Semi-Annual Report as at 31 March 2015. Deka-ConvergenceAktien

An Investment Fund subject to Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment (UCITS).

Deka International S.A.

Management Report.

April 2015

Dear Investor, This Semi-Annual Report provides information on the performance of the Deka-ConvergenceAktien fund for the period 1 October 2014 to 31 March 2015. International capital markets were highly dynamic in the last six months. The monetary policy stimulus provided by central banks has led to falling yields and rising equity markets to date, while numerous geopolitical conflicts (e.g. Ukraine conflict) temporarily created significant downward pressure. In view of the robust US economic recovery, the US Federal Reserve allowed its bond purchasing programme to end in October as planned, while the European Central Bank (ECB), faced with negative inflation rates and mixed economic data in March, started an expanded asset purchasing programme with a volume of EUR 60 billion per month. Bond market yields retreated sharply again during the reporting period. The gap between European and US bond yields widened again compared to the beginning of the period. 10-year German government bonds ended the reporting period with a yield of only 0.2 per cent. In the US, 10-year US Treasuries ended the period with a yield of 1.7 per cent. Almost all equity markets recorded significant price gains after the sharp correction in the middle of October 2014. Single-digit percentage price gains were recorded in the US, while Europe and the Japanese market recorded significantly larger increases. The low interest rate environment, combined with high liquidity and a weak euro raised the DAX Index above the 12,000 mark for the first time in the middle of March. Deka-ConvergenceAktien recorded performance of minus 4.1 per cent (unit class CF) and minus 4.5 per cent (unit class TF) in this market environment, while unit class F (T) recorded a loss of 4.4 per cent. In addition, please note that changes to the Contractual Terms of the Investment Fund and other important information are announced for unit holders on the Internet at www.deka.de. Additional information on the subject of “investment funds” as well as current monthly facts and figures on your funds are also provided there. Yours sincerely,

Deka International S.A. The Management

Holger Hildebrandt

Eugen Lehnertz

3

Contents.

Investment Policy

5

Asset statement as at 31 March 2015

7

Management Information

12

Your partners in the Sparkassen-Finanzgruppe

13

Any decision to acquire units must be based solely on the current Sales Prospectus, together with the latest Annual and, if applicable, Semi-Annual Report included with it.

4

Deka-ConvergenceAktien Investment Policy.

The investment objective of Deka-ConvergenceAktien is to achieve medium- to long-term capital growth from increases in the prices of assets held by the Fund. Fund management follows a strategy of predominantly investing in the shares of companies having the focus of their business activities or registered offices in a convergence country. Convergence countries are mainly Central and Eastern European countries that are striving, through adoption and implementation of economic reforms, to achieve the EU/EMU standard over the long term. Investments can also be made in countries bordering the Mediterranean. Transactions can also be performed in financial instruments (derivatives) based on an underlying asset. Fund management raised the level of investment significantly during the reporting period, so that the Fund was fully invested at the end of the period. Fund management gave special attention to consumer-oriented shares that were expected to benefit from rising incomes and an increase in the middle class in the investment region. These primarily included retail companies and consumer goods producers. Defensive sectors, such as the insurance and transport sectors also appeared promising. Fund management was less optimistic, on the other hand, about the energy, telecommunications and banking sectors. The global fall in crude oil prices was a burden on equity valuations in the energy sector, while the serious situation in Russia led to caution in the banking sector. From a regional point of view, fund management feels that Turkey, the Czech Republic, South Africa and Israel are particularly promising, while Hungary and Greece, among others, showed less potential. At the individual security level, fund management‘s preferences included Philip Morris CR (tobacco, Czech Republic), PZU Group (insurance, Poland) and Turkiye IS Bankasi (banking, Turkey). The Russian energy company Rosneft and Polish retailer LPP, on the other hand, tended to have little or even no weighting.

Key figures Deka-ConvergenceAktien Performance*

6 months

1 year

3 years

Unit class CF

-4.1%

-0.1%

-4.6%

Unit class TF

-4.5%

-1.0%

-5.3%

Unit class F (T)

-4.4%

-0.8%

-5.1%

ISIN Unit class CF

LU0133666676

Unit class TF

LU0133666759

Unit class F (T)

LU0341036233

* p.a./calculated according to the BVI method; previous performance is not a reliable indicator of future performance.

Fund structure Deka-ConvergenceAktien

D

E

F

C

A

B A B C D E F

Russia Poland Turkey Greece Czech Republic Other countries Securities portfolio Balance of liabilities and other assets/liabilities

48.3% 20.5% 18.5% 4.4% 3.9% 4.8% 100.4% -0.4%

The investments in South Africa were particularly beneficial for the Fund‘s performance. The cash position in the US dollar also paid off, as the US dollar has appreciated enormously versus the euro in past months. The cash position in the Turkish lira had a negative effect on performance, as did the high volatility in some markets, such as Russia. Russia is suffering under the current economic condition, pressures on which include the sanctions imposed as a result of the Ukraine conflict and the low price of oil.

5

Deka-ConvergenceAktien

Deka-ConvergenceAktien recorded a loss in value of 4.1 per cent in unit class CF during the reporting period, while unit class TF recorded a loss of 4.5 per cent and unit class F (T) a loss of 4.4 per cent. The reference index* recorded a loss of 4.1 per cent over the same period.

* Reference index: 100% MSCI EM Europe 10/40 NR in EUR MSCI assumes absolutely no liability for the MSCI data indicated. The MSCI data may not be passed on to third parties or used as a basis for other indices, securities or financial products. MSCI has not prepared, checked or verified this information/document. When calculating the performance fee, the reference index and investment fund values are determined so that they correspond as closely as possible in terms of time. This means that the value of the reference index that is used could differ from the closing value at the end of the day. In this case, the reference index used could lead to differences in valuation between the time that the unit price is calculated and the end of stock exchange trading (closing price). Deviations could potentially occur during the day in the securities markets concerned, particularly during periods of high market volatility.

6

Deka-ConvergenceAktien Asset statement as at 31 March 2015.

ISIN Category Units or Holdings Purchases/ Sales/ Price Market value % of net currency 31/03/2015 Additions Disposals in EUR assets during the reporting period Exchange-traded securities 166,878,615.16 73.43 Equities 166,878,615.16 73.43 EUR 10,029,275.00 4.40 GRS015013006 Alpha Bank S.A. Namens-Aktien UNIT 5,750,000 28,290,000 24,540,000 EUR 0.288 1,656,000.00 0.73 GRS323003004 Eurobank Ergasias S.A. Namens-Aktien UNIT 7,000,000 52,570,000 53,170,000 EUR 0.104 728,000.00 0.32 GRS419003009 Greek Org.of Football Progn. Inhaber-Aktien UNIT 100,000 555,000 505,000 EUR 8.720 872,000.00 0.38 GRS260333000 Hellenic Telecomm. Organ. S.A. Namens-Aktien UNIT 190,000 580,000 590,000 EUR 8.400 1,596,000.00 0.70 GRS282183003 Jumbo S.A. Namens-Aktien UNIT 100,000 148,000 178,000 EUR 9.620 962,000.00 0.42 GRS003003019 National Bank of Greece S.A. Namens-Aktien UNIT 2,555,000 11,470,000 10,415,000 EUR 1.160 2,963,800.00 1.30 GRS014003008 Piraeus Bank S.A. Namens-Aktien UNIT 1,825,000 12,685,500 12,360,500 EUR 0.363 662,475.00 0.29 GRS434003000 Public Power Corporation S.A. Inhaber-Aktien UNIT 100,000 387,500 342,500 EUR 5.890 589,000.00 0.26 CZK 8,930,973.21 3.94 CZ0005112300 CEZ AS Inhaber-Aktien UNIT 135,000 185,000 125,000 CZK 625.100 3,068,463.63 1.35 CZ0008019106 Komercní Banka AS Inhaber-Aktien UNIT 15,500 18,000 20,000 CZK 5,520.000 3,111,060.72 1.37 CZ0009093209 O2 Czech Republic A.S. Namens-Aktien UNIT 70,000 107,500 62,500 CZK 201.000 511,601.50 0.23 CS0008418869 Philip Morris CR AS Namens-Aktien UNIT 5,500 500 5,900 CZK 11,200.000 2,239,847.36 0.99 HUF 4,339,617.47 1.91 HU0000068952 MOL Magyar Olaj G. N.Namens-Aktien UNIT 10,000 0 5,000 HUF 12,375.000 413,543.56 0.18 HU0000061726 OTP Bank Nyrt. Namens-Aktien UNIT 195,000 665,000 520,000 HUF 5,322.000 3,468,051.45 1.53 HU0000123096 Richter Gedeon Vegye.Gyár Nyrt Namens-Aktien UNIT 35,000 170,000 205,000 HUF 3,916.000 458,022.46 0.20 PLN 46,613,783.81 20.51 PLALIOR00045 Alior Bank S.A. Inhaber-Aktien UNIT 42,500 42,500 49,910 PLN 84.000 873,931.58 0.38 PLSOFTB00016 Asseco Poland S.A. Inhaber-Aktien UNIT 27,500 52,500 25,000 PLN 58.850 396,176.19 0.17 PLBH00000012 Bank Handlowy w Warszawie S.A. Inhaber-Aktien UNIT 30,000 0 0 PLN 108.900 799,757.55 0.35 PLBIG0000016 Bank Millennium S.A. Inhaber-Aktien UNIT 790,000 1,075,000 285,000 PLN 6.650 1,286,050.29 0.57 PLPEKAO00016 Bank Pekao S.A. Inhaber-Aktien UNIT 117,500 45,500 78,000 PLN 183.950 5,291,111.01 2.33 PLBZ00000044 Bank Zachodni WBK S.A. Inhaber-Aktien UNIT 30,000 27,000 27,000 PLN 341.050 2,504,658.52 1.10 PLCCC0000016 CCC S.A. Inhaber-Aktien UNIT 55,000 75,000 20,000 PLN 182.500 2,457,167.56 1.08 PLCFRPT00013 Cyfrowy Polsat S.A. Inhaber-Aktien UNIT 350,000 175,000 10,000 PLN 25.000 2,141,989.16 0.94 PLENEA000013 Enea S.A. Inhaber-Aktien UNIT 195,000 245,000 220,000 PLN 16.480 786,685.30 0.35 PLENERG00022 Energa S.A. Inhaber-Aktien UNIT 215,000 278,000 263,000 PLN 24.970 1,314,214.39 0.58 PLEURCH00011 Eurocash S.A. Inhaber-Aktien Cl.A UNIT 35,000 112,500 152,500 PLN 32.350 277,173.40 0.12 PLGETBK00012 Getin Noble Bank S.A. Inhaber-Aktien UNIT 750,000 1,850,000 2,305,000 PLN 1.680 308,446.44 0.14 PLZATRM00012 Grupa Azoty S.A. Inhaber-Aktien UNIT 42,750 0 0 PLN 82.290 861,176.95 0.38 PLKGHM000017 KGHM Polska Miedz S.A. Inhaber-Aktien UNIT 125,000 75,000 85,000 PLN 120.450 3,685,751.34 1.62 PLBRE0000012 mBank S.A. Inhaber-Aktien UNIT 13,500 6,000 6,000 PLN 438.300 1,448,486.51 0.64 PLPGER000010 PGE Polska Grupa Energetyczna Inhaber-Aktien UNIT 755,000 505,000 289,650 PLN 20.710 3,827,685.66 1.68 PLPKN0000018 Polski Koncern Naftowy Orlen Inhaber-Aktien UNIT 250,000 165,000 215,000 PLN 58.890 3,604,049.75 1.59 PLPGNIG00014 Polskie Gorn.Naft.i Gazo. Inhaber-Aktien S.A UNIT 750,000 0 750,000 PLN 5.510 1,011,630.88 0.45 PLPKO0000016 Powszechna K.O. (PKO) Bk Polski Inhaber-Aktien UNIT 870,000 315,000 270,000 PLN 33.880 7,215,590.35 3.17 PLPZU0000011 Powszechny Zaklad Ubezpieczen Namens-Aktien UNIT 50,000 26,500 51,500 PLN 487.950 5,972,477.76 2.63 PLDWORY00019 Synthos S.A. Inhaber-Aktien UNIT 500,000 250,000 100,000 PLN 4.490 549,573.22 0.24 TRY 42,102,345.92 18.54 TRAAKBNK91N6 Akbank T.A.S. Inhaber-Aktien UNIT 1,905,000 6,780,000 6,525,000 TRY 7.720 5,237,249.55 2.30 TRAAEFES91A9 Anadolu Efes Biracilik M.ve G.Sanayi Namens-Aktien UNIT 100,000 0 125,000 TRY 21.500 765,648.52 0.34 TRAARCLK91H5 Arcelik A.S. TN 1 Namens-Aktien UNIT 125,000 235,000 260,000 TRY 14.750 656,588.12 0.29 TREBIMM00018 BIM Birlesik Magazalar A.S. Inhaber-Aktien UNIT 100,000 117,500 217,500 TRY 46.500 1,655,937.50 0.73 TRECOLA00011 Coca Cola Icecek A.S. Namens-Aktien C UNIT 67,500 152,500 140,000 TRY 44.000 1,057,663.30 0.47 TREDOTO00013 Dogus Otomotiv Ser. ve Ticaret Namens-Aktien UNIT 75,000 650,000 575,000 TRY 13.750 367,244.20 0.16 TREEGYO00017 Emlak Konut Gayr. Yat. Ort. AS Namens-Aktien UNIT 1,300,000 7,010,000 5,710,000 TRY 2.950 1,365,703.29 0.60 TREENKA00011 Enka Insaat ve Sanayi A.S. Inhaber-Aktien UNIT 415,000 610,000 450,000 TRY 5.160 762,585.93 0.34 TRAEREGL91G3 Eregli Demir ve Celik Fab.T. AS Namens-Aktien UNIT 1,250,000 1,670,000 1,570,100 TRY 4.010 1,785,029.40 0.79 TRASAHOL91Q5 Haci Omer Sabanci Holding A.S. Namens-Aktien UNIT 680,000 1,795,000 1,665,000 TRY 9.200 2,227,859.14 0.98 TRAKCHOL91Q8 Koc Holding A.S. Namens-Aktien UNIT 540,000 670,000 680,000 TRY 11.900 2,288,398.79 1.01 TRAPETKM91E0 Petkim Petrokimya Holding AS Namens-Aktien UNIT 350,000 350,000 0 TRY 3.500 436,241.60 0.19 TRETAVH00018 TAV Havalimanlari Holding A.S. Namens-Aktien UNIT 150,000 405,000 405,000 TRY 21.750 1,161,827.12 0.51 TRATUPRS91E8 Tupras Turkiye Petrol Rafin.AS Namens-Aktien UNIT 260,000 517,500 292,500 TRY 61.950 5,735,953.82 2.52 TRATCELL91M1 Turkcell Iletisim Hizmetl. AS Namens-Aktien UNIT 557,500 2,082,500 2,340,000 TRY 13.400 2,660,361.52 1.17 TRAGARAN91N1 Türkiye Garanti Bankasi A.S. Namens-Aktien UNIT 1,985,000 6,420,000 6,285,000 TRY 8.670 6,128,731.51 2.70 TRETHAL00019 Türkiye Halk Bankasi A.S. Namens-Aktien UNIT 635,000 4,740,000 4,105,000 TRY 13.000 2,939,734.20 1.29 TRAISCTR91N2 Turkiye is Bankasi A.S. Namens-Aktien C UNIT 1,375,000 9,165,000 8,375,000 TRY 5.890 2,884,091.14 1.27 TRASISEW91Q3 Türkiye Sise ve Cam Fabri.A.S. Namens-Aktien UNIT 335,056 635,000 600,000 TRY 3.200 381,819.73 0.17 TREVKFB00019 Turkiye Vakiflar Bankasi T.A.O. Namens-Aktien UNIT 350,000 6,360,000 6,010,000 TRY 4.370 544,678.80 0.24 TREULKR00015 Ülker Bisküvi Sanayi A.S. Inhaber-Aktien UNIT 75,000 100,000 125,000 TRY 19.300 515,477.32 0.23 TRAYKBNK91N6 Yapi Ve Kredi Bankasi A.S. Namens-Aktien UNIT 375,000 7,865,000 7,490,000 TRY 4.070 543,521.42 0.24 USD 52,551,854.33 23.11 US48122U2042 Aktsion. Finans. Korp. Sistema Reg.Shs(GDRs Reg.S) UNIT 155,000 540,000 385,000 USD 7.400 1,066,371.64 0.47 RU0009024277 LUKOIL Neftyanaya Komp. OJSC Reg.Shares UNIT 355,000 265,000 345,000 USD 45.964 15,170,252.26 6.66 US6778621044 LUKOIL Neftyanaya Komp. OJSC Reg.Shares (Sp. ADRs) UNIT 75,000 1,147,700 1,097,700 USD 45.970 3,205,390.43 1.41 1) UNIT 205,000 512,000 472,000 USD 50.800 9,681,947.92 4.26 US55953Q2021 Magnit PJSC Reg.Shares (Sp.GDRs/ Reg.S) US58517T2096 MegaFon Registered Shares GDRs UNIT 50,000 392,500 427,500 USD 15.700 729,818.43 0.32 US6074091090 Mobil‘niye TeleSistemy Reg.Shares (Sp.ADRs) UNIT 335,000 1,030,000 1,160,000 USD 10.060 3,133,198.84 1.38 US67812M2070 Neftyanaya Kompaniya Rosneft Reg.Shs (GDRs Reg.S) UNIT 250,000 4,600,000 4,450,000 USD 4.268 991,995.24 0.44 US6698881090 Novatek Reg.Shares (GDRs Reg.S) UNIT 67,500 212,000 194,500 USD 74.500 4,675,254.04 2.06 US3682872078 OAO GAZPROM Namens-Aktien (Sp.ADRs) UNIT 1,755,000 8,355,000 6,600,000 USD 4.735 7,725,778.86 3.40 US6708312052 Tatneft named after Shashin Reg.Sh.(Sp.GDRs) UNIT 65,000 207,500 242,500 USD 29.400 1,776,666.26 0.78 US91688E2063 Uralkali PJSC Reg.Shares (GDRs Reg.S) UNIT 100,000 680,000 765,000 USD 12.960 1,204,897.69 0.53 US46630Q2021 VTB Bank Reg.Sh. (GDRs) UNIT 500,000 4,110,000 3,610,000 USD 2.027 942,256.02 0.41 US98387E2054 X 5 Retail Group N.V. Reg.Shares (GDRs Reg S) UNIT 155,000 330,000 250,000 USD 15.600 2,248,026.70 0.99 ZAR 2,310,765.42 1.02 ZAE000156253 Curro Holdings Ltd. Reg.Shares UNIT 50,000 50,000 0 ZAR 34.200 130,297.73 0.06 ZAE000070660 Sanlam Ltd. Reg.Shares UNIT 150,000 150,000 0 ZAR 78.220 894,025.28 0.39 ZAE000109815 Standard Bank Group Ltd. Reg.Shares UNIT 100,000 135,000 35,000 ZAR 168.830 1,286,442.41 0.57 Securities admitted to or included in organised markets 61,348,022.93 26.98 Equities 61,348,022.93 26.98 ILS 1,824,310.95 0.80 IL0002300114 Israel Telecomm. Bezeq Corp. Reg.Shares UNIT 1,050,000 1,050,000 0 ILS 7.428 1,824,310.95 0.80

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Deka-ConvergenceAktien

ISIN Category Units or Holdings Purchases/ Sales/ Price Market value % of net currency 31/03/2015 Additions Disposals in EUR assets during the reporting period USD 59,523,711.98 26.18 RU0007252813 ALROSA Reg.Shares UNIT 1,500,000 3,455,000 2,955,000 USD 1.223 1,705,280.26 0.75 RU0007288411 JSC MMC Norilsk Nickel Reg.Shares UNIT 37,500 92,500 85,000 USD 182.748 6,371,329.66 2.80 125,000 555,000 430,000 USD 18.230 2,118,565.28 0.93 US46626D1081 JSC MMC Norilsk Nickel Reg.Shs (Spon. ADRs) 1) UNIT RU000A0JKQU8 Magnit PJSC Reg.Shares UNIT 10,000 32,500 22,500 USD 195.695 1,819,382.63 0.80 RU000A0JR4A1 Moscow Exchange MICEX-RTS OJSC Reg.Shares UNIT 1,200,000 1,805,000 1,685,000 USD 1.181 1,317,427.32 0.58 RU000A0J2Q06 Neftyanaya Kompaniya Rosneft Reg.Shares UNIT 750,000 1,555,000 905,000 USD 4.277 2,982,554.78 1.31 RU0007661625 OAO GAZPROM Reg.Shares UNIT 5,500,000 1,750,000 3,500,000 USD 2.383 12,186,748.45 5.36 RU0009029540 Sberbank Rossii OAO Namens-Aktien UNIT 10,300,000 39,250,000 37,200,000 USD 1.078 10,319,448.78 4.54 RU0009029557 Sberbank Rossii OAO Reg. Preferred Shares UNIT 875,000 4,500,000 4,125,000 USD 0.779 633,863.11 0.28 RU0009046510 Severstal PAO Reg.Shares UNIT 180,000 360,000 380,000 USD 11.256 1,883,703.74 0.83 RU0009029524 Surgutneftegaz Reg.Pref.Shares UNIT 5,800,000 14,800,000 14,501,000 USD 0.764 4,117,368.56 1.81 RU0008926258 Surgutneftegaz Reg.Shares UNIT 6,000,000 18,500,000 12,500,000 USD 0.623 3,477,000.03 1.53 RU0009033591 Tatneft‘ Imeni V.D.Shashina Reg.Shares UNIT 677,327 427,327 525,000 USD 4.785 3,013,127.52 1.33 RU0009091573 Transneft, Aktsionernaya Komp. Reg.Preferre.Shares UNIT 1,350 0 150 USD 2,124.901 2,666,967.47 1.17 RU0007661302 Uralkali PJSC Reg.Shares UNIT 650,000 1,750,000 1,950,000 USD 2.586 1,562,611.82 0.69 RU000A0JP5V6 VTB Bank Reg.Shares UNIT 3,500,000,000 8,500,000,000 8,500,000,000 USD 0.001 3,348,332.57 1.47 Total securities portfolio EUR 228,226,638.09 100.41 Cash at banks, money market securities and money market funds Bank deposits Balances in other EU/EEA currencies DekaBank Deutsche Girozentrale Luxembourg S.A. CZK 100,520.71 % 100.000 3,655.05 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. DKK 176.91 % 100.000 23.68 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. GBP 4,747.90 % 100.000 6,517.13 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. HUF 1,822,844.00 % 100.000 6,091.52 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. PLN 7,380.80 % 100.000 1,806.81 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. SEK 58,938.93 % 100.000 6,349.13 0.00 Balances in non-EU/EEA currencies DekaBank Deutsche Girozentrale Luxembourg S.A. HKD 358.45 % 100.000 42.97 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. ILS 13,926.92 % 100.000 3,257.56 0.00 DekaBank Deutsche Girozentrale Luxembourg S.A. USD 119,240.64 % 100.000 110,858.62 0.05 Total cash at banks EUR 138,602.47 0.05 Total of cash at banks, money market securities and money market funds EUR 138,602.47 0.05 Other assets Dividend entitlements EUR 113,142.40 113,142.40 0.05 Receivables from unit certificate transactions EUR 1,255,193.46 1,255,193.46 0.55 Receivables from securities loans EUR 683.40 683.40 0.00 Total other assets EUR 1,369,019.26 0.60 Current liabilities EUR loans with the Custodian Bank DekaBank Deutsche Girozentrale Luxembourg S.A. EUR -1,850,869.07 % 100.000 -1,850,869.07 -0.81 Loans in non-EU/EEA currencies DekaBank Deutsche Girozentrale Luxembourg S.A. TRY -40,333.12 % 100.000 -14,363.25 -0.01 DekaBank Deutsche Girozentrale Luxembourg S.A. ZAR -58,037.69 % 100.000 -4,422.33 0.00 Total current liabilities EUR -1,869,654.65 -0.82 Other liabilities Management fee EUR -304,648.16 -304,648.16 -0.13 Taxe d’abonnement EUR -27,966.44 -27,966.44 -0.01 Payables from unit certificate transactions EUR -161,880.56 -161,880.56 -0.07 Liabilities arising from securities loans EUR -334.87 -334.87 0.00 Lump-sum fee EUR -59,549.28 -59,549.28 -0.03 Total other liabilities EUR -554,379.31 -0.24 Fund assets EUR 227,310,225.86 100.00 *) Class CF units in circulation UNIT 756,326.000 Class TF units in circulation UNIT 815,951.000 Class F (T) units in circulation UNIT 212,751.000 Class CF unit value EUR 139.37 Class TF unit value EUR 129.88 Class F (T) unit value EUR 74.87 Proportion of securities to fund assets (in %) 100.41 Proportion of derivatives to fund assets (in %) 0.00 *) Differences in percentage values are possible due to rounding. 1) These securities have been transferred in full or in part under securities loans (see list). Notes on securities loans The following securities had been transferred under securities loans as at the reporting date:

Category Units or Securities loans nominal market value in EUR in currency limited unlimited Total JSC MMC Norilsk Nickel Reg.Shs (Spon. ADRs) UNIT 21,500 364,393.23 Magnit PJSC Reg.Shares (Sp.GDRs/ Reg.S) UNIT 100,000 4,722,901.42 Total value of redemption claims from securities loans: 5,087,294.65 5,087,294.65 Securities prices or market rates The assets of the Investment Fund have been valued on the basis of the following prices/market rates: Foreign and domestic shares as at: 30 and 31/03/2015 All other assets as at: 31/03/2015

8

Deka-ConvergenceAktien

Exchange rate(s) or conversion factor(s) (volume quotation) as at 31/03/2015 United Kingdom, pound (GBP) 0.72853 = 1 euro (EUR) Denmark, krone (DKK) 7.46935 = 1 euro (EUR) Sweden, krona (SEK) 9.28300 = 1 euro (EUR) Turkey, lira (new) (TRY) 2.80808 = 1 euro (EUR) Poland, zloty (PLN) 4.08499 = 1 euro (EUR) Czech Republic, koruna (CZK) 27.50187 = 1 euro (EUR) Hungary, forint (HUF) 299.24297 = 1 euro (EUR) South Africa, rand (ZAR) 13.12379 = 1 euro (EUR) United States, dollar (USD) 1.07561 = 1 euro (EUR) Israel, shekel (ILS) 4.27526 = 1 euro (EUR) Hong Kong, dollar (HKD) 8.34098 = 1 euro (EUR) Transactions concluded during the reporting period that no longer appear in the asset statement: Purchases and sales of securities (market allocation as at the reporting date): ISIN Category Exchange-traded securities Equities EUR GRS495003006 Aegean Airlines S.A. Namens-Aktien GRS294003009 Folli Follie S.A. Namens-Aktien NL0010969408 Mota-Engil Africa N.V. Aandelen aan toonder PTMEN0AE0005 MOTA-ENGIL SGPS S.A. Acções Port. GRS074083007 Titan Cement Co. S.A. Namens-Aktien GBP GB00BF5SDZ96 Stock Spirits Group PLC Reg.Shares PLN PLLOTOS00025 Grupa Lotos S.A. Inhaber-Aktien PLJSW0000015 Jastrzebska Spolka Weglowa S.A Inhaber-Aktien PLLPP0000011 LPP S.A. Inhaber-Aktien PLTLKPL00017 Orange Polska SA Inhaber-Aktien PLTAURN00011 Tauron Polska Energia SA Inhaber-Aktien TRY TRAAKENR91L9 Akenerji Elektrik Üretim A.S. Inhaber-Aktien TREAKFH00010 Akfen Holding AS Namens-Aktien TRAAKSAW91E1 Aksa Akrilik Kimya Sanayii AS Namens-Aktien TREAKSN00011 Aksa Enerji Uretim S.A. Namens-Aktien TREALBK00011 Albaraka Turk Katilim Bankasi Namens-Aktien TRAALCTL91H9 Alcatel Lucent Teletas Tele.AS Namens-Aktien TRAANACM91F7 Anadolu Cam Sanayii A.S. Namens-Aktien TRAASELS91H2 Aselsan Elektronik Sa.V.Tic.AS TN 1 Namens-Aktien TRECUHE00018 Avivasa Emeklilik Ve Hayat AS Namens-Aktien TRAAYGAZ91E0 Aygaz Namens-Aktien TRABAGFS91E2 Bagfas Bandirma Gubre Fabrik Namens-Aktien TREBMKS00011 Bimeks Bilgi Islem V.D.Tica.AS Inhaber-Aktien TRAECILC91E0 Eczacibasi Ilac Namens-Aktien TRAECZYT91Q5 Eczacibasi Yatirim Hldg Ort.AS Namens-Aktien TRAOTOSN91H6 Ford Otomotiv Sanayi A.S. Namens-Aktien TRAGUBRF91E2 Gubre Fabrikalari T.A.S. Namens-Aktien TRAHURGZ91D9 Hurriyet Gazetecil.ve Matb. AS Namens-Aktien TRAKARSN91H7 Karsan Otomotiv AS Namens-Aktien TREKOAL00014 Koza Altin Isletmeleri A.S. Namens-Aktien TRAMERKO91A5 Merko Gida Sanayi ve Ticar. AS Namens-Aktien TRANETAS91H6 Nortel Networks Netas Telekom .AS Namens-Aktien TREODAS00014 ODAS Elektrik Uretim Sanayi AS Inhaber-Aktien TREPEGS00016 Pegasus Hava Tasimaciligi A.S. Inhaber-Aktien TRAPNSUT91A5 Pinar Sut Mamulleri Sanayii AS Namens-Aktien TRESLEC00014 Selcuk Ecza Deposu Tic. ve San Namens-Aktien TRASODAS91E5 Soda Sanayii A.S. Namens-Aktien TRETKHO00012 Tekfen Holding A.S. Namens-Aktien TRATRKCM91F7 Trakya Cam Sanayii A.S. Namens-Aktien TRATUKAS91A3 Tukas Gida Sanayi V.Ticaret AS Namens-Aktien TRETUMO00011 Tümosan Motor Ve Trakt.S.A.S. Inhaber-Aktien TRATHYAO91M5 Turk Hava Yollari A.S. Namens-Aktien TRATOASO91H3 Türk Otomobil Fabrikasi (TOFAS) Bearer Shares Cl.E TRETTLK00013 Turk Telekomunikasyon Namens-Aktien TRETTRK00010 Turk Traktor ve Ziraat Mak. AS Namens-Aktien TREVEST00017 Vestel Beyaz Esya San.ve Tic. Namens-Aktien TRAVESTL91H6 Vestel Elek. Sanayi Ve Tic. AS Namens-Aktien TRAZOREN91L8 Zorlu Enerji Elektrik Ueret.AS Inhaber-Aktien USD US29414B1044 EPAM Systems Inc. Reg.Shares US48666V2043 KazMunaiGas Explor. Prod. JSC Reg.Shares (GDRs) US48668G2057 KCell JSC Reg.Shares (Sp.GDRs Reg.S) VGG572791041 Luxoft Holding Inc. Reg.Shares A US5591892048 Magnitogorskiy Metallurg.Komb. Reg.Sh.(Sp.GDRs)/13 US5603172082 Mail.Ru Group Ltd. Reg.Shares (GDRs Reg.S) US67011E2046 Novolipetskiy Metallurg. Komb.Reg.Shs(Sp.GDRs R.S) US74735M1080 QIWI PLC Reg.Shares B (Spons. ADRs) US8816242098 Teva Pharmaceutical Ind. Reg.Shares (ADRs) NL0009805522 Yandex N.V. Reg.Shares Cl.A ZAR ZAE000066692 Aspen Pharmacare Hldgs PLC Reg.Shares New ZAE000066304 Firstrand Ltd. Reg.Shares ZAE000067211 Imperial Holdings Ltd. Reg.Shares New ZAE000145892 Life Healthc.Gr.Hldgs Pte Ltd. Reg.Shares ZAE000152617 Massmart Holdings Ltd. Reg.Shares ZAE000074142 Mediclinic International Ltd. Reg.Shares ZAE000156550 Mondi Ltd. Reg.Shares ZAE000026951 Mr. Price Group Ltd. Reg.Shares ZAE000042164 MTN Group Ltd Reg.Shares ZAE000015889 Naspers Reg.Shares N ZAE000004875 Nedbank Group Ltd. Reg.Shares

Units or nominal in currency

Purchases/ Additions

Sales/ Disposals

UNIT UNIT UNIT UNIT UNIT

60,000 6,000 44,565 0 7,500

155,000 101,000 44,565 325,000 73,052

UNIT

0

175,000

UNIT UNIT UNIT UNIT UNIT

60,000 20,000 0 850,000 0

60,000 55,000 825 1,450,000 885,000

UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT

1,310,000 450,000 250,000 1,250,000 750,000 895,000 750,000 500,000 21,500 100,000 175,000 300,000 350,000 53,000 168,500 735,000 2,000,000 750,000 0 150,000 875,000 455,000 275,000 0 450,000 260,000 250,000 470,000 250,000 650,000 3,071,000 365,000 675,000 38,500 50,000 400,000 1,500,000

1,310,000 450,000 250,000 1,250,000 750,000 895,000 750,000 500,000 21,500 100,000 175,000 1,350,000 350,000 53,000 207,500 735,000 2,000,000 750,000 50,000 150,000 875,000 455,000 275,000 25,000 450,000 260,000 250,000 470,000 250,000 650,000 3,821,000 440,000 825,000 38,500 50,000 400,000 1,500,000

UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT

15,000 0 0 40,500 550,000 169,690 75,000 35,000 25,000 45,000

15,000 50,000 85,000 40,500 550,000 169,690 75,000 35,000 25,000 45,000

UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT

120,000 250,000 35,000 100,000 20,000 30,000 35,000 55,000 30,000 10,000 15,000

120,000 250,000 35,000 100,000 20,000 30,000 35,000 55,000 30,000 10,000 15,000

9

Deka-ConvergenceAktien

ISIN Category Units or nominal in currency

Purchases/ Additions

Sales/ Disposals

GB00B77J0862 Old Mutual PLC Reg.Shares UNIT 15,000 15,000 GB0004835483 SABMiller PLC Reg.Shares UNIT 15,000 15,000 ZAE000006284 Sappi Ltd. Reg.Shares UNIT 50,000 50,000 ZAE000006896 Sasol Ltd. Reg.Shares UNIT 19,000 34,000 ZAE000016176 Steinhoff Intl Hldgs Ltd. Reg.Shares UNIT 75,000 75,000 ZAE000161832 Super Group Ltd. Reg.Shares UNIT 100,000 100,000 ZAE000148466 The Foschini Group Ltd. Reg.Shares UNIT 35,000 35,000 ZAE000028296 Truworths International Ltd. Reg.Shares UNIT 142,500 142,500 ZAE000063863 Woolworths Holdings Ltd. Reg.Shares New UNIT 45,000 45,000 Securities admitted to or included in organised markets Equities USD RU000A0JPNN9 Feder.Set.Komp.Edi.Energ.Sist. Reg.Shares UNIT 500,000,000 500,000,000 RU000A0DKVS5 NOVATEK Reg,Shares UNIT 55,000 155,000 RU0008943394 Rostelekom,OAO Mezhdugorod. Reg.Shares UNIT 1,200,000 2,075,000 RU000A0JPKH7 RusGidro OAO Reg.Shares UNIT 335,000,000 385,000,000 US80585Y3080 Sberbank Rossii OAO Reg.Shares (Sp.ADR‘s) UNIT 600,000 600,000 RU000A0JNG55 Vtoraya Generiruy.Ko.Op.Ry.El. Reg.Shares UNIT 121,000,000 121,000,000 Unlisted securities Equities AED AEE001501015 Emaar Malls Group PJSC Inhaber-Aktien UNIT 550,500 550,500 Other securities EUR PTMEN0AEI001 MOTA-ENGIL SGPS S.A. Anrechte UNIT 0 575,000 PLN XC000A1196H5 Grupa Lotos S.A. Anrechte UNIT 60,000 60,000 PLLOTOS00058 Grupa Lotos S.A. Anrechte UNIT 60,000 60,000 Money market funds Deka’s own money market funds EUR LU0446052440 Deka-EuroCash FCP Inhaber-Anteile UNIT 1,420 1,420

10

Deka-ConvergenceAktien

Change in fund assets EUR Fund assets at the beginning of the reporting period 256,915,434.19 Cash inflow 31,220,106.77 Cash outflow -47,386,095.73 Cash inflow/outflow (net) -16,165,988.96 Earnings distribution -1,801,501.62 Earnings equalisation -1,103,184.17 Ordinary expenditure surplus -746,251.94 Net realised profit (incl. earnings equalisation) *) -19,064,727.40 Net change in unrealised profits *) 9,276,445.76 Fund assets at the end of the reporting period 227,310,225.86 Statement of movement in units Number of class CF units in circulation at the beginning of the reporting period 813,974.000 Number of class CF units issued 37,023.000 Number of class CF units redeemed 94,671.000 Number of class CF units in circulation at the end of the reporting period 756,326.000 Number of class TF units in circulation at the beginning of the reporting period 881,190.000 Number of class TF units issued 205,616.000 Number of class TF units redeemed 270,855.000 Number of class TF units in circulation at the end of the reporting period 815,951.000 Number of class F (T) units in circulation at the beginning of the reporting period 215,869.000 Number of class F (T) units issued 1,645.000 Number of class F (T) units redeemed 4,763.000 Number of class F (T) units in circulation at the end of the reporting period 212,751.000 Profit and loss account for the period from 01/10/2014 to 31/03/2015 (including earnings equalisation) EUR Income Dividends 1,698,569.95 Interest from liquidity investments 6,004.33 Income from security loans 21,667.02 Other income 82,388.97 Ordinary earnings equalisation -94,396.92 Total income 1,714,233.35 Expenses Management fee 1,773,209.26 Performance fee ***) -8,223.57 Distribution commission 394,661.02 Taxe d’abonnement 53,764.20 Expenses from security loans 10,616.84 Lump-sum fee **) 346,824.59 Ordinary expense equalisation -110,367.05 Total expenses 2,460,485.29 Ordinary expenditure surplus -746,251.94 Net realised profit *) -20,151,941.44 Extraordinary earnings equalisation 1,087,214.04 Net realised profit (incl. earnings equalisation) -19,064,727.40 Expenditure surplus -19,810,979.34 Net change in unrealised profits *) 9,276,445.76 Profit for the reporting period -10,534,533.58 The above expenses for unit class CF were 1.85% when expressed as a percentage of average fund assets (total expense ratio/ongoing charges). No performance fees were charged to the Fund during the reporting period. The above expenses for unit class TF were 2.58% when expressed as a percentage of average fund assets (total expense ratio/ongoing charges). No performance fees were charged to the Fund during the reporting period. The above expenses for unit class F (T) were 2.35% when expressed as a percentage of average fund assets (total expense ratio/ongoing charges). Units in unit class TF are issued at unit value. No issuing surcharge is added. The sales offices receive a distribution commission from the fund assets attributable to unit class TF. Units in unit classes CF and F (T) are issued at unit value plus an issuing surcharge. *) Profit breakdown: Net realised profit from: securities and currency transactions Net change in unrealised profits from: securities and currency transactions **) The Contractual Terms of the Fund provide for a lump-sum fee of 0.30% p.a. to be paid to the Management Company. Up to 0.10% p.a. of this amount is paid to the Custodian Bank and up to 0.30% p.a. to third parties (audit, publication and other costs). ***) Performance fees were not charged to the Fund during the reporting period, but were instead paid back to the Fund.

11

Management Information.

The DekaBank securities account – Complete service for your investment funds – Our DekaBank securities account is a cost-effective way to hold a variety of investment funds of your choice in a single securities account with only one exemption application. An investment universe of around 1,000 funds issued by the DekaBank Group and renowned international cooperation partners is available to you for this purpose. The range of funds is suitable for realising a wide variety of investment models. For example, you can choose from a number of alternatives for capital accumulation, including: ƕƕThe Deka-FondsSparplan, a savings plan which is tailored to an investor’s individual needs and has a minimum investment of EUR 25, is suitable for the investor who would like to direct regular savings payments into investment funds. The assets accumulated in this way can be paid out in the future according to the investor’s needs by using the Deka-Auszahlplan.

ƕƕ Two

investment vehicles are available for systematic and flexible asset accumulation, and are particularly appropriate for personal old-age provision: ƕƕDeka-BonusRente combines the advantages of a mutual fund with the government “Riester subsidy plan” to make up for pension shortfalls. ƕƕDekaStruktur-VorsorgePlan can be individually designed by investors to provide a professionally structured investment vehicle to match their personal old-age provision goals. The DekaAuszahlplan can also be used here to pay out accumulated capital in the future according to the investor’s goals.

The DekaBank securities account includes a wide variety of services at no additional cost, such as reinvestment of earnings distributions. Our securities account service department allows you to submit orders in a number of different ways, including by telephone, or using our Internet website at www.deka.de. Information on the DekaBank securities account and investment funds is available from our service hotline by calling (0 69) 71 47 - 652.

12

Your partners in the Sparkassen-Finanzgruppe.

Management Company Deka Investment GmbH Mainzer Landstraße 16 60325 Frankfurt Legal form German limited liability company (GmbH) Registered office Frankfurt am Main Established 17 May 1995; the Company took over the investment business of Deka Deutsche Kapitalanlagegesellschaft mbH, which was founded on 17 August 1956. Equity capital subscribed and paid-in: EUR 10.2 million liable: EUR 93.2 million (As at: 31 December 2013) Sole shareholder DekaBank Deutsche Girozentrale Mainzer Landstraße 16 60325 Frankfurt

Supervisory Board Chairman Michael M. Rüdiger Chairman of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt am Main; Chairman of the Supervisory Board of Landesbank Berlin Investment GmbH, Berlin; Member of the Supervisory Board of Deka Immobilien GmbH, Frankfurt am Main; Member of the Board of Directors of DekaBank Deutsche Girozentrale Luxembourg S.A., Luxembourg

Deputy Chairman Dr. Georg Stocker Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt am Main; Deputy Chairman of the Supervisory Board of Deka Immobilien GmbH, Frankfurt am Main; Deputy Chairman of the Supervisory Board of Landesbank Berlin investment GmbH, Berlin and Deka Immobilien Investment GmbH, Frankfurt am Main and WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf; Member of the Supervisory Board of S Broker AG & Co. KG, Wiesbaden

Auditor for the Company and the investment funds under its management

Member Heinz-Jürgen Schäfer Offenbach (As at 1 February 2015)

Representative in Switzerland

KPMG AG Wirtschaftsprüfungsgesellschaft The Squaire Am Flughafen 60549 Frankfurt am Main

Payment and Information Agent in Austria Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft Hypo-Passage 1 6900 Bregenz Austria

ACOLIN Fund Services AG Stadelhoferstrasse 18 8001 Zurich Switzerland

Management Victor Moftakhar (Chairman) Frank Hagenstein Thomas Ketter Deputy Chairman of the Board of Directors of Deka International S.A., Luxembourg, and International Fund Management S.A., Luxembourg, and Dealis Fund Operations S.A., Luxemburg Andreas Lau Dr. Ulrich Neugebauer Dr. Udo Schmidt-Mohr

Payment agent in Switzerland NPB Neue Privat Bank AG Limmatquai 1/am Bellevue 8022 Zurich Switzerland The Sales Prospectus with Contractual Terms, Key Investor Information, Annual and Semi-Annual Reports and other sales documents are available free of charge from ACOLIN Fund Services AG.

(As at: 1 January 2015) The information above is updated in each Annual and Semi-Annual Report.

13

D 280 000 214/PDF As at: 03/15

Deka International S.A. 5, rue des Labours 1912 Luxembourg PO Box 5 45 2015 Luxembourg Luxembourg Telephone:  (+3 52) 34 09 - 39 Fax:  (+3 52) 34 09 - 22 93 www.deka.lu