DWS Institutional. Annual Report DWS Institutional Money plus DWS Institutional USD Money plus

Annual Report 2011 Money plus USD Money plus Investment Company with Variable Capital Incorporated under Luxembourg Law 1/2012

Money plus USD Money plus

Contents Annual report 2011 for the period from January 1, 2011, through December 31, 2011 Equity 50 Asien and bond markets 4 General 50 Asien information 8 2011 Annual report SICAV Money plus 10 USD Money plus 12 Investment portfolio for the reporting period Investment portfolios and financial statements 16 Report of the Réviseur d Entreprises agréé 36 1

Equity and bond markets

Equity markets in the fiscal year through December 31, 2011 Equity markets affected by the debt crisis In the period from the beginning of January 2011 through July 2011, prices in the international equity markets ini - tially rose significantly because of the surprisingly good performance of the global economy. However, since August/September, the euro area debt crisis grew more acute and prices on the exchanges plummeted. Fears of recession suppressed the expectation of solid growth. This, in turn, was viewed as necessary in order to reduce the high levels of debt. The corporate reporting season for the second quarter of 2011 was unable to form a counterweight to the negative influences. In addition, the ability of the central banks to stimulate the economy was sharply limited. In many cases, for example, key interest rates were near zero, leaving little leeway for further lowering. Moreover, the temporary threat of U.S. insolvency and the downgrade of the country s credit rating weighed on sentiment. The hopes for an improved climate were based primarily on the austerity efforts of the heavily-indebted nations. These efforts were decisive for the transfer payments from the rescue package put together by the European Union and the International Monetary Fund. Cyclical support came from emerging markets such as China, with its ongoing strong economic growth, although it also lost some momentum. Against this backdrop, the MSCI World Index recorded a loss of 4.8% in U.S. dollar terms over the 12-month period (-2.4% in euro). At sector level, financials and economically sensitive, cyclical Strong market movements over a five-year period 140 Germany 120 100 80 U.S. 60 40 International equity markets in fiscal year 2011 Performance in % DAX STOXX Europe 50 S&P 500 TOPIX Equity indices: STOXX Europe 50 S&P 500 TOPIX DAX MSCI World MSCI Emerging Markets In local currency In euro Japan Europe 12/06* 12/07 12/08 12/09 12/10 12/11 Data on euro basis * December 29, 2006 = 100 STOXX is a registered trademark of STOXX Limited; DAX is a registered trademark of Deutsche Börse AG -14.7-5.6 2.1 4.6-17.0-10.7-4.8 (in U.S. dollars) -2.4-17.8 (in U.S. dollars) -15.7-24 -18-12 -6 0 6 12 Equity indices: Germany: DAX Europe: Dow Jones STOXX 50 U.S.: S&P 500 Japan: TOPIX worldwide: MSCI World Emerging markets: MSCI Emerging Markets equities came under pressure from summer 2011. Nevertheless, the latter recorded significant gains before the economic prospects deteriorated. The U.S. equity market initially recorded a significant gain in the first half of the fiscal year. The reason for this was the positive development of corporate and economic data. As the period went on, however, this data weakened noticeably, leading to renewed fears of recession. The ongoing discussions about sovereign debt in the Western industrial countries also contributed to the dar - kening of the market environment. Although an agreement was reached on raising the debt ceiling in the United States, the increasing uncertainty prompted one of the leading rating agencies to downgrade the country s credit rating. The deterioration of the debt crisis in Europe also led to fears of a negative impact on the global eco - nomy. Despite these difficulties, an improvement in economic prospects in conjunction with the ongoing expansionary central bank policy (lock-in of the virtually zero-interest rate policy until 2013) boosted U.S. equities again toward the end of the reporting period. The U.S. equity market as measured by the S&P 500 index recorded a gain of 2.1% in U.S. dollar terms (+4.6% in euro) for the full reporting year. The climate in Europe s stock markets was good in light of the initially positive economic environment. This applied in particular to Germany and the Northern European countries with relatively sound management of their public budgets. The strong growth in the emerging industrial countries and the revival of domestic demand provided the impetus. Many companies were buoyed here by their strong international competitiveness. However, even these markets were unable to avoid the threatening escalation of the debt crisis in the second half of 2011 despite extensive liquidity aids from the European Central Bank (ECB). The DAX, for example, was down by 14.7% overall in euro terms. Some stock markets in 4

the highly indebted countries of Southern Europe, with their growth concerns, recorded even greater losses. For example, Italian equities, as meas - ured by the FTSE MIB, fell by 21.2%. This also explained the considerably higher 14.5% decline on the EURO STOXX 50 index (in euro terms) in comparison to the broader STOXX Europe 50 index, which fell 5.6%. Prices on most Eastern European exchanges were also affected by the euro area debt crisis in the year through the end of December 2011. The aboveaverage economic growth in these countries and their comparatively low level of government debt was of little help in this regard. Polish equities as measured by the WIG fell by 29.1% while Czech equities fell by 27.1% (PX index, both percentages in euro terms). The natural disaster of March 2011 in Fukushima and its consequences was the main influence on the Japanese equity market in the reporting period. Fears of a major nuclear crisis as a result of the accident at the Fukushima nuclear power plant and the noticeable cooling of the Japanese economy from the loss of production capacity led to a major price correction. The situation stabilized later in the period, and the stock exchange showed temporary signs of recovery. However, this was only short-lived, as concerns about the weakening of the global economy against the backdrop of debt problems in the euro peripheral countries dampened the performance. Leading indicators in the U.S. and Europe were also gloomier. As measured by the TOPIX index, Japanese equities recorded a loss of 17.0% in local currency during the reporting period (-10.7% in euro terms). In view of rising risk aversion resulting from the debt problems, investors preferred the yen, which gave the currency a strong boost. Change in oil price since the end of 2009 USD/barrel 120 110 100 90 80 70 60 12/09 6/10 12/10 6/11 12/11 Oil price (WTI) Source: Thomson Financial Datastream The economies in the emerging markets remained relatively robust, although they could not avoid the impact of the global trends. The equity markets of some emerging-market countries initially turned in impressive performances thanks to the low debt and robust economic outlooks of these countries. However, as the period went on, they suffered from the rising risk aversion of international investors. Although these markets had no direct connection with the structural problems in the industrial countries, the stock markets were hit hard particularly in those economies dominated by ongoing inflationary pressures, such as India. Against this backdrop, the MSCI Emerging Markets recorded a loss of 15.7% in euro terms. Strong fluctuations in gold and crude oil With the financial crisis in the euro area deteriorating, the price for a troy ounce of gold rose very sharply, from around USD 1,400 at the beginning of the reporting period to more than USD 1,900 at its peak. However, the price had fallen to about USD 1,560 by the end of 2011. In the fourth quarter, investors turned their focus toward U.S. dollar exposures at the expense of investments in gold. This was partly due to the slight brightening of the economic outlook in the U.S. toward the end of the reporting period. Nevertheless, gold ended the 12-month period through the end of December 2011 with an overall gain of around 10%. Furthermore, the crude oil price also climbed to the same extent, reaching around USD 99 a barrel (WTI) by the end of the reporting period. In the interim, how - ever, it was also subject to major fluc - tuations. After initially rising significantly to around USD 115 on the strength of the upturn in the global economy, the price then dropped noticeably here, too. This was the result of debt problems in the euro area, which led to fears of recession. In terms of currencies, the euro, remaining at 1.30 on balance, hardly changed against the U.S. dollar. It temporarily rose to almost 1.50 before the crisis in the euro area became more severe. 5

Bond markets in the fiscal year through December 31, 2011 Capital markets under the sway of the debt crisis The performance in the international capital markets in the 2011 fiscal year was characterized by uncertainty. Initial optimism was replaced by renewed fears of recession in the second half of the year, mainly triggered by the sovereign debt crisis in the euro area and the global economic slowdown. While the economy in the U.S., Europe and Japan experienced a noticeable downturn, economic growth in the emerging-market countries, particularly China and India, was by contrast comparatively robust, although momentum slowed considerably. This fact, combined with the deteriorating debt problems in the euro peripheral countries, especially in heavily-indebted Greece, had an extremely negative impact on the capital markets. Investor risk aversion was very high as a result. Gold, German government bonds and the Japanese yen, which were considered safe havens for investment profited from this trend. Nevertheless, their performance fluctuated enormously. As a result, gold, which tested record highs at times (at the beginning of September 2011 the price stood at around USD 1,900 per troy ounce) had to give up some of its price gains toward the end of the year. Bonds from the euro peripheral countries under price pressure The debt crisis in the euro area, which began in April 2010 with the Greek financial crisis, expanded during the 2011 fiscal year to include the euro countries Portugal, Italy, Ireland and Economic growth in the U.S., the euro area, Japan, the BRIC countries (Brazil, Russia, India, China) and the world Economic growth compared to the previous year 12.0% 9.0% 6.0% 3.0% 0.0% -3.0% U.S. Euro area Japan 2010 2011* 2012* BRIC countries: Brazil Russia India China Spain. The European Union (EU) and the International Monetary Fund (IMF) put together a rescue package in the form of guarantees and liquidity, but these measures, along with the ECB s purchases of bonds from financially weak euro countries has thus far had only a temporary stabilizing effect. In view of the fear of a Greek government default, a second aid package was put together for Greece at the special euro summit on July 21, 2011, which called for euro governments to provide an additional EUR 109 billion. The package also called for banks and insurance companies to contribute EUR 37 billion in a debt swap. A further summit in October forced banks to increase their capital. In addition, the euro-area countries introduced a credit leverage mechanism, to strengthen the clout of the European Financial Stability Facility (EFSF). Nevertheless, the financial markets remained skeptical that the consolidation efforts by the euro peripheral countries would be successful, especially in the Southern European debtor countries. This lack of confidence on the part of investors increased pressure, primarily on the bonds of the World Significant widening of risk premiums with respect to German government bonds for ten-year government bonds from the euro periphery * Estimates Source: Deutsche Bank % points 40 32 24 16 8 0 12/08 6/09 12/09 6/10 12/10 6/11 12/11 Portugal Italy Ireland Greece Spain Source: Thomson Financial Datastream financially weak euro-area countries. Their risk premiums and therefore yield spreads increased significantly in the case of Greek bonds dramatically (see the chart Significant widening of risk premiums with respect to German government bonds ). At the same time, the considerable price drops pushed up yields significantly on Greek government bonds in particular, but also on Portuguese government bonds (see the chart Yield performance of ten-year government bonds from the euro peripheral countries ). 6

Bonds from the core countries in demand as safe havens In the search for safe investments, investors fled to gold and government bonds, e.g. from Germany, Switzerland and the U.S. As a result, after increasing briefly, yields on these bonds, which were already low by international comparison, dropped sharply in the second half of the fiscal year while their prices rose. Overall, in the 10-year maturity segment, yields on German government bonds fell from 3.0% to 1.8% p.a., U.S. government bonds from 3.4% to 1.9% p.a. and Swiss government bonds from 1.7% to 0.7% p.a. during the fiscal year through the end of December 2011. After rising temporarily, yields on Japanese government bonds were back down to just over the one-percent mark at the end of December. Risk premiums higher on corporate bonds Initially, investors continued to favor corporate bonds, in particular high-yield bonds. This was also aided by a reduction in debt at company level and the positive refinancing opportunities due to the low interest-rate policy pursued by central banks. However, with the escalation of the sovereign debt crisis in the euro area and the U.S., coupled with slowing global economic growth, increasing investor risk aversion dampened the performance of the corporate bond markets. Bank bonds in particular, including European and U.S. issues, came under pressure due to the deterioration of the debt crisis in the euro periphery and the weak U.S. real estate market. As a result, in the investmentgrade segment (rating of BBB or better by leading rating agencies), bank risk premiums and yield spreads were at times higher on bank bonds than on comparable corporate bonds. Euro under pressure Sovereign debt in the Western industrial countries and the resulting uncertainties about the potential impact on global economic growth became the dominant topics in the international currency markets, too. The Japanese yen, which investors regarded as a safe haven, was a particular beneficiary of the resulting increase in investor risk aversion. It gained 8.8% against the euro and 5.5% against the U.S. dollar. To limit the rise of the yen and thereby relieve the strain on the export-oriented Japanese economy, the Japanese government intervened in the currency market; this was supported by the low-interest rate policy of the Bank of Japan and its bond purchasing program. The Swiss franc was also in strong demand by investors and took flight. But the strength of the franc had an increasingly negative effect on Switzerland s export-oriented eco - nomy and on price stability in the country. Against this backdrop, the Swiss National Bank (SNB) in addition to its de facto zero interest-rate policy and expanded monetary supply Yield performance of ten-year government bonds from the euro peripheral countries % p. a. 40 32 24 16 8 0 12/08 6/09 12/09 6/10 12/10 6/11 12/11 Portugal Italy Ireland Greece Spain Source: Thomson Financial Datastream established a minimum exchange rate of 1.20 francs per euro on September 6, 2011. This brought the prior massive surge of the Swiss franc to a halt. In the second half of the year, the thus far still unresolved sovereign debt crisis in the euro periphery and signs of an economic downturn in the euro area were a par - ticular drag on the euro exchange rate. The U.S. dollar also came under pressure temporarily because of high capital outflows from the greenback. The reasons for this included the significant rise in the federal deficit, high unemployment and continued weak growth in the U.S. This weak growth prompted the U.S. Federal Reserve in the third quarter of 2011 to maintain its virtually zero-interest rate policy (target range: 0.00-0.25% p.a.) until 2013. In September, the Fed also announced the further easing of its monetary policy by increasing the duration of the bonds it holds. 7

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 DWS, are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding bench - marks if available are also presented in the report. All financial data in this publication is as of December 31, 2011 (unless otherwise specified). Sales prospectuses Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the 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.). 8

2011 Annual report

Money plus Investment objective and performance in the reporting period The sub-fund Money Plus, which is intended for institutional investors, seeks to generate returns in euro which are based on the performance of its benchmark. To this end, the sub-fund invests in government and corporate bonds with short maturities that are denominated in or hedged against the euro. DWS INSTITUTIONAL MONEY PLUS Five-year performance 114 112 110 108 106 104 102 100 12/06* 12/07 12/08 12/09 12/10 12/11 Money plus *12/2006 = 100 Data on euro basis BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2011 In the fiscal year 2011, the economy initially continued its upward trend. The European Central Bank increased its reference interest rate again for the first time since the peak of the financial crisis in two steps to 1.5% p.a. before later cutting it again to the prior year's level. However, these positive trends were dampened again from August 2011 when the European debt problems intensified again, particularly with respect to Greece s national deficit. In this investment climate, the sub-fund Money plus recorded an appreciation of 1.1% per share (BVI DWS INSTITUTIONAL MONEY PLUS vs. benchmark Performance at a glance in % 13.8 11.5 9.2 6.9 4.6 2.3 0.0 +1.1 +1.1 1 year +2.5 +2.4 3 years +11.3 +11.4 5 years Money plus 1M EUR LIBID + 5bp Data on euro basis BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2011 method) in the period from the beginning of January through the end of December 2011, put ting it on an equal footing with its benchmark, the 1-month EUR LIBID + 5bp (both percentages in euro). Investment policy in the reporting period The investment focus of DWS Institutional Money plus in the reporting period was on floating-rate bonds, the coupons of which are adjusted every three to six months to current market interest rates. As these bonds 10

are issued primarily by financial services providers, they formed the sector focus of the portfolio. Government and corporate bonds rounded out the portfolio. In its selection, the fund management preferred bonds with a minimum rating of BBB and better by the leading rating agencies (investment grade bonds). Term deposits contributed to liquidity management, enabling the sub-fund to combat the increased volatility of the markets. The net asset value guarantee was renewed and as of December 28, 2012 stood at: EUR 13,979.86 per share*. DWS INSTITUTIONAL MONEY PLUS Rating distribution of the bonds in the portfolio* Bonds: 62.0 AAA AA A BBB Other Time deposit Investment funds Money market funds Cash and other assets** AAA AA A BBB In % of the fund s net assets (incl. pro-rata accrued interest) Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal. Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal. 12.6 21.8 23.9 2.4 1.3 18.1 0.2 0.1 19.6 0 5 10 15 20 25 BB to B CCC and lower 30 * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch ** incl. derivatives Credit quality is adequate, with higher business and financial risk. Interest and principal payments are generally made without adverse effect on credit quality. The non-investment-grade rating is consistent with the company s business model. The rating is not consistent with the company s longterm business model. The capacity to pay interest and repay principal is potentially reduced in the long term. Security code: 986 813 ISIN: LU0099730524 As of: December 31, 2011 * Additional information on the guarantee and the effects of tax changes on the guarantee is provided in the sales prospectus. 11

USD Money plus Investment policy in the reporting period The sub-fund USD Money plus, which is intended for institutional investors, predominantly invested in corporate and government bonds with floating interest rates denominated in or hedged against the U.S. dollar. In the fiscal year 2011, the economy initially continued its upward trend. From July 2011, the European debt problems DWS INSTITUTIONAL USD MONEY PLUS Five-year performance 110.5 109.0 107.5 106.0 104.5 103.0 101.5 100.0 12/06* 12/07 12/08 12/09 12/10 12/11 USD Money plus * 12/2006 = 100 Data on U.S. dollar basis BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2011 deteriorated again and had an extremely negative impact on the capital markets. In the U.S., the U.S. Federal Reserve decided to maintain its target range for the key interest rate at 0.00%-0.25% until 2013, due to the increase in government debt and ongoing weak growth. USD Money plus achieved an appreciation of 0.3% per share (BVI method) in the 2011 fiscal year, putting it slightly ahead of its benchmark, the 1-month USD LIBID + 5bp, which returned 0.2% (both percentages in USD terms). Investment objective and DWS INSTITUTIONAL USD MONEY PLUS vs. benchmark Performance at a glance in % 12 10 8 6 4 2 0 +0.3 +0.2 +0.8 +0.7 +9.3 +9.2 1 year 3 years 5 years USD Money plus 1M USD LIBID + 5bp Data in U.S. dollars BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2011 performance in the reporting period In the period from the beginning of January through the end of December 2011, USD Money Plus invested predominantly in floating rate notes. These are floating-rate bonds whose interest rates are adjusted every three to six months in line with current market conditions. As floaters are issued primarily by financial services providers, this segment dominated the portfolio in terms of sector allocation. 12

Corporate bonds from various other sectors were included selectively. Government-guaranteed securities and issues of near-government issuers (European agencies) rounded off the investment spectrum. In line with its investment policy, the management favored U.S. dollar-denominated securities of European issuers with a minimum rating of BBB or better by leading rating agencies (investment grade). As of the end of December 2011, the duration was one month; the average yield was 0.3% p. a. net (after taking into account the all-in fee) 1). The renewed net asset value guarantee 2) as of December 28, 2012 is: USD 12,350.65 per share. DWS INSTITUTIONAL USD MONEY PLUS Rating distribution of the bonds in the portfolio* Bonds: 65.6 AAA AA A BBB B Time deposit Cash and other assets** AAA AA A BBB In % of the fund s net assets (incl. pro-rata accrued interest) 1.4 0.3 Extremely strong capacity to pay interest and repay principal Very strong capacity to pay interest and repay principal Strong capacity to pay interest and repay principal Adequate capacity to pay interest and repay principal. Adverse economic or sector-specific conditions are more likely to lead to a weakened capacity to pay interest and repay principal. 13.1 25.5 25.3 2.9 0 10 20 30 BB to B CCC and lower 31.5 40 * Average values based primarily on ratings by Standard & Poor's, Moody's and Fitch ** incl. derivatives Credit quality is adequate, with higher business and financial risk. Interest and principal payments are generally made without adverse effect on credit quality. The non-investment-grade rating is consistent with the company s business model. The rating is not consistent with the company s longterm business model. The capacity to pay interest and repay principal is potentially reduced in the long term. Security code: 575 145 ISIN: LU0146220040 As of: December 31, 2011 1) Average yield of the sub-fund s investments as of the reporting date. This can differ from the nominal yield of the interest-bearing instruments held in the portfolio. The future performance of the sub-fund cannot be derived from this. 2) Additional information on the guarantee and the effects of tax changes on the guarantee is provided in the sales prospectus. 13

0Investment 0 portfolios and financial statements for the reporting period The format used for complete dates in securities descriptions in the investment portfolio is day/month/year.

Annual report Money plus Investment portfolio December 31, 2011 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets Securities traded on an exchange 3 673 969 435.72 58.97 Interest-bearing securities 2.4850 % ABN AMRO Bank 10/03.02.12 MTN (XS0483673488)...................... EUR 25 000 25 000 % 100.0990 25 024 750.00 0.40 2.3220 % ABN AMRO Bank 10/15.10.12 MTN (XS0549050507)...................... EUR 25 000 25 000 % 99.9330 24 983 250.00 0.40 2.0120 % ABN AMRO Bank 11/17.07.12 MTN (XS0578858820)...................... EUR 30 000 30 000 % 99.7550 29 926 500.00 0.48 1.6746 % Agence Francaise de Develop. 11/ 13.05.13 MTN (XS0705069473) 3)........ EUR 40 000 40 000 % 99.5800 39 832 000.00 0.64 2.0610 % ART Five /TAP SA 06/02.11.17 S.100 (XS0241232783)................. EUR 42 500 7 500 % 78.8800 23 670 072.77 0.38 1.5140 % ASB Finance (London Branch) 07/13.02.12 MTN (XS0285964481)........ EUR 36 000 36 000 % 100.0130 36 004 680.00 0.58 2.1120 % Atlantes Mortgage No.1 03/17.01.36 Cl.A (XS0161394324)................... EUR 20 000 % 88.2500 5 084 027.79 0.08 1.9800 % Bacchus 06/17.08.22 S.2 CI.A1 (XS0260552962)...................... EUR 2 000 % 80.0000 1 491 824.29 0.02 1.7300 % Bank of America 07/05.02.14 MTN (XS0285100391).................. EUR 15 000 5 000 % 88.6290 13 294 350.00 0.21 1.6850 % Bank of Nova Scotia 07/25.01.14 MTN (XS0296407850).................. EUR 16 750 16 750 % 99.6305 16 688 108.75 0.27 2.3840 % Banque Fédérative Crédit Mut. 11/ 24.01.13 MTN (XS0580400884) 3)........ EUR 30 000 30 000 % 98.8745 29 662 350.00 0.48 2.3880 % Barclays Bank 09/28.01.13 MTN (XS0459903620) 3).................... EUR 44 500 44 500 % 99.4930 44 274 385.00 0.71 1.6000 % Bayerische Landesbank 05/06.11.12 IHS S.30100 (DE000BLB1XK0) 3)......... EUR 62 000 62 000 % 99.8650 61 916 300.00 0.99 1.6520 % Bayerische Landesbank 11/15.04.13 PF (XS0616917828) 3).................. EUR 43 000 43 000 % 99.7240 42 881 320.00 0.69 1.7880 % Bayerische Landesbank 11/28.10.13 ÖPF (DE000BLB6H20) 3)............... EUR 25 000 25 000 % 99.7650 24 941 250.00 0.40 1.6900 % Bayerische Landesbank 11/31.10.12 ÖPF S.0326 (DE000BLB0573) 3).......... EUR 35 000 35 000 % 99.9500 34 982 500.00 0.56 1.5710 % Berlin 10/16.01.12 LSA S.294 (DE000A1A6RD8) 3)................... EUR 50 000 % 99.9300 49 965 000.00 0.80 1.4550 % Berlin-Hannover.Hypo.bk. 11/08.08.13 E.162 PF (DE000BHY1125).............. EUR 50 000 50 000 % 99.4450 49 722 500.00 0.80 1.7700 % BMW Finance 11/07.02.12 MTN (XS0587410944)...................... EUR 15 000 15 000 % 100.0120 15 001 800.00 0.24 1.7700 % BMW Finance 11/07.02.12 MTN (XS0587519363)...................... EUR 9 500 10 000 500 % 100.0050 9 500 475.00 0.15 1.7350 % BNP Paribas 10/25.01.12 MTN (XS0480864205)...................... EUR 40 000 % 99.9150 39 966 000.00 0.64 1.7220 % BNP Paribas 11/17.01.12 MTN (XS0579068122)...................... EUR 40 000 40 000 % 100.0225 40 009 000.00 0.64 1.0040 % BNP Paribas 11/22.02.12 MTN (XS0594218082)...................... EUR 25 000 25 000 % 99.8800 24 970 000.00 0.40 1.5540 % BNP Paribas 11/28.03.12 MTN (XS0608252200)...................... EUR 25 000 25 000 % 99.8600 24 965 000.00 0.40 1.5700 % BPCE 06/12.09.12 MTN (FR0010398321)... EUR 20 000 20 000 % 99.1665 19 833 300.00 0.32 1.5390 % Caisse Centrale du Crédit Im. 07/14.02.12 MTN (XS0286131726)........ EUR 22 000 22 000 % 99.8760 21 972 720.00 0.35 1.2740 % Caisse d Amort.de la Dette Soc. 11/28.11.12 MTN (XS0710324186)........ EUR 30 000 30 000 % 100.0000 30 000 000.00 0.48 2.1170 % Chapel 03/17.11.64 S.1 Cl.A (XS0179679328)...................... EUR 65 000 % 85.3074 17 903 630.60 0.29 1.7030 % Cie. Financement Foncier 10/19.01.12 MTN PF (FR0010849018) 3)............. EUR 30 000 % 99.9685 29 990 550.00 0.48 1.6670 % Citigroup 06/12.01.12 MTN (XS0277974076) EUR 10 000 % 99.9730 9 997 300.00 0.16 1.5520 % Clydesdale Bank 07/30.05.12 MTN (XS0302132898).................. EUR 26 000 26 000 % 99.4385 25 854 010.00 0.41 1.2080 % Comp. de Financement Foncier 11/18.11.13 MTN PF (FR0011146208)..... EUR 35 000 35 000 % 100.0000 35 000 000.00 0.56 0.0100 % Coriolanus/BLB-Genuss. 09/31.07.14 MTN S.118 (XS0427563423)............. EUR 100 099 % 98.8908 2 937 173.04 0.05 1.6730 % Coriolanus/CART 1 07/15.06.14 MTN (XS0309858933).................. EUR 51 516 % 96.4300 19 414 287.59 0.31 1.6380 % Crédit Agricole (London Br.) 07/ 27.04.12 MTN (XS0297397811) 3)........ EUR 41 000 11 000 % 99.6890 40 872 490.00 0.66 1.6800 % Crédit Agricole (London Br.) 11/13.01.12 MTN (XS0578475062)........ EUR 50 000 50 000 % 99.5000 49 750 000.00 0.80 1.8700 % Credit Foncier de France 10/11.06.12 MTN (FR0010908681) 3)................ EUR 34 000 % 99.9500 33 983 000.00 0.55 16

Money plus Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets 1.5190 % Credit Suisse (London Branch) 07/ 04.06.12 MTN (XS0302887772) 3)........ EUR 30 000 30 000 % 99.9100 29 973 000.00 0.48 1.6160 % Danske Bank 07/11.01.12 MTN (XS0281739895) 3).................... EUR 50 000 35 000 % 100.0130 50 006 500.00 0.80 1.4460 % Danske Bank 07/29.06.12 MTN (XS0307699453)...................... EUR 20 000 20 000 % 99.7245 19 944 900.00 0.32 1.6750 % DekaBank DGZ 04/03.11.14 S.103 IHS MTN (XS0205453136).............. EUR 7 000 7 000 % 99.4000 6 958 000.00 0.11 1.7780 % Deutsche Bank 07/19.04.12 (XS0294497671)...................... EUR 115 500 3 500 % 99.5000 114 922 500.00 1.84 1.6580 % Deutsche Genoss.-Hypothekenbk 11/ 18.11.13 MTN PF (DE000A1KQWW9) 3)... EUR 50 000 50 000 % 98.8700 49 435 000.00 0.79 1.5740 % Deutsche Hypothekenbank 11/10.08.12 MTN HPF S.290 (DE000DHY2907) 3)...... EUR 25 000 25 000 % 99.8300 24 957 500.00 0.40 2.5180 % Dexia Banque Int. Luxembourg 09/21.09.12 MTN (XS0452338808)........ EUR 50 000 % 100.0000 50 000 000.00 0.80 1.6920 % Dexia Kommunalbank 11/01.08.13 ÖPF S.1629 (DE000DXA1NN0)........... EUR 39 000 39 000 % 97.7500 38 122 500.00 0.61 1.6890 % DZ Bank 11/06.09.13 MTN S.2849 (DE000DZ5WFC3) 3)................... EUR 23 400 23 400 % 99.8120 23 356 008.00 0.37 2.4720 % EARLS Eight /BVV 05/08.06.17 S.190 MTN (XS0220432776)............. EUR 6 000 % 92.0400 5 522 400.00 0.09 2.1620 % EARLS Four/Allianz 02/31.05.22 S.653 MTN (XS0149248097)............ EUR 2 000 % 97.4100 1 948 200.00 0.03 1.5500 % Eirles Three/LBBW Genuss. 09/01.07.13 S.291 MTN (XS0427360663)............. EUR 28 301 % 76.2500 15 328 520.29 0.25 1.4770 % Eirles Three/WestLB/DB Ldn. 09/01.06.12 S.289 MTN (XS0420655796)... EUR 23 750 % 86.2200 9 300 634.83 0.15 1.8180 % Erste Abwicklungsanstalt 11/19.04.13 MTN (DE000EAA0BQ6) 3)............... EUR 35 000 35 000 % 99.8400 34 944 000.00 0.56 1.2093 % EUROFIMA 10/18.01.12 MTN (XS0496146753)...................... EUR 50 000 % 99.3500 49 675 000.00 0.80 1.7430 % EUROFIMA 11/16.12.13 MTN (XS0718996084)...................... EUR 40 000 40 000 % 100.0300 40 012 000.00 0.64 1.4170 % Eurohypo 05/20.09.12 ÖPF MTN (XS0228855531)...................... EUR 25 000 25 000 % 98.8500 24 712 500.00 0.40 1.4170 % Granite Master Issuer 05/20.12.54 S.2 Cl.A5 (XS0220174543).............. EUR 13 500 13 000 % 95.2250 4 538 797.21 0.07 1.4740 % Hamburg 10/26.11.12 LSA S.20 (DE000A1E8K09) 3).................... EUR 25 000 % 100.0415 25 010 375.00 0.40 1.5640 % Hamburgische Landesbank, Guernsey 03/21.12.15 MTN (XS0162446354)........ EUR 35 000 35 000 % 99.8300 34 940 500.00 0.56 2.0560 % HSBC Bank 09/08.04.13 MTN (XS0455483254) 3).................... EUR 30 000 30 000 % 99.7230 29 916 900.00 0.48 2.2580 % HSBC Bank 11/17.11.13 MTN (XS0707911292) 3).................... EUR 30 000 30 000 % 99.9050 29 971 500.00 0.48 1.8440 % Hypo Alpe-Adria Bank Int. 07/24.01.17 MTN (XS0283714896).................. EUR 73 500 % 98.5000 72 397 500.00 1.16 1.8340 % IKB Deutsche Industriebank 07/23.01.17 MTN (XS0282589505).................. EUR 10 800 11 100 % 61.0000 6 588 000.00 0.11 1.9890 % ING Bank 11/03.06.13 MTN (XS0632892211)...................... EUR 40 000 40 000 % 98.0690 39 227 600.00 0.63 1.8940 % ING Bank 11/18.01.12 MTN (XS0579762849) 3).................... EUR 40 000 40 000 % 99.9570 39 982 800.00 0.64 1.8780 % Intesa Sanpaolo 10/19.01.12 MTN (XS0478281396).................. EUR 60 500 % 99.9395 60 463 397.50 0.97 1.6980 % Jump 05/27.04.26 S.1 Cl.A (IT0003834386). EUR 20 800 % 99.8500 154 590.49 0.00 1.9170 % KA Finanz 11/20.06.12 MTN (XS0632936950)...................... EUR 38 000 38 000 % 99.4990 37 809 620.00 0.61 1.6540 % KBC Ifima 07/23.01.12 MTN (XS0282215259)...................... EUR 10 000 10 000 % 99.9985 9 999 850.00 0.16 1.1843 % KfW 10/18.01.12 MTN (XS0493213176).... EUR 55 000 % 100.0000 55 000 000.00 0.88 1.4570 % Landesbank Saar 10/17.02.12 A.376 ÖPF (DE000SLB3768)............. EUR 50 000 % 100.0000 50 000 000.00 0.80 1.4750 % LB Baden-Württemberg 04/24.09.12 R.230 IHS (DE000LBW14R9)............ EUR 12 200 % 100.1770 12 221 594.00 0.20 1.6340 % LB Hessen-Thüringen 05/24.01.12 S.H157 IHS MTN (XS0209880292) 3)............ EUR 10 500 % 100.0210 10 502 205.00 0.17 1.7190 % LB Hessen-Thüringen 10/18.06.12 S.H220 IHS MTN (XS0517632625) 3)............ EUR 40 000 % 99.9500 39 980 000.00 0.64 1.4370 % LB Hessen-Thüringen 10/30.03.12 E.0509B/025 ÖPF (DE000HLB3MY4)...... EUR 25 000 % 99.9140 24 978 500.00 0.40 1.5810 % L-Bank B-W-Förderbank 10/02.05.12 S.5371 IHS MTN (XS0483039516) 3)...... EUR 49 500 500 % 100.0070 49 503 465.00 0.79 1.1793 % L-Bank B-W-Förderbank 11/04.12.12 MTN (XS0588918788).................. EUR 22 000 22 000 % 100.0000 22 000 000.00 0.35 17

Money plus Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets 1.6370 % Lloyds TSB Bank 11/30.03.12 MTN (XS0608386230) 3)................ EUR 40 000 40 000 % 99.5495 39 819 800.00 0.64 1.7400 % Lombarda Lease Finance No.4 05/30.01.22 Cl.A (IT0003856256)......... EUR 20 000 % 95.9600 1 806 347.18 0.03 1.8200 % Münchener Hypothekenbk. 10/11.06.12 MTN (DE000MHB7761) 3).............. EUR 33 000 % 99.9000 32 967 000.00 0.53 3.8340 % National Bank of Abu Dhabi 09/23.07.12 MTN (XS0441252268).................. EUR 40 000 % 100.2100 40 084 000.00 0.64 2.0180 % National Bank of Abu Dhabi 10/21.06.12 MTN (XS0518070650).................. EUR 20 000 % 100.1570 20 031 400.00 0.32 1.8740 % Nationwide Building Society 11/18.07.12 MTN (XS0649378634)........ EUR 30 000 30 000 % 100.0000 30 000 000.00 0.48 1.4980 % Norddeutsche Landesbank 05/22.06.12 MTN (XS0222177809).................. EUR 10 000 10 000 % 100.0075 10 000 750.00 0.16 1.6760 % Norddt. Landesbank 03/09.10.13 IHS S.585 (DE0007840597) 3)............ EUR 15 000 15 000 % 99.9500 14 992 500.00 0.24 1.5000 % Norddt. Landesbank 04/24.09.12 IHS MTN (XS0200870565) 3)............ EUR 37 800 % 100.2285 37 886 373.00 0.61 1.5520 % Norddt. Landesbank 07/15.10.14 S.1237 ÖPF (DE000NLB24A3) 3)......... EUR 16 250 16 250 % 99.1720 16 115 450.00 0.26 3.8750 % Norddt. Landesbank 09/09.01.12 IHS S.954 (DE000NLB5KZ2)............. EUR 26 000 26 000 % 100.0000 26 000 000.00 0.42 1.8040 % Nordea Bank 09/04.01.12 MTN (XS0475467295)...................... EUR 50 000 % 99.7500 49 875 000.00 0.80 1.9200 % Nordea Bank 09/10.12.12 MTN (XS0472575066)...................... EUR 19 750 20 250 500 % 99.9460 19 739 335.00 0.32 1.8700 % Nordea Bank 11/11.02.13 MTN (XS0590184858) 3).................... EUR 13 000 13 000 % 99.6525 12 954 825.00 0.21 1.9820 % Nordea Bank 11/21.01.13 MTN (XS0580556628) 3).................... EUR 25 000 25 000 % 99.5800 24 895 000.00 0.40 1.9710 % Pohjola Pankki 10/25.02.13 MTN (XS0490027348)...................... EUR 20 000 20 000 % 100.1050 20 021 000.00 0.32 1.6200 % Rabobank 10/11.05.12 MTN (XS0507737285)...................... EUR 10 000 10 000 % 100.0970 10 009 700.00 0.16 1.8690 % Rabobank 10/17.06.13 MTN (XS0518422513)...................... EUR 30 000 30 000 % 99.8820 29 964 600.00 0.48 1.8710 % Rabobank 11/14.01.13 MTN (XS0577548695) 3).................... EUR 40 000 40 000 % 100.0250 40 010 000.00 0.64 1.2400 % Rheinland-Pfalz 10/16.03.12 LSA (DE000A1DAA16)................. EUR 30 000 % 100.0000 30 000 000.00 0.48 1.4760 % Royal Bank of Canada 07/23.03.12 MTN (XS0291810637).................. EUR 7 500 % 100.0430 7 503 225.00 0.12 1.8400 % Royal Bank of Scotland 06/30.01.17 MTN (XS0259579547).................. EUR 6 550 20 000 % 74.4100 4 873 855.00 0.08 1.7760 % Royal Bank of Scotland 11/11.04.12 MTN (XS0615963054).................. EUR 20 000 20 000 % 99.7800 19 956 000.00 0.32 2.6370 % Santander International Debt 10/30.06.12 MTN (XS0520246686)........ EUR 25 000 % 99.5000 24 875 000.00 0.40 2.3920 % Santander International Debt 11/01.02.13 MTN (XS0591474639)........ EUR 25 000 25 000 % 100.0000 25 000 000.00 0.40 2.1420 % SBAB Bank 11/01.02.13 MTN (XS0586693003)...................... EUR 10 000 10 000 % 99.9370 9 993 700.00 0.16 1.8240 % SBAB Bank 11/18.07.12 MTN (XS0579847590)...................... EUR 65 000 65 000 % 99.8000 64 870 000.00 1.04 1.8380 % SBAB Bank 11/27.07.12 MTN (XS0584535289)...................... EUR 25 000 25 000 % 99.5700 24 892 500.00 0.40 2.3670 % Skandinaviska Enskilda Banken 11/20.06.13 MTN (XS0721227634)........ EUR 20 000 20 000 % 100.0000 20 000 000.00 0.32 1.7700 % Societe Generale 11/13.04.12 MTN (XS0616448733).................. EUR 27 000 27 000 % 99.8030 26 946 810.00 0.43 1.7250 % Split 2 04/25.10.18 Cl.A (IT0003763882).... EUR 54 700 % 99.6000 637 985.75 0.01 1.8240 % Svenska Handelsbanken 10/18.01.12 MTN (XS0478987224).................. EUR 15 000 % 100.0010 15 000 150.00 0.24 1.7880 % Svenska Handelsbanken 11/28.01.13 MTN (XS0583506133) 3)................ EUR 25 500 25 500 % 99.7850 25 445 175.00 0.41 1.8540 % Swedbank 11/18.10.12 MTN (XS0618263866) 3).................... EUR 40 500 40 500 % 99.6655 40 364 527.50 0.65 2.3380 % Swedbank 11/26.04.13 MTN (XS0697712114)...................... EUR 30 000 30 000 % 99.6625 29 898 750.00 0.48 1.6850 % Swedbank Hypotek 10/03.08.12 MTN PF (XS0530923225)............... EUR 18 500 18 500 % 99.9710 18 494 635.00 0.30 1.8740 % UniCredit Bank Ireland 10/27.08.12 MTN (XS0532488458).................. EUR 25 000 % 100.0250 25 006 250.00 0.40 1.6460 % Volkswagen Bank 11/27.06.12 MTN (XS0641933097).................. EUR 20 500 21 000 500 % 99.8830 20 476 015.00 0.33 18

Money plus Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets 1.8750 % Vorarlberger Landes- Hyp.bank 11/07.02.13 ÖPF MTN (XS0586550583).... EUR 10 000 10 000 % 100.0950 10 009 500.00 0.16 1.5670 % WL BANK 09/24.08.12 R.592 ÖPF (DE000A0Z2RN8) 3)................... EUR 20 000 20 000 % 99.8600 19 972 000.00 0.32 1.7740 % WL BANK 11/10.05.13 MTN (DE000A1H3U05) 3)................... EUR 40 000 40 000 % 99.8200 39 928 000.00 0.64 1.8240 % WL-BANK 11/28.11.12 R.235 MTN IHS (DE000A1K0N43) 3)................ EUR 30 000 30 000 % 100.0500 30 015 000.00 0.48 3.3386 % ART Five /DB CapFT 09/und. S.183 MTN (XS0423693901).................. USD 44 100 % 99.9488 34 126 737.78 0.55 3.3443 % CLASS/DB CapFT 09/und. MTN (XS0423470276)...................... USD 92 830 16 210 % 99.9488 71 836 396.10 1.15 3.4463 % EARLS Eight /DB CapFT 09/30.06.15 S.496 CLN (XS0425020814)............. USD 27 880 11 180 % 99.1419 21 400 728.84 0.34 0.7392 % HSH Nordbank 05/17.03.15 IHS (DE000HSH0G91)..................... USD 20 000 10 000 % 92.7400 14 360 705.49 0.23 0.5721 % Lunar Funding V/LBBW 05/03.04.12 S.9 MTN (XS0208871250)............... USD 22 650 % 99.6916 17 482 577.46 0.28 3.3793 % Regal Ser.32/DB Capital Trust 10/30.06.16 MTN (XS0493072507)........ USD 38 035 22 185 15 850 % 98.5963 29 035 048.15 0.47 3.2793 % Regal/DB Bank Capital 99/30.06.14 MTN S.17 (XS0095395819).............. USD 150 437 38 900 % 99.1352 115 467 927.62 1.85 1.2400 % Royal Bank of Scotland 05/09.03.15 (XS0213858243)...................... USD 43 600 10 000 % 82.3800 27 809 102.03 0.45 1.3158 % Royal Bank of Scotland 05/29.09.15 MTN (XS0223318501).................. USD 10 000 5 000 % 79.8300 6 180 801.81 0.10 1.0911 % Royal Bank of Scotland 06/11.04.16 MTN (XS0250214797).................. USD 35 000 6 000 % 77.2300 20 928 242.93 0.34 0.7051 % Siemens Financieringsmaatsch. 06/16.03.12 MTN (XS0247658494)........ USD 16 500 % 99.9350 12 766 746.93 0.20 4.7470 % BW Bank Capital Funding Trust I 99/und. S.1 (USU122163020)............ Count 1 000 EUR 670.0000 670 000.00 0.01 Unlisted securities 177 751 121.03 2.85 Interest-bearing securities 0.0000 % BMW Finance 31.01.12 (XS0727103128)... EUR 18 500 18 500 % 99.9234 18 485 829.00 0.30 0.0000 % DekaBank Deutsche Girozentrale 13.02.12 (DE000DK1CPJ5).............. EUR 30 000 30 000 % 99.8641 29 959 230.00 0.48 0.0000 % DZ Privatbank 22.03.12 (XS0725155286)... EUR 40 000 40 000 % 99.7107 39 884 280.00 0.64 0.0000 % Lloyds TSB Bank 13.03.12 (XS0720353993). EUR 30 000 30 000 % 99.7476 29 924 280.00 0.48 0.0000 % Norddeutsche Landesbank Luxembourg 13.03.12 (XS0720454833)............... EUR 30 000 30 000 % 99.7572 29 927 160.00 0.48 0.0000 % Sumitomo Corp. Capital Europe 17.01.12 (XS0678519439)............... EUR 25 000 25 000 % 99.9705 24 992 625.00 0.40 2.2170 % Tagus S. T. C. 06/20.12.16 S.Altis 1 Cl.A (XS0280699793)................. EUR 9 000 6 000 % 75.0000 4 577 717.03 0.07 Investment fund units 20 206 884.20 0.32 In-group fund units 20 206 884.20 0.32 DWS Best Global FX Selection Plus (LU0282109148) (1.500%)...................................... Count 9 500 9 500 EUR 101.2300 961 685.00 0.02 DWS Invest European Bonds FC (LU0616844766) (0.500%+)..................................... Count 10 000 10 000 EUR 100.0000 1 000 000.00 0.02 DWS Invest Global Bonds FC (LU0616846035) (0.500%+)..................................... Count 10 000 10 000 EUR 99.9800 999 800.00 0.02 DWS Invest Government Liquidity Fund FC (LU0416134327) (0.150%)........................ Count 46 000 EUR 101.0300 4 647 380.00 0.07 DWS Invest Income Strategy Conservative IC (LU0329762396) (0.300%+)....................... Count 23 650 23 650 EUR 106.4400 2 517 306.00 0.04 DWS Invest Income Strategy Currency FC (LU0273149533) (0.500%+)....................... Count 90 760 EUR 111.0700 10 080 713.20 0.16 Total securities portfolio 3 871 927 440.95 62.14 19

Money plus Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets Derivatives Minus signs denote short positions Currency derivatives -5 795 421.81-0.09 Currency futures (short) Open positions USD/EUR 482.81 million.......................... -5 795 421.81-0.09 Swaps -57 997.40 0.00 Credit default swaps Protection seller Allianz SE / 25 BP (BNP) 20.06.12 SELL (OTC FFM)..................................... EUR 25 000-48 648.64 0.00 JPMorgan Chase & Co/ 50 BP (BNP) 20.06.12 SELL (OTC FFM)................................ EUR 20 500-3 665.22 0.00 Sanofi Aventis/25 BP (CIT) 20.03.12 SELL (OTC FFM)..................................... EUR 37 000-3 046.42 0.00 Siemens AG / 25 BP (BNP) 20.12.12 SELL (OTC FFM)..................................... EUR 27 500-5 876.35 0.00 Swiss Re America/ 25 BP (BNP) 20.03.12 SELL (OTC FFM)..................................... EUR 22 000-17 406.74 0.00 Unilever / 25 BP (JPM) 20.09.12 SELL (OTC FFM)..................................... EUR 25 000 14 878.36 0.00 USA / 25 BP (BNP) 20.06.12 SELL (OTC FFM)......... EUR 25 000 5 767.61 0.00 Cash at bank 1 804 735 441.29 28.97 Demand deposits at Custodian EUR deposits.................................. EUR 671 464 759.38 % 100 671 464 759.38 10.78 Deposits in other EU/EEA currencies................ EUR 987 452.42 % 100 987 452.42 0.02 Deposits in non-eu/eea currencies Swiss franc.................................... CHF 28 739.65 % 100 23 631.76 0.00 Japanese yen.................................. JPY 4 184 122.00 % 100 41 730.48 0.00 U.S. dollar..................................... USD 2 864 552.98 % 100 2 217 867.25 0.04 Time deposit EUR deposits (Landesbank Baden-Württemberg)...... EUR 500 000 000.00 % 100 500 000 000.00 8.02 EUR deposits (BNP Paribas S.A., Paris).............. EUR 630 000 000.00 % 100 630 000 000.00 10.11 Repayment claims from securities purchased under repurchase agreements 550 000 000.00 8.83 Rev Repo Money plus (BNP FR) 02.01.12 0.50%......................... EUR 550 000 % 100 550 000 000.00 8.83 Other assets 10 931 731.25 0.17 Interest receivable.............................. EUR 10 082 399.81 % 100 10 082 399.81 0.16 Withholding tax claims........................... EUR 661 277.67 % 100 661 277.67 0.01 Other receivables............................... EUR 188 053.77 % 100 188 053.77 0.00 Other liabilities -1 152 956.25-0.02 Liabilities from cost items......................... EUR -923 740.78 % 100-923 740.78-0.01 Additional other liabilities......................... EUR -229 215.47 % 100-229 215.47 0.00 Net assets 6 230 588 238.03 100.00 Net asset value per share 13 979.86 Number of shares outstanding 445 683.218 Negligible rounding errors may have arisen due to the rounding of calculated percentages. 20

Money plus Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex Derivatives Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure.................. % 26.856 Highest market risk exposure.................. % 101.169 Average market risk exposure................. % 60.793 The values-at-risk were calculated for the period from January 1, 2011, through December 31, 2011, 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 0.1, whereby the total of the nominal amounts of the derivates in relation to the fund s assets was used for the calculation (nominal value method). Market abbreviations Futures exchanges OTC FFM = Over the Counter Frankfurt/Main Exchange rates (indirect quotes) As of December 30, 2011 Swiss franc..................... CHF 1.216145 = EUR 1 Japanese yen................... JPY 100.265358 = EUR 1 U.S. dollar..................... USD 1.291580 = EUR 1 Notes on the 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. A small part of the assets reported in this report are valued at derived market values. The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds) during the period under review, 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 during the period under review. Footnotes 3) Some or all of these securities are lent. The equivalent value of the lent securities is EUR 1,196,595,621.00. 21

Money plus 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/ currency ( / 000) Purchases/ additions Sales/ disposals Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 1.3510 % A-BEST 2 05/01.10.15 Cl.A (XS0232767631)................... EUR 25 000 1.4070 % A.N.Z. Banking Group 06/18.07.11 MTN (XS0261469505).............. EUR 15 050 1.7740 % Abbey National Treasury Services 11/08.12.11 MTN (XS0635089690).... EUR 30 000 30 000 1.3690 % ABN AMRO Bank 10/11.02.11 MTN (XS0486207102).............. EUR 40 000 1.2994 % Arlo II/Münchener Rück 05/04.02.11 MTN (XS0217746428).............. EUR 32 134 1.6460 % Athlon Securitisation 05/26.12.14 CI.A (XS0211870547)............... EUR 19 700 3.5000 % Banco Bilbao Vizcaya Argentaria 04/15.03.11 PF (ES0413211048)...... EUR 66 500 3.7500 % Banco Espanol de Crédito 04/23.02.11 PF (ES0413440043)...... EUR 40 000 2.5000 % Banco Santander 05/28.01.11 PF (ES0413900095)................ EUR 15 000 1.9160 % Banesto Financial Products 10/15.07.11 MTN (XS0526227946).... EUR 43 000 1.8820 % Banque Fédérative Crédit Mut. 09/10.12.11 MTN (XS0471464882) EUR 40 000 40 000 1.6230 % Banque Fédérative Crédit Mut. 10/11.08.11 MTN (XS0486389967) EUR 30 000 2.1490 % Banque Fédérative Crédit Mut. 11/24.01.13 MTN (XS0608441944) EUR 10 000 10 000 1.7850 % Barclays Bank 08/21.11.11 MTN (XS0400716444).............. EUR 30 000 30 000 1.1590 % Barclays Bank 10/06.04.11 MTN (XS0499960713).............. EUR 25 000 1.1970 % Barclays Bank 10/28.01.11 MTN (XS0482880902).............. EUR 50 000 1.0850 % Bayerische Landesbank 04/14.04.11 IHS (XS0190276435)............... EUR 13 000 1.0240 % Bayerische Landesbank 04/20.03.11 MTN (XS0187852008).............. EUR 30 000 1.3730 % Bayerische Landesbank 08/22.07.11 R.20276 ÖPF (DE000BLB5G06)...... EUR 26 546 26 546 0.9980 % Bayerische Landesbank 08/31.03.11 HPF S.0033 (DE000BLB6B67)........ EUR 27 000 1.5000 % Bayerische Landesbank 11/03.11.11 ÖPF S.316 (DE000BLB7AF5)......... EUR 39 000 39 000 1.6010 % Berlin-Hannover.Hypo.bk. 08/13.10.11 E.102 PF (DE000A0XXRM1)......... EUR 9 000 9 000 1.9960 % BMW Australia Finance 10/26.09.11 MTN (XS0497844224).............. EUR 47 000 1.0710 % BNP Paribas 10/24.03.11 MTN (XS0497455674).............. EUR 50 000 4.1250 % BNP Paribas Home Loan Cov. Bonds 08/24.01.11 MTN (FR0010573758).... EUR 11 400 1.4620 % BPCE 09/08.06.11 MTN (FR0010830406)................... EUR 4 000 4 000 1.5580 % Bremen 09/19.08.11 A.163 LSA (DE000A0XYRS6).............. EUR 15 000 2.0280 % Bruckner CDO I 04/29.12.84 Cl.A1 Reg S (XS0198769266)........ EUR 20 000 3.5000 % Caja Ahorr. Monte Piedad Madrid 04/25.03.11 PF (ES0414950610)...... EUR 5 500 1.1360 % Cie. Financement Foncier 03/25.03.11 MTN PF (FR0010032797). EUR 12 000 1.7990 % Commerzbank 01/25.07.11 Tr.519 MTN (XS0133336619)......... EUR 10 000 1.8110 % Commerzbank 07/19.12.11 MTN (DE000DR5B8U7)............. EUR 20 000 20 000 1.6590 % Commonwealth Bank Australia 06/02.11.11 MTN (XS0273347921).... EUR 10 750 1.0810 % Crédit Agricole (London Br.) 10/27.04.11 MTN (XS0504963090).... EUR 25 000 1.7090 % Crédit Mutuel Arkéa 06/03.11.11 MTN (FR0010391136).............. EUR 19 500 19 500 1.5180 % Danske Bank 06/08.09.11 MTN (XS0266920320).............. EUR 25 000 25 000 1.2300 % DekaBank DGZ 10/10.10.11 IHS S.6154 (DE000DK8ACT1)........ EUR 8 750 8 750 1.3910 % Deutsche Hypothekenbank 04/19.08.11 ÖPF MTN S.41 (XS0198884016)...... EUR 20 000 40 000 1.3550 % Deutsche Hypothekenbank 09/06.07.11 ÖPF MTN (DE000DHY1834)......... EUR 50 000 3.5000 % Dexia Kommunalbank 04/15.04.11 E.1273 ÖPF (DE000DXA0KK4)....... EUR 13 400 23 400 1.4240 % Dexia Kommunalbank 06/23.08.11 E.1459 ÖPF (DE000DXA0Q10)....... EUR 20 000 20 000 1.6350 % DNB Bank 06/22.11.11 MTN (XS0275670023)................... EUR 10 400 1.0970 % DnB NOR Bank 06/11.04.11 MTN (XS0249881474).............. EUR 10 000 0.0000 % Eirles One 01/19.07.11 MTN S.26 (XS0136961017).............. EUR 20 000 1.5280 % Eurohypo 07/28.09.11 HPF S.1N7 (DE000HBE1N78)............ EUR 10 000 10 000 2.2670 % Faxtor ABS 04/25.07.94 Cl.A1 (XS0190998905)................... EUR 7 000 1.3870 % Fortis Bank 10/25.05.11 MTN (XS0512297036).............. EUR 35 000 3.5000 % France B.T.A.N. 05/12.07.11 (FR0108847049)................... EUR 275 000 275 000 3.0000 % France B.T.A.N. 06/12.01.11 (FR0108354806)................... EUR 100 000 5.0000 % France O.A.T. 00/25.10.11 (FR0000187874)................... EUR 200 000 200 000 4.3750 % GE Capital European Funding 07/30.03.11 MTN (XS0301023049).... EUR 20 000 5.7500 % GE Capital European Funding 08/23.09.11 MTN (XS0378750581).... EUR 30 000 30 000 1.2500 % Germany 09/11.03.11 BSA (DE0001137255).................. EUR 100 000 1.2500 % Germany 09/16.09.11 S.1 (DE0001137271).................. EUR 250 000 250 000 1.5000 % Germany BS 09/10.06.11 (DE0001137263).................. EUR 350 000 350 000 1.6090 % Hypo Alpe-Adria-Bank Int. 01/26.11.11 MTN (XS0137508668).... EUR 15 000 1.1580 % ING Bank 10/21.01.11 MTN (XS0480455459)................... EUR 25 000 1.3060 % ING Bank 10/23.05.11 MTN (XS0512144808)................... EUR 38 000 1.5830 % ING Bank/Australia 06/23.11.11 MTN (XS0275903226).............. EUR 40 000 40 000 2.5700 % Instituto de Credito Oficial 10/13.07.12 MTN (XS0522960995).... EUR 50 000 1.2790 % Intesa Sanpaolo 04/10.05.11 MTN (XS0191589695).............. EUR 10 000 5.0000 % Intesa Sanpaolo 08/28.04.11 MTN (XS0359384947).............. EUR 19 000 19 000 1.5320 % Intesa Sanpaolo Bank Ireland 11/19.07.11 MTN (XS0580515277).... EUR 25 000 25 000 0.0000 % Italy 10/15.04.11 (IT0004592777)..... EUR 100 000 100 000 0.0000 % Italy 10/29.04.11 (IT0004643828)..... EUR 100 000 100 000 0.0000 % Italy B.O.T. 11/27.12.11 (IT0004771736)................... EUR 10 000 10 000 1.6370 % KBC Ifima 06/04.10.11 MTN (XS0269226238)................... EUR 61 000 61 000 1.1450 % KBC Ifima 10/14.04.11 MTN (XS0501707482)................... EUR 50 000 1.5700 % Kildare Securities 07/10.12.43 Cl.A3 (XS0286335996).............. EUR 15 000 5.7500 % LB Baden-Württemberg 00/14.01.11 S.591 ÖPF (DE0001007037)......... EUR 7 500 22

Money plus Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals 1.5500 % LB Baden-Württemberg 05/30.11.11 S.461 MTN (XS0223479006)......... EUR 64 000 1.6890 % LB Hessen-Thüringen 09/04.07.11 IHS (DE000HLB1SJ6).............. EUR 30 000 30 000 1.1750 % Lloyds TSB Bank 10/17.03.11 MTN (XS0495198268).............. EUR 55 000 1.7780 % Münchener Hypothekenbk. 09/15.12.11 MTN IHS S.1371 (DE000MHB7498)... EUR 40 000 1.3740 % Münchener Hypothekenbk. 09/16.06.11 MTN PF S.1282 (DE000MHB0923).... EUR 35 000 1.0990 % National Australia Bank 06/18.03.11 MTN (XS0240722313).... EUR 12 000 3.0240 % Natixis 09/02.05.11 MTN (XS0430959949)................... EUR 50 000 4.2500 % Nordea Hypotek 08/20.04.11 PF MTN (XS0359403168)........... EUR 31 000 31 000 0.9780 % Nordrhein-Westfalen 08/08.03.11 LSA R.843 (DE000NRW1162)........ EUR 15 000 1.7780 % Nordrhein-Westfalen 09/19.08.11 LSA R.912 (DE000NRW2W07)....... EUR 20 000 1.7860 % NRW.BANK 09/18.11.11 A.11Q IHS (DE000NWB11Q3)............. EUR 30 000 1.0000 % Nykredit Realkredit 09/01.01.11 PF S.12E (LU0455111624)........... EUR 65 000 1.5492 % Nykredit Realkredit 09/01.10.11 Ser.31e PF (LU0455441336)......... EUR 45 000 45 000 1.0000 % Nykredit Realkredit 10/01.04.11 S.12E PF (LU0483551452)........... EUR 95 000 95 000 1.2500 % Pohjola Pankki 06/21.06.11 MTN (XS0258298164).............. EUR 19 500 19 500 1.8380 % Pohjola Pankki 09/15.12.11 MTN (XS0472276319).............. EUR 39 000 1.2390 % Rabobank 10/11.05.12 Tr.4 MTN (XS0594225707).............. EUR 10 000 10 000 1.5020 % Raiffeisen Zentralbank Österreich 06/22.06.16 MTN (XS0258576403).... EUR 20 000 1.0000 % Realkredit Danmark 10/01.04.11 PF (LU0487809385)................ EUR 20 000 20 000 2.7800 % Royal Bank of Scotland 09/10.06.11 MTN (XS0433924767).............. EUR 10 000 1.6860 % Sampo Bank 04/18.11.11 MTN (XS0205341414)................... EUR 10 000 10 000 1.1220 % Santander International Debt 06/23.03.11 MTN (XS0247647539).... EUR 20 000 1.8060 % Santander International Debt 10/26.09.11 MTN (XS0496245068).... EUR 30 000 1.5000 % SBAB 09/14.02.11 MTN (XS0445869836)................... EUR 25 000 2.1760 % Société Générale 08/18.08.11 MTN (XS0382730272).............. EUR 15 000 27 500 1.7860 % Societé Générale 09/21.12.11 MTN (XS0473943925).............. EUR 25 100 46 500 1.3800 % Societe Generale Acc./L Oreal 06/20.06.11 CLN (XS0269424460)..... EUR 80 000 0.0000 % Spain 10/21.04.11 (ES0L01104212).... EUR 50 000 50 000 1.8820 % Svenska Handelsbanken 08/18.07.11 MTN (XS0377159487).............. EUR 15 000 1.6870 % Svenska Handelsbanken 09/07.12.11 MTN (XS0471399963).............. EUR 30 000 1.1150 % Toyota Motor Finance 10/14.04.11 MTN (XS0502436727).............. EUR 30 000 1.6000 % UBS (Jersey Br.) 11/30.12.11 MTN (XS0578458050).............. EUR 100 000 100 000 1.1040 % Ulster Bank Finance 06/29.03.11 (XS0249260364)................... EUR 11 300 1.7270 % UniCredit 06/07.11.11 MTN (XS0273441278)................... EUR 25 000 25 000 1.6260 % UniCredit 11/18.08.11 MTN (XS0591786446)................... EUR 30 000 30 000 5.0000 % UniCredit Bank 01/12.09.11 S.962 PF (DE0002515806)........... EUR 25 000 25 000 1.3220 % Volkswagen Bank 07/27.06.11 MTN (XS0305080177).............. EUR 7 000 7 000 1.4850 % Wells Fargo & Co. 06/01.08.11 MTN (XS0262914020).............. EUR 30 000 1.5690 % Wells Fargo Bank 06/19.09.11 MTN (XS0268297396).............. EUR 84 500 1.5200 % Westdt. ImmobilienBank 04/04.08.11 IHS MTN (XS0197876302)........... EUR 13 500 5.3750 % WestLB 08/02.03.11 IHS S.B85J (DE000WLB85J6).................. EUR 6 000 4.6250 % Westpac Banking Corp. 08/14.03.11 MTN (XS0352626443).............. EUR 5 000 5 000 1.0860 % WL BANK 06/19.05.11 MTN ÖPF R.491 (DE000A0JFC63)......... EUR 53 500 1.5440 % WL BANK 09/16.12.11 MTN ÖPF R.610 (DE000A1CRXS0)........ EUR 35 000 1.5250 % WL BANK 10/15.09.11 MTN IHS R.183 (DE000A1DAAL7)......... EUR 30 000 0.9713 % Eksportfinans 07/12.12.11 MTN (XS0334987301).............. GBP 12 000 12 000 Unlisted securities Interest-bearing securities 0.0000 % ABN AMRO Bank 28.12.11 (XS0685540980)................... EUR 10 000 10 000 0.0000 % Bayerische Landesbank 12.10.11 (DE000BLB4NR0).................. EUR 50 000 50 000 0.0000 % Bayerische Landesbank 14.11.11 (DE000BLB4N40).................. EUR 40 000 40 000 0.0000 % Bayerische Landesbank 14.12.11 (DE000BLB4PJ2).................. EUR 40 000 40 000 0.0000 % Bayerische Landesbank 24.10.11 (DE000BLB4NW0)................. EUR 35 000 35 000 0.0000 % Bayerische Landesbank 24.11.11 (DE000BLB4N81).................. EUR 35 000 35 000 1.5700 % BPCE 11/12.09.12 Tr.3 MTN (FR0011027002)................... EUR 20 000 20 000 0.0000 % CommerzBank 22.11.11 (DE000CZ40S58).................. EUR 38 000 38 000 0.0000 % CommerzBank 22.12.11 (DE000CZ400E2).................. EUR 35 000 35 000 0.0000 % Crédit Agricole 03.06.11 CD (FR0119371021)................ EUR 25 000 25 000 0.0000 % DekaBank DGZ 12.12.11 (DE000DK1CNT9).................. EUR 40 000 40 000 0.0000 % DZ PRIVATBANK 22.12.11 Tr.201 (XS0683072952)................... EUR 40 000 40 000 0.0000 % DZ PRIVATBANK 26.04.11 Tr.20 (XS0584528821)................... EUR 33 000 33 000 0.0000 % DZ PRIVATBANK 26.07.11 Tr.71 (XS0620695469)................... EUR 30 000 30 000 0.0000 % DZ PRIVATBANK 26.10.11 Tr.159 (XS0653944305)................... EUR 30 000 30 000 0.0000 % DZ Privatbank 28.12.11 (XS0699139118)................... EUR 30 000 30 000 0.0000 % ENEL Finance International 09.12.11 (XS0676860553)........... EUR 50 000 50 000 0.0000 % ENEL Finance International 28.02.11 (XS0576077340)........... EUR 80 000 80 000 2.0670 % HSBC Bank 11/08.04.13 MTN (XS0607044574)................... EUR 30 000 30 000 2.2070 % KA Finanz 06/20.09.16 MTN (XS0267751245)................... EUR 15 000 0.0000 % LB Hessen-Thüringen 22.12.11 (XS0683063886)................... EUR 20 500 20 500 0.0000 % Lloyds TSB Bank 13.12.11 (XS0677888934)................... EUR 30 000 30 000 0.0000 % Müchener Hypothekenbank 23.12.11 (DE000MHB1XC0)......... EUR 20 000 20 000 0.0000 % Norddeutsche Landesbank Luxembourg 13.12.11 (XS0677905530) EUR 30 000 30 000 0.0000 % Paccar Financial Europe 24.11.11 (XS0697797198)........... EUR 14 500 14 500 1.5680 % Rabobank 04/07.10.11 MTN (XS0205735201)................... EUR 50 000 23

Money plus Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals 0.0000 % RWE 21.11.11 (XS0667424237)...... EUR 39 000 39 000 0.0000 % RWE 29.03.11 (XS0522485746)...... EUR 44 000 0.0000 % Tesco 09.02.11 (XS0558183397)...... EUR 32 000 0.0000 % UniCredit Bank Austria 16.09.11 (XS0640337431)................... EUR 7 000 7 000 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Currency futures Value ( 000) Futures contracts to purchase currencies GBP/EUR EUR 13 013 USD/EUR EUR 108 706 Futures contracts to sell currencies GBP/EUR EUR 13 940 USD/EUR EUR 4 645 033 Swaps (total amount of opening transactions) Credit default swaps Protection seller EUR 32 000 (Underlyings: Credit Suisse Group Fin/ 25 BP (MST) 20.09.11 SELL, Swiss Re America/ 100 BP (CIT) 20.12.11 SELL) Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR 5 935 036 (Security description: 1.7740 % Abbey National Treasury Services 11/08.12.11 MTN, 2.4850 % ABN AMRO Bank 10/03.02.12 MTN, 1.7300 % Bank of America 07/05.02.14 MTN, 1.8820 % Banque Fédérative Crédit Mut. 09/10.12.11 MTN, 2.3840 % Banque Fédérative Crédit Mut. 11/24.01.13 MTN, 1.7850 % Barclays Bank 08/ 21.11.11 MTN, 2.3880 % Barclays Bank 09/28.01.13 MTN, 1.0240 % Bayerische Landesbank 04/20.03.11 MTN, 1.6000 % Bayerische Landesbank 05/06.11.12 IHS S.30100. 0.9980 % Bayerische Landesbank 08/31.03.11 HPF S.0033. 1.5000 % Bayerische Landesbank 11/03.11.11 ÖPF S.316. 1.6520 % Bayerische Landesbank 11/15.04.13 PF, 1.5710 % Berlin 10/ 16.01.12 LSA S.294. 1.6010 % Berlin-Hannover. Hypo.bk. 08/ 13.10.11 E.102 PF, 1.9960 % BMW Australia Finance 10/26.09.11 MTN, 1.7350 % BNP Paribas 10/25.01.12 MTN, 1.7220 % BNP Paribas 11/17.01.12 MTN, 1.5540 % BNP Paribas 11/28.03.12 MTN, 1.4620 % BPCE 09/08.06.11 MTN, 1.7030 % Cie. Financement Foncier 10/19.01.12 MTN PF, 1.6670 % Citigroup Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) 06/12.01.12MTN, 1.6380 % Crédit Agricole (London Br.) 07/ 27.04.12 MTN, 1.8700 % Credit Foncier de France 10/11.06.12 MTN, 1.3910 % Deutsche Hypothekenbank 04/19.08.11 ÖPF MTN S.41. 1.3550 % Deutsche Hypothekenbank 09/06.07.11 ÖPF MTN, 1.5740 % Deutsche Hypothekenbank 11/10.08.12 MTN HPF S.290. 2.5180 % Dexia Banque Int. Luxembourg 09/21.09.12 MTN, 3.5000 % Dexia Kommunalbank 04/15.04.11 E.1273 ÖPF, 1.4240 % Dexia Kommunalbank 06/23.08.11 E.1459 ÖPF, 1.6920 % Dexia Kommunalbank 11/01.08.13 ÖPF S.1629. 1.6350 % DNB Bank 06/22.11.11 MTN, 1.0970 % DnB NOR Bank 06/11.04.11 MTN, 3.5000 % France B.T.A.N. 05/12.07.11. 3.0000 % France B.T.A.N. 06/12.01.11. 5.0000 % France O.A.T. 00/25.10.11. 4.3750 % GE Capital European Funding 07/30.03.11 MTN, 1.2500 % Germany 09/11.03.11 BSA, 1.2500 % Germany 09/16.09.11 S.1. 1.5000 % Germany BS 09/10.06.11. 1.4740 % Hamburg 10/26.11.12 LSA S.20. 1.5640 % Hamburgische Landesbank, Guernsey 03/21.12.15 MTN, 1.9890 % ING Bank 11/03.06.13 MTN, 1.2790 % Intesa Sanpaolo 04/10.05.11 MTN, 1.8780 % Intesa Sanpaolo 10/ 19.01.12 MTN, 0.0000 % Italy 10/29.04.11. 1.5810 % L-Bank B- W-Förderbank 10/02.05.12 S.5371 IHS MTN, 1.4750 % LB Baden-Württemberg 04/24.09.12 R.230 IHS, 1.5500 % LB Baden-Württemberg 05/30.11.11 S.461 MTN, 1.6340 % LB Hessen-Thüringen 05/24.01.12 S.H157 IHS MTN, 1.6890 % LB Hessen-Thüringen 09/04.07.11 IHS, 1.7190 % LB Hessen- Thüringen 10/18.06.12 S.H220 IHS MTN, 1.4370 % LB Hessen- Thüringen 10/30.03.12 E.0509B/025 ÖPF, 1.7780 % Münchener Hypothekenbk. 09/15.12.11 MTN IHS S.1371. 1.3740 % Münchener Hypothekenbk. 09/16.06.11 MTN PF S.1282. 1.8200 % Münchener Hypothekenbk. 10/11.06.12 MTN, 1.4980 % Norddeutsche Landesbank 05/22.06.12 MTN, 1.5000 % Norddt. Landesbank 04/24.09.12 IHS MTN, 1.5520 % Norddt. Landesbank 07/15.10.14 S.1237 ÖPF, 1.8040 % Nordea Bank 09/04.01.12 MTN, 1.9820 % Nordea Bank 11/21.01.13 MTN, 4.2500 % Nordea Hypotek 08/20.04.11 PF MTN, 0.9780 % Nordrhein-Westfalen 08/08.03.11 LSA R.843. 1.7780 % Nordrhein-Westfalen 09/ 19.08.11 LSA R.912. 1.7860 % NRW.BANK 09/18.11.11 A.11Q IHS, 1.5680 % Rabobank 04/07.10.11 MTN, 1.6200 % Rabobank 10/ 11.05.12 MTN, 1.8690 % Rabobank 10/17.06.13 MTN, 1.8710 % Rabobank 11/14.01.13 MTN, 1.4760 % Royal Bank of Canada 07/ 23.03.12 MTN, 1.8400 % Royal Bank of Scotland 06/30.01.17 MTN, 1.1220 % Santander International Debt 06/23.03.11 MTN, 1.8060 % Santander International Debt 10/26.09.11 MTN, 2.1760 % Société Générale 08/18.08.11 MTN, 1.7860 % Societé Générale 09/21.12.11 MTN, 1.7700 % Societe Generale 11/13.04.12 MTN, 1.6870 % Svenska Handelsbanken 09/07.12.11 MTN, 1.1150 % Toyota Motor Finance 10/14.04.11 MTN, 1.7270 % UniCredit 06/07.11.11 MTN, 1.4850 % Wells Fargo & Co. 06/01.08.11 MTN, 1.5690 % Wells Fargo Bank 06/19.09.11 MTN, 1.0860 % WL BANK 06/19.05.11 MTN ÖPF R.491. 1.5440 % WL BANK 09/16.12.11 MTN ÖPF R.610. 1.5670 % WL BANK 09/24.08.12 R.592 ÖPF, 1.5250 % WL BANK 10/15.09.11 MTN IHS R.183. 1.7740 % WL BANK 11/10.05.13 MTN, 1.3158 % Royal Bank of Scotland 05/29.09.15 MTN) 24

Money plus Securities repurchase agreements (total transactions, at the value agreed at the closing of the repurchase agreements) Securities repurchase agreements (total transactions, at the value agreed at the closing of the repurchase agreements) Value ( 000) Purchased under repurchase agreements EUR 108 848 746 (Underlyings: Austria 02/15.07.12 MTN, Austria 03/15.01.18 MTN, Austria 03/15.07.14 MTN 144a, Austria 03/20.10.13 MTN, Austria 04/15.07.15 MTN 144a, Austria 04/15.07.20 MTN 144a, Austria 06/ 15.09.16 MTN 144a, Austria 06/15.09.21 MTN 144a, Austria 07/15. 03.19 MTN 144a, Austria 07/15.09.17 MTN 144a, Austria 09/15.03. 26 MTN 144a, Austria 09/20.10.14. Austria 10/20.02.17 MTN 144a, Austria 11/20.04.22 MTN 144a, Austria 97/15.07.22 S.JL27. Austria 97/15.07.23 S.JL27. Austria 97/15.07.24 S.JL27. Austria 97/15.07.26 S.JL27. Austria 97/15.07.27 S.6. Austria 99/15.01.14. Baden- Württemberg 05/14.01.15 R.64 LSA, Baden-Württemberg 08/04.01. 18 R.76 LSA, Baden-Württemberg 09/22.01.14 R.87 LSA, Baden- Württemberg 10/05.03.15. Bank Nederlandse Gemeenten 01/04.07. 11 MTN, Bank Nederlandse Gemeenten 02/13.09.12 MTN, Bank Nederlandse Gemeenten 03/04.07.13 MTN, Bank Nederlandse Gemeenten 04/15.07.14 MTN, Bank Nederlandse Gemeenten 05/ 01.06.15 MTN, Bank Nederlandse Gemeenten 06/15.04.11 MTN, Bank Nederlandse Gemeenten 06/16.12.13 MTN, Bank Nederlandse Gemeenten 06/28.06.16 MTN, Bank Nederlandse Gemeenten 07/ 15.02.12 MTN, Bank Nederlandse Gemeenten 08/14.03.14 MTN, Bank Nederlandse Gemeenten 08/21.02.13 MTN, Bank Nederlandse Gemeenten 09/04.11.19 MTN, Bank Nederlandse Gemeenten 09/ 15.01.15 MTN, Bank Nederlandse Gemeenten 10/01.09.20 MTN, Bank Nederlandse Gemeenten 10/14.01.20 MTN, Bank Nederlandse Gemeenten 10/14.07.15 MTN, Bank Nederlandse Gemeenten 10/ 15.11.17 MTN, Bank Nederlandse Gemeenten 10/30.03.17 MTN, Bank Nederlandse Gemeenten 11/18.01.16 MTN, Bank Nederlandse Gemeenten 11/23.05.14 MTN, Bank Nederlandse Gemeenten 11/ 25.10.21 MTN, Bank Nederlandse Gemeenten 11/26.05.23 MTN, Bank Nederlandse Gemeenten 98/05.06.13 MTN, Bayern 02/26.06. 12 S.96 LSA, Bayern 05/21.01.13 S.101 LSA, Bayern 06/16.01.14 S.102 LSA, Bayern 07/16.01.17 S.103 LSA, Bayern 09/11.05.12 S.114 LSA, Bayern 09/27.01.16 S.108 LSA, Bayern 11/17.01.18 Ser. 120 LSA, Berlin 01/12.04.11 A.108 LSA, Berlin 03/11.06.13 A.159 LSA, Berlin 05/14.09.15 A.204 LSA, Berlin 05/15.01.14 A.206 LSA, Berlin 05/22.06.17 A.202 LSA, Berlin 05/23.03.15 A.196 LSA, Berlin 07/26.06. 17 A.230 LSA, Berlin 09/02.03.12 A.274 LSA, Berlin 09/09.04.13 A.267 LSA, Berlin 09/13.02.14 A.264 LSA, Berlin 09/25.06.12 A.279 LSA, Berlin 10/12.04.13 LSA A.327. Berlin 11/29.03.16 IHS S.336. Berlin, Land 11/ 17.08.21 LSS 352. Brandenburg 03/20.02.13 R.143 LSA, Brandenburg 05/26.01.15 LSA, Brandenburg 11/15.06.21 LSA, Bundesländer 09/07. 10.19 No.32 LSA, Bundesländer 10/02.06.15 No.34 LSA, Caisse d Amort.de la Dette Soc. 11/28.11.12 MTN, Caisse d Amort.de la Dette Sociale 11/25.10.21 MTN, Caisse d Amortism. Dette Soc. 02/ 25.07.11 INFL, Caisse d Amortism. Dette Soc. 04/25.07.19 INFL, Caisse d Amortism. Dette Soc. 04/25.10.14 MTN, Caisse d Amortism. Dette Soc. 04/25.10.19. Caisse d Amortism. Dette Soc. 05/25.04.13 MTN, Caisse d Amortism. Dette Soc. 05/25.04.15. Caisse d Amortism. Dette Soc. 05/25.10.20. Caisse d Amortism. Dette Soc. 06/25.04.16 MTN, Caisse d Amortism. Dette Soc. 06/25.07.17 MTN INFL, Caisse d Amortism. Dette Soc. 06/25.10.21 MTN, Caisse d Amortism. Dette Soc. 07/25.04.17 MTN, Caisse d Amortism. Dette Soc. 08/ 04.09.13 MTN, Caisse d Amortism. Dette Soc. 09/15.01.15. Caisse d Amortism. Dette Soc. 09/25.04.12 MTN, Caisse d Amortism. Dette Soc. 09/25.04.20 MTN, Caisse d Amortism. Dette Soc. 10/25.04.21 MTN, Caisse d Amortism. Dette Soc. 10/25.10.21 MTN, Caisse d Amortism. Dette Soc. 11/07.03.18 MTN, Caisse d Amortism. Dette Soc. 11/25.02.16 MTN, Caisse d Amortism. Dette Soc. 11/25.02.16 Tr.2 MTN, Caisse d Amortism. Dette Soc. 11/25.04.23 MTN, Caisse d Amortism. Dette Soc. 11/25.07.21 INFL, Caisse d Amortism. Dette Soc. 98/25.10.12. Caisse d Amortism. Dette Soc. 99/25.07.13 INFL, Caisse d Amortismt Dette Soc. 11/25.04.23 Tr.3 MTN, Caisse d Amortissement Dette Soc. 11/18.11.13 MTN, Caissse D Amort Dette Soc. 11/25.04.23MTN, Charbonnages de France 02/25.04.13. Council of EuropeDev. Bank 10/13.07.20 MTN, Council of Europe Dev. Bank 11/31.08.21MTN, EFSF 11/05.12.16 MTN, EFSF 11/ 18.07.16 MTN, EUROFMA 01/17.09.14 MTN, EUROFIMA 04/21.10.19 MTN, EUROFIMA09/27.10.21 MTN, European Bank for Rec. & Dev. 02/26.11.12 MTN,European Community 08/09.12.11 MTN, European Community09/03.04.14 MTN, European Community 09/06.04.16 MTN, European Community 09/07.11.14 MTN, European Community 09/ 27.01.15 MTN,European Community 10/10.05.19 MTN, European Community10/22.09.17 MTN, European Community 11/03.06.16 MTN, European Community 11/04.04.18 MTN, European Community 11/04.06.21 MTN, European Community 11/04.09.26 MTN, European Community 11/04.10.18 MTN, European Community 11/04.12.15 MTN, European Community 11/21.09.21 MTN, European Fin. Stab. Facility 11/05.07.21 MTN Reg S, European Investment Bank 02/15. 10.12. European Investment Bank 03/15.10.13 MTN, European Investment Bank 04/15.04.20 MTN, European Investment Bank 05/ 15.10.15 MTN, European Investment Bank 06/12.12.11 MTN, European Investment Bank 06/15.10.11 MTN, European Investment Bank 06/15.10.16 MTN, European Investment Bank 07/15.04.13 MTN, European Investment Bank 07/15.04.24 MTN, European Investment Bank 07/15.10.14 MTN, European Investment Bank 07/ 15.10.17 MTN, European Investment Bank 08/15.04.11 MTN, European Investment Bank 08/15.04.15 MTN, European Investment Bank 08/30.06.14 MTN, European Investment Bank 09/09.01.15 MTN, European Investment Bank 09/15.01.20 MTN, European Investment Bank 09/15.04.12 MTN, European Investment Bank 09/ 15.04.14 MTN, European Investment Bank 09/15.04.16 MTN, European Investment Bank 09/15.04.19 MTN, European Investment Bank 09/15.10.25 MTN, European Investment Bank 09/27.01.17 MTN, European Investment Bank 10/03.03.17 MTN, European Investment Bank 10/15.01.14 MTN, European Investment Bank 10/ 15.01.15 MTN, European Investment Bank 10/15.01.16 MTN, European Investment Bank 10/15.03.16 MTN, European Investment Bank 10/15.03.18 MTN, European Investment Bank 10/15.04.30 MTN, European Investment Bank 10/15.07.15 MTN, European Bank 10/16.09.19 MTN, European Investment Bank 10/28.09.22 MTN, European Investment Bank 11/15.01.14 MTN, European Investment Bank 11/15.01.21 MTN, European Investment Bank 11/ 15.03.19 MTN, European Investment Bank 11/15.09.21 MTN, European Investment Bank 11/15.10.18 MTN, European Investment Bank 11/27.07.16 MTN, European Investment Bank 97/17.02.17. European Investment Bank 98/15.02.18. Eurpoean Investment Bank 11/15.07.16 MTN, Finland 02/04.07.13. Finland 04/04.07.15. Finland 07/15.09.12. Finland 08/04.07.19. Finland 09/04.07.25. Finland 09/ 15.09.14. Finland 10/15.04.16. Finland 10/15.04.20. Finland 11/ 15.04.21. France 09/25.10.15. France B.T.A.N. 07/12.01.12. France B.T.A.N. 07/12.07.12. France B.T.A.N. 09/12.01.14. France B.T.A.N. 09/12.07.14. France B.T.A.N. 09/12.09.11. France B.T.A.N. 10/12.07. 15. France B.T.A.N. 10/15.01.15. France B.T.A.N. 10/20.09.12. France B.T.A.N. 11/25.02.16. France B.T.A.N. 11/25.09.13. France O.A.T. 00/25.10.11. France O.A.T. 00/25.10.16. France O.A.T. 01/ 25.04.12. France O.A.T. 01/25.07.12 INFL, France O.A.T. 01/25.10. 12. France O.A.T. 01/25.10.16. France O.A.T. 02/25.04.13. France O.A.T. 02/25.07.13 INFL, France O.A.T. 02/25.10.13. France O.A.T. 03/25.04.14. France O.A.T. 03/25.04.19. France O.A.T. 03/25.07.11 INFL, France O.A.T. 03/25.10.14. France O.A.T. 04/25.04.15. France O.A.T. 04/25.07.15 INFL, France O.A.T. 04/25.07.20 INFL, France O.A.T. 05/25.04.21. France O.A.T. 05/25.07.17 INFL, France O.A.T. 05/25.10.15. France O.A.T. 06/25.04.16. France O.A.T. 06/25.10.17. France O.A.T. 06/25.10.23. France O.A.T. 07/25.04.18. France O.A.T. 07/25.10.23. France O.A.T. 08/25.07.23 INFL, France O.A.T. 08/25.10.18. France O.A.T. 09/25.04.12. France O.A.T. 09/25.04.13. France O.A.T. 09/25.04.20. France O.A.T. 09/25.04.29. France O.A.T. 09/25.07.22 INFL, France O.A.T. 09/25.10.18. France O.A.T. 09/ 25.10.20. France O.A.T. 09/25.10.23. France O.A.T. 09/25.10.26. France O.A.T. 09/25.10.28. France O.A.T. 09/25.10.30. France O.A.T. 10/25.04.26. France O.A.T. 10/25.07.19 INFL, France O.A.T. 10/ 25.07.27 INFL, France O.A.T. 10/25.10.20. France O.A.T. 11/25.07.16 INFL, France O.A.T. 11/25.10.21. France O.A.T. 87/26.12.12 Tr.4. France O.A.T. 89/25.10.19 Tr.3. France O.A.T. 92/25.04.22. France O.A.T. 92/25.04.23. France O.A.T. 93/25.10.25. France O.A.T. 94/ 25.10.24 Pf, France O.A.T. 94/25.10.25. France O.A.T. 94/25.10.25 Pf., France O.A.T. 97/25.04.29. France O.A.T. 98/25.04.26 PF, France O.A.T. 99/25.07.29 INFL, Germany 00/04.01.29 Coupons, Germany 00/04.01.30. Germany 00/04.01.30 Coupons, Germany 02/04.01.12. Germany 02/04.07.12. Germany 02/04.07.12 A.II, Germany 03/ 04.01.13. Germany 03/04.01.14. Germany 03/04.07.13. Germany 03/04.07.13 Coupons, Germany 03/04.07.29 Coupons, Germany 03/04.07.30 Coupons, Germany 04/04.01.15. Germany 04/04.07.14. Germany 05/04.01.16. Germany 05/04.07.15. Germany 06/04.01.17. Germany 06/04.07.16. Germany 06/08.04.11 S.148 BO, Germany Value ( 000) 25

Money plus Securities repurchase agreements (total transactions, at the value agreed at the closing of the repurchase agreements) Value ( 000) 06/15.04.16 INFL, Germany 07/04.01.18. Germany 07/04.07.17 A. II, Germany 07/12.10.12 S.151 BO, Germany 07/13.04.12 S.150 BO, Germany 07/15.04.13 INFL, Germany 08/04.01.19. Germany 08/04.07.18. Germany 08/11.10.13 S.153 BO, Germany 08/12.04. 13 S.152 BO, Germany 09/04.01.20 Ser.09. Germany 09/04.07.19. Germany 09/10.10.14 S.155. Germany 09/11.04.14 S.154 BO, Germany 09/15.04.20 INFL, Germany 09/16.09.11 S.1. Germany 09/16.12.11 S.2. Germany 10/04.01.21. Germany 10/04.07.20. Germany 10/04.09.20. Germany 10/09.10.15 Ser.158. Germany 10/14.09.12. Germany 10/14.12.12. Germany 10/15.06.12. Germany 10/16.03.12. Germany 10/27.02.15 S.156. Germany 11/04.01.22. Germany 11/04.07.21. Germany 11/04.09.21. Germany 11/08.04.16 S.160 BO, Germany 11/13.09.13. Germany 11/14.06.13. Germany 11/14.10.16 Ser.161. Germany 11/15.03.13. Germany 11/15.04.18 INFL, Germany 11/26.02.16. Germany 86/ 20.06.16 A.II, Germany 94/04.01.24. Germany 97/04.01.12 Coupons, Germany 97/04.01.13 Coupons, Germany 97/04.01.16 Coupons, Germany 97/04.01.17 Coupons, Germany 97/04.01.18 Coupons, Germany 97/04.01.19 Coupons, Germany 97/04.01.20 Coupons, Germany 97/04.01.21 Coupons, Germany 97/04.01.22 Coupons, Germany 97/04.01.23 Coupons, Germany 97/04.01.24 Coupons, Germany 97/04.07.12 Coupons, Germany 97/04.07.13 Coupons, Germany 97/04.07.15 Coupons, Germany 97/04.07.16 Coupons, Germany 97/04.07.17 Coupons, Germany 97/04.07.18 Coupons, Germany 97/04.07.19 Coupons, Germany 97/04.07.20 Coupons, Germany 97/04.07.22 Coupons, Germany 97/04.07.24 Coupons, Germany 97/04.07.25 Coupons, Germany 97/04.07.26 Coupons, Germany 97/04.07.27. Germany 97/04.07.27 Coupons, Germany 98/04.01.25 Coupons, Germany 98/04.01.26 Coupons, Germany 98/04.01.27 Coupons, Germany 98/04.01.28. Germany 98/04.07.28 A.II, Germany 98/04.07.28 Coupons, Hessen 00/ 04.01.11 S.3 LSA, Hessen 01/04.01.12 S.3 LSA, Hessen 02/ 04.01.13 S.7 LSA, Hessen 03/10.03.15 S.2 LSA, Hessen 04/05. 01.15 S.4 LSA, Hessen 04/07.04.14 S.1 LSA, Hessen 05/04.01. 16 S.4 LSA, Hessen 05/14.10.15 S.7 LSA, Hessen 05/25.01.17 S.1 LSA, Hessen 07/11.06.12 S.4 LSA, Hessen 09/04.05.12 S.6 LSA, Hessen 09/13.05.14 S.7 LSA, Hessen 10/10.03.20 LSA S.1005. Hessen 10/16.06.15 LSA, Hessen 10/22.09.20 LSA, Hessen 11/03.08.18 LSA S.1113. Int. Bank for Rec. and Developm. 09/20.05.19 MTN, KfW 01/04.07.11. KfW 02/04.07.12. KfW 03/ 04.07.13. KfW 04/04.07.14. KfW 05/04.07.15. KfW 06/04.07.21. KfW 06/14.10.11 IHS, KfW 07/04.01.23. KfW 07/04.07.17. KfW 07/12.10.12. KfW 08/04.07.18. KfW 08/08.04.11. KfW 08/ 11.10.13. KfW 08/16.01.12. KfW 09/04.07.16 IHS, KfW 09/ 05.12.11 MTN, KfW 09/09.07.13 MTN, KfW 09/12.08.15 MTN, KfW 09/16.07.13 MTN, KfW 09/21.01.19. KfW 09/21.05.12. KfW 09/23.07.19 MTN, KfW 09/25.02.14. KfW 09/31.01.11 MTN, KfW 09/31.07.13 MTN, KfW 10/04.08.14 MTN, KfW 10/10.04.15. KfW 10/16.11.15 IHS, KfW 10/17.06.13. KfW 10/20.01.20. KfW 10/21.09.17 MTN, KfW 10/23.03.12. KfW 10/30.11.15 MTN, KfW 11/08.04.16 IHS, KfW 11/11.04.14 IHS, KfW 11/15.06.18. KfW 11/ 16.05.13 MTN, KfW 11/16.08.19 Reg S, KfW 11/18.01.21. KfW 11/ 26.01.17. KfW 98/17.06.13. KfW 98/22.01.18 R.213 IHS, L-Bank B-W-Förderbank 09/17.11.14 R.3096 IHS, Landwirtsch. Rentenbank 07/14.03.12 S.854 MTN, Landwirtsch. Rentenbank 07/27.11.17 S.893 MTN, Landwirtsch. Rentenbank 08/12.04.13 S.907 MTN, Landwirtsch. Rentenbank 09/11.02.16 S.947 MTN, Landwirtsch. Rentenbank 09/ 12.03.14 S.951 MTN, Landwirtsch. Rentenbank 10/15.06.15 S.1013 MTN, Landwirtsch. Rentenbank 11/02.03.18 MTN, Landwirtschaftliche Rentenbank 11/30.08.21 MTN, Luxembourg 01/18.05.20. Nederland 92/15.01.18 Strip, Netherland 09/15.07.19 S.JL19. Netherlands 02/ 15.07.12. Netherlands 02/15.07.12 Strip, Netherlands 03/15.07.13. Netherlands 04/15.07.14. Netherlands 04/15.07.14 Strip, Netherlands 05/15.01.29 Coupons, Netherlands 05/15.01.30 Coupons, Netherlands 05/15.07.15. Netherlands 06/15.01.23. Netherlands 06/15.07.16. Netherlands 07/15.07.17. Netherlands 08/15.07.18. Netherlands 09/ 15.01.12. Netherlands 09/15.01.15. Netherlands 09/15.07.19. Netherlands 09/15.07.19 Strip S. JL19. Netherlands 10/15.01.13. Netherlands 10/15.01.13 Strip S.JA13. Netherlands 10/15.07.20. Netherlands 10/15.07.20 Strip S.JL20. Netherlands 11/15.01.14. Netherlands 11/15.01.17. Netherlands 11/15.07.21. Netherlands 15.07.13. Netherlands 93/15.01.23. Netherlands 98/15.01.27 Coupons, Netherlands 98/15.01.28. Netherlands 98/15.01.28 Securities repurchase agreements (total transactions, at the value agreed at the closing of the repurchase agreements) Value ( 000) Coupons, Nordic Investment Bank 09/08.04.14 MTN, Nordrhein- Westfalen 01/04.07.11 R.374 LSA, Nordrhein-Westfalen 04/ 15.02.12 LSA, Nordrhein-Westfalen 05/03.03.17 LSA R.627. Nordrhein-Westfalen 05/16.11.15 LSA R.700. Nordrhein- Westfalen 06/14.11.14 LSA R.756. Nordrhein-Westfalen 07/ 08.03.12 LSA MTN, Nordrhein-Westfalen 07/13.03.09 LSA R.782. Nordrhein-Westfalen 07/14.02.14 LSA R.776. Nordrhein- Westfalen 07/15.02.18 LSA R.819. Nordrhein-Westfalen 07/ 15.08.12 LSA R.808. Nordrhein-Westfalen 07/24.08.12 LSA R. 814. Nordrhein-Westfalen 07/29.04.22 LSA R.790. Nordrhein- Westfalen 09/24.09.13 LSA R.969. Nordrhein-Westfalen 09/ 30.01.12 LSA R.906. Nordrhein-Westfalen 10/09.04.15 LSA S. 1035. Nordrhein-Westfalen 10/14.02.13. Nordrhein-Westfalen 10/15.10.15. Nordrhein-Westfalen 10/15.12.14 LSA R.1025. Nordrhein-Westfalen 10/30.06.15 MTN LSA R.1049. Nordrhein- Westfalen 11/07.07.21 R.1126 LSA, Nordrhein-Westfalen 11/ 15.05.14. Nordrhein-Westfalen 98/29.01.18 LSA R.332. Nordrhein-Westfalen, Land 06/28.02.12 MTN, Nordrhein- Westfallen 10/09.12.14 IHS S.1091-10. Oesterreichische Kontrollbank 06/15.09.16 MTN, Oesterreichische Kontrollbank 07/21.02.12 MTN, Oesterreichische Kontrollbank 08/10.12.13 MTN, Oesterreichische Kontrollbank 09/28.04.14 MTN, Sachsen Anhalt 08/22.04.13 A.12 LSA, Sachsen-Anhalt 02/ 28.03.12 LSA, Sachsen-Anhalt 04/28.02.14 A.19 LSA, Sachsen- Anhalt 06/10.05.16 MTN LSA S.66. Sachsen-Anhalt 06/26.09.16 Jumbo LSA, Sachsen-Anhalt 07/11.09.17 Jumbo LSA, Sachsen- Anhalt 11/06.04.21 A.13 LSA, Soc. Fin. Eco. Française 08/ 24.11.11. Soc. Fin. Eco. Française 09/07.04.14. Soc. Fin. Eco. Française 09/10.02.11. Soc. Fin. Eco. Française 09/10.03.12. Soc. Fin. Eco. Française 09/16.01.14. Soc. Fin. Eco. Française 09/16.07.12 MTN, Soc. Fin. Eco. Française 09/20.05.12. Soc. Fin. Eco. Française 09/30.06.14 MTN, Unedic 09/03.12.12. Union Natle Interp.Em.Com.Ind. 11/31.03.14) 26

Money plus Statement of income and expenses (incl. income adjustment) Statement of changes in net assets 2011 for the period from January 1, 2011, through December 31, 2011 I. Income 1. Interest from securities (before withholding tax)...... EUR 88 657 726.37 2. Interest from investments of liquid assets (before withholding tax)......................... EUR 5 853 230.18 3. Income from investment certificates.............. EUR 281 220.91 4. Income from securities lending and repurchase agreements......................... EUR 7 768 396.36 including: from securities lending.........eur 3 835 564.48 from repurchase agreements...eur 3 932 831.88 5. Other income................................. EUR 3 261 186.40 Total income.................................... EUR 105 821 760.22 II. Expenses 1. Management fee.............................. EUR -39 591 054.85 including: All-in fee....................eur -9 957 538.20 Performance-based fee.........eur -29 633 516.65 2. Other expenses............................... EUR -2 541 625.90 including: Performance-based fee from securities lending income..eur -1 917 800.26 Taxe d abonnement............eur -623 508.79 Other.......................EUR -316.85 Total expenses.................................. EUR -42 132 680.75 III. Net investment income........................ EUR 63 689 079.47 IV. Sale transactions Realized gains.................................... EUR 92 807 607.13 Realized losses................................... EUR -110 393 652.20 Capital gains/losses.............................. EUR -17 586 045.07 V. Net gain/loss for the fiscal year.................. EUR 46 103 034.40 I. Value of the fund at the beginning of the fiscal year............................... EUR 5 101 483 859.42 1. Net inflows................................... EUR 1 063 821 424.63 a) Inflows from subscriptions.................... EUR 11 593 255 739.06 b) Outflows from redemptions................... EUR -10 529 434 314.43 2. Income adjustment and reimbursed expenses....... EUR -24 875.72 3. Net investment income......................... EUR 63 689 079.47 4. Realized gains................................. EUR 92 807 607.13 5. Realized losses................................ EUR -110 393 652.20 6. Net change in unrealized appreciation/depreciation.... EUR 19 204 795.30 II. Value of the fund at the end of the fiscal year...... EUR 6 230 588 238.03 Summary of the gains/losses for 2011 Realized gains (incl. income adjustment)............ EUR 92 807 607.13 from: Securities transactions.......................... EUR 38 377 255.88 (Forward) currency transactions................... EUR 53 790 410.48 Swap transactions............................. EUR 639 940.77 Realized losses (incl. income adjustment)............ EUR -110 393 652.20 from: Securities transactions.......................... EUR -36 949 677.31 Financial futures transactions..................... EUR -848.48 (Forward) currency transactions................... EUR -73 443 126.41 Net change in unrealized appreciation/depreciation... EUR 19 204 795.30 from: Securities transactions.......................... EUR 9 470 269.73 (Forward) currency transactions................... EUR 9 780 417.64 Swap transactions............................. EUR -45 892.07 Swap transactions may include results from credit derivatives. BVI total expense ratio (TER) The total expense ratio was 0.17% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of the fund s average net assets for a given fiscal year. In addition, as it outperformed the defined benchmark, the fund incurred a performancebased fee of 0.42% calculated on the fund s average net assets. As well, the additional income from securities lending resulted in a performance-based fee of 0.030% calculated on the fund s average net assets. Transaction costs The transaction costs paid in the reporting period amounted to EUR 1,445.88. 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. Details on the distribution policy* The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. 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 EUR Net asset value per share EUR 2011.................................... 6 230 588 238.03 13 979.86 2010.................................... 5 101 483 859.42 13 830.06 2009.................................... 6 710 300 108.29 13 767.32 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 8.80% of all transactions. The total volume was EUR 501,175,342.80. 27

Annual report USD Money plus Investment portfolio December 31, 2011 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets Securities traded on an exchange 133 464 965.56 33.87 Interest-bearing securities 2.1170 % Chapel 03/17.11.64 S.1 Cl.A (XS0179679328)...................... EUR 3 000 % 85.3074 1 067 260.21 0.27 1.7780 % Deutsche Bank 07/19.04.12 (XS0294497671)...................... EUR 10 000 % 99.5000 12 851 221.00 3.26 1.8940 % ING Bank 11/18.01.12 MTN (XS0579762849)...................... EUR 5 000 5 000 % 99.9570 6 455 123.10 1.64 1.4750 % LB Baden-Württemberg 04/24.09.12 R.230 IHS (DE000LBW14R9)............ EUR 1 200 % 100.1770 1 552 639.32 0.39 1.8740 % Nationwide Building Society 11/18.07.12 MTN (XS0649378634)........ EUR 2 000 2 000 % 100.0000 2 583 160.00 0.66 1.5000 % Norddt. Landesbank 04/24.09.12 IHS MTN (XS0200870565).............. EUR 3 800 % 100.2285 4 919 218.79 1.25 0.5528 % Bank of Montreal 07/14.08.12 MTN (XS0308094837).................. USD 3 000 3 000 % 99.9110 2 997 330.00 0.76 0.7031 % Barclays Bank 07/17.10.12 MTN (XS0326471892)...................... USD 5 000 5 000 % 99.0870 4 954 350.00 1.26 0.8561 % Danske Bank 09/24.05.12 MTN Reg S (XS0436664105)................. USD 5 000 % 100.1550 5 007 750.00 1.27 1.2656 % Deutsche Bank 04/17.02.15 MTN (XS0198456054)...................... USD 5 000 % 96.0000 4 800 000.00 1.22 0.7221 % Erste Abwicklungsanstalt 11/01.10.12 MTN IHS (XS0610412495).............. USD 5 000 5 000 % 100.0205 5 001 025.00 1.27 0.8872 % HSBC Bank 11/15.05.13 MTN 144a (US44328MAM64)..................... USD 2 860 2 860 % 98.8890 2 828 225.40 0.72 0.7392 % HSH Nordbank 05/17.03.15 IHS (DE000HSH0G91)..................... USD 5 000 % 92.7400 4 637 000.00 1.18 0.9058 % Intesa Sanpaola 10/19.01.12 S.YCD (US46115LUQ93)................ USD 5 000 % 99.9030 4 995 150.00 1.27 0.8406 % LB Hessen-Thüringen 11/24.01.13 H230 MTN ÖPF (XS0580360724)......... USD 7 000 7 000 % 99.8515 6 989 605.00 1.77 0.5721 % Lunar Funding V/LBBW 05/03.04.12 S.9 MTN (XS0208871250)............... USD 1 900 % 99.6916 1 894 140.40 0.48 0.8711 % National Australia Bank 10/08.01.13 MTN Reg S (US6325C1BA69)............ USD 2 290 2 290 % 100.0000 2 290 000.00 0.58 0.7519 % Nederlandse Waterschapsbank 10/01.03.13 MTN (XS0491008768)........ USD 7 480 7 480 % 100.0660 7 484 936.80 1.90 0.6617 % Nordrhein-Westfalen 09/21.10.12 MTN (DE000NRW2YX4)................ USD 5 000 5 000 % 100.2110 5 010 550.00 1.27 0.6794 % NRW.BANK 10/01.02.13 MTN (DE000NWB25A7)..................... USD 3 000 3 000 % 100.0310 3 000 930.00 0.76 0.9294 % NRW.BANK 10/21.05.13 MTN (XS0511754508)...................... USD 3 000 3 000 % 100.1480 3 004 440.00 0.76 0.3306 % Rabobank 11/22.02.12 MTN (XS0593886574)...................... USD 5 000 5 000 % 99.8800 4 994 000.00 1.27 3.2793 % Regal/DB Bank Capital 99/30.06.14 MTN S.17 (XS0095395819).............. USD 8 500 10 000 % 99.1352 8 426 494.55 2.14 0.8163 % RHG Mtge. Securities 03/11.08.34 S.1E Cl.1A (XS0174142165)............. USD 2 000 % 98.3600 42 635.99 0.01 1.1808 % Royal Bank of Scotland 04/14.10.16 MTN (XS0202629407).................. USD 5 000 % 75.3000 3 765 000.00 0.96 1.2400 % Royal Bank of Scotland 05/09.03.15 (XS0213858243)...................... USD 2 300 % 82.3800 1 894 740.00 0.48 0.6031 % SFEF 09/16.07.12 Reg S (XS0439819359).. USD 5 000 5 000 % 100.0060 5 000 300.00 1.27 0.7051 % Siemens Financieringsmaatsch. 06/16.03.12 MTN (XS0247658494)........ USD 10 000 4 000 % 99.9350 9 993 500.00 2.54 1.5435 % Svenska Handelsbanken 09/14.09.12 Reg S MTN (US86959NAC39)............ USD 5 000 5 000 % 100.4848 5 024 240.00 1.28 Securities that are admitted or included in organized markets 44 902 359.56 11.40 Interest-bearing securities 0.4240 % American Express Bank FSB 07/29.05.12 MTN (US02580EBV48)................. USD 4 000 % 99.6040 3 984 160.00 1.01 0.7911 % BNP Paribas 10/08.04.13 MTN (US05567LH757)...................... USD 5 328 5 328 % 96.7270 5 153 614.56 1.31 1.2911 % BNP Paribas 11/10.01.14 MTN (US05567LS572)...................... USD 6 000 6 000 % 92.1280 5 527 680.00 1.40 1.1656 % Cie. Financement Foncier 10/23.07.12 PF MTN 144a (US20428AAB52).......... USD 4 400 4 400 % 99.9080 4 395 952.00 1.12 0.6442 % Dexia Crédit Local 10/12.01.12 144a (US25214BAD64)................. USD 6 000 6 000 % 99.9745 5 998 470.00 1.52 28

USD Money plus Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets 0.5111 % General Electric Capital 07/10.04.12 MTN (US36962G2M58)................. USD 9 750 5 250 % 100.2500 9 774 375.00 2.48 1.5963 % ING Bank 11/15.03.13 Reg S (USN3113TAP41)...................... USD 4 800 4 800 % 97.3170 4 671 216.00 1.19 0.8711 % National Australia Bank 10/08.01.13 MTN 144a (US6325C0BA86)............. USD 2 600 2 600 % 99.8290 2 595 554.00 0.66 0.5428 % Total Capital Canada 11/13.05.13 (US89153UAC53)...................... USD 1 800 1 800 % 100.0310 1 800 558.00 0.46 0.6769 % Wells Fargo & Co. 05/01.03.12 MTN (US92976WAK27)................. USD 1 000 1 000 % 100.0780 1 000 780.00 0.25 Unlisted securities 79 759 386.39 20.24 Interest-bearing securities 0.0000 % Lloyds TSB Bank 22.02.12 (XS0710029009). EUR 5 200 5 200 % 99.8940 6 709 096.81 1.70 0.0000 % Nordea Bank 15.02.12 (XS0707356019).... EUR 4 000 4 000 % 99.8771 5 159 970.59 1.31 0.0000 % RWE 21.02.12 (XS0708296065).......... EUR 5 000 5 000 % 99.8530 6 448 406.89 1.64 0.5807 % Bayerische Landesbank 05/20.06.12 MTN (US0727G0CZ15)................. USD 5 000 % 99.6950 4 984 750.00 1.27 1.0239 % Bayerische Landesbank 11/07.03.12 HPF MTN (XS0595197947).............. USD 5 000 5 000 % 99.9520 4 997 600.00 1.27 0.9083 % Deutsche Hypothekenbank 11/06.06.12 PF MTN S.312 (DE000DHY3129)......... USD 5 000 5 000 % 99.8845 4 994 225.00 1.27 0.0000 % DZ Privatbank 31.01.12 (XS0715347828)... USD 7 000 7 000 % 99.9168 6 994 176.00 1.78 0.0000 % FMS Wertmanagement 28.02.12 (XS0713252376)...................... USD 6 000 6 000 % 99.8955 5 993 730.00 1.52 1.4294 % HSBC Bank 09/21.05.12 MTN (XS0425689378)...................... USD 5 500 5 500 % 100.2020 5 511 110.00 1.40 0.0000 % KBC Bank 23.01.12 CD (BE6230861666)... USD 7 000 7 000 % 99.9065 6 993 457.10 1.77 0.0000 % Münchener Hypothekenbank 23.04.12 (DE000MHB2GC3)..................... USD 7 000 7 000 % 99.6838 6 977 866.00 1.77 0.0000 % Pohjola Bank 20.01.12 (XS0696519338).... USD 8 000 8 000 % 99.9512 7 996 096.00 2.03 0.7722 % Société Générale 27.01.12 CD (FR0119278846)...................... USD 6 000 6 000 % 99.9817 5 998 902.00 1.52 Total securities portfolio 258 126 711.51 65.51 Derivatives Minus signs denote short positions Currency derivatives 2 003 508.86 0.51 Currency futures (short) Open positions EUR/USD 41.00 million........................... 2 003 508.86 0.51 Cash at bank 133 639 717.41 33.92 Demand deposits at Custodian USD deposits.................................. USD 4 428 202.48 % 100 4 428 202.48 1.12 Deposits in EU/EEA currencies..................... USD 5 211 514.93 % 100 5 211 514.93 1.32 Time deposit USD deposits (Société Générale S.A., Paris).......... USD 60 000 000.00 % 100 60 000 000.00 15.23 USD deposits (Norddeutsche Landesbank Luxembourg S.A., Luxembourg).................... USD 64 000 000.00 % 100 64 000 000.00 16.24 Other assets 302 199.33 0.08 Interest receivable.............................. USD 302 199.33 % 100 302 199.33 0.08 Other liabilities -73 320.91-0.02 Liabilities from cost items......................... USD -63 593.87 % 100-63 593.87-0.02 Additional other liabilities......................... USD -9 727.04 % 100-9 727.04 0.00 29

USD Money plus Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net ( / 000) amount in the reporting period EUR assets Net assets 393 998 816.20 100.00 Net asset value per share 12 350.65 Number of shares outstanding 31 901.066 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex Derivatives Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure.................. % 10.943 Highest market risk exposure.................. % 37.045 Average market risk exposure................. % 22.629 The values-at-risk were calculated for the period from January 1, 2011, through December 31, 2011, 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 0.1, whereby the total of the nominal amounts of the derivates in relation to the fund s assets was used for the calculation (nominal value method). Exchange rates (indirect quotes) As of December 30, 2011 Euro.......................... EUR 0.774246 = USD 1 Notes on the 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. A small part of the assets reported in this report are valued at derived market values. 30

USD Money plus 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/ currency ( / 000) Purchases/ additions Sales/ disposals Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities 1.3690 % ABN AMRO Bank 10/11.02.11 MTN (XS0486207102).............. EUR 5 000 1.1970 % Barclays Bank 10/28.01.11 MTN (XS0482880902).............. EUR 5 000 1.6350 % DNB Bank 06/22.11.11 MTN (XS0275670023)................... EUR 4 500 4 500 2.2000 % Skandinaviska Enskilda Banken 09/08.02.11 MTN (XS0444236854).... EUR 4 000 2.1760 % Société Générale 08/18.08.11 MTN (XS0382730272).............. EUR 5 200 5 200 0.0000 % Spain 10/21.04.11 (ES0L01104212).... EUR 4 000 4 000 1.6260 % UniCredit 11/18.08.11 MTN (XS0591786446)................... EUR 5 000 5 000 0.4105 % American Express Travel Rel. Ser. 06/01.06.11 MTN (XS0256321687)................... USD 10 500 0.3365 % Arran Res. Mtge. F. No.2 06/20.09.56 Cl.A3B 144a (US042707AH25).................. USD 5 000 0.3531 % Bank of Scotland 06/26.04.11 MTN (XS0252333017).............. USD 4 410 7 655 0.3215 % Banque Fédérative Crédit Mut. 06/20.09.11 MTN (XS0267589801) USD 3 500 12 500 1.0895 % BNP Paribas 09/15.06.11 MTN (XS0433734984).............. USD 10 000 0.4106 % BNZ International Funding 06/08.12.11 MTN (XS0277380100).... USD 5 000 5 000 0.3590 % Crédit Agricole (London Br.) 06/22.06.11 MTN (XS0257755032). USD 10 100 0.7780 % Deutsche Hypothekenbank 10/15.07.11 MTN HPF (DE000DHY2667)......... USD 5 000 0.0000 % Dexia Credit Local 09.08.11 (FR0119582791)................... USD 7 000 7 000 0.6442 % Dexia Crédit Local 10/12.01.12 Reg S (XS0477137490)............. USD 3 000 6 000 0.2108 % LB Baden-Württemberg 05/07.10.11 Ser.990 ÖPF (DE000LBW3NN6)...... USD 5 000 0.3505 % Natixis 06/18.07.11 MTN (FR0010348649)................... USD 5 000 0.9294 % NRW.BANK 10/21.05.13 A.27W IHS MTN (XS0605526812)........... USD 3 000 3 000 0.6434 % Perpetual Trustee 04/03.03.35 S.Apollo (XS0187216519)........... USD 4 000 1.3158 % Royal Bank of Scotland 05/29.09.15 MTN (XS0223318501).............. USD 5 000 1.0911 % Royal Bank of Scotland 06/11.04.16 MTN (XS0250214797).............. USD 6 000 0.3641 % Santander UK 06/19.01.11 MTN (XS0240286749).............. USD 10 000 0.6290 % Swedbank Hypotek 10/22.06.11 MTN PF (XS0517781893)........... USD 5 000 Securities that are admitted or included in organized markets Interest-bearing securities 0.4568 % Sun Life Financial GLB 06/06.07.11 MTN 144a Cl.3C7 (US86679WAA62).. USD 9 000 Unlisted securities Interest-bearing securities 0.0000 % Barclays Bank 30.12.11 CD (XS0673655774)................... EUR 4 000 4 000 0.0000 % Lloyds TSB Bank 22.11.11 (XS0668155012)................... EUR 5 000 5 000 0.0000 % RWE 21.11.11 (XS0667424237)...... EUR 5 000 5 000 0.0000 % ABN AMRO Bank 06.09.11 CD (FR0119616771)................... USD 9 000 9 000 0.0000 % Bank Nederlandse Gemeenten 07.03.11 (XS0557644845)........... USD 10 000 0.0000 % Bayerische Landesbank 07.06.11 (XS0602803396)................... USD 7 000 7 000 0.0000 % Bayerische Landesbank 07.09.11 (XS0635882458)................... USD 7 000 7 000 0.0000 % BMW 07.12.11 (XS0675454192)...... USD 10 000 10 000 0.0000 % BMW 31.08.11 (XS0633013619)...... USD 10 000 10 000 0.0000 % Bremer Landesbank Kreditanstalt 07.07.11 (XS0616448063)........... USD 7 500 7 500 0.0000 % Bremer Landesbank Kreditanstalt 09.12.11 (XS0705185204)........... USD 8 000 8 000 0.0000 % Caisse d Amortism. Dette Soc. 19.12.11 (XS0667530934)....... USD 9 500 9 500 0.0000 % Caisse des Dépôts et Consign. 13.12.11 (XS0677843087)........... USD 10 000 10 000 0.0000 % Commerzbank 07.11.11 (XS0658941736)................... USD 9 000 9 000 0.9044 % Commonwealth Bank Australia 08/02.05.11 MTN (XS0361890709).... USD 5 000 0.0000 % DZ PRIVATBANK 30.06.11 Tr.46 (XS0598277316)................... USD 10 000 10 000 0.0000 % DZ PRIVATBANK 30.09.11 Tr.132 (XS0644403064)................... USD 10 000 10 000 0.0000 % DZ PRIVATBANK 30.11.11 Tr.205 (XS0686592485)................... USD 10 000 10 000 0.0000 % FMS Wertmanagement 26.08.11 (XS0622705357)................... USD 5 000 5 000 0.0000 % FMS Wertmanagement 28.11.11 Tr.653 (XS0671057296)............. USD 5 000 5 000 0.0000 % KBC Bank 06.04.11 (BE6214328237).. USD 7 000 7 000 0.0000 % KBC Bank 06.07.11 (BE6218487112).. USD 7 000 7 000 0.0000 % KBC Bank 21.10.11 (BE6223751379).. USD 8 000 8 000 0.0000 % KBC Bank 21.12.11 CD (BE6227943584)................... USD 8 000 8 000 0.0000 % LB Hessen-Thüringen 12.12.11 (XS0661714856)................... USD 9 000 9 000 0.0000 % Münchener Hypothekenbank 21.07.11 (DE000MHB1BC6)......... USD 8 000 8 000 0.0000 % Münchener Hypothekenbank 21.10.11 (DE000MHB1MC3)......... USD 8 000 8 000 0.0000 % Münchener Hypothekenbank 21.12.11 (DE000MHB2BC4)......... USD 8 000 8 000 0.0000 % Münchener Hypothekenbk. 21.04.11 (DE000MHB80C1)......... USD 4 000 4 000 0.0000 % Natixis 13.04.11 CD (FR0119239475).. USD 5 000 5 000 0.0000 % Norddeutsche Landesbank Giroz. 04.11.11 (XS0658180608)...... USD 7 000 7 000 0.0000 % Norddt. Landesbank 07.04.11 Tr.1230 (XS0576525439)............ USD 7 500 7 500 0.0000 % Pohjola Pankki 07.06.11 CD (XS0567532816)................ USD 8 000 8 000 0.0000 % Pohjola Pankki 20.10.11 (XS0651259193)................... USD 8 500 8 500 0.0000 % UBS (London Branch) 18.08.11 (XS0559618169)................... USD 5 000 5 000 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Currency futures Value ( 000) Futures contracts to purchase currencies EUR/USD USD 11 798 Futures contracts to sell currencies EUR/USD USD 183 668 31

USD Money plus Statement of income and expenses (incl. income adjustment) Statement of changes in net assets 2011 for the period from January 1, 2011, through December 31, 2011 I. Income 1. Interest from securities (before withholding tax)...... USD 2 828 618.41 2. Interest from investments of liquid assets (before withholding tax)......................... USD 251 264.68 3. Deduction for foreign withholding tax.............. USD -76.36 Total income.................................... USD 3 079 806.73 II. Expenses 1. Management fee.............................. USD -1 185 713.11 including: All-in fee....................usd -632 661.92 Performance-based fee.........usd -553 051.19 2. Other expenses............................... USD -40 120.27 including: Taxe d abonnement...........usd -39 673.55 Other.......................USD -446.72 Total expenses.................................. USD -1 225 833.38 III. Net investment income........................ USD 1 853 973.35 IV. Sale transactions Realized gains.................................... USD 6 201 454.51 Realized losses................................... USD -8 431 850.27 Capital gains/losses.............................. USD -2 230 395.76 V. Net gain/loss for the fiscal year.................. USD -376 422.41 BVI total expense ratio (TER) The total expense ratio was 0.17% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of the fund s average net assets for a given fiscal year. In addition, as it outperformed the defined benchmark, the fund incurred a performancebased fee of 0.07% calculated on the fund s average net assets. Transaction costs The transaction costs paid in the reporting period amounted to USD 744.59. 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. I. Value of the fund at the beginning of the fiscal year............................... USD 302 718 244.69 1. Net inflows................................... USD 90 294 880.58 a) Inflows from subscriptions.................... USD 646 564 963.82 b) Outflows from redemptions................... USD -556 270 083.24 2. Income adjustment and reimbursed expenses....... USD 666 241.16 3. Net investment income......................... USD 1 853 973.35 4. Realized gains................................. USD 6 201 454.51 5. Realized losses................................ USD -8 431 850.27 6. Net change in unrealized appreciation/depreciation.... USD 695 872.18 II. Value of the fund at the end of the fiscal year...... USD 393 998 816.20 Summary of the gains/losses for 2011 Realized gains (incl. income adjustment)............ USD 6 201 454.51 from: Securities transactions.......................... USD 2 096 962.78 (Forward) currency transactions................... USD 4 104 491.73 Realized losses (incl. income adjustment)............ USD -8 431 850.27 from: Securities transactions.......................... USD -4 459 313.62 Financial futures transactions..................... USD -94.52 (Forward) currency transactions................... USD -3 972 442.13 Net change in unrealized appreciation/depreciation... USD 695 872.18 from: Securities transactions.......................... USD -271 943.20 (Forward) currency transactions................... USD 967 815.38 Details on the distribution policy* The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. 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 USD Net asset value per share USD 2011....................................393 998 816.20 12 350.65 2010....................................302 718 244.69 12 318.69 2009....................................406 243 416.18 12 285.09 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 1.36% of all transactions. The total volume was EUR 6,996,509.03. 32

SICAV December 31, 2011 Portfolio composition (in euro) SICAV Danish Mortgage Alpha Overlay 3) EUR Garant 1) Bonds 4) Securities portfolio 4 535 608 837.00 Derivatives on individual securities - 1 961 061.50 Equity index derivatives 15 540.00 Interest rate derivatives - 275 420.00 Currency derivatives - 4 244 214.10 Swaps - 57 997.40 Cash at bank 1 974 926 336.28 Repayment claims from securities purchased under repurchase agreements 593 500 000.00 Other assets 15 420 757.29 Other liabilities - 1 403 041.11 = Net assets 7 111 529 736.46 Statement of income and expenses incl. income adjustment (in euro) SICAV Danish Mortgage Alpha Overlay 3) EUR Garant 1) Bonds 4) Dividends (before withholding tax) 143 017.33 Interest from securities (before withholding tax) 99 076 525.86 5.25 45 206.39 Interest from investments of liquid assets (before withholding tax) 6 438 292.56-66.52 7 239.72 Income from investment certificates 281 220.91 Income from securities lending and repurchase agreements 8 364 955.51 Deduction for foreign withholding tax - 26 006.78 Other income 5 721 978.44 = Total income 119 999 983.83-61.27 52 446.11 Interest on borrowings - 8 752.31-54.86-7.72 Management fee - 41 926 353.22-5.40-56 970.40 Other expenses - 2 765 619.80-83.81-280.32 = Total expenses - 44 700 725.33-144.07-57 258.44 = Net investment income 75 299 258.50-205.34-4 812.33 Statement of changes in net assets (in euro) SICAV Danish Mortgage Alpha Overlay 3) EUR Garant 1) Bonds 4) Value of the fund at the beginning of the fiscal year 6 068 345 831.53 54 801.34 27 418 351.02 Change in unrealized net appreciation/depreciation of investments and foreign currency translations at fiscal year-end 5 735 626.60 Distribution for the previous year - 7 479 053.67 Interim distribution(s) - 1 985 272.40 Net inflows 972 955 519.24-54 438.49-27 558 561.00 Income adjustment and reimbursed expenses - 21 144.00-81 283.56 Net investment income 75 299 258.50-205.34-4 812.33 Realized gains 109 609 720.88 357.05 6 757 606.62 Realized losses - 134 304 067.89-231.64-7 567 643.63 Net change in unrealized appreciation/depreciation 23 373 317.67-282.92 1 036 342.88 = Value of the fund at the end of the fiscal year 7 111 529 736.46 Three-year performance (in euro) SICAV Danish Mortgage Bonds 4) Alpha Overlay 3) EUR Garant 1) Net assets at the end of the fiscal year 2011 7 111 529 736.46 2010 6 068 345 831.53 54 801.34 27 418 351.02 2009 8 254 447 424.89 22 309 209.08 61 263 017.84 124 109 893.92 Net asset value per share at the end of the fiscal year 2011 2010 100.37 116.50 2009 103.27 117.93 116.52 1) The sub-fund EUR Garant was merged with the sub-fund Money plus on January 22, 2010. 2) The sub-fund OptiCash (USD) was merged with the sub-fund USD Money plus on February 25, 2010. 3) The sub-fund Alpha Overlay was merged with the sub-fund DWS Invest Alpha Opportunities on June 29, 2011. 4) The sub-fund Danish Mortgage Bonds was liquidated on January 10, 2011. * The portfolio composition, income, expenses and performance of the U.S. dollar denominated sub-funds USD Money plus and OptiCash (USD) were converted into euros at the stated exchange rate Fiscal year-end 2011......................... USD 1.291580 = EUR 1 Fiscal year-end 2010......................... USD 1.323980 = EUR 1 Fiscal year-end 2009......................... USD 1.434780 = EUR 1 33

Money plus USD Money plus * ) Euroland Equities 130/30 Euro Government Bonds Euro Corporate Bonds Euro Collateralized Bonds 3 871 927 440.95 199 853 444.24 3 193 109.52 58 138 794.00 23 626 558.88 37 908 699.32 15 540.00-202 500.00-76 950.00 4 030.00-5 795 421.81 1 551 207.71-57 997.40 1 804 735 441.29 103 469 949.53 32 545.63 1 021 406.92 1 825 480.25 403 583.25 550 000 000.00 10 931 731.25 233 976.47 13 654.76 1 090 036.55 637 361.08 758 603.47-1 152 956.25-56 768.38-7 355.76-17 808.97-10 821.46-12 439.18 6 230 588 238.03 305 051 809.57 3 247 494.15 60 029 928.50 26 001 628.75 39 062 476.86 Money plus USD Money plus * ) Euroland Equities 130/30 Euro Government Bonds Euro Corporate Bonds Euro Collateralized Bonds 143 017.33 88 657 726.37 2 190 045.07 1 887 804.06 1 480 709.58 1 407 274.44 5 853 230.18 194 540.55 1 085.70 4 696.88 5 221.20 5 048.44 281 220.91 7 768 396.36 8.78 21 215.32 1 651.90-59.12-25 947.66 3 261 186.40 325 114.66 105 821 760.22 2 384 526.50 118 164.15 2 238 830.92 1 485 930.78 1 413 974.78-498.52-4 359.33-366.08-15.07-39 591 054.85-918 033.04-27 415.60-177 300.20-172 778.65-116 968.37-2 541 625.90-31 062.94-3 580.11-16 331.71-2 494.72-4 356.96-42 132 680.75-949 095.98-31 494.23-197 991.24-175 639.45-121 340.40 63 689 079.47 1 435 430.52 86 669.92 2 040 839.68 1 310 291.33 1 292 634.38 Money plus USD Money plus * ) Euroland Equities 130/30 Euro Government Bonds Euro Corporate Bonds Euro Collateralized Bonds 5 101 483 859.42 228 642 611.45 9 586 609.93 75 344 633.35 34 794 366.24 70 946 510.95 5 735 626.60-2 626 831.70-919 462.16-2 571 032.00-707 712.18 1 063 821 424.63 69 910 404.76-5 720 623.39-14 438 772.01-7 411 297.36-30 815 980.84-24 875.72 515 834.22 454 099.95 85 427.31 47 078.14-331 939.09 63 689 079.47 1 435 430.52 86 669.92 2 040 839.68 1 310 291.33 1 292 634.38 92 807 607.13 4 801 448.23 708 101.74 1 101 344.98 611 317.49 654 643.97-110 393 652.20-6 528 322.11-755 256.93-2 325 193.49-1 384 671.74-2 506 003.40 19 204 795.30 538 775.90-1 112 107.07 848 480.38-338 281.01 2 393 642.89 6 230 588 238.03 305 051 809.57 3 247 494.15 60 029 928.50 26 001 628.75 39 062 476.86 Money plus USD Money plus * ) Euroland Equities 130/30 Euro Government Bonds Euro Corporate Bonds Euro Collateralized Bonds 6 230 588 238.03 305 051 809.57 3 247 494.15 60 029 928.50 26 001 628.75 39 062 476.86 5 101 483 859.42 228 642 611.45 9 586 609.93 75 344 633.35 34 794 366.24 70 946 510.95 6 710 300 108.29 283 139 865.47 12 799 117.09 74 384 500.28 107 712 665.09 103 721 038.54 13 979.86 9 562.44 11 276.02 12 083.61 10 749.22 96.91 13 830.06 9 304.29 13 370.45 12 169.87 11 166.60 98.24 13 767.32 8 562.35 12 609.97 12 633.24 11 329.83 102.80 34

SICAV December 31, 2011 Portfolio composition (in euro) Cash Plus OptiCash (EUR) OptiCash (USD) 2) * ) Euro Short Duration Sovereign Fund (AAA) Securities portfolio 186 904 109.76 78 862 868.83 75 193 811.50 Derivatives on individual securities - 1 961 061.50 Equity index derivatives Interest rate derivatives Currency derivatives Swaps Cash at bank 52 970 383.64 10 399 596.83 67 948.94 Repayment claims from securities purchased under repurchase agreements 43 500 000.00 Other assets 421 428.03 180.96 1 333 784.72 Other liabilities - 47 078.30-68 577.48-29 235.33 = Net assets 283 748 843.13 87 233 007.64 76 566 309.83 Statement of income and expenses incl. income adjustment (in euro) Cash Plus OptiCash (EUR) OptiCash (USD) 2) * ) Euro Short Duration Sovereign Fund (AAA) Dividends (before withholding tax) Interest from securities (before withholding tax) 3 024 915.66 382 839.04 Interest from investments of liquid assets (before withholding tax) 319 738.70 44 275.86 3 281.85 Income from investment certificates Income from securities lending and repurchase agreements 332 878.64 4 516.02 236 288.49 Deduction for foreign withholding tax Other income 2 135 677.38 = Total income 3 677 533.00 48 791.88 2 758 086.76 Interest on borrowings - 902.57-1 688.06-860.10 Management fee - 451 966.61-285 847.66-128 012.44 Other expenses - 30 440.28-9 660.85-125 702.20 = Total expenses - 483 309.46-297 196.57-254 574.74 = Net investment income 3 194 223.54-248 404.69 2 503 512.02 Statement of changes in net assets (in euro) Cash Plus OptiCash (EUR) OptiCash (USD) 2) * ) Euro Short Duration Sovereign Fund (AAA) Value of the fund at the beginning of the fiscal year 105 744 943.24 333 845 892.20 80 483 252.39 Change in unrealized net appreciation/depreciation of investments and foreign currency translations at fiscal year-end Distribution for the previous year - 1 361 727.81 Interim distribution(s) - 1 277 560.22 Net inflows 175 904 744.67-247 653 390.43-3 027 991.30 Income adjustment and reimbursed expenses - 866 975.83 167 561.03 13 929.55 Net investment income 3 194 223.54-248 404.69 2 503 512.02 Realized gains 613 274.97 1 193 548.85 360 469.85 Realized losses - 884 924.58-254 041.50-1 704 126.67 Net change in unrealized appreciation/depreciation 43 557.12 181 842.18 576 552.02 = Value of the fund at the end of the fiscal year 283 748 843.13 87 233 007.64 76 566 309.83 Three-year performance (in euro) Cash Plus OptiCash (EUR) OptiCash (USD) 2) * ) Euro Short Duration Sovereign Fund (AAA) Net assets at the end of the fiscal year 2011 283 748 843.13 87 233 007.64 76 566 309.83 2010 105 744 943.24 333 845 892.20 80 483 252.39 2009 80 288 233.26 624 533 706.25 14 967 286.90 34 918 782.88 Net asset value per share at the end of the fiscal year 2011 11 746.70 11 245.77 97.83 2010 11 622.88 11 164.81 98.93 2009 11 562.25 11 145.62 7 848.60 100.88 1) The sub-fund EUR Garant was merged with the sub-fund Money plus on January 22, 2010. 2) The sub-fund OptiCash (USD) was merged with the sub-fund USD Money plus on February 25, 2010. 3) The sub-fund Alpha Overlay was merged with the sub-fund DWS Invest Alpha Opportunities on June 29, 2011. 4) The sub-fund Danish Mortgage Bonds was liquidated on January 10, 2011. * The portfolio composition, income, expenses and performance of the U.S. dollar denominated sub-funds USD Money plus and OptiCash (USD) were converted into euros at the stated exchange rate Fiscal year-end 2011......................... USD 1.291580 = EUR 1 Fiscal year-end 2010......................... USD 1.323980 = EUR 1 Fiscal year-end 2009......................... USD 1.434780 = EUR 1 35

Report of the Réviseur d Entreprises agréé To the shareholders of SICAV 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: We have audited the accompanying financial statements of SICAV and each of its sub-funds, which comprise the statement of net assets, the statement of investments in securities and other net assets as at December 31, 2011, and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Board of Directors of the SICAV responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of SICAV and each of its sub-funds as of December 31, 2011, and of the results of its operations and changes in its net assets for the year then ended, in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, April 12, 2012 KPMG Luxembourg S.à r.l. Cabinet de révision agréé Harald Thönes 36

Investment Company SICAV 2, Boulevard Konrad Adenauer L-1115 Luxembourg RC B 38 660 Board of Directors of the Investment Company Klaus-Michael Vogel Chairman Executive Member of the Board of Directors of DWS Investment S.A., Luxembourg Executive Member of the Board of Directors of Deutsche Bank Luxembourg S.A., Luxembourg Manfred Bauer DWS Investment S.A., Luxembourg Michael Koschatzki DWS Investment GmbH, Frankfurt/Main Silvia Wagner Managing Director of DWS Finanz-Service GmbH, Frankfurt/Main Promoter and Management Company Board of Directors of the Management Company Wolfgang Matis (since February 1, 2011) Chairman Managing Director of DWS Investment GmbH, Frankfurt/Main Managing Director of DWS Holding & Service GmbH, Frankfurt/Main Ernst Wilhelm Contzen Executive Member of the Board of Directors der Deutsche Bank Luxembourg S.A., Luxembourg Heinz-Wilhelm Fesser Luxembourg Frank Kuhnke London Klaus-Michael Vogel Executive Member of the Board of Directors of DWS Investment S.A., Luxembourg Executive Member of the Board of Directors of Deutsche Bank Luxembourg S.A., Luxembourg Dorothee Wetzel DWS Investment GmbH, Frankfurt/Main Auditor KPMG Luxembourg S.à r.l. 9, Allée Scheffer L-2520 Luxembourg Custodian State Street Bank Luxembourg S.A. 49, Avenue J. F. Kennedy L-1855 Luxembourg Fund Manager DWS Investment GmbH Mainzer Landstraße 178-190 D-60327 Frankfurt/Main Sales, Information and Paying Agent LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg DWS Investment S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Capital stock as of December 31, 2011: EUR 250.5 million Jochen Wiesbach Managing Director of DWS Finanz-Service GmbH, Frankfurt/Main Klaus Kaldemorgen (until January 31, 2011) DWS Investment GmbH, Frankfurt/Main Management Company Management Klaus-Michael Vogel Executive Member of the Board of Directors of DWS Investment S.A., Luxembourg Executive Member of the Board of Directors of Deutsche Bank Luxembourg S.A., Luxembourg Manfred Bauer DWS Investment S.A., Luxembourg Markus Kohlenbach (since March 1, 2011) DWS Investment S.A., Luxembourg Doris Marx DWS Investment S.A., Luxembourg Ralf Rauch DWS Investment S.A., Luxembourg As of: January 31, 2012

SICAV 2, Boulevard Konrad Adenauer L-1115 Luxembourg RC B 38 660 Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00