Deutsche Asset Management Deutsche Asset Management S.A. DWS Eurorenta Semiannual Report 2017 Investment Fund Organized under Luxembourg Law
Contents Semiannual report 2017 for the period from January 1, 2017, through June 30, 2017 General information... 2 Semiannual report DWS Eurorenta... 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, 2017 (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 Eurorenta vs. benchmark Performance at a glance ISIN 6 months LU0003549028-0.7% Barclays Pan-European Agg. -0.8% BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2017 Data on euro basis 4
The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Semiannual financial statements
Investment portfolio June 30, 2017 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 509 456 835.58 93.17 Interest-bearing securities 1.8750 % AT & T 14/04.12.30 (CH0260769440)... CHF 1 000 % 110.4380 1 010 319.28 0.18 0.5500 % Credit Suisse (London Branch) 16/16.04.24 MTN (CH0319415953)... CHF 2 000 % 101.6100 1 859 116.27 0.34 0.4500 % Czech Republic 15/25.10.23 S.97 (CZ0001004600)... CZK 80 000 % 101.4260 3 093 788.84 0.57 1.7500 % Denmark 14/15.11.25 (DK0009923138)... DKK 40 000 % 111.6540 6 006 051.56 1.10 4.0000 % Realkredit Danmark 05/01.10.38 S.43D PF (DK0009273179)... DKK 123 47 % 108.4700 17 947.49 0.00 1.0000 % ABN AMRO Bank 16/13.04.31 MTN PF (XS1394791492) 3... EUR 4 000 % 96.7240 3 868 960.00 0.71 0.6250 % ABN AMRO Bank 16/31.05.22 MTN (XS1422841202)... EUR 1 740 % 101.0530 1 758 322.20 0.32 0.2500 % Agence France Locale 16/20.04.23 MTN (FR0013173358)... EUR 3 000 % 99.8170 2 994 510.00 0.55 2.6250 % Akzo Nobel Sweden Finance 12/27.07.22 MTN (XS0809847667) 3... EUR 1 180 % 109.7830 1 295 439.40 0.24 4.7500 % Allianz Finance II 09/22.07.19 MTN (DE000A1AKHB8)... EUR 5 000 % 109.8970 5 494 850.00 1.00 0.4000 % ANZ New Zealand (London Branch) 17/01.03.22 MTN (XS1572429030)... EUR 2 040 2 040 % 99.3130 2 025 985.20 0.37 1.1250 % APRR 16/09.01.26 MTN (FR0013182078)... EUR 2 800 % 99.9080 2 797 424.00 0.51 0.5000 % Austria 17/20.04.27 (AT0000A1VGK0) 3... EUR 5 000 5 000 % 98.2040 4 910 200.00 0.90 1.6250 % Autostrade per L Italia 15/12.06.23 (IT0005108490) 3... EUR 3 000 % 104.3770 3 131 310.00 0.57 1.2500 % Avinor 17/09.02.27 MTN (XS1562601424).. EUR 1 360 1 360 % 100.7120 1 369 683.20 0.25 0.2500 % Banque Fédérative Crédit Mu. 16/14.06.19 MTN (XS1379128215)... EUR 1 600 1 000 % 100.5530 1 608 848.00 0.29 2.6000 % Belgium 14/22.06.24 S.72 (BE0000332412) 3... EUR 10 000 10 000 % 116.2210 11 622 100.00 2.13 1.0000 % Belgium 15/22.06.31 S.75 (BE0000335449) 3... EUR 3 000 % 98.2750 2 948 250.00 0.54 2.1500 % Belgium 16/22.06.66 S.80 (BE0000340498) 3... EUR 2 000 % 102.6840 2 053 680.00 0.38 0.5000 % BRFKredit 16/01.10.26 PF (XS1514010310)... EUR 2 360 % 96.6280 2 280 420.80 0.42 3.1250 % Bulgaria 15/26.03.35 MTN (XS1208856341) 3... EUR 2 500 % 103.1250 2 578 125.00 0.47 4.5000 % Caisse Francaise Fin. Local 07/13.11.17 MTN ÖPF (FR0010539734) 3.. EUR 5 000 % 101.7800 5 089 000.00 0.93 3.0000 % Caisse Francaise Fin. Local 13/02.10.28 MTN ÖPF (FR0011580588)... EUR 1 000 1 000 % 120.2860 1 202 860.00 0.22 1.8750 % Carrefour 12/19.12.17 MTN (XS0866278921)... EUR 2 290 % 100.9570 2 311 915.30 0.42 0.5000 % China Development Bank 16/01.06.21 MTN (XS1422314689)... EUR 4 500 % 99.7080 4 486 860.00 0.82 0.6250 % Cie. Financement Foncier 14/12.11.21 MTN PF (FR0012299394) 3... EUR 2 000 % 102.4640 2 049 280.00 0.37 1.2500 % CK Hutchison Finance 16/06.04.23 (XS1391085740)... EUR 4 120 % 100.9550 4 159 346.00 0.76 5.0000 % Cofiroute 06/24.05.21 (FR0010327007) 3... EUR 2 000 % 118.0970 2 361 940.00 0.43 0.5000 % Commerzbank 16/13.09.23 S.871 MTN (DE000CZ40LR5)... EUR 4 510 % 96.9130 4 370 776.30 0.80 2.1460 % Comunidad Autónoma de Madrid 17/30.04.27 (ES0000101818)............. EUR 3 000 5 000 2 000 % 103.2690 3 098 070.00 0.57 4.1250 % Coöperatieve Rabobank 01/14.01.20 MTN (XS0478074924)... EUR 2 000 1 000 % 110.2480 2 204 960.00 0.40 4.1250 % Coöperatieve Rabobank 10/14.07.25 MTN (XS0525602339)... EUR 2 000 1 000 % 124.8300 2 496 600.00 0.46 1.6250 % Danske Bank 12/27.09.19 MTN PF (XS0834714254)... EUR 1 829 % 104.1960 1 905 744.84 0.35 0.7500 % Danske Bank16/02.06.23 MTN (XS1424730973)... EUR 2 610 1 000 % 100.5700 2 624 877.00 0.48 1.1250 % Deut. Pfandbr.bk. 16/27.04.20 R.35254 MTN (DE000A13SWH9)... EUR 1 835 % 101.9920 1 871 553.20 0.34 1.2500 % Dexia Crédit Local 14/26.11.24 MTN (XS1143093976) 3... EUR 4 000 % 103.8420 4 153 680.00 0.76 4.2500 % Electricité de France 13/und. MTN (FR0011401736)... EUR 1 000 % 106.2430 1 062 430.00 0.19 1.8750 % Electricité de France 16/13.10.36 MTN (FR0013213303)... EUR 2 300 % 91.1800 2 097 140.00 0.38 6
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 1.8750 % ESB Finance 16/14.06.31 MTN (XS1428782160)... EUR 1 600 % 102.8540 1 645 664.00 0.30 0.6250 % Essity 17/28.03.22 MTN (XS1584122680)... EUR 2 120 2 120 % 99.8030 2 115 823.60 0.39 1.1250 % Euroclear Investments 16/07.12.26 (XS1529559525)... EUR 1 900 % 99.9210 1 898 499.00 0.35 0.2500 % EUROFIMA 16/25.04.23 MTN (XS1400224546)... EUR 3 000 % 99.4310 2 982 930.00 0.55 2.2500 % European Financial Stab. Facility 12/05.09.22 MTN (EU000A1G0A16) 3...... EUR 5 000 % 111.6730 5 583 650.00 1.02 0.2500 % Export-Import Bank of China 16/02.12.19 (XS1521634441)............. EUR 1 145 % 99.7270 1 141 874.15 0.21 0.6250 % Export-Import Bank of China 16/02.12.21 (XS1521637113)............. EUR 445 % 99.5310 442 912.95 0.08 0.0000 % F-E Gold 06/30.07.25 S.1 CI.B (IT0004068620)... EUR 2 000 % 98.2239 693 709.83 0.13 1.7500 % France O.A.T. 13/25.11.24 (FR0011962398) 3... EUR 16 000 5 000 5 000 % 110.2730 17 643 680.00 3.23 1.5000 % France O.A.T. 15/25.05.32 (FR0012993103) 3... EUR 5 000 % 104.5020 5 225 100.00 0.96 1.2500 % France O.A.T. 15/25.05.36 (FR0013154044) 3... EUR 9 000 % 96.6750 8 700 750.00 1.59 1.7500 % France O.A.T. 16/25.05.66 (FR0013154028) 3... EUR 3 000 % 92.7450 2 782 350.00 0.51 3.7500 % German Postal Pensions 05/18.01.21 Cl.C (XS0222474339)... EUR 14 800 % 113.1310 16 743 388.00 3.06 4.2500 % Germany 08/04.07.18 (DE0001135358) 3... EUR 2 000 % 104.9580 2 099 160.00 0.38 2.2500 % Germany 11/04.09.21 (DE0001135457) 3... EUR 9 000 8 000 % 110.9300 9 983 700.00 1.83 2.5000 % Germany 12/04.07.44 (DE0001135481) 3... EUR 4 000 % 130.1995 5 207 980.00 0.95 1.0000 % Germany 13/12.10.18 S.167 (DE0001141679) 3... EUR 2 000 % 102.1090 2 042 180.00 0.37 2.0000 % Germany 13/15.08.23 (DE0001102325) 3... EUR 3 000 % 112.6570 3 379 710.00 0.62 2.5000 % Germany 14/15.08.46 (DE0001102341) 3... EUR 5 500 1 500 % 131.3660 7 225 130.00 1.32 1.0000 % Germany 14/22.02.19 S.168 (DE0001141687) 3... EUR 2 000 % 102.6845 2 053 690.00 0.38 1.0000 % Germany 15/15.08.25 (DE0001102382) 3... EUR 9 000 9 000 % 106.4170 9 577 530.00 1.75 1.5000 % HeidelbergCement 16/07.02.25 MTN (XS1529515584)... EUR 590 % 101.5480 599 133.20 0.11 1.0000 % Hemso Fastighets 16/09.09.26 MTN (XS1488494987)... EUR 600 % 95.8790 575 274.00 0.11 3.8750 % Hungary 05/24.02.20 (XS0212993678) 3... EUR 2 000 % 110.0300 2 200 600.00 0.40 4.8750 % Instituto de Credito Oficial 12/01.02.18 MTN (XS0740606768)... EUR 2 000 % 103.0370 2 060 740.00 0.38 4.8750 % Instituto de Credito Oficial 12/30.07.17 MTN (XS0849423081)... EUR 2 000 % 100.3610 2 007 220.00 0.37 3.4000 % Ireland 14/18.03.24 (IE00B6X95T99)... EUR 3 000 3 000 % 119.9560 3 598 680.00 0.66 2.2500 % Italy 16/01.09.36 (IT0005177909)... EUR 3 000 % 91.8580 2 755 740.00 0.50 0.0000 % Italy B.T.P. 00/01.05.31 PO Strip (IT0004848492)... EUR 7 000 % 68.6020 4 802 140.00 0.88 3.5000 % Italy B.T.P. 14/01.03.30 (IT0005024234)... EUR 5 000 % 111.3800 5 569 000.00 1.02 2.5000 % Italy B.T.P. 14/01.12.24 (IT0005045270) 3.. EUR 33 000 5 000 % 105.7530 34 898 490.00 6.38 1.6500 % Italy B.T.P. 15/01.03.32 (IT0005094088)... EUR 2 000 % 89.6260 1 792 520.00 0.33 1.4500 % Italy B.T.P. 15/15.09.22 (IT0005135840)... EUR 10 000 5 000 % 102.2930 10 229 300.00 1.87 0.0000 % Italy B.T.P. 98/01.11.23 PO Strip (IT0004848435)... EUR 11 000 % 91.0680 10 017 480.00 1.83 2.2500 % Kraft Heinz Foods 16/25.05.28 (XS1405784015)... EUR 2 380 % 100.5220 2 392 423.60 0.44 1.0000 % Lloyds Bank 14/19.11.21 MTN (XS1139091372)... EUR 2 000 % 103.1010 2 062 020.00 0.38 1.6250 % Mexico 15/06.03.24 MTN (XS1198102052).. EUR 3 000 % 100.9500 3 028 500.00 0.55 0.3500 % National Australia Bank 17/07.09.22 MTN (XS1575474371)... EUR 2 760 2 760 % 99.0320 2 733 283.20 0.50 3.0000 % Nederlandse Waterschapsbank 12/28.03.22 MTN (XS0765298095) 3... EUR 12 000 % 114.0340 13 684 080.00 2.50 0.2500 % Pfizer 17/06.03.22 (XS1574157357)... EUR 2 390 2 390 % 99.3160 2 373 652.40 0.43 0.1250 % PKO Bank Hipoteczny 16/24.06.22 MTN PF (XS1508351357)... EUR 900 % 98.2030 883 827.00 0.16 2.0000 % Poland 16/25.10.46 MTN (XS1508566558) 3... EUR 1 655 % 100.7780 1 667 875.90 0.31 4.9500 % Portugal 08/25.10.23 (PTOTEAOE0021)... EUR 5 000 % 118.5170 5 925 850.00 1.08 5.6500 % Portugal 13/15.02.24 (PTOTEQOE0015)... EUR 2 000 % 122.0310 2 440 620.00 0.45 1.2500 % Sampo 17/30.05.25 MTN (XS1622193750).. EUR 1 640 1 640 % 99.3550 1 629 422.00 0.30 2.7500 % Spain 14/31.10.24 (ES00000126B2)... EUR 19 000 5 000 % 112.2180 21 321 420.00 3.90 3.4500 % Spain 16/30.07.66 (ES00000128E2)... EUR 2 000 2 000 % 106.0790 2 121 580.00 0.39 1.2500 % State Grid Overseas Investm.(16) 16/19.05.22 Reg S (XS1402176389)... EUR 2 990 % 101.2990 3 028 840.10 0.55 1.1250 % Statkraft 17/20.03.25 MTN (XS1582205040)... EUR 2 000 2 000 % 100.7860 2 015 720.00 0.37 7
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 1.3750 % Swiss Re Admin Re 16/27.05.23 (XS1421827269)... EUR 2 960 1 000 % 103.2020 3 054 779.20 0.56 1.9300 % Telefonica Emisiones 16/17.10.31 MTN (XS1505554771)... EUR 2 800 % 95.1160 2 663 248.00 0.49 1.5000 % Telekom Finanzmanagement 16/07.12.26 (XS1405762805)... EUR 1 400 % 100.8740 1 412 236.00 0.26 0.5000 % Temasek Financial (I) 16/01.03.22 MTN (XS1373130902)... EUR 2 400 % 100.7230 2 417 352.00 0.44 1.2500 % TenneT Holding 16/24.10.33 MTN (XS1505568136)... EUR 4 140 % 93.1130 3 854 878.20 0.71 4.1250 % Turkey 14/11.04.23 S.INTL (XS1057340009)... EUR 3 000 % 107.2590 3 217 770.00 0.59 0.2500 % UNEDIC 16/24.11.23 MTN (FR0013142809) 3... EUR 4 000 % 100.1370 4 005 480.00 0.73 0.3750 % Unilever 17/14.02.23 MTN (XS1566100977)... EUR 990 990 % 99.1570 981 654.30 0.18 0.5000 % Vodafone Group 16/03.12.24 MTN (XS1499604905)... EUR 2 490 % 96.5970 2 405 265.30 0.44 0.1250 % Westpac Sec. NZ (London Br.) 16/16.06.21 MTN PF (XS1432593660) 3... EUR 2 575 % 99.8580 2 571 343.50 0.47 4.5000 % Allianz Finance II 13/13.03.43 MTN (DE000A1HG1L4)... GBP 2 400 % 133.7090 3 655 748.46 0.67 1.7500 % Anheuser-Busch InBev 17/07.03.25 MTN (BE6295391914)... GBP 1 670 1 670 % 98.9060 1 881 670.31 0.34 1.7500 % B.A.T. International Finance 16/05.07.21 MTN (XS1441635833)... GBP 1 130 % 101.4130 1 305 498.86 0.24 2.2500 % B.A.T. International Finance 16/09.09.52 MTN (XS1488409977)... GBP 2 160 % 82.2450 2 023 800.41 0.37 1.1250 % BNP Paribas 16/16.08.22 MTN (XS1473446604)... GBP 1 680 % 98.4570 1 884 344.50 0.34 1.3750 % Deutsche Bahn Finance 17/07.07.25 MTN (XS1640854144)... GBP 3 695 3 695 % 98.8580 4 161 315.90 0.76 3.7500 % European Investment Bank 12/07.12.27 MTN (XS0768478868)... GBP 5 000 % 120.6400 6 871 724.77 1.26 4.2500 % Great Britain Treasury 00/07.06.32 (GB0004893086) 3... GBP 3 900 % 135.0990 6 002 347.92 1.10 4.7500 % Great Britain Treasury 07/07.12.30 (GB00B24FF097) 3..................... GBP 10 000 % 139.6180 15 905 445.43 2.91 3.2500 % Great Britain Treasury 12/22.01.44 (GB00B84Z9V04) 3... GBP 13 000 5 000 % 127.9880 18 954 704.94 3.47 6.0000 % Italy 98/04.08.28 MTN (XS0089572316)... GBP 2 000 % 123.6100 2 816 359.08 0.52 5.5000 % KfW 01/18.06.25 Tr.1 MTN (XS0138036842)... GBP 2 000 % 132.3780 3 016 131.24 0.55 1.1250 % Municipality Finance 13/07.12.17 MTN (XS0881328826)... GBP 3 000 % 100.3250 3 428 742.31 0.63 5.7500 % Santander UK 11/02.03.26 MTN PF (XS0596191360)... GBP 2 000 % 132.1240 3 010 344.04 0.55 5.2500 % Santander UK 12/16.02.29 MTN PF (XS0746621704)... GBP 2 000 % 133.7790 3 048 051.95 0.56 5.5000 % SNCF Réseau 98/01.12.21 MTN (XS0092663649)... GBP 2 000 % 118.8120 2 707 040.33 0.50 1.8750 % Svensk Exportkredit 14/21.12.18 MTN (XS1031020495)... GBP 3 000 % 101.8220 3 479 904.31 0.64 3.8750 % Total Capital 11/14.12.18 MTN (XS0578264870)... GBP 1 000 % 104.4030 1 189 371.16 0.22 1.5000 % Nordic Investment Bank 15/13.03.25 MTN (XS1185971923)... NOK 25 000 % 99.2540 2 600 600.54 0.48 1.3750 % Nordic Investment Bank 15/15.07.20 MTN (US65562QAY17)... NOK 30 000 % 101.2390 3 183 132.54 0.58 1.5000 % Norway 16/19.02.26 S.478 Reg S (NO0010757925)... NOK 60 000 % 99.7010 6 269 550.23 1.15 3.2500 % Poland 14/25.07.25 (PL0000108197)... PLN 16 000 % 100.7230 3 813 053.51 0.70 2.0000 % Poland 15/25.04.21 (PL0000108916)... PLN 15 000 % 98.4350 3 493 534.76 0.64 2.7500 % European Investment Bank 12/13.11.23 MTN (XS0852107266)... SEK 50 000 % 112.4765 5 826 137.63 1.07 10.5000 % Turkey 10/15.01.20 (TRT150120T16)... TRY 10 000 % 99.9030 2 487 067.14 0.45 8
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 Investment fund units 9 330 437.33 1.71 In-group fund units 9 330 437.33 1.71 Deutsche Invest I Emerging Markets Sov. Debt IDH (LU0982741547) (0.400%)... Count 29 770 EUR 102.8400 3 061 497.33 0.56 Deutsche Invest I Global Bonds High Conviction FC (LU1445758144) (0.550%)... Count 42 000 EUR 100.6700 4 228 140.00 0.77 Deutsche Invest I Global Short Duration FCH (LU1189352500) (0.450%)... Count 20 000 EUR 102.0400 2 040 800.00 0.37 Total securities portfolio 518 787 272.91 94.88 Derivatives Minus signs denote short positions Interest rate derivatives 187 800.00 0.04 (Receivables/payables) Interest rate futures EURO BUXL 30YR BOND SEP 17 (EURX)... EUR 8 800-202 400.00-0.04 EURO-BOBL SEP 17 (EURX)... EUR -44 000 519 200.00 0.09 EURO-BTP (ITALY GOVT) SEP 17 (EURX)... EUR -10 000-129 000.00-0.01 Currency derivatives 233 791.50 0.04 Currency futures (long) Open positions CHF/EUR 21.90 million... -65 529.99-0.01 SEK/EUR 100.00 million... 130 306.98 0.02 TRY/EUR 10.50 million... 27 930.16 0.01 Currency futures (short) Open positions NOK/EUR 77.00 million... 82 038.72 0.02 PLN/EUR 59.10 million... 59 045.63 0.01 Swaps 2 521 350.84 0.46 Interest rate swaps (Paid/received) Swap 6M HUF- Bubor / 6.25% (DBK) 06.02.06-06.02.26 (OTC)... HUF 2 150 000 2 521 350.84 0.46 Cash at bank 20 241 885.43 3.70 Demand deposits at Depositary EUR deposits... EUR 9 261 208.01 % 100 9 261 208.01 1.69 Deposits in other EU/EEA currencies... EUR 10 881 133.50 % 100 10 881 133.50 1.99 Deposits in non-eu/eea currencies Australian dollar... AUD 4 185.20 % 100 2 818.79 0.00 Canadian dollar... CAD 1 775.96 % 100 1 199.61 0.00 Swiss franc... CHF 49 445.90 % 100 45 234.56 0.01 Japanese yen... JPY 30 877.00 % 100 242.02 0.00 Russian rouble... RUB 100 000.00 % 100 1 476.69 0.00 Turkish lira... TRY 86 473.27 % 100 21 527.36 0.00 U.S. dollar... USD 30 841.99 % 100 27 044.89 0.00 Other assets 5 272 951.56 0.96 Interest receivable... EUR 4 685 003.09 % 100 4 685 003.09 0.86 Initial margins... EUR 559 336.53 % 100 559 336.53 0.10 Other receivables... EUR 28 611.94 % 100 28 611.94 0.01 Total assets 1 547 641 982.23 100.15 9
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 Other liabilities -461 476.61-0.08 Liabilities from cost items.... EUR -383 391.45 % 100-383 391.45-0.07 Additional other liabilities.... EUR -78 085.16 % 100-78 085.16-0.01 Net assets 546 783 575.63 100.00 Net asset value per unit 55.97 Number of units outstanding 9 768 778.272 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Market abbreviations Futures exchanges EURX = Eurex (Eurex Frankfurt/Eurex Zurich) OTC = Over the Counter Exchange rates (indirect quotes) As of: June 30, 2017 Australian dollar.... AUD 1.484750 = EUR 1 Canadian dollar... CAD 1.480450 = EUR 1 Swiss franc.... CHF 1.093100 = EUR 1 Czech koruna.... CZK 26.227000 = EUR 1 Danish krone.... DKK 7.436100 = EUR 1 British pound... GBP 0.877800 = EUR 1 Japanese yen... JPY 127.580000 = EUR 1 Norwegian krone.... NOK 9.541450 = EUR 1 Polish zloty... PLN 4.226450 = EUR 1 Russian rouble.... RUB 67.719150 = EUR 1 Swedish krona.... SEK 9.652750 = EUR 1 Turkish lira.... TRY 4.016900 = EUR 1 U.S. dollar.... USD 1.140400 = 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. 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. Footnotes 1 Does not include positions with a negative balance, if such exist. 3 These securities are completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 187,290,706.51. 10
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 Interest-bearing securities 1.7500 % A.P.Møller-Mærsk 16/18.03.21 MTN (XS1381693248)... EUR 1 090 1.8750 % Barclays 16/08.12.23 MTN (XS1531174388)... EUR 2 120 3.8750 % Colombia 16/22.03.26 (XS1385239006). EUR 2 350 0.7500 % Credit Agricole (London Br.) 16/01.12.22 MTN (XS1425199848)... EUR 1 300 3.8750 % Croatia 14/30.05.22 (XS1028953989)... EUR 3 000 0.0000 % France O.A.T. 16/25.05.22 (FR0013219177)... EUR 5 000 5 000 3.7550 % Gaz Capital/Gazprom 12/15.03.17 LPN (XS0805582011)... EUR 1 000 2.5000 % Hutchison Whampoa Eur. Finance (12) 12/06.06.17 (XS0790010747)... EUR 2 650 2.6250 % Indonesia 16/14.06.23 MTN Reg S (XS1432493879)... EUR 2 060 4.6250 % Instituto de Credito Oficial 12/31.01.17 MTN (XS0736467159)... EUR 3 000 0.0000 % Italy B.T.P. 07/01.02.17 PO Strip (IT0004848674)... EUR 7 000 3.7500 % Italy B.T.P. 13/01.05.21 (IT0004966401)... EUR 5 000 2.8000 % Italy B.T.P. 16/01.03.67 (IT0005217390)... EUR 2 398 0.2500 % Linde Finance 17/18.01.22 MTN (XS1518704900)... EUR 1 770 1 770 1.2500 % Mylan 16/23.11.20 (XS1492457236)... EUR 1 290 2.5000 % Netherlands 11/15.01.17 (NL0009819671)... EUR 3 500 2.2500 % Netherlands 12/15.07.22 (NL0010060257)... EUR 13 000 4.8750 % Petrobras Global Finance 11/07.03.18 (XS0716979249)... EUR 1 000 2.0000 % Rio Tinto Finance 12/11.05.20 MTN (XS0863129135)... EUR 1 880 3.6250 % Romania 14/24.04.24 MTN (XS1060842975)... EUR 3 000 2.8750 % Romania 16/26.05.28 MTN Reg S (XS1420357318)... EUR 3 000 2.2500 % Slovenia 16/03.03.32 (SI0002103602).. EUR 1 000 1.1500 % Spain 15/30.07.20 (ES00000127H7)... EUR 3 000 1.3000 % Spain 16/31.10.26 (ES00000128H5)... EUR 2 252 5.0000 % Hungary 05/09.05.17 (XS0219107918).. GBP 5 500 3.0000 % L-Bank B-W Förderbank 12/22.05.17 S.5360 MTN (XS0781779425)... NOK 40 000 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Interest rate futures Contracts purchased: EUR 22 221 (Underlyings: EURO BUXL 30YR BOND JUN 17, EURO BUXL 30YR BOND MAR 17) Contracts sold: EUR 100 551 (Underlyings: EURO-BOBL JUN 17, EURO-BOBL MAR 17, EURO-BTP (ITALY GOVT) JUN 17) Currency futures Futures contracts to purchase currencies EUR/CHF EUR 33 511 EUR/TRY EUR 33 440 Futures contracts to sell currencies EUR/NOK EUR 25 760 EUR/RUB EUR 1 883 Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) No fixed maturity EUR 132 007 Security description: 0.4500 % Czech Republic 15/25.10.23 S.97 (CZ0001004600), 1.7500 % A.P.Møller-Mærsk 16/18.03.21 MTN (XS1381693248), 4.7500 % Allianz Finance II 09/22.07.19 MTN (DE000A1AKHB8), 1.6250 % Autostrade per L Italia 15/12.06.23 (IT0005108490), 3.1250 % Bulgaria 15/26.03.35 MTN (XS1208856341), 5.0000 % Cofiroute 06/24.05.21 (FR0010327007), 3.8750 % Colombia 16/22.03.26 (XS1385239006), 3.8750 % Croatia 14/30.05.22 (XS1028953989), 4.2500 % Electricité de France 13/und. MTN (FR0011401736), 1.8750 % Electricité de France 16/13.10.36 MTN (FR0013213303), 1.7500 % France O.A.T. 13/25.11.24 (FR0011962398), 1.2500 % France O.A.T. 15/25.05.36 (FR0013154044), 0.0000 % France O.A.T. 16/25.05.22 (FR0013219177), 2.2500 % Germany 11/04.09.21 (DE0001135457), 2.5000 % Germany 12/04.07.44 (DE0001135481), 3.8750 % Hungary 05/24.02.20 (XS0212993678), 0.2500 % Linde Finance 17/18.01.22 MTN (XS1518704900), 1.6250 % Mexico 15/06.03.24 MTN (XS1198102052), 2.5000 % Netherlands 11/15.01.17 (NL0009819671), 2.2500 % Netherlands 12/15.07.22 (NL0010060257), 0.2500 % Pfizer 17/06.03.22 (XS1574157357), 2.0000 % Poland 16/25.10.46 MTN (XS1508566558), 3.6250 % Romania 14/24.04.24 MTN (XS1060842975), 2.2500 % Slovenia 16/03.03.32 (SI0002103602), 1.9300 % Telefonica Emisiones 16/17.10.31 MTN (XS1505554771), 1.5000 % Telekom Finanzmanagement 16/07.12.26 (XS1405762805), 0.5000 % Vodafone Group 16/03.12.24 MTN (XS1499604905), 3.2500 % Great Britain Treasury 12/22.01.44 (GB00B84Z9V04) 11
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 Stated in fund currency Securities lending Repurchase agreements Total return swaps 1. Assets used Absolute 187 290 706.51 - - In % of the fund s net assets 34.25 - - 2. The 10 largest counterparties 1. Name BNP Paribas S.A. Arbitrage, Paris Gross volume of open transactions Country of registration 67 542 723,40 France 2. Name Commerzbank AG, Frankfurt Gross volume of open transactions Country of registration 45 569 000.00 Germany 3. Name J.P. Morgan Securities PLC Gross volume of open transactions Country of registration 20 279 608.11 United Kingdom 4. Name Barclays Bank PLC, London Gross volume of open transactions Country of registration 16 515 145.00 United Kingdom 5. Name UniCredit Bank AG Gross volume of open transactions Country of registration 9 928 551.00 Germany 6. Name DekaBank Gross volume of open transactions Country of registration 9 224 386.00 Germany 7. Name UBS AG, London Gross volume of open transactions Country of registration 7 223 591.00 United Kingdom 8. Name Deutsche Bank AG, Frankfurt Gross volume of open transactions Country of registration 5 686 852.00 Germany 9. Name Zürcher Kantonalbank Gross volume of open transactions Country of registration 5 320 850.00 Switzerland 12
10. Name Gross volume of open transactions Country of registration 3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, central counterparty) Bilateral - - 4. Transactions classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 187 290 706.51 - - 5. Type(s) and quality/qualities of collateral received Type(s): Bank balances - - - Bonds 55 784 408.29 - - Equities 140 342 878.06 - - Other 3 697 182.96 - - Quality/Qualities: Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms must be provided to the fund: Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity Units of a collective investment undertaking (hereinafter UCI ) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 13
Currency/Currencies: 6. Currency/Currencies of collateral received EUR; USD; CHF; GBP; JPY; NZD; SEK; DKK; CAD; AUD - - 7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 199 824 469.31 - - 8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 121 062.49 - - In % of gross income 60.00 - - Cost portion of the fund - - - Income portion of the Management Company Absolute 80 707.93 - - In % of gross income 40.00 - - Cost portion of the Management Company - - - Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - - 9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute - - - 10. Lent securities in % of all lendable assets of the fund Total 187 290 706.51 Share 36.10 11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name DNB Boligkreditt A.S. Volume of collateral received (absolute) 22 210 980.00 2. Name Vivendi S.A. Volume of collateral received (absolute) 11 018 000.00 14
3. Name Kreditanstalt für Wiederaufbau Volume of collateral received (absolute) 9 294 641.57 4. Name Landwirtschaftliche Rentenbank Volume of collateral received (absolute) 7 096 250.00 5. Name Toyota Motor Corp. Volume of collateral received (absolute) 6 460 153.99 6. Name Sompo Holdings Inc. Volume of collateral received (absolute) 6 460 152.19 7. Name Mitsubishi Estate Co. Ltd. Volume of collateral received (absolute) 6 460 137.98 8. Name Fast Retailing Co. Ltd. Volume of collateral received (absolute) 6 460 109.59 9. Name Sumitomo Mitsui Trust Holdings Inc. Volume of collateral received (absolute) 6 460 066.73 10. Name SoftBank Group Corp. Volume of collateral received (absolute) 6 459 946.04 12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share - 13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines custody type - - 15
14. Depositaries / Account holders of received collateral from SFTs and total return swaps Total number of depositaries / account holders 2 - - 1. Name Bank of New York Amount held in custody (absolute) 128 109 861.02 2. Name State Street Bank Amount held in custody (absolute) 71 714 608.29 16
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, 2016: EUR 263.5 million before profit appropriation Supervisory Board Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Asset Management Investment GmbH, Frankfurt/Main Management Board Manfred Bauer (since June 1, 2017) Chairman Deutsche Asset Management S.A., Luxembourg Dirk Bruckmann (until May 31, 2017) Deutsche Asset Management Investment GmbH, Frankfurt/Main Ralf Rauch Deutsche Asset Management Investment GmbH, Frankfurt/Main Martin Schönefeld (until June 30, 2017) Deutsche Asset Management S.A., Luxembourg 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 LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Yves Dermaux (since July 1, 2017) Deutsche Bank AG, London Marzio Hug (until June 30, 2017) Deutsche Bank AG, London Stefan Kreuzkamp Deutsche Asset Management Investment GmbH, Frankfurt/Main Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main As of: July 31, 2017
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