db PBC Semiannual Report 2016

Transcription

1 Deutsche Asset Management db PBC Semiannual Report 2016 n db PBC Deutsche Bank Best Allocation Balance n db PBC Deutsche Bank Best Allocation Flexible n db PBC Deutsche Bank Best Allocation Protect 80 n db PBC Deutsche Bank Best Allocation Protect 90 n db PBC Deutsche Bank Best Managers Balance Investment company with variable capital incorporated under Luxembourg law

2

3 Contents Semiannual report 2016 for the period from January 1, 2016, through June 30, 2016 General information Semiannual report, db PBC SICAV db PBC Deutsche Bank Best Allocation Balance 4 db PBC Deutsche Bank Best Allocation Flexible 5 db PBC Deutsche Bank Best Allocation Protect 80 6 db PBC Deutsche Bank Best Allocation Protect 90 7 db PBC Deutsche Bank Best Managers Balance 8 Semiannual financial statements 10 1

4 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 Deutsche Asset Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmarks if available are also presented in the report. All financial data in this publication is as of June 30, 2016 (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.). The sub-fund Deutsche Bank Ertrag Plus of the umbrella fund Deutsche Bank was merged into the sub-fund db PBC Deutsche Bank Best Allocation Protect 90 of db PBC SICAV effective May 9, The issue of new shares as well as the last possible redemption of shares was carried out for the terminating sub-fund until the order acceptance deadline on April 29, The conversion factor was The following companies were renamed effective March 17, 2016: Deutsche Asset & Wealth Management Investment GmbH became Deutsche Asset Management Investment GmbH Deutsche Asset & Wealth Management International GmbH became Deutsche Asset Management International GmbH Deutsche Asset & Wealth Management Investment S.A. became Deutsche Asset Management S.A. 2

5 Semiannual report

6 db PBC Deutsche Bank Best Allocation Balance db PBC Deutsche Bank Best Allocation Balance Performance of share classes (in euro) Share class ISIN 6 months Class R LU % Class V LU % BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30,

7 db PBC Deutsche Bank Best Allocation Flexible db PBC Deutsche Bank Best Allocation Flexible Performance at a glance ISIN 6 months LU % BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2016 Data on euro basis 5

8 db PBC Deutsche Bank Best Allocation Protect 80 db PBC Deutsche Bank Best Allocation Protect 80 Performance at a glance ISIN 6 months LU % BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2016 Data on euro basis 6

9 db PBC Deutsche Bank Best Allocation Protect 90 db PBC Deutsche Bank Best Allocation Protect 90 Performance at a glance ISIN Since inception* LU % * Launched on May 9, 2016 BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2016 Data on euro basis 7

10 db PBC Deutsche Bank Best Managers Balance db PBC Deutsche Bank Best Managers Balance Performance at a glance ISIN 6 months LU % BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2016 Data on euro basis 8

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

12 db PBC Deutsche Bank Best Allocation Balance Investment portfolio June 30, 2016 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Investment fund units In-group fund units db x-trackers DAX UCITS ETF (DR) 1C (LU ) 3 (0.010%)... Count EUR db x-trackers II - EONIA TR Index UCITS ETF 1C (LU ) (0.150%)... Count EUR db x-trackers II Barclays Global Aggreg.Bond U.5C (LU ) (0.200%)... Count EUR db x-trackers II-Global Sovereign ETF (EUR) 1C (LU ) (0.250%)... Count EUR db x-trackers II-iBoxx EUR Liq.Cor.100TRI UCITS 1C (LU ) 3 (0.100%)... Count EUR db x-trackers II-iBoxx Sov.Eur.Yield Plus UCITS 1D (LU ) (0.050%)... Count EUR db x-trackers MSCI JP INDEX UCITS ETF (DR) 4C EUR (LU ) (0.500%)... Count EUR db x-trackers-msci EM Asia Index UCITS ETF 1C (LU ) (0.650%)... Count EUR db x-trackers-s&p 500 UCITS ETF 1C (LU ) (0.050%+)... Count EUR db x-trackers-stoxx EUROPE 600 UCITS ETF (DR) 1C (LU ) 3 (0.200%)... Count EUR Non-group fund units Amundi ETF MSCI EM Asia UCITS ETF (FR ) 3 (0.200%)... Count EUR Amundi ETF S+P 500 (FR ) (0.150%)... Count EUR ishares - Euro Corporate Bond Large Cap UCITS ETF (IE ) (0.200%)... Count EUR ishares - USD Corporate Bond UCITS ETF (IE ) (0.200%)... Count EUR Ishares Global Corporate Bond Euro Hedged ETF (DE000A1W2KG9) 3) (0.250%)... Count EUR ishares II - US Aggregate Bond UCITS ETF (IE00B44CGS96) (0.000%)... Count EUR ishares III - Euro Corp. Bond BBB-BB UCITS ETF (IE00BSKRK281) (0.000%)... Count EUR ishares III - Euro Covered Bond UCITS ETF (IE00B3B8Q275) (0.200%)... Count EUR Total securities portfolio Cash at bank Demand deposits at Depositary EUR deposits... EUR % Deposits in non-eu/eea currencies U.S. dollar... USD % Other assets Other receivables... EUR % Total assets Other liabilities Liabilities from cost items... EUR % Additional other liabilities... EUR % Net assets

13 db PBC Deutsche Bank Best Allocation Balance 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 R... EUR Class V.... EUR Number of shares outstanding Class R... Count Class V.... Count Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of: June 30, 2016 U.S. 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. Investments 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) 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 1 Does not include positions with a negative balance, if such exist. 3 These securities are completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 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/ currency ( / 000) Purchases/ additions Sales/ disposals Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals Investment fund units In-group fund units db x-trackers EURO STOXX 50 UCITS ETF (DR) 1C (LU ) (0.090%).... Count db x-trackers II-iBoxx Sov.Eu. 3-5 TRI UCITS 1C (LU ) (0.050%).... Count Non-group fund units ishares - Barclays US Aggregate Bond ETF (DE000A1JNCQ2) (0.250%).... Count ishares - Euro Corporate Bond Large Cap UCITS ETF (DE ) (0.200%)... Count ishares III - Euro Corp. Bond BBB-BB UCITS ETF (DE000A12HUB1) (0.250%).... Count ishares III - Euro Covered Bond UCITS ETF (DE000A0RFEE5) (0.200%).... Count ishares III - ish. Em Mark Loc Gov Bond UCITS ETF (DE000A1JB4Q0) (0.500%)... Count ishares- USD Corporate Bond UCITS ETF (DE000A0DPYY0) (0.200%)... Count

14 db PBC Deutsche Bank Best Allocation Balance Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR Security description: Amundi ETF MSCI EM Asia UCITS ETF (FR ), db x-trackers DAX UCITS ETF (DR) 1C (LU ), db x-trackers EURO STOXX 50 UCITS ETF (DR) 1C (LU ), db x-trackers II Barclays Global Aggreg.Bond U.5C (LU ), db x-trackers II-Global Sovereign ETF (EUR) 1C (LU ), db x-trackers II-iBoxx EUR Liq.Cor.100TRI UCITS 1C (LU ), db x-trackers MSCI JP INDEX UCITS ETF (DR) 4C EUR (LU ), db x-trackers-msci EM Asia Index UCITS ETF 1C (LU ), db x-trackers-stoxx EUROPE 600 UCITS ETF (DR) 1C (LU ), ishares - Euro Corporate Bond Large Cap UCITS ETF (IE ), ishares - Euro Corporate Bond Large Cap UCITS ETF (DE ), Ishares Global Corporate Bond Euro Hedged ETF (DE000A1W2KG9), ishares III - Euro Covered Bond UCITS ETF (DE000A0RFEE5), ishares III - ish. Em Mark Loc Gov Bond UCITS ETF (DE000A1JB4Q0), ishares- USD Corporate Bond UCITS ETF (DE000A0DPYY0) 12

15 db PBC Deutsche Bank Best Allocation Flexible Investment portfolio June 30, 2016 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Investment fund units In-group fund units CFS-db x-trackers Barclays USD Corp. Bd. 1D (IE00BZ036H21) (0.100%)... Count EUR CFS-db x-trackers EUR Liquid Corp.12.5 UCITS ETF (IE00B3Z66S39) (0.250%)... Count EUR CFS-db x-trackers iboxx USD Emer.S.Q.W. UCITS 1D (IE00BD4DX952) (0.400%)... Count EUR db x-trackers FTSE CHINA 50 UCITS ETF (DR) 1C (LU ) (0.600%)... Count EUR db x-trackers II - EONIA TR Index UCITS ETF 1C (LU ) (0.150%)... Count EUR db x-trackers MSCI World In.Tech. UCITS ETF 1C USD (IE00BM67HT60) (0.300%)... Count EUR db x-trackers-s&p 500 UCITS ETF 1C (LU ) (0.050%+)... Count EUR db x-trackers-stoxx Global Sel.Div.100 UCITS 1D (LU ) (0.500%)... Count EUR Non-group fund units ishares - USD Corporate Bond UCITS ETF (IE ) (0.200%)... Count EUR ishares II - US Aggregate Bond UCITS ETF (IE00B44CGS96) (0.000%)... Count EUR ishares II-J.P.Morgan USD Em. Mark. Bond UCITS ETF (IE00B2NPKV68) 3 (0.450%)... Count EUR Lyxor SICAV - Lyxor UCITS ETF Smart Cash C EUR (LU ) (0.050%+)... Count EUR Total securities portfolio Cash at bank Demand deposits at Depositary EUR deposits... EUR % Deposits in other EU/EEA currencies... EUR % Other assets Other receivables... EUR % Total assets Other liabilities Liabilities from cost items... EUR % Additional other liabilities... EUR % Net assets Net asset value per share Number of shares outstanding Negligible rounding errors may have arisen due to the rounding of calculated percentages. 13

16 db PBC Deutsche Bank Best Allocation Flexible 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. Investments 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) 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 1 Does not include positions with a negative balance, if such exist. 3 These securities are completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR Transactions completed during the reporting period that no longer appear in the investment portfolio Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Purchases/ Sales/ Description currency additions disposals ( / 000) Investment fund units In-group fund units db x-trackers - CNX Nifty UCITS ETF 1C (LU ) (0.850%)... Count db x-trackers DAX UCITS ETF (DR) 1C (LU ) (0.010%)... Count db x-trackers FTSE 100 UCITS ETF (DR) - Income 1D (LU ) (0.300%)... Count db x-trackers II-FED Funds Eff.RateTR Ind.UCITS 1C (LU ) (0.150%)... Count db x-trackers II-iBoxx Sov.Eur.Yield Plus UCITS 1D (LU ) (0.050%)... Count db x-trackers MSCI JP INDEX UCITS ETF (DR) 4C EUR (LU ) (0.500%)... Count db x-trackers MSCI World Fin. Index UCITS ETF 1C (IE00BM67HL84) (0.300%)... Count db x-trackers-msci Russia Capped Ind. UCITS ETF 1D (LU ) (0.450%)... Count db x-trackers-msci World Fin.Ind. UCITS ETF 1C (LU ) (0.450%)... Count db x-trackers-msci World IT Index UCITS ETF 1C (LU ) (0.300%)... Count db x-trackers-stoxx Europe 600 Banks UCITS ETF 1C (LU ) (0.150%)... Count Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR Security description: db x-trackers - CNX Nifty UCITS ETF 1C (LU ), db x-trackers FTSE 100 UCITS ETF (DR) - Income 1D (LU ), db x-trackers FTSE CHINA 50 UCITS ETF (DR) 1C (LU ), db x-trackers II-FED Funds Eff.RateTR Ind.UCITS 1C (LU ), db x-trackers-stoxx Europe 600 Banks UCITS ETF 1C (LU ), ishares - China Large Cap UCITS ETF (Dt. Zert.) (DE000A0DPMY5) Non-group fund units ishares - Barclays US Aggregate Bond ETF (DE000A1JNCQ2) (0.250%)... Count ishares - China Large Cap UCITS ETF (Dt. Zert.) (DE000A0DPMY5) (0.740%)... Count ishares - China Large Cap UCITS ETF (IE00B02KXK85) (0.740%)... Count ishares Core DAX UCITS ETF (DE) (DE ) (0.160%)... Count ishares VII - ishares NASDAQ 100 UCITS ETF (IE00B53SZB19) (0.170%)... Count ishares- USD Corporate Bond UCITS ETF (DE000A0DPYY0) (0.200%)... Count Lyxor ETF Russia DJ Rusindex Titans 10 C EUR (FR ) (0.650%)... Count

17 db PBC Deutsche Bank Best Allocation Protect 80 Investment portfolio June 30, 2016 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Investment fund units In-group fund units DB Portfolio Euro Liquidity (LU ) (0.100%+)... Count EUR db x-trackers DAX UCITS ETF (DR) 1C (LU ) (0.010%)... Count EUR db x-trackers II - EONIA TR Index UCITS ETF 1C (LU ) (0.150%)... Count EUR db x-trackers II Barclays Global Aggreg.Bond U.5C (LU ) (0.200%)... Count EUR db x-trackers II-Global Sovereign ETF (EUR) 1C (LU ) (0.250%)... Count EUR db x-trackers II-iBoxx EUR Liq.Cor.100TRI UCITS 1C (LU ) (0.100%)... Count EUR db x-trackers II-iBoxx Sov.Eur.Yield Plus UCITS 1D (LU ) (0.050%)... Count EUR db x-trackers MSCI JP INDEX UCITS ETF (DR) 4C EUR (LU ) (0.500%)... Count EUR db x-trackers-msci EM Asia Index UCITS ETF 1C (LU ) (0.650%)... Count EUR db x-trackers-s&p 500 UCITS ETF 1C (LU ) (0.050%+)... Count EUR db x-trackers-stoxx EUROPE 600 UCITS ETF (DR) 1C (LU ) (0.200%)... Count EUR Deutsche Floating Rate Notes LC (LU ) (0.200%)... Count EUR Deutsche Institutional Money plus IC (LU ) (0.100%+)... Count EUR Deutsche Institutional Yield (LU ) (0.100%).. Count EUR DWS Rendite Optima (LU ) (0.100%)... Count EUR DWS Rendite Optima Four Seasons (LU ) (0.100%)... Count EUR Non-group fund units Amundi ETF MSCI EM Asia UCITS ETF (FR ) (0.200%)... Count EUR Amundi ETF S+P 500 (FR ) (0.150%)... Count EUR ishares - Euro Corporate Bond Large Cap UCITS ETF (IE ) (0.200%)... Count EUR ishares - USD Corporate Bond UCITS ETF (IE ) (0.200%)... Count EUR Ishares Global Corporate Bond Euro Hedged ETF (DE000A1W2KG9) (0.250%)... Count EUR ishares II - US Aggregate Bond UCITS ETF (IE00B44CGS96) (0.000%)... Count EUR ishares III - Euro Corp. Bond BBB-BB UCITS ETF (IE00BSKRK281) (0.000%)... Count EUR ishares III - Euro Covered Bond UCITS ETF (IE00B3B8Q275) (0.200%)... Count EUR ishares - USD Corporate Bond UCITS ETF (IE ) (0.200%)... Count USD Total securities portfolio Cash at bank Demand deposits at Depositary EUR deposits... EUR % Deposits in non-eu/eea currencies U.S. dollar... USD % Total assets Other liabilities Liabilities from cost items... EUR % Additional other liabilities... EUR % Net assets Net asset value per share Number of shares outstanding Negligible rounding errors may have arisen due to the rounding of calculated percentages. 15

18 db PBC Deutsche Bank Best Allocation Protect 80 Exchange rates (indirect quotes) As of: June 30, 2016 U.S. 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. Investments 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) 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 1 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 Count/ Purchases/ Sales/ Description currency additions disposals ( / 000) Investment fund units In-group fund units db x-trackers EURO STOXX 50 UCITS ETF (DR) 1C (LU ) (0.090%)... Count db x-trackers II-iBoxx Sov.Eu. 3-5 TRI UCITS 1C (LU ) (0.050%)... Count Non-group fund units ishares - Barclays US Aggregate Bond ETF (DE000A1JNCQ2) (0.250%)... Count ishares - Euro Corporate Bond Large Cap UCITS ETF (DE ) (0.200%)... Count ishares III - Euro Corp. Bond BBB-BB UCITS ETF (DE000A12HUB1) (0.250%)... Count ishares III - Euro Covered Bond UCITS ETF (DE000A0RFEE5) (0.200%)... Count ishares III - ish. Em Mark Loc Gov Bond UCITS ETF (DE000A1JB4Q0) (0.500%)... Count ishares- USD Corporate Bond UCITS ETF (DE000A0DPYY0) (0.200%)... Count

19 db PBC Deutsche Bank Best Allocation Protect 90 Investment portfolio June 30, 2016 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Securities traded on an exchange Interest-bearing securities % Coca-Cola 15/ (XS )... EUR % % Deutsche Bank 14/ MTN (DE000DB7XHM0)... EUR % Investment fund units In-group fund units DB Portfolio Euro Liquidity (LU ) (0.100%+). Count EUR db x-trackers DAX UCITS ETF (DR) 1C (LU ) (0.010%)... Count EUR db x-trackers II - EONIA TR Index UCITS ETF 1C (LU ) (0.150%)... Count EUR db x-trackers II Barclays Global Aggreg.Bond U.5C (LU ) (0.200%)... Count EUR db x-trackers II-Global Sovereign ETF (EUR) 1C (LU ) (0.250%)... Count EUR db x-trackers II-iBoxx EUR Liq.Cor.100TRI UCITS 1C (LU ) (0.100%)... Count EUR db x-trackers II-iBoxx Sov.Eur.Yield Plus UCITS 1D (LU ) (0.050%)... Count EUR db x-trackers MSCI JP INDEX UCITS ETF (DR) 4C EUR (LU ) (0.500%)... Count EUR db x-trackers-msci EM Asia Index UCITS ETF 1C (LU ) (0.650%)... Count EUR db x-trackers-s&p 500 UCITS ETF 1C (LU ) (0.050%+)... Count EUR db x-trackers-stoxx EUROPE 600 UCITS ETF (DR) 1C (LU ) (0.200%)... Count EUR Deutsche Floating Rate Notes LC (LU ) (0.200%)... Count EUR Deutsche Institutional Money plus IC (LU ) (0.100%+)... Count EUR Deutsche Institutional Yield (LU ) (0.100%).. Count EUR DWS Rendite Optima (LU ) (0.100%)... Count EUR DWS Rendite Optima Four Seasons (LU ) (0.100%)... Count EUR Oona Solutions FCP - Reichmuth Matterhorn R1C (LU ) (0.450%)... Count EUR Non-group fund units Amundi ETF MSCI EM Asia UCITS ETF (FR ) (0.200%)... Count EUR Amundi ETF S+P 500 (FR ) (0.150%)... Count EUR ishares - Euro Corporate Bond Large Cap UCITS ETF (IE ) (0.200%)... Count EUR ishares - USD Corporate Bond UCITS ETF (IE ) (0.200%)... Count EUR Ishares Global Corporate Bond Euro Hedged ETF (DE000A1W2KG9) (0.250%)... Count EUR ishares II - US Aggregate Bond UCITS ETF (IE00B44CGS96) (0.000%)... Count EUR ishares III - Euro Corp. Bond BBB-BB UCITS ETF (IE00BSKRK281) (0.000%)... Count EUR ishares III - Euro Covered Bond UCITS ETF (IE00B3B8Q275) (0.200%)... Count EUR ishares - USD Corporate Bond UCITS ETF (IE ) (0.200%)... Count USD Total securities portfolio Cash at bank Demand deposits at Depositary EUR deposits... EUR % Deposits in non-eu/eea currencies Japanese yen... JPY % U.S. dollar... USD %

20 db PBC Deutsche Bank Best Allocation Protect 90 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Other assets Interest receivable.... EUR % Total assets Other liabilities Liabilities from cost items.... EUR % Additional other liabilities.... EUR % Net assets Net asset value per share Number of shares outstanding Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of: June 30, 2016 Japanese yen... JPY = EUR 1 U.S. 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. Investments 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) 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 1 Does not include positions with a negative balance, if such exist. 18

21 db PBC Deutsche Bank Best Allocation Protect 90 Transactions completed during the reporting period that no longer appear in the investment portfolio Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Purchases/ Sales/ Description currency additions disposals ( / 000) Investment fund units In-group fund units db x-trackers EURO STOXX 50 UCITS ETF (DR) 1C (LU ) (0.090%)... Count Non-group fund units ishares - Barclays US Aggregate Bond ETF (DE000A1JNCQ2) (0.250%)... Count ishares - Euro Corporate Bond Large Cap UCITS ETF (DE ) (0.200%)... Count ishares III - Euro Corp. Bond BBB-BB UCITS ETF (DE000A12HUB1) (0.250%)... Count ishares III - Euro Covered Bond UCITS ETF (DE000A0RFEE5) (0.200%)... Count ishares III - ish. Em Mark Loc Gov Bond UCITS ETF (DE000A1JB4Q0) (0.500%)... Count ishares- USD Corporate Bond UCITS ETF (DE000A0DPYY0) (0.200%)... Count

22 db PBC Deutsche Bank Best Managers Balance Investment portfolio June 30, 2016 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Investment fund units In-group fund units Deutsche Concept Kaldemorgen IC (LU ) (0.600%+)... Count EUR Non-group fund units Aviva Investors Multi Strategie Target Return (LU ) (0.750%)... Count EUR Bantleon Opps-Bantleon Opps World IT EUR (LU ) (1.030%)... Count EUR BNY Mellon Global Real Return Fund [EUR] - W (IE00B70B9H10) (0.750%+)... Count EUR First Private Wealth A (DE000A0KFUX6) (0.500%+)... Count EUR Flossbach von Storch - Multiple Opportunities II I (LU ) (0.780%+)... Count EUR Invesco Funds - Gl. Targeted Returns C (acc.) EUR (LU ) (0.900%+)... Count EUR Nordea 1 - Stable Return Fund - BI EUR (LU ) (0.850%)... Count EUR Phaidros Funds - Balanced F (LU ) (0.000%+)... Count EUR Standard Life Invest Global Absolute Return D EUR (LU ) (0.850%+)... Count EUR Total securities portfolio Cash at bank Demand deposits at Depositary EUR deposits... EUR % Other assets Withholding tax claims... EUR % Total assets Other liabilities Liabilities from cost items... EUR % Additional other liabilities... EUR % Net assets Net asset value per share Number of shares outstanding Negligible rounding errors may have arisen due to the rounding of calculated percentages. 20

23 db PBC Deutsche Bank Best Managers Balance 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. Investments 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) 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 1 Does not include positions with a negative balance, if such exist. 21

24 db PBC SICAV June 30, 2016 Portfolio composition (in EUR) db PBC SICAV Consolidated db PBC Deutsche Bank Best Allocation Balance db PBC Deutsche Bank Best Allocation Flexible Securities portfolio Cash at bank Other assets Total assets Other liabilities = Net assets Portfolio composition (in EUR) db PBC Deutsche Bank Best Allocation Protect 80 db PBC Deutsche Bank Best Allocation Protect 90 db PBC Deutsche Bank Best Managers Balance Securities portfolio Cash at bank Other assets Total assets Other liabilities = Net assets Does not include positions with a negative balance, if such exist. 22

25 Investment Company db PBC SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B Board of Directors of the Investment Company Doris Marx Chairman Deutsche Asset Management S.A., Luxembourg Heinz-Wilhelm Fesser Independent member c/o Deutsche Asset Management S.A., Luxembourg Markus Kohlenbach Independent member c/o Deutsche Asset Management S.A., Luxembourg Stephan Scholl Deutsche Asset Management International GmbH, Frankfurt/Main Niklas Seifert (since April 20, 2016) Deutsche Asset Management S.A., Luxembourg Sven Sendmeyer (since April 20, 2016) Deutsche Asset Management Investment GmbH, Frankfurt am Main Supervisory Board of the Management Company Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Bank AG, Frankfurt/Main Marzio Hug Deutsche Bank AG, London Stefan Kreuzkamp (since February 1, 2016) Deutsche Asset Management Investment GmbH, Frankfurt/Main Frank Krings (since May 10, 2016) Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main Management Board of the Management Company Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt/Main, Germany Investment Advisor Deutsche Bank AG Theodor-Heuss-Allee Frankfurt/Main, Germany Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Sales, Information and Paying Agent LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Promoter, Management Company and Central Administration Agent, Registrar and Transfer Agent, Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2015: EUR million before profit appropriation Dirk Bruckmann (since January 14, 2016) Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Ralf Rauch Deutsche Asset Management S.A., Luxembourg Martin Schönefeld Deutsche Asset Management S.A., Luxembourg Barbara Schots Deutsche Asset Management S.A., Luxembourg As of: July 31, 2016

26 db PBC SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B Tel.: Fax: