Deutsche Invest I Annual Report 2014

Transcription

1 Deutsche Asset & Wealth Management Deutsche Invest I Annual Report 2014 Investment Company with Variable Capital Incorporated under Luxembourg Law

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3 Contents Annual report 2014 for the period from January 1, 2014, through December 31, 2014 General information Annual report, Deutsche Invest I SICAV Deutsche Invest I Africa 8 Deutsche Invest I Asia ex Japan 10 Deutsche Invest I Asian Bonds 12 Deutsche Invest I Asian Small/Mid Cap 14 Deutsche Invest I Brazilian Equities 16 Deutsche Invest I China Bonds 18 Deutsche Invest I Chinese Equities 20 Deutsche Invest I Clean Tech 22 Deutsche Invest I Commodity Plus 24 Deutsche Invest I Convertibles 26 Deutsche Invest I Emerging Markets Corporates 28 Deutsche Invest I Emerging Markets Satellites 30 Deutsche Invest I Emerging Markets Top Dividend 32 Deutsche Invest I Euro Bonds (Premium) 34 Deutsche Invest I Euro Bonds (Short) 36 Deutsche Invest I Euro Corporate Bonds 38 Deutsche Invest I Euro High Yield Corporates 40 Deutsche Invest I Euro-Gov Bonds 42 Deutsche Invest I European Bonds 44 Deutsche Invest I European Small Cap 46 Deutsche Invest I European Value 48 Deutsche Invest I German Equities 50 Deutsche Invest I Global Agribusiness 52 Deutsche Invest I Global Bonds 54 Deutsche Invest I Global Emerging Markets Equities 56 Deutsche Invest I Global GDP Bonds (formerly: DWS Invest Income Strategy Currency) 58 Deutsche Invest I Global Infrastructure 60 Deutsche Invest I Global Thematic 62 Deutsche Invest I Gold and Precious Metals Equities 64 Deutsche Invest I Government Liquidity Fund 66 Deutsche Invest I Income Strategy Systematic 68 Deutsche Invest I Italian Equities 70 Deutsche Invest I Latin American Equities 72 1

4 Deutsche Invest I Local Emerging Markets Bonds 74 Deutsche Invest I Multi Asset Allocation 76 Deutsche Invest I Multi Asset Balance (formerly: DWS Invest Multi Asset Defensive) 78 Deutsche Invest I Multi Asset Defensive 80 Deutsche Invest I Multi Asset Dynamic 82 Deutsche Invest I Multi Asset Income 84 Deutsche Invest I Multi Asset Total Return I (formerly: DWS Invest Multi Asset Dynamic) 86 Deutsche Invest I Multi Opportunities 88 Deutsche Invest I New Resources 90 Deutsche Invest I RREEF Global Real Estate Securities 92 Deutsche Invest I Short Duration Credit 95 Deutsche Invest I StepIn Akkumula 97 Deutsche Invest I Top Asia (formerly: DWS Invest Top 50 Asia) 99 Deutsche Invest I Top Dividend 101 Deutsche Invest I Top Dividend Premium 103 Deutsche Invest I Top Euroland 105 Deutsche Invest I Top Europe (formerly: DWS Invest European Equities) 107 DWS Invest US Value Equities 109 Investment portfolios for the reporting period Investment portfolio and financial statements, statement of changes in net assets 112 Report of the Réviseur d Entreprises agréé 476 2

5 General information The funds described in this report are sub-funds of a SICAV (Société d Investissement à Capital Variable) incorporated under Luxembourg law Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s shares The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at DWS, are used as the basis for calculating the value Past performance is not a guide to future results The corresponding benchmarks if available are also presented in the report All financial data in this publication is as of December 31, 2014 (unless otherwise stated) Sales prospectuses Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and by-laws of the SICAV, 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 shareholders 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) 3

6 Renaming of DWS Invest SICAV The fund-of-funds SICAV DWS Invest was renamed Deutsche Invest I effective August 25, 2014 The names of all sub-funds changed accordingly Mergers of SICAV-external funds with sub-funds of the SICAV Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the fund DWS Institutional Euro Government Bonds was merged into the sub-fund Deutsche Invest Euro-Gov Bonds (FC share class) effective March 14, 2014 The exchange factor was Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the fund DWS Diskont Basket was merged into the sub-fund Deutsche Invest I Multi Asset Balance (FC share class) effective October 23, 2014 The exchange factor was Mergers of sub-funds of the SICAV with SICAV-external funds Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the sub-fund DWS Invest US Value Equities was merged into the sub-fund DWS Invest II US Top Dividend of DWS Invest II SICAV effective January 28, 2014: Merged sub-fund Receiving sub-fund Share class ISIN Share class ISIN Exchange factor LC LU LC LU LCH (P) LU LCH (P) LU FC LU FC LU NC LU NC LU E2 LU A2 LU NCH (P) LU NCH (P) LU The issue of new shares was discontinued for the terminating sub-fund on January 21, 2014; the last redemption of shares occurred up to the order acceptance deadline on January 21, 2014 Renaming of sub-funds The sub-fund DWS Invest European Equities was renamed DWS Invest Top Europe effective May 26, 2014 The sub-fund DWS Invest Income Strategy Currency was renamed DWS Invest Global GDP Bonds effective May 26, 2014 The sub-fund DWS Invest Multi Asset Defensive was renamed DWS Invest Multi Asset Balance effective May 26, 2014 The sub-fund DWS Invest Multi Asset Dynamic was renamed DWS Invest Multi Asset Total Return I effective May 26, 2014 The sub-fund DWS Invest Top 50 Asia was renamed DWS Invest Top Asia effective May 26,

7 Renaming of share classes In order to harmonize and simplify the names of the share classes, those share classes not denominated in EUR were renamed effective May 26, 2014 In the new naming system, the currency name is placed in front and the system for naming EUR shares is applied: Old New Old New A1 USD LD E2 USD FC A1H USD LDH E2H USD FCH A1H (P) USD LDH (P) J5 USD JD A1M USD LDM K2 USD KC A1Q USD LDQ RDR1 GBP RD A2 USD LC RDR1H GBP RDH A2H USD LCH RMB2 RMB LC A2H (P) USD LCH (P) RMB4 RMB FC CH2H CHF LCH S1MH SGD LDMH CH2H (P) CHF LCH (P) S1Q SGD LDQ CH4H CHF FCH S1QH (P) SGD LDQH (P) CH4H (P) CHF FCH (P) S2 SGD LC DS1 GBP LD DS S2H (P) SGD LCH (P) Sub-fund DWS Invest Global Bonds: The share class LD was renamed LDH (P) effective May 26, 2014 Sub-fund DWS Invest Global Bonds: The share class FC was renamed FCH (P) effective May 26, 2014 Mergers of sub-funds within the SICAV Following a resolution to that effect adopted by Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF, the sub-fund Deutsche Invest I Italian Equities was merged into the sub-fund Deutsche Invest I Top Europe effective November 4, 2014 Following a resolution to that effect adopted by Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF, the sub-fund Deutsche Invest I Income Strategy Systematic was merged into the sub-fund Deutsche Invest I Global Bonds effective November 7, 2014 Obligations for cross-border distribution The annual financial statements for this SICAV (Société d Investissement à Capital Variable) contain a report by the Réviseur d Entreprises agréé (independent auditor s opinion) This report refers exclusively to the German-language version of the financial statements as they were prepared for the purposes of complying with the regulatory obligations in the country of origin of the SICAV ( original version ) For cross-border distribution, one of the obligations of the SICAV is to also publish the annual reports in at least one of the national languages of the relevant country of distribution or in another language authorized by the competent authorities in the relevant country of distribution, if applicable also as an extract on a sub-fund basis The tax information contained in the annual reports for investors who are subject, without limitation, to taxation in the Federal Republic of Germany and specific information for investors in a different country of distribution have been omitted in the national or specific language versions National or language versions must also be published for the semiannual reports to be produced for the first half of the fiscal year In the event of any discrepancies in content between the German original version of the report and any translation thereof, the German-language version shall prevail 5

8 Material changes after the end of the fiscal year Following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF, the sub-fund Deutsche Invest I StepIn Akkumula was merged into the sub-fund Deutsche Invest I Multi Opportunities effective February 9, 2015 The sub-fund Deutsche Invest I Local Emerging Markets Bonds was liquidated as of March 9, 2015, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the sub-fund DB Advisors Invest Global Corporate High Yield of the DB Advisors Invest umbrella fund was merged into the sub-fund Deutsche Invest I Senior Secured High Yield Corporates (ID share class) effective March 10, 2015 Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg super visory authority CSSF, the sub-fund DB Advisors Invest Emerging Market IG Sovereign Debt of the DB Advisors Invest umbrella fund was merged into the sub-fund Deutsche Invest I Emerging Markets IG Sovereign Debt (IDH share class) effective March 20, 2015 Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the sub-fund DB Advisors Invest Emerging Market Sovereign Debt (IC (USD) and IDH (EUR) share classes) of the DB Advisors Invest umbrella fund was merged into the sub-fund Deutsche Invest I Emerging Markets Sovereign Debt (USD IC and IDH share classes) effective March 25, 2015 Following a resolution to that effect adopted by each respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the sub-fund DB Advisors Invest Global Credit of the DB Advisors Invest umbrella fund was merged into the sub-fund Deutsche Invest I Global Corporate Bonds (ID share class) effective March 31,

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10 Deutsche Invest I Africa Investment objective and performance in the reporting period Deutsche Invest I Africa focuses on the African continent The management invests principally in companies with strong earnings that have good market positions and solid balance sheets When selecting individual stocks, the main factors considered are abundance of natural resources, infrastructure expenditures and growth in consumer spending In the fiscal year through the DEUTSCHE INVEST I AFRICA Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Africa (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 end of December 2014, falling prices in the commodities and energy sectors, caused in part by generally weak global economic growth, created a difficult market environment Performance was affected by drops in earnings and market prices at many African companies In this difficult environment, Deutsche Invest I Africa recorded a decline of 38% (LC share class, BVI method); its benchmark, the S&P Africa 40 Net, fell by 25% (both percentages in euro terms) Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % -85% -23% Class LD LU % -87% -25% Class NC LU % -100% -51% Class FC LU % -59% 23% Class USD LC 1 LU % -119% -141% Class GBP RD 2 LU % -113% -115% S&P Africa 40 Net Index since January 1, 2012 (previously: S&P Africa 40) -25% -101% 123% 1 in USD 2 in GBP BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period In terms of country allocation, investments were focused on South Africa, Egypt and Kenya These countries profited from relatively stable political conditions and lower oil prices Given their negative trade balances, they also benefited from the delayed tapering in the US and from the resulting favorable rate environment The expectation that the US Federal Reserve would curb its bond purchasing program depending on labor market data ( tapering discussion ) materialized later than expected In contrast, the management reduced Nigeria s weighting because of the significant reduction in the price of oil, a weaker currency, and its unstable political situation relative to the prior year Because of the falling oil price, the weighting of the oil sector in the sub-fund was strongly reduced, especially existing positions in Nigerian oil stocks, in order to limit price declines Because of the reduction in commodity prices, the management also reduced the weighting of the fertilizer manufacturer Omnia, which came under price pressure Prices of Nigerian financials were also weak; their proportion in the sub-fund was therefore reduced In Kenya, however, the prices of bank stocks rose in view of stable conditions Here, the sub-fund profited from its investment in Equity Bank In the wireless services sector, the sub-fund continues to hold a position in Safaricom Both its market dominance and its moderate valuation supported its price performance 8

11 The South African financial sector performed well; investment was therefore expanded, and this contributed considerably to the portfolio s investment performance The underweight position in commodities proved to be advantageous in light of the weak market environment Investors especially favored South African companies with strong global business activities These included, for example, Naspers (a successful service provider in the media sector), which profited from various investments in IT DEUTSCHE INVEST I AFRICA Investment focus by sector Equities: 984% Financials Telecommunication Services Consumer Discretionaries Materials Consumer Staples Industrials Energy Utilities Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages companies, among other things 9

12 Deutsche Invest I Asia ex Japan Investment objective and performance in the reporting period Deutsche Invest I Asia ex Japan invested primarily in equities of issuers having their registered offices or their principal business activity in the Asia-Pacific region (excluding Japan) In the period from the beginning of January through the end of December 2014, the sub-fund recorded an appreciation of 198% per share (LC share class, BVI method) DEUTSCHE INVEST I ASIA EX JAPAN Performance since inception /1/11* 12/11 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Asia ex Japan (LC share class) * Launched on August 1, 2011 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Its benchmark, the MSCI AC Asia ex Japan, increased by 188% in the same period (both percentages in euro terms) Investment policy in the reporting period Deutsche Invest I Asia ex Japan operated in a generally favorable investment environment during the twelve months through the end of December Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years Since inception 1 Class LC LU % 403% 198% Class LD LU % 403% 198% Class NC LU % 372% 168% Class FC LU % 440% 234% MSCI AC Asia ex Japan 188% 411% 254% 1 Classes LC, LD, NC und FC launched on August 1, 2011 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, In addition, the portfolio s performance benefited from the significant devaluation of the euro against the currencies of the Asian emerging markets The stocks contained in the portfolio were also boosted by a number of political developments in Asia and by the reduced oil price The Chinese economy had slowed down significantly relative to previous years; despite this, China s economic growth was still much higher than that of the Western industrial nations In the reporting period, hopes that the Chinese government would introduce economic reforms and measures to boost the economy contributed to solid price gains in the local Chinese equity market, which offers only very limited access to foreign investors, and in which Deutsche Invest I Asia ex Japan participated with its investment in an exchange-traded index fund The selection of individual stocks also proved profitable, and contributed to the sub-fund s outperformance of its benchmark One example is the position in Zhuzhou CSR Times Electric, a manufacturer of drive components for trains that benefited from good sales during the past year and from the hope for strong growth potential resulting from a merger of the two Chinese train manufacturers, CSR and CNR The positions in Indian stocks also performed well in view of a change in government in India The latter gave rise to expectations of an upturn of the economy and the realization of important infrastructure measures, and these expectations had a positive influence on the price performance of stocks like cement producer Shree Cement, a portfolio holding Furthermore, the investment in the Indian producer of baked goods, Britannia Industries, which recorded a significant increase in sales, made an above-average contribution to the sub-fund s performance However, the investment in SA International of Hong Kong, also 10

13 a producer of consumer goods, did not meet expectations because the protests in the Chinese special administrative region had a negative impact on visitor numbers from the Chinese mainland, and therefore on the company s sales DEUTSCHE INVEST I ASIA EX JAPAN Investment focus by sector Equities: 823% Financials Information Technology Consumer Discretionaries Industrials Telecommunication Services Energy Utilities Consumer Staples Materials Warrants Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 11

14 Deutsche Invest I Asian Bonds Investment objective and performance in the reporting period This sub-fund, launched on June 16, 2014, seeks to generate sustained capital appreciation To achieve this objective, it may invest in interest-bearing securities issued by the governments of Asian countries, Asian government authorities, municipal administrations in Asian countries, companies having their registered offices in an Asian country, supranational institutions (securities denominated in Asian currencies) and non- Asian companies (securities issued in Asian currencies) The interest-bearing securities may be denominated in US dollars or in an Asian currency During the reporting period, the investment environment was characterized by the uncertainty surrounding a potential change of direction in interest rates that originated in the US, by geopolitical tensions such as the conflict in Ukraine and by the drastic decline in the oil price Against this difficult backdrop, Deutsche Invest I Asian Bonds achieved an appreciation of 04% per share (USD FC share class; BVI method) in the period from June 16, 2014 (launch date) through the end of December 2014 Investment policy in the reporting period The sub-fund was in the investment phase during the reporting period, and by the end of December 2014 had around 81% of its assets invested in interest-bearing instruments The DEUTSCHE INVEST I ASIAN BONDS Performance since inception /16/14* 8/14 10/14 12/14 Deutsche Invest I Asian Bonds (USD FC share class) * Launched on June 16, 2014 = 100 Data on USD basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in USD) Share class ISIN Since inception 1 Class USD FC LU % Class FCH 2 LU % 1 Classes FCH und USD FC launched on June 16, in EUR BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 management focused its investments on investment-grade corporate bonds These securities were rated BBB or better by the leading rating agencies as of the reporting date For yield reasons, the management also included specially selected high-yield bonds in the portfolio A smaller position in government bonds rounded out the portfolio In terms of sector allocation, the sub-fund was broadly diversified The regional emphasis was on bonds from China and India (most recently making up around 31% and 19%, respectively, of the sub-fund s net assets) Deutsche Invest I Asian Bonds additionally invested in other emerging markets such as Korea Interest income from higher-yielding corporate bonds contributed noticeably to performance The sub-fund also profited from price increases among subordinated bank bonds and Indian issues The uncertainty regarding the future interest-rate policy of the US Federal Reserve, as well as the geopolitical crises, weighed on the Asian credit markets The sub-fund Deutsche Invest I Asian Bonds was not entirely immune to this Furthermore, Chinese corporate bonds from the oil and gas sectors and the real estate sector suffered a considerable price drop This curbed the sub-fund s performance In view of the uncertainties in the capital markets, the bond sub-fund held a liquidity ratio of around 19% of the sub-fund s net assets as of the reporting date This 12

15 put Deutsche Invest I Asian Bonds in a favorable position to take advantage of investment opportunities arising in future The sub-fund s investments had an average yield of 36% pa* as of the end of December 2014, with an average term to maturity of 28 years DEUTSCHE INVEST I ASIAN BONDS Composition Bonds* 813 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this 13

16 Deutsche Invest I Asian Small/Mid Cap Investment objective and performance in the reporting period The investment focus of Deutsche Invest I Asian Small/Mid Cap was on equities of Asian companies with small and medium market capitalizations In the fiscal year through the end of December 2014, the sub-fund recorded an appreciation of 185% per share (LC share class, BVI method) During the same period, its benchmark gained 151% (both percentages in euro terms) DEUTSCHE INVEST I ASIAN SMALL/MID CAP Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Asian Small/Mid Cap (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period The investment concept of the sub-fund Deutsche Invest I Asian Small/Mid Cap was based on the precept that the actual value of a company may diverge considerably from its share price As a consequence of this philosophy, the investment policy pursued by the management was a bottom-up approach, supported by its own analyses of the fundamental data Stock selection for the portfolio was based on an approach focusing on superlative outlooks and sustainability The sub-fund invested in smaller and medium-sized companies that were industry leaders and from whom an increase in profits could be expected, ie, companies with stable profits and excellent balance sheets Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 630% 641% Class LD LU % 630% 643% Class NC LU % 596% 588% Class FC LU % 672% 707% Class LS LU % 630% 686% Class USD LC 1 LU % 521% 418% Class USD FC 1 LU % 580% 480% MSCI AC Asia ex Japan Small Cap since April 12, 2012 (previously: FTSE 151% 402% 453% Asia Pacific Small Cap ex Japan) 1 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 The sub-fund s relative outperformance of its benchmark is explained mainly by the successful selection of individual stocks The following stocks performed above average in 2014: Multipolar, BreadTalk, Tata Sponge Iron, 14

17 DEUTSCHE INVEST I ASIAN SMALL/MID CAP Investment focus by sector Equities: 947% Consumer Discretionaries 323 Industrials 177 Information Technology 145 Consumer Staples Health Care Financials Materials Energy Not classified by MSCI system Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages Petronet and Best Pacific Both Multipolar and BreadTalk profited from increased brand recognition and improved presence in the marketplace during the year These previously unknown companies had been traded at considerable discounts Tata Sponge Iron and Petronet LNG, in turn, are smaller Indian companies that had relatively low valuations and whose prices rose along with the generally very successful Indian stock market in 2014 The Chinese company Best Pacific, finally, is a leading manufacturer of materials for underwear Since May 2014, the company is traded on the Hong Kong stock exchange In addition to excellent fundamentals, the company s significant price gains were mainly due to its management s ability to formulate a clear strategic orientation 15

18 Deutsche Invest I Brazilian Equities Investment objective and performance in the reporting period DWS Invest Brazilian Equities focuses its investments on companies that have their registered offices in Brazil or conduct their business activities predominantly in Brazil In the reporting period from January 1, 2014, through the end of December 2014, the sub-fund recorded a decline of 32% per share (LC share class, BVI method) Its benchmark, the MSCI Brazil 10/40, decreased by 03% in the same period (both percentages in euro terms) Investment policy in the reporting period In the reporting period, prices of Brazilian equities were volatile and performed below average by international comparison This was partly caused by a weaker economy and uncertainties in connection with the presidential election The main factor weakening the sub-fund s overall performance in comparison with its benchmark was the rather disappointing performance of individual overweight stock positions in the portfolio These included LPS and JHSF (real estate), which did not meet expectations in view of a weaker development of the housing market DEUTSCHE INVEST I BRAZILIAN EQUITIES Performance since inception /1/12* 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Brazilian Equities (LC share class) * Launched on October 1, 2012 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year Since inception 1 Class LC LU % -243% Class FC LU % -199% Class NC LU % -254% MSCI Brazil 10/40-03% -175% 1 Classes LC und NC launched on October 1, 2012 / Class FC launched on October 24, 2012 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 The investment in the steel company Usinas also underperformed because demand for steel from local companies mainly in the automobile sector was reduced However, the lower representation of the commodities sector in the portfolio proved to be an advantage against the backdrop of 16

19 weaker commodities markets For example, the mining stock Vale, whose price was considerably impaired by a fall in the price of iron the result of global economic uncertainties and currency pressures was weighted much lower in the sub-fund than in its benchmark Furthermore, the overweighting of consumer goods companies such as BRF, Raia Drogasil and Lojas Americanas, whose results impressed in spite of an only moderate domestic economy, had a favorable effect on the sub-fund s performance DEUTSCHE INVEST I BRAZILIAN EQUITIES Investment focus by sector Equities: 978% Financials Consumer Staples Consumer Discretionaries Energy Materials Information Technology Utilities Health Care Telecommunication Services Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 17

20 Deutsche Invest I China Bonds Investment objective and performance in the reporting period The sub-fund seeks to generate sustained capital appreciation It invests mainly in bonds denominated in Chinese yuan renminbi, or hedged against the yuan renminbi, issued by Chinese state-owned companies and international issuers, as well as in demand deposits During the reporting period, the investment environment was characterized by the uncertainty surrounding a potential change of direction in interest rates that originated in the US, by geopolitical tensions such as the conflict in Ukraine and by the drastic decline in the oil price In addition, Chinese economic growth has slowed down, and the Chinese yuan renminbi was weaker against the US dollar Against this difficult backdrop, Deutsche Invest I China Bonds achieved an appreciation of 09% per share (LCH share class in euro; BVI method) in the 2014 fiscal year Investment policy in the reporting period At the end of December 2014, around 97% of the sub-fund s net assets were invested in interest-bearing instruments The management focused its investments on investment-grade corporate bonds These securities were predominantly rated BBB or better by the leading rating agencies as of the reporting date For yield reasons, it also included specially selected high-yield bonds in the portfolio A smaller position in government bonds rounded DEUTSCHE INVEST I CHINA BONDS Performance since inception /16/11* 12/11 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I China Bonds (LCH share class) * Launched on August 16, 2011 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years Since inception 1 Class LCH LU % 144% 133% Class LDH LU % 134% Class NCH LU % 122% Class FCH LU % 162% 153% Class USD LC 2 LU % 154% 143% Class USD FC 2 LU % 172% 164% Class CHF LCH 3 LU % 66% Class CHF FCH 3 LU % 78% Class RMB LC 4 LU % 62% Class RMB FC 4 LU % 70% Class NC LU % 145% Class IDH LU % 20% Class NDH LU % Class PFCH LU % Class PFDQH LU % 1 Classes USD LC, USD FC, FCH and LCH launched on August 16, 2011 / Classes LDH and NCH launched on April 2, 2012 / Classes CHF LCH and CHF FCH launched on December 10, 2012 / Classes RMB LC and RMB FC launched on February 18, 2013 / Class NC launched on August 19, 2013 / Class IDH launched on December 13, 2013 / Class NDH launched on January 20, 2014 / Classes PFCH and PFDQH launched on May 26, in USD 3 in CHF 4 in CNY BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 out the portfolio In terms of sector allocation, the sub-fund remained broadly diversified Nevertheless, the management preferred issues of real estate companies, financial services providers and state-owned companies of strategic significance, in the expectation that the Chinese economy will recover and with a view to the increasing urbanization and the reform of state-owned companies The portfolio was given a lower weighting 18

21 in the trading sector in consideration of the increased pressure on margins due to higher costs The regional emphasis was on bonds from China and Hong Kong (most recently making up 860% of the sub-fund s net assets) In addition, Deutsche Invest I China Bonds invested DEUTSCHE INVEST I CHINA BONDS Rating distribution of the bonds in the portfolio* AA A BBB BB B No rating In % of the fund s net assets in bonds (incl pro-rata accrued interest) * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch in other emerging markets such as Korea, and in Western industrial countries such as Germany, Japan, the UK, France and the US AAA AA A BBB Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 Interest income from higher-yielding subordinated corporate and bank bonds contributed noticeably to performance The sub-fund also profited from price increases that resulted when individual issues held in the portfolio were upgraded The uncertainty regarding the future DEUTSCHE INVEST I CHINA BONDS Composition Bonds* Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages interest-rate policy of the US Federal Reserve, as well as the geopolitical crises, weighed on the Asian credit markets Deutsche Invest I China Bonds was not entirely immune to this In addition, there were mounting fears of a price collapse in the Chinese real estate market, which weighed on the sub-fund s performance The management responded to temporary price pressures during the reporting period with partial sales and end of December 2014, compared with 38% pa* a year earlier This also reflects the widening of yield spreads in the Asian bond markets, which were accompanied by price declines The average term to maturity was 28 years as of the reporting date * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this with the use of financial derivatives, with periods of hedging of the securities held in the sub-fund The sub-fund s investments had an average yield of 52% pa* as of the 19

22 Deutsche Invest I Chinese Equities Investment objective and performance in the reporting period In the previous fiscal year, the overweighting of the sub-fund in growth sectors with high alpha (eg, health care, IT, environmental protection) had had an extremely positive effect on performance In 2014, however, market behavior changed Now, blue-chips (especially financial securities) were in demand, and a beta rally ensued in anticipation of further credit relaxation DEUTSCHE INVEST I CHINESE EQUITIES Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Chinese Equities (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 by the government, to the detriment of growth stocks Although the management gradually neutralized its underweight position in financial stocks, performance was nevertheless impaired by the underweighting in banks and the overweighting in some growth securities Against this backdrop, Deutsche Invest I Chinese Equities achieved an appreciation of 145% per share (LC share class, BVI method) Its Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 364% 208% Class NC LU % 345% 174% Class FC LU % 401% 258% Class USD LC 1 LU % 289% 36% Class USD FC 1 LU % 323% 79% Class GBP RD 2 LU % 299% 69% MSCI China 10/40 228% 475% 421% 1 in USD 2 in GBP BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 benchmark, the MSCI China 10/40, increased by 228% (both percentages in euro terms) Investment policy in the reporting period The MSCI China index closed 2014 with a gain This was due to the continuing measures taken by the Chinese government to promote economic growth (including, among others, opening of the market, relaxing restrictions on the purchase of real estate, targeted credit relaxation) that buoyed market sentiment The lowering of interest rates by the Chinese central bank in November came much earlier than expected and sent a strong signal that the government was resolved to boost domestic demand, to lower capitalization costs for companies, and to carry out financial reforms Financial stocks, especially banks, insurance companies and brokers, made the largest upward leap Telecommunications also gained considerably in view of strong 4G participation numbers Major consumer goods developed below average, caused mainly by the more moderate growth forecasts and the overweighting of the sector Energy stocks also recorded a decline because of the collapsing oil price The sub-fund s underweighting in the energy sector and the good selection of individual stocks in the health and industrial sectors made a positive contribution The sub-fund s investment in some cyclical consumer goods and IT stocks, however, had an overall negative effect on the portfolio s performance in the course of the year During the reporting year, the political risk in China related mainly to the anti-corruption campaign that affected both state-owned and private companies 20

23 The most significant instances of overweighting occurred in the following sectors: Health care: because of the good growth prospects Commodities: emphasis on construction materials that profited from the recovery in the volume of real estate transactions and from the restructuring of the sector, or the reform of state-owned companies Real estate: beneficiary of the government s credit relaxation measures and relaxation of purchasing restrictions Industrials: mainly environmental DEUTSCHE INVEST I CHINESE EQUITIES Investment focus by sector Equities: 978% Financials Information Technology Health Care Materials Industrials Consumer Discretionaries Utilities Energy Telecommunication Services Consumer Staples Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages protection stocks, strongly supported by government policy, and construction companies that are profiting from the one belt, one road strategy intended to encourage Chinese construction and engineering companies to expand into international markets estate developer was strategically well placed in cities included in the best category for relatively high-end housing projects China Communications Construction also performed above average This company was among those that profited most from the reform of state-owned companies This The most significant instances of underweighting occurred in the following sectors: Telecommunications: because of the ever more intensive competition Energy: because of the poor profit expectations for oil stocks following the collapse of the price of crude oil Banks: deteriorating balance-sheet stock was valued lower than railroad infrastructure stocks, with further margin for revaluation United Photovoltaics Group disappointed and was sold because the company was unable to carry out acquisitions as planned China Machinery Engineering remained below market average, mainly because of increasing geopolitical risks quality with pressure on margins and simultaneous liberalization of interest rates Consumer staples: because of stable profit expectations In terms of companies, Sunac China performed above average This real 21

24 Deutsche Invest I Clean Tech Investment objective and performance in the reporting period Deutsche Invest I Clean Tech invested primarily in companies whose products and services contribute to cleaner generation of energy, enable efficient energy transmission, and help to reduce energy consumption in general In the reporting period from the beginning of January 2014 through the end of December 2014, the sub-fund recorded a decline of 15% per share DEUTSCHE INVEST I CLEAN TECH Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Clean Tech (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 (LC share class, BVI method) caused by the weak performance of stocks from individual sub-segments of the energy efficiency sector Its benchmark, the WilderHill New Energy Global Innovation, gained 118% in the same period (both percentages in euro terms) Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class FC LU % 216% -67% Class LC LU % 185% -107% Class NC LU % 158% -140% Class GBP RD 1 LU % 144% -196% Class USD KC 2 LU % 112% -240% Class USD LC 2 LU % 107% -241% Investment policy in the reporting period The drastic fall in the price of oil was the main reason for increased risk aversion among investors regarding WilderHill New Energy Global Innovation 118% 570% (introduced on December 21, 2010) 1 in GBP 2 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 the energy sector, and securities from the renewable energy sector were not completely immune against this, recording an overall below-average performance during the reporting period This applied especially to European photovoltaics companies, since the demand in the solar energy segment had shifted from Europe to the US and Asian markets that benefit from ever-increasing state subsidies One of the companies returning a below-average performance against this backdrop was the portfolio holding SMA Solar, a German manufacturer of inverters for the photovoltaics industry In contrast, the investment in the Thai operator of solar and wind farms Energy Absolute profited from a faster growing photovoltaics market in this emerging Asian country and contributed above average to the sub-fund s performance The same applied to the position in the US manufacturer of micro-inverters for the solar industry Enphase, which profited from the increased subsidization of photovoltaics by US states and enabled the realization of price gains as the reporting period progressed A major reason why the sub-fund fell short of its benchmark was the below-average price performance of individual stocks from the energy efficiency sector such as Silver Spring Networks, active in intelligent electricity grids, which had to postpone important projects, as well as investments in manufacturers of light-emitting diodes (LED) The latter included Cree and Seoul Semiconductor, whose share price development was rather disappointing in view of increased competition and growing price pressure from Chinese producers 22

25 Above average, however, was the contribution made to the sub-fund s performance by companies manufacturing LED-based systems and solutions that were, through their position in the lighting industry s value-added chain, closer to the end customer, and were therefore able to profit directly from the rising demand for LEDs without being subject to the same price pressure as the LED manufacturers Investments in this area included Acuity Brands and Zumtobel In order to account for the higher volatility and the uncertainties in the DEUTSCHE INVEST I CLEAN TECH Investment focus by sector Equities: 975% Electr Components/Equipment Renewable Energy Construction Materials Semiconductors Heavy Electrical Equipment Electric Utilities Automobile Manufacturers Environment & Building Engineering Construction & Engineering Semiconductor Equipment Industrial Conglomerates Other sectors Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages capital markets, investments during the course of the year were even more focused on companies with low debt ratios and stable earnings Against this backdrop, manufacturers of fuel cells, for example, that so far had less well-established business models were underweighted in the portfolio 23

26 Deutsche Invest I Commodity Plus Investment objective and performance in the reporting period Deutsche Invest I Commodity Plus seeks to generate sustained capital appreciation To achieve this objective, the sub-fund invests mainly in shares, derivatives and 1:1 certificates in the commodities sector, including commodity indices The intention is to take indirect advantage of the developments in the international commodities and futures markets In the reporting DEUTSCHE INVEST I COMMODITY PLUS Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Commodity Plus (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % -211% -209% In view of uncertain economic expectations and slow economic growth, the commodities sector remained under pressure in the past year Developments in the price of oil were especially weak because of continued Class NC LU % -224% -230% Class FC LU % 196% -185% Class USD LC 1 LU % -261% -327% Class USD FC 1 LU % -241% -296% 1 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 abundant supply despite geopolitical crises Other commodities such as copper also became significantly cheaper In this very difficult environment, Deutsche Invest I Commodity Plus recorded a decline of 70% per share (LC share class, in euro, BVI method) in the fiscal year through December 31, 2014 Investment policy in the reporting period The significant price decline in energy commodities, especially oil, impaired the sub-fund s performance considerably during the reporting period Some agricultural commodities, such as coffee, and some non-precious and precious metals (eg, nickel, zinc and 24

27 gold) were able to partially compensate for this weakness Investment in the two grades of crude oil, Brent and WTI, was initially increased during the reporting period In the fourth quarter of 2014, however, their weighting was reduced in order to lessen the negative contribution of these energy commodities in a very weak market environment Precious metals, on the other hand, such as palladium, made a positive contribution to the investment performance The sub-fund participated to a lesser extent in the stable price increases of agricultural commodities such as cotton, cocoa, sugar and coffee Another positive effect on the portfolio s return came from the investment in live cattle that had been increased at the beginning of the year; this was due to the supply situation, but also to rising demand Cattle numbers in the US have decreased in recent years because of droughts and rising feed costs, while Asian demand for high-quality US beef has risen In the fourth quarter, the investment in nickel was increased The latest price reduction of this basic metal was judged to be a dependable entry point The lower oil price has a positive effect on consumption; this also includes the demand for household goods and thus high-grade steel, the production of which, in turn, requires nickel 25

28 Deutsche Invest I Convertibles Investment objective and performance in the reporting period The sub-fund Deutsche Invest I Convertibles seeks to achieve sustained capital appreciation To this end, the management invested with global diversification in convertible bonds, focusing on the so-called balanced segment, with a portfolio delta between 30% and 60% All currency risks are systematically hedged in the LC share class The investment environment was characterized by historically low interest rates during the reporting period In addition, the capital markets exhibited fluctuating prices Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price Furthermore, global economic growth hovered at the lower end of expectations, at 33% (2014 global GDP) Against this backdrop, the subfund achieved an appreciation of 58% per share (LC share class, BVI method) in the 2014 fiscal year Investment policy in the reporting period Convertible bonds from the US and Europe continued to make up the largest part of the portfolio because these regions offered the largest selection of interesting and attractively valued underlyings and structures Japanese securities were also included Convertible bonds from emerging-market countries remained DEUTSCHE INVEST I CONVERTIBLES Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Convertibles (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class FC LU % 346% 383% Class FC (CE) LU % 288% 6 Class FD LU % 82% 5 Class LC LU % 324% 346% Class LC (CE) LU % 9 Class LD LU % 324% 346% Class NC LU % 308% 319% Class PFC LU % 8 Class CHF FCH 1 LU % 334% 298% 4 Class CHF LCH 1 LU % 7 Class GBP RDH 2 LU % 351% 370% Class USD FCH 3 LU % 352% 387% Class USD LCH 3 LU % 333% 348% 1 in CHF 2 in GBP 3 in USD 4 launched on September 8, launched on December 13, launched on April 10, launched on March 24, launched on May 26, launched on June 4, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 underweighted because of lack of liquidity and volatility The main selection criteria included earnings and liquidity of the issuing companies, combined with their business development During the reporting period, about three quarters of the portfolio was focused on issues with ratings of BBB and better (investment-grade status) in order to safeguard the convexity of the convertible bonds 26

29 Individual issues included Aabar (Daimler), Siemens, Intel, Gilead Sciences, ENI, RedHat, Citrix and Hong Kong Exchange In the non-investmentgrade segment, the management selectively acquired high-yield bonds with attractive valuations to provide DEUTSCHE INVEST I CONVERTIBLES Composition Bonds* 922 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages the broadest possible diversification These included, among others, US technology securities, such as Micron Technology, or the South African furniture manufacturer Steinhoff The subfund took advantage of the favorable environment in the high-yield bond markets and realized price gains The reason was that the spreads between high-yield bonds and German govern- DEUTSCHE INVEST I CONVERTIBLES Rating distribution of the bonds in the portfolio* AA A BBB BB B No rating In % of the fund s net assets in bonds (incl pro-rata accrued interest) * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch ment bonds became noticeably narrower The greatest contribution to the good AAA AA A BBB Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term investment performance was due to As of: December 31, 2014 the stock sensitivity of the sub-fund In an environment of historically low interest rates combined with a positive outlook, particularly the equity markets in the US and in Europe exhibited comparatively attractive prices The management concentrated on convertible bonds with a equity delta between 30% and 60% Delta expresses the sensitivity of the respective convertible bond to the change in the price of the underlying stock The 2014 capital market environment was generally favorable for convertible bonds, so the portfolio was permanently adjusted through profitable selling of securities with higher sensitivity toward market price changes in favor of better-value securities The sub-fund also participated selectively in the price development of new issues (eg, Asics, Fresenius & Fresenius Medical Care, Red Hat and LinkedIn) that profited from the increasing investor demand in an improved market environment Selection criteria included outlook for the underlying stock, valuation, risk/reward ratio, issue volume, credit quality and liquidity A position in Twitter was thus established on valuation grounds only after the new issue reached a moderate price level One of the weakest sectors was energy But the securities represented in the portfolio, such as Technip, were subject to only relatively small fluctuations, thanks to solid credit quality In M&A activities, the portfolio was able to profit, for instance, with an investment in Concur Technologies from the SAP merger or attractive structural clauses The 2014 fiscal year saw at times considerable fluctuations in the currency markets; these had no direct influence on the sub-fund, since the investment currencies were systematically hedged against the euro 27

30 Deutsche Invest I Emerging Markets Corporates Investment objective and performance in the reporting period The sub-fund seeks to generate sustained capital appreciation To this end, it focuses its investments on interest-bearing instruments issued by companies that have their registered offices in an emerging-market country or companies that conduct their principal business activity in an emerging-market country The instruments may be from the investment grade segment (ratings of BBB or better from the leading rating agencies) and from the non-investment grade segment; the latter are referred to as high-yield bonds The sub-fund invests predominantly in hard-currency bonds, such as securities denominated in US dollars In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened Even against this difficult backdrop, Deutsche Invest I Emerging Markets Corporates achieved an appreciation of 33% per share (USD LC share class, BVI method) in the 2014 fiscal year, but this performance fell short of its benchmark, which gained 41% (both percentages in dollar terms) DEUTSCHE INVEST I EMERGING MARKETS CORPORATES Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Emerging Markets Corporates (USD LC share class) * 12/2009 = 100 Data on USD basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in USD) Share class ISIN 1 year 3 years 5 years Class USD LC LU % 192% 161% Class USD LD LU % 191% 163% Class USD LDM LU % 50% 3 Class USD FC LU % 211% 190% Class LC (BRIC) 1 LU % 139% 147% 5 Class LC (CC) 1 LU % 93% 104% 5 Class FCH 1 LU % 203% 247% 4 Class LCH 1 LU % 181% 217% 4 Class LDH 1 LU % 184% 219% 4 Class NCH 1 LU % 169% 198% 4 Class NDH 1 LU % 169% 198% 4 Class SGD LDMH 2 LU % 48% 3 Class SGD LC 2 LU % 112% 3 Class ND 1 LU % 7 Class PFCH 1 LU % 6 Class PFDQH 1 LU % 6 JPM CEMBI since July 1, 2010 (previously: JPM Euro EMBI Global 41% 187% 165% Diversified Comp) 1 in EUR 2 in SGD 3 launched on October 2, launched on November 16, launched on August 16, launched on May 26, launched on November 6, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31,

31 Investment policy in the reporting period The bond sub-fund placed its investment focus on corporate bonds from emerging markets Smaller positions in government bonds from emerging markets rounded out the portfolio DEUTSCHE INVEST I EMERGING MARKETS CORPORATES Composition Bonds* 978 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages The initially positive price development in the capital markets of the emerging countries took a noticeable turn in the second half of 2014 In view of the weaker economic growth in the emerging markets, these bonds came under price pressure albeit to varying reduced these investments significantly, to a slightly underweight position, in the fourth quarter of 2014 It was thus possible to limit price declines in this segment, but the measure did not suffice to match the benchmark on balance degrees especially in the fourth quarter of 2014 The reasons were the uncertainty concerning the future monetary policy of the US Federal Reserve, the deepening of the geopolitical crisis in Ukraine, and the price drop in the commodities markets At the end of December 2014, the sub-fund s investments had an average yield of 57% pa*, with an average term to maturity of 65 years The duration (average capital commitment) on December 31, 2014, was 56 years In its regional allocation, Deutsche Invest I Emerging Markets Corporates was broadly diversified in general However, the investment focus was on * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this issues from China and Brazil With this orientation, the bond sub-fund profited from the higher interest rates of these interest-bearing instruments relative to government bonds from core markets such as the US In anticipation of the reforms following the parliamentary elections in India, Indian bond positions were overweighted This proved favorable, as did the underweighting of Russian interest-bearing instruments, which recorded considerable price losses in the second half of the year The sub-fund was initially overweight in Latin America until the management 29

32 Deutsche Invest I Emerging Markets Satellites Investment objective and performance in the reporting period The investment focus of Deutsche Invest I Emerging Markets Satellites is on companies having their registered offices or their principal business activity in the emerging markets In the twelve months through the end of December 2014, the sub-fund recorded an appreciation of 39% per share (LC share class, BVI method) Its benchmark, the MSCI EM + FM ex Selected Countries Capp EUR, gained 138% in the same period (both percentages in euro terms) Investment policy in the reporting period The price performance of equities from emerging markets was volatile during the reporting period This was due to factors including the concerns about an increase in US interest rates and a decline in commodity prices The sub-fund was not immune against these influences; the lower price of oil, in particular, affected the performance of individual companies, overweighted in the portfolio, from countries whose economies depend heavily on oil production, such as FBN Holdings from Nigeria, and companies from the Middle East This was a major reason why the sub-fund fell short of its benchmark DEUTSCHE INVEST I EMERGING MARKETS SATELLITES Performance since inception /1/12* 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Emerging Markets Satellites (LC share class) * Launched on March 1, 2012 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year Since inception 1 Class LC LU % 26% Class FC LU % 53% Class LD LU % 26% Class NC LU % 03% Class USD LC 2 LU % -133% Class SGD LC 3 LU % -82% MSCI EM + FM ex Selected Countries Capp EUR 138% 100% 1 Classes FC, LC, LD and NC launched on March 1, 2012 / Class USD LC and SGD LC launched on October 2, in USD 3 in SGD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 In contrast, oil-importing countries such as Indonesia profited from the low oil price, which raised expectations of a strengthening of consumer purchasing power and of corporate profit margins in the country In order to participate in 30

33 DEUTSCHE INVEST I EMERGING MARKETS SATELLITES Investment focus by sector Equities: 799% Financials Consumer Staples Consumer Discretionaries Industrials Energy Telecommunication Services Materials Information Technology Utilities Health Care Investment funds Warrants Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 40 this development, the sub-fund invested in companies including the automobile and motorcycle manufacturer Astra International, as well as Multipolar, a consumer-oriented conglomerate that recorded strong sales growth and performed well during the reporting period The stock of the Thai company Minor International also rose above average This company in the hotel and gastronomy sector benefited from rising tourist numbers in Thailand The best-performing securities in the reporting period also included CFR Pharmaceuticals, whose medical products are well-positioned in the South American pharmaceuticals market To realize price gains on this Chilean pharmaceuticals company, the shares were sold later in the reporting period Because of lower than expected sales volumes, the management also sold the Peruvian company Alicorp, a manufacturer of consumer goods A new addition to the portfolio was Bloomberry Resorts, active in the casino sector in the Philippines, in order to participate in the promising growth prospects of this sector Encouraged by the expected growth of the Vietnamese economy, the management also increased its investment in the Vietnamese equity market, in which the sub-fund participated through an exchange-traded index fund 31

34 Deutsche Invest I Emerging Markets Top Dividend Investment objective and performance in the reporting period Deutsche Invest I Emerging Markets Top Dividend invested mainly in companies having their registered offices or their principal business activity in the emerging markets Dividend yields, as well as their sustainability, amount and growth, were major criteria in the selection of stocks In the fiscal year through the end of December 2014, the sub-fund recorded an appreciation of 129% per share (LC share class, BVI method, in euro) Investment policy in the reporting period Equities from the emerging markets enjoyed, for the most part, a friendly investment climate during the reporting period; investments in China, which represented the investment focus in the portfolio, contributed especially positively to the performance of the sub-fund While economic growth in China had slowed down noticeably relative to previous years, it was still much higher than in the Western industrial nations In addition, hopes for economic reforms and economic stimulus measures by the Beijing government during the course of the fiscal year had a positive effect on the performance of the Chinese equity market The stock of the Chinese wireless communication company China Mobile, a portfolio holding, performed above average against this backdrop; it additionally profited from a growing market for mobile communication devices such as smartphones, and from the associated increase in data DEUTSCHE INVEST I EMERGING MARKETS TOP DIVIDEND Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Emerging Markets Top Dividend (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 163% 247% Class LD LU % 163% 247% Class NC LU % 139% 204% Class FC LU % 190% 295% Class USD FC 1 LU % 112% 95% Class USD LC 1 LU % 81% -94% 3 Class USD LDQ 1 LU % -32% 4 Class SGD LDQH (P) 2 LU % 05% 4 Class SGD LCH (P) 2 LU % 04% 4 Class PFC LU % 5 Class PFD LU % 5 1 in USD 2 in SGD 3 launched on May 27, launched on September 23, launched on May 26, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31,

35 volume The investment in the technology company Taiwan Semiconductor, supplying components for the manufacture of mobile phones, also participated in this trend and contributed to the sub-fund s performance In view of a change in government in India, the positions in Indian equities performed above average This change gave rise to expectations of an economic recovery and the realization of important infrastructure measures, which benefited the price performance of Larsen & Toubro, a company active DEUTSCHE INVEST I EMERGING MARKETS TOP DIVIDEND Investment focus by sector Equities: 930% Financials Telecommunication Services Information Technology Industrials Consumer Staples Consumer Discretionaries Utilities Energy Materials Health Care Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages in the construction sector, among others In contrast, the severe decline of the oil price affected investments in the energy sector in various countries, resulting in below-average performance (eg, the oil group CNOOC), while positions in Eastern Europe reacted in the same way to the crisis in Ukraine In the latter region, however, it proved advantageous that Deutsche Invest I Emerging Markets Top Dividend had invested only to a lesser extent there, in order to limit price risks 33

36 Deutsche Invest I Euro Bonds (Premium) Investment objective and performance in the reporting period The sub-fund seeks to generate sustained capital appreciation To this end, the sub-fund invests mainly in bonds of government institutions and in euro-denominated mortgage bonds Eligible government institutions include central banks, government authorities, regional authorities and supranational institutions DEUTSCHE INVEST I EURO BONDS (PREMIUM) Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Euro Bonds (Premium) (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 290% 305% Class LD LU % 290% 306% Class NC LU % 280% 286% Class FC LU % 302% 329% 70% iboxx Sovereigns and 30% iboxx Collateralized 114% 270% 331% BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 price In addition, global economic growth weakened Against this backdrop, Deutsche Invest I Euro Bonds (Premium) achieved an appreciation of 110% per share (LC share class; BVI method) in the 2014 fiscal year, while its benchmark gained 114% (both percentages in euro terms) Investment policy in the reporting period The management retained its investment focus on government bonds and bonds of near-government issuers, as well as on covered bonds (Pfandbriefe and similar mortgage bonds) In terms of regional allocation, it invested for yield reasons in issues from the peripheral euro countries Italy, Spain, Portugal and Ireland, with Spanish and Italian bonds especially favored With this portfolio orientation, Deutsche Invest I Euro Bonds (Premium) profited from the continued recovery in the bond markets of these peripheral euro countries, which was accompanied by a further narrowing of the yield spreads of these issues relative to German government bonds A significant driver for the convergence of yields in the peripheral euro countries was the announcement by the European Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key interest rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to improve lending in Europe, in order to help stimulate the economy The management additionally invested in interest-bearing securities from European core markets such as France and Germany, which despite already historically low yields recorded considerable price gains In line with the investment policy, the management also used a covered call writing strategy This involved the use 34

37 of call options particularly on German Bobl and Bund futures contracts While this allowed the sub-fund to profit from the high volatility in the bond markets, it could not participate in the shortterm price spikes that occurred during the period to the same extent as its benchmark This also explains why the bond sub-fund fell slightly short of its benchmark At the end of December 2014, the sub-fund s investments had an average DEUTSCHE INVEST I EURO BONDS (PREMIUM) Rating distribution of the bonds in the portfolio* AAA AA A BBB BB AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 yield of 14% pa* compared with 31% pa* a year earlier This also reflects the further reduction of bond yields that are already at low levels The average term to maturity was 80 years as of the reporting date * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this DEUTSCHE INVEST I EURO BONDS (PREMIUM) Composition Bonds* 992 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 35

38 Deutsche Invest I Euro Bonds (Short) Investment objective and performance in the reporting period The sub-fund seeks to generate sustained capital appreciation To this end, it invests in government bonds, covered bonds (eg, German Pfandbriefe) and corporate bonds denominated in or hedged against the euro In its investments, it aligns its portfolio to the short maturity segment; accordingly, the average term to maturity of the bonds and similar investments it holds shall not exceed three years In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened Against this backdrop, the sub-fund achieved an appreciation of 12% per share (LC share class; BVI method) in the 2014 fiscal year However, this performance fell short of its benchmark, which returned a gain of 18% (both percentages in euro terms) Investment policy in the reporting period In line with its investment policy, the sub-fund invested in euro issues with shorter maturities The investment focus remained on government bonds and on bonds of near-government DEUTSCHE INVEST I EURO BONDS (SHORT) Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Euro Bonds (Short) (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 119% 147% Class LD LU % 119% 147% Class NC LU % 99% 113% Class FC LU % 124% 156% Class PFC LU % 2 Class PFDQ LU % 2 Class USD LCH 1 LU % 3 iboxx Overall 1-3Y 18% 90% 134% 1 in USD 2 launched on May 26, launched on November 3, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 issuers For yield reasons, the management also invested more in covered bonds and added corporate bonds and issues of financial services providers to the portfolio These securities offered more or less pronounced yield spreads over German government bonds, whose yields were at historically low levels On an annual basis, some of the bonds held in the portfolio posted considerable price gains through the end of December 2014 At the same time, their yield spreads over German government bonds decreased This overall positive development was supported by the sustained highly expansionary monetary policy of the central banks in Europe, the US and Japan In terms of regional allocation, the management had underweighted bonds from core markets such as Germany because of their extremely low yields Instead, it preferred interest-bearing securities from the peripheral euro countries, especially from Spain and Italy, which still had higher 36

39 yields With this portfolio orientation, Deutsche Invest I Euro Bonds (Short) profited from the continued recovery in the bond markets of these peripheral euro countries, which was accompanied by a further narrowing of the yield spreads of these issues relative to German government bonds A significant driver for the convergence of yields in the peripheral euro countries was the announcement by the European Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key interest rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to DEUTSCHE INVEST I EURO BONDS (SHORT) Rating distribution of the bonds in the portfolio* AAA AA A BBB AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower DEUTSCHE INVEST I EURO BONDS (SHORT) Composition Bonds* Investment funds Cash and other assets * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages improve lending in Europe, in order to help stimulate the economy The sub-fund s investments had an Moreover, the bond sub-fund held to a lesser extent investments in higher - yielding bonds from emerging markets such as Brazil and Russia However, Brazilian and Russian issues recorded unexpectedly severe price declines in the second half of the year This was due among other things to noticeable average yield of 11% pa* as of the end of December 2014, with an average term to maturity of 18 years * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this outflows of capital from emerging-market countries because of price erosion in the oil markets, political crises (eg, Ukraine) and the slowdown in economic growth in the emerging markets These price reductions weighed on the sub-fund s overall investment gain and largely explained why the sub-fund fell short of its benchmark 37

40 Deutsche Invest I Euro Corporate Bonds Investment objective and performance in the reporting period The bond sub-fund seeks to achieve sustained capital appreciation To this end, it concentrates its investments on higher-yielding investment-grade corporate bonds These issues have a credit rating of BBB or better from the leading rating agencies In the reporting period, the investment environment was characterized by DEUTSCHE INVEST I EURO CORPORATE BONDS Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Euro Corporate Bonds (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened Against this backdrop, Deutsche Invest I Euro Corporate Bonds achieved an appreciation of 88% (LC share class; BVI method) in Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 293% 384% Class LD LU % 293% 382% Class NC LU % 279% 359% Class FC LU % 305% 404% Class PFC LU % 1 Class PFDQ LU % 1 Class IC LU % 2 iboxx Corporate 83% 257% 340% 1 launched on May 26, launched on July 1, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 the 2014 fiscal year, outperforming its benchmark, which gained 83% (both percentages in euro terms) Investment policy in the reporting period In addition to corporate bonds, the management also held investments in interest-bearing securities of financial services providers In terms of sector allocation, the bond sub-fund was broadly diversified in general Nonetheless, the management did expand its holdings in financials, especially banks, where it also included higher-yielding subordinate issues in the portfolio With this orientation, Deutsche Invest I Euro Corporate Bonds profited from what on balance were noticeable price increases in these securities, especially the bank issues overweighted in the portfolio This allowed the sub-fund to participate more strongly than its benchmark in the considerable price increases of these financials, which largely explains its outperformance This positive development was accompanied by a considerable narrowing of risk premiums, and thus the yield spreads, of these interest-bearing securities The yield convergence was fueled by the extremely expansionary monetary policy of the central banks in Europe, the US and Japan This in turn significantly increased the liquidity provided to the banking sector, which is why systemic risks in the financial sector were deemed to be fairly low by market participants In regional terms, the investment focus was on issues from Europe For yield reasons, this also included investments in the peripheral euro area, and especially in Italian and Spanish issues With this portfolio orientation, Deutsche 38

41 Invest I Euro Corporate Bonds profited from the continued recovery in the bond markets of these peripheral euro countries, which was accompanied by a further narrowing of the yield spreads of these issues relative to German government bonds A significant driver for the convergence of yields in the peripheral euro countries was the announcement by the European DEUTSCHE INVEST I EURO CORPORATE BONDS Rating distribution of the bonds in the portfolio* AAA AA A BBB BB B kein Rating In % of the fund s net assets in bonds (incl pro-rata accrued interest) * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key AAA AA A BBB Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 interest rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to improve lending in Europe, in order to help stimulate the economy Moreover the management invested to a greater extent in newly DEUTSCHE INVEST I EURO CORPORATE BONDS Composition Bonds* Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages issued US corporate bonds, which in the opinion of the management offered attractive yields, given the improving economic environment in the United States 33% pa* a year earlier This also reflects the further reduction of yields that are already at relatively low levels The average term to maturity was When selecting individual issues, the sub-fund placed its investment focus on those having investment-grade ratings, meaning those rated BBB or better by the leading rating agencies However, BBB issues were weighted 59 years as of the reporting date * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this more strongly than those with A ratings, whose yield spreads were lower At the end of December 2014, the sub-fund s investments had an average yield of 22% pa* compared with 39

42 Deutsche Invest I Euro High Yield Corporates Investment objective and performance in the reporting period The bond sub-fund seeks to achieve sustained capital appreciation To this end, it invests in corporate bonds, concentrating its investments on high-yield bonds In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets DEUTSCHE INVEST I EURO HIGH YIELD CORPORATES Performance since inception /30/12* 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Euro High Yield Corporates (LC share class) * Launched on July 30, 2012 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened Even against this difficult backdrop, the sub-fund Deutsche Invest I Euro High Yield Corporates still achieved an appreciation of 39% (LC share class; BVI method) in the 2014 fiscal year, but this performance fell short of its benchmark, which gained 56% (both percentages in euro terms) Investment policy in the Performance of share classes vs benchmark (in euro) Share class ISIN 1 year Since inception 1 Class LC LU % 240% Class FC LU % 254% Class LD LU % 241% Class NC LU % 139% Class FD LU % 113% Class ND LU % Class PFC LU % Class PFDQ LU % Class USD FCH 2 LU % Class USD LCH 2 LU % ML Euro BB-B Non-Financial Fixed & FRN HY Constr Index 56% 252% 1 Class ND launched on January 31, 2014 / Classes PFC and PFDQ launched on May 26, 2014 / Classes USD FCH and USD LCH launched on July 1, 2014 / Classes FC, LC and LD launched on July 30, 2012 / Class FD launched on April 8, 2013 / Class NC launched on December 3, in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 reporting period The management invested in European high-yield corporate bonds These securities are non-investment-grade issues, which are generally traded in the capital markets at considerably higher risk premiums relative to government bonds from the core markets, but offer noticeably higher yields in return For risk reasons, the management concentrated its invest- ments on high-yield bonds with ratings of BB, B and CCC from the leading rating agencies In terms of its sector allocation, the portfolio was broadly diversified Nevertheless, in light of the slowdown in economic growth, the management gave a higher weighting to non-cyclical securities, including issues from the services sector and from the cable and telecommunications segments On the other hand, the cyclical basic-materials sector and, because of its overcapacity, the automotive sector, were both underweighted The high yields of the bonds held in the portfolio contributed significantly to the bond sub-fund s appreciation The investment in the new issues seen as attractive by the sub-fund s management made an added positive contribu- 40

43 tion to the investment performance This was offset, however, by the general price declines in the high-yield bond markets, where high levels of volatility weighed on performance After an initially positive price performance in the first half of fiscal year, high-yield bonds came under pressure albeit to varying degrees throughout the remainder of the year This was due among other things to geopolitical uncertainties such as the crisis in Ukraine DEUTSCHE INVEST I EURO HIGH YIELD CORPORATES Rating distribution of the bonds in the portfolio* BBB BB B CCC No rating AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 Furthermore, the high-yield bond markets exhibited divergent performance in the reporting period: bonds from the more rate-sensitive crossover segment, in which the bond sub-fund was underweight, profited from the decline in yields on government bonds DEUTSCHE INVEST I EURO HIGH YIELD CORPORATES Composition Bonds* 941 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages and to a greater extent from investor interest This also explains why the sub-fund Deutsche Invest I Euro High Yield Corporates fell short of its benchmark The name crossover is given to bond issues that have the top highyield rating of BB and which either used to be investment-grade or have good prospects for a future upgrade in the view of market participants Crossover bonds offer noticeably higher yields than investment-grade bonds for an only marginally higher risk of of high-yield bonds, especially of issues with B ratings The average term to maturity was 55 years To limit any price risks arising from changes in interest rates, the average capital commitment (duration) was reduced to 42 years * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this default The sub-fund s investments had an average yield of 60% pa* as of the end of December 2014, compared with 58% pa* a year earlier This also reflects the increase in yields, and the associated decrease in market prices, 41

44 Deutsche Invest I Euro-Gov Bonds Investment objective and performance in the reporting period Deutsche Invest I Euro-Gov Bonds seeks to generate sustained capital appreciation To achieve this objective, the sub-fund invests in bonds of governments and government institutions denominated in euro or hedged against the euro Eligible government institutions include central banks, government authorities, regional and local authorities and supranational institutions DEUTSCHE INVEST I EURO-GOV BONDS Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Euro-Gov Bonds (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 329% 334% Class LD LU % 329% 335% Class NC LU % 306% 293% Class FC LU % 339% 352% iboxx Sovereign Eurozone Overall 130% 283% 342% BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened In this difficult and volatile market environment, the subfund achieved an appreciation of 123% per share (LC share class; BVI method) in 2014 This performance of Deutsche Invest I Euro-Gov Bonds, however, fell short of its benchmark, which gained 130% in the same period (both percentages in euro terms) Investment policy in the reporting period The sub-fund s portfolio was broadly diversified in general In line with the investment policy, the management invested in government issues from the euro area In terms of regional allocation, the portfolio s investments in bonds from core markets such as Germany were in part significantly lower than those of its benchmark, because of their extremely low yields However, these securities then performed above expectations, which is also a reason why the subfund fell short of its benchmark For yield reasons, the management increasingly invested in interest-bearing securities from the peripheral euro countries Italy and Spain, which still had considerably higher yields With this portfolio orientation, Deutsche Invest I Euro-Gov Bonds profited from the continued recovery in the bond markets of these peripheral euro countries, which was accompanied by a further narrowing of the yield spreads of these issues relative to German government bonds A significant driver for the convergence of yields in the peripheral euro countries was the announcement by the European Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key interest rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to improve lending in Europe, in order to help stimulate the economy 42

45 At the end of December 2014, the sub-fund s investments had an average yield of 11% pa* compared with 26% pa* a year earlier This also reflects the further reduction of bond yields that are already at very low levels The average term to maturity was 85 years * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this DEUTSCHE INVEST I EURO-GOV BONDS Rating distribution of the bonds in the portfolio* AAA AA A BBB AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 DEUTSCHE INVEST I EURO-GOV BONDS Composition Bonds* Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 43

46 Deutsche Invest I European Bonds Investment objective and performance in the reporting period The objective of the investment policy of the sub-fund Deutsche Invest I European Bonds is to generate sustained capital appreciation In the fiscal year through December 31, 2014, the portfolio was invested predominantly in European government bonds, corporate bonds and covered bonds (Pfandbriefe and similar mortgage bonds) In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened Against this backdrop, the sub-fund achieved an appreciation of 116% per share (FC share class, BVI method) in the fiscal year from January 1, 2014, through December 31, 2014 Investment policy in the reporting period The management continued to place its investment focus during the reporting period on government bonds with short and medium maturities In terms of regional allocation, it preferred issues from the peripheral euro countries Italy and Spain Issues from Ireland and Portugal were additionally considered for inclusion in the portfolio These DEUTSCHE INVEST I EUROPEAN BONDS Performance since inception /22/11* 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I European Bonds (FC share class) * Launched on December 22, 2011 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years Since inception 1 Class FC LU % 270% 270% 1 Class FC launched on December 22, 2011 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 investments in the peripheral euro countries offered attractive yield spreads over comparable securities from Germany With this orientation, the sub-fund profited from the continued recovery in the bond markets, especially those of the peripheral euro countries, which was accompanied by a further narrowing of the yield spreads of these interest-bearing securities relative to German government bonds A significant driver for the convergence of yields in the peripheral euro countries was the announcement by the European Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key interest rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to improve lending in Europe, in order to help stimulate the economy Selective positions in corporate bonds and covered bonds, which also 44

47 contributed to performance, rounded out the portfolio At the end of December 2014, the sub-fund s investments had an average yield of 11% pa* compared with 30% pa* a year earlier This also reflects the further reduction of yields that are already at relatively low levels The average term to maturity was 54 years as of the reporting date DEUTSCHE INVEST I EUROPEAN BONDS Rating distribution of the bonds in the portfolio* A 115 BBB 845 BB AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this DEUTSCHE INVEST I EUROPEAN BONDS Composition Bonds* Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 45

48 Deutsche Invest I European Small Cap Investment objective and performance in the reporting period With its selective stock-picking approach, Deutsche Invest I European Small Cap invests in European secondary stocks, which traditionally exhibit greater growth potential relative to blue-chip stocks In the reporting period, the investment environment was characterized by historically low interest rates and by volatility in the equity markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, European economic growth weakened Even in this environment, the sub-fund still achieved an appreciation of 58% per share (LC share class, BVI method) This placed it ahead of its benchmark; the STOXX Europe Small 200 recorded a gain of 48% (all data on euro basis) Investment policy in the reporting period The outperformance was due to the successful stock selection; the focus of the management was on quality names, with particular focus on quality companies with structural growth potential Equally beneficial to the portfolio s investment performance was the reduction of positions in energy stocks undertaken early in the DEUTSCHE INVEST I EUROPEAN SMALL CAP Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I European Small Cap (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 710% 850% Class LD LU % 710% 845% Class NC LU % 674% 798% Class FC LU % 749% 916% Class ID LU % 756% 988% STOXX Europe Small 200 since May 27, 2013 (previously: 50% STOXX Europe Mid 200, 48% 634% 718% 50% STOXX Europe Small 200) BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 year, well before the drastic fall in the price of oil, which weighed on the performance of energy stocks in the second half of the year In the financial sector, Germany s successful Aareal Bank, which specializes in real estate, contributed significantly to the investment performance The company had above-average earnings growth in the light of favorable real-estate market developments The sub-fund also participated in the successful IPO of Euronext, an exchange operator in Amsterdam, Brussels, Lisbon and Paris Its favorable valuation caused the company stock price to increase significantly The position in GameLoft, a leading global developer of video games for smartphones, fell short of expectations, however, and dampened the performance of the portfolio This was due to problems encountered in the monetization of new games, which clouded the earnings outlook for the company In the industrial sector, the position in the Spanish train manufacturer CAF 46

49 was sold to limit price risks The company fell short of expectations due to delayed projects A position was also held in Norma, a leading international technology company that provides high-quality connectivity solutions for the infrastructure, chemicals, wastewater and passenger-car sectors The company had solid earnings and, in the opinion of the management, benefited from the rising CO2-reduction trend IMA, an Italian DEUTSCHE INVEST I EUROPEAN SMALL CAP Investment focus by sector Equities: 963% Industrials Financials Consumer Discretionaries Information Technology Consumer Staples Health Care Materials Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages manufacturer of packaging machinery for the pharmaceutical industry, continued to appreciate, supported by acquisitions Zumtobel, a leading company in the lighting industry, was also represented in the portfolio Its inclusion was supported by restructuring potential and the company s favorable positioning in the LED market 47

50 Deutsche Invest I European Value Investment objective and performance in the reporting period The sub-fund Deutsche Invest I European Value invests predominantly in European value stocks (undervalued high-quality stocks) The selection criteria included, among others, stable consolidated balance sheets and strong free cash flow generation as an indicator of a solid, sustainable business strategy In addition, emphasis was placed on attractive valuation Given the at times uncertain economic expectations, the management trended away from cyclical stocks in the fiscal year through the end of December 2014 because of their dependence on the economy Yet in spite of this rather defensive orientation, the sub-fund recorded a decline of 09% per share (LC share class in euro; BVI method) In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened Deutsche Invest I European Value was unable to match the 55% gain of its benchmark, the MSCI Europe Value, because cyclical stocks that are sensitive to the economy had been more DEUTSCHE INVEST I EUROPEAN VALUE Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I European Value (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 303% 269% Class LD LU % 303% 269% Class NC LU % 276% 226% Class FC LU % 332% 318% MSCI Europe Value since April 1, 2012 (previously: 55% 397% 509% MSCI Europe High Dividend Yield) BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 strongly weighted in the portfolio at the start of the year Because of the weaker-than-expected economic development, these stocks came under price pressure at times, while some stocks with defensive characteristics were performed better The latter were more strongly represented in the index than in the subfund Investment policy in the reporting period At sector level, automotive names like Continental, which successfully grew its business in Europe despite the Russian crisis and sluggish economic development, provided an above-average contribution to performance Daimler also grew disproportionately strongly, supported by a strong increase in sales Other highlights at the company were conservative management and a high cash flow Among telecommunications stocks, Belgacom and Freenet were outperformers Freenet impressed with its concentration on more profitable business The prospect of a shakeout in the sector, resulting in fewer competitors, provided for a more positive investment climate 48

51 In the financial sector, the management moved to a more neutral weighting, selling especially stocks like Intesa and Unipol from the peripheral euro countries The main reason for the reduction in the banking sector was that the capital base at some of the institutions still needed to be put on a more solid foundation The litigation arising from the financial crisis also clouded the outlook for some companies Power utilities were weak performers, with Italy s Enel, for example, having to DEUTSCHE INVEST I EUROPEAN VALUE Investment focus by sector Equities: 966% Financials Health Care Telecommunication Services Consumer Discretionaries Industrials Materials Energy Utilities Consumer Staples Information Technology Cash and other assets , In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages deal with persistent overcapacity and price erosion The sector in general was also afflicted by poor balance-sheet quality and by increasing regulation of the business putting pressure on earnings and the ability to pay dividends The portfolio was underweight in the energy sector, taking account of the drastic fall in the price of oil APR Energy came under pressure due to geopolitical crises However, Royal Dutch Shell was one of the largest individual holdings This was mainly due to the high quality of management, the safe dividend and a conservative balance sheet 49

52 Deutsche Invest I German Equities Investment objective and performance in the reporting period Deutsche Invest I German Equities focuses on German blue-chip stocks, supplemented by selected equities of small- and mid-caps These equities have strong growth and a high export orientation The investment climate in the 2014 fiscal year was characterized by historically low interest rates and fluctuations DEUTSCHE INVEST I GERMAN EQUITIES Performance since inception /20/12* 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I German Equities (LC share class) * Launched on August 20, 2012 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 in the capital markets Next to the Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years Since inception 1 Class LC LU % 449% Class FC LU % 474% Class LD LU % 448% Class NC LU % 423% Class USD LC 2 LU % 183% Class USD LCH 2 LU % 162% Class PFC LU % CDAX 31% 431% 416% 1 Classes FC, LC, LD and NC launched on August 20, 2012 / Class USD LC launched on February 11, 2013 / Class USD LCH launched on August 5, 2013 / Class PFC launched on May 26, in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the euro depreciated against many currencies In this environment, the sub-fund recorded an appreciation of 24% per share (LC share class (EUR); BVI method) in the fiscal year through the end of December 2014; its benchmark, the CDAX, recorded a gain of 31% Investment policy in the reporting period In the area of blue-chips, an above-average contribution to performance was made by export-oriented companies, which were overweight in the portfolio Supported by the strong US dollar and the resulting improvement in competitiveness, these companies were able to further expand their business Among automotive stocks Daimler, which was one of the largest individual portfolio holdings, delivered an especially strong performance with good cash flow, improved profitability and an attractive dividend With its attractive model range, the company profited from continued brisk demand (particularly for premium vehicles) in North America and Asia Of the automotive suppliers, Continental was positioned very favorably, benefiting from lower commodity prices, and its noticeably improved earnings have given rise to speculation about a dividend increase The position in the sporting goods manufacturer Adidas was reduced at an early stage, before the profit warning; this also contributed to the investment performance The sub-fund also profited from the investment in the semiconductor manufacturer Infineon, which had a strong price gain This was based on the continuing upward cycle in the semiconductor industry The position in Deutsche Telekom was increased at the start of the year This 50

53 was supported by a relatively secure dividend and by decreasing competition against the backdrop of the ongoing consolidation, which was expected to provide future earnings growth During the reporting period, investors were increasingly interested in equities with sustainable dividend yields The sub-fund profited from this by holding positions in Allianz and Bayer The software company SAP fell short of expectations The reason was a DEUTSCHE INVEST I GERMAN EQUITIES Investment focus by sector Equities: 944% Consumer Discretionaries Industrials Financials Health Care Materials Information Technology Telecommunication Services Consumer Staples Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages temporary impact on margins due to the transition of the business model to cloud services against the backdrop of historically low interest rates Given drastically fallen commodity and oil prices, the weighting of chemicals stocks was at best neutral Here the position in the industrial gas producer Linde performed continuously well, thanks to the company s long-term business model In small- and mid-cap stocks, the management bought the online fashion retailer Zalando after its IPO at a moderate price level as the company profited disproportionately from structural growth The price of the real estate and housing company GAGFAH held in the portfolio rose significantly Reasons for the price gain included the proposed acquisition by its competitor Deutsche Annington, signifying ongoing consolidation of the real-estate sector, and the company s flourishing operations 51

54 Deutsche Invest I Global Agribusiness Investment objective and performance in the reporting period Deutsche Invest I Global Agribusiness focused on equities of global companies that are active in the agribusiness value chain As part of the investment process, particular attention was paid to companies that contributed to the elimination of global inefficiencies in food production and logistics and in consumption These included, for instance, fertilizer manufacturers and seed producers, producers of cropprotection chemicals and food producers, as well as companies that generally operate in the entire food value-added chain In the fiscal year through the end of December 2014, the sub-fund recorded a decline of 02% per share (USD LC share class, in US dollars; BVI method) Investment policy in the reporting period In the 2014 calendar year, Deutsche Invest I Global Agribusiness profited from strongly performing consumer-oriented sub-themes: Organic Food Products (SunOpta, Wessanen), Ingredients (Senomyx, Frutarom), Store Brands (ConAgra, TreeHouse) and Premier Processing Operations (Hillshire, Post Holdings) While organic foods are an expression of the growing awareness of quality and the increasing importance of the health aspects and sustainability of food, store brands appeal more to the bottom end of this globally diverging food-products segment Although well known to European consumers, store brands or private labels have increasingly DEUTSCHE INVEST I GLOBAL AGRIBUSINESS Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Global Agribusiness (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 263% 389% Class LD LU % 268% 389% Class USD LC 1 LU % 187% 185% Class USD FC 1 LU % 214% 231% Class USD JD 1 LU % 215% 232% Class NC LU % 239% 342% Class FC LU % 293% 441% Class GBP LD DS 2 LU % 183% 210% Class GBP RD 2 LU % 212% 263% Class FCH (P) LU % 14% 3 Class PFC LU % 4 1 in USD 2 in GBP 3 launched on March 28, launched on May 27, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 become a growth segment in view of the more brand-conscious US consumer The growth of the companies selected for Organic Food Products was better than the market expected At the same time, costs and capital bases have been optimized successfully In the area of Ingredients (which benefited from increasing supermarket penetration and the resulting rise in consumption of packaged foods), the sub-fund held in its portfolio specific companies that either were involved in biotechnology / food technology (Senomyx), or were able to increase their market share as a result of the sector s consolidation (Frutarom) Within Store Brands, ConAgra was a company with potential for restructuring, whose fields of activity included store brands, name-brand food prod- 52

55 ucts and gastronomy By being in the correct growth category and through successful integration of acquired businesses, TreeHouse recorded a good performance Premier Processing Operations, which were defined as high-quality processing companies that expanded into new global categories and markets, and which included the animal-protein producer Hillshire (acquisition) and Post, the third-largest producer of cereals in the United States (discounted valuations for competitors), additionally supported performance In the Upstream segment, US nitrogen, represented by CF Industries and DEUTSCHE INVEST I GLOBAL AGRIBUSINESS Investment focus by sector Equities: 996% Fertilizers & Agricultural Chemicals Agricultural Products Food Products & Meat Food Retail Brewers Gastronomy Diversified Chemicals Marine Ports & Services Food Distributors Soft Drinks Railroads Other sectors Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages Agrium, performed very well Both companies profited from lower natural gas input costs and from the stabilization of urea prices as output variables The potash and phosphate markets recovered thanks to rising demand (potash) and a price development that exceeded expectations (phosphate) year Some new technologies in agribusiness, eg, agribiotech (Syngenta, KWS Saat), were unable to meet expectations due to delayed successes with new product launches and profit margins that fell just a little short The negative performance is, for the most part, not due to stock selection; instead it resulted from securities with emerging-market exposure in Brazil, China, Russia and Ukraine, as well as from certain Western European securities across all sub-themes 2014 witnessed several mergers and acquisitions; they included portfolio holdings such as Safeway, Annie s, Hillshire, Olam International and Nutreco As a consequence, these positions made gains and were sold at prices close to the target prices Performance was encumbered by weaknesses in Soil Quality and Operators, a sub-theme that focused on yield-improvement strategies Difficulties also arose from rising valuation estimates of agricultural companies, which particularly affected the investment in Brazil and small investments in agricultural companies with Ukraine exposure (SLC and Kernel) Agricultural companies want to improve yields and increase economies of scale for existing land by optimizing input factors The discounted valuation observed for net asset values was the decisive investment factor and reason in the past 53

56 Deutsche Invest I Global Bonds Investment objective and performance in the reporting period The objective of the investment policy of the sub-fund Deutsche Invest I Global Bonds is to generate sustained capital appreciation The sub-fund s net assets can be invested worldwide in government bonds and bonds of near-government issuers, in assetbacked securities and in covered bonds Eligible near-government issuers include central banks, government authorities, regional and local authorities and supranational institutions Corporate bonds and bonds of issuers from emerging markets may also be added to the portfolio The investment environment in the reporting period was characterized by historically low interest rates and fluctuations in the capital markets This was primarily due to the sovereign-debt crisis and the uncertainty over whether the US central bank, the Federal Reserve, would begin to scale back ( taper ) its bond-purchasing program or when the change of direction in interest rates would materialize In addition, global economic growth weakened Against this backdrop, the sub-fund recorded an appreciation of 33% per share (FC share class, on euro basis; BVI method) in the twelve months through the end of December 2014 Investment policy in the reporting period In the 2014 fiscal year, the sub-fund was confronted by continued uncertainty in the bond markets, driven by fundamental as well as technical DEUTSCHE INVEST I GLOBAL BONDS Performance since inception /17/14* 3/14 6/14 9/14 12/14 Deutsche Invest I Global Bonds (LDH (P) share class) * Launched on February 17, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years Since inception 1 Class FCH (P) LU % 143% 143% Class LCH (P) LU % Class LDH (P) LU % Class NCH (P) LU % Class PFCH (P) LU % Class PFDQH (P) LU % Class CHF ICH (P) 2 LU % Class GBP FDH (P) 3 LU % Class GBP IDH (P) 3 LU % Class USD FCH (P) 4 LU % Class USD LCH (P) 4 LU % 1 Class FCH (P) launched on December 22, 2011 / Class LDH (P) launched on February 17, 2014 / Classes PFCH (P) and PFDQH (P) launched on May 26, 2014 / Classes LCH (P) and NCH (P) launched on June 4, 2014 / Class GBP IDH (P) launched on June 16, 2014 / Class GBP FDH (P) launched on July 1, 2014 / Classes CHF ICH (P) and USD LCH (P) launched on September 8, 2014 (first share price calculation on September 10, 2014) / Class USD FCH (P) launched on December 1, in CHF 3 in GBP 4 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 aspects The decline in oil and commodity prices, investors underweighting government bonds and the rising demand for debt securities with investment-grade ratings therefore constituted major factors The ongoing speculation in the first nine months of 2014 about quantitative easing by the ECB had a favorable impact on the performance of the sub-fund s positions in peripheral countries, especially given their attractive valuations relative to other bond issuers The sub-fund benefited from its exposure to investment-grade debt in euro, US dollars and British pounds A significant share came from investments in financials (global banks) The duration in 2014 ranged between 54

57 1 and 2 years in both the US and the EU (including the peripheral countries Italy, Portugal and Spain, all of which contributed impressively to performance) Positions in the United Kingdom, Australia and New Zealand also made a positive contribution Several different yield-curve positionings were implemented both on a very shortterm, tactical basis and on a more cyclical basis involving, for example, the use of derivatives/swaps in the form of so-called US 2/10s and UK 10/30s flatteners (where a flattening of the curve was expected) The portfolio management had assumed that the yield curves for the US dollar and the British pound would flatten, which proved to be correct Selected investments in debt securities from emerging markets and in government bonds also played their part in increasing performance, as did covered bonds In terms of issuers, the top performers included financials, government bonds, covered bonds, sub-sovereign issuers, industrials and utilities In the peripheral countries, long positions were held throughout much of the year In the fourth quarter of 2014, however, these investments were reduced as ongoing speculation about quantitative easing by the ECB and weak fundamentals, especially among European banks, continued to influence various positions in the peripheral region DEUTSCHE INVEST I GLOBAL BONDS Rating distribution of the bonds in the portfolio* AAA AA A BBB BB AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal DEUTSCHE INVEST I GLOBAL BONDS Composition Bonds* Money market funds Cash and other assets The investments with the best performances in the year were: Financial institutions due to ongoing restructuring and balance sheet improvements and to the broadly diversified, risk-averse geographic alignment with higher weightings in regions with improving operating conditions Interest rates due to the divergence of the central banks and to positioning in view of the expected rate measures Covered bonds due to the quality of concentrated investments in selected issues BB to B CCC and lower * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages On the other hand, the performance of issues from public-sector authorities, including those that were affected by the substantial decline in oil prices, proved disappointing Derivatives, especially credit default swaps (CDS) and interest rate swaps (IRS), were used during the fiscal year in order to obtain direct market exposure and hedge existing risks The currency risks of the investments were hedged by the management 55

58 Deutsche Invest I Global Emerging Markets Equities Investment objective and performance in the reporting period The objective of the investment policy is to generate sustained capital appreciation and surpass the performance of the benchmark (MSCI Emerging Markets) To this end, the net assets of the sub-fund are primarily invested in equities of companies that have their registered offices in an emerging-market country or conduct their principal business activity in emerging-market countries, or which, as holding companies, predominantly hold interests in companies registered in an emergingmarket country In the period from the beginning of January 2014 through December 31, 2014, the sub-fund Deutsche Invest I Global Emerging Markets Equities recorded an appreciation of 100% per share (LC share class, BVI method) Its benchmark, the MSCI Emerging Markets, rose 110% in the same period (both percentages in euro terms) Investment policy in the reporting period The overweight positions in China, Indonesia, India and the Philippines proved beneficial The slightly overweight position in Korea diminished performance, mainly due to stock selection The underweight position in Thailand also took its toll on the subfund s performance, despite deteriorating fundamentals The underweight positions in Brazil in the first half of the year, as well as in Egypt, made further negative contributions DEUTSCHE INVEST I GLOBAL EMERGING MARKETS EQUITIES Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Global Emerging Markets Equities (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 54% -71% Class LD LU % 54% -71% Class NC LU % 32% -103% Class FC LU % 78% -35% Class USD LC 1 LU % -13% -211% Class USD FC 1 LU % 15% -169% Class PFC LU % 2 MSCI Emerging Markets since May 27, 2013 (previously: 110% 154% 100% MSCI BRIC) 1 in USD 2 launched on May 26, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 On a country basis, the overweighting of the sub-fund in China, Indonesia, India and the Philippines bolstered performance The overweight position in India was ramped up during the year as the sub-fund s management gained more confidence in the policies of the new government there This overweighting was funded by underweighting Mexico, Malaysia and Eastern Europe This proved to be the correct strategy, especially given the political unrest surrounding the Russia/Ukraine conflict and the decline in oil prices, which had a very damaging impact on these markets and put the national currencies under considerable pressure In terms of market sectors, the underweight position in the energy sector made a positive performance contribution against the backdrop of ongoing concerns about global growth and the slowdown of momentum in the emerging markets The underweighting of the industrial sector proved to be a correct decision as cyclical stocks lagged 56

59 behind the market average because of sluggish global growth and declines in the emerging markets Consumer staples were also underweighted as many of the companies analyzed had problems raising prices and increasing sales as a consequence of weak consumer sentiment and a sharp fall in inflation Underweight positions in utilities, consumer discretionaries and health care, however, reduced the performance of the sub-fund Defensive sectors such as utilities and health care performed well: the former profited DEUTSCHE INVEST I GLOBAL EMERGING MARKETS EQUITIES Investment focus by sector Equities: 951% Financials 351 Information Technology 234 Telecommunication Services Consumer Discretionaries Consumer Staples Industrials Energy Materials Utilities Not classified by MSCI system Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages from the decline in commodity prices and the latter from its defensive orientation The year s strongest performance was achieved by newly listed company China National Railway, which was preferred by the sub-fund s management for its dominant position in China and the favorable valuations Additional positive contributions to performance also came from Largan Precision and TSMC in Taiwan Largan Precision experienced strong sales growth and was able to increase its margins CITIC Securities of China was another top performer The company benefited from the flourishing market for A shares and the necessary liberalization of the financial markets The shares of Hyundai Motors fell back due to the appreciation of the KRW against the JPY, which allowed Japanese competitors to give greater rebates to their customers The company s share price was dragged down even further by the news that it would plough most of its cash reserves into the acquisition of real estate from state-owned Kepco a move that damaged investor confidence SK Innovation and the mining company BHP Billiton also developed below average The latter suffered from the economic slowdown in China and the sharp decline in commodity prices The sub-fund s management selected China CNR, Alibaba, JDcom and Chow Tai Fook in China as new additions to the portfolio In view of the forthcoming elections in Brazil, Petrobras had also been added The management opened a position in Lojas Americanas due to the strong position of the company in the retail sector and its above-average earnings profile Profits were taken at Samsonite and at CITIC Securities, which was one of the highest gainers, as valuations came to be seen as excessively high The subfund disposed of its investments in China Gas Holding, Jiangxi Copper and Shimao completely, in view of weak fundamentals In South Africa, the sub-fund realized some of its gains on Aspen Pharmaceuticals, which had a very good run of performance In Russia, the sub-fund sold its positions in Gazprom and Sberbank In Brazil Gafisa was sold 57

60 Deutsche Invest I Global GDP Bonds (formerly: DWS Invest Income Strategy Currency) Investment objective and performance in the reporting period The sub-fund DWS Invest Income Strategy Currency was renamed DWS Invest Global GDP Bonds on May 26, 2014, and Deutsche Invest I Global GDP Bonds on August 25, 2014, and seeks to generate sustained capital appreciation To achieve this objective, it invests in money market and cash instruments The sub-fund also uses derivatives to take advantage of price DEUTSCHE INVEST I GLOBAL GDP BONDS Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Global GDP Bonds (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 and market fluctuations in the foreign - exchange markets The proportion of the securities held in the portfolio in local currencies is based on the weight of the respective local currencies in the global gross domestic product (GDP) In the reporting period, the investment environment was characterized by Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % -58% -50% Class NC LU % -67% -66% Class FC LU % -49% -33% BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the euro depreciated against many currencies Against this difficult backdrop, the sub-fund recorded a decline of 34% per share (LC share class in euro; BVI method) in the 2014 fiscal year Investment policy in the reporting period Based on investments in money market and cash instruments, the manage- ment employed various alpha strategies in order to be able to profit from the relative fluctuations in prices and rates between currencies In so doing, the management bought positively-assessed indices/currencies and instruments (long positions), and/or sold negatively-assessed issues (short positions) at the same time In general, derivatives were used primarily in the form of long/short pairs, and a market-neutral portfolio structure was pursued in order to achieve yields independent of the market The investment focus was on countries with high economic growth, as measured by gross domestic product (GDP) Regional allocation was based on the 20 largest national economies, which represented more than 80% of global GDP This was grounded on the portfolio management s expectation of a close long-term relationship between GDP growth rates and the appreciation of the respective currency The core portfolio consisted of short-term government and corporate bonds, mostly from the investment-grade segment, meaning mostly rated BBB or better by the leading rating agencies As part of its flexible management of maturities, the sub-fund s duration is generally less than three years As of the reporting date, the duration (average capital commitment) was 17 years During the 2014 fiscal year, the subfund had between 30% and 40% of its net assets invested in local currencies 58

61 of emerging markets such as the Chinese yuan renminbi, the Indian rupee and the Indonesian rupiah, which were higher-yielding relative to those of core markets such as Germany and the United States The decline in the value of the sub-fund was attributable to the general appreciation of the US dollar against both the currencies of the emerging markets and those of the other industrial countries, including the euro, in the second half of

62 Deutsche Invest I Global Infrastructure Investment objective and performance in the reporting period Deutsche Invest I Global Infrastructure seeks to achieve sustainable appreciation compared with the Dow Jones Brookfield Global Infrastructure Index To this end, the sub-fund invested worldwide with a focus on equities of companies that operate infrastructure facilities or are active in the modernization or development of infrastructure In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets The main reason for these fluctuations was a potential change in direction in interest rates stemming from the United States The oil price fell rapidly at the end of the reporting period, which, in part, had a massive impact on the economic development of individual sectors In addition, the euro was trading weaker against many currencies such as the US dollar Against this backdrop, the sub-fund achieved an appreciation of 350% per share (LC share class, BVI method) in the fiscal year from the beginning of January 2014 through the end of December 2014 Its benchmark, the Dow Jones Brookfield Global Infrastructure, recorded a gain of 333% in the same period (both percentages in euro terms) Investment policy in the reporting period In the reporting period, the selection of individual stocks and the currency positioning proved particularly advanta- DEUTSCHE INVEST I GLOBAL INFRASTRUCTURE Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Global Infrastructure (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 539% 670% Class LD LU % 539% 667% Class NC LU % 507% 609% Class FC LU % 575% 729% Class USD LC 1 LU % 440% 453% Class CHF LCH 2 LU % 365% 4 Class USD FC 1 LU % 5 Class GBP RD 3 LU % 6 Class FCH (P) LU % 7 DJ Brookfield Global Infrastructure since November 29, % 571% 803% (previously: UBS Developed Infrastructure & Utilities) 1 in USD 2 in CHF 3 in GBP 4 launched on November 29, launched on March 24, launched on June 4, launched on November 14, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 geous for the performance of the sub-fund In contrast, sector allocation turned out to be less successful Individual stocks in the pipeline, rail, airport and communication sectors performed the best In addition, individual diversified companies as well as individual names in the midstream sector (part of the value chain of the oil and gas industry that is necessary for the transportation of raw materials) and water outperformed The contribution from stock picking in the areas of ports and gas distribution was less positive At sector level, the positions in power transmission and distribution, midstream and communication had an adverse effect on the performance of Deutsche Invest I Global Infrastructure, whereas pipeline, gas distribution and the diversified sector turned out to be performance drivers in

63 In the portfolio, the focus was placed on companies that on the one hand, stood to benefit from an improvement in the general economic situation and, on the other hand, on companies with potential for organic growth For example, North American railway companies found themselves in a favorable position with positive trends in traffic volume, price-setting power and new business opportunities In addition, low interest rates boosted the valuation of government-regulated utility companies in the United States Regions or sectors that were overweighed due to their advantageous valuation or positive DEUTSCHE INVEST I GLOBAL INFRASTRUCTURE Investment focus by sector Equities: 953%* Oil/Gas Storage & Transport Multi-Utilities Electric Utilities Specialized REITs Gas Utilities Highways & Railtracks Railroads Water Utilities Airport Services Wireless Telecommunication Services Construction & Engineering Other sectors Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl REITs 113%) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 25 fundamental data included Chinese gas suppliers, Mexican infrastructure companies, as well as companies that specialize in the construction of towers The latter profited from increased demand in the field of wireless networks Energy also contributed considerably to the outperformance of Deutsche Invest I Global Infrastructure compared with the benchmark The underweighting in ONEOK Inc as well as an underweighting in Union Pacific and NiSource Stocks whose growth was uncertain, for which regulatory risks existed or were expected, or whose business models could be strongly influenced by price development in the commodity markets were underweighted In general, regulatory requirements in the United States, Europe and Australia also contributed significantly to the positive result for the sub-fund Meanwhile, the overweighting in the positions Hamburger Hafen und Logistik AG and China Merchants Holding had a dampening effect on the outperformance of Deutsche Invest I Global Infrastructure were very high Growth rates in the US energy sector were also in decline For valuation reasons, profits were taken in ONEOK Inc, Cheniere Energy Inc and SemGroup Corporation On the The highest contribution to performance within the past fiscal year came from the overweighting in the position Enbridge Energy Management LLC The underweighting in Cheniere other hand, favorable valuations spoke in favor of acquiring shares in CSX Corporation and Edison International These stocks made significant gains since their inclusion in the portfolio 61

64 Deutsche Invest I Global Thematic Investment objective and performance in the reporting period The internationally oriented sub-fund Deutsche Invest I Global Thematic focused on equities of companies, which according to assessments by the sub-fund management profited from global, social, political and economic themes or trends In the reporting period from the beginning of January through the end of December 2014, the sub-fund recorded an appreciation of 13% per share (USD LC share class, BVI method) Its benchmark, the MSCI World, rose by 65% (both percentages in US dollar terms) Investment policy in the reporting period In the 2014 calendar year, Deutsche Invest I Global Thematic achieved a positive performance but lagged behind more broadly based global indices Most of the themes contributed to the appreciation, most especially Disequilibria and Personalized Medicine, while Supply Chain Dominance was the theme that had the most adverse effect on performance The Disequilibria theme, in which an attempt is made to invest in situations that are not sustainable and therefore should give rise to a new order, profited from investments in Tesoro and Calpine, among others The US refinery company Tesoro achieved an outperformance thanks to a structural Brent-WTI oil price difference that was estimated to be at least USD 3 5 per barrel, even in the unlikely case of unlimited US oil exports In addition, DEUTSCHE INVEST I GLOBAL THEMATIC Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Global Thematic (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class FC LU % 545% 636% Class LC LU % 498% 569% Class NC LU % 441% 542% Class GBP FC 2 LU % 452% 419% Class GBP RD 2 LU % 429% 1 Class USD FC 3 LU % 449% 392% Class USD LC 3 LU % 416% 340% MSCI World 3 65% 576% 678% 1 launched on July 1, in GBP 3 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 investors in the field of energy turned to the refinery sector in the second half of the year, as this was not affected by the falling crude oil prices The drop in oil prices was, however, considered to be positive for refineries, as it opened up potential for a rise in demand for fuel and had an expansive effect on margins in retail The independent US energy company Calpine Corp also contributed significantly to the sub-fund s appreciation It profited from increased electricity prices and from the sale of six power plants in the south east of the United States at extremely attractive valuations earlier in the fiscal year Novartis made the largest positive contribution in the area of Personalized Medicine The company received the Breakthrough Therapy Designation from the US Food and Drug Administration (FDA) for various drugs in development and was preparing for the market launch of several new potential blockbuster medications At the same time, the unprofitable Vaccine and Consumer/Animal Health business divisions were pushed aside Isis 62

65 Pharmaceuticals introduced antisense therapy for various genetic diseases and contributed to performance by approximately doubling its share price (in USD) following the publication of positive phase-2 data for its treatments of spinal muscular atrophy and thrombotic illnesses, as well as due to decisive progress in its lipid franchise The share price of global biotechnology group Celgene made gains due to FDA approval for its Otezla drug for psoriasis and psoriatic arthritis, positive phase-2 data for its experimental Crohn s disease drug, as well as a DEUTSCHE INVEST I GLOBAL THEMATIC Investment focus by sector Equities: 981% Consumer Discretionaries Financials Materials Industrials Health Care Consumer Staples Information Technology Telecommunication Services Energy Utilities Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages positive EU assessment with regard to its Revlimid medication for patients with newly diagnosed multiple myeloma The Supply Chain Dominance Theme (which seeks to invest in companies that are better equipped in terms of capital, personnel or intellectual property, which leads to an increase in margins and market share compared with less well equipped companies) had the largest negative impact during the year due to its investments in the mining companies Freeport-McMoRan and Vale as well as in Fraport and Rolls Royce In contrast, Teva Pharmaceuticals made a noticeably positive contribution to performance The company successfully defended the franchise for its blockbuster drug Copaxone and introduced new management at the start of the year Due to the upward trend in copper and oil prices through the end of 2014, Freeport-McMoRan equities recorded a below-average performance The fall in copper prices was due, on the one hand, to continuously weak data from China and, on the other hand, to the extremely strong appreciation of the US dollar In the energy sector, the low oil prices made the increase in oil quantities planned by Freeport less attractive In addition, this also reduced the probability of lucrative divestitures or spin-offs The management continued to hold onto the shares in the company, as it considered the strong free cash flow generation of Freeport and prospects for the copper market to still be positive and was convinced that the expected oversupply would quickly recede and possibly result in a deficit situation The underperformance of Vale was due to the effects of falling iron ore prices, which were on a downward trend throughout the entire year However, the management also held on to the shares in Vale, as it continued to hold a positive view of the more shortterm development of the price of iron ore and was convinced that Vale was well positioned to successfully overcome the challenging conditions Fraport, the operating company of Frankfurt Airport, fell in the reporting year following weaker development of its most important customer Lufthansa and as a result of the low retail revenue per passenger generated from transit passengers from the new markets During the year, Rolls Royce experienced a delayed expansion of margins in its commercial business and a decline in revenue from its Land & Sea division, which meant that the investment in the company adversely affected the sub-fund s performance 63

66 Deutsche Invest I Gold and Precious Metals Equities Investment objective and performance in the reporting period Deutsche Invest I Gold and Precious Metals Equities invested predominantly in equities of international companies whose business activities concentrated on the exploration, extraction and production of precious metals such as gold, platinum, palladium and silver In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price Against this challenging backdrop, the sub-fund recorded a decline of 29% per share (LC share class in euro; BVI method) DEUTSCHE INVEST I GOLD AND PRECIOUS METALS EQUITIES Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Gold and Precious Metals Equities (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % -593% -512% Class USD LC 1 LU % -617% -583% Class USD FC 1 LU % -607% -565% Class LD LU % -590% -507% Class NC LU % -604% -537% Class FC LU % -598% -507% 1 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period In the first three quarters of the year, the sub-fund was invested heavily in companies in the royalty and streaming sector In this sector, a mine operator receives a one-time payment, to build up production, for example, and undertakes in return to surrender part of either the sales or production to the investing company Particularly in times of weak gold prices, this sector is considered defensive and at the same time relatively profitable Franco Nevada was one of the companies to 64

67 DEUTSCHE INVEST I GOLD AND PRECIOUS METALS EQUITIES Investment focus by sector Equities: 903% Gold Silver Precious Metals/Minerals Diversified Metals/Mining Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages profit in this way from the stagnating gold price During the entire year, the volatility of gold and other precious metals was higher than that of the underlying metals The heavier weighting of precious metals in the first three quarters, in which the prices for precious metals developed positively, contributed to the outperformance relative to the commodities themselves In the fourth quarter, this trend started to reverse into negative territory; the sub-fund management then reduced the investment in equities and increased direct investment in commodities again Based on the expectation that the US Federal Reserve would phase out its ultra-relaxed monetary policy, the US dollar strengthened against many other currencies at the end of the year At the same time, the central banks in Japan and Europe continued their relaxed monetary policy In order to participate in the appreciation of the US dollar, dollar-based investments in the sub-fund were expanded These included positions in palladium and diamonds, which also profited from the increased demand for cars and luxury goods, particularly in the United States 65

68 Deutsche Invest I Government Liquidity Fund Investment objective and performance in the reporting period Within the scope of its investment policy, the sub-fund Deutsche Invest I Government Liquidity Fund invests in euro-denominated bonds, other fixed and floating rate securities and money market instruments issued by member countries of the European Union or the OECD, or their regional authorities Issuers may also include agencies of the aforementioned authorities The duration of the sub-fund s net assets shall not exceed 60 days In the reporting period, the investment environment was characterized by historically low interest rates, which hovered around the zero percentage mark in the European money markets In addition, prices in the capital markets were very volatile Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth was flagging In this difficult and volatile market environment, Deutsche Invest I Government Liquidity Fund achieved an appreciation of 01% per share (NC share class, BVI method; in euro) in the fiscal year DEUTSCHE INVEST I GOVERNMENT LIQUIDITY FUND Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Government Liquidity Fund (NC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class ND LU % 00% 10% Class NC LU % 01% 10% Class FC LU % 01% 11% Class USD LDH 1 LU % 07% 2 Class USD LCH 1 LU % 04% 2 1 in USD 2 launched on July 23, 2012 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period Within the scope of its investment policy, the management invested in short-term bonds from the core mar- 66

69 kets (eg, France and Germany) or in regional and municipal bonds from these countries In addition, the subfund invested in issues of other European countries, such as Belgium In its investments, the sub-fund favored securities rated at least Prime-1, A1 or F1 by the leading rating agencies Given that a sustainable solution to the sovereign-debt crisis in the euro area remains outstanding, interest-bearing instruments from the peripheral euro countries were not included in the portfolio for risk reasons DEUTSCHE INVEST I GOVERNMENT LIQUIDITY FUND Rating distribution of the bonds in the portfolio* AA AAA AA A BBB In % of the fund s net assets in bonds (incl pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower DEUTSCHE INVEST I GOVERNMENT LIQUIDITY FUND Composition * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term As of: December 31, 2014 Bonds* 748 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 67

70 Deutsche Invest I Income Strategy Systematic Investment objective and performance in the reporting period With its absolute return concept, the sub-fund Deutsche Invest I Income Strategy Systematic aimed to achieve sustainable appreciation of capital in euro Core investments comprised traditional forms of investment such as interest-bearing bonds In addition, the management pursued a multi-strategy concept, in which the sub-fund would use derivatives to combine various systematic trading strategies in order to be able to utilize interest rate and currency strategies (among others) in the international markets to generate additional returns By combining uncorrelated strategies in the portfolio, the management also sought to create a diversification effect in the longer term, and thus less price fluctuation relative to pursuing just a single trading strategy DEUTSCHE INVEST I INCOME STRATEGY SYSTEMATIC Performance since inception /23/11* 12/11 12/12 12/13 11/7/14 Deutsche Invest I Income Strategy Systematic * Launched on May 23, 2011 = 100 (LD share class) Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: November 7, 2014 (Liquidation date) Performance of share classes (in euro) Share class ISIN 1 year 3 years Since Since beginning inception 1 of fiscal year Class LD LU % 33% 48% 14% Class FC LU % 45% 62% 18% Class LC LU % -27% 14% Class NC LU % -34% 11% 1 Classes LD and FC launched on May 23, 2011 / Classes LC and NC launched on March 12, 2013 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: November 7, 2014 (Liquidation date) In 2014, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth was flagging Against this difficult backdrop, the sub-fund posted an appreciation of 14% per share (LD share class, BVI method, in euro) in the fiscal year from January 1 through the liquidation date Exchange factor for the share classes (in euro) Share Class ISIN Exchange factor Class LD LU Class FC LU Class LC LU Class NC LU

71 Investment policy in the reporting period Two additional systematic trading strategies that profit in particular from trend markets were included in the reporting period One was a strategy on the Bobl future, which is based on five-year German government bonds The other was an interest rate differential strategy based on G10 currencies In the reporting period, the so-called carry strategies were particularly able to benefit from the relatively constant market movements and contributed to the investment performance Merger of the sub-fund The sub-fund Deutsche Invest I Income Strategy Systematic was merged into the sub-fund Deutsche Invest I Global Bonds effective November 7, 2014 The issue of new shares was discontinued for the terminating sub-fund on October 31, 2014; the last redemption of shares occurred up to the order acceptance deadline, which was also on October 31,

72 Deutsche Invest I Italian Equities DEUTSCHE INVEST I ITALIAN EQUITIES Five-year performance /4/09* 11/10 11/11 11/12 11/13 11/4/14 Deutsche Invest I Italian Equities (LC share class) * November 4, 2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: November 11, 2014 (Liquidation date) Investment objective and performance in the reporting period Deutsche Invest I Italian Equities invested in Italian blue-chips and also included small-and mid-caps in its portfolio In the truncated fiscal year through to its merger on November 4, 2014, the sub-fund temporarily profited from the continued noticeable improvement in the investment climate in Italy The environment was particularly characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price However, in October there was a significant fall in prices in the European equity markets Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Since beginning of fiscal year Class LC LU % 352% 30% -24% Class FC LU % 389% 75% -17% Class NC LU % 322% -07% -31% FTSE MIB since January 1, 2011 (previously: MIB 30) 07% 368% 14% 26% BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: November 4, 2014 (Liquidation date) due to economic uncertainty, to which Italian equities were not immune Against this backdrop, Deutsche Invest I Italian Equities posted a decline of 24% per share (LC share class, BVI method) in the period from Exchange factor for the share classes (in euro) Share class ISIN Exchange factor Class LC LU Class NC LU Class FC LU January 1 through to its merger on November 4, 2014 Its benchmark, the FTSE MIB, gained 26% Investment policy in the reporting period In the reporting period, the management continued to maintain an overweighting in financials This segment posted significant price increases, particularly in the first half of the year The banks held in the portfolio had 70

73 used the reform process in the euro area to align themselves more efficiently and to place their equity base on a more solid foundation These included, for example, UniCredit and Intesa Sanpaolo, which were among the largest positions in the portfolio In terms of cyclical consumer goods stocks, the performance of the portfolio holding Yoox had a noticeable adverse effect on the investment performance compared with the benchmark; in previous years this stock had been a significant positive driver of the sub-fund s performance The medium-sized stock in terms of its market capitalization posted unexpectedly weak growth and earnings figures for its online sales platform for luxury fashion The position was therefore sold Energy stocks remained underweighted in view of the weak oil price and other factors Merger of the sub-fund The sub-fund Deutsche Invest I Italian Equities was merged into the sub-fund Deutsche Invest I Top Europe effective November 7, 2014 The issue of new shares was discontinued for the terminating sub-fund on October 28, 2014; the last redemption of shares occurred up to the order acceptance deadline, which was also on October 28,

74 Deutsche Invest I Latin American Equities Investment objective and performance in the reporting period Deutsche Invest I Latin American Equities concentrates its investments on companies that have their registered office in Latin America or who conduct their principal business activity in Latin America In the reporting period from January 1 through December 31, 2014, the sub-fund recorded an appreciation of 27% per share (LC share class, BVI method) Its benchmark, the MSCI EM Latin America 10/40 Net TR, lost 08% in the same period (both percentages in euro terms) Investment policy in the reporting period Compared with developed markets, Latin American equities exhibited a weaker performance in the 2014 fiscal year The reasons for this were concerns over weaker commodity prices, flagging economic growth and the strength of the US dollar The overweighting in the consumer staples sector, which performed relatively well due to its defensive character, was one of the main factors contributing to the above-average performance of the sub-fund In addition, some of the equities from this sector held in the portfolio performed better than the sector as a whole For example, shares in the Brazilian food manufacturer BFR provided a strong return because the restructuring of the company management and the increased orientation toward products with higher profit margins had a posi- DEUTSCHE INVEST I LATIN AMERICAN EQUITIES Performance since inception /1/12* 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Latin American Equities (LC share class) * Launched on October 1, 2012 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year Since inception 1 Class FC LU % -67% Class LC LU % -95% Class NC LU % -108% Class USD LC 2 LU % -197% MSCI EM Latin America 10/40 Index Net TR -08% -165% 1 Classes FC, LC and NC launched on October 1, 2012 / Class USD LC launched on January 14, in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 tive effect on its results Raia Drogasil, the operator of the largest drugstore chain in Brazil, also posted an above-average performance against the backdrop of rising profit margins and growing market share in a consolidating sector In Mexico, Gruma, a company that produces flour for tortillas, performed better than average because the decision to streamline its operating business led to increased profits The share reached its price target and the portfolio holdings were sold due to their relatively high valuation The sub-fund s underweighting in the energy sector also contributed to the performance, as its share price development lagged behind due to the marked decline in the price of oil toward the end of the reporting period The stock picking also generated an additional value contribution, as the overweighting in the Argentinean company YPF and corresponding lower weighting in Petroleo Brasileiro proved advantageous In addition, the overweighting in utilities together with successful stock picking in this sector also helped the performance The strongest negative factor influencing the performance was the subfund s underweight position in the 72

75 telecommunications services sector This market segment turned in an above-average performance in the past year, as, due to its defensive characteristics, it was very much in demand in times of increased market volatility An underweight position in the IT sector, which also performed well due to the defensive earnings characteristics of the companies in this sector, also had a negative effect on the investment performance In terms of individual equities, it was mainly commodities that had a negative effect, as they lagged behind the weak result for the overall sector The best example of this was the overweight position in Usinas Siderurgicas de Minas Gerais, a Brazilian manufacturer of flat steel whose main customers are the country s automotive and plant manufacturers The weakness of the Brazilian economy, particularly the automotive sector, weighed on the share price, which meant that the sub-fund s overweight position in the reporting period proved detrimental to the performance of Deutsche Invest I Latin American Equities DEUTSCHE INVEST I LATIN AMERICAN EQUITIES Investment focus by sector Equities: 977% Financials Consumer Staples Consumer Discretionaries Utilities Energy Materials Industrials Information Technology Telecommunication Services Bonds* Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 73

76 Deutsche Invest I Local Emerging Markets Bonds Investment objective and performance in the reporting period The sub-fund seeks to achieve sustainable capital appreciation To this end, it invests in bonds of issuers from the emerging markets These interest-bearing instruments are denominated in local currency or in hard currencies such as the euro or the US dollar Defined as emerging markets are all those countries not considered by the International Monetary Fund, the World Bank or the International Finance Corporation (IFC) as developed industrial countries at the time of the investment In the reporting period, the investment environment was characterized by historically low interest rates in the industrial countries, as well as by fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the US dollar traded stronger against many currencies Against this challenging backdrop, the sub-fund Deutsche Invest I Local Emerging Markets Bonds posted a decline in value of 03% per share (USD LC share class; BVI method) However, this result placed it ahead of its benchmark, which declined by 14% in the period from January 1, 2014, through to the date of the last calculation of the net asset value per share for DEUTSCHE INVEST I LOCAL EMERGING MARKETS BONDS Performance since inception /8/12* 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Local Emerging Markets Bonds * Launched on October 8, 2012 = 100 (LDH share class) Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in USD) Share class ISIN 1 year Since inception 1 Class USD FC 2 LU % -80% Class USD LC 2 LU % -88% Class FCH 3 LU % -109% Class LCH 3 LU % -120% Class LDH 3 LU % -120% Class NCH 3 LU % -139% Class NDH 3 LU % -139% JPM GBI-EM Global Diversified Comp (introduced on March 25, 2013) -55% -60% 1 Classes USD LC, USD FC, FCH, LCH and LDH launched on October 8, 2012 / Classes NCH and NDH launched on March 21, last share price calculation on March 20, in EUR BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 the USD LC share class on March 20, 2014 (both percentages in US dollar terms) Investment policy in the reporting period The portfolio was broadly diversified in general In terms of issuer allocation, the sub-fund invested predominantly in government bonds Corporate bonds were also included in the portfolio In terms of regions, the management placed the investment focus on issues from Latin America, Asia and Eastern Europe On a country level, the subfund pumped up its investment in Turkish, Brazilian, South African and Indonesian interest-bearing instruments One factor in favor of investing in Turkey and South Africa was the fact that these countries were profiting on the import side from the marked decline in commodity prices (eg, oil prices) The outcome of elections in 74

77 Indonesia fed expectations regarding the implementation of necessary reforms In light of weaker economic growth in Brazil, there were initially expectations of a possible interest rate reduction by the central bank there, which temporarily gave rise to price DEUTSCHE INVEST I LOCAL EMERGING MARKETS BONDS Composition Bonds* Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages speculation However, the Brazilian central bank unexpectedly increased key interest rates in fall 2014 to counteract the relatively high inflation in the country and the weakness of the Brazilian real local currencies against the US dollar With a view to the rising price pressure in the currency markets of the emerging markets, the management had underweighted the positions in the The performance of the capital markets in the emerging markets was very volatile and uneven in 2014 The diverging monetary policy of the central banks in the industrial countries was one factor that contributed to this A Mexican and Columbian peso as well as in the Russian rouble within the sub-fund s portfolio, which also explains why the sub-fund Deutsche Invest I Local Emerging Markets Bonds outperformed its benchmark possible change in direction in interest rates in the United States following a long phase of historically low interest rates stood in contrast to the extremely relaxed monetary policy of the European Central Bank (ECB) and the Bank of Japan In addition, plummeting prices in the commodity markets in the second half of the year although to different extents had a negative impact on the performance of the local currencies from the emerging markets The average yield of the sub-fund s investments was 117% pa* at the end of December 2014 compared with 108% pa* a year earlier This also reflects the increase in yields and the widening of risk premiums The average residual term to maturity as of the reporting date was 70 years In order to limit price risks due to changes in interest rates, the duration was reduced to 51 years Eastern European currencies, such as the Russian rouble, particularly depreciated against the US dollar, some dramatically Overall, the sub-fund profited from the markedly higher yields on emerging market bonds * Average yield of the sub-fund s investments as at the reporting date This may differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this relative to yields on bonds from the core markets such as the United States However, this was noticeably dampened by the weakness of the 75

78 Deutsche Invest I Multi Asset Allocation Investment objective and performance in the reporting period The sub-fund seeks to achieve sustainable capital appreciation To this end, it invests variably worldwide in the asset classes of equities, government bonds and corporate bonds In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets DEUTSCHE INVEST I MULTI ASSET ALLOCATION Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Multi Asset Allocation (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Next to the sovereign-debt crisis, this Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 299% 198% Class LD LU % 302% 201% Class NC LU % 277% 164% Class FC LU % 321% 231% BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the euro depreciated against many currencies Against this challenging background, Deutsche Invest I Multi Asset Allocation achieved an appreciation of 87% per share (LC share class, in euro; BVI method) in the 2014 fiscal year Investment policy in the reporting period On the bond side, the management aligned the sub-fund s portfolio to the short-maturity end in view of interest rate uncertainties In terms of issuer allocation, it invested in government bonds, higher-yielding corporate bonds and convertible bonds In terms of regions, the management spread its investments globally, including also in issues from the peripheral euro countries particularly from Spain and Italy These interest-bearing instruments had considerably higher yields relative to bonds from core markets such as Germany With this portfolio orientation, the sub-fund participated in the, on balance, noticeable price increases This development was aided by increased interest by investors in their quest for higher yields, flanked by the very relaxed monetary policies of the central banks in the United States, Japan and the euro area With its investments in the peripheral euro countries Spain and Italy, the sub-fund Deutsche Invest I Multi Asset Allocation profited from the continued recovery of the bond markets there in the reporting period, which was accompanied by a further narrowing of the yield spreads of these interest-bearing instruments over German government bonds A significant driver for the convergence of yields in the peripheral euro countries was the announcement by the European Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key interest rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to improve lending in Europe, in order to help stimulate the economy Within the equity portfolio, the management predominantly used futures in its investments, which facilitated very 76

79 flexible portfolio management The sub-fund was also positioned across sectors In terms of regions, the management preferred stocks from Europe and the United States, which also made a positive contribution to the overall result The investments in US equities particularly posted noticeable price gains, supported by the more DEUTSCHE INVEST I MULTI ASSET ALLOCATION Rating distribution of the bonds in the portfolio* AAA AA A BBB BB B In % of the fund s net assets in bonds (incl pro-rata accrued interest) * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch favorable performance of the economy in the United States compared with Europe AAA AA A BBB Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal BB to B CCC and lower Credit quality is adequate, with higher business and financial risk Interest and principal payments are generally made without adverse effect on credit quality The non-investment-grade rating is consistent with the company s business model The rating is not consistent with the company s long-term business model The capacity to pay interest and repay principal is potentially reduced in the long term On the currency side, the investment As of: December 31, 2014 focus was on euro positions By means of its US dollar investments in the portfolio, the sub-fund was able to participate in the very firm trading of the greenback against the European single currency in the second half of 2014 The average yield of the sub-fund s investments in the bond portfolio was DEUTSCHE INVEST I MULTI ASSET ALLOCATION Composition Bonds* Investment funds Certificates Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 12% pa* at the end of December 2014 compared with 23% pa* a year earlier This also reflects the further reduction of bond yields The duration (average capital commitment) was 10 years as of the reporting date * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this 77

80 Deutsche Invest I Multi Asset Balance (formerly: DWS Invest Multi Asset Defensive) Investment objective and performance in the reporting period The sub-fund, which was launched on January 31, 2014, and renamed on May 26, 2014, and on August 25, 2014, seeks to achieve a positive investment performance in the medium to long term To this end, it invests worldwide in interest-bearing securities, equities, certificates, funds and cash instruments Up to 65% of the sub-fund s net assets must be invested in interest-bearing securities, in certificates on bonds or bond indices, or in bond funds At least 35%, but not more than 65%, of the sub-fund s net assets may be invested in equities, equity funds or equity certificates Up to 10% may be invested in certificates on commodities or commodity indices The investment policy can also be implemented through the use of suitable derivatives DEUTSCHE INVEST I MULTI ASSET BALANCE Performance since inception /31/14* 3/14 6/14 9/14 12/14 Deutsche Invest I Multi Asset Balance (LC share class) * Launched on January 31, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN Since inception 1 Class LC LU % Class FC LU % Class NC LU % 1 Class LC launched on January 31, 2014 / Class NC launched on September 1, 2014 / Class FC launched on October 15, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the euro depreciated against many currencies Against this backdrop, Deutsche Invest I Multi Asset Balance recorded an appreciation of 108% (LC share class; BVI method) in the period from January 31, 2014 (inception date) through the end of December 2014 Investment policy in the reporting period The appreciation of the sub-fund came primarily from the equity side, which was the focus of investment in the portfolio Within the scope of its global orientation, Deutsche Invest I Multi Asset Balance benefited in particular from its investment in US stocks, as US markets performed more positively by international comparison in light of the economic recovery in the United States In terms of its investments in the emerging markets, the management favored investments in Asia while it held back on investment in Latin America in view of the weaker economic and capital market data there This also had a positive effect on the overall investment performance of the sub-fund The bond portfolio was composed primarily of euro government bonds Despite already historically low yields, these bonds recorded considerable price gains in some cases This development was aided by the extremely relaxed monetary policy of the European Central Bank (ECB) For yield reasons, the management increasingly mixed in interest-bearing instruments from the peripheral euro countries Italy and Spain These bonds increased noticeably in price, while their yield spreads over German government bonds narrowed further A particularly significant driver for the convergence 78

81 of yields in the euro area was the announcement by the ECB in summer 2012 that it would do whatever it takes to preserve the euro On the currency side, the investment focus was on euro investments Nevertheless, due to its large holding in US dollars, the sub-fund profited from that currency s appreciation against the euro DEUTSCHE INVEST I MULTI ASSET BALANCE Composition Equities Bonds* Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 79

82 Deutsche Invest I Multi Asset Defensive Investment objective and performance in the reporting period The sub-fund, which was launched on June 16, 2014, seeks to achieve a positive investment performance in the medium to long term To this end, it invests worldwide in interest-bearing securities, equities, certificates, funds and cash instruments At least 65% of the sub-fund s net assets is invested in interest-bearing securities, in certificates on bonds or bond indices, or in bond DEUTSCHE INVEST I MULTI ASSET DEFENSIVE Performance since inception /16/14* 6/14 8/14 10/14 12/14 Deutsche Invest I Multi Asset Defensive (LC share class) * Launched on June 16, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 funds Up to 35% of the sub-fund s net assets may be invested in equities, equity funds or equity certificates Up to 10% may be invested in certificates on commodities or commodity indices In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to Performance of share classes (in euro) Share class ISIN Since inception 1 Class LC LU % Class LD LU % Class NC LU % 1 Classes LC, LD and NC launched on June 16, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the euro depreciated against many currencies Against this backdrop, Deutsche Invest I Multi Asset Defensive recorded an appreciation of 31% (LC share class; BVI method, in euro) in the period from June 16, 2014 (inception date) through the end of December 2014 Investment policy in the reporting period The bond portfolio (most recently approximately 66% of the sub-fund s net assets) comprised largely euro government bonds Despite already historically low yields, these interest-bearing instruments recorded considerable price gains in some cases This development was aided by the extremely relaxed monetary policy of the European Central Bank (ECB) For yield reasons, the management increasingly mixed in interest-bearing instruments from the peripheral euro countries Italy and Spain These bonds increased noticeably in price, while their yield spreads over German government bonds narrowed further A particularly significant driver for the convergence of yields in the euro area was the announcement by the ECB in summer 2012 that it would do whatever it takes to preserve the euro On the equity side (most recently approximately 24% of the sub-fund s net assets), Deutsche Invest I Multi Asset Defensive increased its investments in the United States and Europe within the scope of its global orientation It benefited in particular from its investment in US stocks US markets performed favorably by international comparison in light of the economic recovery in the United States Alongside this, equity investments in Japan rounded out the portfolio and also 80

83 made a positive contribution to the sub-fund s performance On the currency side, the investment focus was on euro investments Nevertheless, with its US dollar positions, the sub-fund participated in the appreciation of the greenback against the euro DEUTSCHE INVEST I MULTI ASSET DEFENSIVE Composition Bonds* Investment funds Equities Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 81

84 Deutsche Invest I Multi Asset Dynamic DEUTSCHE INVEST I MULTI ASSET DYNAMIC Performance since inception /16/14* 6/14 8/14 10/14 12/14 Deutsche Invest I Multi Asset Dynamic (LC share class) * Launched on June 16, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment objective and performance in the reporting period The objective of the investment policy of the sub-fund Deutsche Invest I Multi Asset Dynamic is to achieve a positive investment performance in the medium to long term while taking the opportunities and risks of the international capital markets into account In order to achieve this, the sub-fund invests worldwide, particularly in interest-bearing securities, equities, certificates and other funds In the reporting period from its inception on June 16, 2014, through the end of December 2014, the sub-fund recorded an appreciation of 65% per share (LC share class, BVI method; in euro) Performance of share classes (in euro) Share class ISIN Since inception 1 Class LC LU % Class NC LU % 1 Classes LC and NC launched on June 16, 2014 Investment policy in the reporting period BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 The appreciation of the sub-fund came primarily from the equity side, which was the focus of investment in the portfolio Within the scope of its global orientation, Deutsche Invest I Multi Asset Dynamic profited in particular from its investment in US stocks, as the US equity market was able to make stronger gains compared with Europe Furthermore, currency gains due to the rise in value of the US dollar against the euro boosted the performance of the sub-fund At the level of individual stocks, Apple was among the names that recorded an above-average price gain The information technology company s advantageous market positioning in the highprice smartphone and tablet computer segment spoke in favor of its inclusion 82

85 DEUTSCHE INVEST I MULTI ASSET DYNAMIC Composition Equities Investment funds Bonds* Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages In addition, the healthcare sector in both Europe and the United States recorded a very positive performance Many companies in this segment impressed with solid cash flows and high profitability For example, the sub-fund benefited from its investment in Gilead Sciences In financials, the investment in Allianz proved advantageous; its relatively favorable valuation level and an attractive dividend yield were factors in favor of investing in this stock Due to the decline in the price of oil in the course of the reporting period, positions in the energy sector (such as Schlumberger) showed an increasingly weak price trend, which meant that the focus, particularly toward the end of the fiscal year, was shifted more onto companies with good quality balance sheets and high profitability The bond portion of the portfolio comprised both direct investments in bonds and investment in bonds via investment funds and comprised mainly euro government bonds and corporate bonds These achieved a positive performance due to further decreased interest rates in the euro area In addition, the sub-fund invested to a smaller extent in emerging-market bond funds Against the backdrop of increased investor interest in higher yielding-securities due to the low- interest environment, the inclusion of these issues boosted the sub-fund s performance 83

86 Deutsche Invest I Multi Asset Income Investment objective and performance in the reporting period The objective of the investment policy of Deutsche Invest I Multi Asset Income is to achieve a positive investment performance in the medium to long term while taking the opportunities and risks of the international capital markets into account In order to achieve this, the sub-fund invested worldwide, particularly in equities, bonds, certificates and funds In its DEUTSCHE INVEST I MULTI ASSET INCOME Performance since inception /4/14* 6/14 8/14 10/14 12/14 Deutsche Invest I Multi Asset Income (LD share class) * Launched on June 4, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 investments, the sub-fund management actively and flexibly managed the weighting of the individual asset classes In the period from its inception on June 4, 2014, through the end of December 2014, the sub-fund recorded an appreciation of 37% per share (LC share class, BVI method, in euro) Performance of share classes (in euro) Share class ISIN Since inception 1 Class LD LU % Class ND LU % 1 Classes LD and ND launched on June 4, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period The appreciation of the sub-fund came primarily from the equity side; within the scope of its global orientation, Deutsche Invest I Multi Asset Income was able to profit in particular from its investment in US stocks such as Amgen und Intel These benefited from an advantageous market environment for US equities, which was boosted, among other things, by the expansive monetary policy of the Fed and the generally positive economic development in the United States, factors that helped the American equity market to achieve an above-average performance by international comparison Both companies were among the outperformers due to their strong growth in 84

87 earnings By contrast, the position in an exchange-traded emerging markets index fund recorded a less positive performance Flagging growth in some emerging economies such as Brazil had a dampening effect here In the bond segment, the investment focus was on bonds from the emerging markets, which had considerable yield spreads over fixed rate securities from DEUTSCHE INVEST I MULTI ASSET INCOME Composition Equities Bonds* Investment funds Certificates REITs Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages established industrial nations, such as German government bonds The bonds held in the sub-fund s portfolio included both hard-currency bonds ie, bonds denominated in a comparatively stable currency such as the US dollar as well as emerging -market bonds denominated in local currencies such as the Turkish lira, the South African rand or the Indonesian rupee Particularly in the case of the latter, profits were taken on bonds during the further course of the reporting period against the backdrop of increased investor interest in high-yield bonds In addition, currency gains due to the appreciation of the US dollar and many emerging-market currencies against the euro had a positive overall effect on the sub-fund s investment performance even if that performance was somewhat diminished by partial exchangerate hedging 85

88 Deutsche Invest I Multi Asset Total Return I (formerly: DWS Invest Multi Asset Dynamic) Investment objective and performance in the reporting period Deutsche Invest I Multi Asset Total Return I sought to achieve a positive investment performance in the medium to long term, taking into account the opportunities and risks of the international capital markets To this end, the fund invested worldwide primarily in fixed-income securities, equities, certificates and funds The weighting of each asset class was actively and DEUTSCHE INVEST I MULTI ASSET TOTAL RETURN I Performance since inception /31/14* 3/14 6/14 9/14 12/14 Deutsche Invest I Multi Asset Total Return I (LC share class) * Launched on January 31, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 flexibly managed by the sub-fund management In the period from its inception on January 31, 2014, through the end of December 2014, the subfund posted an appreciation of 91% per share (LC share class, BVI method; in euro) Investment policy in the Performance of share classes (in euro) Share class ISIN Since inception 1 Class LC LU % Class NC LU % 1 Class LC launched on January 31, 2014 / Class NC launched on September 1, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 reporting period The investment focus in the reporting period was on investments in the equities segment, which allowed Deutsche Invest I Multi Asset Total Return I to participate in the generally favorable performance of the global equity markets An above-average contribution to the sub-fund s performance came in particular from positions in US stocks like Apple and Delta Air Lines, which benefited from their advantageous market position and the generally positive economic trend in the US In contrast, investments in the energy sector (eg, Schlumberger) turned in a below-average performance in the face of a significant drop in oil prices The weaker oil prices also had a negative effect on positions in Norwegian kroner such as Statoil, as the 86

89 DEUTSCHE INVEST I MULTI ASSET TOTAL RETURN I Composition Equities Bonds* Certificates Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages currency of the oil-exporting country depreciated considerably against the euro The bonds in the sub-fund s portfolio also made a positive contribution to the overall performance of the sub-fund Deutsche Invest I Multi Asset Total Return I This was especially true for fixed rate securities with longer maturities from the peripheral euro countries Italy and Spain; the sub-fund participated in the narrowing of spreads on these securities relative to government bonds from core euro countries such as Germany In contrast, against the background of the crisis in Ukraine, performance was dampened by bond positions related to Russia such as Gazprom and Russian Railways 87

90 Deutsche Invest I Multi Opportunities Investment objective and performance in the reporting period Deutsche Invest I Multi Opportunities aims to achieve above-average returns To achieve this objective, the sub-fund invests primarily in shares of other funds In addition, the sub-fund s net assets may also be invested in equities, fixed rate securities, share certificates, convertible bonds, convertible bonds and warrant-linked bonds whose underlying warrants are on securities, DEUTSCHE INVEST I MULTI OPPORTUNITIES Performance since inception /4/14* 6/14 8/14 10/14 12/14 Deutsche Invest I Multi Opportunities (LC share class) * Launched on June 4, 2014 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 securities warrants and participation certificates and dividend-right certificates In the reporting period from its inception on June 4, 2014, through December 31, 2014, the sub-fund achieved an appreciation of 76% per share (LC share class; BVI method; in euro) Investment policy in the reporting period As of the reporting date, the investment focus was on the equity segment, with around 46% of the assets Performance of share classes (in euro) Share class ISIN Since inception 1 Class LC LU % Class NC LU % Class LDQ LU % Class NDQ LU % Class PFC LU % Class PFDQ LU % Class FC LU % 1 Classes LC, NC, LDQ, NDQ, PFC and PFDQ launched on June 4, 2014 / Class FC launched on October 1, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 of Deutsche Invest I Multi Opportunities invested in investment funds, individual stocks and futures on broad equity market indices In the reporting period, with this orientation the subfund benefited from an overall positive investment environment in the context of the loose monetary policies of the central banks However, the developments in the US and in Europe were very different in this area While in the US, the Fed was expected to gradually scale back ( taper ) its expansionary monetary policy, in Europe, the European Central Bank was expected to introduce further stimulus mea- 88

91 sures For this reason, the regional focus of investments was on European equities, where the sub-fund benefited from positive price performances, for example, from a position in DWS Top Europe A positive contribution to performance also came from the position in the Chinese equity market, which was implemented through an exchange-traded fund (ETF) DEUTSCHE INVEST I MULTI OPPORTUNITIES Composition Investment funds Equities Bonds* Money market funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages At the level of individual stocks, in light of the low interest rate environment the portfolio s positions in the healthcare sector did particularly well; in this sector companies with solid business models and stable dividend yields, such as Sanofi and Gilead Sciences, saw increased investor interest However, positions in European financials year-end), the focus was on achieving attractive yields To this end, the subfund s investments included corporate and emerging market bonds having lower credit ratings than government bonds from core euro countries, which allowed the sub-fund to profit from the higher yields offered by these securities failed to meet expectations, as a sustainable recovery of the banking sector in Europe failed to materialize In addition, the performance of securities from the energy sector included in the portfolio (particularly Apache, BG) was negatively affected by a sharp decline in oil prices However, the sub-fund was rewarded by the fact that the weighting of the energy sector had been significantly reduced early on The overall flexible management of the equity exposure in the reporting period also proved to be advantageous In particular, in October 2014, the impact of the weaker equity market performance was cushioned by reducing the equity investment level In fixed rate securities (approx 35% of the sub-fund s net assets at fiscal 89

92 Deutsche Invest I New Resources Investment objective and performance in the reporting period Deutsche Invest I New Resources invested primarily in selected equities of companies from the water, renewable or alternative energy and agrochemicals sectors In the twelve months through the end of December 2014, the sub-fund achieved an appreciation of 12% per share (LC share class in euro; BVI method) DEUTSCHE INVEST I NEW RESOURCES Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I New Resources (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period The sub-fund s investments in the renewable energy sector recorded an uneven performance While market sentiment for some solar module manufacturers such as Canadian Solar significantly deteriorated despite a fundamentally unchanged situation due to the major drop in oil prices, stocks of companies that had been less in the focus of global investors did better as they were less strongly affected by the Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 334% 212% Class LD LU % 334% 212% Class NC LU % 306% 170% Class FC LU % 367% 260% Class USD LC 1 LU % 241% 23% Class USD FC 1 LU % 283% 69% 1 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 change in investor mood This was true, for example, for Singyes China, which operates in the area of photovoltaic projects; the company also benefited from a Chinese government subsidy for solar energy Compared with the renewable energy segment, the portfolio positions in the water sector made a significantly better contribution to the performance of the sub-fund overall For example, the US water utility American Water Works recorded an impressive performance The company was able to increase its profit margin and benefited from growth in customer business and 90

93 the acquisition of smaller water utilities Danaher, another portfolio holding, also benefited from successful business acquisitions The company, which operates in several business segments, also benefited from its advantageous position in the area of products for the study of water quality The agricultural sector presented a differentiated picture overall during the reporting period Prices for agricultural commodities, which had come under pressure due to successful harvests, weighed on the business prospects of seed companies like Syngenta, in which the sub-fund had a position In contrast, companies operating in the DEUTSCHE INVEST I NEW RESOURCES Investment focus by sector Equities: 985% Water Utilities Fertilizers & Agricultural Chemicals Industrial Machinery Construction Materials Industrial Conglomerates Multi-Utilities Semiconductors Food Products & Meat Diversified Chemicals Auto Components & Equipment Specialty Chemicals Other sectors Warrants Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages area of agricultural commodity processing and logistics, such as portfolio holding Archer-Daniels-Midland, benefited from a rise in volumes and recorded an above-average performance 91

94 Deutsche Invest I RREEF Global Real Estate Securities Investment objective and performance in the reporting period The objective of the investment strategy of Deutsche Invest I RREEF Global Real Estate Securities is to achieve above-average returns The sub-fund invests mainly in REITs, shares of listed companies that own, develop or manage real estate In the fiscal year through December 31, 2014, Deutsche Invest I RREEF Global Real Estate Securities recorded an appreciation of 164% per share (USD FC share class, BVI method) Its benchmark, the FTSE EPRA/NAREIT Developed Index, rose by 207% in the same period (both percentages in US dollar terms) Investment policy in the reporting period Uncertainties related to fiscal and money market policy strategies represented a significant risk in the reporting period However, the most immediate risk to the share prices of real estate companies was the potential for rising bond yields Nevertheless, listed real estate stocks, especially in the US, profited from an economic upswing The demand for these stocks remained strong, especially for quality properties in gateway cities, ie, cities that play a key role in entering or exiting a country Good returns on government investment funds, bond funds, insurance companies, and the high net assets of the new markets contributed to the ongoing price stability Demand for second-tier assets and for assets in large regional cities has increased over the past twelve DEUTSCHE INVEST I RREEF GLOBAL REAL ESTATE SECURITIES Performance since inception /15/10* 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I RREEF Global Real Estate Securities * Launched on November 15, 2010 = 100 (USD FC share class) Data on USD basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in USD) Share class ISIN 1 year 3 years Since inception 1 Class USD FC LU % 467% 517% Class USD LC LU % 140% Class LD 2 LU % 582% 613% FTSE EPRA/NAREIT Developed Index since May 26, 2014 (previously: FTSE EPRA/NAREIT Developed Global REIT since November 29, 2013; 207% 550% 641% previously: FTSE EPRA/NAREIT Development Global REIT (Hedged)) 1 Classes USD FC and LD launched on November 15, 2010 / Class USD LC launched on July 1, in EUR BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 months In addition, in most of the major markets supply remained on the low side or was manageable Equity selection made a positive contribution to relative performance throughout the calendar year, while the regional distribution had only a neutral impact during the year Stock selection in North and South America and in Japan brought especially high returns It had significantly less impact in all other regions, but was nevertheless positive overall The portfolio s cash weighting had the strongest negative impact on performance relative to the benchmark, as real estate stocks worldwide recorded double-digit growth for the year In terms of regional allocation, the underweighting of the underperforming region of Asia excluding Japan was offset by a slight underweighting of the North and South America region, which turned in an outstanding performance On average, the portfolio in the North and South America region was slightly underweight to neutral in the period Market prices in the private sector are currently very strong In addition, capital inflows have been enormous 92

95 Top-quality assets in primary markets remained attractive investment opportunities for domestic and foreign capital In North and South America, the most important overweight sectors were the office and industrial segments, while the biggest underweight segments were healthcare and specialty The sub-fund s investments in Europe were largely in line with the benchmark, with a slight bias toward the United Kingdom over the reporting period at the expense of the European continent In continental Europe, the sub-fund was underweight in the retail DEUTSCHE INVEST I RREEF GLOBAL REAL ESTATE SECURITIES Investment focus by sector Equities: 956% Retail REITs Office REITs Misc real estate Misc REITs Residential REITs Real estate operating companies REITs - Health Care Industrial REITs REITs Hotels & Resorts Specialized REITs Real estate development Homebuilding Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages 30 segment This is due to structural reforms in the EU, which might have restricted growth in rents in certain areas In the United Kingdom, the fund managers were less optimistic about large-cap REITs Occasionally, however, there were still opportunities, both on the continent and in the United Kingdom Office rents performed very well in the United Kingdom due to a limitation of supply and an uptick in demand for rental space The portfolio was underweight in the Asia-Pacific region on average throughout the reporting period Overall, the Asia-Pacific portfolio was positioned toward growth and had its focus on areas that benefited from an economic recovery The management gave preference to developers over REITs during the entire period, which led to a general underweighting of the region Overall, the management of the subfund was cautious in relation to the retail outlook for Hong Kong The reason is the difficult economic situation in the retail industry in Hong Kong due to a decline in tourist arrivals from mainland China In Singapore, Deutsche Invest I RREEF Global Real Estate Securities focused on the office segment where the growth in rents continues to exceed all market expectations Vacancy rates in the retail and logistics sectors remained stable However, sales growth in retail was quiet and operating conditions for hotels remained difficult due to intense competition (resulting from a plethora of new hotels) During the reporting period, the subfund s underweighting of the Japanese developer Sumitomo Realty & Development had a positive effect on performance The sub-fund profited from being underweight in the underperforming stocks of specialist companies in North and South America, such as American Realty Capital Properties An additional contribution came from the sub-fund s overweight positions in the US regional shopping mall company General Growth Properties and in stocks of construction companies specializing in apartments, including AvalonBay Communities and BRE Properties The sub-fund s overweight positions in some of the weaker-performing property developers in Japan proved to have a particularly negative impact on performance, especially investments in Mitsubishi Estate Company and Tokyo Tatemono In addition, relative performance was hurt by underweighting in the US regional shopping mall firm Macerich Company The sub-fund s underweight position in the area of healthcare REITs detracted from 93

96 results, as this segment was ranked among the strongest-performing equities in North and South America throughout the year Sales of investment trust units were profitable during the whole year This is due to the appreciation of the investments since purchase The most important sales included Duke Realty Corp, the Select Income REIT and Spirit Realty Capital Inc New investments have recorded double-digit percentage growth since their purchase and were all added to the subfund due to their relative value, which was was comparatively low at the time of purchase New stocks included Kimco Realty Corporation, Extra Space Storage and Macerich Company 94

97 Deutsche Invest I Short Duration Credit Investment objective and performance in the reporting period Deutsche Invest I Short Duration Credit aims to achieve a sustainable appreciation As a bond sub-fund with a duration of zero to three years, the subfund takes advantage of interest rate and yield differences between corporate bonds and comparable government securities The international credit markets form its investment universe DEUTSCHE INVEST I SHORT DURATION CREDIT Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Short Duration Credit (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 182% 150% Class NC LU % 159% 116% Class FC LU % 188% 164% Class LD LU % 1 iboxx Corp 1-3 since August 16, % 121% 171% 1 launched on January 31, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 price In addition, global economic growth weakened Against this background, the sub-fund achieved an appreciation of 28% (LC share class; BVI method) in 2014 With this result, Deutsche Invest I Short Duration Credit outperformed its benchmark, which increased by 23% (both in euro terms) Investment policy in the reporting period The management invested in both corporate bonds and in interest-bearing instruments from financial service providers (financials) In terms of its sectoral allocation, the bond sub-fund was basically positioned across industries However, the management had increased holdings in financials, particularly banks, although it also added higher-yielding, subordinated securities to the portfolio With this orientation, Deutsche Invest I Short Duration Credit profited from the overall noticeable price increases of these securities, especially bank bonds, which were overweight in the portfolio This positive development was accompanied by a significant narrowing of risk premiums and thus the yield spreads of these securities This yield convergence was fueled by the extremely expansionary monetary policy of the central banks in Europe, the US and Japan As a result of these policies, the liquidity provided to the banking sector increased significantly, and the systemic risk in the financial sector was considered by market participants to be fairly low The investment focus was on regional issues from Europe These also included for yield reasons positions in the peripheral euro countries, especially Italian and Spanish interest-bearing instruments With this portfolio orientation, Deutsche Invest I Short Duration Credit benefited from the recovery in the bond markets of these peripheral euro countries, which was accompanied by a further narrowing of yield spreads of these securities over German government bonds A signifi- 95

98 cant driver for the convergence of yields in the peripheral euro countries was the announcement by the European Central Bank (ECB) in summer 2012 that it would do whatever it takes to preserve the euro In addition, the ECB maintained its very relaxed monetary policy, lowering the key interest DEUTSCHE INVEST I SHORT DURATION CREDIT Composition Bonds* 964 Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages rate in two steps (most recently on September 4, 2014) in view of the very low inflation from 025% pa to a new historic low of 005% pa It also announced additional measures to improve lending in Europe, in order to help stimulate the economy Moreover, the management invested to a greater extent in newly issued US corporate bonds, which in the opinion of the the further reduction of bond yields that are already at low levels The average term to maturity was 29 years as of the reporting date * Average yield of the sub-fund s investments as of the reporting date This can differ from the nominal yield of the interest-bearing instruments held in the portfolio The future performance of the sub-fund cannot be derived from this management offered attractive yields, given the improving economic environment in the United States The exposure to subordinated financials and the overweight position in the peripheral euro countries Italy and Spain are the main reasons why Deutsche Invest I Short Duration Credit outperformed its benchmark In selecting securities, the sub-fund placed its investment focus on issues in the investment-grade segment, ie, securities rated BBB or better by the leading rating agencies However, BBB securities were weighted more heavily than securities with ratings of A or better, which had lower yield spreads The sub-fund investments yielded an average of 17% pa* at the end of December 2014, compared with 24% pa* a year earlier This also reflects 96

99 Deutsche Invest I StepIn Akkumula DEUTSCHE INVEST I STEPIN AKKUMULA Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I StepIn Akkumula (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment objective and performance in the reporting period In accordance with its investment policy, the sub-fund Deutsche Invest I StepIn Akkumula invests its capital step-by-step from money market investments into a target portfolio with equities In this way, an equities portfolio is built up for investors with a cost - averaging* effect, similar to that of a fund savings plan In April 2009, the management began to invest the subfund s capital according to the StepIn Performance of share classes (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 490% 396% Class BC LU % 465% 357% BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 strategy in monthly increments As of the reporting date at the end of December 2014, the sub-fund was approximately 100% invested in high-quality stocks With this complete reallocation, the sub-fund largely corresponded to the DWS Akkumula, whose focus is on global blue-chips In the 2014 fiscal year, the sub-fund used its investment strategy to take advantage of the favorable (but volatile) capital market environment to record an appreciation of 196% per share (LC share class, BVI method) Investment policy in the reporting period The sub-fund benefited from the balanced positioning of its portfolio throughout the reporting period The focus was on company selection with comprehensive analysis and selection of individual stocks In this process, the focus was primarily on the quality and durability of the business model, quality of management, organic growth potential, the soundness of the balance sheet and valuation Over the past year, the US was among the countries with the strongest economic momentum The US equity market benefited significantly from this environment North American equities represented more than half of the total portfolio, which is roughly equivalent to their weighting in the MSCI World Especially in the US, well-positioned companies benefited disproportionately from the economic recovery Toward the end of the reporting period, the focus was shifted slightly to companies with a greater weighting in the US domestic market, as an increasingly strong US dollar was seen as a major risk and a challenge for export-oriented businesses Biotechnology companies played an especially positive role in US equity investments The increasingly sustainable and profitable business performance delivered by companies such as Celgene and Gilead Sciences was rewarded with solid price gains In addition, many other healthcare companies, both pharmaceutical companies and medical technology providers, continued to benefit from the good conditions Here, too, the focus on companies with strong market positions and good management, such as CR Bard and Aetna from the US or the German firms Fresenius and Bayer, paid off In the industrial sector, one focus was on export-dependent Japanese providers such as FANUC or Komatsu, whose solid business during the reporting period additionally benefited from a weak yen The commodities and telecom sectors continue to 97

100 DEUTSCHE INVEST I STEPIN AKKUMULA Composition Equities Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages be characterized by overcapacity and deficient growth For that reason, the sub-fund followed a niche strategy here, investing mainly in fertilizers In contrast, mining stocks had a belowaverage weighting Many consumer goods producers such as Nestlé, Reckitt Benckiser and Anheuser -Busch InBev impressed the market with innovative products in the reporting period, allowing them to combat the slow growth of the business in Europe and the US In the difficult retail segment, which faces the challenges posed by declining consumer spending and rising competition from the internet, investments in individual retailers such as Britain s Next paid off Next had a sustainable multi-channel strategy that covered all distribution channels with the same platform * The cost average effect results from the regular investment of fixed amounts in securities In this process, fluctuations in the value of the securities mean that investors receive shares more cheaply while paying equal instalments than if they bought the same amount of shares regularly at different prices This is because when share prices are high, fewer shares are purchased, and when share prices are low correspondingly more shares are purchased 98

101 Deutsche Invest I Top Asia (formerly: DWS Invest Top 50 Asia) Investment objective and performance in the reporting period Deutsche Invest I Top Asia invests in Asian blue-chips In the fiscal year through the end of December 2014, the sub-fund posted an appreciation of 150% per share (LC share class, BVI method) and thus outperformed its benchmark, which increased by 148% in the same period (both percentages in euro terms) Overweight positions in China and India, as well as stock selection in China, proved beneficial Investment policy in the reporting period At the country level, the overweighting of the sub-fund in China and India proved favorable The overweight position in India was increased further over the entire fiscal year, as the management steadily gained confidence in the policies of the current government This overweighting was funded by underweighting South Korea and Malaysia, which proved to be the correct strategy, especially in the light DEUTSCHE INVEST I TOP ASIA Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Top Asia (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 334% 327% Class LD LU % 334% 328% Class NC LU % 306% 282% Class FC LU % 364% 378% Class USD LC 1 LU % 255% 134% Class USD FC 1 LU % 280% 173% Class GBP RD 2 LU % 275% 177% 50% MSCI AC Far East, 50% MSCI AC Far East ex Japan 148% 400% 594% 1 in USD 2 in GBP BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 of the sharp decline in oil prices, which has hit Malaysia especially hard At the sector level, the sub-fund was overweight in the industrial, commodities and energy sectors, which was beneficial in view of the continued concern over global growth and a slowdown in growth in the emerging markets The underweighting of the telecommunications and IT sectors diminished the investment performance because these sectors outperformed as investors strongly preferred less cyclical stocks The portfolio was over- weight in consumer goods and financials, which made a significant contribution to the investment performance The best contribution to performance over the entire fiscal year was provided by the Chinese state railway The sub-fund participated in the successful IPO; the company s strong position and favorable valuation were factors in favor of the investment The sub-fund s other top performers included CITIC Securities and Ping An Insurance from China Both companies profited from the financial reforms in their country and from the need to liberalize the financial markets The bank Rakyat Indonesia also had a strong price gain The stock benefited from the long-term success of microfinancing in Indonesia and from the fundamental improvements in the local economy The stocks with the weakest performance in the portfolio included the company Sands China, given the erosion of margins in the gaming industry, and Hyundai Motor, due to strains resulting from volatile currency movements 99

102 Ping An Insurance was a new addition to the portfolio The company appeared to be undervalued in view of the accelerated growth in the life insurance sector The management also acquired PetroChina, a Chinese state enterprise In addition, the sub-fund built up a position in Anhui Conch because of its moderate valuation; the consolidation potential of the cement sector was also a factor in favor of this investment To fund the new positions in the portfolio, CNOOC and China Life Insurance were sold Because of concerns about slower growth, the management sold DEUTSCHE INVEST I TOP ASIA Investment focus by sector Equities: 850% Financials Information Technology Consumer Discretionaries Industrials Consumer Staples Telecommunication Services Energy Materials Utilities Warrants Investment funds Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages Hyundai Mobis 100

103 Deutsche Invest I Top Dividend Investment objective and performance in the reporting period Deutsche Invest I Top Dividend aims to achieve sustainable capital appreciation To this end, in line with its investment policy, the sub-fund invests mainly in domestic and international equities that the management believes offer the prospect of above-average dividend yields due to their corporate fundamentals In the fiscal year through the end of December 2014, the environment was characterized by historically low interest rates in the industrial countries and fluctuations in the international capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth was weaker than expected and the US dollar appreciated against many currencies Against this backdrop, the portfolio achieved an appreciation of 170% per share (LD share class in euro; BVI method) Investment policy in the reporting period The consumer staples sector, which had the heaviest weighting in the sub-fund on the reporting date, made an above-average contribution to the investment performance throughout the year Some stocks from the more defensive consumer goods sector posted significant price increases DEUTSCHE INVEST I TOP DIVIDEND Performance since inception /1/10* 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Top Dividend (LC share class) * Launched on July 1, 2010 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years Since inception 1 Class LC LU % 396% 620% Class LD LU % 396% 620% Class NC LU % 367% 570% Class FC LU % 428% 676% Class ND LU % 367% 468% Class USD LC 2 LU % 309% 420% Class USD LCH (P) 2 LU % 392% Class GBP LD DS 3 LU % 308% 533% Class SGD LDQ 4 LU % 333% 442% Class SGD LC 4 LU % 347% Class SGD LCH (P) 4 LU % 348% Class CHF LCH (P) 5 LU % 361% 392% Class CHF FCH (P) 5 LU % 392% 425% Class USD LDH (P) 2 LU % 230% Class GBP RD 3 LU % 59% Class USD FC 2 LU % 169% Class USD LDQ 2 LU % 90% Class SGD LDQH (P) 4 LU % 145% Class FD 1 LU % 256% Class PFC LU % Class PFD LU % Class IDH (P) LU % Class ID LU % Class USD LDM 7 LU % 1 Classes LC, LD, NC, FC and GBP LD DS launched on July 1, 2010 / Class USD LC launched on September 13, 2010 / Class ND launched on November 16, 2010 / Class SGD LDQ launched on August 16, 2011 / Classes CHF FCH (P) and CHF LCH (P) launched on October 21, 2011 / Classes SGD LC and SGD LCH (P) launched on April 24, 2012 / Class USD LCH (P) launched on May 30, 2012 / Class USD LDH (P) launched on January 28, 2013 / Class FD launched on March 1, 2013 / Class GBP RD launched on May 28, 2013 / Class USD FC launched on June 4, 2013 / Classes SGD LDQH (P) and USD LDQ launched on September 23, 2013 / Classes PFC and PFD launched on May 26, 2014 / Class IDH (P) launched on June 4, 2014 / Class ID launched on December December 11, 2014 / Class USD LDM launched on August 11, in USD, 3 in GBP, 4 in SGD, 5 in CHF BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31,

104 These included existing portfolio positions in Procter & Gamble and Reckitt Benckiser In addition, tobacco stocks such as Altria, BAT and Imperial Tobacco were among the top performers In the healthcare sector, traditional stocks such as the Swiss pharmaceutical company Novartis did very well; investors favored the company on the basis of its stable earnings, an attractive patent pipeline, a high dividend and low volatility The US stocks Johnson & Johnson and Merck also recorded significant price gains DEUTSCHE INVEST I TOP DIVIDEND Investment focus by sector Equities: 929% Consumer Staples Health Care Financials Telecommunication Services Utilities Information Technology Energy Industrials Consumer Discretionaries Materials Bonds* Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl pro-rata accrued interest) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages Given the dramatic decline in oil prices, equities in the energy sector came under noticeable price pressure in the reporting period For this reason, the management closed existing positions in major US oil stocks such as Chevron and ConocoPhillips early on in order to limit price risks However, the portfolio retained its position in Canadian Oil Sands While the company continues to have a favorable cost structure, it had to cut its dividend sharply due to the drop in oil prices The positions in pipeline operators such as TransCanada and Enbridge turned in comparatively favorable performances Among financials, Allianz recorded a positive performance The stock benefited from the stable property insurance business and from speculation about further dividend growth In addition, Deutsche Invest I Top Dividend participated in the significantly positive performance of the Canadian financial institutions Toronto-Dominion Bank and Canadian Imperial Bank of Commerce The companies high capitalization provided a solid foundation for the shares The performance of the world s third-largest reinsurer, Hannover Re, also contributed to the increase in value Due to the continued decline in commodity prices, within the basic materials sector the management had not included mine operators in the portfolio and was thus able to avoid price pressures Selective investments existed only in stocks which benefited from the low oil price These included the fertilizer companies Yara and CF Industries and the industrial gas manufacturer Air Liquide The strong price gains recorded by the regulated US utility stocks Duke Energy, NextEra and UGI, which are represented in the portfolio, made a particularly strong contribution to the investment performance due to the low interest rate environment Their stable cash flows were a sign of liquidity and balance sheet strength European utilities were not included because some of them are confronted by an unfavorable regulatory framework In order to profit from the favorable market environment in Japan, the management held a position in NTT (telecommunications) The position in the European commercial property company Unibail-Rodamco was a successful addition to the portfolio Because of the focus on high-quality shopping centers, demand for the stock was strong and its price rose sharply On average for the year, the sub-fund was around one-third invested in US dividend stocks, which allowed it to benefit additionally from the appreciation of the US dollar 102

105 Deutsche Invest I Top Dividend Premium Investment objective and performance in the reporting period The investment policy of Deutsche Invest I Top Dividend Premium is to achieve sustainable capital appreciation To this end, the sub-fund invests relatively defensively mainly in equities of international companies that promise high and sustainable dividend yields The sub-fund also pursues a systematic option strategy for the majority of the equity allocation ( covered call writing ), which, together with the additional income opportunities offered by premiums, can also form a risk buffer in the amount of the option premium for the sub-fund if prices fall In the fiscal year through the end of December 2014, the environment was characterized by historically low interest rates in the industrial countries and fluctuations in the international capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth was weaker than expected and the US dollar appreciated against many currencies In this environment, the sub-fund achieved an appreciation of 136% per share (LC share class in euro; BVI method) in the reporting period Investment policy in the reporting period The consumer staples sector, which had the heaviest weighting in the DEUTSCHE INVEST I TOP DIVIDEND PREMIUM Performance since inception /16/11* 12/11 6/12 12/12 6/13 12/13 6/14 12/14 Deutsche Invest I Top Dividend Premium (LC share class) * Launched on August 16, 2011 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes (in euro) Share class ISIN 1 year 3 years Since inception 1 Class FC LU % 160% 241% Class LC LU % 130% 206% Class LD LU % 130% 206% Class ND LU % 127% Class NDQ LU % 126% Class USD LC 2 LU % 60% 33% 1 Classes LC, LD, FC and USD LC launched on August 16, 2011 / Classes ND and NDQ launched on April 2, in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 sub-fund on the reporting date, made an above-average contribution to the investment performance throughout the year Some stocks from the more defensive consumer goods sector posted significant price increases These included existing portfolio positions in Procter & Gamble and Reckitt Benckiser In addition, tobacco stocks such as Altria, BAT and Imperial Tobacco were among the top performers In the healthcare sector, traditional stocks such as the Swiss pharmaceutical company Novartis did very well; investors favored the company on the basis of its stable earnings, an attractive patent pipeline, a high dividend and low volatility The US stocks Johnson & Johnson and Merck also recorded significant price gains Given the dramatic decline in oil prices, equities in the energy sector came under noticeable price pressure in the reporting period For this reason, the management closed existing positions in major US oil stocks such as Chevron and ConocoPhillips early on in order to limit price risks However, the portfolio retained its position in Canadian Oil Sands While the company continues to have a favorable cost 103

106 structure, it had to cut its dividend sharply due to the drop in oil prices The positions in pipeline operators such as TransCanada and Enbridge turned in comparatively favorable performances Among financials, Allianz recorded a positive performance The stock benefited from the stable property insurance business and from speculation about further dividend growth In addition, Deutsche Invest I Top Dividend Premium participated in the significantly positive performance of the Canadian financial institutions Toronto-Dominion Bank and Canadian DEUTSCHE INVEST I TOP DIVIDEND PREMIUM Investment focus by sector Equities: 877% Consumer Staples Health Care Financials Telecommunication Services Utilities Information Technology Energy Consumer Discretionaries Industrials Materials Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages Imperial Bank of Commerce The companies high capitalization provided a solid foundation for the shares The performance of the world s third- largest reinsurer, Hannover Re, also contributed to the increase in value Due to the continued decline in commodity prices, within the basic materials sector the management had not included mine operators in the portfolio and was thus able to avoid price pressures Selective investments existed only in stocks which benefited from the low oil price These included the fertilizer companies Yara and CF Industries and the industrial gas manufacturer Air Liquide The strong price gains recorded by the regulated US utility stocks Duke Energy, NextEra and UGI, which are represented in the portfolio, made a particularly strong contribution to the investment performance due to the low interest rate environment Their stable cash flows were a sign of liquidity and balance sheet strength European utilities were not included because some of them are confronted by an unfavorable regulatory framework In order to profit from the favorable market environment in Japan, the management held a position in NTT (telecommunications) The position in the European commercial property company Unibail-Rodamco was a successful addition to the portfolio Because of the focus on high-quality shopping centers, demand for the stock was strong and its price rose sharply In the fiscal year an average of around 40 to 70% of all stocks in the portfolio were overwritten in the context of the option strategy This supported the defensive orientation of the sub-fund However, given this ratio, the participation in the price gains on global equity markets was limited to some extent For this reason, the write rate was temporarily reduced significantly This was intended to ensure that the subfund can participate to a greater degree in the positive performance of the equity markets As of the reporting date, the write rate of the shares of the sub-fund s portfolio was approximately 65% The strength of the US dollar against the euro also supported performance On average for the year, the sub-fund was around one-third invested in US stocks, which allowed it to benefit additionally from the appreciation of the US dollar 104

107 Deutsche Invest I Top Euroland Investment objective and performance in the reporting period The focus of Deutsche Invest I Top Euroland s selective stock-picking approach was on structurally strongly positioned companies that achieved above-average earnings growth, mainly due to their product positioning or their sales markets In contrast, sectors with structural problems such as energy and utilities were underweight in the portfolio DEUTSCHE INVEST I TOP EUROLAND Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Top Euroland (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 In the reporting period, the difficult investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened and the euro depreciated against many currencies In the fiscal year through the end of December 2014, the sub-fund Deutsche Invest I Top Euroland posted an appreciation of 17% per share (LC share class, BVI method) Its benchmark, the EURO STOXX 50, recorded an increase of 39% (both percentages in euro terms) Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 647% 541% Class LD LU % 647% 541% Class NC LU % 613% 488% Class FC LU % 684% 600% Class USD LCH 1 LU % 28% 4 Class GBP RD 2 LU % 01% 5 Class IC LU % 6 Class PFC LU % 7 Class SGD LCH (P) 3 LU % 8 Class USD FCH 1 LU % 9 Class FD LU % 10 EURO STOXX 50 39% 487% 241% 1 in USD 2 in GBP 3 in SGD 4 launched on November 29, launched on December 6, launched on April 25, launched on May 26, launched on June 16, launched on August 14, launched on September 1, 2014 BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Investment policy in the reporting period The early overweighting of the financial sector was among the factors contributing to the investment performance In particular the Spanish banks included in the portfolio benefited at times from the slight economic recovery of the country and progress in the restructuring of the banking sector In the insurance segment Deutsche Invest I Top Euroland profited from its investment in Allianz The position in Allianz contributed significantly to the investment performance; the stock benefited from its relative valuation level and dividend yields Another focus was on the industrial sector, which was overweight Selected stocks benefited from the 105

108 positive trends in areas such as the parcel business This included the market leader Deutsche Post, which is included in the sub-fund Profits were taken on Spain s Ferrovial, which was successful in the area of transport infrastructure and in the construction sector, after its share price rose In consumer goods stocks, Italian internet retailer Yooxcom, with its online platform focused on luxury goods, turned in a disappointing performance The position weighed on the sub-fund s investment performance relative to the benchmark EURO STOXX 50, after the stock was one of the portfolio s best DEUTSCHE INVEST I TOP EUROLAND Investment focus by sector Equities: 981% Financials Industrials Consumer Discretionaries Health Care Consumer Staples Utilities Telecommunication Services Materials Information Technology Energy Cash and other assets In % of the fund s net assets As of: December 31, 2014 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages margins were under pressure One such company was Sanofi performers the year before In the consumer goods sector, however, the beverage company Anheuser-Busch The sub-fund was virtually fully invested in equities during the fiscal year InBev impressed with strong growth in the emerging markets In the information technology sector, semiconductor manufacturer Dialog Semiconductor made an above average contribution to performance The company s sales and earnings benefited mainly from its favorable positioning in the smartphone industry and from the success of iphone maker Apple In defensive stocks, the management held a position in the pharmaceutical company Bayer The broadly diversified company saw both its earnings and share price rise significantly In contrast, the portfolio did not contain pharmaceutical companies with a strong dependence on a few products due to expiring patents and whose 106

109 Deutsche Invest I Top Europe (formerly: DWS Invest European Equities) Investment objective and performance in the reporting period Deutsche Invest I Top Europe invests primarily in European blue-chips In its stock-picking process, the focus of the management s investment strategy is mainly on companies with positive earnings momentum and structurally strongly positioned companies that achieved above-average earnings growth, mainly due to their product positioning or their sales markets In addition, its global orientation is of great importance Industries and companies that operated in a structurally difficult environment such as energy companies were, in contrast, less well represented in the portfolio In the reporting period, the investment environment was characterized by historically low interest rates and fluctuations in the capital markets Next to the sovereign-debt crisis, this was primarily attributable to the uncertainty surrounding a potential change of direction in interest rates that originated in the US, to geopolitical tensions such as the conflict in Ukraine and to the drastic decline in the oil price In addition, global economic growth weakened In this environment, Deutsche Invest I Top Europe achieved an appreciation of 56% per share (LC share class in euro; BVI method) Its benchmark, the MSCI Europe, rose by 70% Investment policy in the reporting period In the management s opinion, the macroeconomic environment presented challenges as it clouded some- DEUTSCHE INVEST I TOP EUROPE Five-year performance /09* 12/10 12/11 12/12 12/13 12/14 Deutsche Invest I Top Europe (LC share class) * 12/2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU % 518% 403% Class LD LU % 518% 403% Class NC LU % 487% 355% Class FC LU % 553% 457% Class USD LC 1 LU % 381% 148% MSCI Europe 70% 517% 586% 1 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: December 31, 2014 what toward the end of the reporting period in connection with increasing geopolitical uncertainties in areas such as Eastern Europe (Ukraine/Russia conflict) and the Middle East Due to the expectation of an economic slowdown at the global level, but, particularly in Europe and in the emerging markets, investors favored defensive stocks over cyclical stocks The underperformance of the portfolio was partly due to exposure to the more cyclical basic materials, industrial and technology sectors, although investments were reduced here For example, the position in the Dutch technology company Gemalto was reduced noticeably Within the basic materials sector, the sub-fund significantly reduced its position in HeidelbergCement and completely closed the position in Ireland s CRH Among industrial stocks, the position in the French certification specialists Bureau Veritas was sold off completely Some Gains were realized on some of these sales As part of its more defensive orientation, the management invested the released capital in stocks from the healthcare and utilities sectors, among others For example, a position was opened in the Swiss pharmaceutical manufacturer Novartis As a result, the sub-fund profited from a 107

110 DEUTSCHE INVEST I TOP EUROPE Investment focus by sector Equities: 984%* Financials Health Care Consumer Discretionaries Industrials Materials Consumer Staples Telecommunication Services Utilities Information Technology Energy Certificates Cash and other assets In % of the fund s net assets As of: December 31, 2014 (* incl REITs 19%) Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages company with a first-class product portfolio and relatively low cyclicality Investors increasingly focused on these highly capitalized stocks with relatively stable growth in 2014 given lower growth expectations In the utilities sector, some European countries saw a reduction in the pressure resulting from high regulatory requirements In addition, utility stocks received a boost from internal restructuring programs and, in some cases, from a change of management This was reflected in the performance of some stocks in the sector The subfund participated in the increase in the share price of France s GdF Suez, which was added to the portfolio The sectors contributing to the portfolio s performance included financials Starting from a low level, market participants expected a normalization of earnings and valuations, as well as a phase of balance sheet strengthening with greater scope for increasing dividend payments In the fourth quarter of 2014, the commodity markets were affected in particular by the drastic drop in the oil price The energy sector subsequently came under significant price pressure As the portfolio was already significantly underweight in energy stocks relative to the benchmark, the portfolio outperformed in this phase The sub-fund s level of investment was adapted flexibly through the use of index futures contracts 108

111 DWS Invest US Value Equities Investment objective and performance in the reporting period DWS Invest US Value Equities invested mainly in shares of US companies considered undervalued by the subfund management In the relatively short reporting period from the beginning of January through January 28, 2014 (the merger date), the sub-fund recorded a decline of 18% per share (LC share class, BVI method) Its benchmark, the S&P 500, was down 20% in the same period (both percentages in euro terms) Investment policy in the reporting period During the reporting period, the US equity market declined on balance The developments in the emerging markets also weighed on exchanges worldwide Prior to the merger with the sub-fund DWS Invest II US Top Dividend of DWS Invest II SICAV, the portfolio composition of DWS Invest US Value Equities was also partially adjusted This was done to take account of the investment focus of DWS Invest II US Top Dividend, which invested mainly in equities of highly capitalized US companies with above-average dividend yields and promising dividend growth Against this backdrop, shares of companies with stable business models and solid distributions such as Microsoft and AT&T were added to the portfolio DWS INVEST US VALUE EQUITIES Five-year performance /28/09* 1/10 1/11 1/12 1/ DWS Invest US Value Equities (LC share class) * January 28, 2009 = 100 Data on euro basis BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: January 28, 2014 (Liquidation date) Performance of share classes vs benchmark (in euro) Share class ISIN 1 year 3 years 5 years Since beginning of fiscal year Class LC LU % 292% 822% -18% Class LCH (P) LU % 252% 779% -27% Class NC LU % 265% 758% -19% Class NCH (P) LU % 226% 711% -28% Class FC LU % 324% 899% -18% Class E2 1 LU % 323% 964% -30% S&P % 502% 1224% -20% 1 in USD BVI method performance, ie, excluding the initial sales charge Past performance is no guide to future results As of: January 28, 2014 (Liquidation date) Exchange factor for the share classes (in euro) Share class ISIN Exchange factor Class LC LU Class LCH (P) LU Class NC LU Class NCH (P) LU Class FC LU Class E2 LU Merger of the sub-fund The sub-fund DWS Invest US Value Equities was merged into the sub-fund DWS Invest II US Top Dividend of DWS Invest II SICAV effective January 28, 2014 The issue of new shares was discontinued for the terminating subfund on January 21, 2014; the last redemption of shares occurred up to the order acceptance deadline, which was also on January 21,

112

113 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year Investment portfolios and financial statements for the reporting period

114 Deutsche Invest I Africa Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Choppies Enterprises Ltd Count BWP Sefalana Holding Co Ltd Count BWP First Quantum Minerals Ltd Count CAD Commercial International Bank Egypt SAE Count EGP Egyptian Financial Group-Hermes Holding Count EGP EL EZZ Ceramics and Porcelain Co Count EGP ElSwedy Electric Co Count EGP Ezz Steel Count EGP Ghabbour Auto Count EGP Medinet Nasr Housing Count EGP Orascom Telecom Holding SAE Count EGP Orascom Telecom Media And Technology Holding SAE Count EGP Oriental Weavers Count EGP Palm Hills Developments SAE Count EGP Six of October Development & Investment Count EGP Talaat Moustafa Group Count EGP Telecom Egypt Co Count EGP Banco BPI SA Count EUR Banco Comercial Portugues SA Count EUR Mota-Engil Africa NV -Rights Exp 18Nov14 Count EUR Mota-Engil SGPS SA Count EUR Lekoil Ltd Count GBP Old Mutual Plc Count GBP Petra Diamonds Ltd Count GBP Savannah Petroleum Plc Count GBP SEPLAT Petroleum Development Co Plc Count GBP Barclays Bank of Kenya Ltd Count KES Centum Investment Co, Ltd Count KES Co-operative Bank of Kenya Ltd Count KES East African Breweries Ltd Count KES Equity Bank Ltd Count KES KenolKobil Ltd Group Count KES Kenya Commercial Bank Ltd Count KES Safaricom Ltd Count KES TransCentury Ltd Count KES Umeme Ltd Count KES Attijariwafa Bank Count MAD Managem Count 100 MAD Cadbury Nigeria Plc Count NGN Dangote Cement Plc Count NGN Diamond Bank Plc Count NGN Flour Mills of Nigeria Plc Count NGN Guaranty Trust Bank Plc Count NGN International Breweries Plc Count NGN Nestle Nigeria Plc Count NGN PZ Cussons Nigeria Plc Count NGN Stanbic IBTC Holdings Plc Count NGN United Bank for Africa Plc Count NGN Zenith Bank Plc Count NGN Egypt Kuwait Holding Co, SAE Count USD Global Telecom Holding -GDR- Count USD Ecobank Transnational, Inc Count XOF African Rainbow Minerals Ltd Count ZAR Barclays Africa Group Ltd Count ZAR Brait SE Count ZAR Discovery Ltd Count ZAR FirstRand Ltd Count ZAR Holdsport Ltd Count ZAR Massmart Holdings Ltd Count ZAR Mondi Ltd Count ZAR MTN Group Ltd Count ZAR Naspers Ltd -N- Count ZAR Nedbank Group Ltd Count ZAR Omnia Holdings Ltd Count ZAR Sanlam Ltd Count ZAR Shoprite Holdings Ltd Count ZAR Standard Bank Group Ltd Count ZAR Steinhoff International Holdings Ltd Count ZAR Total securities portfolio

115 Deutsche Invest I Africa Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Swedish krona SEK Deposits in non-eu/eea currencies Egyptian pound EGP Australian dollar AUD Botswana pula BWP Kenyan shilling KES Moroccan dirham MAD Nigerian naira NGN Swiss franc CHF South African rand ZAR US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets Short-term liabilities Loans in non-eu/eea currencies Canadian dollar CAD Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR 9817 Class GBP RD GBP Class USD LC USD 8239 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class GBP RD Count 472 Class USD LC Count

116 Deutsche Invest I Africa Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EFM AFRICA - Total Return Net Dividend in EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Botswana pula BWP = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Egyptian pound EGP = EUR 1 British pound GBP = EUR 1 Kenyan shilling KES = EUR 1 Moroccan dirham MAD = EUR 1 Nigerian naira NGN = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = EUR 1 CFA franc XOF = EUR 1 South African rand ZAR = 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 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 Assets reported in this report are not valued at derived market values 114

117 Deutsche Invest I Africa 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Access Bank Plc Count ADC African Development Corp AG Count ADC African Development Corp AG Count Afren Plc Count Africa Oil Corp Count African Minerals Ltd Count African Petroleum Corp Ltd Count AngloGold Ashanti Ltd Count Arabian Cement Company Count Atlas Mara Co-Nvest Ltd Count Atlas Mara Co-Nvest Ltd Count Banco Comercial Portugues SA Count Banco Comercial Portugues SA -Rights Exp 18Jul14 Count Caracal Energy, Inc Count Cobalt International Energy, Inc Count DataTec Ltd Count Diamond Bank Plc -Rights Exp 26Aug14 Count Ecobank Transnational, Inc Count Fastnet Oil & Gas Plc Count FBN Holdings Plc Count FCMB Group Plc Count Guinness Nigeria Plc Count ishares Developed Small-Cap ex North America ETF -Rights Exp 31Dec49 Count Juhayna Food Industries Count Lafarge Cement WAPCO Nigeria Plc Count London Mining Plc Count MPI Count Murray & Roberts Holdings Ltd Count Nampak Ltd Count Nigerian Breweries Plc Count Ophir Energy Plc Count Qalaa Holdings Count Randgold Resources Ltd Count Raubex Group Ltd Count Rhodes Food Group Pty Ltd Count Rocket Internet AG Count Sasol Ltd Count Sefalana Holding Co -Rights Exp 15May14 Count Sixth of October Development & Investment Co -Rights Exp 27Oct14 Count Skye Bank Plc Count Tiger Brands Ltd Count Tsogo Sun Holdings Ltd Count Tullow Oil Plc Count Uchumi Supermarkets Ltd Count Uchumi Supermarkets Ltd -Rights Exp 28Nov14 Count Zambeef Products Plc Count

118 Deutsche Invest I Africa Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Performance-based fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD The income for the fiscal year is reinvested Class FC 103% pa, Class LD 204% pa, Class GBP RD 114% pa, Class LC 204% pa, Class NC 269% pa, Class USD LC 209% pa Class NC The income for the fiscal year is reinvested The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year In addition, as it outperformed the defined benchmark, the fund incurred a performancebased fee for the fiscal year from January 1, 2014, through December 31, 2014, of Class FC 163% pa, Class LD 138% pa, calculated on the fund s average net assets Class LC 132% pa, Class NC 121% pa As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 132 Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 116

119 Deutsche Invest I Africa Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR 9817 Class GBP RD (formerly: RDR1) GBP Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class RDR1 (formerly: DS1) GBP Class A2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class DS1 GBP Class A2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 664% of all transactions The total volume was EUR

120 Deutsche Invest I Asia ex Japan Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities AIA Group Ltd Count HKD Anhui Conch Cement Co, Ltd -H- Count HKD Beijing Enterprises Holdings Ltd Count HKD CGN Power Co, Ltd Count HKD China Construction Bank Corp -H- Count HKD China Gas Holdings Ltd Count HKD China Life Insurance Co, Ltd -H- Count HKD China Maple Leaf Educational Systems Ltd Count HKD China Merchants Bank Co, Ltd -H- Count HKD China Mobile Ltd Count HKD China Oilfield Services Ltd -H- Count HKD China Overseas Land & Investment Ltd Count HKD China Resources Power Holdings Co, Ltd Count HKD China State Construction International Holdings Ltd Count HKD China Unicom Hong Kong Ltd Count HKD CNOOC Ltd Count HKD Dongfeng Motor Group Co, Ltd -H- Count HKD Great Wall Motor Co, Ltd -H- Count HKD Haier Electronics Group Co, Ltd Count HKD Haitong Securities Co, Ltd Count HKD Huadian Fuxin Energy Corp Ltd Count HKD Industrial & Commercial Bank of China Ltd -H- Count HKD Minth Group Ltd Count HKD PetroChina Co, Ltd Count HKD Ping An Insurance Group Co of China Ltd Count HKD Sands China Ltd Count HKD Shenzhou International Group Holdings Ltd Count HKD Techtronic Industries Co Count HKD Tencent Holdings Ltd Count HKD VTech Holdings Ltd Count HKD Want Want China Holdings Ltd Count HKD Wharf Holdings Ltd Count HKD Zhuzhou CSR Times Electric Co, Ltd -H- Count HKD Bank Mandiri Tbk PT Count IDR Bank Rakyat Indonesia Persero Tbk PT Count IDR Indocement Tunggal Prakarsa Tbk PT Count IDR Matahari Department Store Tbk PT Count IDR Multipolar Tbk PT Count IDR Telekomunikasi Indonesia Persero Tbk PT Count IDR Cheil Industries, Inc Count KRW Doosan Infracore Co, Ltd Count KRW Hana Financial Group, Inc Count KRW Hyundai Department Store Co, Ltd Count KRW Hyundai Motor Co Count KRW Hyundai Wia Corp Count KRW Kangwon Land, Inc Count KRW KT&G Corp Count KRW LG Chem Ltd Count KRW Samsung C&T Corp Count KRW Samsung Fire & Marine Insurance Co, Ltd Count KRW Samsung SDS Co, Ltd Count KRW Shinhan Financial Group Co, Ltd Count KRW Shinsegae Co, Ltd Count KRW SK Hynix, Inc Count KRW SK Telecom Co, Ltd Count KRW Eleven Malaysia Holdings Bhd Count MYR AirAsia Bhd Count MYR Gamuda Bhd Count MYR RHB Capital Bhd Count MYR SapuraKencana Petroleum Bhd Count MYR Alliance Global Group, Inc Count PHP Ayala Land, Inc Count PHP Bloomberry Resorts Corp Count PHP Metropolitan Bank & Trust Count PHP Universal Robina Corp Count PHP DBS Group Holdings Ltd Count SGD Ezion Holdings Ltd Count SGD Singapore Telecommunications Ltd Count SGD Kasikornbank PCL Count THB Major Cineplex Group PCL Count THB Minor International PCL Count THB Airtac International Group Count TWD Cathay Financial Holding Co, Ltd Count TWD Chailease Holding Co, Ltd Count TWD ESun Financial Holding Co, Ltd Count TWD Eclat Textile Co, Ltd Count TWD Hermes Microvision, Inc Count TWD Largan Precision Co, Ltd Count TWD MediaTek, Inc Count TWD Sunspring Metal Corp Count TWD

121 Deutsche Invest I Asia ex Japan Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Taiwan Cement Corp Count TWD Tong Hsing Electronic Industries Ltd Count TWD Alibaba Group Holding Count USD ICICI Bank Ltd -ADR- Count USD Infosys Ltd -ADR- Count USD Melco Crown Entertainment Ltd -ADR- Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD Tata Motors Ltd -ADR- Count USD Securities admitted to or included in organized markets Equities Larsen & Toubro Ltd -GDR Reg- Count USD Reliance Industries Ltd -GDR- 144A Count USD Samsung Electronics Co, Ltd -GDR Reg- Count USD Investment fund units In-group fund units db x-trackers FTSE Vietnam UCITS ETF (0650%) Units EUR Non-group fund units ishares FTSE A50 China Index ETF (0990%) ** Units HKD Total securities portfolio Derivatives (Minus signs denote short positions) Derivatives on individual securities Warrants on securities Equity warrants Minor International PCL 04/11/2017 Count THB Bharti Airtel Ltd 24/01/2015 Count USD Britannia Industries Ltd 24/08/2014 Count USD HCL Technologies Ltd 17/01/2017 Count USD KT&G Corp 02/02/2015 Count USD KT&G Corp 05/03/2019 Count USD Lupin Ltd 20/02/2017 Count USD Shree Cement Ltd 20/04/2020 Count USD State Bank of India 18/08/2017 Count USD Tata Consultancy Services Ltd 17/06/2015 Count USD Equity index derivatives Receivables/payables Equity index futures MSCI Taiwan Index Futures 01/ USD (SIM) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in non-eu/eea currencies Hong Kong dollar HKD Indonesian rupiah IDR Malaysian ringgit MYR New Taiwan dollar TWD Philippine peso PHP Singapore dollar SGD South Korean won KRW Thai baht THB US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 119

122 Deutsche Invest I Asia ex Japan Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class FC Count Class LC Count Class LD Count 259 Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI AC ASIA ex JAPAN Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Market abbreviations Futures exchanges SIM = Singapore Exchange Derivatives Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual ishares FTSE A50 China Index ETF (0990%) Count Total receivables from securities loans Contracting party for securities loans Merrill Lynch International Total collateral pledged by third parties for securities loans EUR thereof: Equities EUR

123 Deutsche Invest I Asia ex Japan Exchange rates (indirect quotes) As of December 30, 2014 Hong Kong dollar HKD = EUR 1 Indonesian rupiah IDR = EUR 1 South Korean won KRW = EUR 1 Malaysian ringgit MYR = EUR 1 Philippine peso PHP = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Warrants Additions Disposals Equities AAC Technologies Holdings, Inc Count Asian Pay Television Trust Count Bank of China Ltd -H- Count BEC World PCL Count Brilliance China Automotive Holdings Ltd Count China Communications Services Corp, Ltd -H- Count China Life Insurance Co, Ltd Count China Machinery Engineering Corp Count China Pacific Insurance Group Co, Ltd Count China Railway Construction Corp Ltd -H- Count China Railway Group Ltd Count China Resources Land Ltd Count China Shenhua Energy Co, Ltd -H- Count Chipbond Technology Corp Count Dr Reddy s Laboratories Ltd - ADR- Count Eugene Technology Co, Ltd Count Huadian Power International Corp Ltd Count Indofood Sukses Makmur Tbk PT Count Interpark INT Corp Count Intime Retail Group Co, Ltd Count Jumei International -ADR- Count Lextar Electronics Corp Count Mindray Medical International Ltd -ADR- Count Poly Culture Group Corp, Ltd Count SA SA International Holdings Ltd Count Samsonite International SA Count Samsung Heavy Industries Co, Ltd Count Sembcorp Marine Ltd Count Semen Indonesia Persero Tbk PT Count Siam Commercial Bank PCL Count SK Innovation Co, Ltd Count 490 Skyworth Digital Holdings Ltd Count St Shine Optical Co, Ltd Count Sun Hung Kai Properties Ltd Count Tencent Holdings Ltd Count Tencent Holdings Ltd Count Warrants on securities Equity warrants Dish TV India Ltd 19/04/2017 Count HCL Infosystems Ltd 30/01/2017 Count Housing Development Finance Corp 05/05/2016 Count ITC Ltd 04/08/2016 Count Sun Hung Kai Properties Ltd 22/04/2016 Count Sun Pharmaceuticals Industries Ltd 31/01/2015 Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlying: MSCI Taiwan) EUR

124 Deutsche Invest I Asia ex Japan Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 091% pa, Class LD 178% pa, Class LC 178% pa, Class NC 258% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 019 Class NC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 122

125 Deutsche Invest I Asia ex Japan Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR 9967 Class NC EUR Class FC EUR Class LC EUR Class LD EUR Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2511% of all transactions The total volume was EUR

126 Deutsche Invest I Asian Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Interest-bearing securities 200 % Amipeace Ltd (MTN) 2013/2016 USD % % Bank of East Asia Ltd 2014/2024 * USD % % Bestgain Real Estate Ltd -Reg- 2013/2018 USD % % Central Plaza Development Ltd 2014/2049 * USD % % Charming Light Investments Ltd (MTN) 2014/2019 USD % % China Overseas Finance Cayman III Ltd 2013/2018 USD % % CNPC General Capital Ltd (MTN) 2014/2017 USD % % Eastern Creation II Investment Holdings Ltd (MTN) 2014/2020 USD % % Export-Import Bank of India (MTN) 2012/2017 USD % % Franshion Investment Ltd 2012/2017 USD % % Greenland Global Investment Ltd (MTN) 2014/2017 USD % % HDFC Bank Ltd (MTN) 2013/2016 USD % % Hero Asia Investment Ltd 2014/2017 USD % % Hutchison Whampoa International 12 Ltd -Reg- 2012/2049 * USD % % Indian Oil Corp Ltd 2010/2015 USD % % Korea Development Bank 2014/2020 USD % % Korea Exchange Bank 2014/2024 USD % % LS Finance 2017 Ltd 2012/2017 USD % % ONGC Videsh Ltd -Reg- 2014/2019 USD % % Shimao Property Holdings Ltd 2011/2018 USD % % Sri Lanka Government International Bond -Reg- 2012/2022 USD % % Sun Hung Kai Properties Capital Market Ltd 2011/2016 USD % % Texhong Textile Group Ltd -Reg- 2011/2016 USD % Securities admitted to or included in organized markets Interest-bearing securities 500 % ICICI Bank Ltd/Hong Kong -Reg- 2010/2016 USD % Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Closed positions USD/EUR 01 million Currency futures (long) Open positions EUR/USD 4 million Cash at bank Deposits in non-eu/eea currencies US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 124

127 Deutsche Invest I Asian Bonds Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FCH EUR Class USD FC USD Number of shares outstanding Class FCH Count Class USD FC Count Composition of the reference portfolio (according to CSSF circular 11/512) JPMorgan ASIAN CREDIT INDEX in USD TR - JACI Index Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from June 16, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD 000 as of the reporting date Market abbreviations Contracting party for currency futures State Street Bank and Trust Company 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 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 Assets reported in this report are not valued at derived market values Notes on valuation * Floating interest rate *** Does not include positions with a negative balance, if such exist 125

128 Deutsche Invest I Asian Bonds 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Interest-bearing securities 225 % Asian Development Bank (MTN) 2010/2017 USD % Bangkok Bank PCL/Hong Kong -Reg- 2010/2015 USD % CNPC General Capital Ltd (MTN) 2014/2017 * USD % CSSC Capital 2013 Ltd 2013/2016 USD % Far East Horizon Ltd 2014/2049 * USD % Goodman HK Finance 2014/2024 USD % Huayi Finance I Ltd 2014/2019 USD % Korea Electric Power Corp -Reg- 2010/2015 USD % Korea Water Resources Corp 2014/2018 USD % PCCW-HKT Capital No 5 Ltd -Reg- 2013/2023 USD % Perusahaan Penerbit SBSN Indonesia 2014/2024 USD % Rural Electrification Corp, Ltd (MTN) -Reg- 2011/2016 USD % The Korea Development Bank 2012/2017 USD Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Value ( 000) Futures contracts Currency futures (short) Futures contracts to sell currencies USD/EUR USD Currency futures (long) Futures contracts to purchase currencies EUR/USD USD

129 Deutsche Invest I Asian Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from June 16, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Management fee USD thereof: Basic management fee USD Income from expense cap USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Distribution costs USD Other USD Total expenses USD III Net investment income USD IV Sale transactions Realized gains/losses USD Capital gains/losses USD V Net gain/loss for the reporting period USD BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FCH 042% 1, Class USD FC 041% 1 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal period Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the business period USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the business period USD Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD Details on the distribution policy 2 Class FCH The income for the fiscal period is reinvested Class USD FC The income for the fiscal period is reinvested 2 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 USD USD USD - Net asset value per share at the end of the reporting period 2014 Class FCH EUR Class USD FC USD Class FCH EUR - Class USD FC USD Class FCH EUR - Class USD FC USD - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 395% of all transactions The total volume was USD

130 Deutsche Invest I Asian Small/Mid Cap Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities AIA Group Ltd Count HKD Best Pacific International Holdings Ltd Count HKD Clear Media Ltd Count HKD Emperor Entertainment Hotel Ltd Count HKD Future Bright Holdings Ltd Count HKD IRC Ltd Count HKD Lung Cheong International Holdings Ltd ** Count HKD Perfect Shape PRC Holdings Ltd Count HKD Playmates Toys, Ltd Count HKD Summit Ascent Holdings Ltd ** Count HKD Techtronic Industries Co Count HKD Tradelink Electronic Commerce Ltd Count HKD West China Cement Ltd ** Count HKD Multipolar Tbk PT Count IDR Petrosea Tbk PT Count IDR Emami Ltd Count INR Glenmark Pharmaceuticals Ltd Count INR Petronet LNG Ltd Count INR AJ Rent A Car Co, Ltd ** Count KRW CJ O Shopping Co, Ltd Count KRW DHP Korea Co, Ltd ** Count KRW Halla Visteon Climate Control Corp ** Count KRW i-sens, Inc ** Count KRW Samsung Electronics Co, Ltd Count KRW SK Hynix, Inc Count KRW Prestariang Bhd Count MYR Tune Ins Holdings Bhd Count MYR ABS-CBN Holdings Corp Count PHP COL Financial Group, Inc Count PHP Concepcion Industrial Corp Count PHP Pepsi-Cola Products Philippines, Inc Count PHP Semirara Mining and Power Corp Count PHP BreadTalk Group Ltd Count SGD CWT Ltd Count SGD ifast Corp, Ltd Count SGD QAF Ltd Count SGD Riverstone Holdings Ltd Count SGD Sarine Technologies Ltd Count SGD Silverlake Axis Ltd Count SGD Vard Holdings Ltd Count SGD SPCG PCL Count THB Thai Reinsurance PCL Count THB Thai Reinsurance PCL Count THB KD Holding Corp Count TWD PChome Online, Inc Count TWD St Shine Optical Co, Ltd Count TWD Sunspring Metal Corp Count TWD Taiwan Taxi Co Ltd, Inc Count TWD China Distance Education Holdings Ltd -ADR- Count USD Mandarin Oriental International Ltd Count USD Phoenix New Media Ltd -ADR- Count USD Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in non-eu/eea currencies Hong Kong dollar HKD Indian rupee INR Indonesian rupiah IDR Malaysian ringgit MYR New Taiwan dollar TWD Philippine peso PHP Singapore dollar SGD South Korean won KRW Thai baht THB US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets

131 Deutsche Invest I Asian Small/Mid Cap Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class LS EUR Class NC EUR Class USD FC USD Class USD LC USD Number of shares outstanding Class FC Count Class LC Count Class LD Count Class LS Count Class NC Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) FTSE Asia Pacific Small Cap ex Japan Index in EUR Constituents (January 1, 2014, through February 27, 2014), FTSE ASIA PACIFIC SMALL CAP EX JAPAN in EUR (February 28, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual AJ Rent A Car Co, Ltd Count DHP Korea Co, Ltd Count Halla Visteon Climate Control Corp Count i-sens, Inc Count Lung Cheong International Holdings Ltd Count Summit Ascent Holdings Ltd Count West China Cement Ltd Count Total receivables from securities loans Contracting party for securities loans Deutsche Bank London, Merrill Lynch International, Morgan Stanley Intl London EQ and UBS AG LDN BRANCH Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR

132 Deutsche Invest I Asian Small/Mid Cap Exchange rates (indirect quotes) As of December 30, 2014 Hong Kong dollar HKD = EUR 1 Indonesian rupiah IDR = EUR 1 Indian rupee INR = EUR 1 South Korean won KRW = EUR 1 Malaysian ringgit MYR = EUR 1 Philippine peso PHP = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes ** Some or all of these securities are lent 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities 58com, Inc -ADR- Count Alibaba Group Holding Count Baiksan Co, Ltd Count China Mobile Ltd Count China Petroleum & Chemical Corp -H- Count CNOOC Ltd Count Cosco Capital, Inc Count COSCO Pacific Ltd Count CPMC Holdings Ltd Count D&L Industries, Inc Count Del Monte Pacific Ltd Count Dynasty Ceramic PCL Count Elnusa Tbk PT Count Genting Hong Kong Ltd Count Global-Estate Resorts, Inc Count Goodbaby International Holdings Ltd Count Goodpack Ltd Count Haier Electronics Group Co, Ltd Count Hilong Holding Ltd Count Huaneng Renewables Corp Ltd Count King Slide Works Co, Ltd Count KT Skylife Co, Ltd Count Labixiaoxin Snacks Group Ltd Count MakeMyTrip Ltd Count McLeod Russel India Ltd Count MediaTek, Inc Count Mega Lifesciences PCL Count Minth Group Ltd Count Mitrabahtera Segara Sejati Tbk PT Count Mudajaya Group Bhd Count Natco Pharma Ltd Count OSIM International Ltd Count Pakuwon Jati Tbk PT Count PetroChina Co, Ltd Count Samsung Electronics Co, Ltd -Pref- Count Semirara Mining Corp Count Shenguan Holdings Group Ltd Count SouFun Holdings Ltd -ADR- Count Soulbrain Co, Ltd Count Sung Kwang Bend Co, Ltd Count Taiwan Semiconductor Manufacturing Co, Ltd Count Tata Sponge Iron Ltd Count Tencent Holdings Ltd Count Thai Reinsurance PCL Count Thai Stanley Electric PCL Count Thre -Rights Exp 01Sept14 Count Thre -Rights Exp 03Sept14 Count Vitasoy International Holdings Ltd Count Wumart Stores, Inc Count Xingda International Holdings Ltd Count Yum! Brands, Inc Count

133 Deutsche Invest I Asian Small/Mid Cap Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 091% pa, Class LD 178% pa, Class NC 246% pa, Class USD LC 173% pa Class LC 176% pa, Class LS 178% pa, Class USD FC 091% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0030% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 068 Class LS The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 131

134 Deutsche Invest I Asian Small/Mid Cap Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class LS EUR Class NC EUR Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR Class LS EUR Class NC EUR Class A2 USD Class E2 USD Class FC EUR Class LC EUR Class LD EUR Class LS EUR Class NC EUR Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1695% of all transactions The total volume was EUR

135 Deutsche Invest I Brazilian Equities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Ambev SA Count BRL B2W Cia Digital Count BRL Banco Bradesco SA Count BRL Banco Bradesco SA -Pref- Count BRL Banco do Brasil SA Count BRL BB Seguridade Participacoes Count BRL BM&FBovespa SA Count BRL Brasil Pharma SA Count BRL BRF SA Count BRL Cia Brasileira de Distribuicao Count BRL Cia de Transmissao de Energia Eletrica Paulista -Pref- Count BRL Cielo SA Count BRL CPFL Energia SA Count BRL EDP - Energias do Brasil SA Count BRL Hypermarcas SA Count BRL Investimentos Itau SA -Pref- Count BRL Itau Unibanco Holding SA -Pref- Count BRL JHSF Participacoes SA Count BRL Lojas Americanas SA -Pref- Count BRL LPS Brasil Consultoria de Imoveis SA Count BRL Multiplan Empreendimentos Imobiliarios SA Count BRL Ouro Fino Saude Animal Participacoes SA Count BRL Petroleo Brasileiro SA -Pref- Count BRL Raia Drogasil SA Count BRL Usinas Siderurgicas de Minas Gerais SA Count BRL Usinas Siderurgicas de Minas Gerais SA -Pref A- Count BRL Ambev SA -ADR- Count USD Anheuser-Busch InBev NV -ADR- Count USD Petroleo Brasileiro SA -ADR- Count USD Tim Participacoes SA -ADR- Count USD Vale SA -ADR- Count USD Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Brazilian real BRL Canadian dollar CAD US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets Other liabilities Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 133

136 Deutsche Invest I Brazilian Equities Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 8008 Class LC EUR 7575 Class NC EUR 7464 Number of shares outstanding Class FC Count Class LC Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI BRAZIL 10/40 Index in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Exchange rates (indirect quotes) As of December 30, 2014 Brazilian real BRL = EUR 1 Canadian dollar CAD = EUR 1 British pound GBP = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values 134

137 Deutsche Invest I Brazilian Equities 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Ambev SA -Rights Exp 27May14 Count B2W Cia Digital Count B2W Cia Digital -Rights Exp 08Jul14 Count Banco Santander Brasil SA Count BR Malls Participacoes SA Count Brasil Pharma SA -Rights Exp 06Jun14 Count CCR SA Count Centrais Eletricas Brasileiras SA Count Cia de Transmissao de Energia Eletrica Paulista Count Cia de Transmissao de Energia Eletrica Paulista - Rights Exp 19Aug14 Count Cia Energetica de Minas Gerais -Pref- Count Cia Energetica de Sao Paulo -Pref B- Count Cia Hering Count Cia Siderurgica Nacional SA Count Eneva SA Count Gafisa SA Count Gerdau SA -Pref- Count Itau Unibanco Holding SA -ADR- Count Itausa - Investimentos Itau SA Count Itausa -Rights Exp 26Mar2014 Count Light SA Count Natura Cosmeticos SA Count Oi SA Count Oi SA -Pref- Count Petroleo Brasileiro SA Count Petroleo Brasileiro SA -ADR- Count Profarma Distribuidora de Produtos Farmaceuticos SA Count Profarma Distribuidora de Produtos Farmaceuticos SA -Rights Exp 11Jun14 Count Smiles SA Count Suzano Papel e Celulose SA -Pref- Count Telefonica Brasil SA Count Tim Participacoes SA Count Vale SA Count Vale SA Count

138 Deutsche Invest I Brazilian Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR Total expenses EUR III Net investment income EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 102% pa, Class NC 263% pa Class LC 197% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR 8008 Class LC EUR 7575 Class NC EUR Class FC EUR 8191 Class LC EUR 7824 Class NC EUR Class FC EUR Class LC EUR 9823 Class NC EUR 9807 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 341% of all transactions The total volume was EUR

139 Deutsche Invest I China Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Interest-bearing securities 7875 % 21Vianet Group, Inc 2014/2016 CNH % % 21Vianet Group, Inc 2014/2017 CNH % % Abu Dhabi Gas Industries Ltd 2014/2015 CNH % % Agricultural Bank of China Ltd 2014/2015 CNH % % AVIC International Finance & Investment 2014/2017 CNH % % Banco Bradesco SA 2013/2016 CNH % % Banco BTG Pactual Cayman 2013/2016 CNH % % Bank of China Singapore 2014/2015 CNH % % Bank of Communications HK 2014/2015 CNH % % Bank Tokyo Mitsubishi UFJ 2014/2017 CNH % % Beijing Cap Hoing Kong 2014/2017 CNH % % Bitronic Limited 2012/2015 CNH % % BOC Aviation Pte Ltd 2014/2018 CNH % % BP Capital Markets Plc 2014/2019 CNH % % Cagamas Global Plc 2014/2017 CNH % % Caterpillar Financial Services 2014/2016 CNH % % Central American Bank for Economic Integration 2013/2016 CNH % % China City Construct International 2014/2014 CNH % % China Construct Bank HK 2014/2015 CNH % % China Construction Bank 2014/2024 * CNH % % China Datang Corp 2013/2016 CNH % % China Electronics Corp 2014/2017 CNH % % China Government Bond 2013/2028 CNH % % China Minmetals Corp 2013/2016 CNH % % China Power International Development Ltd 2012/2015 CNH % % China Power International Development Ltd 2014/2017 CNH % % China Singyes Solar Technologies Holdings Ltd 2014/2017 CNH % % China Singyes Solar Technologies Holdings Ltd 2014/2019 CNH % % China Unicom Ltd 2014/2017 CNH % % Corp Andina de Fomento 2012/2015 CNH % % Datang International Power Generation Co, Ltd 2012/2015 CNH % % Datang Telecom Hong Kong Holdings Co, Ltd 2014/2017 CNH % % Eastern Air Overseas HK 2014/2017 CNH % % Eastern Air OverseasCorporation Ltd 2013/2016 CNH % % Emirates NBD PJSC 2012/2015 CNH % % Far East Horizon Ltd 2013/2016 CNH % % Far East Horizon Ltd 2013/2016 CNH % % Fonterra Co-operative Group Ltd 2014/2019 CNH % % Gazprombank 2014/2017 CNH % % Global Logistic Properties 2011/2016 CNH % % Global Logistic Properties Ltd 2012/2018 CNH % % Greenland Hong Kong Holdings Ltd 2017/2018 CNH % % Hainan Airline 2014/2017 CNH % % HSBC Bank Co, Ltd 2013/2015 * CNH % % Huaneng Power International Inc 2013/2016 CNH % % ICBC Dubai 2014/2015 CNH % % ICICI Bank Ltd 2012/2015 CNH % % ICICI Bank Ltd 2013/2015 CNH % % Industrial & Commercial Bank of China Asia Ltd (MTN) 2012/2021 CNH % % International Offshore Ltd 2012/2015 CNH % % ITNL International Pte Ltd 2014/2017 CNH % % Jinchuan Group 2014/2017 CNH % % Jingneng Clean Energy Co, Ltd 2014/2017 CNH % % Korea Development Bank 2014/2015 CNH % % Lai Fung Holdings Ltd 2013/2018 CNH % % LANXESS Finance BV 2012/2015 CNH % % Maikun Investment Co Ltd 2014/2017 CNH % % Mitsubishi UFJ Lease & Finance 2014/2017 CNH % % New World China Land Ltd 2013/2018 CNH % % Panda Funding Investment /2016 CNH % % Ping An International Finance 2014/2017 CNH % % Pointer Investment Ltd 2012/2015 CNH % % Powerlong Real Estate Holdings Ltd 2014/2017 CNH % % Proven Honour Cap 2012/2015 CNH % % Proven Honour Capital Ltd 2014/2017 CNH % % Qilu International Finance BVI Co, Ltd 2014/2017 CNH % % RKI Finance 2013 Ltd 2013/2016 CNH % % Russian Agricultural Bank JSC 2013/2016 CNH % % Shandong International Ltd 2012/2015 CNH % % Sinitrans Sailing Ltd 2014/2017 CNH %

140 Deutsche Invest I China Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets 4125 % SK Global Chemical Co, Ltd 2013/2016 CNH % % Soar Rise Ltd 2014/2017 CNH % % Starway Assets Enterprises, Inc 2014/2017 CNH % % Times Property Holdings Ltd 2014/2017 CNH % % Unican Ltd 2014/2017 CNH % % Unican Ltd 2014/2017 CNH % % Unilever NV 2014/2017 CNH % % Uni-President China Holdings Ltd 2013/2016 CNH % % Universal Number One Co, Ltd 2014/2017 CNH % % Value Success International 2013/2016 CNH % % Value Success International Ltd 2013/2018 CNH % % Vast Expand Ltd 2014/2017 CNH % % Veolia Environment 2012/2017 CNH % % Volkswagen International Finance NV 2014/2019 CNH % % Wanhua Chemical International Holding Co, Ltd 2014/2017 CNH % % Yieldking Investment Ltd 2014/2017 CNH % % Zhuhai Da Heng Qin Co, Ltd 2014/2017 CNH % % Bank of Communications Co, Ltd 2014/2026 * EUR % % Indust & Comm Bank China 2014/2049 * EUR % % Agricultural Bank China HK 2014/2017 USD % % Alibaba Group Holding Ltd -Reg- 2014/2021 USD % % Alibaba Group Holding Ltd -Rights Exp 28Nov14 -Reg- USD % % Bank of China Ltd -Reg- 2014/2024 USD % % Central Plaza Development Ltd 2014/2049 * USD % % Chalco Hong Kong Investment Co -Reg- 2014/2049 * USD % % Chalieco Hong Kong Corp, Ltd 2014/2049 * USD % % China Hongqiao Group Ltd 2014/2018 USD % % China Overseas Finance Cayman VI Ltd 2014/2024 USD % % China Shanshui Cement Group Ltd -Reg- 2011/2016 USD % % China Shanshui Cement Group Ltd -Reg- 2012/2017 USD % % China South City Holdings Ltd 2014/2019 USD % % China Taiping Insurance Holdings Co, Ltd 2014/2049 * USD % % Chinatrust Commercial Bank Hong Kong -Reg- 2005/2049 * USD % % CIFI Holdings Group Co, Ltd 2014/2019 USD % % CITIC Ltd (MTN) 2013/2020 USD % % CITIC Pacific Ltd -Reg- 2012/2023 USD % % Dah Sing Bank Ltd (MTN) 2014/2024 * USD % % Dianjian Haixing Ltd 2014/2049 * USD % % Eastern Creation II Investment Holdings Ltd (MTN) 2014/2017 USD % % Far East Horizon Ltd (MTN) 2014/2017 USD % % Far East Horizon Ltd 2014/2049 * USD % % Favor Sea Ltd -Reg- 2014/2019 USD % % Franshion Investment Ltd 2012/2017 USD % % Fufeng Group Ltd -Reg- 2011/2016 USD % % Future Land Development Holdings Ltd 2014/2019 USD % % Greenland Global Investment Ltd (MTN) 2014/2017 USD % % Greenland Global Investment Ltd 2014/2024 USD % % Hebei Iron & Steel Hong Kong International Trade Co, Ltd 2014/2017 USD % % Henson Finance Ltd 2009/2019 USD % % Hero Asia Investment Ltd 2012/2049 * USD % % Hero Asia Investment Ltd 2013/2016 USD % % Hero Asia Investment Ltd 2014/2017 USD % % HLP Finance Ltd -Reg- 2014/2021 USD % % Howes Capital Ltd (MTN) 2012/2017 USD % % Huarong Finance Co, Ltd 2014/2017 USD % % Huayi Finance I Ltd 2014/2019 USD % % Hyva Global BV -Reg- 2011/2016 USD % % Kaisa Group Holdings Ltd 2014/2019 USD % % Kaisa Group Holdings Ltd -Reg- 2013/2018 USD % % Kaisa Group Holdings Ltd -Reg- 2013/2020 USD % % MCC Holding Hong Kong Corp Ltd 2014/2017 USD % % MIE Holdings Corp (MTN) 2013/2018 USD % % MIE Holdings Corp -Reg- 2014/2019 USD % % New World China Land Ltd (MTN) 2014/2019 USD % % NWD Ltd (MTN) 2014/2021 USD % % Oceanwide Real Estate International Holdings Co, Ltd 2014/2019 USD % % Poly Real Estate Finance -Reg- 2014/2019 USD % % Rosy Unicorn Ltd 2012/2017 USD % % Shui On Development Holding Ltd 2014/2019 USD %

141 Deutsche Invest I China Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets % Shui On Development Holding Ltd -Reg- 2012/2049 * USD % % Sino-Ocean Land Perpetual Finance Ltd -Reg- 2011/2049 * USD % % Sino-Ocean Land Treasure Finance I Ltd (MTN) 2014/2019 USD % % Sino-Ocean Land Treasure Finance I Ltd (MTN) 2014/2024 USD % % Skyland Mining BVI Ltd 2014/2017 USD % % Sound Global Ltd 2012/2017 USD % % Sunac China Holdings Ltd 2013/2018 USD % % Sunac China Holdings Ltd 2014/2019 USD % % Times Property Holdings Ltd 2014/2019 USD % % Trillion Chance Ltd 2014/2019 USD % % West China Cement Ltd 2014/2019 USD % % Wheelock Finance Ltd 2013/2018 USD % % Wheelock Finance Ltd 2014/2017 USD % % Wing Hang Bank Ltd (MTN) 2007/2049 * USD % % Yancoal International Resources Development Co, Ltd 2012/2017 USD % % Yancoal International Trading Co, Ltd 2014/2049 * USD % % Yingde Gases Investment Ltd 2014/2020 USD % % Yingde Gases Investment Ltd -Reg- 2013/2018 USD % % Yuzhou Properties Co 2014/2019 USD % % Yuzhou Properties Co, Ltd 2013/2018 USD % % Yuzhou Properties Co, Ltd 2014/2019 USD % Securities admitted to or included in organized markets Interest-bearing securities 300 % Rainbow Days Ltd 2011/2016 CNH % % Sinochem Global Capital Co, Ltd -Reg- 2013/2049 * USD % Unlisted securities Interest-bearing securities 640 % Bohai General Capital 2014/2017 CNH % % China Construction Bank 2014/2015 CNH % % Eastern Dragon International 2014/2019 CNH % % UA Finance BVI Ltd (MTN) 2013/2018 CNH % % Yunnan Energy Investement Overseas Co, Ltd 2014/2017 CNH % Investment fund units In-group fund units Deutsche Invest II China High Income Bonds (0600%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Interest rate futures US Treasury Notes 10 year Futures 03/ USD (CBT) Count US Treasury Notes 5 year Futures 03/ USD (CBT) Count Currency derivatives Receivables/payables Currency futures (short) Open positions USD/EUR 389 million Closed positions USD/CHF 47 million USD/EUR 517 million Currency futures (long) 139

142 Deutsche Invest I China Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Open positions CHF/USD 1775 million CNH/USD million EUR/USD million Closed positions CNH/USD 4128 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in non-eu/eea currencies Chinese offshore renminbi CNH US dollar USD Time deposit CNH-Balances (Harvest Global Investment 230% pa 05/01/2015) CNH Other assets Interest receivable Prepaid placement fee ** Receivables from share certificate transactions Total assets *** Short-term liabilities Loans in non-eu/eea currencies Swiss franc CHF Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 140

143 Deutsche Invest I China Bonds Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class CHF FCH CHF Class CHF LCH CHF Class RMB FC CNH Class RMB LC CNH Class FCH EUR Class IDH EUR Class LCH EUR Class LDH EUR Class NC EUR Class NCH EUR Class NDH EUR 9991 Class PFCH EUR Class PFDQH EUR Class USD FC USD Class USD LC USD Number of shares outstanding Class CHF FCH Count Class CHF LCH Count Class RMB FC Count Class RMB LC Count Class FCH Count Class IDH Count Class LCH Count Class LDH Count Class NC Count Class NCH Count Class NDH Count Class PFCH Count Class PFDQH Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) DB Offshore Renminbi Bond Index USD Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 04, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Futures exchanges CBT = Chicago Board of Trade Contracting parties for currency futures Credit Suisse London Branch (GFX), Hongkong and Shanghai Banking Corp and HSBC Bank USA Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = USD 1 Chinese offshore renminbi CNH = USD 1 Euro EUR = USD 1 141

144 Deutsche Invest I China Bonds 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate ** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) *** Does not include positions with a negative balance, if such exist 142

145 Deutsche Invest I China Bonds 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 750 % 361 Degrees International Ltd 2014/2017 CNH % ABN AMRO Bank NV 2012/2014 CNH % Agricultural Bank of China 2013/2014 CNH % Agricultural Bank of China Ltd 2013/2014 CNH % Agricultural Development Bank of China 2012/2017 CNH % Agricultural Development Bank of China 2013/2015 CNH % Agricultural Development Bank of China 2013/2017 CNH % Alstom SA 2012/2015 CNH % Asia Standard International Group Ltd 2013/2018 CNH % Asian Development Bank 2011/2021 CNH % Asian Development Bank 2013/2020 CNH % AVIC International Investments Ltd 2012/2015 CNH % Axiata SPV2 Bhd 2012/2014 CNH % Banco Santander Chile 2012/2014 CNH % Bank of China 2014/2016 CNH % Bank of China Ltd 2014/2014 CNH % Bank of China Ltd 2014/2016 CNH % Bank of China Ltd/London 2014/2017 CNH % Bank of Communications Hong Kong 2014/2014 CNH % Bank of East Asia 2014/2015 CNH % Baosteel Group Corp Ltd 2011/2014 CNH % Baosteel Group Corp Ltd 2012/2017 CNH % Baosteel Group Corp, Ltd 2013/2015 CNH % Bestgain Real Estate Lyra 2013/2016 CNH % Bestgain Real Estate Lyra 2013/2018 CNH % BOC Aviation Pte Ltd 2013/2018 CNH % BOC Aviation Pte Ltd 2014/2018 CNH % BP Capital Markets Plc 2013/2018 CNH % Caterpillar Financial SE 2013/2015 CNH % Caterpillar Financial SE 2014/2014 CNH % Central Plaza Development Ltd 2014/2017 CNH % China Citic Bank 2014/2017 CNH % China CITIC Bank International Ltd 2013/2014 CNH % China Construct Bank Asia 2014/2016 CNH % China Construction Bank 2013/2014 CNH % China Construction Bank 2013/2014 CNH % China Construction Bank Corp 2014/2017 CNH % China Construction Bank Corp Ltd 2013/2014 CNH % China Datang Overseas Hong Kong Co, Ltd 2012/2015 CNH % China Development Bank 2012/2027 CNH % China Development Bank 2013/2016 CNH % China Development Bank 2014/2019 CNH % China Guangdong Nuclear Power Group 2012/2015 CNH % China Merchants Bank 2014/2017 CNH % China Minmetals Corp 2014/2017 CNH % China Power New Energy Development Co, Ltd 2012/2014 CNH % CITIC Bank International Ltd 2012/2014 CNH % Citic Bank International Ltd 2012/2014 CNH % DBS Bank Ltd 2013/2016 CNH % Dorsett Hospitality International Ltd (MTN) 2014/2018 CNH % Eastern Air Overseas HK 2011/2014 CNH % Esun International Co,Ltd 2014/2018 CNH % Export-Import Bank of China 2012/2027 CNH % Fantasia Holdings Group Co, Ltd 2013/2016 CNH % Far East Horizon Ltd 2012/2014 CNH % Fufeng Group Ltd 2013/2018 CNH % Future Land Development Holdings Ltd 2014/2016 CNH % Gemdale Asia Holding Ltd 2013/2018 CNH % Guosen Securities Overseas 2014/2017 CNH % Hitachi Capital Corp 2012/2015 CNH % Huaxia Bank Co, Ltd 2014/2017 CNH % ICBC Luxembourg 2013/2014 CNH % ICBC Luxembourg 2014/2015 CNH % IDBI Bank Ltd 2013/2014 CNH % IDBI Bank Ltd 2013/2014 CNH % Industrial and Commercial Bank of China SA 2013/2016 CNH % Industrial and Commercial Bank of China SA 2013/2018 CNH % International Finance Corp 2014/2017 CNH % Kaisa Group Holdings Ltd 2012/2015 CNH % Kaisa Group Holdings Ltd 2013/2016 CNH % Kunzhi Ltd 2014/2017 CNH % Lafarge Shui On Cement Ltd 2012/2014 CNH % Lai Sun Garment International Ltd 2014/2018 CNH % Longfor Properties Co, Inc 2014/2018 CNH % Lotte Shopping Co 2012/2015 CNH % Modern Land China Co 2014/2017 CNH % National Australia Bank Ltd 2013/2015 CNH % New World China Land Ltd 2012/2015 CNH % Noble Group Ltd 2013/2016 CNH % Power Construction Corp 2014/2017 CNH % Renault SA 2013/2016 CNH % Shanghai Pudong Development Bank 2014/2017 CNH % Shui on development 2014/2017 CNH % Silvery Castle Ltd 2012/2014 CNH % Sinotruk Hong Kong Ltd 2012/2014 CNH % Standard Chartered Plc 2013/2016 CNH % Sumitomo Mitsui Financial Group, Inc 2012/2015 CNH % Total Capital SA 2013/2018 CNH % Trade and Development Bank of Mongolia 2014/2017 CNH % Value Success International Ltd 2014/2014 CNH % VTB Bank 2012/2015 CNH % Wing Lung Bank Ltd 2013/2014 CNH % Wing Lung Bank Ltd 2013/2014 CNH % Yanlord Land Co, Ltd 2013/2016 CNH % Airvessel Finance Holding Ltd 2014/2019 USD % Amipeace Ltd (MTN) 2014/2019 USD % Anstock II Ltd 2014/2017 USD % Baidu, Inc 2014/2019 USD % Bank of China Ltd/Hong Kong (MTN) -Reg- 2014/2017 USD % Bank of Communications Co, Ltd/Hong Kong 2014/2017 USD % Bao-trans Enterprises Ltd -Reg- 2013/2018 USD

146 Deutsche Invest I China Bonds Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 2625 % Bestgain Real Estate Ltd -Reg- 2013/2018 USD % Big Will Investments Ltd (MTN) 2011/2016 USD % BOC Aviation Pte Ltd (MTN) 2014/2019 USD % Cagamas Global 2014/2019 USD % Caifu Holdings Ltd -Reg- 2013/2020 USD % Century Master Investment Co, Ltd 2013/2018 USD % Chalco Hong Kong Investment Co 2013/2049 * USD % Charming Light Investments Ltd (MTN) 2014/2019 USD % Cheung Kong Infrastructure Holdings Ltd 2012/2049 USD % China Aoyuan Property Group Ltd 2014/2019 USD % China Cinda Finance 2014 Ltd -Reg- 2014/2024 USD % China CITIC Bank International Ltd (MTN) 2010/2020 USD % China CITIC Bank International Ltd 2012/2022 * USD % China CITIC Bank International Ltd 2013/2024 * USD % China Great Wall International Holdings Ltd 2014/2017 USD % China Hongqiao Group Ltd 2012/2017 USD % China Hongqiao Group Ltd -Reg- 2014/2017 USD % China Lesso Group Holdings Ltd -Reg- 2011/2016 USD % China Mengniu Dairy Co, Ltd 2013/2018 USD % China Merchants Bank Co Ltd/Hong Kong 2014/2017 USD % China Oil & Gas Group Ltd 2014/2020 USD % China Overseas Finance Cayman VI Ltd 2014/2019 USD % China Overseas Grand Oceans Finance Cayman II Ltd 2014/2019 USD % China Railway Resources Huitung Ltd 2013/2023 USD % China Resources Power East Foundation Co, Ltd 2011/2049 * USD % China SCE Property Holdings Ltd 2012/2017 USD % China Taiping New Horizon Ltd 2013/2023 USD % China Uranium Development Co, Ltd 2013/2018 USD % Chong Hing Bank Ltd 2014/2049 * USD % CITIC Pacific Ltd 2011/2049 * USD % CITIC Pacific Ltd 2013/2049 * USD % CLP Power HK Financing Ltd -Reg- 2014/2049 * USD % CNOOC Curtis Funding No 1 Pty Ltd -Reg- 2013/2023 USD % Competition Team Technologies Ltd 2012/2017 USD % COSCO Pacific Finance 2013 Co, Ltd 2013/2023 USD % Country Garden Holdings Co 2011/2018 USD % Country Garden Holdings Co, Ltd -Reg- 2013/2021 USD % Country Garden Holdings Co, Ltd -Reg- 2013/2023 USD % CSSC Capital 2013 Ltd 2013/2016 USD % DBS Bank Ltd -Reg- 2012/2022 * USD % ENN Energy Holdings Ltd 2014/2019 USD % Fantasia Holdings Group Co, Ltd 2014/2019 USD % Franshion Brilliant Ltd 2014/2019 USD % Franshion Development Ltd -Reg- 2011/2021 USD % Goodman HK Finance 2014/2024 USD % Greenland Hong Kong Holdings Ltd 2013/2016 USD % Hong Kong Sukuk 2014 Ltd -Reg- 2014/2019 USD % Huarong Finance Co, Ltd 2014/2019 USD % Hutchison Whampoa International 10 Ltd -Reg- 2010/2049 * USD % Hutchison Whampoa International 12 Ltd -Reg- 2012/2049 * USD % Hyundai Capital Services, Inc (MTN) 2012/2017 USD % ICBC Macau 2014/2024 * USD % ICICI Bank Ltd -Reg- 2009/2015 USD % Jingneng Investment Group Co, Ltd 2014/2017 USD % Jingrui Holdings Ltd 2014/2019 USD % Kaisa Group Holdings Ltd 2012/2017 USD % Kaisa Group Holdings Ltd 2014/2018 USD % King Power Capital Ltd 2014/2024 USD % Korea Gas Corp 2014/2024 USD % KWG Property Holding Ltd 2014/2019 USD % KWG Property Holding Ltd -Reg- 2014/2019 USD % Li & Fung Ltd -Reg- 2007/2017 USD % Li & Fung Ltd -Reg- 2012/2049 * USD % Logan Property Holdings Co, Ltd -Reg- 2014/2019 USD % Longfor Properties Co, Ltd 2012/2019 USD % Lonking Holdings Ltd -Reg- 2011/2016 USD % Lotte Shopping Co, Ltd -Reg- 2012/2017 USD % Mitsubishi UFJ Lease & Finance Co, Ltd (MTN) 2014/2019 * USD % Mitsubishi UFJ Lease & Finance Co, Ltd 2013/2016 USD % National Australia Bank Ltd 2009/2049 * USD % Noble Group Ltd -Reg- 2009/2020 USD % Oversea Chinese Banking 2014/2024 * USD % Poly Real Estate Finance Ltd 2013/2018 USD % Semiconductor Manufacturing International Corp (MTN) -Reg- 2014/2019 USD % Shimao Property Holdings Ltd 2013/2020 USD % Shui On Development Holding Ltd 2014/2020 USD % Sumitomo Mitsui Financial Group, Inc -Reg- 2014/2024 USD % Sun Hung Kai Properties Capital Market Ltd (MTN) 2014/2024 * USD % Sunac China Holdings Ltd 2012/2017 USD % Tencent Holdings Ltd 2014/2019 USD % Tencent Holdings Ltd -Reg- 2011/2016 USD % Tewoo HK Ltd 2014/2017 USD % Texhong Textile Group Ltd 2013/2019 USD % Towngas Finance Ltd -Reg- 2014/2049 * USD % United Overseas Bank Ltd 2014/2024 * USD % UOB Cayman Ltd 2013/2049 * USD % Wanda Properties International Co, Ltd 2014/2024 USD % Wanda Properties Overseas Ltd 2013/2018 USD % Yuexiu Property Co, Ltd 2013/2023 USD % Yuexiu REIT Co 2013/2018 USD

147 Deutsche Invest I China Bonds Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities admitted to or included in organized markets Interest-bearing securities 555 % Bank of China Hong Kong Ltd -Reg- 2010/2020 USD % MIE Holdings Corp -Reg- 2011/2016 USD % Zoomlion HK SPV Co, Ltd -Reg- 2012/2017 USD Unlisted securities Interest-bearing securities 750 % Hong Kong Aviation Ltd 2014/2016 CNH % Tencent Holdings Ltd 2013/2015 USD Futures contracts Value ( 000) Interest rate futures Contracts purchased (Underlyings: US Treasury Note 10-Year, US Treasury Note 5-Year) USD Currency futures (short) Futures contracts to sell currencies USD/CHF USD USD/CNH USD USD/EUR USD Currency futures (long) Futures contracts to purchase currencies CHF/USD USD CNH/USD USD EUR/USD USD

148 Deutsche Invest I China Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Deduction for foreign withholding tax USD Other income USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Expenses from prepaid placement fee 1 USD Other USD Total expenses USD III Net investment income USD IV Sale transactions Realized gains/losses USD Capital gains/losses USD V Net gain/loss for the fiscal year USD For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class CHF FCH 072% pa, Class CHF LCH 122% pa, Class RMB FC 070% pa, Class RMB LC 121% pa, Class FCH 071% pa, Class IDH 048% pa, Class LCH 121% pa, Class LDH 122% pa, Class NC 187% pa, Class NCH 161% pa, Class NDH 146% 3, Class PFCH 147% 3, Class PFDQH 150% 3, Class USD FC 069% pa, Class USD LC 119% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year USD Distribution for the previous year / Interim distribution USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions 2 USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Reduced by dilution fee in the amount of USD for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD Derivates and other financial futures transactions 4 USD This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 5 Class CHF FCH The income for the fiscal year is reinvested Class CHF LCH The income for the fiscal year is reinvested Class RMB FC The income for the fiscal year is reinvested Class RMB LC The income for the fiscal year is reinvested Class FCH The income for the fiscal year is reinvested Class IDH Type As of Currency Per share Final distribution March 6, 2015 EUR 454 Class LCH 146

149 Deutsche Invest I China Bonds The income for the fiscal year is reinvested Class LDH Type As of Currency Per share Final distribution March 6, 2015 EUR 399 Class NC The income for the fiscal year is reinvested Class NCH The income for the fiscal year is reinvested Class NDH Type As of Currency Per share Final distribution March 6, 2015 EUR 309 Class PFCH The income for the fiscal year is reinvested Class PFDQH Type As of Currency Per share Interim distribution October 17, 2014 EUR 051 Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class CHF FCH (formerly: CH4H) CHF Class CHF LCH (formerly: CH2H) CHF Class RMB FC (formerly: RMB4) CNH Class RMB LC (formerly: RMB2) CNH Class FCH EUR Class IDH EUR Class LCH EUR Class LDH EUR Class NC EUR Class NCH EUR Class NDH EUR 9991 Class PFCH EUR Class PFDQH EUR Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class CH2H CHF Class CH4H CHF Class RMB2 CNH Class RMB4 CNH Class FCH EUR Class IDH EUR Class LCH EUR Class LDH EUR Class NC EUR 9984 Class NCH EUR Class NDH EUR - Class PFCH EUR - Class PFDQH EUR - Class A2 USD Class E2 USD Class CH2H CHF Class CH4H CHF Class RMB2 CNH - Class RMB4 CNH - Class FCH EUR Class IDH EUR - Class LCH EUR Class LDH EUR Class NC EUR - Class NCH EUR Class NDH EUR - Class PFCH EUR - Class PFDQH EUR - Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 686% of all transactions The total volume was USD Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 147

150 Deutsche Invest I Chinese Equities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Aluminum Corp of China Ltd -H- Count HKD Anhui Conch Cement Co, Ltd -H- Count HKD AviChina Industry & Technology Co, Ltd Count HKD Bank of China Ltd -H- Count HKD BBMG Corp Count HKD Beijing Enterprises Water Group Ltd Count HKD Bengang Steel Plates Co Count HKD Byd Co, Ltd Count HKD CAR, Inc Count HKD Century Sage Scientific Holdings Ltd Count HKD CGN Power Co, Ltd Count HKD China Coal Energy Co, Ltd -H- Count HKD China Communications Construction Co, Ltd -H- Count HKD China Construction Bank Corp -H- Count HKD China Everbright International Ltd Count HKD China Hongqiao Group Ltd Count HKD China International Marine Containers Group Co, Ltd Count HKD China Life Insurance Co, Ltd -H- Count HKD China Longyuan Power Group Corp Count HKD China Medical System Holdings Ltd Count HKD China Minsheng Banking Corp, Ltd Count HKD China Mobile Ltd Count HKD China National Accord Medicines Corp, Ltd Count HKD China Overseas Grand Oceans Group Ltd Count HKD China Overseas Land & Investment Ltd Count HKD China Resources Land Ltd Count HKD China Traditional Chinese Medicine Co, Ltd Count HKD China Vast Industrial Urban Development Co, Ltd 144A Count HKD Chongqing Rural Commercial Bank Count HKD Chu Kong Shipping Enterprise Group Co, Ltd Count HKD CNOOC Ltd Count HKD Consun Pharmaceutical Group Ltd Count HKD Cosmo Lady China Holdings Co, Ltd 144A Count HKD Dawnrays Pharmaceutical Holdings Ltd Count HKD Dongfang Electric Corp, Ltd Count HKD Goldpac Group Ltd Count HKD Haitong International Securities Group Ltd Count HKD Haitong Securities Co, Ltd Count HKD Harbin Bank Co, Ltd Count HKD Hua Han Bio-Pharmaceutical Holdings Ltd Count HKD Huadian Fuxin Energy Corp Ltd Count HKD IGG, Inc Count HKD Industrial & Commercial Bank of China Ltd -H- Count HKD Jiashili Group Ltd Count HKD Moulin Global Eyecare Count HKD New China Life Insurance Co, Ltd Count HKD Pacific Online Ltd Count HKD PetroChina Co, Ltd Count HKD Ping An Insurance Group Co of China Ltd Count HKD Poly Culture Group Corp, Ltd Count HKD Shanghai Jin Jiang International Hotels Group Co, Ltd Count HKD Shenzhen International Holdings Ltd Count HKD Sihuan Pharmaceutical Holdings Group Ltd Count HKD Sinotrans Ltd Count HKD Sunac China Holdings Ltd Count HKD Tencent Holdings Ltd Count HKD Weifu High-Technology Group Co Ltd Count HKD West China Cement Ltd Count HKD Xinjiang Goldwind Science & Technology Co, Ltd Count HKD Yingde Gases Group Co, Ltd Count HKD Baidu, Inc -ADR- Count USD Ctripcom International Ltd -ADR- Count USD idreamsky Technology Ltd -ADR- Count USD Melco Crown Entertainment Ltd -ADR- Count USD Momo, Inc -ADR- Count USD New Oriental Education & Technology Group, Inc -ADR- Count USD Qihoo 360 Technology Co, Ltd -ADR- Count USD Weibo Corp -ADR- Count USD Investment fund units Non-group fund units MSCI China A 50 Index (0600%) Units HKD Total securities portfolio

151 Deutsche Invest I Chinese Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD US dollar USD Other assets Dividends receivable Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class NC EUR Class GBP RD GBP Class USD FC USD Class USD LC USD Number of shares outstanding Class FC Count Class LC Count Class NC Count Class GBP RD Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI China 10/40 Index in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 US dollar USD = EUR 1 149

152 Deutsche Invest I Chinese Equities 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 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 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 No initial sales charges or redemption fees were paid in the reporting period 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities 21Vianet Group, Inc -ADR- Count com Ltd -ADR- Count AAC Technologies Holdings, Inc Count Air China Ltd -H- Count Beijing Development HK Ltd Count Biostime International Holdings Ltd Count Brilliance China Automotive Holdings Ltd Count Central China Securities Co Ltd Count CGN Meiya Power Holdings Co, Ltd 144A Count China Cinda Asset Management Co, Ltd Count China CNR Corp, Ltd Count China Huiyuan Juice Group Ltd Count China Lodging Group Ltd -ADR- Count China Machinery Engineering Corp Count China Mengniu Dairy Co, Ltd Count China Merchants Holdings International Co, Ltd Count China Merchants Land Ltd Count China Modern Dairy Holdings Ltd Count China Oilfield Services Ltd -H- Count China Pacific Insurance Group Co, Ltd Count China Petroleum & Chemical Corp -H- Count China Pharmaceutical Group Ltd Count China Shipping Development Co, Ltd -H- Count China State Construction International Holdings Ltd Count ChinaCache International Holdings Ltd -ADR- Count CITIC Securities Co, Ltd Count DXcom Holdings Ltd Count ENN Energy Holdings Ltd Count FIH Mobile Ltd Count GCL-Poly Energy Holdings Ltd Count Goldpoly New Energy Holdings Ltd Count Great Wall Motor Co, Ltd -H- Count Greentown China Holdings Ltd Count Guangzhou Automobile Group Co, Ltd Count Haichang Holdings Ltd Count JinkoSolar Holding Co, Ltd -ADR- Count Kangda International Environmental Co, Ltd 144A Count Kerry Logistics Network Ltd Count Kingsoft Corp Ltd Count KWG Property Holding Ltd Count Luye Pharma Group Ltd Count Modern Land China Co, Ltd Count NetEase, Inc -ADR- Count Orient Overseas International Ltd Count PW Medtech Group Ltd Count ReneSola Ltd -ADR- Count Shandong Weigao Group Medical Polymer Co, Ltd -H- Count Shanghai Pharmaceuticals Holding Co, Ltd Count Shenzhou International Group Holdings Ltd Count SinoCom Software Group Ltd Count Sinofert Holdings Ltd Count Sinomax Group Ltd Count SJM Holdings Ltd Count SouFun Holdings Ltd -ADR- Count Sunny Optical Technology Group Co, Ltd Count TCL Communication Technology Holdings Ltd Count Techtronic Industries Co Count Tencent Holdings Ltd Count The United Laboratories International Holdings Ltd Count Tong Ren Tang Technologies Co, Ltd Count Trigiant Group Ltd Count United Photovoltaics Group Ltd Count Vipshop Holdings Ltd -ADR- Count WuXi PharmaTech Cayman, Inc -ADR- Count Xiamen International Port Co, Ltd Count Xinyi Glass Holding Co, Ltd Count Yuexiu Real Estate Investment Trust Count Zhuzhou CSR Times Electric Co, Ltd -H- Count Zoomlion Heavy Industry Science and Technology Co, Ltd Count

153 Deutsche Invest I Chinese Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Details on the distribution policy 1 BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC The income for the fiscal year is reinvested Class FC 090% pa, Class NC 234% pa, Class USD FC 101% pa, Class LC 166% pa, Class GBP RD 099% pa, Class USD LC 207% pa Class LC The income for the fiscal year is reinvested The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class NC The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 080 Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 151

154 Deutsche Invest I Chinese Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class NC EUR Class GBP RD (formerly: RDR1) GBP Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class NC EUR Class RDR1 (formerly: DS1) GBP Class A2 USD Class E2 USD Class FC EUR Class LC EUR Class NC EUR Class DS1 GBP 9893 Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 461% of all transactions The total volume was EUR

155 Deutsche Invest I Clean Tech Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Cosan SA Industria e Comercio Count BRL TransAlta Renewables, Inc Count CAD Rockwool International A/S Count DKK Vestas Wind Systems A/S Count DKK Abengoa SA -B- Count EUR Aixtron SE Count EUR ALBIOMA Count EUR Daimler AG Count EUR Enel Green Power SpA Count EUR Gamesa Corp Tecnologica SA Count EUR Infineon Technologies AG Count EUR Kingspan Group Plc Count EUR Nordex SE Count EUR OSRAM Licht AG Count EUR Red Electrica Corp SA Count EUR Verbund AG Count EUR Zumtobel AG Count EUR Dialight Plc Count GBP Infinis Energy Plc Count GBP Ricardo Plc Count GBP Byd Co, Ltd Count HKD China Everbright International Ltd Count HKD China High Speed Transmission Equipment Group Co, Ltd Count HKD China Longyuan Power Group Corp Count HKD China Singyes Solar Technologies Holdings Ltd Count HKD GCL-Poly Energy Holdings Ltd Count HKD Huaneng Renewables Corp Ltd Count HKD Wasion Group Holdings Ltd Count HKD Xinjiang Goldwind Science & Technology Co, Ltd Count HKD Alps Electric Co, Ltd Count JPY GS Yuasa Corp Count JPY Panasonic Corp Count JPY Toyota Motor Corp Count JPY Scatec Solar ASA Count NOK Contact Energy Ltd Count NZD Mighty River Power Ltd Count NZD Energy Development Corp Count PHP BillerudKorsnas AB Count SEK Nibe Industrier AB -B- Count SEK Energy Absolute PCL Count THB SPCG PCL Count THB Epistar Corp Count TWD Everlight Electronics Co, Ltd Count TWD Voltronic Power Technology Corp Count TWD Acuity Brands, Inc Count USD Ameresco, Inc Count USD AO Smith Corp Count USD Canadian Solar, Inc Count USD Covanta Holding Corp Count USD Danaher Corp Count USD EnerNOC, Inc Count USD First Solar, Inc Count USD Itron, Inc Count USD JinkoSolar Holding Co, Ltd -ADR- Count USD Johnson Controls, Inc Count USD LSB Industries, Inc Count USD MasTec, Inc Count USD NextEra Energy, Inc Count USD OPOWER, Inc Count USD Pattern Energy Group, Inc Count USD Plug Power, Inc Count USD Polypore International, Inc Count USD Quanta Services, Inc Count USD Sensata Technologies Holding NV Count USD Silver Spring Networks, Inc Count USD SolarCity Corp Count USD Sunedison, Inc Count USD SunPower Corp Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD Tesla Motors, Inc Count USD Trina Solar Ltd -ADR- Count USD Universal Display Corp Count USD Veeco Instruments, Inc Count USD Xylem, Inc Count USD Total securities portfolio

156 Deutsche Invest I Clean Tech Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Brazilian real BRL Hong Kong dollar HKD Indonesian rupiah IDR Japanese yen JPY Canadian dollar CAD Malaysian ringgit MYR New Taiwan dollar TWD New Zealand dollar NZD Philippine peso PHP Swiss franc CHF Singapore dollar SGD South Korean won KRW Thai baht THB US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 5902 Class LC EUR 5523 Class NC EUR 5209 Class GBP RD GBP 5965 Class USD KC USD 495 Class USD LC USD 4875 Number of shares outstanding Class FC Count Class LC Count Class NC Count Class GBP RD Count 372 Class USD KC Count Class USD LC Count

157 Deutsche Invest I Clean Tech Composition of the reference portfolio (according to CSSF circular 11/512) Wilderhill Clean Energy Index Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 000 as of the reporting date Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Brazilian real BRL = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Indonesian rupiah IDR = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Malaysian ringgit MYR = EUR 1 Norwegian krone NOK = EUR 1 New Zealand dollar NZD = EUR 1 Philippine peso PHP = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values 155

158 Deutsche Invest I Clean Tech 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities ABB Ltd -Reg- Count Aqua America, Inc Count Ballard Power Systems, Inc Count Barco NV Count 945 BASF SE Count Bilfinger SE Count China Suntien Green Energy Corp, Ltd Count Cie de St-Gobain Count Cosan Logistica SA Count Cree, Inc Count East Japan Railway Co Count Eaton Corp, Plc Count Ebro Puleva SA Count Energy Absolute PCL Count Enphase Energy, Inc Count EQT Corp Count Flowserve Corp Count Fortum Oyj (MTN) Count Foster Wheeler AG Count FuelCell Energy, Inc Count General Motors Corp Count Goldpoly New Energy Holdings Ltd Count Green Plains, Inc Count GT Advanced Technologies, Inc Count Hitachi Ltd Count Hollysys Automation Technologies Ltd Count Honeywell International, Inc Count Hyundai Mobis Count 605 International Rectifier Corp Count JM AB Count Koninklijke Philips NV Count Legrand SA Count LG Chem Ltd Count 565 Meyer Burger Technology AG Count Mitsubishi Heavy Industries Ltd Count MKS Instruments, Inc Count Murata Manufacturing Co, Ltd Count Nabtesco Corp Count Nitto Denko Corp Count Noble Energy, Inc Count Pacific Ethanol, Inc Count PowerSecure International, Inc Count Prysmian SpA Count QIAGEN NV Count REC Silicon ASA Count Renault SA Count Renewable Energy Group, Inc Count Rubicon Technology, Inc Count Sao Martinho SA Count Seoul Semiconductor Co, Ltd Count Shin-Etsu Chemical Co, Ltd Count 700 Siemens AG -Reg- Count SMA Solar Technology AG Count Snam SpA Count Solazyme, Inc Count SPCG PCL Count Sumitomo Chemical Co, Ltd Count Svenska Cellulosa AB SCA Count TCP International Holdings Ltd Count TerraForm Power, Inc Count Ube Industries Ltd Count UGI Corp Count United Photovoltaics Group Ltd Count Unity Opto Technology Co, Ltd Count Vestas Wind Systems Count Vivint Solar, Inc Count Wesfarmers Ltd Count West Holdings Corp Count Warrants Warrants on securities Additions Disposals Equity warrants Suzlon Energy Ltd 06/12/2017 Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlyings: DJ Euro Stoxx 50, Nikkei 225, S&P 500) EUR Currency futures (short) Futures contracts to sell currencies EUR/JPY EUR Currency futures (long) Futures contracts to purchase currencies JPY/EUR EUR

159 Deutsche Invest I Clean Tech Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 036 Class FC 091% pa, Class LC 177% pa, Class USD KC 177% pa, Class GBP RD 091% pa, Class NC 255% pa, Class USD LC 177% pa Class LC The income for the fiscal year is reinvested The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0050% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class NC The income for the fiscal year is reinvested Class USD KC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 157

160 Deutsche Invest I Clean Tech Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR 5902 Class GBP RD (formerly: RDR1) GBP 5965 Class LC EUR 5523 Class NC EUR 5209 Class USD KC (formerly: K2) USD 495 Class USD LC (formerly: A2) USD Class FC EUR 5940 Class LC EUR 5606 Class NC EUR 5328 Class RDR1 (formerly: DS1) EUR 6426 Class A2 USD 5606 Class K2 USD Class DS1 EUR 5203 Class FC EUR 4970 Class LC EUR 4733 Class NC EUR 4533 Class A2 USD 4546 Class K2 USD 460 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 858% of all transactions The total volume was EUR

161 Deutsche Invest I Commodity Plus Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities admitted to or included in organized markets Interest-bearing securities 000 % United States Treasury Bill 2014/2015 ** USD % % United States Treasury Bill 2014/2015 ** USD % % United States Treasury Bill 2014/2015 USD % % United States Treasury Bill 2014/2015 USD % % United States Treasury Bill 2014/2015 USD % % United States Treasury Bill 2014/2015 USD % Investment fund units Non-group fund units ETFS Physical Palladium Shares (0600%) Units USD SPDR Gold Trust (0400%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Swaps Receivables/payables Commodity swaps DJ Aluminium / 021% 08/04/2015 (OTC) (UBS) Count DJ Coffee / 022% 06/07/2015 (OTC) (UBS) Count DJ Copper / 021% 09/06/2015 (OTC) (UBS) Count DJ Corn / 022% 05/03/2015 (OTC) (UBS) Count DJ Cotton / 021% 12/02/2015 (OTC) (UBS) Count DJ Crude / 021% 07/04/2015 (OTC) (UBS) Count DJ ER / 012% 19/03/2015 (OTC) (MS) Count DJ ER / 021% 06/07/2015 (OTC) (UBS) Count DJ Gas / 021% 19/03/2015 (OTC) (UBS) Count DJ Gold / 021% 05/05/2015 (OTC) (UBS) Count DJ Heat Oil / 021% 19/03/2015 (OTC) (UBS) Count DJ Industrial / 012% 24/04/2015 (OTC) (CS) Count DJ KanWheat / 021% 09/06/2015 (OTC) (UBS) Count DJ Live Cat / 022% 08/04/2015 (OTC) (UBS) Count DJ Natural Gas / 023% 19/03/2015 (OTC) (UBS) Count DJ Nickel / 023% 14/04/2015 (OTC) (UBS) Count DJ Silver / 022% 14/01/2015 (OTC) (UBS) Count DJ Soybean / 022% 11/06/2015 (OTC) (UBS) Count DJ Soybmeal / 021% 07/04/2015 (OTC) (UBS) Count DJ Soyboil / 023% 05/02/2015 (OTC) (UBS) Count DJ Sugar / 021% 12/02/2015 (OTC) (UBS) Count DJ Lean Hogs / 024% 22/04/2015 (OTC) (UBS) Count DJ Wheater / 021% 09/06/2015 (OTC) (UBS) Count DJ Zinc / 022% 15/04/2015 (OTC) (UBS) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in non-eu/eea currencies Australian dollar AUD Canadian dollar CAD US dollar USD Time deposit USD deposits (Caisse des depots et des consignations 100% pa 09/01/2015) USD USD deposits (DZ Bank AG 100% pa 15/03/2015) USD USD deposits (Kommuninvest Sverige AB 100% pa 28/01/2015) USD USD deposits (Landeskreditbank Baden-Wuerttemberg 100% pa 24/02/2015) USD USD deposits (Municipality Finance Plc 100% pa 09/01/2015) USD USD deposits (SBAB Bank AB 100% pa 20/01/2015) USD Other assets Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets ***

162 Deutsche Invest I Commodity Plus Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 7651 Class LC EUR 7189 Class NC EUR 6824 Class USD FC USD 7090 Class USD LC USD 6327 Number of shares outstanding Class FC Count Class LC Count Class NC Count Class USD FC Count 290 Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) Dow Jones-UBS Commodity Index Total Return Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 11, 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 as of the reporting date Market abbreviations Contracting parties for derivatives (with the exception of currency futures) CS = Credit Suisse International MS = Morgan Stanley & Co International UBS = UBS AG Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 000 % United States Treasury Bill 2014/2015 USD % United States Treasury Bill 2014/2015 USD Total receivables from securities loans Contracting party for securities loans Landesbank Baden-Württemberg Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR

163 Deutsche Invest I Commodity Plus Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Interest-bearing securities 000 % Deutsche Zentral- Genossenschaftbank 2014/2014 USD % Municipality Finance Plc 2014/2014 USD % Municipality Finance Plc 2014/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2014/2014 USD % United States Treasury Bill 2014/2014 USD % United States Treasury Bill 2014/2014 USD Securities admitted to or included in organized markets Interest-bearing securities 000 % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Bill 2013/2014 USD % United States Treasury Note/Bond 2012/2014 USD Swaps Credit default swaps Protection buyer Value ( 000) Commodity swaps (Underlyings: DJ Aluminum ER, DJ Br Crud, DJ Coffee ER, DJ Com ER, DJ Copper, DJ Copper ER, DJ Corn, DJ Corn ER, DJ Cotton, DJ Cotton ER, DJ Crud Oil, DJ ER, DJ Gasln ER, DJ Gold, DJ Heat Oil, DJ KanWheat ER, DJ Lean Hogs, DJ Live Catt, DJ NatGas, DJ Nickel ER, DJ Silver, DJ Soybeans, DJ SoybeaOil, DJ Soymeal, DJ Sugar ER, DJ Wheat ER, DJ WTI CrOil, DJ Zinc, S&P Brent ER, S&P Palladium, S&P Platinum) EUR Investment fund units Non-group fund units ETFS Platinum Trust (0600%) Units ipath Dow Jones-UBS Commodity Index Total Return ETN (0000%) Units

164 Deutsche Invest I Commodity Plus Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) 1 EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Other income EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Expense Cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR Includes the interest expense from swap transactions in the amount of EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 080% pa, Class NC 199% pa, Class USD LC 143% pa Class LC 143% pa, Class USD FC 079% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 3 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 3 Additional information is provided in the sales prospectus 162

165 Deutsche Invest I Commodity Plus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR 7651 Class LC EUR 7189 Class NC EUR 6824 Class USD FC (formerly: E2) USD 7090 Class USD LC (formerly: A2) USD Class FC EUR 8168 Class LC EUR 7729 Class NC EUR 7378 Class A2 USD 7710 Class E2 USD Class FC EUR 9519 Class LC EUR 9064 Class NC EUR 8701 Class A2 USD 8681 Class E2 USD 9524 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 098% of all transactions The total volume was EUR

166 Deutsche Invest I Convertibles Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 575 % CFS Retail Property Trust Group (MTN) 2011/2016 AUD % % Swiss Life Holding AG 2013/2020 * ** CHF % % Aabar Investments PJSC -Reg- 2011/2016 ** EUR % % Adidas AG 2012/2019 ** EUR % % Alcatel-Lucent 2014/2019 EUR % % BNP Paribas SA (MTN) 2013/2016 ** EUR % % Cap Gemini SA 2013/2019 ** EUR % % CEZ MH BV (MTN) 2014/2017 EUR % % Deutsche Post AG 2012/2019 ** EUR % % Eni SpA (MTN) 2012/2015 EUR % % Eni SpA 2013/2016 ** EUR % % Fonciere des Regions 2013/2019 EUR % % Fresenius Medical Care AG & Co KGaA 2014/2020 ** EUR % % Fresenius SE & Co KGaA 2014/2019 ** EUR % % GBL Verwaltung SA 2013/2017 EUR % % Industrivarden AB -Reg- 2011/2017 EUR % % Magyar Nemzeti Vagyonkezelo Zrt 2013/2019 EUR % % Misarte 2010/2016 EUR % % RAG-Stiftung 2014/2018 EUR % % Sagerpar SA 2013/2018 ** EUR % % Solidium Oy 2012/2015 EUR % % Solidium Oyj 2014/2018 ** EUR % % Steinhoff Finance Holding GmbH 2012/2017 EUR % % Steinhoff Finance Holding GmbH 2014/2021 EUR % % Steinhoff Finance Holdings GmbH (MTN) 2011/2018 EUR % % Suez Environnement Co 2014/2020 ** EUR % % Technip SA 2010/2016 EUR % % Unibail-Rodamco SE 2012/2018 EUR % % Unibail-Rodamco SE 2014/2021 ** EUR % % British Land Jersey Ltd 2012/2017 GBP % % Derwent London Capital No 2 Jersey Ltd 2013/2019 ** GBP % % ASM Pacific Technology Ltd 2014/2019 HKD % % Hengan International Group Co, Ltd 2013/2018 HKD % % Shenzhou International Group Holdings Ltd 2014/2019 HKD % % Shine Power International Ltd 2014/2019 HKD % % Tong Jie Ltd 2013/2018 HKD % % ABC-Mart, Inc 2013/2018 JPY % % Asics Corp 2014/2019 JPY % % Kawasaki Kisen Kaisha Ltd 2013/2018 JPY % % Lotte Shopping Co, Ltd 2011/2016 JPY % % Nagoya Railroad Co, Ltd 2013/2023 JPY % % Nidec Corp 2010/2015 JPY % % Sumitomo Forestry Co, Ltd 2013/2018 JPY % % Takashimaya Co, Ltd 2013/2018 JPY % % Toppan Printing Co, Ltd 2013/2019 JPY % % Toray Industries, Inc 2014/2021 JPY % % Toray Industries, Inc 2014/2021 JPY % % Yamada Denki Co Ltd 2014/2019 JPY % % Lotte Shopping Co, Ltd (MTN) 2013/2018 KRW % % Industrivarden AB 2014/2019 SEK % % CapitaLand Ltd 2013/2020 SGD % % CapitaLand Ltd -Reg- 2013/2023 SGD % % AYC Finance Ltd -Reg- 2014/2019 USD % % Billion Express Investments Ltd 2010/2015 USD % % China Overseas Finance Investment Cayman IV Ltd 2014/2021 USD % % DP World Ltd 2014/2024 USD % % ENN Energy Holdings Ltd 2013/2018 USD % % Epistar Corp 2013/2018 USD % % Gunma Bank Ltd 2014/2019 USD % % HKEx International Ltd 2012/2017 ** USD % % National Bank of Abu Dhabi PJSC 2013/2018 USD % % Qiagen NV 2014/2019 USD % % Qiagen NV 2014/2021 USD % % Shizuoka Bank Ltd 2013/2018 USD % % Siemens Financieringsmaatschappij NV 2012/2019 ** USD % % Siemens Financieringsmaatschappij NV -Reg- 2012/2017 ** USD % % STMicroelectronics NV 2014/2019 USD % % Subsea 7 SA 2012/2017 USD % % The Joyo Bank Ltd -Reg- 2014/2019 USD % % Vedanta Resources Jersey Ltd 2009/2016 USD % % WESCO International, Inc 2009/2029 USD % % Yamaguchi Financial Group, Inc 2013/2018 ** USD %

167 Deutsche Invest I Convertibles Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities admitted to or included in organized markets Interest-bearing securities 000 % Akamai Technologies, Inc 144A 2014/2019 USD % % American Realty Capital Properties, Inc 2013/2018 USD % % Ares Capital Corp 2012/2016 USD % % Ares Capital Corp 2013/2019 USD % % Citrix Systems, Inc 2014/2019 USD % % Ctripcom International Ltd 2013/2018 USD % % Cubist Pharmaceuticals, Inc 2013/2018 ** USD % % Cubist Pharmaceuticals, Inc 2013/2020 ** USD % % Electronic Arts, Inc 2011/2016 USD % % Gilead Sciences, Inc 2010/2016 USD % % Hologic, Inc 2010/2037 USD % % Illumina, Inc 144A 2014/2019 USD % % Illumina, Inc 144A 2014/2021 ** USD % % Intel Corp 144A 2009/2039 USD % % Intel Corp 2006/2035 USD % % Jarden Corp 144A 2014/2034 USD % % JDS Uniphase Corp 2013/2033 USD % % Lam Research Corp 2011/2016 USD % % Lam Research Corp 2011/2018 USD % % Liberty Interactive LLC 144A 2013/2043 USD % % Liberty Interactive LLC 2013/2043 USD % % LinkedIn Corp 144A 2014/2019 USD % % Micron Technology, Inc 2013/2043 USD % % Mylan, Inc 2008/2015 USD % % Newmont Mining Corp 2007/2017 ** USD % % Nuance Communications, Inc 2011/2031 USD % % Nvidia Corp 2014/2018 USD % % NXP Semiconductor NV 144A 2014/2019 USD % % Prologis LP 2011/2015 USD % % Prospect Capital Corp 144A 2014/2020 USD % % Qihoo 360 Technology Co, Ltd 144A 2013/2018 USD % % Qihoo 360 Technology Co, Ltd 144A 2014/2020 USD % % Qihoo 360 Technology Co, Ltd -Reg- 2013/2018 USD % % Red Hat, Inc 144A 2014/2019 USD % % Salesforcecom, Inc 2013/2018 USD % % SanDisk Corp 144A 2013/2020 USD % % Tesla Motors, Inc 2014/2019 USD % % The Priceline Group, Inc 144A 2014/2021 USD % % The Priceline Group, Inc 2013/2020 ** USD % % Toll Brothers Finance Corp 2012/2032 USD % % Twitter, Inc 144A 2014/2019 USD % % WellPoint, Inc 2012/2042 USD % % Xilinx, Inc 2010/2017 USD % % Yahoo!, Inc 2013/2018 USD % Total securities portfolio Derivatives Minus signs denote short positions Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count Option contracts Options on equity indices Call Euro Stoxx 50 Index 12/ EUR (XEUR) Count Currency derivatives Receivables/payables Currency futures Euro Futures 03/ USD (CME) Count

168 Deutsche Invest I Convertibles Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency futures (short) Open positions EUR/AUD 8 million EUR/CHF 20 million EUR/GBP 17 million EUR/HKD million EUR/JPY million EUR/SEK 2293 million EUR/SGD 94 million EUR/USD million Closed positions EUR/GBP 01 million EUR/USD 175 million Currency futures (long) Open positions AUD/EUR 12 million CHF/EUR 3534 million GBP/EUR 109 million HKD/EUR 155 million JPY/EUR million SEK/EUR 345 million SGD/EUR 138 million USD/EUR 688 million Closed positions AUD/EUR 01 million CHF/EUR 79 million HKD/EUR 1346 million JPY/EUR 02 million SEK/EUR 01 million SGD/EUR 01 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Japanese yen JPY Swiss franc CHF Singapore dollar SGD South Korean won KRW US dollar USD Other assets Interest receivable Prepaid placement fee **** Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 166

169 Deutsche Invest I Convertibles Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class CHF FCH CHF Class CHF LCH CHF Class FC EUR Class FC (CE) EUR Class FD EUR Class LC EUR Class LD EUR Class LC (CE) EUR Class NC EUR Class PFC EUR Class GBP RDH GBP Class USD FCH USD Class USD LCH USD Number of shares outstanding Class CHF FCH Count Class CHF LCH Count Class FC Count Class FC (CE) Count Class FD Count Class LC Count Class LD Count Class LC (CE) Count Class NC Count Class PFC Count Class GBP RDH Count Class USD FCH Count Class USD LCH Count Composition of the reference portfolio (according to CSSF circular 11/512) 25% Citi - EuroBIG Corporate Index- A sector, 25% Citi - WorldBIG Corporate A in EUR, 25% MSCI THE WORLD INDEX in EUR Constituents, 25% STOXX 50 Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 11, 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 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Futures exchanges CME = Chicago Mercantile Exchange XEUR = Eurex Contracting parties for currency futures Deutsche Bank AG Frankfurt, Morgan Stanley And Co International Plc, Société Générale and State Street Bank and Trust Company 167

170 Deutsche Invest I Convertibles Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 000 % Swiss Life Holding AG 2013/2020 CHF % Aabar Investments PJSC -Reg- 2011/2016 EUR % Adidas AG 2012/2019 EUR % BNP Paribas SA (MTN) 2013/2016 EUR % Cap Gemini SA 2013/2019 EUR % Deutsche Post AG 2012/2019 EUR % Eni SpA 2013/2016 EUR % Fresenius Medical Care AG & Co KGaA 2014/2020 EUR % Fresenius SE & Co KGaA 2014/2019 EUR % Sagerpar SA 2013/2018 EUR % Solidium Oyj 2014/2018 EUR % Suez Environnement Co 2014/2020 EUR % Unibail-Rodamco SE 2014/2021 EUR % Derwent London Capital No 2 Jersey Ltd 2013/2019 GBP % Cubist Pharmaceuticals, Inc 2013/2018 USD % Cubist Pharmaceuticals, Inc 2013/2020 USD % HKEx International Ltd 2012/2017 USD % Illumina, Inc 144A 2014/2021 USD % Newmont Mining Corp 2007/2017 USD % Siemens Financieringsmaatschappij NV 2012/2019 USD % Siemens Financieringsmaatschappij NV 2014/2019 USD % Siemens Financieringsmaatschappij NV -Reg- 2012/2017 USD % The Priceline Group, Inc 2013/2020 USD % Yamaguchi Financial Group, Inc 2013/2018 USD Total receivables from securities loans Contracting party for securities loans BNP Paribas Arbitrage SNC, Barclays Capital Securities Limited, Citigroup Global Markets, Credit Suisse Securities (Europe) Ltd FI, Deutsche Bank London, Goldman Sachs Int, JP Morgan Sec Ltd,Nomura International Plc, UBS AG LDN BRANCH and Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * Floating interest rate ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist **** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) 168

171 Deutsche Invest I Convertibles 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Unlisted securities Interest-bearing securities 375 % AXA SA 2000/2017 EUR % Compagnie Generale des Etablissements Michelin 2007/2017 EUR % Gabriel Finance Ltd 2013/2016 EUR % Gecina SA 2010/2016 EUR % Groupe Bruxelles Lambert SA 2012/2015 EUR % Industrivarden AB 2010/2015 EUR % International Consolidated Airlines Group SA 2013/2018 EUR % Orpea 2010/2016 EUR % Prysmian SpA 2013/2018 EUR % Steinhoff Finance Holding GmbH (MTN) 2010/2016 EUR % Derwent London Capital Jersey Ltd 2011/2016 GBP % Biostime International Holdings Ltd 2014/2019 HKD % GS Yuasa Corp 2014/2019 JPY % Nippon Meat Packers, Inc 2010/2014 JPY % ORIX Corp 2008/2014 JPY % Sekisui House Ltd 2011/2016 JPY % CapitaLand Ltd -Reg- 2009/2016 SGD % Temasek Financial III Pte Ltd -Reg- 2011/2014 SGD % Giant Great Ltd 2011/2016 USD % Glencore Finance Europe SA 2009/2014 USD % Glencore Finance Europe SA 2009/2014 USD % Lukoil International Finance BV 010/2015 USD % Pegatron Corp 2012/2017 USD % SK Hynix, Inc 2010/2015 USD % SK Telecom Co, Ltd 2009/2014 USD Securities admitted to or included in organized markets Interest-bearing securities 000 % Ares Capital Corp 144A 2013/2019 USD % Boston Properties LP 144A 2008/2014 USD % Cobalt International Energy, Inc 2012/2019 USD % Concur Technologies, Inc 144A 2013/2018 USD % Concur Technologies, Inc 2013/2018 USD % Covanta Holding Corp 2010/2014 USD % Ctripcom International Ltd 144A 2013/2018 USD % Cubist Pharmaceuticals, Inc 144A 2013/2018 USD % Cubist Pharmaceuticals, Inc 144A 2013/2020 USD % Danaher Corp 2001/2021 USD % Gilead Sciences, Inc 2010/2014 USD % Illumina, Inc 2011/2016 USD % Illumina, Inc 2011/2016 USD % International Game Technology 144A 2009/2014 USD % Jazz Investments I Ltd 144A 2014/2021 USD % JDS Uniphase Corp 144A 2013/2033 USD % Liberty Interactive LLC 144A 2013/2043 USD % MGM Resorts International 2010/2015 USD % Micron Technology, Inc 2007/2014 USD % Micron Technology, Inc 2012/2032 USD % NVIDIA Corp 144A 2013/2018 USD % Owens-Brockway Glass Container, Inc 144A 2010/2015 USD % Priceline Group, Inc 2013/2018 USD % Priceline Group, Inc 2013/2020 USD % Salesforcecom, Inc 144A 2013/2018 USD % Salix Pharmaceuticals Ltd 2012/2019 USD % SanDisk Corp 144A 2013/2020 USD % SanDisk Corp 2010/2017 USD % Teva Pharmaceutical Finance Co LLC 2006/2026 USD % United States Steel Corp 2009/2014 USD % Yahoo!, Inc 2013/2018 USD Interest-bearing securities 125 % Safilo Group SpA 2014/2019 EUR Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Warrants Warrants on securities Additions Disposals Equity warrants Goldman Sachs Co 09/12/2016 Count Merrill Lynch International & Co CV 16/12/2016 Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlyings: DJ Euro Stoxx 50, Nikkei 225 EUR Currency futures Contracts purchased (Underlying: Euro USD) EUR Contracts sold (Underlying: Euro USD) EUR Currency futures (short) Futures contracts to sell currencies EUR/AUD EUR EUR/CHF EUR EUR/GBP EUR EUR/HKD EUR EUR/JPY EUR EUR/SEK EUR EUR/SGD EUR EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies AUD/EUR EUR CHF/EUR EUR GBP/EUR EUR HKD/EUR EUR JPY/EUR EUR SEK/EUR EUR SGD/EUR EUR USD/EUR EUR Option contracts Options on equity index derivatives Options on equity indices Call options sold (Underlying: DJ Euro Stoxx 50) EUR Swaps Credit default swaps Protection buyer (Underlying: ITRAXX Europe) EUR

172 Deutsche Invest I Convertibles Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class CHF FCH 077% pa, Class CHF LCH 103% 3, Class FC 074% pa, Class FC (CE) 077% pa, Class FD 075% pa, Class LC 128% pa, Class LD 129% pa, Class LC (CE) 076% 3, Class NC 168% pa, Class PFC 111% 3, Class GBP RDH 077% pa, Class USD FCH 077% pa, Class USD LCH 131% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0040% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 5 Class CHF FCH The income for the fiscal year is reinvested Class CHF LCH The income for the fiscal year is reinvested Class FC The income for the fiscal year is reinvested Class FC (CE) The income for the fiscal year is reinvested Class FD Type As of Currency Per share Final distribution March 6, 2015 EUR 075 Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 026 Class LC (CE) The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested 170

173 Deutsche Invest I Convertibles Details on the distribution policy 5 Class PFC The income for the fiscal year is reinvested Class GBP RDH Type As of Currency Per share Final distribution March 6, 2015 GBP 106 Class USD FCH The income for the fiscal year is reinvested Class USD LCH The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class CHF FCH (formerly: CH4H) CHF Class CHF LCH CHF Class FC EUR Class FC (CE) EUR Class FD EUR Class LC EUR Class LD EUR Class LC (CE) EUR Class NC EUR Class PFC EUR Class GBP RDH (formerly: RDRH1H) GBP Class USD FCH (formerly: E2H) USD Class USD LCH (formerly: A2H) USD Class CH4H CHF Class CHF LCH CHF - Class FC EUR Class FC (CE) EUR Class FD EUR Class LC EUR Class LD EUR Class LC (CE) EUR - Class NC EUR Class PFC EUR - Class RDRH1H (formerly: DS1H) GBP Class A2H USD Class E2H USD Class CH4H CHF Class CHF LCH CHF - Class FC EUR Class FC (CE) EUR Class FD EUR - Class LC EUR Class LD EUR Class LC (CE) EUR - Class NC EUR Class PFC EUR - Class DS1H GBP Class A2H USD Class E2H USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1218% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 171

174 Deutsche Invest I Emerging Markets Corporates Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Interest-bearing securities 925 % Evergrande Real Estate Group Ltd 2011/2016 CNY % % Adria Bidco BV 2013/2020 EUR % % America Movil SAB de CV 2013/2073 * EUR % % Hutchison Whampoa Europe Finance 13 Ltd 2013/2049 * EUR % % Indust & Comm Bank China 2014/2049 * EUR % % Vivacom 2013/2018 EUR % % International Finance Corp (MTN) 2014/2024 INR % % America Movil SAB de CV 2014/2019 MXN % % Abengoa Transmision Sur SA -Reg- 2014/2043 USD % % ABJA Investment Co Pte Ltd 2014/2024 USD % % Abu Dhabi National Energy Co 2012/2023 USD % % ADCB Finance Cayman Ltd 2013/2023 * USD % % AES El Salvador Trust II -Reg- 2013/2023 USD % % AES Gener SA -Reg- 2013/2073 * USD % % Agile Property Holdings Ltd 2012/2017 ** USD % % AHB Tier 1 Sukuk Ltd 2014/2049 * ** USD % % AIA Group Ltd (MTN) -Reg- 2013/2023 USD % % Akbank TAS 2012/2022 ** USD % % Alam Synergy Pte Ltd 2014/2019 USD % % Alfa Bank 2011/2021 USD % % Alibaba Group Holding Ltd 2014/2034 USD % % ALROSA Finance SA -Reg- 2010/2020 USD % % AngloGold Ashanti Holdings Plc 2013/2020 ** USD % % Axis Bank Ltd/Dubai (MTN) -Reg- 2014/2020 USD % % B Communications Ltd 144A 2014/2021 ** USD % % Banco do Brasil SA 2012/2022 USD % % Banco do Brasil SA -Reg- 2013/2049 * USD % % Banco Internacional del Peru SAA -Reg- 2014/2029 * USD % % Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand -Reg- 2013/2024 * USD % % Bancolombia SA 2012/2022 USD % % BancoRegional SAECA 2014/2019 USD % % Banglalink Digital Communications Ltd -Reg- 2014/2019 USD % % Bank of Ceylon 2013/2018 USD % % Bank of China Ltd -Reg- 2014/2024 USD % % Bank of Communications Co, Ltd 2014/2024 * USD % % BBVA Bancomer SA/Texas -Reg- 2012/2022 USD % % BBVA Bancomer SA/Texas -Reg- 2014/2029 * USD % % Bestgain Real Estate Ltd -Reg- 2013/2018 USD % % Bharti Airtel International Netherlands BV 2013/2023 USD % % Bharti Airtel International Netherlands BV -Reg- 2014/2024 USD % % Braskem Finance Ltd -Reg- 2010/2049 ** USD % % BRF SA -Reg- 2014/2024 USD % % Burgan Finance No 1 Jersey Ltd -Reg- 2010/2020 USD % % Burgan Tier 1 Financing Ltd 2014/2049 * USD % % Cemex SAB de CV -Reg- 2013/2021 USD % % Cencosud SA 2012/2023 USD % % Central Plaza Development Ltd 2014/2049 * USD % % CFR International SpA -Reg- 2012/2022 USD % % Cheung Kong Bond Securities 03 Ltd (MTN) -Reg- 2013/2049 ** USD % % China Cinda Finance 2014 Ltd -Reg- 2014/2024 USD % % China Oil & Gas Group Ltd 2014/2020 USD % % China Overseas Finance Cayman III Ltd 2013/2043 USD % % China Overseas Finance Cayman VI Ltd 2014/2024 USD % % China Resources Gas Group Ltd 2012/2022 USD % % China Shanshui Cement Group Ltd -Reg- 2012/2017 USD % % China Taiping Insurance Holdings Co, Ltd 2014/2049 * USD % % CIFI Holdings Group Co, Ltd 2013/2018 USD % % CITIC Ltd (MTN) 2013/2020 USD % % CITIC Securities Finance Co, Ltd (MTN) 2014/2019 USD % % CNOOC Finance 2013 Ltd 2013/2023 USD % % CNOOC Nexen Finance 2014 ULC 2014/2024 USD % % CNPC General Capital Ltd (MTN) 2014/2019 USD % % Coca-Cola Icecek AS -Reg- 2013/2018 USD % % Colbun SA -Reg- 2014/2024 USD % % Columbus International, Inc -Reg- 2014/2021 USD % % Comcel Trust -Reg- 2014/2024 USD %

175 Deutsche Invest I Emerging Markets Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets 7875 % Controladora Mabe SA de CV -Reg- 2009/2019 USD % % Corp Financiera de Desarrollo SA -Reg- 2014/2029 * USD % % Corp Nacional del Cobre de Chile -Reg- 2014/2044 USD % % Corpbanca SA 2014/2019 USD % % Country Garden Holdings Co 2011/2018 USD % % Country Garden Holdings Co, Ltd -Reg- 2013/2021 USD % % Credito Real SAB de CV 2014/2019 USD % % DP World Ltd -Reg- (MTN) 2007/2037 USD % % Dubai Electricity & Water Authority -Reg- 2010/2020 USD % % ECL SA -Reg- 2014/2025 USD % % Eastern Creation II Investment Holdings Ltd (MTN) 2014/2020 USD % % Ecopetrol SA 2014/2045 USD % % EMG Sukuk Ltd 2014/2024 ** USD % % Emirates NBD PJSC (MTN) 2014/2019 USD % % Empresa Electrica Angamos SA -Reg- 2014/2029 USD % % Empresa Nacional del Petroleo -Reg- 2014/2024 USD % % Empresas ICA SAB de CV -Reg- 2014/2024 USD % % ENN Energy Holdings Ltd 2014/2019 USD % % ESAL GmbH -Reg- 2013/2023 USD % % Evergrande Real Estate Group Ltd -Reg- 2013/2018 ** USD % % Evraz Group SA-Reg- 2013/2020 USD % % Franshion Brilliant Ltd 2014/2019 ** USD % % Fresnillo Plc 2013/2023 USD % % Gazprom OAO -Reg- 2012/2022 USD % % Gazprom -Reg- 2009/2019 ** USD % % Global Bank Corp -Reg- 2014/2019 USD % % Gol Luxco SA 2014/2022 USD % % GPN Capital SA 2012/2022 USD % % Greenko Dutch BV -Reg- 2014/2019 USD % % Gruma SAB de CV -Reg- 2014/2024 USD % % Grupo Bimbo SAB de CV -Reg- 2014/2024 USD % % Grupo Idesa SA de CV -Reg- 2013/2020 USD % % Grupo Televisa SAB 2005/2025 USD % % GTL Trade Finance, Inc -Reg- 2014/2044 USD % % Halyk Savings Bank of Kazakhstan JSC -Reg- 2011/2021 USD % % Hungary Government International Bond 2011/2041 USD % % Hutchison Whampoa International 12 Ltd -Reg- 2012/2049 * USD % % ICICI Bank Ltd -Reg- 2007/2022 * USD % % ICICI Bank Ltd/Hong Kong -Reg- 2010/2020 USD % % IDBI Bank Ltd (MTN) 2014/2020 USD % % Indian Oil Corp, Ltd (MTN) 2013/2023 ** USD % % Industrial & Commercial Bank of China Ltd -Reg- 2014/2049 * USD % % InRetail Consumer -Reg- 2014/2021 USD % % InRetail Shopping Malls -Reg- 2014/2021 ** USD % % International Bank of Azerbaijan OJSC 2014/2019 USD % % Israel Chemicals Ltd 144A 2014/2024 USD % % Israel Electric Corp Ltd 144A 2014/2024 USD % % Itau Unibanco Holding SA 2012/2023 USD % % Jafz Sukuk Ltd 2012/2019 USD % % JBS INVESTMENTS GmbH 2014/2024 USD % % JGSH Philippines Ltd -Reg- 2013/2023 USD % % JSW Steel Ltd 2014/2019 USD % % Kaisa Group Holdings Ltd 2014/2019 USD % % Kaisa Group Holdings Ltd -Reg- 2013/2018 USD % % Klabin Finance SA -Reg- 2014/2024 USD % % KOC Holding AS -Reg- 2013/2020 USD % % Korea Exchange Bank 2014/2024 USD % % Korea National Oil Corp -Reg- 2014/2024 ** USD % % Krung Thai Bank PCL/Cayman Islands 2014/2024 * USD % % Kuwait Energy Co -Reg- 2014/2019 USD % % Kuwait Projects Co (MTN) 2010/2020 USD % % Lenovo Group Ltd -Reg- 2014/2019 USD % % Longfor Properties Co, Ltd 2012/2019 ** USD % % Lukoil International Finance BV 2013/2023 ** USD % % MAF Global Securities 2014/2024 USD % % MAF Global Securities Ltd 2013/2049 * USD % % MAF Global Securities Ltd -Reg- 2014/2024 USD % % Marfrig Holding Europe BV -Reg- 2014/2019 USD % % Mexichem SAB de CV 2014/2044 USD % % MIE Holdings Corp -Reg- 2014/2019 USD % % Minerva Luxembourg SA 144A 2013/2023 USD % % Minerva Luxembourg SA -Reg- 2013/2023 USD % % Mobile Telesystems OJSC via MTS International Funding Ltd -Reg- 2013/2023 USD %

176 Deutsche Invest I Emerging Markets Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets 4875 % Nan Fung Treasury Ltd (MTN) 2014/2024 USD % % Noble Group Ltd -Reg- 2009/2020 USD % % Novatek Finance Ltd 2012/2022 USD % % NTPC Ltd (MTN) 2014/2024 USD % % OAS Financial Ltd -Reg- 2013/2049 * USD % % OCP SA -Reg- 2014/2024 USD % % Odebrecht Offshore Drilling Finance Ltd -Reg- 2013/2022 USD % % Oi SA -Reg- 2012/2022 USD % % Oleoducto Central SA 2014/2021 USD % % ONGC Videsh Ltd -Reg- 2014/2024 USD % % Pacnet Ltd -Reg- 2013/2018 USD % % PCCW-HKT Capital No 5 Ltd -Reg- 2013/2023 USD % % Perusahaan Gas Negara Persero Tbk PT -Reg- 2014/2024 USD % % Perusahaan Listrik Negara PT 2012/2042 ** USD % % Petrobras Global Finance BV 2014/2024 USD % % Petrobras Global Finance BV 2014/2044 USD % % Poly Real Estate Finance -Reg- 2014/2019 USD % % Polyus Gold International Ltd -Reg- 2013/2020 USD % % Powerlong Real Estate Holdings Ltd (MTN) 2013/2018 ** USD % % PTT Global Chemical PCL -Reg- 2012/2022 USD % % Puma International Financing SA -Reg- 2014/2021 USD % % QGOG Constellation SA 2012/2019 USD % % QNB Finance Ltd 2013/2020 USD % % Reliance Industries Ltd -Reg- 2013/2049 ** USD % % Rolta Americas LLC -Reg- 2014/2019 ** USD % % Rosneft Oil Co via Rosneft International Finance Ltd -Reg- 2012/2022 USD % % Russian Foreign Bond - Eurobond -Reg- 2000/2030 * USD % % RZD Capital Ltd 2012/2022 USD % % San Miguel Corp (MTN) 2013/2023 USD % % SAN Miguel Industrias Pet SA -Reg- 2013/2020 USD % % Saudi Electricity Global Sukuk Co /2043 USD % % Saudi Electricity Global SUKUK Co 3 -Reg- 2014/2024 USD % % Sberbank of Russia 2013/2022 USD % % Sberbank of Russia 2014/2024 * USD % % Seven Energy Ltd/Nigeria (MTN) -Reg- 2014/2021 USD % % Shimao Property Holdings Ltd 2013/2020 ** USD % % Sinopec Group Overseas Development (2012 Ltd 2012/2022 USD % % Sistema International Funding SA -Reg- 2012/2019 USD % % SK E&S Co, Ltd -Reg- 2014/2049 * USD % % Southern Copper Corp 2012/2042 USD % % State Bank of India -Reg- 2014/2024 USD % % Sun Hung Kai Properties Capital Market Ltd (MTN) 2014/2024 * USD % % Swire Properties (MTN) Financing Ltd 2012/2022 USD % % Talent Yield Investments Ltd -Reg- 2012/2022 USD % % Tata Motors Ltd 2014/2020 USD % % Telemar Norte Leste SA -Reg- 2010/2020 USD % % Tencent Holdings Ltd 2014/2019 USD % % Tenedora Nemak SA de CV -Reg- 2013/2023 USD % % Theta Capital Pte Ltd 2012/2019 USD % % TMK OAO Via TMK Capital SA -Reg- 2013/2020 ** USD % % TML Holdings Pte Ltd 2014/2021 USD % % Tonon Bioenergia SA -Reg- 2013/2020 USD % % Tupy Overseas SA -Reg- 2014/2024 USD % % Turk Telekomunikasyon AS -Reg- 2014/2019 USD % % Turkiye Garanti Bankasi AS -Reg- 2012/2022 USD % % Turkiye Halk Bankasi AS -Reg- 2014/2019 USD % % Turkiye Is Bankasi AS 2013/2019 ** USD % % Turkiye Sinai Kalkinma Bankasi AS 2014/2019 USD % % Turkiye Sise ve Cam Fabrikalari AS 2013/2020 USD % % Turkiye Vakiflar Bankasi Tao -Reg- 2012/2022 USD % % Unifin Financiera SAPI de CV SOFOM ENR -Reg- 2014/2019 USD % % Union Andina de Cementos SAA -Reg- 2014/2021 USD % % Vale Overseas Ltd 2012/2022 USD % % Vale SA 2012/2042 USD % % Vimpel Communications Via VIP Finance Ireland Ltd OJSC -Reg- 2008/2018 USD % % VimpelCom Holdings BV -Reg- 2013/2023 ** USD % % Vnesheconombank Via VEB Finance Plc -Reg- 2012/2022 USD % % Votorantim Cimentos SA -Reg- 2011/2041 USD % % VTB Bank OJSC Via VTB Capital SA -Reg- 2008/2018 USD % % VTB Bank OJSC Via VTB Capital SA -Reg- 2010/2015 USD %

177 Deutsche Invest I Emerging Markets Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets 695 % VTB Bank OJSC Via VTB Capital SA -Reg- 2012/2022 USD % % VTB Bank -Reg- 2010/2020 USD % % Wanda Properties International Co, Ltd 2014/2024 ** USD % % West China Cement Ltd 2014/2019 USD % % Woori Bank Co, Ltd 2014/2024 USD % % Yapi ve Kredi Bankasi AS -Reg- 2014/2019 USD % % Yasar Holdings AS -Reg- 2014/2020 ** USD % % Yuzhou Properties Co, Ltd 2014/2019 USD % Securities admitted to or included in organized markets Interest-bearing securities 6625 % Afren Plc -Reg- 2013/2020 USD % % Ajecorp BV -Reg- 2012/2022 ** USD % % Alfa SAB de CV -Reg- 2014/2044 USD % % Alpek SAB de CV -Reg- 2013/2023 USD % % Axtel SAB de CV -Reg- 2013/2020 * USD % % B Communications Ltd 144A 2014/2021 ** USD % % Baidu, Inc 2012/2022 USD % % Banco BMG SA -Reg- 2011/2018 USD % % Banco de Credito del Peru -Reg- 2012/2027 * USD % % Banco do Brasil SA/Cayman -Reg- 2014/2049 * USD % % Banco Internacional del Peru SAA -Reg- 2010/2020 USD % % BBVA Bancomer SA/Grand Cayman -Reg- 2007/2022 * USD % % Braskem America Finance Co -Reg- 2011/2041 USD % % Braskem Finance Ltd -Reg- 2011/2021 USD % % Cemex Finance LLC -Reg- 2014/2024 USD % % Cemex SAB de CV 2012/2018 USD % % Centrais Eletricas Brasileiras SA -Reg- 2011/2021 USD % % Cielo SA 2012/2022 USD % % Cosan Luxembourg SA -Reg- 2013/2023 ** USD % % Digicel Group Ltd -Reg- 2012/2020 USD % % Dolphin Energy Ltd -Reg- 2012/2021 USD % % Ecopetrol SA 2014/2025 USD % % Elementia SAB de CV -Reg- 2014/2025 USD % % Embotelladora Andina SA -Reg- 2013/2023 USD % % Embraer Overseas Ltd -Reg- 2013/2023 ** USD % % Evraz Group SA -Reg- 2008/2018 ** USD % % Grupo Aval Ltd 2012/2022 USD % % Gruposura Finance -Reg- 2011/2021 USD % % Hutchison Whampoa International 14 Ltd -Reg- 2014/2024 USD % % Indo Energy Finance II BV -Reg- 2013/2023 USD % % Inversiones CMPC SA -Reg- 2014/2024 USD % % Korea East-West Power Co, Ltd -Reg- 2014/2020 USD % % Maestro Peru SA -Reg- 2012/2019 USD % % Marfrig Overseas Ltd 2010/2020 USD % % Metalloinvest Finance Ltd -Reg- 2011/2016 ** USD % % Myriad International Holdings BV -Reg- 2013/2020 USD % % Nakilat, Inc -Reg- 2006/2033 USD % % Odebrecht Drilling Norbe VIII/IX Ltd -Reg- 2010/2021 USD % % Pacific Rubiales Energy 2014/2025 USD % % Pacific Rubiales Energy Corp 2013/2023 ** USD % % Petrobras Global Finance BV 2014/2017 USD % % Ras Laffan Liquefied Natural Gas Co, Ltd III -Reg- 2005/2027 USD % % SACI Falabella -Reg- 2014/2025 USD % % Servicios Corporativos Javer SAPI de CV -Reg- 2011/2021 USD % % Severstal OAO Via Steel Capital SA 2012/2022 USD % % Severstal OAO Via Steel Capital SA -Reg- 2013/2018 ** USD % % Sixsigma Networks Mexico SA de CV -Reg- 2014/2021 USD % % Suzano Trading Ltd -Reg- 2010/2021 USD % % Transportadora de Gas Internacional SA ESP -Reg- 2012/2022 USD % Unlisted securities Interest-bearing securities 4755 % MTN Mauritius Investments Ltd -Reg- 2014/2024 USD % Total securities portfolio

178 Deutsche Invest I Emerging Markets Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Interest rate futures US Treasury Notes 10 year Futures 03/ USD (CBT) Count US Treasury Notes 2 year Futures 03/ USD (CBT) Count US Treasury Notes 20 year Futures 03/ USD (CBT) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/AUD 01 million EUR/NOK 01 million EUR/ZAR 01 million USD/EUR 7 million USD/MXN 52 million Closed positions EUR/AUD 01 million EUR/BRL 06 million EUR/CAD 01 million EUR/CNY 13 million EUR/INR 127 million EUR/NOK 01 million EUR/NZD 01 million EUR/RUB 101 million EUR/ZAR 02 million USD/BRL 20 million USD/EUR 16 million USD/MXN 52 million USD/RUB 180 million USD/SGD 01 million Currency futures (long) Open positions AUD/EUR 01 million BRL/EUR 04 million BRL/USD 5 million CAD/EUR 01 million CNY/EUR 09 million EUR/USD 223 million INR/EUR 91 million NOK/EUR 01 million NZD/EUR 01 million RUB/EUR 88 million SGD/USD 03 million ZAR/EUR 01 million Swaps Receivables/payables Credit default swaps Protection seller Brazil / 1% 20/03/2019 (OTC) (DB) Count Brazil / 1% 20/09/2019 (OTC) (CIT) Count Brazil / 1% 20/09/2019 (OTC) (JP) Count Brazil / 1% 20/12/2012 (OTC) (CIT) Count Brazil / 1% 20/12/2019 (OTC) (DB) Count Brazil / 1% 20/12/2019 (OTC) (DB) Count CDX EM / 1% 20/12/2019 (OTC) (CIT) Count CDX EM / 1% 20/12/2019 (OTC) (DB) Count CDX EM / 1% 20/12/2019 (OTC) (JP) Count CDX NA/ 5% 20/12/2019 (OTC) (CIT) Count Dubai / 5% 20/03/2019 (OTC) (BR) Count Hungary / 1% 20/12/2019 (OTC) (JP) Count ICICI Bank / 1% 20/09/2019 (OTC) (DB) Count Indonesia / 1% 20/12/2019 (OTC) (DB) Count Indonesia / 1% 20/12/2019 (OTC) (DB) Count Indonesia / 1% 20/12/2019 (OTC) (JP) Count Indonesia/ 1% 20/03/2019 (OTC) (CIT) Count ITRAXX Asia ex-japan / 1% 20/12/2019 (OTC) (CIT) Count

179 Deutsche Invest I Emerging Markets Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets ITRAXX Asia ex-japan / 1% 20/06/2019 (OTC) (JP) Count ITRAXX Asia ex-japan / 1% 20/06/2019 (OTC) (DB) Count ITRAXX Asia ex-japan / 1% 20/12/2019 (OTC) (DB) Count ITRAXX Asia ex-japan / 1% 20/12/2019 (OTC) (JP) Count ITRAXX Sovereign / 1% 20/12/2018 (OTC) (BR) Count Petrobas International Finance / 1% 20/06/2019 (OTC) (CIT) Count Republic of South Africa / 1% 20/09/2019 (OTC) (DB) Count Republic of South Africa / 1% 20/09/2019 (OTC) (ML) Count Republic of South Africa / 1% 20/12/2019 (OTC) (DB) Count Republic of Turkey / 1% 20/09/2019 (OTC) (DB) Count Republic of Turkey / 1% 20/12/2019 (OTC) (JP) Count Russia Federation / 1% 20/09/2019 (OTC) (DB) Count Russia Federation / 1% 20/12/2019 (OTC) (CIT) Count State Bank of India / 1% 20/06/2019 (OTC) (DB) Count State Bank of India / 1% 20/09/2019 (OTC) (DB) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Australian dollar AUD Mexican peso MXN US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Prepaid placement fee **** Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FCH EUR Class LC (BRIC) EUR Class LC (CC) EUR Class LCH EUR Class LDH EUR Class NCH EUR Class ND EUR 9864 Class NDH EUR Class PFCH EUR 9671 Class PFDQH EUR 9615 Class SGD LC SGD 1112 Class SGD LDMH SGD 995 Class USD FC USD Class USD LC USD Class USD LD USD 9673 Class USD LDM USD 9972 Number of shares outstanding Class FCH Count Class LC (BRIC) Count Class LC (CC) Count 595 Class LCH Count Class LDH Count Class NCH Count Class ND Count

180 Deutsche Invest I Emerging Markets Corporates Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Class NDH Count Class PFCH Count Class PFDQH Count Class SGD LC Count Class SGD LDMH Count Class USD FC Count Class USD LC Count Class USD LD Count Class USD LDM Count Composition of the reference portfolio (according to CSSF circular 11/512) JPM CEMBI in USD Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 04, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Futures exchange CBT = Chicago Board of Trade Contracting parties for derivatives (with the exception of currency futures) BR = Barclays Bank Plc CIT = Citigroup Global Markets Limited CS = Credit Suisse International DB = Deutsche Bank AG JP = JPMorgan Securities Plc ML = Merrill Lynch International Contracting parties for currency futures Deutsche Bank AG Frankfurt, Goldman Sachs International, Morgan Stanley and Co International Plc and State Street Bank and Trust Company Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in USD Total ( / 000) Perpetual 9875 % Agile Property Holdings Ltd 2012/2017 USD % AHB Tier 1 Sukuk Ltd 2014/2049 * USD % Ajecorp BV -Reg- 2012/2022 USD % Akbank TAS 2012/2022 USD % AngloGold Ashanti Holdings Plc 2013/2020 USD % B Communications Ltd 144A 2014/2021 USD % Braskem Finance Ltd -Reg- 2010/2049 USD % Cheung Kong Bond Securities 03 Ltd (MTN) -Reg- 2013/2049 USD % Cosan Luxembourg SA -Reg- 2013/2023 USD % Embraer Overseas Ltd -Reg- 2013/2023 USD % EMG Sukuk Ltd 2014/2024 USD % Evergrande Real Estate Group Ltd -Reg- 2013/2018 USD % Evraz Group SA -Reg- 2008/2018 USD % Franshion Brilliant Ltd 2014/2019 USD % Gazprom -Reg- 2009/2019 USD % Indian Oil Corp, Ltd (MTN) 2013/2023 USD % InRetail Shopping Malls -Reg- 2014/2021 USD % Korea National Oil Corp -Reg- 2014/2024 USD % Longfor Properties Co, Ltd 2012/2019 USD % Lukoil International Finance BV 2013/2023 USD % Metalloinvest Finance Ltd -Reg- 2011/2016 USD % Pacific Rubiales Energy Corp 2013/2023 USD % Perusahaan Listrik Negara PT 2012/2042 USD

181 Deutsche Invest I Emerging Markets Corporates Security description Quantity/ Limited maturity Securities loans principal amount Total market value in USD Total ( / 000) Perpetual 125 % Powerlong Real Estate Holdings Ltd (MTN) 2013/2018 USD % Reliance Industries Ltd -Reg- 2013/2049 USD % Rolta Americas LLC -Reg- 2014/2019 USD % Severstal OAO Via Steel Capital SA -Reg- 2013/2018 USD % Shimao Property Holdings Ltd 2013/2020 USD % TMK OAO Via TMK Capital SA -Reg- 2013/2020 USD % Turkiye Is Bankasi AS 2013/2019 USD % VimpelCom Holdings BV -Reg- 2013/2023 USD % Wanda Properties International Co, Ltd 2014/2024 USD % Yasar Holdings AS -Reg- 2014/2020 USD Total receivables from securities loans Contracting party for securities loans Barclays Capital Securities Limited, Citigroup Global Markets, Credit Suisse Securities (Europe) Ltd FI, Deutsche Bank AG FI, Goldman Sachs Int, JP Morgan Securities Plc (Fix Income) and Morgan Stanley Intl FI Total collateral pledged by third parties for securities loans USD thereof: Bonds USD Equities USD Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = USD 1 Brazilian real BRL = USD 1 Chinese yuan renminbi CNY = USD 1 Euro EUR = USD 1 British pound GBP = USD 1 Indian rupee INR = USD 1 Mexican peso MXN = USD 1 Russian rouble RUB = USD 1 Singapore dollar SGD = USD 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV s prospectus If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank 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 Assets reported in this report are not valued at derived market values Footnotes * Floating interest rate ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist **** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) 179

182 Deutsche Invest I Emerging Markets Corporates 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 405 % Bestgain Real Estate Lyra Ltd (MTN) 2013/2016 CNY % BOC Aviation Pte Ltd (MTN) 2013/2018 CNY % ABH Financial Ltd Via Alfa Holding Issuance Plc 2014/2017 EUR % Arcelik AS 2014/2021 EUR % Banco Nacional de Desenvolvimento Economico e Social -Reg- 2014/2019 EUR % Bharti Airtel International Netherlands BV 2013/2018 EUR % Bharti Airtel International Netherlands BV -Reg- 2014/2021 EUR % Brazilian Government International Bond 2014/2021 EUR % Croatia Government International Bond 2014/2022 EUR % Emirates Telecommunications Corp 2014/2021 EUR % Gazprombank OJSC Via GPB Eurobond Finance Plc -Reg- 2014/2019 EUR % Morocco Government International Bond 2014/2024 EUR % ONGC Videsh Ltd 2014/2021 EUR % Petrobras Global Finance BV 2014/2025 EUR % Petrol DD Ljubljana 2014/2019 EUR % Petroleos Mexicanos -Reg- 2014/2026 EUR % PGE Sweden AB 2014/2019 EUR % Play Finance 1 SA 2014/2019 EUR % Play Finance 2 SA -Reg- 2014/2019 EUR % Play Topco SA -Reg- 2014/2020 EUR % Republic of Korea 2014/2024 EUR % Samvardhana Motherson Automotive Systems Group BV -Reg- 2014/2021 EUR % Sberbank of Russia Via SB Capital SA -Reg- 2014/2019 EUR % SPP-Distribucia AS 2014/2021 EUR % Turkey Government International Bond 2014/2023 EUR % Turkiye Vakiflar Bankasi Tao 2014/2019 EUR % TVN Finance Corp III AB -Reg- 2013/2020 EUR % Votorantim Cimentos SA -Reg- 2014/2021 EUR % Dubai Holding Commercial Operations Ltd (MTN) 2007/2017 GBP % Moy Park Bondco Plc -Reg- 2014/2021 GBP % International Finance Corp 2014/2021 INR % America Movil SAB de CV 2014/2024 MXN % Abu Dhabi National Energy Co -Reg- 2014/2024 USD % ADCB Finance Cayman Ltd (MTN) 2014/2019 USD % ADCB Finance Cayman Ltd 2014/2019 USD % African Export-Import Bank (MTN) 2014/2019 USD % African Export-Import Bank (MTN) 2014/2019 USD % Agile Property Holdings Ltd 2014/2019 USD % AIA Group Ltd 2014/2044 USD % Akbank TAS 2012/2017 USD % Alliance Oil Co, Ltd -Reg- 2013/2020 USD % Alpha Star Holding Ltd -Reg- 2014/2019 USD % Alternatifbank AS 2014/2019 USD % Altice Financing SA 144A 2013/2022 USD % Altice SA 2014/2022 USD % America Movil SAB de CV 2012/2022 USD % Anton Oilfield Services Group -Reg- 2013/2018 USD % Aralco Finance SA 2013/2020 USD % Automotores Gildemeister SA 2011/2021 USD % Avianca Holdings SA 2013/2020 USD % Avianca Holdings SA -Reg- 2014/2020 USD % Axis Bank Ltd -Reg- 2012/2017 USD % Baidu, Inc 2013/2018 USD % Baidu, Inc 2014/2019 USD % Banco Btg Pactual SA -Reg- 2014/2049 * USD % Banco Daycoval SA 2014/2019 USD % Banco de Bogota SA -Reg- 2013/2023 USD % Banco de Costa Rica -Reg- 2013/2018 USD % Banco de Credito del Peru 2013/2023 USD % Banco do Brasil SA -Reg- 2009/2049 * USD % Banco Inbursa SA Institucion de Banca Multiple -Reg- 2014/2024 USD % Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 2012/2022 USD % Banco Votorantim SA -Reg- (MTN) 2011/2016 USD % Bancolombia SA 2011/2021 USD % Bank of Baroda/London -Reg- 2014/2019 USD % Bank Rakyat Indonesia Persero Tbk PT -Reg- 2013/2018 USD % Bao-trans Enterprises Ltd -Reg- 2013/2018 USD % BBVA Bancomer SA/Texas 2014/2024 USD % BBVA Banco Continental 2014/2029 * USD % BM&FBovespa SA -Reg- 2010/2020 USD % Braskem Finance Ltd 2014/2024 USD % Braskem Finance Ltd -Reg- 2012/2022 USD % Brazilian Government International Bond 2013/2025 USD % Brazilian Government International Bond 2014/2045 USD % BRF SA 2013/2023 USD % CBQ Finance Ltd 2014/2019 USD % Cemex Finance LLC -Reg- 2012/2022 USD % Central China Real Estate Ltd 2013/2018 USD % Charming Light Investments Ltd (MTN) 2014/2019 USD % China Cinda Finance 2014 Ltd -Reg- 2014/2019 USD % China CITIC Bank International Ltd -Reg- 2014/2049 * USD % China Construction Bank Asia Corp, Ltd (MTN) 2014/2024 * USD % China Merchants Land Ltd 2013/2018 USD % China Oil & Gas Group Ltd -Reg- 2013/2018 USD % China Overseas Finance Cayman III Ltd 2013/2023 USD % China Overseas Finance Cayman VI Ltd 2014/2019 USD % China Resources Land Ltd 2014/2024 USD % China Shipping Overseas Finance 2013 Ltd 2014/2019 USD

183 Deutsche Invest I Emerging Markets Corporates Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 3125 % China State Construction Finance Cayman I Ltd 2013/2018 USD % Cia Brasileira de Aluminio -Reg- 2014/2024 USD % CITIC Ltd (MTN) 2012/2018 USD % CITIC Pacific Ltd 2011/2049 * USD % CNOOC Curtis Funding No 1 Pty Ltd -Reg- 2013/2023 USD % CNOOC Nexen Finance 2014 ULC 2014/2044 USD % CNPC General Capital Ltd -Reg- 2013/2018 USD % CNPC General Capital Ltd -Reg- 2014/2019 USD % Colombia Government International Bond 2014/2044 USD % Colombia Telecomunicaciones SA ESP -Reg- 2012/2022 USD % COSCO Finance 2011 Ltd 2012/2022 USD % Costa Rica Government International Bond 2014/2044 USD % Country Garden Holdings Co, Ltd -Reg- 2014/2019 USD % CRCC Yupeng Ltd 2014/2049 * USD % CRCC Yuxiang Ltd 2013/2023 USD % Dar Al-Arkan Sukuk Co, Ltd -Reg- 2014/2019 USD % Delek & Avner Tamar Bond Ltd 144A 2014/2018 USD % Delek & Avner Tamar Bond Ltd 2014/2018 USD % Delek & Avner Tamar Bond Ltd 2014/2023 USD % Dianjian Haixing Ltd 2014/2049 * USD % DIFC Sukuk Ltd 2014/2024 USD % DIP Sukuk Ltd -Reg- 2014/2019 USD % Dominican Republic International Bond -Reg- 2014/2044 USD % Double Rosy Ltd 2014/2019 USD % DP World Ltd 2014/2024 USD % Dubai DOF Sukuk Limited 2014/2029 USD % Eastern Creation Investment Holdings Ltd 2014/2019 USD % Ecopetrol SA 2013/2023 USD % Ecopetrol SA 2013/2043 USD % EDC Finance Ltd -Reg- 2013/2020 USD % El Salvador Government International Bond -Reg- 2014/2027 USD % Emaar Sukuk Ltd (MTN) 2012/2019 USD % Emirates NBD Tier 1 Ltd 2013/2049 * USD % Emirates Telecommunications Corp 2014/2019 USD % Emirates Telecommunications Corp 2014/2024 USD % Empresa Nacional de Electricidad SA 2014/2024 USD % ENTEL Chile SA -Reg- 2013/2024 USD % ENTEL Chile SA -Reg- 2014/2026 USD % Eskom Holdings SOC Ltd -Reg- 2011/2021 USD % Evraz Group SA -Reg- 2005/2015 USD % Export Credit Bank of Turkey -Reg- 2012/2019 USD % Far East Capital Ltd SA 2013/2018 USD % Far East Horizon Ltd (MTN) 2014/2017 USD % Fermaca Enterprises S de RL de CV -Reg- 2014/2038 USD % Fibria Overseas Finance Ltd 2014/2024 USD % Fibria Overseas Finance Ltd -Reg- 2011/2021 USD % Financiera Independencia SAB de CV -Reg- 2014/2019 USD % Franshion Investment Ltd 2012/2017 USD % Fufeng Group Ltd -Reg- 2011/2016 USD % Gazprom Neft OAO Via GPN Capital SA 2013/2023 USD % Gazprom OAO -Reg- 2011/2021 USD % Gazprom OAO Via Gaz Capital SA -Reg- 2007/2022 USD % Gazprom OAO Via Gaz Capital SA -Reg- 2011/2016 USD % Georgian Railway LLC 2012/2022 USD % Globo Comunicacao e Participacoes SA -Reg- 2012/2022 USD % GNL Quintero SA -Reg- 2014/2029 USD % Greenland Global Investment Ltd 2014/2019 USD % Greenland Global Investment Ltd 2014/2024 USD % Grupo Bimbo SAB de CV -Reg- 2012/2022 USD % Grupo Bimbo SAB de CV -Reg- 2014/2044 USD % GS Caltex Corp -Reg- 2014/2019 USD % GTB Finance BV 2013/2018 USD % Haitong International Finance Holdings Ltd 2013/2018 USD % HDFC Bank Ltd (MTN) 2013/2018 USD % Home Credit & Finance Bank 2012/2020 * USD % Honghua Group Ltd -Reg- 2014/2019 USD % Hongkong Land Finance Cayman Islands Co, Ltd (MTN) 2012/2022 USD % Hungary Government International Bond 2014/2019 USD % Hungary Government International Bond 2014/2024 USD % Hutchison Whampoa International 12 II Ltd 2012/2022 USD % Hysan MTN Ltd (MTN) 2013/2023 USD % Hyundai Capital Services, Inc (MTN) 2012/2017 USD % ICBC Macau 2014/2024 * USD % ICD Sukuk Co, Ltd 2014/2020 USD % ICICI Bank Ltd (MTN) 2011/2016 USD % ICICI Bank Ltd 2013/2019 USD % ICICI Bank Ltd/Dubai 2014/2020 USD % Indian Railway Finance Corp Ltd 2014/2019 USD % Indonesia Government International Bond (MTN) -Reg- 2013/2023 USD % Indonesia Government International Bond (MTN) -Reg- 2014/2024 USD % Indosat Palapa Co BV -Reg- 2010/2020 USD % Israel Electric Corp, Ltd 2013/2018 USD % Jamaica Government International Bond 2014/2025 USD % JBS Investments GmbH -Reg- 2013/2020 USD % Kaisa Group Holdings Ltd 2014/2018 USD % Kazakhstan Government International Bond -Reg- 2014/2024 USD % Kazakhstan Government International Bond -Reg- 2014/2044 USD % KCA Deutag UK Finance Plc 144A 2014/2021 USD % Kenya Government International Bond -Reg- 2014/2024 USD % Korea Development Bank 2014/2020 USD % Korea Exchange Bank 2013/2023 USD % Korea Gas Corp 2014/2024 USD % Korea National Oil Corp 2014/2019 USD % Korea National Oil Corp -Reg- 2014/2024 USD % Kuwait Projects Co (MTN) 2014/2019 USD % KWG Property Holding Ltd -Reg- 2014/2019 USD % Lukoil International Finance BV -Reg- 2013/2018 USD % MDC GMTN BV 2014/2022 USD % Mexico Government International Bond 2014/2025 USD % MHP SA 2013/2020 USD

184 Deutsche Invest I Emerging Markets Corporates Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 6875 % MIE Holdings Corp (MTN) 2013/2018 USD % Millicom International Cellular SA 2013/2021 USD % Minerva Luxembourg SA -Reg- 2014/2049 * USD % MTS International Funding Ltd -Reg- 2010/2020 USD % Nan Fung Treasury Ltd (MTN) -Reg- 2012/2022 USD % National JSC Naftogaz of Ukraine 2009/2014 USD % Noble Group Ltd 2010/2049 USD % Noble Group Ltd 2014/2049 * USD % Nostrum Oil & Gas Finance BV -Reg- 2014/2019 USD % NTPC Ltd 2012/2022 USD % OAS Finance Ltd -Reg- 2014/2021 USD % OCP SA -Reg- 2014/2044 USD % Odebrecht Finance Ltd -Reg- 2013/2025 USD % Odebrecht Finance Ltd -Reg- 2014/2029 USD % Odebrecht Offshore Drilling Finance Ltd -Reg- 2014/2022 USD % Odebrecht Oil & Gas Finance Ltd -Reg- 2014/2049 * USD % Offshore Drilling Holding SA 2013/2020 USD % Oil India Ltd -Reg- 2014/2019 USD % Oil India Ltd -Reg- 2014/2024 USD % ONGC Videsh Ltd -Reg- 2014/2019 USD % Ooredoo International Finance Ltd 2012/2023 USD % Ooredoo Tamweel Ltd 2013/2018 USD % Pacific Rubiales Energy Corp 2013/2019 USD % Pacnet Ltd -Reg- 2010/2015 USD % Pakistan Government International Bond -Reg- 2014/2019 USD % Pakistan Government International Bond -Reg- 2014/2024 USD % Pertamina Persero PT -Reg- (MTN) 2013/2043 USD % Pertamina Persero PT -Reg- (MTN) 2014/2044 USD % Perusahaan Penerbit SBSN Indonesia -Reg- 2012/2022 USD % Petrobras Global Finance BV 2013/2023 USD % Petrobras Global Finance BV 2014/2020 USD % Petrobras International Finance Co 2011/2021 USD % Petroleos de Venezuela SA 2007/2027 USD % Petroleos de Venezuela SA 2012/2015 USD % Petroleos de Venezuela SA -Reg- 2007/2037 USD % Petroleos de Venezuela SA -Reg- 2010/2017 USD % Petroleos de Venezuela SA -Reg- 2012/2035 USD % Petroleos de Venezuela SA -Reg- 2014/2024 USD % Philippine Government International Bond 2014/2024 USD % PTT Exploration & Production PCL -Reg- 2014/2049 * USD % PTTEP Canada International Finance Ltd (MTN) -Reg- 2011/2021 USD % Reliance Holdings USA, Inc -Reg- 2012/2022 USD % Republic of Azerbaijan International Bond -Reg- 2014/2024 USD % Republic of Korea 2014/2044 USD % Republic of Paraguay -Reg- 2014/2044 USD % Republic of Serbia 2013/2018 USD % RH International Singapore Corp Pte Ltd -Reg- 2014/2019 USD % Rolta LLC -Reg- 2013/2018 USD % Romanian Government International Bond -Reg- (MTN) 2014/2024 USD % Rosneft Finance SA (MTN) -Reg- 2007/2018 USD % RSHB Capital SA 2014/2018 USD % Russian Agricultural Bank OJSC -Reg- 2013/2018 USD % Russian Agricultural Bank OJSC Via RSHB Capital SA -Reg- 2013/2023 USD % SACI Falabella -Reg- 2013/2023 USD % Samarco Mineracao SA -Reg- 2012/2022 USD % Sappi Papier Holding GmbH 2012/2017 USD % Saudi Electricity Global SUKUK Co 3 -Reg- 2014/2044 USD % Shanghai Electric Group Global Investment Ltd 2014/2019 USD % Shimao Property Holdings Ltd 2011/2018 USD % Shimao Property Holdings Ltd 2014/2021 USD % Sibur Securities Ltd -Reg- 2013/2018 USD % Sinopec Group Overseas Development 2013 Ltd 2013/2023 USD % SM Investments Corp 2014/2024 USD % Southern Copper Corp 2010/2040 USD % Southern Copper Corp 2012/2022 USD % Sri Lanka Government International Bond -Reg- 2014/2019 USD % Sri Lanka Government International Bond -Reg- 2014/2019 USD % SriLankan Airlines Ltd 2014/2019 USD % State Bank of India -Reg- 2014/2019 USD % State Grid Overseas Investment 2014 Ltd -Reg- 2014/2024 USD % Sukuk Funding No 3 Ltd 2013/2018 USD % Sun Hung Kai Properties Capital Market Ltd (MTN) 2012/2022 USD % Swire Properties MTN Financing Ltd (MTN) -Reg- 2013/2020 USD % Syndicate Bank/London -Reg- 2014/2019 USD % TC Ziraat Bankasi AS -Reg- 2014/2019 USD % Tencent Holdings Ltd -Reg- 2012/2018 USD % Teva Pharmaceutical Finance Co BV 2012/2022 USD % Texhong Textile Group Ltd 2013/2019 USD % The Export-Import Bank of China -Reg- 2014/2024 USD % Theta Capital Pte Ltd -Reg- 2012/2020 USD % Theta Capital Pte Ltd -Reg- 2012/2020 USD % Theta Capital Pte Ltd -Reg- 2014/2022 USD % Topaz Marine SA -Reg- 2013/2018 USD % Turkey Government International Bond 2014/2024 USD % Turkey Government International Bond 2014/2045 USD % Turkiye Garanti Bankasi AS -Reg- 2011/2021 USD % Turkiye Is Bankasi AS 2012/2017 USD % Turkiye Is Bankasi -Reg- 2013/2023 USD % Ukraine Government International Bond -Reg- 2012/2014 USD % United Overseas Bank Ltd 2014/2024 * USD % USJ Acucar e Alcool SA 2012/2019 USD % Venezuela Government International Bond -Reg- 2011/2031 USD % Vietnam Government International Bond -Reg- 2014/2024 USD % VimpelCom Holdings BV -Reg- 2011/2022 USD % VimpelCom Holdings BV -Reg- 2013/2019 USD

185 Deutsche Invest I Emerging Markets Corporates Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 1050 % Virgolino de Oliveira Finance Ltd -Reg- 2011/2018 USD % Virgolino de Oliveira Finance SA -Reg- 2014/2020 USD % VRG Linhas Aereas SA -Reg- 2013/2023 USD % VTB Bank 2012/2035 USD % VTB Bank OJSC -Reg- 2012/2049 * USD % VTB Capital SA -Reg- 2012/2017 USD % West China Cement Ltd -Reg- 2011/2016 USD % Woori Bank Co, Ltd 2013/2018 USD % Yancoal International Resources Development Co, Ltd -Reg- 2012/2022 USD % Yancoal International Trading Co, Ltd 2014/2049 * USD % Yingde Gases Investment Ltd 2014/2020 USD % YPF SA -Reg- 2013/2018 USD % YPF SA -Reg- 2014/2024 USD % Yuexiu Property Co, Ltd 2013/2023 USD % Zenith Banc Plc -Reg- 2014/2019 USD % Zhaikmunai LLP 2012/2019 USD Securities admitted to or included in organized markets Interest-bearing securities 525 % Alfa SAB de CV -Reg- 2014/2024 USD % Andrade Gutierrez International SA -Reg- 2013/2018 USD % Arcos Dorados Holdings, Inc -Reg- 2013/2023 USD % Axtel SAB de CV 2014/2020 * USD % Axtel SAB de CV -Reg- 2009/2019 USD % Banco de Credito del Peru/Panama -Reg- 2014/2027 * USD % Banco Industrial e Comercial SA -Reg- 2010/2015 USD % Banco Nacional de Desenvolvimento Economico e Social -Reg- 2014/2019 USD % Bangkok Bank PCL 1999/2029 USD % Bank of China Hong Kong Ltd -Reg- 2010/2020 USD % Berau Capital Resources 2010/2015 USD % Berau Coal Energy Tbk PT -Reg- 2012/2017 USD % Caixa Economica Federal -Reg- 2014/2019 USD % Cia Brasileira de Aluminio -Reg- 2010/2021 USD % Cia Minera Ares SAC -Reg- 2014/2021 USD % CNPC General Capital Ltd -Reg- 2013/2023 USD % Columbus International, Inc -Reg- 2009/2014 USD % Corpbanca SA 2013/2018 USD % COSL Finance BVI Ltd 2012/2022 USD % CSN Resources SA -Reg- 2010/2020 USD % Digicel Group Ltd 144A 2012/2020 USD % Digicel Group Ltd 144A 2014/2022 USD % Digicel Group Ltd -Reg- 2014/2022 USD % Digicel Ltd 144A 2013/2021 USD % Digicel Ltd -Reg- 2009/2017 USD % ENN Energy Holdings Ltd -Reg- 2011/2021 USD % Globo Comunicacao e Participacoes SA -Reg- 2010/2049 * USD % Gol Finance -Reg- 2010/2020 USD % JBS Finance II Ltd -Reg- 2010/2018 USD % Marfrig Holding Europe BV 2013/2021 USD % Marfrig Holding Europe BV -Reg- 2013/2017 USD % Marfrig Overseas Ltd -Reg- 2014/2020 USD % Mexichem SAB de CV 2012/2022 USD % MIE Holdings Corp -Reg- 2011/2016 USD % Millicom International Cellular SA -Reg- 2013/2020 USD % National Savings Bank 2014/2019 USD % NII Capital Corp 2011/2021 USD % NII International Telecom SCA 2013/2019 USD % OAS Investments GmbH 2012/2019 USD % Odebrecht Finance Ltd 2012/2042 USD % Pacific Rubiales Energy Corp 2011/2021 USD % Pacific Rubiales Energy Corp 2013/2021 USD % Pacific Rubiales Energy Corp 2014/2025 USD % Perusahaan Penerbit SBSN Indonesia 2014/2024 USD % Petroleos de Venezuela SA 2009/2014 USD % Petroleos de Venezuela SA 2009/2016 USD % Petroleos Mexicanos -Reg- 2014/2025 USD % Petroleos Mexicanos -Reg- 2014/2045 USD % State Bank of India -Reg- 2012/2017 USD % State Bank of India -Reg- 2013/2018 USD % SUAM Finance BV -Reg- 2014/2024 USD % Tonon Luxembourg SA 2014/2024 USD % Trust F -Reg- 2014/2024 USD % Trust F -Reg- 2014/2044 USD % Turkiye Garanti Bank AS -Reg- 2014/2019 USD % Volcan Cia Minera SAA -Reg- 2012/2022 USD % VTR Finance BV -Reg- 2014/2024 USD Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlyings: MSCI Emerging Market, S&P 500) USD Contracts sold (Underlyings: CBOE VIX, MSCI Emerging Market, S&P 500) USD Interest rate futures Contracts purchased (Underlyings: US Treasury Note 10-Year, US Treasury Note 2-Year, US Treasury Note 30-Year, US Treasury Note 5-Year, US Treasury Ultra Bond) USD Contracts sold (Underlyings: Dollar Index, US Treasury Note 10-Year, US Treasury Note 2-Year, US Treasury Note 30-Year, US Treasury Note 5-Year, US Treasury Ultra Bond) USD Currency futures (short) Futures contracts to sell currencies EUR/AUD USD 65 EUR/BRL USD EUR/CAD USD 64 EUR/CNY USD EUR/INR USD EUR/NOK USD 65 EUR/NZD USD 65 EUR/RUB USD EUR/ZAR USD 65 USD/BRL USD USD/EUR USD USD/GBP USD USD/HUF USD USD/MXN USD USD/RUB USD USD/SGD USD 560 USD/TRY USD

186 Deutsche Invest I Emerging Markets Corporates Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Value ( 000) Currency futures (long) Futures contracts to purchase currencies AUD/EUR USD 80 BRL/EUR USD BRL/USD USD CAD/EUR USD 79 CNY/EUR USD EUR/USD USD GBP/USD USD HUF/USD USD INR/EUR USD MXN/USD USD NOK/EUR USD 79 NZD/EUR USD 79 RUB/EUR USD RUB/USD USD SGD/USD USD 540 TRY/USD USD ZAR/EUR USD 79 Option contracts Securities options Equity options Put options sold (Underlying: ishares MSCI EAFE) USD 108 Options on interest rate derivatives Options on bond indices Put options purchased (Underlying: US Treasury Note 10-Year) USD 48 Put options sold (Underlying: US Treasury Note 10-Year) USD 734 Swaps Credit default swaps Protection seller (Underlyings: CDX EM, CDX NA, China, itraxx Asia ex-japan, Republic of South Africa, Republic of Turkey, Russia Federation) USD Protection buyer (Underlyings: CDX EM, CDX NA, China, Indonesia, itraxx Asia ex-japan, Peru, Republic of South Africa, Russia Federation) USD

187 Deutsche Invest I Emerging Markets Corporates Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) USD Income from securities lending USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Income from expense cap USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Performance-based fee from securities lending income USD Distribution costs USD Expenses from prepaid placement fee 1 USD Other USD Total expenses USD III Net investment income USD IV Sale transactions Realized gains/losses USD I Value of the fund s net assets at the beginning of the fiscal year USD Distribution for the previous year / Interim distribution USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions 2 USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Reduced by dilution fee in the amount of USD for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD Derivates and other financial futures transactions 4 USD This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Capital gains/losses USD V Net gain/loss for the fiscal year USD For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FCH 078% pa, Class LC (BRIC) 131% pa, Class LC (CC) 132% pa, Class LCH 129% pa, Class LDH 130% pa, Class NCH 169% pa, Class ND 035% 3, Class NDH 169% pa, Class PFCH 173% 3, Class PFDQH 190% 3, Class SGD LC 129% pa, Class SGD LDMH 134% pa, Class USD FC 076% pa, Class USD LC 127% pa, Class USD LD 127% pa, Class USD LDM 129% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0040% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 185

188 Deutsche Invest I Emerging Markets Corporates Details on the distribution policy 5 Details on the distribution policy 5 Class FCH The income for the fiscal year is reinvested Class USD FC The income for the fiscal year is reinvested Class LC (BRIC) The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested Class LC (CC) The income for the fiscal year is reinvested Class LCH The income for the fiscal year is reinvested Class LDH Type As of Currency Per share Final distribution March 6, 2015 EUR 546 Class NCH The income for the fiscal year is reinvested Class ND Type As of Currency Per share Final distribution March 6, 2015 EUR 062 Class USD LD Type As of Currency Per share Final distribution March 6, 2015 USD 453 Class USD LDM Type As of Currency Per share Interim distribution January 17, 2014 USD 035 Interim distribution February 18, 2014 USD 041 Interim distribution March 18, 2014 USD 037 Interim distribution April 16, 2014 USD 035 Interim distribution May 19, 2014 USD 038 Interim distribution June 18, 2014 USD 041 Interim distribution July 16, 2014 USD 040 Interim distribution August 18, 2014 USD 040 Interim distribution September 16, 2014 USD 043 Interim distribution October 17, 2014 USD 042 Interim distribution November 18, 2014 USD 034 Interim distribution December 16, 2014 USD Additional information is provided in the sales prospectus Class NDH Type As of Currency Per share Final distribution March 6, 2015 EUR 497 Class PFCH The income for the fiscal year is reinvested Class PFDQH Type As of Currency Per share Interim distribution October 17, 2014 EUR 050 Class SGD LC The income for the fiscal year is reinvested Class SGD LDMH Type As of Currency Per share Interim distribution January 17, 2014 SGD 005 Interim distribution March 18, 2014 SGD 007 Interim distribution May 19, 2014 SGD 007 Interim distribution July 16, 2014 SGD 008 Interim distribution September 16, 2014 SGD 008 Interim distribution October 17, 2014 SGD 005 Interim distribution December 16, 2014 SGD

189 Deutsche Invest I Emerging Markets Corporates Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class FCH EUR Class LC (BRIC) EUR Class LC (CC) EUR Class LCH EUR Class LDH EUR Class NCH EUR Class ND EUR 9864 Class NDH EUR Class PFCH EUR 9671 Class PFDQH EUR 9615 Class SGD LC (formerly: S2) SGD 1112 Class SGD LDMH (formerly: S1MH) SGD 995 Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class USD LD (formerly: A1) USD 9673 Class USD LDM (formerly: A1M) USD Class FCH EUR Class LC (BRIC) EUR Class LC (CC) EUR Class LCH EUR Class LDH EUR Class NCH EUR Class ND EUR - Class NDH EUR Class PFCH EUR - Class PFDQH EUR - Class S1MH SGD 1010 Class S2 SGD 1033 Class A1 USD 9772 Class A1M USD Class A2 USD Class E2 USD Class FCH EUR Class LC (BRIC) EUR Class LC (CC) EUR Class LCH EUR Class LDH EUR Class NCH EUR Class ND EUR - Class NDH EUR Class PFCH EUR - Class PFDQH EUR - Class S1MH SGD - Class S2 SGD - Class A1 USD Class A1M USD - Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the fund s assets via brokers that are closely related companies and persons (share of 2263% of all transactions The total volume was USD Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 187

190 Deutsche Invest I Emerging Markets Satellites Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Dubai Islamic Bank PJSC Count AED Emaar Malls Group PJSC Count AED Emaar Properties PJSC Count AED Pacific Rubiales Energy Corp Count CAD Grupo de Inversiones Suramericana SA Count COP CEZ AS Count CZK Komercni Banka AS Count CZK Juhayna Food Industries Count EGP Alpha Bank AE Count EUR Eurobank Ergasias SA Count EUR Folli Follie SA Count EUR Hellenic Telecommunications Organization SA Count EUR National Bank of Greece SA-ADR- Count EUR OPAP SA Count EUR Hikma Pharmaceuticals Plc Count GBP Savannah Petroleum Plc Count GBP Bank Mandiri Tbk PT Count IDR Bank Tabungan Negara Persero Tbk PT Count IDR Indocement Tunggal Prakarsa Tbk PT Count IDR Indofood Sukses Makmur Tbk PT Count IDR Jasa Marga Persero Tbk PT Count IDR Kalbe Farma Tbk PT Count IDR Multipolar Tbk PT Count IDR East African Breweries Ltd Count KES Safaricom Ltd Count KES Eleven Malaysia Holdings Bhd Count MYR Genting Malaysia Bhd Count MYR IJM Corp Bhd Count MYR Malayan Banking Bhd Count MYR RHB Capital Bhd Count MYR SapuraKencana Petroleum Bhd Count MYR Tenaga Nasional Bhd Count MYR FBN Holdings Plc Count NGN Guaranty Trust Bank Plc Count NGN Nestle Nigeria Plc Count NGN Zenith Bank Plc Count NGN Ayala Land, Inc Count PHP Bloomberry Resorts Corp Count PHP International Container Terminal Services, Inc Count PHP Puregold Price Club, Inc Count PHP Universal Robina Corp Count PHP Bank Pekao SA Count PLN Powszechna Kasa Oszczednosci Bank Polski SA Count PLN Powszechny Zaklad Ubezpieczen SA Count PLN Bangkok Bank PCL Count THB CP ALL PCL Count THB Kasikornbank PCL Count THB Land & Houses PCL Count THB Siam Cement PCL Count THB Coca-Cola Icecek AS Count TRY Enka Insaat ve Sanayi AS Count TRY Haci Omer Sabanci Holding AS Count TRY TAV Havalimanlari Holding AS Count TRY com, Inc -ADR- Count USD Bitauto Holdings Ltd -ADR- Count USD Copa Holdings SA -A- Count USD Credicorp Ltd Count USD Enersis SA -ADR- Count USD Grana y Montero SA -ADR- Count USD InRetail Peru Corp Count USD JDcom, Inc -ADR- Count USD KCell JSC Count USD Popular, Inc Count USD Southern Copper Corp Count USD Tenaris SA -ADR- Count USD YPF SA -ADR- Count USD Securities admitted to or included in organized markets Equities Global Telecom Holding -GDR- Count USD Investment fund units In-group fund units db x-trackers FTSE Vietnam UCITS ETF (0650%) Units EUR db x-trackers MSCI Pakistan IM Index UCITS ETF (0650% +) Units USD Total securities portfolio

191 Deutsche Invest I Emerging Markets Satellites Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Derivatives (Minus signs denote short positions) Derivatives on individual securities Warrants on securities Equity warrants Al Mouwasat Medical Services Co 11/02/2016 Count USD Almarai Co 13/09/2016 Count USD Rabigh Refining & Petrochemicals Co 18/01/2018 Count USD Samba Financial Group 27/09/2016 Count USD Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Polish zloty PLN Hungarian forint HUF Deposits in non-eu/eea currencies Egyptian pound EGP Indonesian rupiah IDR Canadian dollar CAD Kenyan shilling KES Colombian peso COP Malaysian ringgit MYR Peruvian nuevo sol PEN Nigerian naira NGN Philippine peso PHP Singapore dollar SGD Thai baht THB Turkish lira TRY US dollar USD UAE dirham AED Other assets Dividends receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 189

192 Deutsche Invest I Emerging Markets Satellites Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class SGD LC SGD 918 Class USD LC USD 8670 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class SGD LC Count Class USD LC Count 200 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM (EMERGING MARKETS) Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 as of the reporting date Exchange rates (indirect quotes) As of December 30, 2014 UAE dirham AED = EUR 1 Canadian dollar CAD = EUR 1 Colombian peso COP = EUR 1 Czech koruna CZK = EUR 1 Egyptian pound EGP = EUR 1 British pound GBP = EUR 1 Hungarian forint HUF = EUR 1 Indonesian rupiah IDR = EUR 1 Kenyan shilling KES = EUR 1 Malaysian ringgit MYR = EUR 1 Nigerian naira NGN = EUR 1 Peruvian nuevo sol PEN = EUR 1 Philippine peso PHP = EUR 1 Polish zloty PLN = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 Turkish lira TRY = EUR 1 US dollar USD = 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 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 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 fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds No initial sales charges or redemption fees were paid during the period under review 190

193 Deutsche Invest I Emerging Markets Satellites 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 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Description Count/ units/ currency Purchases/ additions Sales/ disposals Warrants Additions Disposals Securities traded on an exchange Warrants on securities Equities Afren Plc Count AirAsia Bhd Count Alicorp SA Count Anadolu Efes Biracilik Ve Malt Sanayii AS Count Astra International Tbk PT Count Banco de Chile -ADR- Count Banco Santander Chile Count Bancolombia SA -ADR- Count Bank Central Asia Tbk PT Count Bank Negara Indonesia Persero Tbk PT Count BDO Unibank, Inc Count BEC World PCL Count Bim Birlesik Magazalar AS Count Bumi Serpong Damai PT Count CFR Pharmaceuticals SA Count Cia Cervecerias Unidas SA Count Corpbanca SA -ADR- Count Ecopetrol SA -ADR- Count Gamuda Bhd Count Globe Telecom, Inc Count Grupo de Inversiones Suramericana SA Count GT Capital Holdings, Inc Count Indofood CBP Sukses Makmur Tbk PT Count Jeronimo Martins SGPS SA Count Jollibee Foods Corp Count KazMunaiGas Exploration Production -GDR- Count Koza Altin Isletmeleri AS Count LPP SA Count Manila Electric Co Count Metropolitan Bank & Trust Count Minor International PCL Count MOL Hungarian Oil & Gas Plc Count Nigerian Breweries Plc Count OTP Bank PLC Count Poly Culture Group Corp, Ltd Count PTT Global Chemical PCL Count PTT PCL -NVDR- Count Raiffeisen Bank International AG Count Raiffeisen Bank International AG Count Richter Gedeon Nyrt Count SACI Falabella Count Sime Darby Bhd Count SM Investments Corp Count Sociedad Quimica y Minera de Chile SA -ADR- Count Summarecon Agung Tbk PT Count Telekomunikasi Indonesia Persero Tbk PT -ADR- Count Tempo Scan Pacific Tbk PT Count Turkcell Iletisim Hizmetleri AS Count Turkcell Iletisim Hizmetleri AS -ADR- Count Turkiye Garanti Bankasi AS Count Turkiye Halk Bankasi AS Count Unilever Nigeria Plc Count Equity warrants John Keells Holdings Plc 07/05/2019 Count In-group fund units db x-trackers MSCI Bangladesh IM Index UCITS ETF (0650%) Units

194 Deutsche Invest I Emerging Markets Satellites Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Class FC 086% pa, Class LD 172% pa, Class SGD LC 188% pa, Class LC 174% pa, Class NC 250% pa, Class USD LC 171% pa Type As of Currency Per share Final distribution March 6, 2015 EUR 031 The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class NC The income for the fiscal year is reinvested Class SGD LC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 192

195 Deutsche Invest I Emerging Markets Satellites Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class SGD LC (formerly: S2) SGD 918 Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR 9879 Class LD EUR 9836 Class NC EUR 9728 Class S2 SGD 961 Class A2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class S2 SGD - Class A2 USD - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1014% of all transactions The total volume was EUR

196 Deutsche Invest I Emerging Markets Top Dividend Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Ambev SA Count BRL Banco Bradesco SA -Pref- Count BRL BB Seguridade Participacoes Count BRL BM&FBovespa SA Count BRL BRF SA Count BRL CCR SA Count BRL Cia Brasileira de Distribuicao Count BRL Cielo SA Count BRL Itau Unibanco Holding SA -Pref- Count BRL Natura Cosmeticos SA Count BRL Petroleo Brasileiro SA Count BRL Souza Cruz SA Count BRL Telefonica Brasil SA Count BRL Agricultural Bank of China Ltd Count HKD AIA Group Ltd Count HKD Bank of China Ltd -H- Count HKD Cheung Kong Infrastructure Holdings Ltd Count HKD China Construction Bank Corp -H- Count HKD China Life Insurance Co, Ltd -H- Count HKD China Minsheng Banking Corp, Ltd Count HKD China Mobile Ltd Count HKD China Pacific Insurance Group Co, Ltd Count HKD China Petroleum & Chemical Corp -H- Count HKD China Railway Construction Corp Ltd -H- Count HKD China Shenhua Energy Co, Ltd -H- Count HKD CLP Holdings Ltd Count HKD CNOOC Ltd Count HKD COSCO Pacific Ltd Count HKD Great Wall Motor Co, Ltd -H- Count HKD Guangdong Investment Ltd Count HKD Industrial & Commercial Bank of China Ltd -H- Count HKD PetroChina Co, Ltd Count HKD Samsonite International SA Count HKD Sands China Ltd Count HKD Techtronic Industries Co Count HKD Tencent Holdings Ltd Count HKD VTech Holdings Ltd Count HKD Astra International Tbk PT Count IDR Bank Rakyat Indonesia Persero Tbk PT Count IDR Indofood CBP Sukses Makmur Tbk PT Count IDR Perusahaan Gas Negara Persero Tbk PT Count IDR Semen Indonesia Persero Tbk PT Count IDR Telekomunikasi Indonesia Persero Tbk PT Count IDR ITC Ltd Count INR Larsen & Toubro Ltd Count INR Hyundai Motor Co Count KRW KT&G Corp Count KRW LG Chem Ltd Count KRW Samsung Electronics Co, Ltd Count KRW Samsung Electronics Co, Ltd -Pref- Count KRW Shinhan Financial Group Co, Ltd Count KRW SK Telecom Co, Ltd Count KRW Fomento Economico Mexicano SAB de CV Count MXN Grupo Aeroportuario del Sureste SAB de CV Count MXN Grupo Mexico SAB de CV -B- Count MXN CIMB Group Holdings Bhd Count MYR DiGiCom Bhd Count MYR Gamuda Bhd Count MYR IHH Healthcare Bhd 144A Count MYR Malayan Banking Bhd Count MYR Petronas Chemicals Group Bhd Count MYR Ayala Land, Inc Count PHP BDO Unibank, Inc Count PHP Metropolitan Bank & Trust Count PHP Philippine Long Distance Telephone Co Count PHP Bank Pekao SA Count PLN Powszechna Kasa Oszczednosci Bank Polski SA Count PLN Powszechny Zaklad Ubezpieczen SA Count PLN Singapore Post Ltd Count SGD Singapore Telecommunications Ltd Count SGD Advanced Info Service PCL Count THB Bangkok Bank PCL Count THB CP ALL PCL Count THB Kasikornbank PCL Count THB Minor International PCL Count THB PTT PCL Count THB Siam Cement PCL -Reg- Count THB Turk Telekomunikasyon AS Count TRY Turkiye Halk Bankasi AS Count TRY Airtac International Group Count TWD Asustek Computer, Inc Count TWD

197 Deutsche Invest I Emerging Markets Top Dividend Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Cathay Financial Holding Co, Ltd Count TWD Chailease Holding Co, Ltd Count TWD Chicony Electronics Co, Ltd Count TWD China Life Insurance Co, Ltd Count TWD Delta Electronics, Inc Count TWD Fubon Financial Holding Co, Ltd Count TWD Ginko International Co, Ltd Count TWD Largan Precision Co, Ltd Count TWD MediaTek, Inc Count TWD Taiwan Cement Corp Count TWD Taiwan Mobile Co, Ltd Count TWD Taiwan Semiconductor Manufacturing Co, Ltd Count TWD Chunghwa Telecom Co, Ltd -ADR- Count USD Gazprom OAO -ADR- Count USD Grupo Financiero Santander Mexico SAB de CV -ADR- Count USD ICICI Bank Ltd -ADR- Count USD Lukoil OAO -ADR- -US Count USD Mobile Telesystems OJSC -ADR- Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD Vale SA -ADR- Count USD Bidvest Group Ltd Count ZAR MTN Group Ltd Count ZAR Shoprite Holdings Ltd Count ZAR Securities admitted to or included in organized markets Equities MMC Norilsk Nickel OJSC -ADR- Count USD Tatneft OAO -GDR- Count USD Total securities portfolio Derivatives (Minus signs denote short positions) Derivatives on individual securities Warrants on securities Equity warrants Minor International PCL 04/11/2017 Count THB Currency derivatives Receivables/payables Currency futures (short) Closed positions CHF/SGD 01 million EUR/SGD 01 million GBP/SGD 01 million USD/SGD 01 million Currency futures (long) Open positions SGD/CHF 01 million SGD/EUR 01 million SGD/GBP 01 million SGD/HKD 01 million SGD/USD 01 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Polish zloty PLN Czech koruna CZK

198 Deutsche Invest I Emerging Markets Top Dividend Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Deposits in non-eu/eea currencies Egyptian pound EGP Brazilian real BRL Hong Kong dollar HKD Indian rupee INR Indonesian rupiah IDR Malaysian ringgit MYR Mexican peso MXN New Taiwan dollar TWD Philippine peso PHP Singapore dollar SGD South African rand ZAR South Korean won KRW Thai baht THB Turkish lira TRY US dollar USD Other assets Dividends receivable Prepaid placement fee* Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR 9684 Class PFC EUR Class PFD EUR Class SGD LCH (P) SGD 1004 Class SGD LDQH (P) SGD 991 Class USD FC USD Class USD LC USD 9065 Class USD LDQ USD 9536 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class PFC Count Class PFD Count Class SGD LCH (P) Count Class SGD LDQH (P) Count Class USD FC Count Class USD LC Count Class USD LDQ Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM (EMERGING MARKETS) Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure %

199 Deutsche Invest I Emerging Markets Top Dividend The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Contracting party for currency futures State Street Bank and Trust Company Exchange rates (indirect quotes) As of December 30, 2014 Brazilian real BRL = EUR 1 Czech koruna CZK = EUR 1 Egyptian pound EGP = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Indonesian rupiah IDR = EUR 1 Indian rupee INR = EUR 1 South Korean won KRW = EUR 1 Mexican peso MXN = EUR 1 Malaysian ringgit MYR = EUR 1 Philippine peso PHP = EUR 1 Polish zloty PLN = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 Turkish lira TRY = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = EUR 1 South African rand ZAR = 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 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 Assets reported in this report are not valued at derived market values Footnotes * The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) *** Does not include positions with a negative balance, if such exist 197

200 Deutsche Invest I Emerging Markets Top Dividend 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Value ( 000) Futures contracts Equities Ambev SA -Rights Exp 27May14 Count America Movil SAB de CV -L- Count Banco do Brasil SA Count Colgate-Palmolive India Ltd Count Guangzhou R&F Properties Co, Ltd -H- Count Kumba Iron Ore Ltd Count Mindray Medical International Ltd -ADR- Count Minth Group Ltd Count Nestle India Ltd Count Sberbank of Russia -ADR- Count Sembcorp Industries Ltd Count SJM Holdings Ltd Count Tencent Holdings Ltd Count Tencent Holdings Ltd Count Turkcell Iletisim Hizmetleri AS Count UEM Sunrise Bhd Count Currency futures (short) Futures contracts to sell currencies CHF/SGD EUR 67 EUR/SGD EUR 20 GBP/SGD EUR 13 HKD/SGD EUR 114 USD/SGD EUR 56 Currency futures (long) Futures contracts to purchase currencies SGD/CHF EUR 72 SGD/EUR EUR 20 SGD/GBP EUR 14 SGD/HKD EUR 126 SGD/USD EUR

201 Deutsche Invest I Emerging Markets Top Dividend Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year / Interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 091% pa, Class LC 167% pa, Class LD 167% pa, Class NC 236% pa, Class PFC 167% 3, Class PFD 163% 3, Class SGD LCH (P) 167% pa, Class SGD LDQH (P) 167% pa, Class USD FC 094% pa, Class USD LC 191% pa, Class USD LDQ 186% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 199

202 Deutsche Invest I Emerging Markets Top Dividend Details on the distribution policy 4 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 285 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class PFD Type As of Currency Per share Final distribution March 6, 2015 EUR 171 Class SGD LCH (P) The income for the fiscal year is reinvested Class SGD LDQH (P) Interim distribution July 16, 2014 SGD 008 Interim distribution October 17, 2014 SGD 006 Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR 9684 Class PFC EUR Class PFD EUR Class SGD LCH (P) (formerly: S2H (P)) SGD 1004 Class SGD LDQH (P) (formerly: S1QH (P)) SGD 991 Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD 9065 Class USD LDQ (formerly: A1Q) USD Class FC EUR 9518 Class LC EUR 9077 Class LD EUR 9917 Class NC EUR 8634 Class PFC EUR - Class PFD EUR - Class S1QH (P) SGD 971 Class S2H (P) SGD 971 Class A1Q USD 9720 Class A2 USD 9121 Class E2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR 9604 Class PFC EUR - Class PFD EUR - Class S1QH (P) SGD - Class S2H (P) SGD - Class A1Q USD - Class A2 USD 9686 Class E2 USD Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested Class USD LDQ Interim distribution April 16, 2014 USD 019 Interim distribution July 16, 2014 USD 064 Interim distribution October 17, 2014 USD Additional information is provided in the sales prospectus Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1451% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 200

203 Deutsche Invest I Euro Bonds (Premium) Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 165 % Austria Government Bond 144A 2014/2024 ** EUR % % Austria Government Bond 2008/2019 ** EUR % % Austria Government Bond 2013/2034 ** EUR % % Autonomous Community of Madrid Spain 2006/2026 EUR % % Autonomous Community of Madrid Spain 2013/2018 ** EUR % % Autonomous Community of Madrid Spain 2014/2024 ** EUR % % Ayt Cedulas Cajas Global (MTN) 2006/2023 ** EUR % % Banco Mare Nostrum SA 2014/2029 EUR % % Bankia SA 2009/2016 EUR % % Belgium Government Bond 144A 2011/2026 EUR % % Belgium Government Bond 1998/2028 ** EUR % % Belgium Government Bond 2006/2022 EUR % % Belgium Government Bond 2010/2041 EUR % % Belgium Government Bond 2011/2017 ** EUR % % Bundesrepublik Deutschland 1998/2028 ** EUR % % Bundesrepublik Deutschland 2003/2034 ** EUR % % Bundesrepublik Deutschland 2005/2037 EUR % % Bundesrepublik Deutschland 2009/2019 ** EUR % % Bundesrepublik Deutschland 2011/2021 ** EUR % % Bundesrepublik Deutschland 2012/2022 ** EUR % % Bundesrepublik Deutschland 2014/2024 ** EUR % % Catalunya Banc SA 2007/2017 EUR % % Cedulas TDA 6 Fondo de Titulizacion de Activos 2006/2031 EUR % % Cie de Financement Foncier SA (MTN) 2010/2025 EUR % % European Financial Stability Facility 2013/2020 ** EUR % % FADE - Fondo de Amortizacion del Deficit Electrico -Reg- 2011/2021 EUR % % Finland Government Bond 2009/2025 EUR % % France Government Bond OAT 1998/2029 ** EUR % % France Government Bond OAT 2001/2032 ** EUR % % France Government Bond OAT 2009/2019 ** EUR % % France Government Bond OAT 2009/2041 EUR % % France Government Bond OAT 2010/2020 ** EUR % % France Government Bond OAT 2010/2026 ** EUR % % France Government Bond OAT 2011/2021 ** EUR % % France Government Bond OAT 2012/2022 ** EUR % % France Government Bond OAT 2012/2027 ** EUR % % France Government Bond OAT 2013/2018 ** EUR % % France Government Bond OAT 2013/2023 ** EUR % % France Government Bond OAT 2014/2019 EUR % % France Government Bond OAT 2014/2024 ** EUR % % France Government Bond OAT 2014/2030 EUR % % French Treasury Note BTAN 2012/2017 ** EUR % % Hungary Government International Bond (MTN) 2005/2020 ** EUR % % Hungary Government International Bond 2006/2016 EUR % % Intesa Sanpaolo SpA (MTN) 2013/2025 ** EUR % % Ireland Government Bond 2004/2020 EUR % % Ireland Government Bond 2009/2025 EUR % % Ireland Government Bond 2010/2020 EUR % % Ireland Government Bond 2014/2024 EUR % % Italy Buoni Poliennali Del Tesoro 144A 2014/2030 EUR % % Italy Buoni Poliennali Del Tesoro 2000/2031 EUR % % Italy Buoni Poliennali Del Tesoro 2004/2020 EUR % % Italy Buoni Poliennali Del Tesoro 2005/2037 ** EUR % % Italy Buoni Poliennali Del Tesoro 2008/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2022 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2014/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2014/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2014/2024 EUR % % Lloyds Bank Plc (MTN) 2010/2020 EUR % % Mediobanca SpA (MTN) 2013/2023 EUR % % Netherlands Government Bond 144A 2013/2023 EUR % % Netherlands Government Bond 2005/2037 EUR % % Netherlands Government Bond 2011/2021 ** EUR % % Netherlands Government Bond 2012/2022 EUR % % Netherlands Government Bond 2012/2033 EUR % % Netherlands Government Bond 2014/2024 EUR % % Portugal Obrigacoes do Tesouro OT 144A 2013/2024 EUR %

204 Deutsche Invest I Euro Bonds (Premium) Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 385 % Portugal Obrigacoes do Tesouro OT 2005/2021 EUR % % Portugal Obrigacoes do Tesouro OT 2006/2016 EUR % % Republic of South Africa 2012/2016 EUR % % Romanian Government International Bond 2011/2016 EUR % % Romanian Government International Bond 2013/2020 EUR % % Sampo Bank Oyj 2012/2019 EUR % % Spain Government Bond 2001/2032 EUR % % Spain Government Bond 2005/2037 EUR % % Spain Government Bond 2008/2018 EUR % % Spain Government Bond 2010/2020 EUR % % Spain Government Bond 2013/2017 EUR % Total securities portfolio Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Option contracts Options on interest rate futures Call OGBL 02/ EUR (OTC) (DB) Count Call OGBL 02/ EUR (OTC) (DB) Count Call OGBL 02/ EUR (OTC) (DB) Count Call OGBL 02/ EUR (OTC) (DB) Count Call OGBL 02/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBL 03/ EUR (OTC) (DB) Count Call OGBM 02/ EUR (OTC) (DB) Count Call OGBM 03/ EUR (OTC) (DB) Count Call OGBM 03/ EUR (OTC) (DB) Count Call OGBM 03/ EUR (OTC) (DB) Count Options on bond indices Call US Treasury Note 10-Year 03/ USD (CBT) Count Call US Treasury Note 10-Year 03/ USD (CBT) Count Call US Treasury Note 10-Year 03/ USD (CBT) Count Call US Treasury Note 10-Year 03/ USD (CBT) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Swedish krona SEK Deposits in non-eu/eea currencies Japanese yen JPY Swiss franc CHF US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets *** Other liabilities Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 202

205 Deutsche Invest I Euro Bonds (Premium) Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) 70% iboxx EUR Sovereigns in EUR Constituents, 30% iboxx EUR Collateralized Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 05, 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 as of the reporting date Market abbreviations Contracting parties for currency futures CBT = Chicago Board of Trade DB = Deutsche Bank AG 203

206 Deutsche Invest I Euro Bonds (Premium) Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 165 % Austria Government Bond 144A 2014/2024 EUR % Austria Government Bond 2008/2019 EUR % Austria Government Bond 2013/2034 EUR % Autonomous Community of Madrid Spain 2013/2018 EUR % Autonomous Community of Madrid Spain 2014/2024 EUR % Ayt Cedulas Cajas Global (MTN) 2006/2023 EUR % Belgium Government Bond 1998/2028 EUR % Belgium Government Bond 2011/2017 EUR % Bundesrepublik Deutschland 1998/2028 EUR % Bundesrepublik Deutschland 2003/2034 EUR % Bundesrepublik Deutschland 2009/2019 EUR % Bundesrepublik Deutschland 2011/2021 EUR % Bundesrepublik Deutschland 2012/2022 EUR % Bundesrepublik Deutschland 2014/2024 EUR % European Financial Stability Facility 2013/2020 EUR % France Government Bond OAT 1998/2029 EUR % France Government Bond OAT 2001/2032 EUR % France Government Bond OAT 2009/2019 EUR % France Government Bond OAT 2010/2020 EUR % France Government Bond OAT 2010/2026 EUR % France Government Bond OAT 2011/2021 EUR % France Government Bond OAT 2012/2022 EUR % France Government Bond OAT 2012/2027 EUR % France Government Bond OAT 2013/2018 EUR % France Government Bond OAT 2013/2023 EUR % France Government Bond OAT 2014/2024 EUR % French Treasury Note BTAN 2012/2017 EUR % Hungary Government International Bond (MTN) 2005/2020 EUR % Intesa Sanpaolo SpA (MTN) 2013/2025 EUR % Italy Buoni Poliennali Del Tesoro 2005/2037 EUR % Netherlands Government Bond 2011/2021 EUR Total receivables from securities loans Contracting parties for securities loans BNP Paribas Arbitrage SNC, Barclays Capital Securities Limited, Credit Suisse Securities (Europe) Ltd FI, Deutsche Bank AG FI, HSBC Bank Plc, Landesbank Baden-Württemberg, Maple Bank GmbH, Morgan Stanley Intl FI, Nomura International Plc, Norddeutsche Landesbank, Société Générale FI, The Royal Bank of Scotland Plc, UBS AG LDN BRANCH and Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Japanese yen JPY = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = 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 Luxembourg as external price service provider and the SICAV 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 204

207 Deutsche Invest I Euro Bonds (Premium) 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Interest-bearing securities 000 % Autonomous Community of Catalonia (MTN) 2009/2014 CHF % Banco Espirito Santo SA 2009/2015 EUR % Bank of Ireland Mortgage Bank (MTN) 2009/2014 EUR % Bundesrepublik Deutschland 2000/2031 EUR % FADE - Fondo de Amortizacion del Deficit Electrico 2011/2015 EUR % FADE - Fondo de Amortizacion del Deficit Electrico 2012/2015 EUR % Fondo de Reestructuracion Ordenada Bancaria 2009/2014 EUR % Fondo de Reestructuracion Ordenada Bancaria 2011/2016 EUR % France Government Bond OAT 2005/2055 EUR % France Government Bond OAT 2013/2018 EUR % Italy Buoni Poliennali Del Tesoro 2007/2017 EUR % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % Italy Buoni Poliennali Del Tesoro 2014/2017 EUR % Portugal Obrigacoes do Tesouro OT 2005/2015 EUR % Spain Government Bond 144A 2013/2023 EUR % Spain Government Bond 2010/2020 EUR % Spain Government Bond 2013/2016 EUR Option contracts Options on interest rate derivatives Value ( 000) Options on bond indices Call options purchased (Underlyings: US Treasury Note 10-Year, US Treasury Note 30-Year) EUR Options on bond index futures Call options purchased (Underlyings: OGBL, OGBM) EUR Call options sold (Underlying: OGBL) EUR 8 Put options sold (Underlying: OGBL) EUR 134 Investment fund units In-group fund units db x-trackers II IBOXX SPAIN 1-3 UCITS ETF (0050%) Units

208 Deutsche Invest I Euro Bonds (Premium) Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment income EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 064% pa, Class LD 102% pa, Class LC 102% pa, Class NC 143% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 270 Class NC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 206

209 Deutsche Invest I Euro Bonds (Premium) Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1124% of all transactions The total volume was EUR

210 Deutsche Invest I Euro Bonds (Short) Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 4875 % AIB Mortgage Bank (MTN) 2007/2017 EUR % % AIB Mortgage Bank (MTN) 2012/2015 EUR % % AIB Mortgage Bank (MTN) 2013/2016 EUR % % Anglo American Capital Plc (MTN) 2014/2018 EUR % % AyT Cedulas Cajas Global 2005/2016 EUR % % Banca Monte dei Paschi di Siena SpA 2012/2017 EUR % % Banco Bilbao Vizcaya Argentaria SA (MTN) 2007/2017 EUR % % Banco Bilbao Vizcaya Argentaria SA 2010/2017 EUR % % Banco Bilbao Vizcaya Argentaria SA 2011/2015 EUR % % Banco Bilbao Vizcaya Argentaria SA 2011/2016 EUR % % Banco de Sabadell SA (MTN) 2012/2015 EUR % % Banco Espanol de Credito SA 2005/2015 EUR % % Banco Espanol de Credito SA 2012/2017 ** EUR % % Banco Financiero y de Ahorros SA 2011/2016 EUR % % Banco Popolare SC (MTN) -Reg- 2011/2016 EUR % % Banco Popular Espanol SA 2006/2016 EUR % % Banco Popular Espanol SA 2010/2018 EUR % % Banco Santander SA 2006/2017 EUR % % Banco Santander SA 2011/2015 EUR % % Banco Santander SA 2011/2016 EUR % % Banco Santander SA 2012/2015 EUR % % Banco Santander Totta SA (MTN) 2014/2017 EUR % % Banco Santander Totta SA (MTN) 2014/2019 EUR % % Bank Nederlandse Gemeenten (MTN) 2011/2016 ** EUR % % Bank of Ireland Mortgage Bank 2012/2015 EUR % % Bankinter SA (MTN) 2013/2016 EUR % % Bankinter SA 2012/2015 EUR % % Bankinter SA 2012/2017 ** EUR % % Banque Federative du Credit Mutuel SA (MTN) 2010/2015 EUR % % Belgium Government Bond 2002/2017 ** EUR % % Belgium Government Bond 2007/2017 ** EUR % % Belgium Government Bond 2010/2016 ** EUR % % BMW Finance NV (MTN) 2013/2016 EUR % % BMW Finance NV (MTN) 2014/2018 EUR % % BPCE SA 2012/2016 EUR % % Bradford & Bingley Plc (MTN) 2006/2016 EUR % % Bulgaria Government International Bond 2012/2017 ** EUR % % Caisse Centrale du Credit Immobilier de France SA (MTN) 2014/2018 EUR % % Caisse Francaise de Financement Local (MTN) 2009/2016 ** EUR % % Caixa Geral de Depositos SA 2006/2016 ** EUR % % CaixaBank SA 2005/2015 EUR % % CaixaBank SA 2006/2017 ** EUR % % CaixaBank SA 2011/2016 EUR % % CaixaBank SA 2011/2016 EUR % % CaixaBank SA 2012/2017 EUR % % Cedulas TDA 3 Fondo de Titulizacion de Activos 2004/2016 EUR % % CIF Euromortgage SA (MTN) 2006/2016 ** EUR % % Credito Emiliano SpA (MTN) 2014/2019 ** EUR % % Dexia Credit Local SA (MTN) 2013/2016 EUR % % FADE - Fondo de Amortizacion del Deficit Electrico (MTN) 2013/2016 EUR % % FADE - Fondo de Amortizacion del Deficit Electrico (MTN) 2014/2017 EUR % % FADE - Fondo de Amortizacion del Deficit Electrico 2012/2015 EUR % % France Government Bond OAT 2001/2016 ** EUR % % French Treasury Note BTAN 2011/2016 ** EUR % % GE Capital European Funding (MTN) 2011/2016 EUR % % IM Cedulas /2015 EUR % % Instituto de Credito Oficial (MTN) 144A 2014/2016 EUR % % Instituto de Credito Oficial (MTN) 2011/2016 EUR % % Instituto de Credito Oficial (MTN) 2011/2016 EUR % % Instituto de Credito Oficial (MTN) 2014/2015 EUR % % Instituto de Credito Oficial 2012/2016 ** EUR % % Intesa Sanpaolo SpA 2010/2017 ** EUR % % IPIC GMTN Ltd (MTN) 2011/2016 EUR % % Italy Buoni Poliennali Del Tesoro 2002/2017 ** EUR % % Italy Buoni Poliennali Del Tesoro 2005/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2007/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2008/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2010/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2010/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2011/2016 EUR %

211 Deutsche Invest I Euro Bonds (Short) Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 450 % Italy Buoni Poliennali Del Tesoro 2012/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2016 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % % Italy Government International Bond (MTN) 2001/2016 EUR % % Kutxabank SA 2013/2017 EUR % % Lithuania Government International Bond 2007/2018 EUR % % NRW Bank (MTN) 2014/2018 EUR % % Petrobras Global Finance BV 2014/2018 EUR % % Propertize BV (MTN) 2014/2017 EUR % % Romanian Government International Bond 2008/2018 EUR % % Santander Consumer Finance SA 2006/2016 EUR % % Slovenia Government Bond -Reg- 2014/2017 ** EUR % % Spain Government Bond 2002/2017 EUR % % Spain Government Bond 2005/2016 EUR % % Spain Government Bond 2006/2017 EUR % % Spain Government Bond 2010/2016 EUR % % Spain Government Bond 2011/2016 EUR % % Spain Government Bond 2012/2015 EUR % % Spain Government Bond 2013/2016 EUR % % Spain Government Bond 2013/2017 ** EUR % % SpareBank 1 Boligkreditt AS (MTN) 2012/2018 EUR % % Turkey Government International Bond 2006/2016 EUR % % Turkiye Garanti Bankasi AS (MTN) 2014/2019 EUR % % UniCredit SpA (MTN) 2012/2018 ** EUR % % UniCredit SpA 2010/2017 ** EUR % % Unicredot SpA (MTN) 2010/2015 EUR % % Unione di Banche Italiane SCpA (MTN) 2010/2017 EUR % % Unione di Banche Italiane SCpA ( MTN) 2014/2019 EUR % % Veneto Banca SpA 2012/2017 EUR % % Vnesheconombank Via VEB Finance Plc -Reg- 2013/2018 EUR % % Volkswagen Bank GmbH (MTN) 2013/2016 * EUR % Investment fund units In-group fund units DWS Institutional - Money Plus IC (0150%) Units EUR Total securities portfolio Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Interest rate futures Euro-BTP Futures 03/ EUR (ECAG) Count Currency derivatives Receivables/payables Currency futures (long) Open positions USD/EUR 01 million Closed positions USD/EUR 01 million Cash at bank Demand deposits at Custodian EUR deposits EUR Other assets Interest receivable Receivables from exceeding the expense cap Prepaid placement fee**** Other receivables Receivables from share certificate transactions

212 Deutsche Invest I Euro Bonds (Short) Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Total assets *** Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR 9937 Class PFDQ EUR 9913 Class USD LCH USD 9934 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class PFC Count Class PFDQ Count Class USD LCH Count 127 Composition of the reference portfolio (according to CSSF circular 11/512) iboxx EUR Overall 1-3 Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 as of the reporting date Market abbreviations Futures exchange ECAG = Eurex Clearing AG Contracting party for currency futures State Street Bank and Trust Company 210

213 Deutsche Invest I Euro Bonds (Short) Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 475 % Banco Espanol de Credito SA 2012/2017 EUR % Bank Nederlandse Gemeenten (MTN) 2011/2016 EUR % Bankinter SA 2012/2017 EUR % Belgium Government Bond 2002/2017 EUR % Belgium Government Bond 2007/2017 EUR % Belgium Government Bond 2010/2016 EUR % Bulgaria Government International Bond 2012/2017 EUR % Caisse Francaise de Financement Local (MTN) 2009/2016 EUR % Caixa Geral de Depositos SA 2006/2016 EUR % CaixaBank SA 2006/2017 EUR % CIF Euromortgage SA (MTN) 2006/2016 EUR % Credito Emiliano SpA (MTN) 2014/2019 EUR % France Government Bond OAT 2001/2016 EUR % French Treasury Note BTAN 2011/2016 EUR % Instituto de Credito Oficial 2012/2016 EUR % Intesa Sanpaolo SpA 2010/2017 EUR % Italy Buoni Poliennali Del Tesoro 2002/2017 EUR % Slovenia Government Bond -Reg- 2014/2017 EUR % Spain Government Bond 2013/2017 EUR % UniCredit SpA (MTN) 2012/2018 EUR % UniCredit SpA 2010/2017 EUR Total receivables from securities loans Contracting parties for securities loans BNP Paribas Arbitrage SNC, Barclays Capital Securities Limited, Credit Suisse AG, Credit Suisse Securities (Europe) Ltd FI, Deutsche Bank AG FI, Goldman Sachs Int FI, JP Morgan Securities Plc (Fix Income), Morgan Stanley Intl FI, Société Générale FI, UBS AG LDN BRANCH and Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist **** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) 211

214 Deutsche Invest I Euro 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 000 % Abbey National Treasury Services Plc (MTN) 2011/2014 EUR % Allied Irish Banks Plc (MTN) 2010/2015 EUR % AyT Cedulas Cajas IX Fondo de Titulizacion 2005/2015 EUR % AyT Cedulas Cajas VI Fondo de Titulizacion de Activos 2004/2014 EUR % AyT Cedulas Cajas VIII Fondo de Titulizacion de Activos 2004/2014 EUR % Banco Cooperativo Espanol SA 2010/2015 EUR % Banco Financiero y de Ahorros SA (MTN) 2009/2014 EUR % Banco Popolare SC 2010/2015 EUR % Bank of Ireland (MTN) 2010/2015 EUR % Bank of Ireland Mortgage Bank (MTN) 2009/2014 EUR % Bankia SA 2002/2014 EUR % Bankia SA 2011/2014 EUR % Bankia SA 2012/2014 EUR % Bankinter SA 2009/2014 EUR % Belgium Government Bond 2004/2014 EUR % Belgium Government Bond 2005/2015 EUR % Belgium Government Bond 2009/2015 EUR % Caisse Francaise de Financement Local (MTN) 2005/2015 EUR % Catalunya Banc SA 2009/2014 EUR % Czech Republic International (MTN) 2004/2014 EUR % DZ Bank AG Deutsche Zentral-Genossenschaftsbank (MTN) 2009/2014 EUR % EBS Ltd (MTN) 2010/2015 EUR % European Financial Stability Facility (MTN) 2013/2016 EUR % FADE - Fondo de Amortizacion del Deficit Electrico (MTN) 2013/2016 EUR % FADE - Fondo de Amortizacion del Deficit Electrico 2011/2014 EUR % Fondo de Reestructuracion Ordenada Bancaria 2009/2014 EUR % Fondo de Reestructuracion Ordenada Bancaria 2011/2014 EUR % France Government Bond OAT 2004/2014 EUR % French Treasury Note BTAN 2009/2014 EUR % French Treasury Note BTAN 2010/2015 EUR % Gazprom OAO (MTN) -Reg- 2012/2017 EUR % Hungary Government Bond 2004/2014 EUR % IM Cedulas 6-M1 - Fondo de Titulizacion 2005/2015 EUR % Instituto de Credito Oficial (MTN) 2010/2015 EUR % Instituto de Credito Oficial (MTN) 2011/2014 EUR % Instituto de Credito Oficial 2010/2015 EUR % Instituto de Credito Oficial 2012/2015 EUR % Italy Buoni Poliennali Del Tesoro 2004/2014 EUR % Italy Buoni Poliennali Del Tesoro 2004/2014 EUR % Italy Buoni Poliennali Del Tesoro 2007/2018 EUR % Italy Buoni Poliennali Del Tesoro 2009/2014 EUR % Italy Buoni Poliennali Del Tesoro 2011/2014 EUR % Italy Buoni Poliennali Del Tesoro 2011/2014 EUR % Italy Buoni Poliennali Del Tesoro 2013/2014 EUR % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % Kutxabank SA 2009/2014 EUR % Landwirtschaftliche Rentenbank (MTN) 2013/2016 EUR % NCG Banco SA 2009/2014 EUR % Nuernberger Hypothekenbank 2000/2015 EUR % Permanent TSB Plc (MTN) 2010/2015 EUR % Poland Government International Bond (MTN) 2006/2016 EUR % Raiffeisen Bank International AG (MTN) 2013/2018 EUR % Slovakia Government Bond (MTN) 2009/2015 EUR % Slovakia Government Bond 2011/2014 EUR % Spain Government Bond 2008/2014 EUR % Spain Government Bond 2009/2040 EUR % Spain Government Bond 2012/2015 EUR % Spain Government Bond 2012/2018 EUR % Spain Government Bond 2013/2018 EUR % Spain Government Bond 2014/2019 EUR Investment fund units In-group fund units DWS Institutional - Euro Collateralized Bonds (0300%) Units Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Interest rate futures Contracts purchased (Underlying: Euro Bund) EUR Currency futures (short) Futures contracts to sell currencies EUR/USD EUR 20 Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR 20 Option contracts Options on interest rate derivatives Options on bond index futures Call options purchased (Underlying: OGBL) EUR Put options purchased (Underlying: OGBL) EUR 300 Put options sold (Underlying: OGBL) EUR

215 Deutsche Invest I Euro Bonds (Short) Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 053% pa, Class LC 068% pa, Class LD 068% pa, Class NC 128% pa, Class PFC 085% 3, Class PFDQ 086% 3, Class USD LCH 012% 3 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year / Interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 5 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 249 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class PFDQ Type As of Currency Per share Interim distribution October 17, 2014 EUR 025 Class USD LCH The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus 213

216 Deutsche Invest I Euro Bonds (Short) Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR 9937 Class PFDQ EUR 9913 Class USD LCH USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class PFDQ EUR - Class USD LCH USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class PFDQ EUR - Class USD LCH USD - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 833% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 214

217 Deutsche Invest I Euro Corporate Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 175 % 2i Rete Gas SpA (MTN) 2014/2019 ** EUR % % 2i Rete Gas SpA (MTN) 2014/2020 ** EUR % % 3M Co (MTN) 2014/2026 EUR % % Aareal Bank AG 2014/2026 * EUR % % Aareal Bank AG 2014/2049 * EUR % % Abbey National Treasury Services Plc/ London (MTN) 2014/2019 EUR % % ABN AMRO Bank NV 2013/2020 EUR % % ACEA SpA (MTN) 2014/2024 EUR % % Achmea BV (MTN) 2013/2043 * EUR % % Achmea BV 2013/2020 EUR % % Alfa Laval Treasury International AB (MTN) 2014/2022 ** EUR % % Alliander NV 2013/2049 * ** EUR % % Allianz Finance II BV (MTN) 2012/2022 EUR % % Allianz SE 2014/2049 * ** EUR % % Alstom SA (MTN) 2013/2019 EUR % % America Movil SAB de CV 2013/2073 * EUR % % America Movil SAB de CV 2013/2073 * EUR % % Anglo American Capital Plc (MTN) 2014/2018 EUR % % Anglo American Capital Plc 2012/2018 EUR % % Anheuser-Busch InBev NV (MTN) 2013/2020 EUR % % Apple, Inc (MTN) 2014/2022 EUR % % Apple, Inc 2014/2026 EUR % % ASML Holding NV 2013/2023 EUR % % Assicurazioni Generali SpA (MTN) 2014/2020 EUR % % AT&T, Inc 2014/2024 EUR % % Atlantia SpA (MTN) 2013/2021 EUR % % Aurizon Network Pty Ltd (MTN) 2014/2024 EUR % % AusNet Services Holdings Pty Ltd (MTN) 2013/2020 EUR % % Autonomous Community of Madrid Spain 2014/2024 ** EUR % % Autoroutes du Sud de la France SA (MTN) 2010/2020 EUR % % Aviva Plc 2003/2049 * EUR % % AXA SA (MTN) 2013/2043 * EUR % % AXA SA (MTN) 2014/2049 * EUR % % Baggot Securities Ltd -Reg- 2013/2049 EUR % % Banco de Sabadell SA 2014/2021 ** EUR % % Banco Mare Nostrum SA 2014/2029 EUR % % Banco Popular Espanol SA 2014/2019 EUR % % Banco Santander SA 2014/2049 * ** EUR % % Banco Santander Totta SA (MTN) 2014/2017 EUR % % Bank of America Corp (MTN) 2010/2017 EUR % % Bank of America Corp (MTN) 2013/2019 ** EUR % % Bank of America Corp (MTN) 2014/2021 EUR % % Barclays Bank Plc (MTN) 2014/2021 EUR % % Barclays Plc 2013/2049 * EUR % % Bayer AG 2014/2074 * EUR % % Bayer AG 2014/2075 * EUR % % BBVA Senior Finance SAU (MTN) 2011/2016 EUR % % BBVA Senior Finance SAU (MTN) 2014/2019 EUR % % BBVA Sub Capital Unipers -Reg- 2014/2024 * EUR % % Belgacom SA (MTN) 2014/2024 EUR % % BG Energy Capital Plc (MTN) 2014/2029 ** EUR % % Bharti Airtel International Netherlands BV 2013/2018 EUR % % Bharti Airtel International Netherlands BV -Reg- 2014/2021 EUR % % BNP Paribas Cardif SA 2014/2049 * EUR % % BNP Paribas SA (MTN) 2012/2019 EUR % % BNZ International Funding Ltd 2013/2018 EUR % % Bord Gais Eireann 2012/2017 EUR % % BP Capital Markets Plc (MTN) 2014/2026 ** EUR % % BPCE SA (MTN) 2014/2021 EUR % % Brambles Finance Plc 2011/2018 EUR % % British Sky Broadcasting Group Plc (MTN) 2014/2021 EUR % % CaixaBank SA (MTN) 2013/2018 EUR % % Cargill, Inc (MTN) 2014/2023 EUR % % Carlsberg Breweries A/S (MTN) 2014/2024 EUR % % Casino Guichard Perrachon SA (MTN) 2014/2024 EUR % % Casino Guichard Perrachon SA (MTN) 2014/2026 EUR % % Cie de St-Gobain (MTN) 2011/2019 EUR % % Citigroup, Inc (MTN) 2005/2017 * EUR % % Citigroup, Inc (MTN) 2009/2019 EUR % % Citigroup, Inc (MTN) 2013/2018 EUR % % Citigroup, Inc (MTN) 2014/2024 ** EUR % % Citigroup, Inc (MTN) 2014/2026 EUR %

218 Deutsche Invest I Euro Corporate Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 475 % CNP Assurances 2006/2049 * EUR % % CNP Assurances 2014/2049 * EUR % % Coca-Cola Co 2014/2026 EUR % % Compass Group Plc 2014/2023 EUR % % Credit Agricole SA/London (MTN) 2014/2024 ** EUR % % Credit Suisse AG/London 2014/2019 EUR % % Credit Suisse AG/London 2014/2022 EUR % % CRH Finland Services Oyj 2013/2020 EUR % % Danske Bank A/S (MTN) 2014/2026 * EUR % % Deutsche Bank AG (MTN) 2014/2021 EUR % % Deutsche Bank AG 2014/2049 * ** EUR % % Diageo Finance Plc (MTN) 2014/2026 EUR % % DONG Energy A/S 2013/3013 * EUR % % Dufry Finance SCA (MTN) -Reg- 2014/2022 ** EUR % % DVB Bank SE 2013/2020 EUR % % Eandis CVBA 2014/2029 EUR % % Eileme 2 AB -Reg- 2012/2020 EUR % % EnBW Energie Baden-Wuerttemberg AG (MTN) 2014/2076 * EUR % % Eneco Holding NV 2014/2049 * EUR % % Enel Finance International NV (MTN) 2009/2016 EUR % % Enel SpA 2013/2074 * EUR % % Energa Finance AB (MTN) 2013/2020 EUR % % Eni SpA (MTN) 2013/2025 EUR % % Eni SpA 2011/2017 EUR % % EP Energy AS (MTN) -Reg- 2012/2019 EUR % % EP Energy AS-Reg- 2013/2018 EUR % % Eutelsat SA 2013/2020 EUR % % EWE AG 2009/2021 EUR % % Export-Import Bank of Korea 2007/2017 EUR % % FCE Bank Plc (MTN) 2013/2016 EUR % % FCE Bank Plc 2014/2021 EUR % % Gas Natural Capital Markets SA (MTN) 2012/2017 EUR % % Gas Natural Fenosa Finance BV 2014/2049 * EUR % % Gazprombank OJSC Via GPB Eurobond Finance Plc -Reg- 2014/2019 ** EUR % % GDF Suez 2014/2049 * EUR % % GE Capital European Funding 2012/2019 EUR % % General Electric Capital Corp (MTN) 2005/2035 EUR % % General Motors Financial International BV (MTN) 2014/2019 EUR % % GlaxoSmithKline Capital Plc (MTN) 2014/2019 EUR % % Glencore Finance Dubai Ltd (MTN) 2012/2018 EUR % % Glencore Finance Europe SA (MTN) 2013/2020 EUR % % Glencore Finance Europe SA (MTN) 2014/2022 EUR % % Global Switch Holdings Ltd (MTN) 2011/2018 EUR % % Goldman Sachs Group, Inc (MTN) 2013/2020 EUR % % Hera SpA (MTN) 2013/2021 EUR % % Hera SpA 2014/2024 EUR % % Holding d Infrastructures de Transport SAS 2014/2025 EUR % % HP Pelzer Holding GmbH (MTN) -Reg- 2014/2021 EUR % % HSBC Holdings Plc 2005/2020 * EUR % % HSBC Holdings Plc 2014/2049 * EUR % % HT1 Funding GmbH 2006/2049 * EUR % % Hutchison Whampoa Europe Finance 13 Ltd 2013/2049 * EUR % % Hutchison Whampoa Finance 14 Ltd 2014/2021 EUR % % Hydra Dutch Holdings 2BV -Reg- 2014/2019 * EUR % % Iberdrola International BV 2012/2017 ** EUR % % Illinois Tool Works, Inc (MTN) 2014/2034 EUR % % Imperial Tobacco Finance Plc (MTN) 2009/2016 EUR % % Indust & Comm Bank China 2014/2049 * EUR % % ING Bank NV 2013/2023 * EUR % % International Business Machines Corp 2013/2020 EUR % % International Business Machines Corp 2013/2020 EUR % % International Business Machines Corp 2014/2023 EUR % % Intesa Sanpaolo SpA (MTN) 2012/2015 EUR % % Intesa Sanpaolo SpA (MTN) 2014/2022 EUR % % Intesa Sanpaolo SpA -Reg- 2014/2019 * EUR % % IPIC GMTN Ltd 2012/2018 EUR % % ISS Global A/S (MTN) 2014/2020 EUR % % JPMorgan Chase & Co (MTN) 2012/2022 EUR % % KBC Groep NV (MTN) 2014/2024 * EUR % % KBC Groep NV 2014/2049 * EUR % % Kering SA 2013/2018 EUR % % Koninklijke KPN NV (MTN) 2009/2019 EUR % % Koninklijke KPN NV (MTN) 2012/2022 ** EUR %

219 Deutsche Invest I Euro Corporate Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 2375 % Korea Gas Corp 2013/2019 ** EUR % % LBBW (MTN) 2014/2026 * EUR % % Lehman Brothers Holdings 2006/2016 * EUR % % Lloyds Bank Plc (MTN) 2014/2021 ** EUR % % Lloyds Banking Group Plc 2014/2049 * EUR % % Madrilena Red de Gas Finance BV (MTN) 2013/2018 EUR % % Main Capital Funding II LP 2006/2049 ** EUR % % Merck & Co, Inc 2014/2021 EUR % % Merck & Co, Inc 2014/2034 EUR % % Merck KGaA 2014/2074 * EUR % % Merck KGaA 2014/2074 * EUR % % Met Life Global Funding I 2007/2017 EUR % % Morgan Stanley (MTN) 2014/2021 EUR % % Morgan Stanley 2014/2023 EUR % % National Australia Bank Ltd 2013/2020 EUR % % New York Life Global Funding (MTN) 2007/2017 ** EUR % % Nomura Europe Finance NV (MTN) 2014/2021 ** EUR % % Novartis Finance SA 2014/2026 EUR % % OMV AG (MTN) 2014/2018 ** EUR % % ONGC Videsh Ltd 2014/2021 EUR % % Orange SA (MTN) 2014/2049 * ** EUR % % Orange SA 2014/2049 * EUR % % Origin Energy Finance Ltd 2014/2074 * EUR % % Pearson Funding Five Plc 2014/2021 EUR % % PepsiCo, Inc 2014/2026 EUR % % Pernod Ricard SA 2014/2020 EUR % % Petrobras Global Finance BV 2014/2018 EUR % % Petrobras Global Finance BV 2014/2025 ** EUR % % Petrol DD Ljubljana 2014/2019 EUR % % Petroleos Mexicanos -Reg- 2014/2026 EUR % % PGE Sweden AB 2014/2019 ** EUR % % PKO Finance AB (MTN) 2014/2019 EUR % % Play Finance 2 SA -Reg- 2014/2019 EUR % % Procter & Gamble Co 2013/2021 EUR % % Prologis LP 2014/2020 EUR % % Prologis LP 2014/2024 EUR % % Propart Funding LP 2005/2015 EUR % % Raiffeisen Bank International AG (MTN) 2013/2018 ** EUR % % Rentokil Initial Plc (MTN) 2013/2021 EUR % % Repsol International Finance BV (MTN) 2012/2019 EUR % % Repsol International Finance BV (MTN) 2014/2026 ** EUR % % Royal Bank of Scotland Group Plc 2013/2016 EUR % % Royal Bank of Scotland Plc (MTN) 2012/2022 * EUR % % RWE AG 2010/2049 * EUR % % Sabic Capital I BV 2013/2020 EUR % % Santander International Debt SAU 2012/2016 EUR % % Santos Finance Ltd (MTN) 2010/2070 * EUR % % SAP SE (MTN) 2014/2023 ** EUR % % Scentre Group Trust 2 (MTN) 2013/2023 EUR % % Scentre Management Ltd (MTN) 2014/2020 EUR % % SGSP Australia Assets Pty Ltd 2014/2022 EUR % % Shell International Finance BV (MTN) 2014/2027 EUR % % Simon Property Group LP 2013/2020 EUR % % Skandinaviska Enskilda Banken AB (MTN) 2014/2026 * EUR % % SKF AB 2013/2020 EUR % % Sky Plc (MTN) 2014/2023 ** EUR % % Snam SpA (MTN) 2012/2019 EUR % % Societe Des Autoroutes Paris-Rhin-Rhone (MTN) 2014/2025 EUR % % Société Générale SA 2005/2049 * EUR % % Société Générale SA 2009/2049 * EUR % % Sodexo 2014/2026 EUR % % Sogecap SA 2014/2049 * ** EUR % % SPP-Distribucia AS 2014/2021 ** EUR % % Standard Chartered Plc 2014/2021 ** EUR % % Svenska Handelsbanken -Reg- 2012/2018 EUR % % Swiss Life AG Via JP Morgan Bank Luxembourg SA 2005/2049 * EUR % % Swisscom AG via Lunar Funding V 2014/2021 EUR % % Syngenta Finance NV (MTN) 2014/2021 EUR % % Telefonica Emisiones SAU 2012/2020 ** EUR % % Telefonica Europe BV 2014/2049 * EUR % % Telstra Corp, Ltd (MTN) 2012/2022 EUR %

220 Deutsche Invest I Euro Corporate Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 250 % Teollisuuden Voima Oyj (MTN) 2014/2021 ** EUR % % Tesco Corporate Treasury Services Plc 2013/2020 ** EUR % % The Goldman Sachs Group, Inc -Reg- (MTN) 2011/2016 EUR % % The Royal Bank of Scotland Plc (MTN) 2010/2020 EUR % % Transurban Finance Co Pty Ltd 2013/2020 EUR % % Transurban Finance Co, Pty Ltd (MTN) 2014/2024 EUR % % TVN Finance Corp III AB -Reg- 2013/2020 EUR % % UBS AG (MTN) 2014/2026 * EUR % % UBS AG/London (MTN) 2014/2021 EUR % % Unibail-Rodamco SE (MTN) 2014/2022 EUR % % UniCredit SpA (MTN) 2014/2021 EUR % % UniCredit SpA (MTN) -Reg- 2012/2022 EUR % % UniCredit SpA -Reg- 2014/2017 * EUR % % Unione di Banche Italiane SCpA (MTN) 2013/2017 EUR % % Unione di Banche Italiane SCpA (MTN) 2014/2024 ** EUR % % Valeo SA (MTN) 2014/2024 ** EUR % % Verizon Communications, Inc 2014/2024 EUR % % Verizon Communications, Inc 2014/2031 EUR % % Vienna Insurance Group AG Wiener Versicherung Gruppe 2013/2043 * ** EUR % % Volkswagen International Finance NV 2013/2049 * EUR % % Volvo Treasury AB 2014/2078 * ** EUR % % Votorantim Cimentos SA -Reg- 2014/2021 EUR % % Walgreens Boots Alliance, Inc -Rights Exp 20Nov26 EUR % % Wal-Mart Stores, Inc 2014/2026 EUR % % Wolters Kluwer NV 2013/2023 EUR % % BNP Paribas SA 2007/2049 * ** GBP % % Credit Agricole SA (MTN) 2006/2049 * GBP % % Global Switch Holdings Ltd (MTN) 2013/2022 GBP % % Nationwide Building Society (MTN) 2014/2049 * GBP % % SSE Plc 2010/2049 * GBP % % Tesco Property Finance 6 Plc 2013/2044 GBP % % ABN Amro Bank NV (MTN) 2012/2022 * USD % % ABN AMRO Bank NV -Reg- 2012/2017 USD % % Actavis, Inc 2012/2022 USD % % Agricultural Bank China HK 2014/2017 USD % % Alibaba Group Holding Ltd -Reg- 2014/2019 USD % % Alibaba Group Holding Ltd -Reg- 2014/2021 USD % % Alibaba Group Holding Ltd -Rights Exp 28Nov14 -Reg- USD % % Aviva Plc 2012/2049 USD % % BBVA US Senior SAU 2012/2015 USD % % British Telecommunications Plc 2014/2019 USD % % Carnival Corp 2013/2020 USD % % Cooperatieve Centrale Raiffeisen- Boerenleenbank BA 2011/2049 * USD % % Credit Suisse Group Guernsey I Ltd -Reg- 2011/2041 * USD % % Electricite de France SA 2013/2049 * USD % % Gazprom OAO Via Gaz Capital SA -Reg- 2010/2015 ** USD % % Greenland Global Investment Ltd 2014/2019 USD % % HSBC Holdings Plc 2014/2049 * USD % % Israel Electric Corp Ltd 144A 2014/2024 ** USD % % JPMorgan Chase & Co 2014/2019 USD % % Lenovo Group Ltd -Reg- 2014/2019 USD % % Lloyds Bank Plc 2014/2019 USD % % Nomura Holdings, Inc (MTN) 2013/2016 USD % % Nordea Bank AB -Reg- 2010/2020 USD % % NTPC Ltd (MTN) 2014/2024 USD % % QBE Insurance Group Ltd 2014/2044 * USD % % Royal Bank of Scotland Group Plc 2014/2017 USD % % Skandinaviska Enskilda Banken AB (MTN) 2014/2049 * USD % % Société Générale SA (MTN) 2013/2049 * ** USD % % Synchrony Financial 2014/2019 USD % % Tata Motors Ltd 2014/2020 USD % % Telefonica Emisiones SAU 2010/2020 USD % % Telenor ASA 2013/2018 USD % % UBS AG 2014/2024 USD %

221 Deutsche Invest I Euro Corporate Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities admitted to or included in organized markets Interest-bearing securities 250 % ABN AMRO Bank NV -Reg- 2013/2018 USD % % Amazoncom, Inc 2014/2021 USD % % AXA SA -Reg- 2006/2049 * USD % % Banco do Brasil SA/Cayman -Reg- 2014/2049 * USD % % Barclays Bank Plc 2014/2024 USD % % BNP Paribas SA (MTN) 2013/2018 USD % % BNP Paribas SA 2011/2021 USD % % BPCE SA (MTN) 2014/2019 USD % % Credit Agricole SA 144A 2013/2018 USD % % Credit Agricole SA -Reg- 2012/2017 USD % % Credit Agricole SA -Reg- 2013/2018 USD % % Enel Finance International SA -Reg- 2007/2017 USD % % Hutchison Whampoa International 14 Ltd -Reg- 2014/2017 USD % % ING Bank NV -Reg- 2014/2019 USD % % Intesa Sanpaolo SpA 2013/2018 USD % % Intesa Sanpaolo SpA 2014/2024 USD % % KLA-Tencor Corp 2014/2021 USD % % Medtronic, Inc 2014/2035 USD % % Medtronic, Inc 2014/2045 USD % % RCI Banque SA -Reg- 2013/2018 USD % % Société Générale SA -Reg- (MTM) 2011/2021 USD % % Stanley Black & Decker, Inc 2013/2053 * USD % % WellPoint, Inc 2014/2024 USD % Investment fund units In-group fund units DB Advisors Invest Global Credit (0400%) Units EUR Total securities portfolio Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Interest rate futures Germany Federal Republic Bonds 5 year 03/ EUR (XEUR) Count Germany Federal Republic Notes 10 year 03/ EUR (XEUR) Count Germany Federal Republic Notes 2 year 03/ EUR (XEUR) Count UK Treasury Notes 03/ GBP (IFLL) Count US Treasury Notes 10 year Futures 03/ USD (CBT) Count US Treasury Notes 30 year Futures 03/ USD (CBT) Count US Treasury Notes 5 year Futures 03/ USD (CBT) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/GBP 336 million EUR/USD 3166 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Japanese yen JPY Swiss franc CHF US dollar USD

222 Deutsche Invest I Euro Corporate Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Other assets Interest receivable Prepaid placement fee**** Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class IC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR Class PFDQ EUR Number of shares outstanding Class FC Count Class IC Count Class LC Count Class LD Count Class NC Count Class PFC Count Class PFDQ Count Composition of the reference portfolio (according to CSSF circular 11/512) iboxx EUR Corporates in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 03, 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 as of the reporting date Market abbreviations Futures exchanges CBT = Chicago Board of Trade IFLL = ICE Futures Europe - Financial Products Division XEUR = Eurex Contracting party for currency futures Deutsche Bank AG Frankfurt 220

223 Deutsche Invest I Euro Corporate Bonds Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 175 % 2i Rete Gas SpA (MTN) 2014/2019 EUR % 2i Rete Gas SpA (MTN) 2014/2020 EUR % Alfa Laval Treasury International AB (MTN) 2014/2022 EUR % Alliander NV 2013/2049 * EUR % Allianz SE 2014/2049 * EUR % Autonomous Community of Madrid Spain 2014/2024 EUR % Banco de Sabadell SA 2014/2021 EUR % Banco Santander SA 2014/2049 * EUR % Bank of America Corp (MTN) 2013/2019 EUR % BG Energy Capital Plc (MTN) 2014/2029 EUR % BP Capital Markets Plc (MTN) 2014/2026 EUR % Citigroup, Inc (MTN) 2014/2024 EUR % Credit Agricole SA/London (MTN) 2014/2024 EUR % Deutsche Bank AG 2014/2049 * EUR % Dufry Finance SCA (MTN) -Reg- 2014/2022 EUR % Gazprombank OJSC Via GPB Eurobond Finance Plc -Reg- 2014/2019 EUR % Iberdrola International BV 2012/2017 EUR % Koninklijke KPN NV (MTN) 2012/2022 EUR % Korea Gas Corp 2013/2019 EUR % Lloyds Bank Plc (MTN) 2014/2021 EUR % Main Capital Funding II LP 2006/2049 EUR % New York Life Global Funding (MTN) 2007/2017 EUR % Nomura Europe Finance NV (MTN) 2014/2021 EUR % OMV AG (MTN) 2014/2018 EUR % Orange SA (MTN) 2014/2049 * EUR % Petrobras Global Finance BV 2014/2025 EUR % PGE Sweden AB 2014/2019 EUR % Raiffeisen Bank International AG (MTN) 2013/2018 EUR % Repsol International Finance BV (MTN) 2014/2026 EUR % SAP SE (MTN) 2014/2023 EUR % Sky Plc (MTN) 2014/2023 EUR % Sogecap SA 2014/2049 * EUR % SPP-Distribucia AS 2014/2021 EUR % Standard Chartered Plc 2014/2021 EUR % Telefonica Emisiones SAU 2012/2020 EUR % Teollisuuden Voima Oyj (MTN) 2014/2021 EUR % Tesco Corporate Treasury Services Plc 2013/2020 EUR % Unione di Banche Italiane SCpA (MTN) 2014/2024 EUR % Valeo SA (MTN) 2014/2024 EUR % Vienna Insurance Group AG Wiener Versicherung Gruppe 2013/2043 * EUR % Volvo Treasury AB 2014/2078 * EUR % BNP Paribas SA 2007/2049 * GBP % Gazprom OAO Via Gaz Capital SA -Reg- 2010/2015 USD % Israel Electric Corp Ltd 144A 2014/2024 USD % Société Générale SA (MTN) 2013/2049 * USD Total receivables from securities loans Contracting parties for securities loans Barclays Capital Securities Limited, Citigroup Global Markets, Credit Suisse Securities (Europe) Ltd FI, Deutsche Bank AG FI, JP Morgan Securities Plc (Fix Income), Morgan Stanley Intl FI and Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Japanese yen JPY = EUR 1 US dollar USD = EUR 1 221

224 Deutsche Invest I Euro Corporate Bonds 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist **** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) 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/ Count/ Purchases/ Sales/ Purchases/ Description units/ Description units/ additions disposals additions currency currency Sales/ disposals Securities traded on an exchange Interest-bearing securities 400 % Aegon NV -Reg- 2014/2044 * EUR % Agrokor DD -Reg- 2012/2019 EUR % AIB Mortgage Bank (MTN) 2007/2017 EUR % Airbus Group Finance BV (MTN) 2014/2024 EUR % Allianz SE 2013/2049 * EUR % Altice SA -Reg- 2014/2022 EUR % Amcor Ltd (MTN) 2013/2023 EUR % Aon Plc 2014/2026 EUR % Atlantia SpA (MTN) 2009/2016 EUR % Atlantia SpA 2012/2020 EUR % Australia Pacific Airports Melbourne Pty Ltd (MTN) 2013/2023 EUR % Aviva Plc (MTN) 2008/2038 * EUR % Aviva Plc (MTN) 2013/2043 * EUR % Bacardi Ltd 2013/2023 EUR % Banca Monte dei Paschi di Siena SpA (MTN) 2014/2019 EUR % Banco Comercial Portugues SA (MTN) 2014/2017 EUR % Bank of America Corp 2014/2024 EUR % Bank of Ireland 2014/2019 EUR % Bank of Ireland Mortgage Bank 2013/2017 EUR % Bankia SA (MTN) 2014/2024 * EUR % Banque Federative du Credit Mutuel SA (MTN) 2013/2018 EUR % Banque Federative du Credit Mutuel SA (MTN) 2014/2024 EUR % Banque Federative du Credit Mutuel SA 2013/2023 EUR % Barclays Plc (MTN) 2014/2022 EUR % Bayer AG (MTN) 2014/2018 EUR % BBVA Senior Finance SAU (MTN) 2010/2015 EUR % BHP Billiton Finance Ltd -Reg- 2013/2033 EUR % BMW Finance NV (MTN) 2014/2018 EUR % BNP Paribas SA (MTN) 2014/2026 * EUR % BNP Paribas SA (MTN) 2014/2027 * EUR % BPCE SA (MTN) 2010/2017 EUR % BPCE SA 2006/2049 * EUR % BPCE SA 2013/2023 EUR % BPCE SA 2014/2026 * EUR % Brambles Finance Ltd 2014/2024 EUR % British Telecommunications Plc 2014/2019 EUR % Caja de Ahorros y Pensiones de Barcelona 2014/2019 EUR % Carrefour SA (MTN) 2014/2022 EUR % Carrefour SA 2013/2019 EUR % Casino Guichard Perrachon SA (MTN) 2012/2019 EUR % CNP Assurances 2010/2040 * EUR % Constellium NV 2014/2021 EUR % Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Netherlands 2014/2026 * EUR % Corp Nacional del Cobre de Chile -Reg- 2014/2024 EUR % Credit Agricole SA 2013/2020 EUR % Credit Agricole SA -Reg- 2014/2049 * EUR % CRH Finance Ltd 2013/2023 EUR % Danske Bank A/S (MTN) 2012/2017 EUR % Danske Bank A/S 2013/2023 * EUR % Delta Lloyd NV 2014/2049 * EUR % Deutsche Bank AG (MTN) 2010/2020 EUR % Deutsche Bank AG (MTN) 2013/2023 EUR % DZ Bank AG Deutsche Zentral- Genossenschaftsbank (MTN) 2009/2014 EUR % Electricite de France SA (MTN) 2014/2049 * EUR % Elia System Operator SA/NV (MTN) 2013/2028 EUR % Emirates Telecommunications Corp 2014/2026 EUR % Enel Finance International NV 2012/2018 EUR % ENEL SpA 2014/2075 * EUR % Erste Group Bank AG 2012/2022 EUR % ESB Finance Ltd 2012/2017 EUR % Fiat Finance & Trade SA (MTN) 2013/2019 EUR % Gas Natural Fenosa Finance BV (MTN) 2014/2024 EUR % Gas Natural Fenosa Finance BV 2013/2021 EUR % GDF Suez 2013/2049 * EUR % General Mills, Inc 2013/2020 EUR % Granite Master Issuer Plc 2005/2054 * EUR % Grupo Antolin Dutch BV -Reg- 2014/2021 EUR % GTECH SpA 2009/2016 EUR % GTECH SpA 2012/2020 EUR % Hammerson Plc 2014/2022 EUR % HSBC Holdings Plc 2013/2024 * EUR % Hutchison Whampoa Europe Finance 12 Ltd 2012/2017 EUR % Imperial Tobacco Finance Plc (MTN) 2014/2026 EUR % ING Bank NV (MTN) 2014/2026 * EUR

225 Deutsche Invest I Euro Corporate Bonds Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 4176 % ING Groep NV (MTN) 2005/2049 * EUR % Intesa Sanpaolo SpA (MTN) 2011/2016 EUR % Intesa Sanpaolo SpA (MTN) 2013/2023 EUR % Kellogg Co (MTN) 2014/2021 EUR % Kering SA (MTN) 2013/2020 EUR % Kerneos Tech Group SAS -Reg- 2014/2021 EUR % LBG Capital No1 Plc 2009/2020 EUR % LBG Capital No2 Plc 2009/2020 EUR % Leveraged Finance Europe Capital III BV 2004/2018 * EUR % Lloyds Bank Plc (MTN) 2010/2020 EUR % Lloyds Bank Plc 2013/2018 EUR % Luxottica Group SpA (MTN) 2014/2024 EUR % Microsoft Corp 2013/2021 EUR % Mondelez International, Inc 2013/2017 EUR % Nationwide Building Society (MTN) 2013/2023 * EUR % Natixis 2007/2049 * EUR % NN Group NV 2014/2049 * EUR % NN Group NV -Reg- 2014/2044 * EUR % Numericable Group SA -Reg- 2014/2024 EUR % Nykredit Bank A/S (MTN) 2010/2015 EUR % Obrascon Huarte Lain SA 2014/2022 EUR % Oracle Corp (MTN) 2013/2021 EUR % Orange SA (MTN) 2013/2018 EUR % Peugeot SA (MTN) 2013/2018 EUR % Philip Morris International, Inc 2014/2029 EUR % Raiffeisen Bank International AG 2013/2023 EUR % Raiffeisen Bank International AG 2014/2025 * EUR % RCI Banque SA (MTN) 2014/2021 EUR % RCI Banque SA 2012/2014 EUR % Redexis Gas Finance BV 2014/2021 EUR % Royal Bank of Scotland Group Plc 2014/2019 EUR % Russian Railways via RZD Capital Plc 2013/2021 EUR % Ryanair Ltd 2014/2021 EUR % Santander Consumer Finance SA 2006/2016 EUR % Santander International Debt SAU (MTN) 2013/2020 EUR % Santander Issuances SAU 2004/2019 * EUR % Skandinaviska Enskilda Banken AB 2012/2019 EUR % Slovenia Government Bond 2010/2020 EUR % Snam SpA (MTN) 2013/2017 EUR % Snam SpA (MTN) 2014/2024 EUR % Snam SpA 2012/2018 EUR % Snam SpA -Reg- 2014/2019 EUR % Societa Iniziative Autostradali e Servizi SpA (MTN) 2014/2024 EUR % Societe Des Autoroutes Paris-Rhin-Rhone (MTN) 2014/2020 EUR % Société Générale SA 2014/2026 * EUR % Solvay Finance SA 2013/2049 * EUR % SPP Infrastructure financing BV 2013/2020 EUR % SSE Plc (MTN) 2013/2022 EUR % Standard Chartered Plc 2012/2022 EUR % Suez Environnement Co 2014/2049 * EUR % Swedbank AB (MTN) 2014/2024 * EUR % TDC A/S (MTN) 2011/2018 EUR % Telecom Italia SpA (MTN) 2011/2016 EUR % Telecom Italia SpA (MTN) 2014/2021 EUR % Telefonica Emisiones SAU (MTN) 2014/2022 EUR % Telefonica Emisiones SAU 2012/2017 EUR % Telefonica Europe BV 2013/2049 * EUR % Teollisuuden Voima Oyj (MTN) 2009/2016 EUR % Tesco Corporate Treasury Services Plc 2014/2019 EUR % Turkiye Vakiflar Bankasi Tao 2014/2019 EUR % UniCredit Bank Austria AG (MTN) 2014/2021 EUR % UniCredit SpA (MTN) 2013/2025 * EUR % UniCredit SpA 2012/2015 EUR % UniCredit SpA 2014/2049 * EUR % Unione di Banche Italiane SCpA (MTN) 2014/2019 EUR % Valeo SA (MTN) 2012/2017 EUR % Verizon Communications, Inc (MTN) 2014/2022 EUR % Verizon Communications, Inc (MTN) 2014/2026 EUR % Verizon Communications, Inc 2014/2026 (MTN) EUR % Viridian Group FundCo II Ltd -Reg- 2012/2017 EUR % Volkswagen International Finance NV 2013/2049 * EUR % Volkswagen International Finance NV -Reg- 2014/2049 * EUR % Volvo Treasury AB (MTN) 2014/2019 EUR % Votorantim Cimentos SA -Reg- 2010/2017 EUR % Yorkshire Building Society (MTN) 2014/2019 EUR % Ziggo BV (MTN) -Reg- 2013/2020 EUR % Akzo Nobel NV (MTN) 2014/2024 EUR % America Movil SAB de CV 2013/2073 * GBP % BPCE SA -Reg- 2014/2029 GBP % Electricite de France SA (MTN) 2014/2049 * GBP % Electricite de France SA (MTN) 2014/2114 GBP % Enel SpA 2014/2076 * GBP % Generali Finance BV 2006/2049 * GBP % Nordea Bank AB 2012/2019 GBP % Orange SA 2014/2049 * GBP % Verizon Communications, Inc (MTN) 2014/2034 GBP % Abu Dhabi National Energy Co 2012/2018 USD % Banco Santander SA -Reg- 2014/2049 * USD % Country Garden Holdings Co, Ltd -Reg- 2014/2019 USD % Credit Agricole SA -Reg- 2014/2049 * USD % Credit Suisse AG 2013/2023 USD % Deutsche Bank AG/London 2014/2019 USD % DNB Bank ASA -Reg- 2012/2017 USD % Electricite de France SA -Reg- 2014/2049 * USD % Enel SpA 144A 2013/2073 * USD % GPN Capital SA 2012/2022 USD % GTL Trade Finance, Inc -Reg- 2014/2044 USD % HSBC Holdings Plc 2011/2042 USD % HSBC Holdings Plc 2014/2024 USD % International Bank of Azerbaijan OJSC 2014/2019 USD % IPIC GMTN Ltd 2012/2015 USD % JBS INVESTMENTS GmbH 2014/2024 USD % KBC Bank NV 2013/2023 * USD % Koninklijke KPN NV -Reg- 2013/2073 * USD % Moody s Corp 2014/2019 USD % Morgan Stanley 2014/2024 USD % OAS Finance Ltd -Reg- 2014/2021 USD % Orange SA 2009/2019 USD % RH International Singapore Corp Pte Ltd -Reg- 2014/2019 USD % Rowan Cos, Inc 2014/2044 USD % Saudi Electricity Global SUKUK Co 3 -Reg- 2014/2044 USD % Turkiye Halk Bankasi AS -Reg- 2014/2019 USD

226 Deutsche Invest I Euro Corporate Bonds Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) 800 % UniCredit SpA 2014/2049 * USD % Verizon Communications, Inc 2013/2020 USD % Verizon Communications, Inc 2013/2043 USD Securities admitted to or included in organized markets Interest-bearing securities 6375 % Aquarius & Investment Plc 2013/2024 * USD % Aquarius & Investment Plc 2013/2024 * USD % Deutsche Bank AG 2014/2049 * USD % ING Bank NV -Reg- 2012/2017 USD % ING Bank NV -Reg- 2013/2023 USD % Quest Diagnostics, Inc 2014/2024 USD % Turkiye Garanti Bank AS -Reg- 2014/2019 USD % Verizon Communications, Inc 144A 2014/2054 USD Unlisted securities Interest-bearing securities 000 % Deutsche Bank Capital Funding Trust IV 2003/2049 EUR % JPMorgan Chase & Co (MTN) 2004/2019 * EUR % Vivendi SA (MTN) 2011/2021 EUR % Vivendi SA (MTN) 2012/2020 EUR % Vivendi SA (MTN) 2013/2019 EUR Futures contracts Value ( 000) Interest rate futures Contracts purchased (Underlyings: Euro Bund, UK Long Gilt, US Treasury Note 10-Year, US Treasury Note 30-Year, US Treasury Note 5-Year) EUR Contracts sold (Underlyings: Euro Bobl, Euro Bund, Euro Schatz) EUR Currency futures (short) Futures contracts to sell currencies GBP/EUR EUR USD/EUR EUR Currency futures (long) Futures contracts to purchase currencies EUR/GBP EUR EUR/USD EUR

227 Deutsche Invest I Euro Corporate Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from investment fund units EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR III Net investment income EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year/interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 071% pa, Class IC 024% 3, Class LC 099% pa, Class LD 099% pa, Class NC 140% pa, Class PFC 095% 3, Class PFDQ 096% 3 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 5 Class FC The income for the fiscal year is reinvested Class IC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 287 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class PFDQ Type As of Currency Per share Interim distribution October 17, 2014 EUR Additional information is provided in the sales prospectus 225

228 Deutsche Invest I Euro Corporate Bonds Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class IC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR Class PFDQ EUR Class FC EUR Class IC EUR - Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class PFDQ EUR Class FC EUR Class IC EUR - Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class PFDQ EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 614% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 226

229 Deutsche Invest I Euro High Yield Corporates Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 7875 % Aguila 3 SA -Reg- 2011/2018 CHF % % Matterhorn Mobile SA 2012/2019 * CHF % % Matterhorn Mobile SA -Reg- 2012/2019 CHF % % Selecta Group BV -Reg- 2014/2020 CHF % % Sunrise Communications International SA (MTN) -Reg- 2012/2017 CHF % % UPC Holding BV (MTN) -Reg- 2013/2023 CHF % % 3AB Optique Developpement SAS -Reg- 2014/2019 ** EUR % % Adria Bidco BV 2013/2020 EUR % % Agrokor DD -Reg- 2012/2019 EUR % % Agrokor dd 2012/2020 ** EUR % % Aldesa Financial Services SA -Reg- (MTN) 2014/2021 EUR % % Almirall SA -Reg- 2014/2021 EUR % % Altice Financing SA -Reg- 2013/2022 EUR % % Altice Finco SA 2013/2023 EUR % % ArcelorMittal (MTN) 2014/2020 ** EUR % % Avis Budget Finance Plc -Reg- 2013/2021 EUR % % Belden, Inc (MTN) -Reg- 2013/2023 EUR % % Boing Group Financing Plc (MTN) -Reg- 2014/2019 ** EUR % % Boparan Finance Plc (MTN) -Reg- 2014/2021 EUR % % Bormioli Rocco Holdings SA -Reg- 2011/2018 ** EUR % % BUT SAS -Reg- 2014/2019 EUR % % Cable Communications Systems NV -Reg- 2013/2020 ** EUR % % Carlson Wagonlit BV -Reg- 2012/2019 EUR % % Cerved Group SpA (MTN) -Reg- 2013/2020 EUR % % Ciech Group Financing AB 2012/2019 EUR % % Cirsa Funding Luxembourg SA -Reg- 2010/2018 EUR % % CNH Industrial Finance Europe SA (MTN) 2011/2018 EUR % % Constellium NV -Reg- 2014/2023 ** EUR % % ConvaTec Healthcare E SA -Reg- 2010/2017 EUR % % Cooperativa Muratori & Cementisti-CMC di Ravenna SC -Reg- 2014/2021 EUR % % Crown European Holdings SA -Reg- 2014/2022 EUR % % Delta Lloyd NV 2014/2049 * EUR % % Deutsche Postbank Funding Trust IV 2007/2049 * EUR % % Dry Mix Solutions Investissements SAS -Reg- 2014/2021 * EUR % % eaccess Ltd -Reg- 2011/2018 EUR % % Eileme 2 AB -Reg- 2012/2020 EUR % % eircom Finance Ltd 2013/2020 EUR % % Ence Energia y Celulosa SA -Reg- 2013/2020 ** EUR % % Enel SpA 2013/2074 * EUR % % Eurofins Scientific SE (MTN) 2013/2049 * EUR % % Europcar Groupe SA -Reg- 2010/2018 EUR % % Fiat Finance & Trade SA (MTN) 2012/2016 EUR % % Fiat Finance & Trade SA (MTN) 2014/2022 EUR % % Financiere Gaillon 8 SAS -Reg- (MTN) 2014/2019 EUR % % Findus Bondco SA -Reg- 2013/2018 EUR % % FMC Finance VII SA -Reg- 2011/2021 EUR % % FTE Verwaltungs GmbH 2013/2020 ** EUR % % Galapagos SA -Reg- 2014/2021 EUR % % Galapagos SA -Reg- 2014/2021 * EUR % % Gamenet SpA -Reg- 2013/2018 ** EUR % % Gategroup Finance Luxembourg SA (MTN) -Reg- 2012/2019 ** EUR % % GCL Holdings SCA -Reg- 2011/2018 EUR % % GCS Holdco Finance I SA 2013/2018 EUR % % Geo Debt Finance SCA -Reg- 2013/2018 ** EUR % % Geo Travel Finance SCA 2011/2019 ** EUR % % Gestamp Funding Luxembourg SA -Reg- 2013/2020 ** EUR % % Goodyear Dunlop Tires Europe BV -Reg- 2011/2019 EUR % % Greif Nevada Holdings, Inc SCS -Reg- (MTN) 2011/2021 EUR % % Grupo Antolin Dutch BV -Reg- 2014/2021 EUR % % Guala Closures SpA 2012/2019 * EUR % % Hema Bondco I BV -Reg- 2014/2019 ** EUR % % Holdikks SAS -Reg- 2014/2021 ** EUR % % Holding Medi-Partenaires SAS -Reg- 2013/2020 EUR % % HomeVi SAS -Reg- 2014/2021 EUR % % HP Pelzer Holding GmbH (MTN) -Reg- 2014/2021 EUR % % HT1 Funding GmbH 2006/2049 * EUR %

230 Deutsche Invest I Euro High Yield Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 5125 % Huntsman International LLC 2014/2021 EUR % % Hydra Dutch Holdings 2BV -Reg- 2014/2019 * EUR % % INEOS Group Holdings SA -Reg- 2014/2019 ** EUR % % Infor US, Inc 2012/2019 EUR % % InterXion Holding NV 2013/2020 EUR % % Intralot Capital Luxembourg SA 2014/2021 EUR % % Intralot Finance Luxembourg SA 2013/2018 ** EUR % % IVS Group SA -Reg- 2013/2020 EUR % % Jarden Corp -Reg- 2014/2021 EUR % % KION Finance SA (MTN) -Reg- 2013/2020 EUR % % Lafarge SA (MTN) 2009/2019 EUR % % Lafarge SA (MTN) 2013/2020 EUR % % Lecta SA -Reg- (MTN) 2012/2019 EUR % % LGE HoldCo VI BV -Reg- 2014/2024 EUR % % Lock AS 2014/2021 EUR % % Lock AS -Reg- 2014/2021 EUR % % Lock Lower Holding AS -Reg- 2014/2022 EUR % % Loxam SAS -Reg- 2014/2021 EUR % % Magnolia BC SA (MTN) -Reg- 2013/2020 ** EUR % % Main Capital Funding II LP 2006/2049 ** EUR % % Main Capital Funding LP 2005/2049 ** EUR % % Manutencoop Facility Management SpA 2013/2020 EUR % % Matterhorn Financing & CY SCA -Reg- 2013/2019 EUR % % MPT Operating Partnership LP (MTN) 2013/2020 EUR % % Nokia Oyj (MTN) 2009/2019 EUR % % Novacap International SAS -Reg- (MTN) 2014/2019 * EUR % % Numericable Group SA -Reg- 2014/2022 EUR % % Numericable Group SA -Reg- 2014/2024 EUR % % Nyrstar Netherlands Holdings BV -Reg- 2014/2019 EUR % % Obrascon Huarte Lain SA (MTN) 2011/2018 EUR % % Obrascon Huarte Lain SA 2014/2022 EUR % % OI European Group BV -Reg- 2010/2020 EUR % % Ontex Group NV -Reg- 2014/2021 EUR % % Orange SA (MTN) 2014/2049 * EUR % % Origin Energy Finance Ltd (MTN) 2011/2071 * EUR % % Origin Energy Finance Ltd 2014/2074 * EUR % % Ovako AB -Reg- (MTN) 2014/2019 EUR % % Paroc Group Oy -Reg- (MTN) 2014/2020 * ** EUR % % Perstorp Holding AB 2012/2017 EUR % % Peugeot SA (MTN) 2013/2018 EUR % % Peugeot SA (MTN) 2013/2019 EUR % % Pfleiderer GmbH -Reg- (MTN) 2014/2019 ** EUR % % Play Finance 2 SA -Reg- 2014/2019 EUR % % Play Topco SA -Reg- 2014/2020 EUR % % Rain CII Carbon LLC 2012/2021 EUR % % Rexel SA 2011/2018 EUR % % Rexel SA -Reg- 2013/2020 EUR % % RPG Byty Sro -Reg- 2013/2020 ** EUR % % S&B Minerals Finance SCA -Reg- 2013/2020 EUR % % Safari Holding Verwaltungs GmbH -Reg- 2014/2021 EUR % % Samvardhana Motherson Automotive Systems Group BV -Reg- 2014/2021 EUR % % Schaeffler Holding Finance BV -Reg- 2013/2018 EUR % % Schaeffler Holding Finance BV -Reg- 2014/2021 EUR % % Schmolz + Bickenbach Luxembourg SA -Reg- 2012/2019 EUR % % Servus Luxembourg Holding SCA 2013/2018 EUR % % SGD Group SAS -Reg- 2014/2019 EUR % % Smurfit Kappa Acquisitions -Reg- 2012/2018 ** EUR % % Snai SpA -Reg- 2013/2018 EUR % % Solvay Finance SA 2013/2049 * EUR % % SPCM SA -Reg- 2012/2020 EUR % % Spie BondCo 3 SCA (MTN) -Reg- 2012/2019 EUR % % Stork Technical Services 2012/2017 ** EUR % % Stork Technical Services Holdings BV -Reg- 2012/2017 EUR % % Sunrise Communications Holdings SA (MTN) 2010/2018 EUR % % Techem Energy Metering Service GmbH & Co, KG 2012/2020 ** EUR % % Telecom Italia Finance SA (MTN) 2003/2033 EUR % % Telecom Italia SpA (MTN) 2005/2055 EUR % % Telecom Italia SpA (MTN) 2014/2021 EUR % % Telefonica Europe BV 2013/2049 * ** EUR % % Telefonica Europe BV 2014/2049 * EUR % % Telenet Finance III Luxembourg SCA -Reg- 2011/2021 EUR %

231 Deutsche Invest I Euro High Yield Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 6375 % Telenet Finance Luxembourg SCA -Reg- 2010/2020 EUR % % Telenet Finance V Luxembourg SCA -Reg- 2012/2022 EUR % % THOM Europe SAS -Reg- 2014/2019 EUR % % Thomas Cook Finance Plc 2013/2020 EUR % % TMF Group Holding BV 2012/2019 EUR % % Trionista HoldCo GmbH 2013/2020 EUR % % TVN Finance Corp III AB -Reg- 2013/2020 EUR % % Unitymedia Hessen GmbH & Co KG -Reg- 2012/2021 EUR % % Unitymedia Hessen GmbH & Co / Unitymedia NRW GmbH -Reg- 2013/2023 EUR % % Unitymedia Hessen GmbH & Co KG -Reg- 2012/2022 EUR % % Unitymedia Hessen GmbH & Co, KG 2014/2025 ** EUR % % Unitymedia Hessen GmbH & Co, KG - Reg- 2012/2019 EUR % % Unitymedia NRW GmbH 2013/2029 EUR % % UPCB Finance Ltd -Reg- 2010/2020 EUR % % Viridian Group FundCo II Ltd -Reg- 2012/2017 EUR % % Vivacom 2013/2018 EUR % % WEPA Hygieneprodukte GmbH -Reg- 2013/2020 EUR % % Wind Acquisition Finance SA -Reg- 2014/2020 EUR % % Wind Acquisition Finance SA -Reg- 2014/2020 * ** EUR % % Xella HoldCo Finance SA 2013/2018 ** EUR % % Zinc Capital SA (MTN) 2011/2018 EUR % % Zobele Holding SpA -Reg- 2013/2018 EUR % % AA Bond Co, Ltd 2013/2019 GBP % % Arqiva Broadcast Finance Plc (MTN) -Reg- 2013/2020 GBP % % BIBBY Offshore Services Plc -Reg- 2014/2021 GBP % % Boparan Finance Plc -Reg- 2014/2019 GBP % % CPUK Finance Ltd (MTN) 2012/2018 GBP % % Debenhams Plc 2014/2021 GBP % % Enel SpA 2014/2076 * GBP % % Equiniti Newco 2 Plc 2013/2018 GBP % % Findus Bondco SA -Reg- 2013/2018 GBP % % GHD Bondco Plc -Reg- 2014/2020 GBP % % Hastings Insurance Group Finance Plc 2013/2020 GBP % % Infinis Plc -Reg- 2013/2019 GBP % % Johnston Press Bond Plc -Reg- 2014/2019 ** GBP % % Keystone Financing 2014/2019 GBP % % Koninklijke KPN NV (MTN) 2013/2073 * GBP % % Mizzen Bondco 2014/2021 GBP % % Pendragon Plc 2013/2020 GBP % % Priory Group No 3 Plc -Reg- 2011/2018 GBP % % Telecom Italia SpA (MTN) 2004/2019 GBP % % Telecom Italia SpA (MTN) 2006/2023 GBP % % Twinkle Pizza Holdings Plc -Reg- 2014/2022 ** GBP % % Voyage Care Bondco Plc -Reg- 2013/2018 GBP % % Medya Holding International Ltd 1996/2049 USD % % New Look Bondco I Plc 144A 2013/2018 USD % % Novasep Holding SAS -Reg- 2012/2016 USD % % Sable International Finance Ltd -Reg- 2012/2020 USD % Securities admitted to or included in organized markets Interest-bearing securities 9875 % FAGE USA Dairy Industry, Inc 144A 2010/2020 USD % % Rexel SA 144A 2012/2019 USD % Unlisted securities Equities Avery Weigh Tronix Count USD Interest-bearing securities 1200 % Cammell Laird Holdings Plc -Reg- 2000/2010 EUR % % Gates Global LLC / Gates Global Co -Reg- 2014/2022 EUR % Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables 229

232 Deutsche Invest I Euro High Yield Corporates Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency futures (short) Open positions EUR/CHF 275 million EUR/GBP 266 million EUR/USD 25 million Closed positions EUR/GBP 25 million Currency futures (long) Open positions USD/EUR 25 million Swaps Receivables/payables Credit default swaps Protection buyer itraxx Eur Xover 5Y / 5% 20/12/2019 (OTC) (DB) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Swiss franc CHF US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Prepaid placement fee ** Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 230

233 Deutsche Invest I Euro High Yield Corporates Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class FD EUR Class LC EUR Class LD EUR Class NC EUR Class ND EUR Class PFC EUR 9980 Class PFDQ EUR 9929 Class USD FCH USD 9991 Class USD LCH USD 9971 Number of shares outstanding Class FC Count Class FD Count Class LC Count Class LD Count Class NC Count Class ND Count Class PFC Count Class PFDQ Count Class USD FCH Count Class USD LCH Count 270 Composition of the reference portfolio (according to CSSF circular 11/512) ML Euro BB-B Non-Financial Fixed & Floating Rate HY Constrained Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 02, 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 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Futures exchange DB = Deutsche Bank AG Contracting parties for currency futures Citibank NA London, Deutsche Bank AG Frankfurt, Morgan Stanley and Co International Plc and State Street Bank and Trust Company 231

234 Deutsche Invest I Euro High Yield Corporates Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 5625 % 3AB Optique Developpement SAS -Reg- 2014/2019 EUR % Agrokor dd 2012/2020 EUR % ArcelorMittal (MTN) 2014/2020 EUR % Boing Group Financing Plc (MTN) -Reg- 2014/2019 EUR % Bormioli Rocco Holdings SA -Reg- 2011/2018 EUR % Cable Communications Systems NV -Reg- 2013/2020 EUR % Constellium NV -Reg- 2014/2023 EUR % Ence Energia y Celulosa SA -Reg- 2013/2020 EUR % FTE Verwaltungs GmbH 2013/2020 EUR % Gamenet SpA -Reg- 2013/2018 EUR % Gategroup Finance Luxembourg SA (MTN) -Reg- 2012/2019 EUR % Geo Debt Finance SCA -Reg- 2013/2018 EUR % Geo Travel Finance SCA 2011/2019 EUR % Gestamp Funding Luxembourg SA -Reg- 2013/2020 EUR % Hema Bondco I BV -Reg- 2014/2019 EUR % Holdikks SAS -Reg- 2014/2021 EUR % INEOS Group Holdings SA -Reg- 2014/2019 EUR % Intralot Finance Luxembourg SA 2013/2018 EUR % Magnolia BC SA (MTN) -Reg- 2013/2020 EUR % Main Capital Funding II LP 2006/2049 EUR % Main Capital Funding LP 2005/2049 EUR % Paroc Group Oy -Reg- (MTN) 2014/2020 * EUR % Pfleiderer GmbH -Reg- (MTN) 2014/2019 EUR % RPG Byty Sro -Reg- 2013/2020 EUR % Smurfit Kappa Acquisitions -Reg- 2012/2018 EUR % Stork Technical Services 2012/2017 EUR % Techem Energy Metering Service GmbH & Co, KG 2012/2020 EUR % Telefonica Europe BV 2013/2049 * EUR % Unitymedia Hessen GmbH & Co, KG 2014/2025 EUR % Wind Acquisition Finance SA -Reg- 2014/2020 * EUR % Xella HoldCo Finance SA 2013/2018 EUR % Johnston Press Bond Plc -Reg- 2014/2019 GBP % Twinkle Pizza Holdings Plc -Reg- 2014/2022 GBP Total receivables from securities loans Contracting parties for securities loans Barclays Capital Securities Limited, Credit Suisse Securities (Europe) Ltd FI, Deutsche Bank AG FI, Goldman Sachs Int, Morgan Stanley Intl FI and Société Générale FI Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate ** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) *** Does not include positions with a negative balance, if such exist 232

235 Deutsche Invest I Euro High Yield Corporates 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Ontex Group NV Count Interest-bearing securities 700 % Sunrise Communications International SA (MTN) 2010/2017 CHF % Aareal Bank AG 2014/2026 * EUR % AG Spring Finance II Ltd -Reg- 2013/2019 EUR % AG Spring Finance Ltd -Reg- 2013/2018 EUR % Alba Group Plc & Co KG -Reg- 2011/2018 EUR % Altice Financing SA 2012/2019 EUR % Altice SA -Reg- 2014/2022 EUR % Astaldi SpA -Reg- 2013/2020 EUR % Auris Luxembourg II SA -Reg- 2014/2023 EUR % Autodis SA (MTN) 2014/2019 EUR % Bank of Ireland 2014/2024 * EUR % Bayer AG 2014/2074 * EUR % Bayerische Landesbank 2007/2019 EUR % BBVA Sub Capital Unipers -Reg- 2014/2024 * EUR % Bombardier, Inc (MTN) 2010/2021 EUR % Cegedim SA -Reg- 2013/2020 EUR % Celanese US Holdings LLC 2014/2019 EUR % Cerba European Lab SAS -Reg- 2013/2020 EUR % Chesapeake Energy Corp 2006/2017 EUR % Cirsa Funding Luxembourg SA 2014/2018 EUR % CMA CGM SA -Reg- 2011/2019 EUR % CMA CGM SA -Reg- 2013/2018 EUR % Constellium NV 2014/2021 EUR % Continental AG (MTN) 2013/2020 EUR % Deutsche Bank AG 2014/2049 * EUR % Deutsche Raststaetten Gruppe IV GmbH -Reg- 2013/2020 EUR % Dufry Finance SCA (MTN) -Reg- 2014/2022 EUR % EDP Finance BV 2012/2017 EUR % Electricite de France SA (MTN) 2013/2049 * EUR % Electricite de France SA (MTN) 2014/2049 * EUR % Empark Funding SA -Reg- 2013/2019 EUR % Faurecia (MTN) 2012/2019 EUR % Fiat Finance & Trade SA (MTN) 2009/2015 EUR % Fiat Finance & Trade SA (MTN) 2013/2019 EUR % Financière Quick SAS -Reg- 2014/2019 * EUR % Finmeccanica Finance SA (MTN) 2013/2021 EUR % FMC Finance VIII SA 2011/2018 EUR % Fresenius Finance BV -Reg- 2014/2024 EUR % Fresenius US Finance II, Inc -Reg- 2009/2015 EUR % Frigoglass Finance BV 2013/2018 EUR % GMAC International Finance BV 2010/2015 EUR % GTECH SpA -Reg- 2006/2066 * EUR % Hapag-Lloyd AG (MTN) -Reg- 2013/2018 EUR % Heckler & Koch GmbH -Reg- 2011/2018 EUR % HeidelbergCement Finance Luxembourg BV 2010/2020 EUR % HeidelbergCement Finance Luxembourg SA (MTN) 2011/2018 EUR % HeidelbergCement Finance Luxembourg SA 2009/2019 EUR % Heidelberger Druckmaschinen AG 2013/2018 EUR % Heidelberger Druckmaschinen AG -Reg- 2011/2018 EUR % Huntsman International LLC 2013/2021 EUR % International Personal Finance Plc (MTN) 2010/2015 EUR % Kerneos Tech Group SAS -Reg- 2014/2021 EUR % Koninklijke KPN NV 2013/2049 * EUR % Lock AS 2014/2021 EUR % Marcolin SpA 2013/2019 EUR % Metsa Board Oyj 2014/2019 EUR % Monitchem HoldCo 3 SA -Reg- 2014/2021 EUR % Monitchem HoldCo 3 SA -Reg- 2014/2021 * EUR % New Look Bondco I Plc 2013/2018 * EUR % New World Resources NV -Reg- 2010/2018 EUR % New World Resources NV -Reg- 2013/2021 EUR % NH Hoteles SA -Reg- 2013/2019 EUR % Novafives SAS -Reg- 2014/2021 EUR % Oberthur Technologies Holding SAS 2013/2020 EUR % Obrascon Huarte Lain SA (MTN) 2012/2020 EUR % OTE Plc (MTN) 2008/2015 EUR % OTE Plc (MTN) 2011/2014 EUR % Paroc Group Oy -Reg- 2014/2020 EUR % Peermont Global Pty Ltd -Reg- 2007/2014 EUR % PERI GmbH (MTN) 2010/2015 EUR % Petrobras Global Finance BV 2014/2021 EUR % Piaggio & C SpA -Reg- 2014/2021 EUR % Play Finance 1 SA 2014/2019 EUR % Portugal Telecom International Finance BV (MTN) 2013/2020 EUR % Santos Finance Ltd (MTN) 2010/2070 * EUR % Sappi Papier Holding GmbH -Reg- 2011/2018 EUR % Seat Pagine Gialle SpA -Reg- 2010/2017 EUR % SGL Carbon SE 2013/2021 EUR % Société Générale SA 2009/2049 * EUR % Takko Luxembourg 2 SCA (MTN) -Reg- 2013/2019 EUR % Techem GmbH 2012/2019 EUR % Telecom Italia SpA (MTN) 2004/2019 EUR % Telefonica Emisiones SAU 2012/2017 EUR % Telefonica Emisiones SAU 2012/2020 EUR % Tereos Finance Group I 2013/2020 EUR % TNI Luxco 1 SA 2014/2020 EUR % Trionista TopCo GmbH 2013/2021 EUR % TUI AG -Reg- 2014/2019 EUR % UPC Holding BV -Reg- 2013/2023 EUR % Wienerberger AG 2007/2049 * EUR % WMG Acquisition Corp -Reg- 2012/2021 EUR % Brakes Capital 2013/2018 GBP % Brighthouse Group Ltd -Reg- 2013/2018 GBP % Dubai Holding Commercial Operations Ltd (MTN) 2007/2017 GBP % EDP Finance BV (MTN) 2008/2024 GBP % Elli Finance UK Plc -Reg- 2012/2019 GBP % FCE Bank Plc (MTN) 2010/2015 GBP % FCE Bank Plc (MTN) 2012/2017 GBP % Finmeccanica Finance SA (MTN) 2009/2019 GBP % HSS Financing Plc -Reg- 2014/2019 GBP

236 Deutsche Invest I Euro High Yield Corporates Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 950 % Phones4u Finance Plc -Reg- 2011/2018 GBP % Phosphorus Holdco Plc -Reg- 2013/2019 GBP % Premier Foods Finance Plc -Reg- 2014/2020 * GBP % Stonegate Pub Co Financing Plc 2014/2019 * GBP % Twinkle Pizza Plc -Reg- 2014/2021 GBP % B Communications Ltd 144A 2014/2021 USD % Credit Agricole SA -Reg- 2014/2049 * USD Securities admitted to or included in organized markets Interest-bearing securities 7375 % B Communications Ltd 144A 2014/2021 USD % BMC Software Finance, Inc 144A 2013/2021 USD % Carlson Travel Holdings, Inc 144A 2014/2019 USD Unlisted securities Interest-bearing securities 1000 % Agrokor (MTN) 2009/2016 EUR % Ardagh Packaging Finance Plc -Reg- 2010/2017 EUR % Ardagh Packaging Finance Plc -Reg- 2012/2017 EUR % Behr GmbH & Co KG 2006/2049 * EUR % Boats Investments Netherlands BV (MTN) 2007/2017 EUR % Central European Media Enterprises Ltd -Reg- 2009/2016 EUR % Crown European Holdings SA -Reg- 2010/2018 EUR % Cyfrowy Polsat Finance AB -Reg- 2011/2018 EUR % EC Finance Plc -Reg- 2010/2017 EUR % Financiere Medicis Lux SA 2014/2020 EUR % Foodcorp Pty Ltd -Reg- 2011/2018 EUR % HellermannTyton Finance Plc 2012/2017 EUR % Huntsman International LLC -Reg- 2014/2021 EUR % INEOS Group Holdings Plc -Reg- 2006/2016 EUR % ISS A/S -Reg- 2006/2016 EUR % Kabel Deutschland Holding AG 2012/2017 EUR % Kabel Deutschland Vertrieb und Service GmbH 2011/2018 EUR % KION Finance SA (MTN) 2011/2018 EUR % Mondi Consumer Packaging International AG -Reg- 2010/2017 EUR % Nara Cable Funding Ltd -Reg- 2010/2018 EUR % Numericable Finance & Co -Reg- 2012/2019 EUR % Orion Engineered Carbons Bondco GmbH 2011/2018 EUR % Piaggio & C SpA 2009/2016 EUR % R&R Ice Cream Plc -Reg- 2010/2017 EUR % Schaeffler Finance BV -Reg- 2012/2019 EUR % Stampos BV 2013/2019 EUR % Styrolution Group GmbH -Reg- 2011/2016 EUR % Telecom Italia SpA 2013/2073 * EUR % Unitymedia KabelBW GmbH -Reg- 2009/2019 EUR % Wind Acquisition Finance SA -Reg- 2009/2017 EUR % Wind Acquisition Finance SA -Reg- 2009/2017 EUR % Wind Acquisition Finance SA -Reg- 2010/2018 EUR % Wind Acquisition Finance SA -Reg- 2014/2021 EUR % Wind Acquisition Holdings Finance SA -Reg- 2009/2017 EUR % Xefin Lux SCA (MTN) 2011/2018 EUR % Ziggo Bond Co BV -Reg- 2010/2018 EUR % Ziggo Bond Co BV -Reg- 2014/2018 EUR % Ziggo Finance BV -Reg- 2010/2017 EUR % Bond Mission Critical Services Plc -Reg- 2013/2019 GBP % Care UK Health & Social Care Plc -Reg- 2010/2017 GBP % Matalan Finance Plc -Reg- 2010/2017 GBP % Virgin Media Finance Plc 2009/2019 GBP % Virgin Media Secured Finance Plc 2010/2018 GBP % Virgin Media Secured Finance Plc 2011/2021 GBP % Travelport Holdings, Inc 144A 2013/2016 USD Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Warrants Warrants on securities Additions Disposals Equity warrants Belvedere SA 21/01/2015 Count Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies EUR/CHF EUR EUR/GBP EUR EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies CHF/EUR EUR GBP/EUR EUR USD/EUR EUR Swaps Credit default swaps Protection buyer (Underlying: ITRAXX Europe) EUR

237 Deutsche Invest I Euro High Yield Corporates Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year / Interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 077% pa, Class FD 077% pa, Class LC 124% pa, Class LD 123% pa, Class NC 164% pa, Class ND 152% 3, Class PFC 120% 3, Class PFDQ 122% 3, Class USD FCH 051% 3, Class USD LCH 058% 3 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0090% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 235

238 Deutsche Invest I Euro High Yield Corporates Details on the distribution policy 5 Class FC The income for the fiscal year is reinvested Class FD Type As of Currency Per share Final distribution March 6, 2015 EUR 623 Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 621 Class NC The income for the fiscal year is reinvested Class ND Type As of Currency Per share Final distribution March 6, 2015 EUR 466 Class PFC The income for the fiscal year is reinvested Class PFDQ Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class FD EUR Class LC EUR Class LD EUR Class NC EUR Class ND EUR Class PFC EUR 9980 Class PFDQ EUR 9929 Class USD FCH USD 9991 Class USD LCH USD Class FC EUR Class FD EUR Class LC EUR Class LD EUR Class NC EUR Class ND EUR - Class PFC EUR - Class PFDQ EUR - Class USD FCH USD - Class USD LCH USD Class FC EUR Class FD EUR - Class LC EUR Class LD EUR Class NC EUR Class ND EUR - Class PFC EUR - Class PFDQ EUR - Class USD FCH USD - Class USD LCH USD - Type As of Currency Per share Interim distribution October 17, 2014 EUR 050 Class USD FCH The income for the fiscal year is reinvested Class USD LCH The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 4904% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 236

239 Deutsche Invest I Euro-Gov Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 340 % Austria Government Bond 144A 2012/2022 ** EUR % % Austria Government Bond 144A 2013/2023 ** EUR % % Austria Government Bond 2007/2037 EUR % % Austria Government Bond 2011/2022 EUR % % Belgium Government Bond 144A 2004/2035 ** EUR % % Belgium Government Bond 1998/2028 ** EUR % % Belgium Government Bond 2010/2041 EUR % % Belgium Government Bond 2011/2021 ** EUR % % Belgium Government Bond 2012/2022 ** EUR % % Belgium Government Bond 2012/2032 ** EUR % % Belgium Government Bond 2013/2023 ** EUR % % Bundesrepublik Deutschland 1994/2024 EUR % % Bundesrepublik Deutschland 1997/2027 ** EUR % % Bundesrepublik Deutschland 1998/2028 EUR % % Bundesrepublik Deutschland 2000/2031 ** EUR % % Bundesrepublik Deutschland 2003/2034 EUR % % Bundesrepublik Deutschland 2005/2037 EUR % % Bundesrepublik Deutschland 2007/2039 EUR % % Bundesrepublik Deutschland 2008/2040 EUR % % Bundesrepublik Deutschland 2010/2042 EUR % % Bundesrepublik Deutschland 2011/2022 ** EUR % % Bundesrepublik Deutschland 2012/2022 EUR % % Bundesrepublik Deutschland 2012/2044 EUR % % Bundesrepublik Deutschland 2013/2023 EUR % % Bundesrepublik Deutschland 2014/2024 EUR % % France Government Bond OAT 1994/2025 ** EUR % % France Government Bond OAT 1998/2029 ** EUR % % France Government Bond OAT 2001/2032 EUR % % France Government Bond OAT 2005/2055 EUR % % France Government Bond OAT 2006/2038 EUR % % France Government Bond OAT 2007/2023 ** EUR % % France Government Bond OAT 2007/2040 ** EUR % % France Government Bond OAT 2009/2041 EUR % % France Government Bond OAT 2010/2020 ** EUR % % France Government Bond OAT 2010/2060 EUR % % France Government Bond OAT 2011/2027 ** EUR % % France Government Bond OAT 2012/2022 ** EUR % % France Government Bond OAT 2012/2022 ** EUR % % France Government Bond OAT 2013/2024 ** EUR % % France Government Bond OAT 2013/2045 ** EUR % % Ireland Government Bond 2004/2020 EUR % % Ireland Government Bond 2009/2025 EUR % % Ireland Government Bond 2013/2023 -Reg- EUR % % Ireland Government Bond 2014/2030 EUR % % Italy Buoni Poliennali Del Tesoro 1993/2023 EUR % % Italy Buoni Poliennali Del Tesoro 1997/2027 EUR % % Italy Buoni Poliennali Del Tesoro 1998/2029 EUR % % Italy Buoni Poliennali Del Tesoro 2002/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2003/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2007/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2008/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2010/2021 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2022 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2022 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2021 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2023 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2044 EUR % % Italy Buoni Poliennali Del Tesoro 2014/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2014/2024 EUR % % Italy Buoni Poliennali Del Tesoro -Reg- 2014/2020 EUR % % Italy Buoni Poliennali Del Tesoro -Reg- 2014/2020 EUR % % Netherlands Government Bond 144A 2013/2023 ** EUR % % Netherlands Government Bond 2005/2037 EUR % % Netherlands Government Bond 2006/2023 EUR % % Netherlands Government Bond 2010/2042 EUR % % Netherlands Government Bond 2011/2021 ** EUR % % Slovenia Government Bond 2014/2022 EUR % % Spain Government Bond 1998/2029 ** EUR % % Spain Government Bond 2002/2017 ** EUR % % Spain Government Bond 2008/2024 EUR % % Spain Government Bond 2009/2019 EUR % % Spain Government Bond 2009/2019 EUR % % Spain Government Bond 2010/2016 EUR % % Spain Government Bond 2010/2020 EUR % % Spain Government Bond 2010/2020 EUR % % Spain Government Bond 2011/2016 EUR %

240 Deutsche Invest I Euro-Gov Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 585 % Spain Government Bond 2011/2022 EUR % % Spain Government Bond 2012/2018 EUR % % Spain Government Bond 2013/2044 EUR % % Spain Government Bond 2014/2024 EUR % Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Other assets Interest receivable Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) CITI - EMU Government Bond Index, in EUR terms Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date 238

241 Deutsche Invest I Euro-Gov Bonds Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 340 % Austria Government Bond 144A 2012/2022 EUR % Austria Government Bond 144A 2013/2023 EUR % Belgium Government Bond 144A 2004/2035 EUR % Belgium Government Bond 1998/2028 EUR % Belgium Government Bond 2011/2021 EUR % Belgium Government Bond 2012/2022 EUR % Belgium Government Bond 2012/2032 EUR % Belgium Government Bond 2013/2023 EUR % Bundesrepublik Deutschland 1997/2027 EUR % Bundesrepublik Deutschland 2000/2031 EUR % Bundesrepublik Deutschland 2011/2022 EUR % France Government Bond OAT 1994/2025 EUR % France Government Bond OAT 1998/2029 EUR % France Government Bond OAT 2007/2023 EUR % France Government Bond OAT 2007/2040 EUR % France Government Bond OAT 2010/2020 EUR % France Government Bond OAT 2011/2027 EUR % France Government Bond OAT 2012/2022 EUR % France Government Bond OAT 2013/2024 EUR % France Government Bond OAT 2013/2045 EUR % Netherlands Government Bond 144A 2013/2023 EUR % Netherlands Government Bond 2011/2021 EUR % Spain Government Bond 1998/2029 EUR % Spain Government Bond 2002/2017 EUR Total receivables from securities loans Contracting parties for securities loans BNP Paribas Arbitrage SNC, Credit Suisse AG, Goldman Sachs Int FI, HSBC Bank Plc, Landesbank Baden Wurttemberg, Morgan Stanley Intl FI, Norddeutsche Landesbank, Skandinaviska Enskilda Banken, UBS AG LDN BRANCH and Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR 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 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 Assets reported in this report are not valued at derived market values Footnotes ** Some or all of these securities are lent 239

242 Deutsche Invest I Euro-Gov Bonds 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 435 % Austria Government Bond 2008/2019 EUR % Bank of Ireland Mortgage Bank 2013/2017 EUR % Belgium Government Bond 2010/2020 EUR % Belgium Government Bond 2012/2019 EUR % Belgium Government Bond 2013/2018 EUR % Bundesobligation 2013/2018 EUR % Bundesobligation 2014/2019 EUR % Bundesrepublik Deutschland 2008/2019 EUR % Bundesrepublik Deutschland 2009/2020 EUR % Bundesrepublik Deutschland 2010/2020 EUR % Caisse Francaise de Financement Local (MTN) 2007/2017 EUR % Finland Government Bond 2010/2020 EUR % Finland Government Bond -Reg- 2012/2022 EUR % France Government Bond OAT 2005/2021 EUR % France Government Bond OAT 2009/2019 EUR % France Government Bond OAT 2010/2020 EUR % France Government Bond OAT 2013/2018 EUR % ING Bank NV (MTN) 2011/2018 EUR % ING Belgium SA/NV 2013/2018 EUR % Ireland Government Bond 1999/2016 EUR % Ireland Government Bond 2008/2019 EUR % Italy Buoni Poliennali Del Tesoro 2000/2031 EUR % Italy Buoni Poliennali Del Tesoro 2002/2033 EUR % Italy Buoni Poliennali Del Tesoro 2003/2034 EUR % Italy Buoni Poliennali Del Tesoro 2004/2014 EUR % Italy Buoni Poliennali Del Tesoro 2004/2014 EUR % Italy Buoni Poliennali Del Tesoro 2004/2020 EUR % Italy Buoni Poliennali Del Tesoro 2005/2037 EUR % Italy Buoni Poliennali Del Tesoro 2007/2017 EUR % Italy Buoni Poliennali Del Tesoro 2007/2039 EUR % Italy Buoni Poliennali Del Tesoro 2008/2019 EUR % Italy Buoni Poliennali Del Tesoro 2008/2023 EUR % Italy Buoni Poliennali Del Tesoro 2009/2014 EUR % Italy Buoni Poliennali Del Tesoro 2009/2025 EUR % Italy Buoni Poliennali Del Tesoro 2009/2040 EUR % Italy Buoni Poliennali Del Tesoro 2010/2015 EUR % Italy Buoni Poliennali Del Tesoro 2011/2014 EUR % Italy Buoni Poliennali Del Tesoro 2011/2016 EUR % Italy Buoni Poliennali Del Tesoro 2012/2015 EUR % Italy Buoni Poliennali Del Tesoro 2012/2015 EUR % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % Italy Certificati di Credito del Tesoro Zero Coupon 2013/2015 EUR % Netherlands Government Bond 144A 2012/2018 EUR % Netherlands Government Bond 2010/2020 EUR % Slovenia Government Bond -Reg- 2014/2017 EUR % Spain Government Bond 144A 2013/2023 EUR % Spain Government Bond 2001/2032 EUR % Spain Government Bond 2005/2016 EUR % Spain Government Bond 2005/2037 EUR % Spain Government Bond 2006/2017 EUR % Spain Government Bond 2007/2040 EUR % Spain Government Bond 2009/2040 EUR % Spain Government Bond 2010/2025 EUR % Spain Government Bond 2011/2026 EUR % Spain Government Bond 2012/2015 EUR % Spain Government Bond 2013/2016 EUR % Spain Government Bond 2013/2017 EUR % Spain Government Bond 2013/2028 EUR Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Value ( 000) Futures contracts Interest rate futures Contracts purchased (Underlying: Euro Bund) EUR Option contracts Options on interest rate derivatives Options on bond index futures Call options purchased (Underlying: OGBL) EUR 644 Put options purchased (Underlying: OGBL) EUR 175 Put options purchased (Underlying: OGBL) EUR

243 Deutsche Invest I Euro-Gov Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 045% pa, Class LD 070% pa, Class LC 070% pa, Class NC 129% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Inflows from the merger of funds EUR c) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR 002 Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 324 Class NC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 241

244 Deutsche Invest I Euro-Gov Bonds Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 570% of all transactions The total volume was EUR

245 Deutsche Invest I European Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 225 % AIB Mortgage Bank (MTN) 2014/2021 EUR % % Instituto de Credito Oficial 2009/2019 EUR % % Ireland Government Bond 2013/2023 -Reg- EUR % % Italy Buoni Poliennali Del Tesoro 2007/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2009/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2011/2022 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2021 EUR % % Italy Buoni Poliennali Del Tesoro 2014/2024 EUR % % Portugal Obrigacoes do Tesouro OT 2007/2017 EUR % % Spain Government Bond 144A 2014/2024 EUR % % Spain Government Bond 2009/2019 EUR % % Spain Government Bond 2011/2022 EUR % % Spain Government Bond 2013/2018 EUR % % Spain Government Bond 2013/2023 EUR % % Telefonica Emisiones SAU (MTN) 2012/2018 EUR % Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Other assets Interest receivable Receivables from exceeding the expense cap Total assets Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Number of shares outstanding Class FC Count Composition of the reference portfolio (according to CSSF circular 11/512) 70% iboxx EUR Italy Total Return Index in EUR, 30% iboxx EUR Spain Total Return Index in EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date 243

246 Deutsche Invest I European Bonds 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 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 Assets reported in this report are not valued at derived market values 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 325 % Banco Santander SA 2012/2015 EUR % Bank of Ireland Mortgage Bank (MTN) 2009/2014 EUR % Bankia SA 2012/2014 EUR % BPCE SFH SA 2011/2016 EUR % Instituto de Credito Oficial (MTN) 2010/2015 EUR % Ireland Government Bond 2014/2024 EUR % Italy Buoni Poliennali Del Tesoro 2010/2015 EUR % Italy Buoni Poliennali Del Tesoro 2011/2016 EUR % Santander International Debt SAU (MTN) 2010/2015 EUR

247 Deutsche Invest I European Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio of the share class was: Class FC 063% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class FC EUR Class FC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3134% of all transactions The total volume was EUR

248 Deutsche Invest I European Small Cap Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Dufry AG Count CHF Helvetia Holding AG -Reg- Count CHF OC Oerlikon Corp AG -Reg- Count CHF Temenos Group AG Count CHF U-Blox AG Count CHF VZ Holding AG Count CHF GN Store Nord A/S Count DKK Jyske Bank A/S Count DKK Aalberts Industries NV Count EUR Anima Holding SpA Count EUR Banca Popolare dell Emilia Romagna SC Count EUR bpost SA Count EUR Elior SCA Count EUR Euronext NV Count EUR Grupo Catalana Occidente SA Count EUR Industria Macchine Automatiche SpA Count EUR Ingenico Count EUR KBC Ancora Count EUR KION Group AG Count EUR Krones AG Count EUR Melia Hotels International SA ** Count EUR Nordex SE Count EUR Norma Group SE Count EUR Ontex Group NV Count EUR OSRAM Licht AG Count EUR Prysmian SpA Count EUR Rheinmetall AG Count EUR Salvatore Ferragamo Italia SpA Count EUR Sartorius AG -Pref- Count EUR Stabilus GmbH Count EUR Teleperformance Count EUR Unipol Gruppo Finanziario SpA Count EUR Zumtobel AG Count EUR Ashmore Group Plc Count GBP B&M European Value Retail SA Count GBP Berkeley Group Holdings Plc Count GBP Essentra Plc Count GBP Inchcape Plc Count GBP Jimmy Choo Plc Count GBP Keller Group Plc Count GBP Laird Plc Count GBP Mitchells & Butlers Plc Count GBP Paragon Group of Cos Plc Count GBP Rightmove Plc Count GBP Stock Spirits Group Plc Count GBP WS Atkins Plc Count GBP SpareBank 1 SR Bank ASA Count NOK Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Swedish krona SEK Deposits in non-eu/eea currencies Swiss franc CHF Other assets Dividends receivable Receivables from share certificate transactions

249 Deutsche Invest I European Small Cap Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class ID EUR Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class FC Count Class ID Count Class LC Count Class LD Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) DJ Stoxx Europe Small 200 TR EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Melia Hotels International SA Count Total receivables from securities loans Contracting parties for securities loans Merrill Lynch International and Société Générale Total collateral pledged by third parties for securities loans EUR thereof: Equities EUR

250 Deutsche Invest I European Small Cap Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = 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 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 Assets reported in this report are not valued at derived market values Footnotes ** Some or all of these securities are lent 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Aareal Bank AG Count AtoS Count Banca Popolare dell Emilia Romagna SC -Rights Exp 18Jul14 Count Buzzi Unicem SpA Count CompuGroup Medical AG Count Construcciones y Auxiliar de Ferrocarriles SA Count CTT-Correios de Portugal SA Count Dufry -Rights Exp 07Jul14 Count edreams ODIGEO SL Count edreams ODIGEO SL Count GameLoft SA Count Gemalto NV Count IPSOS Count Marine Harvest ASA Count Matas A/S Count Nutreco NV Count OW Bunker A/S Count Schoeller-Bleckmann Oilfield Equipment AG Count Securitas AB Count Tecnicas Reunidas SA Count The Thule Group AB 144A Count TUI AG Count United Internet AG -Reg- Count Valeo SA Count Wincor Nixdorf AG Count

251 Deutsche Invest I European Small Cap Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR c) Outflows from distributions in kind EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 086% pa, Class LC 164% pa, Class NC 233% pa Class ID 072% pa, Class LD 165% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0060% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class ID Type As of Currency Per share Final distribution March 6, 2015 EUR 217 Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 047 Class NC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 249

252 Deutsche Invest I European Small Cap Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class ID EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class ID EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class ID EUR Class LC EUR Class LD EUR Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1103% of all transactions The total volume was EUR

253 Deutsche Invest I European Value Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Novartis AG -Reg- Count CHF Allianz SE -Reg- Count EUR Anima Holding SpA Count EUR Banco Santander SA Count EUR bpost SA Count EUR Cap Gemini SA Count EUR Continental AG Count EUR Daimler AG Count EUR Deutsche Bank AG -Reg- Count EUR DMG MORI SEIKI AG Count EUR EDP - Energias de Portugal SA Count EUR Endesa SA Count EUR Enel SpA Count EUR Freenet AG Count EUR GDF Suez Count EUR ING Groep NV Count EUR Koninklijke Ahold NV Count EUR Koninklijke DSM NV Count EUR Merck KGaA Count EUR OPAP SA Count EUR Porsche Automobil Holding SE -Pref- Count EUR Sampo -A- Count EUR Sanofi Count EUR Thales SA Count EUR ThyssenKrupp AG Count EUR Total SA Count EUR Vinci SA Count EUR BHP Billiton Plc Count GBP British Sky Broadcasting Group Plc Count GBP GlaxoSmithKline Plc Count GBP HSBC Holdings Plc Count GBP Imperial Tobacco Group Plc Count GBP Lloyds Banking Group Plc Count GBP Old Mutual Plc Count GBP Playtech Plc Count GBP Rio Tinto Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Royal Dutch Shell Plc -B- Count GBP Vodafone Group Plc Count GBP DNB ASA Count NOK Telenor ASA Count NOK Nordea Bank AB Count SEK Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count Currency derivatives Receivables/payables Currency futures (long) GBP/EUR 82 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies US dollar USD Other assets Dividends receivable

254 Deutsche Invest I European Value Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Receivables from share certificate transactions Total assets Short-term liabilities Loans in non-eu/eea currencies Swiss franc CHF Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EUROPE VALUE Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % Die Risikokennzahlen wurden for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Market abbreviations Futures exchange XEUR = Eurex Contracting party for currency futures Citibank NA London Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = EUR 1 252

255 Deutsche Invest I European Value 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 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 Assets reported in this report are not valued at derived market values 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities ABB Ltd -Reg- Count Acerinox SA Count Airbus Group NV Count Alcatel-Lucent -A- Count APERAM Count APR Energy Plc Count ArcelorMittal Count Arkema SA Count AtoS Count AXA SA Count Banco Popular Espanol SA Count Banco Popular Espanol SA -Rights Exp 14Feb14 Count Banco Santander SA -Rights Exp 03Nov14 Count Banco Santander SA -Rights Exp 28Apr14 Count Banco Santander SA -Rights Exp 29Jul14 Count Bankinter SA Count Barclays Plc Count BASF SE Count Bayer AG Count Belgacom SA Count Berkeley Group Holdings Plc Count BG Group Plc Count Bilfinger SE Count BNP Paribas SA Count BP Plc Count BT Group Plc Count CaixaBank SA Count Credit Agricole SA Count CRH Plc Count Deutsche Bank AG -Rights Exp 24Jun14 Count Deutsche Telekom AG -Reg- Count EON AG Count Electricite de France SA Count Eni SpA Count Erste Group Bank AG Count Faurecia Count Fresenius SE & Co KGaA Count GEA Group AG Count GKN Plc Count Grupo Catalana Occidente SA Count HeidelbergCement AG Count Henkel AG & Co KGaA -Pref- Count Infineon Technologies AG Count Intesa Sanpaolo SpA Count KBC Groep NV Count LANXESS AG Count Legrand SA Count Mapfre SA Count Nutreco NV Count OSRAM Licht AG Count Outokumpu Oyj Count Peugeot SA Count Pirelli & C SpA Count Premier Foods Plc Count Prysmian SpA Count Raiffeisen Bank International AG Count Raiffeisen Bank International AG Count Red Electrica Corp SA Count Renault SA Count Rexel SA Count Rheinmetall AG Count Rolls-Royce Holdings Plc Count Serco Group Plc Count Siemens AG -Reg- Count Société Générale SA Count Societe Television Francaise 1 Count Software AG Count Stada Arzneimittel AG Count Statoil ASA Count Stock Spirits Group Plc Count Stora Enso Oyj -R- Count Svenska Cellulosa AB SCA Count TDC A/S Count Telecom Italia SpA Count Telefonaktiebolaget LM Ericsson -B- Count Unipol Gruppo Finanziario SpA Count Verizon Communications, Inc Count Vivendi SA Count Vodafone Group Plc Count Voestalpine AG Count Volkswagen AG -Pref- Count WPP Plc Count Securities admitted to or included in organized markets Equities Talanx AG Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Securities futures Equity futures Value ( 000) Contracts sold (Underlying: Pernod Ricard) EUR Equity index futures Contracts sold (Underlyings: DJ Euro Stoxx 50, FTSE MIB, IBEX 35 EUR Currency futures (short) Futures contracts to sell currencies EUR/GBP EUR Currency futures (long) Futures contracts to purchase currencies GBP/EUR EUR

256 Deutsche Invest I European Value Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR 6255 Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC Class FC 088% pa, Class LD 165% pa, Class LC 166% pa, Class NC 234% pa The income for the fiscal year is reinvested The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0030% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 120 Class NC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 254

257 Deutsche Invest I European Value Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR 9524 Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 461% of all transactions The total volume was EUR

258 Deutsche Invest I German Equities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Adidas AG Count EUR Allianz SE -Reg- Count EUR Amadeus Fire AG Count EUR BASF SE Count EUR Bayer AG Count EUR Bayerische Motoren Werke AG Count EUR Bayerische Motoren Werke AG -Pref- Count EUR Bechtle AG Count EUR Bilfinger SE Count EUR Brenntag AG Count EUR Continental AG Count EUR Daimler AG Count EUR Deutsche Bank AG -Reg- Count EUR Deutsche Boerse AG Count EUR Deutsche Lufthansa AG -Reg- Count EUR Deutsche Post AG -Reg- Count EUR Deutsche Telekom AG -Reg- Count EUR DMG MORI SEIKI AG Count EUR ElringKlinger AG Count EUR Evotec AG ** Count EUR Fraport AG Frankfurt Airport Services Worldwide Count EUR Freenet AG Count EUR Fresenius SE & Co KGaA Count EUR GAGFAH SA Count EUR GEA Group AG Count EUR Grammer AG Count EUR Hannover Rueck SE -Reg- Count EUR HeidelbergCement AG Count EUR Henkel AG & Co KGaA -Pref- Count EUR Hornbach Holding AG -Pref- Count EUR Infineon Technologies AG Count EUR Jenoptik AG Count EUR KION Group AG Count EUR KSB AG -Pref- Count EUR LANXESS AG Count EUR Linde AG Count EUR MTU Aero Engines AG Count EUR Muenchener Rueckversicherungs AG -Reg- Count EUR OSRAM Licht AG Count EUR Pfeiffer Vacuum Technology AG ** Count EUR Porsche Automobil Holding SE -Pref- Count EUR ProSiebenSat1 Media AG Count EUR Rocket Internet AG Count EUR SAF-Holland SA Count EUR SAP AG ** Count EUR Siemens AG -Reg- Count EUR Sixt SE Count EUR Sixt SE -Pref- Count EUR Stada Arzneimittel AG Count EUR STO SE & Co KGaA -Pref- Count EUR TUI AG Count EUR United Internet AG -Reg- Count EUR Volkswagen AG -Pref- Count EUR Zalando SE Count EUR Securities admitted to or included in organized markets Equities Talanx AG Count EUR Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures DAX Index Futures 03/ EUR (XEUR) Count Currency derivatives Receivables/payables 256

259 Deutsche Invest I German Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency futures (long) Open positions USD/EUR 277 million Closed positions USD/EUR 16 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Other assets Dividends receivable Prepaid placement fee* Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR 9806 Class USD LC USD Class USD LCH USD Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class PFC Count Class USD LC Count Class USD LCH Count Composition of the reference portfolio (according to CSSF circular 11/512) GERM CDAX PERFORMANCE undhedged Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes 257

260 Deutsche Invest I German Equities Market abbreviations Futures exchange XEUR = Eurex Contracting party for currency futures State Street Bank and Trust Company Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Evotec AG Count Pfeiffer Vacuum Technology AG Count SAP AG Count Total receivables from securities loans Contracting parties for securities loans Deutsche Bank London and Merrill Lynch International Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 British pound GBP = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 258

261 Deutsche Invest I German Equities 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Airbus Group NV Count Aurubis AG Count CompuGroup Medical AG Count Deutsche Bank AG -Rights Exp 24Jun14 Count EON AG Count Fuchs Petrolub AG Count Gerresheimer AG Count Gerry Weber International AG Count Hugo Boss AG Count Jungheinrich AG -Pref- Count K+S AG Count Leoni AG Count Merck KGaA Count QIAGEN NV Count Software AG Count Stroeer Media AG Count Wacker Neuson SE -Reg- Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlying: Dax) EUR Contracts sold (Underlying: Dax) EUR Currency futures (short) Futures contracts to sell currencies EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR

262 Deutsche Invest I German Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 090% pa, Class LD 163% pa, Class PFC 155% 3, Class USD LCH 167% pa Class LC 165% pa, Class NC 234% pa, Class USD LC 169% pa, 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 5 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 048 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested Class USD LCH The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus 260

263 Deutsche Invest I German Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR 9806 Class USD LC (formerly: A2) USD Class USD LCH (formerly: A2H) USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class A2 USD Class A2H USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class A2 USD - Class A2H USD - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 4656% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 261

264 Deutsche Invest I Global Agribusiness Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Equities Australian Agricultural Co, Ltd Count AUD Coca-Cola Amatil Ltd Count AUD GrainCorp Ltd Count AUD Incitec Pivot Ltd Count AUD Select Harvests Ltd Count AUD ALL - America Latina Logistica SA Count BRL BrasilAgro - Co Brasileira de Propriedades Agricolas Count BRL Fertilizantes Heringer SA Count BRL Fertilizantes Heringer SA -Rights Exp 09Jan15 Count BRL M Dias Branco SA Count BRL Metalfrio Solutions SA Count BRL Minerva SA/Brazil Count BRL Santos Brasil Participacoes SA Count BRL Sao Martinho SA Count BRL SLC Agricola SA Count BRL Wilson Sons Ltd -BDR- Count BRL Feronia, Inc Count CAD Syngenta AG Count CHF Ebro Puleva SA Count EUR Koninklijke Wessanen NV Count EUR KTG Agrar AG-BR Count EUR KWS Saat AG Count EUR Naturex Count EUR Sintal Agriculture -Reg- -GDR- Count EUR Vilmorin & Cie SA Count EUR Viscofan SA Count EUR SABMiller Plc Count GBP Tate & Lyle Plc Count GBP Cafe de Coral Holdings Ltd Count HKD China Agri-Industries Holdings Ltd Count HKD China BlueChemical Ltd -H- Count HKD China Merchants Holdings International Co, Ltd Count HKD CPMC Holdings Ltd Count HKD WH Group Ltd 144A Count HKD BISI International Tbk PT Count IDR Grupo Comercial Chedraui SA de CV Count MXN Yara International ASA Count NOK Astarta Holding NV Count PLN Kernel Holding SA Count PLN Razgulay Group OJSC Count RUB China Fishery Group Ltd Count SGD Food Empire Holdings Ltd Count SGD Petra Foods Ltd Count SGD Charoen Pokphand Foods PCL Count THB Adecoagro SA Count USD AGCO Corp Count USD Agrium, Inc Count USD Ambev SA -ADR- Count USD Archer-Daniels-Midland Co Count USD Bunge Ltd Count USD CF Industries Holdings, Inc Count USD ConAgra Foods, Inc Count USD Credicorp Ltd Count USD Cresud SA -ADR- Count USD CSX Corp Count USD Darling International, Inc Count USD Dow Chemical Co Count USD Fresh Market, Inc Count USD Ingredion, Inc Count USD Intrepid Potash, Inc Count USD Israel Chemicals Ltd Count USD Mondelez International, Inc Count USD Mosaic Co Count USD Noodles & Co Count USD Novorossiysk Commercial Sea Port PJSC Count USD Novorossiysk Commercial Sea Port PJSC -GDR- Count USD Panera Bread Co Count USD Post Holdings, Inc Count USD Potash Corp of Saskatchewan, Inc Count USD Sintal Agriculture -Reg- -GDR- Count USD SunOpta, Inc Count USD The Andersons, Inc Count USD Thermo Fisher Scientific, Inc Count USD TreeHouse Foods, Inc Count USD Union Agriculture Group SA Count USD Yum! Brands, Inc Count USD Zoetis, Inc Count USD Shoprite Holdings Ltd Count ZAR Tiger Brands Ltd Count ZAR Total securities portfolio

265 Deutsche Invest I Global Agribusiness Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/AUD 01 million EUR/BRL 01 million EUR/CAD 01 million EUR/CHF 01 million EUR/GBP 01 million EUR/HKD 01 million EUR/NOK 01 million EUR/SGD 01 million EUR/ZAR 01 million Closed positions EUR/CAD 01 million EUR/GBP 01 million EUR/HKD 01 million EUR/SGD 01 million Currency futures (long) Open positions EUR/USD 01 million Closed positions EUR/USD 01 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Norwegian krone NOK Deposits in non-eu/eea currencies Australian dollar AUD Brazilian real BRL Hong Kong dollar HKD Israeli shekel ILS Mexican peso MXN Swiss franc CHF Singapore dollar SGD South African rand ZAR US dollar USD Other assets Dividends receivable Prepaid placement fee* Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 263

266 Deutsche Invest I Global Agribusiness Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class FCH (P) EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR Class GBP LD DS GBP Class GBP RD GBP Class USD FC USD Class USD JD USD Class USD LC USD Number of shares outstanding Class FC Count Class FCH (P) Count 206 Class LC Count Class LD Count Class NC Count Class PFC Count Class GBP LD DS Count Class GBP RD Count Class USD FC Count Class USD JD Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Mid Cap in USD Constituents (January 1, 2014, through May 25, 2014, S&P Global Agribusiness Equity Index (May 26, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD 000 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Contracting party for currency futures State Street Bank and Trust Company Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = USD 1 Brazilian real BRL = USD 1 Canadian dollar CAD = USD 1 Swiss franc CHF = USD 1 Danish krone DKK = USD 1 Euro EUR = USD 1 British pound GBP = USD 1 Hong Kong dollar HKD = USD 1 Indonesian rupiah IDR = USD 1 Israeli shekel ILS = USD 1 Mexican peso MXN = USD 1 Norwegian krone NOK = USD 1 Polish zloty PLN = USD 1 Russian rouble RUB = USD 1 Singapore dollar SGD = USD 1 Thai baht THB = USD 1 South African rand ZAR = USD 1 264

267 Deutsche Invest I Global Agribusiness 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 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 Assets stated in this report are valued to a small extent at derived market values Footnotes * The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Agroton Public Ltd Count Annie s, Inc Count Aryzta AG Count China Merchants -Rights Exp 05Jun14 Count CP ALL PCL Count Erste Group Bank AG Count Feronia, Inc Count Frutarom Industries Ltd Count Greencore Group Plc Count Hain Celestial Group, Inc Count Hillshire Brands Co Count Hite Jinro Co, Ltd Count ICICI Bank Ltd -ADR- Count Mead Johnson Nutrition Co Count Noble Group Ltd Count Nutreco NV Count Olam International Ltd Count Raiffeisen Bank International AG Count Raiffeisen Bank International AG -Rights Exp 07Feb14 Count Razgulay Group Count Senomyx, Inc Count Unilever NV Count Weyerhaeuser Co Count WhiteWave Foods Co Count X 5 Retail Group NV -GDR- Count Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies EUR/AUD USD EUR/BRL USD EUR/CAD USD 12 EUR/CHF USD EUR/GBP USD EUR/HKD USD EUR/ILS USD 210 EUR/NOK USD EUR/SGD USD EUR/ZAR USD USD/EUR USD Currency futures (long) Futures contracts to purchase currencies AUD/EUR USD BRL/EUR USD CAD/EUR USD 8 CHF/EUR USD 991 EUR/USD USD GBP/EUR USD 848 HKD/EUR USD 923 ILS/EUR USD 120 NOK/EUR USD 815 SGD/EUR USD ZAR/EUR USD

268 Deutsche Invest I Global Agribusiness Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Expenses from prepaid placement fee 1 USD Other USD Total expenses USD III Net investment income USD IV Sale transactions Realized gains/losses USD I Value of the fund s net assets at the beginning of the fiscal year USD Distribution for the previous year USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions 2 USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Reduced by dilution fee in the amount of USD for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD Capital gains/losses USD V Net gain/loss for the fiscal year USD For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 089% pa, Class FCH (P) 083% pa, Class LC 156% pa, Class LD 167% pa, Class NC 229% pa, Class PFC 181% 3, Class GBP LD DS 159% pa, Class GBP RD 086% pa, Class USD FC 086% pa, Class USD JD 082% pa, Class USD LC 161% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 266

269 Deutsche Invest I Global Agribusiness Details on the distribution policy 4 Class FC The income for the fiscal year is reinvested Class FCH (P) The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 028 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class GBP LD DS Type As of Currency Per share Final distribution March 6, 2015 GBP 027 Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 143 Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class FCH (P) EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR Class GBP LD DS (formerly: DS1) GBP Class GBP RD (formerly: RDR1) GBP Class USD FC (formerly: E2) USD Class USD JD (formerly: J5) USD Class USD LC (formerly: A2) USD Class FC EUR Class FCH (P) EUR 9748 Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class DS1 GBP 9781 Class RDR1 (formerly: DS5) GBP Class A2 USD Class E2 USD Class J5 USD Class FC EUR Class FCH (P) EUR - Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class DS1 GBP 9893 Class DS5 GBP Class A2 USD Class E2 USD Class J5 USD Class USD FC The income for the fiscal year is reinvested Class USD JD Type As of Currency Per share Final distribution March 6, 2015 USD 116 Class USD LC The income for the fiscal year is reinvested 4 Additional information is provided in the sales prospectus Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 000% of all transactions The total volume was USD 000 Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 267

270 Deutsche Invest I Global Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 525 % Australia Government Bond 2006/2019 AUD % % Adagio III CLO Plc 2006/2022 * EUR % % Allianz SE 2013/2049 * EUR % % Atlantia SpA (MTN) 2009/2016 EUR % % AyT Cedulas Cajas Global 2005/2016 EUR % % Banco Espanol de Credito SA 2012/2017 EUR % % Banco Popular Espanol SA (MTN) 2013/2017 EUR % % Banco Popular Espanol SA 2006/2016 EUR % % Banco Santander SA 2012/2015 EUR % % Bank of America Corp (MTN) 2009/2016 EUR % % Bank of America Corp (MTN) 2010/2017 EUR % % Bank of America Corp 2005/2015 EUR % % Bankinter SA 2012/2017 EUR % % Bayer AG 2014/2075 * EUR % % Belgium Government Bond 2006/2016 EUR % % Bharti Airtel International Netherlands BV -Reg- 2014/2021 EUR % % BNP Paribas SA (MTN) 2014/2027 * EUR % % Bundesobligation 2014/2019 EUR % % Bundesrepublik Deutschland 2007/2018 ** EUR % % Bundesrepublik Deutschland 2011/2021 ** EUR % % Bundesrepublik Deutschland 2012/2022 ** EUR % % Bundesrepublik Deutschland 2014/2024 ** EUR % % CaixaBank SA 2013/2018 EUR % % Caja Rural de Navarra 2013/2018 EUR % % Citigroup, Inc (MTN) 2010/2015 EUR % % Corp Andina de Fomento (MTN) 2014/2021 EUR % % Credit Suisse AG/London (MTN) 2010/2017 EUR % % Credit Suisse AG/London 2014/2019 EUR % % Danske Bank A/S (MTN) 2011/2016 EUR % % Enel Finance International NV (MTN) 2009/2016 EUR % % Enel SpA 2010/2016 EUR % % Eni SpA 2011/2017 EUR % % ESB Finance Ltd 2012/2017 EUR % % FCE Bank Plc (MTN) 2013/2016 EUR % % France Government Bond OAT 2009/2019 EUR % % Gas Natural Capital Markets SA (MTN) 2012/2017 EUR % % Highlander Euro CDO III BV 2007/2023 * EUR % % Hutchison Whampoa Europe Finance 12 Ltd 2012/2017 EUR % % Iberdrola International BV 2012/2017 EUR % % Indonesia Government International Bond (MTN) -Reg- 2014/2021 EUR % % Intesa Sanpaolo SpA (MTN) 2012/2015 EUR % % Intesa Sanpaolo SpA (MTN) 2013/2025 EUR % % Ireland Government Bond 2013/2023 -Reg- EUR % % Italy Buoni Poliennali Del Tesoro 2012/2015 EUR % % Koninklijke KPN NV 2013/2049 * EUR % % National Westminster Bank Plc (MTN) 1999/2049 * EUR % % Netherlands Government Bond 144A 2013/2023 ** EUR % % North Westerly CLO III BV 2004/2019 * EUR % % OCI Euro Fund I BV 2007/2024 * EUR % % Petroleos Mexicanos (MTN) 2009/2017 EUR % % Repsol International Finance BV (MTN) 2011/2016 EUR % % Royal Bank of Scotland Group Plc 2014/2019 EUR % % Royal Bank of Scotland Plc (MTN) 2003/2015 EUR % % RWE AG 2010/2049 * EUR % % Snam SpA (MTN) 2012/2016 EUR % % Snam SpA (MTN) 2013/2017 EUR % % Société Générale SA (MTN) 2012/2017 EUR % % Spain Government Bond 2006/2017 EUR % % Spain Government Bond 2011/2022 EUR % % Telefonica Emisiones SAU 2012/2017 EUR % % Terna Rete Elettrica Nazionale SpA (MTN) 2012/2017 EUR % % UBS AG (MTN) 2012/2016 EUR % % UBS AG 2005/2049 * EUR % % Veolia Environnement SA 2013/2049 * EUR % % WPP Plc (MTN) 2008/2016 EUR % % BASF SE (MTN) 2014/2017 GBP % % Commonwealth Bank of Australia 2014/2018 GBP % % GE Capital UK Funding (MTN) 2010/2017 GBP % % Nationwide Building Society (MTN) 2014/2049 * GBP % % United Kingdom Gilt 2011/2017 ** GBP % % United Kingdom Gilt 2012/2017 GBP % % Walgreens Boots Alliance, Inc 2014/2020 GBP % % New Zealand Government Bond 2010/2019 NZD % % ABB Finance USA, Inc 2012/2017 USD %

271 Deutsche Invest I Global Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 425 % ABN AMRO Bank NV -Reg- 2012/2017 USD % % BP Capital Markets Plc 2012/2017 USD % % British Telecommunications Plc 2012/2015 USD % % Cooperatieve Centrale Raiffeisen- Boerenleenbank BA 2011/2049 * USD % % Deutsche Bank AG 2011/2016 USD % % DNB Bank ASA -Reg- 2012/2017 USD % % Ford Motor Credit Co LLC 2010/2015 USD % % Ginnie Mae I pool 1999/2029 USD % % Ginnie Mae I pool 1999/2029 USD % % Ginnie Mae I pool 1999/2029 USD % % HSBC USA, Inc 2014/2017 USD % % JPMorgan Chase & Co 2012/2017 USD % % Nomura Holdings, Inc (MTN) 2013/2016 USD % % Roche Holdings, Inc 2014/2019 ** USD % % Royal Bank of Scotland Plc 2011/2016 USD % % Sinopec Group Overseas Development 2012 Ltd -Reg- 2012/2017 USD % % Sri Lanka Government International Bond -Reg- 2014/2019 USD % % Swedbank AB 2012/2017 USD % % Teva Pharmaceutical Finance II BV / Teva Pharmaceutical Finance III LLC 2010/2015 USD % % UBS AG 2013/2023 * USD % % United States Treasury Note/Bond 2012/2017 USD % % Wachovia Corp (MTN) 2008/2018 USD % Securities admitted to or included in organized markets Interest-bearing securities 0756 % Harvest CLO III-A SA 2006/2021 * EUR % % BNP Paribas SA 2012/2017 USD % % Citigroup, Inc 2014/2017 USD % % CNPC General Capital Ltd -Reg- 2012/2017 USD % % Daimler Finance North America LLC 144A 2011/2016 USD % % Danske Bank A/S (MTN) -Reg- 2011/2016 USD % % Freddie Mac Structured Agency Credit Risk Debt Notes 2014/2024 * USD % % Nordea Bank AB -Reg- 2012/2015 USD % % Petroleos Mexicanos -Reg- 2014/2025 USD % % WellPoint, Inc 2014/2019 USD % Investment fund units In-group fund units Deutsche Global Liquidity Series Plc - Managed Euro Fund (0150%) Units EUR Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/AUD 234 million EUR/GBP 711 million EUR/NZD 41 million EUR/USD 1348 million Closed positions EUR/GBP 03 million EUR/USD 03 million Currency futures (long) Open positions CHF/EUR 30 million GBP/EUR 76 million USD/EUR 04 million Option contracts Inflation options Put HICPxT 11/ EUR (OTC) (ML) Count Put US CPI Urban 11/ USD (OTC) (ML) Count

272 Deutsche Invest I Global Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Swaps Receivables/payables Interest rate swaps 3M Euribor / 167% 27/12/2021 (OTC) (DB) Count M Euribor / 035% 06/06/2016 (OTC) (DB) Count M Euribor / 055% 13/06/2018 (OTC) (DB) Count M Euribor / 0785% 06/06/2019 (OTC) (DB) Count M Euribor / 1266% 17/06/2022 (OTC) (DB) Count M Euribor / 1558% 26/03/2022 (OTC) (DB) Count M Euribor / 1605% 06/06/2024 (OTC) (DB) Count M Libor / 1144% 06/06/2016 (OTC) (DB) Count M Libor / 2057% 06/06/2019 (OTC) (DB) Count M Libor / 2758% 06/06/2024 (OTC) (DB) Count US CPI Urban Consumers / 164% 26/08/2015 (OTC) (DB) Count US CPI Urban Consumers / 1895% 26/08/2016 (OTC) (DB) Count Credit default swaps Intesa Sanpaolo / 3% 20/06/2019 (OTC) (DB) Count itraxx Europe 10Y / 1% 20/12/2024 (OTC) (ML) Count ITRAXX Europe 5 Year / 1% 20/06/2019 (OTC) (DB) Count ITRAXX Europe 5 Year / 1% 20/06/2019 (OTC) (DB) Count itraxx Europe 5Y / 1% 20/12/2019 (OTC) (CS) Count UniCredit / 3% 20/06/2019 (OTC) (DB) Count UniCredit / 3% 20/09/2019 (OTC) (DB) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Australian dollar AUD Canadian dollar CAD New Zealand dollar NZD US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Prepaid placement fee**** Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 270

273 Deutsche Invest I Global Bonds Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class CHF ICH (P) CHF Class FCH (P) EUR Class LCH (P) EUR Class LDH (P) EUR Class NCH (P) EUR Class PFCH (P) EUR Class PFDQH (P) EUR Class GBP FDH (P) GBP Class GBP IDH (P) GBP Class USD FCH (P) USD Class USD LCH (P) USD Number of shares outstanding Class CHF ICH (P) Count Class FCH (P) Count Class LCH (P) Count Class LDH (P) Count Class NCH (P) Count Class PFCH (P) Count Class PFDQH (P) Count Class GBP FDH (P) Count Class GBP IDH (P) Count Class USD FCH (P) Count 126 Class USD LCH (P) Count Composition of the reference portfolio (according to CSSF circular 11/512) JP Morgan GBI Global Bond Index in EUR Constituents (January 1, 2014, through May 25, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through May 25, 2014, 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 approach as defined in CSSF circular 11/512 Presentation of the maximum limit (according to CSSF circular 11/512) 5% of portfolio value (May 26, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 0255 Highest market risk exposure % 1404 Average market risk exposure % 0549 The values-at-risk were calculated for the period from May 26, 2014, through December 31, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 15, 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 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Total collateral pledged by third parties in connection with derivatives EUR thereof: Cash at bank EUR Market abbreviations Contracting parties for derivatives (with the exception of currency futures) CS = Credit Suisse International DB = Deutsche Bank AG ML = Merrill Lynch International Contracting parties for currency futures Deutsche Bank AG Frankfurt, Goldman Sachs International, Société Générale, State Street Bank and Trust Company, State Street Bank London and UBS AG London 271

274 Deutsche Invest I Global Bonds Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 400 % Bundesrepublik Deutschland 2007/2018 EUR % Bundesrepublik Deutschland 2011/2021 EUR % Bundesrepublik Deutschland 2012/2022 EUR % Bundesrepublik Deutschland 2014/2024 EUR % Netherlands Government Bond 144A 2013/2023 EUR % United Kingdom Gilt 2011/2017 GBP % Roche Holdings, Inc 2014/2019 USD Total receivables from securities loans Contracting parties for securities loans Barclays Capital Securities Limited, Deutsche Bank AG FI, Morgan Stanley Intl FI and Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 New Zealand dollar NZD = EUR 1 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist **** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) 272

275 Deutsche Invest I Global Bonds 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Interest-bearing securities 5125 % America Movil SAB de CV 2013/2073 * EUR % Banco Bilbao Vizcaya Argentaria SA -Reg- 2014/2049 * EUR % Banco Espirito Santo SA (MTN) 2014/2019 EUR % Belgium Government Bond 2004/2014 EUR % Bundesschatzanweisungen 2013/2015 EUR % Croatia Government International Bond 2009/2015 EUR % Erste Group Bank AG (MTN) 2011/2016 EUR % France Government Bond OAT 2004/2014 EUR % France Government Bond OAT 2013/2015 EUR % Gazprom OAO (MTN) -Reg- 2012/2017 EUR % GTECH SpA 2009/2016 EUR % Italy Buoni Poliennali Del Tesoro 2007/2018 EUR % Italy Buoni Poliennali Del Tesoro 2009/2014 EUR % Italy Buoni Poliennali Del Tesoro 2011/2014 EUR % Italy Buoni Poliennali Del Tesoro 2011/2016 EUR % Italy Buoni Poliennali Del Tesoro 2011/2022 EUR % Italy Buoni Poliennali Del Tesoro 2013/2021 EUR % Italy Buoni Poliennali Del Tesoro 2013/2023 EUR % Italy Buoni Poliennali Del Tesoro 2014/2024 EUR % Netherlands Government Bond 2009/2015 EUR % Nykredit Bank A/S (MTN) 2010/2015 EUR % Poland Government International Bond (MTN) 2005/2020 EUR % Portugal Obrigacoes do Tesouro OT 144A 2008/2018 EUR % Portugal Obrigacoes do Tesouro OT 144A 2011/2016 EUR % QNB Finance Ltd 2013/2014 EUR % RCI Banque SA 2012/2014 EUR % Spain Government Bond 144A 2014/2024 EUR % Spain Government Bond 2011/2014 EUR % Standard Chartered Plc (MTN) 2012/2017 EUR % Telefonica Emisiones SAU (MTN) 2013/2023 EUR % UBS AG (MTN) 2014/2026 * EUR % UniCredit SpA (MTN) 2013/2019 EUR % UT2 Funding Plc 2006/2016 EUR % Imperial Tobacco Finance Plc (MTN) 2014/2032 GBP % NGG Finance Plc 2013/2073 * GBP % Orange SA 2014/2049 * GBP % United Kingdom Gilt 2013/2023 GBP % Credit Suisse Group AG -Reg- 2013/2049 * USD % Goldman Sachs Group, Inc 2012/2015 USD % Macy s Retail Holdings, Inc 2008/2015 USD % Petrobras Global Finance BV 2013/2016 * USD Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Interest rate futures Contracts purchased (Underlyings: Euro Bobl, Euro Bund, Euro Schatz, US Treasury Note 10-Year, US Treasury Note 5-Year) EUR Contracts sold (Underlying: US Treasury Note 5-Year) EUR Currency futures (short) Futures contracts to sell currencies EUR/AUD EUR EUR/GBP EUR EUR/NZD EUR EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies AUD/EUR EUR GBP/EUR EUR NZD/EUR EUR USD/EUR EUR Swaps Interest rate swaps (Underlyings: Swap GBP Libor, Swap USD Libor) EUR Credit default swaps Protection seller (Underlying: ITRAXX Europe) EUR Protection buyer (Underlying: ITRAXX Europe) EUR Securities admitted to or included in organized markets Interest-bearing securities 900 % Banco do Brasil SA/Cayman -Reg- 2014/2049 * USD

276 Deutsche Invest I Global Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax 1 EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 2 EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year / Interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Inflows from the merger of funds EUR c) Outflows from redemptions 3 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 5 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Capital gains/losses EUR V Net gain/loss for the fiscal year EUR This includes primarily income from the liquidation of excess accruals 2 For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio of the share class was: Class CHF ICH (P) 013% 4, Class FCH (P) 042% pa, Class LCH (P) 064% 4, Class LDH (P) 095% 4, Class NCH (P) 096% 4, Class PFCH (P) 105% 4, Class PFDQH (P) 105% 4, Class GBP FDH (P) 029% 4, Class GBP IDH (P) 027% 4, Class USD FCH (P) 006% 4, Class USD LCH (P) 038% 4 4 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 274

277 Deutsche Invest I Global Bonds Details on the distribution policy 6) Class CHF ICH (P) The income for the fiscal year is reinvested Class FCH (P) The income for the fiscal year is reinvested Class LCH (P) The income for the fiscal year is reinvested Class LDH (P) Type As of Currency Per share Final distribution March 6, 2015 EUR 225 Class NCH (P) The income for the fiscal year is reinvested Class PFCH (P) The income for the fiscal year is reinvested Class PFDQH (P) Type As of Currency Per share Interim distribution October 17, 2014 EUR 025 Class GBP FDH (P) Type As of Currency Per share Final distribution March 6, 2015 GBP 089 Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class CHF ICH (P) CHF Class FCH (P) (formerly: FC) EUR Class LCH (P) EUR Class LDH (P) EUR Class NCH (P) EUR Class PFCH (P) EUR Class PFDQH (P) EUR Class GBP FDH (P) GBP Class GBP IDH (P) GBP Class USD FCH (P) USD Class USD LCH (P) USD Class CHF ICH (P) CHF - Class FC EUR Class LCH (P) EUR - Class LD EUR - Class NCH (P) EUR - Class PFCH (P) EUR - Class PFDQH (P) EUR - Class GBP FDH (P) GBP - Class GBP IDH (P) GBP - Class USD FCH (P) USD - Class USD LCH (P) USD Class CHF ICH (P) CHF - Class FC EUR Class LCH (P) EUR - Class LD EUR - Class NCH (P) EUR - Class PFCH (P) EUR - Class PFDQH (P) EUR - Class GBP FDH (P) GBP - Class GBP IDH (P) GBP - Class USD FCH (P) USD - Class USD LCH (P) USD - Class GBP IDH (P) Type As of Currency Per share Final distribution March 6, 2015 GBP 127 Class USD FCH (P) The income for the fiscal year is reinvested Class USD LCH (P) The income for the fiscal year is reinvested 6) Additional information is provided in the sales prospectus Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 7538% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 275

278 Deutsche Invest I Global Emerging Markets Equities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Emaar Malls Group PJSC Count AED Emaar Properties PJSC Count AED Banco do Brasil SA Count BRL BB Seguridade Participacoes Count BRL BM&FBovespa SA Count BRL BRF SA Count BRL Cia Brasileira de Distribuicao Count BRL Lojas Americanas SA -Pref- Count BRL Petroleo Brasileiro SA Count BRL Grupo de Inversiones Suramericana SA Count COP Alpha Bank AE Count EUR Eurobank Ergasias SA Count EUR National Bank of Greece SA-ADR- Count EUR Raiffeisen Bank International AG ** Count EUR Anhui Conch Cement Co, Ltd -H- ** Count HKD CGN Power Co, Ltd Count HKD China CNR Corp, Ltd Count HKD China Construction Bank Corp -H- Count HKD China Merchants Bank Co, Ltd -H- Count HKD China Mobile Ltd Count HKD China Overseas Land & Investment Ltd Count HKD China Unicom Hong Kong Ltd ** Count HKD Chow Tai Fook Jewellery Group Ltd ** Count HKD CITIC Securities Co, Ltd ** Count HKD Industrial & Commercial Bank of China Ltd -H- Count HKD PetroChina Co, Ltd Count HKD Ping An Insurance Group Co of China Ltd Count HKD Sands China Ltd Count HKD Tencent Holdings Ltd Count HKD Zhuzhou CSR Times Electric Co, Ltd -H- Count HKD Bank Mandiri Tbk PT Count IDR Bank Rakyat Indonesia Persero Tbk PT Count IDR Semen Indonesia Persero Tbk PT Count IDR Telekomunikasi Indonesia Persero Tbk PT Count IDR Axis Bank Ltd Count INR Bharti Airtel Ltd Count INR HCL Technologies Ltd Count INR ICICI Bank Ltd Count INR ITC Ltd Count INR Larsen & Toubro Ltd Count INR Reliance Industries Ltd Count INR State Bank of India Count INR Tata Consultancy Services Ltd Count INR Tata Motors Ltd Count INR Wipro Enterprises Ltd Count INR Wipro Ltd Count INR Cheil Industries, Inc Count KRW Hana Financial Group, Inc Count KRW Hyundai Department Store Co, Ltd Count KRW Hyundai Motor Co Count KRW Korea Electric Power Corp Count KRW KT Corp Count KRW POSCO Count KRW Samsung Electronics Co, Ltd Count KRW Samsung Fire & Marine Insurance Co, Ltd Count KRW Samsung SDS Co, Ltd Count KRW Shinhan Financial Group Co, Ltd Count KRW Shinsegae Co, Ltd Count KRW SK Hynix, Inc Count KRW Fomento Economico Mexicano SAB de CV Count MXN Grupo Lala SAB de CV Count MXN Grupo Mexico SAB de CV -B- Count MXN Malayan Banking Bhd Count MYR Alliance Global Group, Inc Count PHP Ayala Land, Inc Count PHP BDO Unibank, Inc Count PHP Metropolitan Bank & Trust Count PHP Universal Robina Corp Count PHP Denizbank AS Count 1 TRY Turkcell Iletisim Hizmetleri AS Count TRY Turkiye Garanti Bankasi AS ** Count TRY Advanced Semiconductor Engineering, Inc 21/01/2020 Count TWD Cathay Financial Holding Co, Ltd Count TWD Delta Electronics, Inc Count TWD Fubon Financial Holding Co, Ltd Count TWD Hermes Microvision, Inc Count TWD Hon Hai Precision Industry Co, Ltd Count TWD Largan Precision Co, Ltd Count TWD MediaTek, Inc Count TWD Taiwan Semiconductor Manufacturing Co, Ltd Count TWD

279 Deutsche Invest I Global Emerging Markets Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Alibaba Group Holding Count USD Baidu, Inc -ADR- Count USD Banco Bradesco SA -ADR- Count USD Banco Santander Chile Count USD Copa Holdings SA -A- Count USD First Cash Financial Services, Inc Count USD Itau Unibanco Holding SA -ADR- ** Count USD JDcom, Inc -ADR- Count USD OJSC LSR Group -Reg- Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD MTN Group Ltd Count ZAR Naspers Ltd -N- Count ZAR Shoprite Holdings Ltd Count ZAR Woolworths Holdings Ltd Count ZAR Securities admitted to or included in organized markets Equities MMC Norilsk Nickel OJSC -ADR- Count USD Unlisted securities Equities Surgutneftegas OJSC Count USD Investment fund units In-group fund units db x-trackers FTSE Vietnam UCITS ETF (0650%) Units EUR Non-group fund units ishares MSCI Mexico Capped UCITS ETF (0650%) Units EUR Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Polish zloty PLN Hungarian forint HUF Deposits in non-eu/eea currencies Brazilian real BRL Hong Kong dollar HKD Indian rupee INR Indonesian rupiah IDR Canadian dollar CAD Colombian peso COP Malaysian ringgit MYR Mexican peso MXN New Taiwan dollar TWD Philippine peso PHP Singapore dollar SGD South African rand ZAR South Korean won KRW Thai baht THB Turkish lira TRY US dollar USD UAE dirham AED

280 Deutsche Invest I Global Emerging Markets Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Other assets Dividends receivable Prepaid placement fee* Other receivables Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR Class USD FC USD 9934 Class USD LC USD 9630 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class PFC Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM (EMERGING MARKETS) Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date 278

281 Deutsche Invest I Global Emerging Markets Equities Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Anhui Conch Cement Co, Ltd -H- Count China Unicom Hong Kong Ltd Count Chow Tai Fook Jewellery Group Ltd Count CITIC Securities Co, Ltd Count Itau Unibanco Holding SA -ADR- Count Raiffeisen Bank International AG Count Turkiye Garanti Bankasi AS Count Total receivables from securities loans Contracting parties for securities loans Barclays Capital Securities Limited, Credit Suisse Securities (Europe) Ltd EQ, Goldman Sachs Int, JP Morgan Sec Ltd, Merrill Lynch International, Société Générale and UBS AG LDN BRANCH Total collateral pledged by third parties for securities loans EUR thereof: Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 UAE dirham AED = EUR 1 Brazilian real BRL = EUR 1 Canadian dollar CAD = EUR 1 Colombian peso COP = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Hungarian forint HUF = EUR 1 Indonesian rupiah IDR = EUR 1 Indian rupee INR = EUR 1 South Korean won KRW = EUR 1 Mexican peso MXN = EUR 1 Malaysian ringgit MYR = EUR 1 Philippine peso PHP = EUR 1 Polish zloty PLN = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 Turkish lira TRY = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = EUR 1 South African rand ZAR = 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 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 Assets stated in this report are valued to a small extent 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) ** Some or all of these securities are lent 279

282 Deutsche Invest I Global Emerging Markets Equities 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities AIA Group Ltd Count ALL ORE Mineracao SA Count Ambev SA -ADR- Count Anheuser-Busch InBev NV -ADR- Count Axis Bank Ltd Count Beijing Enterprises Holdings Ltd Count BHP Billiton Plc Count Chailease Holding Co, Ltd Count China Gas Holdings Ltd Count China Life Insurance Co, Ltd Count China Longyuan Power Group Corp Count China Railway Construction Corp Ltd -H- Count China Railway Group Ltd Count China Resources Power Holdings Co, Ltd Count Cia Siderurgica Nacional SA -ADR- Count CNOOC Ltd Count COSCO Pacific Ltd Count Ctripcom International Ltd -ADR- Count Dongfeng Motor Group Co, Ltd -H- Count Doosan Infracore Co, Ltd Count Eclat Textile Co, Ltd Count Gafisa SA -ADR- Count Gazprom OAO -ADR- Count GCL-Poly Energy Holdings Ltd Count Great Wall Motor Co, Ltd -H- Count Grupo de Inversiones Suramericana SA Count Haier Electronics Group Co, Ltd Count Hengan International Group Co, Ltd Count HSBC Holdings Plc Count ICICI Bank Ltd Count Jiangxi Copper Co, Ltd -H- Count LG Chem Ltd Count Lupin Ltd Count Melco Crown Entertainment Ltd -ADR- Count Mindray Medical International Ltd -ADR- Count OCI Co, Ltd Count OTP Bank PLC Count Poly Culture Group Corp, Ltd Count Qihoo 360 Technology Co, Ltd -ADR- Count Raiffeisen Bank International AG Count Samsonite International SA Count Samsung Heavy Industries Co, Ltd Count Sberbank of Russia -ADR- Count Shimao Property Holdings Ltd Count SK Innovation Co, Ltd Count SouthGobi Resources Ltd Count State Bank of India Count Sun Pharmaceutical Industries Ltd Count TCS Group Holding Plc -GDR- Count Tencent Holdings Ltd Count Tencent Holdings Ltd Count Ultrapar Participacoes SA Count United Spirits Ltd Count VTB Bank OJSC -Reg- Count Want Want China Holdings Ltd Count Woolworths Holdings -Rights Exp 26Sep14 Count Xinyi Solar Holdings Ltd Count Securities admitted to or included in organized markets Equities Sberbank of Russia -ADR- Count Sistema JSFC -GDR- Count TMK OAO -GDR- Count Unlisted securities Equities Moscow Exchange MICEX-RTS OAO Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts sold (Underlyings: H-Shares, MSCI Taiwan) EUR

283 Deutsche Invest I Global Emerging Markets Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Details on the distribution policy 5 Class FC The income for the fiscal year is reinvested Class FC 088% pa, Class LD 163% pa, Class PFC 160% 3, Class USD LC 163% pa Class LC 163% pa, Class NC 233% pa, Class USD FC 088% pa, Class LC The income for the fiscal year is reinvested 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 087 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus 281

284 Deutsche Invest I Global Emerging Markets Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR Class DS1 GBP - Class USD FC (formerly: E2) USD 9934 Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class DS1 GBP - Class A2 USD 9930 Class E2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class DS1 GBP Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1551% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 282

285 Deutsche Invest I Global GDP Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 525 % Australia Government Bond 2006/2019 AUD % % Australia Government Bond 2011/2015 AUD % % Brazil Notas do Tesouro Nacional Serie F 2007/2017 BRL % % BSH Bosch und Siemens Hausgeraete GmbH -Reg- 2011/2016 CNY % % China Development Bank Corp (MTN) 2013/2015 * CNY % % China Government Bond 2013/2016 CNY % % China Government Bond 2013/2016 CNY % % China Government Bond 2013/2018 CNY % % Hongkong & Shanghai Banking Corp, Ltd (MTN) 2013/2015 CNY % % Volkswagen International Finance NV 2012/2017 CNY % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Spain Government Bond 2013/2018 EUR % % Korea Treasury Bond 2013/2016 KRW % % Mexican Bonos 2010/2015 MXN % % Poland Government Bond 2007/2018 * PLN % % Poland Government Bond 2013/2018 PLN % % Croatia Government International Bond -Reg- 2012/2017 USD % % Export-Import Bank of India 2010/2015 USD % % Export-Import Bank of Malaysia Bhd (MTN) 2012/2017 USD % % Indonesia Government International Bond -Reg- 2006/2017 USD % % Magyar Export-Import Bank 2012/2018 USD % % Republic of Latvia -Reg- 2012/2017 USD % % The Korea Development Bank 2012/2017 USD % % Transnet SOC Ltd -Reg- 2011/2016 USD % % Turkey Government International Bond 2004/2015 USD % % Turkey Government International Bond 2006/2016 USD % % Vnesheconombank -Reg- 2012/2017 USD % Securities admitted to or included in organized markets Interest-bearing securities 4125 % State Bank of India -Reg- 2012/2017 USD % Unlisted securities Interest-bearing securities 180 % China Government Bond 2010/2015 CNY % Investment fund units In-group fund units DWS Short Duration Emerging Markets FX (0600%) Units EUR Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/USD 521 million USD/AUD 44 million USD/BRL 76 million USD/CNY 65 million USD/GBP 04 million USD/KRW million USD/MXN 46 million USD/PLN 11 million USD/THB 5 million USD/TRY 01 million Closed positions EUR/USD 12 million

286 Deutsche Invest I Global GDP Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency futures (long) Open positions CAD/USD 18 million COP/USD million GBP/EUR 18 million IDR/USD million INR/USD 200 million JPY/USD 350 million TWD/USD 50 million Closed positions CAD/USD 2 million GBP/USD 14 million INR/USD 150 million JPY/USD 600 million MYR/USD 5 million THB/USD 40 million TRY/USD 34 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Norwegian krone NOK Polish zloty PLN Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Brazilian real BRL Chinese yuan renminbi CNY Japanese yen JPY Canadian dollar CAD Mexican peso MXN New Zealand dollar NZD Russian rouble RUB Swiss franc CHF South African rand ZAR South Korean won KRW Thai baht THB Turkish lira TRY US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class NC EUR 9896 Number of shares outstanding Class FC Count Class LC Count Class NC Count

287 Deutsche Invest I Global GDP Bonds Presentation of the maximum limit (according to CSSF circular 11/512) 25% of portfolio value Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 0701 Highest market risk exposure % 3204 Average market risk exposure % 1563 The values-at-risk were calculated for the for the period from January 1, 2014, through December 31, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 29, 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 159,447,13559 as of the reporting date Market abbreviations Contracting parties for currency futures Citibank NA London, Commerzbank AG, Credit Suisse International, Deutsche Bank AG Frankfurt, Goldman Sachs International, Merrill Lynch International, Morgan Stanley and Co International Plc, Nomura International Plc, Royal Bank of Canada (UK) and Société Générale Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Brazilian real BRL = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Chinese yuan renminbi CNY = EUR 1 Colombian peso COP = EUR 1 British pound GBP = EUR 1 Indonesian rupiah IDR = EUR 1 Indian rupee INR = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Mexican peso MXN = EUR 1 Malaysian ringgit MYR = EUR 1 Norwegian krone NOK = EUR 1 New Zealand dollar NZD = EUR 1 Polish zloty PLN = EUR 1 Russian rouble RUB = EUR 1 Swedish krona SEK = EUR 1 Thai baht THB = EUR 1 Turkish lira TRY = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = EUR 1 South African rand ZAR = EUR 1 US dollar USD = EUR 1 South African rand ZAR = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate *** Does not include positions with a negative balance, if such exist 285

288 Deutsche Invest I Global GDP Bonds 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Interest-bearing securities 575 % Treasury Corp of Victoria 2005/2016 AUD % Canadian Government Bond 2013/2018 CAD % Switzerland Government Bond 2005/2016 CHF % Italy Buoni Poliennali Del Tesoro 2013/2018 EUR % Slovenia Government Bond 2010/2015 EUR % Spain Government Bond 2009/2019 EUR % United Kingdom Gilt 2010/2016 GBP % Mexican Bonos 2009/2014 MXN % Sweden Government Bond 2004/2015 SEK % Gaz Capital SA 2013/2016 USD % Gazprom OAO (MTN) -Reg- 2006/2016 USD Unlisted securities Interest-bearing securities 000 % Caterpillar Financial Services Corp (MTN) -Reg- 2012/2014 CNY Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies EUR/USD EUR USD/AUD EUR USD/BRL EUR USD/CAD EUR USD/CHF EUR USD/CNY EUR USD/COP EUR USD/GBP EUR USD/IDR EUR USD/INR EUR USD/JPY EUR USD/KRW EUR USD/MXN EUR USD/MYR EUR USD/PLN EUR USD/RUB EUR USD/THB EUR USD/TRY EUR USD/TWD EUR USD/ZAR EUR Currency futures (long) Futures contracts to purchase currencies AUD/USD EUR BRL/USD EUR CAD/USD EUR CHF/USD EUR CNY/USD EUR COP/USD EUR GBP/USD EUR IDR/USD EUR INR/USD EUR JPY/USD EUR KRW/USD EUR MXN/USD EUR MYR/USD EUR PLN/USD EUR RUB/USD EUR THB/USD EUR TRY/USD EUR TWD/USD EUR USD/EUR EUR ZAR/USD EUR

289 Deutsche Invest I Global GDP Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 059% pa, Class NC 148% pa Class LC 104% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class NC EUR Class FC EUR Class LC EUR Class NC EUR Class FC EUR Class LC EUR Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 665% of all transactions The total volume was EUR

290 Deutsche Invest I Global Infrastructure Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Sydney Airport Count AUD Transurban Group Count AUD Enbridge, Inc Count CAD Inter Pipeline Ltd Count CAD Pembina Pipeline Corp Count CAD TransCanada Corp Count CAD Flughafen Zuerich AG Count CHF Atlantia SpA Count EUR Ferrovial SA Count EUR Groupe Eurotunnel SA Count EUR Hamburger Hafen und Logistik AG Count EUR Koninklijke Vopak NV Count EUR National Grid Plc Count GBP Beijing Enterprises Holdings Ltd Count HKD China Merchants Holdings International Co, Ltd Count HKD ENN Energy Holdings Ltd Count HKD Hong Kong & China Gas Co, Ltd Count HKD Infraestructura Energetica Nova SAB de CV Count MXN Promotora y Operadora de Infraestructura SAB de CV Count MXN American Tower Corp Count USD American Water Works Co, Inc Count USD Atmos Energy Corp Count USD Crown Castle International Corp Count USD CSX Corp Count USD Edison International Count USD Enbridge Energy Management LLC Count USD ITC Holdings Corp Count USD NiSource, Inc Count USD Norfolk Southern Corp Count USD Northeast Utilities Count USD NorthWestern Corp Count USD Pattern Energy Group, Inc Count USD Republic Services, Inc Count USD SBA Communications Corp Count USD Sempra Energy Count USD Southwest Gas Corp Count USD Spectra Energy Corp Count USD Union Pacific Corp Count USD Williams Cos, Inc Count USD Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/AUD 07 million EUR/CAD 19 million EUR/GBP 03 million EUR/HKD 71 million EUR/MXN 45 million EUR/SEK 01 million EUR/USD 106 million Closed positions EUR/CAD 02 million EUR/CHF 04 million EUR/GBP 01 million EUR/MXN 04 million Currency futures (long) Open positions CHF/EUR 33 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Swedish krona SEK

291 Deutsche Invest I Global Infrastructure Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Canadian dollar CAD Mexican peso MXN US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class CHF LCH CHF Class FC EUR Class FCH (P) EUR Class LC EUR Class LD EUR Class NC EUR Class GBP RD GBP Class USD FC USD Class USD LC USD Number of shares outstanding Class CHF LCH Count Class FC Count Class FCH (P) Count Class LC Count Class LD Count Class NC Count Class GBP RD Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes 289

292 Deutsche Invest I Global Infrastructure Market abbreviations Contracting party for currency futures State Street Bank and Trust Company Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Mexican peso MXN = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Abengoa Yield Plc Count American Airlines Group, Inc Count Canadian National Railway Co Count Canadian Pacific Railway Ltd Count Cheniere Energy, Inc Count China Merchants -Rights Exp 05Jun14 Count Crown Castle International Corp Count Delta Air Lines, Inc Count Enagas SA Count Eutelsat Communications SA Count Ferrovial -Rights Exp 18Nov14 Count Ferrovial SA -Rights Exp 22Jul14 Count Fraport AG Frankfurt Airport Services Worldwide Count Jiangsu Expressway Co, Ltd -H- Count Kinder Morgan, Inc Count NextEra Energy Partners LP Count ONE Gas, Inc Count ONEOK, Inc Count Pennon Group Plc Count Pepco Holdings, Inc Count PG&E Corp Count SemGroup Corp Count SES SA Count Severn Trent Plc Count Snam SpA Count Terna Rete Elettrica Nazionale SpA Count TerraForm Power, Inc Count TransAlta Renewables, Inc Count United Continental Holdings, Inc Count United Utilities Group Plc Count Zhejiang Expressway Co, Ltd -H- Count Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies EUR/CHF EUR Currency futures (long) Futures contracts to purchase currencies CHF/EUR EUR

293 Deutsche Invest I Global Infrastructure Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class CHF LCH 167% pa, Class FC 088% pa, Class FCH (P) 012% 1, Class LC 164% pa, Class LD 167% pa, Class NC 235% pa, Class GBP RD 056% 1, Class USD FC 077% 1, Class USD LC 171% pa 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 2 Class CHF LCH The income for the fiscal year is reinvested Class FC The income for the fiscal year is reinvested Class FCH (P) The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 350 Class NC The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 285 Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 291

294 Deutsche Invest I Global Infrastructure Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class CHF LCH (formerly: CH2H) CHF Class FC EUR Class FCH (P) EUR Class LC EUR Class LD EUR Class NC EUR Class GBP RD GBP Class USD FC USD Class USD LC (formerly: A2) USD Class CH2H CHF Class FC EUR Class FCH (P) EUR - Class LC EUR 9848 Class LD EUR Class NC EUR 9409 Class GBP RD GBP - Class A2 USD Class USD FC USD Class CH2H CHF - Class FC EUR 9403 Class FCH (P) EUR - Class LC EUR 9032 Class LD EUR Class NC EUR 8690 Class GBP RD GBP - Class A2 USD 9476 Class USD FC USD - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 062% of all transactions The total volume was EUR

295 Deutsche Invest I Global Thematic Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Equities BHP Billiton Ltd Count AUD Mesoblast Ltd Count AUD ALL - America Latina Logistica SA Count BRL BR Properties SA Count BRL Lojas Renner SA Count BRL SLC Agricola SA Count BRL Julius Baer Group Ltd Count CHF Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Syngenta AG Count CHF Adidas AG Count EUR Alpha Bank AE Count EUR Axel Springer SE Count EUR Banca Monte dei Paschi di Siena SpA Count EUR Bayerische Motoren Werke AG Count EUR Commerzbank AG Count EUR Deutsche Lufthansa AG -Reg- Count EUR Deutsche Post AG -Reg- Count EUR Fraport AG Frankfurt Airport Services Worldwide Count EUR Hermes International Count EUR Infineon Technologies AG Count EUR Koninklijke Philips NV Count EUR LVMH Moet Hennessy Louis Vuitton SA Count EUR Moncler SpA Count EUR National Bank of Greece SA-ADR- Count EUR OSRAM Licht AG Count EUR QIAGEN NV Count EUR Raiffeisen Bank International AG Count EUR Salvatore Ferragamo Italia SpA Count EUR Tod s SpA Count EUR UniCredit SpA Count EUR Volkswagen AG -Pref- Count EUR Aberdeen Asset Management Plc Count GBP AstraZeneca Plc Count GBP BHP Billiton Plc Count GBP Rolls-Royce Holdings Plc Count GBP SABMiller Plc Count GBP Tullow Oil Plc Count GBP Vodafone Group Plc Count GBP China Life Insurance Co, Ltd -H- Count HKD China Overseas Land & Investment Ltd Count HKD HK Electric Investments & HK Electric Investments Ltd Count HKD Ping An Insurance Group Co of China Ltd Count HKD Samsung Electronics Co, Ltd Count KRW SM Investments Corp Count PHP Millicom International Cellular SA -SDR- Count SEK Telefonaktiebolaget LM Ericsson -B- Count SEK Bim Birlesik Magazalar AS Count TRY Adobe Systems, Inc Count USD AGCO Corp Count USD Alnylam Pharmaceuticals, Inc Count USD Aluminium Bahrain BSC -GDR- Count USD Amazoncom, Inc Count USD Ambev SA -ADR- Count USD Artisan Partners Asset Management, Inc Count USD Axiall Corp Count USD Banco Bradesco SA -ADR- Count USD Bank of America Corp Count USD Calpine Corp Count USD Celgene Corp Count USD Cia de Saneamento Basico do Estado de Sao Paulo -ADR- Count USD Citigroup, Inc Count USD Cobalt International Energy, Inc Count USD ConAgra Foods, Inc Count USD Credicorp Ltd Count USD CSX Corp Count USD Dow Chemical Co Count USD Estee Lauder Cos, Inc Count USD Fibria Celulose SA -ADR- Count USD Freeport-McMoRan, Inc -B- Count USD Fresh Market, Inc Count USD General Motors Corp Count USD Global Telecom Holding -GDR- Count USD GrubHub, Inc Count USD Harley-Davidson, Inc Count USD HomeAway, Inc Count USD Homeinns Hotel Group -ADR- Count USD ICICI Bank Ltd -ADR- Count USD Intrexon Corp Count USD Irobot Corp Count USD

296 Deutsche Invest I Global Thematic Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Isis Pharmaceuticals, Inc Count USD Itau Unibanco Holding SA -ADR- Count USD JDcom, Inc -ADR- Count USD Kinder Morgan, Inc Count USD Laboratory Corp of America Holdings Count USD Latam Airlines Group SA -ADR- Count USD Lazard Ltd -A- Count USD Medidata Solutions, Inc Count USD Mindray Medical International Ltd -ADR- Count USD Mondelez International, Inc Count USD Mosaic Co Count USD Navistar International Corp Count USD Newmont Mining Corp Count USD Oracle Corp Count USD Potash Corp of Saskatchewan, Inc Count USD Stanley Black & Decker, Inc Count USD Starwood Hotels & Resorts Worldwide, Inc Count USD Tesoro Corp Count USD Thermo Fisher Scientific, Inc Count USD Tumi Holdings, Inc Count USD UBS Group AG Count USD Vale SA -ADR- Count USD Valero Energy Corp Count USD Westlake Chemical Corp Count USD Yum! Brands, Inc Count USD Gold Fields Ltd Count ZAR MTN Group Ltd Count ZAR Shoprite Holdings Ltd Count ZAR Unlisted securities Equities Rolls Royce Holdings Plc Count GBP Total securities portfolio Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Hungarian forint HUF Deposits in non-eu/eea currencies Hong Kong dollar HKD Indian rupee INR Canadian dollar CAD Malaysian ringgit MYR Swiss franc CHF South Korean won KRW US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets Short-term liabilities Loans in non-eu/eea currencies Brazilian real BRL Other liabilities Liabilities from cost items Additional other liabilities Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 294

297 Deutsche Invest I Global Thematic Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class NC EUR Class GBP FC GBP Class GBP RD GBP Class USD FC USD Class USD LC USD Number of shares outstanding Class FC Count Class LC Count Class NC Count Class GBP FC Count Class GBP RD Count 926 Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX Constituents USD Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD 000 as of the reporting date Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = USD 1 Brazilian real BRL = USD 1 Canadian dollar CAD = USD 1 Swiss franc CHF = USD 1 Euro EUR = USD 1 British pound GBP = USD 1 Hong Kong dollar HKD = USD 1 Hungarian forint HUF = USD 1 Indian rupee INR = USD 1 South Korean won KRW = USD 1 Malaysian ringgit MYR = USD 1 Philippine peso PHP = USD 1 Swedish krona SEK = USD 1 Turkish lira TRY = USD 1 South African rand ZAR = USD 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV s prospectus If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank 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 Assets reported in this report are not valued at derived market values 295

298 Deutsche Invest I Global Thematic 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals AP Moeller - Maersk A/S Count 3 57 Apple, Inc Count Ashland, Inc Count Bangkok Bank PCL Count Blackstone Group LP Count Braskem SA Count CF Industries Holdings, Inc Count Citrix Systems, Inc Count CP ALL PCL Count Cubist Pharmaceuticals, Inc Count Detour Gold Corp Count Diagnosticos da America SA Count Embraer SA Count Energy Transfer Partners LP Count Erste Group Bank AG Count FedEx Corp Count Gol Linhas Aereas Inteligentes SA -ADR- Count Goldman Sachs Group, Inc Count Grupo Televisa SA -ADR- Count Hyundai Engineering & Construction Co, Ltd Count Hyundai Motor Co Count InterContinental Hotels Group Plc Count InterContinental Hotels Group Plc Count JPMorgan Chase & Co Count Kasikornbank PCL Count Koninklijke KPN NV (MTN) Count Lenovo Group Ltd Count Li Ning Co, Ltd Count Lululemon Athletica, Inc Count LVMH MOET DA Rights Exp 31Dec49 Count Magnit OJSC Count Mead Johnson Nutrition Co Count NCR Corp -GDR- Count NIKE, Inc -B- Count NN Group NV Count NRG Energy, Inc Count Ontex Group NV Count OTP Bank PLC Count Panera Bread Co Count Peabody Energy Corp Count Raiffeisen Bank International AG Count Rock-Tenn Co -A- Count Rolls Royce Holdings Plc Count Royal Bank of Scotland Group Plc Count Royal Dutch Shell Plc -A- Count Samsung Fire & Marine Insurance Co, Ltd Count Siam Commercial Bank PCL Count Standard Chartered Plc Count Sun Hung Kai Properties Ltd Count TAG Immobilien AG Count Telefonica Deutschland Holding AG Count Teva Pharmaceutical Industries Ltd -ADR- Count TNT Express NV Count Trulia, Inc Count UBS AG Count Unilever NV Count Verizon Communications, Inc Count VF Corp Count Vodafone Group Plc Count VTB Bank OJSC -Reg- Count VTB Bank OJSC -GDR Reg- Count Western Refining, Inc Count Weyerhaeuser Co Count WH Group Ltd 144A Count X 5 Retail Group NV -GDR- Count Zillow, Inc Count Certificates HSBC Bank Plc - Bharti Airtel Count HSBC Bank Plc - Bharti Airtel Count HSBC Bank Plc - Larsen & Toubro Count Securities admitted to or included in organized markets Equities Lukoil OAO -ADR- -US Count Sberbank of Russia -ADR- Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Warrants Warrants on securities Additions Disposals Equity warrants Sun Hung Kai Properties Ltd 22/04/2016 Count Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies USD/ZAR USD

299 Deutsche Invest I Global Thematic Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Income from expense cap USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Distribution costs USD Other USD Total expenses USD I Value of the fund s net assets at the beginning of the fiscal year USD Distribution for the previous year USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD III Net investment income USD IV Sale transactions Realized gains/losses USD Capital gains/losses USD V Net gain/loss for the fiscal year USD BVI total expense ratio (TER) The total expense ratio for the share classes was: Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class FC 092% pa, Class NC 245% pa, Class GBP RD 091% pa, Class USD LC 172% pa Class LC 173% pa, Class GBP FC 079% pa, Class USD FC 091% pa, Class NC The income for the fiscal year is reinvested The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class GBP FC The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 163 Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 297

300 Deutsche Invest I Global Thematic Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class FD EUR - Class LC EUR Class NC EUR Class GBP FC (formerly: P4) GBP Class GBP RD (formerly: RDR1) GBP Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class FC EUR Class FD EUR - Class LC EUR 9968 Class NC EUR 9016 Class P4 GBP Class RDR1 (formerly: DS1) GBP Class A2 USD Class E2 USD Class FC EUR 8884 Class FD EUR Class LC EUR 8576 Class NC EUR 7922 Class DS1 GBP Class P4 GBP Class A2 USD 8713 Class E2 USD 9154 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 000% of all transactions The total volume was USD

301 Deutsche Invest I Gold and Precious Metals Equities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Equities Medusa Mining Ltd Count AUD Newcrest Mining Ltd Count AUD Regis Resources Ltd ** Count AUD Teranga Gold Corp Count AUD Agnico-Eagle Mines Ltd Count CAD Argonaut Gold, Inc Count CAD AuRico Gold, Inc Count CAD B2Gold Corp Count CAD Barrick Gold Corp Count CAD Continental Gold Ltd Count CAD Detour Gold Corp Count CAD Dominion Diamond Corp Count CAD Eldorado Gold Corp Count CAD Franco-Nevada Corp Count CAD Goldcorp, Inc Count CAD New Gold, Inc Count CAD OceanaGold Corp Count CAD Osisko Gold Royalties Ltd Count CAD Pan American Silver Corp Count CAD Rio Alto Mining Ltd Count CAD Rubicon Minerals Corp Count CAD Silver Wheaton Corp Count CAD Tahoe Resources, Inc Count CAD Torex Gold Resources, Inc Count CAD Yamana Gold, Inc Count CAD Centamin Plc Count GBP Fresnillo Plc Count GBP Randgold Resources Ltd Count GBP Korea Zinc Co, Ltd Count KRW Cia de Minas Buenaventura SA -ADR- Count USD Newmont Mining Corp Count USD Stillwater Mining Co Count USD Anglo American Platinum Ltd Count ZAR AngloGold Ashanti Ltd Count ZAR Gold Fields Ltd Count ZAR Impala Platinum Holdings Ltd Count ZAR Sibanye Gold Ltd Count ZAR Investment fund units Non-group fund units ETFS Physical Palladium Shares (0600%) Units USD ishares Gold Trust (0250%) Units USD ishares Silver Trust (0500%) Units USD Market Vectors Gold Miners ETF (0500% +) Units USD SPDR Gold Trust (0400%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Derivatives on futures contracts Receivables/payables Option contracts Options on futures contracts Put Gold / USD (CMX) Count Put Gold / USD (CMX) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Canadian dollar CAD South African rand ZAR South Korean won KRW US dollar USD

302 Deutsche Invest I Gold and Precious Metals Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 5768 Class LC EUR 5525 Class LD EUR 5086 Class NC EUR 5106 Class USD FC USD 5647 Class USD LC USD 5242 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) S&P - Gold & Precious Metals Mining Index Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD as of the reporting date Market abbreviations Futures exchanges CMX = Commodities Exchange Centre (CEC) 300

303 Deutsche Invest I Gold and Precious Metals Equities Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Securities loans principal amount Total market value in USD ( / 000) Limited maturity Perpetual Total Regis Resources Ltd Count Total receivables from securities loans Contracting party for securities loans Merrill Lynch International Total collateral pledged by third parties for securities loans USD thereof: Equities USD Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = USD 1 Canadian dollar CAD = USD 1 Euro EUR = USD 1 British pound GBP = USD 1 Hong Kong dollar HKD = USD 1 South Korean won KRW = USD 1 South African rand ZAR = USD 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV s prospectus If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Harmony Gold Mining Co, Ltd Count Independence Group NL Count Kinross Gold Corp Count MMC Norilsk Nickel OJSC -ADR- Count Osisko Mining Corp Count Polyus Gold International Ltd Count Investment fund units Non-group fund units ETFS Platinum Trust (0600%) Units Option contracts Securities options Value ( 000) Equity options Call options sold (Underlying: SPDR Gold Shares) USD 46 Put options sold (Underlying: SPDR Gold Shares) USD 35 Options on interest rate derivatives Options on bond indices Put options purchased (Underlying: Gold 100 OZ) USD 26 Put options sold (Underlying: Gold 100 OZ) USD 8 Swaps Commodity swaps (Underlying: DJ Gold ER) USD

304 Deutsche Invest I Gold and Precious Metals Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Income from investment fund units USD Income from securities lending USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Income from expense cap USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Performance-based fee from securities lending income USD Distribution costs USD Other USD Total expenses USD III Net investment expense USD IV Sale transactions Realized gains/losses USD Capital gains/losses USD V Net gain/loss for the fiscal year USD I Value of the fund s net assets at the beginning of the fiscal year USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions USD Income adjustment USD Net investment expense USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD Derivates and other financial futures transactions USD Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested BVI total expense ratio (TER) The total expense ratio for the share classes was: Class LD The income for the fiscal year is reinvested Class FC 117% pa, Class LD 179% pa, Class USD FC 093% pa, Class LC 178% pa, Class NC 259% pa, Class USD LC 178% pa Class NC The income for the fiscal year is reinvested The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 302

305 Deutsche Invest I Gold and Precious Metals Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class FC EUR 5768 Class LC EUR 5525 Class LD EUR 5086 Class NC EUR 5106 Class USD FC (formerly: E2) USD 5647 Class USD LC (formerly: A2) USD Class FC EUR 5945 Class LC EUR 5687 Class LD EUR 5235 Class NC EUR 5313 Class A2 USD 6110 Class E2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 139% of all transactions The total volume was USD

306 Deutsche Invest I Government Liquidity Fund Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 000 % Belgium Treasury Bill 2014/2015 EUR % % Belgium Treasury Bill 2014/2015 EUR % % Belgium Treasury Bill 2014/2015 EUR % % Belgium Treasury Bill 2014/2015 EUR % % Belgium Treasury Bill 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % France Treasury Bill BTF 2014/2015 EUR % % French Discount T-Bill 2014/2015 EUR % % State of North Rhine-Westphalia 2010/2015 * EUR % % State of Saxony-Anhalt 2012/2015 * EUR % Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Closed positions EUR/USD 01 million Currency futures (long) Open positions USD/EUR 214 million Cash at bank Demand deposits at Custodian EUR deposits EUR Time deposit EUR deposits (AGCE Centrale des Organismes de Sécurité Sociale 010% pa06/02/2015 EUR Other assets Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages

307 Deutsche Invest I Government Liquidity Fund Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class NC EUR Class ND EUR 9891 Class USD LCH USD Class USD LDH USD Number of shares outstanding Class FC Count Class NC Count Class ND Count Class USD LCH Count Class USD LDH Count 949 Composition of the reference portfolio (according to CSSF circular 11/512) Barclays Capital Euro-Aggregate: Government 1-3 Year in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 1579 Highest market risk exposure % 4485 Average market risk exposure % 2932 The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Contracting party for currency futures State Street Bank and Trust Company Exchange rates (indirect quotes) As of December 30, 2014 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * Floating interest rate 305

308 Deutsche Invest I Government Liquidity Fund 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Interest-bearing securities 000 % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Belgium Treasury Bill 2013/2014 EUR % Bundesrepublik Deutschland 2013/2014 EUR % Dutch Treasury Certificate 2013/2014 EUR % Dutch Treasury Certificate 2014/2014 EUR % Erste Abwicklungsanstalt (MTN) 2004/2014 EUR % Erste Abwicklungsanstalt (MTN) 2012/2014 EUR % European Investment Bank (MTN) 2009/2014 EUR % France Treasury Bill BTF 2013/2014 EUR % France Treasury Bill BTF 2013/2014 EUR % France Treasury Bill BTF 2013/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % France Treasury Bill BTF 2014/2014 EUR % Free State of Bavaria 2006/2014 EUR % French Discount T-Bill 2014/2014 EUR % German Treasury Bill 2014/2014 EUR % German Treasury Bill 2014/2014 EUR % State of Hesse 2008/2014 EUR % State of Hesse 2010/2014 EUR % State of North Rhine-Westphalia (MTN) 2011/2014 EUR % State of North Rhine-Westphalia 2010/2014 EUR % State of North Rhine-Westphalia 2014/2014 EUR % State of Saxony-Anhalt (MTN) 2012/2014 EUR % UNEDIC Delegation AGS CGEA 2014/2014 EUR Currency futures (short) Futures contracts to sell currencies EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR

309 Deutsche Invest I Government Liquidity Fund Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Other income EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 007% pa, Class ND 007% pa, Class USD LDH 010% pa Class NC 007% pa, Class USD LCH 009% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested Class ND Type As of Currency Per share Final distribution March 6, 2015 EUR 005 Class USD LCH The income for the fiscal year is reinvested Class USD LDH Type As of Currency Per share Final distribution March 6, 2015 USD Additional information is provided in the sales prospectus 307

310 Deutsche Invest I Government Liquidity Fund Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class NC EUR Class ND EUR 9891 Class USD LCH (formerly: A2H) USD Class USD LDH (formerly: A1H) USD Class FC EUR Class NC EUR Class ND EUR 9898 Class A1H USD Class A2H USD Class FC EUR Class NC EUR Class ND EUR 9939 Class A1H USD Class A2H USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 000% of all transactions The total volume was EUR

311 Deutsche Invest I Income Strategy Systematic Investment portfolio November 7, 2014 (liquidation date) Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 5625 % Atlantia SpA (MTN) 2009/2016 EUR % % Bank of America Corp (MTN) 2009/2016 EUR % % Bank of America Corp 2005/2015 EUR % % Citigroup, Inc (MTN) 2010/2015 EUR % % Credit Suisse AG/London (MTN) 2010/2017 EUR % % Danske Bank A/S (MTN) 2011/2016 EUR % % Enel Finance International NV (MTN) 2009/2016 EUR % % Enel SpA 2010/2016 EUR % % Eni SpA 2011/2017 EUR % % Erste Group Bank AG (MTN) 2011/2016 EUR % % ESB Finance Ltd 2012/2017 EUR % % FCE Bank Plc (MTN) 2013/2016 EUR % % Gas Natural Capital Markets SA (MTN) 2012/2017 EUR % % GTECH SpA 2009/2016 EUR % % Hutchison Whampoa Europe Finance 12 Ltd 2012/2017 EUR % % Iberdrola International BV 2012/2017 EUR % % Intesa Sanpaolo SpA (MTN) 2012/2015 EUR % % Nykredit Bank A/S (MTN) 2010/2015 EUR % % QNB Finance Ltd 2013/2014 EUR % % RCI Banque SA 2012/2014 EUR % % Snam SpA (MTN) 2012/2016 EUR % % Snam SpA (MTN) 2013/2017 EUR % % Société Générale SA (MTN) 2012/2017 EUR % % Standard Chartered Plc (MTN) 2012/2017 EUR % % Telefonica Emisiones SAU 2012/2017 EUR % % UBS AG (MTN) 2012/2016 EUR % % WPP Plc (MTN) 2008/2016 EUR % % ABB Finance USA, Inc 2012/2017 USD % % ABN AMRO Bank NV -Reg- 2012/2017 USD % % BP Capital Markets Plc 2012/2017 USD % % British Telecommunications Plc 2012/2015 USD % % Deutsche Bank AG 2011/2016 USD % % DNB Bank ASA -Reg- 2012/2017 USD % % Ginnie Mae I pool 1999/2029 USD % % Ginnie Mae I pool 1999/2029 USD % % Ginnie Mae I pool 1999/2029 USD % % Goldman Sachs Group, Inc 2012/2015 USD % % JPMorgan Chase & Co 2012/2017 USD % % Nomura Holdings, Inc (MTN) 2013/2016 USD % % Petrobras Global Finance BV 2013/2016 * USD % % Royal Bank of Scotland Plc 2011/2016 USD % % Sinopec Group Overseas Development 2012 Ltd -Reg- 2012/2017 USD % % Swedbank AB 2012/2017 USD % Securities admitted to or included in organized markets Interest-bearing securities 2375 % BNP Paribas SA 2012/2017 USD % % CNPC General Capital Ltd -Reg- 2012/2017 USD % % Danske Bank A/S (MTN) -Reg- 2011/2016 USD % % Nordea Bank AB -Reg- 2012/2015 USD % Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/USD 305 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Canadian dollar CAD US dollar USD

312 Deutsche Invest I Income Strategy Systematic Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Other assets Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR 9728 Class LD EUR Class NC EUR 9663 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Presentation of the maximum limit (according to CSSF circular 11/512) 40% of portfolio value Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 0205 Highest market risk exposure % 2662 Average market risk exposure % 0797 The values-at-risk were calculated for the period from January 1, 2014, through November 7, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 10, 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 as of the reporting date Market abbreviations Contracting parties for currency futures Goldman Sachs International and Morgan Stanley and Co Exchange rates (indirect quotes) As of November 7, 2014 Canadian dollar CAD = EUR 1 British pound GBP = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * Floating interest rate *** Does not include positions with a negative balance, if such exist 310

313 Deutsche Invest I Income Strategy Systematic 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Interest-bearing securities 000 % Autostrade SpA (MTN) 2004/2014 EUR % BBVA Senior Finance SAU 2012/2014 EUR % Bord Gais Eireann 2012/2017 EUR % BPCE SA (MTN) 2010/2017 EUR % Carrefour SA 2012/2017 EUR % Commerzbank AG (MTN) 2012/2017 EUR % Cooperatieve Centrale Raiffeisen- Boerenleenbank BA (MTN) 2011/2014 EUR % Credit Agricole SA (MTN) 2011/2016 EUR % Gaz Capital SA (MTN) 2007/2014 EUR % Münchener Hypothekenbank 2012/2014 EUR % RCI Banque SA 2013/2016 EUR % Royal Bank of Scotland Plc (MTN) 2011/2016 EUR % Royal Bank of Scotland Plc 2009/2014 EUR % Santander Consumer Finance 2012/2014 EUR % Santander International Debt SAU 2012/2014 EUR % Santander International Debt SAU 2012/2016 EUR % Société Générale SA (MTN) 2011/2016 EUR % UniCredit SpA 2012/2015 EUR % Volkswagen Bank GmbH (MTN) 2011/2014 EUR % American International Group, Inc 2012/2017 USD % Barclays Bank Plc 2012/2015 USD % Citigroup, Inc 2012/2015 USD % Royal Bank of Scotland Group Plc 2012/2015 USD Futures contracts Value ( 000) Interest rate futures Contracts sold (Underlyings: 3 Month Euribor, Euro Bobl) EUR Currency futures (short) Futures contracts to sell currencies EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR Securities admitted to or included in organized markets Interest-bearing securities 000 % BNP Paribas SA 2011/2014 USD % Credit Agricole SA -Reg- 2010/2015 USD % ING Bank NV -Reg- 2012/2017 USD

314 Deutsche Invest I Income Strategy Systematic Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through November 7, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Expense Cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment income 1 EUR I Value of the fund s net assets at the beginning of the business period EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period 1 EUR Due to disclosure in favor of the period before the rescindment of the last share certificate transaction, the pro rata income and expense adjustment, which is incurred due to the redemption of the shares in return for distribution of the liquidation proceeds, was not taken into account Taking the corresponding income and expense adjustment into account and applying it to the period after the rescindment of the last share certificate transaction would result in a figure of zero for the corresponding result items Net investment income / Net investment expense and Net gain/loss for the reporting period Please refer to the General information pages for further details BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 053% 3, Class LC 091% 3, Class LD 091% 3, Class NC 125% 3 3 Annualization has not been performed for share classes liquidated during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal period As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 312

315 Deutsche Invest I Income Strategy Systematic Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 (date of last share price calculation) EUR EUR EUR Net asset value per share at the end of the reporting period 2014 Class FC EUR Class LC EUR 9728 Class LD EUR Class NC EUR Class FC EUR Class LC EUR 9541 Class LD EUR Class NC EUR Class FC EUR Class LC EUR - Class LD EUR Class NC EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 341% of all transactions The total volume was EUR

316 Deutsche Invest I Italian Equities Investment portfolio November 4, 2014 (liquidation date) Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Anima Holding SpA Count EUR Ansaldo STS SpA Count EUR Assicurazioni Generali SpA Count EUR Atlantia SpA Count EUR Autogrill SpA Count EUR Azimut Holding SpA Count EUR Banca Popolare dell Emilia Romagna SC Count EUR Brunello Cucinelli SpA Count EUR Buzzi Unicem SpA Count EUR Enel SpA Count EUR Eni SpA Count EUR Fondiaria-Sai SpA Count EUR Hera SpA Count EUR Interpump Group SpA Count EUR Intesa Sanpaolo SpA Count EUR Luxottica Group SpA Count EUR MARR SpA Count EUR Mediobanca SpA Count EUR Mediolanum SpA Count EUR Pirelli & C SpA Count EUR Prysmian SpA Count EUR Salvatore Ferragamo Italia SpA Count EUR Snam SpA Count EUR Sorin SpA Count EUR Telecom Italia SpA Count EUR UniCredit SpA Count EUR Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures FTSE 100 Index Futures 12/ EUR (IFLL) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Hong Kong dollar HKD US dollar USD Other assets Receivables from exceeding the expense cap Other receivables Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 314

317 Deutsche Invest I Italian Equities Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 7723 Class LC EUR 7203 Class NC EUR 6776 Number of shares outstanding Class FC Count 61 Class LC Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) FTSE MIB Italy in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through November 4, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Market abbreviations Futures exchanges IFLL = ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION Securities lending 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 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 Assets reported in this report are not valued at derived market values Footnotes *** Does not include positions with a negative balance, if such exist 315

318 Deutsche Invest I Italian Equities 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities A2A SpA Count Astaldi SpA Count Banca Popolare dell Emilia Romagna SC -Rights Exp 18Jul14 Count Banca Popolare di Milano Scarl Count Banco Popolare SC Count CNH Industrial NV Count Enel Green Power SpA Count GTECH SpA Count Mediaset SpA Count Moncler SpA Count STMicroelectronics NV Count Unipol Gruppo Finanziario SpA Count Yoox SpA Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlying: FTSE MIB) EUR

319 Deutsche Invest I Italian Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through November 4, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment expense 1 EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period 1 EUR Due to disclosure in favor of the period before the rescindment of the last share certificate transaction, the pro rata income and expense adjustment, which is incurred due to the redemption of the shares in return for distribution of the liquidation proceeds, was not taken into account Taking the corresponding income and expense adjustment into account and applying it to the period after the rescindment of the last share certificate transaction would result in a figure of zero for the corresponding result items Net investment income / Net investment expense and Net gain/loss for the reporting period Please refer to the General information pages for further details BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 070% 3, Class LC 150% 3, Class NC 215% 3 I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 (date of last share price calculation) EUR EUR EUR Net asset value per share at the end of the reporting period 2014 Class FC EUR 7723 Class LC EUR 7203 Class NC EUR Class FC EUR 7854 Class LC EUR 7382 Class NC EUR Class FC EUR 6136 Class LC EUR 5818 Class NC EUR Annualization has not been performed for share classes liquidated during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 142% of all transactions The total volume was EUR

320 Deutsche Invest I Latin American Equities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Ambev SA Count BRL B2W Cia Digital Count BRL Banco Bradesco SA -Pref- Count BRL BM&FBovespa SA Count BRL Brasil Pharma SA Count BRL BRF SA Count BRL Cia Brasileira de Distribuicao Count BRL Cielo SA Count BRL CPFL Energia SA Count BRL EDP - Energias do Brasil SA Count BRL Hypermarcas SA Count BRL Investimentos Itau SA -Pref- Count BRL Itau Unibanco Holding SA -Pref- Count BRL Lojas Americanas SA -Pref- Count BRL Multiplan Empreendimentos Imobiliarios SA Count BRL Petroleo Brasileiro SA -Pref- Count BRL Raia Drogasil SA Count BRL Usinas Siderurgicas de Minas Gerais SA Count BRL Usinas Siderurgicas de Minas Gerais SA -Pref A- Count BRL Cencosud SA Count CLP Corpbanca SA Count CLP Almacenes Exito SA Count COP Grupo de Inversiones Suramericana -Pref- Count COP Grupo de Inversiones Suramericana SA Count COP Banco Bilbao Vizcaya Argentaria SA Count EUR Mapfre SA Count EUR Prosegur Cia de Seguridad SA Count EUR Corporativo Fragua SAB de CV Count MXN Grupo Herdez SAB de CV Count MXN Wal-Mart de Mexico SAB de CV Count MXN Anheuser-Busch InBev NV -ADR- Count USD BBVA Banco Frances SA -ADR- Count USD Corpbanca SA -ADR- Count USD Credicorp Ltd Count USD Empresa Nacional de Electricidad SA Count USD Enersis SA -ADR- Count USD First Cash Financial Services, Inc Count USD Fomento Economico Mexicano SA de CV -ADR- Count USD Globant SA Count USD Grana y Montero SA -ADR- Count USD Grupo Aval Acciones y Valores -ADR- Count USD Grupo Clarin SA -GDR- Count USD Grupo Financiero Galicia SA -ADR- Count USD InRetail Peru Corp Count USD Petroleo Brasileiro SA -ADR- Count USD Popular, Inc Count USD Tim Participacoes SA -ADR- Count USD Interest-bearing securities 1875 % Kreditanstalt fuer Wiederaufbau (MTN) 2012/2019 EUR % Total securities portfolio Cash at bank Deposits in non-eu/eea currencies Brazilian real BRL Chilean peso CLP Colombian peso COP Mexican peso MXN Peruvian nuevo sol PEN US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets

321 Deutsche Invest I Latin American Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Short-term liabilities EUR loans EUR Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 9334 Class LC EUR 9048 Class NC EUR 8919 Class USD LC USD 8027 Number of shares outstanding Class FC Count Class LC Count Class NC Count Class USD LC Count 815 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM Latin America10/40 Index in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Exchange rates (indirect quotes) Brazilian real BRL = EUR Chilean peso CLP = EUR Colombian peso COP = EUR Mexican peso MXN = EUR Peruvian nuevo sol PEN = EUR US dollar USD = EUR As of December 30, 2014 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 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 Assets reported in this report are not valued at derived market values 319

322 Deutsche Invest I Latin American Equities 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Ambev SA -Rights Exp 27May14 Count America Movil SAB de CV -ADR- Count B2W Cia Digital Count B2W Cia Digital -Rights Exp 08Jul14 Count Banco Bilbao Vizcaya Argentaria SA -Rights Exp 07Jan15 Count Banco Bilbao Vizcaya Argentaria SA -Rights Exp 13Oct14 Count Banco de Chile Count Banco do Brasil SA Count Banco Santander Brasil SA Count Banco Santander Chile Count Banco Santander SA -ADR- Count Bancolombia SA -ADR- Count BB Seguridade Participacoes Count BR Malls Participacoes SA Count Brasil Pharma SA -Rights Exp 06Jun14 Count CCR SA Count Cemex SAB de CV -ADR- Count Centrais Eletricas Brasileiras SA Count CFR Pharmaceuticals SA Count Cia Energetica de Minas Gerais -Pref- Count Cia Energetica de Sao Paulo -Pref B- Count Cia Siderurgica Nacional SA Count Compartamos SAB de CV Count Compartamos SAB de CV Count Copa Holdings SA -A- Count Edenred Count Fomento Economico Mexicano SAB de CV Count Gafisa SA Count Gerdau SA -Pref- Count Gruma SAB de CV Count Grupo Carso SAB de CV Count Grupo de Inversiones Suramericana SA Count Grupo Financiero Inbursa SAB de CV Count Grupo Lala SAB de CV Count Grupo Mexico SAB de CV -B- Count Grupo Televisa SA -ADR- Count Itausa - Investimentos Itau SA Count Itausa -Rights Exp 26Mar2014 Count Natura Cosmeticos SA Count Petroleo Brasileiro SA Count Petroleo Brasileiro SA -ADR- Count Telefonica Brasil SA Count Tenaris SA -ADR- Count Tim Participacoes SA Count Vale SA Count Vale SA Count YPF SA -ADR- Count

323 Deutsche Invest I Latin American Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR Total expenses EUR III Net investment income EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 103% pa, Class NC 277% pa, Class LC 206% pa, Class USD LC 206% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class NC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 321

324 Deutsche Invest I Latin American Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR 9334 Class LC EUR 9048 Class NC EUR 8919 Class USD LC (formerly: A2) USD Class A2 USD 8866 Class FC EUR 8919 Class LC EUR 8806 Class NC EUR Class A2 USD - Class FC EUR Class LC EUR 9980 Class NC EUR 9962 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 379% of all transactions The total volume was EUR

325 Deutsche Invest I Local Emerging Markets Bonds Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Interest-bearing securities 1000 % Brazil Notas do Tesouro Nacional Serie F 2010/2021 BRL % % Notas Do Tesouro Nacional Serie F 2012/2023 BRL % % Hungary Government Bond 2007/2023 HUF % % Indonesia Treasury Bond 2011/2022 IDR % % Indonesia Treasury Bond 2011/2032 IDR % % Mexican Bonos 2012/2022 MXN % % Gazprombank OJSC 2012/2015 RUB % % Russian Agricultural Bank OJSC 2012/2017 RUB % % Thailand Government Bond 2010/2021 THB % % Turkey Government Bond 2010/2020 TRY % % Turkey Government Bond 2012/2017 TRY % % Turkey Government Bond 2012/2022 TRY % % Sri Lanka Government International Bond -Reg- 2014/2019 USD % % South Africa Government Bond 2004/2017 ZAR % % South Africa Government Bond 2006/2036 ZAR % % South Africa Government Bond 2012/2023 ZAR % Unlisted securities Interest-bearing securities 4378 % Malaysia Government Bond 2009/2019 MYR % % Malaysia Government Bond 2011/2026 MYR % Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions USD/BRL 1 million USD/RUB 18 million Closed positions USD/BRL 3 million USD/EUR 03 million USD/MXN 27 million USD/TRY 1 million USD/ZAR 12 million Currency futures (long) Open positions EUR/USD 71 million Closed positions COP/USD million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies New Romanian leu RON Polish zloty PLN Hungarian forint HUF Deposits in non-eu/eea currencies Brazilian real BRL Indonesian rupiah IDR Malaysian ringgit MYR Mexican peso MXN Philippine peso PHP Russian rouble RUB South African rand ZAR Thai baht THB Turkish lira TRY US dollar USD

326 Deutsche Invest I Local Emerging Markets Bonds Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Other assets Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FCH EUR 8914 Class LCH EUR 8803 Class LDH EUR 8405 Class NCH EUR 8611 Class NDH EUR 8383 Number of shares outstanding Class FCH Count Class LCH Count 974 Class LDH Count 421 Class NCH Count Class NDH Count 193 Composition of the reference portfolio (according to CSSF circular 11/512) JPM GBI-EM Global Div Composite Index Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 02, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Contracting parties for currency futures Citibank NA London, Credit Suisse London Branch (GFX), Goldman Sachs International and Société Générale Exchange rates (indirect quotes) As of December 30, 2014 Brazilian real BRL = USD 1 Colombian peso COP = USD 1 Euro EUR = USD 1 Hungarian forint HUF = USD 1 Indonesian rupiah IDR = USD 1 Mexican peso MXN = USD 1 Malaysian ringgit MYR = USD 1 Philippine peso PHP = USD 1 Polish zloty PLN = USD 1 New Romanian leu RON = USD 1 Russian rouble RUB = USD 1 Thai baht THB = USD 1 Turkish lira TRY = USD 1 South African rand ZAR = USD 1 324

327 Deutsche Invest I Local Emerging Markets Bonds 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 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 Assets reported in this report are not valued at derived market values Footnotes *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Interest-bearing securities 000 % Brazil Letras do Tesouro Nacional 2012/2016 BRL % Brazil Letras do Tesouro Nacional 2014/2016 BRL % Brazil Notas do Tesouro Nacional Serie F 2007/2017 BRL % European Bank for Reconstruction & Development (MTN) 2011/2014 BRL % Colombia Government International Bond 2010/2021 COP % Hungary Government Bond 2006/2017 HUF % Hungary Government Bond 2008/2019 HUF % Hungary Government Bond 2011/2022 HUF % Indonesia Treasury Bond 2013/2019 IDR % Mexican Bonos 2010/2020 MXN % Mexican Bonos 2011/2031 MXN % Poland Government Bond 2004/2015 PLN % Poland Government Bond 2008/2019 PLN % Poland Government Bond 2012/2023 PLN % Romania Government Bond 2012/2017 RON % Russian Railways via RZD Capital Plc -Reg- 2012/2019 RUB % Russian Railways via RZD Capital Plc -Reg- 2012/2019 RUB % Thailand Government Bond 2011/2017 THB % Turkey Government Bond 2010/2015 TRY % RZD Capital Ltd 2012/2022 USD % United States Treasury Note/Bond 2013/2015 USD Unlisted securities Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies EUR/PLN USD 88 EUR/RUB USD 949 USD/BRL USD USD/CLP USD USD/COP USD USD/EUR USD USD/HUF USD USD/IDR USD USD/MXN USD USD/MYR USD USD/PLN USD USD/RUB USD USD/THB USD USD/TRY USD USD/ZAR USD Currency futures (long) Futures contracts to purchase currencies BRL/USD USD CLP/USD USD COP/USD USD EUR/USD USD HUF/USD USD IDR/USD USD MXN/USD USD MYR/USD USD PLN/EUR USD 88 PLN/USD USD RON/USD USD 302 RUB/EUR USD 969 RUB/USD USD THB/USD USD TRY/USD USD ZAR/USD USD Interest-bearing securities 600 % Chile Government International Bond 2013/2022 CLP % Malaysia Government Bond 2013/2016 MYR % Peruvian Government International Bond 2005/2020 PEN

328 Deutsche Invest I Local Emerging Markets Bonds Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Income from expense cap USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD thereof: Distribution costs USD Other USD Total expenses USD I Value of the fund s net assets at the beginning of the fiscal year USD Distribution for the previous year USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD III Net investment income USD IV Sale transactions Realized gains/losses USD Capital gains/losses USD V Net gain/loss for the fiscal year USD BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FCH 076% pa, Class LCH 134% pa, Class LDH 133% pa, Class NCH 181% pa, Class NDH 177% pa, Class USD LC 029% 1, Class USD FC 015% 1 1 Annualization has not been performed for share classes liquidated during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 2 Class FCH The income for the fiscal year is reinvested Class LCH The income for the fiscal year is reinvested Class LDH Type As of Currency Per share Final distribution March 6, 2015 EUR 463 Class NCH The income for the fiscal year is reinvested Class NDH Type As of Currency Per share Final distribution March 6, 2015 EUR 418 Class USD LC The income for the fiscal year is reinvested Class USD FC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 326

329 Deutsche Invest I Local Emerging Markets Bonds Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class FCH EUR 8914 Class LCH EUR 8803 Class LDH EUR 8405 Class NCH EUR 8611 Class NDH EUR 8383 Class USD LC USD - Class USD FC USD Class FCH EUR 9217 Class LCH EUR 9151 Class LDH EUR 9126 Class NCH EUR 8994 Class NDH EUR 8988 Class USD LC USD 9209 Class USD FC USD Class FCH EUR Class LCH EUR Class LDH EUR Class NCH EUR - Class NDH EUR - Class USD LC USD Class USD FC USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 747% of all transactions The total volume was USD

330 Deutsche Invest I Multi Asset Allocation Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Certificates DekaBank Deutsche Girozentrale - Basket ExpressMulti Count EUR DekaBank Deutsche Girozentrale - Basket ExpressMulti - Memory Count EUR Société Générale Effekten GmbH - Basket ExpressMulti Count EUR Interest-bearing securities 3125 % Banco Santander SA 2010/2015 EUR % % Bankinter SA (MTN) 2013/2016 EUR % % Banque Federative du Credit Mutuel SA (MTN) 2014/2024 EUR % % Belgium Government Bond 2002/2017 EUR % % Bundesrepublik Deutschland 2005/2015 EUR % % Eni SpA (MTN) 2012/2020 EUR % % ESB Finance Ltd 2012/2017 EUR % % Finland Government Bond 2004/2015 EUR % % French Treasury Note BTAN 2011/2016 EUR % % Gazprom OAO (MTN) -Reg- 2012/2017 EUR % % Goldman Sachs Group, Inc (MTN) 2005/2015 * EUR % % Hutchison Whampoa Finance 05 Ltd 2005/2015 EUR % % Imperial Tobacco Finance Plc (MTN) 2011/2018 EUR % % IPIC GMTN Ltd 2012/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2005/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2006/2016 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2015 EUR % % JPMorgan Chase & Co (MTN) 2012/2022 EUR % % Kering (MTN) 2012/2019 EUR % % Lloyds Bank Plc (MTN) 2012/2017 EUR % % OMV AG 2012/2027 EUR % % Royal Bank of Scotland Group Plc (MTN) 2012/2015 EUR % % SES SA (MTN) 2011/2021 EUR % % Snam SpA 2012/2020 EUR % % Spain Government Bond 2005/2037 EUR % % Spain Government Bond 2011/2016 EUR % % Spain Government Bond 2012/2015 EUR % % Spain Government Bond 2013/2015 EUR % % Svenska Handelsbanken -Reg- 2012/2018 EUR % % TDC A/S (MTN) 2011/2018 EUR % % Telefonica Emisiones SAU (MTN) 2013/2023 EUR % % Wells Fargo & Co (MTN) 2012/2022 EUR % % Wolters Kluwer NV 2013/2023 EUR % Investment fund units In-group fund units DWS Convertibles (0600%) Units EUR Non-group fund units AXA IM Fixed Income Investment Strategies - US Short Duration High Yield (0700%) Units USD ishares JP Morgan $ Emerging Markets Bond UCITS ETF (0500%) Units USD Neuberger Berman High Yield Bond Fund/Ireland (0600%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count MSCI Emerging Market Futures 03/ USD (IFUS) Count S & P MINI 500 Futures 03/ USD (CME) Count Topix Index Futures 03/ JPY (OSE) Count Currency derivatives Receivables/payables 328

331 Deutsche Invest I Multi Asset Allocation Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency futures (long) Open positions USD/EUR 12 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Hong Kong dollar HKD Japanese yen JPY New Zealand dollar NZD Swiss franc CHF Singapore dollar SGD US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR 9803 Class LC EUR 9380 Class LD EUR 8071 Class NC EUR 8768 Number of shares outstanding Class FC Count 691 Class LC Count Class LD Count Class NC Count Composition of the reference portfolio (according to CSSF circular 11/512) 50% STOXX Europe 600 Constituents, 50% MSCI EM (EMERGING MARKETS) Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 06, 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 as of the reporting date 329

332 Deutsche Invest I Multi Asset Allocation Market abbreviations Futures exchanges CME = Chicago Mercantile Exchange IFUS = Ice Futures US, Inc OSE = Osaka Securities Exchange XEUR = Eurex Contracting party for currency futures State Street Bank London Exchange rates (indirect quotes) As of December 30, 2014 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Japanese yen JPY = EUR 1 Norwegian krone NOK = EUR 1 New Zealand dollar NZD = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = 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 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 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 fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds No initial sales charges or redemption fees were paid during the period under review Footnotes * Floating interest rate *** Does not include positions with a negative balance, if such exist 330

333 Deutsche Invest I Multi Asset Allocation 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Interest-bearing securities 400 % Aabar Investments PJSC -Reg- 2011/2016 EUR % Adidas AG 2012/2019 EUR % Banco Bilbao Vizcaya Argentaria SA 2009/2014 EUR % Bankia SA 2007/2014 EUR % Bankia SA 2012/2014 EUR % Bundesrepublik Deutschland 2004/2014 EUR % Eni SpA 2013/2016 EUR % Hellenic Republic Treasury Bills 2013/2014 EUR % Holcim Finance Luxembourg SA (MTN) 2009/2014 EUR % Italy Buoni Poliennali Del Tesoro 2004/2014 EUR % Italy Buoni Poliennali Del Tesoro 2011/2014 EUR % Magyar Nemzeti Vagyonkezelo Zrt 2013/2019 EUR % Rio Tinto Finance Ltd 2012/2020 EUR % Spain Government Bond 1998/2014 EUR % National Bank of Abu Dhabi PJSC 2013/2018 USD % Siemens Financieringsmaatschappij NV -Reg- 2012/2017 USD Certificates Société Générale Effekten GmbH - Equity Basket Express Certificate Count UniCredit Bank AG - Basket ExpressMulti 2020/07 Count Investment fund units In-group fund units db x-trackers FTSE MIB Index UCITS ETF DR (0200%) Units db x-trackers II EONIA UCITS ETF (0050%) Units db x-trackers Russell 2000 UCITS ETF USA (0300% +) Units Non-group fund units ishares STOXX Europe Small 200 UCITS ETF DE (0200%) Units UBAM - Euro Convertible Bond (0600%) Units Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Warrants Warrants on securities Additions Disposals Equity warrants Deutsche Bank AG 19/12/2014 Count 2 Merrill Lynch International & Co CV 16/12/2016 Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlyings: DJ Euro Stoxx 50, MSCI Emerging Market, S&P 500, Topix) EUR Currency futures (short) Futures contracts to sell currencies EUR/USD EUR 945 Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR 945 Option contracts Options on equity index derivatives Options on equity indices Call options sold (Underlyings: DJ Euro Stoxx 50, S&P 500) EUR Put options sold (Underlying: DJ Euro Stoxx 50) EUR 3 Swaps Credit default swaps Protection buyer (Underlying: ITRAXX Europe) EUR

334 Deutsche Invest I Multi Asset Allocation Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from investment fund units EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Performance-based fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment expense EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 082% pa, Class LD 142% pa, Class LC 142% pa, Class NC 199% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year In addition, as it outperformed the defined benchmark, the fund incurred a performancebased fee for the fiscal year from January 1, 2014, through December 31, 2014 of Class FC 041% pa calculated on the fund s average net assets As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 332

335 Deutsche Invest I Multi Asset Allocation Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 130 Class NC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR 9803 Class LC EUR 9380 Class LD EUR 8071 Class NC EUR Class FC EUR 9019 Class LC EUR 8626 Class LD EUR 7577 Class NC EUR Class FC EUR 8154 Class LC EUR 7882 Class LD EUR 6971 Class NC EUR 7456 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2061% of all transactions The total volume was EUR

336 Deutsche Invest I Multi Asset Balance Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities BHP Billiton Ltd Count AUD Bank of Montreal Count CAD Sun Life Financial, Inc Count CAD Suncor Energy, Inc Count CAD Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Allianz SE -Reg- Count EUR Amadeus IT Holding SA Count EUR Anheuser-Busch InBev NV Count EUR Atlantia SpA Count EUR AXA SA Count EUR Banco Santander SA Count EUR BASF SE Count EUR Continental AG Count EUR Deutsche Telekom AG -Reg- Count EUR Enel SpA Count EUR Eni SpA Count EUR Gas Natural SDG SA Count EUR Henkel AG & Co KGaA -Pref- Count EUR Koninklijke Ahold NV Count EUR Koninklijke Philips NV Count EUR Muenchener Rueckversicherungs AG -Reg- Count EUR Orange SA Count EUR Safran SA Count EUR SAP AG Count EUR Tenaris SA Count EUR TUI AG Count EUR Unilever NV Count EUR Wolters Kluwer NV Count EUR BP Plc Count GBP HSBC Holdings Plc Count GBP Kingfisher Plc Count GBP Legal & General Group Plc Count GBP Old Mutual Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Central Japan Railway Co Count JPY Fuji Heavy Industries Ltd Count JPY Nippon Telegraph & Telephone Corp Count JPY DBS Group Holdings Ltd Count SGD American Express Co Count USD Anthem, Inc Count USD Apple, Inc Count USD Archer-Daniels-Midland Co Count USD Bed Bath & Beyond, Inc Count USD Comcast Corp -A- Count USD CSX Corp Count USD CVS Health Corp Count USD Delta Air Lines, Inc Count USD Dow Chemical Co Count USD Eli Lilly & Co Count USD Ford Motor Co Count USD Gilead Sciences, Inc Count USD Hewlett-Packard Co Count USD Intel Corp Count USD International Paper Co Count USD Johnson & Johnson Count USD Macy s, Inc Count USD Micron Technology, Inc Count USD Microsoft Corp Count USD Mondelez International, Inc Count USD Pfizer, Inc Count USD Quest Diagnostics, Inc Count USD Raytheon Co Count USD Schlumberger Ltd Count USD TE Connectivity Ltd Count USD Travelers Cos, Inc Count USD US Bancorp Count USD Western Union Co Count USD Interest-bearing securities 300 % Banque Federative du Credit Mutuel SA (MTN) 2014/2024 EUR % % Bundesobligation 2013/2018 EUR % % Bundesschatzanweisungen 2013/2015 ** EUR % % Casino Guichard Perrachon SA (MTN) 2012/2019 EUR % % Commerzbank AG (MTN) 2012/2017 EUR % % France Government Bond OAT 2003/2019 EUR % % French Treasury Note BTAN 2012/2017 EUR % % Glencore Finance Europe SA (MTN) 2014/2022 EUR % % Imperial Tobacco Finance Plc (MTN) 2011/2018 EUR % % IPIC GMTN Ltd 2012/2018 EUR %

337 Deutsche Invest I Multi Asset Balance Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 450 % Italy Buoni Poliennali Del Tesoro 2008/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % JPMorgan Chase & Co (MTN) 2012/2022 EUR % % Korea Gas Corp 2013/2019 EUR % % Raiffeisen Bank International AG (MTN) 2013/2018 EUR % % SES SA (MTN) 2011/2021 EUR % % Spain Government Bond 2009/2019 EUR % % Spain Government Bond 2012/2018 EUR % % Wells Fargo & Co (MTN) 2012/2022 EUR % Investment fund units Non-group fund units ishares Diversified Commodity Swap UCITS ETF (DE) (0460%) Units EUR ishares Euro High Yield Corporate Bond UCITS ETF (0500%) Units EUR ishares JP Morgan $ Emerging Markets Bond UCITS ETF (0500%) Units USD Neuberger Berman High Yield Bond Fund/Ireland (0600%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures FTSE 100 Index Futures 03/ GBP (IFLL) Count MSCI Emerging Market Futures 03/ USD (IFUS) Count Topix Index Futures 03/ JPY (OSE) Count Interest rate derivatives Receivables/payables Interest rate futures Germany Federal Republic Notes 10 year 03/ EUR (XEUR) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/AUD 02 million EUR/CAD 06 million EUR/CHF 02 million EUR/GBP 04 million EUR/JPY 588 million EUR/SEK 12 million Currency futures (long) Open positions USD/EUR 1 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Japanese yen JPY Canadian dollar CAD Swiss franc CHF Singapore dollar SGD US dollar USD

338 Deutsche Invest I Multi Asset Balance Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class NC EUR Number of shares outstanding Class FC Count Class LC Count 101 Class NC Count 100 Presentation of the maximum limit (according to CSSF circular 11/512) 375% of portfolio value (January 31, 2014, through May 25, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 2033 Highest market risk exposure % 3801 Average market risk exposure % 3256 The values-at-risk were calculated for the period from January 31, 2014, through May 25, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 Composition of the reference portfolio (according to CSSF circular 11/512) 50% iboxx EUR Overall - Constituents, 50% MSCI THE WORLD INDEX in EUR Constituents (May 26, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from May 26, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 02, 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 as of the reporting date Market abbreviations Futures exchanges IFLL = Ice Futures Europe - Financial Products Division IFUS = Ice Futures US, Inc OSE = Osaka Securities Exchange XEUR = Eurex 336

339 Deutsche Invest I Multi Asset Balance Contracting parties for currency futures Commerzbank AG, Deutsche Bank AG Frankfurt, Société Générale and UBS AG London Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetua 025 % Bundesschatzanweisungen 2013/2015 EUR Total receivables from securities loans Contracting party for securities loans Unicredit Bank AG Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Japanese yen JPY = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = 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 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 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 fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds No initial sales charges or redemption fees were paid during the period under review Footnotes ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 337

340 Deutsche Invest I Multi Asset Balance 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities ACE Ltd Count Actavis Plc Count Adecco SA -Reg- Count Aetna, Inc Count Airbus Group NV Count Alibaba Group Holding Count American Electric Power Co, Inc Count Ameriprise Financial, Inc Count AP Moeller - Maersk A/S Count Applied Materials, Inc Count Assicurazioni Generali SpA Count Avago Technologies Ltd Count Aviva Plc Count Banco Santander SA -Rights Exp 03Nov14 Count Banco Santander SA -Rights Exp 29Jul14 Count Bellway Plc Count BHP Billiton Plc Count Boeing Co Count BT Group Plc Count Canadian Imperial Bank of Commerce Count Canadian Natural Resources Ltd Count Cap Gemini SA Count Capital One Financial Corp Count Cardinal Health, Inc Count Casino Guichard Perrachon SA Count Caterpillar, Inc Count CF Industries Holdings, Inc Count Cheung Kong Holdings Ltd Count Cisco Systems, Inc Count Comcast Corp Count ConocoPhillips Count Constellation Brands, Inc Count Corning, Inc Count Credit Agricole SA Count Cummins, Inc Count Daimler AG Count Danske Bank A/S Count Deutsche Lufthansa AG -Reg- Count Deutsche Post AG -Reg- Count Discover Financial Services Count DNB ASA Count Encana Corp Count Fresenius SE & Co KGaA Count GDF Suez Count Givaudan SA -Reg- Count GlaxoSmithKline Plc Count Halliburton Co Count HCA Holdings, Inc Count Hikma Pharmaceuticals Plc Count Humana, Inc Count Infineon Technologies AG Count ING Groep NV Count Investor AB Count Kao Corp Count Komatsu Ltd Count Kroger Co Count Las Vegas Sands Corp Count Lloyds Banking Group Plc Count LyondellBasell Industries NV Count Macquarie Group Ltd Count Marriott International, Inc Count McKesson Corp Count Next Plc Count Nordea Bank AB Count Northrop Grumman Corp Count Novo Nordisk A/S Count Oracle Corp Count Panasonic Corp Count Principal Financial Group, Inc Count Red Electrica Corp SA Count Royal Dutch Shell Plc -B- Count SanDisk Corp Count Sanofi Count Skanska AB Count Société Générale SA Count Statoil ASA Count Subsea 7 SA Count Thermo Fisher Scientific, Inc Count Time Warner, Inc Count Tokio Marine Holdings, Inc Count Toronto-Dominion Bank Count Total SA Count Valero Energy Corp Count Vinci SA Count Volkswagen AG Count Western Digital Corp Count Woodside Petroleum Ltd Count Interest-bearing securities 175 % Anglo American Capital Plc (MTN) 2014/2018 EUR % Anglo American Capital Plc 2009/2016 EUR % Belgium Government Bond 2002/2017 EUR % Bundesobligation 2012/2017 EUR % Bundesrepublik Deutschland 2006/2016 EUR % Eutelsat SA 2013/2020 EUR % French Treasury Note BTAN 2011/2016 EUR % Italy Buoni Poliennali Del Tesoro 2002/2017 EUR % Italy Government International Bond (MTN) 2001/2016 EUR % Portugal Obrigacoes do Tesouro OT 2009/2019 EUR % Spain Government Bond 2002/2017 EUR % Spain Government Bond 2005/2037 EUR % Spain Government Bond 2011/2016 EUR % Spain Government Bond 2014/2019 EUR Investment fund units In-group fund units db x-trackers Euro Stoxx 50 UCITS ETF DR - 1C (0000% +) Units db x-trackers FTSE 100 UCITS ETF DR Income - 1D (0200%) Units db x-trackers II iboxx Sovereigns Eurozone 3-5 UCITS ETF (0050%) Units db x-trackers MSCI AC Asia ex Japan TRN Index UCITS ETF (0450% +) Units db x-trackers Russell 2000 UCITS ETF USA (0300% +) Units db x-trackers S&P 500 UCITS ETF - 1C (0050%) Units db x-trackers SMI UCITS ETF DR (0200%) Units Deka EURO STOXX 50 UCITS ETF (0150% +) Units Non-group fund units Amundi ETF Japan Topix Eur Hedged Daily UCITS ETF (0480%) Units ETFS All Commondities (0490%) Units ishares Euro Corporate Bond Large Cap UCITS ETF (0200%) Units ishares Euro Government Bond 3-5yr UCITS ETF (0200%) Units ishares EURO STOXX 50 UCITS ETF (DE) (0150% +) Units ishares S&P 500 UCITS ETF, Inc (0400%) Units ishares STOXX Europe Small 200 UCITS ETF DE (0200%) Units Pictet - Emerging Local Currency Debt (0600% +) Units SOURCE S&P 500 UCITS ETF (0050%) Units UBS ETF-MSCI EMU UCITS ETF (0230%) Units

341 Deutsche Invest I Multi Asset Balance Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlyings: DJ Euro Stoxx 50, S&P 500) EUR Contracts sold (Underlyings: DJ Euro Stoxx 50, FTSE 100, MSCI Emerging Market, Nikkei 225, S&P 500, Topix) EUR Interest rate futures Contracts purchased (Underlying: Euro Bund) EUR 575 Currency futures (short) Futures contracts to sell currencies EUR/AUD EUR 280 EUR/CAD EUR 585 EUR/CHF EUR 888 EUR/DKK EUR 400 EUR/GBP EUR EUR/JPY EUR 910 EUR/NOK EUR 400 EUR/SEK EUR 320 EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies AUD/EUR EUR 280 CAD/EUR EUR 585 CHF/EUR EUR 888 DKK/EUR EUR 400 GBP/EUR EUR JPY/EUR EUR 910 NOK/EUR EUR 400 SEK/EUR EUR 320 USD/EUR EUR

342 Deutsche Invest I Multi Asset Balance Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 31, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from investment fund units EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 018% 1, Class LC 147% 1, Class NC 071% 1 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal period As well, the additional income from securities lending resulted in a performance-based fee of 0000% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Inflows from the merger of funds EUR c) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 3 Class FC The income for the fiscal period is reinvested Class LC The income for the fiscal period is reinvested Class NC The income for the fiscal period is reinvested 3 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 EUR EUR EUR - Net asset value per share at the end of the reporting period 2014 Class FC EUR Class LC EUR Class NC EUR Class FC EUR - Class LC EUR - Class NC EUR Class FC EUR - Class LC EUR - Class NC EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the sub-pool of assets via brokers that are closely related companies and persons (share of five percent and above), amounted to 2464% of all transactions The total volume was EUR

343 Deutsche Invest I Multi Asset Defensive Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities BHP Billiton Ltd Count AUD Bank of Montreal Count CAD Sun Life Financial, Inc Count CAD Suncor Energy, Inc Count CAD Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Allianz SE -Reg- Count EUR Amadeus IT Holding SA Count EUR Anheuser-Busch InBev NV Count EUR Atlantia SpA Count EUR AXA SA Count EUR Banco Santander SA Count EUR BASF SE Count EUR Continental AG Count EUR Deutsche Telekom AG -Reg- Count EUR Enel SpA Count EUR Eni SpA Count EUR Gas Natural SDG SA Count EUR Henkel AG & Co KGaA -Pref- Count EUR Koninklijke Ahold NV Count EUR Koninklijke Philips NV Count EUR Muenchener Rueckversicherungs AG -Reg- Count EUR Orange SA Count EUR Safran SA Count EUR SAP AG Count EUR Tenaris SA Count EUR Unilever NV Count EUR Wolters Kluwer NV Count EUR BP Plc Count GBP HSBC Holdings Plc Count GBP Kingfisher Plc Count GBP Legal & General Group Plc Count GBP Old Mutual Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Shire Plc Count GBP Central Japan Railway Co Count JPY Fuji Heavy Industries Ltd Count JPY Nippon Telegraph & Telephone Corp Count JPY DBS Group Holdings Ltd Count SGD American Express Co Count USD Anthem, Inc Count USD Apple, Inc Count USD Archer-Daniels-Midland Co Count USD Bed Bath & Beyond, Inc Count USD Comcast Corp -A- Count USD CSX Corp Count USD CVS Health Corp Count USD Delta Air Lines, Inc Count USD Dow Chemical Co Count USD Eli Lilly & Co Count USD Ford Motor Co Count USD Gilead Sciences, Inc Count USD Hewlett-Packard Co Count USD Intel Corp Count USD International Paper Co Count USD Johnson & Johnson Count USD Macy s, Inc Count USD Micron Technology, Inc Count USD Microsoft Corp Count USD Mondelez International, Inc Count USD Pfizer, Inc Count USD Quest Diagnostics, Inc Count USD Raytheon Co Count USD Schlumberger Ltd Count USD TE Connectivity Ltd Count USD Travelers Cos, Inc Count USD US Bancorp Count USD Western Union Co Count USD Interest-bearing securities 050 % Bundesobligation 2013/2018 EUR % % France Government Bond OAT 2003/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2005/2015 EUR % % Italy Buoni Poliennali Del Tesoro 2008/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Spain Government Bond 2009/2019 EUR % % Spain Government Bond 2012/2015 EUR % % Spain Government Bond 2012/2018 EUR %

344 Deutsche Invest I Multi Asset Defensive Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Investment fund units In-group fund units db x-trackers II iboxx Sovereigns Eurozone 3-5 UCITS ETF (0050%) Units EUR db x-trackers MSCI AC Asia ex Japan Index UCITS ETF (0450% +) Units USD Non-group fund units Amundi ETF Japan Topix Eur Hedged Daily UCITS ETF (0480%) Units EUR ishares Diversified Commodity Swap UCITS ETF (DE) (0460%) Units EUR ishares Euro Corporate Bond Large Cap UCITS ETF (0200%) Units EUR ishares Euro High Yield Corporate Bond UCITS ETF (0500%) Units EUR ishares JP Morgan $ Emerging Markets Bond UCITS ETF (0500%) Units USD Neuberger Berman High Yield Bond Fund/Ireland (0600%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Interest rate futures Germany Federal Republic Notes 10 year 03/ EUR (XEUR) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/GBP 01 million EUR/JPY 103 million EUR/USD 01 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Japanese yen JPY Canadian dollar CAD Swiss franc CHF Singapore dollar SGD US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 342

345 Deutsche Invest I Multi Asset Defensive Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class LC Count Class LD Count 220 Class NC Count 242 Composition of the reference portfolio (according to CSSF circular 11/512) 65% iboxx EUR Overall - Constituents, 35% MSCI THE WORLD INDEX in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from June 16, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Market abbreviations Futures exchanges XEUR = Eurex Contracting party for currency futures Deutsche Bank AG Frankfurt Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Japanese yen JPY = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = 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 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 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 fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds No initial sales charges or redemption fees were paid during the period under review Footnotes *** Does not include positions with a negative balance, if such exist 343

346 Deutsche Invest I Multi Asset Defensive 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities Actavis Plc Count Adecco SA -Reg- Count Aetna, Inc Count Airbus Group NV Count Alibaba Group Holding Count American Electric Power Co, Inc Count AP Moeller - Maersk A/S Count 9 9 Applied Materials, Inc Count Assicurazioni Generali SpA Count Avago Technologies Ltd Count Banco Santander SA -Rights Exp 03Nov14 Count Banco Santander SA -Rights Exp 29Jul14 Count Bellway Plc Count BT Group Plc Count Canadian Natural Resources Ltd Count Cap Gemini SA Count Caterpillar, Inc Count Cheung Kong Holdings Ltd Count Constellation Brands, Inc Count Corning, Inc Count Credit Agricole SA Count Cummins, Inc Count Daimler AG Count Danske Bank A/S Count Deutsche Post AG -Reg- Count Discover Financial Services Count DNB ASA Count Encana Corp Count GDF Suez Count Givaudan SA -Reg- Count GlaxoSmithKline Plc Count Halliburton Co Count HCA Holdings, Inc Count ING Groep NV Count Kao Corp Count Kroger Co Count Lloyds Banking Group Plc Count LyondellBasell Industries NV Count Macquarie Group Ltd Count Marriott International, Inc Count McKesson Corp Count Nordea Bank AB Count Northrop Grumman Corp Count Novo Nordisk A/S Count Panasonic Corp Count SanDisk Corp Count Statoil ASA Count Subsea 7 SA Count Time Warner, Inc Count Tokio Marine Holdings, Inc Count Valero Energy Corp Count Vinci SA Count Volkswagen AG Count Woodside Petroleum Ltd Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlying: DJ Euro Stoxx 50) EUR 191 Contracts sold (Underlyings: DJ Euro Stoxx 50, Nikkei 225, S&P 500) EUR 493 Currency futures (short) Futures contracts to sell currencies EUR/GBP EUR 90 EUR/JPY EUR 70 EUR/USD EUR 520 Currency futures (long) Futures contracts to purchase currencies GBP/EUR EUR 90 JPY/EUR EUR 70 USD/EUR EUR 520 Interest-bearing securities 550 % Belgium Government Bond 2002/2017 EUR % Bundesobligation 2012/2017 EUR % Bundesrepublik Deutschland 2006/2016 EUR % French Treasury Note BTAN 2011/2016 EUR % Italy Buoni Poliennali Del Tesoro 2002/2017 EUR % Italy Government International Bond (MTN) 2001/2016 EUR % Spain Government Bond 2002/2017 EUR % Spain Government Bond 2005/2037 EUR % Spain Government Bond 2011/2016 EUR Investment fund units Non-group fund units Pictet - Emerging Local Currency Debt (0600% +) Units

347 Deutsche Invest I Multi Asset Defensive Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from June 16, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Income from investment fund units EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class LC 078% 1, Class LD 078% 1, Class NC 097% 1 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal period The fund invested more than 20% of its assets in target funds Further costs, charges and fees were incurred at the level of the target funds If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER) in accordance with the CSSF circular 03/122 of the Luxembourg supervisory authority If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation The synthetic TER was: Class LC 089% 2, Class LD 090% 2, Class NC 108% 2 2 Annualization has not been performed for share classes launched during the year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 3 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 4 Class LC The income for the fiscal period is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 020 Class NC The income for the fiscal period is reinvested 4 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 EUR EUR EUR - Net asset value per share at the end of the reporting period 2014 Class LC EUR Class LD EUR Class NC EUR Class LC EUR - Class LD EUR - Class NC EUR Class LC EUR - Class LD EUR - Class NC EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1709% of all transactions The total volume was EUR

348 Deutsche Invest I Multi Asset Dynamic Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities BHP Billiton Ltd Count AUD Bank of Montreal Count CAD Sun Life Financial, Inc Count CAD Suncor Energy, Inc Count CAD Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Allianz SE -Reg- Count EUR Amadeus IT Holding SA Count EUR Anheuser-Busch InBev NV Count EUR Atlantia SpA Count EUR AXA SA Count EUR Banco Santander SA Count EUR BASF SE Count EUR Continental AG Count EUR Credit Agricole SA Count EUR Deutsche Telekom AG -Reg- Count EUR Enel SpA Count EUR Eni SpA Count EUR Gas Natural SDG SA Count EUR Henkel AG & Co KGaA -Pref- Count EUR Koninklijke Ahold NV Count EUR Koninklijke Philips NV Count EUR Muenchener Rueckversicherungs AG -Reg- Count EUR Orange SA Count EUR Safran SA Count EUR SAP AG Count EUR Tenaris SA Count EUR Unilever NV Count EUR Wolters Kluwer NV Count EUR BP Plc Count GBP HSBC Holdings Plc Count GBP Kingfisher Plc Count GBP Legal & General Group Plc Count GBP Old Mutual Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Shire Plc Count GBP Central Japan Railway Co Count JPY Fuji Heavy Industries Ltd Count JPY Nippon Telegraph & Telephone Corp Count JPY DBS Group Holdings Ltd Count SGD American Express Co Count USD Anthem, Inc Count USD Apple, Inc Count USD Archer-Daniels-Midland Co Count USD Bed Bath & Beyond, Inc Count USD Comcast Corp -A- Count USD CSX Corp Count USD CVS Health Corp Count USD Delta Air Lines, Inc Count USD Dow Chemical Co Count USD Eli Lilly & Co Count USD Ford Motor Co Count USD Gilead Sciences, Inc Count USD Hewlett-Packard Co Count USD Intel Corp Count USD International Paper Co Count USD Johnson & Johnson Count USD Macy s, Inc Count USD Micron Technology, Inc Count USD Microsoft Corp Count USD Mondelez International, Inc Count USD Pfizer, Inc Count USD Quest Diagnostics, Inc Count USD Raytheon Co Count USD Schlumberger Ltd Count USD TE Connectivity Ltd Count USD Travelers Cos, Inc Count USD US Bancorp Count USD Western Union Co Count USD Interest-bearing securities 050 % Bundesobligation 2013/2018 EUR % % France Government Bond OAT 2003/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2008/2019 EUR % % Italy Buoni Poliennali Del Tesoro 2012/2017 EUR % % Spain Government Bond 2009/2019 EUR % % Spain Government Bond 2012/2018 EUR %

349 Deutsche Invest I Multi Asset Dynamic Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Investment fund units In-group fund units db x-trackers SMI UCITS ETF DR (0200%) Units CHF db x-trackers MSCI AC Asia ex Japan TRN Index UCITS ETF (0450% +) Units USD Non-group fund units ishares Diversified Commodity Swap UCITS ETF (DE) (0460%) Units EUR ishares Euro Corporate Bond Large Cap UCITS ETF (0200%) Units EUR ishares Euro High Yield Corporate Bond UCITS ETF (0500%) Units EUR ishares JP Morgan $ Emerging Markets Bond UCITS ETF (0500%) Units USD Neuberger Berman High Yield Bond Fund/Ireland (0600%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count S & P MINI 500 Futures 03/ USD (CME) Count Topix Index Futures 03/ JPY (OSE) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/AUD 01 million EUR/CAD 02 million EUR/GBP 02 million EUR/JPY 235 million Currency futures (long) Open positions USD/EUR 05 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Japanese yen JPY Canadian dollar CAD Swiss franc CHF Singapore dollar SGD US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 347

350 Deutsche Invest I Multi Asset Dynamic Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class LC EUR Class NC EUR Number of shares outstanding Class LC Count Class NC Count 680 Composition of the reference portfolio (according to CSSF circular 11/512) 75% MSCI THE WORLD INDEX in EUR Constituents, 25% iboxx EUR Overall - Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from June 16, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 02, 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 as of the reporting date Market abbreviations Futures exchanges CME = Chicago Mercantile Exchange OSE = Osaka Securities Exchange XEUR = Eurex Contracting parties for currency futures Barclays Bank Plc Wholesale and Credit Suisse London Branch (GFX) Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Japanese yen JPY = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes *** Does not include positions with a negative balance, if such exist 348

351 Deutsche Invest I Multi Asset Dynamic 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities Actavis Plc Count Adecco SA -Reg- Count Aetna, Inc Count Airbus Group NV Count Alibaba Group Holding Count American Electric Power Co, Inc Count AP Moeller - Maersk A/S Count Applied Materials, Inc Count Assicurazioni Generali SpA Count Avago Technologies Ltd Count Banco Santander SA -Rights Exp 03Nov14 Count Banco Santander SA -Rights Exp 29Jul14 Count Bellway Plc Count BT Group Plc Count Canadian Natural Resources Ltd Count Cap Gemini SA Count Caterpillar, Inc Count Cheung Kong Holdings Ltd Count Constellation Brands, Inc Count Corning, Inc Count Cummins, Inc Count Daimler AG Count Danske Bank A/S Count Deutsche Post AG -Reg- Count Discover Financial Services Count DNB ASA Count Encana Corp Count GDF Suez Count Givaudan SA -Reg- Count GlaxoSmithKline Plc Count Halliburton Co Count HCA Holdings, Inc Count ING Groep NV Count Kao Corp Count Kroger Co Count Lloyds Banking Group Plc Count LyondellBasell Industries NV Count Macquarie Group Ltd Count Marriott International, Inc Count McKesson Corp Count Nordea Bank AB Count Northrop Grumman Corp Count Novo Nordisk A/S Count Panasonic Corp Count SanDisk Corp Count Statoil ASA Count Subsea 7 SA Count Time Warner, Inc Count Tokio Marine Holdings, Inc Count Valero Energy Corp Count Vinci SA Count Volkswagen AG Count Woodside Petroleum Ltd Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlying: DJ Euro Stoxx 50) EUR 510 Contracts sold (Underlyings: DJ Euro Stoxx 50, FTSE 100, Nikkei 225, Topix) EUR 565 Currency futures (short) Futures contracts to sell currencies EUR/AUD EUR 190 EUR/CAD EUR 275 EUR/DKK EUR 290 EUR/GBP EUR 510 EUR/JPY EUR 400 EUR/NOK EUR 245 EUR/USD EUR 795 Currency futures (long) Futures contracts to purchase currencies AUD/EUR EUR 190 CAD/EUR EUR 275 DKK/EUR EUR 290 GBP/EUR EUR 510 JPY/EUR EUR 400 NOK/EUR EUR 245 USD/EUR EUR 795 Interest-bearing securities 550 % Belgium Government Bond 2002/2017 EUR % Bundesobligation 2012/2017 EUR % Bundesrepublik Deutschland 2006/2016 EUR % French Treasury Note BTAN 2011/2016 EUR % Italy Buoni Poliennali Del Tesoro 2002/2017 EUR % Italy Government International Bond (MTN) 2001/2016 EUR % Spain Government Bond 2002/2017 EUR % Spain Government Bond 2005/2037 EUR % Spain Government Bond 2011/2016 EUR Investment fund units Non-group fund units Pictet - Emerging Local Currency Debt (0600% +) Units

352 Deutsche Invest I Multi Asset Dynamic Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from June 16, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Income from investment fund units EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class LC 103% 1, Class NC 123% 1 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of the fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 3 Class LC The income for the fiscal period is reinvested Class NC The income for the fiscal period is reinvested 3 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 EUR EUR EUR - Net asset value per share at the end of the reporting period 2014 Class LC EUR Class NC EUR Class LC EUR - Class NC EUR Class LC EUR - Class NC EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 974% of all transactions The total volume was EUR

353 Deutsche Invest I Multi Asset Income Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Woodside Petroleum Ltd Count AUD Royal Bank of Canada Count CAD Suncor Energy, Inc Count CAD Novartis AG -Reg- Count CHF Swiss Re Ltd Count CHF Allianz SE -Reg- Count EUR AXA SA Count EUR Bayerische Motoren Werke AG -Pref- Count EUR Daimler AG Count EUR Deutsche Post AG -Reg- Count EUR Enel SpA Count EUR Eutelsat Communications SA Count EUR Fresenius SE & Co KGaA Count EUR Hannover Rueck SE -Reg- Count EUR Iberdrola SA Count EUR Merck KGaA Count EUR Red Electrica Corp SA Count EUR Reed Elsevier NV Count EUR Sampo -A- Count EUR Sanofi Count EUR Telefonica SA Count EUR Aberdeen Asset Management Plc Count GBP BHP Billiton Plc Count GBP BP Plc Count GBP British American Tobacco Plc Count GBP British Land Co, Plc Count GBP J Sainsbury Plc Count GBP Next Plc Count GBP Old Mutual Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Canon, Inc Count JPY Daito Trust Construction Co, Ltd Count JPY Fuji Heavy Industries Ltd Count JPY Kirin Holdings Co Ltd Count JPY Komatsu Ltd Count JPY Marubeni Corp Count JPY NTT DOCOMO, Inc Count JPY Telenor ASA Count NOK Investor AB Count SEK Swedbank AB Count SEK Sembcorp Industries Ltd Count SGD Accenture Plc Count USD ACE Ltd Count USD Altria Group, Inc Count USD Amgen, Inc Count USD Anthem, Inc Count USD Apple, Inc Count USD AT&T, Inc Count USD Baxter International, Inc Count USD California Resources Corp Count USD Caterpillar, Inc Count USD CF Industries Holdings, Inc Count USD Cisco Systems, Inc Count USD ConocoPhillips Count USD Corning, Inc Count USD Dow Chemical Co Count USD Exxon Mobil Corp Count USD General Mills, Inc Count USD Halyard Health, Inc Count USD Harris Corp Count USD Home Depot, Inc Count USD Intel Corp Count USD Johnson & Johnson Count USD JPMorgan Chase & Co Count USD Kimberly-Clark Corp Count USD L-3 Communications Holdings, Inc Count USD Las Vegas Sands Corp Count USD LyondellBasell Industries NV Count USD Macy s, Inc Count USD Magna International, Inc Count USD Medtronic, Inc Count USD Microsoft Corp Count USD Noble Corp Plc Count USD Norfolk Southern Corp Count USD Northrop Grumman Corp Count USD Occidental Petroleum Corp Count USD Oracle Corp Count USD Paragon Offshore Plc Count USD PepsiCo, Inc Count USD PNC Financial Services Group, Inc Count USD

354 Deutsche Invest I Multi Asset Income Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Public Service Enterprise Group, Inc Count USD Schlumberger Ltd Count USD Seagate Technology Plc Count USD The Sherwin-Williams Co Count USD Travelers Cos, Inc Count USD Union Pacific Corp Count USD US Bancorp Count USD Verizon Communications, Inc Count USD Wal-Mart Stores, Inc Count USD Wells Fargo & Co Count USD Certificates DekaBank Deutsche Girozentrale - Multi Express-Zertifikat Memory Count EUR Société Générale Effekten GmbH - Basket ExpressMulti Count EUR Société Générale Effekten GmbH - Trio Memory Express Zertifikat Count EUR Interest-bearing securities 1000 % Brazil Notas do Tesouro Nacional Serie F 2010/2021 BRL % % Agrokor dd 2012/2020 EUR % % JPMorgan Chase & Co (MTN) 2012/2022 EUR % % Raiffeisen Bank International AG (MTN) 2013/2018 EUR % % Indonesia Treasury Bond 2013/2024 IDR % % Turkey Government Bond 2013/2023 TRY % % Chile Government International Bond 2012/2042 USD % % Colombia Government International Bond 2000/2020 USD % % Croatia Government International Bond -Reg- 2013/2023 USD % % Development Bank of Kazakhstan JSC 2012/2022 USD % % Development Bank of Mongolia LLC -Reg- 2012/2017 USD % % El Salvador Government International Bond -Reg- 2002/2023 USD % % Eskom Holdings SOC Ltd -Reg- 2011/2021 USD % % Hungary Government International Bond 2014/2024 USD % % Indonesia Government International Bond -Reg- 2012/2042 USD % % KazMunayGas National Co, JSC -Reg- 2013/2023 USD % % Mexico Government International Bond (MTN) 2004/2034 USD % % Panama Government International Bond 2005/2026 USD % % Peruvian Government International Bond 2005/2025 USD % % Republic of Azerbaijan International Bond -Reg- 2014/2024 USD % % Slovakia Government International Bond -Reg- 2012/2022 USD % % Venezuela Government International Bond -Reg- 2005/2020 USD % Investment fund units Non-group fund units ishares Emerging Markets Dividend UCITS ETF (0650%) Units USD Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count FTSE 100 Index Futures 03/ GBP (IFLL) Count S & P MINI 500 Futures 03/ USD (CME) Count Interest rate derivatives Receivables/payables 352

355 Deutsche Invest I Multi Asset Income Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Interest rate futures US Treasury Notes 10 year Futures 03/ USD (CBT) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/GBP 01 million EUR/JPY 131 million EUR/USD 41 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Brazilian real BRL Indonesian rupiah IDR Japanese yen JPY Canadian dollar CAD Swiss franc CHF Singapore dollar SGD South African rand ZAR Turkish lira TRY US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages 353

356 Deutsche Invest I Multi Asset Income Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class LD EUR Class ND EUR Number of shares outstanding Class LD Count Class ND Count Presentation of the maximum limit (according to CSSF circular 11/512) 5% of portfolio value Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 1785 Highest market risk exposure % 3683 Average market risk exposure % 3070 The values-at-risk were calculated for the period from June 4, 2014, through December 31, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 05, 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 as of the reporting date Market abbreviations Futures exchanges CBT = Chicago Board of Trade CME = Chicago Mercantile Exchange IFLL = ICE Futures Europe - Financial Products Division XEUR = Eurex Contracting party for currency futures Credit Suisse London Branch (GFX) Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Brazilian real BRL = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Indonesian rupiah IDR = EUR 1 Japanese yen JPY = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 Turkish lira TRY = EUR 1 US dollar USD = EUR 1 South African rand ZAR = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes *** Does not include positions with a negative balance, if such exist 354

357 Deutsche Invest I Multi Asset Income 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities Deere & Co Count Fidelity National Financial, Inc -A- Count FNF Group Count FNFV Group Count Iberdrola SA Count Iberdrola SA -Rights Exp 16Dec14 Count Iberdrola SA -Rights Exp 23Jul14 Count International Paper Co Count Orange SA Count Telefonica NV Count Telefonica SA Count Veritiv Corp Count Interest-bearing securities 2625 % Eutelsat SA 2013/2020 EUR % South Africa Government Bond 1998/2026 ZAR Certificates UniCredit Bank AG - Basket ExpressMulti Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlyings: DJ Euro Stoxx 50, FTSE 100, S&P 500) EUR Contracts sold (Underlyings: DJ Euro Stoxx 50, FTSE 100, S&P 500, Topix) EUR Interest rate futures Contracts purchased (Underlying: US Treasury Note 10-Year) EUR Currency futures (short) Futures contracts to sell currencies EUR/GBP EUR 585 EUR/JPY EUR 366 EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies GBP/EUR EUR 585 JPY/EUR EUR 359 USD/EUR EUR Option contracts Options on equity index derivatives Options on equity indices Call options sold (Underlying: DJ Euro Stoxx 50) EUR

358 Deutsche Invest I Multi Asset Income Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from June 4, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Income from investment fund units EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class LD 083% 1, Class ND 105% 1 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal period Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund at the end of the fiscal period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 3 Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 150 Class ND Type As of Currency Per share Final distribution March 6, 2015 EUR Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 EUR EUR EUR - Net asset value per share at the end of the reporting period 2014 Class LD EUR Class ND EUR Class LD EUR - Class ND EUR Class LD EUR - Class ND EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5489% of all transactions The total volume was EUR

359 Deutsche Invest I Multi Asset Total Return I Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Woodside Petroleum Ltd Count AUD Bank of Montreal Count CAD National Bank of Canada Count CAD Royal Bank of Canada Count CAD Sun Life Financial, Inc Count CAD Suncor Energy, Inc Count CAD Roche Holding AG Count CHF Zurich Insurance Group AG Count CHF Allianz SE -Reg- Count EUR Anheuser-Busch InBev NV Count EUR Atlantia SpA Count EUR Banco Comercial Portugues SA Count EUR Banco Santander SA Count EUR CytoTools AG Count EUR Deutsche Telekom AG -Reg- Count EUR Enel SpA Count EUR Gas Natural SDG SA Count EUR Henkel AG & Co KGaA -Pref- Count EUR Koninklijke Ahold NV Count EUR Koninklijke Philips NV Count EUR SAP AG Count EUR Tenaris SA Count EUR Wolters Kluwer NV Count EUR BHP Billiton Plc Count GBP BP Plc Count GBP British American Tobacco Plc Count GBP HSBC Holdings Plc Count GBP Kingfisher Plc Count GBP Legal & General Group Plc Count GBP Old Mutual Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Asahi Kasei Corp Count JPY Bridgestone Corp Count JPY Canon, Inc Count JPY Central Japan Railway Co Count JPY Fuji Heavy Industries Ltd Count JPY KDDI Corp Count JPY Otsuka Holdings Co, Ltd Count JPY DBS Group Holdings Ltd Count SGD American Express Co Count USD Anthem, Inc Count USD Apple, Inc Count USD Archer-Daniels-Midland Co Count USD Bed Bath & Beyond, Inc Count USD Comcast Corp Count USD CSX Corp Count USD CVS Health Corp Count USD Delta Air Lines, Inc Count USD Dow Chemical Co Count USD Eli Lilly & Co Count USD Ford Motor Co Count USD Gilead Sciences, Inc Count USD Hewlett-Packard Co Count USD Intel Corp Count USD International Paper Co Count USD Johnson & Johnson Count USD Macy s, Inc Count USD Micron Technology, Inc Count USD Microsoft Corp Count USD Mondelez International, Inc Count USD Northrop Grumman Corp Count USD Pfizer, Inc Count USD Quest Diagnostics, Inc Count USD Raytheon Co Count USD Schlumberger Ltd Count USD TE Connectivity Ltd Count USD Travelers Cos, Inc Count USD US Bancorp Count USD Verizon Communications, Inc Count USD Western Union Co Count USD Certificates DekaBank Deutsche Girozentrale - Multi Express-Zertifikat Memory Count EUR Skandinaviska Enskilda Banken AB - Multi Express Rohstoffminen Basket Count 1 1 EUR Société Générale Effekten GmbH - Basket ExpressMulti Count EUR Société Générale Effekten GmbH - Orange Count EUR Société Générale Effekten GmbH - SXPP Index Count EUR Société Générale Effekten GmbH - Trio Memory Express Zertifikat Count EUR

360 Deutsche Invest I Multi Asset Total Return I Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Interest-bearing securities 2875 % ArcelorMittal (MTN) 2014/2020 EUR % % Bank of Ireland 2014/2019 EUR % % Casino Guichard Perrachon SA (MTN) 2012/2019 EUR % % ESB Finance Ltd 2012/2017 EUR % % FADE - Fondo de Amortizacion del Deficit Electrico (MTN) 2014/2017 EUR % % France Government Bond OAT 2011/2021 EUR % % Gazprom OAO Via Gaz Capital SA 144A 2007/2017 EUR % % Imperial Tobacco Finance Plc (MTN) 2011/2018 EUR % % Italy Buoni Poliennali Del Tesoro 2013/2024 EUR % % JPMorgan Chase & Co (MTN) 2012/2022 EUR % % Kering (MTN) 2012/2019 EUR % % Petroleos Mexicanos (MTN) 2009/2017 EUR % % Pohjola Bank Plc (MTN) 2014/2017 * EUR % % Portugal Obrigacoes do Tesouro OT 2009/2019 EUR % % Raiffeisen Bank International AG (MTN) 2013/2018 EUR % % Spain Government Bond 2013/2023 EUR % % Teliasonera AB 2014/2019 EUR % % Vnesheconombank Via VEB Finance Plc -Reg- 2013/2018 EUR % % Wells Fargo & Co (MTN) 2012/2022 EUR % % Poland Government International Bond 2009/2019 USD % % Russian Railways via RZD Capital Plc 2010/2017 USD % Securities admitted to or included in organized markets Interest-bearing securities 3875 % Intesa Sanpaolo SpA 2013/2018 USD % Investment fund units Non-group fund units ishares Euro High Yield Corporate Bond UCITS ETF (0500%) Units EUR Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures FTSE 100 Index Futures 03/ GBP (IFLL) Count S & P MINI 500 Futures 03/ USD (CME) Count Topix Index Futures 03/ JPY (OSE) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/CHF 02 million Currency futures (long) Open positions AUD/EUR 01 million JPY/EUR 165 million NOK/EUR 88 million SEK/EUR 08 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK

361 Deutsche Invest I Multi Asset Total Return I Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Deposits in non-eu/eea currencies Australian dollar AUD Japanese yen JPY Canadian dollar CAD Russian rouble RUB Swiss franc CHF Singapore dollar SGD Turkish lira TRY US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class LC EUR Class NC EUR Number of shares outstanding Class LC Count Class NC Count 568 Composition of the reference portfolio (according to CSSF circular 11/512) 75% MSCI THE WORLD INDEX in EUR Constituents, 25% iboxx EUR Sovereigns 1-3 Constituents (January 1, 2014, through May 25, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from , through May 25, 2014, 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 approach as defined in CSSF circular 11/512 Presentation of the maximum limit (according to CSSF circular 11/512 5% of portfolio value (May 26, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 1590 Highest market risk exposure % 4192 Average market risk exposure % 3314 The values-at-risk were calculated for the period from May 26, 2014, through December 31, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 05, 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 as of the reporting date 359

362 Deutsche Invest I Multi Asset Total Return I Market abbreviations Futures exchanges CME = Chicago Mercantile Exchange IFLL = ICE Futures Europe - Financial Products Division OSE = Osaka Securities Exchange Contracting parties for currency futures Deutsche Bank AG Frankfurt and Société Générale Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Japanese yen JPY = EUR 1 Norwegian krone NOK = EUR 1 Russian rouble RUB = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 Turkish lira TRY = EUR 1 US dollar USD = 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 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 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 fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds No initial sales charges or redemption fees were paid during the period under review Footnotes * Floating interest rate *** Does not include positions with a negative balance, if such exist 360

363 Deutsche Invest I Multi Asset Total Return I 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities ACE Ltd Count Aetna, Inc Count Alibaba Group Holding Count Ameriprise Financial, Inc Count AP Moeller - Maersk A/S Count Aviva Plc Count AXA SA Count Banca Popolare dell Emilia Romagna SC Count Boeing Co Count BT Group Plc Count Canadian Imperial Bank of Commerce Count Canadian Natural Resources Ltd Count Capital One Financial Corp Count Cardinal Health, Inc Count Casino Guichard Perrachon SA Count Caterpillar, Inc Count CF Industries Holdings, Inc Count Cisco Systems, Inc Count ConocoPhillips Count Constellation Brands, Inc Count Continental AG Count Corning, Inc Count Cummins, Inc Count Daimler AG Count Discover Financial Services Count Erste Group Bank AG Count Fresenius SE & Co KGaA Count GDF Suez Count Givaudan SA -Reg- Count Halliburton Co Count Hikma Pharmaceuticals Plc Count Humana, Inc Count Investor AB Count Kao Corp Count Komatsu Ltd Count Kroger Co Count Las Vegas Sands Corp Count LyondellBasell Industries NV Count Marriott International, Inc Count Muenchener Rueckversicherungs AG -Reg- Count Next Plc Count Nippon Telegraph & Telephone Corp Count Nordea Bank AB Count Oracle Corp Count Principal Financial Group, Inc Count Red Electrica Corp SA Count Royal Dutch Shell Plc -B- Count Skanska AB Count Société Générale SA Count Statoil ASA Count Thermo Fisher Scientific, Inc Count Toronto-Dominion Bank Count Valero Energy Corp Count Vinci SA Count Western Digital Corp Count Certificates Commerzbank AG - Basket-Zertifikat Count DekaBank Deutsche Girozentrale - Multi-Express-Zertifikat Memory 09/2017 Count Société Générale Effekten GmbH - Equity Basket Express Certificate Count Société Générale Effekten GmbH - Euro Stoxx 50 Index Count Société Générale Effekten GmbH - SXPP Index Count UniCredit Bank AG - Basket ExpressMulti 2020/07 Count Unicredit Bank AG - HVB XMEM 20 Basket Count UniCredit Bank AG - NYSE Arca Gold Bugs Count Unicredit Bank AG - SXKE Index Count Investment fund units In-group fund units db x-trackers Euro Stoxx 50 UCITS ETF DR - 1C (0000% +) Units db x-trackers II iboxx Sovereigns Eurozone 3-5 UCITS ETF (0050%) Units db x-trackers MSCI Emerging Markets Index UCITS ETF (0450%) Units db x-trackers S&P 500 UCITS ETF - 1C (0050%) Units Non-group fund units Amundi ETF Japan Topix Eur Hedged Daily UCITS ETF (0480%) Units ishares Euro Corporate Bond Large Cap UCITS ETF (0200%) Units ishares Euro Government Bond 3-5yr UCITS ETF (0200%) Units ishares EURO STOXX 50 UCITS ETF (DE) (0150% +) Units ishares JP Morgan $ Emerging Markets Bond UCITS ETF (0500%) Units ishares S&P 500 UCITS ETF, Inc (0400%) Units Interest-bearing securities 325 % Bundesrepublik Deutschland 2005/2015 EUR % Italy Buoni Poliennali Del Tesoro 2002/2017 EUR % Spain Government Bond 2005/2037 EUR

364 Deutsche Invest I Multi Asset Total Return I Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlyings: DJ Euro Stoxx 50, FTSE 100, S&P 500, Topix) EUR Contracts sold (Underlyings: Dax, DJ Euro Stoxx 50, FTSE 100, FTSE MIB, MSCI Emerging Market, S&P 500, Topix) EUR Interest rate futures Contracts purchased (Underlying: Euro Bund) EUR Currency futures (short) Futures contracts to sell currencies EUR/AUD EUR 60 EUR/CAD EUR 499 EUR/CHF EUR 502 EUR/GBP EUR EUR/JPY EUR 968 EUR/NOK EUR EUR/SEK EUR 170 EUR/TRY EUR 100 EUR/USD EUR USD/AUD EUR 975 USD/BRL EUR 430 USD/JPY EUR USD/RUB EUR 54 Currency futures (long) Futures contracts to purchase currencies AUD/EUR EUR 139 AUD/USD EUR 968 BRL/USD EUR 424 JPY/EUR EUR 100 JPY/USD EUR NOK/EUR EUR RUB/EUR EUR 50 RUB/USD EUR 55 SEK/EUR EUR 260 TRY/EUR EUR 100 USD/EUR EUR Option contracts Options on equity index derivatives Options on equity indices Call options sold (Underlyings: Dax, DJ Euro Stoxx 50, S&P 500) EUR Put options sold (Underlyings: DJ Euro Stoxx 50, S&P 500) EUR 51 Options on interest rate derivatives Options on bond indices Call options sold (Underlying: IRO USD 1Y) EUR 13 Options on bond index futures Call options purchased (Underlying: OGBL) EUR 11 Put options purchased (Underlying: OGBL) EUR 29 Call options sold (Underlying: OGBL) EUR 24 Put options sold (Underlying: OGBL) EUR

365 Deutsche Invest I Multi Asset Total Return I Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 31, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from investment fund units EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class LC 161% 1, Class NC 073% 1 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given reporting period Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 3 Class LC The income for the fiscal period is reinvested Class NC The income for the fiscal period is reinvested 3 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 EUR EUR EUR - Net asset value per share at the end of the reporting period 2014 Class LC EUR Class NC EUR Class LC EUR - Class NC EUR Class LC EUR - Class NC EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1809% of all transactions The total volume was EUR

366 Deutsche Invest I Multi Opportunities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Swatch Group AG -B- Count CHF Airbus Group NV Count EUR Allianz SE -Reg- Count EUR Applus Services SA Count EUR Banco Bilbao Vizcaya Argentaria SA Count EUR Banco Bilbao Vizcaya Argentaria SA -Rights Exp 07Jan15 Count EUR BNP Paribas SA Count EUR BRAAS Monier Building Group SA Count EUR Cie de St-Gobain Count EUR CTS Eventim AG Count EUR Deutsche Bank AG -Reg- Count EUR Electricite de France SA Count EUR Elior SCA Count EUR Fresenius Medical Care AG & Co KGaA Count EUR ING Groep NV Count EUR Intesa Sanpaolo SpA Count EUR QIAGEN NV Count EUR Raiffeisen Bank International AG Count EUR Rexel SA Count EUR Sanofi Count EUR Smurfit Kappa Group Plc Count EUR Société Générale SA Count EUR Stabilus GmbH Count EUR Unipol Gruppo Finanziario SpA Count EUR Anglo American Plc Count GBP ASOS Plc Count GBP Barclays Plc Count GBP BG Group Plc Count GBP BHP Billiton Plc Count GBP De La Rue Plc Count GBP Standard Chartered Plc Count GBP Vodafone Group Plc Count GBP Prada SpA Count HKD Mitsubishi Estate Co, Ltd Count JPY Svenska Cellulosa AB SCA Count SEK AbbVie, Inc Count USD Apache Corp Count USD Citigroup, Inc Count USD Freeport-McMoRan, Inc -B- Count USD Gilead Sciences, Inc Count USD Google, Inc -A- Count USD KT Corp -ADR- Count USD Las Vegas Sands Corp Count USD Michael Kors Holdings Ltd Count USD Pfizer, Inc Count USD Prudential Financial, Inc Count USD SK Telecom Co, Ltd -ADR- Count USD Tyson Foods, Inc -A- Count USD Vale SA -ADR- Count USD Verizon Communications, Inc Count USD Interest-bearing securities 725 % Altice SA -Reg- 2014/2022 EUR % % Assicurazioni Generali SpA (MTN) 2012/2042 * EUR % % BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (MTN) 2013/2023 EUR % % Eurofins Scientific SE (MTN) 2013/2049 * EUR % % Hapag Lloyd AG 2014/2019 EUR % % Hapag-Lloyd AG (MTN) -Reg- 2013/2018 EUR % % Numericable Group SA -Reg- 2014/2024 EUR % % Thomas Cook Finance Plc 2013/2020 EUR % % TUI AG -Reg- 2014/2019 EUR % % Unitymedia Hessen GmbH & Co, KG (MTN) -Reg- 2013/2023 EUR % % Barclays Bank Plc 2008/2049 * GBP % % Generali Finance BV 2006/2049 * GBP % % Alcoa, Inc 2014/2024 USD % % DaVita HealthCare Partners, Inc 2012/2022 USD % % Gazprom OAO -Reg- 2012/2022 USD % % Indonesia Government International Bond (MTN) -Reg- 2013/2023 USD % % Manitowoc Co, Inc 2010/2020 USD % % Newmont Mining Corp 2012/2022 USD % % Sberbank of Russia 2013/2022 USD % % T-Mobile USA, Inc 2013/2019 USD % % Turkey Government International Bond 2005/2020 USD % % Turkey Government International Bond 2014/2045 USD % % Unitymedia NRW GmbH 2012/2023 USD %

367 Deutsche Invest I Multi Opportunities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities admitted to or included in organized markets Equities Samsung Electronics Co, Ltd -GDR- Count USD Interest-bearing securities 8125 % Commerzbank AG -Reg- 2013/2023 USD % Investment fund units In-group fund units db x-trackers MSCI Emerging Markets Index UCITS ETF (0450%) Units EUR db x-trackers MSCI Korea Index UCITS ETF (DR) (0450%) Units EUR db x-trackers STOXX Global Select Dividend 100 UCITS ETF (0400%) Units EUR DWS Concept Kaldemorgen (0750%) Units EUR DWS Convertibles (0600%) Units EUR DWS Floating Rate Notes (0300%) Units EUR DWS Global Growth (1450%) Units EUR DWS Rendite Optima Four Seasons (1500%) Units EUR DWS Top Europe (1400%) Units EUR DWS US Dollar Reserve (0300% +) Units USD Non-group fund units ishares Emerging Markets Local Government Bond UCITS ETF (0500%) Units EUR Lyxor UCTS ETF China Enterprise HSCEI (0650%) Units EUR Total securities portfolio Derivatives (Minus signs denote short positions) Derivatives on individual securities Warrants on securities Equity warrants Aareal Bank Capital Funding Trust 31/12/2099 Count EUR Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count EURO STOXX Bank Futures 03/ EUR (XEUR) Count Nikkei 225 Futures 03/ USD (CME) Count Interest rate derivatives Receivables/payables Interest rate futures Germany Federal Republic Notes 10 year 03/ EUR (XEUR) Count Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/USD 438 million Currency futures (long) Open positions USD/EUR 01 million Closed positions USD/EUR 436 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Swedish krona SEK

368 Deutsche Invest I Multi Opportunities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Deposits in non-eu/eea currencies Brazilian real BRL Hong Kong dollar HKD Japanese yen JPY Swiss franc CHF US dollar USD Other assets Dividends receivable Interest receivable Receivables from exceeding the expense cap Prepaid placement fee** Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Additional other liabilities Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LDQ EUR Class NC EUR Class NDQ EUR Class PFC EUR Class PFDQ EUR Number of shares outstanding Class FC Count Class LC Count Class LDQ Count Class NC Count Class NDQ Count Class PFC Count Class PFDQ Count Composition of the reference portfolio (according to CSSF circular 11/512) 50% MSCI Europe ex UK in EUR Constituents, 50% MSCI THE WORLD INDEX in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from June 4, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 05, 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 as of the reporting date Market abbreviations Futures exchanges CME = Chicago Mercantile Exchange XEUR = Eurex Contracting party for currency futures Deutsche Bank AG Frankfurt 366

369 Deutsche Invest I Multi Opportunities Exchange rates (indirect quotes) As of December 30, 2014 Brazilian real BRL = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Japanese yen JPY = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = 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 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 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes * Floating interest rate ** The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) *** Does not include positions with a negative balance, if such exist 367

370 Deutsche Invest I Multi Opportunities 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities ABB Ltd -Reg- Count Alibaba Group Holding Count Amgen, Inc Count Anadarko Petroleum Corp Count BASF SE Count Bayer AG Count bpost SA Count Canadian Natural Resources Ltd Count Chicago Bridge & Iron Co NV Count Cie Financiere Richemont SA Count Deutsche Annington Immobilien SE Count Deutsche Bank AG -Rights Exp 24Jun14 Count Deutsche Boerse AG Count Deutsche Telekom AG -Reg- Count EON AG Count Eaton Corp, Plc Count Eni SpA Count EOG Resources, Inc Count FMC Corp Count HSBC Holdings Plc Count JBS SA Count K+S AG Count LyondellBasell Industries NV Count Muenchener Rueckversicherungs AG -Reg- Count Nestle SA -Reg- Count NH Hoteles SA Count Noble Corp Plc Count Noble Energy, Inc Count Oasis Petroleum, Inc Count Occidental Petroleum Corp Count Rio Tinto Plc Count Roche Holding AG Count Royal Dutch Shell Plc -A- Count RTL Group Count SAP AG Count Societe Television Francaise 1 Count Stada Arzneimittel AG Count Talisman Energy, Inc Count Time Warner, Inc Count Time, Inc Count Total SA Count WPP Plc Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased (Underlyings: Dax, DJ Euro Stoxx 50, NASDAQ 100 E-mini, Nikkei 225, S&P 500) EUR Contracts sold (Underlyings: Dax, DJ Euro Stoxx 50, NASDAQ 100 E-mini, Nikkei 225 EUR Interest rate futures Contracts purchased (Underlying: Euro Bund) EUR Currency futures (short) Futures contracts to sell currencies EUR/BRL EUR EUR/USD EUR USD/BRL EUR USD/GBP EUR USD/JPY EUR Currency futures (long) Futures contracts to purchase currencies BRL/EUR EUR BRL/USD EUR GBP/USD EUR JPY/USD EUR USD/EUR EUR Interest-bearing securities 700 % Eurofins Scientific SE (MTN) 2014/2049 EUR % Hapag-Lloyd AG (MTN) 2010/2015 EUR Investment fund units In-group fund units db x-trackers II EONIA UCITS ETF (0050%) Units db x-trackers S&P 500 UCITS ETF (0050%) Units Deutsche Invest I Euro Bonds (Short) (0450%) Units DWS Convertibles (0850%) Units DWS Global Value (1450%) Units

371 Deutsche Invest I Multi Opportunities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from June 4, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from investment fund units EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 022% 2, Class LC 077% 2, Class LDQ 075% 2, Class NC 103% 2, Class NDQ 105% 2, Class PFC 108% 2, Class PFDQ 110% 2 2 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal period The fund invested more than 20% of its assets in target funds Further costs, charges and fees were incurred at the level of the target funds If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER) in accordance with the CSSF circular 03/122 of the Luxembourg supervisory authority If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation The synthetic TER was: Class FC 051% 3, Class LC 106% 3, Class LDQ 104% 3, Class NC 133% 3, Class NDQ 135% 3, Class PFC 137% 3, Class PFDQ 139% 3 3 Annualization has not been performed for share classes launched during the year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the business period EUR Interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 4 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund at the end of the fiscal period EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 5 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 6 Class FC The income for the fiscal period is reinvested Class LC The income for the fiscal period is reinvested Class LDQ Type As of Currency Per share Interim distribution October 17, 2014 EUR 079 Class NC The income for the fiscal period is reinvested Class NDQ Type As of Currency Per share Interim distribution October 17, 2014 EUR 079 Class PFC The income for the fiscal period is reinvested Class PFDQ Type As of Currency Per share Interim distribution October 17, 2014 EUR 079 6) Additional information is provided in the sales prospectus 369

372 Deutsche Invest I Multi Opportunities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 EUR EUR EUR - Net asset value per share at the end of the reporting period 2014 Class FC EUR Class LC EUR Class LDQ EUR Class NC EUR Class NDQ EUR Class PFC EUR Class PFDQ EUR Class FC EUR - Class LC EUR - Class LDQ EUR - Class NC EUR - Class NDQ EUR - Class PFC EUR - Class PFDQ EUR Class FC EUR - Class LC EUR - Class LDQ EUR - Class NC EUR - Class NDQ EUR - Class PFC EUR - Class PFDQ EUR - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1441% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 370

373 Deutsche Invest I New Resources Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Potash Corp of Saskatchewan, Inc Count CAD Geberit AG Count CHF Syngenta AG Count CHF BASF SE Count EUR Continental AG Count EUR Daimler AG Count EUR Enel Green Power SpA Count EUR Gamesa Corp Tecnologica SA Count EUR GDF Suez Count EUR GEA Group AG Count EUR Glanbia Plc Count EUR Kingspan Group Plc Count EUR Nordex SE Count EUR OSRAM Licht AG Count EUR Red Electrica Corp SA Count EUR Suez Environnement SA Count EUR Veolia Environnement SA Count EUR Wacker Chemie AG Count EUR Zumtobel AG Count EUR Pennon Group Plc Count GBP United Utilities Group Plc Count GBP China Everbright International Ltd Count HKD China Singyes Solar Technologies Holdings Ltd ** Count HKD CT Environmental Group Ltd Count HKD Huaneng Renewables Corp Ltd Count HKD Xinjiang Goldwind Science & Technology Co, Ltd Count HKD Xinyi Solar Holdings Ltd Count HKD Asahi Kasei Corp Count JPY FANUC Corp Count JPY Kurita Water Industries Ltd Count JPY Sekisui House Ltd ** Count JPY Sumitomo Chemical Co, Ltd Count JPY Coway Co, Ltd Count KRW Scatec Solar ASA Count NOK Yara International ASA Count NOK Nibe Industrier AB -B- Count SEK Scandi Standard AB Count SEK Svenska Cellulosa AB SCA Count SEK Acuity Brands, Inc Count USD American Water Works Co, Inc Count USD AO Smith Corp Count USD Aqua America, Inc Count USD Archer-Daniels-Midland Co Count USD BRF SA -ADR- Count USD Canadian Solar, Inc Count USD CF Industries Holdings, Inc Count USD Cummins, Inc Count USD Danaher Corp Count USD Delphi Automotive Plc Count USD Ecolab, Inc Count USD EI du Pont de Nemours & Co Count USD First Solar, Inc Count USD Flowserve Corp Count USD Hain Celestial Group, Inc Count USD Hollysys Automation Technologies Ltd Count USD Itron, Inc Count USD JinkoSolar Holding Co, Ltd -ADR- Count USD Johnson Controls, Inc Count USD Kroger Co Count USD Mosaic Co Count USD Mueller Water Products, Inc Count USD Pentair Plc Count USD Quanta Services, Inc Count USD Sanderson Farms, Inc ** Count USD Sealed Air Corp Count USD Sensata Technologies Holding NV Count USD SolarCity Corp Count USD Sunedison, Inc ** Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD Tenneco, Inc Count USD TerraForm Power, Inc Count USD Thermo Fisher Scientific, Inc Count USD Union Pacific Corp Count USD Wabtec Corp Count USD WhiteWave Foods Co Count USD Wisconsin Energy Corp Count USD Xylem, Inc Count USD Total securities portfolio

374 Deutsche Invest I New Resources Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Derivatives (Minus signs denote short positions) Derivatives on individual securities Warrants on securities Equity warrants Rural Electrification Corp, Ltd 15/10/2015 Count USD Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Polish zloty PLN Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Brazilian real BRL Hong Kong dollar HKD Indonesian rupiah IDR Israeli shekel ILS Japanese yen JPY Canadian dollar CAD New Taiwan dollar TWD Swiss franc CHF Singapore dollar SGD South Korean won KRW Thai baht THB US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class USD FC USD Class USD LC USD Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class USD FC Count Class USD LC Count

375 Deutsche Invest I New Resources Composition of the reference portfolio (according to CSSF circular 11/512) 34% FTSE Environmental Opportunities All-Share Index_TR, 33% DAXglobal Agribusiness Index (in EUR), 33% S&P Global Water Index Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512) In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual China Singyes Solar Technologies Holdings Ltd Count Sanderson Farms, Inc Count Sekisui House Ltd Count Sunedison, Inc Count Total receivables from securities loans Contracting parties for securities loans Barclays Capital Securities Limited, Credit Suisse Securities (Europe) Ltd EQ, Morgan Stanley Intl London EQ and Nomura International Plc Total collateral pledged by third parties for securities loans EUR thereof: Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Brazilian real BRL = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Indonesian rupiah IDR = EUR 1 Israeli shekel ILS = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Norwegian krone NOK = EUR 1 Polish zloty PLN = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes ** Some or all of these securities are lent 373

376 Deutsche Invest I New Resources 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals 374 Securities traded on an exchange Equities 3M Co Count AES Tiete SA Count Affiliated Managers Group, Inc Count Aggreko Plc Count Agilent Technologies, Inc Count Agrium, Inc Count Allegion Plc Count Analog Devices, Inc Count ARM Holdings Plc Count Aviva Plc Count AXA SA Count Barclays Plc Count Bilfinger SE Count BorgWarner, Inc Count Carlisle Cos, Inc Count Casino Guichard Perrachon SA Count Chicago Bridge & Iron Co NV Count China Railway Construction Corp Ltd -H- Count China Railway Group Ltd Count China Suntien Green Energy Corp, Ltd Count Chroma ATE, Inc Count Cia de Saneamento Basico do Estado de Sao Paulo -ADR- Count Cia Paranaense de Energia -ADR- Count Cie de St-Gobain Count Cisco Systems, Inc Count Citigroup, Inc Count Corning, Inc Count Cosan SA Industria e Comercio Count Cree, Inc Count CTCI Corp Count Daifuku Co, Ltd Count Darling International, Inc Count Deere & Co Count Delta Electronics, Inc Count Dongfang Electric Corp, Ltd Count Dow Chemical Co Count DS Smith Plc Count East Japan Railway Co Count Ebara Corp Count EDP - Energias do Brasil SA Count Empire Co, Ltd Count Enersis SA Count Epistar Corp Count Everlight Electronics Co, Ltd Count Ezion Holdings Ltd Count First Resources Ltd Count Foster Wheeler AG Count Franklin Electric Co, Inc Count General Electric Co Count General Motors Corp Count Giant Manufacturing Co, Ltd Count Halla Visteon Climate Control Corp Count Halma Plc Count Helmerich & Payne, Inc Count Honeywell International, Inc Count Hormel Foods Corp Count Hyflux Ltd Count Indofood Sukses Makmur Tbk PT Count Infineon Technologies AG Count Ingersoll-Rand Plc Count Innospec, Inc Count Japan Exchange Group, Inc Count John Wood Group Plc Count Kellogg Co Count Keurig Green Mountain, Inc Count KLA-Tencor Corp Count Komatsu Ltd Count Koninklijke Philips NV Count Legrand SA Count Leoni AG Count LG Chem Ltd Count Light SA Count Lite-On Technology Corp Count LKQ Corp Count Manitowoc Co, Inc Count Meidensha Corp Count Metro, Inc Count Meyer Burger Technology AG Count MSA Safety, Inc Count Nabtesco Corp Count Noble Energy, Inc Count Owens-Illinois, Inc Count Pacific Ethanol, Inc Count Parker Hannifin Corp Count Pattern Energy Group, Inc Count Pentair, Inc Count PTT Exploration & Production PCL Count PTT PCL Count Renault SA Count Rock-Tenn Co -A- Count Roper Industries, Inc Count Samsung Electronics Co, Ltd Count SAP AG Count Sapphire Technology Co, Ltd Count Schneider Electric SA Count Sembcorp Industries Ltd Count Seoul Semiconductor Co, Ltd Count Severn Trent Plc Count Shanks Group Plc Count Silver Spring Networks, Inc Count Sipef SA Count SM Energy Co Count Sociedad Quimica y Minera de Chile SA -ADR- Count Spectris Plc Count Stantec, Inc Count Taewoong Co, Ltd Count Tenaris SA Count Tencent Holdings Ltd Count Tencent Holdings Ltd Count Tencent Holdings Ltd Count Terex Corp Count The Andersons, Inc Count The Timken Co Count Toyota Motor Corp Count Trina Solar Ltd -ADR- Count Trinity Industries, Inc Count TRW Automotive Holdings Corp Count Tyson Foods, Inc -A- Count Valmont Industries, Inc Count Vestas Wind Systems Count Vestas Wind Systems A/S Count Visa, Inc -A- Count Vivint Solar, Inc Count WEG SA Count West Holdings Corp Count Wilmar International Ltd Count WPP Plc Count Wumart Stores, Inc Count Xinyi Glass Holding Co, Ltd Count Yingli Green Energy Holding Co, Ltd Count Investment fund units Non-group fund units Lyxor ETF STOXX Europe 600 Banks (0300%) Units Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts sold (Underlyings: DJ Stoxx 600 Europe, H-Shares, Nikkei 225, S&P 500) EUR Currency futures (short) Futures contracts to sell currencies EUR/BRL EUR EUR/JPY EUR Currency futures (long) Futures contracts to purchase currencies BRL/EUR EUR JPY/EUR EUR 5 400

377 Deutsche Invest I New Resources Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment expense EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 089% pa, Class LD 176% pa, Class USD FC 091% pa, Class LC 176% pa, Class NC 246% pa, Class USD LC 175% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0020% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 012 Class NC The income for the fiscal year is reinvested Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 375

378 Deutsche Invest I New Resources Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class DS1 GBP - Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class DS1 GBP - Class A2 USD Class E2 USD Class FC EUR Class LC EUR 9617 Class LD EUR 9528 Class NC EUR 9149 Class DS1 GBP Class A2 USD 9576 Class E2 USD 9727 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 675% of all transactions The total volume was EUR

379 Deutsche Invest I RREEF Global Real Estate Securities Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Securities traded on an exchange Equities Dexus Property Group Count AUD Federation Centres Count AUD Goodman Group Count AUD Investa Office Fund Count AUD Mirvac Group Count AUD Novion Property Group Count AUD Scentre Group Count AUD Stockland Count AUD Westfield Corp Count AUD Allied Properties Real Estate Investment Trust Count CAD Calloway Real Estate Investment Trust Count CAD Chartwell Retirement Residences Count CAD H&R Real Estate Investment Trust Count CAD RioCan Real Estate Investment Trust Count CAD PSP Swiss Property AG Count CHF Alstria Office REIT-AG Count EUR Beni Stabili SpA Count EUR Citycon Oyj Count EUR Deutsche Annington Immobilien SE Count EUR Deutsche Wohnen AG Count EUR DIC Asset AG Count EUR GAGFAH SA Count EUR Hibernia REIT Plc Count EUR ICADE Count EUR Klepierre Count EUR Lar Espana Real Estate Socimi SA Count EUR LEG Immobilien AG Count EUR Societe Fonciere Lyonnaise SA Count EUR TLG Immobilien AG Count EUR Unibail-Rodamco SE Count EUR Wereldhave NV Count EUR British Land Co, Plc Count GBP Capital & Counties Properties Plc Count GBP Great Portland Estates Plc Count GBP Hammerson Plc Count GBP Land Securities Group Plc Count GBP LXB Retail Properties Plc Count GBP NewRiver Retail Ltd Count GBP Quintain Estates & Development Plc Count GBP Safestore Holdings Plc Count GBP St Modwen Properties Plc Count GBP Unite Group Plc Count GBP China Overseas Land & Investment Ltd Count HKD China Vanke Co, Ltd Count HKD Hang Lung Properties Ltd Count HKD Hysan Development Co, Ltd Count HKD Kerry Properties Ltd Count HKD Link REIT Count HKD New World Development Co Ltd Count HKD Sino Land Co, Ltd Count HKD Sun Hung Kai Properties Ltd Count HKD Wharf Holdings Ltd Count HKD Activia Properties, Inc Count JPY Aeon Mall Co, Ltd Count JPY Global One Real Estate Investment Corp Count JPY Invesco Office J-Reit, Inc Count JPY Japan Real Estate Investment Corp Count JPY Japan Retail Fund Investment Corp Count JPY Kenedix Office Investment Corp Count JPY Mitsubishi Estate Co, Ltd Count JPY Mitsui Fudosan Co, Ltd Count JPY Mori Hills REIT Investment Corp Count JPY Nippon Accommodations Fund, Inc Count JPY Nippon Building Fund, Inc Count JPY Nomura Real Estate Office Fund, Inc Count JPY NTT Urban Development Corp Count JPY Premier Investment Corp Count JPY Sekisui House Reit, Inc Count JPY Sumitomo Realty & Development Co, Ltd Count JPY Tokyo Tatemono Co, Ltd Count JPY Norwegian Property ASA Count NOK Ayala Land, Inc Count PHP Fabege AB Count SEK Hufvudstaden AB Count SEK Kungsleden AB Count SEK Ascendas Real Estate Investment Trust Count SGD CapitaCommercial Trust Count SGD CapitaLand Ltd Count SGD City Developments Ltd Count SGD Global Logistic Properties Ltd Count SGD

380 Deutsche Invest I RREEF Global Real Estate Securities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Keppel REIT Management Ltd Count SGD Mapletree Industrial Trust Count SGD UOL Group Ltd Count SGD Alexandria Real Estate Equities, Inc Count USD American Campus Communities, Inc Count USD American Realty Capital Healthcare Trust, Inc Count USD American Realty Capital Properties, Inc Count USD American Residential Properties, Inc Count USD Apartment Investment & Management Co -A- Count USD Associated Estates Realty Corp Count USD AvalonBay Communities, Inc Count USD Boston Properties, Inc Count USD Brandywine Realty Trust Count USD Camden Property Trust Count USD Chesapeake Lodging Trust Count USD Corporate Office Properties Trust Count USD CubeSmart Count USD DiamondRock Hospitality Co Count USD Digital Realty Trust, Inc Count USD Douglas Emmett, Inc Count USD DuPont Fabros Technology, Inc Count USD Equity Residential Count USD Essex Property Trust, Inc Count USD Extra Space Storage, Inc Count USD Federal Realty Investment Trust Count USD General Growth Properties, Inc Count USD HCP, Inc Count USD Health Care REIT, Inc Count USD Healthcare Realty Trust, Inc Count USD Home Properties, Inc Count USD Hongkong Land Holdings Ltd Count USD Hospitality Properties Trust Count USD Host Hotels & Resorts, Inc Count USD Hudson Pacific Properties, Inc Count USD Kimco Realty Corp Count USD Lexington Realty Trust Count USD Liberty Property Trust Count USD LTC Properties, Inc Count USD National Health Investors, Inc Count USD National Retail Properties, Inc Count USD Paramount Group, Inc Count USD Parkway Properties, Inc Count USD Pebblebrook Hotel Trust Count USD Pennsylvania Real Estate Investment Trust Count USD Post Properties, Inc Count USD Prologis, Inc Count USD Public Storage Count USD PulteGroup, Inc Count USD Regency Centers Corp Count USD Retail Properties of Americ A Aktie Count USD RLJ Lodging Trust Count USD Simon Property Group, Inc Count USD SL Green Realty Corp Count USD Spirit Realty Capital, Inc Count USD Strategic Hotels & Resorts, Inc Count USD Terreno Realty Corp Count USD The Macerich Co Count USD Ventas, Inc Count USD Vornado Realty Trust Count USD WP Carey, Inc Count USD Unlisted securities Equities AZ BGP Holdings Count EUR Total securities portfolio Derivatives (Minus signs denote short positions) Derivatives on individual securities Warrants on securities Equity warrants Sun Hung Kai Properties Ltd 22/04/2016 Count HKD Cash at bank Demand deposits at Custodian EUR deposits EUR

381 Deutsche Invest I RREEF Global Real Estate Securities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period USD assets Deposits in other EU/EEA currencies British pound GBP Norwegian krone NOK Deposits in non-eu/eea currencies Australian dollar AUD Chinese yuan renminbi CNY Japanese yen JPY Canadian dollar CAD Philippine peso PHP Singapore dollar SGD US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets Short-term liabilities Loans in other EU/EEA currencies Swedish krona SEK Loans in non-eu/eea currencies Hong Kong dollar HKD Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class LD EUR Class USD FC USD Class USD LC USD Number of shares outstanding Class LD Count Class USD FC Count Class USD LC Count Composition of the reference portfolio (according to CSSF circular 11/512) FTSE EPRA/NAREIT Developed Global REIT hedged USD (January 1, 2014, through May 25, 2014), FTSE EPRA/NAREIT Developed Index Constituents (May 26, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach) The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled USD as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes 379

382 Deutsche Invest I RREEF Global Real Estate Securities Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = USD 1 Canadian dollar CAD = USD 1 Swiss franc CHF = USD 1 Chinese yuan renminbi CNY = USD 1 Euro EUR = USD 1 British pound GBP = USD 1 Hong Kong dollar HKD = USD 1 Japanese yen JPY = USD 1 Norwegian krone NOK = USD 1 Philippine peso PHP = USD 1 Swedish krona SEK = USD 1 Singapore dollar SGD = USD 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV s prospectus If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank 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 Assets stated in this report are valued to a small extent at derived market values 380

383 Deutsche Invest I RREEF Global Real Estate Securities 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Acadia Realty Trust Count Agile Property Holdings Ltd Count Ashford Hospitality Prime, Inc Count Australand Property Group Count Aviv REIT, Inc Count Boardwalk Real Estate Investment Trust Count BRE Properties, Inc -A- Count Brookdale Senior Living, Inc Count Canadian Apartment Properties Reit Count CapitaMall Trust Count CapitaMalls Asia Ltd Count Castellum AB Count CBL & Associates Properties, Inc Count CFS Retail Property Trust Count Chatham Lodging Trust Count Citycon Oyj Count Citycon Oyj -Rights Exp 02Jul14 Count Corio NV Count Country Garden Holdings Co, Ltd Count DCT Industrial Trust, Inc Count DCT Industrial Trust, Inc Count DDR Corp Count Derwent London Plc Count Deutsche Euroshop AG Count Duke Realty Corp Count Education Realty Trust, Inc Count Entra ASA Count Equity Commonwealth Count Equity Lifestyle Properties, Inc Count Federation Centres Limited Count First Capital Realty, Inc Count First Industrial Realty Trust, Inc Count GDI Property Group Count Gecina SA Count Glimcher Realty Trust Count GLP J-Reit Count GPT Group Count Helical Bar Plc Count Henderson Land Development Co, Ltd Count Hulic Co, Ltd Count Hulic Reit, Inc Count Japan Hotel REIT Investment Corp Count Kennedy Wilson Europe Real Estate Plc Count Keppel Land Ltd Count Kilroy Realty Corp Count Kite Realty Group Trust Count LaSalle Hotel Properties Count Mack-Cali Realty Corp Count Max Property Group Plc Count Mid-America Apartment Communities, Inc Count Mori Trust Sogo Reit, Inc Count New World Development Co, Ltd -Rights Exp 14Mar14 Count Nippon Prologis REIT, Inc Count 4 34 Nomura Real Estate Master Fund, Inc Count Orix JREIT, Inc Count Piedmont Office Realty Trust, Inc Count PS Business Parks, Inc Count Realty Income Corp Count Rexford Industrial Realty, Inc Count Sabra Health Care REIT, Inc Count Select Income REIT Count Senior Housing Properties Trust Count Shimao Property Holdings Ltd Count Shopping Centres Australasia Property Group Count Sponda Oyj Count STAG Industrial, Inc Count Sunstone Hotel Investors, Inc Count Suntec Real Estate Investment Trust Count Swire Properties Ltd Count Swiss Prime Site AG Count Taubman Centers, Inc Count The Unite Group Count The Unite Group Count Tokyu Fudosan Holdings Corp Count Tokyu REIT, Inc Count Washington Prime Group, Inc Count Weingarten Realty Investors Count Westfield Group Count Westfield Retail Trust Stapled Security Count Unlisted securities Equities Golden Iron Resources Ltd Count Hibernia REIT Plc Count

384 Deutsche Invest I RREEF Global Real Estate Securities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) USD Interest from investments of liquid assets (before withholding tax) USD Deduction for foreign withholding tax USD Total income USD II Expenses 1 Interest on borrowings USD Management fee USD thereof: Basic management fee USD Expense Cap USD Administration fee USD Depositary fee USD Auditing, legal and publication costs USD Taxe d abonnement USD Other expenses USD Total expenses USD III Net investment income USD I Value of the fund s net assets at the beginning of the fiscal year USD Distribution for the previous year USD Net inflows USD a) Inflows from subscriptions USD b) Outflows from redemptions USD Income adjustment USD Net investment income USD Realized gains/losses USD Net change in unrealized appreciation/depreciation USD II Value of the fund s net assets at the end of the fiscal year USD Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) USD from: Securities transactions USD (Forward) currency transactions USD IV Sale transactions Realized gains/losses USD Capital gains/losses USD V Net gain/loss for the fiscal year USD BVI total expense ratio (TER) The total expense ratio for the share classes was: Details on the distribution policy 1 Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 500 Class LD 171% pa, Class USD LC 169% pa Class USD FC 092% pa, Class USD FC The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to USD The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 382

385 Deutsche Invest I RREEF Global Real Estate Securities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 USD USD USD Net asset value per share at the end of the fiscal year 2014 Class LD EUR Class E1Q USD - Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class LD (formerly: LDH) EUR Class A2 USD 9873 Class E1Q USD - Class E2 USD Class LDH EUR Class A2 USD - Class E1Q USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 003% of all transactions The total volume was USD

386 Deutsche Invest I Short Duration Credit Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Interest-bearing securities 175 %2i Rete Gas SpA (MTN) 2014/2019 EUR % % Abbey National Treasury Services Plc 2013/2018 EUR % % Abbey National Treasury Services Plc/London (MTN) 2014/2019 EUR % % ACEA SpA 2013/2018 EUR % % AIB Mortgage Bank (MTN) 2007/2017 EUR % % Alfa Laval Treasury International AB (MTN) 2014/2019 * EUR % % America Movil SAB de CV 2013/2073 * EUR % % Anglo American Capital Plc (MTN) 2014/2018 EUR % % Anglo American Capital Plc 2012/2018 EUR % % Anglo American Capital Plc 2013/2017 EUR % % Anheuser-Busch InBev NV (MTN) 2014/2018 * EUR % % Atlantia SpA (MTN) 2009/2016 EUR % % Aviva Plc 2003/2049 * EUR % % Baggot Securities Ltd -Reg- 2013/2049 EUR % % Banco Bilbao Vizcaya Argentaria SA 2007/2022 * EUR % % Banco de Sabadell SA (MTN) 2013/2018 EUR % % Banco do Brasil SA (MTN) -Reg- 2013/2018 EUR % % Bank of America Corp (MTN) 2009/2016 EUR % % Bank of Ireland 2013/2016 EUR % % Bank of Ireland Mortgage Bank 2013/2017 EUR % % Bankinter SA (MTN) 2013/2016 EUR % % Banque Federative du Credit Mutuel SA (MTN) 2013/2018 EUR % % Barclays Bank Plc (MTN) 2008/2018 EUR % % Bayer AG (MTN) 2014/2018 EUR % % BBVA Senior Finance SAU (MTN) 2014/2019 EUR % % BBVA Sub Capital Unipers -Reg- 2014/2024 * EUR % % Belfius Bank SA/NV (MTN) 2014/2017 EUR % % Bharti Airtel International Netherlands BV 2013/2018 EUR % % BNP Paribas SA 2008/2049 * EUR % % Bord Gais Eireann 2012/2017 EUR % % BPCE SA (MTN) 2010/2017 EUR % % BPCE SA 2006/2049 * EUR % % Brambles Finance Plc 2011/2018 EUR % % British Telecommunications Plc 2014/2019 EUR % % Carlsberg Breweries A/S (MTN) 2012/2019 EUR % % Carrefour SA 2012/2017 EUR % % Casino Guichard Perrachon SA (MTN) 2010/2017 EUR % % Casino Guichard Perrachon SA (MTN) 2010/2018 EUR % % Cie de St-Gobain (MTN) 2007/2017 EUR % % Citigroup, Inc (MTN) 2005/2017 * EUR % % Coca-Cola Enterprises, Inc 2010/2017 EUR % % Commerzbank AG (MTN) 2012/2017 EUR % % Credit Suisse AG/London (MTN) 2010/2017 EUR % % Credit Suisse Group Finance US, Inc 2005/2020 * EUR % % Danske Bank A/S (MTN) 2005/2018 * ** EUR % % Delta Lloyd NV (MTN) 2010/2017 EUR % % DNB Bank ASA (MTN) 2013/2023 * EUR % % DONG Energy A/S (MTN) 2013/3013 * ** EUR % % EDP Finance BV (MTN) 2009/2016 EUR % % EDP Finance BV 2012/2017 EUR % % Enel Finance International NV (MTN) 2009/2016 EUR % % Enel Finance International NV 2012/2018 EUR % % Enel SpA 2010/2016 EUR % % Eni SpA 2011/2017 EUR % % EP Energy AS-Reg- 2013/2018 EUR % % ESB Finance Ltd 2012/2017 EUR % % FCE Bank Plc (MTN) 2013/2016 EUR % % Fiat Finance & Trade SA (MTN) 2012/2016 EUR % % FMC Finance VIII SA 2011/2018 EUR % % G4S International Finance Plc 2012/2017 EUR % % Gas Natural Capital Markets SA (MTN) 2012/2017 EUR % % Gazprom (MTN) 2005/2015 EUR % % GDF Suez 2013/2049 * ** EUR % % GE Capital European Funding (MTN) 2011/2017 EUR % % General Motors Financial International BV (MTN) 2014/2019 EUR % % GlaxoSmithKline Capital Plc (MTN) 2014/2019 EUR % % Glencore Finance Europe SA (MTN) 2010/2017 EUR % % Glencore Finance Europe SA (MTN) 2012/2018 EUR % % Global Switch Holdings Ltd (MTN) 2011/2018 EUR % % Hutchison Whampoa Europe Finance 12 Ltd 2012/2017 EUR % % Hutchison Whampoa Europe Finance 13 Ltd 2013/2049 * EUR % % Hydra Dutch Holdings 2BV -Reg- 2014/2019 * EUR % % Iberdrola International BV (MTN) 2012/2018 EUR %

387 Deutsche Invest I Short Duration Credit Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 575 % Iberdrola International BV (MTN) 2013/2049 * EUR % % Iberdrola International BV 2012/2017 EUR % % Imperial Tobacco Finance Plc (MTN) 2009/2016 EUR % % Imperial Tobacco Finance Plc (MTN) 2011/2018 EUR % % ING Bank NV 2013/2023 * EUR % % Intesa Sanpaolo SpA (MTN) 2012/2017 EUR % % Intesa Sanpaolo SpA -Reg- 2014/2019 * EUR % % IPIC GMTN Ltd 2012/2018 EUR % % JPMorgan Chase & Co (MTN) 2006/2018 * EUR % % KBC Groep NV (MTN) 2014/2024 * ** EUR % % KBC Groep NV 2014/2049 * EUR % % Kering SA 2013/2018 EUR % % Koninklijke KPN NV 2013/2049 * EUR % % Lloyds Bank Plc (MTN) 2011/2021 * EUR % % Lloyds Bank Plc 2013/2018 EUR % % Madrilena Red de Gas Finance BV (MTN) 2013/2018 EUR % % Mondelez International, Inc 2013/2017 EUR % % Mondi Finance Plc (MTN) 2010/2017 EUR % % Morgan Stanley (MTN) 2013/2018 EUR % % Nationwide Building Society (MTN) 2013/2023 * EUR % % Nationwide Building Society (MTN) 2014/2019 EUR % % Natixis 2007/2049 * EUR % % OMV AG (MTN) 2011/2049 * EUR % % OMV AG (MTN) 2014/2018 EUR % % Orange SA (MTN) 2013/2018 EUR % % Pernod Ricard SA 2011/2017 EUR % % Petrobras Global Finance BV 2014/2018 EUR % % Petroleos Mexicanos (MTN) 2009/2017 EUR % % Peugeot SA (MTN) 2013/2018 EUR % % PGE Sweden AB 2014/2019 EUR % % Raiffeisen Bank International AG (MTN) 2013/2018 EUR % % RCI Banque SA (MTN) 2012/2017 EUR % % Renault SA 2010/2017 EUR % % Repsol International Finance BV (MTN) 2012/2019 EUR % % Royal Bank of Scotland Plc (MTN) 2004/2021 * EUR % % RWE AG 2010/2049 * EUR % % Santander Consumer Finance SA 2014/2016 EUR % % Santander International Debt SAU (MTN) 2014/2017 EUR % % Santander International Debt SAU 2012/2016 EUR % % Santos Finance Ltd (MTN) 2010/2070 * EUR % % SKF AB 2011/2018 EUR % % Slovenia Government Bond -Reg- 2014/2017 EUR % % Snam SpA (MTN) 2012/2016 EUR % % Snam SpA (MTN) 2013/2017 EUR % % Snam SpA -Reg- 2014/2019 EUR % % Société Générale SA (MTN) 2011/2016 EUR % % Société Générale SA (MTN) 2012/2017 EUR % % Standard Chartered Plc (MTN) 2012/2017 EUR % % Swiss Life Insurance & Pension Group (MTN) 2007/2049 * EUR % % TDC A/S (MTN) 2011/2018 EUR % % Telefonica Emisiones SAU (MTN) 2010/2017 EUR % % Telefonica Emisiones SAU 2014/2017 * EUR % % Telefonica Europe BV 2013/2049 * EUR % % Teollisuuden Voima Oyj (MTN) 2012/2019 EUR % % Tesco Corporate Treasury Services Plc 2013/2017 EUR % % Tesco Corporate Treasury Services Plc 2014/2019 EUR % % Thales SA (MTN) 2013/2018 EUR % % The Goldman Sachs Group, Inc (MTN) 2010/2017 EUR % % UBS AG 2005/2049 * EUR % % UniCredit Bank Austria AG (MTN) 2013/2018 EUR % % UniCredit SpA 2012/2015 EUR % % UniCredit SpA -Reg- 2014/2017 * EUR % % Unione di Banche Italiane SCpA (MTN) 2013/2017 EUR % % Unitymedia Hessen GmbH & Co, KG -Reg- 2012/2019 EUR % % Vale SA (MTN) 2010/2018 EUR % % Veolia Environnement SA 2013/2049 * EUR % % Volkswagen International Finance NV 2013/2049 * EUR % % Wells Fargo & Co -Reg- 2014/2019 * EUR % % Wendel SA 2011/2018 EUR % % Ladbrokes Group Finance Plc 2010/2017 GBP % % SSE Plc 2010/2049 * GBP % % Thomas Cook Group Plc (MTN) 2010/2017 GBP % % ABB Finance USA, Inc 2012/2017 USD % % ABN Amro Bank NV (MTN) 2012/2022 * USD % % Agricultural Bank China HK 2014/2017 USD % % Alibaba Group Holding Ltd -Reg- 2014/2019 USD % % American Express Credit Corp 2013/2018 USD % % Aviva Plc 2012/2049 USD % % Banco Santander SA -Reg- 2014/2049 * USD %

388 Deutsche Invest I Short Duration Credit Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets 575 % Bank of America Corp 2007/2017 USD % % Barclays Plc 2014/2019 USD % % BBVA US Senior SAU 2012/2015 USD % % BHP Billiton Finance USA Ltd 2013/2018 USD % % BP Capital Markets Plc 2009/2019 USD % % BP Capital Markets Plc 2012/2017 USD % % Carnival Corp 2012/2017 USD % % Citigroup, Inc 2014/2017 USD % % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 2011/2049 * USD % % Deutsche Bank AG 2011/2016 USD % % DNB Bank ASA -Reg- 2012/2017 USD % % EDP Finance BV -Reg- 2009/2019 USD % % Ford Motor Credit Co LLC 2014/2017 USD % % HSBC Holdings Plc 2014/2049 * USD % % JPMorgan Chase & Co 2012/2017 USD % % KeyCorp (MTN) 2013/2018 USD % % Lloyds Bank Plc 2014/2019 USD % % Nomura Holdings, Inc (MTN) 2013/2016 USD % % Nordea Bank AB -Reg- 2014/2049 * USD % % Orange SA 2011/2016 USD % % Petrobras Global Finance BV 2013/2016 * USD % % Petrobras International Finance Co, SA 2007/2018 USD % % Royal Bank of Scotland Group Plc 2012/2015 USD % % Royal Bank of Scotland Plc 2011/2016 USD % % Royal Caribbean Cruises Ltd 2009/2015 USD % % RWE AG 2012/2072 * USD % % Sinopec Group Overseas Development 2012 Ltd -Reg- 2012/2017 USD % % Société Générale SA (MTN) 2013/2049 * USD % % Swedbank AB 2012/2017 USD % % Telefonica Emisiones SAU 2013/2018 USD % % Telenor ASA 2013/2018 USD % % UBS AG 2013/2023 * USD % % UniCredit SpA (MTN) -Reg- 2013/2023 * ** USD % % Verizon Communications, Inc 2013/2018 USD % Securities admitted to or included in organized markets Interest-bearing securities 250 % ABN AMRO Bank NV -Reg- 2013/2018 USD % % Amazoncom, Inc 2014/2019 USD % % BNP Paribas SA (MTN) 2013/2018 USD % % BNP Paribas SA 2012/2017 USD % % CNPC General Capital Ltd -Reg- 2012/2017 USD % % Credit Agricole SA -Reg- 2013/2018 USD % % Danske Bank A/S (MTN) -Reg- 2011/2016 USD % % DISH DBS Corp 2008/2015 USD % % Enel Finance International SA -Reg- 2007/2017 USD % % Glencore Finance Canada Ltd -Reg- 2012/2017 USD % % Hutchison Whampoa International 14 Ltd -Reg- 2014/2017 USD % % ING Bank NV -Reg- 2012/2017 USD % % Intesa Sanpaolo SpA 2013/2018 USD % % Intesa Sanpaolo SpA 2014/2017 USD % % KLA-Tencor Corp 2014/2017 USD % % Medtronic, Inc 2014/2018 USD % % Petroleos Mexicanos 2014/2019 USD % % Quest Diagnostics, Inc 2014/2019 USD % % Statoil ASA 2014/2017 USD % Unlisted securities Interest-bearing securities 160 % Volkswagen Group of America Finance LLC -Reg- 2014/2017 USD % Total securities portfolio Derivatives (Minus signs denote short positions) Interest rate derivatives Receivables/payables Interest rate futures Germany Federal Republic Bonds 5 year 03/ EUR (XEUR) Count US Treasury Notes 5 year Futures 03/ USD (CBT) Count

389 Deutsche Invest I Short Duration Credit Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/USD 535 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies US dollar USD Other assets Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Presentation of the maximum limit (according to CSSF circular 11/512) 25% of portfolio value Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % 0349 Highest market risk exposure % 1321 Average market risk exposure % 0711 The values-at-risk were calculated for the for the period from January 1, 2014, through December 31, 2014, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year Market risk is the risk to the fund s assets arising from an unfavorable change in market prices The Company determines the potential market risk by means of the absolute value-at-risk approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 03, 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 as of the reporting date 387

390 Deutsche Invest I Short Duration Credit Market abbreviations Futures exchanges CBT = Chicago Board of Trade XEUR = Eurex Contracting party for currency futures Deutsche Bank AG Frankfurt Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual 410% Danske Bank A/S (MTN) 2005/2018 * EUR % DONG Energy A/S (MTN) 2013/3013 * EUR % GDF Suez 2013/2049 * EUR % KBC Groep NV (MTN) 2014/2024 * EUR % UniCredit SpA (MTN) -Reg- 2013/2023 * USD Total receivables from securities loans Contracting party for securities loans Morgan Stanley Intl FI Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 British pound GBP = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * Floating interest rate ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 388

391 Deutsche Invest I Short Duration Credit 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Description Count/ units/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 550 % ABH Financial Ltd Via Alfa Holding Issuance Plc 2014/2017 EUR % Agrokor (MTN) 2009/2016 EUR % AIB Mortgage Bank (MTN) 2012/2015 EUR % Alliander NV 2013/2049 * EUR % Autostrade SpA (MTN) 2004/2014 EUR % Aviva Plc 2004/2049 * EUR % Banca Monte dei Paschi di Siena SpA (MTN) 2014/2019 EUR % Banco Comercial Portugues SA (MTN) 2014/2017 EUR % Bank of America Corp 2005/2015 EUR % Bank of Ireland 2014/2019 EUR % Bank of Ireland Mortgage Bank 2012/2015 EUR % Bankia SA (MTN) 2014/2024 * EUR % BBVA Senior Finance SAU 2012/2014 EUR % BNP Paribas SA (MTN) 2014/2026 * EUR % CEZ AS 2011/2016 EUR % Citigroup, Inc (MTN) 2010/2015 EUR % Credit Agricole SA (MTN) 2011/2016 EUR % Danske Bank A/S (MTN) 2011/2016 EUR % Erste Group Bank AG (MTN) 2011/2016 EUR % FCE Bank Plc 2013/2018 EUR % Gaz Capital SA (MTN) 2007/2014 EUR % Gazprom Neft OAO Via GPN Capital SA 2013/2018 EUR % Gazprombank OJSC Via GPB Eurobond Finance Plc -Reg- 2014/2019 EUR % GDF Suez 2014/2049 * EUR % GTECH SpA 2009/2016 EUR % GTECH SpA -Reg- 2006/2066 * EUR % Intesa Sanpaolo SpA (MTN) 2012/2015 EUR % Italfinance Securitisation Vehicle Srl 2007/2026 * EUR % JP Morgan Chase & Co 2003/2008 EUR 4375 % JPMorgan Chase & Co (MTN) 2004/2019 * EUR % Nykredit Bank A/S (MTN) 2010/2015 EUR % Petrol DD Ljubljana 2014/2019 EUR % RCI Banque SA 2012/2014 EUR % Royal Bank of Scotland Group Plc 2014/2019 EUR % Santander Consumer Finance 2012/2014 EUR % Santander International Debt SAU 2012/2014 EUR % Svenska Handelsbanken AB 2014/2024 * EUR % Telecom Italia SpA (MTN) 2011/2016 EUR % Telefonica Emisiones SAU (MTN) 2007/2014 EUR % Telefonica Emisiones SAU 2012/2017 EUR % Teollisuuden Voima Oyj (MTN) 2009/2016 EUR % Turkiye Vakiflar Bankasi Tao 2014/2019 EUR % Vivendi SA (MTN) 2012/2017 EUR % Votorantim Cimentos SA -Reg- 2010/2017 EUR % Barclays Bank Plc 2005/2049 * GBP % American International Group, Inc 2012/2017 USD % Barclays Bank Plc 2012/2015 USD % British Telecommunications Plc 2012/2015 USD % Capital One Financial Corp 2012/2015 USD % Citigroup, Inc 2012/2015 USD % Delek & Avner Tamar Bond Ltd 144A 2014/2018 USD % Delek & Avner Tamar Bond Ltd 2014/2018 USD % Goldman Sachs Group, Inc 2012/2015 USD % International Bank of Azerbaijan OJSC 2014/2019 USD % Johnson & Johnson 2014/2017 USD % RH International Singapore Corp Pte Ltd -Reg- 2014/2019 USD % Telefonica Emisiones SAU 2007/2017 USD % Turkiye Halk Bankasi AS -Reg- 2014/2019 USD Securities admitted to or included in organized markets Interest-bearing securities 000 % BNP Paribas SA 2011/2014 USD % Credit Agricole SA -Reg- 2010/2015 USD % Nordea Bank AB -Reg- 2012/2015 USD % Turkiye Garanti Bank AS -Reg- 2014/2019 USD Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Interest rate futures Contracts purchased (Underlyings: Euro Bobl, US Treasury Note 5-Year) EUR Currency futures (short) Futures contracts to sell currencies EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR

392 Deutsche Invest I Short Duration Credit Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Performance-based fee from securities lending income EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Details on the distribution policy 3 Class FC The income for the fiscal year is reinvested Class LC Class FC 057% pa, Class LD 069% 1, Class LC 076% pa, Class NC 138% pa The income for the fiscal year is reinvested 1 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 250 Class NC The income for the fiscal year is reinvested 3 Additional information is provided in the sales prospectus 390

393 Deutsche Invest I Short Duration Credit Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class FC EUR Class LC EUR Class LD EUR - Class NC EUR Class FC EUR Class LC EUR Class LD EUR - Class NC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 465% of all transactions The total volume was EUR

394 Deutsche Invest I Stepln Akkumula Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities BHP Billiton Ltd Count AUD Suncor Energy, Inc Count CAD Nestle SA -Reg- Count CHF Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Swatch Group AG -B- Count CHF Syngenta AG Count CHF ISS A/S Count DKK William Demant Holding A/S Count DKK Adidas AG Count EUR Allianz SE -Reg- Count EUR Anheuser-Busch InBev NV Count EUR BASF SE Count EUR Bayer AG Count EUR BNP Paribas SA Count EUR Continental AG Count EUR Fresenius SE & Co KGaA Count EUR Hermes International Count EUR ING Groep NV Count EUR KBC Ancora Count EUR Koninklijke Ahold NV Count EUR LVMH Moet Hennessy Louis Vuitton SA Count EUR Royal Dutch Shell Plc -A- Count EUR Sampo -A- Count EUR Barclays Plc Count GBP Compass Group Plc Count GBP Croda International Plc Count GBP GlaxoSmithKline Plc Count GBP IMI Plc Count GBP Indivior Plc Count GBP Next Plc Count GBP Old Mutual Plc Count GBP Reckitt Benckiser Group Plc Count GBP Unilever Plc Count GBP Weir Group Plc Count GBP AIA Group Ltd Count HKD China Mobile Ltd Count HKD Samsonite International SA Count HKD SJM Holdings Ltd Count HKD Bandai Namco Holdings, Inc Count JPY FANUC Corp Count JPY Japan Tobacco, Inc Count JPY Makita Corp Count JPY NTT DOCOMO, Inc Count JPY Toyota Motor Corp Count JPY Samsung Electronics Co, Ltd Count KRW DNB ASA Count NOK Svenska Cellulosa AB SCA Count SEK Aetna, Inc Count USD Alliance Data Systems Corp Count USD Anadarko Petroleum Corp Count USD Aon Plc Count USD Apple, Inc Count USD AutoZone, Inc Count USD Baxter International, Inc Count USD Berkshire Hathaway, Inc Count USD Biogen Idec, Inc Count USD Celgene Corp Count USD CF Industries Holdings, Inc Count USD Chevron Corp Count USD Citigroup, Inc Count USD Cognizant Technology Solutions Corp Count USD Colgate-Palmolive Co Count USD Cooper Cos, Inc Count USD CR Bard, Inc Count USD Cummins, Inc Count USD CVS Health Corp Count USD Discover Financial Services Count USD Discovery Communications, Inc Count USD Dover Corp Count USD ebay, Inc Count USD Fiserv, Inc Count USD FMC Technologies, Inc Count USD Garmin Ltd Count USD Gilead Sciences, Inc Count USD Google, Inc Count USD

395 Deutsche Invest I Stepln Akkumula Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Google, Inc -A- Count USD Hain Celestial Group, Inc Count USD Halliburton Co Count USD Hewlett-Packard Co Count USD Honeywell International, Inc Count USD International Flavors & Fragrances, Inc Count USD Johnson & Johnson Count USD JPMorgan Chase & Co Count USD LyondellBasell Industries NV Count USD McDonald s Corp Count USD Microsoft Corp Count USD Moody s Corp Count USD NASDAQ OMX Group, Inc Count USD National Oilwell Varco, Inc Count USD NeuStar, Inc Count USD Nielsen NV Count USD Norfolk Southern Corp Count USD Occidental Petroleum Corp Count USD Oracle Corp Count USD Philip Morris International, Inc Count USD PNC Financial Services Group, Inc Count USD Potash Corp of Saskatchewan, Inc Count USD Prudential Financial, Inc Count USD QUALCOMM, Inc Count USD Regeneron Pharmaceuticals, Inc Count USD Rock-Tenn Co -A- Count USD Thermo Fisher Scientific, Inc Count USD TJX Cos, Inc Count USD Trimble Navigation Ltd Count USD Union Pacific Corp Count USD United Technologies Corp Count USD US Bancorp Count USD Visa, Inc -A- Count USD Wal-Mart Stores, Inc Count USD Walt Disney Co Count USD Wells Fargo & Co Count USD WEX, Inc Count USD WhiteWave Foods Co Count USD Naspers Ltd -N- Count ZAR Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/CHF 09 million EUR/DKK 07 million EUR/HKD 26 million EUR/NOK 07 million Closed positions EUR/CHF 01 million EUR/HKD 02 million Currency futures (long) Open positions AUD/EUR 09 million CAD/EUR 16 million GBP/EUR 04 million ILS/EUR 03 million JPY/EUR 532 million SEK/EUR 13 million USD/EUR 09 million Closed positions USD/EUR 05 million Cash at bank

396 Deutsche Invest I Stepln Akkumula Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Japanese yen JPY Canadian dollar CAD Swiss franc CHF Singapore dollar SGD South African rand ZAR South Korean won KRW US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class BC EUR Class LC EUR Number of shares outstanding Class BC Count Class LC Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 02, 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 as of the reporting date Market abbreviations Contracting party for currency futures Deutsche Bank AG Frankfurt 394

397 Deutsche Invest I Stepln Akkumula Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Israeli shekel ILS = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = EUR 1 South African rand ZAR = 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 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 Assets reported in this report are not valued at derived market values Footnotes *** Does not include positions with a negative balance, if such exist 395

398 Deutsche Invest I Stepln Akkumula 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Aggreko Plc Count Aggreko Plc Count Alibaba Group Holding Count Amgen, Inc Count Bank of Nova Scotia Count BG Group Plc Count California Resources Corp Count Deere & Co Count Fidelity National Financial, Inc -A- Count Fifth Third Bancorp Count FLIR Systems, Inc Count FNF Group Count FNFV Group Count Knowles Corp Count Komatsu Ltd Count Koninklijke Ahold NV Count Linde AG Count LVMH MOET DA Rights Exp 31Dec49 Count NOW, Inc Count Porsche Automobil Holding SE -Pref- Count Praxair, Inc Count Priceline Group, Inc Count Rakuten, Inc Count Recruit Holdings Co, Ltd Count Roper Industries, Inc Count 750 SAP AG Count Societe BIC SA Count Tesco Plc Count The Middleby Corp Count Unibail-Rodamco SE Count 895 Volkswagen AG -Pref- Count Securities admitted to or included in organized markets Futures contracts Value ( 000) Equity index futures Contracts sold (Underlying: Topix) EUR 266 Currency futures (short) Futures contracts to sell currencies EUR/AUD EUR 244 EUR/CAD EUR 106 EUR/CHF EUR EUR/DKK EUR 425 EUR/GBP EUR 749 EUR/HKD EUR EUR/JPY EUR EUR/SEK EUR 87 EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies AUD/EUR EUR CAD/EUR EUR CHF/EUR EUR 537 DKK/EUR EUR 532 GBP/EUR EUR HKD/EUR EUR 324 ILS/EUR EUR 297 JPY/EUR EUR SEK/EUR EUR USD/EUR EUR Equities Sberbank of Russia -ADR- Count

399 Deutsche Invest I Stepln Akkumula Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Deduction for foreign withholding tax EUR Other income EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class BC 255% pa, Class LC 195% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 2 Class BC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class BC EUR Class LC EUR Class BC EUR Class LC EUR Class BC EUR Class LC EUR Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1373% of all transactions The total volume was EUR

400 Deutsche Invest I Top Asia Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities AIA Group Ltd Count HKD Anhui Conch Cement Co, Ltd -H- Count HKD Bank of China Ltd -H- Count HKD CGN Power Co, Ltd Count HKD China CNR Corp, Ltd Count HKD China Construction Bank Corp -H- Count HKD China Maple Leaf Educational Systems Ltd Count HKD China Merchants Bank Co, Ltd -H- Count HKD China Mobile Ltd Count HKD China Overseas Land & Investment Ltd Count HKD China Unicom Hong Kong Ltd Count HKD Chow Tai Fook Jewellery Group Ltd ** Count HKD CITIC Securities Co, Ltd Count HKD Haitong Securities Co, Ltd Count HKD Industrial & Commercial Bank of China Ltd -H- Count HKD L Occitane International SA Count HKD PetroChina Co, Ltd Count HKD Ping An Insurance Group Co of China Ltd Count HKD Sands China Ltd Count HKD Techtronic Industries Co Count HKD Tencent Holdings Ltd Count HKD Astra International Tbk PT Count IDR Bank Rakyat Indonesia Persero Tbk PT Count IDR ICICI Bank Ltd Count INR ITC Ltd Count INR Larsen & Toubro Ltd Count INR Bridgestone Corp Count JPY FANUC Corp Count JPY Hitachi Ltd Count JPY Japan Tobacco, Inc Count JPY Komatsu Ltd Count JPY Mitsubishi Estate Co, Ltd Count JPY Mitsubishi UFJ Financial Group, Inc Count JPY Nomura Holdings, Inc Count JPY ORIX Corp Count JPY Seven & I Holdings Co, Ltd Count JPY Softbank Corp Count JPY Toyota Motor Corp Count JPY Cheil Industries, Inc Count KRW Hyundai Motor Co Count KRW KB Financial Group, Inc Count KRW Korea Electric Power Corp Count KRW KT Corp Count KRW POSCO Count KRW Samsung Electronics Co, Ltd Count KRW Samsung Life Insurance Co, Ltd Count KRW Samsung SDS Co, Ltd Count KRW Shinhan Financial Group Co, Ltd Count KRW SK Hynix, Inc Count KRW Metropolitan Bank & Trust Count PHP Bangkok Bank PCL Count THB Alibaba Group Holding Count USD Baidu, Inc -ADR- Count USD JDcom, Inc -ADR- Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD Securities admitted to or included in organized markets Equities Hon Hai Precision Industry Co, Ltd -GDR Reg - Count USD Investment fund units In-group fund units db x-trackers FTSE Vietnam UCITS ETF (0650%) Units EUR db x-trackers FTSE Vietnam UCITS ETF (0650%) Units USD Non-group fund units ishares FTSE A50 China Index ETF (0990%) Units HKD Total securities portfolio Derivatives (Minus signs denote short positions) Derivatives on individual securities

401 Deutsche Invest I Top Asia Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Warrants on securities Equity warrants Advanced Semiconductor Engineering, Inc 21/01/2020 Count USD Bharti Airtel Ltd 24/01/2015 Count USD Cathay Financial Holding Co, Ltd 17/07/2017 Count USD Delta Electronics, Inc 24/01/2017 Count USD Fubon Financial Holding Co, Ltd 25/03/2021 Count USD Largan Precision Co, Ltd 05/10/2020 Count USD MediaTek, Inc 30/01/2017 Count USD Uni-President Enterprises Corp 24/04/2017 Count USD Uni-President Enterprises Corp 27/04/2017 Count USD Currency derivatives Receivables/payables Currency futures (short) Open positions EUR/JPY million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Indian rupee INR Indonesian rupiah IDR Japanese yen JPY Philippine peso PHP Singapore dollar SGD South Korean won KRW Thai baht THB US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class GBP RD GBP Class USD FC USD Class USD LC USD Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class GBP RD Count 652 Class USD FC Count Class USD LC Count

402 Deutsche Invest I Top Asia Composition of the reference portfolio (according to CSSF circular 11/512) 50% MSCI AC FAR EAST ex JAPAN Constituents, 50% MSCI AC FAR EAST in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Market abbreviations Contracting party for currency futures Citibank NA London Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Chow Tai Fook Jewellery Group Ltd Count Total receivables from securities loans Contracting party for securities loans Deutsche Bank London Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Indonesian rupiah IDR = EUR 1 Indian rupee INR = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Philippine peso PHP = EUR 1 Singapore dollar SGD = EUR 1 Thai baht THB = EUR 1 US dollar USD = 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 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 Die in diesem Bericht ausgewiesenen Vermögenswerte werden in nicht zu abgeleiteten Verkehrswerten bewertet 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 No initial sales charges or redemption fees were paid in the reporting period Footnotes ** Some or all of these securities are lent 400

403 Deutsche Invest I Top Asia 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities Beijing Enterprises Holdings Ltd Count Cheung Kong Holdings Ltd Count China Life Insurance Co, Ltd -H- Count China Railway Group Ltd Count China Shenhua Energy Co, Ltd -H- Count CNOOC Ltd Count COSCO Pacific Ltd Count DBS Group Holdings Ltd Count Great Wall Motor Co, Ltd -H- Count Hutchison Whampoa Ltd Count Hyundai Mobis Count ICICI Bank Ltd Count KT&G Corp Count LG Chem Ltd Count Luye Pharma Group Ltd Count Melco Crown Entertainment Ltd -ADR- Count Rio Tinto Ltd Count Samsonite International SA Count Sembcorp Marine Ltd Count Singapore Telecommunications Ltd Count Tencent Holdings Ltd Count Tencent Holdings Ltd Count Certificates JPMorgan - Uni-President Enterprises Co Certificate Count

404 Deutsche Invest I Top Asia Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 092% pa, Class LD 167% pa, Class GBP RD 091% pa, Class USD LC 167% pa Class LC 167% pa, Class NC 236% pa, Class USD FC 091% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0010% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 1 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 092 Class NC The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 177 Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 1 Additional information is provided in the sales prospectus 402

405 Deutsche Invest I Top Asia Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class GBP RD (formerly: RDR1) GBP Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class RDR1 (formerly: DS1) GBP Class A2 USD Class E2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class DS1 GBP Class A2 USD Class E2 USD Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1807% of all transactions The total volume was EUR

406 Deutsche Invest I Top Dividend Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Woodside Petroleum Ltd Count AUD Bank of Nova Scotia ** Count CAD BCE, Inc ** Count CAD Canadian Imperial Bank of Commerce ** Count CAD Canadian Oil Sands Ltd ** Count CAD Enbridge, Inc ** Count CAD Toronto-Dominion Bank ** Count CAD TransCanada Corp Count CAD Nestle SA -Reg- Count CHF Novartis AG -Reg- ** Count CHF Roche Holding AG Count CHF Air Liquide SA Count EUR Allianz SE -Reg- ** Count EUR Fuchs Petrolub AG Count EUR Fuchs Petrolub AG Count EUR Hannover Rueck SE -Reg- Count EUR Henkel AG & Co KGaA -Pref- ** Count EUR Royal Dutch Shell Plc -A- Count EUR Sampo -A- Count EUR Sanofi Count EUR Siemens AG -Reg- Count EUR Unibail-Rodamco SE Count EUR Unilever NV Count EUR Wincor Nixdorf AG Count EUR Wolters Kluwer NV Count EUR BAE Systems Plc Count GBP British American Tobacco Plc Count GBP British Sky Broadcasting Group Plc Count GBP GlaxoSmithKline Plc Count GBP Imperial Tobacco Group Plc Count GBP Indivior Plc Count GBP Pearson Plc Count GBP Reckitt Benckiser Group Plc Count GBP Smiths Group Plc Count GBP Japan Tobacco, Inc Count JPY Nippon Telegraph & Telephone Corp Count JPY KT&G Corp Count KRW Gjensidige Forsikring BA Count NOK Telenor ASA Count NOK Yara International ASA Count NOK Powszechny Zaklad Ubezpieczen SA Count PLN Swedbank AB Count SEK Singapore Post Ltd Count SGD Chunghwa Telecom Co, Ltd Count TWD Altria Group, Inc Count USD Automatic Data Processing, Inc Count USD Baxter International, Inc Count USD CDK Global, Inc Count USD CF Industries Holdings, Inc Count USD Chunghwa Telecom Co, Ltd -ADR- Count USD Cisco Systems, Inc ** Count USD Coca-Cola Co ** Count USD Dominion Resources, Inc Count USD Duke Energy Corp Count USD General Electric Co Count USD Genuine Parts Co Count USD Johnson & Johnson Count USD McDonald s Corp Count USD Merck & Co, Inc Count USD Microsoft Corp Count USD NextEra Energy, Inc Count USD Pfizer, Inc ** Count USD PG&E Corp Count USD Philip Morris International, Inc Count USD Procter & Gamble Co ** Count USD Raytheon Co Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- ** Count USD UGI Corp Count USD Verizon Communications, Inc ** Count USD Wisconsin Energy Corp Count USD Interest-bearing securities 475 % United Kingdom Gilt 2003/2015 GBP % % United Kingdom Gilt 2006/2016 ** GBP % % United States Treasury Note 2014/2016 USD % Total securities portfolio

407 Deutsche Invest I Top Dividend Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (short) Open positions CHF/CAD 152 million CHF/HKD 01 million CHF/NOK 341 million CHF/SEK 134 million CHF/SGD 31 million EUR/AUD 01 million EUR/CAD 18 million EUR/GBP 13 million EUR/HKD 01 million EUR/JPY 463 million EUR/NOK 39 million EUR/SEK 16 million USD/AUD 07 million USD/CAD 104 million USD/GBP 74 million USD/HKD 01 million USD/JPY 2722 million USD/NOK 23 million USD/SEK 92 million Closed positions AUD/SGD 01 million CAD/SGD 01 million CHF/CAD 01 million CHF/HKD 01 million CHF/NOK 01 million CHF/SEK 01 million CHF/SGD 11 million EUR/CHF 24 million EUR/JPY 8 million EUR/SGD 07 million EUR/USD 109 million GBP/SGD 01 million HKD/SGD 01 million JPY/SGD 01 million NOK/SGD 01 million SEK/SGD 01 million USD/AUD 01 million USD/CAD 01 million USD/CHF 75 million USD/GBP 01 million USD/HKD 01 million USD/JPY 436 million USD/NOK 01 million USD/SEK 01 million USD/SGD 29 million Currency futures (long) Open positions CHF/AUD 09 million CHF/EUR 223 million CHF/GBP 163 million CHF/JPY 32 million CHF/USD 438 million SGD/AUD 01 million SGD/CAD 09 million SGD/EUR 13 million SGD/GBP 12 million SGD/HKD 01 million SGD/JPY 02 million SGD/NOK 03 million SGD/SEK 01 million SGD/USD 11 million USD/EUR 106 million Closed positions CHF/AUD 01 million CHF/GBP 01 million CHF/JPY 05 million

408 Deutsche Invest I Top Dividend Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Norwegian krone NOK Polish zloty PLN Swedish krona SEK Hungarian forint HUF Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Japanese yen JPY Canadian dollar CAD New Taiwan dollar TWD Swiss franc CHF Singapore dollar SGD South Korean won KRW US dollar USD Other assets Dividends receivable Prepaid placement fee* Interest receivable Receivables from exceeding the expense cap Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class CHF FCH (P) CHF Class CHF LCH (P) CHF Class FC EUR Class FD EUR Class ID EUR Class IDH (P) EUR Class LC EUR Class LD EUR Class NC EUR Class ND EUR Class PFC EUR Class PFD EUR Class GBP LD DS GBP Class GBP RD GBP Class SGD LC SGD 1347 Class SGD LCH (P) SGD 1348 Class SGD LDQ SGD 1348 Class SGD LDQH (P) SGD 1125 Class USD FC USD Class USD LC USD Class USD LCH (P) USD Class USD LDH (P) USD Class USD LDM USD 9760 Class USD LDQ USD Number of shares outstanding Class CHF FCH (P) Count Class CHF LCH (P) Count Class FC Count Class FD Count Class ID Count Class IDH (P) Count

409 Deutsche Invest I Top Dividend Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Class LC Count Class LD Count Class NC Count Class ND Count Class PFC Count Class PFD Count Class GBP LD DS Count Class GBP RD Count Class SGD LC Count Class SGD LCH (P) Count Class SGD LDQ Count Class SGD LDQH (P) Count Class USD FC Count Class USD LC Count Class USD LCH (P) Count Class USD LDH (P) Count Class USD LDM Count Class USD LDQ Count Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World High Dividend Yield in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from Janaury 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes Market abbreviations Contracting party for currency futures State Street Bank and Trust Company Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Allianz SE -Reg- Count Bank of Nova Scotia Count BCE, Inc Count Canadian Imperial Bank of Commerce Count Canadian Oil Sands Ltd Count Cisco Systems, Inc Count Coca-Cola Co Count Enbridge, Inc Count Henkel AG & Co KGaA -Pref- Count Novartis AG -Reg- Count Pfizer, Inc Count Procter & Gamble Co Count Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count Toronto-Dominion Bank Count Verizon Communications, Inc Count % United Kingdom Gilt 2006/2016 GBP Total receivables from securities loans Contracting parties for securities loans BNP Paribas Arbitrage SNC, Barclays Capital Securities Limited, Citigroup Global Markets, Credit Suisse Securities (Europe) Ltd EQ, Nomura International Plc, Société Générale and UBS AG LDN BRANCH Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR

410 Deutsche Invest I Top Dividend Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Hungarian forint HUF = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Norwegian krone NOK = EUR 1 Polish zloty PLN = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 New Taiwan dollar TWD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Accenture Plc Count Air Liquide -Rights Exp 20Jun14 Count Anheuser-Busch InBev NV Count AT&T, Inc Count BASF SE Count Bemis Co, Inc Count Chevron Corp Count ConocoPhillips Count Franco-Nevada Corp Count Jungheinrich AG -Pref- Count KDDI Corp Count Koninklijke Ahold NV Count Koninklijke Ahold NV Count Lawson, Inc Count Linde AG Count Muenchener Rueckversicherungs AG -Reg- Count Northrop Grumman Corp Count NTT DOCOMO, Inc Count Schneider Electric SA Count Sonoco Products Co Count United Parcel Service, Inc -B- Count Wal-Mart Stores, Inc Count Unlisted securities Interest-bearing securities 150% Canadian Government Bond 2013/2017 CAD Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies AUD/CHF EUR AUD/SGD EUR 475 CAD/SGD EUR CHF/CAD EUR CHF/HKD EUR 27 CHF/NOK EUR CHF/SEK EUR CHF/SGD EUR EUR/AUD EUR 736 EUR/CAD EUR EUR/CHF EUR EUR/GBP EUR EUR/HKD EUR 2 EUR/JPY EUR EUR/NOK EUR EUR/SEK EUR EUR/SGD EUR EUR/USD EUR GBP/CHF EUR GBP/SGD EUR HKD/SGD EUR 1 JPY/CHF EUR JPY/SGD EUR NOK/SGD EUR SEK/SGD EUR 882 USD/AUD EUR USD/CAD EUR USD/CHF EUR USD/GBP EUR USD/HKD EUR 12 USD/JPY EUR USD/NOK EUR USD/SEK EUR USD/SGD EUR

411 Deutsche Invest I Top Dividend Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Currency futures (long) Value ( 000) Futures contracts to purchase currencies AUD/EUR EUR 735 AUD/USD EUR CAD/CHF EUR CAD/EUR EUR CAD/USD EUR CHF/AUD EUR CHF/EUR EUR CHF/GBP EUR CHF/JPY EUR CHF/USD EUR GBP/EUR EUR GBP/USD EUR HKD/CHF EUR 25 HKD/EUR EUR 2 HKD/USD EUR 11 JPY/EUR EUR JPY/USD EUR NOK/CHF EUR NOK/EUR EUR NOK/USD EUR SEK/CHF EUR SEK/EUR EUR SEK/USD EUR SGD/AUD EUR 510 SGD/CAD EUR SGD/CHF EUR SGD/EUR EUR SGD/GBP EUR SGD/HKD EUR 1 SGD/JPY EUR SGD/NOK EUR SGD/SEK EUR 955 SGD/USD EUR USD/EUR EUR

412 Deutsche Invest I Top Dividend Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year/interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class CHF FCH (P) 086% pa, Class CHF LCH (P) 162% pa, Class FC 084% pa, Class FD 084% pa, Class ID 003% 3, Class IDH (P) 033% 3, Class LC 159% pa, Class LD 159% pa, Class NC 229% pa, Class ND 229% pa, Class PFC 138% 3, Class PFD 137% 3, Class GBP LD DS 160% pa, Class GBP RD 096% pa, Class SGD LC 164% pa, Class SGD LCH (P) 162% pa, Class SGD LDQ 163% pa, Class SGD LDQH (P) 163% pa, Class USD FC 091% pa, Class USD LC 158% pa, Class USD LCH (P) 163% pa, Class USD LDH (P) 162% pa, Class USD LDM 095% 3, Class USD LDQ 165% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0050% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 4 Class CHF FCH (P) The income for the fiscal year is reinvested Class CHF LCH (P) The income for the fiscal year is reinvested Class FC The income for the fiscal year is reinvested Class FD Type As of Currency Per share Final distribution March 6, 2015 EUR 336 Class ID The income for the fiscal year is reinvested Class IDH (P) Type As of Currency Per share Final distribution March 6, 2015 EUR 177 Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 407 Class NC 410 The income for the fiscal year is reinvested

413 Deutsche Invest I Top Dividend Details on the distribution policy 4 Details on the distribution policy 4 Class ND Type As of Currency Per share Final distribution March 6, 2015 EUR 376 Class PFC The income for the fiscal year is reinvested Class PFD Final distribution March 6, 2015 EUR 189 Class GBP LD DS Type As of Currency Per share Final distribution March 6, 2015 GBP 397 Class SGD LDQH (P) Type As of Currency Per share Interim distribution January 17, 2014 SGD 008 Interim distribution April 16, 2014 SGD 005 Interim distribution July 16, 2014 SGD 006 Class USD FC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested Class USD LCH (P) The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 298 Class SGD LC The income for the fiscal year is reinvested Class SGD LCH (P) The income for the fiscal year is reinvested Class SGD LDQ Type As of Currency Per share Interim distribution January 17, 2014 SGD 019 Interim distribution April 16, 2014 SGD 006 Interim distribution July 16, 2014 SGD 008 Class USD LDH (P) Final distribution March 6, 2015 USD 399 Class USD LDM Type As of Currency Per share Interim distribution October 17, 2014 USD 051 Interim distribution November 18, 2014 USD 049 Interim distribution December 16, 2014 USD 049 Class USD LDQ Type As of Currency Per share Interim distribution January 17, 2014 USD 082 Interim distribution April 16, 2014 USD 052 Interim distribution July 16, 2014 USD 070 Interim distribution October 17, 2014 USD Additional information is provided in the sales prospectus 411

414 Deutsche Invest I Top Dividend Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class CHF FCH (P) (formerly: CH4H (P)) CHF Class CHF LCH (P) (formerly: CH2H (P)) CHF Class FC EUR Class FD EUR Class ID EUR Class IDH (P) EUR Class LC EUR Class LD EUR Class NC EUR Class ND EUR Class PFC EUR Class PFD EUR Class GBP LD DS (formerly: DS1) GBP Class GBP RD (formerly: RDR1) GBP Class SGD LC (formerly: S2) SGD 1347 Class SGD LCH (P) (formerly: S2H (P)) SGD 1348 Class SGD LDQ (formerly: S1Q) SGD 1348 Class SGD LDQH (P) (formerly: S1QH (P)) SGD 1125 Class USD FC (formerly: E2) USD Class USD LC (formerly: A2) USD Class USD LCH (P) (formerly: A2H (P)) USD Class USD LDH (P) (formerly: A1H (P)) USD Class USD LDM USD 9760 Class USD LDQ (formerly: A1Q) USD Class CH2H (P) CHF Class CH4H (P) CHF Class FC EUR Class FD EUR Class ID EUR - Class IDH (P) EUR - Class LC EUR Class LD EUR Class NC EUR Class ND EUR Class PFC EUR - Class PFD EUR - Class DS1 GBP Class RDR1 GBP 9709 Class S1Q SGD 1285 Class S1QH (P) SGD 1047 Class S2 SGD 1252 Class S2H (P) SGD 1227 Class A1H (P) USD Class A1Q USD Class A2 USD Class A2H (P) USD Class E2 USD Class USD LDM USD - Changes in net assets and in the net asset value per share over the last three years 2012 Class CH2H (P) CHF Class CH4H (P) CHF Class FC EUR Class FD EUR - Class ID EUR - Class IDH (P) EUR - Class LC EUR Class LD EUR Class NC EUR Class ND EUR Class PFC EUR - Class PFD EUR - Class DS1 GBP Class RDR1 GBP - Class S1Q SGD 1082 Class S1QH (P) SGD - Class S2 SGD 1036 Class S2H (P) SGD 1049 Class A1H (P) USD - Class A1Q USD - Class A2 USD Class A2H (P) USD Class E2 USD - Class USD LDM USD - Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1089% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 412

415 Deutsche Invest I Top Dividend Premium Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Woodside Petroleum Ltd Count AUD Bank of Nova Scotia Count CAD BCE, Inc Count CAD Canadian Imperial Bank of Commerce Count CAD Canadian Oil Sands Ltd Count CAD Enbridge, Inc Count CAD Toronto-Dominion Bank Count CAD TransCanada Corp Count CAD Nestle SA -Reg- Count CHF Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Air Liquide SA Count EUR Allianz SE -Reg- Count EUR Fuchs Petrolub AG Count EUR Fuchs Petrolub AG Count EUR Hannover Rueck SE -Reg- Count EUR Henkel AG & Co KGaA -Pref- Count EUR Royal Dutch Shell Plc -A- Count EUR Sampo -A- Count EUR Sanofi Count EUR Siemens AG -Reg- Count EUR Unibail-Rodamco SE Count EUR Unilever NV Count EUR Wincor Nixdorf AG Count EUR Wolters Kluwer NV Count EUR BAE Systems Plc Count GBP British American Tobacco Plc Count GBP British Sky Broadcasting Group Plc Count GBP GlaxoSmithKline Plc Count GBP Imperial Tobacco Group Plc Count GBP Indivior Plc Count GBP Pearson Plc Count GBP Reckitt Benckiser Group Plc Count GBP Smiths Group Plc Count GBP Nippon Telegraph & Telephone Corp Count JPY KT&G Corp Count KRW Gjensidige Forsikring BA Count NOK Telenor ASA Count NOK Yara International ASA Count NOK Powszechny Zaklad Ubezpieczen SA Count PLN Swedbank AB Count SEK Singapore Post Ltd Count SGD Altria Group, Inc Count USD Automatic Data Processing, Inc Count USD Baxter International, Inc Count USD CF Industries Holdings, Inc Count USD Chunghwa Telecom Co, Ltd -ADR- Count USD Cisco Systems, Inc Count USD Coca-Cola Co Count USD Dominion Resources, Inc Count USD Duke Energy Corp Count USD General Electric Co Count USD Genuine Parts Co Count USD Johnson & Johnson Count USD McDonald s Corp Count USD Merck & Co, Inc Count USD Microsoft Corp Count USD NextEra Energy, Inc Count USD Pfizer, Inc Count USD PG&E Corp Count USD Philip Morris International, Inc Count USD Procter & Gamble Co Count USD Raytheon Co Count USD Taiwan Semiconductor Manufacturing Co, Ltd -ADR- Count USD UGI Corp Count USD Verizon Communications, Inc Count USD Wisconsin Energy Corp Count USD Total securities portfolio

416 Deutsche Invest I Top Dividend Premium Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Derivatives (Minus signs denote short positions) Derivatives on individual securities Securities options Receivables/payables Equity options Call Air Liquide 01/ EUR (XEUR) Count Call Allianz 01/ EUR (XEUR) Count Call Bank of Nova Scotia 01/ CAD (XMOD) Count Call BCE 01/ CAD (XMOD) Count Call British American Tobacco 01/ GBP (IFLO) Count Call Canadian Imperial Bank of Commerce 01/ CAD (XMOD) Count Call Cisco Systems 01/ USD (OPQ) Count Call Coca-Cola Co 01/ USD (OPQ) Count Call Dominion Resources 01/ USD (OPQ) Count Call Duke Energy 01/ USD (OPQ) Count Call Enbridge 01/ CAD (XMOD) Count Call Enbridge 01/ CAD (XMOD) Count Call Enbridge 01/ CAD (XMOD) Count Call Fuchs Petrolub 01/ EUR (XEUR) Count Call GlaxoSmithKline 01/ GBP (IFLO) Count Call Henkel AG & Co 01/ EUR (XEUR) Count Call Johnson & Johnson 01/ USD (OPQ) Count Call Merck & Co 01/ USD (OPQ) Count Call Microsoft 01/ USD (OPQ) Count Call Novartis 01/ CHF (XEUR) Count Call Novartis 01/ CHF (XEUR) Count Call Pfizer 01/ USD (OPQ) Count Call Procter & Gamble 01/ USD (OPQ) Count Call Reckitt Benckiser Group 01/ GBP (IFLO) Count Call Roche Holding 01/ CHF (XEUR) Count Call Sanofi 01/ EUR (XEUR) Count Call Sanofi 01/ EUR (XEUR) Count Call Statoil 06/ NOK (XOSL) Count Call Statoil 06/ NOK (XOSL) Count Call Swedbank 01/ SEK (XSTO) Count Call Toronto-Dominion Bank 01/ CAD (XMOD) Count Call Transcanada 01/ CAD (XMOD) Count Call Unibail-Rodamco 01/ EUR (XEUR) Count Call Unilever 01/ EUR (XEUR) Count Call Wincor Nixdorf 01/ EUR (XEUR) Count Call Wisconsin Energy 01/ USD (OPQ) Count Call Wolters Kluwer 01/ EUR (XEUR) Count Call Yara International 01/ NOK (XOSL) Count Put Deutsche Bank 01/ EUR (XEUR) Count Put Statoil 06/ NOK (XOSL) Count Equity index derivatives Receivables/payables Option contracts Options on equity indices Call DAX Index 01/ EUR (XEUR) Count Call DAX Index 01/ EUR (XEUR) Count Call DAX Index 01/ EUR (XEUR) Count Call DAX Index 01/ EUR (XEUR) Count Call DAX Index 01/ EUR (XEUR) Count Call S&P 500 Index 02/ USD (OPQ) Count Call S&P 500 Index 02/ USD (OPQ) Count Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies Norwegian krone NOK Polish zloty PLN Swedish krona SEK

417 Deutsche Invest I Top Dividend Premium Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Deposits in non-eu/eea currencies Australian dollar AUD Japanese yen JPY Canadian dollar CAD Swiss franc CHF Singapore dollar SGD South Korean won KRW US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Total assets *** Short-term liabilities Loans in other EU/EEA currencies British pound GBP Other liabilities Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class ND EUR 9917 Class NDQ EUR 9858 Class USD LC USD Number of shares outstanding Class FC Count Class LC Count Class LD Count Class ND Count Class NDQ Count 544 Class USD LC Count 40 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 05, 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 as of the reporting date 415

418 Deutsche Invest I Top Dividend Premium Market abbreviations Futures exchanges IFLO = Ice Futures Europe - Equity Products Division OPQ = Options Price Reporting Authority BBO XEUR = Eurex XMOD = The Montreal Exchange XOSL = Oslo Stock Exchange XSTO = Stockholm Stock Exchange Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 British pound GBP = EUR 1 Japanese yen JPY = EUR 1 South Korean won KRW = EUR 1 Norwegian krone NOK = EUR 1 Polish zloty PLN = EUR 1 Swedish krona SEK = EUR 1 Singapore dollar SGD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes *** Does not include positions with a negative balance, if such exist 416

419 Deutsche Invest I Top Dividend Premium 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Accenture Plc Count Air Liquide -Rights Exp 20Jun14 Count Air Liquide SA -Pref- Count Anheuser-Busch InBev NV Count Anheuser-Busch InBev NV Count AT&T, Inc Count BASF SE Count 800 Bemis Co, Inc Count CDK Global, Inc Count Chevron Corp Count ConocoPhillips Count Franco-Nevada Corp Count Jungheinrich AG -Pref- Count KDDI Corp Count Koninklijke Ahold NV Count Koninklijke Ahold NV Count Lawson, Inc Count Linde AG Count Muenchener Rueckversicherungs AG -Reg- Count Northrop Grumman Corp Count NTT DOCOMO, Inc Count Royal Dutch Shell Plc Count Sampo Count Sanofi -Reg- Count Schneider Electric SA Count Sonoco Products Co Count Unibail-Rodamco SE Count Unilever NV -Pref- Count United Parcel Service, Inc -B- Count Wal-Mart Stores, Inc Count Wolters Kluwer NV -Reg- Count Option contracts Securities options Value ( 000) Equity options Call options purchased (Underlyings: Accenture, Air Liquide, Allianz, Altria, Anheuser-Busch InBev, AT+T, Automatic Data Processing, Bae Systems, Bank of Novia, BASF, Baxter International, BCE, Bemis, British American Tobacco, British Sky Broadcasting Group, Canadian Imperial Bank of Commerce, Canadian Oil Sands, CF Industries, Chevron, Cisco Systems, Coca-Cola, Conoco Phillips, Dominion Resources, Duke Energy, Enbridge, Franco Nevada, Fuchs Petrolub, General Electric, Genuine Parts, Gjensidige Forsikring, GlaxoSmithKline, Hannover Rueckversicherung, Henkel, Imperial Tobacco, Johnson & Johnson, Linde, Merck & Co, Microsoft, MSCI World Index, Muenchener Rueckversicherungs, Nestle, Nextera, Northrop Grumman, Novartis, Pearson, Pfizer, PG&E, Philip Morris International, Powszechny Zaklad Ubezpieczen, Procter & Gamble, Raytheon, Reckitt, Roche Holding, Royal Dutch Shell, Sampo OYJ, Sanofi, Schneider Electric, Smiths, Sonoco Products, Swedbank, Telenor, Toronto Dominion Bank, TransCanada, UGI, Unibail Rodamco, Unilever, United Parcel Service, Verizon Communications, Wal Mart Stores, Wincor Nixdorf, Wisconsin Energy, Wolter Kluwer, Yara International) EUR 638 Put options purchased (Underlyings: Air Liquide, Allianz, Anheuser-Busch InBev, Bae Systems, Baxter International, BCE, Coca-Cola, Deutsche Lufthansa, Enbridge, Henkel, Linde, LVMH, Merck & Co, MSCI World Index, Nokia, Schneider Electric, Unibail Rodamco, Unilever, Wincor Nixdorf) EUR 43 Call options sold (Underlyings: Henkel, Johnson & Johnson, LVMH, Novartis) EUR 27 Options on equity index derivatives Options on equity indices Call options purchased (Underlyings: Dax, DJ Euro Stoxx 50, DJ Euro Stoxx Banks, FTSE 100, S&P 500) EUR Put options purchased (Underlyings: DJ Euro Stoxx 50, DJ Euro Stoxx Banks, FTSE 100) EUR 123 Call options sold (Underlyings: Dax, DJ Euro Stoxx 50, DJ Euro Stoxx Banks, DJ Stoxx 600 Basic Resources, FTSE 100, Nikkei 225, S&P 500) EUR Put options sold (Underlyings: Dax, DJ Euro Stoxx 50, DJ Euro Stoxx Banks, FTSE 100, SX5E) EUR

420 Deutsche Invest I Top Dividend Premium Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Deduction for foreign withholding tax EUR Other income EUR 7587 Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Distribution costs EUR Other EUR Total expenses EUR III Net investment income EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year / Interim distribution EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 089% pa, Class LD 177% pa, Class NDQ 254% pa, Class LC 177% pa, Class ND 258% pa, Class USD LC 176% pa The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets for a given fiscal year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 675 Class ND Type As of Currency Per share Final distribution March 6, 2015 EUR 659 Class NDQ Interim distribution January 19, 2015 EUR 602 Interim distribution April 16, 2014 EUR 014 Interim distribution July 16, 2014 EUR 034 Class USD LC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 418

421 Deutsche Invest I Top Dividend Premium Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class ND EUR 9917 Class NDQ EUR 9858 Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR 9665 Class ND EUR 9475 Class NDQ EUR 9401 Class A2 USD Class FC EUR Class LC EUR Class LD EUR Class ND EUR 9771 Class NDQ EUR 9701 Class A2 USD 9520 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2574% of all transactions The total volume was EUR

422 Deutsche Invest I Top Euroland Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Airbus Group NV Count EUR Allianz SE -Reg- Count EUR Anheuser-Busch InBev NV Count EUR ASML Holding NV Count EUR AXA SA Count EUR Banco Bilbao Vizcaya Argentaria SA Count EUR Banco Bilbao Vizcaya Argentaria SA -Rights Exp 07Jan15 Count EUR Banco Santander SA Count EUR Bankinter SA Count EUR BASF SE Count EUR Bayer AG Count EUR Bayerische Motoren Werke AG Count EUR BNP Paribas SA Count EUR Daimler AG Count EUR Danone SA Count EUR Deutsche Bank AG -Reg- Count EUR Deutsche Post AG -Reg- Count EUR Deutsche Telekom AG -Reg- Count EUR Dialog Semiconductor Plc Count EUR EON AG Count EUR Elior SCA Count EUR Enel SpA Count EUR Essilor International SA Count EUR Ferrovial SA ** Count EUR Fresenius SE & Co KGaA Count EUR GDF Suez Count EUR GEA Group AG Count EUR HeidelbergCement AG Count EUR Inditex SA Count EUR ING Groep NV Count EUR Intesa Sanpaolo SpA Count EUR KBC Groep NV Count EUR Kering ** Count EUR KION Group AG Count EUR Linde AG Count EUR L Oreal SA Count EUR Luxottica Group SpA ** Count EUR Mapfre SA Count EUR Merck KGaA Count EUR NH Hoteles SA ** Count EUR Orange SA Count EUR Repsol SA Count EUR Sampo -A- Count EUR Schneider Electric SA Count EUR SES SA Count EUR Siemens AG -Reg- Count EUR Société Générale SA Count EUR Stora Enso Oyj -R- Count EUR United Internet AG -Reg- Count EUR Vinci SA Count EUR Total securities portfolio Derivatives (Minus signs denote short positions) Equity index derivatives Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 03/ EUR (XEUR) Count Currency derivatives Receivables/payables Currency futures (short) Closed positions EUR/SGD 01 million EUR/USD 55 million Currency futures (long) Open positions SGD/EUR 05 million USD/EUR 509 million

423 Deutsche Invest I Top Euroland Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Swedish krona SEK Other assets Dividends receivable Receivables from exceeding the expense cap Prepaid placement fee* Other receivables Receivables from share certificate transactions Total assets *** Other liabilities Liabilities from cost items Additional other liabilities Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Anteilwert Class FC EUR Class FD EUR Class IC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR 9762 Class GBP RD GBP Class SGD LCH (P) SGD 974 Class USD FCH USD Class USD LCH USD Number of shares outstanding Class FC Count Class FD Count Class IC Count Class LC Count Class LD Count Class NC Count Class PFC Count Class GBP RD Count Class SGD LCH (P) Count Class USD FCH Count 270 Class USD LCH Count Composition of the reference portfolio (according to CSSF circular 11/512) EURO STOXX 50 Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 as of the reporting date Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes 421

424 Deutsche Invest I Top Euroland Market abbreviations Futures exchanges XEUR = Eurex Contracting party for currency futures State Street Bank and Trust Company Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Ferrovial SA Count Kering Count Luxottica Group SpA Count NH Hoteles SA Count Total receivables from securities loans Contracting parties for securities loans BNP Paribas Arbitrage SNC, Deutsche Bank London, HSBC Bank Plc, Merrill Lynch International und Société Générale Total collateral pledged by third parties for securities loans EUR thereof: Bonds EUR Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 British pound GBP = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes * The prepaid placement fee is amortized over a period of three years (in accordance with article 12 (d) of the general section of the sub-fund s management regulations) ** Some or all of these securities are lent *** Does not include positions with a negative balance, if such exist 422

425 Deutsche Invest I Top Euroland 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 Description Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities Alcatel-Lucent -A- Count ArcelorMittal Count Arkema SA Count AtoS Count Banco Bilbao Vizcaya Argentaria SA -Rights Exp 13Oct14 Count Banco Santander SA -Rights Exp 03Nov14 Count Banco Santander SA -Rights Exp 28Apr14 Count Banco Santander SA -Rights Exp 29Jul14 Count BBVA -Rights Exp 14Apr14 Count Beiersdorf AG Count Bureau Veritas SA Count CaixaBank SA Count Caixabank SA -Rights Exp 17Jun14 Count CaixaBank SA -Rights Exp 18Mar14 Count CaixaBank SA -Rights Exp 23Sep14 Count Christian Dior SA Count Cie de St-Gobain Count CRH Plc Count Deutsche Bank AG -Rights Exp 24Jun14 Count Electricite de France SA Count Eni SpA Count Ferrovial -Rights Exp 18Nov14 Count Ferrovial SA -Rights Exp 22Jul14 Count Gemalto NV Count Grupo Catalana Occidente SA Count Henkel AG & Co KGaA -Pref- Count Inditex SA Count Infineon Technologies AG Count Jazztel Plc Count Legrand SA Count Renault SA Count Repsol SA -Rights Exp 10Jul14 Count Repsol SA -Rights Exp 08Jan15 Count Rexel SA Count Safran SA Count Sanofi Count SAP AG Count Unibail-Rodamco SE Count Unipol Gruppo Finanziario SpA Count Volkswagen AG -Pref- Count Yoox SpA Count Ziggo NV Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts sold (Underlying: DJ Euro Stoxx 50) EUR Currency futures (short) Futures contracts to sell currencies EUR/SGD EUR 672 EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies SGD/EUR EUR 673 USD/EUR EUR

426 Deutsche Invest I Top Euroland Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 I Income 1 Dividends (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Income from expense cap EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Expenses from prepaid placement fee 1 EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions 2 EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Reduced by dilution fee in the amount of EUR for the benefit of the fund`s assets Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 4 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Capital gains/losses EUR V Net gain/loss for the fiscal year EUR For further information, please refer to the general information on page 437 f BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 085% pa, Class FD 039% 3, Class IC 038% 3, Class LC 160% pa, Class LD 160% pa, Class NC 229% pa, Class PFC 162% 3, Class GBP RD 123% pa, Class SGD LCH (P) 094% 3, Class USD FCH 035% 3, Class USD LCH 163% pa 3 Annualization has not been performed for share classes launched during the year The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0040% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 424

427 Deutsche Invest I Top Euroland Details on the distribution policy 5 Class FC The income for the fiscal year is reinvested Class FD Type As of Currency Per share Final distribution March 6, 2015 EUR 005 Class IC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 041 Class NC The income for the fiscal year is reinvested Class PFC The income for the fiscal year is reinvested Class GBP RD Type As of Currency Per share Final distribution March 6, 2015 GBP 089 Class SGD LCH (P) The income for the fiscal year is reinvested Class USD FCH Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class FD EUR Class IC EUR Class LC EUR Class LD EUR Class NC EUR Class PFC EUR 9762 Class GBP RD (formerly:rdr1) GBP Class SGD LCH (P) SGD 974 Class USD FCH USD Class USD LCH (formerly: A2H) USD Class FC EUR Class FD EUR - Class IC EUR - Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class RDR1 GBP Class SGD LCH (P) SGD - Class A2H USD Class USD FCH USD Class FC EUR Class FD EUR - Class IC EUR - Class LC EUR Class LD EUR Class NC EUR Class PFC EUR - Class RDR1 GBP - Class SGD LCH (P) SGD - Class A2H USD - Class USD FCH USD - The income for the fiscal year is reinvested Class USD LCH The income for the fiscal year is reinvested 5 Additional information is provided in the sales prospectus Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 745% of all transactions The total volume was EUR Placement fee / dilution adjustment In the reporting period the fund paid a placement fee of 29% of the net fund assets to the distributors This fee was calculated on the subscription date This placement fee serves in particular as compensation for distribution The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund s net assets as prepaid expenses These are amortized on a daily basis over a period of three years from the date of subscription The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor The relevant factor is determined by the linear reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund s net assets and the predetermined factor In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund s net assets in the reporting period (to be paid by the shareholder) Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund s sales prospectus 425

428 Deutsche Invest I Top Europe Investment portfolio December 31, 2014 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Dufry AG Count CHF Kuehne + Nagel International AG Count CHF Nestle SA -Reg- Count CHF Novartis AG -Reg- Count CHF Roche Holding AG Count CHF Novo Nordisk A/S Count DKK Airbus Group NV Count EUR Allianz SE -Reg- Count EUR Anheuser-Busch InBev NV Count EUR ASML Holding NV Count EUR Banco Santander SA Count EUR Bank Austria -Rights Exp 08Aug08 Count EUR Bankinter SA Count EUR BASF SE Count EUR Bayer AG Count EUR BNP Paribas SA Count EUR Daimler AG Count EUR Deutsche Post AG -Reg- Count EUR Deutsche Telekom AG -Reg- Count EUR EON AG Count EUR Enel SpA Count EUR Essilor International SA Count EUR Ferrovial SA ** Count EUR Fresenius SE & Co KGaA Count EUR GDF Suez Count EUR GEA Group AG Count EUR HeidelbergCement AG Count EUR Henkel AG & Co KGaA -Pref- Count EUR IMMOEAST AG ** Count EUR Inditex SA Count EUR ING Groep NV Count EUR Intesa Sanpaolo SpA Count EUR KBC Groep NV Count EUR Kering Count EUR Linde AG Count EUR L Oreal SA Count EUR Luxottica Group SpA Count EUR Mapfre SA Count EUR Merck KGaA Count EUR Orange SA Count EUR Repsol SA Count EUR Sampo -A- Count EUR SES SA Count EUR Siemens AG -Reg- Count EUR Société Générale SA Count EUR Stora Enso Oyj -R- Count EUR United Internet AG -Reg- Count EUR Babcock International Group Plc Count GBP BHP Billiton Plc Count GBP British Land Co, Plc Count GBP Burberry Group Plc Count GBP Compass Group Plc Count GBP Experian Plc Count GBP GKN Plc Count GBP Johnson Matthey Plc Count GBP Lloyds Banking Group Plc Count GBP Next Plc Count GBP Reckitt Benckiser Group Plc Count GBP Rio Tinto Plc Count GBP Royal Dutch Shell Plc -A- Count GBP Vodafone Group Plc Count GBP Whitbread Plc Count GBP DNB ASA Count NOK Telenor ASA Count NOK Skandinaviska Enskilda Banken AB Count SEK Certificates DWS GO SA - DWS UK Best Picks TR Index Certificate Count EUR Total securities portfolio

429 Deutsche Invest I Top Europe Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Currency futures (long) Open positions GBP/EUR 96 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in other EU/EEA currencies British pound GBP Danish krone DKK Norwegian krone NOK Swedish krona SEK Deposits in non-eu/eea currencies Australian dollar AUD Hong Kong dollar HKD Canadian dollar CAD Swiss franc CHF South African rand ZAR US dollar USD Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class USD LC USD 9571 Number of shares outstanding Class FC Count Class LC Count Class LD Count Class NC Count Class USD LC Count

430 Deutsche Invest I Top Europe Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EUROPE in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 01, 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 as of the reporting date Market abbreviations Contracting party for currency futures Citibank NA London Securities lending The following securities were transferred under securities loans at the reporting date: Security description Quantity/ Limited maturity Securities loans principal amount Total market value in EUR Total ( / 000) Perpetual Ferrovial SA Count IMMOEAST AG Count Total receivables from securities loans Contracting party for securities loans Merrill Lynch International Total collateral pledged by third parties for securities loans EUR thereof: Equities EUR Exchange rates (indirect quotes) As of December 30, 2014 Australian dollar AUD = EUR 1 Canadian dollar CAD = EUR 1 Swiss franc CHF = EUR 1 Danish krone DKK = EUR 1 British pound GBP = EUR 1 Hong Kong dollar HKD = EUR 1 Norwegian krone NOK = EUR 1 Swedish krona SEK = EUR 1 US dollar USD = EUR 1 South African rand ZAR = 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 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 Assets reported in this report are not valued at derived market values Footnotes ** Some or all of these securities are lent 428

431 Deutsche Invest I Top Europe 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities Alcatel-Lucent -A- Count Anima Holding SpA Count Ansaldo STS SpA Count ArcelorMittal Count Arkema SA Count Assicurazioni Generali SpA Count Atlantia SpA Count AtoS Count Autogrill SpA Count AXA SA Count Azimut Holding SpA Count Babcock International Group Plc Count Babcock International Group Plc -Rights Exp 06May14 Count Banca Popolare dell Emilia Romagna SC Count Banco Santander SA -Rights Exp 03Nov14 Count Banco Santander SA -Rights Exp 28Apr14 Count Banco Santander SA -Rights Exp 29Jul14 Count Barclays Plc Count Brunello Cucinelli SpA Count Bureau Veritas SA Count Buzzi Unicem SpA Count Cie Financiere Richemont SA Count Compass Group Plc Count CRH Plc Count Deutsche Bank AG -Reg- Count Electricite de France SA Count Eni SpA Count Ferrovial -Rights Exp 18Nov14 Count Ferrovial SA -Rights Exp 22Jul14 Count Fondiaria-Sai SpA Count Gemalto NV Count Hera SpA Count Inditex SA Count Indivior Plc Count Infineon Technologies AG Count Interpump Group SpA Count Jazztel Plc Count Legrand SA Count MARR SpA Count Mediobanca SpA Count Mediolanum SpA Count Mitchells & Butlers Plc Count Novo Nordisk A/S -B- Count Old Mutual Plc Count Pirelli & C SpA Count Prysmian SpA Count Renault SA Count Repsol SA -Rights Exp 10Jul14 Count Repsol SA -Rights Exp 08Jan15 Count Rolls-Royce Holdings Plc Count Rolls-Royce Holdings Plc Count Safran SA Count Salvatore Ferragamo Italia SpA Count Snam SpA Count Sorin SpA Count Standard Chartered Plc Count Syngenta AG Count Telecom Italia SpA Count UniCredit SpA Count Verizon Communications, Inc Count Vodafone Group Plc Count Volkswagen AG -Pref- Count Volvo AB Count Wolseley Plc Count Ziggo NV Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlyings: DJ Euro Stoxx 50, FTSE MIB) EUR Currency futures (short) Futures contracts to sell currencies EUR/GBP EUR Currency futures (long) Futures contracts to purchase currencies GBP/EUR EUR

432 Deutsche Invest I Top Europe Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through December 31, 2014 II Income 1 Dividends (before withholding tax) EUR Interest from securities (before withholding tax) EUR Interest from investments of liquid assets (before withholding tax) EUR Income from securities lending EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Interest on borrowings EUR Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR thereof: Performance-based fee from securities lending income EUR Other EUR Total expenses EUR III Net investment income EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the fiscal year EUR BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 089% pa, Class LD 162% pa, Class USD LC 173% pa Class LC 164% pa, Class NC 234% pa, The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund s average net assets in relation to the respective share class for a given fiscal year As well, the additional income from securities lending resulted in a performance-based fee of 0030% calculated on the fund s average net assets Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation I Value of the fund s net assets at the beginning of the fiscal year EUR Distribution for the previous year EUR Net inflows EUR a) Inflows from subscriptions EUR b) Inflows from the merger of funds EUR c) Outflows from redemptions EUR Income adjustment EUR Net investment income EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the fiscal year EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 1 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives Details on the distribution policy 2 Class FC The income for the fiscal year is reinvested Class LC The income for the fiscal year is reinvested Class LD Type As of Currency Per share Final distribution March 6, 2015 EUR 064 Class NC The income for the fiscal year is reinvested Class USD LC The income for the fiscal year is reinvested 2 Additional information is provided in the sales prospectus 430

433 Deutsche Invest I Top Europe Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2014 EUR EUR EUR Net asset value per share at the end of the fiscal year 2014 Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class USD LC (formerly: A2) USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class A2 USD Class FC EUR Class LC EUR Class LD EUR Class NC EUR Class A2 USD 8324 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 808% of all transactions The total volume was EUR

434 DWS Invest US Value Equities Investment portfolio January 28, 2014 (liquidation date) Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Securities traded on an exchange Equities Canadian Oil Sands Ltd Count CAD AbbVie, Inc Count USD Accenture Plc Count USD Altria Group, Inc Count USD American Electric Power Co, Inc Count USD Amgen, Inc Count USD Apple, Inc Count USD AT&T, Inc Count USD Baxter International, Inc Count USD Becton Dickinson & Co Count USD Boeing Co Count USD Bristol-Myers Squibb Co Count USD Campbell Soup Co Count USD Chevron Corp Count USD Chubb Corp Count USD Cisco Systems, Inc Count USD Clorox Co Count USD CMS Energy Corp Count USD Coach, Inc Count USD Coca-Cola Co Count USD Colgate-Palmolive Co Count USD ConocoPhillips Count USD Edison International Count USD Eli Lilly & Co Count USD Emerson Electric Co Count USD Exxon Mobil Corp Count USD General Mills, Inc Count USD Intel Corp Count USD JM Smucker Co Count USD Johnson & Johnson Count USD JPMorgan Chase & Co Count USD KLA-Tencor Corp Count USD L Brands, Inc Count USD Las Vegas Sands Corp Count USD Linear Technology Corp Count USD LyondellBasell Industries NV Count USD M&T Bank Corp Count USD Macy s, Inc Count USD Marathon Oil Corp Count USD Marsh & McLennan Cos, Inc Count USD Maxim Integrated Products, Inc Count USD McDonald s Corp Count USD McGraw-Hill Cos, Inc Count USD Mead Johnson Nutrition Co Count USD Merck & Co, Inc Count USD Microchip Technology, Inc Count USD Microsoft Corp Count USD Mondelez International, Inc Count USD NextEra Energy, Inc Count USD Norfolk Southern Corp Count USD Northrop Grumman Corp Count USD Nucor Corp Count USD Occidental Petroleum Corp Count USD Oracle Corp Count USD PartnerRe Ltd Count USD Pfizer, Inc Count USD Philip Morris International, Inc Count USD Procter & Gamble Co Count USD Raytheon Co Count USD Reynolds American, Inc Count USD Rockwell Automation, Inc Count USD St Jude Medical, Inc Count USD Staples, Inc Count USD Travelers Cos, Inc Count USD United Parcel Service, Inc -B- Count USD United Technologies Corp Count USD Verizon Communications, Inc Count USD Walgreen Co Count USD Wal-Mart Stores, Inc Count USD Westar Energy, Inc Count USD Wisconsin Energy Corp Count USD Xcel Energy, Inc Count USD Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables 432

435 DWS Invest US Value Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period EUR assets Currency futures (short) Open positions EUR/CAD 01 million EUR/USD 24 million Closed positions EUR/CAD 01 million EUR/USD 25 million Cash at bank Demand deposits at Custodian EUR deposits EUR Deposits in non-eu/eea currencies Canadian dollar CAD US dollar USD Other assets Dividends receivable Total assets *** Other liabilities Liabilities from cost items Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC EUR Class LC EUR Class LCH (P) EUR Class NC EUR 9855 Class NCH (P) EUR Class E2 USD Number of shares outstanding Class FC Count Class LC Count Class LCH (P) Count Class NC Count Class NCH (P) Count Class E2 Count Composition of the reference portfolio (according to CSSF circular 11/512) S&P 500 unhedged Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure % Highest market risk exposure % Average market risk exposure % The values-at-risk were calculated for the period from January 1, 2014, through January 28, 2014, 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 approach as defined in CSSF circular 11/512 In the reporting period, the average leverage effect from the use of derivatives was 00, 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 000 as of the reporting date Market abbreviations Contracting party for currency futures State Street Bank and Trust Company 433

436 DWS Invest US Value Equities Exchange rates (indirect quotes) As of January 28, 2014 Canadian dollar CAD = EUR 1 US dollar USD = 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 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 Assets reported in this report are not valued at derived market values Footnotes *** Does not include positions with a negative balance, if such exist 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 Description Count/ units/ currency Purchases/ additions Sales/ disposals Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Securities traded on an exchange Equities 3M Co Count Allstate Corp Count AmerisourceBergen Corp Count Best Buy Co, Inc Count Chesapeake Energy Corp Count Citigroup, Inc Count Coca-Cola Enterprises, Inc Count Comcast Corp -A- Count Computer Sciences Corp Count CSX Corp Count Delta Air Lines, Inc Count Duke Energy Corp Count Express Scripts Holding Co Count Ford Motor Co Count Freeport-McMoRan, Inc -B- Count General Electric Co Count Gilead Sciences, Inc Count Home Depot, Inc Count Honeywell International, Inc Count Intuit, Inc Count Lam Research Corp Count Leidos Holdings, Inc Count Medtronic, Inc Count MetLife, Inc Count Monsanto Co Count Morgan Stanley Count Mylan, Inc Count NIKE, Inc -B- Count Noble Energy, Inc Count PNC Financial Services Group, Inc Count Prudential Financial, Inc Count Science Applications International Corp Count Simon Property Group, Inc Count Tenet Healthcare Corp Count Towers Watson & Co Count TRW Automotive Holdings Corp Count UnitedHealth Group, Inc Count Valero Energy Corp Count Viacom, Inc Count Walt Disney Co Count Whole Foods Market, Inc Count Yahoo!, Inc Count Futures contracts Value ( 000) Equity index futures Contracts sold (Underlying: S&P 500) EUR Currency futures (long) Futures contracts to purchase currencies USD/EUR EUR

437 DWS Invest US Value Equities Statement of income and expenses (incl income adjustment) Statement of changes in net assets 2014 for the period from January 1, 2014, through January 28, 2014 I Income 1 Dividends (before withholding tax) EUR Deduction for foreign withholding tax EUR Total income EUR II Expenses 1 Management fee EUR thereof: Basic management fee EUR Administration fee EUR Depositary fee EUR Auditing, legal and publication costs EUR Taxe d abonnement EUR Other expenses EUR Total expenses EUR III Net investment expense 1 EUR IV Sale transactions Realized gains/losses EUR Capital gains/losses EUR V Net gain/loss for the reporting period 1 EUR I Value of the fund s net assets at the beginning of the business period EUR Net inflows EUR a) Inflows from subscriptions EUR b) Outflows from redemptions EUR Income adjustment EUR Net investment expense EUR Realized gains/losses EUR Net change in unrealized appreciation/depreciation EUR II Value of the fund s net assets at the end of the business period EUR Summary of the gains/losses 2014 Realized gains/losses (incl income adjustment) EUR from: Securities transactions EUR (Forward) currency transactions EUR Derivates and other financial futures transactions 2 EUR This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives 1 Due to disclosure in favor of the period before the rescindment of the last share certificate transaction, the pro rata income and expense adjustment, which is incurred due to the redemption of the shares in return for distribution of the liquidation proceeds, was not taken into account Taking the corresponding income and expense adjustment into account and applying it to the period after the rescindment of the last share certificate transaction would result in a figure of zero for the corresponding result items Net investment income / Net investment expense and Net gain/loss for the reporting period BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 007% 3, Class LC 012% 3, Class LCH (P) 013% 3, Class NC 018% 3, Class NCH (P) 018% 3, Class E2 007% 3 3 Annualization has not been performed for share classes liquidated during the year Annualization has not been performed for share classes liquidated during the year Transaction costs The transaction costs paid in the reporting period amounted to EUR The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets Any financial transaction taxes which may have been paid are included in the calculation 435

438 DWS Invest US Value Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the reporting period 2014 (date of last share price calculation) EUR EUR EUR Net asset value per share at the end of the reporting period 2014 Class FC EUR Class LC EUR Class LCH (P) EUR Class NC EUR 9855 Class NCH (P) EUR Class E2 USD Class FC EUR Class LC EUR Class LCH (P) EUR Class NC EUR Class NCH (P) EUR Class E2 USD Class FC EUR 9930 Class LC EUR 9035 Class LCH (P) (formerly: LCH) EUR 8721 Class NC EUR 8348 Class NCH (P) (formerly: NCH) EUR 8366 Class E2 USD 9593 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 093% of all transactions The total volume was EUR

439 Deutsche Invest I SICAV December 31, 2014 Appendix: Placement fee Deutsche Invest I China Bonds USD Deutsche Invest I Convertibles EUR Deutsche Invest I Emerging Markets Corporates USD Expenses from prepaid placement fee thereof: Dilution-related adjustments due to share certificate transactions Amortization of placement fee Adjustments due to fluctuations in the net assets of the fund Income adjustment Appendix: Placement fee Deutsche Invest I Global Agribusiness USD Deutsche Invest I Global Bonds EUR Deutsche Invest I Global Emerging Markets Equities EUR Expenses from prepaid placement fee thereof: Dilution-related adjustments due to share certificate transactions Amortization of placement fee Adjustments due to fluctuations in the net assets of the fund Income adjustment

440 Deutsche Invest I Emerging Markets Top Dividend EUR Deutsche Invest I Euro Bonds (Short) EUR Deutsche Invest I Euro Corporate Bonds EUR Deutsche Invest I Euro High Yield Corporates EUR Deutsche Invest I German Equities EUR Deutsche Invest I Multi Opportunities EUR Deutsche Invest I Top Dividend EUR Deutsche Invest I Top Euroland EUR

441 439

442 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I SICAV EUR * ** Consolidated % of net assets Deutsche Invest I Africa (formerly: DWS Invest Africa) EUR Deutsche Invest I Asia ex-japan (formerly: DWS Invest Asia ex-japan) EUR Assets Total securities portfolio Derivatives on individual securities Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities Equity index derivatives Derivatives on futures contracts Interest rate derivatives Currency derivatives Swaps Short-term liabilities Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 440

443 Deutsche Invest I Asian Bonds (formerly: DWS Invest Asian Bonds) USD Deutsche Invest I Asian Small/Mid Cap (formerly: DWS Invest Asian Small/Mid Cap) EUR Deutsche Invest I Brazilian Equities (formerly: DWS Invest Brazilian Equities) EUR Deutsche Invest I China Bonds (formerly: DWS Invest China Bonds) USD Deutsche Invest I Chinese Equities (formerly: DWS Invest Chinese Equities) EUR

444 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I Clean Tech (formerly: DWS Invest Clean Tech) EUR Deutsche Invest I Commodity Plus (formerly: DWS Invest Commodity Plus) EUR Deutsche Invest I Convertibles (formerly: DWS Invest Convertibles) EUR Assets Total securities portfolio Derivatives on individual securities Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities Equity index derivatives Derivatives on futures contracts Interest rate derivatives Currency derivatives Swaps Short-term liabilities Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 442

445 Deutsche Invest I Emerging Markets Corporates (formerly: DWS Invest Emerging Markets Corporates) USD Deutsche Invest I Emerging Markets Satellites (formerly: DWS Invest Emerging Markets Satellites) EUR Deutsche Invest I Emerging Markets Top Dividend (formerly: DWS Invest Emerging Markets Top Dividend) EUR Deutsche Invest I Euro Bonds (Premium) (formerly: DWS Invest Euro Bonds (Premium)) EUR Deutsche Invest I Euro Bonds (Short) (formerly: DWS Invest Euro Bonds (Short)) EUR

446 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I Euro Corporate Bonds (formerly: DWS Invest Euro Corporate Bonds) EUR Deutsche Invest I Euro High Yield Corporates (formerly: DWS Invest Euro High Yield Corporates) EUR Deutsche Invest I Euro-Gov Bonds (formerly: DWS Invest Euro-Gov Bonds) EUR Assets Total securities portfolio Derivatives on individual securities Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities Equity index derivatives Derivatives on futures contracts Interest rate derivatives Currency derivatives Swaps Short-term liabilities Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 444

447 Deutsche Invest I European Bonds (formerly: DWS Invest European Bonds) EUR Deutsche Invest I European Small Cap (formerly: DWS Invest European Small Cap) EUR Deutsche Invest I European Value (formerly: DWS Invest European Value) EUR Deutsche Invest I German Equities (formerly: DWS Invest German Equities) EUR Deutsche Invest I Global Agribusiness (formerly: DWS Invest Global Agribusiness) USD

448 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I Global Bonds (formerly: DWS Invest Global Bonds) EUR Deutsche Invest I Global Emerging Markets Equities (formerly: DWS Invest Global Emerging Markets Equities) EUR Deutsche Invest I Global GDP Bonds (formerly: DWS Invest Income Strategy Currency) EUR Assets Total securities portfolio Derivatives on individual securities Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities Equity index derivatives Derivatives on futures contracts Interest rate derivatives Currency derivatives Swaps Short-term liabilities Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 446

449 Deutsche Invest I Global Infrastructure (formerly: DWS Invest Global Infrastructure) EUR Deutsche Invest I Global Thematic (formerly: DWS Invest Global Thematic) USD Deutsche Invest I Gold and Precious Metals Equities (formerly: DWS Invest Gold and Precious Metals Equities) USD Deutsche Invest I Government Liquidity Fund (formerly: DWS Invest Government Liquidity Fund) EUR Deutsche Invest I Latin American Equities (formerly: DWS Invest Latin American Equities) EUR

450 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I Local Emerging Markets Bonds (formerly: DWS Invest Local Emerging Markets Bonds) USD Deutsche Invest I Multi Asset Allocation (formerly: DWS Invest Multi Asset Allocation) EUR Deutsche Invest I Multi Asset Balance (formerly: DWS Invest Multi Asset Balance) EUR Assets Total securities portfolio Derivatives on individual securities Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities Equity index derivatives Derivatives on futures contracts Interest rate derivatives Currency derivatives Swaps Short-term liabilities Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 448

451 Deutsche Invest I Multi Asset Defensive (formerly: DWS Invest Multi Asset Defensive) EUR Deutsche Invest I Multi Asset Dynamic (formerly: DWS Invest Multi Asset Dynamic) EUR Deutsche Invest I Multi Asset Income (formerly: DWS Invest Multi Asset Income) EUR Deutsche Invest I Multi Asset Total Return I (formerly: DWS Invest Multi Asset Total Return I) EUR Deutsche Invest I Multi Opportunities (formerly: DWS Invest Multi Opportunities) EUR

452 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I New Resources (formerly: DWS Invest New Resources) EUR Deutsche Invest I RREEF Global Real Estate Securities (formerly: DWS Invest RREEF Global Real Estate Securities) USD Deutsche Invest I Short Duration Credit (formerly: DWS Invest Short Duration Credit) EUR Assets Total securities portfolio Derivatives on individual securities Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities Equity index derivatives Derivatives on futures contracts Interest rate derivatives Currency derivatives Swaps Short-term liabilities Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 450

453 Deutsche Invest I StepIn Akkumula (formerly: DWS Invest StepIn Akkumula) EUR Deutsche Invest I Top Asia (formerly: DWS Invest Top 50 Asia) EUR Deutsche Invest I Top Dividend (formerly: DWS Invest Top Dividend) EUR Deutsche Invest I Top Dividend Premium (formerly: DWS Invest Top Dividend Premium) EUR Deutsche Invest I Top Euroland (formerly: DWS Invest Top Euroland) EUR

454 Deutsche Invest I SICAV December 31, 2014 Statement of net assets as of December 31, 2014 Deutsche Invest I Top Europe (formerly: DWS Invest European Equities) EUR Assets Total securities portfolio Derivatives on individual securities 000 Equity index derivatives 000 Interest rate derivatives 000 Currency derivatives Swaps 000 Cash at bank Other assets Receivables from share certificate transactions = Total assets Liabilities Derivatives on individual securities 000 Equity index derivatives 000 Derivatives on futures contracts 000 Interest rate derivatives 000 Currency derivatives 000 Swaps 000 Short-term liabilities 000 Other liabilities Liabilities from share certificate transactions Net assets * The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 ** The consolidated fund s assets, the consolidated statement of income and expenses as well as the statement of changes in net assets correspond to the overall result of the individual sub-funds In the case of investments between individual sub-funds of Deutsche Invest I SICAV, the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of the results 452

455 453

456 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I SICAV EUR Consolidated Deutsche Invest I Africa (formerly: DWS Invest Africa) EUR Deutsche Invest I Asia ex-japan (formerly: DWS Invest Asia ex-japan) EUR Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 454

457 Deutsche Invest I Asian Bonds (formerly: DWS Invest Asian Bonds) USD ** Deutsche Invest I Asian Small/Mid Cap (formerly: DWS Invest Asian Small/Mid Cap) EUR Deutsche Invest I Brazilian Equities (formerly: DWS Invest Brazilian Equities) EUR Deutsche Invest I China Bonds (formerly: DWS Invest China Bonds) USD ** Deutsche Invest I Chinese Equities (formerly: DWS Invest Chinese Equities) EUR

458 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I Clean Tech (formerly: DWS Invest Clean Tech) EUR Deutsche Invest I Commodity Plus (formerly: DWS Invest Commodity Plus) EUR Deutsche Invest I Convertibles (formerly: DWS Invest Convertibles) EUR Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 456

459 Deutsche Invest I Emerging Markets Corporates (formerly: DWS Invest Emerging Markets Corporates) USD ** Deutsche Invest I Emerging Markets Satellites (formerly: DWS Invest Emerging Markets Satellites) EUR Deutsche Invest I Emerging Markets Top Dividend (formerly: DWS Invest Emerging Markets Top Dividend) EUR Deutsche Invest I Euro Bonds (Premium) (formerly: DWS Invest Euro Bonds (Premium)) EUR Deutsche Invest I Euro Bonds (Short) (formerly: DWS Invest Euro Bonds (Short)) EUR

460 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I Euro Corporate Bonds (formerly: DWS Invest Euro Corporate Bonds) EUR Deutsche Invest I Euro High Yield Corporates (formerly: DWS Invest Euro High Yield Corporates) EUR Deutsche Invest I Euro-Gov Bonds (formerly: DWS Invest Euro-Gov Bonds) EUR Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 458

461 Deutsche Invest I European Bonds (formerly: DWS Invest European Bonds) EUR Deutsche Invest I European Small Cap (formerly: DWS Invest European Small Cap) EUR Deutsche Invest I European Value (formerly: DWS Invest European Value) EUR Deutsche Invest I German Equities (formerly: DWS Invest German Equities) EUR Deutsche Invest I Global Agribusiness (formerly: DWS Invest Global Agribusiness) USD **

462 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I Global Bonds (formerly: DWS Invest Global Bonds) EUR Deutsche Invest I Global Emerging Markets Equities (formerly: DWS Invest Global Emerging Markets Equities) EUR Deutsche Invest I Global GDP Bonds (formerly: DWS Invest Income Strategy Currency) EUR Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 460

463 Deutsche Invest I Global Infrastructure (formerly: DWS Invest Global Infrastructure) EUR Deutsche Invest I Global Thematic (formerly: DWS Invest Global Thematic) USD ** Deutsche Invest I Gold and Precious Metals Equities (formerly: DWS Invest Gold and Precious Metals Equities) USD ** Deutsche Invest I Government Liquidity Fund (formerly: DWS Invest Government Liquidity Fund) EUR Deutsche Invest I Income Strategy Systematic (formerly: DWS Invest Income Strategy Systematic) EUR *

464 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I Italian Equities (formerly: DWS Invest Italian Equities) EUR * Deutsche Invest I Latin American Equities (formerly: DWS Invest Latin American Equities) EUR Deutsche Invest I Local Emerging Markets Bonds (formerly: DWS Invest Local Emerging Markets Bonds) USD ** Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 462

465 Deutsche Invest I Multi Asset Allocation (formerly: DWS Invest Multi Asset Allocation) EUR Deutsche Invest I Multi Asset Balance (formerly: DWS Invest Multi Asset Balance) EUR Deutsche Invest I Multi Asset Defensive (formerly: DWS Invest Multi Asset Defensive) EUR Deutsche Invest I Multi Asset Dynamic (formerly: DWS Invest Multi Asset Dynamic) EUR Deutsche Invest I Multi Asset Income (formerly: DWS Invest Multi Asset Income) EUR

466 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I Multi Asset Total Return I (formerly: DWS Invest Multi Asset Total Return I) EUR Deutsche Invest I Multi Opportunities (formerly: DWS Invest Multi Opportunities) EUR Deutsche Invest I New Resources (formerly: DWS Invest New Resources) EUR Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 464

467 Deutsche Invest I RREEF Global Real Estate Securities (formerly: DWS Invest RREEF Global Real Estate Securities) USD ** Deutsche Invest I Short Duration Credit (formerly: DWS Invest Short Duration Credit) EUR Deutsche Invest I StepIn Akkumula (formerly: DWS Invest StepIn Akkumula) EUR Deutsche Invest I Top Asia (formerly: DWS Invest Top 50 Asia) EUR Deutsche Invest I Top Dividend (formerly: DWS Invest Top Dividend) EUR

468 Deutsche Invest I SICAV December 31, 2014 Statement of income and expenses for the period from January 1, 2014, through December 31, 2014 (incl income adjustment) Deutsche Invest I Top Dividend Premium (formerly: DWS Invest Top Dividend Premium) EUR Deutsche Invest I Top Euroland (formerly: DWS Invest Top Euroland) EUR Deutsche Invest I Top Europe (formerly: DWS Invest European Equities) EUR Income Dividends (before withholding tax) Interest from securities (before withholding tax) Interest from investments of liquid assets (before withholding tax) Income from investment fund units Income from securities lending Deduction for foreign withholding tax Other income = Total income Expenses Interest on borrowings Management fee Depositary fee Auditing, legal and publication costs Taxe d abonnement Other expenses = Total expenses = Net investment income/expense Sale transactions Realized gains/losses = Capital gains/losses = Net gain/loss for the fiscal year * This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details ** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 466

469 DWS Invest US Value Equities EUR *

470 Deutsche Invest I SICAV December 31, 2014 Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I SICAV Africa EUR * *** (formerly: DWS Invest Africa) Consolidated EUR Deutsche Invest I Asia ex-japan (formerly: DWS Invest Asia ex-japan) EUR Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I Clean Tech Commodity Plus (formerly: DWS Invest (formerly: DWS Invest Clean Tech) Commodity Plus) EUR EUR Deutsche Invest I Convertibles (formerly: DWS Invest Convertibles) EUR Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year * Including the values of the funds that were merged during the fiscal year ** This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details *** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 468

471 Deutsche Invest I Asian Bonds (formerly: DWS Invest Asian Bonds) USD *** Deutsche Invest I Asian Small/Mid Cap (formerly: DWS Invest Asian Small/Mid Cap) EUR Deutsche Invest I Brazilian Equities (formerly: DWS Invest Brazilian Equities) EUR Deutsche Invest I China Bonds (formerly: DWS Invest China Bonds) USD *** Deutsche Invest I Chinese Equities (formerly: DWS Invest Chinese Equities) EUR Deutsche Invest I Emerging Markets Corporates (formerly: DWS Invest Emerging Markets Corporates) USD *** Deutsche Invest I Emerging Markets Satellites (formerly: DWS Invest Emerging Markets Satellites) EUR Deutsche Invest I Emerging Markets Top Dividend (formerly: DWS Invest Emerging Markets Top Dividend) EUR Deutsche Invest I Euro Bonds (Premium) (formerly: DWS Invest Euro Bonds (Premium)) EUR Deutsche Invest I Euro Bonds (Short) (formerly: DWS Invest Euro Bonds (Short)) EUR

472 Deutsche Invest I SICAV December 31, 2014 Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I Euro Corporate Bonds Euro High Yield (formerly: DWS Invest Corporates (formerly: Euro Corporate Bonds) DWS Invest Euro High EUR Yield Corporates) EUR Deutsche Invest I Euro-Gov Bonds (formerly: DWS Invest Euro-Gov Bonds) EUR Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I Global Bonds Global Emerging Markets Equities (formerly: DWS Invest Global Bonds) (formerly: DWS Invest EUR Global Emerging Markets Equities) EUR Deutsche Invest I Global GDP Bonds (formerly: DWS Invest Income Strategy Currency) EUR Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year * Including the values of the funds that were merged during the fiscal year ** This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details *** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 470

473 Deutsche Invest I European Bonds (formerly: DWS Invest European Bonds) EUR Deutsche Invest I European Small Cap (formerly: DWS Invest European Small Cap) EUR Deutsche Invest I European Value (formerly: DWS Invest European Value) EUR Deutsche Invest I German Equities (formerly: DWS Invest German Equities) EUR Deutsche Invest I Global Agribusiness (formerly: DWS Invest Global Agribusiness) USD *** Deutsche Invest I Global Infrastructure (formerly: DWS Invest Global Infrastructure) EUR Deutsche Invest I Global Thematic (formerly: DWS Invest Global Thematic) USD *** Deutsche Invest I Gold and Precious Metals Equities (formerly: DWS Invest Gold and Precious Metals Equities) USD *** Deutsche Invest I Government Liquidity Fund (formerly: DWS Invest Government Liquidity Fund) EUR Deutsche Invest I Income Strategy Systematic (formerly: DWS Invest Income Strategy Systematic) EUR **

474 Deutsche Invest I SICAV December 31, 2014 Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I Italian Equities Latin American Equities (formerly: DWS Invest (formerly: DWS Invest Italian Equities) Latin American Equities) EUR ** EUR Deutsche Invest I Local Emerging Markets Bonds (formerly: DWS Invest Local Emerging Markets Bonds) USD *** Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I Multi Asset Multi Opportunities Total Return I (formerly: DWS Invest (formerly: DWS Invest Multi Opportunities) Multi Asset Total Return I) EUR EUR Deutsche Invest I New Resources (formerly: DWS Invest New Resources) EUR Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year * Including the values of the funds that were merged during the fiscal year ** This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details *** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 472

475 Deutsche Invest I Multi Asset Allocation (formerly: DWS Invest Multi Asset Allocation) EUR Deutsche Invest I Multi Asset Balance (formerly: DWS Invest Multi Asset Balance) EUR Deutsche Invest I Multi Asset Defensive (formerly: DWS Invest Multi Asset Defensive) EUR Deutsche Invest I Multi Asset Dynamic (formerly: DWS Invest Multi Asset Dynamic) EUR Deutsche Invest I Multi Asset Income (formerly: DWS Invest Multi Asset Income) EUR Deutsche Invest I RREEF Global Real Estate Securities (formerly: DWS Invest RREEF Global Real Estate Securities) USD *** Deutsche Invest I Short Duration Credit (formerly: DWS Invest Short Duration Credit) EUR Deutsche Invest I StepIn Akkumula (formerly: DWS Invest StepIn Akkumula) EUR Deutsche Invest I Top Asia (formerly: DWS Invest Top 50 Asia) EUR Deutsche Invest I Top Dividend (formerly: DWS Invest Top Dividend) EUR

476 Deutsche Invest I SICAV December 31, 2014 Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014 Deutsche Invest I Deutsche Invest I Top Dividend Premium Top Euroland (formerly: DWS Invest (formerly: DWS Invest Top Dividend Premium) Top Euroland) EUR EUR Deutsche Invest I Top Europe (formerly: DWS Invest European Equities) EUR Value of the fund s net assets at the beginning of the fiscal year Change arising from valuation at the currency rate at fiscal year-end Distribution for the previous year / Interim distribution Net inflows Income adjustment Net investment income/expense Realized gains/losses Net change in unrealized appreciation/depreciation Net assets at the end of the fiscal year * Including the values of the funds that were merged during the fiscal year ** This sub-fund was merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year The period represented is therefore the period from January 1, 2014, through to the merger date of the respective sub-fund Please refer to the General information pages for further details *** The portfolio composition, income, expenses and statement of changes in net assets of the sub-funds managed in US dollars were converted into euro at the stated exchange rate Fiscal year-end 2014 USD = EUR 1 Fiscal year-end 2013 USD = EUR 1 474

477 DWS Invest US Value Equities EUR **

478 KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d Investissement à Capital Variable) The translation of the report of the Réviseur d Entreprises agréé (the independent auditor s opinion) is as follows: KPMG Luxembourg, Société coopérative Tel: , Avenue John F Kennedy Fax: L-1855 Luxembourg info@kpmglu Internet: wwwkpmglu REPORT OF THE REVISEUR D ENTREPRISES AGREE To the shareholders of Deutsche Invest I, SICAV We have audited the accompanying financial statements of Deutsche Invest I, SICAV and its respective sub-funds, which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2014, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies and other explanatory notes to the financial statements Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and proper overall presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements and for the internal controls considered necessary to enable the financial statements to be prepared such that they are free from material misstatement, irrespective of whether this is due to fraud or error Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with International Standards on Auditing as adopted by the Commission de Surveillance du Secteur Financier for Luxembourg Those standards require that we comply with professional conduct requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the judgment of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and proper overall presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of evaluating the effectiveness of the entity s internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Audit opinion In our opinion, the financial statements give a true and fair view of the financial position of Deutsche Invest I, SICAV and its respective sub-funds as of December 31, 2014, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements KPMG Luxembourg, Société coopérative, a Luxembourg entity and TVA LU a member firm of the KPMG network of independent member firms affiliated with RCS Luxembourg B KPMG International Cooperative ( KPMG International ), a Swiss entity 476

479 Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above Consequently, we express no opinion on such information However, we have no observation to make concerning such information in the context of the financial statements taken as a whole Luxembourg, April 7, 2015 KPMG Luxembourg Société coopérative Cabinet de révision agréé Harald Thönes 477

480 Investment Company Deutsche Invest I 2, Boulevard Konrad Adenauer L-1115 Luxembourg RC B Board of Directors of the Investment Company Doris Marx Chairman DWS Investment SA, Luxembourg Manfred Bauer DWS Investment SA, Luxembourg Markus Kohlenbach DWS Investment SA, Luxembourg Stephan Scholl Deutsche Asset & Wealth Management International GmbH, Frankfurt/Main Management Company and Central Administration Agent, Transfer and Registrar Agent DWS Investment SA 2, Boulevard Konrad Adenauer L-1115 Luxembourg Equity capital as of December 31, 2014: EUR 2315 million before profit appropriation Board of Directors of the Management Company Holger Naumann Chairman Managing Director of Deutsche Asset & Wealth Management Investment GmbH, Frankfurt/Main Managing Director of DWS Holding & Service GmbH, Frankfurt/Main Managing Director of RREEF Spezial Invest GmbH, Frankfurt/Main Chairman of the Board of Directors of Oppenheim Asset Management Services Sà rl, Luxembourg Heinz-Wilhelm Fesser Luxembourg Marzio Hug Deutsche Bank AG, London Dr Boris N Liedtke Chairman of the Management Board of Deutsche Bank Luxembourg SA, Luxembourg Klaus-Michael Vogel Executive Member of the Board of Directors of DWS Investment SA, Luxembourg Dr Asoka Wöhrmann Managing Director of Deutsche Asset & Wealth Management Investment GmbH, Frankfurt/Main Managing Director of DWS Holding & Service GmbH, Frankfurt/Main Wolfgang Matis (until June 30, 2014) Frankfurt/Main Management Company Management Klaus-Michael Vogel Executive Member of the Board of Directors of DWS Investment SA, Luxembourg Manfred Bauer DWS Investment SA, Luxembourg Markus Kohlenbach DWS Investment SA, Luxembourg Doris Marx DWS Investment SA, Luxembourg Ralf Rauch DWS Investment SA, Luxembourg Martin Schönefeld DWS Investment SA, Luxembourg Fund Managers For the sub-fund Deutsche Invest I Asian Bonds and Deutsche Invest I Asian Small/Mid Cap: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Acting as sub-fund managers for these sub-funds: Deutsche Asset Management (Asia) Ltd One Raffles Quay, #15-00 South Tower Singapore , Singapore For the sub-fund Deutsche Invest I New Resources: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Deutsche Asset Management (Asia) Ltd One Raffles Quay, #15-00 South Tower Singapore , Singapore For the sub-funds Deutsche Invest I Brazilian Equities and Deutsche Invest I Latin American Equities: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Deutsche Bank SA Banco Alemão Av Brigadeiro Faria Lima, São Paulo, Brazil For the sub-funds Deutsche Invest I China Bonds, Deutsche Invest I China Short Duration Bonds and Deutsche Invest I Chinese Equities: Harvest Global Investments Limited Suites , Two Exchange Square 8 Connaught Place Hong Kong, China For the sub-fund Deutsche Invest I Clean Tech: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Deutsche Alternative Asset Management (UK) Ltd 1 Appold Street London EC2A 2UU United Kingdom For the sub-funds Deutsche Invest I Global Bonds, Deutsche Invest I Global Emerging Markets Equities and Deutsche Invest I Top Asia: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Deutsche Asset Management (UK) Ltd 1 Appold Street London EC2A 2UU United Kingdom For the sub-fund Deutsche Invest I Global Infrastructure: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Acting as sub-fund managers for this sub-fund: RREEF America LLC Deutsche Asset & Wealth Management 222 S Riverside Plaza, Floor 24 Chicago, IL US Dr Matthias Liermann Deutsche Asset & Wealth Management Investment GmbH, Frankfurt/Main

481 For the sub-funds Deutsche Invest I Global Thematic and Deutsche Invest I Global Agribusiness: Global Thematic Partners, LLC 681 Fifth Avenue 12th Floor New York, NY US For the sub-funds Deutsche Invest I Global Commodities, Deutsche Invest I Gold and Precious Metals Equities and Deutsche Invest I Commodity Plus: Deutsche Investment Management America Inc 345 Park Avenue New York, NY US For the sub-fund Deutsche Invest I RREEF Global Real Estate Securities: RREEF America LLC Deutsche Asset & Wealth Management 222 S Riverside Plaza, Floor 24 Chicago, IL US Auditor Until December 31, 2014: KPMG Luxembourg Sà rl 9, Allée Scheffer L-2520 Luxembourg Since January 1, 2015: KPMG Luxembourg Société coopérative 39, Avenue John F Kennedy L-1855 Luxembourg Sales and Paying Agents, Main Distributor LUXEMBOURG DWS Investment SA 2, Boulevard Konrad Adenauer L-1115 Luxembourg Deutsche Bank Luxembourg SA 2, Boulevard Konrad Adenauer L-1115 Luxembourg Acting as sub-fund managers for this sub-fund: For the management of the European portion of the portfolio: Deutsche Alternative Asset Management (UK) Limited 1 Appold Street London EC2A 2UU United Kingdom For the management of the Asian, Australian and New Zealand portion of the portfolio: Deutsche Australia Limited, Deutsche Bank Place Cnr Hunter and Phillip Streets Sydney NSW 2000 Australia For all other sub-funds: Deutsche Asset & Wealth Management Investment GmbH Mainzer Landstr D Frankfurt/Main Depositary and Sub-administrator State Street Bank Luxembourg SA 49, Avenue JF Kennedy L-1855 Luxembourg As of: February 28, 2015

482 Deutsche Invest I SICAV 2, Boulevard Konrad Adenauer L-1115 Luxembourg RC B Tel: Fax: