Semi-Annual Report as at 31 March 2016. DekaLux-Europa

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.

Managem ment Report. R .

April 2016

Dear Investor, Report providees complete infformation on tthe performancce of the Deka aLux-Europa fuund for the perriod of 1 Octob ber This Semi-Annual R 2015 5 to 31 March 2016. Interrnational capitaal markets reco orded large flu uctuations in th he previous six months. Afterr strong price i ncreases in latte autumn, thee majo ority of stock m markets recordeed an initial co orrection in Deccember. Furthe er price losses occurred throuugh February, triggered by a returrn of concerns about Chinese economic grrowth and fearrs about the efffects this could d have on the global econom my. It was not until Marcch that rising p prices prevailed d again in stock markets. Thee European Ce entral Bank (ECB) decided to implement furrther monetaryy policcy measures in this environment, while the US Federal Reeserve made an n unexpected downward d reviision in the exp pected path off interrest rates due tto an increase in global economic risk. The sharp drop in commodity markets and pluunge in crude oil o prices continued overy took pla durin ng the reportin ng period, although the beginning of a reco ace in the first quarter q 2016. European governm ment bonds mo oved sideways through Decem mber 2015, un ntil the stock market m plunge in January and d February cau used yields to fall sharply, and prices in ncreased stron ngly. After a sm mall increase in n yields at the end e of the repoorting period, 10-year Germaan gove ernment bondss ended the peeriod with a yie eld of 0.2 per ccent. In the US S, yields on US Treasuries withh the same ma aturity fell from m 2.0 per p cent to 1.8 8 per cent. Incrreasing nervousness caused rrisk premiums to rise significa antly in the riskkier segments of credit markkets. The majority of maajor global stocck markets reco orded positive performance over the reporting period. Inn terms of regio onal performan nce, US share indices reecorded the larrgest price gain ns. German blu ue chip stocks – as measured d by the DAX Inndex – recorde ed price gains, while e the EURO STTOXX 50 sufferred a small dro op in prices. Th he Japanese Nikkei 225 Indexx also recordedd a price drop. The Hang Sen ng Indexx of Chinese sttocks ended th he period almo ost unchanged . Deka aLux-Europa reecorded performance of minus 2.9 per cen t (unit class TFF (A)) in this ma arket environm ment. In ad ddition, please note that changes to the Co ontractual Term ms of the Invesstment Fund an nd other impo rtant information are announced for unit u holders on n the Internet at a www.deka.d de. Additional information on n investment funds, as well aas current mon nthly facts and figurres on your fun nds, are also provided there. Yourrs sincerely, Deka a International S.A. The Management

Holg ger Hildebrandtt

nertz Eugen Lehn

3

Contents.

Investment policy. DekaLux-Europa

Page 5

Asset statement as at 31 March 2016. DekaLux-Europa

Page 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

DekaLux-Europa Investment policy.

The investment objective of DekaLux-Europa 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 investing predominantly in the shares of companies having registered offices in a European country. Investments are preferably made in blue chips. Transactions can also be performed in financial instruments (derivatives) based on an underlying asset. DekaLux-Europa’s market environment recorded large fluctuations in the past six months. As a result of stock market price gains, the Fund recorded good performance until the beginning of December. This was followed by a massive market correction from the beginning of 2016 to the middle of February that eliminated all of the previous price gains. A significant recovery took place, however, in the final weeks of the reporting period. The country and sector allocations were mainly due to the selection at the individual security level and sector allocation. Against this background, the food, pharmaceutical and basic materials sectors, among others, appeared attractive at the end of the period. The energy sector, in particular, and the household goods and technology sectors were considered less attractive. In terms of individual securities, SABMiller, Smurfit and Anheuser-Busch were among the favourites – in relative terms – on the reporting date. In absolute terms, Nestlé (3.8 per cent) and Novartis (3.5 per cent) were the largest positions at the individual security level. Other securities, such as Daimler and BASF, on the other hand, appeared less promising and were completely avoided. HSBC and Total were underweight. The overweight positions in Sika, SABMiller and Snam, for example, produced positive contributions to performance, while the relatively low weighting of Royal Dutch Shell, Total and Tesco had a negative effect. The Fund also participated in a variety of new issues during the reporting period. These included Schaeffler and Ascential, which were still held in the portfolio on the reporting date. Some new issues were sold again and profits realised during the reporting period (Covestro, Flow Traders).

Key figures DekaLux-Europa Performance*

6 months

1 year

3 years

Unit class TF (A)

-2.9%

-15.2%

5.0%

ISIN Unit class TF (A)

LU0062625115

* p.a./calculated using the BVI method, previous performance is not a reliable indicator of future performance

Fund structure DekaLux-Europa H

I

G A F E

D

B C

A B C D E F G H I

Great Britain Switzerland Germany France Netherlands Spain Other countries Equity funds Cash, other assets

30.1% 14.6% 12.4% 11.4% 8.0% 4.1% 14.3% 0.5% 4.6%

Small deviations from the asset statement in the report are due to the allocation of interest and dividend claims to the associated securities and rounding differences.

Derivatives in the form of share index futures on the EURO STOXX 50 index were used to a certain extent to manage the level of investment. Forward exchange transactions were used to partially hedge foreign currency positions against currency risks. 95.3 per cent of the assets of the Fund were invested in shares or securities similar to shares as at the reporting date. When derivatives (share index futures) used to fine-tune the portfolio are included, the net level of investment increased to 99.8 per cent.

5

DekaLux-Europa

DekaLux-Europa recorded a 2.9 per cent loss in value (unit class TF (A)) during the reporting period. The reference index* recorded a loss of 2.6 per cent over the same period.

* Reference index: 100% MSCI Europe Large Cap Net Index in EUR MSCI makes no express or implied representations or warranties and is in no way responsible for any MSCI data contained herein. The MSCI data may not be disclosed to third parties or used as a basis for other indices, securities or financial products. MSCI did not review, approve or produce this publication. 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

DekaLux-Europa Asset statement as at 31 March 2016. ISIN

Category

Market

Exchange-traded securities Equities EUR NL0000303709 AEGON N.V. Aandelen op naam(demat.) NL0010672325 Ahold N.V., Kon. Aandelen aan toonder NL0000235190 Airbus Group SE Aandelen op naam NL0000009132 Akzo Nobel N.V. Aandelen aan toonder DE0008404005 Allianz SE vink.Namens-Aktien NL0011333752 Altice N.V. Aandelen aan tonder A BE0003793107 Anheuser-Busch InBev N.V./S.A. Actions au Port. NL0010273215 ASML Holding N.V. Aandelen op naam IT0000062072 Assicurazioni Generali S.p.A. Azioni nom. FR0000051732 Atos SE Actions au Porteur FR0000120628 AXA S.A. Actions au Porteur ES0113211835 Banco Bilbao Vizcaya Argent. Acciones Nom. ES0113900J37 Banco Santander S.A. Acciones Nom. ES0113679I37 Bankinter S.A. Acciones Nom. DE000BAY0017 Bayer AG Namens-Aktien DE0005190003 Bayerische Motoren Werke AG Stammaktien DE0005190037 Bayerische Motoren Werke AG Vorzugsaktien 1) FR0000131104 BNP Paribas S.A. Actions Port. DE0005439004 Continental AG Inhaber-Aktien DE0005140008 Deutsche Bank AG Namens-Aktien DE0005810055 Deutsche Börse AG Namens-Aktien DE0005552004 Deutsche Post AG Namens-Aktien DE0005557508 Deutsche Telekom AG Namens-Aktien PTEDP0AM0009 EDP - Energias de Portugal SA Acções Nom. 1) ES0130670112 Endesa S.A. Acciones Port. IT0003128367 ENEL S.p.A. Azioni nom. FR0010208488 Engie S.A. Actions Port. IT0003132476 ENI S.p.A. Azioni nom. DE000EVNK013 Evonik Industries AG Namens-Aktien IT0000072170 Finecobank Banca Fineco S.p.A. Azioni nom. DE0005785802 Fresenius Medical Care KGaA Inhaber-Aktien DE0005785604 Fresenius SE & Co. KGaA Inhaber-Stammaktien DE0006047004 HeidelbergCement AG Inhaber-Aktien NL0000008977 Heineken Holding N.V. Aandelen aan toonder NL0000009165 Heineken N.V. Aandelen aan toonder DE0006048408 Henkel AG & Co. KGaA Inhaber-Stammaktien FR0000052292 Hermes International S.A. Actions au Porteur ES0144580Y14 Iberdrola S.A. Acciones Port. 1) FR0004035913 Iliad S.A. Actions au Porteur 1) ES0148396007 Industria de Diseño Textil SA Acciones Port. NL0000303600 ING Groep N.V. Cert.van Aandelen ES0177542018 Internat. Cons. Airl. Group SA Acciones Nom. IT0000072618 Intesa Sanpaolo S.p.A. Azioni nom. NL0000009538 Koninklijke Philips N.V. Aandelen aan toonder FR0000121014 LVMH Moët Henn. L. Vuitton SE Action Port.(C.R.) FR0010112524 Nexity Actions au Porteur FR0000120693 Pernod-Ricard S.A. Actions Port.(C.R.) FR0000130577 Publicis Groupe S.A. Actions Port. NL0006144495 Relx N.V. Aandelen op naam FR0000131906 Renault S.A. Actions Port. GB00B03MLX29 Royal Dutch Shell Reg.Shares Cl.A FR0000073272 Safran Actions Port. FR0000120578 Sanofi S.A. Actions Port. DE0007164600 SAP SE Inhaber-Aktien DE000SHA0159 Schaeffler AG Inhaber-Vorzugsakt. FR0000121972 Schneider Electric SE Actions Port. DE0007236101 Siemens AG Namens-Aktien 1) IE00B1RR8406 Smurfit Kappa Group PLC Reg.Shares IT0003153415 Snam S.p.A. Azioni nom. FR0000130809 Société Générale S.A. Actions Port. ES0178430E18 Telefónica S.A. Acciones Port. FR0000120271 Total S.A. Actions au Porteur FR0000124711 Unibail-Rodamco SIIC Actions Port. NL0000009355 Unilever N.V. Cert.v.Aandelen FR0000125486 VINCI S.A. Actions Port. AT0000937503 voestalpine AG Inhaber-Aktien 1) CHF CH0210483332 Cie Financière Richemont AG Namens-Aktien 1) CH0038863350 Nestlé S.A. Namens-Aktien 1) CH0012005267 Novartis AG Namens-Aktien CH0000587979 Sika AG Inhaber-Aktien CH0011037469 CH0244767585 CH0011075394 DKK DK0010244508

Units or currency

Holdings 31/03/2016

Purchases/ Sales/ Additions Disposals during the reporting period

Price

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 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

100,000 58,000 15,135 48,200 30,000 100,000 42,500 70,000 32,000 216,000 500,000 1,140,000 300,000 70,000 28,000 40,000 85,000 21,000 100,000 15,000 160,000 190,000 200,000 28,000 580,000 120,000 175,000 95,000 195,000 30,000 10,500 35,000 8,750 10,000 14,000 4,000 406,925 7,500 85,000 700,000 300,000 1,000,000 140,000 30,000 32,000 8,000 60,000 123,040 15,000 157,782 40,000 100,000 84,500 100,000 45,000 70,000 200,000 500,000 150,000 205,882 80,000 3,000 250,000 60,000 77,000

0 10,000 135 0 30,000 55,500 0 0 18,200 0 100,001 140,001 150,000 20,000 42,000 8,000 40,000 900 0 0 80,000 0 0 0 0 0 25,000 45,000 10,000 0 0 0 0 0 0 0 60,649 11,000 0 82,000 190,000 200,000 60,000 10,000 0 0 15,000 0 10,000 2,968 14,000 10,500 84,500 255,000 45,000 50,000 159,000 0 80,000 5,882 81,712 0 0 0 27,000

30,000 12,000 10,000 0 0 0 0 0 2,200 0 70,001 1 0 20,000 14,000 10,000 40,000 0 53,000 0 70,000 0 0 0 0 50,000 0 0 0 15,000 0 5,000 0 0 1,000 0 1 3,500 0 62,000 0 0 10,000 0 0 0 0 0 25,000 1 0 15,500 0 155,000 0 10,000 0 0 50,000 0 101,712 0 0 9,000 0

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

20.095 58.830 59.910 143.150 15.725 110.300 88.810 13.020 71.310 20.375 5.826 3.863 6.200 103.400 81.730 70.500 43.790 200.200 14.975 74.470 24.620 15.765 3.121 16.965 3.958 13.625 13.220 26.510 7.320 77.900 64.190 75.420 69.250 80.150 86.930 313.050 5.871 226.600 29.835 10.615 7.030 2.378 25.005 152.150 45.350 99.080 62.210 15.565 87.440 21.385 62.010 71.270 70.960 14.055 55.630 93.110 22.570 5.460 32.230 9.894 40.415 242.450 39.735 65.310 28.945

UNIT UNIT UNIT

80,000 260,000 250,000

40,000 0 60,000

0 0 10,000

CHF CHF CHF

Syngenta AG Namens-Aktien UBS Group AG Namens-Aktien 1) Zurich Insurance Group AG Namens-Aktien 1)

UNIT UNIT UNIT UNIT

900 8,000 400,000 8,000

50 8,000 0 0

100 7,000 73,000 1,000

CHF CHF CHF CHF

64.150 71.950 69.850 3,839.00 0 400.100 15.390 219.700

A.P.Møller-Mærsk A/S Navne-Aktier B

UNIT

600

600

600

DKK 8,630.00

Market value in EUR

% of net assets

430,585,602.30 415,444,863.46 196,850,362.21

94.64 91.30 43.27

2,009,500.00 3,412,140.00 906,737.85 6,899,830.00 471,750.00 11,030,000.00 3,774,425.00 911,400.00 2,281,920.00 4,401,000.00 2,913,000.00 4,403,820.00 1,860,000.00 7,238,000.00 2,288,440.00 2,820,000.00 3,722,150.00 4,204,200.00 1,497,500.00 1,117,050.00 3,939,200.00 2,995,350.00 624,200.00 475,020.00 2,295,640.00 1,635,000.00 2,313,500.00 2,518,450.00 1,427,400.00 2,337,000.00 673,995.00 2,639,700.00 605,937.50 801,500.00 1,217,020.00 1,252,200.00 2,389,056.68 1,699,500.00 2,535,975.00 7,430,500.00 2,109,000.00 2,378,000.00 3,500,700.00 4,564,500.00 1,451,200.00 792,640.00 3,732,600.00 1,915,117.60 1,311,600.00 3,374,168.07 2,480,400.00 7,127,000.00 5,996,120.00 1,405,500.00 2,503,350.00 6,517,700.00 4,514,000.00 2,730,000.00 4,834,500.00 2,036,996.51 3,233,200.00 727,350.00 9,933,750.00 3,918,600.00 2,228,765.00 51,076,453.34 4,691,599.55 17,101,666.56 15,963,962.81

0.44 0.75 0.20 1.52 0.10 2.43 0.83 0.20 0.50 0.97 0.64 0.97 0.41 1.59 0.50 0.62 0.82 0.92 0.33 0.25 0.87 0.66 0.14 0.10 0.50 0.36 0.51 0.55 0.31 0.51 0.15 0.58 0.13 0.18 0.27 0.28 0.53 0.37 0.56 1.63 0.46 0.52 0.77 1.00 0.32 0.17 0.82 0.42 0.29 0.74 0.55 1.57 1.32 0.31 0.55 1.43 0.99 0.60 1.06 0.45 0.71 0.16 2.19 0.86 0.49 11.24 1.03 3.77 3.52

3,158,602.03 2,926,124.68 5,627,725.42 1,606,772.29 10,788,212.64 694,842.36

0.69 0.64 1.24 0.35 2.37 0.15

7

DekaLux-Europa

ISIN

Category

Market

DK0010274414 DK0060534915 GBP GB0000595859 GB00BYM8GJ06 GB0000536739 GB0006731235 GB0009895292 GB0002162385 LU1072616219 GB0002634946 GB00B0F99717 GB0000566504 GB0007980591 GB0002875804 GB0030913577 GB00BLNN3L44 IE0001827041 GB0002374006 GB0009252882 JE00B4T3BW64 GB0005405286 GB0004544929 GB0005603997 GB0008706128 GB00B08SNH34 GB0006776081 GB0007099541 GB00B24CGK77 GB0007188757 GB00B03MM408 GB0004835483 JE00B2QKY057 GB0007908733 GB0007739609 GB00BH4HKS39 JE00BFNWV485 JE00B8KF9B49 NOK NO0010096985 NO0010063308 NO0010208051 SEK SE0007100581 SE0006886768 SE0000106270 SE0000427361 SE0007100599 SE0000242455 SE0000115446 Other securities CHF CH0012032048

Danske Bank AS Navne-Aktier Novo-Nordisk AS Navne-Aktier B

UNIT UNIT

87,000 165,000

87,000 30,000

0 0

DKK DKK

0 185.400 358.100

ARM Holdings PLC Reg.Shares 1) Ascential PLC Reg.Shares Ashtead Group PLC Reg.Shares Associated British Foods PLC Reg.Shares Astrazeneca PLC Reg.Shares Aviva PLC Reg.Shares B & M Europ.Value Retail S.A. Actions Nominatives BAE Systems PLC Reg.Shares Berendsen PLC Reg.Shares BHP Billiton PLC Reg.Shares BP PLC Reg.Shares 1) British American Tobacco PLC Reg.Shares BT Group PLC Reg.Shares Compass Group PLC Reg.Shares CRH PLC Reg.Shares 1) Diageo PLC Reg.Shares GlaxoSmithKline PLC Reg.Shares Glencore PLC Reg.Shares HSBC Holdings PLC Reg.Shares 1) Imperial Brands PLC Reg.Shares 1) Legal & General Group PLC Reg.Shares 1) Lloyds Banking Group PLC Reg.Shares 1) National Grid PLC Reg.Shares New Pearson PLC Reg.Shares 1) Prudential PLC Reg.Shares Reckitt Benckiser Group Reg.Shares Rio Tinto PLC Reg.Shares Royal Dutch Shell Reg.Shares Cl.B 1) SABMiller PLC Reg.Shares 1) Shire PLC Reg.Shares SSE PLC Shares Travis Perkins PLC Reg.Shares 1) Vodafone Group PLC Reg.Shares Wolseley PLC Reg.Shares WPP PLC Reg.Shares 1)

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

120,000 543,000 150,000 30,000 86,500 450,000 400,000 250,000 60,000 140,000 1,400,000 150,000 1,100,000 150,000 130,000 150,000 350,000 1,050,000 1,000,000 120,000 450,000 10,000,000 300,000 70,000 300,000 60,000 133,000 396,191 260,000 80,000 80,000 100,000 2,270,000 60,000 150,000

0 660,000 315,000 0 0 0 100,000 50,000 0 0 100,000 130,000 100,000 50,000 70,000 0 0 1,050,000 0 0 0 4,500,000 0 0 0 40,000 0 296,191 126,000 31,000 0 100,000 0 60,000 0

100,000 117,000 165,000 62,000 13,500 0 350,000 0 25,000 0 0 0 0 45,000 0 60,000 95,000 0 790,000 21,000 0 0 0 30,000 0 60,000 0 80,000 0 21,000 0 0 130,000 0 0

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

10.160 2.300 8.600 33.640 39.025 4.541 2.649 5.085 12.030 7.803 3.532 40.680 4.399 12.270 19.700 18.835 14.045 1.519 4.320 38.565 2.336 0.677 9.878 8.760 13.010 67.100 19.570 16.990 42.545 39.250 14.880 18.290 2.201 39.430 16.260

Statoil ASA Navne-Aksjer 1) Telenor ASA Navne-Aksjer 1) Yara International ASA Navne-Aksjer 1)

UNIT UNIT UNIT

160,000 165,000 15,500

60,000 0 0

0 0 0

NOK NOK NOK

129.500 135.900 314.700

Assa-Abloy AB Namn-Aktier B 1) Atlas Copco AB Namn-Aktier B (fria) H & M Hennes & Mauritz AB Namn-Aktier B Nordea Bank AB Namn-Aktier 1) Svenska Handelsbanken AB Namn-Aktier A 1) Swedbank AB Namn-Aktier A Volvo (publ), AB Namn-Aktier B (fria)

UNIT UNIT UNIT UNIT UNIT UNIT UNIT

80,000 35,000 70,000 230,000 223,000 150,000 300,000

0 0 0 0 53,500 126,000 300,000

0 0 0 0 0 25,000 134,000

SEK SEK SEK SEK SEK SEK SEK

160.200 191.200 272.000 77.850 103.500 174.400 88.600

Roche Holding AG Inhaber-Genußscheine 1)

UNIT

70,000

17,000

10,000

CHF

Unlisted securities Other securities EUR NL0011683560 Royal Dutch Shell PLC Anrechte A

UNIT

Securities fund units Units in investment company’s own securities funds EUR LU0923076540 Deka-Deutschland Nebenwerte Inhaber-Anteile CF Total securities portfolio Derivatives (Assets marked with minus are sold positions.) Share index derivatives Receivables/ liabilities Futures contracts on a share index DJ Euro Stoxx 50 Future (SX5E) Juni 16 Total of share index derivatives Foreign exchange derivatives Receivables/ liabilities Foreign exchange futures contracts (sold) Open positions GBP/EUR 20,000,000.00 Total of foreign exchange derivatives

Units or currency

EUREX

Holdings 31/03/2016

157,782

UNIT

14,000

EUR

Number 700

Purchases/ Sales/ Additions Disposals during the reporting period

157,782

0

0

0

Price

EUR

EUR EUR

EUR

OTC EUR

Market value in EUR

% of net assets

236.600

2,164,478.23 7,928,892.05 137,304,276.89 1,541,759.14 1,579,316.75 1,631,290.43 1,276,200.23 4,268,748.77 2,584,077.85 1,339,934.37 1,607,579.81 912,763.90 1,381,437.43 6,252,141.86 7,716,383.09 6,119,109.49 2,327,434.13 3,238,554.09 3,572,715.72 6,216,291.41 2,016,919.90 5,462,293.80 5,852,159.56 1,329,312.01 8,554,790.49 3,747,415.54 775,432.01 4,935,601.97 5,091,143.61 3,291,425.61 8,512,155.76 13,988,252.18 3,970,737.94 1,505,339.63 2,312,891.62 6,316,679.00 2,991,710.77 3,084,277.02 5,101,896.95 2,201,339.71 2,382,323.41 518,233.83 14,323,661.43 1,387,816.54 724,662.01 2,061,799.85 1,938,947.33 2,499,336.74 2,832,809.04 2,878,289.92 15,140,738.84 15,140,738.84 15,140,738.84

0.48 1.74 30.17 0.34 0.35 0.36 0.28 0.94 0.57 0.29 0.35 0.20 0.30 1.37 1.70 1.34 0.51 0.71 0.79 1.37 0.44 1.20 1.29 0.29 1.88 0.82 0.17 1.08 1.12 0.72 1.87 3.08 0.87 0.33 0.51 1.39 0.66 0.68 1.11 0.48 0.52 0.11 3.14 0.30 0.16 0.45 0.43 0.55 0.62 0.63 3.34 3.34 3.34

0.422

66,599.78 66,599.78 66,599.78 66,599.78

0.01 0.01 0.01 0.01

2,107,280.00 2,107,280.00 2,107,280.00 2,107,280.00 432,759,482.08

0.46 0.46 0.46 0.46 95.11

-357,000.00 -357,000.00 -357,000.00

-0.08 -0.08 -0.08

571,255.24

0.13

571,255.24 571,255.24

0.13 0.13

150.520

8

DekaLux-Europa

ISIN

Category

Market

Units or currency

Holdings 31/03/2016

Purchases/ Sales/ Additions Disposals during the reporting period

Price

Market value in EUR

% of net assets

Cash at banks, money market securities and money market funds Bank deposits EUR balances with the Custodian Bank DekaBank Deutsche Girozentrale Luxembourg S.A. EUR Balances in other EU/EEA currencies DekaBank Deutsche Girozentrale Luxembourg S.A. DKK DekaBank Deutsche Girozentrale Luxembourg S.A. GBP DekaBank Deutsche Girozentrale Luxembourg S.A. NOK DekaBank Deutsche Girozentrale Luxembourg S.A. PLN DekaBank Deutsche Girozentrale Luxembourg S.A. SEK Balances in non-EU/EEA currencies DekaBank Deutsche Girozentrale Luxembourg S.A. CHF DekaBank Deutsche Girozentrale Luxembourg S.A. USD Total cash at banks Total of cash at banks, money market securities and money market funds

2,503,977.64

%

100.000

2,503,977.64

0.55

2,042,584.86 13,142,575.53 861,876.09 397.46 1,186,383.90

% % % % %

100.000 100.000 100.000 100.000 100.000

274,097.04 16,619,657.09 91,567.67 93.19 128,470.91

0.06 3.66 0.02 0.00 0.03

98,554.86 5,873.22

% % EUR EUR

100.000 100.000

90,097.42 5,179.66 19,713,140.62 19,713,140.62

0.02 0.00 4.34 4.34

Other assets Dividend entitlements Margins (initial margins) Receivables from unit certificate transactions Receivables from securities loans Other receivables Total other assets

819,319.48 2,112,446.10 62,060.52 65,034.09 118,170.38 EUR

819,319.48 2,112,446.10 62,060.52 65,034.09 118,170.38 3,177,030.57

0.18 0.46 0.01 0.01 0.03 0.69

EUR

-486,971.60 -57,892.83 -168,402.36 -31,866.69 -70,123.90 -815,257.38

-0.11 -0.01 -0.04 -0.01 -0.02 -0.19

EUR UNIT EUR

455,048,651.13 8,279,841.000 54.96

100.00*)

Other liabilities Management fee

Taxe d’abonnement Payables from unit certificate transactions Liabilities arising from securities loans Lump-sum fee Total other liabilities

EUR EUR EUR EUR EUR

EUR EUR EUR EUR EUR

-486,971.60 -57,892.83 -168,402.36 -31,866.69 -70,123.90

Fund assets Class TF (A) units in circulation Class TF (A) unit value Proportion of securities to fund assets (in %) Proportion of derivatives to fund assets (in %) *) 1)

95.11 0.05

Differences in percentage values are possible due to rounding.

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

ARM Holdings PLC Reg.Shares Assa-Abloy AB Namn-Aktier B Bayerische Motoren Werke AG Vorzugsaktien BP PLC Reg.Shares Cie Financière Richemont AG Namens-Aktien CRH PLC Reg.Shares EDP - Energias de Portugal SA Acções Nom. HSBC Holdings PLC Reg.Shares Iberdrola S.A. Acciones Port. Iliad S.A. Actions au Porteur Imperial Brands PLC Reg.Shares Legal & General Group PLC Reg.Shares Lloyds Banking Group PLC Reg.Shares Nestlé S.A. Namens-Aktien Nordea Bank AB Namn-Aktier Pearson PLC Reg.Shares Roche Holding AG Inhaber-Genußscheine Royal Dutch Shell Reg.Shares Cl.B SABMiller PLC Reg.Shares Siemens AG Namens-Aktien Statoil ASA Navne-Aksjer Svenska Handelsbanken AB Namn-Aktier A Telenor ASA Navne-Aksjer Travis Perkins PLC Reg.Shares UBS Group AG Namens-Aktien voestalpine AG Inhaber-Aktien WPP PLC Reg.Shares Yara International ASA Navne-Aksjer Zurich Insurance Group AG Namens-Aktien Total value of redemption claims from securities loans:

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

Units or nominal in currency 14,538 10,369 10,000 189,213 80,000 100,000 180,331 202,383 406,925 420 9,902 61,542 590,737 260,000 31,425 8,488 7,269 15,739 10,000 59,595 160,000 15,492 165,000 2,577 177,833 75,216 13,399 15,500 1,556

Securities loans Market value in EUR limited unlimited 186,784.12 179,878.37 705,000.00 844,990.37 4,691,599.55 2,491,195.45 562,813.05 1,105,475.41 2,389,056.68 95,172.00 482,900.70 181,796.71 505,363.13 17,101,666.56 264,919.22 94,026.67 1,572,257.58 338,152.10 538,009.70 5,548,890.45 2,201,339.71 173,631.05 2,382,323.41 59,603.22 2,501,988.25 2,177,127.12 275,508.18 518,233.83 312,517.21 50,482,219.80

total

50,482,219.80

9

DekaLux-Europa

Securities prices or market rates The assets of the Fund have been valued on the basis of the following prices/market rates: Foreign and domestic shares, securities investment fund units and derivatives as at: 30 and 31/03/2016 All other assets as at: 31/03/2016 Exchange rate(s) or conversion factor(s) (volume quotation) as at 31/03/2016 United Kingdom, pound (GBP) 0.79079 = 1 euro (EUR) Denmark, krone (DKK) 7.45205 = 1 euro (EUR) Norway, krone (NOK) 9.41245 = 1 euro (EUR) Sweden, krona (SEK) 9.23465 = 1 euro (EUR) Switzerland, franc (CHF) 1.09387 = 1 euro (EUR) Poland, zloty (PLN) 4.26500 = 1 euro (EUR) United States, dollar (USD) 1.13390 = 1 euro (EUR)

Market code Futures markets EUREX

Frankfurt – Eurex Zurich

OTC

Over-the-Counter

The following derivative liabilities result from the transactions listed below that were still ongoing as at 31/03/2016: Foreign exchange futures contracts (sold)

GBP/EUR

20.0 million

Financial futures transactions - purchased futures contracts on indices

EUR

25,239,292.76

EUR

20,531,000.00

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 CHF CH0012221716 ABB Ltd. Namens-Aktien CH0012138530 Credit Suisse Group AG Namens-Aktien CH0012214059 LafargeHolcim Ltd. Namens-Aktien CH0024608827 Partners Group Holding AG Namens-Aktien DKK DK0010244425 A.P.Møller-Mærsk A/S Navne-Aktier A DK0060448595 Coloplast AS Navne-Aktier B DK0010307958 Jyske Bank A/S Navne-Aktier EUR ES0111845014 Abertis Infraestructuras S.A. Acciones Nom. FR0000120073 Air Liquide-SA Ét.Expl.P.G.Cl. Actions Port. ES0109067019 Amadeus IT Holding S.A. Acciones Port. IT0004998065 Anima Holding S.p.A. Azioni nom LU0323134006 ArcelorMittal S.A. Actions Nouvelles Nominat. IT0003506190 Atlantia S.p.A. Azioni nom. DE000BASF111 BASF SE Namens-Aktien DE0005200000 Beiersdorf AG Inhaber-Aktien ES0105630315 Cie Automotive S.A. Acciones Port. FR0000121261 Cie Génle Éts Michelin SCpA Actions Nom. FR0010667147 Coface S.A. Actions Port. FR0000125007 Compagnie de Saint-Gobain S.A. Actions au Porteur DE0006062144 Covestro AG Inhaber-Aktien PTCTT0AM0001 CTT-Correios de Portugal S.A. Acções ao Portador DE0007100000 Daimler AG Namens-Aktien FR0000121725 Dassault Aviation S.A. Actions Port. BE0974259880 D’Ieteren S.A. Parts Sociales au Port. DE000ENAG999 E.ON SE Namens-Aktien ES0118900010 Ferrovial S.A. Acciones Port. NL0011279492 Flow Traders N.V. Aandelen op naam PTGAL0AM0009 Galp Energia SGPS S.A. Acções Nom. DE0005895403 GRAMMER AG Inhaber-Aktien DE000A13SX22 Hella KGaA Hueck & Co. Inhaber-Aktien DE0006048432 Henkel AG & Co. KGaA Inhaber-Vorzugsaktien BE0003565737 KBC Groep N.V. Parts Sociales au Port. FR0000121485 Kering S.A. Actions Port. IE0004906560 Kerry Group PLC Reg.Shares A FI0009013403 KONE Corp. (New) Reg.Shares Cl.B DE0006483001 Linde AG Inhaber-Aktien FR0000120321 L’Oréal S.A. Actions Port. IT0001479374 Luxottica Group S.p.A. Azioni nom. FR0000120685 Natixis S.A. Actions Port.

Units or Nominal in Currency

Purchases/ Additions

Sales/ Disposals

UNIT UNIT UNIT UNIT

0 0 8,501 3,000

90,000 100,000 40,001 3,000

UNIT UNIT UNIT

0 0 25,000

330 3,000 25,000

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

41,000 0 0 0 100,000 0 0 0 0 16,000 0 0 70,000 0 0 0 40,000 0 51,400 25,000 0 60,000 0 0 0 0 0 0 0 0 0 0

41,000 10,000 39,000 120,000 100,000 25,000 67,000 30,000 55,000 22,800 100,000 40,474 70,000 50,000 93,000 1,450 40,000 170,000 51,400 125,000 115,000 60,000 35,000 10,000 5,000 5,000 20,000 25,000 16,000 15,000 7,000 85,000

10

DekaLux-Europa

ISIN

Category

BE0974276082 FR0000133308 ES0173516115 DE000A12DM80 LU0088087324 DE000WAF3001 DE000SYM9999 FR0000051807 IT0004781412 FR0000127771 DE000A1ML7J1 DE000WACK012 GBP GB00B1XZS820 GB0000456144 GB00BVYVFW23 GB0031348658 GB00B07KD360 IE0002424939 GB00B19NLV48 GB00B2QPKJ12 IE0003864109 GB00BYXJC278 GB00BRS65X63 GB00BDZT6P94 GB00B1CRLC47 GB00BJ62K685 GB00B63H8491 GB0007197378 GB00BKKMKR23 GB00BYZFZ918 GB0004082847 GB00B7T77214 GB0009465807 GB00B1KJJ408 GB0031698896 JE00BN574F90 SEK SE0000108656 SE0006965216 SE0000148884 SE0000667925 SE0006422390 USD US6951561090 Other securities EUR ES06132119B5 ES06139009N6 ES06445809B3 ES06784309A5

Ontex Group N.V. Actions Nom. Orange S.A. Actions Port. Repsol S.A. Acciones Port. Scout24 AG Namens-Aktien SES S.A. Bearer FDRs (rep.Shs A) Siltronic AG Namens-Aktien Symrise AG Inhaber-Aktien Téléperformance SE Actions Port. UniCredit S.p.A. Azioni nom. Vivendi S.A. Actions Porteur Vonovia SE Namens-Aktien Wacker Neuson SE Namens-Aktien

Unlisted securities Equities GBP GB0008762899 Other securities EUR NL0011495171 NL0011542568 GBP GB00BYP0YD35 GB00BYZXCH29

Purchases/ Additions

Sales/ Disposals

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

17,000 0 0 10,800 0 0 17,000 13,500 0 0 0 50,000

87,000 150,000 8 10,800 20,000 30,000 17,000 13,500 650,000 50,000 50,000 135,000

Anglo American PLC Reg.Shares Antofagasta PLC Reg.Shares Auto Trader Group PLC Reg.Shares Barclays PLC Reg.Shares Cobham PLC Reg.Shares DCC PLC Reg.Shares Experian PLC Reg.Shares Fresnillo PLC Reg.Shares Greencore Group PLC Reg.Shares Ibstock PLC Reg.Shares Indivior PLC Reg.Shares Merlin Entertainment PLC Reg.Shares Mondi PLC Reg.Shares Pets At Home Group PLC Reg.Shares Rolls Royce Holdings PLC Reg.Shares RPC Group PLC Reg.Shares RSA Insurance Group PLC Reg.Shares Sophos Group PLC Reg.Shares (WI) Standard Chartered PLC Reg.Shares The Royal Bk of Scotld Grp PLC Reg.Shares The Weir Group PLC Reg.Shares Whitbread PLC Reg.Shares William Hill PLC Reg.Shares Wizz Air Holdings PLC Reg.Shares

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

0 0 372,200 0 250,000 0 0 0 150,000 972,600 0 175,000 25,000 285,000 0 120,000 0 500,000 85,714 230,000 0 20,000 0 45,000

60,000 145,000 557,200 1,440,000 250,000 5,210 85,000 21,000 400,000 972,600 100,000 175,000 80,000 285,000 160,000 120,000 100,000 500,000 385,714 280,000 65,000 20,000 290,000 45,000

Ericsson Namn-Aktier B(fria) Nordax Group AB (publ) Namn-Aktie Skandinaviska Enskilda Banken Namn-Aktier A (fria) TeliaSonera AB Namn-Aktier Thule Group AB (publ) Namn-Aktier

UNIT UNIT UNIT UNIT UNIT

0 0 0 0 93,000

145,000 240,000 100,000 90,000 93,000

Packaging Corp. of America Reg.Shares

UNIT

48,000

48,000

Banco Bilbao Vizcaya Argent. Anrechte Banco Santander S.A. Anrechte (Gratis) Iberdrola S.A. Anrechte Telefónica S.A. Anrechte

UNIT UNIT UNIT UNIT

470,000 1,000,000 346,277 200,000

470,000 1,000,000 346,277 200,000

BG Group PLC Reg.Shares

UNIT

0

665,000

Akzo Nobel N.V. Anrechte (Wahldividende) Royal Dutch Shell PLC Anrechte A

UNIT UNIT

25,000 154,815

25,000 154,815

RPC Group PLC Anrechte (Nil-Paid-Shs.) Standard Chartered PLC Anrechte

UNIT UNIT

20,000 85,714

20,000 85,714

UNIT

1,350

1,350

Money market funds Investment company’s own money market funds EUR LU0446052440 Deka-EuroCash FCP Inhaber-Anteile

Units or Nominal in Currency

11

Management information.

The DekaBank securities account – Complete service for your funds – Our DekaBank securities account is a cost-effective way to hold a variety of 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 Deka 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:  The 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 DekaAuszahlplan.  The Deka-JuniorPlan is particularly appropriate for anyone who wishes to make regular savings deposits for a child. The plan invests monthly contributions of EUR 25 or more in good, broadly diversified opportunities for asset accumulation. Professional asset management is used to take advantage of longterm opportunities for high expected returns, while significantly reducing risk compared to investments in individual securities.

 A number of investment vehicles are available for systematic and flexible asset accumulation, and are particularly appropriate for personal old-age provision:  Deka-ZukunftsPlan: A personal pension solution based on an intelligent investment concept – also available with a Riester subsidy.  Deka-BonusRente: Offers all of the benefits of a Riester solution, with additional opportunities to earn returns in securities markets.  Deka-BasisRente: A Rürup solution that combines the benefits of a government-subsidised investment with the growth potential of an optimised asset structure. Orders can be submitted in a number of ways, e.g. by regular mail, telephone and Internet using our website www.deka.de. Information on the DekaBank securities account and investment funds is available from our service hotline by calling (0 69) 7147-652, Monday through Friday from 8:00 a.m. to 6:00 p.m.

12

Your partners in the Sparkassen-Finanzgruppe.

Management Company Deka International S.A. 5, rue des Labours 1912 Luxembourg, Luxembourg Equity as at 31 December 2015: subscribed EUR 10.4 million paid-in EUR 10.4 million liable EUR 77.5 million Management Holger Hildebrandt Managing Director of Deka International S.A., Luxembourg and International Fund Management S.A., Luxembourg; Executive Member of the Board of Directors of Dealis Fund Operations S.A., Luxembourg

Deputy Chairman Thomas Ketter Managing Director of Deka Investment GmbH, Frankfurt am Main, Germany; Deputy Chairman of the Board of Directors of Deka International S.A., Luxembourg,

DekaBank Deutsche Girozentrale Mainzer Landstraße 16 60325 Frankfurt am Main, Germany

and

Representative in Switzerland

International Fund Management S.A., Luxembourg, and Dealis Fund Operations S.A., Luxembourg Member Holger Knüppe Director of Equity Investments, DekaBank Deutsche Girozentrale, Frankfurt am Main, Germany; Member of the Board of Directors of International Fund Management S.A., Luxembourg

Member of the Board of Directors of Deka Immobilien Luxembourg S.A., Luxembourg

(as at 1 January 2016)

Eugen Lehnertz Managing Director of Deka International S.A., Luxembourg

DekaBank Deutsche Girozentrale Luxembourg S.A. 38, avenue John F. Kennedy 1855 Luxembourg Luxembourg

and International Fund Management S.A., Luxembourg, and Dealis Fund Operations S.A., Luxembourg Supervisory Board of the Management Company Chairman Patrick Weydert Managing Director of DekaBank Deutsche Girozentrale Luxembourg S.A., Luxembourg; Chairman of the Board of Directors of International Fund Management S.A., Luxembourg; Member of the Board of Directors of Deka Immobilien Luxembourg S.A., Luxembourg

Payment and Information Agent in the Federal Republic of Germany

Custodian Bank and Payment Agent

Equity as at 31 December 2015 EUR 450.5 million

ACOLIN Fund Services AG Affolternstrasse 56 8050 Zurich Switzerland Payment agent in Switzerland NPB Neue Privat Bank AG Limmatquai 1/am Bellevue 8022 Zurich Switzerland The Fund is domiciled in Luxembourg. This document may only be distributed in and from Switzerland to qualified investors in accordance with Art. 10 paragraph 3, 3bis and 3ter KAG (Swiss Federal Collective Investment Act). The place of performance and jurisdiction for units of the Fund distributed in and from Switzerland is the registered office of the representative in Switzerland. Relevant documents and the Annual and SemiAnnual Reports can be obtained free of charge from the Representative in Switzerland.

Cabinet de révision agréé for the Fund and Management Company KPMG Luxembourg Société coopérative 39, avenue John F. Kennedy 1855 Luxembourg, Luxembourg

The information above is updated in the Annual and the Semi-Annual Reports.

13

Deka International S.A. 5, rue des Labours 1912 Luxembourg PO Box 5 45 2015 Luxembourg Luxembourg

As at: 03/16

Telephone: (+3 52) 34 09 – 39 Fax: (+3 52) 34 09 - 22 93 www.deka.lu