DWS Türkei Semiannual Report 2015

Deutsche Asset & Wealth Management Investment S.A. DWS Türkei Semiannual Report 2015 Investment Fund Organized under Luxembourg Law

DWS Türkei

Contents Semiannual report 2015 for the period from January 1, 2015, through June 30, 2015 General information 2 2015 Semiannual report DWS Türkei 4 Investment portfolio for the reporting period 6 1

General information The fund described in this report is subject to the laws of Luxembourg. Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset & Wealth Management Investment S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmark if available is also presented in the report. All financial data in this publication is as of June 30, 2015 (unless otherwise stated). Sales prospectuses Fund units are purchased on the basis of the current sales prospectus and management regulations, as well as the key investor information document in combination with the latest audited annual report and any semi annual report that is more recent than the latest annual report. Issue and redemption prices The current issue and redemption prices and all other information for unitholders may be requested at any time at the registered office of the Management Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appropriate media (such as the Internet, electronic information systems, newspapers, etc.). 2

Semiannual report

DWS Türkei DWS TÜRKEI vs. benchmark Performance at a glance in % 0.0-1.1-2.2-3.3-4.4-5.5-6.6-5.6-5.4 6 months DWS Türkei Benchmark MSCI Turkey IMI Top 20 Group Entity 10-40 since April 1, 2011 (previously: MSCI Turkey 10/40 since January 1, 2010, previously: ISE 100) Data on euro basis Security code: A0D PW3 ISIN: LU0209404259 BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2015 4

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

DWS Türkei Investment portfolio June 30, 2015 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Securities traded on an exchange 56 248 998.99 91.99 Equities Akbank Bear. (TRAAKBNK91N6)... Count 1 375 000 2 099 000 724 000 TRY 7.7200 3 534 310.11 5.78 Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9)... Count 1 000 49 000 198 000 TRY 24.0500 8 007.55 0.01 Anadolu Hayat Emeklilik (TRAANHYT91O3)... Count 1 078 78 TRY 5.3900 1 934.60 0.00 Arcelik (TRAARCLK91H5)... Count 155 000 145 000 TRY 14.1000 727 671.67 1.19 Aselsan Elektronik (TRAASELS91H2) 3)... Count 272 500 97 500 250 000 TRY 13.9000 1 261 147.73 2.06 Avivasa Emeklilik ve Hayat (TRECUHE00018)... Count 1 000 TRY 46.7500 15 565.61 0.03 Aygaz (TRAAYGAZ91E0)... Count 497 962 100 000 177 038 TRY 10.1000 1 674 565.85 2.74 BIM Birlesik Magazalar Bear. (TREBIMM00018)... Count 150 000 261 500 134 000 TRY 47.4500 2 369 802.37 3.88 Bimeks Bilgi Islem Ve Dis Ticaret (TREBMKS00011)... Count 1 000 1 299 000 TRY 2.1000 699.20 0.00 Carrefoursa Carrefour Sabanci Ticaret (pref.) A (TRECARF00016)... Count 1 000 58 139 57 139 TRY 45.3500 15 099.48 0.02 Cimsa Cimento (TRACIMSA91F9)... Count 1 000 TRY 15.2000 5 060.91 0.01 Coca Cola Icecek Cl.C (TRECOLA00011)... Count 165 000 30 000 15 000 TRY 43.2500 2 376 045.27 3.89 Datagate Bilgisayar Malzemeleri ve Ticaret (TREDGTE00010) 3)... Count 50 000 350 000 TRY 13.7500 228 906.10 0.37 DO & CO (AT0000818802)... Count 15 000 1 500 1 500 TRY 247.0000 1 233 595.76 2.02 Dogan Sirketler Grubu Holding (TRADOHOL91Q8)... Count 1 000 TRY 0.6100 203.10 0.00 Dogus Otomotiv Servis (TREDOTO00013)... Count 1 000 249 000 249 000 TRY 15.8500 5 277.33 0.01 Emlak Konut Gayrimenkul Yatirim Ortakligi (TREEGYO00017)... Count 2 850 000 250 000 1 400 000 TRY 2.7400 2 600 040.29 4.25 Enka Insaat Bear. (TREENKA00011)... Count 300 000 937 888 1 437 888 TRY 5.0500 504 425.80 0.82 Eregli Demir Ve Celik Fabrikalari Turk (TRAEREGL91G3). Count 1 000 TRY 4.2600 1 418.39 0.00 Ford Otomotiv (TRAOTOSN91H6)... Count 180 000 10 000 55 000 TRY 34.7000 2 079 632.68 3.40 Gozde Girisim Sermayesi Yatirim Ortakligi (TREGZDF00014)... Count 1 000 350 000 1 149 000 TRY 2.5700 855.69 0.00 Gubre Fabrikalari (TRAGUBRF91E2)... Count 1 000 TRY 6.9600 2 317.36 0.00 Haci Omer Sabanci Holding (TRASAHOL91Q5)... Count 650 000 225 000 525 000 TRY 10.0000 2 164 203.08 3.54 HALK Gayrimenkul REIT (TREHLGY00016)... Count 1 064 622 1 064 622 TRY 1.0800 382 828.13 0.63 Indeks Bilgisayar (TREINDX00019)... Count 546 374 296 374 TRY 5.6200 1 022 376.82 1.67 Is Gayrimenkul Yatirim Ortakligi (TRAISGYO91Q3) 3).... Count 2 096 075 1 452 468 1 106 393 TRY 1.6300 1 137 572.48 1.86 Kardemir Karabuk Demir D (TRAKRDMR91G7)... Count 2 500 000 2 499 000 TRY 1.5700 1 306 845.71 2.14 Karsan Otomotiv (TRAKARSN91H7)... Count 1 000 3 249 000 TRY 1.4400 479.45 0.00 Koc Holding (TRAKCHOL91Q8)... Count 150 000 149 000 TRY 12.4000 619 295.04 1.01 Kristal Kola ve Mesrubat Sanayi Ticaret (TRAKRSTL91A6)... Count 1 000 TRY 2.3900 795.76 0.00 Migros Ticaret (TREMGTI00012)... Count 340 000 140 000 65 000 TRY 21.0500 2 382 954.07 3.90 ODAS Elektrik Uretim Sanayi (TREODAS00014) 3)... Count 200 000 424 000 224 000 TRY 8.3500 556 033.71 0.91 Ozak Gayrimenkul Yatirim Ortakligi REIT (TREOZAK00014) 3)... Count 1 617 235 617 235 300 000 TRY 2.8200 1 518 472.37 2.48 Park Elektrik Madencilik (TRAPRKTE91B5)... Count 1 000 525 000 524 000 TRY 3.6500 1 215.28 0.00 Pegasus Hava Tasimaciligi (TREPEGS00016) 3)... Count 140 000 197 500 132 500 TRY 24.4500 1 139 702.64 1.86 Selcuk Ecza Deposu (TRESLEC00014)... Count 1 000 449 000 448 000 TRY 2.5100 835.72 0.00 Tat Konserve (TRATATKS91A5)... Count 1 000 250 000 249 000 TRY 6.5200 2 170.86 0.00 TAV Havalimanlari Holding (TRETAVH00018)... Count 1 000 349 000 TRY 22.0500 7 341.64 0.01 Torunlar Gayrimenkul Yatirim Ortakligi (TRETRGY00018) 3)... Count 500 000 750 000 600 000 TRY 3.4200 569 351.89 0.93 Trakya Cam (TRATRKCM91F7)... Count 1 000 50 000 1 049 000 TRY 2.7900 928.94 0.00 Tuerk Otomobil Fabrikasi Bear. E (TRATOASO91H3)... Count 475 000 65 000 75 000 TRY 17.9500 2 838 851.77 4.64 Tukas Gida Sanayi Ve Ticaret (TRATUKAS91A3) 3)... Count 1 258 572 1 258 572 TRY 1.7000 712 379.87 1.17 Tümosan Motor Ve Traktör Sanayi (TRETUMO00011)... Count 125 000 249 000 574 000 TRY 6.7800 282 178.79 0.46 Tupras Turkiye Petrol Rafineleri (TRATUPRS91E8)... Count 55 987 82 000 27 013 TRY 67.7000 1 262 003.39 2.06 Turk Hava Yollari (TRATHYAO91M5)... Count 625 000 150 000 925 000 TRY 8.7900 1 829 167.80 2.99 Turk Telekomunikasyon (TRETTLK00013)... Count 1 000 TRY 6.9300 2 307.37 0.00 Turk Traktor ve Ziraat Makineleri (TRETTRK00010)...... Count 40 000 12 500 22 500 TRY 68.6000 913 626.65 1.49 Turkiye Garanti Bankasi (TRAGARAN91N1)... Count 950 731 525 731 600 000 TRY 8.3800 2 652 688.95 4.34 Turkiye Halk Bankasi (TRETHAL00019)... Count 600 000 435 000 1 410 000 TRY 12.1500 2 427 237.00 3.97 Turkiye Is Bankasi C (TRAISCTR91N2)... Count 1 500 000 75 000 825 000 TRY 5.6600 2 826 782.18 4.62 Turkiye Sinai Kalkinma Bankasi (TRATSKBW91N0)... Count 1 633 333 483 333 TRY 1.7100 929 941.23 1.52 Türkiye Sise ve Cam Fabrikalari (TRASISEW91Q3)... Count 1 000 TRY 3.5100 1 168.67 0.00 Türkiye Vakiflar Bankasi (TREVKFB00019)... Count 1 625 000 650 000 925 000 TRY 4.2800 2 315 697.30 3.79 Ülker Gida Bear. (TREULKR00015) 3)... Count 450 000 500 000 200 000 TRY 18.0500 2 704 421.47 4.42 Yapi Ve Kredi Bankasi (TRAYKBNK91N6) 3)... Count 2 125 000 1 675 000 TRY 3.9300 2 780 584.77 4.55 Yazicilar Hldg Bear. (TRAYAZIC91Q6)... Count 45 084 45 084 TRY 20.6500 309 975.34 0.51 Total securities portfolio 56 248 998.99 91.99 6

DWS Türkei Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Derivatives Minus signs denote short positions Derivatives on individual securities 2 351 350.00 3.85 Warrants on securities Equity warrants Nomura Int. WRT 20.01.16 Turkiye Garanti Bankasi (XS0582512751)... Count 775 000 EUR 3.0340 2 351 350.00 3.85 Cash at bank 2 596 888.11 4.25 Demand deposits at Depositary EUR deposits... EUR 648 221.96 % 100 648 221.96 1.06 Deposits in non-eu/eea currencies Turkish lira... TRY 5 852 273.54 % 100 1 948 539.76 3.19 U.S. dollar... USD 141.18 % 100 126.39 0.00 Other assets 75 411.23 0.12 Dividends receivable... EUR 31 032.18 % 100 31 032.18 0.05 Other receivables... EUR 44 379.05 % 100 44 379.05 0.07 Total assets 1 61 272 648.33 100.21 Other liabilities -125 659.45-0.21 Liabilities from cost items... EUR -100 028.61 % 100-100 028.61-0.16 Additional other liabilities... EUR -25 630.84 % 100-25 630.84-0.04 Net assets 61 146 988.88 100.00 Net asset value per unit 203.95 Number of units outstanding 299 819.930 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of June 30, 2015 Turkish lira... TRY 3.003415 = EUR 1 U.S. dollar... USD 1.116990 = EUR 1 Notes on valuation The Management Company determines the net asset values per unit 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 Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund 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. Investments reported in this report are not valued at derived market values. Footnotes 1 Does not include positions with a negative balance, if such exist. 3 These securities were completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 5,794,903.42. 7

DWS Türkei 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 currency additions disposals ( / 000) Securities traded on an exchange Equities Akcansa Cimento (TRAAKCNS91F3).... Count 70 237 Alarko Holding (TRAALARK91Q0).... Count 1 000 Anadolu Cam (TRAANACM91F7).... Count 549 000 550 000 Bilici Yatirim Gayim. Tekstil Turizm Ener.Ins.Sa. (TREBLCY00018).... Count 235 135 1 085 135 Bizim Toptan Satis Magazalari (TREBZMT00017)... Count 50 000 450 000 Good Year Lastikleri (TRAGOODY91E9).... Count 15 000 15 000 Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim (TRAIPMAT92D2)... Count 500 000 500 000 Koza Anadolu Metal Madencilik Isletmeleri (TREKOZA00014).... Count 1 500 000 1 501 000 Polisan Holding (TREPOHO00012).... Count 1 250 000 1 250 000 Reysas Tasimacilik ve Lojistik (TREREYS00015).... Count 600 000 600 000 Teknosa Ic Ve Dis Ticaret (TRETKNO00010)... Count 25 000 400 000 Turkcell Iletisim Hizmetleri (TRATCELL91M1)... Count 750 000 Vestel Elektronik (TRAVESTL91H6).... Count 1 000 Yunsa Yunlu Sanayi ve Ticaret (TRAYUNSA91B5).. Count 221 216 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) Equity index futures Contracts purchased: EUR 3 454 (Underlyings: Istanbul Stock Exchange National 30 Index) Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR 45 491 Security description: Ozak Gayrimenkul Yatirim Ortakligi REIT (TREOZAK00014), Akbank Bear. (TRAAKBNK91N6), Anadolu Cam (TRAANACM91F7), Arcelik (TRAARCLK91H5), Aselsan Elektronik (TRAASELS91H2), Aygaz (TRAAYGAZ91E0), Bimeks Bilgi Islem Ve Dis Ticaret (TREBMKS00011), Carrefoursa Carrefour Sabanci Ticaret (pref.) A (TRECARF00016), Datagate Bilgisayar Malzemeleri ve Ticaret (TREDGTE00010), Emlak Konut Gayrimenkul Yatirim Ortakligi (TREEGYO00017), Ford Otomotiv (TRAOTOSN91H6), Good Year Lastikleri (TRAGOODY91E9), Gozde Girisim Sermayesi Yatirim Ortakligi (TREGZDF00014), HALK Gayrimenkul REIT (TREHLGY00016), Is Gayrimenkul Yatirim Ortakligi (TRAISGYO91Q3), Kardemir Karabuk Demir D (TRAKRDMR91G7), Karsan Otomotiv (TRAKARSN91H7), Koza Anadolu Metal Madencilik Isletmeleri (TREKOZA00014), Migros Ticaret (TREMGTI00012), ODAS Elektrik Uretim Sanayi (TREODAS00014), Park Elektrik Madencilik (TRAPRKTE91B5), Pegasus Hava Tasimaciligi (TREPEGS00016), Polisan Holding (TREPOHO00012), Teknosa Ic Ve Dis Ticaret (TRETKNO00010), Torunlar Gayrimenkul Yatirim Ortakligi (TRETRGY00018), Tukas Gida Sanayi Ve Ticaret (TRATUKAS91A3), Tümosan Motor Ve Traktör Sanayi (TRETUMO00011), Turkcell Iletisim Hizmetleri (TRATCELL91M1), Turkiye Garanti Bankasi (TRAGARAN91N1), Turkiye Halk Bankasi (TRETHAL00019), Turkiye Is Bankasi C (TRAISCTR91N2), Turkiye Sinai Kalkinma Bankasi (TRATSKBW91N0), Türkiye Vakiflar Bankasi (TREVKFB00019), Ülker Gida Bear. (TREULKR00015), Yapi Ve Kredi Bankasi (TRAYKBNK91N6), Yunsa Yunlu Sanayi ve Ticaret (TRAYUNSA91B5) 8

Management Company Supervisory Board (since May 1, 2015) Management Board (since May 1, 2015) Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2014: EUR 231.5 million before profit appropriation At framework of the extraordinary general meeting of DWS Investment S.A. on April 24, 2015, a resolution was passed to change the name of the company to Deutsche Asset & Wealth Management Investment S.A. effective May 1, 2015. Furthermore, it was decided to change over from the single-tier organizational structure in place up to that point to a dual organizational structure. On the basis of this resolution, the Management Board, under the supervision of the Supervisory Board, has been responsible for operational management since May 1, 2015. Board of Directors (until April 30, 2015) Holger Naumann Chairman Investment GmbH, Frankfurt/Main Heinz-Wilhelm Fesser Marzio Hug Deutsche Bank AG, London Dr. Boris N. Liedtke Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Investment GmbH, Frankfurt/Main Klaus-Michael Vogel Dr. Asoka Wöhrmann Investment GmbH, Frankfurt/Main Holger Naumann Chairman Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Bank AG, Frankfurt/Main Marzio Hug Deutsche Bank AG, London Dr. Boris N. Liedtke Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Investment GmbH, Frankfurt/Main Dr. Asoka Wöhrmann Investment GmbH, Frankfurt/Main Management (until April 30, 2015) Klaus-Michael Vogel Manfred Bauer Markus Kohlenbach Doris Marx Ralf Rauch Martin Schönefeld Manfred Bauer Chairman Ralf Rauch Martin Schönefeld Barbara Schots Auditor KPMG Luxembourg Société coopérative 39, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg Depositary Until April 22, 2015 State Street Bank Luxembourg S.A. 49, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg Since April 23, 2015: State Street Bank Luxembourg S.C.A. 49, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany Sales, Information and Paying Agent LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg As of: July 31, 2015

Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00