Deutsche Asset & Wealth Management

Deutsche Invest II Semiannual Report 2015

Investment Company with Variable Capital Incorporated under Luxembourg Law

Contents

Semiannual report 2015 for the period from January 1, 2015, through June 30, 2015 General information

2

Semiannual report, Deutsche Invest II SICAV

2015

Deutsche Invest II Asian Top Dividend

4

Deutsche Invest II China High Income Bonds

5

Deutsche Invest II ESG Equity Europe

6

Deutsche Invest II Europe Stability

7

Deutsche Invest II European Top Dividend

8

Deutsche Invest II Global BioInnovation

9

Deutsche Invest II Global Contra Strategy

10

Deutsche Invest II Global Growth

11

Deutsche Invest II Multi Opportunities Total Return

12

Deutsche Invest II US Top Dividend

13

Investment portfolios for the reporting period

16

1

General information The funds described in this report

The corresponding benchmarks – if

Issue and redemption prices

are sub-funds of a SICAV (Société

available – are also presented in the

The current issue and redemption

d’Investissement à Capital Variable)

report. All financial data in this

prices and all other information for

incorporated under Luxembourg law.

publication is as of June 30, 2015

shareholders may be requested at any

(unless otherwise stated).

time at the registered office of the

Performance

Management Company and from the

The investment return, or performance,

Sales prospectuses

paying agents. In addition, the issue

of a mutual fund investment is

Fund shares are purchased on the

and redemption prices are published

meas­ured by the change in value of the

basis of the current sales prospectus

in every country of distribution through

fund’s shares. The net asset values per

and management regulations, as well

appropriate media (such as the

share (= redemption prices) with the

as the key investor information

Internet, electronic information

addition of intervening distributions,

document and the articles of incorpo­

systems, newspapers, etc.).

which are, for example, reinvested free

ration and by-laws of the SICAV, in

of charge within the scope of invest­

combination with the latest audited

ment accounts at Deutsche Asset &

annual report and any semiannual

Wealth Management Investment S.A.,

report that is more recent than the

are used as the basis for calculating

latest annual report.

the value. Past performance is not a guide to future results.

Renaming of share classes Sub-fund Deutsche Invest II European Top Dividend: The FC share class was renamed XC effective June 22, 2015. Sub-fund Deutsche Invest II European Top Dividend: The FD share class was renamed XD effective June 22, 2015. Sub-fund Deutsche Invest II Global Contra Strategy: The FC share class was renamed FC EB effective June 22, 2015.

Liquidations of sub-funds The sub-fund Deutsche Invest II Global BioInnovation was liquidated on April 9, 2015, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF. The issue of new shares of the sub-fund was discontinued on March 31, 2015. Investors were able to redeem shares until March 31, 2015. The sub-fund Deutsche Invest II ESG Equity Europe was liquidated on May 5, 2015, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg supervisory authority CSSF. The issue of new shares of the sub-fund was discontinued on April 27, 2015. Investors were able to redeem shares until April 27, 2015.

2

2015 Semiannual report

Deutsche Invest II Asian Top Dividend Performance of share classes (in euro) Share class

ISIN

6 months

Class LC

LU0781233118

14.6%

Class FC

LU0781233548

15.1%

Class LD

LU0781233381

14.6%

Class NC

LU0781234199

14.2%

Class ND

LU0781234355

14.3%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

4

Deutsche Invest II China High Income Bonds Performance of share classes (in USD) Share class

ISIN

6 months

Class USD FC

LU0826451444

7.2%

Class USD FDQ

LU0842590555

7.2%

Class USD LC

LU0826451360

6.8%

Class FCH1 LU0826450982 6.9% Class LCH1 LU0826450719 6.6% Class LDH1 LU0826450800 6.6% Class NCH1 LU0826451105 6.4% 1

in EUR

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

5

Deutsche Invest II ESG Equity Europe Performance of share classes (in euro) Share class ISIN

Since beginning of fiscal year

Class LC

LU0826451873

18.2%

Class FC

LU0826452095

18.6%

Class LD

LU0826451956

18.2%

Class NC

LU0826452251

17.9%

STOXX Europe 600 since February 10, 2014 (previously: Euro STOXX 50)

16.0%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: May 5, 2015 (liquidation date)

Liquidation proceeds for the share classes (in euro) Share class

6

ISIN

Liquidation proceeds per share

Class LC

LU0826451873

144.7803

Class FC

LU0826452095

144.5288

Class LD

LU0826451956

140.0031

Class NC

LU0826452251

139.4223

Deutsche Invest II Europe Stability Performance of share classes (in euro) Share class

ISIN

6 months

Class LC

LU0781236566

52.3%

Class FC

LU0781237028

56.4%

Class LD

LU0781236640

52.4%

Class NC1

LU0781236723 32.4%

Class ND1

LU0781236996 32.4%

MSCI Europe 1

59.3%

Last share price calculation on June 11, 2014

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

7

Deutsche Invest II European Top Dividend Performance of share classes (in euro) Share class

ISIN

6 months

Class LC

LU0781237614

8.2%

Class LD

LU0781237705

8.2%

Class NC

LU0781237887

7.7%

Class ND

LU0781237960

7.7%

Class XC

LU0781238000

8.9%

Class XD

LU0781238182

8.9%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

8

Deutsche Invest II Global BioInnovation Performance of share classes (in euro) Share class ISIN

Since beginning of fiscal year

Class LC

LU0911039823

20.9%

Class FC

LU0911040326

21.2%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: April 9, 2015 (Liquidation date)

Liquidation proceeds for the share classes (in euro) Share class

ISIN

Liquidation proceeds per share

Class LC

LU0911039823

173.0360

Class FC

LU0911040326

175.6953

9

Deutsche Invest II Global Contra Strategy Performance of share classes (in euro) Share class

ISIN

6 months

Class LC

LU1092464335

8.9%

Class FC EB

LU1092464764

9.3%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

10

Deutsche Invest II Global Growth Performance of share classes (in euro) Share class

ISIN

6 months

Class LC

LU0826452848

11.2%

Class FC

LU0826453069

11.6%

Class LD

LU0826452921

11.2%

Class NC

LU0826453226

10.8%

MSCI AC World

11.4%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

11

Deutsche Invest II Multi Opportunities Total Return Performance of share classes (in euro) Share class

1

ISIN

Since inception1

Class FC

LU1246175613

0.0%

Class FD

LU1246175704

0.0%

Class IC

LU1246175886

0.0%

Class ID

LU1246175969

0.0%

Class LD

LU1246176181

0.0%

Class XD

LU1246176009

0.0%

Launched on June 30, 2015

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

12

Deutsche Invest II US Top Dividend Performance of share classes (in euro) Share class

ISIN

6 months

Class FC

LU0781239156

5.3%

Class FD

LU0781239230

5.3%

Class LC

LU0781238778

4.9%

Class LCH (P)

LU0781239586

-3.4%

Class LD

LU0781238851

4.9%

Class NC

LU0781238935

4.6%

Class NCH (P)

LU0781239743

-4.1%

Class ND

LU0781239073

4.6%

Class USD LC LU0781240089 1

-3.5%

in USD “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: June 30, 2015

1

13

0

s te date omple c str e fo v sed he in rmat u ns in t ”. io r t a ip e r The fo esc th/y rities d y/mon in secu rtfolio is “da o ment p

0

Investment portfolios for the reporting period

Deutsche Invest II Asian Top Dividend Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Securities traded on an exchange 102 216 960.90 Equities China Construction Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . Count 260 000 EUR 0.827 215 020.00 China Shenhua Energy Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 10 000 EUR 1.994 19 940.00 Industrial & Commercial Bank of China Ltd . . . . . . . . . . . . . . . Count 229 000 EUR 0.711 162 819.00 Agricultural Bank of China Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 900 000 1 000 000 600 000 HKD 4.19 1 399 808.24 AIA Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 535 000 HKD 50.55 3 115 526.63 Bank of China Ltd -H- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 200 000 100 000 2 000 000 HKD 5.05 1 861 649.34 Belle International Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 700 000 700 000 HKD 8.9 717 702.69 Cheung Kong Infrastructure Holdings Ltd . . . . . . . . . . . . . . . . Count 156 000 40 000 HKD 60.15 1 080 977.75 Cheung Kong Property Holdings Ltd . . . . . . . . . . . . . . . . . . . . Count 180 000 180 000 HKD 64.1 1 329 189.98 China Construction Bank Corp. -H- . . . . . . . . . . . . . . . . . . . . . Count 3 040 000 100 000 1 500 000 HKD 7.09 2 482 997.85 China Life Insurance Co., Ltd -H- . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 130 000 HKD 33.6 193 537.80 China Merchants Bank Co., Ltd -H- . . . . . . . . . . . . . . . . . . . . . Count 700 000 100 000 200 000 HKD 22.7 1 830 545.05 China Merchants Holdings International Co., Ltd . . . . . . . . . . Count 250 000 130 000 HKD 33.3 959 048.93 China Mobile Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 400 000 HKD 99.4 4 580 394.67 China Overseas Land & Investment Ltd . . . . . . . . . . . . . . . . . Count 270 000 10 000 HKD 27.45 853 812.75 China Petroleum & Chemical Corp. -H- . . . . . . . . . . . . . . . . . . Count 1 300 000 300 000 HKD 6.68 1 000 406.12 China Resources Power Holdings Co., Ltd . . . . . . . . . . . . . . . Count 400 000 90 000 HKD 21.5 990 729.23 China Shenhua Energy Co., Ltd -H- . . . . . . . . . . . . . . . . . . . . . Count 220 000 HKD 17.68 448 086.09 China Unicom Hong Kong Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 74 000 624 000 HKD 12.18 420 944.72 CK Hutchison Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 180 000 180 000 HKD 114.4 2 372 220.50 CLP Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 000 10 000 HKD 65.8 1 440 243.82 CNOOC Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 800 000 100 000 HKD 11.02 1 015 612.66 COSCO Pacific Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 518 000 30 000 HKD 10.5 626 578.64 Guangdong Investment Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 300 000 100 000 HKD 10.84 1 248 779.63 Hang Seng Bank Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 105 000 5 000 HKD 151.5 1 832 561.07 Hengan International Group Co., Ltd . . . . . . . . . . . . . . . . . . . . Count 60 000 15 000 HKD 92.05 636 255.53 Industrial & Commercial Bank of China Ltd -H- . . . . . . . . . . . . Count 3 971 000 100 000 1 500 000 HKD 6.15 2 813 400.29 Jiangnan Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 1 000 000 HKD 2.24 258 050.40 Jiangsu Expressway Co., Ltd -H- . . . . . . . . . . . . . . . . . . . . . . . Count 400 000 16 000 HKD 10.2 470 020.38 Lenovo Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 520 000 520 000 HKD 10.74 643 374.95 PetroChina Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 850 000 HKD 8.63 845 057.47 Power Assets Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 150 000 10 000 HKD 70.6 1 219 979.37 Samsonite International SA . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 390 000 50 100 HKD 26.7 1 199 588.78 Sands China Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 80 000 30 000 HKD 26 599 045.58 Shenzhou International Group Holdings Ltd . . . . . . . . . . . . . . Count 310 000 50 000 90 000 HKD 37.6 1 342 783.71 SJM Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 80 000 HKD 8.37 289 269.89 Sun Hung Kai Properties Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 220 000 10 000 HKD 125.9 3 190 839.33 Techtronic Industries Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 280 000 10 000 30 000 HKD 25.5 822 535.66 Tencent Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 10 000 HKD 154.8 1 069 987.57 VTech Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 53 000 HKD 102.5 625 829.83 Wasion Group Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 100 000 200 000 200 000 HKD 11.92 1 510 516.47 Astra International Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 730 000 30 000 200 000 IDR 7 075 345 952.45 Bank Mandiri Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 470 000 20 000 250 000 IDR 10 050 316 396.03 Bank Rakyat Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . . . Count 420 000 20 000 IDR 10 350 291 176.78 Indofood CBP Sukses Makmur Tbk PT . . . . . . . . . . . . . . . . . . Count 350 000 50 000 IDR 12 475 292 466.21 Indofood Sukses Makmur Tbk PT . . . . . . . . . . . . . . . . . . . . . . Count 700 000 450 000 IDR 6 575 308 291.04 Multipolar Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 000 000 1 000 000 IDR 625 376 781.55 Pakuwon Jati Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 000 000 IDR 430 374 437.13 Perusahaan Gas Negara Persero Tbk PT . . . . . . . . . . . . . . . . . Count 1 000 000 1 600 000 IDR 4 315 289 033.31 Semen Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . . Count 300 000 IDR 12 000 241 140.19 Telekomunikasi Indonesia Persero Tbk PT . . . . . . . . . . . . . . . Count 2 600 000 1 880 000 IDR 2 930 510 279.44 GS Home Shopping, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 650 1 650 KRW 209 900 277 284.10 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 000 500 KRW 136 000 435 539.44 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 12 000 KRW 94 900 2 279 376.42 LG Chem Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 350 350 1 000 KRW 188 000 805 267.58 Samsung Electronics Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 300 KRW 1268 000 1 319 748.54 Samsung Electronics Co., Ltd -Pref- . . . . . . . . . . . . . . . . . . . . Count 1 300 1 300 KRW 993 000 1 033 525.47 Shinhan Financial Group Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 2 000 12 000 KRW 41 550 565 520.74 SK Telecom Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 000 1 500 KRW 250 000 1 401 091.94 Axiata Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 000 50 000 MYR 6.4 287 822.98 DiGi.Com Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 250 000 MYR 5.36 634 346.69 Gamuda Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 270 000 10 000 MYR 4.67 298 450.65 Malayan Banking Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 510 000 30 000 40 000 MYR 9.14 1 103 337.20 Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 75 000 25 000 MYR 18.72 332 321.93 Aboitiz Power Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 440 000 10 000 PHP 45.5 396 517.66 Ayala Land, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 100 000 PHP 37.3 812 643.33 BDO Unibank, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 310 000 10 000 PHP 108.4 665 563.40 Globe Telecom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 150 PHP 2 510 753 155.78 Metropolitan Bank & Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 650 000 95 170 45 170 PHP 94 1 210 151.29 Philippine Long Distance Telephone Co. . . . . . . . . . . . . . . . . . Count 18 565 500 PHP 2 810 1 033 236.48 SM Prime Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 700 000 PHP 19.98 672 733.20 ComfortDelGro Corp., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 350 000 60 000 SGD 3.13 726 906.05 DBS Group Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 10 500 SGD 20.69 3 157 579.01 Sembcorp Marine Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 000 SGD 2.84 9 422.24 Sembcorp. Industries Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 000 SGD 3.89 12 905.82 Singapore Post Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 700 000 700 000 SGD 1.895 880 183.36 Singapore Press Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 120 000 SGD 4.08 162 434.14 Singapore Telecommunications Ltd . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 SGD 4.25 2 820 037.15 StarHub Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 220 000 10 000 SGD 3.95 576 614.65 United Overseas Bank Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 210 000 20 000 SGD 23.07 3 214 643.29

16

90.57 0.19 0.02 0.14 1.24 2.76 1.65 0.64 0.96 1.18 2.20 0.17 1.62 0.85 4.06 0.76 0.89 0.88 0.40 0.37 2.10 1.28 0.90 0.55 1.11 1.62 0.56 2.49 0.23 0.42 0.57 0.75 1.08 1.06 0.53 1.19 0.26 2.83 0.73 0.95 0.55 1.34 0.31 0.28 0.26 0.26 0.27 0.33 0.33 0.26 0.21 0.45 0.25 0.39 2.02 0.71 1.17 0.92 0.50 1.24 0.25 0.56 0.26 0.98 0.29 0.35 0.72 0.59 0.67 1.07 0.92 0.60 0.64 2.80 0.01 0.01 0.78 0.14 2.50 0.51 2.85

Deutsche Invest II Asian Top Dividend Description

Advanced Info Service PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . Bangkok Bank PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CP ALL PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Krung Thai Bank PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minor International PCL -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . PTT Exploration & Production PCL . . . . . . . . . . . . . . . . . . . . . . PTT Global Chemical PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Siam Cement PCL -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Airtac International Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cathay Financial Holding Co., Ltd . . . . . . . . . . . . . . . . . . . . . . Chailease Holding Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Chicony Electronics Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Delta Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Far EasTone Telecommunications Co., Ltd . . . . . . . . . . . . . . . Fubon Financial Holding Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . Ginko International Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Largan Precision Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Mobile Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan Semiconductor Manufacturing Co., Ltd . . . . . . . . . . . . Cheung Kong Infrastructure Holdings Ltd . . . . . . . . . . . . . . . . Chunghwa Telecom Co., Ltd -ADR- . . . . . . . . . . . . . . . . . . . . . COSCO Pacific Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Globe Telecom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ICICI Bank Ltd -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jardine Matheson Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . Philippine Long Distance Telephone Co. . . . . . . . . . . . . . . . . . Taiwan Semiconductor Manufacturing Co., Ltd -ADR- . . . . . . VTech Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Count/ units/ currency



Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

100 000 20 000 100 000 60 000 300 000 120 000 700 000 50 000 600 000 660 000 110 000 100 000 50 000 200 000 50 000 52 500 2 500 20 000 120 000 240 000 10 000 34 000 260 000 130 000 160 000 20 000 400 000 700 000 150 000 50 000 30 000 20 000 15 000 5 000 130 000 45 000 5 000 470 000 20 000 100 000 330 000 800 000 50 000 4 000 50 000 15 000 12 000 850 65 000 60 000 85 000 16 000 1 200 435 85 000 100 000 2 000

THB THB THB THB THB THB THB THB TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD TWD USD USD USD USD USD USD USD USD USD

240 178 46.25 17.1 30 109 69.25 520 193.5 53.9 74.4 82.8 158 74.6 61.4 388.5 3 525 422 38.95 103 140.5 7.766 31.78 1.357 55.658 10.3 56.75 62.31 22.85 13.274

Total market value in EUR

634 582.58 470 648.75 366 868.06 316 498.06 523 530.63 288 206.26 366 207.03 687 464.46 294 035.96 187 210.49 516 826.00 623 108.77 731 707.07 863 692.20 1 244 017.79 562 239.31 1 530 419.74 1 587 873.80 529 865.32 983 810.25 3 253 317.81 27 740.42 1 419 065.98 14 542.99 42 249.70 597 900.99 810 894.85 24 206.20 1 734 538.02 23 708.38

% of net assets

0.56 0.42 0.32 0.28 0.46 0.25 0.32 0.61 0.26 0.17 0.46 0.55 0.65 0.76 1.10 0.50 1.36 1.41 0.47 0.87 2.88 0.02 1.26 0.01 0.04 0.53 0.72 0.02 1.54 0.02

Total securities portfolio 102 216 960.90 90.57 Derivatives (Minus signs denote short positions) Derivatives on individual securities 1 237 800.62 1.10 Warrants on securities Equity warrants ITC Ltd 24/01/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 280 000 USD 4.95 1 237 800.62 1.10 Cash at bank 9 033 920.98 8.00 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 5 376 980.03 4.76 Deposits in non-EU/EEA currencies Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 9 644 256 1 111 028.64 0.98 Indonesian rupiah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IDR 6 717 450 588 449 957.59 0.40 Malaysian ringgit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MYR 217 723 51 534.38 0.05 New Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TWD 18 322 129 530 317.69 0.47 Philippine peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PHP 703 712 13 937.77 0.01 Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 1 431 161 949 629.74 0.84 South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 629 354 817 503 876.55 0.45 Thai baht . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THB 1 217 522 32 192.44 0.03 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 16 198 14 466.15 0.01 Other assets 891 841.00 0.79 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890 380.27 0.79 Receivables from exceeding the expense cap . . . . . . . . . . . . 1 460.73 0.00 Receivables from share certificate transactions 27 478.49 0.02 Total assets 113 408 001.99 100.48 Other liabilities -534 070.54 -0.47 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -221 941.45 -0.19 Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -312 129.09 -0.28 Liabilities from share certificate transactions -9 830.95 -0.01 Total liabilities -543 901.49 -0.48 Net assets 112 864 100.50 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages.

17

Deutsche Invest II Asian Top Dividend Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 148.00 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 143.52 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 134.71 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 140.38 Class ND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 135.34 Number of shares outstanding Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 49 713 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 709 156 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 24 396 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 054 Class ND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 87 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI AC Asia ex Japan High Dividend Yield in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 76.477 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 86.263 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 80.351 The values-at-risk were calculated for the period from January 1, 2015, through June 30, 2015, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 1 243 286.75 as of the reporting date. Exchange rates (indirect quotes) As of June 30, 2015 Hong Kong dollar . . . . . . . . . . . . . . . . HKD 8.680475 = EUR 1 Indonesian rupiah . . . . . . . . . . . . . . . . IDR 14 929.074996 = EUR 1 South Korean won . . . . . . . . . . . . . . . KRW 1 249.025817 = EUR 1 Malaysian ringgit . . . . . . . . . . . . . . . . MYR 4.224819 = EUR 1 Philippine peso . . . . . . . . . . . . . . . . . . PHP 50.489555 = EUR 1 Singapore dollar . . . . . . . . . . . . . . . . . SGD 1.507072 = EUR 1 Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 37.820137 = EUR 1 New Taiwan dollar . . . . . . . . . . . . . . . TWD 34.549345 = EUR 1 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.119751 = EUR 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values.

18

Deutsche Invest II Asian Top Dividend 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 Derivatives (option premiums realized in opening transactions, or total options case of warrants, purchases and sales are shown)

Count/ Purchases/ Sales/ transactions; in the Description units/ additions disposals currency

Securities traded on an exchange Equities BEC World PCL . . . . . . . . . . . . . . . . . . . . . . . . . . Count Cheung Kong Holdings Ltd . . . . . . . . . . . . . . . . . Count Jardine Cycle & Carriage Ltd . . . . . . . . . . . . . . . . Count Jasa Marga Persero Tbk PT . . . . . . . . . . . . . . . . . Count Silverlake Axis Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 80 000 Sun Art Retail Group Ltd . . . . . . . . . . . . . . . . . . . Count 500 000 The Metropolitan Bank and Trust Company -Rights Exp 27Mar15 . . . . . . . . . . . . . . . . . . . . . . Count 95 170

 Futures contracts

Value (’000)

Currency futures (short) 240 180 19 1 050 500 500

000 000 000 000 000 000

95 170

Futures contracts to sell currencies EUR/HKD EUR EUR/IDR EUR EUR/KRW EUR EUR/MYR EUR EUR/PHP EUR EUR/SGD EUR EUR/THB EUR EUR/TWD EUR EUR/USD EUR USD/KRW EUR USD/PHP EUR USD/SGD EUR USD/TWD EUR

4 815 627 342 138 154 483 1 510 1 000 3 981 148 146 9 735

Currency futures (long) Futures contracts to purchase currencies HKD/EUR IDR/EUR IDR/USD KRW/EUR MYR/EUR PHP/EUR PHP/USD SGD/EUR SGD/USD THB/EUR TWD/EUR USD/EUR

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

3 505 53 881 2 525 714 202 124 1 219 324 520 1 000 62

19

Deutsche Invest II China High Income Bonds Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Market price in the reporting period

Total market value in USD

% of net assets

Securities traded on an exchange 51 759 410.15 Interest-bearing securities 6.875 % 21Vianet Group, Inc. 2014/2017 . . . . . . . . . . . . . . . CNH 3 000 000 % 99.354 480 402.78 6.50 % Agile Property Holdings Ltd 2015/2017 . . . . . . . . . . CNH 3 000 000 3 000 000 % 97.338 470 650.10 1.00 % BPCE SA 2015/2025 * . . . . . . . . . . . . . . . . . . . . . . . CNH 2 000 000 2 000 000 % 101.983 328 742.43 5.35 % China City Construct International 2014/2014 . . . . . CNH 7 000 000 % 100.334 1 131 985.11 8.30 % China High Speed Transmission 2014/2017 . . . . . . CNH 3 000 000 % 98.388 475 727.10 5.50 % China New Town Development Co., Ltd 2015/2018 CNH 4 800 000 4 800 000 % 100.238 775 475.67 5.00 % China Singyes Solar Technologies Holdings Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CNH 2 000 000 2 000 000 % 98.106 316 243.99 5.50 % Datang Telecom Hong Kong Holdings Co., Ltd 2014/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CNH 7 500 000 3 000 000 % 100.69 1 217 150.59 11.25 % Golden Wheel Tiandi Holdings Co., Ltd 2013/2016 . CNH 3 000 000 3 000 000 % 99.875 482 919.52 5.50 % Greenland Hong Kong Holdings Ltd 2017/2018 . . . CNH 3 000 000 % 101 488 359.16 8.00 % ITNL International Pte. Ltd 2014/2017 . . . . . . . . . . . CNH 6 300 000 1 300 000 % 102.384 1 039 611.44 4.75 % Jinchuan Group 2014/2017 . . . . . . . . . . . . . . . . . . . CNH 7 200 000 4 500 000 % 97.925 1 136 377.92 5.875 % Kunzhi Ltd 2014/2017 . . . . . . . . . . . . . . . . . . . . . . . CNH 1 300 000 3 800 000 2 500 000 % 100.438 210 443.71 6.875 % Lai Fung Holdings Ltd 2013/2018 . . . . . . . . . . . . . . CNH 3 000 000 % 97.5 471 435.82 4.95 % Lenovo Group Ltd 2015/2020 . . . . . . . . . . . . . . . . . CNH 5 500 000 5 500 000 % 102.212 906 073.46 5.20 % Ocean Wealth Ltd 2015/2017 . . . . . . . . . . . . . . . . . CNH 3 000 000 3 000 000 % 101.356 490 082.92 10.75 % Powerlong Real Estate Holdings Ltd 2014/2017 . . . CNH 6 600 000 2 100 000 % 98.121 1 043 764.72 6.25 % Qilu International Finance BVI Co., Ltd 2014/2017 . CNH 5 000 000 5 000 000 3 000 000 % 100.159 807 154.54 5.80 % Shandong International Ltd 2012/2015 . . . . . . . . . . CNH 2 500 000 4 000 000 % 100.5 404 951.28 6.45 % Southwest Securities International Co., Ltd 2015/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CNH 5 300 000 7 200 000 1 900 000 % 99.964 853 913.80 5.55 % Start Plus Investments Ltd 2015/2018 . . . . . . . . . . CNH 3 700 000 3 700 000 % 100.032 596 534.02 10.375 % Times Property Holdings Ltd 2014/2017 . . . . . . . . . CNH 2 600 000 1 000 000 % 98.643 413 367.50 5.70 % Universal Number One Co., Ltd 2014/2017 . . . . . . . CNH 3 000 000 3 000 000 % 100.8 487 392.11 5.15 % Yieldking Investment Ltd 2014/2017 . . . . . . . . . . . . CNH 6 500 000 1 500 000 % 100.5 1 052 873.34 8.375 % Agile Property Holdings Ltd 2014/2019 . . . . . . . . . . USD 300 000 900 000 600 000 % 100.025 300 075.00 9.00 % Agile Property Holdings Ltd 2015/2020 . . . . . . . . . . USD 200 000 200 000 % 100.728 201 456.00 3.85 % BCEG Hong Kong Co., Ltd 2015/2018 . . . . . . . . . . . USD 600 000 600 000 % 100.469 602 814.00 4.125 % Beijing State-Owned Assets Management Hong Kong 2015/2025 . . . . . . . . . . . . . . . . . . . . . . . USD 560 000 560 000 % 97.78 547 568.00 10.875 % Big Will Investments Ltd (MTN) 2011/2016 . . . . . . USD 350 000 350 000 % 104.5 365 750.00 0.75 % Billion Express Investments Ltd 2010/2015 . . . . . . USD 1 000 000 1 000 000 % 100.621 1 006 210.00 3.50 % Bluestar Finance Holdings Ltd 2015/2018 . . . . . . . . USD 600 000 600 000 % 99.442 596 652.00 8.75 % Central China Real Estate Ltd 2015/2021 . . . . . . . . USD 440 000 720 000 280 000 % 100.75 443 300.00 10.25 % Century Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . . . USD 300 000 % 94.866 284 599.50 6.875 % Chalieco Hong Kong Corp., Ltd 2014/2049 * . . . . . . USD 400 000 % 103.02 412 082.00 10.875 % China Aoyuan Property Group Ltd 2015/2018 . . . . . USD 1 460 000 1 460 000 % 99.357 1 450 612.20 6.875 % China Hongqiao Group Ltd 2014/2018 . . . . . . . . . . . USD 500 000 700 000 200 000 % 100.382 501 907.50 4.00 % China Life Insurance Co. 2015/2075 * . . . . . . . . . . . USD 600 000 600 000 % 98.959 593 754.00 0.00 % China Overseas Finance Investment Cayman IV Ltd 2014/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 800 000 800 000 % 118.25 946 000.00 7.25 % China Resources Power East Foundation Co., Ltd 2011/2049 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 350 000 % 102.604 359 115.75 11.50 % China SCE Property Holdings Ltd 2012/2017 . . . . . USD 860 000 1 260 000 850 000 % 104.125 895 475.00 7.50 % China Shanshui Cement Group Ltd 2015/2020 . . . . USD 300 000 1 000 000 700 000 % 86.125 258 375.00 13.50 % China South City Holdings Ltd 2012/2017 . . . . . . . . USD 200 000 200 000 % 107.83 215 661.00 8.25 % China South City Holdings Ltd 2014/2019 . . . . . . . . USD 1 000 000 % 95.13 951 305.00 5.45 % China Taiping Insurance Holdings Co., Ltd 2014/2049 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 500 000 % 103.4 517 000.00 12.25 % CIFI Holdings Group Co., Ltd 2013/2018 . . . . . . . . . USD 500 000 500 000 % 109.188 545 940.00 6.80 % CITIC Pacific Ltd -Reg- 2012/2023 . . . . . . . . . . . . . USD 450 000 500 000 % 115.933 521 698.50 6.00 % Comfeed Finance BV -Reg- 2013/2018 . . . . . . . . . . USD 250 000 250 000 % 84.004 210 008.75 0.50 % Cosmos Boom Investment Ltd 2015/2020 . . . . . . . USD 600 000 1 000 000 400 000 % 100.124 600 741.00 7.50 % Country Garden Holdings Co., Ltd 2015/2020 . . . . . USD 490 000 1 060 000 570 000 % 103.558 507 434.20 5.50 % Dawn Victor Ltd 2015/2018 . . . . . . . . . . . . . . . . . . . USD 1 200 000 1 800 000 600 000 % 101.373 1 216 476.00 0.00 % ENN Energy Holdings Ltd 2013/2018 . . . . . . . . . . . USD 500 000 500 000 % 113.334 566 670.00 11.50 % Fantasia Holdings Group Co., Ltd 2015/2018 . . . . . USD 420 000 420 000 % 98.26 412 692.00 5.55 % Far East Horizon Ltd 2014/2049 * . . . . . . . . . . . . . . USD 600 000 % 102.48 614 883.00 7.625 % Fufeng Group Ltd -Reg- 2011/2016 . . . . . . . . . . . . . USD 333 335 166 665 % 101.706 339 023.36 10.25 % Future Land Development Holdings Ltd 2014/2019 USD 1 140 000 630 000 390 000 % 103.072 1 175 026.50 7.75 % Gajah Tunggal Tbk PT -Reg- 2013/2018 . . . . . . . . . . USD 500 000 700 000 1 200 000 % 84.636 423 182.50 7.00 % GCX Ltd -Reg- 2014/2019 . . . . . . . . . . . . . . . . . . . . USD 250 000 250 000 400 000 % 101.202 253 003.75 9.00 % Golden Legacy Pte. Ltd -Reg- 2014/2019 . . . . . . . . USD 250 000 550 000 % 99.812 249 531.25 8.00 % Greenko Dutch BV -Reg- 2014/2019 . . . . . . . . . . . . USD 270 000 270 000 % 93.464 252 352.80 5.875 % Greenland Global Investment Ltd 2014/2024 . . . . . USD 800 000 % 102.46 819 676.00 5.25 % Hero Asia Investment Ltd 2012/2049 * . . . . . . . . . . USD 700 000 % 100.656 704 592.00 7.50 % Jababeka International BV -Reg- 2014/2019 . . . . . . USD 500 000 300 000 200 000 % 99.822 499 107.50 9.00 % Kaisa Group Holdings Ltd 2014/2019 . . . . . . . . . . . . USD 900 000 200 000 % 57.5 517 500.00 8.975 % KWG Property Holding Ltd -Reg- 2014/2019 . . . . . . USD 660 000 1 300 000 640 000 % 103 679 800.00 9.75 % Logan Property Holdings 2014/2017 . . . . . . . . . . . . USD 770 000 770 000 400 000 % 101.646 782 670.35 11.25 % Logan Property Holdings Co., Ltd -Reg- 2014/2019 . USD 230 000 230 000 800 000 % 104.188 239 631.25 9.75 % Marquee Land Pte Ltd -Reg- 2014/2019 . . . . . . . . . USD 520 000 520 000 % 101.3 526 762.60 11.75 % Oceanwide Real Estate International Holdings Co., Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 000 000 200 000 % 106.111 1 061 110.00 4.25 % Pelabuhan Indonesia II PT -Reg- 2015/2025 . . . . . . USD 350 000 700 000 350 000 % 93.936 328 774.25 4.875 % PTT Exploration & Production PCL -Reg2014/2049 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 850 000 % 100.91 857 739.25 8.875 % Rolta Americas LLC -Reg- 2014/2019 . . . . . . . . . . . USD 308 000 650 000 % 84.332 259 742.56 8.375 % Shimao Property Holdings Ltd 2015/2022 . . . . . . . . USD 350 000 2 630 000 2 280 000 % 105 367 500.00

20

86.29 0.80 0.78 0.55 1.89 0.79 1.29 0.53 2.03 0.81 0.81 1.73 1.89 0.35 0.79 1.51 0.82 1.74 1.35 0.68 1.42 0.99 0.69 0.81 1.76 0.50 0.34 1.01 0.91 0.61 1.68 0.99 0.74 0.47 0.69 2.42 0.84 0.99 1.58 0.60 1.49 0.43 0.36 1.59 0.86 0.91 0.87 0.35 1.00 0.85 2.03 0.94 0.69 1.03 0.57 1.96 0.71 0.42 0.42 0.42 1.37 1.17 0.83 0.86 1.13 1.30 0.40 0.88 1.77 0.55 1.43 0.43 0.61

Deutsche Invest II China High Income Bonds Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Market price in the reporting period

Total market value in USD

% of net assets

.625 % Shui On Development Holding Ltd 2014/2019 . . . . USD 9 700 000 500 000 % 102.447 717 129.00 1.20 10.125 % Shui On Development Holding Ltd -Reg- 2012/2049 * USD 520 000 380 000 % 104.105 541 346.00 0.90 10.25 % Sino-Ocean Land Perpetual Finance Ltd -Reg2011/2049 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 910 000 % 105.062 956 068.75 1.59 11.875 % Sound Global Ltd 2012/2017 . . . . . . . . . . . . . . . . . . USD 350 000 200 000 % 91.708 320 976.25 0.54 5.30 % SriLankan Airlines Ltd 2014/2019 . . . . . . . . . . . . . . USD 800 000 200 000 % 98.5 788 000.00 1.31 12.50 % Sunac China Holdings Ltd 2012/2017 . . . . . . . . . . . USD 750 000 750 000 % 107.364 805 230.00 1.34 8.75 % Sunac China Holdings Ltd 2014/2019 . . . . . . . . . . . USD 400 000 400 000 300 000 % 99.51 398 038.00 0.66 11.45 % Times Property Holdings Ltd 2015/2020 . . . . . . . . . USD 640 000 640 000 % 102.426 655 523.20 1.09 8.50 % Trillion Chance Ltd 2014/2019 . . . . . . . . . . . . . . . . . USD 890 000 450 000 660 000 % 98.853 879 791.70 1.47 6.00 % Vedanta Resources Plc -Reg- 2013/2019 . . . . . . . . . USD 350 000 450 000 % 97.438 341 031.25 0.57 6.50 % West China Cement Ltd 2014/2019 . . . . . . . . . . . . USD 350 000 450 000 % 101.195 354 182.50 0.59 7.20 % Yancoal International Trading Co., Ltd 2014/2049 * . USD 391 000 300 000 % 101.59 397 214.95 0.66 8.125 % Yingde Gases Investment Ltd -Reg- 2013/2018 . . . USD 150 000 200 000 950 000 % 97.357 146 035.50 0.24 9.00 % Yuzhou Properties Co. 2014/2019 . . . . . . . . . . . . . . USD 870 000 870 000 500 000 % 100.648 875 637.60 1.46 11.75 % Yuzhou Properties Co., Ltd 2012/2017 . . . . . . . . . . USD 485 000 % 106.926 518 591.10 0.86 Securities admitted to or included in organized markets 2 069 279.25 3.45 Interest-bearing securities 6.375 % HSBC Holdings Plc 2015/2049 * . . . . . . . . . . . . . . . USD 1 100 000 1 100 000 % 100.85 1 109 350.00 1.85 6.375 % Indo Energy Finance II BV -Reg- 2013/2023 . . . . . . USD 350 000 400 000 750 000 % 66.82 233 871.75 0.39 5.00 % Sinochem Global Capital Co., Ltd -Reg- 2013/2049 * USD 700 000 % 103.722 726 057.50 1.21 Unlisted securities 3 388 811.90 5.65 Interest-bearing securities 6.40 % Bohai General Capital 2014/2017 . . . . . . . . . . . . . . . CNH 5 000 000 1 000 000 % 100.023 806 058.55 1.35 0.00 % China SCE Property Holdings Ltd 2011/2016 . . . . . CNH 2 400 000 2 400 000 % 102.158 395 168.63 0.66 6.90 % UA Finance BVI Ltd (MTN) 2013/2018 . . . . . . . . . . . CNH 4 000 000 2 000 000 % 102.5 660 816.03 1.10 5.15 % Unican Ltd 2015/2018 . . . . . . . . . . . . . . . . . . . . . . . CNH 6 000 000 6 000 000 % 99.984 966 888.28 1.61 5.50 % Yunnan Energy Investement Overseas Co., Ltd 2014/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CNH 3 500 000 3 500 000 % 99.25 559 880.41 0.93 Total securities portfolio 57 217 501.30 95.39 Derivatives (Minus signs denote short positions) Currency derivatives 142 516.39 0.24 Receivables/payables Currency futures (short) Closed positions USD/EUR 0.1 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00 0.00 Currency futures (long) Open positions CNH/USD 249.5 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 697.14 0.25 EUR/USD 3.8 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14 884.66 -0.02 Closed positions CNH/USD 3.1 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 687.91 0.01 Cash at bank 3 521 163.26 5.87 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 5 277 5 909.22 0.01 Deposits in non-EU/EEA currencies Chinese offshore renminbi . . . . . . . . . . . . . . . . . . . . . . . . . . . . CNH 11 191 942 1 803 857.22 3.01 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 711 396.82 2.85 Other assets 1 487 671.06 2.48 Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 023.98 1.54 Receivables from exceeding the expense cap . . . . . . . . . . . . 56 603.33 0.10 Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506 043.75 0.84 Receivables from share certificate transactions 10 604.55 0.02 Total assets ** 62 394 341.22 104.02 Other liabilities -2 396 871.58 -4.00 Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2 396 871.58 -4.00 Total liabilities -2 411 756.24 -4.02 Net assets 59 982 584.98 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages.

21

Deutsche Invest II China High Income Bonds Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 123.01 Class LCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 121.30 Class LDH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 110.12 Class NCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 120.01 Class USD FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 123.76 Class USD FDQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 109.59 Class USD LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 122.07 Number of shares outstanding Class FCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 690 Class LCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 771 Class LDH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 232 Class NCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 155 Class USD FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 345 688 Class USD FDQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 668 Class USD LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 73 944 Composition of the reference portfolio (according to CSSF circular 11/512) 60% JPMorgan Asia Bond Index Corporate Non-IG USD TR, 40% JPMorgan Asia Bond Index Hong Kong USD TR (January 1, 2015 - June 21, 2015) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 93.061 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 174.970 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 132.720 The values-at-risk were calculated for the period from January 1, 2015, through June 21, 2015, 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. Presentation of the maximum limit (according to CSSF circular 11/512) 4.0% vom Portfoliowert (June 22, 2015 - June 30, 2015) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 46.729 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 47.699 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 47.213 The values-at-risk were calculated for the period from June 22, 2015, through June 30, 2015, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. 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 absolute 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 0.8, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 42 623 305.10 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes. Market abbreviations



Contracting parties for currency futures Credit Suisse London Branch (GFX), Hongkong and Shanghai Banking Corporation, HSBC Bank USA and State Street Bank and Trust Company Exchange rates (indirect quotes) As of June 30, 2015 Chinese offshore renminbi . . . . . . . . . CNH 6.204450 = USD 1 Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.893056 = USD 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. Footnotes Floating interest rate * ** Does not include positions with a negative balance, if such exist.

22

Deutsche Invest II China High Income Bonds Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Description units/ Description units/ additions disposals additions disposals currency currency

Securities traded on an exchange Interest-bearing securities 4.70 % China Electronics Corp. 2014/2017 . . CNH 3 000 000 3 000 000 6.25 % Hainan Airline 2014/2017 . . . . . . . . . . CNH 3 000 000 4.50 % Maikun Investment Co. Ltd 2014/2017 . . . . . . . . . . . . . . . . . . . . . CNH 3 000 000 3 000 000 5.50 % New World China Land Ltd 2013/2018 CNH 2 500 000 5.80 % Unican Ltd 2014/2017 . . . . . . . . . . . . CNH 2 500 000 5.60 % Unican Ltd 2014/2017 . . . . . . . . . . . . CNH 1 000 000 5.20 % Vast Expand Ltd 2014/2017 . . . . . . . . CNH 3 000 000 1.70 % CSSC Capital 2015 Ltd 2015/2018 . . . EUR 500 000 500 000 6.00 % Indust. & Comm. Bank China 2014/2049 * . . . . . . . . . . . . . . . . . . . . EUR 660 000 1.435 % Talent Yield Euro Ltd 2015/2020 . . . . EUR 1 200 000 1 200 000 5.95 % ABJA Investment Co. Pte Ltd 2014/2024 . . . . . . . . . . . . . . . . . . . . . USD 400 000 8.875 % Agile Property Holdings Ltd -Reg2010/2017 . . . . . . . . . . . . . . . . . . . . . USD 600 000 600 000 9.00 % Alam Synergy Pte Ltd 2014/2019 . . . USD 400 000 800 000 2.875 % Astra Sedaya Finance PT (MTN) 2015/2018 . . . . . . . . . . . . . . . . . . . . . USD 520 000 520 000 3.875 % Bank of China 2015/2025 . . . . . . . . . . USD 900 000 900 000 3.875 % Baosteel Financing 2015 Pty Ltd 2015/2023 . . . . . . . . . . . . . . . . . . . . . USD 800 000 800 000 2.875 % Beijing Capital Polaris Investment Co., Ltd 2015/2018 . . . . . . . . . . . . . . . . . . USD 300 000 300 000 3.00 % Beijing State-Owned Assets Management Hong Kong 2015/2020 . USD 1 130 000 1 130 000 3.25 % Binhai Investment Co., Ltd 2015/2018 USD 600 000 600 000 7.125 % Central Plaza Development Ltd 2014/2049 * . . . . . . . . . . . . . . . . . . . . USD 700 000 6.25 % Chalco Hong Kong Investment Co. -Reg- 2014/2049 * . . . . . . . . . . . . . . . USD 350 000 11.25 % China Aoyuan Property Group Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . . USD 200 000 200 000 3.875 % China Construction Bank Corp. 2015/2025 * . . . . . . . . . . . . . . . . . . . . USD 800 000 800 000 2.50 % China Great Wall International Holdings II 2015/2018 . . . . . . . . . . . . USD 1 800 000 1 800 000 6.50 % China Hongqiao Group Ltd 2012/2017 USD 600 000 1 000 000 7.625 % China Hongqiao Group Ltd -Reg2014/2017 . . . . . . . . . . . . . . . . . . . . . USD 600 000 2.25 % China Minsheng Banking Corp., Ltd (MTN) 2015/2018 . . . . . . . . . . . . . USD 560 000 560 000 8.50 % China Shanshui Cement Group Ltd -Reg- 2011/2016 . . . . . . . . . . . . . . . . . USD 500 000 8.875 % CIFI Holdings Group Co., Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . . USD 200 000 7.75 % CIFI Holdings Group Co., Ltd 2015/2020 . . . . . . . . . . . . . . . . . . . . . USD 1 050 000 1 050 000 3.125 % CLP Power Hong Kong Financing Ltd (MTN) 2015/2025 . . . . . . . . . . . . . . . . USD 800 000 800 000 7.25 % Country Garden Holdings Co., Ltd -Reg- 2013/2021 . . . . . . . . . . . . . . . . . USD 1 400 000 1 400 000 6.125 % Delhi International Airport Pvt Ltd 2015/2022 . . . . . . . . . . . . . . . . . . . . . USD 300 000 300 000 11.75 % Favor Sea Ltd -Reg- 2014/2019 . . . . . USD 200 000 700 000 5.75 % Franshion Brilliant Ltd 2014/2019 . . . USD 500 000 6.75 % Franshion Development Ltd -Reg2011/2021 . . . . . . . . . . . . . . . . . . . . . USD 390 000 5.95 % Garuda Indonesia Global Sukuk Ltd 2015/2020 . . . . . . . . . . . . . . . . . . . . . USD 500 000 500 000 3.50 % Haitong International Finance Holdings 2015 Ltd 2015/2020 . . . . . . . . . . . . . . USD 500 000 500 000 4.45 % HLP Finance Ltd -Reg- 2014/2021 . . . USD 700 000 8.75 % Hsin Chong Construction Group Ltd 2015/2018 . . . . . . . . . . . . . . . . . . . . . USD 700 000 700 000 0.00 % Hyundai Heavy Industries Co., Ltd 2015/2020 . . . . . . . . . . . . . . . . . . . . . USD 600 000 600 000 8.625 % Hyva Global BV -Reg- 2011/2016 . . . . USD 700 000 4.75 % JSW Steel Ltd 2014/2019 . . . . . . . . . USD 650 000 8.875 % Kaisa Group Holdings Ltd -Reg2013/2018 . . . . . . . . . . . . . . . . . . . . . USD 800 000 1 300 000 10.25 % Kaisa Group Holdings Ltd -Reg2013/2020 . . . . . . . . . . . . . . . . . . . . . USD 200 000

5.20

% Krung Thai Bank PCL/Cayman Islands 2014/2024 * . . . . . . . . . . . . . . . . . . . . .875 % MIE Holdings Corp. (MTN) 2013/2018 6 7.50 % MIE Holdings Corp. -Reg- 2014/2019 5.25 % National Bank of Abu Dhabi 2015/2049 * . . . . . . . . . . . . . . . . . . . . 5.375 % New World China Land Ltd (MTN) 2014/2019 . . . . . . . . . . . . . . . . . . . . . 6.00 % Noble Group Ltd 2014/2049 * . . . . . . 6.25 % Pratama Agung Pte Ltd 2015/2020 . . 4.125 % Proven Honour Capital Ltd 2015/2025 4.875 % Reliance Industries Ltd -Reg2015/2045 . . . . . . . . . . . . . . . . . . . . . 3.95 % Security Bank Corp. 2015/2020 . . . . . 6.625 % Shimao Property Holdings Ltd 2013/2020 . . . . . . . . . . . . . . . . . . . . . 2.625 % Shinsegae Co., Ltd 2015/2045 * . . . . 6.00 %S  ino-Ocean Land Treasure Finance I Ltd (MTN) 2014/2024 . . . . . . . . . . . . . 5.95 %S  ino-Ocean Land Treasure Finance II Ltd 2015/2027 . . . . . . . . . . . . . . . . . . 3.50 % Skyland Mining BVI Ltd 2014/2017 . . 6.50 % Standard Chartered Plc 2015/2049 * . 9.375 % Sunac China Holdings Ltd 2013/2018 3.80 % Tencent Holdings Ltd. -Reg- 2015/2025 6.125 % Theta Capital Pte Ltd -Reg- 2012/2020 6.125 % Theta Capital Pte Ltd -Reg- 2012/2020 12.625 % Times Property Holdings Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . . 5.75 % TML Holdings Pte Ltd 2014/2021 . . . 6.00 % Wing Hang Bank Ltd (MTN) 2007/2049 * . . . . . . . . . . . . . . . . . . . . 8.625 % Yuzhou Properties Co., Ltd 2014/2019 . . . . . . . . . . . . . . . . . . . . .

USD USD USD USD

1 800 000

USD USD 200 000 USD 550 000 USD 1 000 000

800 000 200 000 900 000 1 800 000 300 200 550 1 000

000 000 000 000

USD USD

450 000 500 000

450 000 500 000

USD USD

1 100 000 500 000

1 100 000 500 000

USD

500 000

USD 400 000 USD 500 000 USD 1 000 000 USD USD 500 000 USD USD 500 000

400 500 1 000 500 500 500 500

000 000 000 000 000 000 000

USD USD

500 000 500 000

USD

350 000

USD

200 000

Securities admitted to or included in organized markets Interest-bearing securities 10.50 % China Shanshui Cement Group Ltd -Reg- 2012/2017 . . . . . . . . . . . . . . . . . 6.875 % Z  oomlion HK SPV Co., Ltd -Reg2012/2017 . . . . . . . . . . . . . . . . . . . . .

USD

500 000

USD

600 000

CNH USD

3 000 000 200 000

Unlisted securities Interest-bearing securities 7.50 % Hong Kong Aviation Ltd 2014/2016 . . 9.00 % Pacnet Ltd -Reg- 2013/2018 . . . . . . .

Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Interest rate futures Contracts purchased (Underlyings: US Treasury Note 10-Year, US Treasury Note 30-Year, US Treasury Note 5-Year) USD Currency futures (short) Futures contracts to sell currencies USD/CNH USD USD/EUR USD Currency futures (long) Futures contracts to purchase currencies CNH/USD USD EUR/USD USD

Value (’000)

16 795

48 731 26 539

12 100 22 417

23

Deutsche Invest II ESG Equity Europe Investment portfolio – May 5, 2015 (liquidation date) Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Total securities portfolio 0.00 0.00 Cash at bank 3 744 090.72 100.12 Other assets 48 708.02 1.30 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 397.56 0.49 Receivables from exceeding the expense cap . . . . . . . . . . . . 30 310.46 0.81 Total assets 3 792 798.74 101.42 Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -53 302.17 -1.42 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -53 302.17 -1.42 Liabilities from share certificate transactions -3 739 496.57 -100.00 Total liabilities -3 792 798.74 -101.42 Net assets 0.00 0.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages.

Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Number of shares outstanding Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Composition of the reference portfolio (according to CSSF circular 11/512) STOXX Europe 600 Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 0.000 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 124.317 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 104.281 The values-at-risk were calculated for the period from January 1, 2015, through May 5, 2015, 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 0.5, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values.

24

Deutsche Invest II ESG Equity Europe Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Description units/ Description units/ additions disposals additions disposals currency currency

Securities traded on an exchange Equities Alcatel-Lucent -A- . . . . . . . . . . . . . . . . . . . . . . . . . Count Allianz SE -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . Count Anheuser-Busch InBev NV . . . . . . . . . . . . . . . . . . Count ASML Holding NV . . . . . . . . . . . . . . . . . . . . . . . . Count AXA SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Banco Bilbao Vizcaya Argentaria SA . . . . . . . . . . Count Banco Bilbao Vizcaya Argentaria SA . . . . . . . . . . Count 4 900 Banco Bilbao Vizcaya Argentaria SA -Rights Exp 07Jan15 . . . . . . . . . . . . . . . . . . . . . . Count Banco Santander SA . . . . . . . . . . . . . . . . . . . . . . Count 5 400 Banco Santander SA -Rights Exp 28Jan15 . . . . . Count 15 500 Banco Santander SA -Rights Exp. 28Apr15 . . . . . Count 16 900 Bankinter SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count BASF SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Bayer AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 Bayerische Motoren Werke AG . . . . . . . . . . . . . . Count BHP Billiton Plc . . . . . . . . . . . . . . . . . . . . . . . . . . Count CaixaBank SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Compass Group Plc . . . . . . . . . . . . . . . . . . . . . . . Count Continental AG . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Daimler AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 800 Deutsche Post AG -Reg- . . . . . . . . . . . . . . . . . . . Count Deutsche Telekom AG -Reg- . . . . . . . . . . . . . . . . Count Dialog Semiconductor Plc . . . . . . . . . . . . . . . . . . Count 1 585 DNB ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count E.ON AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Enagas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Endesa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 001 Enel SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Essilor International SA . . . . . . . . . . . . . . . . . . . . Count Experian Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 800 Ferrovial SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Gamesa Corp Tecnologica SA . . . . . . . . . . . . . . . Count 6 900 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count GEA Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . Count HeidelbergCement AG . . . . . . . . . . . . . . . . . . . . . Count 700 Henkel AG & Co. KGaA -Pref- . . . . . . . . . . . . . . . Count Inditex SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 600 ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 000 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . . . . Count 10 000 Jazztel Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Johnson Matthey Plc . . . . . . . . . . . . . . . . . . . . . Count KBC Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 Kering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Kuehne + Nagel International AG . . . . . . . . . . . . Count 105

12 1 2 1 7 4 4

000 300 100 000 200 900 900

4 20 15 16 14

900 900 500 900 000 750 770 650 800 000 882 480 600 100 200 585 700 700 000 400 000 180 300 900 900 500 900 000 900 600 400 000 600 900 100 350 755

1 1 9 9 1 3 11 1 9 1 2 3 24 1 6 7 6 5 1 2 4 14 56 3 2 2

Linde AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lloyds Banking Group Plc . . . . . . . . . . . . . . . . . . L‘Oreal SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mapfre SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nestle SA -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . Next Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nordea Bank AB . . . . . . . . . . . . . . . . . . . . . . . . . . Novartis AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . Novo Nordisk A/S . . . . . . . . . . . . . . . . . . . . . . . . . Old Mutual Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . Orange SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reckitt Benckiser Group Plc . . . . . . . . . . . . . . . . . Red Electrica Corp. SA . . . . . . . . . . . . . . . . . . . . . Renault SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rio Tinto Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Roche Holding AG . . . . . . . . . . . . . . . . . . . . . . . . Schneider Electric SA . . . . . . . . . . . . . . . . . . . . . . SES SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Siemens AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . Societe Generale SA . . . . . . . . . . . . . . . . . . . . . . Stora Enso Oyj -R- . . . . . . . . . . . . . . . . . . . . . . . . Svenska Cellulosa AB SCA . . . . . . . . . . . . . . . . . . Telefonica Deutschland Holding AG . . . . . . . . . . . Telenor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unilever Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vestas Wind Systems A/S . . . . . . . . . . . . . . . . . . Vinci SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vodafone Group Plc . . . . . . . . . . . . . . . . . . . . . . . Whitbread Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count

220 8 600 300 26 000 1 600 785 125 300 19 400 2 700 2 430 2 300 26 310

940 102 000 430 20 700 1 100 2 800 1 420 8 600 2 900 2 500 26 000 1 600 2 100 900 1 285 2 800 1 000 900 1 700 1 300 1 025 3 400 10 600 3 700 19 400 5 900 2 430 1 900 2 300 56 000 1 900

Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts

Value (’000)

Currency futures (short) Futures contracts to sell currencies EUR/GBP EUR Currency futures (long) Futures contracts to purchase currencies GBP/EUR EUR

2 245

1 791

25

Deutsche Invest II Europe Stability Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Securities traded on an exchange 10 186 447.68 97.08 Equities Conzzeta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 120 120 80 CHF 646 74 448.54 0.71 Dufry AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 950 1 950 CHF 130.9 245 141.42 2.34 Lonza Group AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 300 2 300 CHF 125.3 276 771.49 2.64 Novartis AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 300 1 400 CHF 91.8 202 774.32 1.93 Partners Group Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 519 CHF 282.25 135 533.42 1.29 Plazza AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 160 160 CHF 207.5 31 884.57 0.30 Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 700 700 CHF 381.7 256 603.54 2.45 Komercni Banka AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 400 1 400 CZK 5 376 276 451.79 2.64 Chr Hansen Holding A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 400 3 200 3 200 DKK 322.3 276 493.55 2.64 FLSmidth & Co., AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 500 2 500 DKK 321.8 107 837.74 1.03 Aareal Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 000 12 400 5 400 EUR 35.47 248 290.00 2.37 Allianz SE -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 875 2 775 900 EUR 140.5 263 437.50 2.51 Anheuser-Busch InBev NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 300 EUR 108.75 141 375.00 1.35 Arcadis NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 075 EUR 24.82 175 601.50 1.67 ASML Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 200 1 200 EUR 93.34 112 008.00 1.07 AXA SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 478 11 478 12 000 EUR 22.78 215 908.84 2.06 BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 856 1 156 1 500 EUR 54.86 321 260.16 3.06 Daimler AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 1 000 1 700 EUR 82.35 247 050.00 2.35 E.ON AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 17 000 EUR 11.995 203 915.00 1.94 Endesa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 000 9 000 EUR 17.255 224 315.00 2.14 Essilor International SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 500 500 EUR 107.7 269 250.00 2.57 Evonik Industries AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 600 6 600 EUR 34.2 225 720.00 2.15 Ferrovial SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 800 1 200 EUR 19.6 250 880.00 2.39 GrandVision NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 000 15 000 3 000 EUR 22.295 267 540.00 2.55 Imerys SA -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 100 2 100 2 100 EUR 68.85 144 585.00 1.38 ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 17 000 EUR 14.955 254 235.00 2.42 KBC Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 000 1 700 2 300 EUR 60.25 301 250.00 2.87 Lagardere SCA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 400 1 600 EUR 26.5 222 600.00 2.12 Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 300 2 800 EUR 89.42 116 246.00 1.11 Orange SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 22 000 22 000 EUR 13.93 306 460.00 2.92 OSRAM Licht AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 6 200 3 200 EUR 42.96 128 880.00 1.23 Publicis Groupe SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 600 3 600 EUR 66.75 240 300.00 2.29 SAP AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 038 500 EUR 62.74 253 344.12 2.41 Societe BIC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 400 600 234 EUR 145.35 348 840.00 3.32 Telefonica Deutschland Holding AG . . . . . . . . . . . . . . . . . . . . . Count 48 000 25 000 EUR 5.211 250 128.00 2.38 Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 700 3 300 EUR 37.505 176 273.50 1.68 easyJet Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 000 GBP 15.517 218 296.64 2.08 ITV Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 80 000 10 000 GBP 2.654 261 352.74 2.49 Lloyds Banking Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 230 000 GBP 0.856 277 065.13 2.64 Reckitt Benckiser Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 300 1 700 GBP 54.94 177 764.31 1.69 Royal Dutch Shell Plc -B- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 200 6 800 GBP 18.245 287 468.31 2.74 Smith & Nephew Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 000 7 000 GBP 10.81 212 903.02 2.03 Vodafone Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 87 000 18 000 GBP 2.316 283 517.36 2.70 Telenor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 496 NOK 171.4 224 258.66 2.14 Sandvik AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 20 000 SEK 91.85 198 945.44 1.90 Svenska Cellulosa AB SCA . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 000 11 000 SEK 210.9 251 243.07 2.39 Total securities portfolio 10 186 447.68 97.08 Cash at bank 623 560.69 5.94 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 370 602.66 3.53 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 20 804 29 266.15 0.28 Danish krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 831 262 111 425.01 1.06 Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 43 923 4 998.98 0.05 Polish zloty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PLN 13 530 3 229.82 0.03 Swedish krona . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 573 62.05 0.00 Czech koruna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CZK 40 600 1 491.28 0.01 Deposits in non-EU/EEA currencies Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 106 187 101 980.07 0.97 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 565 504.67 0.01 Other assets 84 164.01 0.80 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 792.05 0.28 Receivables from exceeding the expense cap . . . . . . . . . . . . 29 453.63 0.28 Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 918.33 0.24 Total assets 10 894 172.38 103.82 Other liabilities -400 808.78 -3.82 Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -400 808.78 -3.82

26

Total liabilities -400 808.78 -3.82 Net assets 10 493 363.60 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages.

Deutsche Invest II Europe Stability Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 156.40 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 152.33 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 151.09 Number of shares outstanding Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 401 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 53 764 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 337 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EUROPE in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 53.220 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 106.512 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 84.574 The values-at-risk were calculated for the period from January 1, 2015, through June 30, 2015, 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 derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Exchange rates (indirect quotes) As of June 30, 2015 Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.041256 = EUR 1 Czech koruna . . . . . . . . . . . . . . . . . . . CZK 27.225000 = EUR 1 Danish krone . . . . . . . . . . . . . . . . . . . DKK 7.460282 = EUR 1 British pound . . . . . . . . . . . . . . . . . . . GBP 0.710840 = EUR 1 Norwegian krone . . . . . . . . . . . . . . . . NOK 8.786347 = EUR 1 Polish zloty . . . . . . . . . . . . . . . . . . . . . PLN 4.188987 = EUR 1 Swedish krona . . . . . . . . . . . . . . . . . . SEK 9.233687 = EUR 1 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.119751 = EUR 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values.

27

Deutsche Invest II Europe Stability 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 Derivatives (option premiums realized in opening transactions, or total options case of warrants, purchases and sales are shown)

Count/ Purchases/ Sales/ Description units/ transactions; in the additions disposals currency

Securities traded on an exchange Equities Adidas AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 600 Amadeus IT Holding SA . . . . . . . . . . . . . . . . . . . . Count Babcock International Group Plc . . . . . . . . . . . . . Count Banco Santander SA . . . . . . . . . . . . . . . . . . . . . . Count Banco Santander SA -Rights Exp 28Jan15 . . . . . Count 43 000 Banco Santander SA -Rights Exp. 28Apr15 . . . . . Count 43 000 Coloplast A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Deutsche Telekom AG -Reg- . . . . . . . . . . . . . . . . Count Fresenius SE & Co. KGaA . . . . . . . . . . . . . . . . . . Count Geberit AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Hennes & Mauritz AB . . . . . . . . . . . . . . . . . . . . . Count Indivior Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Linde AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Luxottica Group SpA . . . . . . . . . . . . . . . . . . . . . . Count NH Hoteles SA . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 42 000 Obrascon Huarte Lain SA . . . . . . . . . . . . . . . . . . . Count 12 000 Red Electrica Corp. SA . . . . . . . . . . . . . . . . . . . . . Count Reed Elsevier NV . . . . . . . . . . . . . . . . . . . . . . . . . Count Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 000 Repsol SA -Rights Exp 03Jul15 . . . . . . . . . . . . . . Count 15 000 SKF AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 400 TeliaSonera AB . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 33 000 United Internet AG -Reg- . . . . . . . . . . . . . . . . . . . Count Verbund AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 000 Whitbread Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Wirecard AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Zodiac Aerospace . . . . . . . . . . . . . . . . . . . . . . . . . Count

3 7 12 43 43 43 3 21 3 7 4 1 2 42 12 3 11 15 15 12 83 3 12 3 6 7

600 075 000 000 000 000 000 000 400 800 075 000 327 300 000 000 000 000 000 000 400 404 475 000 891 633 252

Securities admitted to or included in organized markets Equities Talanx AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Count

4 569

Unlisted securities Equities Cellnex Telecom SAU . . . . . . . . . . . . . . . . . . . . . Dufry AG -Rights Exp 19Jun15 . . . . . . . . . . . . . . Ferrovial SA -Rights Exp 20May15 . . . . . . . . . . . .

28

Count Count Count

2 453 1 200 12 800

2 453 1 200 12 800

Value (’000) Futures contracts Equity index futures Contracts purchased (Underlyings: DJ Euro Stoxx 50, DJ Euro Stoxx Banks) EUR 4 626 Contracts sold (Underlyings: DJ Euro Stoxx Banks, FTSE 100) EUR 3 467 Currency futures (short) Futures contracts to sell currencies EUR/CHF EUR 637 EUR/CZK EUR 13 EUR/DKK EUR 332 EUR/GBP EUR 2 536 EUR/SEK EUR 1 042 Currency futures (long) Futures contracts to purchase currencies CHF/EUR EUR 788 CZK/EUR EUR 136 GBP/EUR EUR 2 554 SEK/EUR EUR 908 Option contracts Options on equity index derivatives Options on equity indices Put options sold (Underlying: DJ Euro Stoxx 50) EUR 150

Deutsche Invest II European Top Dividend Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Securities traded on an exchange 16 701 094.80 Equities Nestle SA -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 785 10 132 347 CHF 68.15 640 426.27 Novartis AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 927 2 802 2 475 CHF 91.8 434 377.87 Roche Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 711 2 107 96 CHF 256.5 667 819.86 Zurich Insurance Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 787 943 1 656 CHF 286.2 216 315.09 Allianz SE -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 397 201 1 004 EUR 140.5 336 778.50 AXA SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 182 772 7 590 EUR 22.78 186 385.96 Casino Guichard Perrachon SA . . . . . . . . . . . . . . . . . . . . . . . . Count 3 460 5 620 2 160 EUR 68.54 237 148.40 Daimler AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 183 858 4 275 EUR 82.35 179 770.05 Deutsche Telekom AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . Count 16 374 1 228 15 854 EUR 15.56 254 779.44 E.ON AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 533 939 2 406 EUR 11.995 150 333.34 Enel SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 41 646 43 123 1 477 EUR 4.104 170 915.18 Euler Hermes Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 771 1 938 167 EUR 91.17 161 462.07 Ferrovial SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 970 1 047 8 077 EUR 19.6 273 812.00 Freenet AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 502 6 733 231 EUR 30.425 197 823.35 Hannover Rueck SE -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 990 4 190 2 200 EUR 87.32 173 766.80 Hugo Boss AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 652 1 711 59 EUR 100.6 166 191.20 ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 25 542 26 448 906 EUR 14.955 381 980.61 K+S AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 290 12 001 4 711 EUR 37.725 275 015.25 Muenchener Rueckversicherungs AG -Reg- . . . . . . . . . . . . . . Count 1 121 1 973 852 EUR 159.55 178 855.55 Orange SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 060 12 488 428 EUR 13.93 167 995.80 Red Electrica Corp. SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 599 345 1 546 EUR 72.12 331 679.88 Sampo -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 111 3 979 1 868 EUR 42.33 89 358.63 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 937 6 053 2 116 EUR 89.45 352 164.65 Societe Generale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 986 8 269 283 EUR 42.24 337 328.64 Telefonica Deutschland Holding AG . . . . . . . . . . . . . . . . . . . . . Count 53 606 4 019 49 413 EUR 5.211 279 340.87 Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 664 17 007 7 343 EUR 43.92 424 442.88 Unibail-Rodamco SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 671 695 24 EUR 229.6 154 061.60 Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 170 7 178 11 108 EUR 37.505 343 920.85 Vinci SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 891 6 567 1 676 EUR 52.48 256 679.68 Antofagasta Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 970 9 288 318 GBP 6.93 87 448.78 Ashmore Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 21 607 42 669 21 062 GBP 2.914 88 577.01 AstraZeneca Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 821 580 1 259 GBP 40.54 331 978.10 BAE Systems Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 78 205 80 979 2 774 GBP 4.541 499 590.44 BHP Billiton Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 221 8 635 5 414 GBP 12.73 344 217.13 British American Tobacco Plc . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 183 878 895 GBP 34.325 346 852.25 British Sky Broadcasting Group Plc . . . . . . . . . . . . . . . . . . . . . Count 19 737 20 437 700 GBP 10.41 289 041.34 GlaxoSmithKline Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 21 598 22 364 766 GBP 13.34 405 319.46 Imperial Tobacco Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 117 608 6 691 GBP 30.842 352 186.91 National Grid Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 49 917 51 688 1 771 GBP 8.208 576 413.33 Next Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 799 1 831 32 GBP 74.668 188 970.39 Old Mutual Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 57 859 59 911 2 052 GBP 2.036 165 720.71 Pearson Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 706 18 775 1 069 GBP 12.2 303 884.38 Randgold Resources Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 400 4 400 GBP 42.99 266 102.05 Reckitt Benckiser Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 930 2 140 210 GBP 54.94 458 322.78 Rio Tinto Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 820 8 200 3 380 GBP 26.425 179 180.24 Royal Dutch Shell Plc -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 559 13 836 7 477 GBP 18.06 395 300.64 Royal Dutch Shell Plc -B- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 502 12 052 550 GBP 18.245 397 886.95 SSE Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 334 8 630 296 GBP 15.397 180 512.96 Vodafone Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 169 897 15 923 6 026 GBP 2.316 553 663.77 DNB ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 972 12 397 425 NOK 130.5 177 815.19 Gjensidige Forsikring BA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 242 11 641 399 NOK 125.9 161 087.17 Marine Harvest ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 16 022 16 590 568 NOK 90.5 165 027.74 Statoil ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 25 415 26 316 901 NOK 140.6 406 693.36 Telenor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 468 2 759 691 NOK 171.4 379 772.75 Yara International ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 238 5 424 186 NOK 408 243 230.09 Powszechny Zaklad Ubezpieczen SA . . . . . . . . . . . . . . . . . . . . Count 1 465 1 517 52 PLN 432.4 151 221.76 Nordea Bank AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 882 27 115 12 233 SEK 104 167 617.54 Swedbank AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 756 8 031 275 SEK 193.6 162 617.76 TeliaSonera AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 47 926 3 594 4 668 SEK 48.92 253 911.55 Securities admitted to or included in organized markets 172 571.00 Equities Talanx AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 230 6 451 9 397 EUR 27.7 172 571.00 Total securities portfolio 16 873 665.80 Cash at bank 827 868.68 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 540 379.86 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 50 480 71 014.26 Danish krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 1 0.03 Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 795 751 90 566.75 Polish zloty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PLN 33 588 8 018.15 Swedish krona . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 209 188 22 654.86

94.18 3.61 2.45 3.77 1.22 1.90 1.05 1.34 1.01 1.44 0.85 0.96 0.91 1.54 1.12 0.98 0.94 2.15 1.55 1.01 0.95 1.87 0.50 1.99 1.90 1.58 2.39 0.87 1.94 1.45 0.49 0.50 1.87 2.82 1.94 1.96 1.63 2.29 1.99 3.25 1.07 0.93 1.71 1.50 2.58 1.01 2.23 2.24 1.02 3.12 1.00 0.91 0.93 2.29 2.14 1.37 0.85 0.95 0.92 1.43 0.98 0.98 95.16 4.67 3.05

0.40 0.00 0.51 0.04 0.13

29

Deutsche Invest II European Top Dividend Deposits in non-EU/EEA currencies Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 98 907 94 988.13 0.54 Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 710 236.86 0.00 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 11 9.78 0.00 Other assets 180 674.90 1.02 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 857.96 0.36 Receivables from exceeding the expense cap . . . . . . . . . . . . 46 977.55 0.27 Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 839.39 0.39 Receivables from share certificate transactions 48 620.68 0.27 Total assets 17 930 830.06 101.12 Other liabilities -143 798.66 -0.81 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -50 163.00 -0.28 Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -93 635.66 -0.53 Liabilities from share certificate transactions -54 435.80 -0.31 Total liabilities -198 234.46 -1.12 Net assets 17 732 595.60 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 149.97 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 141.08 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 146.52 Class ND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 140.45 Class XC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 154.42 Class XD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 112.59 Number of shares outstanding Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 316 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 525 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 519 Class ND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 327 Class XC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 69 288 Class XD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 840 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 60.613 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 88.957 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 80.396 The values-at-risk were calculated for the period from January 1, 2015, through June 30, 2015, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Exchange rates (indirect quotes) As of June 30, 2015 Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.041256 = EUR 1 Danish krone . . . . . . . . . . . . . . . . . . . DKK 7.460282 = EUR 1 British pound . . . . . . . . . . . . . . . . . . . GBP 0.710840 = EUR 1 Norwegian krone . . . . . . . . . . . . . . . . NOK 8.786347 = EUR 1 Polish zloty . . . . . . . . . . . . . . . . . . . . . PLN 4.188987 = EUR 1 Swedish krona . . . . . . . . . . . . . . . . . . SEK 9.233687 = EUR 1 Turkish lira . . . . . . . . . . . . . . . . . . . . . TRY 2.998580 = EUR 1 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.119751 = EUR 1

30

Deutsche Invest II European Top Dividend Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values.

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 Derivatives (option premiums realized in opening transactions, or total Count/ Purchases/ Sales/ Description units/ transactions; in the case of warrants, purchases and sales are shown) additions disposals currency Securities traded on an exchange Equities Aareal Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . Count Banco Santander SA . . . . . . . . . . . . . . . . . . . . . . Count Banco Santander SA -Rights Exp 28Jan15 . . . . . Count 58 000 Betsson AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . Count Danske Bank A/S . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 Deutsche Beteiligungs AG . . . . . . . . . . . . . . . . . Count Deutsche Boerse AG . . . . . . . . . . . . . . . . . . . . . . Count Endesa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Geberit AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count GrandVision NV . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 915 Hennes & Mauritz AB . . . . . . . . . . . . . . . . . . . . . Count Imerys SA -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . Count Indivior Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count KBC Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Komercni Banka AS . . . . . . . . . . . . . . . . . . . . . . . Count 2 100 Lagardere SCA . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Linde AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Reed Elsevier NV . . . . . . . . . . . . . . . . . . . . . . . . . Count RTL Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count SAP AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Smith & Nephew Plc . . . . . . . . . . . . . . . . . . . . . . Count Societe BIC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . Count South32 Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 240 Swiss Life Holding AG -Reg- . . . . . . . . . . . . . . . . Count 1 400 Wincor Nixdorf AG . . . . . . . . . . . . . . . . . . . . . . . . Count 6 109 Wolters Kluwer NV . . . . . . . . . . . . . . . . . . . . . . . . Count 9 158

options



Value (’000)

Futures contracts 10 58 58 12 6 17 13 5 27 1 11 11 4 4 6 2 18 2 13 4 5 26 2 19 1 6 9

000 000 000 500 600 000 000 600 000 000 915 300 500 000 500 100 300 000 900 420 800 100 200 240 400 109 158

Equity index futures Contracts purchased (Underlying: DJ Euro Stoxx Banks) EUR Currency futures (short) Futures contracts to sell currencies EUR/CHF EUR EUR/CZK EUR EUR/DKK EUR EUR/GBP EUR EUR/SEK EUR EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies CHF/EUR EUR DKK/EUR EUR GBP/EUR EUR NOK/EUR EUR PLN/EUR EUR SEK/EUR EUR SEK/NOK EUR

2 099

1 289 420 399 1 422 1 008 12

1 987 406 4 799 1 292 180 508 27

Unlisted securities Equities BHP Billiton Plc . . . . . . . . . . . . . . . . . . . . . . . . . . Ferrovial SA -Rights Exp 20May15 . . . . . . . . . . . .

Count Count

19 240 13 984

19 240 13 984

31

Deutsche Invest II Global BioInnovation Investment portfolio – April 9, 2015 (liquidation date) Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Total securities portfolio 0.00 0.00 Cash at bank 5 011 194.89 100.21 Other assets 16 030.91 0.32 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525.52 0.01 Receivables from exceeding the expense cap . . . . . . . . . . . . 15 505.39 0.31 Total assets 5 027 225.80 100.53 Other liabilities -26 601.19 -0.53 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -26 601.19 -0.53 Liabilities from share certificate transactions -5 000 624.61 -100.00 Total liabilities -5 027 225.80 -100.53 Net assets 0.00 0.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Number of shares outstanding Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 2.613 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 190.933 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 148.632 The values-at-risk were calculated for the period from January 1, 2015, through April 9, 2015, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values.

32

Deutsche Invest II Global BioInnovation Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Description units/ Description units/ additions disposals additions disposals currency currency

Securities traded on an exchange Equities Agilent Technologies, Inc. . . . . . . . . . . . . . . . . . . Count Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . . . . Count Alkermes Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . Count BayWa AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Biogen Idec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 BioMarin Pharmaceutical, Inc. . . . . . . . . . . . . . . . Count Bluebird Bio, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count Bunge Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Bureau Veritas SA . . . . . . . . . . . . . . . . . . . . . . . . Count Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . Count DexCom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count EI du Pont de Nemours & Co. . . . . . . . . . . . . . . . Count Endo International Plc . . . . . . . . . . . . . . . . . . . . . Count Eurofins Scientific SE . . . . . . . . . . . . . . . . . . . . . . Count Exact Sciences Corp. . . . . . . . . . . . . . . . . . . . . . . Count Frutarom Industries Ltd . . . . . . . . . . . . . . . . . . . . Count GEA Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . Count Incyte Corp. Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 700 Insulet Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count International Flavors & Fragrances, Inc. . . . . . . . . Count Intertek Group Plc . . . . . . . . . . . . . . . . . . . . . . . . Count Jazz Pharmaceuticals Plc . . . . . . . . . . . . . . . . . . . Count Keryx Biopharmaceuticals, Inc. . . . . . . . . . . . . . . Count Koninklijke DSM NV . . . . . . . . . . . . . . . . . . . . . . . Count KYTHERA Biopharmaceuticals, Inc. . . . . . . . . . . . Count Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Neurocrine Biosciences, Inc. . . . . . . . . . . . . . . . . Count Nutreco NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count

1 1 1 3 1 3 2 2 1 1 1 1 3 2 2 2 3 1

500 380 866 524 920 256 100 000 100 456 600 850 660 000 100 678 550 300 492 049 300 200 084 550 900 460 100 773 700 519 820 566

Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . . . . . Pall Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Phosagro OAO -GDR- -Reg- -S- . . . . . . . . . . . . . Potash Corp. of Saskatchewan, Inc. . . . . . . . . . . Puma Biotechnology, Inc. . . . . . . . . . . . . . . . . . . Regeneron Pharmaceuticals, Inc. . . . . . . . . . . . . . Smurfit Kappa Group Plc . . . . . . . . . . . . . . . . . . . Spirax-Sarco Engineering Plc . . . . . . . . . . . . . . . . Stora Enso Oyj -R- . . . . . . . . . . . . . . . . . . . . . . . . Suez Environnement SA . . . . . . . . . . . . . . . . . . . Synageva Biopharma Corp. . . . . . . . . . . . . . . . . . Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . TESARO, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . Toray Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . . . . Vilmorin & Cie SA . . . . . . . . . . . . . . . . . . . . . . . . . Watts Water Technologies, Inc. . . . . . . . . . . . . . . Yara International ASA . . . . . . . . . . . . . . . . . . . . .



Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count

130 400 1 000 1 289 30

1 294 1 214 1 810 727 520 440 3 000 1 000 2 533 4 527 400 155 1 000 461 5 877 2 300 332 1 225 800

Units

1 000

Investment fund units Non-group fund units iShares Nasdaq Biotechnology ETF (0.480%) . . .

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 (short) Futures contracts to sell currencies EUR/USD EUR

Value (’000)

58

33

Deutsche Invest II Global Contra Strategy Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in USD

% of net assets

Securities traded on an exchange 6 132 135.34 Equities Potash Corp. of Saskatchewan, Inc. . . . . . . . . . . . . . . . . . . . . Count 2 621 2 621 CAD 38.6 72 655.71 Rogers Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 825 2 340 515 CAD 43.715 57 293.96 Credit Suisse Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 900 3 900 CHF 25.82 96 708.20 Schindler Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 624 CHF 153.6 92 048.83 Andritz AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 644 EUR 50.24 82 594.56 Arkema SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 907 907 EUR 64.9 58 864.30 Deutsche Bank AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 338 1 338 EUR 27.09 36 246.42 E.ON AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 622 EUR 11.995 79 430.89 Essilor International SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 328 174 EUR 107.7 143 025.60 Fresenius Medical Care AG & Co. KGaA . . . . . . . . . . . . . . . . . Count 1 786 528 EUR 74.36 132 806.96 Inditex SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 179 EUR 29.37 63 997.23 Koninklijke KPN NV (MTN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 811 10 526 EUR 3.454 61 519.19 RWE AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 216 EUR 19.365 81 642.84 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 729 729 EUR 89.45 65 209.05 Societe BIC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 650 EUR 145.35 94 477.50 Technip SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 584 EUR 56 88 704.00 Volkswagen AG -Pref- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 402 EUR 209.1 84 058.20 Aberdeen Asset Management Plc . . . . . . . . . . . . . . . . . . . . . . Count 5 130 5 130 GBP 4.075 29 408.51 Barclays Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 662 GBP 2.62 113 034.95 Burberry Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 478 GBP 15.79 99 470.50 Croda International Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 212 GBP 27.8 86 508.35 Diageo Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 691 GBP 18.495 122 052.84 Experian Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 461 4 461 GBP 11.67 73 237.11 GlaxoSmithKline Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 655 2 655 GBP 13.34 49 825.13 Glencore International Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 435 GBP 2.59 63 528.45 Petrofac Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 754 2 754 GBP 9.385 36 360.20 Randgold Resources Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 837 241 GBP 42.99 111 097.60 Royal Mail Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 670 4 670 GBP 5.16 33 899.61 Tate & Lyle Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 548 3 548 GBP 5.212 26 017.03 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 JPY 3 982.5 87 203.52 Hankyu Hanshin Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Count 21 000 8 000 JPY 723 110 819.09 Osaka Gas Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 29 000 JPY 483.3 102 299.09 Sumitomo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 700 JPY 1 424 131 999.01 Sumitomo Rubber Industries Ltd . . . . . . . . . . . . . . . . . . . . . . . Count 7 900 JPY 1 897 109 383.39 Trend Micro, Inc./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 600 JPY 4 190 110 096.50 Yara International ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 839 523 NOK 408 131 830.89 Boliden AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 286 4 144 SEK 152 54 092.37 Sandvik AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 933 5 933 SEK 91.85 59 017.16 Swedish Match AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 991 SEK 236.2 127 671.01 AES Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 243 4 243 USD 13.18 49 942.14 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 043 545 USD 35.77 129 152.07 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 827 USD 29.7 101 506.44 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 905 1 905 USD 55.14 93 808.12 Citrix Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 887 887 USD 69.9 55 370.63 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 433 433 USD 95.42 36 898.27 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 229 874 USD 79.27 87 004.04 Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 691 802 111 USD 252.17 155 614.53 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 184 564 USD 31.65 118 261.69 Expeditors International of Washington, Inc. . . . . . . . . . . . . . . Count 1 084 668 USD 45.97 44 502.30 Express Scripts Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 854 252 USD 89.19 147 674.19 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 800 5 800 USD 15.08 78 110.25 Freeport-McMoRan, Inc. -B- . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 745 USD 19.04 80 682.97 Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 538 1 538 USD 43.04 59 116.31 HCP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 469 1 469 USD 36.76 48 225.42 International Business Machines Corp. . . . . . . . . . . . . . . . . . . Count 680 USD 163.05 99 016.69 Juniper Networks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 258 2 258 USD 26.04 52 510.19 Kellogg Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 996 996 USD 62.63 55 708.37 Mead Johnson Nutrition Co. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 461 185 USD 90.15 117 623.65 National Oilwell Varco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 124 USD 48.63 92 243.86 NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 589 3 589 USD 23.31 74 712.70 Philip Morris International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 430 USD 80.02 102 191.15 PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 250 3 250 USD 20.25 58 774.25 Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 426 USD 71.75 91 373.47 Sirius XM Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 20 000 USD 3.725 66 532.67 Teradata Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 863 863 USD 37 28 516.17 The Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 878 USD 41.94 70 340.06 Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 771 USD 62.53 98 897.58 Verisk Analytics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 313 313 USD 72.95 20 391.46 Verizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 618 3 618 USD 46.86 151 408.25 Viacom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 406 2 406 USD 64.32 138 203.92 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 834 347 USD 71.38 116 910.78 Western Union Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 276 1 712 USD 20.4 150 775.00 Total securities portfolio 6 132 135.34

34

93.00 1.10 0.87 1.47 1.40 1.25 0.89 0.55 1.20 2.17 2.01 0.97 0.93 1.24 0.99 1.43 1.35 1.27 0.45 1.71 1.51 1.31 1.85 1.11 0.76 0.96 0.55 1.69 0.51 0.39 1.32 1.68 1.55 2.00 1.66 1.67 2.00 0.82 0.90 1.94 0.76 1.96 1.54 1.42 0.84 0.56 1.32 2.36 1.79 0.68 2.24 1.18 1.22 0.90 0.73 1.50 0.80 0.85 1.78 1.40 1.13 1.55 0.89 1.39 1.01 0.43 1.07 1.50 0.31 2.30 2.10 1.77 2.29 93.00

Deutsche Invest II Global Contra Strategy Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in USD

% of net assets

Derivatives (Minus signs denote short positions) Equity index derivatives -1 820.00 -0.03 Receivables/payables Equity index futures DJ EURO STOXX 50 Index Futures 09/2015 34 360.00 EUR (XEUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 26 13 -1 820.00 -0.03 Currency derivatives 3 847.68 0.06 Receivables/payables Currency futures (long) Open positions USD/EUR 0.7 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 847.68 0.06 Cash at bank 461 548.99 7.00 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 360 352.71 5.46 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 4 738 6 665.73 0.10 Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 253 569 28 859.43 0.44 Swedish krona . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 190 240 20 602.83 0.31 Deposits in non-EU/EEA currencies Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 2 659 102 19 408.50 0.29 Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 26 902 19 319.52 0.29 Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 3 688 3 541.82 0.05 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 3 134 2 798.45 0.04 Other assets 34 317.24 0.52 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 845.44 0.18 Receivables from exceeding the expense cap . . . . . . . . . . . . 22 471.80 0.34 Total assets * 6 631 849.25 100.58 Other liabilities -36 184.72 -0.55 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -36 184.72 -0.55 Total liabilities -38 004.72 -0.58 Net assets 6 593 844.53 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC EB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 114.11 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 113.36 Number of shares outstanding Class FC EB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 52 593 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 228 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Net In EUR (January 1, 2015 - June 21, 2015), MSCI AC World Index TR Net EUR (June 22, 2015 - June 30, 2015) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 55.691 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 112.814 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 68.382 The values-at-risk were calculated for the period from January 1, 2015, through June 30, 2015, 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 0.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 1 080 067.42 as of the reporting date.

35

Deutsche Invest II Global Contra Strategy Market abbreviations Futures exchanges XEUR = Eurex Contracting party for currency futures State Street Bank London Exchange rates (indirect quotes) As of June 30, 2015 Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1.392466 = EUR 1 Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.041256 = EUR 1 British pound . . . . . . . . . . . . . . . . . . . GBP 0.710840 = EUR 1 Japanese yen . . . . . . . . . . . . . . . . . . . JPY 137.007086 = EUR 1 Norwegian krone . . . . . . . . . . . . . . . . NOK 8.786347 = EUR 1 Swedish krona . . . . . . . . . . . . . . . . . . SEK 9.233687 = EUR 1 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.119751 = EUR 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. Footnote * Does not include positions with a negative balance, if such exist.

Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Purchases/ Sales/ Description units/ additions disposals currency

Securities traded on an exchange Equities Ajinomoto Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . Count Edwards Lifesciences Corp. . . . . . . . . . . . . . . . . . Count Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Glencore Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 436 Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count PetSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count

8 000 1 583 802 17 436 1 900 1 107

Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown)  Futures contracts Equity index futures Contracts sold (Underlyings: DJ Euro Stoxx 50, S&P 500) EUR

Value (’000)

1 695

Currency futures (short) Futures contracts to sell currencies EUR/JPY EUR EUR/USD EUR Currency futures (long) Futures contracts to purchase currencies CHF/EUR EUR GBP/EUR EUR JPY/EUR EUR USD/EUR EUR

36

1 501 2 392

96 225 1 914 2 330

Deutsche Invest II Global Growth Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Securities traded on an exchange 111 052 145.54 Equities Estacio Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 000 76 000 16 000 BRL 17.84 977 620.02 Alimentation Couche-Tard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Count 57 000 4 600 8 000 CAD 53.29 2 181 403.56 Brookfield Asset Management, Inc. . . . . . . . . . . . . . . . . . . . . . Count 90 000 37 200 4 000 CAD 43.53 2 813 498.04 Canadian Pacific Railway Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 700 700 3 900 CAD 199.09 1 386 872.77 Galenica AG * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 900 2 900 CHF 976 2 718 255.41 Lonza Group AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 500 11 500 CHF 125.3 1 383 857.45 Nestle SA -Reg- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 23 000 4 500 CHF 68.15 1 505 345.34 Jyske Bank A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 37 000 37 000 DKK 335.4 1 663 449.08 Anheuser-Busch InBev NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 000 9 200 EUR 108.75 1 196 250.00 BASF SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 000 2 500 EUR 79.25 1 109 500.00 CytoTools AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 000 EUR 49.2 738 000.00 Eurofins Scientific SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 700 400 500 EUR 271.55 1 819 385.00 Fresenius Medical Care AG & Co. KGaA . . . . . . . . . . . . . . . . . Count 28 000 27 200 EUR 74.36 2 082 080.00 Glanbia Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 105 000 28 000 EUR 17.6 1 848 000.00 GrandVision NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 000 56 987 29 987 EUR 22.295 601 965.00 JCDecaux SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 54 000 54 000 EUR 37.655 2 033 370.00 Kerry Group Plc -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 21 000 2 200 EUR 66.65 1 399 650.00 LANXESS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 34 000 2 700 EUR 53.15 1 807 100.00 Pernod-Ricard SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 500 3 000 4 300 EUR 104.15 1 614 325.00 Vivendi SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 45 000 45 000 EUR 22.81 1 026 450.00 Al Noor Hospitals Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 16 000 66 000 GBP 9.48 533 453.32 Anglo American Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 90 000 45 000 50 000 GBP 9.306 1 178 239.69 AVEVA Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 5 000 GBP 18.01 760 086.57 Compass Group Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 110 000 117 000 7 000 GBP 10.68 1 652 692.40 Halma Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 83 000 14 000 GBP 7.665 894 990.33 Shire Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 6 700 GBP 51 1 219 683.61 Smith & Nephew Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 32 000 69 000 37 000 GBP 10.81 486 635.47 Spirax-Sarco Engineering Plc . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 428 15 428 GBP 33.89 735 545.07 AIA Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 90 000 90 000 HKD 50.55 524 107.28 Bank Negara Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . . . Count 3 645 200 2 600 000 854 800 IDR 5 300 1 294 089.55 Media Nusantara Citra Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 800 000 550 000 IDR 1 940 363 853.76 Safaricom Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 000 000 1 700 000 KES 16.5 1 336 209.73 Alsea SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 230 000 MXN 48.25 633 042.32 Nestle Nigeria Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 170 000 30 000 NGN 852.05 650 529.66 DNO ASA * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 420 000 200 000 480 000 NOK 10.39 496 656.91 Europris ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 170 000 233 472 63 472 NOK 39.1 756 514.62 Gjensidige Forsikring BA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 140 000 57 000 11 000 NOK 125.9 2 006 066.89 Marine Harvest ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 217 000 217 000 NOK 90.5 2 235 115.43 Scatec Solar ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 170 000 20 000 108 951 NOK 40.9 791 341.38 GT Capital Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 55 000 26 000 18 000 PHP 1 366 1 488 030.55 Universal Robina Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 300 000 PHP 194 1 152 713.67 Assa-Abloy AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 200 70 200 SEK 156.3 1 188 285.83 Atlas Copco AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 51 000 51 000 SEK 232.1 1 281 947.22 Hennes & Mauritz AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 30 000 13 000 SEK 319.9 588 962.97 Meda AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 000 17 000 SEK 114.8 211 356.51 Telefonaktiebolaget LM Ericsson -B- . . . . . . . . . . . . . . . . . . . . Count 145 000 160 300 15 300 SEK 86.2 1 353 630.39 St Shine Optical Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 000 35 000 TWD 491 497 404.51 Acadia Healthcare Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 500 5 500 USD 76.86 377 521.56 Allergan Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 509 13 109 1 600 USD 299.25 3 075 745.82 Alliance Data Systems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 700 4 300 600 USD 292.38 2 532 783.62 Amphenol Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 63 000 8 800 7 800 USD 58.33 3 281 793.26 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 26 000 6 000 USD 66.07 1 534 109.46 Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 22 000 1 800 4 800 USD 68.5 1 345 835.39 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 25 000 5 300 500 USD 85.15 1 901 092.96 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 26 600 8 900 USD 59.46 1 412 489.52 Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 3 500 2 000 USD 113.04 2 019 021.01 Edita Food Industries SAE –GDR- . . . . . . . . . . . . . . . . . . . . . . Count 30 000 55 000 25 000 USD 18.5 495 646.08 Envision Healthcare Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . Count 23 700 23 700 USD 39.38 833 494.52 Express Scripts Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 500 28 500 USD 89.19 1 234 600.80 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 000 2 300 8 700 USD 83.35 1 042 107.05 Fomento Economico Mexicano SA de CV -ADR- . . . . . . . . . . Count 16 000 16 000 USD 89.46 1 278 284.64 Harman International Industries, Inc. . . . . . . . . . . . . . . . . . . . . Count 15 500 16 200 700 USD 119.87 1 659 284.65 ICICI Bank Ltd -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 115 000 13 000 8 000 USD 10.3 1 057 824.83 IPC Healthcare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 3 000 USD 55.11 147 648.95 Itau Unibanco Holding SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . Count 75 000 75 000 USD 11.04 739 450.37 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 48 000 17 400 4 000 USD 67.55 2 895 644.77 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 700 4 800 USD 52.02 1 426 222.93 MasterCard, Inc. -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 26 000 1 000 USD 93.14 2 162 660.13 Nielsen NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 700 7 000 USD 44.79 1 227 999.33 Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 55 000 10 000 13 000 USD 42.76 2 100 289.10 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 18 000 5 000 USD 94.26 1 515 230.25 Pall Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 22 500 4 200 8 200 USD 124.6 2 503 682.50 Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 500 8 500 USD 119.46 1 653 609.28 Schlumberger Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 3 100 7 100 USD 86.03 1 536 592.15 Sensata Technologies Holding NV . . . . . . . . . . . . . . . . . . . . . . Count 30 000 9 300 10 800 USD 52.85 1 415 940.29 United Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 22 500 1 200 1 700 USD 111.91 2 248 692.68 Aspen Pharmacare Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . Count 45 000 50 000 5 000 ZAR 359.98 1 189 681.33 MTN Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 21 000 ZAR 228.18 1 675 781.29

94.55 0.83 1.86 2.40 1.18 2.31 1.18 1.28 1.42 1.02 0.95 0.63 1.55 1.77 1.57 0.51 1.73 1.19 1.54 1.37 0.87 0.45 1.00 0.65 1.41 0.76 1.04 0.41 0.63 0.45 1.10 0.31 1.14 0.54 0.55 0.42 0.64 1.71 1.90 0.67 1.27 0.98 1.01 1.09 0.50 0.18 1.15 0.42 0.32 2.62 2.16 2.79 1.31 1.15 1.62 1.20 1.72 0.42 0.71 1.05 0.89 1.09 1.41 0.90 0.13 0.63 2.47 1.21 1.84 1.05 1.79 1.29 2.13 1.41 1.31 1.21 1.92 1.01 1.43

37

Deutsche Invest II Global Growth Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Certificates UBS AG London Branch - BBG Gold TR. . . . . . . . . . . . . . . . . . Count 39000 4000 5000 USD 95.145 3 313 822.71 2.82 Total securities portfolio 111 052 145.54 94.55 Derivatives (Minus signs denote short positions) Derivatives on individual securities 1 925 253.70 1.64 Warrants on securities Equity warrants Deutsche Bank AG London 22/09/2022 . . . . . . . . . . . . . . . . . . Count 490 000 USD 4.4 1 925 253.70 164.00 Equity index derivatives 4 876.11 0.00 Receivables/payables Equity index futures MSCI Emerging Market 09/2015 42 839.90 USD (IFUS) . . . . Count 52 72 20 4 876.11 0.00 Cash at bank 4 580 112.98 3.90 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2 832 957.98 2.41 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 87 018 122 416.00 0.10 Danish krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 244 412 32 761.75 0.03 Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 1 222 840 139 175.01 0.12 Swedish krona . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 2 065 770 223 721.00 0.19 Deposits in non-EU/EEA currencies Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 4 825 3 323.70 0.00 Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 64 599 18 631.62 0.02 Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 31 186 3 592.70 0.00 Indonesian rupiah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IDR 477 068 914 31 955.69 0.03 Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 4 007 055 29 247.06 0.03 Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 28 549 20 502.43 0.02 Kenyan shilling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KES 9 920 908 89 268.78 0.08 Malaysian ringgit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MYR 17 890 4 234.38 0.00 Mexican peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MXN 118 026 6 732.65 0.01 New Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TWD 841 482 24 355.95 0.02 Nigerian naira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NGN 7 818 141 35 112.08 0.03 Philippine peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PHP 4 043 654 80 088.91 0.07 Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 26 375 25 330.08 0.02 South African rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ZAR 18 480 1 357.19 0.00 South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 1 310 722 1 049.40 0.00 Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 4 303 2 855.05 0.00 Thai baht . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THB 439 205 11 612.98 0.01 Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 8 897 2 967.21 0.00 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 937 078 836 863.38 0.71 Other assets 406 294.91 0.35 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 456.64 0.11 Receivables from exceeding the expense cap . . . . . . . . . . . . 8 347.11 0.01 Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271 491.16 0.23 Receivables from share certificate transactions 468.18 0.00 Total assets 117 969 151.42 100.44 Other liabilities -433 114.98 -0.37 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -222 430.58 -0.19 Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -210 684.40 -0.18 Liabilities from share certificate transactions -88 635.43 -0.07 Total liabilities -521 750.41 -0.44 Net assets 117 447 401.01 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages.

38

Deutsche Invest II Global Growth Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 143.69 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 140.75 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 140.50 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 138.34 Number of shares outstanding Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 265 645 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 353 792 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 41 234 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 171 229 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI AC World Index TR Net EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 93.736 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 108.672 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 99.783 The values-at-risk were calculated for the period from January 1, 2015, through June 30, 2015, 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 derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 7 448 433.00 as of the reporting date. Market abbreviations



Futures exchanges IFUS = ICE Futures U.S., Inc.

Securities lending

The following securities were transferred under securities loans at the reporting date: Security description Quantity/ principal amount Limited maturity

DNO ASA Galenica AG

Count Count

420 000 2 300

Securities lending Total market value in EUR Perpetual

Total

496 656.72 2 155 857.74

Total receivables from securities loans 2 652 514.46 2 652 514.46 Contracting parties for securities loans Citigroup Global Markets and Merrill Lynch International Total collateral pledged by third parties for securities loans EUR 2 820 963.68 thereof: Equities EUR 2 102 863.13 Bonds EUR 718 100.55

39

Deutsche Invest II Global Growth Exchange rates (indirect quotes) As of June 30, 2015 Australian dollar . . . . . . . . . . . . . . . . . AUD 1.451770 = EUR 1 Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 3.467196 = EUR 1 Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1.392466 = EUR 1 Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.041256 = EUR 1 Danish krone . . . . . . . . . . . . . . . . . . . DKK 7.460282 = EUR 1 British pound . . . . . . . . . . . . . . . . . . . GBP 0.710840 = EUR 1 Hong Kong dollar . . . . . . . . . . . . . . . . HKD 8.680475 = EUR 1 Indonesian rupiah . . . . . . . . . . . . . . . . IDR 14 929.074996 = EUR 1 Japanese yen . . . . . . . . . . . . . . . . . . . JPY 137.007086 = EUR 1 Kenyan shilling . . . . . . . . . . . . . . . . . . KES 111.135248 = EUR 1 South Korean won . . . . . . . . . . . . . . . KRW 1 249.025817 = EUR 1 Mexican peso . . . . . . . . . . . . . . . . . . . MXN 17.530424 = EUR 1 Malaysian ringgit . . . . . . . . . . . . . . . . MYR 4.224819 = EUR 1 Nigerian naira . . . . . . . . . . . . . . . . . . . NGN 222.662409 = EUR 1 Norwegian krone . . . . . . . . . . . . . . . . NOK 8.786347 = EUR 1 Philippine peso . . . . . . . . . . . . . . . . . . PHP 50.489555 = EUR 1 Swedish krona . . . . . . . . . . . . . . . . . . SEK 9.233687 = EUR 1 Singapore dollar . . . . . . . . . . . . . . . . . SGD 1.507072 = EUR 1 Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 37.820137 = EUR 1 Turkish lira . . . . . . . . . . . . . . . . . . . . . TRY 2.998580 = EUR 1 New Taiwan dollar . . . . . . . . . . . . . . . TWD 34.549345 = EUR 1 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.119751 = EUR 1 South African rand . . . . . . . . . . . . . . . ZAR 13.616335 = EUR 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. Footnote * Some or all of these securities are lent.

40

Deutsche Invest II Global Growth Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Derivatives (option premiums realized in opening transactions, or total Purchases/ Sales/ Description units/ transactions; in the case of warrants, purchases and sales are shown) additions disposals currency

Securities traded on an exchange Equities Actavis Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 609 Adidas AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 Agnico-Eagle Mines Ltd . . . . . . . . . . . . . . . . . . . . Count Airbus Group NV . . . . . . . . . . . . . . . . . . . . . . . . . Count Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Antena 3 de Television SA . . . . . . . . . . . . . . . . . . Count Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 800 Assa Abloy AB . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Atlas Copco AB . . . . . . . . . . . . . . . . . . . . . . . . . . Count 51 000 Atlas Copco AB -A- . . . . . . . . . . . . . . . . . . . . . . . . Count 6 000 Auto Trader Group Plc . . . . . . . . . . . . . . . . . . . . . Count 256 719 BillerudKorsnas AB . . . . . . . . . . . . . . . . . . . . . . . . Count 72 000 Black Knight Financial Services, Inc. . . . . . . . . . . Count 7 348 BM&FBovespa SA . . . . . . . . . . . . . . . . . . . . . . . . Count 465 000 Bojangles‘, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 632 Box, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 551 British American Tobacco Plc . . . . . . . . . . . . . . . . Count 1 500 Colfax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Copa Holdings SA -A- . . . . . . . . . . . . . . . . . . . . . . Count DIRECTV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Ecobank Transnational, Inc. . . . . . . . . . . . . . . . . . Count Etsy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 376 Evolent Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . Count 18 190 Fitbit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 795 GoDaddy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 920 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 500 Inovalon Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . Count 7 318 KYTHERA Biopharmaceuticals, Inc. . . . . . . . . . . . Count 13 500 MasTec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Metropolitan Bank & Trust . . . . . . . . . . . . . . . . . . Count Michael Kors Holdings Ltd . . . . . . . . . . . . . . . . . . Count Mobileye NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 000 Monster Beverage Corp. . . . . . . . . . . . . . . . . . . . Count Norsk Hydro ASA . . . . . . . . . . . . . . . . . . . . . . . . . Count 150 000 Pandox AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 162 120 Party City Holdco, Inc. . . . . . . . . . . . . . . . . . . . . . Count 6 798 PTC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Six Flags Entertainment Corp. . . . . . . . . . . . . . . . Count 22 500 Solaredge Technologies, Inc. . . . . . . . . . . . . . . . . Count 38 786 Spirax-Sarco Engineering Plc . . . . . . . . . . . . . . . . Count 500 Statoil ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Stora Enso Oyj -R- . . . . . . . . . . . . . . . . . . . . . . . . Count Svenska Cellulosa AB SCA . . . . . . . . . . . . . . . . . . Count 5 500 Telecity Group Plc . . . . . . . . . . . . . . . . . . . . . . . . Count 45 000 Tokyo Electron Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 9 000 Travelers Cos, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Count 5 800 William Demant Holding A/S . . . . . . . . . . . . . . . . Count 7 400 World Duty Free SpA . . . . . . . . . . . . . . . . . . . . . Count 13 500 Yandex NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count

13 23 55 23 7 49 10 26 51 63 256 72 7 465 2 7 25 36 17 17 5 000 1 18 6 2 10 7 13 45 477 13 27 17 150 162 6 17 22 38 16 85 160 76 45 9 20 15 70 28

809 000 000 600 700 700 800 300 000 000 719 000 348 000 632 551 500 800 700 000 000 376 190 795 920 500 318 500 000 000 000 000 000 000 120 798 000 500 786 000 000 000 500 000 000 500 400 500 000

Unlisted securities Equities GT Capital Holdings, Inc. - Rights Exp 08Apr15 . .

Count

73 000

options

 Value (’000) Futures contracts Equity index futures Contracts sold (Underlyings: Dax, MSCI Emerging Market) EUR 15 305 Interest rate futures Contracts purchased (Underlying: Netflix) EUR 454 Currency futures (short) Futures contracts to sell currencies EUR/BRL EUR 1 544 EUR/CAD EUR 1 021 EUR/CHF EUR 315 EUR/DKK EUR 1 697 EUR/GBP EUR 14 274 EUR/IDR EUR 437 EUR/JPY EUR 469 EUR/NGN EUR 475 EUR/NOK EUR 2 883 EUR/PHP EUR 727 EUR/SEK EUR 3 631 EUR/TWD EUR 147 EUR/USD EUR 13 225 EUR/ZAR EUR 42 USD/BRL EUR 291 USD/DKK EUR 672 USD/IDR EUR 417 USD/NOK EUR 919 USD/SEK EUR 217 USD/TWD EUR 758 Currency futures (long) Futures contracts to purchase currencies BRL/EUR EUR 1 617 BRL/USD EUR 217 CAD/EUR EUR 504 CHF/EUR EUR 3 608 DKK/EUR EUR 2 172 GBP/EUR EUR 13 707 HKD/EUR EUR 538 IDR/EUR EUR 655 JPY/EUR EUR 536 KES/EUR EUR 330 MXN/EUR EUR 605 NOK/EUR EUR 3 745 PHP/EUR EUR 1 091 SEK/EUR EUR 3 832 USD/EUR EUR 2 776 ZAR/EUR EUR 1 793

73 000

41

Deutsche Invest II US Top Dividend Investment portfolio – June 30, 2015 Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Securities traded on an exchange 279 706 982.57 Equities Canadian Oil Sands Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 CAD 10.11 1 669 915.26 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 USD 67.54 3 015 850.11 Accenture Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 000 5 000 USD 97.35 3 042 865.06 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 000 25 000 10 000 USD 48.73 2 828 710.23 American Electric Power Co., Inc. . . . . . . . . . . . . . . . . . . . . . . Count 50 000 USD 53.06 2 369 277.57 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 198 2 802 USD 152.95 2 349 124.96 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 20 000 10 000 USD 64.2 3 440 051.71 Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 98 964 98 964 USD 19.21 1 697 787.37 AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 225 000 10 000 5 000 USD 35.77 7 187 537.95 Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 5 000 5 000 USD 84.39 3 768 249.79 CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 48 000 8 000 USD 63.11 3 381 645.85 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 330 000 10 000 USD 27.385 8 070 591.73 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 5 000 USD 104.64 2 803 481.40 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 USD 31.62 1 976 690.15 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 75 000 5 000 USD 34.76 2 328 196.99 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 210 000 15 000 10 000 USD 39.3 7 370 391.17 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 5 000 USD 65.59 2 928 777.15 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 10 000 USD 95.42 3 408 616.14 Edison International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 USD 55.62 1 490 153.24 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 30 000 USD 83.91 7 493 632.90 Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 USD 56.2 2 007 589.89 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 5 000 20 000 USD 83.35 5 210 535.23 Garmin Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 75 404 20 000 24 596 USD 44.09 2 969 020.36 General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 160 000 10 000 USD 26.76 3 823 708.57 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 58 000 10 000 2 000 USD 56 2 900 645.89 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 USD 30.415 2 716 229.82 International Paper Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 000 19 000 USD 47.97 813 958.03 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 80 000 10 000 30 000 USD 98.22 7 017 276.83 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 USD 67.55 2 413 037.31 Kellogg Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 38 000 2 000 USD 62.63 2 125 419.70 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 37 500 12 500 20 000 USD 85.69 2 869 723.82 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 USD 52.02 2 787 406.39 Linear Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 USD 44.49 1 589 282.46 Marsh & McLennan Cos, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 000 USD 56.99 3 308 191.99 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 10 000 USD 25.71 2 296 046.98 McDonald‘s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 87 000 30 000 43 000 USD 95.69 7 434 717.99 Medtronic Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 000 65 000 USD 73.95 4 292 696.93 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 180 000 50 000 USD 57.22 9 198 119.58 Microchip Technology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 USD 47.36 2 537 707.93 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 321 945 30 000 58 055 USD 44.19 12 705 284.05 Mondelez International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 30 000 USD 41.01 3 662 422.66 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 USD 98.42 2 636 837.15 Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 180 000 10 000 USD 40.21 6 463 760.72 PartnerRe Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 000 15 000 USD 128.41 4 013 706.23 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 105 000 30 000 15 000 USD 93.83 8 798 521.67 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 440 000 50 000 10 000 USD 33.48 13 155 786.55 Philip Morris International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 120 300 20 000 9 700 USD 80.02 8 596 919.64 Pinnacle West Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 USD 56.55 2 020 092.67 PNM Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 USD 24.69 1 543 468.68 Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 125 000 30 000 45 000 USD 78.51 8 764 228.32 Prudential Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 USD 87.5 2 344 272.00 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 55 000 5 000 USD 62.9 2 808 661.12 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 000 35 000 USD 96.06 3 002 543.58 Republic Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 120 000 30 000 USD 39.11 4 191 290.42 Reynolds American, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 45 000 15 000 USD 74.9 3 010 045.25 Rockwell Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 000 10 000 USD 124.47 3 890 553.81 Seagate Technology Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 20 000 USD 48.8 2 614 867.97 St Jude Medical, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 10 000 USD 73.2 3 922 301.95 Texas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 5 000 10 000 USD 51.63 2 766 508.88 Travelers Cos, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 000 USD 96.19 3 006 606.98 United Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 USD 111.91 4 997 094.85 Verizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 315 000 15 000 10 000 USD 46.86 13 182 310.31 Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 65 000 75 000 USD 84.58 3 776 733.82 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 110 000 20 000 10 000 USD 71.38 7 012 097.10 WEC Energy Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 000 70 000 65 000 USD 45.42 2 636 569.23 Westar Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 USD 34.23 1 528 465.34 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 USD 32.14 1 722 169.19

42

98.12 0.59 1.06 1.07 0.99 0.83 0.82 1.21 0.60 2.52 1.32 1.19 2.83 0.98 0.69 0.82 2.59 1.03 1.20 0.52 2.63 0.70 1.83 1.04 1.34 1.02 0.95 0.29 2.46 0.85 0.75 1.01 0.98 0.56 1.16 0.80 2.61 1.51 3.23 0.89 4.46 1.28 0.92 2.27 1.41 3.09 4.61 3.02 0.71 0.54 3.07 0.82 0.98 1.05 1.47 1.06 1.36 0.92 1.38 0.97 1.05 1.75 4.62 1.32 2.46 0.92 0.54 0.60

Deutsche Invest II US Top Dividend Description

Count/ units/ currency

Quantity/ principal amount

Purchases/ Sales/ additions disposals Currency Market price in the reporting period

Total market value in EUR

% of net assets

Total securities portfolio 279 706 982.57 98.12 Derivatives (Minus signs denote short positions) Currency derivatives -26 674.35 -0.01 Receivables/payables Currency futures (short) Open positions EUR/CAD 0.1 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212.38 0.00 EUR/USD 8.7 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -26 880.17 -0.01 Closed positions EUR/USD 0.2 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -6.56 0.00 Cash at bank 5 236 023.73 1.83 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 737 048.06 0.61 Deposits in non-EU/EEA currencies Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 96 058 68 983.97 0.02 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 3 840 735 3 429 991.70 1.20 Other assets 386 459.63 0.14 Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386 459.63 0.14 Receivables from share certificate transactions 487 989.01 0.17 Total assets * 285 817 667.32 100.26 Other liabilities -464 062.08 -0.16 Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -464 062.08 -0.16 Liabilities from share certificate transactions -252 517.20 -0.09 Total liabilities -743 466.01 -0.26 Net assets 285 074 201.31 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per share and number of shares outstanding

Count/ currency

Net asset value per share in the respective currency

Net asset value per share Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 162.41 Class FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 131.39 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 158.37 Class LCH (P) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 108.80 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 150.98 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 154.98 Class NCH (P) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 107.30 Class ND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 150.57 Class USD LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 108.39 Number of shares outstanding Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 334 402 Class FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 596 817 Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 61 787 Class LCH (P) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 61 387 Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 418 021 Class NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 217 220 Class NCH (P) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 171 Class ND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 502 Class USD LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 391 487 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR Constituents Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . . % 83.588 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 95.686 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 90.870

43

Deutsche Invest II US Top Dividend The values-at-risk were calculated for the period from January 1, 2015, through June 30, 2015, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes. Market abbreviations



Contracting party for currency futures State Street Bank and Trust Company Exchange rates (indirect quotes) As of June 30, 2015 Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1.392466 = EUR 1 U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.119751 = EUR 1 Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. Footnote * Does not include positions with a negative balance, if such exist.

Transactions completed during the reporting period that no longer appear in the investment portfolio: Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Derivatives (option premiums realized in opening transactions, or total Purchases/ Sales/ Description units/ transactions; in the case of warrants, purchases and sales are shown) additions disposals currency

Securities traded on an exchange Equities Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Baxter International, Inc. . . . . . . . . . . . . . . . . . . . Count 10 000 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . Count Campbell Soup Co. . . . . . . . . . . . . . . . . . . . . . . . . Count Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Chubb Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Fifth Street Asset Management, Inc. . . . . . . . . . . Count JM Smucker Co. . . . . . . . . . . . . . . . . . . . . . . . . . Count Mead Johnson Nutrition Co. . . . . . . . . . . . . . . . . Count Medtronic, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Paramount Group, Inc. . . . . . . . . . . . . . . . . . . . . . Count 60 000 United Parcel Service, Inc. -B- . . . . . . . . . . . . . . . Count

44

20 50 40 50 30 20 100 15 20 50 200 20

000 000 000 000 000 000 000 000 000 000 000 000

options

Value (’000) Futures contracts Currency futures (short) Futures contracts to sell currencies EUR/CAD EUR 284 EUR/USD EUR 105 817 Currency futures (long) Futures contracts to purchase currencies CAD/EUR EUR 332 USD/EUR EUR 77 324

Deutsche Invest II SICAV – June 30, 2015 Statement of net assets as of June 30, 2015 Deutsche Invest II SICAV EUR Consolidated

Deutsche Invest II Asian Top Dividend EUR

Deutsche Invest II China High Income Bonds USD

% of net assets

Assets Total securities portfolio

577 266 752.84

95.61

102 216 960.90

57 217 501.30

3 163 054.32

0.52

1 237 800.62

0.00

4 876.11

0.00

0.00

0.00

131 122.75

0.02

0.00

142 516.39

Cash at bank

23 907 630.93

3.96

9 033 920.98

3 521 163.26

Other assets

3 312 324.79

0.55

891 841.00

1 487 671.06

574 026.81

0.10

27 478.49

10 604.55

608 359 788.55

100.76

113 408 001.99

62 379 456.56

0.00

Derivatives on individual securities Equity index derivatives Currency derivatives

Receivables from share certificate transactions = Total assets Liabilities Equity index derivatives Currency derivatives Other liabilities Liabilities from share certificate transactions Net assets

46

-1 820.00

0.00

0.00

-26 674.35

0.00

0.00

0.00

-4 152 579.56

-0.69

-534 070.54

-2 396 871.58

-405 419.38

-0.07

-9 830.95

0.00

-4 586 493.29

-0.76

-543 901.49

-2 396 871.58

603 773 295.26

100.00

112 864 100.50

59 982 584.98

Deutsche Invest II Europe Stability EUR

Deutsche Invest II European Top Dividend EUR

Deutsche Invest II Global Contra Strategy EUR

Deutsche Invest II Global Growth EUR

Deutsche Invest II US Top Dividend EUR

10 186 447.68

16 873 665.80

6 132 135.34

111 052 145.54

0.00

0.00

0.00

1 925 253.70

279 706 982.57 0.00

0.00

0.00

0.00

4 876.11

0.00

0.00

0.00

3 847.68

0.00

0.00

623 560.69

827 868.68

461 548.99

4 580 112.98

5 236 023.73

84 164.01

180 674.90

34 317.24

406 294.91

386 459.63

0.00

48 620.68

0.00

468.18

487 989.01

10 894 172.38

17 930 830.06

6 631 849.25

117 969 151.42

285 817 454.94

0.00

0.00

-1 820.00

0.00

0.00

0.00

0.00

0.00

0.00

-26 674.35

-400 808.78

-143 798.66

-36 184.72

-433 114.98

-464 062.08

0.00

-54 435.80

0.00

-88 635.43

-252 517.20

-400 808.78

-198 234.46

-38 004.72

-521 750.41

-743 253.63

10 493 363.60

17 732 595.60

6 593 844.53

117 447 401.01

285 074 201.31

47

Investment Company Deutsche Invest II

Dr. Matthias Liermann

Management Board of the

Deutsche Asset & Wealth Management

Management Company (since May 1, 2015)

Investment GmbH, Frankfurt/Main Manfred Bauer

2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg

Klaus-Michael Vogel

Chairman

RC B 169,544

Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management

Investment S.A., Luxembourg

Investment S.A., Luxembourg

Dr. Asoka Wöhrmann

Ralf Rauch

Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management

Investment GmbH, Frankfurt/Main

Investment S.A., Luxembourg

Deutsche Asset & Wealth Management

Supervisory Board of the

Martin Schönefeld

Investment S.A., Luxembourg

Management Company (since May 1, 2015)

Deutsche Asset & Wealth Management

Manfred Bauer

Holger Naumann

Deutsche Asset & Wealth Management

Chairman

Barbara Schots

Investment S.A., Luxembourg

Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management

Investment GmbH, Frankfurt/Main

Investment S.A., Luxembourg

Deutsche Asset & Wealth Management

Nathalie Bausch

Fund Managers

Investment S.A., Luxembourg

Deutsche Bank Luxembourg S.A., Luxembourg

Stephan Scholl

Reinhard Bellet

Deutsche Invest II Global Contra Strategy

Deutsche Asset & Wealth Management

Deutsche Bank AG, Frankfurt/Main

and Deutsche Invest II Global Quality Bonds:

Board of Directors of the Investment Company Doris Marx Chairman

Investment S.A., Luxembourg

Markus Kohlenbach

For the sub-funds

Deutsche Asset & Wealth Management

International GmbH, Frankfurt/Main Promoter, Management Company and

Marzio Hug

Investment GmbH

Deutsche Bank AG, London

Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany

Central Administration, Transfer Agent Registrar and Main Distributor

Dr. Boris N. Liedtke Deutsche Bank Luxembourg S.A., Luxembourg

Acting as sub-manager for these sub-funds:

Deutsche Asset & Wealth Management Investment S.A.

Dr. Matthias Liermann

Sal. Oppenheim jr. & Cie. AG & Co. KGaA

2, Boulevard Konrad Adenauer

Deutsche Asset & Wealth Management

Unter Sachsenhausen 4

1115 Luxembourg, Luxembourg

Investment GmbH, Frankfurt/Main

50667 Köln, Germany

Dr. Asoka Wöhrmann

For the sub-fund

Deutsche Asset & Wealth Management

Deutsche Invest II China High Income Bonds:

Investment GmbH, Frankfurt/Main

Harvest Global Investments Limited

Equity capital as of December 31, 2014: EUR 231.5 million before profit appropriation At the extraordinary general meeting of

31/F, One Exchange Square

DWS Investment S.A. on April 24, 2015, it was resolved to change the name of the company

Management of the

8 Connaught Place

to Deutsche Asset & Wealth Management

Management Company (until April 30, 2015)

Hong Kong, China

Furthermore, it was decided to change over

Klaus-Michael Vogel

For all other sub-funds:

from the single-tier organizational structure in

Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management

place up to that point to a dual organizational

Investment S.A., Luxembourg

Investment GmbH

Investment S.A. effective May 1, 2015.

Mainzer Landstraße 11-17

structure. On the basis of this resolution, the

60329 Frankfurt/Main, Germany

Management Board, under the supervision of

Manfred Bauer

the Supervisory Board, has been responsible

Deutsche Asset & Wealth Management

for operational management since May 1, 2015.

Investment S.A., Luxembourg

Depositary and Administrator

Board of Directors of the

Markus Kohlenbach

Until April 22, 2015:

Management Company (until April 30, 2015)

Deutsche Asset & Wealth Management

State Street Bank Luxembourg S.A.

Investment S.A., Luxembourg

49, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg

Holger Naumann Chairman

Doris Marx

Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management

Since April 23, 2015:

Investment GmbH, Frankfurt/Main

Investment S.A., Luxembourg

State Street Bank Luxembourg S.C.A.

Heinz-Wilhelm Fesser

Ralf Rauch

Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management

Investment S.A., Luxembourg

Investment S.A., Luxembourg

Auditor

Marzio Hug

Martin Schönefeld

KPMG Luxembourg

Deutsche Bank AG, London

Deutsche Asset & Wealth Management

Société coopérative

Investment S.A., Luxembourg

39, Avenue J. F. Kennedy

49, Avenue J. F. Kennedy

Dr. Boris N. Liedtke Deutsche Bank Luxembourg S.A., Luxembourg

1855 Luxembourg, Luxembourg

1855 Luxembourg, Luxembourg

Sales and Paying Agents, Main Distributor LUXEMBOURG Deutsche Asset & Wealth Management Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg

As of: July 31, 2015

Deutsche Invest II SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B 169 544 Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00