Deutsche Asset Management. Deutsche Asset Management Investment GmbH. DWS Top Dividende. Semiannual Report 2016/2017

Transcription

1 Deutsche Asset Management Deutsche Asset Management Investment GmbH DWS Top Dividende Semiannual Report 2016/2017

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3 Contents Semiannual report 2016/2017 for the period from October 1, 2016, through March 31, 2017 (in accordance with article 103 of the German Investment Code (KAGB)) General information... 2 Semiannual report DWS Top Dividende... 4 Investment portfolio for the reporting period

4 General information Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management Investment GmbH, are used as the basis for calculating the value; in the case of domestic reinvesting funds, the domestic investment income tax following any deduction of foreign withholding tax plus solidarity surcharge charged to the fund are added. Performance is calculated in accordance with the BVI method. Past performance is not a guide to future results. The corresponding benchmarks if available are also presented in the reports. All financial data in this publication is as of March 31, 2017 (unless otherwise stated). Sales prospectuses The sole binding basis for a purchase are the current version of the sales prospectus including the Terms and Conditions of Investment and the key investor information document, which are available from Deutsche Asset Management Investment GmbH or any branch of Deutsche Bank AG as well as from other paying agents. Information about the all-in fee The all-in fee does not include the following expenses: a) any costs that may arise in connection with the acquisition and disposal of assets; b) any taxes that may arise in connection with administrative and custodial costs; c) the costs of asserting and enforcing the legal claims of the investment fund. The details of the fee structure are set out in the current sales prospectus. Issue and redemption prices Each exchange trading day on the Internet: 2

5 Semiannual report

6 DWS Top Dividende Performance of unit classes (in euro) Unit class ISIN 6 months Class LD DE % Class FD DE000DWS1VB9 7.8% Class LDQ DE000DWS18N0 7.5% Class SC DE000DWS18Q3 2.6% 1 1 Class SC launched on January 2, 2017 BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: March 31, 2017 Overview of the unit classes ISIN LD DE FD DE000DWS1VB9 LDQ DE000DWS18N0 SC DE000DWS18Q3 Security code (WKN) LD FD DWS1VB LDQ DWS18N SC DWS18Q Fund currency EUR Unit class currency LD EUR FD EUR LDQ EUR SC EUR Date of inception and LD April 28, 2003 initial subscription (from March 15, 2013, as LD unit class) FD August 12, 2013 LDQ March 2, 2015 SC January 2, 2017 Initial sales charge LD 5% FD None LDQ 5% SC None Distribution policy LD Distribution FD Distribution LDQ Quarterly distribution SC Reinvestment All-in fee LD 1.45% p.a. FD 0.9% p.a. LDQ 1.45% p.a. SC 0.8% p.a. Minimum investment* LD None FD EUR LDQ None SC EUR Initial issue price LD EUR (incl. initial sales charge) FD EUR LDQ EUR (plus initial sales charge) SC Net asset value per unit of the LD unit class of DWS Top Dividende on the inception date of the SC unit class * 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

7 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Investment portfolio for the reporting period

8 Statement of net assets I. Assets Amount in EUR 000 % of net assets 1. Equities (sectors): Consumer Staples Telecommunication Services Health Care Utilities Financials Information Technology Industrials Energy Basic Materials Consumer Discretionaries Other Total equities: Bonds (issuers): Central governments Total bonds: Cash at bank Other assets II. Liabilities 1. Other liabilities III. Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages. 6

9 Investment portfolio March 31, 2017 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Securities traded on an exchange Equities Enbridge (CA29250N1050) 3... Count CAD TransCanada (CA89353D1078).... Count CAD Nestlé Reg. (CH ).... Count CHF Novartis Reg. (CH ) 3... Count CHF Allianz (DE )... Count EUR BMW Ord. (DE ).... Count EUR Fuchs Petrolub Ord. (DE )... Count EUR Fuchs Petrolub Pref. (DE ).... Count EUR Hannover Rück Reg. (DE ).... Count EUR Sampo Bear. A (FI )... Count EUR Sanofi (FR ) 3... Count EUR Siemens Reg. (DE )... Count EUR Unibail-Rodamco (FR )... Count EUR Unilever (NL ).... Count EUR BAE Systems (GB )... Count GBP British American Tobacco (BAT) (GB ).... Count GBP Imperial Brands (GB ).... Count GBP Reckitt Benckiser Group (GB00B24CGK77).... Count GBP Japan Tobacco (JP ).... Count JPY KDDI Corp. (JP ).... Count JPY Nippon Telegraph and Telephone Corp. (JP ).... Count JPY Tokio Marine Holdings Inc. (JP ).... Count JPY KT&G Corp. (KR ).... Count KRW DNB A (NO ).... Count NOK Gjensidige Forsikring (NO ).... Count NOK Telenor (NO )... Count NOK Taiwan Semiconductor Manufacturing Co. (TW )... Count TWD AbbVie (US00287Y1091).... Count USD Altria Group (US02209S1033).... Count USD AT & T (US00206R1023).... Count USD Automatic Data Processing (US ).... Count USD Chunghwa Telecom Sp. ADR (new) (US17133Q5027).... Count USD Cisco Systems (US17275R1023)... Count USD CVS Health (US )... Count USD Dominion Resources (US25746U1097) 3... Count USD Duke Energy (new) (US26441C2044).... Count USD Genuine Parts Co. (US ).... Count USD HP (US40434L1052).... Count USD Merck & Co. (US58933Y1055)... Count USD Nextera Energy Inc. (US65339F1012).... Count USD PepsiCo (US ).... Count USD Pfizer (US ).... Count USD PG & E Corp. (US69331C1080).... Count USD Philip Morris International (US ).... Count USD Raytheon Co. (US ).... Count USD Target Corp. (US87612E1064) 3... Count USD The Coca-Cola Co. (US ) 3... Count USD The Dow Chemical Co. (US ).... Count USD The Procter & Gamble Co. (US ) 3... Count USD UGI Corp. (US ).... Count USD Verizon Communications (US92343V1044) 3... Count USD WEC Energy Group (US92939U1060).... Count USD Other equity securities Roche Holding Profitsh. (CH )... Count CHF

10 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Securities admitted to or included in organized markets Equities BCE (new) (CA05534B7604).... Count CAD Interest-bearing securities % US Treasury 14/ (US912828B584) 3... USD % % US Treasury 15/ (US912828XB14) USD % % US Treasury 16/ (US912828R515) 3... USD % Securitized money market instruments % US Treasury 12/ (US912828TB69) 3... USD % % US Treasury 12/ (US912828TW07) 3... USD % % US Treasury 16/ (US912828Q459) 3... USD % Total securities portfolio Cash and non-securitized money market instruments Cash at bank Demand deposits at Depositary EUR deposits.... EUR % Deposits in other EU/EEA currencies.... EUR % Deposits in non-eu/eea currencies Australian dollar.... AUD % Canadian dollar... CAD % Swiss franc.... CHF % Hong Kong dollar... HKD % Japanese yen... JPY % South Korean won.... KRW % New Zealand dollar.... NZD % Singapore dollar... SGD % Taiwan dollar.... TWD % U.S. dollar.... USD % Other assets Interest receivable... EUR % Dividends receivable.... EUR % Withholding tax claims... EUR % Other receivables... EUR % Other liabilities Liabilities from cost items.... EUR % Additional other liabilities.... EUR % Net assets Net asset value per unit Count/ Net asset value per unit and number of units outstanding currency in the respective currency Net asset value per unit Class LD... EUR Class FD... EUR Class LDQ.... EUR Class SC... EUR Number of units outstanding Class LD... Count Class FD... Count Class LDQ.... Count Class SC... Count Negligible rounding errors may have arisen due to the rounding of calculated percentages. 8

11 Exchange rates (indirect quotes) As of March 31, Australian dollar.... AUD = EUR 1 Canadian dollar... CAD = EUR 1 Swiss franc.... CHF = EUR 1 British pound... GBP = EUR 1 Hong Kong dollar... HKD = EUR 1 Japanese yen... JPY = EUR 1 South Korean won.... KRW = EUR 1 Norwegian krone.... NOK = EUR 1 New Zealand dollar.... NZD = EUR 1 Singapore dollar... SGD = EUR 1 Taiwan dollar.... TWD = EUR 1 U.S. dollar.... USD = EUR 1 Footnotes 3 These securities were completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 1,904,098, 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 Purchases/ Sales/ Description currency additions disposals ( / 000) Securities traded on an exchange Equities AXA (FR )... Count CF Industries Holdings (US )... Count Diebold Nixdorf (US ).... Count Wal-Mart Stores (US )... Count Interest-bearing securities % Canada 07/ (CA135087YL25).. CAD Securities admitted to or included in organized markets Securitized money market instruments % US Treasury 10/ (US912828MS67).... USD % US Treasury 14/ (US912828C327).... USD % US Treasury 14/ (US912828F882).... USD Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR Security description: AbbVie (US00287Y1091), AT & T (US00206R1023), BCE (new) (CA05534B7604), Burberry Group (GB ), Enbridge (CA29250N1050), Gjensidige Forsikring (NO ), Nestlé Reg. (CH ), Novartis Reg. (CH ), Roche Holding Profitsh. (CH ), The Coca-Cola Co. (US ), The Procter & Gamble Co. (US ), TransCanada (CA89353D1078), Unibail-Rodamco (FR ), Unilever (NL ), Wal-Mart Stores (US ), WEC Energy Group (US92939U1060), % US Treasury 10/ (US912828MS67), % US Treasury 12/ (US912828TB69), % US Treasury 14/ (US912828C327), % US Treasury 14/ (US912828B584), % US Treasury 14/ (US912828F882), % US Treasury 15/ (US912828XB14), % US Treasury 16/ (US912828R515) 9

12 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 Net asset value per unit, Class FD: EUR Net asset value per unit, Class LDQ: EUR Net asset value per unit, Class SC: EUR Number of units outstanding, Class LD: Number of units outstanding, Class FD: Number of units outstanding, Class LDQ: Number of units outstanding, Class SC: 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. 10

13 Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 Statement in accordance with Section A Stated in fund currency Securities lending Repurchase agreements Total return swaps 1. Assets used Absolute As a percentage of the fund s net assets The 10 largest counterparties 1. Name BNP Paribas S.A. Arbitrage, Paris Gross volume of open transactions Country of registration France 2. Name Deutsche Bank AG, London Gross volume of open transactions Country of registration United Kingdom 3. Name Commerzbank AG, Frankfurt Gross volume of open transactions Country of registration Germany 4. Name Deutsche Bank AG, Frankfurt Gross volume of open transactions Country of registration Germany 5. Name Société Générale S.A. Gross volume of open transactions Country of registration France 6. Name Barclays Bank PLC, London Gross volume of open transactions Country of registration United Kingdom 7. Name Merrill Lynch International Ltd. Gross volume of open transactions Country of registration United Kingdom 8. Name Goldman Sachs International Gross volume of open transactions Country of registration United Kingdom 9. Name J.P. Morgan Securities PLC Gross volume of open transactions Country of registration United Kingdom 11

14 10. Name SEB AG Gross volume of open transactions Country of registration Germany 3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, central counterparty) Bilateral Transactions classified by term to maturity (absolute amounts) Less than 1 day day to 1 week week to 1 month to 3 months months to 1 year More than 1 year No fixed maturity Type(s) and quality/qualities of collateral received Type(s): Bank balances Bonds Equities Other Quality/Qualities: Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms must be provided to the fund: Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 12

15 6. Currency/Currencies of collateral received Currency/Currencies: EUR; GBP; AUD; JPY; DKK; CHF; NZD; USD; CAD; HUF Collateral classified by term to maturity (absolute amounts) Less than 1 day day to 1 week week to 1 month to 3 months months to 1 year More than 1 year No fixed maturity Income and cost portions (before income adjustment) Income portion of the fund Absolute As a percentage of gross income Cost portion of the fund Income portion of the Management Company Absolute As a percentage of gross income Cost portion of the Management Company Income portion of third parties Absolute As a percentage of gross income Cost portion of third parties Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute Lent securities as a percentage of all lendable assets of the fund Total Share The 10 largest issuers, based on all SFTs and total return swaps 1. Name Bridgestone Corp. Volume of collateral received Name Bayer AG Volume of collateral received

16 3. Name Anheuser-Busch InBev S.A./N.V. Volume of collateral received Name Total S.A. Volume of collateral received Name Nordea Kredit Realkreditaktieselskab Volume of collateral received Name Realkredit Danmark AS Volume of collateral received Name Intesa Sanpaolo S.p.A. Volume of collateral received Name Autogrill S.p.A. Volume of collateral received Name Engie S.A. Volume of collateral received Name Telecom Italia S.p.A. Volume of collateral received Reinvested collateral as a percentage of collateral received, based on all SFTs and total return swaps Share Custody type of provided collateral from SFTs and total return swaps (As a percentage of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines custody type

17 14. Depositaries / Account holders of received collateral from SFTs and total return swaps Total number of depositaries / account holders Name State Street Bank Amount held in custody Name Bank of New York Amount held in custody

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19 Asset Management Company Deutsche Asset Management Investment GmbH 60612, Germany Liable equity capital as of December 31, 2016: EUR 179 million Subscribed and paid-in capital as of December 31, 2016: EUR 115 million Depositary State Street Bank International GmbH Brienner Straße München, Germany Liable equity capital as of December 31, 2015: EUR 2,154.4 million Subscribed and paid-in capital as of December 31, 2015: EUR million Henning Gebhardt (until December 31, 2016) Shareholder of Deutsche Asset Management Investment GmbH DWS Holding & Service GmbH, Supervisory Board Management Nicolas Moreau (since December 1, 2016) Deutsche Bank AG, London Chairman Christof von Dryander Deutsche Bank AG, Vice-Chairman Dr. Roland Folz (until November 30, 2016) Deutsche Bank AG, Hans-Theo Franken Deutsche Vermögensberatung AG, Dr. Alexander Ilgen Deutsche Bank AG, Holger Naumann Speaker of the Management Managing Director of DWS Holding & Service GmbH, Chairman of the Supervisory Board of Deutsche Asset Management S.A., Luxembourg Managing Director of DB Finanz-Holding GmbH, Member of the Board of Directors of Sal. Oppenheim jr. & Cie. Luxembourg S.A., Luxembourg Member of the Supervisory Board of Sal. Oppenheim jr. & Cie. AG & KGaA, Köln Member of the Supervisory Board of Sal. Oppenheim jr. & Cie. Komplementär AG, Köln Dr. Stefan Marcinowski Ludwigshafen Friedrich von Metzler Partner of Bankhaus B. Metzler seel. Sohn & Co. KGaA, Reinhard Bellet Managing Director of DWS Holding & Service GmbH, Member of the Supervisory Board of Deutsche Asset Management S.A., Luxembourg Alain Moreau Deutsche Bank AG, Prof. Christian Strenger Ute Wolf Evonik Industries AG, Essen Stefan Kreuzkamp Managing Director of DWS Holding & Service GmbH, Member of the Supervisory Board of Deutsche Asset Management S.A., Luxembourg Dr. Matthias Liermann Managing Director of DWS Holding & Service GmbH, Member of the Supervisory Board of Deutsche Asset Management S.A., Luxembourg Member of the Board of Directors of Oppenheim Asset Management Services S.à.r.l., Luxembourg Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Thorsten Michalik Managing Director of DWS Holding & Service GmbH, Petra Pflaum (since January 1, 2017) Managing Director of DWS Holding & Service GmbH, As of: April 30, 2017

20 Deutsche Asset Management Investment GmbH 60612, Germany Tel.: +49 (0) Fax: +49 (0)