Deutsche Asset Management. Deutsche Invest I. Semiannual Report Investment Company with Variable Capital Incorporated under Luxembourg Law

Deutsche Asset Management Semiannual Report 2017 Investment Company with Variable Capital Incorporated under Luxembourg Law

Contents Semiannual report 2017 for the period from January 1, 2017, through June 30, 2017 General information... 2 Information for Hong Kong SAR investors... 3 Semiannual report SICAV Chinese Equities... 8 Semiannual financial statements... 10 1

General information The funds described in this report are sub-funds of a SICAV (Société d Investissement à Capital Variable) incorporated under Luxembourg law. Performance The investment return, or performance, of a mutual fund investment is meas ured by the change in value of the fund s shares. The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmarks if available are also presented in the report. All financial data in this publication is as of June 30, 2017 (unless otherwise stated). Sales prospectuses Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and by-laws of the SICAV, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report. Issue and redemption prices The current issue and redemption prices and all other information for shareholders may be requested at any time at the registered office of the Management Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appropriate media (such as the Internet, electronic information systems, newspapers, etc.). Liquidations of sub-funds The sub-fund CROCI Flexible Allocation was liquidated on January 23, 2017, following a resolution to that effect by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority, CSSF. The issue of new shares of the sub-fund was discontinued on December 22, 2016. Investors were able to redeem shares of the sub-fund until January 16, 2017. The sub-fund Asian Equities Unconstrained was liquidated on June 22, 2017, following a resolution to that effect by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority, CSSF. The issue of new shares of the sub-fund was discontinued on June 6, 2017. Investors were able to redeem shares of the sub-fund until June 14, 2017. 2

Information for Hong Kong SAR investors As at the date of this report, the following sub-funds are authorized in Hong Kong and available to Hong Kong residents: n Chinese Equities Note No. 1 Transactions with Connected Persons As at the date of this report, the Company has the following agreements and arrangements with Deutsche Bank AG and its affiliates or subsidiaries. Fees related to the investment management of the funds, hereunder management fee and advisor fee have been paid to several members of Deutsche Bank AG group, who have acted as investment managers and investment advisors of the Company. Other members of Deutsche Bank AG group have also been paid transfer agent fees for rendering the service of coordinating the sale and purchase of the Company s shares. The above agreements and arrangements were entered into in the ordinary course of business and on normal commercial terms. The Investment Company shall pay to the Management Company a fee from the assets of the sub-fund based on the respective sub-fund s net asset value calculated on the valuation date, in each case relative to the percentage of the sub-fund s assets attributable to the respective individual share class. For all share classes of sub-funds launched before July 1, 2008, the fee of the Management Company does not exceed 2.1% p.a.; for share classes of sub-funds launched on July 1, 2008, or thereafter the fee of the Management Company may be up to 3.0% p.a. The current Management Company fee rates are disclosed in the product annex for the respective share classes in the special section of the sales prospectus. This fee shall in particular serve as compensation for the Management Company, the fund management and the distributors of the sub-fund. Security investments and currency transactions with Connected Persons of the SICAV were as follows: Chinese Equities Purchase & Sales with connected parties TOTAL Purchase & Sales % Base Commission with connected parties Fund Total Commision 7 187 455.22 144 765 806.29 4.96 7 539.30 208 665.80 3.61 % The figures disclosed in this note concern only the sub-fund authorized in Hong Kong as at June 30, 2017. Comparative figures for 2016: Chinese Equities Purchase & Sales with connected parties TOTAL Purchase & Sales % Base Commission with connected parties Fund Total Commision 1 375 177.13 156 321 054.79 0.88 1 446.73 204 687.94 0.71 % Note No. 2 Securities Lending Transaction Unless further restricted by the investment policies of a specific sub-fund as described in the special sections of the sales prospectus, the Company may enter into securities lending and borrowing transactions. The applicable restrictions can be found in CSSF Circular 08/356 as amended from time to time. Those transactions may be entered into for one or more of the following aims: (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or income with a level of risk which is consistent with the risk profile of the relevant sub-fund and the applicable risk diversification rules. Those transactions may be carried out for 100% of the assets held by the relevant sub-fund provided (i) that their volume is kept at an appropriate level or that the Company or relevant sub-fund manager is entitled to request the return of the securities lent in a manner that enables the sub-fund at all times to meet its redemption obligations and (ii) that these transactions do not jeopardise the management of the sub-fund s assets in accordance with its investment policy. Their risks shall be captured by the risk management process of the Company. 3

The Company or the relevant sub-fund manager may enter into securities lending and borrowing transactions provided that they comply with the following rules: (i) The Company may only lend securities through a standardized system organized by a recognized clearing institution or through a first class financial institution subject to prudential supervision rules which are recognized by the CSSF as equivalent to those laid down in Community law and specializing in this type of transaction; (ii) The borrower must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law; (iii) The counterparty risk vis-à-vis a single counterparty (which, for the avoidance of doubt, may be reduced by the use of collateral) arising from one or more securities lending transaction(s) may not exceed 10% of the assets of the relevant sub-fund when the counterparty is a financial institution falling within article 41, paragraph (1) (f) of the law of 2010, or 5% of its assets in all other cases; (iv) As part of lending transactions, the Company must receive collateral, the value of which, during the duration of the lending agreement, must be equal to at least 90% of the global valuation of the securities lent (interests, dividends and other eventual rights included); (v) Such collateral must be received prior to or simultaneously with the transfer of the securities lent. When the securities are lent through intermediaries, the transfer of the securities lent may be effected prior to receipt of the collateral, if the relevant intermediary ensures proper completion of the transaction. Said intermediary may provide collateral in lieu of the borrower; (vi) In principle, this collateral must be given in the form of: liquid assets such as cash, short term bank deposits, money market instruments as defined in Directive 2007/16/EC of March 19, 2007, letters of credit and guarantees at first demand issued by a first class credit institution not affiliated to the counterparty; bonds issued or guaranteed by a Member State of the OECD or by their local authorities or by supranational institutions and undertakings of a community, regional or worldwide nature; shares or units issued by money market-type UCIs calculating a daily net asset value and having a rating of AAA or its equivalent and/or shares or units issued by UCITS investing mainly in bonds/shares mentioned in the following two indents: bonds issued or guaranteed by first class issuers offering an adequate liquidity; or shares admitted to or dealt in on a regulated market of a Member State of the European Union or on a stock exchange of a Member State of the OECD, provided that these shares are included in a main index; (vii) The collateral given under any form other than cash or shares/units of a UCI/UCITS shall be issued by an entity not affiliated to the counterparty; (viii) When the collateral given in the form of cash exposes the Company to a credit risk vis-à-vis the trustee of this collateral, such exposure shall be subject to the 20% limitation as laid down in article 43 (1) of the Law of December 17, 2010. Moreover such cash collateral shall not be safekept by the counterparty unless it is legally protected from consequences of default of the latter; (ix) The collateral given in a form other than cash shall not be safekept by the counterparty, except if it is adequately segregated from the latter s own assets; (x) The Company (or its delegates) shall proceed on a daily basis to the valuation of the collateral received. In case the value of the collateral already granted appears to be insufficient in comparison with the amount to be covered, the counterparty shall provide additional collateral at very short term. If appropriate, safety margins shall apply in order to take into consideration exchange risks or market risks inherent to the assets accepted as collateral; (xi) It shall be ensured that the Company is able to claim its rights on the collateral in case of the occurrence of an event requiring the execution thereof, meaning that the collateral shall be available at all times, either directly or through the intermediary of a first class financial institution or a wholly-owned subsidiary of this institution, in such a manner that the Company is able to appropriate or realise the assets given as collateral, without delay, if the counterparty does not comply with its obligation to return the securities lent; (xii) During the duration of the agreement, the collateral cannot be sold or given as a security or pledged, except if the Company has other means of coverage; and, 4

(xiii) The Company shall disclose the global valuation of the securities lent in the annual and semiannual reports. Securities lending may also be conducted synthetically ( synthetic securities lending ). In a synthetic securities loan, a security contained in a sub-fund is sold to a counterparty at the current market price. This sale is, however, subject to the condition that the sub-fund simultaneously receives from the counterparty a securitized unleveraged option giving the sub-fund the right to demand delivery at a later date of securities of the same kind, quality and quantity as the sold securities. The price of the option (the option price ) is equal to the current market price received from the sale of the securities less (a) the securities lending fee, (b) the income (e.g., dividends, interest payments, corporate actions) from the securities that can be demanded back upon exercise of the option and (c) the exercise price associated with the option. The option will be exercised at the exercise price during the term of the option. If the security underlying the synthetic securities loan is to be sold during the term of the option in order to implement the investment strategy, such a sale may also be executed by selling the option at the then prevailing market price less the exercise price. Securities lending transactions may also, as the case may be, be entered into with respect to individual sub-funds or share classes, taking into account the specific characteristics of such sub-fund or share class and/or its investors, with any right to income and collateral under such securities lending transactions arising at the level of such specific sub-fund or share class. The Management Company may receive up to one half of the income from the conclusion of securities lending transactions (including synthetic securities lending transactions) for the account of the respective sub-fund assets. No securities lending transactions are conducted for the Hong Kong authorized sub-fund during the period of this report. (2016: nil) Note No. 3 Soft Commission Arrangements Pursuant to the Code on Unit Trusts and Mutual Funds of the Securities and Futures Commission of Hong Kong, the following statement is made: The Management Company shall submit buy and sell orders for securities and financial instruments directly to brokers and traders for the account of the respective sub-fund. The Management Company concludes agreements with these brokers and traders under customary market conditions that comply with first-rate execution standards. When selecting the broker or trader, the Management Company takes into account all relevant factors, such as the credit rating of the broker or trader and the quality of the market information, the analyses, as well as the execution capacities provided. Moreover, the Management Company currently accepts and concludes agreements in which it can take advantage of and utilize valuable benefits offered by brokers and traders. The Management Company has the right to retain these services, which include services provided by brokers and traders directly (for more information, see article 12 in the sales prospectus, which deals with the reimbursement of the fees and expenses). These direct services include special advice regarding the advisability of trading an asset or its valuation, analyses and consultation services, economic and political analyses, portfolio analyses (including valuation and performance measurement), market analyses as well as indirect services, such as market and price information systems, information services, computer hardware and software or any other options for gathering information in the scope in which these are used to support the investment decision process, consultation or execution of research or analysis activities as well as custodial services regarding the sub-fund s assets. That means brokerage services may not be limited to general analysis, but may also include special services such as Reuters and Bloomberg. Agreements with brokers and traders may include the condition that traders and brokers are to transfer to third parties immediately or later a portion of the commissions paid for the purchase or sale of assets; these commissions shall be provided by the Management Company for the services previously specified. The Management Company shall comply with all valid regulatory and industry standards when taking advantage of these benefits (generally called soft dollars ). In particular, the Management Company shall not accept nor conclude any agreements on obtaining such benefits if these agreements do not support the Management Company in its investment decision process according to reasonably prudent discretion. The prerequisite is that the Management Company shall always ensure that the transactions are executed while taking into account the appropriate market at the appropriate time for transactions of the appropriate type and size at the best possible conditions and that no unnecessary business transactions are concluded to acquire the right to such benefits. The goods and services received within the scope of soft-dollar agreements shall exclude travel, accommodations, entertainment, general administrative goods and services, general office equipment and office space, membership fees, employee salaries and direct cash payments. 5

Commission sharing The Management Company may conclude agreements with selected brokers under which the respective broker transfers, either immediately or after a time delay, portions of the payments it receives under the relevant agreement from the Management Company for the purchase or sale of assets to third parties that will then provide research or analytical services to the Management Company. These agreements (called commission-sharing agreements ) are used by the Management Company for the purpose of managing the sub-funds. To clarify: the Management Company shall use these services as specified in and only in accordance with the conditions set out in the Buy and sell orders for securities and financial instruments section of the sales prospectus. 6

Semiannual report

Chinese Equities Chinese Equities Performance of share classes vs. benchmark (in euro) Share class ISIN 6 months Class LC LU0273157635 11.6% Class FC LU0273146190 12.0% Class NC LU0273145622 11.2% Class GBP D RD 1 LU0333022746 15.7% Class USD FC 2 LU0273176932 21.3% Class USD LC 2 LU0273164177 20.7% MSCI China 10/40 (Euro) 13.7% 1 in GBP 2 in USD BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2017 8

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

Chinese Equities Investment portfolio June 30, 2017 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period assets Securities traded on an exchange 129 180 781.75 93.37 Equities 3SBio, Inc.... Count 1 688 500 1 688 500 HKD 10.36 1 961 468.09 1.42 AAC Technologies Holdings, Inc.... Count 169 500 58 500 HKD 97.6 1 854 983.06 1.34 Alibaba Health Information Technology Ltd... Count 768 000 HKD 3.72 320 349.90 0.23 Alibaba Pictures Group Ltd... Count 2 110 000 HKD 1.3 307 571.60 0.22 ASM Pacific Technology Ltd... Count 112 000 112 000 HKD 105.5 1 324 923.82 0.96 Bank of China Ltd -H-... Count 11 674 000 4 854 000 7 243 000 HKD 3.83 5 013 475.42 3.62 Beijing Enterprises Water Group Ltd... Count 3 096 000 2 398 000 HKD 6.06 2 103 749.39 1.52 Brilliance China Automotive Holdings Ltd... Count 930 000 406 000 HKD 14.22 1 482 869.63 1.07 China Cinda Asset Management Co., Ltd... Count 4 251 000 7 730 000 3 479 000 HKD 2.91 1 387 089.62 1.00 China Communications Construction Co., Ltd -H-... Count 1 580 000 1 055 000 461 000 HKD 10.06 1 782 278.20 1.29 China Construction Bank Corp. -H-... Count 10 488 000 1 959 000 HKD 6.05 7 114 894.75 5.14 China Galaxy Securities Co Ltd... Count 881 500 676 000 2 362 500 HKD 7 691 895.94 0.50 China Life Insurance Co., Ltd... Count 1 052 000 782 000 496 000 HKD 23.85 2 813 355.09 2.03 China Mobile Ltd... Count 438 000 231 000 736 500 HKD 82.85 4 068 994.00 2.94 China Overseas Grand Oceans Group Ltd... Count 2 883 000 2 883 000 HKD 4.17 1 348 034.86 0.97 China Overseas Land & Investment Ltd... Count 538 000 538 000 HKD 22.85 1 378 443.30 1.00 China Resources Land Ltd... Count 821 111 250 000 336 000 HKD 22.75 2 094 612.53 1.51 China Shenhua Energy Co., Ltd -H-... Count 420 000 713 500 293 500 HKD 17.38 818 501.52 0.59 China Unicom Hong Kong Ltd... Count 3 468 000 2 858 000 HKD 11.6 4 510 840.85 3.26 China Vast Industrial Urban Development Co., Ltd 144A... Count 5 248 000 1 090 000 HKD 2.46 1 447 602.62 1.05 China Yuhua Education Corp., Ltd... Count 2 330 000 2 330 000 HKD 2.69 702 794.94 0.51 CSPC Pharmaceutical Group Ltd... Count 2 264 000 960 000 HKD 11.4 2 894 021.15 2.09 Geely Automobile Holdings Ltd... Count 1 095 000 240 000 HKD 16.84 2 067 648.13 1.50 Guangzhou Automobile Group Co., Ltd... Count 992 000 992 000 HKD 13.7 1 523 886.66 1.10 Huadian Power International Corp. Ltd... Count 1 766 000 1 766 000 HKD 3.49 691 093.09 0.50 Huaneng Power International, Inc. -H-... Count 2 326 000 3 422 000 1 096 000 HKD 5.42 1 413 609.40 1.02 IMAX China Holding Inc... Count 644 500 644 500 HKD 23.95 1 730 807.89 1.25 Industrial & Commercial Bank of China Ltd -H-............ Count 11 087 956 3 223 000 1 223 000 HKD 5.27 6 552 130.46 4.74 Jacobson Pharma Corp., Ltd... Count 6 280 000 HKD 2.05 1 443 556.98 1.04 Longfor Properties Co., Ltd... Count 635 500 HKD 16.78 1 195 715.72 0.86 Metallurgical Corp. of China Ltd... Count 4 380 000 2 721 000 4 978 000 HKD 2.64 1 296 577.45 0.94 New China Life Insurance Co., Ltd... Count 145 600 124 300 HKD 39.7 648 145.20 0.47 PetroChina Co., Ltd... Count 2 504 000 1 840 000 2 534 000 HKD 4.78 1 342 093.11 0.97 PICC Property & Casualty Co., Ltd... Count 996 000 996 000 850 000 HKD 13.04 1 456 321.82 1.05 Ping An Insurance Group Co. of China Ltd... Count 823 000 120 000 HKD 51.45 4 747 944.58 3.43 Shenzhen International Holdings Ltd... Count 487 000 487 000 HKD 14.32 781 974.17 0.57 Shenzhou International Group Holdings Ltd... Count 228 000 18 000 HKD 51.3 1 311 513.12 0.95 Sunny Optical Technology Group Co., Ltd... Count 103 000 279 000 HKD 70 808 454.70 0.58 Tencent Holdings Ltd... Count 444 690 98 800 HKD 279.2 13 921 729.91 10.06 Truly International Holdings... Count 2 316 000 2 316 000 HKD 2.7 701 169.06 0.51 West China Cement Ltd... Count 7 784 000 HKD 1.18 1 029 924.20 0.75 Wuxi Biologics Cayman, Inc.... Count 72 000 72 000 HKD 29.4 237 356.02 0.17 Zoomlion Heavy Industry Science and Technology Co., Ltd.. Count 2 020 600 2 020 600 HKD 3.8 860 962.77 0.62 58.com, Inc. -ADR-... Count 19 689 19 689 USD 43.29 746 060.64 0.54 Alibaba Group Holding... Count 110 530 34 034 20 110 USD 140.62 13 604 736.86 9.83 Baidu, Inc. -ADR-... Count 35 719 29 996 21 536 USD 179.02 5 597 108.51 4.05 Baozun, Inc. -ADR-... Count 106 212 106 212 USD 21.75 2 022 067.88 1.46 Ctrip.com International Ltd -ADR-... Count 63 455 14 010 3 675 USD 54.25 3 013 203.57 2.18 JD.com, Inc. -ADR-... Count 85 969 85 969 USD 39.36 2 961 828.09 2.14 Momo, Inc. -ADR-... Count 68 913 USD 36.8 2 219 789.83 1.61 NetEase, Inc. -ADR-... Count 6 575 3 682 USD 301 1 732 308.10 1.25 New Oriental Education & Technology Group, Inc. -ADR-... Count 43 819 USD 70.5 2 704 048.41 1.96 TAL Education Group -ADR-... Count 13 197 13 197 USD 120.7 1 394 265.14 1.01 Securities admitted to or included in organized markets 9.87 0.00 Equities Moulin Global Eyecare... Count 880 000 HKD 0 9.87 0.00 Total securities portfolio 129 180 791.62 93.37 Cash at bank 8 851 196.87 6.40 Demand deposits at Depositary deposits... 8 608 000.54 6.22 Deposits in other EU/EEA currencies British pound... GBP 1 551 1 761.72 0.00 Deposits in non-eu/eea currencies U.S. dollar... USD 70 61.69 0.00 Hong Kong dollar... HKD 2 152 621 241 372.66 0.17 Australian dollar... AUD 0 0.26 0.00 10

Chinese Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net currency amount in the reporting period assets Other assets 1 014 790.10 0.73 Dividends receivable.... 972 680.75 0.70 Receivables from exceeding the expense cap.... 10 650.26 0.01 Other receivables... 31 459.09 0.02 Receivables from share certificate transactions 26 321.75 0.02 Total assets 139 073 100.34 100.52 Other liabilities -622 637.06-0.45 Liabilities from cost items.... -302 716.89-0.22 Additional other liabilities.... -319 920.17-0.23 Liabilities from share certificate transactions -95 609.49-0.07 Total liabilities -718 246.55-0.52 Net assets 138 354 853.79 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC... 225.66 Class LC... 206.55 Class NC.... 193.00 Class GBP D RD.... GBP 143.60 Class USD FC.... USD 198.56 Class USD LC.... USD 183.49 Number of shares outstanding Class FC... Count 87 681 Class LC... Count 492 067 Class NC.... Count 44 973 Class GBP D RD.... Count 388 Class USD FC.... Count 8 194 Class USD LC.... Count 42 116 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI China 10/40 Index in Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure.... % 95.067 Highest market risk exposure.... % 105.196 Average market risk exposure... % 99.448 The values-at-risk were calculated for the period from January 1, 2017, through June 30, 2017, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled 0.00 as of the reporting date. Exchange rates (indirect quotes) As of June 30, 2017. Australian dollar.... AUD 1.486016 = 1 British pound... GBP 0.880535 = 1 Hong Kong dollar... HKD 8.918249 = 1 U.S. dollar.... USD 1.142450 = 1 11

Chinese Equities 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. 13

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 SICAV * ** Africa Asian Bonds USD Consolidated % of net assets Assets Total securities portfolio 25 212 537 327.22 95.27 67 436 150.06 184 162 169.45 Derivatives on individual securities 3 280 379.88 0.02 0.00 0.00 Equity index derivatives 15 672 152.07 0.06 0.00 0.00 Interest rate derivatives 9 257 514.37 0.03 0.00 0.00 Currency derivatives 85 889 017.26 0.32 0.00 507 092.67 Swaps 2 847 656.82 0.01 0.00 0.00 Cash at bank 1 150 351 412.33 4.35 5 387 306.70 16 943 147.18 Other assets 296 297 240.84 1.12 115 693.53 12 062 767.59 Receivables from share certificate transactions 47 578 657.59 0.18 261 832.91 0.00 Total assets *** 26 823 711 358.39 101.36 73 200 983.20 213 675 176.89 Liabilities*** Derivatives on individual securities - 1 314 363.35 0.00 0.00 0.00 Equity index derivatives - 4 082 379.48-0.02 0.00 0.00 Interest rate derivatives - 225 189.77 0.00 0.00 0.00 Currency derivatives - 23 578 153.81-0.09 0.00 0.00 Swaps - 3 103 594.42-0.01 0.00 0.00 Short-term liabilities - 1 796 727.21-0.01 0.00 0.00 Other liabilities - 271 897 122.43-1.03-1 025 766.67-8 744 992.95 Liabilities from share certificate transactions - 53 290 124.80-0.19-422 316.22-1 770 390.00 Total liabilities *** - 359 287 655.26-1.36-1 448 082.89-10 515 382.95 Net assets 26 464 423 703.13 100.00 71 752 900.31 203 159 793.94 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 14

Asian Small/Mid Cap Brazilian Equities China Bonds USD Chinese Equities Convertibles 46 426 423.06 37 377 988.44 363 864 950.61 129 180 791.62 1 667 646 108.38 0.00 0.00 0.00 0.00 12 014 676.37 0.00 0.00 7 955 883.00 0.00 52 924 386.25 1 519 549.06 38 375.51 23 992 236.23 8 851 196.87 57 780 766.82 867 037.78 507 897.25 6 448 331.23 1 014 790.10 14 227 250.22 38 065.09 4 826.27 248 332.86 26 328.24 2 592 956.42 48 851 074.99 37 929 087.47 402 509 733.93 139 073 106.83 1 807 186 144.46 0.00 0.00-20 781.32 0.00 0.00 0.00-19 048.60 0.00 0.00 0.00-237 520.95-113 392.35-7 937 252.18-622 637.06-16 569 672.54-43 823.57-152 497.97-776 113.51-95 615.98-4 937 883.68-281 344.52-284 938.92-8 734 147.01-718 253.04-21 507 556.22 48 569 730.47 37 644 148.55 393 775 586.92 138 354 853.79 1 785 678 588.24 15

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 Corporate Hybrid Bonds Assets CROCI Sectors Emerging Markets Corporates USD Total securities portfolio 192 895 098.54 15 167 728.15 515 766 261.00 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 106 647.36 0.00 0.00 Currency derivatives 45 747.61 0.00 4 840 217.62 Swaps 0.00 0.00 177 466.36 Cash at bank 14 637 538.18 82 120.47 26 135 368.54 Other assets 2 773 235.93 79 690.60 36 923 409.92 Receivables from share certificate transactions 78 147.24 0.00 2 474 326.44 Total assets *** 210 536 414.86 15 329 539.22 586 317 049.88 Liabilities*** Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00-218.86 0.00 Interest rate derivatives 0.00 0.00-135 937.25 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 2 791 663.04-70 473.70-50 524 080.18 Liabilities from share certificate transactions - 55 023.62 0.00-11 638 730.88 Total liabilities *** - 2 846 686.66-70 692.56-62 298 748.31 Net assets 207 689 728.20 15 258 846.66 524 018 301.57 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 16

Emerging Markets IG Sovereign Debt USD Emerging Markets Sovereign Debt USD Emerging Markets Top Dividend Euro Bonds (Premium) Euro Bonds (Short) 244 337 350.69 51 928 372.46 154 789 595.81 81 486 424.81 2 287 402 965.15 0.00 0.00 0.00 8 500.05 0.00 0.00 0.00 0.00 46 960.00 0.00 4 705 792.56 885 620.87 0.00 0.00 230.11 12 290 044.75 1 309 901.08 9 383 706.85 393 641.90 1 931 156.71 3 254 798.19 838 998.65 2 176 128.65 837 610.47 18 905 768.21 0.00 527 556.79 67 462.81 654 931.74 1 850 575.22 264 587 986.19 55 490 449.85 166 416 894.12 83 428 068.97 2 310 090 695.40 0.00 0.00 0.00 0.00-82 320.00 0.00 0.00-1 071 247.64 0.00 0.00-187 428.93-87 947.88-591 286.74-855 154.50-10 786 889.02 0.00-838 210.63-81 619.92-215 266.29-3 280 233.46-187 428.93-926 158.51-1 744 154.30-1 070 420.79-14 149 442.48 264 400 557.26 54 564 291.34 164 672 739.82 82 357 648.18 2 295 941 252.92 17

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 Euro Corporate Bonds Euro High Yield Corporates Euro-Gov Bonds Assets Total securities portfolio 1 600 032 434.13 1 586 156 714.92 1 414 567 829.76 Derivatives on individual securities 0.00 67 500.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 603 295.08 0.00 269 680.00 Currency derivatives 3 542 452.94 960 051.79 0.00 Swaps 0.00 0.00 0.00 Cash at bank 87 829 836.56 87 714 911.77 2 375 881.22 Other assets 19 380 099.16 33 263 348.10 16 038 490.14 Receivables from share certificate transactions 1 692 417.08 4 395 137.72 856 721.11 Total assets *** 1 713 080 534.95 1 712 557 664.30 1 434 108 602.23 Liabilities*** Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 32 324 486.33-8 902 044.68-10 530 723.43 Liabilities from share certificate transactions - 1 325 246.45-80 858.57-509 961.77 Total liabilities *** - 33 649 732.78-8 982 903.25-11 040 685.20 Net assets 1 679 430 802.17 1 703 574 761.05 1 423 067 917.03 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 18

European Small Cap Financial Hybrid Bonds German Equities Global Agribusiness USD Global Bonds 143 769 175.19 20 638 377.48 616 717 481.65 366 631 283.20 846 086 263.90 0.00 0.00 0.00 0.00 9 630.00 0.00 21 960.00 0.00 0.00 79 745.75 0.00 65 659.90 0.00 0.00 0.00 5 189 811.36 422 792.87 19 739 813.97 13 460 752.80 212 479 628.16 277 528.74 297 373.50 3 277 995.88 6 326 830.36 6 527 527.69 87 559.30 140 933.00 418 540.97 36 178.83 1 593 763.21 149 324 074.59 21 587 096.75 640 153 832.47 386 455 045.19 1 066 776 558.71 0.00 0.00-813 420.55 0.00 0.00 0.00 0.00-3 966 637.50 0.00 0.00 0.00 0.00-2 956 335.81 0.00-2 454 903.11 0.00 0.00 0.00 0.00-2 051 518.98 0.00 0.00 0.00-15 294.68 0.00-229 075.24-250 562.16-2 567 004.45-5 611 130.52-22 857 890.71-3 031 147.84 0.00-1 012 687.08-1 434 559.71-220 538.31-3 260 223.08-250 562.16-11 316 085.39-7 060 984.91-27 584 851.11 146 063 851.51 21 336 534.59 628 837 747.08 379 394 060.28 1 039 191 707.60 19

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 Global Bonds Dynamic Plus Assets Global Bonds High Conviction Global Commodities Blend Total securities portfolio 16 260 672.86 37 350 902.10 11 723 753.35 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 400 812.62 0.00 0.00 Interest rate derivatives 19 675.55 68 592.19 0.00 Currency derivatives 3 500.67 78 562.69 0.00 Swaps 67 868.52 0.00 0.00 Cash at bank 3 495 144.95 2 010 859.48 2 710 077.78 Other assets 178 312.81 5 461 429.86 136 296.54 Receivables from share certificate transactions 0.00 0.00 23 201.08 Total assets *** 20 425 987.98 44 970 346.32 14 593 328.75 Liabilities*** Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00-457 330.53-593 104.23 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 59 329.80-4 063 256.93-141 327.31 Liabilities from share certificate transactions 0.00 0.00-2 936.43 Total liabilities *** - 59 329.80-4 520 587.46-737 367.97 Net assets 20 366 658.18 40 449 758.86 13 855 960.78 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 20

Global Corporate Bonds Global Emerging Markets Equities Global High Yield Corporates USD Global Infrastructure Global Real Estate Securities USD 33 675 301.18 679 009 862.78 54 117 779.65 861 287 293.96 131 791 304.60 355 131.52 0.00 0.00 854 922.71 36 228.86 811 988.00 32 951 919.96 3 385 287.95 13 791 972.36 272 698.49 319 056.37 3 132 313.86 1 055 967.01 9 740 484.26 1 066 476.81 0.00 122 609.12 4 333 315.92 987 617.64 10 691.84 35 161 477.07 715 216 705.72 62 892 350.53 886 662 290.93 133 177 400.60-3 059.36 0.00 0.00 0.00 0.00 0.00 0.00-107 889.52 0.00 0.00-1 193.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00-5 321.24-40 428.81-577 577.84-1 094 005.61-2 349 678.17-7 506 205.74-771 032.47 0.00-913 847.69-21 942.72-2 155 933.19-698 654.13-581 830.42-2 007 853.30-2 479 510.41-9 667 460.17-1 510 115.41 34 579 646.65 713 208 852.42 60 412 840.12 876 994 830.76 131 667 285.19 21

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 Global Short Duration USD Global Thematic USD Gold and Precious Metals Equities USD Assets Total securities portfolio 90 907 316.41 43 535 618.60 150 638 570.21 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 1 347 592.07 59 394.52 0.00 Swaps 0.00 0.00 0.00 Cash at bank 1 704 447.93 3 328 245.14 2 637 387.68 Other assets 1 714 824.96 135 168.47 13 020.67 Receivables from share certificate transactions 308 339.85 0.00 1 004 187.42 Total assets *** 95 982 521.22 47 058 426.73 154 293 165.98 Liabilities*** Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 2 758 451.25-218 958.63-1 315 398.40 Liabilities from share certificate transactions 0.00-669 420.36-71 665.22 Total liabilities *** - 2 758 451.25-888 378.99-1 387 063.62 Net assets 93 224 069.97 46 170 047.74 152 906 102.36 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 22

Latin American Equities Liquidity Fund LowVol World Multi Asset Balance Multi Asset Defensive 30 668 085.91 52 249 791.67 109 649 369.97 22 958 612.69 22 732 666.74 0.00 0.00 0.00 303 528.13 0.00 0.00 0.00 0.00 389.79 17 828.83 0.00 0.00 150.32 453 452.20 344 269.10 314 079.81 4 561 299.08 2 136 221.57 2 664 716.28 348 768.92 110 326.19 78 495.35 336 572.33 152 620.37 328 345.57 8 121.81 446 006.02 3 261.78 0.00 81 656.70 31 100 613.72 57 335 592.12 112 125 575.97 26 533 319.46 23 853 535.86 0.00 0.00-14 990.02 0.00-5 367.38 0.00-317 263.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00-96 735.00-80 981.58-54 860.83-220 710.59-55 452.78-512 054.75-356 704.39-75 049.17-108 487.29-1 045.54-53 680.34-437 685.97-447 173.82-344 187.90-56 498.32-667 837.47 30 662 927.75 56 888 418.30 111 781 388.07 26 476 821.14 23 185 698.39 23

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 Multi Asset Dynamic Multi Asset Income Multi Credit USD Assets Total securities portfolio 66 016 832.90 83 899 093.83 26 386 350.79 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 1 199 476.49 0.00 0.00 Interest rate derivatives 22 519.16 36 752.12 7 926.15 Currency derivatives 987 402.80 1 067 816.67 241 129.27 Swaps 0.00 1 270 280.02 0.00 Cash at bank 1 402 600.02 6 334 166.31 1 019 004.83 Other assets 66 708.26 761 830.39 262 648.72 Receivables from share certificate transactions 196.38 45 167.95 0.00 Total assets *** 69 695 736.01 93 415 107.29 27 917 059.76 Liabilities*** Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00-11 005.72 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00-511.20 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 121 022.69-150 615.74-740 694.58 Liabilities from share certificate transactions - 14 719.35-151.49 0.00 Total liabilities *** - 135 742.04-161 772.95-741 205.78 Net assets 69 559 993.97 93 253 334.34 27 175 853.98 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 24

Multi Opportunities New Resources Nomura Japan Growth JPY Real Assets Income Senior Secured High Yield Corporates 2 949 927 289.32 55 559 527.00 10 203 232 140.00 11 007 463.54 54 130 109.05 1 735 528.41 0.00 0.00 0.00 0.00 7 500 194.45 0.00 0.00 0.00 0.00 0.00 0.00 350 857 241.00 37 084.24 221 854.61 307 832 293.06 2 246 321.56 197 939 451.00 106 070.51 650 106.19 12 612 452.77 1 045 651.10 84 490 889.00 152 084.66 1 556 410.46 6 551 180.42 547.76 0.00 0.00 213.82 3 286 158 938.43 58 852 047.42 10 836 519 721.00 11 302 702.95 56 558 694.13-16 939 880.76 0.00 0.00 0.00 0.00-116 573.66 0.00-4 019.00 0.00-438 852.00-5 278 257.17-1 239 013.35-106 343 380.00-103 471.68-240 874.86-3 261 016.71-73 322.69 0.00 0.00-2 139.20-25 595 728.30-1 312 336.04-106 347 399.00-103 471.68-681 866.06 3 260 563 210.13 57 539 711.38 10 730 172 322.00 11 199 231.27 55 876 828.07 25

SICAV June 30, 2017 Statement of net assets as of June 30, 2017 Short Duration Credit StepIn Global Equities Top Asia Assets Total securities portfolio 672 703 663.73 115 067 946.14 255 649 118.90 Derivatives on individual securities 0.00 0.00 3 212 879.88 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 456 336.24 0.00 0.00 Currency derivatives 3 062 400.72 0.00 0.00 Swaps 1 354 169.85 0.00 0.00 Cash at bank 15 263 781.87 9 958 850.19 8 167 040.87 Other assets 9 904 873.96 2 881 498.76 1 241 095.29 Receivables from share certificate transactions 12 032 606.37 597 175.79 73 855.46 Total assets *** 714 777 832.74 128 505 470.88 268 343 990.40 Liabilities*** Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives - 84 160.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00-101.76 0.00 Other liabilities - 5 859 221.47-2 383 031.79-478 149.64 Liabilities from share certificate transactions - 562 596.31-9 068.40-79 070.24 Total liabilities *** - 6 505 977.78-2 392 201.95-557 219.88 Net assets 708 271 854.96 126 113 268.93 267 786 770.52 * The composition of the net assets, income, expenses and changes in net assets of the sub-funds managed in Japanese yen were converted into euro at the stated exchange rate. Fiscal six-month period 2017... JPY 128.114318 = 1 Fiscal year-end 2016... JPY 123.148474 = 1 Fiscal year-end 2015... JPY 131.700648 = 1 Fiscal six-month period 2017... USD 1.142450 = 1 Fiscal year-end 2016... USD 1.054850 = 1 Fiscal year-end 2015... USD 1.092000 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount reported as total assets comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under total liabilities. 26

Top Dividend Top Euroland Top Europe USD Corporate Bonds USD 5 163 241 779.53 829 149 575.27 110 926 069.02 38 295 546.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20 890.51 127 292.28 0.00 0.00 0.00 0.00 113 578 036.71 7 492 728.39 599 038.77 477 937.07 29 019 044.72 30 168 422.72 3 888 595.44 497 133.96 3 650 507.74 261 312.48 105 367.04 0.00 5 309 489 368.70 867 072 038.86 115 539 960.78 39 397 910.22 0.00-432 028.80-68 914.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-3 007.80-390 182.84-425 150.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-46.27-46 938 170.18-9 505 552.87-1 383 233.20-660 244.21-6 574 615.81-7 740 235.67-52 991.96-117 072.53-53 902 968.83-18 102 967.82-1 505 139.16-780 370.81 5 255 586 399.87 848 969 071.04 114 034 821.62 38 617 539.41 27

Investment Company 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B 86 435 Board of Directors of the Investment Company Doris Marx Chairman Deutsche Asset Management S.A., Luxembourg Stephan Scholl Deutsche Asset Management International GmbH, Frankfurt/Main Niklas Seifert Deutsche Asset Management S.A., Luxembourg Sven Sendmeyer Deutsche Asset Management Investment GmbH, Frankfurt/Main Thilo Hubertus Wendenburg (since April 26, 2017) Frankfurt/Main Heinz-Wilhelm Fesser (until April 26, 2017) Independent member c/o Deutsche Asset Management S.A., Luxembourg Markus Kohlenbach (until April 26, 2017) Independent member c/o Deutsche Asset Management S.A., Luxembourg 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: 263.5 million before profit appropriation Supervisory Board of the Management Company Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Asset Management Investment GmbH, Frankfurt/Main 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 Management Board of the Management Company 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 Fund Managers For the sub-fund Short Duration Asian Bonds: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany and Deutsche Asset Management (Asia) Limited One Raffles Quay, #15-00 South Tower Singapore 048583, Singapore For the sub-funds Asian Bonds, Deutsche Invest I Asia-Pacific Multi Opportunities, Asian Bonds Unconstrained and Asian Small/Mid Cap: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany and Deutsche Asset Management (Hong Kong) Limited International Commerce Center, Floor 58, 1 Austin Road West, Kowloon, Hong Kong For the sub-funds Brazilian Equities and Latin American Equities: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany and Deutsche Bank S.A. Banco Alemão Av. Brigadeiro Faria Lima, 3900 04538-132 São Paulo, Brazil For the sub-funds China Bonds, Deutsche Invest I China Onshore Bonds and Deutsche Invest I Chinese Equities: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany As sub-manager for these sub-funds: Harvest Global Investments Limited Suites 1301 1304, Two Exchange Square 8 Connaught Place Hongkong For the sub-funds Global High Yield Corporates and USD Corporate Bonds: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany As sub-manager for these sub-funds: Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 USA For the sub-funds Emerging Markets Frontier Equities, Global Bonds, Global Bonds Dynamic Plus, Global Bonds High Conviction, CROCI Flexible Allocation, CROCI Sectors, CROCI US, Deutsche Invest I Emerging Markets Corporates, Deutsche Invest I Emerging Markets IG Corporates and Global Bonds Defensive: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany and Deutsche Asset Management (UK) Limited 1 Great Winchester Street London EC2N 2DB United Kingdom

For the sub-funds Asian Equities Unconstrained, Global Emerging Markets Equities, Global Emerging Markets Equities Unconstrained and Top Asia: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany and Deutsche Asset Management (UK) Limited 1 Great Winchester Street London EC2N 2DB United Kingdom and Deutsche Asset Management (Hong Kong) Limited International Commerce Center, Floor 58, 1 Austin Road West, Kowloon, Hong Kong For the sub-funds Global Infrastructure and Real Assets Income: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany As sub-manager for these sub-funds: RREEF America LLC 222 S. Riverside Plaza, Floor 24 Chicago, IL 60606 USA For the sub-funds Global Commodities Blend and Gold and Precious Metals Equities: Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 USA For the sub-fund GlobalReal Estate Securities: RREEF America LLC 222 S. Riverside Plaza, Floor 24 Chicago, IL 60606 USA As sub-manager for this sub-fund: For the management of the European portfolio component: Deutsche Alternative Asset Management (UK) Limited 1 Appold Street London EC2A 2UU United Kingdom For the management of the Asian, Australian and New Zealand portfolio component: Deutsche Australia Limited, Deutsche Bank Place Cnr. Hunter and Phillip Streets Sydney NSW 2000 Australia For the sub-fund LowVol World: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany As sub-manager for this sub-fund: Sal. Oppenheim jr. & Cie. AG Co. KGaA Unter Sachsenhausen 4 50667 Köln, Germany For the sub-fund Nomura Japan Growth: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany As sub-manager for this sub-fund: Nomura Asset Management Deutschland KAG mbh Gräfstr. 109 60487 Frankfurt/Main, Germany which the fund management sub-delegated to: Nomura Asset Management Co Ltd. Tokyo 1-12-1 Nihonbashi, Chuo-ku Tokyo 103-8260, Japan For all other sub-funds: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 60329 Frankfurt/Main, Germany Investment Advisor For the sub-funds Global Short Duration, Global Corporate Bonds and Multi Credit: Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 Depositary and Administrator State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Sales and Paying Agents, Main Distributor LUXEMBOURG Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg As of: July 31, 2017

SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B 86 435 Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00

Deutsche Asset Management Annual Report 2016 Investment Company with Variable Capital Incorporated under Luxembourg Law

Contents Annual report 2016 from January 1, 2016, through December 31, 2016 Equity and bond markets... 4 General information... 8 Annual report SICAV Chinese Equities... 18 Annual financial statements Investment portfolios and statements of income and expenses... 22 Supplementary information Remuneration Disclosure... 70 Information pursuant to Regulation (EU) 2015/2365... 72 Report of the Réviseur d Entreprises agréé... 74 1

Equity and bond markets

Equity markets in the fiscal year through December 31, 2016 Volatile market environment The international equity markets exhibited strong market movements in the reporting period, even though the picture was more differentiated when viewed at a regional level. The market environment initially deteriorated in the first quarter of 2016, as concerns about economic performance in China and its effect on the global economy once again became the focus of investor attention. This weighed on prices in the global equity markets, as did the sometimes weaker economic data from the United States. The subdued performance of the commodity markets at the beginning of the fiscal year also had a particularly adverse impact on the price development in the exchanges of commodity-exporting emerging markets. However, many equity markets were able to recover significantly as of March 2016 at the latest. A whole host of factors contributed to this trend. The decision by the Fed to leave interest rates unchanged for the time being was received positively by the markets, as too was the announcement of further economic stimulus measures by the European Central Bank (ECB). Solid macroeconomic data overall also had a boosting effect. There was a significant recovery in commodity prices in the first half of 2016. For example, the oil price increased noticeably, having previously marked multi-year lows, giving a boost to the recovery of share prices of companies dependent on the energy sector. After a phase in which the international equity markets trended sideways to slightly positive, the further course was hampered for a time by the vote in the United Kingdom regarding whether it would remain in or leave the European Union ( Brexit ). The outcome of the referendum in favor of an exit, clouded the mood in stock exchanges around the world, but only temporarily, as it was increasingly assumed that Brexit would have a limited effect on the global economy. Later in the period, share price performance was boosted by the continued expansionary monetary policy by various central banks and the solid business results of many companies. In addition, macroeconomic data continued to indicate a growth trend, albeit a moderate one. Most of the stock exchanges of the industrial countries recorded a positive performance as a result of the surprising outcome of the U.S. presidential elections unlike the equity markets of the emerging countries as the announcement of increased government investment in the United States had a positive effect on investors growth expectations. Against this backdrop and when viewed from a global perspective, the equity markets posted significant gains overall from mid-2016 until the end of the year. For the reporting year as a whole through the end of December 2016, equities posted a gain internationally as measured by the MSCI World of 7.3% in U.S. dollar terms (+10.8% in euro). Equities positive in Europe after strong fluctuations European equities, as measured on the MSCI Europe Index, recorded a gain of 2.7% in euro terms in the past fiscal year. The surprising outcome of the Brexit referendum in the United Kingdom and the weakness of the financial sector in times of an ongoing low interest rate policy by the ECB had an adverse effect. Alongside low interest rates, which increasingly developed into a serious adverse factor for banks and insurance companies, concerns regarding the capitalization of some Italian banks were a particular cause for uncertainty. Outside of the financial sector, however, the expansionary monetary policy of the ECB, which was loosened further during the course of the reporting period, had a largely positive effect on the share price performance of European equities. The Bank of England also decided to cut interest rates and to expand its bond purchase program in order to counteract the increased uncertainty in the wake of the Brexit vote. Overall, the performance of the individual equity markets in Europe was 4

extremely mixed. For example, German equities profited from the export strength of the German economy and posted a gain of 6.9% on euro basis in the reporting period, as measured on the DAX. In contrast, stock exchanges in Italy and Spain were noticeably impacted not only by political uncertainties but also by the strongly represented banking sector. Rise in equity prices in the United States However, U.S. equities recorded significant price gains. Low interest rates and the continuous recovery of the U.S. economy, as manifested in lower unemployment figures, slightly increased wages and continued low oil prices, generated a significant tailwind here. These factors had a positive effect on consumption, which proved to be an important pillar of the economy in the United States. U.S. equities also posted significant price gains following the presidential elections in the United States, as the announcement of infrastructure programs and tax cuts fuelled growth expectations. Viewed across the entire reporting period through the end of December 2016, U.S. equities, as measured on the S&P 500 Index, recorded an appreciation of 10.9% in U.S. dollar terms (+14.6% in euro). Uneven development in Japan In the first quarter of the 2016 calendar year, Japanese equities initially had to accept significant price reductions against the backdrop of concerns about the economy in China, an unfavorable exchange rate trend and a decline in exports. However, the Japanese equity market recorded a recovery later in the year. An improvement in growth prospects and a positive equity market environment as a result of the U.S. presidential elections were significant drivers in this regard. Thanks to the noticeable appreciation of the yen against the European common currency, Japanese equities, as measured on the TOPIX Index, recorded a gain of 6.8% in euro terms for the reporting period as a whole, despite an only slightly positive performance in local currency (+0.3%). Renewed concerns about the economy in China The partly weaker economic data from China contributed to a volatile performance for Chinese equities. This was particularly evident at the start of the 2016 calendar year when a re-emergence of concerns about growth in connection with a devaluation of the renminbi led to significant price declines in the stock markets there. Chinese equities were able to recover again later in the period against the backdrop of more stable economic data, as there were increasing expectations that there would be a gradual weakening of economic growth in China instead of an abrupt economic collapse. Recovery of equity prices in the emerging markets In many of the other emerging markets, there was a trend reversal following the overall weak previous year. The MSCI Emerging Markets Index appreciated strongly by 12.0% in U.S. dollar terms (+15.7% in euro). The rise in commodity prices was a significant driver of positive performance and led to strong increases in equity prices in commodity-exporting emerging markets, while the associated currencies also appreciated strongly. The price performance in the emerging markets was, however, significantly adversely affected toward the end of the reporting period by the results of the U.S. presidential elections. 5

Bond markets in the fiscal year through December 31, 2016 Difficult market environment In the past fiscal year 2016, the international bond markets were characterized by continual price fluctuations. This volatility was mostly due to the high level of indebtedness worldwide alongside the uncertainty in light of negative interest rates in some industrial countries regarding a change of direction in interest rates led by the United States. In addition, global economic growth weakened, despite the fact that economic development in the emerging markets was stabilizing. Moreover, upcoming elections in Europe and the United States caused further uncertainty, as did the British vote to leave the European Union ( Brexit ). Change of direction in interest rates following record lows for bond yields Price developments in the bond markets were positive overall albeit uneven and to varying degrees amid fluctuation. In the first nine months of 2016, the bond markets in the industrial countries were influenced by the drop in bond yields to historically low levels, accompanied by rising bond prices. This was bolstered by the fact that the central banks of the industrial countries kept their monetary policy reins extremely slack. For example, the European Central Bank (ECB) lowered key interest rates further on March 10, 2016, to 0.00% p.a. in order to combat the threat of deflation. In addition, it reduced the deposit rate for banks from -0.30% p.a. to -0.40% p.a. most recently. Furthermore, within the scope of quantitative easing, it expanded its bond purchase program to include not only government bonds but also corporate bonds (excluding bank bonds) with good credit ratings (investment grade status). This particularly boosted performance in the corporate bond markets. Amid the glut of money caused by the ultra-loose monetary policy of the central banks, bond yields tested new record lows. Therefore, it was not just short-term interest-bearing securities from some European countries that had negative interest rates. Yields on ten-year government bonds from Germany, Japan and Switzerland also slipped into, or further into, minus territory. When it issued a ten-year bond in July 2016, the German government earned money on debt for the first time ever. The reason: that German Bund with a nominal interest rate (coupon) of 0.00% p.a. was 1.2 times oversubscribed, which meant that investors had to content themselves with a yield of -0.05% p.a. The background to this curiosity was the Brexit vote by the British, in light of which investors fled to German government bonds, which were viewed as safe havens. U.S. government bonds, on the other hand, continued to have positive yields although at a very low level. One reason for this is that the U.S. Federal Reserve (Fed) stopped purchasing government bonds almost two years ago, but initially maintained its loose monetary policy. As of the end of September 2016, the trend turned around to rising yields and retreating bond prices. Commodity and energy prices, which had been increasing since February 2016, led market participants to expect that the central banks might stop their quantitative easing and therefore put the brakes on their extremely loose monetary policy. The rise in interest rates was particularly noticeable in U.S. government bonds after the U.S. presidential election at the start of November 2016, when they posted price declines in the seven to ten-year maturity segment. Donald Trump s promises of tax reductions and increased government spending fuelled growth and inflation expectations. This development in the United States also had 6

the effect of driving up interest rates in the euro area, especially on government bonds from Germany, France, Spain and Italy. For the year as a whole, yields on ten-year government bonds in Germany fell from 0.63% to 0.11% p.a., in Japan from 0.25% to 0.05% p.a. and in Switzerland they even fell below the zero percent mark from -0.04% to -0.14% p.a. In the United States, in contrast, yields on ten-year Treasuries increased from 2.27% to 2.45% p.a. Given the low interest rate environment that predominated in the 2016 fiscal year, only riskier interest-bearing securities, such as corporate bonds with investment-grade status, high-yield bonds, as well as bonds from the emerging markets, afforded the opportunity to achieve appreciable interest rates. Viewed over the year as a whole through the end of December 2016, these interestbearing instruments recorded declines in yields overall, accompanied by sometimes significant price increases. Corporate, high-yield and emerging market bonds, in particular, were able to outperform government bonds from industrial countries. This trend was boosted, among other things, by a heightened interest among investors in their search for positive or higher yields. At the same time, an opinion increasingly emerged on the investor side that the central banks were distorting the bond markets with their expanded quantitative easing and that the now very low yields would no longer adequately reflect the risks. In addition to the ECB, the Bank of England also expanded its bond purchase program in August 2016 to include corporate bonds. The most recent overall effect of these measures was a noticeable decline in yields on corporate bonds through to, in some cases, negative yields on corporate bonds with investment grade ratings. In addition to greater interest from investors, emerging market bonds also benefited from, among other factors, the significant recovery in the commodity markets as of February 2016. These markets had previously been under price pressure since summer 2014. Capriciousness in the currency markets In the 2016 fiscal year, price developments in the currency markets were very volatile and uneven. With regard to the local currencies of the emerging markets, the currencies of commodityexporting emerging markets, which in the previous year had recorded significant losses, posted noticeable to strong recoveries in the reporting period. The Brazilian real thus made up ground against the euro, appreciating by 26.0% (previous year: -25.3%). The Russian rouble appreciated against the European common currency by 24.1% (previous year: -11.2%). One of the reasons for this was the stabilization in commodity prices, particularly for oil, seen since February 2016. The Canadian dollar (+6.3%), the Norwegian krone (+5.7%), the New Zealand dollar (+4.8%) and the Australian dollar (+2.2%) (so-called commodity currencies) also profited on this basis against the euro although to a lesser degree. Among the currencies of the G10 countries (ten leading industrial nations), the British pound depreciated significantly against the euro under the weight of the Brexit vote, by 13.5% overall on an annual basis. However, the European common currency also weakened against many currencies and, for example, fell by 3.2% (on USD basis) against the greenback. 7

The following companies were renamed on March 17, 2016: Deutsche Asset & Wealth Management Investment GmbH became Deutsche Asset Management Investment GmbH Deutsche Asset & Wealth Management International GmbH became Deutsche Asset Management International GmbH Deutsche Asset & Wealth Management Investment S.A. became Deutsche Asset Management S.A. Mergers of SICAV-external funds with sub-funds of the SICAV Following a resolution to that effect adopted by the respective Board of Directors and the approval of the Luxembourg supervisory authority CSSF, the fund DWS Vermögensbildungsfonds I (Lux) was merged into the sub-fund Deutsche Invest I LowVol World (LD share class) effective December 13, 2016. The exchange factor was 1.6733940. Liquidations of sub-funds The sub-fund Emerging Markets Satellites was liquidated effective September 22, 2016, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF. The issue of new shares of the sub-fund was discontinued effective September 7, 2016. Investors could redeem sub-fund shares until September 15, 2016. Multi Asset Total Return was liquidated effective October 27, 2016, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF. The issue of new shares of the sub-fund was discontinued effective September 2, 2016. Investors could redeem sub-fund shares until October 20, 2016. The sub-fund CROCI Flexible Allocation was liquidated effective January 23, 2017, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF. The issue of new shares of the sub-fund was discontinued effective December 22, 2016. Investors could redeem sub-fund shares until January 16, 2017. Liquidations of share classes of sub-funds The GBP FC share class of the sub-fund Global Thematic was closed effective May 19, 2016, by resolution of the Management Board authorized by the Board of Directors of Deutsche Asset Management S.A. The FCH (P) share class of the sub-fund Global Agribusiness was closed effective May 27, 2016, by resolution of the Management Board authorized by the Board of Directors of Deutsche Asset Management S.A. The GBP LDMH (P) share class of the sub-fund Top Dividend was closed effective December 12, 2016, by resolution of the Management Board authorized by the Board of Directors of Deutsche Asset Management S.A. Renaming of sub-funds The sub-fund Global Bonds (Short) was renamed Global Short Duration effective March 31, 2016. The sub-fund Quant Equity Low Volatility World was renamed LowVol World effective November 24, 2016. 9

Renaming of share classes The GBP RD share class of the sub-fund Africa was renamed GBP D RD effective March 31, 2016. The GBP RD share class of the sub-fund Chinese Equities was renamed GBP D RD effective March 31, 2016. The GBP RDH share class of the sub-fund Convertibles was renamed GBP DH RD effective March 31, 2016. The GBP RD share class of the sub-fund Global Agribusiness was renamed GBP D RD effective March 31, 2016. The FCH (P) share class of the sub-fund Global Bonds was renamed FC effective March 31, 2016. The LDH (P) share class of the sub-fund Global Bonds was renamed LD effective March 31, 2016. The PFCH (P) share class of the sub-fund Global Bonds was renamed PFC effective March 31, 2016. The PFDQH (P) share class of the sub-fund Global Bonds was renamed PFDQ effective March 31, 2016. The LCH (P) share class of the sub-fund Global Bonds was renamed LC effective March 31, 2016. The NCH (P) share class of the sub-fund Global Bonds was renamed NC effective March 31, 2016. The GBP IDH (P) share class of the sub-fund Global Bonds was renamed GBP IDH effective March 31, 2016. The GBP DH (P) RD share class of the sub-fund Global Bonds was renamed GBP DH RD effective March 31, 2016. The GBP CH (P) RD share class of the sub-fund Global Bonds was renamed GBP CH RD effective March 31, 2016. The CHF ICH (P) share class of the sub-fund Global Bonds was renamed CHF ICH effective March 31, 2016. The USD LCH (P) share class of the sub-fund Global Bonds was renamed USD LCH effective March 31, 2016 The USD FCH (P) share class of the sub-fund Global Bonds was renamed USD FCH effective March 31, 2016. The ICH (P) share class of the sub-fund Global Bonds was renamed IC effective March 31, 2016. The CHF FCH (P) share class of the sub-fund Global Bonds was renamed CHF FCH effective March 31, 2016. The CHF FDH (P) share class of the sub-fund Global Bonds was renamed CHF FDH effective March 31, 2016. The CHF LCH (P) share class of the sub-fund Global Bonds was renamed CHF LCH effective March 31, 2016. The CHF LDH (P) share class of the sub-fund Global Bonds was renamed CHF LDH effective March 31, 2016. The FDH (P) share class of the sub-fund Global Bonds was renamed FD effective March 31, 2016. The IDH (P) share class of the sub-fund Global Bonds was renamed ID effective March 31, 2016. The SEK FCH (P) share class of the sub-fund Global Bonds was renamed SEK FCH effective March 31, 2016. The SEK LCH (P) share class of the sub-fund Global Bonds was renamed SEK LCH effective March 31, 2016. The GBP RD share class of the sub-fund Global Infrastructure was renamed GBP D RD effective March 31, 2016. The GBP RD share class of the sub-fund Global Thematic was renamed GBP D RD effective March 31, 2016. 10

The GBP RD share class of the sub-fund Top Asia was renamed GBP D RD effective March 31, 2016. The GBP RD share class of the sub-fund Top Dividend was renamed GBP D RD effective March 31, 2016. The GBP RD share class of the sub-fund Top Euroland was renamed GBP D RD effective March 31, 2016. The GBP RDH share class of the sub-fund Top Euroland was renamed GBP DH RD effective March 31, 2016. Obligations for cross-border distribution The annual financial statements for this SICAV (Société d Investissement à Capital Variable) contain a report by the Réviseur d Entreprises agréé (independent auditor s opinion). This report refers exclusively to the German-language version of the financial statements as they were prepared for the purposes of complying with the regulatory obligations in the country of origin of the SICAV ( original version ). For cross-border distribution, one of the obligations of the SICAV is to also publish annual reports in at least one of the national languages of the relevant country of distribution or in another language authorized by the competent authorities in the relevant country of distribution; where applicable, extracts may be published on a sub-fund basis. The tax information contained in the annual reports for investors who are subject, without limitation, to taxation in the Federal Republic of Germany and specific information for investors in a different country of distribution have been omitted in the national or specific language versions. National or language versions must also be published for the semiannual reports to be produced for the first half of the fiscal year. In the event of any discrepancies in content between the German original version of the report and/or any translation thereof, the German-language version shall prevail. 11

Information for Hong Kong SAR investors As at the date of this report, the following sub-funds are authorized in Hong Kong and available to Hong Kong residents: n Chinese Equities Note No. 1 Transactions with Connected Persons As at the date of this report, the Company has the following agreements and arrangements with Deutsche Bank AG and its affiliates or subsidiaries. Fees related to the investment management of the funds, hereunder management fee and advisor fee have been paid to several members of Deutsche Bank AG group, who have acted as investment managers and investment advisors of the Company. Other members of Deutsche Bank AG group have also been paid transfer agent fees for rendering the service of coordinating the sale and purchase of the Company s shares. The above agreements and arrangements were entered into in the ordinary course of business and on normal commercial terms. The Investment Company shall pay to the Management Company a fee from the assets of the sub-fund based on the respective sub-fund s net asset value calculated on the valuation date, in each case relative to the percentage of the sub-fund s assets attributable to the respective individual share class. For all share classes of sub-funds launched before July 1, 2008, the fee of the Management Company does not exceed 2.1% p.a.; for share classes of sub-funds launched on July 1, 2008, or thereafter the fee of the Management Company may be up to 3.0% p.a. The current Management Company fee rates are disclosed in the product annex for the respective share classes in the special section of the sales prospectus. This fee shall in particular serve as compensation for the Management Company, the fund management and the distributors of the sub-fund. Security investments and currency transactions with Connected Persons of the SICAV were as follows: Chinese Equities Purchase & Sales with connected parties TOTAL Purchase & Sales % Base Commission with connected parties Fund Total Commision 1 375 177.13 333 439 122.67 0.41 1 446.73 460 550.58 0.31 % The figures disclosed in this note concern only the sub-fund authorized in Hong Kong as at December 31, 2016. Comparative figures for 2015: Chinese Equities Purchase & Sales with connected parties TOTAL Purchase & Sales % Base Commission with connected parties Fund Total Commision 31 545 241.12 653 251 855.84 4.83 33 133.08 1 068 892.54 3.10 % Note No. 2 Securities Lending Transaction Unless further restricted by the investment policies of a specific sub-fund as described in the special sections of the sales prospectus, the Company may enter into securities lending and borrowing transactions. The applicable restrictions can be found in CSSF Circular 08/356 as amended from time to time. Those transactions may be entered into for one or more of the following aims: (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or income with a level of risk which is consistent with the risk profile of the relevant sub-fund and the applicable risk diversification rules. Those transactions may be carried out for 100% of the assets held by the relevant sub-fund provided (i) that their volume is kept at an appropriate level or that the Company or relevant sub-fund manager is entitled to request the return of the securities lent in a manner that enables the sub-fund at all times to meet its redemption obligations and (ii) that these transactions do not jeopardise the management of the sub-fund s assets in accordance with its investment policy. Their risks shall be captured by the risk management process of the Company. 12

(xiii) The Company shall disclose the global valuation of the securities lent in the annual and semiannual reports. Securities lending may also be conducted synthetically ( synthetic securities lending ). In a synthetic securities loan, a security contained in a sub-fund is sold to a counterparty at the current market price. This sale is, however, subject to the condition that the sub-fund simultaneously receives from the counterparty a securitized unleveraged option giving the sub-fund the right to demand delivery at a later date of securities of the same kind, quality and quantity as the sold securities. The price of the option (the option price ) is equal to the current market price received from the sale of the securities less (a) the securities lending fee, (b) the income (e.g., dividends, interest payments, corporate actions) from the securities that can be demanded back upon exercise of the option and (c) the exercise price associated with the option. The option will be exercised at the exercise price during the term of the option. If the security underlying the synthetic securities loan is to be sold during the term of the option in order to implement the investment strategy, such a sale may also be executed by selling the option at the then prevailing market price less the exercise price. Securities lending transactions may also, as the case may be, be entered into with respect to individual sub-funds or share classes, taking into account the specific characteristics of such sub-fund or share class and/or its investors, with any right to income and collateral under such securities lending transactions arising at the level of such specific sub-fund or share class. The Management Company may receive up to one half of the income from the conclusion of securities lending transactions (including synthetic securities lending transactions) for the account of the respective sub-fund assets. No securities lending transactions are conducted for the Hong Kong authorized sub-fund during the period of this report. (2015: nil) Note No. 3 Soft Commission Arrangements Pursuant to the Code on Unit Trusts and Mutual Funds of the Securities and Futures Commission of Hong Kong, the following statement is made: The Management Company shall submit buy and sell orders for securities and financial instruments directly to brokers and traders for the account of the respective sub-fund. The Management Company concludes agreements with these brokers and traders under customary market conditions that comply with first-rate execution standards. When selecting the broker or trader, the Management Company takes into account all relevant factors, such as the credit rating of the broker or trader and the quality of the market information, the analyses, as well as the execution capacities provided. Moreover, the Management Company currently accepts and concludes agreements in which it can take advantage of and utilize valuable benefits offered by brokers and traders. The Management Company has the right to retain these services, which include services provided by brokers and traders directly (for more information, see article 12 in the sales prospectus, which deals with the reimbursement of the fees and expenses). These direct services include special advice regarding the advisability of trading an asset or its valuation, analyses and consultation services, economic and political analyses, portfolio analyses (including valuation and performance measurement), market analyses as well as indirect services, such as market and price information systems, information services, computer hardware and software or any other options for gathering information in the scope in which these are used to support the investment decision process, consultation or execution of research or analysis activities as well as custodial services regarding the sub-fund s assets. That means brokerage services may not be limited to general analysis, but may also include special services such as Reuters and Bloomberg. Agreements with brokers and traders may include the condition that traders and brokers are to transfer to third parties immediately or later a portion of the commissions paid for the purchase or sale of assets; these commissions shall be provided by the Management Company for the services previously specified. The Management Company shall comply with all valid regulatory and industry standards when taking advantage of these benefits (generally called soft dollars ). In particular, the Management Company shall not accept nor conclude any agreements on obtaining such benefits if these agreements do not support the Management Company in its investment decision process according to reasonably prudent discretion. The prerequisite is that the Management Company shall always ensure that the transactions are executed while taking into account the appropriate market at the appropriate time for transactions of the appropriate type and size at the best possible conditions and that no unnecessary business transactions are concluded to acquire the right to such benefits. The goods and services received within the scope of soft-dollar agreements shall exclude travel, accommodations, entertainment, general administrative goods and services, general office equipment and office space, membership fees, employee salaries and direct cash payments. 14

Annual report

Chinese Equities Investment objective and performance in the reporting period The partly weaker economic data from China contributed to a volatile performance for Chinese equities. This was particularly evident at the start of the 2016 fiscal year when a re-emergence of concerns about growth in connection with a devaluation of the Chinese yuan renminbi led to significant price declines on the stock exchanges. However, Chinese equities were able to recover again later in the reporting period against the backdrop of more stable economic data. Against this backdrop, the sub-fund Chinese Equities achieved an appreciation of 2.3% per share (LC share class; BVI method). Its benchmark, the MSCI China 10/40 (in euro), rose 4.4% (both percentages in euro terms). Investment policy in the reporting period In 2016, the underperformance of the sub-fund was primarily due to the underweighting of financials, mainly banks, because the management had concerns about their subdued earnings outlook and asset risk. However, banks actually outperformed due mainly to the southbound flow of funds through Stock Connect programs from mainland China seeking higher investment returns as the renminbi appreciated. The portfolio s underweight position in China Mobile in the first quarter of 2016 also hurt performance as the stock outperformed during the market correction. The sub-fund s key overweights included: Basic materials (from underweight to overweight): expectation that upstream producers of basic materials might gain more pricing power through the government s supply-side reform and the official policy of reducing capacity within industries experiencing severe oversupply Industrials (overweight): focus Chinese Equities Performance of share classes vs. benchmark (in euro) Share class ISIN 1 year 3 years 5 years Class LC LU0273157635 2.3% 17.9% 40.5% Class FC LU0273146190 3.1% 20.9% 46.6% Class NC LU0273145622 1.6% 16.0% 36.6% Class GBP D RD 1 LU0333022746 18.9% 20.6% 47.3% Class USD FC 2 LU0273176932-0.5% -8.2% 19.7% Class USD LC 2 LU0273164177-1.5% -10.4% 15.0% MSCI China 10/40 (in euro) 4.4% 32.7% 59.3% 1 in GBP 2 in USD BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2016 on infrastructure-related stocks (continued fiscal stimulus from the government seeking to boost the economy). The sub-fund s key underweights comprised: Financials: mainly underweighting of bank and insurance stocks due to weaker earnings outlook and concerns about asset quality IT (from overweight to underweight by the end of the fiscal year): the management expected cyclical stocks to outperform. 18

At company level, the sub-fund held overweight positions in the following holdings: As an infrastructure company, Metallurgical Corp. benefited from government spending on infrastructure projects to boost economic growth. AAC Technologies, a leading provider of acoustic components for handsets, benefited from a better product mix (from upgrade demand) and improved product diversification (development of non-acoustic products). Beijing Enterprises, a leading water treatment company with strong government backing, benefited from the government s favorable policy on environmental protection projects. DEUTSCHE INVEST I CHINESE EQUITIES Investment focus by sector Equities: 96.2% Information Technology Financials Telecommunication Services Consumer Discretionaries Industrials Energy Basic Materials Real Estate Health Care Consumer Staples Other sectors Cash and other assets 26.4 24.5 7.8 7.5 7.0 5.5 4.0 3.9 3.8 3.1 2.7 3.8 0 5 10 15 20 25 30 In % of the sub-fund s net assets As of: December 31, 2016 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages. The largest underweight positions were Tencent (due to 10% single-stock investment limit), Alibaba (only moderate earnings growth) and China Construction Bank (due to concerns about weak growth prospects and deteriorating asset quality). 19

The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Annual financial statements with investment portfolios and statements of income and expenses

Chinese Equities Investment portfolio December 31, 2016 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description shares/ principal additions disposals value in net currency amount in the reporting period assets Securities traded on an exchange 125 414 399.86 96.24 Equities AAC Technologies Holdings, Inc.... Count 228 000 239 500 166 000 HKD 70.45 1 963 581.34 1.51 Alibaba Health Information Technology Ltd... Count 768 000 HKD 3.9 366 149.87 0.28 Alibaba Pictures Group Ltd... Count 2 110 000 2 110 000 HKD 1.26 325 002.01 0.25 Bank of China Ltd -H-... Count 14 063 000 2 060 000 5 594 000 HKD 3.44 5 913 838.65 4.54 BBMG Corp.... Count 2 345 000 6 210 500 6 547 500 HKD 2.68 768 264.37 0.59 Beijing Enterprises Water Group Ltd... Count 5 494 000 8 070 000 4 828 000 HKD 5.16 3 465 543.93 2.66 Beijing Urban Construction Design & Development Group Co Ltd... Count 1 960 000 1 960 000 HKD 4.8 1 150 086.12 0.88 Brilliance China Automotive Holdings Ltd... Count 1 336 000 2 332 000 1 706 000 HKD 10.68 1 744 258.16 1.34 BYD Electronic International Co., Ltd... Count 950 000 1 251 000 301 000 HKD 6.1 708 412.95 0.54 China Communications Construction Co., Ltd -H-... Count 986 000 2 992 000 2 006 000 HKD 8.92 1 075 164.26 0.83 China Construction Bank Corp. -H-... Count 8 529 000 6 411 000 11 078 000 HKD 5.97 6 224 514.70 4.78 China Galaxy Securities Co Ltd... Count 2 568 000 2 448 500 1 696 000 HKD 6.99 2 194 346.70 1.68 China Life Insurance Co., Ltd... Count 766 000 1 055 000 800 000 HKD 20.2 1 891 529.81 1.45 China Mengniu Dairy Co., Ltd... Count 420 000 515 000 95 000 HKD 14.94 767 066.36 0.59 China Merchants Bank Co., Ltd -H-... Count 724 500 291 500 HKD 18.18 1 610 146.23 1.24 China Mobile Ltd... Count 943 500 836 500 644 000 HKD 82.2 9 480 839.04 7.28 China Petroleum & Chemical Corp.... Count 3 600 000 6 248 000 6 602 000 HKD 5.5 2 420 461.85 1.86 China Resources Cement Holdings Ltd... Count 5 670 000 10 120 000 4 450 000 HKD 3.01 2 086 328.09 1.60 China Resources Land Ltd... Count 907 111 522 000 790 000 HKD 17.44 1 933 926.51 1.48 China Unicom Hong Kong Ltd... Count 610 000 1 220 000 5 682 000 HKD 9.03 673 365.15 0.52 China Vast Industrial Urban Development Co., Ltd 144A... Count 6 338 000 3 960 000 HKD 3.13 2 425 099.85 1.86 Chu Kong Shipping Enterprises Group Co., Ltd... Count 5 402 000 4 020 000 HKD 2.06 1 360 363.13 1.04 CITIC Securities Co., Ltd... Count 833 000 833 000 HKD 15.76 1 604 849.33 1.23 CNOOC Ltd... Count 2 059 000 2 059 000 3 192 000 HKD 9.7 2 441 524.76 1.87 CPMC Holdings Ltd... Count 1 736 000 1 736 000 HKD 3.8 806 429.43 0.62 CSC Financial Co., Ltd... Count 722 500 722 500 HKD 6.81 601 475.60 0.46 CSPC Pharmaceutical Group Ltd... Count 1 304 000 1 682 000 1 260 000 HKD 8.28 1 319 899.85 1.01 Geely Automobile Holdings Ltd... Count 1 335 000 1 865 000 530 000 HKD 7.41 1 209 295.75 0.93 HSBC Holdings Plc... Count 108 000 108 000 HKD 62.25 821 856.82 0.63 Industrial & Commercial Bank of China Ltd -H-... Count 9 087 956 10 868 000 16 662 000 HKD 4.65 5 165 974.05 3.97 Jacobson Pharma Corp., Ltd... Count 6 280 000 6 280 000 HKD 1.71 1 312 770.49 1.01 JNBY Design Ltd... Count 1 379 500 1 379 500 HKD 7.36 1 241 173.72 0.95 Longfor Properties Co., Ltd... Count 635 500 840 500 312 000 HKD 9.84 764 440.53 0.59 Metallurgical Corp of China Ltd... Count 6 637 000 8 052 000 1 415 000 HKD 3.02 2 450 257.98 1.88 New China Life Insurance Co., Ltd... Count 269 900 401 900 638 000 HKD 35.6 1 174 589.01 0.90 Ourgame International Holdings Ltd... Count 1 345 000 617 000 HKD 3.18 522 856.43 0.40 Pacific Basin Shipping Ltd... Count 5 444 000 5 444 000 HKD 1.27 845 191.05 0.65 PetroChina Co., Ltd... Count 3 198 000 3 916 000 4 600 000 HKD 5.78 2 259 640.50 1.73 PICC Property & Casualty Co., Ltd... Count 850 000 HKD 12.08 1 255 217.29 0.96 Ping An Insurance Group Co. of China Ltd... Count 703 000 118 000 480 000 HKD 38.8 3 334 418.46 2.56 Semiconductor Manufacturing International Corp.... Count 1 060 800 1 060 800 HKD 12.18 1 579 478.98 1.21 Shanghai Industrial Holdings Ltd... Count 509 000 1 105 000 596 000 HKD 21 1 306 682.66 1.00 Shenzhou International Group Holdings Ltd... Count 246 000 324 000 78 000 HKD 49.05 1 475 051.46 1.13 Sinopharm Group Co. Ltd... Count 331 600 320 000 383 600 HKD 31.95 1 295 145.13 0.99 Sunny Optical Technology Group Co., Ltd... Count 382 000 382 000 HKD 33.95 1 585 390.29 1.22 Tencent Holdings Ltd... Count 543 490 45 400 310 600 HKD 189.7 12 603 522.47 9.67 Tibet Water Resources Ltd... Count 2 847 000 5 787 000 2 940 000 HKD 3.35 1 165 910.80 0.90 Tingyi Cayman Islands Holding Corp.... Count 1 860 000 1 860 000 HKD 9.43 2 144 162.46 1.65 Universal Medical Financial & Technical Advisory Services Co., Ltd... Count 900 500 1 662 000 761 500 HKD 6.41 705 626.36 0.54 West China Cement Ltd... Count 7 784 000 7 784 000 HKD 0.87 827 856.63 0.64 Zhuzhou CSR Times Electric Co., Ltd -H-... Count 133 500 133 500 231 500 HKD 39.35 642 183.37 0.49 Zijin Mining Group Co., Ltd... Count 2 154 000 8 252 000 6 098 000 HKD 2.5 658 292.28 0.51 Alibaba Group Holding... Count 96 606 121 543 67 695 USD 87.66 8 028 137.84 6.16 Baidu, Inc. -ADR-... Count 27 259 38 493 16 887 USD 166.8 4 310 376.63 3.31 Ctrip.com International Ltd -ADR-... Count 53 120 80 734 44 217 USD 40.43 2 035 968.53 1.56 Momo, Inc. -ADR-... Count 68 913 105 167 36 254 USD 18.02 1 177 240.51 0.90 NetEase, Inc. -ADR-... Count 10 257 18 563 8 306 USD 218.8 2 127 536.05 1.63 New Oriental Education & Technology Group, Inc. -ADR-... Count 43 819 60 308 16 717 USD 42.37 1 760 070.97 1.35 ZTO Express Cayman, Inc. -ADR-... Count 25 811 25 811 USD 12.49 305 616.31 0.23 Securities admitted to or included in organized markets 10.76 0.00 Equities Moulin Global Eyecare 1... Count 880 000 HKD 0 10.76 0.00 Total securities portfolio 125 414 410.62 96.24 Cash at bank 5 834 505.57 4.48 Demand deposits at Depositary deposits... 5 535 238.38 4.25 22

Chinese Equities Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description shares/ principal additions disposals value in net currency amount in the reporting period assets Deposits in other EU/EEA currencies British pound... GBP 1 551 1 820.45 0.00 Deposits in non-eu/eea currencies.. Hong Kong dollar... HKD 2 433 181 297 445.59 0.23 U.S. dollar.... USD 1 0.88 0.00 Australian dollar... AUD 1 0.27 0.00 Other assets 15 343.90 0.01 Receivables from exceeding the expense cap... 15 343.90 0.01 Receivables from share certificate transactions 36 610.59 0.03 Total assets 131 300 870.68 100.76.. Other liabilities -611 851.73-0.47 Liabilities from cost items... -261 772.81-0.20 Additional other liabilities... -350 078.92-0.27 Liabilities from share certificate transactions -382 900.95-0.29 Total liabilities -994 752.68-0.76 Net assets 130 306 118.00 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency Net asset value per share Class FC... 201.40 Class LC... 185.12 Class NC.... 173.58 Class GBP D RD (formerly: GBP RD).... GBP 124.77 Class USD FC.... USD 163.74 Class USD LC.... USD 152.02 Number of shares outstanding Class FC... Count 85 710 Class LC... Count 521 966 Class NC.... Count 47 830 Class GBP D RD (formerly: GBP RD).... Count 366 Class USD FC.... Count 6 600 Class USD LC.... Count 48 830 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI China 10/40 Index in Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure.... % 0.000 Highest market risk exposure... % 119.743 Average market risk exposure.... % 98.482 The values-at-risk were calculated for the period from January 1, 2016, through December 31, 2016, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the Guidelines on ETFs and other UCITS issues of the European Securities and Markets Authority (ESMA) totaled 0.00 as of the reporting date. Exchange rates (indirect quotes) As of: December 30, 2016.. Australian dollar... AUD 1.459495 = 1 British pound... GBP 0.852129 = 1 Hong Kong dollar... HKD 8.180257 = 1 U.S. dollar.... USD 1.054850 = 1 23

Chinese Equities Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets 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 investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. No initial sales charges or redemption fees were paid in the reporting period. Footnote 1 This company is experiencing financial difficulties, which has resulted in a corresponding decline in the value of the security. Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Description Count/ shares/ currency Purchases/ additions Sales/ disposals Description Count/ shares/ currency Purchases/ additions Sales/ disposals Securities traded on an exchange Equities 3SBio, Inc.... Count 576 000 576 000 58.com, Inc. -ADR-... Count 18 108 58 625 Air China Ltd -H-... Count 1 048 000 Aluminum Corp. of China Ltd... Count 8 110 000 Angang Steel Co., Ltd.... Count 1 286 000 1 286 000 Anhui Conch Cement Co., Ltd... Count 841 000 841 000 Bitauto Holdings Ltd -ADR-... Count 27 785 27 785 China Biologic Products, Inc.... Count 6 725 China CITIC Bank Corp., Ltd -H-... Count 4 068 000 China Everbright Ltd... Count 630 000 China Foods Ltd... Count 3 138 000 3 138 000 China International Capital Corp Ltd... Count 595 200 China Longyuan Power Group Corp.... Count 2 626 000 2 626 000 China Merchants Securities Co., Ltd... Count 791 400 791 400 China Overseas Land & Investment Ltd... Count 896 000 1 878 000 China Pacific Insurance Group Co., Ltd... Count 521 200 China Power International Development Ltd... Count 4 136 000 China Shenhua Energy Co., Ltd -H-... Count 858 000 858 000 China Shipping Development Co., Ltd... Count 2 248 000 4 418 000 China Taiping Insurance Holdings Co., Ltd... Count 1 301 800 China ZhengTong Automotive Service Holding Ltd... Count 2 428 000 Chinasoft International Ltd... Count 1 898 000 1 898 000 Country Garden Holdings Co., Ltd... Count 481 000 2 178 000 CRCC High Tech Equipment... Count 500 1 390 000 Dongfeng Motor Group Co., Ltd -H-... Count 598 000 598 000 Dynagreen Environmental Protection Group Co., Ltd... Count 3 078 000 Far East Horizon Ltd... Count 886 000 Greentown China Holdings Ltd... Count 1 743 000 Guangzhou Automobile Group Co., Ltd... Count 1 846 000 1 846 000 Guangzhou R&F Properties Co., Ltd -H-... Count 1 786 400 3 504 800 Harbin Bank Co., Ltd... Count 2 438 000 Hong Kong Exchanges and Clearing Ltd... Count 65 200 Huaneng Renewables Corp. Ltd... Count 9 202 000 15 076 000 Huarong International Financial Holdings Ltd... Count 1 613 000 1 613 000 IMAX China Holding Inc... Count 118 800 118 800 JD.com, Inc. -ADR-... Count 34 762 126 933 Maanshan Iron & Steel Co., Ltd... Count 8 026 000 14 752 000 Minth Group Ltd... Count 242 000 242 000 Nameson Holdings Ltd... Count 2 888 000 2 888 000 Nexteer Automotive Group Ltd... Count 1 368 000 2 919 000 Nine Dragons Paper Holdings Ltd... Count 851 000 2 944 000 Orient Securities Co., Ltd/China 144A... Count 193 200 193 200 Semiconductor Manufacturing International Corp.. Count 16 834 000 Semiconductor Manufacturing International Corp.. Count 1 060 800 1 060 800 Shanghai Jin Jiang International Hotels Group Co., Ltd... Count 2 342 000 Shenzhen International Holdings Ltd... Count 919 500 2 113 000 Sihuan Pharmaceutical Holdings Group Ltd... Count 7 340 000 SINA Corp./China... Count 33 473 33 473 Sino Biopharmaceutical Ltd... Count 3 223 000 3 223 000 Sino-Ocean Land Holdings Ltd... Count 3 827 500 Sinotruk Hong Kong Ltd... Count 1 737 500 1 737 500 SouFun Holdings Ltd -ADR-... Count 270 701 Texwinca Holdings Ltd... Count 142 000 884 000 Tongda Group Holdings Ltd... Count 3 430 000 3 430 000 Truly International Holdings... Count 1 882 000 1 882 000 Vipshop Holdings Ltd -ADR-... Count 57 219 57 219 Weibo Corp. -ADR-... Count 1 783 1 783 Xinyi Glass Holding Co., Ltd... Count 2 414 000 2 414 000 Yanzhou Coal Mining Co., Ltd... Count 2 704 000 2 704 000 Zoomlion Heavy Industry Science and Technology Co., Ltd... Count 6 972 400 6 972 400 Investment fund units Non-group fund units Harvest Funds (Hong Kong) ETF - Harvest CSI Smallcap 500 Index ETF HKD - (0.600%).. Units 500 000 500 000 24

Chinese Equities Statement of income and expenses (incl. income adjustment) Statement of changes in net assets 2016 for the period from January 1, 2016, through December 31, 2016 I. Income 1. Dividends (before withholding tax)... 2 551 056.92 2. Deduction for foreign withholding tax... -195 770.06 Total income.... 2 355 286.86 II. Expenses 1. Interest on borrowings and negative interest on deposits... -50 867.50 2. Management fee... -1 765 094.22 thereof: Basic management fee... -1 739 294.45 Income from expense cap... 13 697.79 Administration fee... -39 497.56 3. Depositary fee... -3 810.78 4. Auditing, legal and publication costs... -49 202.53 5. Taxe d abonnement... -60 756.21 6. Other expenses... -160 400.22 Total expenses... -2 090 131.46 III. Net investment income... 265 155.40 IV. Sale transactions Realized gains/losses... -5 443 163.75 Capital gains/losses.... -5 443 163.75 V. Net gain/loss for the fiscal year... -5 178 008.35 BVI total expense ratio (TER) The total expense ratio for the share classes was: Class FC 0.92% p.a., Class NC 2.44% p.a., Class USD FC 1.05% p.a., Class LC 1.74% p.a., Class GBP D RD (formerly: GBP RD) 1.72% p.a., Class USD LC 2.01% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a funds average net assets in relation to the respective share class for a given fiscal year. Transaction costs The transaction costs paid in the reporting period amounted to 758 395.04 The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. I. Value of the fund s net assets at the beginning of the fiscal year... 158 370 845.45 1. Distribution for the previous year... -1 819.43 2. Net outflows... -29 453 886.64 a) Inflows from subscriptions... 151 048 331.56 b) Outflows from redemptions... -180 502 218.20 3. Income adjustment... -1 481 553.23 4. Net investment income... 265 155.40 5. Realized gains/losses... -5 443 163.75 6. Net change in unrealized appreciation/depreciation... 8 050 540.20 II. Value of the fund s net assets at the end of the fiscal year... 130 306 118.00 Summary of gains/losses 2016 Realized gains/losses (incl. income adjustment)... -5 443 163.75 from: Securities transactions... -5 392 996.66 (Forward) currency transactions... -50 167.09 Details on the distribution policy * Class FC The income for the fiscal year is reinvested. Class LC The income for the fiscal year is reinvested. Class NC The income for the fiscal year is reinvested. Class GBP D RD (formerly: GBP RD) Type as of Currency Per share Final distribution March 10, 2017 GBP 0.73 Class USD FC The income for the fiscal year is reinvested. Class USD LC The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. 25

Chinese Equities Changes in net assets and in the net asset value per share over the last three years Net assets at the end of the fiscal year 2016... 130 306 118.00 2015... 158 370 845.45 2014... 240 909 245.03............ Net asset value per share at the end of the fiscal year 2016 Class FC... 201.40 Class LC... 185.12 Class NC... 173.58 Class GBP D RD (formerly: GBP RD)... GBP 124.77 Class USD FC... USD 163.74 Class USD LC... USD 152.02 2015 Class FC... 195.25 Class LC... 180.96 Class NC... 170.87 Class GBP RD... GBP 106.35 Class USD FC... USD 164.56 Class USD LC... USD 154.27 2014 Class FC... 192.43 Class LC... 179.72 Class NC... 170.90 Class GBP RD... GBP 112.29 Class USD FC... USD 181.04 Class USD LC... USD 170.49 Transactions processed for the account of the fund s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted for the account of the investment fund s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.41% of all transactions. The total volume was 1 375 177.13. 26

SICAV December 31, 2016 Annex: Placement fee China Bonds Convertibles Emerging Markets Corporates USD USD Expenses from prepaid placement fee - 120 253.65-184 684.38-67 411.88 thereof: Dilution-related adjustments due to share certificate transactions - 47 195.16-63 112.15-14 328.93 Amortization of the placement fee - 116 893.17-123 800.62-46 348.73 Adjustments based on fluctuation of the fund s net assets 32 408.77-9 702.32 8 431.76 Income adjustment 11 425.91 11 930.71-15 165.98 Annex: Placement fee Global Agribusiness Global Bonds Global Emerging Markets Equities USD Expenses from prepaid placement fee - 24 203.93-828 528.28-8 825.84 thereof: Dilution-related adjustments due to share certificate transactions - 15 687.90-335 905.72-913.71 Amortization of the placement fee - 10 456.30-632 009.55-3 963.81 Adjustments based on fluctuation of the fund s net assets 2 241.66 45 826.69-357.38 Income adjustment - 301.39 93 560.30-3 590.94 Annex: Placement fee Top Dividend Top Euroland Expenses from prepaid placement fee - 2 063 245.43-242 071.92 thereof: Dilution-related adjustments due to share certificate transactions - 551 014.21-100 892.78 Amortization of the placement fee - 1 146 515.12-143 878.71 Adjustments based on fluctuation of the fund s net assets - 23 759.71-22 038.82 Income adjustment - 341 956.39 24 738.39 28

Emerging Markets Top Dividend Euro Bonds (Short) Euro Corporate Bonds Euro High Yield Corporates German Equities - 35 043.80-750 473.32-317 595.60-193 553.30-38 298.94-8 575.10-393 433.11-85 430.71-39 081.16-18 523.98-25 024.86-278 012.34-171 787.84-97 317.32-18 225.31 3 435.58-23 481.35 3 851.78 7 393.95-1 740.50-4 879.42-55 546.52-64 228.83-64 548.77 190.85 Global Short Duration (formerly: Global Bonds (Short)) Multi Asset Defensive Multi Asset Income Multi Opportunities Short Duration Credit USD - 4 225.73-121 108.11-209 179.81-10 770 413.26-5 402.73-146.74-47 174.62-123 173.88-3 098 642.30-140.97-1 379.53-62 141.49-112 520.55-8 768 572.11-1 780.06-562.87-468.60 18 406.14 870 946.60-705.74-2 136.59-11 323.40 8 108.48 225 854.55-2 775.96 29

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 SICAV * ** Africa Asian Bonds USD Consolidated % of net assets Assets Total securities portfolio 23 649 112 786.96 96.68 69 862 369.84 48 159 297.15 Derivatives on individual securities 2 720 075.02 0.02 0.00 0.00 Equity index derivatives 8 286 781.92 0.03 0.00 0.00 Interest rate derivatives 8 013 050.60 0.03 0.00 0.00 Currency derivatives 8 065 749.77 0.03 199 849.80 0.00 Swaps 9 327 146.94 0.04 0.00 0.00 Cash at bank 754 820 815.08 3.09 4 422 329.62 7 035 254.23 Other assets 210 030 185.43 0.86 54 518.73 572 530.27 Receivables from share certificate transactions 38 522 148.43 0.16 25 867.77 0.00 Total assets *** 24 688 898 740.15 100.94 74 564 935.76 55 767 081.65 Liabilities Equity index derivatives - 24 326.54 0.00 0.00 0.00 Interest rate derivatives - 3 312 826.60-0.01 0.00 0.00 Currency derivatives - 84 193 514.67-0.35 0.00-235 199.37 Swaps - 2 273 009.84-0.01 0.00 0.00 Short-term liabilities - 4 440 549.43-0.02 0.00 0.00 Other liabilities - 93 348 552.31-0.38-176 931.25-729 766.43 Liabilities from share certificate transactions - 40 361 572.40-0.17-256 742.97 0.00 Total liabilities *** - 227 954 351.79-0.94-433 674.22-964 965.80 Net assets 24 460 944 388.36 100.00 74 131 261.54 54 802 115.85 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 30

Asian Equities Unconstrained Asian Small/Mid Cap Brazilian Equities China Bonds USD Chinese Equities 2 457 524.82 61 677 106.33 40 790 247.16 365 721 738.61 125 414 410.62 488 997.55 3 302 999.29 521 325.94 18 199 574.94 5 834 505.57 76 168.05 301 763.98 3 336 479.96 17 243 489.67 15 343.90 129.55 169 212.61 18 979.69 363 583.91 36 610.59 3 022 819.97 65 451 082.21 44 667 032.75 401 528 387.13 131 300 870.68 0.00 0.00 0.00-6 428 190.40 0.00-35 021.43-309 870.83-2 987 568.42-543 450.39-611 851.73-14 936.90-206 778.20-164 875.79-4 532 619.41-382 900.95-49 958.33-516 649.03-3 152 444.21-11 504 260.20-994 752.68 2 972 861.64 64 934 433.18 41 514 588.54 390 024 126.93 130 306 118.00 31

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 Convertibles Corporate Hybrid Bonds CROCI Flexible Allocation Assets Total securities portfolio 2 169 850 302.00 144 757 470.98 505 805.25 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 4 300 942.87 0.00 0.00 Currency derivatives 0.00 157 552.27 96.03 Swaps 0.00 0.00 0.00 Cash at bank 134 804 024.52 1 127 088.45 3 753 839.88 Other assets 8 678 276.45 3 036 190.99 141 002.83 Receivables from share certificate transactions 765 789.88 0.00 0.00 Total assets *** 2 318 399 335.72 149 078 302.69 4 400 743.99 Liabilities Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00-218 876.28 0.00 Currency derivatives - 44 141 569.40 0.00 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00-398 572.23 Other liabilities - 21 664 979.54-111 277.07-59 845.56 Liabilities from share certificate transactions - 10 294 885.84-7 029.07 0.00 Total liabilities *** - 76 101 434.78-337 182.42-458 417.79 Net assets 2 242 297 900.94 148 741 120.27 3 942 326.20 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 32

CROCI Sectors Emerging Markets Corporates USD Emerging Markets IG Sovereign Debt USD Emerging Markets Sovereign Debt USD Emerging Markets Top Dividend 14 628 517.19 317 832 089.99 206 878 544.09 54 428 633.05 183 583 216.27 4 629.53 12 625 627.80 15 171 151.22 4 008 017.77 10 015 850.81 85 449.06 6 110 248.79 2 924 534.43 982 319.20 350 228.98 0.00 703 585.29 0.00 0.00 31 380.45 14 718 595.78 337 271 551.87 224 974 229.74 59 418 970.02 193 980 676.51 0.00-1 016 720.54-2 128 991.40-551 640.21 0.00 0.00-2 359 511.88 0.00 0.00 0.00-36 101.37-7 261 624.88-3 710 777.73-92 034.28-458 980.59-27 047.78-225 721.98 0.00-66 038.96-2 698 486.09-63 149.15-10 863 579.28-5 839 769.13-709 713.45-3 157 466.68 14 655 446.63 326 407 972.59 219 134 460.61 58 709 256.57 190 823 209.83 33

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 Euro Bonds (Premium) Euro Bonds (Short) Euro Corporate Bonds Assets Total securities portfolio 86 484 118.19 2 002 377 349.47 1 626 687 055.73 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 1 611 185.08 Currency derivatives 0.00 359.30 0.00 Swaps 0.00 0.00 24 855.94 Cash at bank 5 017 992.07 2 844 886.86 69 169 847.17 Other assets 1 087 474.92 24 117 024.85 15 854 019.90 Receivables from share certificate transactions 3 164.49 1 735 363.18 3 434 788.94 Total assets *** 92 592 749.67 2 031 074 983.66 1 716 781 752.76 Liabilities Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives - 114 750.00-321 111.10 0.00 Currency derivatives 0.00 0.00-942 107.86 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 131 263.31-951 589.97-1 232 115.03 Liabilities from share certificate transactions - 181 785.04-1 452 371.71-1 024 983.71 Total liabilities *** - 427 798.35-2 725 072.78-3 199 206.60 Net assets 92 164 951.32 2 028 349 910.88 1 713 582 546.16 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 34

Euro High Yield Corporates Euro-Gov Bonds European Small Cap Financial Hybrid Bonds German Equities 1 217 788 006.21 1 526 944 725.80 67 112 620.99 14 732 456.85 551 275 743.49 67 50 0.00 0.00 0.00 0.00 907 500.00 0.00 0.00 0.00 8 425.75 0.00 696 914.05 0.00 0.00 0.00 1 397 858.29 68 838 011.61 4 422 133.53 206 477.97 277 406.53 17 145 950.26 24 820 654.42 21 267 790.68 120 164.74 279 295.70 1 709 516.72 784 943.29 715 499.31 8 857.62 0.00 377 275.21 1 312 996 029.58 1 553 350 149.32 67 448 121.32 15 297 584.83 572 813 843.97 0.00-910 103.60 0.00 0.00 0.00 0.00 0.00 0.00-373 901.44 0.00-1 763 237.05 0.00 0.00 0.00 0.00-1 743 367.25-880 240.98-124 559.95-36 205.42-805 936.52-711 792.94-294 574.90-91 609.17 0.00-976 266.62-4 218 397.24-2 084 919.48-216 169.12-410 106.86-1 782 203.14 1 308 777 632.34 1 551 265 229.84 67 231 952.20 14 887 477.97 571 031 640.83 35

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 Global Agribusiness USD Global Bonds Global Bonds Dynamic Plus Assets Total securities portfolio 425 399 199.40 847 014 481.21 17 661 730.80 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 2 072 870.30 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 7 259 057.89 310 492.20 Cash at bank 13 040 854.04 11 501 675.25 2 367 479.95 Other assets 1 144 554.09 9 056 960.17 303 150.65 Receivables from share certificate transactions 72 233.55 14 702 891.67 0.00 Total assets *** 439 656 841.08 891 607 936.49 20 642 853.60 Liabilities Equity index derivatives 0.00 0.00-265.44 Interest rate derivatives 0.00 0.00-5 632.95 Currency derivatives 0.00-8 922 692.53-116 398.66 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00 0.00 Other liabilities - 852 172.66-1 379 467.36-285 702.42 Liabilities from share certificate transactions - 1 300 615.49-397 955.46 0.00 Total liabilities *** - 2 152 788.15-10 700 115.35-407 999.47 Net assets 437 504 052.93 880 907 821.14 20 234 854.13 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 36

Global Bonds High Conviction Global Commodities Blend Global Corporate Bonds Global Emerging Markets Equities Global High Yield Corporates USD 29 525 611.71 13 792 444.65 76 493 158.11 569 945 882.58 12 508 346.82 0.00 0.00 3 537.25 0.00 0.00 37 106.41 0.00 471 524.67 3 918.68 0.00 0.00 30 456.16 0.00 0.00 0.00 3 117 765.41 2 701 138.49 501 445.13 49 676 578.43 2 074 706.20 394 822.66 146 505.01 1 204 645.62 793 065.60 220 317.75 0.00 25.30 0.00 88 806.63 0.00 33 075 306.19 16 670 569.61 78 674 310.78 620 508 251.92 14 803 370.77-81 470.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-25 201.15 0.00 0.00-26 318.29 0.00 0.00-52 990.47-71 571.03-537 087.80-1 019 999.26-717 821.01 0.00-211 093.32 0.00-1 063 663.62 0.00-134 460.97-282 664.35-563 406.09-2 083 662.88-743 022.16 32 940 845.22 16 387 905.26 78 110 904.69 618 424 589.04 14 060 348.61 37

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 Global Infrastructure Global Real Estate Securities USD Global Short Duration (formerly: Global Bonds (Short)) USD Assets Total securities portfolio 879 379 030.26 177 232 998.25 59 437 797.88 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 389 202.13 0.00 1 475 732.77 Swaps 0.00 0.00 0.00 Cash at bank 46 484 423.14 1 365 440.65 658 155.22 Other assets 14 811 161.29 1 583 901.11 593 101.65 Receivables from share certificate transactions 1 756 213.38 73 029.74 499 005.47 Total assets *** 942 820 030.20 180 255 369.75 62 663 792.99 Liabilities Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00-55 981.19 Currency derivatives 0.00-1 693.25 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00-854 931.40 Other liabilities - 20 712 824.49-900 861.97-85 892.12 Liabilities from share certificate transactions - 1 152 469.13-29 542.31-12 809.54 Total liabilities *** - 21 865 293.62-932 097.53-1 009 614.25 Net assets 920 954 736.58 179 323 272.22 61 654 178.74 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 38

Global Thematic USD Gold and Precious Metals Equities USD Latin American Equities Liquidity Fund LowVol World (formerly: Quant Equity Low Volatility World) 39 867 440.60 131 675 897.72 28 849 584.93 56 841 016.88 116 929 509.26 0.00 95 040.00 0.00 0.00 0.00 13 693.25 0.00 0.00 180 343.07 0.00 889 656.23 6 113 417.78 965 331.80 2 458 187.91 2 665 002.88 177 702.72 14 728.59 1 310 840.35 134 723.86 453 173.27 0.00 1 945 757.75 259 314.14 49 582.19 7 449.95 40 948 492.80 139 844 841.84 31 385 071.22 59 663 853.91 120 055 135.36 0.00 0.00 0.00 0.00-4 166.87 0.00 0.00 0.00 0.00-49.95-177 365.56-2 726 692.91-1 418 697.99-40 153.14-144 353.20 0.00-114 230.04-99 339.28-100 765.78-267 344.42-177 365.56-2 840 922.95-1 518 037.27-140 918.92-415 914.44 40 771 127.24 137 003 918.89 29 867 033.95 59 522 934.99 119 639 220.92 39

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 Multi Asset Balance Multi Asset Defensive Multi Asset Dynamic Assets Total securities portfolio 23 638 314.78 26 031 246.54 68 410 869.08 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 440 507.54 241 769.01 1 682 462.67 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00 0.00 Cash at bank 3 531 961.09 3 852 142.80 2 817 431.29 Other assets 195 735.69 409 414.74 109 644.28 Receivables from share certificate transactions 0.00 12 362.60 597.48 Total assets *** 27 806 519.10 30 546 935.69 73 021 004.80 Liabilities Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives - 20 204.29-28 401.57-49 106.46 Currency derivatives - 186 781.94-340 800.01-228 731.51 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00-53 936.10 Other liabilities - 46 039.79-57 479.86-111 519.22 Liabilities from share certificate transactions - 30 166.39 0.00-14 764.34 Total liabilities *** - 283 192.41-426 681.44-458 057.63 Net assets 27 523 326.69 30 120 254.25 72 562 947.17 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 40

Multi Asset Income Multi Credit USD Multi Opportunities New Resources Nomura Japan Growth JPY 83 212 164.58 24 179 752.83 2 619 792 201.06 63 014 306.52 10 378 833 720.00 75 361.42 0.00 2 673 569.25 0.00 0.00 0.00 524.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 56 530 209.00 828 523.73 0.00 0.00 0.00 0.00 6 736 306.55 340 165.74 80 467 557.97 759 122.72 228 678 213.00 1 011 723.12 573 694.87 18 585 376.74 157 139.77 52 381 326.00 102.52 26 020.16 1 244 439.67 271.57 0.00 91 864 181.92 25 120 158.06 2 722 763 144.69 63 930 840.58 10 716 423 468.00 0.00 0.00 0.00-19 894.23 0.00-36 206.80 0.00-1 473 892.77 0.00 0.00-797 419.42-250 683.94-18 043 844.14 0.00 0.00 0.00-10 410.70 0.00 0.00 0.00 0.00 0.00-577 684.04 0.00-1.00-312 723.86-295 701.36-2 800 210.61-1 086 099.72-40 829 746.00-192 775.20 0.00-4 716 677.29-22 984.89-107 272 117.00-1 339 125.28-556 796.00-27 612 308.85-1 128 978.84-148 101 864.00 90 525 056.64 24 563 362.06 2 695 150 835.84 62 801 861.74 10 568 321 604.00 41

SICAV December 31, 2016 Statement of net assets as of December 31, 2016 Real Assets Income Senior Secured High Yield Corporates Short Duration Credit Assets Total securities portfolio 4 930 455.66 66 984 737.47 370 894 314.92 Derivatives on individual securities 0.00 0.00 0.00 Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 15 592.16 Currency derivatives 200.93 176 706.63 1 029 664.82 Swaps 0.00 0.00 873 761.02 Cash at bank 77 839.61 1 462 366.44 15 685 380.45 Other assets 135 950.99 1 184 970.81 6 857 218.22 Receivables from share certificate transactions 0.00 0.00 3 285 042.62 Total assets *** 5 144 447.19 69 808 781.35 398 640 974.21 Liabilities Equity index derivatives 0.00 0.00 0.00 Interest rate derivatives 0.00 0.00 0.00 Currency derivatives 0.00 0.00 0.00 Swaps 0.00 0.00 0.00 Short-term liabilities 0.00 0.00-821 042.42 Other liabilities - 76 788.74-59 402.15-1 259 999.25 Liabilities from share certificate transactions 0.00 0.00-46 807.85 Total liabilities *** - 76 788.74-59 402.15-2 127 849.52 Net assets 5 067 658.45 69 749 379.20 396 513 124.69 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives or futures contracts, the amount shown under Total assets takes into account the positive net surplus of the netted single positions within the same product category, while negative overhangs are subsumed under Total liabilities. 42

Top Asia Top Dividend Top Euroland Top Europe USD Corporate Bonds USD 230 329 403.17 4 645 216 213.10 891 987 111.52 121 439 352.15 41 306 531.83 2 562 476.90 0.00 0.00 0.00 0.00 0.00 0.00 2 168 946.00 96 666.03 0.00 0.00 1 158 816.78 294 615.87 0.00 0.00 16 889 797.26 65 490 093.84 22 418 243.02 557 818.09 313 765.92 672 360.31 12 929 523.27 2 170 923.56 187 101.48 619 709.95 79 278.10 5 288 136.68 144 362.45 3 712.57 0.00 250 533 315.74 4 730 082 783.67 919 184 202.42 122 284 650.32 42 240 007.70 0.00 0.00 0.00-2 587.97-12 109.73 0.00 0.00 0.00-15 600.84 0.00-3 571 165.62-6 905 617.11-1 164 512.93-235 943.30-164 182.30-186 610.45-4 091 309.30-2 081 185.49-72 564.17 0.00-3 757 776.07-10 996 926.41-3 245 698.42-326 696.28-176 292.03 246 775 539.67 4 719 085 857.26 915 938 504.00 121 957 954.04 42 063 715.67 43

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) SICAV * ** *** Consolidated Africa Asian Bonds USD Income Dividends (before withholding tax) 289 874 414.83 1 658 162.81 0.00 Interest from securities (before withholding tax) 273 043 894.83 2 191.65 3 701 692.32 Interest from investments of liquid assets (before withholding tax) 459 133.72 27 115.98 5 519.74 Income from investment fund units 9 456 066.34 0.00 0.00 Income from securities lending 11 700 438.40 0.00 0.00 Deduction for foreign withholding tax - 45 022 822.66-165 480.06 0.00 Other income 59 451.12 0.00 0.00 Total income 539 570 576.58 1 521 990.38 3 707 212.06 Expenses Interest on borrowings and negative interest on deposits - 2 522 563.66-23 333.57-181.42 Management fee - 213 918 121.53-1 200 139.18-280 317.86 Depositary fee - 947 169.36-41 437.90-769.73 Auditing, legal and publication costs - 4 508 223.51-35 567.04-39 545.98 Taxe d abonnement - 10 080 728.08-36 985.76-29 545.61 Other expenses - 32 383 034.68-134 409.26-43 516.54 Total expenses - 264 359 840.82-1 471 872.71-393 877.14 Net investment income/expense 275 210 735.76 50 117.67 3 313 334.92 Sale transactions Realized gains/losses 142 432 925.53-9 743 417.49 4 508 342.42 Capital gains/losses 142 432 925.53-9 743 417.49 4 508 342.42 Net gain/loss for the fiscal year 417 643 661.29-9 693 299.82 7 821 677.34 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 44

Asian Equities Unconstrained Asian Small/Mid Cap Brazilian Equities China Bonds USD Chinese Equities 57 858.99 1 606 973.12 1 277 673.15 0.00 2 551 056.92 0.00 0.00 0.00 20 350 862.56 0.00 147.81 838.74 92.63 15 125.80 0.00 0.00 33 137.03 0.00 0.00 0.00-6 749.05-145 396.76-129 425.51-9 558.98-195 770.06 51 257.75 1 495 552.13 1 148 340.27 20 356 429.38 2 355 286.86-184.06-3 783.77-4 479.43-532.53-50 867.50-3 560.52-808 223.96-655 628.66-4 151 346.88-1 765 094.22-331.50-11 717.46-5 093.43-14 325.78-3 810.78-8 620.10-46 844.21-17 142.34-78 744.36-49 202.53-1 363.73-30 658.89-18 928.96-183 462.19-60 756.21-14 891.74-167 716.01-50 648.98-499 830.50-160 400.22-28 951.65-1 068 944.30-751 921.80-4 928 242.24-2 090 131.46 22 306.10 426 607.83 396 418.47 15 428 187.14 265 155.40 563 339.94-1 578 418.56-686 320.38-41 073 436.14-5 443 163.75 563 339.94-1 578 418.56-686 320.38-41 073 436.14-5 443 163.75 585 646.04-1 151 810.73-289 901.91-25 645 249.00-5 178 008.35 45

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) Convertibles Corporate Hybrid Bonds CROCI Flexible Allocation Income Dividends (before withholding tax) 0.00 0.00 3 944.57 Interest from securities (before withholding tax) 15 016 546.85 6 070 144.53 0.00 Interest from investments of liquid assets (before withholding tax) 36 108.30 880.52 165.66 Income from investment fund units 0.00 0.00 0.00 Income from securities lending 2 788 415.11 0.00 0.00 Deduction for foreign withholding tax - 10 528.18 0.00-974.25 Other income 0.00 0.00 0.00 Total income 17 830 542.08 6 071 025.05 3 135.98 Expenses Interest on borrowings and negative interest on deposits - 393 235.19-15 069.14-13 788.05 Management fee - 15 699 420.10-416 583.74 88 230.39 Depositary fee - 72 903.11-3 213.33 0.00 Auditing, legal and publication costs - 177 799.89-78 996.19-61 524.50 Taxe d abonnement - 922 319.94-63 601.11-2 013.65 Other expenses - 1 834 261.32-127 202.01-57 626.70 Total expenses - 19 099 939.55-704 665.52-46 722.51 Net investment income/expense - 1 269 397.47 5 366 359.53-43 586.53 Sale transactions Realized gains/losses 97 266 010.66-1 826 233.30 1 621.68 Capital gains/losses 97 266 010.66-1 826 233.30 1 621.68 Net gain/loss for the fiscal year 95 996 613.19 3 540 126.23-41 964.85 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 46

CROCI Sectors Emerging Markets Corporates USD Emerging Markets IG Sovereign Debt USD Emerging Markets Satellites **** Emerging Markets Sovereign Debt USD 317 520.73 0.00 0.00 32 974.16 0.00 0.00 20 760 422.45 8 665 539.72 0.00 3 676 400.80 0.00 7 245.62 5 218.74 0.00 4 257.49 0.00 377 257.41 174 516.54 85.60 25 458.25-58 869.23-3 392.33 0.00-3 645.88 3 173.34 258 651.50 21 141 533.15 8 845 275.00 29 413.88 3 709 289.88-561.33-2 142.06-516.06-1 175.19-455.31 2 563.61-2 537 739.71-990 042.32 27 992.23-530 097.49-120.58-9 353.30-4 796.87 712.33-1 385.75-35 153.80-120 138.31-44 399.13-27 025.15-40 577.97-6 920.73-148 419.08-22 490.68-355.09-23 460.64-41 395.49-480 179.42-155 121.36-31 671.11-81 784.03-81 588.32-3 297 971.88-1 217 366.42-31 521.98-677 761.19 177 063.18 17 843 561.27 7 627 908.58-2 108.10 3 031 528.69 1 133 663.89-3 543 558.28-11 139 101.03-522 468.24-2 594 512.86 1 133 663.89-3 543 558.28-11 139 101.03-522 468.24-2 594 512.86 1 310 727.07 14 300 002.99-3 511 192.45-524 576.34 437 015.83 47

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) Emerging Markets Top Dividend Euro Bonds (Premium) Euro Bonds (Short) Income Dividends (before withholding tax) 5 859 900.23 0.00 0.00 Interest from securities (before withholding tax) 0.00 1 579 786.63 19 587 992.06 Interest from investments of liquid assets (before withholding tax) 20 597.36 994.69 0.00 Income from investment fund units 0.00 0.00 0.00 Income from securities lending 5 118.70 62 749.96 322 760.34 Deduction for foreign withholding tax - 674 190.71 0.00-19 446.48 Other income 0.00 0.00 0.00 Total income 5 211 425.58 1 643 531.28 19 891 305.92 Expenses Interest on borrowings and negative interest on deposits - 57 436.40-12 697.82-57 854.92 Management fee - 1 840 341.67-713 721.01-6 947 535.37 Depositary fee - 26 547.00-3 907.85-73 815.88 Auditing, legal and publication costs - 54 218.86-24 168.32-174 336.50 Taxe d abonnement - 88 781.07-41 408.10-883 901.18 Other expenses - 184 730.78-94 554.74-1 287 833.31 Total expenses - 2 252 055.78-890 457.84-9 425 277.16 Net investment income/expense 2 959 369.80 753 073.44 10 466 028.76 Sale transactions Realized gains/losses - 4 296 723.08 6 272 808.38 9 784 839.52 Capital gains/losses - 4 296 723.08 6 272 808.38 9 784 839.52 Net gain/loss for the fiscal year - 1 337 353.28 7 025 881.82 20 250 868.28 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 48

Euro Corporate Bonds Euro High Yield Corporates Euro-Gov Bonds European Small Cap Financial Hybrid Bonds 0.00 0.00 0.00 1 274 941.88 0.00 34 659 965.39 57 249 071.14 19 946 302.03 49 683.68 777 202.59 16 247.90 5 804.75 0.00 43.57 520.06 386 201.81 0.00 0.00 0.00 0.00 652 190.93 1 600 306.93 997 822.11 46 645.80 0.00 80 167.25 0.00 0.00 215 627.17-23 749.45 35 794 773.28 58 855 182.82 20 944 124.14 1 586 942.10 753 973.20-219 327.24-301 472.82-39 493.68-11 739.09-1 745.75-10 581 835.11-8 311 532.00-6 385 594.05-843 135.52-55 216.48-61 114.68-43 529.26-79 345.39-2 543.27-411.71-185 516.00-148 174.82-147 490.31-31 098.12-22 271.90-627 731.86-491 391.63-622 197.09-29 124.47-7 210.00-932 721.85-1 298 879.06-580 492.04-152 129.34-21 280.74-12 608 246.74-10 594 979.59-7 854 612.56-1 069 769.81-108 136.58 23 186 526.54 48 260 203.23 13 089 511.58 517 172.29 645 836.62 34 447 011.32 4 474 132.33 43 394 151.57 564 425.74-364 065.57 34 447 011.32 4 474 132.33 43 394 151.57 564 425.74-364 065.57 57 633 537.86 52 734 335.56 56 483 663.15 1 081 598.03 281 771.05 49

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) German Equities Global Agribusiness USD Global Bonds Income Dividends (before withholding tax) 13 593 953.27 10 702 972.86 0.00 Interest from securities (before withholding tax) 0.00 180 109.09 17 151 838.06 Interest from investments of liquid assets (before withholding tax) 110.95 8 394.66 143 115.92 Income from investment fund units 36 050.60 0.00 0.00 Income from securities lending 155 352.30 0.00 231 786.28 Deduction for foreign withholding tax - 1 782 331.42 84 048.55-9 006.73 Other income 0.00 0.00 0.00 Total income 12 003 135.70 10 975 525.16 17 517 733.53 Expenses Interest on borrowings and negative interest on deposits - 53 154.94-3 983.13-220 986.61 Management fee - 6 587 441.65-5 494 311.51-4 545 917.14 Depositary fee - 19 323.13-14 559.25-28 484.69 Auditing, legal and publication costs - 91 955.00-82 269.56-177 513.89 Taxe d abonnement - 244 443.03-213 360.97-304 504.77 Other expenses - 354 776.47-438 125.29-1 201 598.22 Total expenses - 7 351 094.22-6 246 609.71-6 479 005.32 Net investment income/expense 4 652 041.48 4 728 915.45 11 038 728.21 Sale transactions Realized gains/losses - 517 508.04-186 216 243.58-5 499 498.51 Capital gains/losses - 517 508.04-186 216 243.58-5 499 498.51 Net gain/loss for the fiscal year 4 134 533.44-181 487 328.13 5 539 229.70 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 50

Global Bonds Dynamic Plus Global Bonds High Conviction Global Commodities Blend Global Corporate Bonds Global Emerging Markets Equities 1 804.01 0.00 204 900.03 0.00 13 172 684.63 430 341.24 176 225.55-4 258.64 2 313 172.75 0.00 913.27 76.91 12 395.92 1 204.88 19 640.18 0.00 0.00 0.00 6 096.23 44 054.95-329.98 0.00-38 249.84-5 146.46-1 795 705.43 432 728.54 176 302.46 174 787.47 2 315 327.40 11 440 674.33-4 559.42-8 998.53-3 654.63-9 636.88-57 579.42-19 131.89-28 681.87-133 731.23-273 651.80-8 319 002.14-579.53-517.46 0.00-1 342.49-96 383.51-37 196.12-11 989.16-51 794.21-44 585.65-73 134.09-10 093.74-9 001.16-7 455.96-8 231.87-277 456.07-68 036.35-46 058.56-68 673.28-41 178.16-338 761.48-139 597.05-105 246.74-265 309.31-378 626.85-9 162 316.71 293 131.49 71 055.72-90 521.84 1 936 700.55 2 278 357.62-97 775.08 446 501.78-418 079.15-1 416 516.20-3 468 341.04-97 775.08 446 501.78-418 079.15-1 416 516.20-3 468 341.04 195 356.41 517 557.50-508 600.99 520 184.35-1 189 983.42 51

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) Global High Yield Corporates USD Global Infrastructure Global Real Estate Securities USD Income Dividends (before withholding tax) 0.00 27 032 021.35 7 600 051.74 Interest from securities (before withholding tax) 18 179.69 17 763.48 28 066.15 Interest from investments of liquid assets (before withholding tax) 0.00 38 276.16 2 986.46 Income from investment fund units 0.00 0.00 0.00 Income from securities lending 0.00 0.00 0.00 Deduction for foreign withholding tax 0.00-5 225 424.09-1 539 212.70 Other income 0.00 0.00 0.00 Total income 18 179.69 21 862 636.90 6 091 891.65 Expenses Interest on borrowings and negative interest on deposits 0.00-15 943.38-443.31 Management fee 34 409.33-10 357 362.64-1 724 927.72 Depositary fee - 23.58-14 587.89-3 576.52 Auditing, legal and publication costs - 17 646.36-199 829.70-65 549.82 Taxe d abonnement - 2 490.38-436 309.02-90 543.40 Other expenses - 18 494.87-510 686.70-202 274.32 Total expenses - 4 245.86-11 534 719.33-2 087 315.09 Net investment income/expense 13 933.83 10 327 917.57 4 004 576.56 Sale transactions Realized gains/losses - 7 638.32 20 285 973.66 4 604 319.65 Capital gains/losses - 7 638.32 20 285 973.66 4 604 319.65 Net gain/loss for the fiscal year 6 295.51 30 613 891.23 8 608 896.21 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 52

Global Short Duration (formerly: Deutsche Invest I Global Bonds (Short)) USD Global Thematic USD Gold and Precious Metals Equities USD Latin American Equities Liquidity Fund 0.00 836 547.46 1 017 496.70 711 370.38 0.00 1 410 597.88 17 602.02 0.00 4 326.99-45 083.51 0.00 924.42 5 444.55 824.06 0.00 0.00 0.00 3 909.25 0.00 0.00 2 243.62 0.00 0.00 0.00 1 646.00 29.98-47 293.63-171 191.79-88 621.07 0.00 1 412 871.48 807 780.27 855 658.71 627 900.36-43 437.51-1 646.23-339.92-410.30-2 084.39-15 956.75-185 189.38-251 322.65-2 157 442.95-454 501.64 61 467.52-1 544.81-1 082.31-3 337.58-4 886.75-2 191.03-77 825.84-48 183.23-36 441.18-24 541.66-27 120.14-31 979.30-18 785.90-75 039.28-14 217.47-5 857.61-112 447.70-107 441.38-344 461.06-70 724.14-71 206.43-410 633.26-427 155.39-2 617 132.35-570 956.05-60 864.44 1 002 238.22 380 624.88-1 761 473.64 56 944.31-104 301.95-2 489 536.86-3 282 326.93 6 479 104.81-783 751.01 699 090.53-2 489 536.86-3 282 326.93 6 479 104.81-783 751.01 699 090.53-1 487 298.64-2 901 702.05 4 717 631.17-726 806.70 594 788.58 53

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) LowVol World (formerly: Quant Equity Low Volatility World) Multi Asset Balance Multi Asset Defensive Income Dividends (before withholding tax) 3 182 385.51 376 184.72 173 659.53 Interest from securities (before withholding tax) 63 493.38 115 778.71 148 227.49 Interest from investments of liquid assets (before withholding tax) 0.00 828.00 410.55 Income from investment fund units 0.00 44 785.59 118 897.34 Income from securities lending 0.00-4 268.77 656.71 Deduction for foreign withholding tax - 224 208.04-63 600.24-29 367.04 Other income 0.00 0.00 0.00 Total income 3 021 670.85 469 708.01 412 484.58 Expenses Interest on borrowings and negative interest on deposits - 18 142.57-4 454.55-6 343.29 Management fee - 724 521.68-145 736.43-252 539.73 Depositary fee 0.00-600.75-779.13 Auditing, legal and publication costs - 514 342.26-22 153.36-37 951.80 Taxe d abonnement - 130 877.16-12 378.39-13 857.80 Other expenses - 377 623.01-30 190.85-180 322.65 Total expenses - 1 765 506.68-215 514.33-491 794.40 Net investment income/expense 1 256 164.17 254 193.68-79 309.82 Sale transactions Realized gains/losses 20 264 601.74 263 292.44-465 201.87 Capital gains/losses 20 264 601.74 263 292.44-465 201.87 Net gain/loss for the fiscal year 21 520 765.91 517 486.12-544 511.69 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 54

Multi Asset Dynamic Multi Asset Income Multi Asset Total Return **** Multi Credit USD Multi Opportunities 1 469 213.09 1 530 905.03 193 325.41 0.00 16 692 757.93 87 957.62 1 291 680.50 18 942.42 766 949.45 23 320 194.16 637.38 17 636.83 0.00 233.52 3 400.25 141 335.28 0.00 9 344.88 0.00 8 715 744.86 0.00 0.00 0.00 0.00 577 753.73-253 697.29-241 894.77-23 144.83-954.78-2 815 886.98 59 451.12 0.00 0.00 0.00 0.00 1 504 897.20 2 598 327.59 198 467.88 766 228.19 46 493 963.95-7 456.34-53 516.10-3 823.27-2 289.02-314 687.99-989 354.10-578 287.80-63 981.69-105 151.62-23 549 084.33-1 581.48-1 837.77-224.77-549.00-68 201.41-17 567.24-62 593.25-39 238.36-38 379.98-297 565.95-30 177.03-43 133.77-4 303.87-12 436.41-635 373.00-40 006.95-278 669.98-48 356.33-45 466.62-11 864 692.69-1 086 143.14-1 018 038.67-159 928.29-204 272.65-36 729 605.37 418 754.06 1 580 288.92 38 539.59 561 955.54 9 764 358.58-110 028.81-18 433.73-659 137.65 327 304.67 57 434 624.48-110 028.81-18 433.73-659 137.65 327 304.67 57 434 624.48 308 725.25 1 561 855.19-620 598.06 889 260.21 67 198 983.06 55

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) New Resources Nomura Japan Growth JPY Real Assets Income Income Dividends (before withholding tax) 1 038 397.79 160 721 413.00 226 211.02 Interest from securities (before withholding tax) 12 762.00 0.00 0.00 Interest from investments of liquid assets (before withholding tax) 236.47 0.00 0.00 Income from investment fund units 0.00 0.00 0.00 Income from securities lending 8 207.72 0.00 0.00 Deduction for foreign withholding tax - 85 163.69-24 614 485.00-50 158.86 Other income 0.00 0.00 0.00 Total income 974 440.29 136 106 928.00 176 052.16 Expenses Interest on borrowings and negative interest on deposits - 3 465.63-356 421.00-163.71 Management fee - 874 232.69-46 677 826.00 1 569.76 Depositary fee - 1 901.59-272 501.00-122.18 Auditing, legal and publication costs - 31 527.38-3 541 126.00-26 380.18 Taxe d abonnement - 29 175.58-4 621 852.00-2 868.44 Other expenses - 116 292.92-6 454 312.00-57 525.18 Total expenses - 1 056 595.79-61 924 038.00-85 489.93 Net investment income/expense - 82 155.50 74 182 890.00 90 562.23 Sale transactions Realized gains/losses 2 792 536.05-1 779 940 784.00 110 690.60 Capital gains/losses 2 792 536.05-1 779 940 784.00 110 690.60 Net gain/loss for the fiscal year 2 710 380.55-1 705 757 894.00 201 252.83 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 56

Senior Secured High Yield Corporates Short Duration Credit Top Asia Top Dividend Top Euroland 0.00 0.00 5 164 435.24 143 621 192.53 23 358 466.09 3 431 325.99 7 643 569.69 0.00 4 062 189.56 36 006.67 719.73 459.19 3 019.15 52 649.45 547.64 41 795.20 110 626.89 5 528.67 2 880 861.27 546 134.54-26.23 5 301.23-610 563.05-26 379 345.74-2 349 146.28 3 473 814.69 7 759 957.00 4 562 420.01 124 237 547.07 21 592 008.66-16 081.57-64 090.44-18 880.75-288 244.56-102 060.75-267 264.55-2 358 800.10-3 405 174.56-64 464 431.89-9 873 628.26-2 233.13-12 240.97-20 761.14-138 726.34-41 418.69-31 242.18-62 391.54-44 927.68-379 239.41-134 514.65-9 733.29-186 879.99-116 031.15-2 310 840.59-380 189.88-46 556.17-228 540.65-226 906.37-5 426 739.57-809 593.64-373 110.89-2 912 943.69-3 832 681.65-73 008 222.36-11 341 405.87 3 100 703.80 4 847 013.31 729 738.36 51 229 324.71 10 250 602.79-527 695.87-2 110 640.68 16 735 423.92 120 428 517.96-21 259 077.15-527 695.87-2 110 640.68 16 735 423.92 120 428 517.96-21 259 077.15 2 573 007.93 2 736 372.63 17 465 162.28 171 657 842.67-11 008 474.36 57

SICAV December 31, 2016 Statement of income and expenses for the period from January 1, 2016, through December 31, 2016 (incl. income adjustment) Top Europe USD Corporate Bonds USD Income Dividends (before withholding tax) 3 075 494.74 0.00 Interest from securities (before withholding tax) 55 520.78 1 365 462.14 Interest from investments of liquid assets (before withholding tax) 0.00 0.00 Income from investment fund units 0.00 0.00 Income from securities lending 35 629.88 0.00 Deduction for foreign withholding tax - 16 142.87-6 208.57 Other income 0.00 0.00 Total income 3 150 502.53 1 359 253.57 Expenses Interest on borrowings and negative interest on deposits - 5 191.55 0.00 Management fee - 1 832 744.09 25 269.49 Depositary fee - 4 242.79-240.93 Auditing, legal and publication costs - 34 847.26-25 672.11 Taxe d abonnement - 55 542.45-22 050.47 Other expenses - 167 524.53-93 781.38 Total expenses - 2 100 092.67-116 475.40 Net investment income/expense 1 050 409.86 1 242 778.17 Sale transactions Realized gains/losses 2 976 647.85 629 411.67 Capital gains/losses 2 976 647.85 629 411.67 Net gain/loss for the fiscal year 4 027 057.71 1 872 189.84 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 58

SICAV December 31, 2016 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 SICAV Africa * ** *** Asian Bonds USD Consolidated Value of the fund s net assets at the beginning of the fiscal year 24 376 497 025.42 86 043 409.78 23 062 938.38 Change arising from valuation at the exchange rate at fiscal year-end 84 645 065.37 0.00 0.00 Distribution for the previous year / Interim distribution - 157 432 585.31-600.96 0.00 Net inflows/outflows - 739 654 614.83-12 349 047.04 27 490 690.55 Income adjustment - 87 441 366.19-1 146 687.17-3 768 029.63 Net investment income/expense 275 210 735.76 50 117.67 3 313 334.92 Realized gains/losses 142 432 925.53-9 743 417.49 4 508 342.42 Net change in unrealized appreciation/depreciation 566 687 202.61 11 277 486.75 194 839.21 Value of the fund s net assets at the end of the fiscal year 24 460 944 388.36 74 131 261.54 54 802 115.85 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 Convertibles Corporate Hybrid Bonds CROCI Flexible Allocation Value of the fund s net assets at the beginning of the fiscal year 3 341 248 955.68 49 595 296.69 2 994 047.58 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 0.00 Distribution for the previous year / Interim distribution - 1 628 012.45-16 738.00 0.00 Net inflows/outflows - 1 021 526 362.28 94 584 394.34 993 490.17 Income adjustment 6 488 668.20-1 560 651.96-1 142.16 Net investment income/expense - 1 269 397.47 5 366 359.53-43 586.53 Realized gains/losses 97 266 010.66-1 826 233.30 1 621.68 Net change in unrealized appreciation/depreciation - 178 281 961.40 2 598 692.97-2 104.54 Value of the fund s net assets at the end of the fiscal year 2 242 297 900.94 148 741 120.27 3 942 326.20 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 60

Asian Equities Unconstrained Asian Small/Mid Cap Brazilian Equities China Bonds USD Chinese Equities 12 383 455.85 84 413 053.02 26 858 640.74 682 806 333.70 158 370 845.45-46.86-25 397.30 0.00-3 651 502.08-1 819.43-9 264 055.50-20 931 570.71-1 036 048.25-273 161 652.09-29 453 886.64 360 652.29-5 493.37 465 440.12-3 935 837.62-1 481 553.23 22 306.10 426 607.83 396 418.47 15 428 187.14 265 155.40 563 339.94-1 578 418.56-686 320.38-41 073 436.14-5 443 163.75-1 092 790.18 2 635 652.27 15 516 457.84 13 612 034.02 8 050 540.20 2 972 861.64 64 934 433.18 41 514 588.54 390 024 126.93 130 306 118.00 CROCI Sectors Emerging Markets Corporates USD Emerging Markets IG Sovereign Debt USD Emerging Markets Satellites **** Emerging Markets Sovereign Debt USD 5 694 557.17 357 207 178.73 283 181 978.91 24 257 293.06 50 514 416.63 0.00-5 349 856.56-9 246 543.23-447.71-1 870 208.19 6 909 062.05-60 425 909.70-63 893 807.86-23 848 558.32 7 955 502.65-57 501.24 4 175 042.37 1 137 703.12-1 890 634.81-256 872.09 177 063.18 17 843 561.27 7 627 908.58-2 108.10 3 031 528.69 1 133 663.89-3 543 558.28-11 139 101.03-522 468.24-2 594 512.86 798 601.58 16 501 514.76 11 466 322.12 2 006 924.12 1 929 401.74 14 655 446.63 326 407 972.59 219 134 460.61 0.00 58 709 256.57 61

SICAV December 31, 2016 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 Emerging Markets Top Dividend Euro Bonds (Premium) Euro Bonds (Short) Value of the fund s net assets at the beginning of the fiscal year 171 360 896.94 214 302 410.00 1 858 671 119.26 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 0.00 Distribution for the previous year / Interim distribution - 805 290.04-781 917.18-7 251 682.12 Net inflows/outflows 7 357 703.81-122 052 621.73 155 044 566.66 Income adjustment 708 705.75 710 195.61-1 566 895.24 Net investment income/expense 2 959 369.80 753 073.44 10 466 028.76 Realized gains/losses - 4 296 723.08 6 272 808.38 9 784 839.52 Net change in unrealized appreciation/depreciation 13 538 546.65-7 038 997.20 3 201 934.04 Value of the fund s net assets at the end of the fiscal year 190 823 209.83 92 164 951.32 2 028 349 910.88 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 German Equities Global Agribusiness USD Global Bonds Value of the fund s net assets at the beginning of the fiscal year 729 339 186.59 753 972 389.81 1 023 621 110.09 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 0.00 Distribution for the previous year / Interim distribution - 1 004 035.16-478 671.13-4 863 354.12 Net inflows/outflows - 185 691 385.40-313 323 925.61-133 690 736.80 Income adjustment 8 988 220.11-67 908 091.30 2 657 507.52 Net investment income/expense 4 652 041.48 4 728 915.45 11 038 728.21 Realized gains/losses - 517 508.04-186 216 243.58-5 499 498.51 Net change in unrealized appreciation/depreciation 15 265 121.25 246 729 679.29-12 355 935.25 Value of the fund s net assets at the end of the fiscal year 571 031 640.83 437 504 052.93 880 907 821.14 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 62

Euro Corporate Bonds Euro High Yield Corporates Euro-Gov Bonds European Small Cap Financial Hybrid Bonds 1 219 994 137.92 603 666 126.93 1 544 119 289.85 110 144 942.12 14 496 835.69-2 658 865.87-12 834 863.69-1 751 497.72-123 362.94-40 800.00 429 591 800.38 617 703 685.68-42 403 328.47-38 310 624.84 207 067.10-10 775 362.42-5 939 242.64 6 439 955.78-7 815.04 870.53 23 186 526.54 48 260 203.23 13 089 511.58 517 172.29 645 836.62 34 447 011.32 4 474 132.33 43 394 151.57 564 425.74-364 065.57 19 797 298.29 53 447 590.50-11 622 852.75-5 552 785.13-58 266.40 1 713 582 546.16 1 308 777 632.34 1 551 265 229.84 67 231 952.20 14 887 477.97 Global Bonds Dynamic Plus Global Bonds High Conviction Global Commodities Blend Global Corporate Bonds Global Emerging Markets Equities 19 823 556.45 0.00 15 000 973.81 45 698 133.98 571 804 160.27-148.45 0.00 0.00-946 125.38-1 572 583.01 179 852.61 32 424 426.38-1 101 297.91 31 149 254.61-24 424 434.56-3 055.23-26 413.04-19 732.43-984 320.13-888 146.97 293 131.49 71 055.72-90 521.84 1 936 700.55 2 278 357.62-97 775.08 446 501.78-418 079.15-1 416 516.20-3 468 341.04 39 292.34 25 274.38 3 016 562.78 2 673 777.26 74 695 576.73 20 234 854.13 32 940 845.22 16 387 905.26 78 110 904.69 618 424 589.04 63

SICAV December 31, 2016 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 Global High Yield Corporates USD Global Infrastructure Global Real Estate Securities USD Value of the fund s net assets at the beginning of the fiscal year 0.00 742 453 570.06 99 630 739.97 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 0.00 Distribution for the previous year / Interim distribution 0.00-8 810 677.76-1 501 938.82 Net inflows/outflows 13 995 653.88 111 238 867.24 81 268 801.18 Income adjustment 192.86-4 651 502.67-3 050 837.60 Net investment income/expense 13 933.83 10 327 917.57 4 004 576.56 Realized gains/losses - 7 638.32 20 285 973.66 4 604 319.65 Net change in unrealized appreciation/depreciation 58 206.36 50 110 588.48-5 632 388.72 Value of the fund s net assets at the end of the fiscal year 14 060 348.61 920 954 736.58 179 323 272.22 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 LowVol World (formerly: Quant Equity Low Volatility World) Multi Asset Balance Multi Asset Defensive Value of the fund s net assets at the beginning of the fiscal year 11 505 780.25 26 777 910.09 16 246 968.98 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 0.00 Distribution for the previous year / Interim distribution - 5 723.42 0.00-1 979.60 Net inflows/outflows 84 116 005.85 103 700.02 13 522 870.10 Income adjustment - 204 637.35-11 821.36 45 021.14 Net investment income/expense 1 256 164.17 254 193.68-79 309.82 Realized gains/losses 20 264 601.74 263 292.44-465 201.87 Net change in unrealized appreciation/depreciation 2 707 029.68 136 051.82 851 885.32 Value of the fund s net assets at the end of the fiscal year 119 639 220.92 27 523 326.69 30 120 254.25 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 64

Global Short Duration (formerly: Deutsche Invest I Global Bonds (Short)) USD Global Thematic USD Gold and Precious Metals Equities USD Latin American Equities Liquidity Fund 49 682 607.15 43 662 412.13 60 116 717.68 18 379 714.85 45 148 345.17 0.00-26.77 0.00 0.00-1 864.53 13 700 395.51-4 451 735.81 41 253 548.33 6 333 733.59 13 641 338.30-36 601.23-198 024.82-656 334.77 324 018.00 73 813.73 1 002 238.22 380 624.88-1 761 473.64 56 944.31-104 301.95-2 489 536.86-3 282 326.93 6 479 104.81-783 751.01 699 090.53-204 924.05 4 660 204.56 31 572 356.48 5 556 374.21 66 513.74 61 654 178.74 40 771 127.24 137 003 918.89 29 867 033.95 59 522 934.99 Multi Asset Dynamic Multi Asset Income Multi Asset Total Return **** Multi Credit USD Multi Opportunities 75 458 440.72 79 106 424.08 11 601 839.15 23 558 751.38 2 250 828 525.70-37 979.55-195 510.22-10.22-18 943.66-55 964 702.49-4 199 256.12 7 529 942.07-10 810 203.75 525 477.52 316 164 933.25-11 106.43-22 031.62-21 690.22-23 335.08-3 895 577.56 418 754.06 1 580 288.92 38 539.59 561 955.54 9 764 358.58-110 028.81-18 433.73-659 137.65 327 304.67 57 434 624.48 1 044 123.30 2 544 377.14-149 336.90-367 848.31 120 818 673.88 72 562 947.17 90 525 056.64 0.00 24 563 362.06 2 695 150 835.84 65

SICAV December 31, 2016 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 New Resources Nomura Japan Growth JPY Real Assets Income Value of the fund s net assets at the beginning of the fiscal year 73 462 744.99 12 059 296 157.00 5 851 684.76 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 0.00 Distribution for the previous year / Interim distribution - 32 330.48 0.00-56 951.58 Net inflows/outflows - 11 082 448.27-454 311 419.00-1 273 318.95 Income adjustment - 169 140.33-91 876 154.00 15 737.52 Net investment income/expense - 82 155.50 74 182 890.00 90 562.23 Realized gains/losses 2 792 536.05-1 779 940 784.00 110 690.60 Net change in unrealized appreciation/depreciation - 2 087 344.72 760 970 914.00 329 253.87 Value of the fund s net assets at the end of the fiscal year 62 801 861.74 10 568 321 604.00 5 067 658.45 Statement of changes in net assets for the period from January 1, 2016, through December 31, 2016 Top Europe USD Corporate Bonds USD Value of the fund s net assets at the beginning of the fiscal year 165 050 637.55 0.00 Change arising from valuation at the exchange rate at fiscal year-end 0.00 0.00 Distribution for the previous year / Interim distribution - 42 755.78 0.00 Net inflows/outflows - 39 569 541.61 40 752 499.74 Income adjustment 116 475.82-375 647.62 Net investment income/expense 1 050 409.86 1 242 778.17 Realized gains/losses 2 976 647.85 629 411.67 Net change in unrealized appreciation/depreciation - 7 623 919.65-185 326.29 Value of the fund s net assets at the end of the fiscal year 121 957 954.04 42 063 715.67 * The portfolio composition, income, expenses and changes in net assets of the funds managed in Japanese yen and U.S. dollars were converted into euro at the stated exchange rate. Fiscal year-end 2016.................... JPY 123.148474 = 1 Fiscal year-end 2015.................... JPY 131.700648 = 1 Fiscal year-end 2016.................... USD 1.054850 = 1 Fiscal year-end 2015.................... USD 1.092000 = 1 Fiscal year-end 2014.................... USD 1.217300 = 1 ** The fund s consolidated net assets, the consolidated statement of income and expenses and the statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the sub-fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** Including the value of funds that were merged or liquidated during the year. **** This sub-fund was liquidated or merged with another sub-fund of the SICAV or with a fund/sub-fund outside of the SICAV during the fiscal year. The period represented is therefore the period from January 1, 2016, through to the liquidation date of the sub-fund. For further information, please refer to the general information pages. 66

Senior Secured High Yield Corporates Short Duration Credit Top Asia Top Dividend Top Euroland 59 208 984.44 463 797 131.86 254 208 960.87 4 200 298 796.38 1 628 751 432.51-2 410 412.09-151 182.20-270 755.20-30 494 187.40-1 680 357.73 7 029 264.32-75 104 916.86-22 967 605.07 233 331 667.49-611 108 728.04 352 352.49 1 325 052.37 891 912.84 5 234 346.82-15 549 895.58 3 100 703.80 4 847 013.31 729 738.36 51 229 324.71 10 250 602.79-527 695.87-2 110 640.68 16 735 423.92 120 428 517.96-21 259 077.15 2 996 182.11 3 910 666.89-2 552 136.05 139 057 391.30-73 465 472.80 69 749 379.20 396 513 124.69 246 775 539.67 4 719 085 857.26 915 938 504.00 67

Supplementary information

Remuneration Disclosure The Deutsche Asset Management S.A. ( the Company ) is a subsidiary in Deutsche Bank Group ( Deutsche Bank ). The businesses of Deutsche Bank encompass a wide range of products and services incorporating investment, corporate and retail banking as well as asset management in all regions across the world. The institution at the highest level of consolidation of Deutsche Bank Group is Deutsche Bank AG. Deutsche Bank AG is subject to the EU s Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR) as a credit institution and is supervised by the European Central Bank (ECB). Deutsche Bank AG has established a compensation framework applying to the whole Deutsche Bank Group (excluding Postbank), which therefore also applies to the Company. For further information on the remuneration system of Deutsche Bank Group as provided below, please refer to the Deutsche Bank Group Compensation Report, which is part of the Financial Report. 1) Governance Structure Deutsche Bank AG is managed by its Management Board. It is overseen by the Supervisory Board which has established a Compensation Control Committee (CCC). The CCC is, inter alia, responsible for monitoring the compensation system of the Group s employees and its appropriateness. The Management Board of Deutsche Bank AG has established the Senior Executive Compensation Committee (SECC) which has the mandate to develop sustainable compensation principles, to prepare recommendations on Total Compensation levels and to ensure appropriate compensation governance and oversight. Furthermore, a Compensation Officer for Deutsche Bank Group was appointed who independently monitors the appropriateness of the employee s compensation systems on a regular basis. The annual central and independent internal review of the remuneration system concluded its design to be appropriate and no significant irregularities were recognized. Compensation Structure The employees of Deutsche Bank Group and of the Company are subject to the compensation standards and principles as outlined in the Group Compensation Strategy and the Compensation Policy. Both policies are reviewed on an annual basis. As part of the Compensation Strategy, Deutsche Bank Group, including the Company, employs a Total Compensation philosophy, which comprises Fixed Pay and Variable Compensation. In 2016, Deutsche Bank introduced a new compensation framework to align employee compensation even more closely with Deutsche Bank s strategic and business objectives, while reducing complexity at the same time. The new compensation framework also puts a stronger emphasis on Fixed Pay over Variable Compensation and aims to ensure that these components are appropriately balanced. Fixed Pay is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role. The appropriate level of Fixed Pay is determined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements. Variable Compensation has the advantage of being able to differentiate between individual performance and drive behaviour through appropriate incentive systems that can positively influence culture. It also allows for flexibility in the cost base. Under the new compensation framework, Variable Compensation generally consists of two elements the Group Component and the Individual Component. In particular, one of the overarching goals of the new compensation framework is to strengthen the link between Variable Compensation and the performance of the Group. To that end, it was decided to align the Group Component directly and comprehensible for the employees to Deutsche Bank s achievements in reaching its strategic targets. To assess progress towards the strategic aspirations, the Management Board of Deutsche Bank AG has decided to utilise four Key Performance Indicators (KPIs) that are significant metrics for the capital, risk, cost and revenue profile: Common Equity Tier 1 (CET1) capital ratio (fully loaded), Leverage ratio, Adjusted cost base (without Postbank and Non-Core Operations Unit) and Post-tax return on tangible equity (RoTE). Depending on eligibility, the Individual Component is delivered either in the form of Individual Variable Compensation or a Recognition Award. Whereas the Group Component links to Group performance, Individual Variable Compensation takes into consideration a number of financial and non-financial factors. These include the applicable divisional performance, the employee s individual performance and conduct, relativities within the employee s peer group and retention considerations. The Recognition Award program is targeted at non-tariff employees at the lower hierarchy levels. It provides the opportunity to acknowledge and reward outstanding contributions made by the target population in a transparent and timely manner. Generally, there are two nomination cycles per year. Under the new compensation framework, there continues to be no guarantee of Variable Compensation in an existing employment relationship. Compensation for 2016 Deutsche Bank has a robust methodology in place, aimed at ensuring that the determination of Variable Compensation reflects the risk-adjusted performance as well as the capital position of Deutsche Bank and its divisions. The total amount of Variable Compensation is primarily driven by (i) Group affordability (i.e. what can Deutsche Bank award in alignment with regulatory requirements) and (ii) Group strategy (what should Deutsche Bank award in order to provide an appropriate compensation while protecting the long-term health of the franchise). For 2016, the Management Board of Deutsche Bank AG decided to only award a limited pool of Variable Compensation given the operating environment. Specifically, the Management Board decided that Deutsche Bank s senior employees (Corporate Titles Vice President, Director and Managing Director ) would only receive a Group Component but no Individual Component. For 2016, the Management Board of Deutsche Bank AG determined a target achievement rate of 50 % with regard to KPIs of the Group Component. 1) The most current Compensation Report is linked on: https://www.db.com/cr/en/concrete-compensation-structures.htm 70

Identification of Material Risk Takers In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the guidelines on sound remuneration policies under UCITS published by the European Securities and Markets Authority (ESMA), the Company has identified individuals who have a material impact of the Company s risk profile (Material Risk Takers). At least 40 % of the Variable Compensation for Material Risk Takers is deferred. Additionally, at least 50 % of both, the upfront and the deferred proportion, are granted in Deutsche Bank shares or share-based instruments. All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment. In case the Variable Compensation is lower than 50,000, the Material Risk Takers receive their entire Variable Compensation in cash without any deferral. Aggregate Compensation Information for the Company for 2016 Number of employees on an annual average 136 Total Compensation 10,375,011 Fixed Pay 10,017,020 Variable Compensation 357,991 Total Compensation for Senior Management 1) 894,775 Total Compensation for other Material Risk Takers 2) 0 Total Compensation for Control Function employees 3) 223,641 1) Senior Management refers to the Members of the Management Board of the Company. In case that Members of Senior Management receive their compensation completely or partly from other companies in the Deutsche Bank Group, such compensation is included in the amount of Total Compensation. The above mentioned amount includes 272,417 which was paid by other companies of Deutsche Bank Group. Members of the Management Board meet the definition of managers, too. Apart from the Members of Senior Management, no further managers have been identified. 2) Apart from the Members of the Senior Management, no further Material Risk Takers and / or individuals in the same remuneration bracket have been identified. 3) In case that Control Function employees receive their compensation completely or partly from other companies in the Deutsche Bank Group, such compensation is included in the amount of Total Compensation. The above mentioned amount includes 17,876 which was paid by other companies of Deutsche Bank Group. 71

Chinese Equities 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. 72

KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d Investissement à Capital Variable). The translation of the report of the Réviseur d Entreprises agréé (the independent auditor s opinion) is as follows: KPMG Luxembourg, Société coopérative Tel: +352 22 51 51 1 39, Avenue John F. Kennedy Fax: +352 22 51 71 1855 Luxembourg, Luxembourg Email: info@kpmg.lu Internet: www.kpmg.lu To the shareholders of, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE RÉVIS D ENTREPRISES AGRÉÉ We have audited the accompanying financial statements of, SICAV and its respective sub-funds, which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2016, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the Financial Statements The Board of Directors of the SICAV is responsible for the preparation and proper overall presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements and for the internal controls considered necessary to enable the financial statements to be prepared such that they are free from material misstatement, irrespective of whether this is due to fraud or error. Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Commission de Surveillance du Secteur Financier for Luxembourg. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the annual accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The audit measures are chosen at the discretion of the approved auditors, as is the assessment of the risk that the annual financial statements contain significant misstatements on account of errors or infringements. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and proper overall presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of evaluating the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. KPMG Luxembourg, Société coopérative, a Luxembourg entity and a T.V.A. LU 27351518 member firm of the KPMG network of independent member firms R.C.S. Luxembourg B 149133 affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity 74

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Audit opinion In our opinion, the financial statements give a true and fair view of the financial position of, SICAV and its respective sub-funds as of December 31, 2016, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements. Other information The Board of Directors of the SICAV is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the financial statements and our Report of the Réviseur d Entreprises agréé on these financial statements. Our audit opinion on the financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. In connection with the audit of the financial statements, it is our responsibility to read the other information and to assess whether there is a material discrepancy between this information and the financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. Luxembourg, April 6, 2017 KPMG Luxembourg Société coopérative Cabinet de révision agréé Harald Thönes 75

Investment Company 2, Boulevard Konrad Adenauer L-1115 Luxembourg RC B 86 435 Board of Directors of the Investment Company Doris Marx Chairwoman Deutsche Asset Management S.A., Luxembourg Heinz-Wilhelm Fesser Independent member c/o Deutsche Asset Management S.A., Luxembourg Markus Kohlenbach Independent member c/o Deutsche Asset Management S.A., Luxembourg Stephan Scholl Deutsche Asset Management International GmbH, Frankfurt/Main Niklas Seifert (since April 27, 2016) Deutsche Asset Management S.A., Luxembourg Sven Sendmeyer (since April 27, 2016) Deutsche Asset Management Investment GmbH, Frankfurt/Main Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Equity capital as of December 31, 2016: 263.5 million before profit appropriation Supervisory Board of the Management Company Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Asset Management Investment GmbH, Frankfurt/Main Marzio Hug Deutsche Bank AG, London Stefan Kreuzkamp (since February 1, 2016) Deutsche Asset Management Investment GmbH, Frankfurt/Main Frank Krings (since May 10, 2016) Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main Management Board of the Management Company Dirk Bruckmann (since January 14, 2016) Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Ralf Rauch Deutsche Asset Management Investment GmbH, Frankfurt/Main Martin Schönefeld Deutsche Asset Management S.A., Luxembourg Barbara Schots Deutsche Asset Management S.A., Luxembourg Fund Manager For the sub-fund Short Duration Asian Bonds: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main and Deutsche Asset Management (Asia) Limited One Raffles Quay, #15-00 South Tower Singapur 048583, Singapur For the sub-funds Asian Bonds, Deutsche Invest I Asia-Pacific Multi Opportunities, Asian Bonds Unconstrained and Asian Small/Mid Cap: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main and Deutsche Asset Management (Hong Kong) Limited International Commerce Center, Floor 58, 1 Austin Road West, Kowloon, Hong Kong For the sub-funds Brazilian Equities and Latin American Equities: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main and Deutsche Bank S.A. Banco Alemão Av. Brigadeiro Faria Lima, 3900 04538-132 São Paulo, Brazil China Bonds, Deutsche Invest I China Onshore Bonds and Deutsche Invest I Chinese Equities: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main As sub-manager for these sub-funds: Harvest Global Investments Limited Suites 1301 1304, Two Exchange Square 8 Connaught Place Hong Kong For the sub-funds Global High Yield Corporates and USD Corporate Bonds: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main As sub-manager for these sub-funds: Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 USA For the sub-funds Emerging Markets Frontier Equities, Global Bonds, Global Bonds Dynamic Plus, Global Bonds High Conviction, CROCI Flexible Allocation, CROCI Sectors, CROCI US, Deutsche Invest I Emerging Markets Corporates, Emerging Markets IG Corporates and Global Bonds Defensive: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main and Deutsche Asset Management (UK) Limited 1 Great Winchester Street EC2N 2DB, London, United Kingdom For the sub-funds Asian Equities Unconstrained, Global Emerging Markets Equities, Deutsche Invest I Global Emerging Markets Equities Unconstrained and Top Asia: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main and Deutsche Asset Management (UK) Limited 1 Great Winchester Street London EC2N 2DB United Kingdom and

Deutsche Asset Management (Hong Kong) Limited International Commerce Center, Floor 58, 1 Austin Road West, Kowloon, Hong Kong For the sub-funds Global Infrastructure and Real Assets Income: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main As sub-manager for these sub-funds: RREEF America LLC 222 S. Riverside Plaza, Floor 24 Chicago, IL 60606 USA For the sub-funds Global Commodities Blend and Gold and Precious Metals Equities: Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 USA For the sub-fund GlobalReal Estate Securities: RREEF America LLC 222 S. Riverside Plaza, Floor 24 Chicago, IL 60606 USA As sub-manager for this sub-fund: For the management of the European part of the portfolio: Deutsche Alternative Asset Management (UK) Limited 1 Appold Street London EC2A 2UU United Kingdom For the management of the Asian, Australian and New Zealand portfolio component: Deutsche Australia Limited, Deutsche Bank Place Cnr. Hunter and Phillip Streets Sydney NSW 2000 Australia As sub-manager for this sub-fund: Nomura Asset Management Deutschland KAG mbh Gräfstr. 109 D-60487 Frankfurt/Main The sub-fund manager in turn has further delegated fund management to: Nomura Asset Management Co. Ltd. Tokyo 1-12-1 Nihonbashi, Chuo-ku Tokio 103-8260, Japan For all other sub-funds: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main Investment Advisor For the sub-funds Global Short Duration, Global Corporate Bonds and Multi Credit: Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 Depositary and Administrator State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy L-1855 Luxembourg Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg Sales and Paying Agents, Main Distributor LUXEMBURG Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg For the sub-fund LowVol World: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main As sub-manager for this sub-fund: Sal. Oppenheim jr. & Cie. AG Co. KGaA Unter Sachsenhausen 4 D-50667 Köln For the sub-fund Nomura Japan Growth: Deutsche Asset Management Investment GmbH Mainzer Landstr. 11 17 D-60329 Frankfurt/Main As of: January 31, 2017

SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B 86 435 Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00