 000 | 42 000 | USD | 147,12 | 33 211 130,68 | 1,11 |
| Chevron Corp. ....................................  | Stück | 340 200 | 44 300 | 309 000 | USD | 86,68 | 26 311 441,14 | 0,88 |
| Chunghwa Telecom Co., Ltd -ADR- ....................  | Stück | 203 563 |  |  | USD | 39,17 | 7 114 491,07 | 0,24 |
| Cisco Systems, Inc. ................................  | Stück | 1 422 190 | 308 000 | 249 000 | USD | 46,69 | 59 247 894,13 | 1,98 |
| Coca-Cola Co./The .................................  | Stück | 334 860 | 143 400 | 1 135 100 | USD | 44,29 | 13 233 062,92 | 0,44 |
| Dominion Resources, Inc. ...........................  | Stück | 769 670 | 101 000 | 112 000 | USD | 80,59 | 55 344 840,35 | 1,85 |
| Duke Energy Corp. .................................  | Stück | 267 299 |  | 84 000 | USD | 79,66 | 18 998 926,39 | 0,63 |
| Dupont De Nemours, Inc. ...........................  | Stück | 512 976 | 338 000 | 117 000 | USD | 52,1 | 23 846 585,02 | 0,80 |
| HP, Inc. ..........................................  | Stück | 1 369 560 | 20 000 | 697 000 | USD | 17,05 | 20 835 161,48 | 0,70 |
| Johnson & Johnson ................................  | Stück | 434 880 | 23 000 | 76 000 | USD | 138,34 | 53 679 520,84 | 1,79 |
| Lockheed Martin Corp. ..............................  | Stück | 44 600 | 44 600 |  | USD | 363,91 | 14 481 724,22 | 0,48 |
| Medtronic PLC ....................................  | Stück | 503 840 | 17 000 | 88 000 | USD | 89,43 | 40 203 817,99 | 1,34 |
| Merck & Co., Inc. ..................................  | Stück | 1 175 800 | 12 000 | 202 000 | USD | 76,39 | 80 142 223,96 | 2,68 |
| Newmont Mining Corp. .............................  | Stück | 1 839 700 | 849 700 | 164 000 | USD | 59,81 | 98 177 560,11 | 3,28 |
| NextEra Energy, Inc. ...............................  | Stück | 487 267 | 10 000 | 108 000 | USD | 238,62 | 103 744 543,80 | 3,46 |
| PepsiCo, Inc. .....................................  | Stück | 455 300 | 4 000 | 76 000 | USD | 131,74 | 53 518 845,16 | 1,79 |
| Pfizer, Inc. ........................................  | Stück | 2 343 420 | 23 000 | 412 000 | USD | 32,29 | 67 516 450,33 | 2,26 |
| Philip Morris International, Inc. ........................  | Stück | 920 100 | 10 000 | 163 000 | USD | 69,9 | 57 385 692,99 | 1,92 |
| Procter & Gamble Co. ..............................  | Stück | 384 600 | 384 600 |  | USD | 118,78 | 40 760 924,43 | 1,36 |
| Raytheon Technologies Corp. ........................  | Stück | 512 853 | 525 854 | 169 511 | USD | 60,25 | 27 570 292,63 | 0,92 |
| Schlumberger Ltd ..................................  | Stück | 1 008 000 |  | 162 000 | USD | 17,69 | 15 910 352,04 | 0,53 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- .....  | Stück | 1 385 300 |  | 307 500 | USD | 56,82 | 70 232 234,77 | 2,35 |
| UGI Corp. ........................................  | Stück | 1 024 120 | 98 000 | 157 200 | USD | 31,44 | 28 729 284,43 | 0,96 |
| Union Pacific Corp. .................................  | Stück | 20 400 | 20 400 |  | USD | 164,76 | 2 998 978,66 | 0,10 |
| Verizon Communications, Inc. ........................  | Stück | 1 840 880 | 120 000 | 324 000 | USD | 54,41 | 89 370 796,69 | 2,98 |
| WEC Energy Group, Inc. ............................  | Stück | 904 004 | 9 000 | 198 000 | USD | 87,07 | 70 231 237,47 | 2,35 |
| Wells Fargo & Co. .................................  | Stück | 1 680 180 | 18 000 | 367 000 | USD | 25,38 | 38 048 614,99 | 1,27 |
| Verzinsliche Wertpapiere 22,625 % United States Treasury Note/Bond (MTN) 2010/2020 * ..............................  | USD | 40 000 000 |  |  | % | 100,928 | 36 021 511,99 | 1,20 |
| 1,125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 * ..............................  | USD | 40 000 000 | % | 100,641 | 35 919 041,63 | 1,20 |
| 1,125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 * ..............................  | USD | 40 000 000 | % | 101,037 | 36 060 548,36 | 1,20 |
| 1,75  % United States Treasury Note/Bond 2017/2020 * ..  | USD | 40 223 300 | % | 100,594 | 36 102 736,41 | 1,21 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	114 677 712,67	3,83
| Aktien BHP Group PLC	Stück | 4 365 000 | 1 161 000 | 309 000 | GBP | 16,408 | 78 602 525,54 | 2,63 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Verzinsliche Wertpapiere 2,75  % United States Treasury Note/Bond 2018/2020 * ..	USD | 40 000 000 |  | 10 000 000 | % | 101,078 | 36 075 187,13 | 1,20 |

| Summe Wertpapiervermögen | 2 887 816 583,99 | 96,45 |
| --- | --- | --- |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | 495 319,27 | 0,02 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen CHF/EUR 16,5 Mio. ................................  | 53 047,67 | 0,01 |
| CHF/GBP 5,7 Mio. .................................  | 69 756,02 | 0,01 |
| CHF/JPY 5,7 Mio.  .................................  | 32 836,87 | 0,00 |
| CHF/USD 34,1 Mio. ................................  | -85 298,82 | -0,01 |
| SEK/CAD 0,2 Mio. .................................  | 74,66 | 0,00 |
| SEK/EUR 0,2 Mio. .................................  | 26,78 | 0,00 |
| SEK/GBP 0,2 Mio. .................................  | 250,81 | 0,00 |
| SEK/JPY 0,2 Mio.  .................................  | 93,10 | 0,00 |
| SEK/NOK 0,2 Mio. .................................  | 191,72 | 0,00 |
| SGD/CAD 0,7 Mio.  ................................  | 1 358,15 | 0,00 |
| SGD/EUR 1,1 Mio.  ................................  | 767,22 | 0,00 |
| SGD/GBP 0,7 Mio.  ................................  | 4 948,67 | 0,00 |
| SGD/JPY 0,8 Mio. .................................  | 1 869,87 | 0,00 |
| SGD/NOK 0,5 Mio.  ................................  | 3 794,98 | 0,00 |
| SGD/SEK 0,1 Mio. .................................  | -2,62 | 0,00 |
| USD/EUR 12 Mio. .................................  | 64 998,81 | 0,01 |
| Geschlossene Positionen CHF/EUR 1,5 Mio. .................................  | 380,02 | 0,00 |
| CHF/GBP 0,1 Mio. .................................  | 0,63 | 0,00 |
| SEK/CAD 0,1 Mio. .................................  | 4,11 | 0,00 |
| SEK/GBP 0,1 Mio. .................................  | 0,25 | 0,00 |
| SGD/CAD 0,1 Mio.  ................................  | 132,40 | 0,00 |
| SGD/EUR 1,2 Mio.  ................................  | 93,47 | 0,00 |
| SGD/SEK 0,1 Mio. .................................  | 5,11 | 0,00 |
| USD/EUR 6,7 Mio.  ................................  | 462,55 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen CHF/CAD 7,5 Mio. .................................  | 26 478,08 | 0,00 |
| CHF/NOK 36,4 Mio.  ...............................  | 51 132,41 | 0,00 |
| CHF/SEK 3,3 Mio. .................................  | 660,35 | 0,00 |
| CHF/SGD 6,9 Mio. .................................  | 10 144,28 | 0,00 |
| EUR/CAD 1,1 Mio.  ................................  | 1 423,34 | 0,00 |
| EUR/GBP 0,7 Mio. .................................  | 7 510,98 | 0,00 |
| EUR/JPY 97,1 Mio. ................................  | 2 311,51 | 0,00 |
| EUR/NOK 5,5 Mio.  ................................  | 5 807,87 | 0,00 |
| GBP/CAD 0,1 Mio.  ................................  | -89,20 | 0,00 |
| GBP/JPY 1,5 Mio. .................................  | -84,65 | 0,00 |
| GBP/NOK 0,1 Mio.  ................................  | 12,95 | 0,00 |
| USD/CAD 7,5 Mio.  ................................  | 39 215,97 | 0,00 |
| USD/GBP 4,7 Mio.  ................................  | 81 216,72 | 0,00 |
| USD/JPY 639,5 Mio. ...............................  | 47 419,29 | 0,00 |
| USD/NOK 36,4 Mio.  ...............................  | 59 003,47 | 0,00 |
| USD/SEK 1,7 Mio. .................................  | 704,60 | 0,00 |
| USD/SGD 2,6 Mio.  ................................  | 8 590,25 | 0,00 |
| Geschlossene Positionen CHF/CAD 0,6 Mio. .................................  | 1 680,37 | 0,00 |
| CHF/SEK 0,3 Mio. .................................  | 0,86 | 0,00 |
| CHF/SGD 1 Mio. ..................................  | -23,15 | 0,00 |
| EUR/CAD 0,1 Mio.  ................................  | 25,57 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  | 4,67 | 0,00 |
| EUR/SEK 0,6 Mio. .................................  | -20,13 | 0,00 |
| GBP/CAD 0,1 Mio.  ................................  | -0,96 | 0,00 |
| GBP/SGD 0,1 Mio.  ................................  | -1,17 | 0,00 |
| USD/CAD 0,6 Mio.  ................................  | 2 302,47 | 0,00 |
| USD/CHF 7,8 Mio. .................................  | -875,63 | 0,00 |
| USD/GBP 0,1 Mio.  ................................  | 2,05 | 0,00 |
| USD/SEK 1,8 Mio. .................................  | 12,12 | 0,00 |
| USD/SGD 5,5 Mio.  ................................  | 961,55 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw | Nominalbetrag .	bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Bankguthaben |  |  |  | 105 441 445,07 | 3,52 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 9 680 063,97 | 0,32 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 22 045 539 |  | 24 194 537,25 | 0,81 |
| Dänische Kronen ..................................  | DKK | 3 906 |  | 524,16 | 0,00 |
| Norwegische Kronen ...............................  | NOK | 37 575 884 |  | 3 453 501,70 | 0,12 |
| Schwedische Kronen ...............................  | SEK | 109 235 409 |  | 10 426 944,56 | 0,35 |
| Ungarischer Forint .................................  | HUF | 27 623 |  | 77,75 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 15 801 |  | 9 681,44 | 0,00 |
| Hongkong Dollar ...................................  | HKD | 591 226 |  | 68 064,93 | 0,00 |
| Japanischer Yen ...................................  | JPY	1 455 456 524 |  | 12 057 431,30 | 0,40 |
| Kanadischer Dollar .................................  | CAD | 18 273 798 |  | 11 926 254,63 | 0,40 |
| Neue Taiwan Dollar ................................  | TWD | 85 440 639 |  | 2 583 852,11 | 0,09 |
| Polnischer Zloty ...................................  | PLN | 1 |  | 0,02 | 0,00 |
| Schweizer Franken .................................  | CHF | 13 882 162 |  | 13 037 732,87 | 0,44 |
| Singapur Dollar ....................................  | SGD | 115 408 |  | 73 752,95 | 0,00 |
| Südkoreanischer Won ..............................  | KRW  7 834 023 569 |  | 5 811 186,66 | 0,19 |
| US-Dollar ........................................  | USD | 13 581 062 |  | 12 117 838,77 | 0,40 |
| Sonstige Vermögensgegenstände |  |  |  | 21 955 383,61 | 0,73 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 10 141 806,43 | 0,34 |
| Zinsansprüche ....................................  |  |  |  | 584 870,73 | 0,02 |
| Sonstige Ansprüche ................................  |  |  |  | 11 228 706,45 | 0,37 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 1 884 930,29 | 0,06 |
| Summe der Vermögensgegenstände ** |  |  |  | 3 017 680 058,56 | 100,79 |
| Sonstige Verbindlichkeiten |  |  |  | -6 334 433,81 | -0,21 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -4 765 821,65 | -0,16 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -1 568 612,16 | -0,05 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -17 146 813,87 | -0,57 |
| Summe der Verbindlichkeiten |  |  |  | -23 567 644,01 | -0,79 |
| Fondsvermögen |  |  |  | 2 994 112 414,55 | 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 (P) ................................  | CHF | 160,38 |
| Klasse CHF LCH (P) ................................  | CHF | 149,72 |
| Klasse FC ........................................  | EUR | 213,04 |
| Klasse FD ........................................  | EUR | 131,51 |
| Klasse IC .........................................  | EUR | 107,79 |
| Klasse IDQ .......................................  | EUR | 90,14 |
| Klasse LC ........................................  | EUR | 197,58 |
| Klasse LCH (P) ....................................  | EUR | 114,75 |
| Klasse LD ........................................  | EUR | 152,24 |
| Klasse LDQH (P) ...................................  | EUR | 102,40 |
| Klasse NC ........................................  | EUR | 184,25 |
| Klasse ND ........................................  | EUR | 134,98 |
| Klasse PFC .......................................  | EUR | 127,06 |
| Klasse PFD .......................................  | EUR | 108,47 |
| Klasse TFC .......................................  | EUR | 102,08 |
| Klasse GBP C RD ..................................  | GBP | 149,47 |
| Klasse GBP D RD ..................................  | GBP | 131,95 |
| Klasse GBP DH (P) RD ..............................  | GBP | 96,94 |
| Klasse GBP LD DS .................................  | GBP | 167,72 |
| Klasse SEK LCH (P) ................................  | SEK | 1 100,73 |
| Klasse SGD LC ....................................  | SGD | 15,96 |
| Klasse SGD LCH (P) ................................  | SGD | 16,16 |
| Klasse SGD LDQ ..................................  | SGD | 13,59 |
| Klasse SGD LDQH (P) ..............................  | SGD | 11,47 |
| Klasse USD FC ....................................  | USD | 136,65 |
| Klasse USD FCH (P) ................................  | USD | 113,09 |
| Klasse USD LC ....................................  | USD | 159,29 |
| Klasse USD LCH (P) ................................  | USD | 169,68 |
| Klasse USD LDH (P) ................................  | USD | 123,18 |
| Klasse USD LDM ..................................  | USD | 78,32 |
| Klasse USD LDQ ..................................  | USD | 103,65 |
| Klasse USD LDQH (P) ..............................  | USD | 94,01 |
| Umlaufende Anteile Klasse CHF FCH (P) ................................  | Stück | 174 343,164 |
| Klasse CHF LCH (P) ................................  | Stück | 422 353,682 |
| Klasse FC ........................................  | Stück | 1 143 033,746 |
| Klasse FD ........................................  | Stück | 184 772,143 |
| Klasse IC .........................................  | Stück | 336 454,000 |
| Klasse IDQ .......................................  | Stück | 1 787 825,000 |
| Klasse LC ........................................  | Stück | 5 049 890,884 |
| Klasse LCH (P) ....................................  | Stück | 78 968,008 |
| Klasse LD ........................................  | Stück | 4 638 007,747 |
| Klasse LDQH (P) ...................................  | Stück | 28 006,028 |
| Klasse NC ........................................  | Stück | 1 361 215,586 |
| Klasse ND ........................................  | Stück | 877 183,580 |
| Klasse PFC .......................................  | Stück | 101 684,000 |
| Klasse PFD .......................................  | Stück | 79 954,000 |
| Klasse TFC .......................................  | Stück | 478 303,234 |
| Klasse GBP C RD ..................................  | Stück | 960,313 |
| Klasse GBP D RD ..................................  | Stück | 14 689,750 |
| Klasse GBP DH (P) RD ..............................  | Stück | 1 852,124 |
| Klasse GBP LD DS .................................  | Stück | 49 876,831 |
| Klasse SEK LCH (P) ................................  | Stück | 3 560,649 |
| Klasse SGD LC ....................................  | Stück | 50 561,137 |
| Klasse SGD LCH (P) ................................  | Stück | 390 368,608 |
| Klasse SGD LDQ ..................................  | Stück | 460 620,869 |
| Klasse SGD LDQH (P) ..............................  | Stück | 492 423,669 |
| Klasse USD FC ....................................  | Stück | 402 037,846 |
| Klasse USD FCH (P) ................................  | Stück | 34 726,983 |
| Klasse USD LC ....................................  | Stück | 840 017,714 |
| Klasse USD LCH (P) ................................  | Stück | 309 163,897 |
| Klasse USD LDH (P) ................................  | Stück | 324 537,655 |
| Klasse USD LDM ..................................  | Stück | 34 899,999 |
| Klasse USD LDQ ..................................  | Stück | 55 646,195 |
| Klasse USD LDQH (P) ..............................  | Stück | 6 425,689 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI WORLD HIGH DIVIDEND YIELD
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 65,771 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 86,233 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 77,499 |

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 0,00.
Marktschlüssel
Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), Goldman Sachs International, JP Morgan, State Street Bank International GmbH, State Street Bank London 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 Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| BCE, Inc. ...................................  | CAD | 933 395 | 34 491 381,41 |  |
| Enbridge, Inc. ...............................  | CAD | 273 705 | 7 327 463,30 |  |
| Roche Holding AG ...........................  | CHF | 284 300 | 87 484 677,16 |  |
| Total SA ...................................  | EUR | 1 500 000 | 50 715 000,00 |  |
| Unilever NV ................................  | EUR | 1 800 000 | 85 374 000,00 |  |
| Vinci SA ...................................  | EUR | 350 000 | 28 546 000,00 |  |
| Gjensidige Forsikring BA ......................  | NOK | 2 402 000 | 38 964 417,71 |  |
| 2,625  % United States Treasury Note/Bond (MTN) 2010/2020 | USD | 35 000 000 | 31 518 823,00 |  |
| 1,125  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 39 900 000 | 35 829 244,00 |  |
| 1,125  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 40 000 000 | 36 060 548,40 |  |
| 1,75	% United States Treasury Note/Bond 2017/2020 .....  | USD | 40 000 000 | 35 902 311,60 |  |
| 2,75	% United States Treasury Note/Bond 2018/2020 .....  | USD | 37 500 000 | 33 820 488,00 |  |

Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen	506 034 354,58	506 034 354,58 Vertragspartner der Wertpapier-Darlehen
BNP Paribas Arbitrage SNC, Barclays Capital Securities Limited, BofA SECURITIES EUROPE SA - BB, BofA SECURITIES EUROPE SA - EQ, Société Générale, UBS AG London Branch
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | EUR | 536 350 369,22 |
| --- | --- | --- |
| davon: |  |  |
| Schuldverschreibungen | EUR | 51 660 009,40 |
| Aktien | EUR | 484 690 359,82 |
| 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 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Ungarischer Forint ...............  | HUF | 355,299913 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 348,093605 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Polnischer Zloty .................  | PLN | 4,445229 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 33,067155 | = | 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.