Deutsche Asset Management

Deutsche Asset Management Investment GmbH

DWS Top Dividende Semiannual Report 2015/2016

DWS Top Dividende

Contents

Semiannual report 2015/2016 for the period from October 1, 2015, through March 31, 2016 (in accordance with article 103 of the German Investment Code (KAGB)) General information

2015 2016

2

Semiannual report DWS Top Dividende

Investment portfolio for the reporting period

4

6

1

General information Performance

Past performance is not a guide to

Information about the all-in fee

The investment return, or performance,

future results. The corresponding

The all-in fee does not include the

of a mutual fund investment is measured

­benchmarks – if available – are also

following expenses:

by the change in value of the fund’s

­presented in the reports. All f­ inancial

a) any costs that may arise in

units. The net asset values per unit

data in this publication is as of

­connection with the acquisition and

(= redemption prices) with the addition

March 31, 2016 (unless otherwise

disposal of assets;

of intervening distributions, which

stated).

b) any taxes that may arise in

are, for example, reinvested free of

­connection with administrative and

charge within the scope of invest-

Sales prospectuses

custodial costs;

ment accounts at Deutsche Asset

The sole binding basis for a purchase

c) the costs of asserting and enforcing

Management Investment GmbH, are

are the current version of the sales

the legal claims of the investment fund.

used as the basis for calculating the

prospectus including the Terms and

value; in the case of domestic reinvest-

Conditions of Investment and the

The details of the fee structure are set

ing funds, the domestic investment

key investor information document,

out in the current sales prospectus.

income tax – following any deduction of

which are available from Deutsche

foreign ­withholding tax – plus ­solidarity

Asset Management Investment GmbH

Issue and redemption prices

­surcharge charged to the fund are

or any branch of Deutsche Bank AG,

Each exchange trading day on the

added. Performance is calculated in

as well as from other paying agents.

Internet:

accordance with the “BVI method.”

www.dws.de

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

Semiannual report

DWS Top Dividende DWS Top Dividende Performance of unit classes (in euro) Unit class

ISIN

6 months

Class LD

DE0009848119

Class FD

DE000DWS1VB9 8.0%

7.8%

Class LDQ

DE000DWS18N0

7.7%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.  As of: March 31, 2016

OVERVIEW OF THE UNIT CLASSES ISIN LD DE0009848119 FD DE000DWS1VB9 LDQ DE000DWS18N0 Security code (WKN) LD 984811 FD DWS1VB LDQ DWS18N Fund currency EUR Unit class currency LD EUR FD EUR LDQ EUR Date of inception and LD April 28, 2003 initial subscription (since March 15, 2013, as LD unit class) FD August 12, 2013 LDQ March 2, 2015 Initial sales charge LD 5% FD None LDQ 5% Distribution policy LD Distribution FD Distribution LDQ Quarterly distribution All-in fee LD 1.45% p.a. FD 0.9% p.a. LDQ 1.45% p.a. Minimum investment* Initial issue price



LD None FD EUR 400,000 LDQ None LD DEM 52.50 (incl. initial sales charge) FD EUR 92.91 LDQ EUR 117.46 (plus initial sales charge)

*The Company reserves the right to deviate from these minimum investment amounts at its own discretion, e.g., in cases in where distribution partners have made separate fee arrangements with their clients. Subsequent purchases can be made in any amount.

4

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 y c es th/ rities d y/mon in secu rtfolio is “da o ment p

Investment portfolio for the reporting period

DWS Top Dividende Statement of net assets Amount in EUR ’000

% of net assets

I. Assets 1. Equities (sectors): Consumer Staples 3 738 668 24.67 Telecommunication Services 1 878 089 12.40 Financials 1 711 434 11.30 Health Care 1 670 055 11.03 Utilities 1 388 540 9.17 Information Technology 971 454 6.41 Industrials 561 639 3.71 Energy 523 753 3.46 Consumer Discretionaries 490 432 3.24 Basic Materials 400 061 2.64 Other 49 100 0.32 Total equities:

13 383 225

88.35

2. Bonds (issuers): Central governments

1 294 406

8.55

Total bonds:

1 294 406

8.55

3. Cash at bank

438 847

2.90

4. Other assets

49 060

0.32

-18 078

-0.12

II. Liabilities 1. Other liabilities

III. Net assets 15 147 460 Negligible rounding errors may have arisen due to the rounding of calculated percentages.

6

100.00

DWS Top Dividende Investment portfolio – March 31, 2016 Description

Count/ currency (– / ’000)

Quantity/ principal amount

Purchases/ Sales/ additions disposals Market price in the reporting period

Securities traded on an exchange

Total market value in EUR

% of net assets

13 108 899 749.85

86.54

Equities Enbridge (CA29250N1050) 3. . . . . . . . . . . . . . . . . . . . . . . TransCanada (CA89353D1078) 3 . . . . . . . . . . . . . . . . . . .

Count Count

7 298 701 8 000 000

1 498 701 1 200 000

CAD CAD

50.0900 50.7200

248 239 290.77 275 513 668.40

1.64 1.82

Nestlé Reg. (CH0038863350). . . . . . . . . . . . . . . . . . . . . . Novartis Reg. (CH0012005267) 3 . . . . . . . . . . . . . . . . . . .

Count Count

5 830 000 5 000 000 325 000

CHF CHF

71.9500 70.0000

383 500 032.00 319 988 297.57

2.53 2.11

Allianz (DE0008404005) . . . . . . . . . . . . . . . . . . . . . . . . . . AXA (FR0000120628) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fuchs Petrolub Ord. (DE0005790406) . . . . . . . . . . . . . . . Fuchs Petrolub Pref. (DE0005790430). . . . . . . . . . . . . . . Hannover Rück Reg. (DE0008402215). . . . . . . . . . . . . . . Sampo Bear. A (FI0009003305) . . . . . . . . . . . . . . . . . . . . Sanofi (FR0000120578). . . . . . . . . . . . . . . . . . . . . . . . . . . Unibail-Rodamco (FR0000124711) . . . . . . . . . . . . . . . . . . Unilever (NL0000009355). . . . . . . . . . . . . . . . . . . . . . . . . Wincor Nixdorf (DE000A169QN2). . . . . . . . . . . . . . . . . . .



Count Count Count Count Count Count Count Count Count Count



3 300 000 500 000 7 500 000 7 500 000 4 808 870 1 202 424 2 190 000 60 000 6 000 000 220 000 400 000 400 000 700 000 6 500 000 85 000 1 000 000 1 000 000

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

143.4000 20.4950 34.1600 39.5150 102.8500 41.4900 71.5100 243.2500 39.7600 49.1000

473 220 000.00 153 712 500.00 164 270 999.20 47 513 784.36 225 241 500.00 248 940 000.00 28 604 000.00 170 275 000.00 258 440 000.00 49 100 000.00

3.12 1.01 1.08 0.31 1.49 1.64 0.19 1.12 1.71 0.32

BAE Systems (GB0002634946) . . . . . . . . . . . . . . . . . . . . British American Tobacco (BAT) (GB0002875804). . . . . . Imperial Brands (GB0004544929). . . . . . . . . . . . . . . . . . . Pearson (GB0006776081). . . . . . . . . . . . . . . . . . . . . . . . . Reckitt Benckiser Group (GB00B24CGK77). . . . . . . . . . . Sky (GB0001411924). . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Count Count Count Count Count Count



35 040 000 5 500 000 610 000 5 200 000 115 000 9 500 000 310 000 3 000 000 190 000 10 700 000 1 565 000

GBP GBP GBP GBP GBP GBP

5.0942 40.8735 38.6778 8.8000 67.2470 10.2400

225 681 168.22 284 220 557.56 254 281 939.44 105 695 682.41 255 061 634.74 138 527 087.68

1.49 1.88 1.68 0.70 1.68 0.91

Japan Tobacco (JP3726800000). . . . . . . . . . . . . . . . . . . . KDDI Corp. (JP3496400007). . . . . . . . . . . . . . . . . . . . . . . Nippon Telegraph and Telephone Corp. (JP3735400008).

Count Count Count

8 030 000 200 000 200 000 14 570 000

JPY JPY JPY

4 690.0000 3 006.0000 4 848.0000

295 401 207.94 4 715 663.97 554 046 278.14

1.95 0.03 3.66

KT&G Corp. (KR7033780008). . . . . . . . . . . . . . . . . . . . . .

Count

KRW 110 000.0000

222 053 491.09

1.47

Gjensidige Forsikring (NO0010582521). . . . . . . . . . . . . . . Telenor (NO0010063308) 3. . . . . . . . . . . . . . . . . . . . . . . .

Count Count

NOK NOK

141.1000 136.9000

194 732 260.39 167 135 547.16

1.29 1.10

Swedbank (SE0000242455) . . . . . . . . . . . . . . . . . . . . . . .

Count

SEK

175.0000

113 710 201.43

0.75

Taiwan Semiconductor Manufacturing Co. (TW0002330008). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Count

80 000 000

6 000 000

TWD

162.0000

354 710 866.85

2.34

AbbVie (US00287Y1091). . . . . . . . . . . . . . . . . . . . . . . . . . Altria Group (US02209S1033). . . . . . . . . . . . . . . . . . . . . . AT & T (US00206R1023). . . . . . . . . . . . . . . . . . . . . . . . . . Automatic Data Processing (US0530151036). . . . . . . . . . CF Industries Holdings (US1252691001) . . . . . . . . . . . . . Chunghwa Telecom Sp. ADR (new) (US17133Q5027). . Cisco Systems (US17275R1023) . . . . . . . . . . . . . . . . . . . Dominion Resources (US25746U1097). . . . . . . . . . . . . . . Duke Energy (new) (US26441C2044). . . . . . . . . . . . . . . . Genuine Parts Co. (US3724601055). . . . . . . . . . . . . . . . . HCP (US40414L1098). . . . . . . . . . . . . . . . . . . . . . . . . . . . Johnson & Johnson (US4781601046). . . . . . . . . . . . . . . . Merck & Co. (US58933Y1055) . . . . . . . . . . . . . . . . . . . . . Nextera Energy Inc. (US65339F1012). . . . . . . . . . . . . . . . PepsiCo (US7134481081). . . . . . . . . . . . . . . . . . . . . . . . . Pfizer (US7170811035). . . . . . . . . . . . . . . . . . . . . . . . . . . PG & E Corp. (US69331C1080). . . . . . . . . . . . . . . . . . . . . Philip Morris International (US7181721090). . . . . . . . . . . Raytheon Co. (US7551115071). . . . . . . . . . . . . . . . . . . . . Target Corp. (US87612E1064). . . . . . . . . . . . . . . . . . . . . . The Coca-Cola Co. (US1912161007). . . . . . . . . . . . . . . . . The Dow Chemical Co. (US2605431038). . . . . . . . . . . . . The Procter & Gamble Co. (US7427181091) . . . . . . . . . . UGI Corp. (US9026811052). . . . . . . . . . . . . . . . . . . . . . . . Verizon Communications (US92343V1044). . . . . . . . . . . . Wal-Mart Stores (US9311421039) . . . . . . . . . . . . . . . . . . WEC Energy Group (US92939U1060). . . . . . . . . . . . . . . .



Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count

3 000 000 3 000 000 6 425 000 9 000 000 1 300 000 100 000 4 100 000 1 100 000 3 092 040 20 500 000 8 500 000 3 200 000 500 000 3 600 000 100 000 708 000 4 600 000 300 000 1 682 637 7 500 000 200 000 3 100 000 300 000 3 900 000 100 000 15 000 000 3 500 000 1 050 000 2 500 000 40 000 4 000 000 100 000 2 600 000 2 500 000 2 500 000 6 500 000 980 000 1 600 000 1 600 000 3 850 000 5 000 000 11 000 000 3 000 000 3 000 000 5 500 000

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

57.0000 62.5800 39.3700 89.1500 31.9800 34.2200 28.4600 74.7500 80.3500 99.1200 32.4400 108.9800 53.2200 118.5000 102.6900 30.0700 59.4400 98.6900 123.7600 83.6000 46.5800 51.4800 82.6800 40.4400 54.0400 68.8000 59.6100

150 806 949.47 354 596 084.31 312 487 873.71 102 209 189.52 115 634 535.67 93 314 762.15 514 533 909.52 210 953 346.86 255 101 860.83 61 889 902.11 131 602 434.08 28 833 230.44 352 015 168.89 323 970 367.76 353 197 812.86 397 786 400.92 131 052 121.00 348 143 575.27 283 778 110.94 184 319 604.90 267 016 491.75 72 641 326.40 280 728 459.30 178 322 603.40 524 243 760.47 182 026 633.74 289 139 253.90

1.00 2.34 2.06 0.67 0.76 0.62 3.40 1.39 1.68 0.41 0.87 0.19 2.32 2.14 2.33 2.63 0.87 2.30 1.87 1.22 1.76 0.48 1.85 1.18 3.46 1.20 1.91

Roche Holding Profitsh. (CH0012032048) 3. . . . . . . . . . .

Count

CHF

236.9000

392 021 320.36

2.59

2 614 652 13 000 000 11 500 000

410 000 960 000

6 000 000

3 035 000

Other equity securities 1 810 000

250 000

7

DWS Top Dividende Description

Count/ currency (– / ’000)

Quantity/ principal amount

Purchases/ Sales/ additions disposals Market price in the reporting period

Securities admitted to or included in organized markets

Total market value in EUR

% of net assets

1 568 731 546.08

10.36

Equities BCE (new) (CA05534B7604) 3 . . . . . . . . . . . . . . . . . . . . .

Count

5 505 000

CAD

59.4300

222 145 219.12

1.47

Singapore Post (SG1N89910219). . . . . . . . . . . . . . . . . . .

Count

48 829 019

SGD

1.6350

52 180 030.11

0.34

Interest-bearing securities 0.7500 % US Treasury 12/31.10.17 (US912828TW07) 3. . . . . . . . . . . . . . . . . . . . USD 2.1250 % US Treasury 14/31.01.21 (US912828B584) 3. . . . . . . . . . . . . . . . . . . . . USD 2.1250 % US Treasury 15/15.05.25 (US912828XB14) 3. . . . . . . . . . . . . . . . . . . . . USD

200 000

50 000 50 000

% 100.0176 176 413 440.34 1.16

150 000

150 000

% 104.0449 137 637 666.46 0.91

250 000

100 000 70 000

% 102.7168 226 467 942.50 1.50

USD

200 000

200 000

% 102.1621 180 195 960.84 1.19

USD

200 000

50 000 90 000

% 100.1439 176 636 211.31 1.17

USD

250 000

250 000

% 100.1211 220 744 995.15 1.46

USD

200 000

50 000 50 000

% 99.9590 176 310 080.25 1.16

Securitized money market instruments 3.0000 % US Treasury 10/28.02.17 (US912828MS67). 2.0000 % US Treasury 11/30.04.16 (US912828QF01) 3 . . . . . . . . . . . . . . . . . . . . 0.7500 % US Treasury 14/15.03.17 (US912828C327) 3. . . . . . . . . . . . . . . . . . . . . 0.3750 % US Treasury 14/31.10.16 (US912828F882) 3. . . . . . . . . . . . . . . . . . . . . Total securities portfolio

14 677 631 295.93

96.90

Cash and non-securitized money market instruments

438 846 716.47

2.90

Cash at bank

438 846 716.47

2.90

Demand deposits at Depositary EUR deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 87 885 838.26 % 100 Deposits in other EU/EEA currencies. . . . . . . . . . . . . . . . EUR 16 619 445.31 % 100

87 885 838.26 0.58 16 619 445.31 0.11

Deposits in non-EU/EEA currencies Australian dollar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Swiss franc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . South Korean won. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Zealand dollar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan dollar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

AUD 446 134.54 % CAD 9 139 491.00 % CHF 587 960.26 % HKD 3 940 924.58 % JPY 34 819 978 928.00 % KRW 7 708 853 730.00 % NZD 178 299.40 % SGD 4 843 590.75 % TWD 156 011 296.22 % USD 45 621 423.53 %

100 100 100 100 100 100 100 100 100 100

EUR 5 010 860.24 % EUR 29 797 991.66 % EUR 13 744 605.79 % EUR 506 734.80 %

100 100 100 100

Other assets Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

49 060 192.49

0.32

5 010 860.24 0.03 29 797 991.66 0.20 13 744 605.79 0.09 506 734.80 0.00

Other liabilities

-18 077 823.31

Liabilities from cost items. . . . . . . . . . . . . . . . . . . . . . . . . EUR -17 875 129.39 % 100 Additional other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . EUR -202 693.92 % 100

-17 875 129.39 -0.12 -202 693.92 0.00

Net assets

Net asset value per unit and number of units outstanding

15 147 460 381.58

Count/ currency

Net asset value per unit Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR Class FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR Class LDQ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR Number of units outstanding Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class FD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class LDQ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Count Count Count

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

8

300 650.00 0.00 6 205 773.59 0.04 537 544.01 0.00 448 255.12 0.00 273 119 295.07 1.80 5 951 697.25 0.04 108 415.06 0.00 3 165 745.59 0.02 4 269 977.02 0.03 40 234 080.19 0.27

-0.12

100.00

Net asset value per unit in the respective currency

115.19 123.06 115.94 121 266 150.721 9 553 389.982 24 021.000

DWS Top Dividende Exchange rates (indirect quotes) Australian dollar. . . . . . . . . . . . . . . . . . Canadian dollar . . . . . . . . . . . . . . . . . . Swiss franc. . . . . . . . . . . . . . . . . . . . . British pound . . . . . . . . . . . . . . . . . . . Hong Kong dollar . . . . . . . . . . . . . . . . Japanese yen . . . . . . . . . . . . . . . . . . . South Korean won. . . . . . . . . . . . . . . . Norwegian krone. . . . . . . . . . . . . . . . . New Zealand dollar. . . . . . . . . . . . . . . Swedish krona. . . . . . . . . . . . . . . . . . . Singapore dollar . . . . . . . . . . . . . . . . . Taiwan dollar. . . . . . . . . . . . . . . . . . . . U.S. dollar . . . . . . . . . . . . . . . . . . . . . .

As of March 31, 2016

AUD CAD CHF GBP HKD JPY KRW NOK NZD SEK SGD TWD USD

1.483900 1.472740 1.093790 0.790950 8.791700 127.490000 1 295.236200 9.419600 1.644600 9.234000 1.530000 36.536800 1.133900

= EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR

1 1 1 1 1 1 1 1 1 1 1 1 1

Footnotes 3 These securities were completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 1 573 529 725.79.

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 Description currency (– / ’000)

Purchases/ Sales/ additions disposals

Securities traded on an exchange Equities Woodside Petroleum (AU000000WPL2). . . . . . . . . . Count

3 080 000

Canadian Oil Sands (CA13643E1051). . . . . . . . . . . . Count

10 000 000

Air Liquide (FR0000120073) . . . . . . . . . . . . . . . . . . . Count Henkel Pref. (DE0006048432). . . . . . . . . . . . . . . . . . Count Wincor Nixdorf (DE000A0CAYB2). . . . . . . . . . . . . . . Count

593 010 600 000 1 742 900

GlaxoSmithKline (GB0009252882) . . . . . . . . . . . . . . Count Indivior (GB00BRS65X63). . . . . . . . . . . . . . . . . . . . . Count

10 580 000 2 500 000

Yara International (NO0010208051) . . . . . . . . . . . . . Count

1 910 000

Powszechny Zaklad Ubezpieczen (PLPZU0000011). Count Baxalta (US07177M1036). . . . . . . . . . . . . . . . . . . . . Baxter International (US0718131099). . . . . . . . . . . . Microsoft Corp. (US5949181045). . . . . . . . . . . . . . . Praxair (US74005P1049). . . . . . . . . . . . . . . . . . . . . .



Count Count Count Count



400 000 3 010 000 1 810 000 2 600 000 600 000

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

Value (’000)

Perpetual EUR 3 863 456 Security description: HCP (US40414L1098), 2.0000 % Germany 11/04.01.22 (DE0001135465), 4.0000 % Great Britain Treasury 06/07.09.16 (GB00B0V3WX43), Altria Group (US02209S1033), AT & T (US00206R1023), BCE (new) (CA05534B7604), Canadian Oil Sands (CA13643E1051), Enbridge (CA29250N1050), Hannover Rück Reg. (DE0008402215), Nestlé Reg. (CH0038863350), Novartis Reg. (CH0012005267), Pearson (GB0006776081), Powszechny Zaklad Ubezpieczen (PLPZU0000011), Raytheon Co. (US7551115071), Roche Holding Profitsh. (CH0012032048), Taiwan Semiconductor Manufacturing Co. (TW0002330008), Target Corp. (US87612E1064), Telenor (NO0010063308), TransCanada (CA89353D1078), UGI Corp. (US9026811052), Unilever (NL0000009355), Wincor Nixdorf (DE000A0CAYB2), Woodside Petroleum (AU000000WPL2), 3.0000 % US Treasury 10/28.02.17 (US912828MS67), 2.0000 % US Treasury 11/30.04.16 (US912828QF01), 0.7500 % US Treasury 12/31.10.17 (US912828TW07), 0.7500 % US Treasury 14/15.03.17 (US912828C327), 0.3750 % US Treasury 14/31.10.16 (US912828F882), 2.1250 % US Treasury 15/15.05.25 (US912828XB14)

Interest-bearing securities 2.0000 % Germany 11/04.01.22 (DE0001135465). EUR

200 000

200 000

4.0000 % Great Britain Treasury 06/07.09.16 (GB00B0V3WX43) . . . . . . . . . . . . . . . . . GBP

100 000

Securitized money market instruments

Unlisted securities Interest-bearing securities 0.2500 % Canada 15/01.11.17 (CA135087E752). . CAD

150 000

150 000

9

DWS Top Dividende LD unit class Statement of income and expenses (incl. income adjustment)

Statement of changes in net assets for the investment fund

for the period from October 1, 2015, through March 31, 2016

I. V  alue of the investment fund at the beginning of the fiscal year. . . . . . . . . . . . . . . . . . . . . . . EUR 12 133 152 597.19

I. Income 1. Dividends from foreign issuers (before withholding tax). . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Interest from domestic securities. . . . . . . . . . . . . . . . . . EUR 3. Interest from foreign securities (before withholding tax). . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4. Interest from investments of liquid assets in Germany. EUR 5. Income from securities lending and repurchase agreements. . . . . . . . . . . . . . . . . . . . . . EUR thereof: from securities lending. . . . . . . . . EUR 2 465 190.02 6. Deduction for foreign withholding tax. . . . . . . . . . . . . . . EUR 7. Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

183 221 440.30 277 780.64 4 000 972.61 574 367.77 2 465 190.02 -30 102 894.56 10 936 592.85 171 373 449.63

II. Expenses 1. Interest on borrowings 1. . . . . . . . . . . . . . . . . . . . . . . . . EUR -276 837.64 2. Management fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -100 783 330.25 thereof: All-in fee . . . . . . . . . . . . . . . . . EUR -100 783 330.25 3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -992 337.11 thereof: Performance-based fee from securities lending. . . . . . . . . EUR -986 075.65 Expenses for legal and consulting costs . . . . . . . . . . . . . . EUR -5 975.74 Other. . . . . . . . . . . . . . . . . . . . . . . EUR -285.72 Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -102 052 505.00 III. Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . EUR

69 320 944.63

IV. Sale transactions 1. Realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 263 622 759.83 2. Realized losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -144 904 666.94 Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

118 718 092.89

V. R  ealized net gain/loss for the fiscal six-month period . . . . . . . . . . . . . . . . . . . . . . . . . EUR

188 039 037.52

1. Net change in unrealized appreciation . . . . . . . . . . . . . . . EUR 2. Net change in unrealized depreciation . . . . . . . . . . . . . . . EUR

689 741 689.56 87 326 695.65

VI. U  nrealized net gain/loss for the fiscal six-month period. . . . . . . . . . . . . . . . . . . . . . . . . EUR

777 068 385.21

VII. Result for the fiscal six-month period . . . . . . . . . . . . EUR

965 107 422.73

Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Unrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on bank balances.

10

1. Previous year‘s distribution or tax abatement. . . . . . . . . EUR 2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR a) Inflows from subscriptions. . . . . . . . . . . . . . . . . . . . EUR b) Outflows from redemptions. . . . . . . . . . . . . . . . . . . EUR 3. Income adjustment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4. Result for the fiscal six-month period. . . . . . . . . . . . . . . EUR thereof: Net change in unrealized appreciation. . . . . . . . . . . EUR Net change in unrealized depreciation. . . . . . . . . . . EUR

-340 934 010.82 1 218 886 357.28 1 930 619 246.45 -711 732 889.17 -7 165 227.67 965 107 422.73 689 741 689.56 87 326 695.65

II. Value of the investment fund at the end of the fiscal six-month period. . . . . . . . . . . . . . . . . . . . . EUR 13 969 047 138.71

DWS Top Dividende FD unit class Statement of income and expenses (incl. income adjustment)

Statement of changes in net assets for the investment fund

for the period from October 1, 2015, through March 31, 2016

I. V  alue of the investment fund at the beginning of the fiscal year. . . . . . . . . . . . . . . . . . . . . . . EUR 1 100 098 594.74

I. Income 1. Dividends from foreign issuers (before withholding tax). . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Interest from domestic securities. . . . . . . . . . . . . . . . . . EUR 3. Interest from foreign securities (before withholding tax). . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4. Interest from investments of liquid assets in Germany. EUR 5. Income from securities lending and repurchase agreements. . . . . . . . . . . . . . . . . . . . . . EUR thereof: from securities lending. . . . . . . . . EUR 207 142.49 6. Deduction for foreign withholding tax. . . . . . . . . . . . . . . EUR 7. Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

15 400 760.73 23 323.11 336 470.55 48 312.44 207 142.49 -2 530 726.32 918 662.28

1. Previous year‘s distribution or tax abatement. . . . . . . . . EUR -28 048 744.84 2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 17 500 362.73 a) Inflows from subscriptions. . . . . . . . . . . . . . . . . . . . EUR 247 994 366.13 b) Outflows from redemptions. . . . . . . . . . . . . . . . . . . EUR -230 494 003.40 3. Income adjustment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -834 589.20 4. Result for the fiscal six-month period. . . . . . . . . . . . . . . EUR 86 912 614.45 thereof: Net change in unrealized appreciation. . . . . . . . . . . EUR 60 010 758.62 Net change in unrealized depreciation. . . . . . . . . . . EUR 7 883 804.97 II. V  alue of the investment fund at the end of the fiscal six-month period. . . . . . . . . . . . . . . . . . . . EUR 1 175 628 237.88

14 403 945.28

II. Expenses 1. Interest on borrowings 1. . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Management fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR thereof: All-in fee . . . . . . . . . . . . . . . . . . . . EUR -5 258 144.67 3. Other expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR thereof: Performance-based fee from securities lending. . . . . . . . . EUR -82 856.97 Expenses for legal and consulting costs . . . . . . . . . . . . . . EUR -504.68 Other. . . . . . . . . . . . . . . . . . . . . . . EUR -23.98

-23 271.95 -5 258 144.67

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

-5 364 802.25

III. Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . EUR

9 039 143.03

-83 385.63

IV. Sale transactions 1. Realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Realized losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

22 151 066.72 -12 172 158.89

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

9 978 907.83

V. Realized net gain/loss for the fiscal six-month period . . . . . . . . . . . . . . . . . . . . . . . . . EUR

19 018 050.86

1. Net change in unrealized appreciation . . . . . . . . . . . . . . . EUR 2. Net change in unrealized depreciation . . . . . . . . . . . . . . . EUR

60 010 758.62 7 883 804.97

VI. U  nrealized net gain/loss for the fiscal six-month period. . . . . . . . . . . . . . . . . . . . . . . . . EUR

67 894 563.59

VII. Result for the fiscal six-month period . . . . . . . . . . . . EUR

86 912 614.45

Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Unrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on bank balances.

11

DWS Top Dividende LDQ Unit class Statement of income and expenses (incl. income adjustment) for the period from October 1, 2015, through March 31, 2016

I. V  alue of the investment fund at the beginning of the fiscal year. . . . . . . . . . . . . . . . . . . . . . . EUR

I. Income 1. Dividends from foreign issuers (before withholding tax). . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Interest from domestic securities. . . . . . . . . . . . . . . . . . EUR 3. Interest from foreign securities (before withholding tax). . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4. Interest from investments of liquid assets in Germany. EUR 5. Income from securities lending and repurchase agreements. . . . . . . . . . . . . . . . . . . . . . EUR thereof: from securities lending. . . . . . . . . EUR 487.94 6. Deduction for foreign withholding tax. . . . . . . . . . . . . . . EUR 7. Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

35 259.65 54.04 802.58 114.38 487.94 -5 941.78 2 150.50 32 927.31

II. Expenses 1. Interest on borrowings 1. . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Management fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR thereof: All-in fee . . . . . . . . . . . . . . . . . . . . EUR -19 618.64 3. Other expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR thereof: Performance-based fee from securities lending. . . . . . . . . EUR -195.18 Expenses for legal and consulting costs . . . . . . . . . . . . . . EUR -1.06 Other. . . . . . . . . . . . . . . . . . . . . . . EUR -0.05

-54.78 -19 618.64

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

-19 869.71

III. Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . EUR

13 057.60

-196.29

IV. Sale transactions 1. Realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2. Realized losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

52 088.60 -28 629.08

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR

23 459.52

V. R  ealized net gain/loss for the fiscal six-month period . . . . . . . . . . . . . . . . . . . . . . . . . EUR

36 517.12

1. Net change in unrealized appreciation . . . . . . . . . . . . . . . EUR 2. Net change in unrealized depreciation . . . . . . . . . . . . . . . EUR

75 233.19 5 863.25

VI. U  nrealized net gain/loss for the fiscal six-month period. . . . . . . . . . . . . . . . . . . . . . . . . EUR

81 096.44

VII. Result for the fiscal six-month period . . . . . . . . . . . . EUR

117 613.56

Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Unrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on bank balances.

12

Statement of changes in net assets for the investment fund 1. Previous year‘s distribution or tax abatement. . . . . . . . . EUR 2. Interim distribution(s). . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR a) Inflows from subscriptions. . . . . . . . . . . . . . . . . . . . EUR b) Outflows from redemptions. . . . . . . . . . . . . . . . . . . EUR 4. Income adjustment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 5. Result for the fiscal six-month period. . . . . . . . . . . . . . . EUR thereof: Net change in unrealized appreciation. . . . . . . . . . . EUR Net change in unrealized depreciation. . . . . . . . . . . EUR II. Value of the investment fund at the end of the fiscal six-month period. . . . . . . . . . . . . . . . . . . . . EUR

996 913.38 -6 274.81 -4 294.29 1 687 080.10 1 865 095.53 -178 015.43 -6 032.95 117 613.56 75 233.19 5 863.25 2 785 004.99

DWS Top Dividende Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB)) Other disclosures Net asset value per unit, Class LD: EUR 115.19 Net asset value per unit, Class FD: EUR 123.06 Net asset value per unit, Class LDQ: EUR 115.94 Number of units outstanding, Class LD: 121 266 150.721 Number of units outstanding, Class FD: 9 553 389.982 Number of units outstanding, Class LDQ: 24 021.000

Disclosure regarding asset valuation procedures: The Depositary shall determine the value with the participation of the asset management company. The Depositary generally bases its valuation on external sources. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset 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.

13

Asset Management Company

Depositary

Management

Deutsche Asset Management

State Street Bank GmbH

Holger Naumann

Investment GmbH

Brienner Straße 59

Management spokesman

60612 Frankfurt/Main, Germany

80333 München, Germany

Managing Director of

Liable equity capital as of December 31, 2015:

Liable equity capital as of December 31, 2014:

DWS Holding & Service GmbH,

EUR 179.2 million

EUR 1,326.7 million

Frankfurt/Main

Subscribed and paid-in capital

Subscribed and paid-in capital

Chairman of the Supervisory Board of

as of December 31, 2015: EUR 115 million

as of December 31, 2014: EUR 109.3 million

Deutsche Asset Management Investment S.A., Luxembourg

Supervisory Board

Managing Director of RREEF Spezial Invest GmbH,

Quintin Price (since January 1, 2016)

Frankfurt/Main

Deutsche Bank AG, London

Reinhard Bellet (since December 1, 2015)

Chairman James Dilworth (until February 29, 2016) Christof von Dryander Deutsche Bank AG,

Henning Gebhardt (since December 1, 2015)

Frankfurt/Main Vice-Chairman

Stefan Kreuzkamp (since December 1, 2015)

Michele Faissola (until December 31, 2015)

Dr. Matthias Liermann (since April 1, 2016)

Dr. Roland Folz

Thorsten Michalik (since April 1, 2016)

Deutsche Bank AG, Frankfurt/Main

Barbara Rupf Bee Managing Director of

Dr. Stefan Marcinowski

Deutsche Bank (Suisse) SA,

Ludwigshafen

Zurich Member of the Supervisory Board of

Friedrich von Metzler

RREEF Spezial Invest GmbH,

Partner in the banking firm

Frankfurt/Main

B. Metzler seel. Sohn & Co. KGaA,

Member of the Supervisory Board of

Frankfurt/Main

RREEF Investment GmbH, Frankfurt/Main

Alain Moreau Deutsche Bank AG,

Dr. Asoka Wöhrmann (until November 30, 2015)

Frankfurt/Main Shareholder of Andreas Pohl

Deutsche Asset Management

Chairman of the Board and

Investment GmbH

Member of the Management of Deutsche Vermögensberatung Holding GmbH,

DWS Holding & Service GmbH,

Marburg

Frankfurt/Main

Prof. Christian Strenger Frankfurt/Main Ute Wolf Evonik Industries AG, Essen

As of: April 30, 2016

Deutsche Asset Management Investment GmbH 60612 Frankfurt/Main, Germany Tel.: +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com