Deutsche European Real Estate Securities Master Fund

Deutsche Asset Management S.A. Deutsche European Real Estate Securities Master Fund Semiannual Report 2018 Investment Fund Organized under Luxembourg Law

Deutsche European Real Estate Securities Master Fund

Content Semiannual report 2018 for the period from January 1, 2018, through June 30, 2018 General information... 2 Semiannual report Deutsche European Real Estate Securities Master Fund... 4 Semiannual financial statements... 6 1

General information The fund described in this report is an investment fund (fonds commun de placement) in accordance with Part II of the Luxembourg Law of December 17, 2010, on undertakings for collec tive investment, as amended, and is considered to be an alternative invest ment fund ( AIF ) in accordance with the Law of July 12, 2013, on alternative investment fund managers. Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management S.A. are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmark if available is also presented in the report. All financial data in this publication is as of June 30, 2018 (unless otherwise stated). Sales prospectuses Fund units are purchased on the basis of the current sales prospectus and management regulations, as well as the key investor information document in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report. Issue and redemption prices The current issue and redemption prices and all other information for unitholders may be requested at any time at the registered office of the Management Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appropriate media (such as the Internet, electronic information systems, newspapers, etc.). 2

Semiannual report

Deutsche European Real Estate Securities Master Fund Deutsche European Real Estate Securities Master Fund Performance of unit classes (in JPY) Unit class ISIN 6 months Class JPY ID LU1111843998-4.3% Class JPY IDH (P) LU1111846314 0.3% BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2018 4

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

Deutsche European Real Estate Securities Master Fund Investment portfolio June 30, 2018 Count/ Quantity/ Purchases/ Sales/ Total market % of Description units/ principal additions disposals Currency Market price value in net assets currency amount in the reporting period EUR Securities traded on an exchange 2 046 848.53 93.39 Equities Swiss Prime Site AG.... Count 1 100 250 100 CHF 91.2 86 726.44 3.96 Alstria Office REIT-AG.... Count 3 875 1 275 400 EUR 12.87 49 871.25 2.28 Citycon Oyj... Count 14 600 15 450 850 EUR 1.849 26 995.40 1.23 Deutsche Euroshop AG.... Count 1 100 1 155 55 EUR 30.18 33 198.00 1.51 Eurocommercial Properties NV.... Count 990 1 040 50 EUR 36.34 35 976.60 1.64 Gecina SA... Count 1 200 375 100 EUR 143.3 171 960.00 7.85 Green Reit PLC... Count 30 250 8 750 3 000 EUR 1.478 44 709.50 2.04 Hibernia REIT PLC.... Count 54 500 36 000 3 500 EUR 1.502 81 859.00 3.73 Merlin Properties Socimi SA... Count 6 450 2 040 440 EUR 12.49 80 560.50 3.68 NSI NV.... Count 2 750 700 150 EUR 35.9 98 725.00 4.50 TLG Immobilien AG.... Count 3 400 800 200 EUR 22.76 77 384.00 3.53 Unibail-Rodamco-Westfield... Count 985 985 EUR 188.75 185 918.75 8.48 VGP NV... Count 300 50 49 EUR 60.8 18 240.00 0.83 Vonovia SE... Count 3 150 925 200 EUR 40.88 128 772.00 5.87 Assura PLC... Count 123 500 40 000 7 500 GBP 0.575 80 250.03 3.66 British Land Co., PLC/The... Count 13 500 5 060 560 GBP 6.736 102 765.25 4.69 Great Portland Estates PLC... Count 9 100 9 901 801 GBP 7.149 73 518.58 3.35 Hammerson PLC.... Count 8 800 14 550 5 750 GBP 5.214 51 851.83 2.37 Land Securities Group PLC... Count 6 850 1 880 930 GBP 9.585 74 198.16 3.39 PRS Reit PLC/The... Count 96 500 28 000 4 500 GBP 1.04 113 447.87 5.18 Regional Reit Ltd.... Count 81 000 21 950 14 075 GBP 0.948 86 796.97 3.96 Segro PLC... Count 18 500 6 950 1 700 GBP 6.684 139 739.31 6.38 UNITE Group PLC/The... Count 8 700 2 000 600 GBP 8.595 84 503.67 3.86 Warehouse Reit PLC.... Count 18 250 2 950 GBP 1 20 632.27 0.94 Akelius Residential Property AB -Pref-... Count 1 575 400 50 SEK 342 51 497.46 2.35 Klovern AB -Pref-.... Count 1 500 425 100 SEK 326 46 750.69 2.13 Total securities portfolio 2 046 848.53 93.39 Derivatives (Minus signs denote short positions) Currency derivatives 9 749.46 0.44 Receivables/payables Forward currency transactions Forward currency contracts (long) Open positions JPY/EUR 62 Mio..... 3 663.13 0.17 JPY/GBP 47.3 Mio..... 4 018.68 0.18 Closed positions JPY/EUR 0.8 Mio..... 105.13 0.00 Forward currency contracts (short) Open positions JPY/CHF 0.1 Mio.... 219.96 0.01 JPY/SEK 0.5 Mio.... 1 702.02 0.08. Closed positions JPY/CHF 0.1 Mio..... 16.58 0.00 JPY/SEK 0.1 Mio.... 23.96 0.00 Cash at bank 28 611.01 1.31. Demand deposits at Depositary EUR deposits... EUR 22 001.85 1.00 Deposits in other EU/EEA currencies. British pound... GBP 2 190 2 475.29 0.11 Swedish krona... SEK 16 803 1 606.43 0.07 Deposits in non-eu/eea currencies Swiss franc.... CHF 2 924 2 527.44 0.12 Other assets 106 560.25 4.86 Dividends receivable... 10 138.25 0.46 Receivables from exceeding the expense cap... 33 743.81 1.54 Other receivables... 62 678.19 2.86 Total assets 2 191 769.25 100.00 Net assets 2 191 769.25 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. 6

Deutsche European Real Estate Securities Master Fund Net asset value per unit Count/ Net asset value per unit and number of units outstanding currency in the respective currency Net asset value per unit Class JPY ID.... JPY 10 273.00 Class JPY IDH (P).... JPY 11 911.00 Number of units outstanding Class JPY ID.... Count 15 766 Class JPY IDH (P).... Count 10 128 Market abbreviations Contracting parties for forward currency contracts Citigroup Global Markets Limited, Crédit Suisse London Branch (GFX), Merrill Lynch International, State Street Bank and Trust Company and State Street Bank London Exchange rates (indirect quotes) As of June 29, 2018.. Swiss franc.... CHF 1.156741 = EUR 1 British pound... GBP 0.884891 = EUR 1 Japanese yen... JPY 128.934874 = EUR 1 Swedish krona... SEK 10.459739 = EUR 1 Notes on valuation The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund 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 S.C.A. 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 Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities BUWOG AG... Count 1 500 Great Portland Estates PLC... Count 625 8 425 Klepierre SA... Count 120 4 420 Unibail-Rodamco SE.... Count 300 1 005 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Currency derivatives Forward currency transactions Forward currency contracts (short) Value ( 000) Forward contracts to sell currencies EUR/JPY EUR 2 238 GBP/JPY EUR 1 207 JPY/CHF EUR 158 JPY/SEK EUR 171 Forward currency contracts (long) Forward contracts to purchase currencies GBP/JPY EUR 1 364 JPY/CHF EUR 138 JPY/EUR EUR 1 976 JPY/SEK EUR 151 7

Deutsche European Real Estate Securities Master Fund Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 Statement in accordance with Section A In the reporting period, there were no securities financing transactions according to the above mentioned regulation. 8

Management Company, Alternative Investment Fund Manager (AIFM), Administration, Registrar and Transfer Agent, and Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Equity capital as of December 31, 2017: EUR 285.7 million before profit appropriation Supervisory Board of the AIFM Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch (until January 31, 2018) Deutsche Bank Luxembourg S.A., Luxembourg Yves Dermaux (until June 5, 2018) Deutsche Bank AG, London Stefan Kreuzkamp Deutsche Asset Management Investment GmbH, Frankfurt/Main Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Management Board of the AIFM Manfred Bauer Chairman Deutsche Asset Management S.A., Luxembourg Nathalie Bausch (since February 1, 2018) Deutsche Asset Management S.A., Luxembourg Ralf Rauch (until April 30, 2018) Deutsche Asset Management Investment GmbH, Frankfurt/Main Barbara Schots Deutsche Asset Management S.A., Luxembourg Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy L-1855 Luxembourg Sub-Transfer Agent State Street Bank International GmbH Brienner Straße 59 D-80333 Munich Portfolio Manager Deutsche Asset Management Investment GmbH Mainzer Landstraße 11-17 D-60329 Frankfurt/Main Sub-Portfolio Manager Deutsche Alternative Asset Management (Global) Ltd 1 Appold Street Broadgate GB-London, UK EC2A 2 UU United Kingdom Sales, Information and Paying Agent Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg As of: July 31, 2018

Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00