DWS Emerging Markets Bonds (Short)

Transcription

1 Deutsche Asset Management Deutsche Asset Management S.A. DWS Emerging Markets Bonds (Short) Semiannual Report 2017 Investment Fund Organized under Luxembourg Law

2 DWS Emerging Markets Bonds (Short)

3 Contents Semiannual report 2017 for the period from January 1, 2017, through June 30, 2017 General information... 2 Semiannual report DWS Emerging Markets Bonds (Short)... 4 Semiannual financial statements

4 General information The fund described in this report is subject to the laws of Luxembourg. Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmark if available is also presented in the report. All financial data in this publication is as of June 30, 2017 (unless otherwise stated). Sales prospectuses Fund units are purchased on the basis of the current sales prospectus and management regulations as well as the key investor information document, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report. Issue and redemption prices The current issue and redemption prices and all other information for unitholders may be requested at any time at the registered office of the Management Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appropriate media (such as the Internet, electronic information systems, newspapers, etc.). Conversion to the unit class system The fund DWS Emerging Markets Bonds (Short) was converted into a multi-class fund with a unit class system as of February 22, 2017 ( DWS Emerging Markets Bonds (Short) LC ). The assets of the previous fund DWS Emerging Markets Bonds (Short) were incorporated into the LC unit class on February 22, The fund was then valued as a multi-class fund with one unit class for the first time on February 22, In addition, the unit class DWS Emerging Markets Bonds (Short) FC was launched on March 10, In addition, four further unit classes were included in the fund s prospectus and will be launched on a later date: DWS Emerging Markets Bonds (Short) LD, DWS Emerging Markets Bonds (Short) FD, DWS Emerging Markets Bonds (Short) RC and DWS Emerging Markets Bonds (Short) RD. Unit classes with an abbreviation ending in C are reinvesting; unit classes ending in D are distributing. 2

5 Semiannual report

6 DWS Emerging Markets Bonds (Short) DWS Emerging Markets Bonds (Short) Performance of unit classes (in euro) Unit class ISIN 6 months Class LC LU % Class FC LU % 1 1 Class FC launched on March 10, 2017 BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30,

7 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Semiannual financial statements

8 DWS Emerging Markets Bonds (Short) Investment portfolio June 30, 2017 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Securities traded on an exchange Interest-bearing securities % Banco do Brasil (Cayman Br.) 13/ MTN Reg S (XS )... EUR 800 % % Banco Nac. Dese. Eco. e Social 10/ Reg S (XS )... EUR % % Banco Nac. Dese. Eco. e Social 14/ Reg S (XS )... EUR % % Bank China (Luxembourg Branch)17/ MTN (XS )... EUR % % Bank of China (Luxembourg Branch) 16/ MTN (XS )... EUR % % Bank of China 15/ MTN (XS )... EUR % % Brazil 14/ (XS )... EUR 400 % % Bulgarian Energy Holding 13/ (XS )... EUR 750 % % Bulgarian Energy Holding EAD 16/ Reg S (XS )... EUR % % CNRC Capital 16/ (XS ). EUR % % Gaz Capital/Gazprom 13/ LPN Reg S (XS )... EUR % % Indonesia 14/ MTN Reg S (XS )... EUR % % KazAgro Nat. Management Hldg. 14/ MTN (XS )... EUR % % Macedonia 14/ Reg S (XS )... EUR 250 % % Macedonia 15/ Reg S (XS )... EUR % % Mexico 04/ MTN (XS ).. EUR % % Mexico 14/ MTN (XS ).. EUR 750 % % MFB Magyar Fejlesztesi Bank 15/ (XS ) EUR % % Montenegro 15/ Reg S (XS )... EUR % % Montenegro 16/ Reg S (XS )... EUR 200 % % Morocco 10/ Reg S (XS )... EUR % % Petr leos Mexicanos (PEMEX) 17/ MTN (XS )... EUR % % Petróleos Mexicanos (PEMEX) 13/ MTN Reg S (XS )... EUR % % Petroleos Mexicanos (PEMEX) 16/ MTN (XS )... EUR % % Romania 13/ MTN (XS ). EUR % % Sinopec Group Overseas Dev. 13/ Reg S (XS )... EUR % % Three Gorges Finance II (Cayman) 15/ Reg S (XS )... EUR % % Turkey 07/ (XS )... EUR % % Türkiye Garanti Bankasi 14/ MTN (XS )... EUR % % Türkiye Vakiflar Bankasi 16/ MTN PF (XS )... EUR % % VEB Finance/VEB Bank 13/ LPN (XS )... EUR % % Abu Dhabi National Energy 12/ Reg S (XS )... USD % % Bahrain 15/ Reg S (XS ). USD % % Banco Latinoamericano Comercio 15/ Reg S (USP1393HAB44)... USD 500 % % Banco Nacional de Costa Rica 13/ Reg S (USP14623AA33)... USD % % Bank of China (Hongkong Br.) 16/ MTN (XS )... USD 750 % % Black Sea Trade & Dev. Bank 16/ MTN Reg S (XS )... USD % % Braskem Finance 11/ Reg S (USG1315RAD38)... USD % % CNPC General Capital 14/ (XS )... USD 500 %

9 DWS Emerging Markets Bonds (Short) Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR % Coca-Cola Icecek 13/ Reg S (XS )... USD 800 % % Colombia 00/ (US195325AU91)... USD % % Colombia 09/ (US195325BL83)... USD 600 % % Comision Federal de Electricidad 11/ Reg S (USP30179AJ79)... USD % % Corp. Financiera Desarrollo 14/ Reg S (USP3R94GAF68)... USD % % Corp. Nacional del Cobre Chile 09/ Reg S (USP3143NAJ39)... USD % % Corp. Nacional del Cobre Chile 11/ Reg S (USP3143NAN41)... USD % % Dev. Bank of Kazakhstan 12/ MTN Reg S (XS )... USD 500 % % Eastern & Southern Africa 17/ MTN (XS )... USD % % Ecopetrol 09/ (US279158AB56)... USD 600 % % ESKOM Holdings 11/ Reg S (XS )... USD 250 % % Eurasian Development Bank 13/ MTN Reg S (XS )... USD % % Export-Import Bank of India 12/ MTN (XS )... USD 400 % % Export-Import Bank of India 14/ MTN Reg S (XS )... USD % % Export-Import Bank of India 15/ MTN (XS )... USD % % Export-Import Bank of Korea 16/ MTN (XS )... USD 600 % % Export-Import Bank of Malaysia 12/ MTN (XS )... USD 700 % % First Abu Dhabi Bank 15/ MTN (XS )... USD % % Fondo MIVIVIENDA 14/ Reg S (USP42009AB94)... USD 800 % % Hungarian Export-Import Bank 14/ MTN (XS )... USD % % ICBC (Luxembourg Branch) 16/ MTN (XS )... USD % % Indian Railway Finance 12/ (XS )... USD 400 % % Indian Railway Finance 14/ (XS )... USD % % Indonesia 09/ Reg S (USY20721AP44)... USD % % Israel Electric 13/ MTN Reg S (US46507NAD21)... USD % % JSC Nat. Company KazMunayGas 08/ MTN Reg S (XS )... USD % % Kazakhstan Temir Zholy Finance 10/ Reg S (XS )... USD 900 % % Lithuania 10/ Reg S (XS )... USD % % Lukoil Int. Finance 13/ Reg S (XS )... USD % % Lukoil Int. Finance/Lukoil 10/ LPN Reg S (XS )... USD % % MMC Finance/MMC Norilsk 13/ LPN Reg S (XS )... USD % % Namibia 11/ Reg S (XS )... USD % % Northern Light III/Angola 12/ LPN (XS )... USD 250 % % Oman 16/ Reg S (XS ).. USD % % Petróleos Mexicanos (PEMEX) 13/ MTN (US71654QBK76)... USD % % Petroleum Co. Trinidad & Tobago 09/ Reg S (USP78954AC19)... USD % % PT Pertamina (Persero) 11/ Reg S (USY7138AAA89)... USD % % Qatar 09/ Reg S (XS ).. USD % % Qatar 16/ Reg S (XS ).. USD % % Qatari Diar Finance 10/ Reg S (XS )... USD % % QNB Finance 16/ MTN (XS )... USD %

10 DWS Emerging Markets Bonds (Short) Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR % Saudi International Bond 16/ MTN Reg S (XS )... USD % % Senegal 11/ Reg S (XS )... USD % % Serbia 13/ Reg S (XS ).. USD % % Sri Lanka 14/ Reg S (USY8137FAB41)... USD % % State Bank of India (London Br.) 13/ Reg S (USY81636AC94)... USD 800 % % State Bank of India (London Br.) 17/ MTN (XS )... USD % % State Grid Overseas Investment 13/ Reg S (USG8449VAA47)... USD 800 % % State Oil Company of Azerbaijan 13/ (XS ) USD % % Transnet SOC 12/ MTN Reg S (XS )... USD % % Türkiye Garanti Bankasi 12/ Reg S (USM8931TAE93)... USD % % Türkiye Garanti Bankasi 14/ MTN Reg S (XS )... USD % % Türkiye Ihracat Kredi Bankasi 12/ Reg S (XS )... USD % % Turkiye Ihracat Kredi Bankasi 16/ Reg S (XS )... USD % % Vale Overseas 16/ (US91911TAN37)... USD % % VEB Finance/VEB Bank 10/ LPN (XS )... USD 500 % Securities admitted to or included in organized markets Interest-bearing securities % Corporación Andina de Fomento 16/ (US219868BW57)... USD 700 % % Ecopetrol 13/ (US279158AD13)... USD 500 % % Gerdau Trade 10/ Reg S (USG3925DAA84)... USD % % JSC Nat. Company KazMunayGas 10/ MTN Reg S (XS )... USD % % RAS Laffan L.N.G 05/ Reg S (USM8221WAA91)... USD % % Sinopec Group Overseas Develop. 14/ Reg S (USG82003AD93)... USD 750 % % Sinopec Group Overseas Develop. 16/ Reg S (USG8200TAA81)... USD 500 % Total securities portfolio Derivatives Minus signs denote short positions Currency derivatives Currency futures (short) Open positions USD/EUR million Cash at bank Demand deposits at Depositary EUR deposits... EUR % Deposits in non-eu/eea currencies Chinese yuan renminbi... CNY % Mexican peso... MXN % U.S. dollar... USD % South African rand... ZAR %

11 DWS Emerging Markets Bonds (Short) Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Other assets Interest receivable.... EUR % Total assets Other liabilities Liabilities from cost items.... EUR % Tax liabilities... EUR % Net assets Net asset value per unit Count/ Net asset value per unit and number of units outstanding currency in the respective currency Net asset value per unit Class LC... EUR Class FC... EUR Number of units outstanding Class LC... Count Class FC... Count Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of: June 30, 2017 Chinese yuan renminbi.... CNY = EUR 1 Mexican peso... MXN = EUR 1 U.S. dollar.... USD = EUR 1 South African rand.... ZAR = EUR 1 Notes on valuation The Management Company determines the net asset values per unit 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 Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund 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 Luxembourg 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. Investments reported in this report are not valued at derived market values. Footnotes 1 Does not include positions with a negative balance, if such exist. 9

12 DWS Emerging Markets Bonds (Short) Transactions completed during the reporting period that no longer appear in the investment portfolio Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Purchases/ Sales/ Description currency additions disposals ( / 000) Securities traded on an exchange Interest-bearing securities % Croatian Bank for Reconst. & Dev. 07/ (XS )... EUR % Gaz Capital/Gazprom 06/ LPN (XS )... EUR % Gaz Capital/Gazprom 07/ LPN (XS )... EUR % Korea Gas 13/ MTN (XS )... EUR % Petróleos Mexicanos (PEMEX) 09/ MTN (XS )... EUR % Romania 12/ MTN (XS )... EUR 500 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Currency futures Value ( 000) Futures contracts to sell currencies EUR/USD EUR % Banco Latinoamericano Comercio 12/ Reg S (USP1393HAA60)... USD % Export-Import Bank of Korea 14/ (US302154BL24)... USD % Indonesia 08/ Reg S (USY20721AK56)... USD % Indonesia Eximbank 12/ MTN (XS )... USD % Petróleos Mexicanos (PEMEX) 14/ (US71654QBQ47)... USD % PSALM 09/ Reg S (USY7083VAB54)... USD % Rosneft Finance 07/ MTN Reg S (XS )... USD

13 DWS Emerging Markets Bonds (Short) Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 Statement in accordance with Section A There were no securities financing transactions according to the above Regulation in the reporting period. 11

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15 Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2016: EUR million before profit appropriation Supervisory Board Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Asset Management Investment GmbH, Frankfurt/Main Management Board Manfred Bauer (since June 1, 2017) Chairman Deutsche Asset Management S.A., Luxembourg Dirk Bruckmann (until May 31, 2017) Deutsche Asset Management Investment GmbH, Frankfurt/Main Ralf Rauch Deutsche Asset Management Investment GmbH, Frankfurt/Main Martin Schönefeld (until June 30, 2017) Deutsche Asset Management S.A., Luxembourg Barbara Schots Deutsche Asset Management S.A., Luxembourg Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt/Main, Germany Sales, Information and Paying Agent LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Yves Dermaux (since July 1, 2017) Deutsche Bank AG, London Marzio Hug (until June 30, 2017) Deutsche Bank AG, London Stefan Kreuzkamp Deutsche Asset Management Investment GmbH, Frankfurt/Main Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main As of: July 31, 2017

16 Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: Fax: