Deutsche
Asset Management
Deutsche Asset Management S.A.
DWS Emerging Corporate
Bond Master Fund
Semiannual Report 2016
Investment Fund Organized under Luxembourg Law
DWS Emerging Corporate
Bond Master Fund
Contents
Semiannual report 2016
for the period from January 1, 2016, through June 30, 2016
General information
2
Information for investors in Switzerland
3
Semiannual report
2016
DWS Emerging Corporate Bond Master Fund
Investment portfolio for the reporting period 6
8
1
General information
The fund described in this report is
of charge within the scope of invest-
Issue and redemption prices
an investment fund (fonds commun
ment accounts at Deutsche Asset
The current issue and redemption
de placement) in accordance with
Management S.A. are used as the basis
prices and all other information for
Part II of the Luxembourg Law of
for calculating the value. Past perfor-
unitholders may be requested at any
December 17, 2010, on undertakings
mance is not a guide to future results.
time at the registered office of the
for collective investment, as
The corresponding benchmark – if
Management Company and from the
amended, and is considered to be
available – is also presented in the
paying agents. In addition, the issue
an alternative investment fund
report. All financial data in this publica-
and redemption prices are published in
(“AIF”) in accordance with the Law
tion is as of June 30, 2016 (unless
every country of distribution through
of July 12, 2013, on alternative
otherwise stated).
appropriate media (such as the Internet,
investment fund managers.
electronic information systems,
Sales prospectuses
Performance
Fund units are purchased on the basis
The investment return, or performance,
of the current sales prospectus and
of a mutual fund investment is mea-
management regulations, as well as
sured by the change in value of the
the key investor information document
fund’s units. The net asset values per
in combination with the latest audited
unit (= redemption prices) with the
annual report and any semiannual
addition of intervening distributions,
report that is more recent than the
which are, for example, reinvested free
latest annual report.
newspapers, etc.).
The following companies were renamed on March 17, 2016:
Deutsche Asset & Wealth Management Investment GmbH became Deutsche Asset Management Investment GmbH
Deutsche Asset & Wealth Management International GmbH became Deutsche Asset Management International GmbH
Deutsche Asset & Wealth Management Investment S.A. became Deutsche Asset Management S.A.
2
Information for investors in Switzerland
The distribution of units of this collective investment scheme (the “Units”) in Switzerland will be
exclusively made to, and directed at, qualified investors, as defined in the Swiss Collective Investment Schemes Act of 23 June 2006 („CISA”), as amended, and its implementing ordinance
(„CISO“). Accordingly, this collective investment scheme has not been and will not be registered with the Swiss Financial Market Supervisory Authority FINMA. This fund document and/or
any other offering materials relating to the Units may be made available in Switzerland solely to
qualified investors.
1. Representative and Paying Agents in Switzerland
Deutsche Bank (Suisse) SA
Place des Bergues 3
CH-1201 Geneva
and its branches in Zurich and Lugano.
2. Location where the relevant documents may be obtained
The sales prospectus, key investor information document, investment conditions as well as the
annual and semi-annual reports may be obtained free of charge from the representative as well
as from the paying agent in Switzerland.
3. Place of performance and jurisdiction
In respect of the Units distributed in or from Switzerland, the place of performance and jurisdiction
is the registered office of the Representative.
3
Semiannual report
DWS Emerging Corporate Bond Master
Fund
DWS Emerging Corporate Bond Master Fund
Performance of unit classes (in JPY)
Unit class
Class JPYH
Class JPY
ISIN
6 months
LU0762732948
7.9%
LU0762732864
-7.5%
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: June 30, 2016
6
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
Investment portfolio
for the reporting period
DWS Emerging Corporate
Bond Master Fund
Investment portfolio – June 30, 2016
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
4 752 215.19
Interest-bearing securities
7.75 % Alfa Bank 2011/2021 . . . . . . . . . . . . . . . . . . . . . . . . USD
200 000
%
113.927
227 854.00
5.375 % AngloGold Ashanti Holdings Plc 2010/2020 . . . . . . . USD
150 000
150 000
%
104.51
156 765.00
7.25 % Biostime International Holdings Ltd -Reg2016/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD
200 000
200 000
%
103.593
207 186.00
7.25 % Burgan Tier 1 Financing Ltd 2014/2049 * . . . . . . . . USD
250 000
%
98.48
246 200.00
7.75 % CIFI Holdings Group Co., Ltd 2015/2020 . . . . . . . . . USD
200 000
200 000
%
107.713
215 426.00
7.375 % Columbus International, Inc. -Reg- 2014/2021 . . . . . USD
231 000
%
105.299
243 240.69
7.50 % Country Garden Holdings Co., Ltd -Reg2013/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD
200 000
200 000
%
108.052
216 104.00
8.70 % Credit Bank of Moscow Via CBOM Finance Plc
-Reg- 2013/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD
200 000
200 000
%
103.517
207 034.00
8.625 % Eldorado Intl. Finance GmbH -Reg- 2016/2021 . . . . USD
250 000
250 000
%
96.641
241 602.50
8.25 % Golden Legacy Pte Ltd -Reg- 2016/2021 . . . . . . . . . USD
200 000
400 000
200 000
%
102.175
204 350.00
8.75 % IRSA Propiedades Comerciales SA 2016/2023 . . . . USD
100 000
200 000
100 000
%
106.154
106 154.00
7.125 % MAF Global Securities Ltd 2013/2049 * . . . . . . . . . USD
330 000
%
104.614
345 226.20
6.875 % Marfrig Holding Europe BV -Reg- 2014/2019 . . . . . . USD
380 000
%
100.042
380 159.60
5.625 % Pertamina Persero PT -Reg- (MTN) 2013/2043 . . . . USD
200 000
200 000
%
97.379
194 758.00
8.75 % Petrobras Global Finance BV 2016/2026 . . . . . . . . . USD
200 000
500 000
300 000
%
100.28
200 560.00
5.625 % Polyus Gold International Ltd -Reg- 2013/2020 . . . . USD
200 000
200 000
%
105.225
210 450.00
4.125 % Proven Honour Capital Ltd 2016/2026 . . . . . . . . . . . USD
200 000
200 000
%
104.001
208 002.00
5.875 % Reliance Industries Ltd -Reg- 2013/2049 . . . . . . . . . USD
300 000
%
102.351
307 053.00
4.25 % Turkiye Sise ve Cam Fabrikalari AS 2013/2020 . . . . USD
200 000
%
100.599
201 198.00
5.875 % Vale Overseas Ltd 2016/2021 . . . . . . . . . . . . . . . . . USD
220 000
400 000
180 000
%
100.091
220 200.20
8.875 % Yasar Holdings AS -Reg- 2014/2020 . . . . . . . . . . . . USD
200 000
200 000
%
106.346
212 692.00
80.98
Total securities portfolio
4 752 215.19
Derivatives (Minus signs denote short positions)
Currency derivatives 147 730.09
Receivables/payables Forward currency contracts
80.98
Forward currency contracts (short)
Closed positions
USD/JPY 25.5 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 605.96
Forward currency contracts (long)
Open positions
JPY/USD 467.1 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 124.13
Cash at bank
1 208 283.64
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR
0
0.46
Deposits in non-EU/EEA currencies
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD
1 208 283.18
Other assets
56 300.11
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 729.42
Receivables from exceeding the expense cap . . . . . . . . . . . . 5 570.69
Receivables from share certificate transactions
9 769.52
3.88
2.67
3.53
4.20
3.67
4.14
3.68
3.53
4.12
3.48
1.81
5.88
6.48
3.32
3.42
3.59
3.54
5.24
3.43
3.75
3.62
2.52
0.06
2.46
20.59
0.00
20.59
0.96
0.87
0.09
0.16
Total assets
6 174 298.55
105.21
Other liabilities
-257 196.48
- 4.38
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -257 196.48
- 4.38
Liabilities from share certificate transactions
-48 740.15
- 0.83
Total liabilities
-305 936.63
- 5.21
Net assets 5 868 361.92
100.00
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
8
DWS Emerging Corporate Bond Master Fund
Net asset value per unit
and number of units outstanding
Count/
currency
Net asset value per unit
in the respective currency
Net asset value per unit
Class JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY
12 287.00
Class JPYH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY
8 961.00
Number of units outstanding
Class JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count
10 286
Class JPYH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count
53 207
Market abbreviations
Contracting party for currency futures
State Street Bank and Trust Company
Exchange rates (indirect quotes)
As of June 30, 2016
Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR
0.899564
=USD 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’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
* Floating interest rate.
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/
Descriptionunits/
Descriptionunits/
additionsdisposals
additionsdisposals
currency
currency
Securities traded on an exchange
Securities admitted to or included in organized markets
Interest-bearing securities
9.875 % Agile Property Holdings Ltd
2012/2017 . . . . . . . . . . . . . . . . . . . . . USD
6.25 % B
anco de Bogota SA -Reg- 2016/2026 .
USD
200 000
8.50 % B
anco do Brasil SA -Reg- 2009/2049 * .
USD
150 000
8.125 % BancoRegional SAECA 2014/2019 . . . USD
USD
9.375 % C
emex Finance LLC -Reg- 2012/2022 .
7.50 % Country Garden Holdings Co., Ltd
2015/2020 . . . . . . . . . . . . . . . . . . . . . USD
6.25 % ESAL GmbH -Reg- 2013/2023 . . . . . . USD
6.50 % Evraz Group SA-Reg- 2013/2020 . . . . USD
200 000
6.75 % Georgian Oil and Gas Corp. JSC
-Reg- 2016/2021 . . . . . . . . . . . . . . . . . USD
200 000
7.875 % Grupo Idesa SA de CV -Reg2013/2020 . . . . . . . . . . . . . . . . . . . . . USD
6.875 % Longfor Properties Co., Ltd
2012/2019 . . . . . . . . . . . . . . . . . . . . . USD
7.75 % Minerva Luxembourg SA -Reg2013/2023 . . . . . . . . . . . . . . . . . . . . . USD
200 000
4.875 % Pertamina Persero PT 2012/2022 . . . USD
200 000
5.875 % Petrobras International Finance Co.,
SA 2007/2018 . . . . . . . . . . . . . . . . . . USD
180 000
6.375 % Petroleos Mexicanos -Reg- 2016/2021 USD
180 000
9.125 % Provincia de Buenos Aires/Argentina
2016/2024 . . . . . . . . . . . . . . . . . . . . . USD
150 000
7.125 % Provincia de Cordoba -Reg- 2016/2021 .
USD
160 000
5.50 % Sberbank of Russia 2014/2024 * . . . . USD
8.375 % Shimao Property Holdings Ltd
2015/2022 . . . . . . . . . . . . . . . . . . . . . USD
6.125 % Star Energy Geothermal Wayang
Windu Ltd -Reg- 2013/2020 . . . . . . . . USD
8.50 % Studio City Finance Ltd 2012/2020 . . USD
250 000
8.50 % YPF SA 2016/2021 . . . . . . . . . . . . . . . USD
200 000
Interest-bearing securities
9.25 % Banco do Brasil SA -Reg2012/2049 * . . . . . . . . . . . . . . . . . . . . USD
200 000
9.00 % Banco do Brasil SA/Cayman -Reg2014/2049 * . . . . . . . . . . . . . . . . . . . . USD
9.75 % Banco Hipotecario SA -Reg2015/2020 . . . . . . . . . . . . . . . . . . . . . USD
300 000
6.875 % S
able International Finance Ltd
2015/2022 . . . . . . . . . . . . . . . . . . . . . USD
5.875 % Suzano Trading Ltd -Reg- 2010/2021 .
USD
200
200
150
300
250
000
000
000
000
000
200 000
200 000
200 000
200 000
250 000
350 000
200 000
200 000
180 000
180 000
150 000
160 000
250 000
200 000
300 000
300 000
200 000
250 000
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Value (’000)
Futures contracts
Forward currency contracts (short)
Forward contracts to sell currencies
USD/JPY
USD
Forward currency contracts (long)
Futures contracts to purchase currencies
JPY/USD
USD
27 936
22 966
200 000
200 000
250 000
200 000
9
Management Board of the AIFM
Auditor
Administration, Registrar and Transfer Agent,
Dirk Bruckmann (since January 14, 2016)
KPMG Luxembourg
and Main Distributor
Chairman
Société coopérative
Deutsche Asset Management
39, Avenue John F. Kennedy
Deutsche Asset Management S.A.
Investment GmbH,
1855 Luxembourg, Luxembourg
2, Boulevard Konrad Adenauer
Frankfurt am Main
Management Company, Alternative
Investment Fund Manager (AIFM),
1115 Luxembourg, Luxembourg
Depositary
Equity capital as of December 31, 2015:
Ralf Rauch
EUR 251.7 million before profit appropriation
Deutsche Asset Management S.A.,
State Street Bank Luxembourg S.C.A.
Luxembourg
49, Avenue J. F. Kennedy
1855 Luxembourg, Luxembourg
Supervisory Board of the AIFM
Martin Schönefeld
Holger Naumann
Deutsche Asset Management S.A.,
Chairman
Luxembourg
Sub-Transfer Agent
State Street Bank International GmbH
Deutsche Asset Management
Investment GmbH,
Barbara Schots
Brienner Straße 59
Frankfurt/Main
Deutsche Asset Management S.A.,
Sub-Transferstelle
Luxembourg
80333 München, Germany
Nathalie Bausch
Deutsche Bank Luxembourg S.A.,
Portfolio Manager
Luxembourg
Deutsche Asset Management
Reinhard Bellet
Investment GmbH
Deutsche Bank AG,
Mainzer Landstraße 11-17
Frankfurt/Main
60329 Frankfurt/Main, Germany
Marzio Hug
Sales, Information and Paying Agent
Deutsche Bank AG,
London
LUXEMBOURG
Deutsche Bank Luxembourg S.A.
Stefan Kreuzkamp (since February 1, 2016)
2, Boulevard Konrad Adenauer
Deutsche Asset Management
1115 Luxembourg, Luxembourg
Investment GmbH,
Frankfurt/Main
Frank Krings (since May 10, 2016)
Deutsche Bank Luxembourg S.A.,
Luxembourg
Dr. Matthias Liermann
Deutsche Asset Management
Investment GmbH,
Frankfurt/Main
As of: July 31, 2016
Deutsche Asset Management S.A.
1115 Luxembourg
Luxembourg
Tel.: +352 4 21 01-1
Fax: +352 4 21 01-9 00