Presentation - DWS Investments

Deutsche Asset& Wealth ManagementDWS Global Income Builder FundDeutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value

Important risk informationAlthough allocation among different asset categories generally limits risk, portfolio management may favor an asset category thatunderperforms other assets or markets as a whole. Bond investments t are subject to interest-rate t t and credit risks. When interest t ratesrise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investingin derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Dividendsare not guaranteed. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund’s ability to generateincome may be adversely affected. Because exchange-traded funds (ETFs) trade on a securities exchange, their shares may trade ata premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of theindexes they are designed to track. Any fund that focuses in a particular segment of the market will generally be more volatile than afund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such ascurrency fluctuations, political and economic changes, and market risks. The fund may lend securities to approved institutions. Smallcompany stocks tend to be more volatile than medium sized or large company stocks. Stocks may decline in value. See theprospectus for details.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 1

Index definitionsThe Barclays Emerging g Market Bond Index tracks the performance of external-currency-denominated debt instruments of the emerginggmarkets.The Barclays Global Aggregate Hedged Index tracks the performance of the global investment-grade, fixed-income market while hedging itsexposure to foreign currencies.The Barclays GNMA Index tracks the performance of fixed-rate securities backed by mortgage pools of the Government National MortgageAssociation (GNMA).The Barclays Municipal Bond Index tracks the performance of investment-grade, fixed-rate municipal bonds.The Barclays U.S. Aggregate Index tracks the performance of the broad, U.S. investment-grade, fixed-income market.The Barclays U.S. Corporate Aaa Index is an unmanaged index consisting of bonds rated Aaa.The Barclays U.S. Corporate Baa Index is an unmanaged index consisting of bonds rated Baa.The Barclays U.S. Corporate High Yield Index tracks the performance of fixed-rate, non-investment-grade debt.The Barclays U.S. Corporate Investment-Grade Index tracks the performance of investment-grade corporate bonds.The Barclays U.S. Treasury Index tracks the performance of U.S. Treasury obligations with a remaining maturity of one year or more.The Barclays U.S. Universal Index measures the performance of the global bond market.The Citigroup 3-Month T-Bill Index tracks the performance of U.S. Treasuries with maturities of three months.The JPMorgan EMBI Global Diversified Index tracks the performance of external debt instruments (including U.S.-dollar-denominated denominated andother external-currency-denominated Brady bonds, loans, Eurobonds and local market instruments) in the emerging markets.The MSCI EAFE Index tracks the performance of stocks in select developed markets outside of the United States.The MSCI World High Dividend Yield Index represents the performance of developed-market equities with higher-than-average dividend yieldsthat are both sustainable and persistent.The Russell 2000 Index tracks the performance of the 2,000 smallest stocks in the Russell 3000 Index.The S&P 500 Index tracks the performance of 500 leading U.S. stocks and is widely considered representative of the U.S. equity market.The S&P/LSTA Leveraged Loan Index tracks outstanding balance and current spread over LIBOR for fully funded loan terms.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 2

Agenda01 DWS Global Income Builder Fund02 World Dividend Strategy03 Unconstrained Income StrategyDeutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value

01DWS Global Income Builder FundDeutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value

DWS Global Income Builder Fund combines best ideasfrom strategies t used by DWS World Dividend id d Fund andDWS Unconstrained Income FundAsset allocationwn Top dowRegional/sector allocationGlobal themes and trendsFundamental analysisStock pickingEquity:WorldDividendStrategyBest investmenttideas:DWS GlobalIncome BuilderFundFixedincome:UnconstrainedIncomeStrategyMacro themesSector and creditFundamental creditanalysisIndustry/issueBottom UpOpportunisticincomeasset classesDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 5

DWS Global Income Builder FundOverviewPhilosophy:Combine two income diversifiers into one fund managed by two experienced investment teams— A blend of top-down and bottom-up strategies combines global equity and fixed-incomesecurities— Asset allocation: Top-down consideration of asset classes, regions and industries, combined withbottom-up security selection— Equity: Identify attractive dividend-paying stocks— Fixed-income: Identify opportunities across yield curve, credit quality and duration— Potential exposure to asset classes such as:— Dividend-paying stocks— High-yield bonds— Emerging-market market bonds— Global bonds— Mortgage-backed securities— U.S. Treasuries— Floating-rate loans— Municipal bonds— Convertible bondsThe yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offerhigher yields than short-term bonds. Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letterdesignations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change.Duration measures a bond's or a bond fund's sensitivity to changes in interest rates. The values of equity investments are more volatile than those of other securities.Fixed-income investments are subject to interest-rate risk, and their value will decline as interest rates rise.Deutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value6

Global investment universeDeutsche Asset & Wealth Management’s global viewsEquities— Country and regions—SectorsFixed income— High-yield bonds— Emerging-market bonds— Global l bonds— Mortgage-backed securities— U.S. Treasuries— Floating-rate loans— Municipal bonds— Convertible bondsThe values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interest-rate risk, and their value will decline as interestrates rise.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 8

Portfolio constructionCombining top-down and bottom-up approachesTop downAsset allocationPortfolio managers— Macro view— Equity and fixed-incomesecurity/instrument selection— Risk monitoringDWS GlobalIncome BuilderFundSecurity selectionBottom upDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 9

Investment philosophy and approachOurinvestmentmanagementPhilosophyOurinvestmentmanagementApproach― Leverage the best thinking ofDeutsche Bank globally― Broad asset-class diversification― A mix of asset classes driven by ourquantitative analysis― Exploring and implementing a mix ofincome-building asset classes― Combination of quantitative andqualitative analysis― Investment reviews are conducted andare market drivenDiversification does not guarantee profits or protection against losses.Deutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value10

DWS Global Income Builder Fund investment processAmericas Multi-Asset Investment TeamAsset allocationStrategic asset allocation— Long term (10-year outlook)— Sensitive to after-tax returns— Changes infrequently (1 year)Tactical asset allocation— Shorter term (12-month outlook)— Sensitive to after-tax returns— Changes with outlook for asset classesReturnAllocations along efficient frontierDWSGlobalIncomeBuilder FundRiskThe efficient frontier is the combination of assets that offers the highest expected return for a given level of risk.Deutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value11

Lead investment teamBill Chepolis, CFA, Managing Director— Portfolio manager, Unconstrained Income Strategy— Joined the company in 1998 after 13 years of experience as vice president/portfolio manager and foreign exchange trader forNorwest Bank Minnesota, N.A.— Received a Bachelor’s degree from the University of MinnesotaBenjamin A. Pace III, Managing Director— Chief Investment Officer, Wealth Management–Americas; Head of Multi Asset Class Discretionary Portfolio Management— Brings more than 25 years of experience in investment management experience. Prior to joining the company in 1994, he managedequity-income i funds and served as a security analyst for two investment t organizations.— Received a B.A. in Economics from Columbia University and an MBA in Finance from New York UniversityThomas Schuessler, PhD, Managing Director— Portfolio manager, World Dividend Strategy— Joined the company in 1996; moved to DWS in 2001— Received a PhD in Physics from the University of Heidelberg and a diploma in Physics and Economics from the University ofHeidelberg and University of UtahNo pictureavailableFabian Degen, Assistant Vice President— Portfolio manager, World Dividend Strategy— Joined the company in 2007— Received a Bachelor’s degree in International Business Administration (Investments & Finance) from the International University ofApplied Sciences Bad Honnef, Bonn, Germany, with educational exchanges at the University of MaineDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 12

DWS Global Income Builder Fund: Product synopsisDescription— Diversified global asset allocation fundStrategyAsset allocation— The fund uses global equity, debt and money-market securities for totalinvestment return, varying investments by type and market depending onchanging market and economic trends— Top-down consideration of asset classes, regions and industries, combined withbottom-up security selectionInvestment universeResearchPortfolio constructionSell discipline— Equity, fixed income— The team leverages global research and explores investment ideas throughvarious avenues, such as analyzing market trends, demographics and companyfundamentals— Fixed income: Unconstrained Income Strategy— Equity: World Dividend Strategy— Valuation significantly above historical averages— Change in company fundamentals— Risk impact on fundDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 13

02 World Dividend StrategyDWS Global Income Builder FundDeutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value

EquityFixedIncomeDividends have been a valuable part oftotal t returnsU.S. dividend growers and dividend payers have generated long-term value(growth of $100 in S&P 500 Equal Weight Index stocks, 1/31/72–6/30/13)$6,000$5,000$4,000$3,000U.S. dividend-growing stocks have generated value, returning acumulative 4,707% from 1/31/72–6/30/13.$2,000$1,000$001/1972 01/1976 01/1980 01/1984 01/1988 01/1992 01/1996 01/2000 01/2004 01/2008 01/2012Dividend growers and initiatorsNon-dividend-paying stocksDividend payers with no change in dividendsDividend cutters or eliminatorsSource for chart: Ned Davis Research as of 6/30/13. Performance is historical and does not guarantee future results. Returns are based on the monthly equal-weightedgeometric average of total returns of S&P 500 Equal Weight Index component stocks with components reconstituted monthly. The S&P 500 Equal Weight Index is the equallyweighted version of the S&P 500 Index, which is capitalization-weighted. The index has the same constituents as the S&P 500 Index, but each company is allocated a fixedweight of 0.20%, rebalanced quarterly. The index returned a cumulative 1,764% and an average annual 73%from 7.3% 1/31/72 to 6/30/13. Index returns assume reinvestment of alldistributions and do not reflect any fees or expenses. It is not possible to invest directly in an index. Dividends are not guaranteed. If dividends are not paid or are lowered, indexreturns will be reduced.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 15

EquityFixedIncomeAnnual returns: Price appreciation anddividends id d for the S&P 500 Index20.00%15.00%10.00%13.58%12.59%15.32%2.98%5.00%4.39%1.60%0.00%5.21% 6.18% 5.77%-5.27%3.41% 4.25% 4.95%2.89%1.77%-2.72%-5.00%-10.00%00%1930-1939 1940-1949 1950-1959 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009DividendsPrice appreciationSource: Ned Davis Research as of 12/31/12. Performance is historical and does not guarantee future results.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 16

EquityFixedIncomeIs the world your dividend oyster?A global approach to dividend investing offers investors the ability to invest across various regions to seek the highest dividendyields. For structural reasons, non-U.S. companies have historically provided higher-than-average dividend yields relative toU.S. companies.MSCI/SP sectorDevelopedAsiaDevelopedEuropeDevelopedNorth AmericaEmergingAsiaEmergingEuropeLatinAmericaSectoraverageConsumer discretionary 2.04% 3.69% 1.34% 1.94% 3.69% 0.98% 2.28%Consumer staples 2.26% 2.54% 2.22% 1.77% 1.50% 0.98% 1.88%Energy 3.02% 3.67% 2.17% 3.62% 3.64% 0.52% 2.77%Financialsi 2.91% 3.66% 2.69% 2.46% 346% 3.46% 1.83% 2.84%Health care 2.19% 2.09% 0.98% 0.92% 0.87% 0.00% 1.18%Industrials 2.27% 2.99% 1.68% 2.16% 1.80% 1.16% 2.01%Information technology 1.68% 1.94% 1.31% 3.07% 0.00% 2.85% 1.81%Materials 2.06% 3.35% 2.06% 2.49% 4.07% 1.71% 2.62%Telecommunication services 4.44% 6.93% 4.21% 3.02% 5.57% 6.14% 5.05%Utilities 2.70% 6.22% 3.72% 2.20% 3.31% 2.67% 3.48%Average 2.56% 3.71% 2.24% 2.37% 2.79% 1.89%Source: FactSet as of 6/30/13. Gray boxes denote highest regional dividend yield per global sector. Performance is historical and does not guarantee future results..Dividends are not guaranteed. If dividends are not paid or are lowered, index returns will be reduced.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 17

EquityFixedIncomeWorld Dividend Strategy philosophyTop-down approachGlobal themes and trendsRegional allocationSector allocationSentimentindicatorsCross-marketviewStock pickingFundamental analysisBottom-up approachDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 18

EquityFixedIncomeTwo-step investment process for idea generationScoringDividend candidatesFinal selectionShare selectionPre-selection according to quantitative criteriaScoring model:Dividend yield (50%)Payout ratio (25%)Dividend growth (25%)Final selection according to qualitative criteria:Quality of managementPayout policyMargin developmentCash flowsMacroeconomic factors40 to 60 stocksDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 19

EquityFixedIncomeInvestment process: Top-down analysisMegatrends(such as energy, demographictrends, globalization, infrastructure,consumer needs, technologicalchanges, etc.)Macroeconomic trends(such as GDP, interest rates,consumption and investment, currencies,commodity prices, money flows,leading indicators, etc.)Sector earnings outlook123OilIndustrials...Very attractivePolitical environment4567............OverweightUnderweightIdentification of trendsand themesAsset, country andsector allocationValuations89...TelecomMarket sentiment10Consumer goodsLess attractiveValuations are methods of measuring the relative richness or cheapness of a stock. Credit spread is the additional yield provided by bonds over U.S. Treasuries. Gross domesticproduct (GDP) is the value of all goods and services produced by an economy. These charts are for illustrative purposes only.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 20

EquityFixedIncomeInvestment process: Bottom-up analysis— Access to company management Expectationsand analysis— Valuation and earnings growth forstocks, sectors and regions inhistorical context and relative to otherasset classes— Main aspects of our stock analysis— Five forces on a global basis (suppliers’power, barriers to entry, buyers’ power,competition and substitutes)— SWOT analysisCompetitiveposition:Market share,differentiationManagement:Transparency,track record, etc.Business model:Strategy, return oncapital, growth(CFROI ® concept)Industryenvironment:Life cycle,regulations,barriers to entryFinancial strength:Margins, debt,cash flow, etc.SustainabilitySWOT analysis is a tool that identifies an organization’s strengths, weaknesses, opportunities and threats. CFROI refers to cash flow return on investment, which is a valuationmodel that assumes the stock market sets prices based on cash flow, not on corporate performance and earnings.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 21

EquityFixedIncomePortfolio buy-and-sell disciplinePrice target for each stockCorporate actions not in shareholder interestDeteriorating fundamentalsChanges inWorldDividendStrategyPosition size exceeds 5% of the fundIdentification of better opportunitiesDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 22

03 Unconstrained Income StrategyDWS Global Income Builder FundDeutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value

EquityFixedIncomeFixed income can offer various correlationcharacteristicsti10-year correlations of various fixed-income income asset classes to equities (as of 6/30/13)U.S. equity1.00High-yield bonds0.70Emerging-market bonds0.61Floating-rate loans0.54Corporate bonds (BBB-rated)0.36Corporate bonds (investment grade)0.27Municipal bonds0.01Corporate bonds (AAA-rated)Mortgage-backed bonds-0.12-0.06 006U.S. Treasuries -0.33-0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00 1.20Source: Morningstar. Past performance is historical and does not guarantee future results. This chart is for illustrative purposes only. Correlation refers to how securities orasset classes perform in relation to each another and/or the market. A 1.0 correlation indicates that two security types move in exactly the same direction. A –1.0 correlationindicates movement in exactly opposite directions. A zero correlation implies no relation in the movements. Asset class representation: U.S. equity, S&P 500 Index; high-yieldbonds, Barclays U.S. Corporate High Yield Index; emerging-market bonds, Barclays Emerging Market Bond Index; floating-rate loans, S&P/LSTA Leveraged Loan Index;corporate bonds (BBB-rated), Barclays U.S. Corp. Baa Index; corporate bonds (investment-grade), Barclays U.S. Corp. IG Index; municipal bonds, Barclays Municipal BondIndex; corporate bonds (AAA-rated) Barclays U.S. Corp Aaa Index; mortgage-backed bonds, Barclays GNMA Index; U.S. Treasuries, Barclays U.S. Treasury Index. See slide 2for index definitions.Deutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value24

EquityFixedIncomeDWS Unconstrained Income Fund historicalallocation changes (1/08–12/12)12/12)100%90%80%Emerging-market bondsDomestic loansconvertiblebonds70%60%CashDomestic high-yield bonds50%40%Foreign developed bonds30%20%10%Domestic high-quality bonds0%Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10 Jul-11 Feb-12 Sep-12Source: Deutsche Asset & Wealth Management as of 12/28/12 (most recent data available). Allocations are subject to change.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 25

EquityFixedIncomeInvestment process: OverviewOur process is based on an evaluation of risk-adjusted totalreturn and has risk management embedded at every stepAsset allocation analysisFundamental analysisPortfolio construction— Six-month forward-lookingprojections— All relevant factors identified andquantified— Yield curve, credit-quality andduration positioning— Stability of cash flow— Scenario analysis to assessdownside risk— Pi Primary and secondary source ofrepayment— Internal credit assessment— Prepayment speeds— Assess cross-industryrelative value— Determine intrinsic value via credit,structure and liquidity— Evaluate new ideas vs.existing holdings— Execute buys/sellsAsset allocationdecisionBuy/sellrecommendationDiversifiedportfolioRisk management & monitoringThe yield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offerhigher yields than short-term term bonds. Credit quality is a measure of a bond issuer's s ability to repay interest and principal in a timely manner. Rating agencies assign letterdesignations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change.Duration measures a bond's or a bond fund's sensitivity to changes in interest rates.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 26

EquityFixedIncomeFixed-income team overviewWorking across platforms to bring the best ideas togetherIn-depth, top-down analysis:— Americas platform sector managersand research analysts meet bi-weeklyto discuss fund structure andallocations— Weekly sector review with Americas’portfolio managers and analysts— Monthly global macro allocationreview with European and Asiancounterparts— Ad hoc meetings with analysts andresearch to clarify G-CUBE inputs anddevelop themes within sectors andnamesResidential mortgagebackedsecurities(RMBS)Commercial mortgagebackedsecurities(CMBS)/Asset-backedsecurities (ABS)Investment-gradecorporate and emergingmarketsHigh yieldIn-depth, bottom-up analysis:— Day-to-day cross-sector securityanalysis to determine best relativevalue opportunities is driven byresearch analystsDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 27

EquityFixedIncomeInvestment process: Top-down asset allocationGlobal macro asset allocation meeting inputsFundamentals Technicals Positioning— Economic growth— Cycles— Market reaction— Inflation— Trends— Intermarket action— Monetary policy — Overbought/oversold — Positioning i indicatorsSeek to position along the yield Seek to get momentum Seek to catch upcurveand trends rightwith market-turning pointsResult: Investment decisionsDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 28

EquityFixedIncomeInvestment process: Security analysis/credit analysisFundamental analysisQuantitative Qualitative Bond specific— Balance sheet analysis — Management strategies — Prospectus— Profit and loss— Regulatory environment— Structure— Cash flow— Specific industry and— Liquidity— Ratioscompany risks— Collateral covenants— Peer group analysis— Sector analysis— Competitive drivers— Business conditions— Capital structure— Debt— Commercial paper/bank lines— Structural integrity and cash flowRecommendations, credit reports and news assessmentsloaded “real time” into G-Cube credit systemFundamental credit trend view Long-term (>1 yr.) relative value Rating forecast— Improving, stable, declining — Long, neutral, short — Six-month rating expectationG-Cube is Deutsche Asset & Wealth Management’s proprietary web-based global research and relative-value platform, accessible from anywhere in the world by any of ourinvestment professionals. It gives them a secured on-demand access to both internal and external research, as well as relative value investment recommendations. Covenantsare provisions in indentures, which set the terms and conditions for a particular bond. Commercial paper is unsecured, short-term debt issued by a corporation. A bank line, or lineof credit, is credit extended by a bank or other lending institution.Deutsche Asset& Wealth ManagementInvestment products: No bank guarantee I Not FDIC insured I May lose value29

EquityFixedIncomeTarget allocation within fixed incomeAsset classAnticipated allocation ranges(under normal market conditions)High-yield bonds 10% 50%Floating-rate loansEmerging-market bondsDeveloped international bondsInvestment-grade corporate bondsMortgage-backed securitiesMunicipal bondsU.S. TreasuriesConvertible bondsCash0% 20%0% 30%10% 40%10% 60%0% 20%0% 10%0% 20%0% 10%0% 10%0% 50% 100%Source: Deutsche Asset & Wealth Management as of 6/30/13.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 30

EquityFixedIncomeInvestment processSecurity analysis/credit analysisPositiveNegativeSecuritized— Strong fundamentals— Geographically diverse portfolio— Secure revenue stream— Strengthening collateral— Weakening collateral— Higher home-to-loan values— High prepayment risk— Increasing default expectationsCorporate bonds— Secure revenue stream— Competent management— Competitive positioning— Liquidity— Weakening fundamentals— Large capital needs— Complex regulatory environment— Lack of liquidityGovernment— Weakening economic cycle— Low supply— Low valuation to spread sectors— Excess supply— Stronger economic cycle— High valuation to spread sectorsDeutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 31

EquityFixedIncomeInvestment process: Risk managementMulti-dimensional risk management is embedded throughout ourinvestment process to avoid unwarranted risksEmbedded risk managementImplementation tools Ongoing credit review Asset diversification Firm risk management— Relative valuediscussions withfeedback loop to portfolioconstruction— Best execution practices— Active use of technology— Scenario analysis— Maintain contact withissuer— Daily portfolio monitoringand risk reports— Formal monthly reviewof new activity and allwatch-list names— 12% maximum industryconcentration— 5% maximum issueconcentration— Manage portfolio riskexposures— Systemic controls— Internal audit— Compliance— LegalDiversification does not guarantee profits or protection against losses.Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 32

Important informationObtain a prospectusTo obtain a summary prospectus, if available, or prospectus, download one from www.dws-investments.com, talk to yourfinancial representative or call (800) 728-3337. We advise you to carefully consider the product’s objectives, risks, chargesand expenses before investing. The summary prospectus and prospectus contain this and other important informationabout the investment product. Please read the prospectus carefully before you invest.Investment products offered through DWS Investments Distributors, Inc. Advisory services offered throughDeutsche Investment Management Americas, Inc.Deutsche Asset & Wealth Management represents the asset management and wealth management activitiesconducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & WealthManagement products or services by one or more legal entities that will be identified to clients pursuant to thecontracts, agreements, offering materials or other documentation relevant to such products or services.DWS Investments Distributors, Inc.222 South Riverside Plaza, Chicago, IL, 60606-5808www.dws-investments.com service@dws.comTel (800) 621-11481148©2013 DWS Investments Distributors, Inc. All rights reserved. (8/13) R-26639-3Deutsche Asset& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 33