DB PWM III (RCS No. B )

Transcription

1 DB PWM III (RCS No. B ) SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE ORGANIZED UNDER THE LAWS OF THE GRAND DUCHY OF LUXEMBOURG UNAUDITED SEMI-ANNUAL REPORT AS OF MARCH 31, 2013 COMPANY: DB PWM III, SICAV

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3 DB PWM III (RCS No. B ) UNAUDITED SEMI-ANNUAL REPORT AS OF MARCH 31, 2013 Directors and Administration 3 Combined Statements 4 Profit and Loss Accounts, Changes in Net Assets, Classification of Investments, Investment Portfolio a.o. DB PWM III GIS US Short-Term Bonds (USD) 6 DB PWM III GIS EUR Short-Term Bonds (Euro) 10 DB PWM III GIS USD Fixed Income Portfolio (USD) 15 DB PWM III GIS EUR Fixed Income Portfolio (Euro) 21 DB PWM III GIS International Core (Euro) (last NAV was calculated on ) 26 DB PWM III DB Legends FoF (formerly DB PWM III Absolute Multi Strategy (USD)) (last NAV was calculated on ) 29 DB PWM III DHFP Side-pocket Sub-Fund (USD) 32 DB PWM III Absolute Diversified (GBP) - in liquidation 46 List of Management Fees for the Target Funds that were included in the portfolio during the year 50 Notes to the Semi-Annual Report 57 1

4 Information to the Shareholders This Report does not constitute an offer or an invitation to purchase Shares of the Company. Statements on future performances cannot be made on basis of this Semi-Annual Report. This Report should be read exclusively in conjunction with the most recent version of the Prospectuses, the Statutes of the Company and the last Annual Report. If the cut-off day of the Annual Report exceeds more than eight months a more recent Semi-Annual Report will be provided in addition to the Annual Report. The Prospectuses are available free of charge at the Company, at the Custodian Bank and at the paying and distribution agents mentioned in this Report. The current Articles of Incorporation of the Fund are lodged with the Registrar of the Luxembourg District Court, from whom copies may be obtained. The issue and the redemption price of the Fund Shares of each class are made public at the Registered Office of the Fund, where Annual and Semi-Annual Reports may be obtained. Subscriptions cannot be received on the basis of Financial Reports. Subscriptions are valid only if made on basis of the current Prospectus, supplemented by the last Annual Report and the most recent Semi-Annual Report if published thereafter. Notices concerning the Fund are published in newspapers designated by the Board of Directors, and, if prescribed by law, are published in the Mémorial, the official gazette of Luxembourg, and are lodged with the Registrar of the Luxembourg District Court. A list of portfolio changes including the subscriptions and redemptions during the reporting period is available free of charge from the Company, the paying agencies and any of the distributors.

5 DB PWM III / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 Directors and Administration REGISTERED OFFICE OF THE COMPANY: DB PWM III, SICAV 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS: Chairman: Stefan Molter Head Product Development Managing Director Sal. Oppenheim jr. & Cie. AG & Co. KGaA Unter Sachsenhausen 4, D Cologne Germany Andreas Jockel Managing Director Oppenheim Asset Management Services S.à r.l. 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg Alfons Klein Member of the Board Sal. Oppenheim jr. & Cie. Luxembourg S.A. 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg Thomas Schlaus Director Deutsche Bank (Suisse) S.A. Hardstrasse 201, CH-8005 Zurich Switzerland REGISTRAR AND TRANSFER AGENT: Sal. Oppenheim jr. & Cie. Luxembourg S.A. 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg INVESTMENT ADVISOR: Deutsche Bank (Suisse) S.A. Place des Bergues 3, CH-1201 Geneva Switzerland LEGAL ADVISOR: Arendt & Medernach 14, Rue Erasme, L-2082 Luxembourg Grand Duchy of Luxembourg AUDITOR: KPMG Luxembourg S.à r.l. 9, Allée Scheffer, L-2520 Luxembourg Grand Duchy of Luxembourg PROMOTER: Deutsche Bank (Suisse) S.A. Place des Bergues 3, CH-1201 Geneva Switzerland PAYING AND LISTING AGENT: in Luxembourg Sal. Oppenheim jr. & Cie. Luxembourg S.A. 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg MANAGEMENT COMPANY AND DOMICILIARY AGENT: Oppenheim Asset Management Services S.à r.l. 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg CUSTODIAN BANK: Sal. Oppenheim jr. & Cie. Luxembourg S.A. 4, rue Jean Monnet, L-2180 Luxembourg Grand Duchy of Luxembourg 3

6 DB PWM III Combined Statements / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 COMBINED ACCOUNTS (IN EUR) AS OF ) EUR in % Total portfolio ,86 92,90 Bank deposits ,58 6,37 Interest on bonds receivable ,54 0,58 Receivables from sales of investments ,38 0,17 Receivables from foreign forward exchange contracts 5.998,44 0,00 Interests on bank deposits payable -124,36 0,00 Management fee payable ,26-0,01 Custodian fee payable ,42 0,00 Taxe d'abonnement ,85-0,01 Total net assets ,91 100,00 COMBINED PROFIT AND LOSS ACCOUNTS (IN EUR) FOR THE REPORTING PERIOD FROM TO ) EUR Income Interest on bonds ,45 Income on investments ,36 Interest on bank deposits ,39 Total income ,20 Expenses Management fee ,69 Custodian fee ,19 Taxe d'abonnement ,93 Other expenses ,71 Total expenses ,52 Net income/expense ,68 Realized profit/loss ,45 Net change in the unrealized appreciation/depreciation ,84 Result of operations ,29 1) Applying to the combined statements as well as to the whole of the Semi-Annual Report the rounding down can result in marginal rounding differences. 4

7 DB PWM III Combined Statements / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 COMBINED CHANGES IN NET ASSETS (IN EUR) FOR THE REPORTING PERIOD FROM TO ) EUR Net assets at the beginning of the reporting period ,13 Change in the valuation at the year end exchange rate ,30 Distribution ,38 Subscriptions ,80 Redemptions ,23 Total proceeds from share transactions ,43 Net income/expense ,68 Realized profit/loss ,45 Net change in the unrealized appreciation/depreciation ,84 Result of operations ,29 Total net assets at the end of the reporting period ,91 1) Applying to the combined statements as well as to the whole of the Semi-Annual Report the rounding down can result in marginal rounding differences. 5

8 DB PWM III GIS US Short-Term Bonds (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 THE KEY FACTS Investment Policy invests in USD denominated portfolio of international sovereign, agency, corporate bank and asset-backed debt, regulated and unregulated UCI`s Security Codes ISIN-code Class A LU Fund Reference Currency USD First Valuation Date Class A Financial Year Reporting Period Initial Issue Price Class A 1.000,00 USD Subscription Fee up to 6,00 % Management Fee p.a. Class A 0,18 % Custodian Fee p.a. 0,06 % Dividends principally dividend roll-up shares DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD Reporting period Total Net Assets (in USD) , , , ,38 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD NAV per share End of Class A reporting period USD , , , ,53 DEVELOPMENT OF THE NET ASSET VALUE (IN USD) CLASS A Highest net asset value per share in the reporting period ( ) 1.250,53 Lowest net asset value per share in the reporting period ( ) 1.246,93 Performance during the reporting period *) 0,27 % Performance since inception *) 25,05 % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. CHANGES IN NET ASSETS (IN USD) FOR THE REPORTING PERIOD FROM TO Net assets at the beginning of the reporting period ,19 Subscriptions Class A ,15 Redemptions Class A ,93 Total proceeds from share transactions ,78 Net income/expense ,79 Realized profit/loss ,36 AT A GLANCE Total net assets (USD million) 42,39 Shares in circulation Class A ,726 Bid price Class A 1.250,53 Offering price Class A 1.325,56 Net change in the unrealized appreciation/depreciation ,46 Result of operations ,97 Total net assets at the end of the reporting period ,38 6

9 DB PWM III GIS US Short-Term Bonds (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 STATEMENT OF CHANGES IN SHARES OUTSTANDING FROM TO CLASS A Number of shares outstanding at the beginning of the reporting period ,419 Number of shares issued 4.811,000 Number of shares redeemed ,693 Number of shares outstanding at the end of the reporting period ,726 PROFIT AND LOSS ACCOUNTS (IN USD) FOR THE REPORTING PERIOD FROM TO Income Interest on bonds ,13 Interest on bank deposits 1.358,83 Total income ,96 GEOGRAPHIC CLASSIFICATION OF INVESTMENTS % of net assets USA 28,04 Germany 15,41 Canada 13,47 Netherlands 8,41 Australia 7,21 Great Britain 6,40 Norway 5,48 South Korea 4,77 Sweden 3,20 Luxembourg 3,11 Supranational 3,07 98,57 Expenses Management fee ,49 Custodian fee ,32 Taxe d'abonnement ,69 Other expenses ,67 Total expenses ,17 Net income/expense ,79 CURRENCY CLASSIFICATION OF INVESTMENTS % of net assets USD 98,57 98,57 Realized profit/loss ,36 Net change in the unrealized appreciation/depreciation ,46 Result of operations ,97 SECTOR CLASSIFICATION OF INVESTMENTS % of net assets Banks and credit institutions 51,95 Financial, invest. and divers. comp. 24,90 Public entities 16,27 Supranational institutions 3,07 Precious metals and stones 2,38 98,57 7

10 DB PWM III GIS US Short-Term Bonds (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (USD) net % assets Securities listed on an official stock exchange or traded on another regulated market Bonds USD ,00 Barclays Bank PLC Reg. -S- 2, , ,00 3,20 USD ,00 Barrick Gold Corp , , ,00 2,38 USD ,00 British Columbia , , ,00 3,23 USD ,00 CIBC , , ,00 2,37 USD ,00 Commonwealth Bank Australia , , ,00 2,36 USD ,00 Credit Suisse New York , , ,00 2,39 USD ,00 Daimler Fin. North America LLC Reg. -S 1, , ,00 3,10 USD ,00 Export Development Canada ,750 99, ,00 2,35 USD ,00 Export-Import Bank of Korea , , ,00 2,37 USD ,00 Hyundai Capital America Inc , , ,00 2,38 USD ,00 IBRD , , ,70 3,07 USD ,00 JPMorgan Chase & Co , , ,00 2,36 USD ,00 Korea Development Bank , , ,00 2,41 USD ,00 Landwirtsch. Rentenbk , , ,00 4,98 USD ,00 Landwirtsch. Rentenbk ,000 99, ,00 3,29 USD ,00 LB Baden-Württ S , , ,00 4,74 USD ,00 Macquarie Bank Ltd A- 4, , ,00 4,85 USD ,00 Nederlandse Waterschapsbank N.V , , ,00 2,44 USD ,00 Nestle Holdings Inc , , ,00 2,38 USD ,00 Nordea Eiendomskreditt AS Reg. -S- 1, , ,00 2,39 USD ,00 Nordrhein-Westfalen , , ,00 2,40 USD ,00 Rabobank Nederland , , ,00 2,39 USD ,00 Sparebank 1 Boligkreditt A- 1, , ,00 3,08 USD ,00 Svensk Exportkredit AB , , ,00 3,20 USD ,00 Toronto Dominion Bank Reg. -S- 1, , ,00 3,14 USD ,00 Toyota Motor Credit Corp , , ,00 2,37 USD ,00 UBS AG, London Branch , , ,00 3,20 USD ,00 Unilever Capital Corp , , ,00 2,43 USD ,00 USA Treas. Notes 1, , ,60 2,39 USD ,00 USA Treas. Notes 0,125 99, ,50 1,18 USD ,00 USA Treas. Notes 0,250 99, ,90 7,07 USD ,00 Volkswagen Intl. Fin. N.V Reg. -S- 1, , ,00 3,58 USD ,00 Zurich Finance (Luxembourg) 3, , ,00 3,11 S.A EMTN Total Bonds ,70 98,57 Total Securities listed on an official stock exchange or traded on another regulated market ,70 98,57 8

11 DB PWM III GIS US Short-Term Bonds (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (USD) net % assets Total Portfolio ,70 98,57 Bank deposits ,20 0,97 Assets Interest on bonds receivable ,32 0,49 Total Assets ,32 0,49 Liabilities Interests on bank deposits payable -158,81 0,00 Management fee payable ,87-0,01 Custodian fee payable ,83-0,01 Taxe d'abonnement ,33-0,01 Total Liabilities ,84-0,03 Total net assets ,38 100,00 NET ASSET VALUE PER SHARE CLASS A 1.250,53 NUMBER OF SHARES OUTSTANDING CLASS A ,726 *) The rounding down in the calculation can result in marginal rounding differences. 9

12 DB PWM III GIS EUR Short-Term Bonds (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 THE KEY FACTS Investment Policy invests in a EUR denominated portfolio of international sovereign, agency, corporate bank and asset-backed debt, regulated and unregulated UCI`s Security Codes ISIN-code Class A LU Fund Reference Currency EUR First Valuation Date Class A Financial Year Reporting Period Initial Issue Price Class A 1.000,00 EUR Subscription Fee up to 6,00 % Management Fee p.a. Class A 0,18 % Custodian Fee p.a. 0,06 % Dividends principally dividend roll-up shares DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD Reporting period Total Net Assets (in EUR) , , , ,33 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD NAV per share End of Class A reporting period EUR , , , ,05 DEVELOPMENT OF THE NET ASSET VALUE (IN EUR) CLASS A Highest net asset value per share in the reporting period ( ) 1.220,84 Lowest net asset value per share in the reporting period ( ) 1.211,54 Performance during the reporting period *) 0,74 % Performance since inception *) 22,01 % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. CHANGES IN NET ASSETS (IN EUR) FOR THE REPORTING PERIOD FROM TO Net assets at the beginning of the reporting period ,40 Subscriptions Class A ,19 Redemptions Class A ,64 Total proceeds from share transactions ,55 Net income/expense ,37 Realized profit/loss ,07 AT A GLANCE Total net assets (EUR million) 34,15 Shares in circulation Class A ,000 Bid price Class A 1.220,05 Offering price Class A 1.293,25 Net change in the unrealized appreciation/depreciation ,06 Result of operations ,38 Total net assets at the end of the reporting period ,33 10

13 DB PWM III GIS EUR Short-Term Bonds (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 STATEMENT OF CHANGES IN SHARES OUTSTANDING FROM TO CLASS A Number of shares outstanding at the beginning of the reporting period ,184 Number of shares issued 8.474,000 Number of shares redeemed ,184 Number of shares outstanding at the end of the reporting period ,000 PROFIT AND LOSS ACCOUNTS (IN EUR) FOR THE REPORTING PERIOD FROM TO Income Interest on bonds ,94 Total income ,94 Expenses Management fee ,69 Custodian fee ,05 Taxe d'abonnement ,47 Other expenses ,36 Total expenses ,57 GEOGRAPHIC CLASSIFICATION OF INVESTMENTS % of net assets Spain 14,20 Italy 13,86 Netherlands 11,30 Great Britain 10,85 Luxembourg 8,43 Ireland 6,83 Germany 4,45 Sweden 4,44 France 3,88 Austria 3,85 USA 3,83 Jersey 2,10 Belgium 2,08 Denmark 1,48 Cayman Islands 0,77 Supranational 0,58 92,93 Net income/expense ,37 Realized profit/loss ,07 Net change in the unrealized appreciation/depreciation ,06 Result of operations ,38 CURRENCY CLASSIFICATION OF INVESTMENTS % of net assets EUR 92,93 92,93 SECTOR CLASSIFICATION OF INVESTMENTS % of net assets Banks and credit institutions 43,00 Financial, invest. and divers. comp. 18,81 Public entities 16,32 Mutual funds 7,83 Utilities 3,66 Consulting and advertising 2,10 Telecommunications 0,63 Supranational institutions 0,58 92,93 11

14 DB PWM III GIS EUR Short-Term Bonds (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (EUR) net % assets Securities listed on an official stock exchange or traded on another regulated market Bonds EUR ,00 Abbey National Treasury 2, , ,00 1,18 Services PLC FRN EUR ,00 Abbey National Treasury 1,750 99, ,00 0,87 Services PLC EUR ,00 ANZ National Intl. Ltd , , ,00 1,58 EUR ,00 Banco Santander S.A , , ,00 1,50 EUR ,00 Barclays Bank PLC , , ,00 1,54 EUR ,00 BBV Argentaria S.A , , ,57 0,91 EUR ,00 BBV Argentaria S.A , , ,00 2,95 EUR ,00 Belfius Banque S.A , , ,00 2,08 EUR ,00 BG Energy Capital PLC , , ,00 2,95 EUR ,00 Compagnie de Financement Foncier , , ,00 2,13 EUR ,00 Daimler Intl. Fin. B.V FRN 1, , ,00 1,46 EUR ,00 DekaBank Deutsche Girozentrale R. 3 5, , ,00 1,50 EUR ,00 Depfa ACS Bank , , ,50 2,22 EUR ,00 Deutsche Bank AG VAR 1,079 99, ,00 1,46 EUR ,00 Deutsche Pfandbriefbank AG , , ,00 1,48 EUR ,00 EIB FRN 0,307 99, ,00 0,58 EUR ,00 GE Cap. European Funding , , ,50 2,25 EUR ,00 German Postal Pensions Sec. PLC S. 2 3, , ,50 2,37 EUR ,00 Glencore Finance (Europe) S.A , , ,00 0,60 EUR ,00 Hutchison Whampoa Europe 2, , ,00 0,77 Finance Ltd EUR ,00 Iberdrola Finanzas S.A , , ,00 0,92 EUR ,00 Imperial Tobacco Fin. PLC , , ,00 1,20 Ratings Linked EUR ,00 ING Bank N.V , , ,00 1,52 EUR ,00 ING Bank N.V , , ,00 1,50 EUR ,00 Intesa Sanpaolo S.p.A FRN 1,714 99, ,00 1,17 EUR ,00 Italien BTP 2, , ,00 0,89 EUR ,00 Italien ,000 99, ,00 2,93 EUR ,00 Italien BOT 0,000 99, ,58 0,87 EUR ,00 Italien BOT 0,000 98, ,20 2,90 EUR ,00 Italien BOT 0,000 98, ,35 1,45 EUR ,00 JPMorgan Chase & Co VAR 1,339 97, ,00 1,43 EUR ,00 Jyske Bank A/S FRN 1, , ,00 1,48 EUR ,00 KA Finanz AG FRN 1, , ,00 2,08 EUR ,00 KBC Ifima N.V VAR 3, , ,00 1,50 EUR ,00 Merrill Lynch & Co. Inc FRN 0,488 99, ,80 0,88 12

15 DB PWM III GIS EUR Short-Term Bonds (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (EUR) net % assets EUR ,00 Metropolitan Life Global Funding I , , ,00 1,53 EUR ,00 Rabobank Nederland FRN 0, , ,00 2,93 EUR ,00 Raiffeisen-LBK Niederösterreich- 1, , ,00 1,17 Wien AG EUR ,00 SBAB Bank AB FRN 1, , ,00 2,95 EUR ,00 SNAM S.p.A , , ,00 2,08 EUR ,00 Société Générale SFH , , ,00 1,76 EUR ,00 Spanien ,000 99, ,00 2,93 EUR ,00 Spanien ,000 99, ,00 2,91 EUR ,00 Spanien ,000 98, ,00 1,45 EUR ,00 Svenska Handelsbanken AB , , ,00 1,49 EUR ,00 T.e.r.n.a.- Rete Elettrica 4, , ,00 1,58 Nazionale S.p.A EUR ,00 Telefonica Emisiones S.A EMTN 4, , ,00 0,63 EUR ,00 UBS AG London Branch EMTN 3, , ,00 1,52 EUR ,00 UniCredit Bank Austria AG , , ,00 0,60 EUR ,00 Volkswagen Intl. Fin. N.V , , ,00 1,50 EUR ,00 Volkswagen Intl. Fin. N.V EMTN 1, , ,00 0,88 EUR ,00 WPP PLC , , ,00 2,10 Total Bonds ,00 85,10 Total Securities listed on an official stock exchange or traded on another regulated market ,00 85,10 Other securities Investment funds EUR 7.500,00 AXA World Funds SICAV 128, ,00 2,81 Euro Credit Short Duration -I- EUR ,00 db x-trackers II SICAV - 31, ,00 1,84 MTS Ex-Bk of Italy BOT UCITS ETF -1C- EUR 2.000,00 db x-trackers II SICAV 163, ,00 0,96 IBOXX EUR Sovereigns Eurozone 1-3 TRI ETF-1C- EUR 4.000,00 db x-trackers II SICAV 110, ,00 1,29 itraxx Europe UCITS ETF -1C- EUR ,00 Schroder Intl. Selection Fund 18, ,00 0,92 Euro Corporate Bond -C- Total Investment funds ,00 7,83 Total Other securities ,00 7,83 Total Portfolio ,00 92,93 13

16 DB PWM III GIS EUR Short-Term Bonds (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (EUR) net % assets Bank deposits ,35 6,48 Assets Interest on bonds receivable ,50 0,62 Total Assets ,50 0,62 Liabilities Management fee payable ,70-0,01 Custodian fee payable ,13 0,00 Taxe d'abonnement ,69 0,00 Total Liabilities ,52-0,02 Total net assets ,33 100,00 NET ASSET VALUE PER SHARE CLASS A 1.220,05 NUMBER OF SHARES OUTSTANDING CLASS A ,000 *) The rounding down in the calculation can result in marginal rounding differences. OPEN FUTURES AND OPTIONS CONTRACTS AS OF Number Trade Market Unrealized Description Currency Duration of Price in Price in gain/loss Maturity contracts currency currency (EUR) Call EURO-BOBL Future EUR May ,5850 1, ,00 Future Option EUR 125, Unrealized result on futures ,00 14

17 DB PWM III GIS USD Fixed Income Portfolio (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 THE KEY FACTS Investment Policy invests principally in debt and debt related securities and instruments as well as UCI`s Security Codes ISIN-code Class A LU Class C LU Fund Reference Currency USD First Valuation Date Class A Class C Financial Year Reporting Period Initial Issue Price Class A 1.000,00 USD Class C 1.000,00 USD Subscription Fee up to 6,00 % Management Fee p.a. Class A 0,18 % Class C 1,28 % Custodian fee p.a. 0,06 % Dividends principally dividend roll-up shares DEVELOPMENT OF THE NET ASSET VALUE (IN USD) CLASS A Highest net asset value per share in the reporting period ( ) 1.310,73 Lowest net asset value per share in the reporting period ( ) 1.301,60 Performance during the reporting period *) 0,41 % Performance since inception *) 30,97 % AT A GLANCE Total net assets (USD million) 161,93 Shares in circulation Class A ,387 Bid price Class A 1.309,70 Offering price Class A 1.388,28 Shares in circulation Class C 6.750,000 Bid price Class C 1.069,07 Offering price Class C 1.133,21 DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD Reporting period Total Net Assets (in USD) , , , ,71 CHANGES IN NET ASSETS (IN USD) FOR THE REPORTING PERIOD FROM TO Net assets at the beginning of the reporting period ,32 Subscriptions Class A ,23 Subscriptions Class C ,80 Redemptions Class A ,22 Redemptions Class C ,55 Total proceeds from share transactions ,74 Net income/expense ,50 DEVELOPMENT OF THE NET ASSET VALUE (IN USD) CLASS C Highest net asset value per share in the reporting period ( ) 1.073,77 Lowest net asset value per share in the reporting period ( ) 1.064,29 Performance during the reporting period *) -0,16 % Performance since inception *) 6,91 % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. Realized profit/loss ,34 Net change in the unrealized appreciation/depreciation ,70 Result of operations ,13 Total net assets at the end of the reporting period ,71 Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. 15

18 DB PWM III GIS USD Fixed Income Portfolio (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 STATEMENT OF CHANGES IN SHARES OUTSTANDING FROM TO CLASS A Number of shares outstanding at the beginning of the reporting period ,972 Number of shares issued ,000 Number of shares redeemed ,585 Number of shares outstanding at the end of the reporting period ,387 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD NAV per share End of Class A Class C reporting period USD USD , , , , , , , ,07 STATEMENT OF CHANGES IN SHARES OUTSTANDING FROM TO CLASS C Number of shares outstanding at the beginning of the reporting period 6.388,000 Number of shares issued 420,000 Number of shares redeemed -58,000 Number of shares outstanding at the end of the reporting period 6.750,000 PROFIT AND LOSS ACCOUNTS (IN USD) FOR THE REPORTING PERIOD FROM TO Income Interest on bonds ,21 Total income ,21 Expenses Management fee ,61 Custodian fee ,54 Taxe d'abonnement ,96 Other expenses ,60 Total expenses ,71 Net income/expense ,50 Realized profit/loss ,34 Net change in the unrealized appreciation/depreciation ,70 GEOGRAPHIC CLASSIFICATION OF INVESTMENTS % of net assets USA 42,87 Germany 10,98 Netherlands 7,69 Supranational 7,51 Japan 5,56 Canada 5,23 Guernsey 2,53 South Korea 2,28 Norway 2,27 Great Britain 2,24 Sweden 1,64 Belgium 1,41 Australia 1,36 Bermudas 1,22 United Arabic Emirates 1,01 Qatar 0,72 Brasil 0,56 Luxembourg 0,56 Turkey 0,51 Chile 0,29 Cayman Islands 0,26 98,70 Result of operations ,13 16

19 DB PWM III GIS USD Fixed Income Portfolio (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 CURRENCY CLASSIFICATION OF INVESTMENTS % of net assets USD 98,70 98,70 SECTOR CLASSIFICATION OF INVESTMENTS % of net assets Public entities 48,32 Banks and credit institutions 32,42 Financial, invest. & divers. comp. 8,11 Supranational institutions 7,52 Telecommunications 1,49 Petroleum and natural gas 0,55 Coal mining and steel industry 0,29 98,70 17

20 DB PWM III GIS USD Fixed Income Portfolio (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (USD) net % assets Securities listed on an official stock exchange or traded on another regulated market Bonds USD ,36 Asian Development Bank , , ,49 2,53 USD ,52 Asian Development Bank , , ,96 1,70 USD ,92 AT & T Inc , , ,42 0,27 USD ,84 Bank of Montreal , , ,75 0,57 USD ,68 Barclays Bank PLC Reg. -S- 2, , ,21 1,14 USD ,60 Belgien EMTN 2, , ,63 1,41 USD ,84 BNG Reg. -S- 1, , ,73 0,55 USD ,60 BNG , , ,61 1,37 USD ,76 British Columbia , , ,33 0,86 USD ,84 British Columbia , , ,24 0,55 USD ,68 British Columbia ,000 97, ,63 1,06 USD ,84 Canada , , ,96 0,55 USD ,84 CIBC , , ,32 0,55 USD ,76 Commonwealth Bank Australia , , ,35 0,82 USD ,92 Corp. Nacional Del Cobre De Chile I , , ,34 0,29 USD ,60 Credit Suisse AG 1, , ,78 1,39 Guernsey Branch Reg. -S- USD ,68 CSFB Capital 2, , ,04 1,14 (Guernsey) 1 Ltd Reg. -S- USD ,36 Development Bank of Japan Reg. -S- 1, , ,93 2,19 USD ,36 EBRD ,750 99, ,33 2,18 USD ,84 EIB , , ,47 0,56 USD ,68 Enel Fin. Intl. N.V Reg. -S- 5, , ,19 1,16 USD ,60 Export-Import Bank of Korea , , ,30 1,46 USD ,76 Export-Import Bank of Korea , , ,39 0,82 USD ,84 Itau Unibanco Holding S.A Reg. -S- 5, , ,78 0,56 USD ,52 Japan Fin. Corp , , ,86 1,71 USD ,68 JPMorgan Chase & Co , , ,60 1,20 USD ,80 Katar Reg. -S- 4, , ,27 0,72 USD ,36 KFW , , ,07 2,31 USD ,84 KFW , , ,02 0,56 USD ,36 KFW EMTN 1, , ,42 2,21 USD ,52 Kommunalbanken A/S , , ,90 1,72 USD ,52 Kommuninvest i Sverige AB ,000 99, ,39 1,64 USD ,36 Landwirtsch. Rentenbk , , ,40 2,27 USD ,22 Landwirtsch. Rentenbk ,000 99, ,13 1,96 USD ,52 LKB Baden-Württ.-Förderbank , , ,54 1,68 USD ,68 Metropolis of Tokyo , , ,23 1,12 USD ,84 Mizuho Corporate Bank Ltd ,550 99, ,46 0,54 18

21 DB PWM III GIS USD Fixed Income Portfolio (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (USD) net % assets USD ,84 National Australia Bank Ltd ,250 99, ,55 0,54 USD ,72 National Bank of Abu Dhabi , , ,51 1,01 USD ,20 Niederlande Reg. -S- 1, , ,75 2,75 USD ,84 Nordic Investment Bank , , ,86 0,55 USD ,09 Odebrecht Fin. Ltd Repurchase offer 6, , ,90 0,26 USD ,68 Qtel Intl. Fin. Ltd Reg. -S- 4, , ,42 1,22 USD ,52 Rabobank Nederland , , ,25 1,85 USD ,68 Rio Tinto Fin. USA PLC , , ,34 1,10 USD ,84 Royal Bank of Canada , , ,83 0,55 USD ,84 Royal Bank of Canada ,850 99, ,46 0,55 USD ,84 Statoil ASA , , ,99 0,55 USD ,60 Swiss Re Treasury (US) Corp , , ,60 1,39 USD ,84 Telecom Italia Capital S.A , , ,19 0,56 USD ,92 Tennessee Valley Authority ,875 98, ,59 0,27 USD ,84 Toyota Motor Credit Corp , , ,22 0,55 USD ,84 Türkei ,250 94, ,83 0,51 USD ,14 UBS AG Stamford , , ,56 0,67 USD ,36 USA Treas. Notes 4, , ,48 2,36 USD ,88 USA Treas. Notes 4, , ,17 4,39 USD ,88 USA Treas. Notes 4, , ,91 4,43 USD ,88 USA Treas. Notes 4, , ,73 4,46 USD ,04 USA Treas. Notes 1, , ,02 3,33 USD ,36 USA Treas. Notes 3, , ,62 2,46 USD ,04 USA Treas. Notes 1, , ,02 3,39 USD ,20 USA Treas. Notes 2, , ,69 2,82 USD ,08 USA Treas. Notes 0,250 99, ,86 6,54 USD ,72 USA Treas. Notes 0,500 99, ,47 4,34 Total Bonds ,29 98,70 Total Securities listed on an official stock exchange or traded on another regulated market ,29 98,70 Total Portfolio ,29 98,70 Bank deposits ,50 0,73 Assets Interest on bonds receivable ,85 0,59 Total Assets ,85 0,59 19

22 DB PWM III GIS USD Fixed Income Portfolio (USD) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (USD) net % assets Liabilities Management fee payable ,27-0,02 Custodian fee payable ,85 0,00 Taxe d'abonnement ,81-0,01 Total Liabilities ,93-0,03 Total net assets ,71 100,00 NET ASSET VALUE PER SHARE CLASS A 1.309,70 NUMBER OF SHARES OUTSTANDING CLASS A ,387 NET ASSET VALUE PER SHARE CLASS C 1.069,07 NUMBER OF SHARES OUTSTANDING CLASS C 6.750,000 *) The rounding down in the calculation can result in marginal rounding differences. 20

23 DB PWM III GIS EUR Fixed Income Portfolio (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 THE KEY FACTS Investment Policy invests in debt and debt related securities and derivative instruments as well as UCI`s Security Codes ISIN-code Class A LU Fund Reference Currency EUR First Valuation Date Class A Financial Year Reporting Period Initial Issue Price Class A 1.000,00 EUR Subscription Fee up to 6,00 % Management Fee p.a. Class A 0,18 % Custodian Fee p.a. 0,06 % Dividends principally dividend roll-up shares DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD Reporting period Total Net Assets (in EUR) , , , ,78 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD NAV per share End of Class A reporting period EUR , , , ,37 DEVELOPMENT OF THE NET ASSET VALUE (IN EUR) CLASS A Highest net asset value per share in the reporting period ( ) 1.306,00 Lowest net asset value per share in the reporting period ( ) 1.282,39 Performance during the reporting period *) 1,78 % Performance since inception *) 30,44 % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. CHANGES IN NET ASSETS (IN EUR) FOR THE REPORTING PERIOD FROM TO Net assets at the beginning of the reporting period ,13 Subscriptions Class A ,54 Redemptions Class A ,91 Total proceeds from share transactions ,37 Net income/expense ,22 AT A GLANCE Total net assets (EUR million) 41,19 Shares in circulation Class A ,571 Bid price Class A 1.304,37 Offering price Class A 1.382,63 Realized profit/loss ,08 Net change in the unrealized appreciation/depreciation ,28 Result of operations ,02 Total net assets at the end of the reporting period ,78 21

24 DB PWM III GIS EUR Fixed Income Portfolio (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 STATEMENT OF CHANGES IN SHARES OUTSTANDING FROM TO CLASS A Number of shares outstanding at the beginning of the reporting period ,925 Number of shares issued 5.396,000 Number of shares redeemed ,354 Number of shares outstanding at the end of the reporting period ,571 PROFIT AND LOSS ACCOUNTS (IN EUR) FOR THE REPORTING PERIOD FROM TO Income Interest on bonds ,53 Interest on bank deposits 42,42 Total income ,95 Expenses Management fee ,71 Custodian fee ,88 Taxe d'abonnement ,53 Other expenses ,61 Total expenses ,73 Net income/expense ,22 GEOGRAPHIC CLASSIFICATION OF INVESTMENTS % of net assets Great Britain 14,49 Spain 13,37 Germany 10,00 Netherlands 5,71 Sweden 5,52 Ireland 5,21 Luxembourg 4,88 Norway 3,85 Denmark 3,76 France 3,70 Belgium 3,69 Italy 3,65 USA 3,19 Canada 2,85 Mexico 2,74 Supranational 2,62 Guernsey 2,56 Cayman Islands 2,03 Australia 2,01 Brasil 1,27 97,10 Realized profit/loss ,08 Net change in the unrealized appreciation/depreciation ,28 Result of operations ,02 CURRENCY CLASSIFICATION OF INVESTMENTS % of net assets EUR 91,15 NOK 3,94 AUD 2,01 97,10 SECTOR CLASSIFICATION OF INVESTMENTS % of net assets Banks and credit institutions 55,11 Public entities 17,00 Financial, invest. and divers. comp. 10,18 Mutual funds 3,61 Petroleum and natural gas 2,74 Supranational institutions 2,62 Utilities 2,58 Telecommunications 1,99 Coal mining and steel industry 1,27 97,10 22

25 DB PWM III GIS EUR Fixed Income Portfolio (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (EUR) net % assets Securities listed on an official stock exchange or traded on another regulated market Bonds AUD ,00 Queensland Treasury Corp , , ,18 2,01 EUR ,00 Anglo American Capital PLC , , ,00 1,26 EUR ,00 ANZ National Intl. Ltd , , ,00 1,31 EUR ,00 ANZ National Intl. Ltd , , ,00 2,47 EUR ,00 Barclays Bank PLC , , ,00 1,28 EUR ,00 Barclays Bank PLC , , ,00 2,15 EUR ,00 Belfius Banque S.A , , ,00 3,69 EUR ,00 BNG EMTN 3, , ,00 1,29 EUR ,00 BNG , , ,00 3,92 EUR ,00 Credit Suisse AG Guernsey 2, , ,00 2,56 Branch EMTN EUR ,00 Danske Bank A/S , , ,00 1,29 EUR ,00 DekaBank Deutsche Girozentrale R. 3 5, , ,00 1,25 EUR ,00 Depfa ACS Bank EMTN 3, , ,00 2,60 EUR ,00 Deutsche Bank AG VAR 1,079 99, ,00 2,43 EUR ,00 Deutsche Pfandbriefbank AG EMTN 3, , ,00 2,52 EUR ,00 Deutsche Pfandbriefbank AG EMTN 2, , ,00 2,48 EUR ,00 Dexia Credit Local de France EMTN 2, , ,00 3,70 EUR ,00 DNB Boligkreditt AS , , ,00 1,27 EUR ,00 DNB Boligkreditt AS , , ,00 2,58 EUR ,00 Enagas S.A , , ,00 2,58 EUR ,00 Enel Fin. Intl. N.V EMTN 3, , ,00 0,50 EUR ,00 Everything Everywhere Finance 3, , ,00 0,94 PLC EMTN EUR ,00 Gaz Capital S A EMTN 3, , ,00 1,27 EUR ,00 German Postal Pensions Sec. PLC S. 2 3, , ,00 2,61 EUR ,00 Hutchison Whampoa Fin. Ltd , , ,50 2,03 EUR ,00 Imperial Tobacco Fin. PLC , , ,00 1,24 Ratings Linked EUR ,00 Italien BTP 2, , ,00 1,22 EUR ,00 Italien ,000 99, ,00 2,43 EUR ,00 JPMorgan Chase & Co EMTN 6, , ,00 1,92 EUR ,00 Metropolitan Life Global Funding I , , ,00 1,27 EUR ,00 Nordea Bank AB EMTN 4, , ,00 1,27 EUR ,00 Nykredit Realkredit A/S , , ,00 2,47 EUR ,00 Ontario , , ,00 2,85 EUR ,00 Petroleos Mexicanos EMTN 5, , ,00 2,74 EUR ,00 Royal Bank of Scotland PLC , , ,00 1,28 EUR ,00 Santander Intl. Debt S.A , , ,00 1,25 23

26 DB PWM III GIS EUR Fixed Income Portfolio (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (EUR) net % assets EUR ,00 Skandinaviska Enskilda Banken , , ,00 2,52 EUR ,00 Spanien , , ,00 3,65 EUR ,00 Spanien , , ,00 2,45 EUR ,00 Spanien ,000 98, ,00 2,40 EUR ,00 Standard Chartered PLC EMTN 5, , ,00 2,56 EUR ,00 Svenska Handelsbanken AB , , ,00 1,73 EUR ,00 Telefonica Emisiones S.A , , ,00 1,05 EUR ,00 Vale S.A EMTN 3, , ,00 1,27 NOK ,00 IBRD , , ,74 1,32 NOK ,00 KFW , , ,98 1,32 NOK ,00 Nordic Investment Bank , , ,12 1,30 Total Bonds ,52 93,49 Total Securities listed on an official stock exchange or traded on another regulated market ,52 93,49 Other securities Investment funds EUR 8.000,00 AXA World Funds SICAV 128, ,00 2,49 Euro Credit Short Duration -I- EUR 3.500,00 db x-trackers II SICAV 132, ,00 1,13 IBOXX Sov. Eurozone Yield Plus UCITS ETF -1C- Total Investment funds ,00 3,61 Total Other securities ,00 3,61 Total Portfolio ,52 97,10 Bank deposits ,55 1,71 Assets Interest on bonds receivable ,38 1,22 Total Assets ,38 1,22 24

27 DB PWM III GIS EUR Fixed Income Portfolio (Euro) / DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (EUR) net % assets Liabilities Management fee payable ,25-0,01 Custodian fee payable ,16 0,00 Taxe d'abonnement ,26-0,01 Total Liabilities ,67-0,02 Total net assets ,78 100,00 NET ASSET VALUE PER SHARE CLASS A 1.304,37 NUMBER OF SHARES OUTSTANDING CLASS A ,571 *) The rounding down in the calculation can result in marginal rounding differences. OPEN FUTURES AND OPTIONS CONTRACTS AS OF Number Trade Market Unrealized Description Currency Duration of Price in Price in gain/loss Maturity contracts currency currency (EUR) EURO-BTP Future EUR Jun , , ,00 Italian Gov. Bond Future Unrealized result on futures ,00 25

28 DB PWM III GIS International Core (Euro) / **) DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 THE KEY FACTS Investment Policy invests in equity, fixed income securities, regulated and unregulated UCI`s Security Codes ISIN-code Class A LU Fund Reference Currency 1) EUR First Valuation Date Class A Financial Year Reporting Period Initial Issue Price Class A 1.000,00 USD Subscription Fee up to 6,00 % Management Fee p.a. Class A 0,68 % Custodian Fee p.a. 0,06 % Dividends principally dividend roll-up shares DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD Reporting period USD Total Net Assets , EUR , EUR , EUR **) 0,00 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD End of reporting period NAV per share Class A EUR USD 1.019, EUR 721, EUR 739, **) EUR 0,00 1) The Fund Reference Currency changed from USD into EUR as of DEVELOPMENT OF THE NET ASSET VALUE (IN EUR) CLASS A Highest net asset value per share in the reporting period ( ) 741,61 Lowest net asset value per share in the reporting period ( ) 737,91 Performance during the reporting period *) **) 0,33 % Performance since inception *) **) -2,01 % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. **) The last NAV was calculated on Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. CHANGES IN NET ASSETS (IN EUR) FOR THE REPORTING PERIOD FROM TO Net assets at the beginning of the reporting period ,14 Subscriptions Class A 0,00 Redemptions Class A ,39 Total proceeds from share transactions ,39 Net income/expense ,28 Realized profit/loss ,24 AT A GLANCE Total net assets (EUR million) 0,00 Shares in circulation Class A 0,000 Bid price Class A **) 0,00 Offering price Class A **) 0,00 **) The last NAV was calculated on Net change in the unrealized appreciation/depreciation ,71 Result of operations ,25 Total net assets at the end of the reporting period 0,00 26

29 DB PWM III GIS International Core (Euro) / **) DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 PROFIT AND LOSS ACCOUNTS (IN EUR) FOR THE REPORTING PERIOD FROM TO Income Income on investments ,09 Total income ,09 Expenses Interest on bank deposits -65,52 Management fee ,10 Custodian fee ,17 Taxe d'abonnement ,06 Other expenses ,52 Total expenses ,37 Net income/expense ,28 Realized profit/loss ,24 Net change in the unrealized appreciation/depreciation ,71 Result of operations ,25 **) The last NAV was calculated on

30 DB PWM III GIS International Core (Euro) / **) DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 INVESTMENT PORTFOLIO AS OF Price in Market Value Currency Quantity Securities description Currency (EUR) Total Portfolio 0,00 Bank deposits 0,00 Total net assets 0,00 NET ASSET VALUE PER SHARE CLASS A 0,00 NUMBER OF SHARES OUTSTANDING CLASS A 0,000 **) The last NAV was calculated on

31 DB PWM III DB Legends FoF (formerly DB PWM III - Absolute Multi Strategy (USD)) / ***) DB PWM III Unaudited Semi-Annual Report as of March 31, 2013 THE KEY FACTS Investment Policy invests primarily in hedge funds Security Codes ISIN-code Class A LU Class R (USD) LU Class R (EUR H) LU Class R (GBP H) LU Fund Reference Currency USD First Valuation Date Class A Financial Year Reporting Period Initial Issue Price Class A 1.000,00 USD Subscription Fee up to 3,00 % Management Fee p.a. Class A 0,18 % Class R (USD) 1,33 % Class R (EUR H) 1,33 % Class R (GBP H) 1,33 % plus performance fee per Class A Custodian Fee p.a. 0,06 % Dividends principally dividend roll-up shares DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD Reporting period Total Net Assets (in USD) , , ***) 0, ***) 0,00 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE REPORTING PERIOD End of NAV per Share reporting Class Class Class Class period A R (USD) R (EUR H) R (GBP H) USD USD USD USD ,68 n/a n/a n/a ,12 n/a n/a n/a ***) 0,00 n/a n/a n/a ***) 0,00 n/a n/a n/a CHANGES IN NET ASSETS (IN USD) FOR THE REPORTING PERIOD FROM TO AT A GLANCE Net assets at the beginning of the reporting period 0,00 Total net assets (USD million) ***) 0,00 Shares in circulation Class A 0,000 Bid price Class A 0,00 Offering price Class A 0,00 Shares in circulation Class R (USD) 0,000 Bid price Class R (USD) 0,00 Offering price Class R (USD) 0,00 Shares in circulation Class R (EUR H) 0,000 Bid price Class R (EUR H) 0,00 Offering price Class R (EUR H) 0,00 Shares in circulation Class R (GBP H) 0,000 Bid price Class R (GBP H) 0,00 Offering price Class R (GBP H) 0,00 Subscriptions Class A 0,00 Redemptions Class A 0,00 Total proceeds from share transactions 0,00 Net income/expense 0,00 Realized profit/loss 0,00 Net change in the unrealized appreciation/depreciation 0,00 Result of operations 0,00 ***) The last NAV was calculated on Total net assets at the end of the reporting period 0,00 ***) The last NAV was calculated on