Deutsche Institutional

Semiannual Report 2018 n Deutsche Institutional Money plus n Deutsche Institutional USD Money plus

Investment Company with Variable Capital Incorporated under Luxembourg Law

Contents

Semiannual report 2018 for the period from January 1, 2018, through June 30, 2018

General information ...... 2

Semiannual report Deutsche Institutional SICAV Deutsche Institutional Money plus ...... 4

Deutsche Institutional USD Money plus ...... 5

Semiannual financial statements ...... 8

1 General information

The funds described in this The corresponding bench- Issue and redemption prices report are sub-funds of a marks – if available – are also The current issue and redemp- SICAV (Société d’Investisse- presented in the report. All tion prices and all other infor- ment à Capital Variable) financial data in this publication mation for shareholders may incorporated under Luxem- is as of June 30, 2018 (unless be requested at any time at the bourg law. otherwise stated). registered office of the Man- agement Company and from Performance Sales prospectuses the paying agents. In addition, The investment return, or per- Fund shares are purchased on the issue and redemption formance, of a mutual fund the basis of the current sales prices are published in every investment is measured by the prospectus, the key investor country of distribution through change in value of the fund’s information document and appropriate media (such as the shares. The net asset values per the articles of incorporation Internet, electronic information share (= redemption prices) with and by-laws of the SICAV, in systems, newspapers, etc.). the addition of intervening dis- combination with the latest tributions, which are, for exam- audited annual report and any ple, reinvested free of charge semiannual report that is more within the scope of investment recent than the latest annual accounts at Deutsche Asset report. Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results.

2 Semiannual report Deutsche Institutional Money plus

Deutsche Institutional Money plus Performance of share classes vs. benchmark (in euro) Share class ISIN 6 months Class IC LU0099730524 -0.2% Class ID BA LU0787086031 -0.2% 1M EUR LIBID + 5bp -0.2% “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2018

4 Deutsche Institutional USD Money plus

Deutsche Institutional USD Money plus vs. benchmark Performance at a glance ISIN 6 months LU0146220040 1.0% 1M USD LIBID + 5bp 0.9% “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2018 Data on U.S. dollar basis

- The format used for complete dates in securities descriptions in the invest ment portfolio is “day/month/year”.

Semiannual financial statements Deutsche Institutional Money plus

Investment portfolio – June 30, 2018

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Securities traded on an exchange 2 155 444 262.87 69.84

Interest-bearing securities 0.0000 % 3M 15/15.05.20 MTN (XS1234366448). . . EUR 26 540 4 000 % 100.4600 26 662 084.00 0.86 0.4790 % ABN AMRO Bank 14/06.03.19 MTN (XS1040422526)...... EUR 20 200 10 300 % 100.4910 20 299 182.00 0.66 0.1710 % ABN AMRO Bank 16/14.01.19 MTN (XS1344520728) 3...... EUR 30 000 % 100.2470 30 074 100.00 0.97 0.1790 % Bank of Montreal 18/15.06.20 MTN (XS1838936703)...... EUR 30 000 30 000 % 100.5435 30 163 050.00 0.98 0.1710 % Bank of Nova Scotia 18/03.04.20 MTN (XS1800324441)...... EUR 35 000 35 000 % 100.6590 35 230 650.00 1.14 0.3970 % Banque Fédérative Crédit Mu. 14/20.03.19 MTN (XS1046498157). . . . . EUR 25 000 % 100.4660 25 116 500.00 0.81 0.0000 % Banque Fédérative Crédit Mu. 15/28.08.18 MTN (XS1281799681). . . . . EUR 25 000 % 99.9540 24 988 500.00 0.81 0.1220 % Barclays Bank 17/05.07.19 MTN (XS1570778214)...... EUR 15 000 % 100.3500 15 052 500.00 0.49 0.0790 % Barclays Bank 17/13.03.19 MTN (XS1578083625)...... EUR 25 000 % 100.2040 25 051 000.00 0.81 0.1210 % Barclays Bank 18/17.01.20 MTN (XS1683852930)...... EUR 35 000 35 000 % 100.3670 35 128 450.00 1.14 0.0000 % BASF 17/15.11.19 MTN (XS1718416586). . EUR 26 590 % 100.3240 26 676 151.60 0.86 2.2500 % Belfius Bank 13/26.09.18 MTN (BE6258119674) ...... EUR 23 600 15 600 % 100.5950 23 740 420.00 0.77 0.3210 % BMW Finance 16/15.07.19 MTN (XS1363560548)...... EUR 8 800 8 800 % 100.5100 8 844 880.00 0.29 0.0000 % BMW Finance 17/28.12.18 MTN (XS1638160918)...... EUR 24 300 % 100.1220 24 329 646.00 0.79 0.0590 % BMW US Capital 15/18.03.19 MTN (DE000A1Z6M04) ...... EUR 10 000 10 000 % 100.1770 10 017 700.00 0.32 1.3750 % BNP Paribas 13/21.11.18 MTN (XS0933994807)...... EUR 25 482 7 370 % 100.6670 25 651 964.94 0.83 0.2240 % BNP Paribas 14/20.05.19 MTN (XS1069282827)...... EUR 13 312 % 100.4370 13 370 173.44 0.43 0.1790 % BNZ Int. Funding (London B.) 14/02.12.19 MTN (XS1145855646). . . . . EUR 9 900 % 100.5660 9 956 034.00 0.32 0.3990 % BPCE 13/12.09.18 MTN (FR0011565803). . EUR 7 700 7 700 % 100.1410 7 710 857.00 0.25 0.0290 % Bundesimmobiliengesellschaft 17/13.09.19 MTN (XS1681694003). . . . . EUR 47 200 20 200 % 100.3090 47 345 848.00 1.53 0.1770 % Canadian Imperial Bank of Commerce 18/22.06.20 MTN (XS1843467702). . . . . EUR 25 000 25 000 % 100.5980 25 149 500.00 0.81 0.7790 % CLASS/BVV 05/08.06.20 S.173 MTN (XS0220432347)...... EUR 14 800 % 99.1200 14 669 760.00 0.48 0.0000 % Coca-Cola 15/09.09.19 (XS1197832832). . . EUR 33 100 5 000 % 100.3000 33 199 300.00 1.08 0.0000 % Coca-Cola 17/08.03.19 (XS1574667124). . . EUR 33 000 8 000 % 100.1930 33 063 690.00 1.07 0.0000 % Coöperatieve Rabobank 15/29.05.20 MTN (XS1239520494)...... EUR 9 991 % 100.3980 10 030 764.18 0.32 0.1610 % Coöperatieve Rabobank 17/01.02.19 MTN (XS1559357154)...... EUR 30 000 % 100.2700 30 081 000.00 0.97 0.1720 % Coöperatieve Rabobank 17/24.10.19 MTN (XS1705802574)...... EUR 20 000 % 100.5460 20 109 200.00 0.65 0.1710 % Coöperatieve Rabobank 18/17.01.20 MTN (XS1753787156)...... EUR 30 000 30 000 % 100.6100 30 183 000.00 0.98 0.6250 % Credit Suisse (London Branch) 14/20.11.18 MTN (XS1140476604). . . . . EUR 26 720 6 720 % 100.3500 26 813 520.00 0.87 0.2790 % Daimler Canada Finance 17/11.09.19 MTN (XS1679028479)...... EUR 25 000 % 100.5470 25 136 750.00 0.81 0.2710 % Daimler Canada Finance 18/16.01.20 MTN (XS1750116920)...... EUR 30 000 30 000 % 100.6730 30 201 900.00 0.98 0.2740 % Daimler International Finance 17/13.11.19 MTN (DE000A19RXA1). . . . EUR 15 000 6 700 % 100.6160 15 092 400.00 0.49 0.1710 % Daimler International Finance 18/09.04.20 MTN (DE000A19Y1P6) . . . . EUR 20 000 20 000 % 100.4900 20 098 000.00 0.65 0.0240 % Danske Bank 14/19.11.18 MTN (XS1139303736)...... EUR 5 526 % 100.1250 5 532 907.50 0.18 0.0100 % Danske Bank 16/14.11.18 MTN (XS1517306129)...... EUR 28 500 28 500 % 100.0780 28 522 230.00 0.92 0.4260 % Danske Bank 17/24.05.19 MTN (XS1620181831)...... EUR 25 000 % 100.6290 25 157 250.00 0.82 0.2780 % Dexia Credit Local 17/07.03.19 MTN (XS1575798860)...... EUR 15 000 % 100.4170 15 062 550.00 0.49 0.0000 % DNB Bank 15/13.01.20 MTN (XS1165750198)...... EUR 24 500 % 100.3230 24 579 135.00 0.80 0.0240 % DNB Bank 15/17.08.20 MTN (XS1275834395)...... EUR 7 000 7 000 % 100.4490 7 031 430.00 0.23

8 Deutsche Institutional Money plus

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

0.0000 % France 18/22.08.18 (FR0124909716) 3. . . EUR 46 000 46 000 % 100.0890 46 040 940.00 1.49 0.0000 % France B.T.F. 17/10.10.18 (FR0124584733) 3...... EUR 35 000 % 100.1690 35 059 150.00 1.14 0.0000 % France B.T.F. 17/18.07.18 (FR0124423247) 3...... EUR 50 000 % 100.0290 50 014 500.00 1.62 0.0000 % French Republic 18/26.09.18 (FR0124909732) 3...... EUR 60 000 60 000 % 100.1490 60 089 400.00 1.95 0.0520 % GE Capital European Funding 15/21.01.20 MTN (XS1169331367). . . . . EUR 19 200 14 400 % 100.2390 19 245 888.00 0.62 0.3290 % Goldman Sachs Group 15/11.09.18 MTN (XS1289966134)...... EUR 32 820 9 120 % 100.1020 32 853 476.40 1.06 0.3720 % Goldman Sachs Group 16/29.04.19 MTN (XS1402235060)...... EUR 12 500 12 500 % 100.4270 12 553 375.00 0.41 0.1360 % Goldman Sachs Group 17/31.12.18 MTN (XS1589406633)...... EUR 8 100 8 100 % 100.1610 8 113 041.00 0.26 0.1290 % HSBC Bank 18/09.03.20 MTN (XS1789496244)...... EUR 38 000 38 000 % 100.5600 38 212 800.00 1.24 0.2770 % HSBC Holdings 16/21.12.18 MTN (XS1539998135)...... EUR 24 000 % 100.1940 24 046 560.00 0.78 0.0000 % HSH Finanzfonds 14/17.06.19 IHS (DE000A11QGT5)...... EUR 26 000 26 000 % 100.2390 26 062 140.00 0.84 0.0520 % HSH Nordbank 01/22.01.41 MTN (XS0122667230)...... EUR 12 050 % 63.6990 7 675 729.50 0.25 0.1790 % ING Bank 18/02.09.19 MTN (XS1785831741)...... EUR 35 000 35 000 % 100.4970 35 173 950.00 1.14 2.1250 % KBC Ifima 13/10.09.18 MTN (XS0969365591)...... EUR 18 960 12 910 % 100.4580 19 046 836.80 0.62 0.0720 % LB Baden-Württemberg 01/22.01.41 S.14 MTN (XS0122594921)...... EUR 4 783 % 77.1120 3 688 266.96 0.12 0.3750 % LB Baden-Württemberg 16/29.01.19 S.757 IHS MTN (XS1353555003) . . . . . EUR 26 775 26 775 % 100.3540 26 869 783.50 0.87 0.0110 % LB Baden-Württemberg 17/02.10.19 MTN (DE000LB1DZX4)...... EUR 30 000 % 100.1490 30 044 700.00 0.97 0.0720 % LB Baden-Württemberg 17/09.08.19 IHS MTN S.787 (DE000LB1DYL2) 3. . . . EUR 25 000 % 100.1110 25 027 750.00 0.81 1.8750 % Lloyds Bank 13/10.10.18 MTN (XS0980066996)...... EUR 12 500 10 000 % 100.5900 12 573 750.00 0.41 0.1290 % Lloyds Bank 14/10.09.19 MTN (XS1109333986)...... EUR 3 150 % 100.3990 3 162 568.50 0.10 0.1720 % Lloyds Bank 15/09.10.18 MTN (XS1304487710)...... EUR 31 800 2 500 % 100.1180 31 837 524.00 1.03 0.0000 % LVMH Moët Hennessy Louis Vuitton 17/26.11.18 MTN (FR0013257599). . . . . EUR 19 030 11 020 % 100.0920 19 047 507.60 0.62 2.5000 % Macquarie Bank 13/18.09.18 MTN (XS0972491723)...... EUR 2 200 2 200 % 100.5930 2 213 046.00 0.07 0.2770 % Mercedes-Benz Australia/Pacific 18/23.03.20 MTN (XS1794352846). . . . . EUR 20 000 20 000 % 100.2200 20 044 000.00 0.65 0.1760 % National Australia Bank 18/27.03.20 MTN (XS1799522468)...... EUR 35 000 35 000 % 100.6360 35 222 600.00 1.14 0.1720 % National Bank of Canada 18/06.04.20 MTN (XS1802463718)...... EUR 35 000 35 000 % 100.6800 35 238 000.00 1.14 0.1710 % Nationwide Building Society 15/02.11.18 MTN (XS1315154721). . . . . EUR 29 103 8 000 % 100.1510 29 146 945.53 0.94 0.2790 % Nationwide Building Society 17/06.06.19 MTN (XS1626168626). . . . . EUR 12 000 % 100.4590 12 055 080.00 0.39 0.0000 % Nordea Bank 15/05.06.20 MTN (XS1242968979)...... EUR 15 000 % 100.3510 15 052 650.00 0.49 0.1240 % Nordea Bank 16/22.02.19 MTN (XS1368469570) 3...... EUR 25 000 % 100.2550 25 063 750.00 0.81 0.0000 % OP Yrityspankki 15/11.03.20 MTN (XS1199650638)...... EUR 8 515 8 515 % 100.2930 8 539 948.95 0.28 1.8750 % Orange 13/03.09.18 MTN (FR0011560069). . EUR 17 700 17 700 % 100.3150 17 755 755.00 0.58 0.0000 % Pfizer 17/06.03.19 (XS1574156540) . . . . EUR 25 000 % 100.2120 25 053 000.00 0.81 0.0820 % QNB Finance 16/25.10.18 MTN (XS1508636948)...... EUR 23 500 % 99.9120 23 479 320.00 0.76 0.1720 % QNB Finance 17/25.01.19 MTN (XS1556193339)...... EUR 20 000 % 99.8300 19 966 000.00 0.65 0.1020 % Royal Bank of Canada 15/22.10.18 MTN (XS1308674131)...... EUR 14 186 % 100.1320 14 204 725.52 0.46 0.0000 % Sanofi 14/10.09.18 MTN (FR0012146751) . . EUR 1 900 1 900 % 100.0340 1 900 646.00 0.06 1.1000 % Santander Consumer Finance 15/30.07.18 MTN (XS1264601805)...... EUR 24 500 24 500 % 100.0970 24 523 765.00 0.79 0.3740 % Santander UK 14/13.08.19 MTN (XS1098036939)...... EUR 6 701 6 701 % 100.6320 6 743 350.32 0.22 0.2990 % Santander UK 14/22.05.19 MTN (XS1070235004)...... EUR 23 575 23 575 % 100.4160 23 673 072.00 0.77 0.0000 % SAP 14/20.11.18 MTN (DE000A13SL18). . . . EUR 11 359 % 100.0850 11 368 655.15 0.37 0.0000 % SAP 16/23.08.18 MTN (DE000A2BN5K3). . EUR 27 200 27 200 % 100.0420 27 211 424.00 0.88

9 Deutsche Institutional Money plus

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

0.1730 % SBAB Bank 17/15.08.19 MTN (XS1664220941)...... EUR 20 000 % 100.4600 20 092 000.00 0.65 0.0790 % Shell International Finance 15/15.09.19 MTN (XS1292468987). . . . . EUR 7 300 % 100.4000 7 329 200.00 0.24 0.2760 % Skandin. Enskilda Banken 16/26.05.20 MTN (XS1419638215)...... EUR 16 000 % 100.8460 16 135 360.00 0.52 0.1020 % Société Générale 15/22.07.18 MTN (XS1264495000)...... EUR 22 000 7 000 % 100.0230 22 005 060.00 0.71 0.1720 % Standard Chartered Bank 18/24.04.20 MTN (XS1821079990)...... EUR 25 000 25 000 % 100.6540 25 163 500.00 0.82 0.4290 % Swedbank 16/11.03.19 MTN (XS1377258436)...... EUR 23 200 % 100.4810 23 311 592.00 0.76 0.0220 % Toyota Motor Finance (Netherlands) 18/27.04.20 MTN (XS1812086947). . . . . EUR 32 000 32 000 % 100.4510 32 144 320.00 1.04 0.1790 % UBS (London Branch) 17/05.09.19 MTN (XS1673620107)...... EUR 40 000 % 100.4020 40 160 800.00 1.30 0.1710 % UBS (London Branch) 18/10.01.20 MTN (XS1746116299)...... EUR 22 070 22 070 % 100.4630 22 172 184.10 0.72 0.6270 % Vodafone Group 16/25.02.19 MTN (XS1372838083)...... EUR 44 413 17 000 % 100.5260 44 646 612.38 1.45 0.0210 % Volkswagen Financial Services 18/11.10.19 MTN (XS1806435324). . . . . EUR 27 100 27 100 % 100.0660 27 117 886.00 0.88 0.1740 % WL BANK 17/20.11.19 R.393 IHS MTN (DE000A2GSME0) ...... EUR 30 000 % 100.4670 30 140 100.00 0.98 0.0100 % WL BANK 17/21.12.18 IHS MTN S.391 (DE000A2GSMA8)...... EUR 15 000 15 000 % 100.0420 15 006 300.00 0.49

Unlisted securities 459 458 810.00 14.88

Interest-bearing securities 0.0000 % Caterpillar International Finance 11.07.18 (XS1750987049)...... EUR 13 500 13 500 % 100.0094 13 501 269.00 0.44 0.0000 % Caterpillar International Finance 16.07.18 (XS1799534471)...... EUR 12 000 12 000 % 100.0150 12 001 800.00 0.39 0.0000 % Commerzbank 09.07.18 CD (XS1646890001)...... EUR 20 000 % 100.0071 20 001 420.00 0.65 0.0000 % Deutsche Bank (London Br.) 17/18.09.18 (XS1739868310)...... EUR 40 000 % 100.0575 40 023 000.00 1.30 0.0000 % DH Europe Finance 10.07.18 (XS1805242317)...... EUR 20 000 20 000 % 100.0078 20 001 560.00 0.65 0.0000 % DXC Capital Funding 21.11.18 (XS1825431445)...... EUR 14 000 14 000 % 100.0466 14 006 524.00 0.45 0.0000 % Electricité de France 08.10.18 (FR0124827249)...... EUR 30 000 30 000 % 100.0918 30 027 540.00 0.97 0.0000 % Engie 19.10.18 (FR0124985104)...... EUR 20 000 20 000 % 100.1066 20 021 320.00 0.65 0.0000 % ENI Finance International 07.08.18 (BE6302169790) ...... EUR 18 000 18 000 % 100.0381 18 006 858.00 0.58 0.0000 % Henkel & Co. 15.03.19 (XS1840026121). . . EUR 9 500 9 500 % 100.1227 9 511 656.50 0.31 0.0000 % Henkel & Co. 23.04.19 (XS1840127663). . . EUR 16 500 16 500 % 100.1509 16 524 898.50 0.54 0.0000 % Honeywell International 08.08.18 (XS1808877259)...... EUR 20 000 20 000 % 100.0371 20 007 420.00 0.65 0.0000 % Honeywell International 26.07.18 (XS1800378884)...... EUR 7 000 7 000 % 100.0257 7 001 799.00 0.23 0.0000 % Johnson Controls International 14.09.18 (XS1851971744)...... EUR 4 000 4 000 % 100.0447 4 001 788.00 0.13 0.0000 % Münchener Hypothekenbk. 20.09.18 (DE000MHB7RC9)...... EUR 20 000 % 100.0808 20 016 160.00 0.65 0.0000 % Münchener Hypothekenbk. 23.07.18 (DE000MHB7MC0) ...... EUR 20 000 % 100.0270 20 005 400.00 0.65 0.0000 % NatWest Markets 02.08.18 (XS1817689240). EUR 15 000 15 000 % 100.0329 15 004 935.00 0.49 0.0000 % Procter & Gamble 09.07.18 (XS1805262265). EUR 10 000 10 000 % 100.0076 10 000 760.00 0.32 0.0000 % Veolia Environnement 17.10.18 (FR0124985039)...... EUR 21 000 21 000 % 100.1049 21 022 029.00 0.68 0.0000 % Vodafone Group 04.09.18 (XS1681048044) . EUR 20 000 % 100.0759 20 015 180.00 0.65 0.0000 % Vodafone Group 06.07.18 (XS1646519675) . EUR 20 000 % 100.0034 20 000 680.00 0.65 0.0000 % Volkswagen Bank 03.12.18 (XS1788516596). EUR 17 000 17 000 % 100.0651 17 011 067.00 0.55 0.0000 % Volkswagen Financial Services 06.12.18 (XS1789636278)...... EUR 12 700 12 700 % 100.0700 12 708 890.00 0.41 0.0000 % Volkswagen Int. Finance 05.11.18 (XS1718290890)...... EUR 11 000 % 100.0580 11 006 380.00 0.36 0.0000 % Volkswagen Int. Finance 13.12.18 (XS1739782271)...... EUR 11 000 % 100.0671 11 007 381.00 0.36 0.0000 % Volkswagen Int. Finance 20.09.18 (XS1740840845)...... EUR 12 000 % 100.0435 12 005 220.00 0.39 0.0000 % Volkswagen Int. Finance 26.11.18 (XS1731672884)...... EUR 25 000 % 100.0635 25 015 875.00 0.81

10 Deutsche Institutional Money plus

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Investment fund units 14 455 256.63 0.47

In-group fund units 14 455 256.63 0.47 Deutsche Invest I Global Short Duration FCH (LU1189352500) (0.450%) ...... Count 93 504 EUR 101.1600 9 458 882.24 0.31 DGLS - Deutsche Managed Euro Ultra Short FI Fund (IE00B98GX142) (0.200%)...... Count 498 EUR 10 035.5000 4 996 374.39 0.16

Total securities portfolio 2 629 358 329.50 85.19

Cash at bank 455 259 819.06 14.75

Demand deposits at Depositary EUR deposits...... EUR 109 928 450.70 % 100 109 928 450.70 3.56 Deposits in other EU/EEA currencies...... EUR 91 826.14 % 100 91 826.14 0.00

Deposits in non-EU/EEA currencies Japanese yen ...... JPY 4 155 170.00 % 100 32 209.37 0.00 U.S. dollar ...... USD 241 542.77 % 100 207 332.85 0.01

Time deposit EUR deposits (Norddeutsche Landesbank -Girozentrale-, Hannover). . EUR 300 000 000.00 % 100 300 000 000.00 9.72 EUR deposits (HSH Nordbank AG, Hamburg)...... EUR 45 000 000.00 % 100 45 000 000.00 1.46

Other assets 2 163 155.88 0.07 Interest receivable ...... EUR 2 104 208.90 % 100 2 104 208.90 0.07 Other receivables ...... EUR 58 946.98 % 100 58 946.98 0.00

Total assets 1 3 086 781 304.44 100.01

Other liabilities -366 842.40 -0.01 Liabilities from cost items...... EUR -268 574.85 % 100 -268 574.85 -0.01 Tax liabilities ...... EUR -74 688.76 % 100 -74 688.76 0.00 Additional other liabilities...... EUR -23 578.79 % 100 -23 578.79 0.00

Net assets 3 086 414 462.04 100.00

Net asset value per share Count/ Net asset value per share and number of shares outstanding currency in the respective currency

Net asset value per share Class IC...... EUR 13 974.86 Class ID BA...... EUR 13 778.16

Number of shares outstanding Class IC...... Count 218 566.843 Class ID BA...... Count 2 320.600

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

Exchange rates (indirect quotes) As of June 29, 2018

Japanese yen ...... JPY 129.005000 = EUR 1 U.S. dollar ...... USD 1.165000 = EUR 1

11 Deutsche Institutional Money plus

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.

Investments reported in this report are valued to a minor extent at derived market values.

The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.

Footnotes

1 Does not include positions with a negative balance, if such exist. 3 These securities are completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 259 339 550.00.

Transactions completed during the reporting period that no longer appear in the investment portfolio

Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Description currency Description currency additions disposals additions disposals (– / ’000) (– / ’000)

Securities traded on an exchange 4.2500 % Crédit Foncier de France 12/24.02.18 (FR0011178938). . . . . EUR 29 147 Interest-bearing securities 0.1220 % Credit Suisse (London Branch) 15/18.06.18 MTN (XS1247516088) . . . EUR 5 000 0.0000 % Air Liquide Finance 16/13.06.18 2.1250 % Daimler 12/27.06.18 MTN MTN (FR0013182797) ...... EUR 6 500 (DE000A1PGQY7)...... EUR 9 000 0.5190 % Bank of Nova Scotia 16/17.03.18 0.1550 % Daimler 16/09.03.18 MTN MTN (XS1380740487) ...... EUR 6 000 (DE000A2AAL15)...... EUR 9 400 36 200 0.0010 % Bank of Nova Scotia 16/22.03.18 0.0510 % Daimler Canada Finance 16/18.01.18 MTN (XS1384270218) ...... EUR 9 500 MTN (DE000A18WXA3)...... EUR 20 000 0.0000 % Banque Fédérative Crédit 0.5710 % Danske Bank 16/02.03.18 Mu. 16/19.01.18 MTN (XS1346986752). EUR 49 200 MTN (XS1374977517) ...... EUR 7 500 3.7500 % BBVA Senior Finance 13/17.01.18 0.1690 % DekaBank DGZ 16/01.02.18 MTN (XS0872702112) ...... EUR 9 300 IHS MTN (XS1354256643)...... EUR 28 400 0.1710 % Belfius Bank 16/21.03.18 0.4230 % DekaBank DGZ 16/15.06.18 MTN (BE6285412068) ...... EUR 10 000 10 000 A.139 IHS MTN (XS1433125009). . . . EUR 25 000 25 000 0.1100 % Belfius Bank 16/26.01.18 0.0000 % Fédérat.caiss.Desjard Québec MTN (BE6284067194) ...... EUR 21 000 16/19.01.18 MTN (XS1347607530) . . . EUR 16 800 0.0790 % BMW Finance 16/29.01.18 0.0000 % France 17/09.05.18 (FR0124584717). . EUR 70 000 MTN (XS1352958091) ...... EUR 25 000 0.0000 % France 18/16.05.18 (FR0124747496). . EUR 25 000 25 000 0.0000 % BMW US Capital 15/20.04.18 0.0000 % France 18/30.05.18 (FR0124747504). . EUR 46 000 46 000 MTN (DE000A1ZZ002)...... EUR 4 000 0.0000 % France B.T.F. 17/14.03.18 1.5000 % BNP Paribas 13/12.03.18 (FR0124584683)...... EUR 46 000 MTN (XS0872705057) ...... EUR 10 332 10 332 5.3750 % GE Capital European Funding 4.5500 % BPCE 08/22.02.18 (FR0010576454). . . EUR 10 297 08/16.01.18 MTN (XS0340180149) . . . EUR 3 900 3.7000 % BPCE 10/14.05.18 (FR0010877936). . . EUR 6 700 6.3750 % Goldman Sachs Group 08/02.05.18 0.3320 % BPCE 13/28.05.18 MTN MTN (XS0361975443) ...... EUR 4 723 24 545 (FR0011496447)...... EUR 15 000 32 500 0.1710 % Honeywell International 0.0000 % BPCE 16/05.02.18 16/22.02.18 (XS1366026323). . . . . EUR 47 203 MTN (FR0013106614) ...... EUR 15 500 1.8750 % ING Bank 13/27.02.18 MTN 0.0000 % BPCE 16/14.03.18 (XS0895722071)...... EUR 14 275 14 275 MTN (FR0013134889) ...... EUR 30 000 0.1710 % ING Bank 16/19.02.18 MTN 0.2230 % Canadian Imperial Bank Comm. (XS1366184668)...... EUR 10 000 16/03.06.18 MTN (XS1427110876) . . . EUR 10 000 0.2750 % Intesa Sanpaolo Bank Ireland 1.0000 % Cassa Depositi e Prestiti 15/09.03.18 MTN (XS1199524841) . . . EUR 24 603 24 603 14/26.01.18 MTN (IT0005068850). . . EUR 22 050 0.0000 % JPMorgan Chase Bank 16/14.06.18 0.0000 % Caterpillar International Finance MTN (XS1432608286) ...... EUR 20 000 32 840 15/13.05.18 MTN (XS1232143310) . . . EUR 7 000 7 000 0.0190 % La Banque Postale 16/29.01.18 1.7500 % Citigroup 13/29.01.18 MTN MTN (FR0013102720) ...... EUR 19 500 (XS0880285977)...... EUR 5 000 0.2710 % LB Baden-Württemberg 16/12.02.18 0.5000 % Commerzbank 15/03.04.18 S.758 IHS MTN (XS1362347061). . . . EUR 10 000 S.843 MTN (DE000CZ40KN6) . . . . . EUR 10 039 10 039 0.0000 % LB Baden-Württemberg 16/14.03.18 0.0000 % Coöperatieve Rabobank 16/15.01.18 IHS (DE000LB09M68) ...... EUR 10 000 MTN (XS1345314956) ...... EUR 22 670 0.1710 % LB Hessen-Thüringen 16/19.01.18 1.7500 % Credit Agricole (London Br.) S.H284 IHS MTN (XS1346646737). . . EUR 25 000 13/12.03.18 MTN (XS0901338706) . . . EUR 25 000 0.1190 % Lloyds Bank 16/02.02.18 MTN (XS1353190314) ...... EUR 20 000

12 Deutsche Institutional Money plus

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Description currency Description currency additions disposals additions disposals (– / ’000) (– / ’000)

2.2500 % Morgan Stanley 13/12.03.18 0.0000 % Repsol International Finance MTN (XS0901370691) ...... EUR 5 780 35 160 29.03.18 (XS1787418455) ...... EUR 30 000 30 000 0.3210 % Nationwide Building Society 0.0000 % Repsol International Finance 16/23.03.18 MTN (XS1385392888) . . . EUR 6 509 26 709 30.04.18 (XS1802320793) ...... EUR 30 000 30 000 0.0000 % NatWest Markets 17/14.06.18 0.0000 % Repsol International Finance MTN (XS1577762740) ...... EUR 30 500 35 000 31.05.18 (XS1816463902) ...... EUR 12 000 12 000 0.6250 % Santander Consumer Bank 0.0000 % Royal Bank of Scotland 09.04.18 15/20.04.18 MTN (XS1218217377) . . . EUR 36 000 52 500 (XS1697685011)...... EUR 25 000 0.2540 % Santander International Debt 0.0000 % Royal Bank of Scotland 10.01.18 16/08.03.18 MTN (XS1373211900) . . . EUR 42 000 42 000 (XS1588551785)...... EUR 15 000 1.7500 % Santander UK 13/15.01.18 0.0000 % Royal Bank of Scotland 10.04.18 MTN (XS0873691884) ...... EUR 7 211 (XS1646443322)...... EUR 20 000 0.2210 % Santander UK 16/12.02.18 0.0000 % Scania CV 24.01.18 (BE6299193134). . EUR 10 000 S.B-1478 MTN (XS1363002459). . . . EUR 16 700 0.0000 % Svenska Handelsbanken 29.06.18 1.3750 % SBAB Bank 13/02.05.18 MTN CD (FR0124458169)...... EUR 19 000 (XS0920218079)...... EUR 9 350 29 350 0.0000 % Vattenfall 18/22.02.18 (XS1758480880). EUR 12 000 12 000 0.0000 % SBAB Bank 15/27.06.18 MTN 0.0000 % Vattenfall 19.06.18 (XS1796152236) . . EUR 10 000 10 000 (XS1241559910)...... EUR 25 620 0.0000 % Vattenfall 22.01.18 (XS1742533232) . . EUR 6 000 0.0210 % Societe Generale 16/19.02.18 0.0000 % Vattenfall 22.03.18 (XS1782624594) . . EUR 13 000 13 000 MTN (XS1369605123) ...... EUR 20 000 0.0000 % Vattenfall 22.05.18 (XS1782513847) . . EUR 10 000 10 000 0.2740 % Svenska Handelsbanken 13/05.03.18 0.0000 % Vattenfall 29.03.18 (XS1762972393) . . EUR 10 000 10 000 MTN (XS0897920376) ...... EUR 3 000 0.0000 % Vattenfall 30.04.18 (XS1765428294) . . EUR 5 500 5 500 3.3750 % UniCredit 12/11.01.18 MTN 0.0000 % Vattenfall 31.01.18 (XS1711585320) . . EUR 5 500 (XS0863482336)...... EUR 20 000 0.0000 % Veolia Environnement 17.01.18 0.0000 % Unilever 15/03.06.18 MTN (FR0124497472)...... EUR 10 000 (XS1241577060)...... EUR 30 000 30 000 0.0000 % Veolia Environnement 17.04.18 0.4710 % United Technologies 16/22.02.18 (FR0124825318)...... EUR 10 000 10 000 (XS1366739552)...... EUR 43 252 43 252 0.0000 % Veolia Environnement 18.01.18 5.3750 % Veolia Environnement 03/28.05.18 (FR0124497449)...... EUR 10 000 MTN (FR0000474983) ...... EUR 10 755 20 835 0.0000 % Veolia Environnement 18.05.18 (FR0124825359)...... EUR 10 000 10 000 Unlisted securities 0.0000 % Veolia Environnement 22.05.18 (FR0124825433)...... EUR 7 000 7 000 Interest-bearing securities 0.0000 % Vodafone Group 16.04.18 (XS1600531864)...... EUR 14 000 0.0000 % Belfius Bank 13.02.18 CD 0.0000 % Volkswagen Bank 01.03.18 (BE6293112437)...... EUR 11 500 11 500 (XS1731051261)...... EUR 17 000 0.0000 % Carnival 14.02.18 (XS1757815284). . . EUR 12 000 12 000 0.0000 % Volkswagen Financial Services 0.0000 % DH Europe Finance 05.03.18 05.03.18 (XS1732185597) ...... EUR 10 000 (XS1733190885)...... EUR 7 500 0.0000 % Volkswagen Financial Services 0.0000 % DH Europe Finance 05.06.18 05.06.18 (XS1789479588) ...... EUR 10 000 10 000 (XS1789453864)...... EUR 7 500 7 500 0.0000 % Volkswagen Financial Services 0.0000 % DH Europe Finance 18.06.18 06.02.18 (XS1679220829) ...... EUR 10 000 (XS1795249298)...... EUR 20 000 20 000 0.0000 % Volkswagen Financial Services 0.0000 % DXC Capital Funding 22.05.18 06.03.18 (XS1768699768) ...... EUR 12 700 12 700 (XS1722866230)...... EUR 12 000 0.0000 % Volkswagen Financial Services 0.0000 % Electricité de France 13.03.18 25.01.18 (XS1691337510) ...... EUR 5 000 (FR0124660079)...... EUR 30 000 0.0000 % Volkswagen Financial Services 0.0000 % Engie 19.04.18 (FR0124665094) . . . . EUR 20 000 25.04.18 (XS1760332400) ...... EUR 5 000 5 000 0.0000 % Engie 20.06.18 (FR0124666621) . . . . EUR 12 000 0.0000 % Volkswagen Int. Finance 0.0000 % General Electric 29.03.18 01.02.18 (XS1562566684) ...... EUR 15 000 (XS1747552724)...... EUR 30 000 30 000 0.0000 % Vonovia Finance 16.04.18 0.0000 % Honeywell International (XS1738491924)...... EUR 30 000 16.04.18 (XS1709295270) ...... EUR 20 000 0.0000 % International Endesa 28.02.18 (XS1730136048)...... EUR 30 000 0.0000 % International Endesa 31.05.18 (XS1787042222)...... EUR 30 000 30 000 0.0000 % Intesa Sanpaolo Bank Ireland 16.03.18 (XS1584861139) ...... EUR 25 000 25 000 0.0000 % Johnson Controls International 29.06.18 (XS1802289345) ...... EUR 9 000 9 000 0.0000 % KBC Bank 22.01.18 CD (BE6299861029)...... EUR 30 000 0.0000 % Paccar Financial Europe 18.05.18 (XS1812863261) ...... EUR 15 000 15 000 0.0000 % Paccar Financial Europe 23.03.18 (XS1785123826) ...... EUR 15 000 15 000 0.0000 % Paccar Financial Europe 23.04.18 (XS1799503914) ...... EUR 15 000 15 000 0.0000 % Paccar Financial Europe 26.02.18 (XS1762895974) ...... EUR 15 000 15 000 0.0000 % Repsol International Finance 09.02.18 (XS1749054018) ...... EUR 30 000 30 000 0.0000 % Repsol International Finance 28.02.18 (XS1731097843) ...... EUR 23 000

13 Deutsche Institutional Money plus

Securities loans (total transactions, at the value agreed at the closing of the loan Securities repurchase agreements (total transactions, at the value agreed at the contract) closing of the repurchase agreements)

Value (’000) Value (’000) No fixed maturity EUR 606 591 Purchased under repurchase agreements EUR 1 335 044 (Underlyings: Adif - Alta Velocidad 15/28.01.25 MTN, Bankia Security description: 0.0000 % Coöperatieve Rabobank 16/15.01.18 15/05.08.22 PF, Italy 18/01.03.23, Italy B.T.P. 09/01.03.20, MTN (XS1345314956), 1.7500 % Credit Agricole Italy B.T.P. 14/01.12.19, Italy B.T.P. 16/01.03.67, Slovakia (London Br.) 13/12.03.18 MTN (XS0901338706), 17/17.10.47, Spain 13/31.10.44, Spain 16/30.07.66, Spain 0.1550 % Daimler 16/09.03.18 MTN (DE000A2AAL15), 18/30.04.28, Thuringen 16/26.10.26) 0.1690 % DekaBank DGZ 16/01.02.18 IHS MTN (XS1354256643), 0.2780 % Dexia Credit Local 17/07.03.19 MTN (XS1575798860), 0.0000 % Fédérat.caiss.Desjard Québec 16/19.01.18 MTN (XS1347607530), 0.0000 % France 17/09.05.18 (FR0124584717), 0.0000 % France 18/16.05.18 (FR0124747496), 0.0000 % France 18/30.05.18 (FR0124747504), 0.0000 % France B.T.F. 17/10.10.18 (FR0124584733), 0.0000 % France B.T.F. 17/14.03.18 (FR0124584683), 0.0000 % France B.T.F. 17/18.07.18 (FR0124423247), 0.0000 % French Republic 18/26.09.18 (FR0124909732), 0.1710 % ING Bank 16/19.02.18 MTN (XS1366184668), 0.0000 % LB Baden-Württemberg 16/14.03.18 IHS (DE000LB09M68), 0.1710 % LB Hessen-Thüringen 16/19.01.18 S.H284 IHS MTN (XS1346646737), 0.1190 % Lloyds Bank 16/02.02.18 MTN (XS1353190314), 0.1020 % Royal Bank of Canada 15/22.10.18 MTN (XS1308674131), 0.0790 % Shell International Finance 15/15.09.19 MTN (XS1292468987), 0.0210 % Societe Generale 16/19.02.18 MTN (XS1369605123)

14 Deutsche Institutional USD Money plus

Investment portfolio – June 30, 2018

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period USD

Securities traded on an exchange 54 030 991.18 32.53

Interest-bearing securities 0.3970 % Banque Fédérative Crédit Mu. 14/20.03.19 MTN (XS1046498157). . . . . EUR 1 500 1 000 % 100.4660 1 755 643.35 1.06 0.0790 % Barclays Bank 17/11.09.19 MTN (XS1620524204)...... EUR 1 000 1 000 % 100.2850 1 168 320.25 0.70 0.1210 % Barclays Bank 18/17.01.20 MTN (XS1683852930)...... EUR 1 000 1 000 % 100.3670 1 169 275.55 0.70 0.1760 % BNP Paribas 15/28.08.19 MTN (XS1280841427)...... EUR 1 500 % 100.4630 1 755 590.93 1.06 0.4140 % BPCE 14/12.02.19 MTN (FR0011741909). . EUR 1 000 1 000 % 100.4255 1 169 957.08 0.70 0.1610 % Coöperatieve Rabobank 17/01.02.19 MTN (XS1559357154)...... EUR 800 % 100.2700 934 516.40 0.56 0.1710 % Coöperatieve Rabobank 18/17.01.20 MTN (XS1752880747)...... EUR 1 000 1 000 % 100.6905 1 173 044.33 0.71 0.0000 % DNB Bank 15/13.01.20 MTN (XS1165750198)...... EUR 1 000 1 000 % 100.3230 1 168 762.95 0.70 0.1290 % HSBC Bank 18/09.03.20 MTN (XS1789496244)...... EUR 1 000 1 000 % 100.5600 1 171 524.00 0.71 0.0840 % ING Bank 14/20.11.19 MTN (XS1143001102)...... EUR 1 000 % 100.3930 1 169 578.45 0.70 0.1920 % LB Baden-Württemberg 16/25.01.19 IHS (DE000LB06FU4) ...... EUR 1 500 % 100.2990 1 752 725.03 1.06 0.1720 % SBAB Bank 16/05.04.19 MTN (XS1390058722)...... EUR 1 500 1 500 % 100.3075 1 752 873.56 1.06 0.1730 % SBAB Bank 17/15.08.19 MTN (XS1664220941)...... EUR 1 000 % 100.4600 1 170 359.00 0.70 0.0790 % Shell International Finance 15/15.09.19 MTN (XS1292468987). . . . . EUR 1 000 % 100.4000 1 169 660.00 0.70 0.2760 % Skandin. Enskilda Banken 16/26.05.20 MTN (XS1419638215)...... EUR 1 200 1 200 % 100.8460 1 409 827.08 0.85 0.1020 % Société Générale 15/22.07.18 MTN (XS1264495000)...... EUR 1 800 % 100.0230 2 097 482.31 1.26 0.1710 % UBS (London Branch) 18/10.01.20 MTN (XS1746116299)...... EUR 740 740 % 100.4630 866 091.52 0.52 0.0260 % Volkswagen Int. Finance 17/30.03.19 (XS1586555515)...... EUR 1 500 1 500 % 100.1080 1 749 387.30 1.05

2.5000 % ABN AMRO Bank 13/30.10.18 MTN Reg S (XS0987211181)...... USD 2 100 2 100 % 99.9400 2 098 740.00 1.26 2.9951 % ABN AMRO Bank 17/18.01.19 MTN Reg S (XS1549579446)...... USD 1 500 % 100.2630 1 503 945.00 0.91 2.7131 % Banque Fédérative Crédit Mu. 18/05.08.19 MTN (XS1762242151). . . . . USD 2 000 2 000 % 99.9960 1 999 920.00 1.20 2.9689 % BP Capital Markets 13/26.09.18 (US05565QCH92) ...... USD 1 500 1 500 % 100.1605 1 502 407.52 0.90 2.4271 % Caisse des Depots et Consignations 14/09.09.19 MTN (FR0012146587). . . . . USD 1 000 % 99.9185 999 185.00 0.60 2.5389 % Coöperatieve Rabobank 18/26.03.19 MTN (XS1798888829)...... USD 1 500 1 500 % 100.0135 1 500 202.50 0.90 3.1529 % CW Bank of Australia 15/02.11.18 MTN Reg S (US2027A1HQ32)...... USD 2 000 2 000 % 100.2453 2 004 905.00 1.21 2.7529 % Daimler Finance North America 18/04.05.20 Reg S (USU2339CDD75). . . . USD 2 000 2 000 % 100.1140 2 002 280.00 1.21 2.8425 % Dexia Credit Local 17/15.02.19 MTN (XS1564966858)...... USD 2 000 % 100.2330 2 004 660.00 1.21 3.1006 % ING Bank 15/17.08.18 MTN Reg S (US44987DAF33)...... USD 2 000 % 100.0990 2 001 980.00 1.21 3.4619 % ING Bank 16/22.03.19 MTN (US44987DAK28)...... USD 2 000 % 100.6600 2 013 200.00 1.21 2.9544 % Nordea Bank 16/30.09.19 MTN Reg S (US65557DAT81) ...... USD 1 000 % 100.4750 1 004 750.00 0.60 2.6063 % Toronto-Dominion Bank 18/11.06.20 MTN (US89114QC229)...... USD 2 000 2 000 % 100.0260 2 000 520.00 1.20 2.6394 % UBS (London Branch)17/28.05.19 144a (US902674XH89)...... USD 1 500 1 500 % 100.1440 1 502 160.00 0.90 2.1250 % Volkswagen Int. Finance 13/20.11.18 Reg S (XS0995839833)...... USD 1 150 % 99.8010 1 147 711.50 0.69 2.3658 % Walmart 18/23.06.20 (US931142EF61). . . USD 3 000 3 000 % 99.9320 2 997 960.00 1.80 2.6225 % Westpac Banking 18/15.05.20 (US961214DY69)...... USD 1 143 1 143 % 99.8990 1 141 845.57 0.69

15 Deutsche Institutional USD Money plus

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period USD

Securities admitted to or included in organized markets 91 952 589.64 55.36

Interest-bearing securities 2.9951 % A.N.Z. Banking Group (NY Br) 16/23.09.19 MTN Reg S (US05252BCS60). . USD 2 000 % 100.4820 2 009 640.00 1.21 3.0800 % A.N.Z. Banking Group 15/16.11.18 MTN 144a (US05252ACH23)...... USD 2 000 2 000 % 100.2467 2 004 934.36 1.21 2.8847 % American Express Credit 14/18.03.19 MTN (US0258M0DL06)...... USD 2 000 % 100.2490 2 004 980.00 1.21 3.1431 % American Express Credit 15/05.11.18 MTN (US0258M0EA32)...... USD 1 500 1 500 % 100.2037 1 503 055.02 0.90 2.5631 % Apple 17/07.02.20 (US037833CL24). . . . USD 1 500 1 500 % 100.2990 1 504 485.33 0.91 2.9688 % Bank of Montreal 15/31.07.18 MTN (US06366RU860) ...... USD 2 500 % 100.0729 2 501 821.95 1.51 2.5771 % Bank of Montreal 17/11.09.19 MTN (US06367TG202)...... USD 1 500 % 100.0870 1 501 305.00 0.90 2.9378 % Bank of Nova Scotia 16/05.12.19 (US064159JD92)...... USD 1 590 1 590 % 100.5300 1 598 427.00 0.96 2.9956 % Bank of Nova Scotia 16/14.06.19 (US064159HU36)...... USD 1 500 1 500 % 100.4780 1 507 170.00 0.91 2.7046 % BMW US Capital 17/06.04.20 144a (US05565EAQ89)...... USD 1 185 1 185 % 100.3160 1 188 744.60 0.72 2.7000 % BNP Paribas/US MTN Program 13/21.11.18 MTN (US05574LPT97)...... USD 1 045 % 100.0110 1 045 114.95 0.63 2.8338 % Canadian Imperial Bank (Toronto Br.) 16/06.09.2019 (US13607RAC43) . . . . USD 2 000 % 100.3890 2 007 780.00 1.21 2.5991 % Citibank 17/09.11.18 (US17325FAC23). . . USD 3 000 % 100.0520 3 001 560.00 1.81 2.5947 % Citibank 17/18.09.19 (US17325FAG37). . . USD 1 000 1 000 % 99.9940 999 940.00 0.60 2.6647 % Citibank 17/20.03.19 (US17325FAB40). . . USD 1 000 1 000 % 100.1390 1 001 390.00 0.60 2.8791 % Coöperatieve Rabobank (NY Branch) 17/09.08.19 MTN (US21688AAH59). . . . USD 2 000 % 100.4320 2 008 640.00 1.21 2.8638 % CW Bank of Australia 14/06.09.19 MTN 144a (US2027A0HL61)...... USD 2 000 % 100.3880 2 007 760.00 1.21 3.4006 % CW Bank of Australia 16/15.03.19 MTN Reg S (US2027A1HS97)...... USD 1 131 % 100.6260 1 138 080.06 0.69 2.9788 % Daimler Finance North America 16/30.10.19 Reg S (USU2339CCK28). . . . USD 2 000 2 000 % 100.4150 2 008 300.00 1.21 2.6131 % Daimler Finance North America 17/05.11.18 144a (US233851CW23). . . . USD 2 000 % 100.0670 2 001 340.00 1.20 2.8312 % Danske Bank 17/02.03.20 MTN 144a (US23636AAL52)...... USD 1 500 1 500 % 100.3020 1 504 530.00 0.91 3.4425 % Goldman Sachs Group 13/15.11.18 MTN (US38141EB735)...... USD 1 500 1 500 % 100.3650 1 505 475.00 0.91 2.4638 % IBM Credit 17/06.09.19 (US44932HAD52). . USD 3 000 % 100.1020 3 003 060.00 1.81 2.9525 % ING Bank 16/15.08.19 Reg S (USN45780CX40)...... USD 1 500 1 500 % 100.3610 1 505 415.00 0.91 3.1719 % JPMorgan Chase & Co. 16/22.03.19 (US46625HQV59)...... USD 1 500 1 500 % 100.4600 1 506 900.00 0.91 2.7803 % JPMorgan Chase Bank 16/21.09.18 (US48125LRH77)...... USD 3 000 % 100.0530 3 001 590.00 1.81 2.9251 % JPMorgan Chase Bank 16/23.09.19 (US48125LRJ34)...... USD 1 500 1 500 % 100.4670 1 507 005.00 0.91 3.1006 % Lloyds Bank 15/17.08.18 (US53944VAL36). . USD 2 000 2 000 % 100.0910 2 001 820.00 1.21 3.0016 % National Australia Bank 15/23.07.18 MTN Reg S (US6325C1CF48)...... USD 2 000 % 100.0440 2 000 880.00 1.20 3.1277 % National Australia Bank 16/14.01.19 MTN Reg S (US6325C1CG21)...... USD 1 600 1 600 % 100.3463 1 605 541.57 0.97 2.9275 % National Australia Bank 17/10.01.20 MTN Reg S (US6325C1CJ69)...... USD 1 500 1 500 % 100.4330 1 506 495.00 0.91 2.6094 % National Australia Bank 17/14.05.19 MTN 144a (US6325C0DN89)...... USD 1 250 % 100.0940 1 251 175.00 0.75 3.1747 % Nordea Bank 15/17.09.18 MTN 144a (US65557CAP86) ...... USD 2 800 % 100.1490 2 804 172.00 1.69 3.0271 % Royal Bank of Canada 15/10.12.18 MTN (US78012KKA42) ...... USD 1 500 % 100.2400 1 503 600.00 0.91 2.8388 % Royal Bank of Canada 16/8 29.07.19 MTN (US78012KRL34)...... USD 2 000 % 100.2880 2 005 760.00 1.21 2.5594 % Royal Bank of Canada 17/29.08.19 MTN (US78012K5K94)...... USD 1 500 % 100.0000 1 500 000.00 0.90 2.6526 % Siemens Financieringsmaatsch. 16/13.09.19 144a (US82620KAG85). . . . USD 2 000 % 100.2090 2 004 180.00 1.21 3.3880 % Société Générale 13/01.10.18 MTN 144a (US83368RAE27)...... USD 1 500 1 500 % 100.2320 1 503 480.00 0.91 2.8247 % Svenska Handelsbanken 14/17.06.19 MTN (US86960BAH50)...... USD 2 000 % 100.3170 2 006 340.00 1.21 2.8038 % Svenska Handelsbanken 16/06.09.19 S. BKNT MTN (US86960BAP76)...... USD 1 000 % 100.3650 1 003 650.00 0.60

16 Deutsche Institutional USD Money plus

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period USD

2.9016 % Toronto Dominion Bank 15/23.07.18 MTN (US89114QB726)...... USD 3 000 % 100.0420 3 001 260.00 1.81 2.9231 % Toronto-Dominion Bank 14/05.11.19 MTN (US89114QAW87) ...... USD 1 500 1 500 % 100.4520 1 506 780.00 0.91 3.2016 % Toronto-Dominion Bank 16/22.01.19 MTN (US89114QBF46)...... USD 2 000 % 100.4040 2 008 080.00 1.21 2.7313 % Toyota Motor Credit 16/20.05.19 MTN (US89236TDF93)...... USD 1 500 % 100.3020 1 504 530.00 0.91 2.5906 % Toyota Motor Credit 17/09.01.19 MTN (US89236TDN28)...... USD 1 535 1 535 % 100.1126 1 536 728.50 0.93 2.6392 % UBS (London Branch) 17/07.12.18 144a (US902674XD75)...... USD 3 000 % 100.0850 3 002 550.00 1.81 2.9638 % Wells Fargo Bank 16/06.12.19 MTN (US94988J5J25)...... USD 1 000 1 000 % 100.5880 1 005 880.00 0.61 2.9300 % Wells Fargo Bank 16/24.05.19 MTN (US94988J5E38)...... USD 1 500 1 500 % 100.2970 1 504 455.00 0.91 2.5777 % Wells Fargo Bank 18/15.01.20 MTN (US94988J5K97)...... USD 2 000 2 000 % 99.9650 1 999 300.00 1.20 3.0988 % Westpac Banking 13/30.07.18 (US961214CB75)...... USD 2 000 % 100.0640 2 001 280.00 1.20 3.0700 % Westpac Banking 15/23.11.18 (US961214CR28) 3 ...... USD 2 100 2 100 % 100.2957 2 106 209.30 1.27

Unlisted securities 7 039 910.15 4.24

Interest-bearing securities 0.0000 % Volkswagen Financial Services 06.12.18 (XS1789636278)...... EUR 1 300 1 300 % 100.0700 1 515 560.15 0.91

3.1477 % Crédit Agricole 14/15.04.19 MTN 144a (US22532LAN47)...... USD 2 000 % 100.4520 2 009 040.00 1.21 2.8938 % Danske Bank 16/06.09.19 MTN 144a (US23636AAG67)...... USD 1 500 1 500 % 100.4020 1 506 030.00 0.91 2.9026 % Skandin. Enskilda Banken 16/13.09.19 MTN (XS1489339876)...... USD 2 000 % 100.4640 2 009 280.00 1.21

Total securities portfolio 153 023 490.97 92.13

Derivatives Minus signs denote short positions

Currency derivatives 255 518.65 0.15

Currency futures (short)

Open positions EUR/USD 22.50 million...... 255 518.65 0.15

Cash at bank 12 415 942.45 7.48

Demand deposits at Depositary USD deposits ...... USD 355 039.12 % 100 355 039.12 0.21 Deposits in EU/EEA currencies...... USD 60 903.33 % 100 60 903.33 0.04

Time deposit USD deposits (Norddeutsche Landesbank -Girozentrale-, Hannover). . USD 12 000 000.00 % 100 12 000 000.00 7.22

Other assets 425 095.46 0.26 Interest receivable ...... USD 424 974.52 % 100 424 974.52 0.26 Other receivables ...... USD 120.94 % 100 120.94 0.00

Total assets 1 166 120 047.53 100.02

17 Deutsche Institutional USD Money plus

Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period USD

Other liabilities -26 843.61 -0.02 Liabilities from cost items...... USD -22 735 .84 % 100 -22 735 .84 -0 .02 Additional other liabilities...... USD -4 107 .77 % 100 -4 107 .77 0 .00

Net assets 166 093 203.92 100.00

Net asset value per share 12 843 .55

Number of shares outstanding 12 932 .037

Negligible rounding errors may have arisen due to the rounding of calculated percentages .

Exchange rates (indirect quotes) As of June 29, 2018

Euro ...... EUR 0 858369. = USD 1

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund . The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .

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 are completely or partly lent as securities loans . The equivalent value of the lent securities is USD 1 002 956 .81 .

Transactions completed during the reporting period that no longer appear in the investment portfolio

Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Description currency Description currency additions disposals additions disposals (– / ’000) (– / ’000)

Securities traded on an exchange 1 .8000 % ABN AMRO Bank 15/04 .06 .18 MtN Reg S (XS1241945390) ...... USD 1 100 1 100 Interest-bearing securities 2 .5414 % Bank of Nova Scotia 15/11 .06 .18 (US064159GN02)...... USD 3 000 0 .0000 % Banque Fédérative Crédit Mu . 2 .0446 % Bank of Tokyo-Mitsubishi 16/19 .01 18. MTN (XS1346986752) . . . . EUR 2 000 15/05 .03 .18 144a (US064255BN18). . . . USD 1 600 0 .0000 % BMW US Capital 15/20 .04 .18 3 .5387 % Citigroup 08/15 .05 .18 (US172967ET43) . USD 2 000 MTN (DE000A1ZZ002)...... EUR 2 000 2 .4503 % Citigroup 15/27 .04 .18 (US172967JQ58) . USD 1 500 0 .3320 % BPCE 13/28 05. 18. MTN 2 .2246 % Dexia Crédit Local (NY Br .) 15/05 .06 .18 (FR0011496447)...... EUR 1 200 MTN 144a (US25215BAR42)...... USD 2 000 0 .0000 % BPCE 16/05 02. 18. MTN 2 .4892 % DNB Bank 13/19 .04 .18 MTN (FR0013106614)...... EUR 1 500 (XS0919307818)...... USD 3 000 0 .2310 % Coöperatieve Rabobank 17/19 .02 .18 2 .9669 % Goldman Sachs Group 13/30 .04 .18 MTN (XS1554463403) ...... EUR 1 500 (US38141GVK74) ...... USD 2 000 0 .1690 % DekaBank DGZ 16/01 .02 .18 2 .4787 % HSBC Bank 13/15 .05 .18 MTN IHS MTN (XS1354256643)...... EUR 2 800 144a (US44328MBU71)...... USD 2 000

18 Deutsche Institutional USD Money plus

Count/ Purchases/ Sales/ Derivatives (option premiums realized in opening transactions, or total options Description currency additions disposals transactions; in the case of warrants, purchases and sales are shown) (– / ’000)

1.0000 % L-Bank B-W-Förderbank 16/23.04.18 Value (’000) S.5561MTN (XS1398316247). . . . . USD 2 000 2.3146 % Mizuho Bank 15/26.03.18 Futures contracts Reg S (USJ46186AZ53) ...... USD 1 500 1.6250 % Nordea Bank 13/15.05.18 Currency futures MTN Reg S (US65557HAG74). . . . . USD 500 500 1.7500 % Skandin. Enskilda Banken 13/19.03.18 Futures contracts to sell currencies MTN Reg S (XS0906852529). . . . . USD 2 000 USD/EUR USD 55 257 Securities admitted to or included in organized markets

Interest-bearing securities 1.7992 % A.N.Z. Banking Group 15/16.01.18 MTN Reg S (US05252BCG23). . . . . USD 3 000 Securities loans (total transactions, at the value agreed at the closing of the loan 2.3039 % Bank of Montreal 13/09.04.18 contract) MTN (US06366RMT94) ...... USD 3 000 2.0407 % Cisco Systems 16/21.02.18 Value (’000) (US17275RAZ55) ...... USD 2 140 2.4403 % Credit Suisse (New York No fixed maturity USD 2 935 Branch) 15/27.04.18 MTN (US22546QAW78) ...... USD 2 000 Security description: 0.1710 % UBS (London Branch) 18/10.01.20 2.0680 % Credit Suisse (New York MTN (XS1746116299), 2.1504 % ING Bank 17/16.03.18 Branch) 15/29.01.18 MTN MTN 144a (US44987CAA62), 2.9026 % Skandin. Enskilda (US22546QAU13)...... USD 2 020 Banken 16/13.09.19 MTN (XS1489339876), 2.3349 % Daimler Finance North America 3.2016 % Toronto-Dominion Bank 16/22.01.19 MTN 15/18.05.18 Reg S (USU2339CBU19) . . USD 1 500 (US89114QBF46) 2.0676 % Exxon Mobil 16/28.02.18 (US30231GAS12)...... USD 1 500 1.6250 % General Electric 13/02.04.18 MTN (US36962G6W94)...... USD 798 2.1504 % ING Bank 17/16.03.18 MTN 144a (US44987CAA62)...... USD 1 000 2.2952 % JPMorgan Chase & Co. 14/25.04.18 MTN (US46623EKA63)...... USD 2 000 2.1204 % Lloyds Bank 15/16.03.18 (US53944VAD10)...... USD 3 000 3.0252 % Morgan Stanley 13/25.04.18 (US6174467V53)...... USD 2 000 2.2236 % Siemens Financieringsmaatsch. 15/25.05.18 Reg S (USN82008AA63). . USD 2 000 2.3169 % Toronto-Dominion Bank 13/30.04.18 MTN (US89114QAH11) ...... USD 2 000 1.4500 % Total Capital Canada 13/15.01.18 (US89153UAE10)...... USD 2 000 2.3746 % UBS (Stamford Branch) 15/26.03.18 MTN (US90261XHJ46)...... USD 3 000 2.3745 % Wells Fargo & Co. 13/24.03.18 MTN (US94974BFK17)...... USD 2 000

Unlisted securities

Interest-bearing securities 0.0000 % Royal Bank of Scotland 10.01.18 (XS1588551785)...... EUR 2 000 0.0000 % Volkswagen Financial Services 06.03.18 (XS1768699768) ...... EUR 1 300 1 300

19 Deutsche Institutional Money plus

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute 259 339 550.00 - - In % of the fund’s net assets 8.40 - -

2. The 10 largest counterparties 1. Name Morgan Stanley & Co. International PLC Gross volume of 85 073 650.00 open transactions Country of registration United Kingdom

2. Name Commerzbank AG, Frankfurt Gross volume of 68 135 560.00 open transactions Country of registration Federal Republic of Germany

3. Name Barclays Bank PLC, London Gross volume of 60 089 400.00 open transactions Country of registration United Kingdom

4. Name J.P. Morgan Securities PLC Gross volume of 25 022 250.00 open transactions Country of registration United Kingdom

5. Name UBS AG, London Gross volume of 21 018 690.00 open transactions Country of registration United Kingdom

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

20 Deutsche Institutional Money plus

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing 10. Name transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Gross volume of Statement in accordance with Section A open transactions Country of registration

Securities lending Repurchase agreements Total return swaps 3. Type(s) of settlement and clearing Stated in fund currency (e.g., bilateral, tri-party, Bilateral - - central counterparty) 1. Assets used Absolute 259 339 550.00 - - 4. Transactions classified by term to maturity (absolute amounts) In % of the fund’s net assets 8.40 - - Less than 1 day - - -

2. The 10 largest counterparties 1 day to 1 week - - - 1. Name Morgan Stanley & Co. International PLC 1 week to 1 month - - - Gross volume of 1 to 3 months - - - 85 073 650.00 open transactions 3 months to 1 year - - - United Kingdom Country of registration More than 1 year - - -

2. Name Commerzbank AG, Frankfurt No fixed maturity 259 339 550.00 - - Gross volume of 68 135 560.00 open transactions 5. Type(s) and quality/qualities of collateral received Country of registration Federal Republic of Germany Type(s): Bank balances - - - 3. Name Barclays Bank PLC, London Bonds 22 804 196.17 - - Gross volume of 60 089 400.00 224 928 845.50 - - open transactions Equities 23 502 778.95 - - Country of registration United Kingdom Other Quality/Qualities: 4. Name J.P. Morgan Securities PLC Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward Gross volume of currency transactions) are concluded, collateral in one of the following forms is provided to the fund: 25 022 250.00 open transactions – Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC Country of registration United Kingdom of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity 5. Name UBS AG, London – Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset Gross volume of 21 018 690.00 value daily and has a rating of AAA or an equivalent rating open transactions – Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Country of registration United Kingdom – Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade 6. Name – Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD mem- Gross volume of ber country, provided that these equities are included in a major index open transactions The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Country of registration Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.

Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

21 Deutsche Institutional Money plus

6. Currency/Currencies of collateral received Currency/Currencies: EUR; CHF; AUD; JPY; GBP; CAD; USD - -

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 271 235 820.62 - -

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 256 729.28 -342 997.56 - In % of gross income 60.00 100.00 - Cost portion of the fund - - -

Income portion of the Management Company Absolute 171 152.66 - - In % of gross income 40.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute - - -

10. Lent securities in % of all lendable assets of the fund Total 259 339 550.00 Share 9.86

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name Netherlands, Kingdom of the Volume of collateral received 15 341 610.27 (absolute)

2. Name Aena SME S.A. Volume of collateral received 14 720 250.00 (absolute)

22 Deutsche Institutional Money plus

3. Name Danone S.A. Volume of collateral received 12 730 040.00 (absolute)

4. Name ACS, Actividades de Construcción y Servicios S.A. Volume of collateral received 10 016 261.97 (absolute)

5. Name Merlin Properties SOCIMI S.A. Volume of collateral received 10 016 261.15 (absolute)

6. Name Tate & Lyle PLC Volume of collateral received 8 031 886.71 (absolute)

7. Name William Hill PLC Volume of collateral received 8 031 886.31 (absolute)

8. Name Cobham PLC Volume of collateral received 8 031 885.99 (absolute)

9. Name European Union Volume of collateral received 7 462 585.90 (absolute)

10. Name The Swatch Group AG Volume of collateral received 7 133 218.20 (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines custody type - -

23 Deutsche Institutional Money plus

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ 2 - - account holders

1. Name Bank of New York Amount held in custody (absolute) 199 517 411.18

2. Name State Street Bank Amount held in custody (absolute) 71 718 409.44

24 Deutsche Institutional USD Money plus

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute 1 002 956.81 - - In % of the fund’s net assets 0.60 - -

2. The 10 largest counterparties 1. Name Crédit Suisse Securities (Europe) Ltd. Gross volume of 1 002 956.81 open transactions Country of registration United Kingdom

2. Name Gross volume of open transactions Country of registration

3. Name Gross volume of open transactions Country of registration

4. Name Gross volume of open transactions Country of registration

5. Name Gross volume of open transactions Country of registration

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

25 Deutsche Institutional USD Money plus

10. Name

Gross volume of open transactions Country of registration

3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Bilateral - - central counterparty)

4. Transactions classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 1 002 956.81 - -

5. Type(s) and quality/qualities of collateral received Type(s): Bank balances - - - Bonds 1 054 130.11 - - Equities - - - Other - - - Quality/Qualities:

Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund:

– Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity

– Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating

– Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents

– Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

– Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index

The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.

Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.

26 Deutsche Institutional USD Money plus

6. Currency/Currencies of collateral received Currency/Currencies: EUR - -

8. Income and cost portions (before income adjustment)

Income portion of the fund Absolute 566.52 - - In % of gross income 60.00 - - Cost portion of the fund - - -

Income portion of the Management Company Absolute 377.73 - - In % of gross income 40.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute - - -

10. Lent securities in % of all lendable assets of the fund Total 1 002 956.81 Share 0.66

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name N.V. Bank Nederlandse Gemeenten Volume of collateral received 1 054 130.11 (absolute)

2. Name Volume of collateral received (absolute)

27 Deutsche Institutional USD Money plus

3. Name Volume of collateral received (absolute)

4. Name Volume of collateral received (absolute)

5. Name Volume of collateral received (absolute)

6. Name Volume of collateral received (absolute)

7. Name Volume of collateral received (absolute)

8. Name Volume of collateral received (absolute)

9. Name Volume of collateral received (absolute)

10. Name Volume of collateral received (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

28 Deutsche Institutional USD Money plus

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ 1 - - account holders

1. Name State Street Bank Amount held in custody (absolute) 1 054 130.11

29 Deutsche Institutional SICAV - June 30, 2018

Portfolio composition (in EUR) Deutsche Institutional Deutsche Institutional Deutsche Institutional SICAV USD Money plus * Yield Consolidated

Securities portfolio 3 946 154 291.95 153 023 490.97 614 616 382.70 Interest rate derivatives - 80 880.00 – – Currency derivatives 217 975.78 255 518.65 – Cash at bank 626 426 027.85 12 415 942.45 63 193 121.99 Other assets 3 598 423.67 425 095.46 335 401.20 Total assets 1 4 576 434 262.12 166 120 047.53 678 144 905.89 Other liabilities - 543 933.33 - 26 843.61 - 76 896.47

= Net assets 4 575 771 905.92 166 093 203.92 678 068 009.42

1 Does not include positions with a negative balance, if such exist.

* The portfolio composition of the U.S. dollar-denominated fund, Deutsche Institutional USD Money plus, was converted into euro at the stated exchange rate.

Fiscal six-month period ended June 30, 2017 USD 1.165000 = EUR 1

30 Deutsche Institutional Deutsche Institutional Deutsche Institutional Deutsche Institutional Multi Asset Total Return Vario Yield Money plus Cash Plus

70 354 996.91 200 995 664.45 2 629 358 329.50 277 805 427.42 - 80 880.00 – – – - 37 542.87 – – – 3 253 389.29 37 617 821.92 455 259 819.06 54 685 933.14 356 897.76 154 111.41 2 163 155.88 163 761.96 73 965 283.96 238 767 597.78 3 086 781 304.44 332 655 122.52 - 25 193.43 - 26 900.31 - 366 842.40 - 21 257.11

73 821 667.66 238 740 697.47 3 086 414 462.04 332 633 865.41

31 Investment Company Supervisory Board Auditor of the Management Company Deutsche Institutional SICAV KPMG Luxembourg 2, Boulevard Konrad Adenauer Holger Naumann Société coopérative 1155 Luxembourg, Luxembourg Chairman 39, Avenue John F. Kennedy RC B 38 660 Deutsche Asset Management 1855 Luxembourg, Luxembourg Investment GmbH, Board of Directors Frankfurt/Main Depositary of the Investment Company Nathalie Bausch (until January 31, 2018) State Street Bank Luxembourg S.C.A. Petra Hansen Deutsche Bank Luxembourg S.A., 49, Avenue John F. Kennedy Chairman Luxembourg 1855 Luxembourg, Luxembourg Deutsche Asset Management S.A., Luxembourg Yves Dermaux (until June 5, 2018) Fund Manager Deutsche Bank AG, Jürgen Bentlage London Deutsche Asset Management Deutsche Asset Management S.A., Investment GmbH Luxembourg Stefan Kreuzkamp Mainzer Landstraße 11-17 Deutsche Asset Management 60329 Frankfurt/Main, Germany Leif Bjurström Investment GmbH, Deutsche Asset Management S.A., Frankfurt/Main Sales, Information and Paying Agent Luxembourg Frank Krings LUXEMBOURG Michael Koschatzki Deutsche Bank Luxembourg S.A., Deutsche Bank Luxembourg S.A. Deutsche Asset Management Luxembourg 2, Boulevard Konrad Adenauer Investment GmbH, 1155 Luxembourg, Luxembourg Frankfurt/Main Dr. Matthias Liermann Deutsche Asset Management Thilo Hubertus Wendenburg Investment GmbH, Independent member Frankfurt/Main Frankfurt/Main Management Board Management Company and Central of the Management Company Administration Agent, Registrar and Transfer Agent, Main Distributor Manfred Bauer Chairman Deutsche Asset Management S.A. Deutsche Asset Management S.A., 2, Boulevard Konrad Adenauer Luxembourg 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2017: Nathalie Bausch (since February 1, 2018) EUR 285.7 million before profit appropriation Deutsche Asset Management S.A., Luxembourg

Ralf Rauch (until April 30, 2018) Deutsche Asset Management Investment GmbH, Frankfurt/Main

Barbara Schots Deutsche Asset Management S.A., Luxembourg

As of: July 31, 2018 Deutsche Institutional SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B 38 660 Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00