Deutsche Asset & Wealth Management core funds Adapting to a new market reality

4th quarter 2013 Deutsche Asset & Wealth Management core funds Adapting to a new market reality For registered representative use only. Not for public viewing or distribution.

Today s asset-allocation challenge may be more difficult than ever Financial markets have undergone extreme change, breaking down in unexpected and, at times, contradictory ways 1 The asset allocation challenge 2 3 1 Volatility expectations Fixed-income volatility is high Equity volatility is high 4.5% 3.5% Rates rise 190 bps (12/18/08 6/10/09) Rates rise 131 bps (10/12/10 2/8/11) Rates rise 161 bps (7/25/12 12/31/13) Stocks have been volatile, too: The S&P 500 Index had more + or 4% trading days from 2008 through 2013 (47) than in the previous 58 years combined (38) (1950 through 2007). 26 25 22 25 2.5% 1.5% 0.5% 12/08 Rates fall 160 bps (4/5/10 10/08/10) Rates fall 221 bps (2/9/11 7/24/12) 12/09 12/10 12/11 12/12 12/13 1 2 4 4 1 1 8 3 0 2 1950s 1960s 1970s 1980s 1990s 2000s 2008 2013 Number of days S&P 500 Index up > + 4% Number of days S&P 500 Index down > 4% 2 Correlation expectations Some fixed-income correlations are high Equity correlations are high 1.00 1.00 0.76 0.66 S&P 500 Index correlation with top-selling Morningstar categories reveals some high correlations. 0.60 0.38 0.38 0.30 0.08 0.11 Higher equity correlations have led to decreased diversification benefits (MSCI EAFE Index correlation to the S&P 500 Index). 0.47 0.88 S&P 500 Index High-Yield Bond Bank Loan Intermediate- Term Bond GNMA*??? 10-year correlation 5-year correlation 1980 1989 2000 2009 2010 2019 Sources: Morningstar as of 12/31/13. Performance is historical and does not guarantee future results. These charts are for illustrative purposes only. Asset-class representation: equities, S&P 500 Index. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index. Correlation refers to how securities perform in relation to one another. A 1.0 correlation indicates that two security types move in exactly the same direction. A 1.0 correlation indicates movement in exactly opposite directions. A zero correlation implies no relation in the movements. 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. *GNMA is represented by the Barclays GNMA Index. 2 Deutsche Asset & Wealth Management core funds

3 Return expectations Equity returns are low, while 30 years of falling interest rates have led to lower income returns 1980 1999 2000 2009 2010 2019 Stocks +17.88% 0.95%??? Bonds +10.04% +6.33%??? Building a strong core can help solve many of today s market challenges Are you looking for the opportunity to gain market share in today s difficult environment? Consider a foundation of exposure to broad assets classes, such as U.S. stocks, U.S., international equities and alternatives a portfolio Deutsche Asset & Wealth Management is uniquely positioned to help you formulate. Higher Tax-free income Taxable fixed income Equity DWS Strategic High Yield Tax-Free Fund DWS High Income Fund DWS Global Small Cap Growth Fund Alternative and multi-asset DWS Enhanced Commodity Strategy Fund Source: Morningstar for chart above, Deutsche Asset & Wealth Management for chart at right, both as of 12/31/13. Performance is historical and does not guarantee future results. The chart above is for illustrative purposes only. Asset-class representation: stocks, S&P 500 Index;, Barclays U.S. Aggregate Index. Equity index returns include reinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index. The values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interest-rate risk, and their values will decline as interest rates rise. The chart at right shows the potential levels of risk vs. return within each Deutsche Asset & Wealth Management asset class. A fund s location in the list represents its risk/ return profile relative to the other funds in its asset class. This illustration is for comparative purposes and is intended to describe general characteristics. It is not intended to represent past or future performance. All funds involve a certain degree of risk. Risk is relative to the potential for return. Risk/return potential Lower DWS Managed Municipal Bond Fund DWS Intermediate Tax/AMT Free Fund DWS Floating Rate Fund DWS Unconstrained Income Fund DWS Ultra-Short Duration Fund DWS Short Duration Fund DWS World Dividend Fund DWS RREEF Global Infrastructure Fund DWS RREEF Global Real Estate Securities Fund DWS RREEF Real Estate Securities Fund DWS RREEF Real Estate Securities Income Fund DWS Global Income Builder Fund DWS Alternative Allocation Suite DWS Diversified Market Neutral Fund Deutsche Asset & Wealth Management core funds 3

DWS Intermediate Tax/AMT Free Fund A SZMAX C SZMCX INST SZMIX S SCMTX DWS Managed Municipal Bond Fund A SMLAX C SMLCX INST SMLIX S SCMBX Philip G. Condon 37 years experience Shelly Deitert 16 years experience Philip G. Condon 37 years experience Matthew J. Caggiano, CFA 24 years experience Ashton P. Goodfield, CFA 27 years experience Ashton P. Goodfield, CFA 27 years experience Michael J. Generazo 20 years experience Strong portfolio diversification The fund (Class S) offers low correlation to other asset classes, including a 0.06 10-year correlation to the S&P 500 Index. 1 Attractive income levels Municipal offer comparable yields to corporate before tax benefits are even considered (see chart on page 5) meaning income levels on municipal are attractive. Consistent, strong return potential A conservative approach has led Class S shares to positive returns in 12 out of 13 calendar years, and over all but four 18-month periods since inception. 2 Strong return potential with less volatility Municipal offered higher volatility-adjusted returns over the last decade than other segments of the fixed-income market. 3 Powerful performance in up and down markets The fund is one of only 10 in its peer group to post upside capture greater than 100% and downside capture less than 100% for the 10-year period. 4 Relative safety in all market conditions From 1970 to 2012, no Aaa-rated muni defaulted, and those rated Aa and A defaulted just 0.01% and 0.05% of the time, respectively. 5 Municipal have provided attractive 10-year volatility-adjusted returns 12% 9% Return 6% Municipal (tax-adjusted) 7.01% return / 4.46% volatility Multi-sector 6.06% return / 6.96% volatility 3% Municipal 4.29% return / 4.46% volatility 0% 0% 3% 6% 9% 12% Volatility 4 Deutsche Asset & Wealth Management core funds Intermediate-term 4.33% return / 3.98% volatility Tax-adjusted returns are adjusted for the maximum federal income tax (43.4%). Volatility is measured by standard deviation.

DWS Strategic High Yield Tax-Free Fund A NOTAX C NOTCX INST NOTIX S SHYTX DWS Short Duration Fund A PPIAX C PPLCX INST PPILX S DBPIX Philip G. Condon 37 years experience A. Gene Caponi, CFA 29 years experience William Chepolis, CFA 28 years experience Eric Meyer, CFA 33 years experience Rebecca Flinn 28 years experience Gary Russell, CFA 21 years experience John Ryan 19 years experience Strong diversification potential The fund (Class A) has a low 0.28 10-year correlation to the S&P 500 Index. 6 Powerful performance in up and down markets The fund is the only one of three in its peer group to post upside capture greater than 100% and downside capture less than 100% for the 10-year period. 7 Outstanding risk-adjusted returns The fund has produced higher returns with less volatility (as represented by standard deviation) than its peer group over a 10-year time period. 8 Unprepared for higher interest rates? Many income investors rely heavily on intermediate-term, which tend to carry significant interest-rate risk. 9 Attractive results from short-term Short-term outperformed intermediate-term when rates rose by one percentage point or more in 12-month periods. 10 Outperformance when rates rose Class S shares outperformed 77% of its Morningstar peer group when the 10-year U.S. Treasury rose 155 basis points (from May 2, 2013 to September 5, 2013). 11 Municipal are relatively cheap vs. taxable investments Short-term delivered higher risk-adjusted returns with lower volatility (15-year period ending 12/31/13) 5.57% Municipal currently offer investors comparable pre-tax yields to taxable corporate. Lower volatility 8.84% Attractive Sharpe ratios 3.15% 3.19% 1.44% 5.05% 1.17 0.74 0.49 Municipal bond tax-adjusted yield Municipal bond yield Corporate bond yield Asset-class representation: muni, Barclays Municipal Bond Index; corporate, Barclays U.S. Credit Index. Yield ratio is the municipal bond yield divided by the corporate bond yield. Tax-equivalent yield is the muni bond total return divided by the maximum federal tax bracket (43.4%). Income from municipal is generally free from federal income tax; income from corporate is subject to taxation. Short-term Intermediateterm Long-term Short-term Intermediateterm Long-term Asset class representation: short-term, Barclays 1-3 Year U.S. Aggregate Index; intermediate-term, Barclays 7-10 Year U.S. Aggregate Index; long-term, Barclays 10+ Year U.S. Aggregate Index. Volatility is measured by standard deviation. Deutsche Asset & Wealth Management core funds 5

DWS Ultra-Short Duration Fund A SDUAX C SDUCX INST MGSFX S SDUSX DWS Unconstrained Income Fund A KSTAX C KSTCX S KSTSX William Chepolis, CFA 28 years experience Eric Meyer, CFA 33 years experience William Chepolis, CFA 28 years experience Gary Russell, CFA 21 years experience Gary Russell, CFA 21 years experience John Ryan 19 years experience Philip G. Condon 37 years experience John Ryan 19 years experience Unprepared for higher interest rates? Many income investors rely heavily on intermediate-term, which tend to carry significant interest-rate risk. 12 Go low low duration Bonds with no duration exposure outperformed those with higher durations in 88% of rolling five-year periods during the last secular rising-rate market (February 1960 through September 1981). 13 Strong category rank Class S shares ranked in the top 3% (4/137) and 1% (1/110) in the Morningstar Ultrashort category for the past two calendar years, respectively. 14 Potential benefits of minimizing duration exposure during rising-rate environments (2/1/60 9/30/81) Average annual total returns 5.90% Ultra-short duration 2.38% Longerduration Consistent outperformance (five-year rolling periods) 88% Ultra-short duration 12% Longerduration For illustrative purposes only. Asset class representation: ultra-short duration, Ibbotson/SBBI U.S. 1-Year Treasury Constant Maturity Yield Index; longer-duration, Ibbotson/SBBI U.S. Long-Term Government Index. Because of their shorter maturities, short-term are typically less vulnerable to rising interest rates than longer-term. You may be unprepared for interest-rate changes Wall Street economists incorrectly predicted the direction of rates 55% of the time from June 1992 through June 2012. 15 A flexible, diverse portfolio can help to adapt to rate changes Consider a multi-sector approach vs. direct bets on the direction of interest rates. Strong risk-adjusted returns Over the five-year period, Class S shares have lower volatility (as measured by standard deviation) than 70% of its Morningstar peers and has an above average Sharpe Ratio. 16 A diversified income portfolio performed well during rising-rate environments (12-month periods, 5/1/93 12/31/13, when rates rose by more than 1%) 10.78% Floatingrate loans 8.09% 7.02% 6.77% 0.40% 0.07% 1.90% High-yield Emergingmarket Diversified income portfolio GNMA Corporate investmentgrade U.S. Treasuries For illustrative purposes only. Asset class representation: floating-rate loans, Credit Suisse Leveraged Loan Index; high-yield, Barclays U.S. Corporate High Yield Index; emerging-market, Barclays Emerging Market Index; diversified income portfolio, 25% Barclays U.S. Corporate Index/25% Barclays U.S. Corporate High Yield Index/15% Barclays GNMA Index/15% Barclays U.S. Treasury Index/10% BofA/ML All Convertible All Qualities Index/10% JPMorgan Emerging Market Bond Index; GNMAs, Barclays GNMA Index; corporate investment-grade, Barclays U.S. Corporate Index; U.S. Treasuries, Barclays U.S. Treasury Index. The guarantee on U.S. Treasuries is to the timely repayment of principal and interest. Non-investment-grade present greater risk of loss than investments in higherquality securities. Fixed-income investments are subject to interest-rate risk, and their value will decline as interest rates rise. 6 Deutsche Asset & Wealth Management core funds

DWS Floating Rate Fund A DFRAX C DFRCX INST DFRTX S DFRPX DWS High Income Fund A KHYAX C KHYCX INST KHYIX S KHYSX James T. Anderson 32 years experience Eric Meyer, CFA 33 years experience Gary Russell, CFA 21 years experience Unprepared for higher interest rates? Many of today s income investors rely heavily on intermediate-term, which tend to carry significant interest-rate risk. 17 Floating-rate loans outperformed when rates rose Over a 14-month span, prior to the last increase in the federal funds rate in June 2004, floating-rate loans returned 8.06%. 18 Top-notch long-term results Class S shares rank in the top third (40/124) in the Morningstar Bank Loan category for the five-year period. 19 Floating-rate loans outperformed when interest rates have risen by 1% or more (total percentage returns, 5/93-12/13) Missing out on income and unprepared for higher rates? Most (76%) of clients taxable fixed-income assets are in investments (including intermediate-term ) with durations that are higher than yields. 20 Higher income and strong performance when rates rose High-yield offer yields of 5.64% vs. 3.26% for intermediate-term, 1.44% for U.S. Treasuries and 1.89% for equities. 21 High-yield have offered attractive returns when market rates have risen. 22 Consistent performance The fund has outperformed the Morningstar peer group average for four consecutive years, and has ranked in the 24 th percentile over that time period. 23 Over the five-year period, Class S shares have lower volatility (as measured by standard deviation) and higher Sharpe Ratio than its Morningstar peers, 67% and 65%, respectively. 24 High-yield have provided equity-type returns with less volatility (1/1/86 12/31/13) 10.78% Floating-rate loans 8.29% 2.05% 2.03% High-yield Short-term Ultra-shortterm 1.49% 4.94% Intermediateterm Long-term Performance is historical and does not guarantee future results. Asset class representation: floating-rate notes, Credit Suisse Leveraged Loan Index; high-yield, Credit Suisse High Yield Index; short-term, Barclays 1-3 Year U.S. Aggregate Index; ultrashort-term, Morningstar/Ibbotson SBBI U.S. 1-Year Treasury Constant Maturity Yield Index; intermediate-term, Barclays 7-10 Year U.S. Aggregate Index; long-term, Barclays 10+ Year U.S. Aggregate Index. This data is for illustrative purposes and does not represent any Deutsche Asset & Wealth Management product. Index returns do not reflect fees or expenses. It is not possible to invest directly in an index. Performance for other time periods may not be as favorable. Index performance 9.22% 10.59% High-yield Returns Equities 1-year return 5-year return 8.02% 10-year return Volatility 1-year volatility 15.49% 5-year volatility 10-year volatility High-yield 7.53% 18.08% 8.35% 4.75% 8.17% 9.56% Equities 32.39% 17.94% 7.41% 8.48% 15.81% 14.62% For illustrative purposes only. Asset-class representation: high-yield, Credit Suisse High Yield Index; equities, S&P 500 Index. Volatility is represented by standard deviation. 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 Management core funds 7

DWS RREEF Real Estate Securities Income Fund A REFAX C REFCX INST REFIX S REFSX DWS RREEF Real Estate Securities Fund A RRRAX C RRRCX INST RRRRX S RRREX John Robertson, CFA 24 years experience John Vojticek 17 years experience John Robertson, CFA 24 years experience John Vojticek 17 years experience Joseph D. Fisher, CFA 10 years experience David Zonavetch, CPA 17 years experience Joseph D. Fisher, CFA 10 years experience David Zonavetch, CPA 17 years experience Is now the right time for investing in real estate? After a selloff in the second quarter of 2013, U.S. REITs are now trading at a 5.00% discount relative to underlying property net asset values as of 12/31/13. Historically, U.S. REITs trade at an average of a 3% premium to underlying property. 25 (See chart below.) REITs have historically offered income and growth potential REITs typically offer higher dividend yields supported by growing cash flows combined with potential capital appreciation. This may make them a compelling alternative to, which now offer low rates of return. 26 Driving income potential through REIT investments and a covered call strategy By joining a covered call strategy with investments in common and preferred REITs (both in the United States and Canada), DWS RREEF Real Estate Securities Income Fund seeks to provide enhanced income potential compared to a REIT-only strategy. U.S. REITs are trading at discounts to their net asset values (as of 12/31/13) 50% 30% 10% 10% 30% 50% Average: 3.06% 2/90 12/92 12/94 12/96 12/98 12/00 12/02 12/04 12/06 12/08 12/1012/13 U.S. REIT valuations Average Source: Green Street Advisors as of 12/31/13. U.S. REITs are represented by Green Street s coverage universe, which includes 114 REITs and other publicly traded real estate companies. A strong diversifier to equities and income The Morningstar Real Estate category has a 0.78 correlation to U.S. equities and an a 0.24 correlation to U.S. over the past 10 years. 27 A top-24 Morningstar category The Morningstar Real Estate category returned an average annual 7.84% over the past 10 years, placing it in the top 24 categories over that period. 28 Powerful upside, protective downside The Morningstar Real Estate category captured 129% of the upside of the S&P 500 Index over the past 10 years. 29 REITs have offered appealing annual dividend yields 16% 14% 12% 10% 8% 6% 4% 2% 0% 1991 1993 1995 1997 Dividend yield, REITs 1999 2001 2003 2005 Dividend yield, stocks 2007 2009 2011 2013 Source: FactSet, Bloomberg as of 12/31/13. Performance is historical and does not guarantee future results. For illustrative purposes only. REITs are represented by the FTSE NAREIT All REIT Index, stocks by the S&P 500 Index. Dividends are not guaranteed. 8 Deutsche Asset & Wealth Management core funds

DWS RREEF Global Real Estate Securities Fund A RRGAX C RRGCX INST RRGIX S RRGTX DWS RREEF Global Infrastructure Fund A TOLLX C TOLCX INST TOLIX S TOLSX John Robertson, CFA 24 years experience Daniel Ekins 28 years experience John Robertson, CFA 24 years experience Francis Greywitt III 13 years experience John Hammond 22 years experience John Vojticek 17 years experience John Vojticek 17 years experience Manoj Patel, CFA 10 years experience The right time for investing in real estate REITs in many regions are trading at discounts to their net asset values. 30 A top-31 Morningstar category The Morningstar Global Real Estate category returned 7.25% over the past 10 years, placing it in the top 31 Morningstar categories over that period. 31 Powerful upside, protective downside The Morningstar Global Real Estate category has captured 120% of the upside of the S&P 500 Index over the past 10 years. 32 Global REIT yields are favorable relative to government bond yields The perfect storm Population growth, increasing urbanization, chronic underspending and new energy sources are driving infrastructure-related activities. Listed infrastructure has shown positive EBITDA growth for more than a decade, including two recessionary periods. 33 An unprecedented approach The fund focuses on the pure-play portion of the infrastructure universe, which allows it to replicate the investment characteristics of the asset class. Powerful performance Strong returns and low volatility have led the fund to compelling three-year Sharpe ratios (1.74) vs. domestic (1.30) and global (0.86) equity indices. 34 Annual EBITDA growth (local currency) 5.8% 4.2% Australia REIT yields 5.4% 2.3% Europe ex-united Kingdom 4.5% 2.3% 3.5% 0.7% 6.1% 2.6% 3.4% 3.0% Hong Kong Japan Singapore United Kingdom 10-year government bond yields 3.7% 3.0% United States 12.3% 6.9% 0.9% 14.2% 14.6% 11.0% 19.3% 14.8% 6.6% 19.5% 6.7% 21.5% 10.4% 11.3% 16.2% 5.1% 0.5% 13.3% 9.7% 13.4% 3.1% 6.0% Source: Bloomberg and RREEF as of 12/31/13. Performance is historical and does not guarantee future results. For illustrative purposes only. REIT yields are represented by FTSE EPRA/NAREIT Developed Real Estate Index, 10-year government bond yields are represented by the 10-year government bond for each country (for Europe ex-united Kingdom, a weighted average of European sovereign bond yields with weights based on the country weights in the FTSE EPRA/NAREIT). There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interestrate fluctuations and the impact of varied economic conditions. Fixed-income investments are subject to interest-rate risk, and their values will decline as interest rates rise. 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Global equities Global infrastructure equities Source: MSCI, Reuters, Bloomberg, Dow Jones and JP Morgan Quantitative Strategy as of 12/31/12 (the latest data available). For illustrative purposes only. Asset-class representation: global equities, MSCI World Index; global infrastructure equities, Dow Jones-Brookfield Global Infrastructure Index. Shaded bar indicates a recession, which took place from December 2007 to June 2009. Deutsche Asset & Wealth Management core funds 9

DWS World Dividend Fund A SERAX C SERCX INST SERNX S SCGEX DWS Global Small Cap Growth Fund A KGDAX C KGDCX INST KGDIX S SGSCX Thomas Schuessler, PhD 17 years experience Fabian Degen 6 years experience Joseph Axtell, CFA 28 years experience Oliver Pfeil, PhD 13 years experience Peter Steffen, CFA 6 years experience 5,497% cumulative returns over the past 40 years Stocks that grew their dividends returned an average annual 10.1% from 1/31/72 to 12/31/13 vs. 2.3% for stocks that paid no dividend. 35 Powerful protection in down markets During the past 50 years, in the years in which the S&P 500 Index had a negative return, high-dividend-paying stocks returned an average 4.94% vs. 13.65% for the index. 36 Forty-four percent of S&P 500 Index companies currently pay a dividend that exceeds the yield on their intermediate-term corporate bond. 37 Access to hundreds more opportunities overseas While there are 21 U.S. stocks with a dividend yield greater than 5%, there are 174 overseas stocks that meet that criteria. 38 U.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 12/31/13) Strong outperformance over large-cap stocks Since 12/31/26, the small-cap IA SBBI U.S. Small Cap Stock Index has beat the large-cap IA SBBI S&P 500 Index by 238 basis points annually. 39 Greater potential for principal protection During rolling 10-year periods from 1930 through 2013, small-cap stocks produced a negative return just 0.2% of the time. 40 The only months small-cap stocks experienced a negative return over a 10-year period were March and May of 1930. 41 Access to hundreds more opportunities overseas There are 6,015 holdings in the small-cap S&P Developed SmallCap Index while there are only 1,620 holdings in the large-cap MSCI World Index. 42 Percent of rolling periods in which small- and large-cap stocks had a negative return (1/1/30 12/31/13) $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 U.S. dividend-growing stocks have generated value, returning a cumulative 5,497% from 1/31/72 through 12/31/13. 1975 1980 1985 1990 1995 2000 2005 2010 12/13 Dividend growers Constant dividend payers S&P 500 Non-dividend payers Dividend cutters Source: Ned Davis Research as of 12/31/13. The S&P 500 Equal Weight Index returned a cumulative 2,067% and an average annual 8% from 1/31/72 to 12/31/13. 10 Deutsche Asset & Wealth Management core funds 36.8% 32.9% 3-month 32.8% Small-cap stocks 30.2% 27.4% 26.0% 6-month 1-year 3-year 5-year 10-year Large-cap stocks Source: Morningstar/Ibbotson and DeAWM as of 12/31/13. For illustrative purposes only. Asset-class representation: large-cap stocks, S&P 500 Index; small-cap stocks, IA SBBI U.S. Small Cap Stock Index. 14.6% We believe after three years the performance potential of small-cap stocks may outweigh their volatility 15.8% 8.9% 9.7% 0.2% 3.9%

DWS Diversified Market Neutral Fund A DDMAX C DDMCX INST DDMIX S DDMSX DWS Global Income Builder Fund A KTRAX C KTRCX INST KTRIX S KTRSX Chris Umscheid 19 years experience Owen Fitzpatrick, CFA 27 years experience William Chepolis, CFA 28 years experience John Ryan 19 years experience Pankaj Bhatnagar, PhD 20 years experience Thomas Schuessler, PhD 17 years experience Fabian Degen 6 years experience Strong diversification potential vs. stocks and The fund s returns have been largely uncorrelated to the stock and bond markets. 43 A pure market-neutral approach for near-zero beta The fund invests equal dollar amounts, long and short, in stocks managers believe are the most and least attractive, respectively. A hedge-fund strategy with the benefits of a traditional mutual fund The fund s multi-manager sleeve approach blends two global fundamental market-neutral strategies with a U.S. centric quantitative market-neutral strategy in search of diversified sources of returns. Correlations to DWS Diversified Market Neutral Fund (10/1/08 12/31/13) A compelling choice for a low-yield world The fund combines the best ideas from strategies used by two diversified sources of income: DWS World Dividend Fund and DWS Unconstrained Income Fund. Income, growth and downside protection potential Managers can search developed and emerging nations for strong and consistent dividend payers. See DWS World Dividend Fund for more information. Diversified income for yield-starved investors Managers invest in a wide range of fixed-income assets. See DWS Unconstrained Income Fund for more information. DWS Global Income Builder Fund combines best ideas from strategies used by DWS World Dividend Fund and DWS Unconstrained Income Fund DWS Diversified Market Neutral Fund International stocks 1.00 0.13 Top down Asset allocation Emerging-market stocks 0.09 U.S. large-cap stocks U.S. small-cap stocks 0.07 0.03 Regional/sector allocation Global themes and trends Fundamental analysis Stock picking Equity Best investment ideas Fixed income Macro themes Sector and credit Fundamental credit analysis Industry/issuer/issue U.S. 0.06 0.20 0.00 0.20 0.40 0.60 0.80 1.00 Asset-class representation: international stocks, MSCI EAFE Index; emerging-market stocks, MSCI Emerging Markets Index; U.S. large-cap stocks, S&P 500 Index; U.S. small-cap stocks, Russell 2000 Index; U.S., Barclays U.S. Aggregate Index. Bottom up Deutsche Asset & Wealth Management core funds 11

DWS Alternative Asset Allocation Fund A AAAAX C AAAPX INST AAAZX S AAASX DWS Select Alternative Allocation Fund A SELAX C SELEX INST SELIX S SELSX Benjamin Pace 30 years experience Darwei Kung 7 years experience Benjamin Pace 30 years experience Darwei Kung 7 years experience Pankaj Bhatnagar, PhD 20 years experience Pankaj Bhatnagar, PhD 20 years experience All-in-one exposure to a variety of alternative asset classes Designed for investors with a moderate risk profile, the fund provides access to a broad mix of exchange-traded funds and Deutsche Asset & Wealth Management mutual funds. Active management for simplified alternative investing An experienced team chooses the alternative asset classes, sets the strategic allocations periodically and rebalances allocations monthly. Alternatives for reduced volatility Many alternative asset classes have demonstrated lower volatility than U.S. stocks. 44 All-in-one exposure to a variety of alternative asset classes Designed for investors with a conservative risk profile, the fund provides access to a broad mix of exchange-traded funds and Deutsche Asset & Wealth Management mutual funds. Active management for simplified alternative investing An experienced team chooses the alternative asset classes, sets the strategic allocations periodically and rebalances allocations monthly. Alternatives for reduced volatility Many alternative asset classes have demonstrated lower volatility than U.S. stocks. 45 10-year asset-class volatility 36.37% 21.78% 18.04% 14.62% 13.26% 11.26% 11.10% 8.51% 3.37% Gold Alternative asset classes Global real estate Commodities Traditional asset classes U.S. stocks Global infrastructure Long/ short Managed futures Currency U.S. Source: Morningstar as of 12/31/13 (9/30/13 for managed futures). For illustrative purposes only. Volatility is measured by standard deviation. The values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interest-rate risk, and their values will decline as interest rates rise. Alternative investments can be less liquid and more volatile than traditional investments and often lack longer-term track records. See page 15, footnote 44, for asset-class representation. 12 Deutsche Asset & Wealth Management core funds

DWS Enhanced Commodity Strategy Fund A SKNRX C SKCRX INST SKIRX S SKSRX William Chepolis, CFA 28 years experience Eric Meyer, CFA 33 years experience Darwei Kung 7 years experience John Ryan 19 years experience Access to Deutsche Bank s global commodities expertise The fund leverages the investment insights and active trading strategies of Deutsche Bank in an effort to maximize alpha, control beta and reduce volatility. Strong diversification potential with an inflation hedge Commodities are less correlated to U.S. equities relative to other asset classes over the past 10 years, and they may benefit from an uptick in inflation. 46 Best downside capture in category The fund sports the second-lowest downside capture in the Morningstar Commodities Broad Basket category over the one- and two-year periods. 47 The category s second-lowest one-year and lowest two-year standard deviation 12.38% 9.49% 5.75% 7.62% One-year standard deviation Morningstar category average DWS Enhanced Commodity Strategy Fund (Class A) Two-year standard deviation Direxion Indexed Commodity Strategy (4.95%) and Compass EMP Commodity Strategies Volatility Weighted Fund (7.35%) had the lowest and third-lowest standard deviation, respectively, for the one-year period. Direxion Indexed Commodity Strategy (8.58%) and Old Westbury Real Return Fund (9.84%) had the second- and third -lowest standard deviation, respectively, for the two-year period. Deutsche Asset & Wealth Management core funds 13

1 2 3 4 5 Source: Moody s Investor Service as of 12/31/12. 6 7 8 DWS Strategic High Yield Tax-Free Fund Class S shares 10-year return/standard deviation 4.33%/7.54%. Return and standard deviation for the Morningstar High Yield Muni category, respectively, are as follows: one-year, 5.99% and 7.04%; five-year, 9.94% and 7.69%; and 10-year, 3.49% and 7.67%. 9 10 Asset-class representation: short-term, Barclays 1-3 Year Aggregate Index; intermediate-term, Barclays 7-10 Year Index. Returns for other time periods might not be as favorable. 11 Morningstar as of 12/31/13. 12 13 14 Class S shares rank as follows in the Morningstar Ultrashort category: one-year, 3% (4/137); three-year, 2% (2/94), five-year, 10% (9/82); 10-year, not available. 15 Source: Philadelphia Reserve Bank as of 6/30/12. 16 Standard deviation and Sharpe Ratio for the Morningstar Multisector Bond category, respectively, are as follows: one-year, 4.64% and 0.46; five-year, 6.18% and 1.80; and 10-year, 6.96% and 0.67. 17 18 19 Class S shares rank as follows in the Morningstar Bank Loan category: one-year, 54% (118/219); three-year, 67% (99/147); five-year, 32% (40/124); 10-year, not available. 20 21 Source: Barclays as of 12/31/13 (1/3/14 for equities). Asset-class representation: high-yield bond, Credit Suisse High Yield Index; intermediate-term ; Barclays U.S. Aggregate Index; equities, S&P 500 Index; U.S. Treasuries, 10-year U.S. Treasury. Income yields are yields to worst; equity yield is dividend yield. 22 Since May 1993, high-yield returned 8.09% when rates rose by one percentage point or more in 12-month periods. Asset-class representation: high-yield, Barclays U.S. Corporate High Yield Index. 23 Class A shares rank as follows in the High Yield Bond category: one-year, 39% (260/662); three-year, 32% (172/540); five-year, 61% (283/466); 10-year, 37% (122/325). 24 Standard deviation and Sharpe Ratio for the High Yield Bond category, respectively, are as follows: one-year, 4.73% and 1.47; five-year, 8.45% and 1.84; and 10-year, 9.53% and 0.61. 25 Source: Green Street Advisors as of 12/31/13. 26 Morningstar as of 12/31/13. For the 15-year period ending 12/31/13, the MSCI U.S. REIT Index returned 10.28%, while the S&P 500 Index returned 4.68%, the Nasdaq Composite Index returned 4.39% and the Dow Jones Industrial Average returned 6.46%. As of 1/3/14, the S&P 500 Index dividend yield was 1.89%; as of 12/31/13, the MSCI REIT Index dividend yield was 4.16%. 27 28 29 30 Source: Deutsche Asset & Wealth Management as of 12/31/13. 14 Deutsche Asset & Wealth Management core funds

31 32 33 Source: MSCI, Reuters, Bloomberg, Dow Jones and JPMorgan Quantitative Strategy as of 12/31/12. 34 Source: Morningstar of 12/31/13. Equity indices are the S&P 500 Index and MSCI World Index. Fund is Class A. 35 Source: Ned Davis as of 12/31/13. 36 Souce: Kenneth French as of 12/31/12 (the latest data available). 37 Source: FactSet as of 1/6/14. 38 Source: FactSet as of 12/31/13. 39 40 Source: Morningstar/Ibbotson and Deutsche Asset & Wealth Management as of 12/31/13. 41 Source: Morningstar/Ibbotson and Deutsche Asset & Wealth Management as of 12/31/13. 42 43 44 Source: Morningstar as of 12/31/13 (9/30/13 for managed futures). Asset-class representation: gold, S&P Global Gold Broad Market Index; global real estate, FTSE EPRA/NAREIT Developed Index; commodities, Dow Jones-UBS Commodity Index; U.S. stocks, S&P 500 Index; global infrastructure, MSCI World Infrastructure Sector Capped Index; managed futures, Dow Jones Credit Suisse Managed Futures Index; long/short, Morningstar long/short equity category; currency, Morningstar Currency category; U.S., Barclays U.S. Aggregate Index. 45 Source: Morningstar as of 12/31/13 (9/30/13 for managed futures). See footnote 44. 46 47 Direxion Indexed Commodity Strategy Fund had the lowest downside capture for the one-year (43.02%) and two-year (55.03%) periods. reflect fees or expenses and it is not possible to invest directly in an index. Ratings are based on risk-adjusted performance. The Overall rating for a fund is a weighted average of the ratings for the time periods indicated. Rankings are based on a fund s total return unadjusted for sales charges with distributions reinvested. 2014 Morningstar, Inc. All rights reserved. Morningstar, Inc., shall not be responsible for investment decisions, damages or other losses resulting from use of this rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund s monthly performance (including, unless loadwaived, the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Deutsche Asset & Wealth Management core funds 15

Important risk information Investments in mutual funds involve risk. Stocks may decline in value. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. There are additional risks associated with investing in commodities, high-yield, aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses. Please read the prospectus for more information. Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from www.dws-investments.com for more information regarding the funds objectives, risks, charges and expenses. Investment products: No bank guarantee Not FDIC insured May lose value Investment products offered through DWS Investments Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. For registered representative use only. Not for public viewing or distribution. Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 www.dws-investments.com service@db.com Tel (800) 621-1148 2014 Deutsche Bank AG. All rights reserved. PM135138 (2/14) R-28968-6 CORE-600