Deutsche Asset Management S.A. DWS Russia Semiannual Report 2018 Investment Fund Organized under Luxembourg Law
DWS Russia
Contents Semiannual report 2018 for the period from January 1, 2018, through June 30, 2018 General information... 2 Semiannual report DWS Russia... 4 Semiannual financial statements... 6 1
General information The fund described in this report is subject to the laws of Luxembourg. Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmark if available is also presented in the report. All financial data in this publication is as of June 30, 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
DWS Russia DWS Russia Performance of unit classes vs. benchmark (in euro) Unit class ISIN 6 months Class LC LU0146864797 3.6% Class IC LU1628016351 4.4% Class TFC LU1673816341 3.4% 1 MSCI Russia 10/40 5.7% 1 Class TFC launched on January 2, 2018 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
DWS Russia Investment portfolio June 30, 2018 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Securities traded on an exchange 146 120 676.85 96.72 Equities Altyn (GB00B015PT76).... Count 39 045 857 GBP 0.0096 421 294.69 0.28 Aktsionernaya Kompaniya ALROSA (RU0007252813).. Count 4 000 000 2 500 000 2 250 000 USD 1.5878 5 451 776.82 3.61 Detskiy Mir (RU000A0JSQ90).... Count 525 000 525 000 USD 1.4642 659 819.10 0.44 Gazprom ADR (US3682872078).... Count 2 900 000 940 000 USD 4.4010 10 955 278.97 7.25 Inter RAO UES (RU000A0JPNM1).... Count 85 000 000 50 000 000 15 000 000 USD 0.0648 4 724 978.54 3.13 Lukoil ADR (US69343P1057).... Count 185 000 115 000 USD 68.0000 10 798 283.26 7.15 Magnit GDR (US55953Q2021).... Count 100 000 325 000 425 000 USD 17.8800 1 534 763.95 1.02 Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048)... Count 250 000 250 000 USD 8.7600 1 879 828.33 1.24 Mail.ru Group GDR Reg S (US5603172082).... Count 175 000 75 000 150 000 USD 28.9000 4 341 201.72 2.87 MMC Norilsk Nickel (Sp. ADR) (US55315J1025).... Count 475 000 150 000 75 000 USD 17.9100 7 302 360.52 4.83 Mobile Telesystems ADR (US6074091090).... Count 850 000 850 000 USD 8.7600 6 391 416.31 4.23 Moscow Exchange MICEX-RTS (RU000A0JR4A1).... Count 3 750 000 2 400 000 250 000 USD 1.7540 5 645 858.37 3.74 Neftekamskiy Avtozavod (RU0009115604).... Count 353 350 USD 1.5437 468 223.63 0.31 Novatek GDR Reg S (US6698881090).... Count 58 000 2 000 USD 146.6000 7 298 540.77 4.83 Novolipetsk Steel GDR Reg S (US67011E2046).... Count 300 000 300 000 200 000 USD 24.2500 6 244 635.19 4.13 PhosAgro Sp. GDR Reg S (US71922G2093).... Count 250 000 250 000 USD 12.8900 2 766 094.42 1.83 Polyrus Sp. GDR (US73181M1172)... Count 213 086 213 086 100 000 USD 32.8500 6 008 476.48 3.98 Qiwi ADR (US74735M1080).... Count 388 900 400 000 11 100 USD 15.4500 5 157 515.02 3.41 Rosneft Oil GDR (US67812M2070)... Count 1 400 000 300 000 2 300 000 USD 6.2300 7 486 695.28 4.96 Rostelekom (RU0008943394).... Count 4 250 000 250 000 USD 1.1683 4 262 075.11 2.82 Rushydro Pao ADR (US7821834048).... Count 2 000 000 1 654 162 USD 1.0380 1 781 974.25 1.18 Sberbank of Russia ADR (US80585Y3080).... Count 800 000 325 000 225 000 USD 14.2650 9 795 708.15 6.48 Sberbank of Russia Pref. (RU0009029557).... Count 1 000 000 800 000 USD 2.9694 2 548 841.20 1.69 Severstal PAO GDR Reg S (Oct. 2006) (US8181503025). Count 400 000 324 138 224 138 USD 14.6300 5 023 175.97 3.33 Surgutneftegaz Pref. (RU0009029524).... Count 26 500 000 18 500 000 500 000 USD 0.5001 11 376 120.17 7.53 Tatneft ADR (US8766292051).... Count 10 000 10 000 140 000 USD 63.5800 545 751.07 0.36 TCS Group Holding GDR Reg S (US87238U2033).... Count 200 000 259 176 100 000 USD 20.2500 3 476 394.85 2.30 Transneft Pref. (RU0009091573).... Count 1 300 300 USD 2 649.0291 2 955 998.14 1.96 VTB Bank GDR (US46630Q2021).... Count 5 000 000 2 444 352 500 000 USD 1.5250 6 545 064.38 4.33 Yandex (NL0009805522).... Count 75 000 75 000 150 000 USD 35.3000 2 272 532.19 1.50 Total securities portfolio 146 120 676.85 96.72 Cash at bank 5 254 558.41 3.48 Demand deposits at Depositary Deposits in other EU/EEA currencies.... EUR 6 505.80 % 100 6 505.80 0.00 Deposits in non-eu/eea currencies Swiss franc.... CHF 0.31 % 100 0.27 0.00 Hong Kong dollar... HKD 4 642.80 % 100 507.91 0.00 Russian rouble.... RUB 10 200 000.00 % 100 139 694.64 0.09 U.S. dollar.... USD 5 950 645.00 % 100 5 107 849.79 3.38. Other assets 1 356 718.18 0.90 Interest receivable... EUR 5 397.81 % 100 5 397.81 0.00 Dividends receivable.... EUR 1 351 320.37 % 100 1 351 320.37 0.89 Total assets 1 152 731 953.44 101.10 Loan liabilities -1 407 173.59-0.93 EUR loans.... EUR -1 407 173.59 % 100-1 407 173.59-0.93 Other liabilities -256 756.62-0.17 Liabilities from cost items.... EUR -256 756.62 % 100-256 756.62-0.17 6
DWS Russia Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Net assets 151 068 023.23 100.00 Net asset value per unit Count/ Net asset value per unit and number of units outstanding currency in the respective currency Net asset value per unit Class LC... EUR 216.37 Class IC.... EUR 110.67 Class TFC... EUR 103.39 Number of units outstanding Class LC... Count 683 302.615 Class IC.... Count 100.000 Class TFC... Count 31 079.000 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of June 29, 2018. Swiss franc.... CHF 1.156750 = EUR 1 British pound... GBP 0.885100 = EUR 1 Hong Kong dollar... HKD 9.140950 = EUR 1 Russian rouble.... RUB 73.016400 = EUR 1 U.S. dollar.... USD 1.165000 = EUR 1 Notes on valuation The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Investments reported in this report are not valued at derived market values. Footnotes 1 Does not include positions with a negative balance, if such exist. Transactions completed during the reporting period that no longer appear in the investment portfolio Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Purchases/ Sales/ Description currency additions disposals ( / 000) Securities traded on an exchange Equities Bank Saint-Peterburg (RU0009100945).... Count 1 852 000 MegaFon GDR (US58517T2096).... Count 184 060 584 060 TMK GDR Reg S (US87260R2013).... Count 650 000 Veon Sp.ADR (US91822M1062).... Count 1 400 000 3 300 000 X 5 Retail Group GDR Reg S (US98387E2054).... Count 200 000 200 000 7
DWS Russia Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 Statement in accordance with Section A There were no securities financing transactions according to the above Regulation in the reporting period. 8
Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2017: EUR 285.7 million before profit appropriation Supervisory Board Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch (until January 31, 2018) Deutsche Bank Luxembourg S.A., Luxembourg Management Board 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 1855 Luxembourg, Luxembourg Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Deutsche Asset Management Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany Sales, Information and Paying Agent Yves Dermaux (until June 5, 2018) Deutsche Bank AG, London Stefan Kreuzkamp Deutsche Asset Management Investment GmbH, Frankfurt/Main LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main As of: July 31, 2018
Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00