DWS Investment GmbH

DWS Emerging Markets

Semiannual Report 2009

7/2009

The DWS/DB Group is the largest German mutual fund company according to assets under management. Source: BVI. As of: April 30, 2009.

Contents

Semiannual report 2009 for the period from January 1, 2009, through June 30, 2009 (in accordance with article 44 (2) of the German Investment Act (InvG))O
TOP

Equity markets

General information

Semiannual Report
DWS Emerging Markets

2009
Investment portfolio for the reporting period 8

Equity markets

Equity markets in the fiscal six-month period through June 30, 2009
Improved sentiment in the international equity markets during this period At the start of 2009, a continued, accelerated downturn in the world economy in conjunction with a deterioration in corporate earnings caused considerable price pressure on the global stock markets. During that phase, defensive stocks from the telecommunications, health care and utilities sectors performed above the market average. From the middle of March 2009, the mood brightened and prices recovered significantly from the multi-year lows previously recorded as a result of the financial and economic crisis. The prices received support in particular from some leading economic indicators, which turned out to be more favorable than expected and fueled hope of a regeneration of the economy. The comprehensive government stimulus packages and the expansive monetary policies pursued by the central banks both contributed to increased confidence. The strong upward trend was driven by financials and cyclical stocks, both of which were trading at especially low valuations until midMarch 2009. As a result, the extreme price declines since the start of 2009 could be offset, and in some cases even overcompensated. Thus the MSCI World index, for example, managed an overall net increase of 7.5% in euro terms (7.3% in U.S. dollars) in the first half of 2009. Positive impulses in the U.S. equity market came in particular from the banking sector, since a number of institutions reported quarterly results far in excess of expectations. The results of the bank stress tests and of government support measures have given many investors increased reason to believe that 2 Crude oil prices on the rise again During the six-month period, gold continued to rise amid fluctuation against the backdrop of continuing crisis concerns, approaching at times the threshold of 1,000 U.S. dollars per ounce. The metal received continued support amid expectations of a significant price rise in view the problems of the financial sector can in fact be solved. The S&P 500 index rose by 4.9%, calculated in euro. European equities, as measured by the Dow Jones STOXX 50 index, recorded a gain of 4.4% in euro terms. The biggest price gains since March 2009 were actually recorded by stocks that previously suffered under the heaviest downward pressure. This was the case for stocks of small and medium-sized companies, among others. Japanese equities rose by 3.5% (TOPIX index, in euro) in the six months through the end of June 2009. The weaker yen was a boon to Japanese exports. Economic development in the emerging markets slowed dramatically in the first half of 2009. However, following a stabilization period, they still managed to preserve their overall growth advantage over the industrial countries. Positive factors such as strong investment activity, the increasing significance of the consumer in these emerging regions, structural changes in industry and demographic structures have come into sharper focus once again. The MSCI Emerging Markets index rose by 36.8% in euro terms. Particularly striking at country level was the upward trend of the Russian market, which as a consequence of strong increases in energy prices rose by 58.2% (Russian RTS, in euro terms). of the comprehensive liquidity-enhancing measures undertaken by the central banks. In general, however, the weak economy kept commodity prices appreciably low. This was also the case for crude oil, which at times dipped below 40 U.S. dollars per barrel of WTI during the reporting period. With the improved sentiment in the markets, the crude oil price also resumed a strong upward course, temporarily crossing the 70 U.S. dollar mark. MSCI Emerging Markets
0
In local currency In euro Equity indices: Germany: DAX Europe: Dow Jones STOXX 50 U.S.: S&P 500 Japan: TOPIX worldwide: MSCI World Emerging Markets: MSCI Emerging Markets

Strong market movements over a five-year period 225 200 175 150 125 100 75 50
Germany Europe

U.S.

Japan

6/04* 6/05

6/06

6/07

6/08

6/09

Equity indices: Dow Jones STOXX 50 S&P 500 TOPIX DAX

On euro basis * June 30, 2004 = 100 STOXX is a registered trademark of STOXX Limited; DAX is a registered trademark of Deutsche Brse AG

International equity markets in the fiscal six-month period through June 2009 Performance in % 0.0 DAX Dow Jones STOXX 50 4.4 4.6 S&P 500 4.9 TOPIX MSCI World 9.5 3.5 7.3 (in U.S. dollars) 7.5 36.5 (in U.S. dollars) 36.8
10 20 30 40 50

General information
Performance
The investment return, or performance, of a mutual fund investment is measured by the change in value of the funds 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 DWS, are used as the basis for calculating the value (BVI method); deductible taxes are added in the case of reinvesting funds. Past performance is not a guide to future results. The corresponding benchmarks if available are also presented in the report. All financial data in this publication is as of June 30, 2009, unless otherwise indicated. The deadline for completing the text portions of the report was July 31, 2009. The details of the fee structure are set forth in the current detailed sales prospectus.

Sales prospectuses
The sole binding basis for a purchase are the current versions of the simplified and the detailed sales prospectuses, which are available from DWS, any branch of Deutsche Bank AG and from other paying agents.

Issue and redemption prices

Each exchange trading day on the Internet: www.dws.com

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.

Obligations for cross-border distribution (in accordance with article 129 of the German Investment Act (InvG)) Included in the annual report for the investment fund DWS Emerging Markets is an opinion issued by the independent auditor. This opinion refers exclusively to the German version of the annual report for the investment fund. In the case of cross-border distribution, one of the obligations of the investment company is to also publish the annual report for the investment fund in at least one of the national languages of the relevant country of distribution or in another language authorized by the responsible authorities in the relevant country of distribution. The tax information contained in the annual report for investors who are subject, without limitation, to taxation in the Federal Republic of Germany and specific information for investors in a different country of distribution have been omitted in the national or specific language versions. National or language versions must also be published for the semiannual report to be produced for the first half of the fiscal year. In the case of discrepancies between the German text of the report and any translation thereof, the German version shall be binding.

2009
Semiannual Report

DWS Emerging Markets

DWS Emerging Markets focused primarily on companies that have their registered offices or principal business activity in the emerging-market countries. In the reporting period from the start of January through the end of June 2009, the price gains made in the equity markets of the emerging markets significantly exceeded those of the established exchanges. The factors supporting this mainly included the revival of domestic demand, comprehensive monetary measures, reductions in corporate taxes, and the low levels of debt. Against this backdrop, the fund recorded an appreciation of 39.2% per unit, thus placing it ahead of its benchmark, the MSCI Emerging Markets, which gained 36.8% (both percentages in euro terms). This outperformance was due to the greater prominence given to Chinese and Indian stocks in the portfolio; these stocks recorded an above-average performance during the course of the price recovery in the international markets. DWS EMERGING MARKETS vs. benchmark Performance at a glance
in % 88 66 44 +39.2 +36.8 22 0 -22 -44 6 months -19.1 -16.2 -31.5 1 year 3 years 5 years -0.7 +73.2 +54.7

DWS EMERGING MARKETS Five-year performance 310 275 240 205 170 135 100 65
6/04* 6/05 6/06 6/07 6/08 6/09
* 6/2004 = 100 in euro DWS Emerging Markets

BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of June 30, 2009

DWS Emerging Markets Benchmark MSCI Emerging Markets All data on euro basis BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of June 30, 2009

Of the investments in India, financials and real estate securities were the first to gain in price, followed in particular by industrials as time progressed. These included Larsen & Toubro for example; after a price gain following the announcement of the results of the parliamentary elections, the management realized some gains here. The positions in Brazil also posted a solid performance overall. In terms of individual stocks, Petroleo Brasileiro in particular profited from the recent renewed rise in the price of oil. The fund was depressed, however, by the price performance for the largest Chinese mobile phone operator,
In % of the funds net assets

DWS EMERGING MARKETS Energy sector weighted more heavily Equities: 88.7 Energy Financials Information Technology Telecommunication Services Industrials Consumer Staples Materials Consumer Discretionary Health Care Not classified by MSCI system Warrants Investment funds Cash and other assets 0

26.3 15.2 14.4 11.6 9.6 5.1 4.2 1.2 0.6 0.5 10.0 0.2 1.1 5 10 15
In % of the funds net assets: Brazil China Russia Hong Kong Korea Taiwan Mexico India Canada Thailand Nigeria Other countries Warrants Investment funds Cash and other assets 18.3 17.7 16.1 8.9 5.9 5.5 4.2 4.1 3.4 1.6 1.5 1.5 10.0 0.2 1.1

20

25

30

China Mobile. Despite a large number of customers and good operating results, the market saw a more limited potential for 6 growth for the group.

Security code: 977 301 ISIN: DE0009773010 As of June 30, 2009

tes lete da r comp e investfo d e s th rmat u ions in r. The fo escript th/yea d n s o ie m it / r y u a c d e s in o is ortfoli ment p

Investment portfolio for the reporting period

DWS Emerging Markets

Investment portfolio June 30, 2009

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

Description

Market price

Securities traded on an exchange Equities All America Latina Logistica Units . . . . . . . . . . . . . . . . . . . Banco Bradesco Pref. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Banco do Estado do Rio Grande do Sul Cl.B . . . . . . . . . . Cia Brasileira de Meios de Pagamento . . . . . . . . . . . . . . . Cia Vale Do Rio Doce (CVDR) Pref. . . . . . . . . . . . . . . . . . . Cosan S.A. Industria e Comercio . . . . . . . . . . . . . . . . . . . Lojas Renner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lupatech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MRV Engenharia e Participacoes . . . . . . . . . . . . . . . . . . . Natura Cosmeticos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Santos Brasil Participacoes Units (new) . . . . . . . . . . . . . . Addax Petroleum Corp. 3) . . . . . . . . . . . . . . . . . . . . . . . . . Southgobi Energy Resources . . . . . . . . . . . . . . . . . . . . . . Alibaba.com 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Construction Bank Cl.H (new) . . . . . . . . . . . . . . . . . China High Speed Transmission . . . . . . . . . . . . . . . . . . . . China Insurance International Holdings 3) . . . . . . . . . . . . . China Life Insurance Co. Cl.H (new) . . . . . . . . . . . . . . . . . China Mengniu Dairy Co. . . . . . . . . . . . . . . . . . . . . . . . . . China Mobile LTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Railway Construction Cl.H . . . . . . . . . . . . . . . . . . . China Railway Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Shenhua Energy Co. Cl.H (new) . . . . . . . . . . . . . . . CNOOC Subdiv. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hang Seng Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Harbin Power Equipment Co. CL.H . . . . . . . . . . . . . . . . . PetroChina Co. Cl.H (new) . . . . . . . . . . . . . . . . . . . . . . . . The Industrial & Commercial Bank of China Cl.H . . . . . . . Telekomunikasi Indonesia B . . . . . . . . . . . . . . . . . . . . . . . United Spirits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Samsung Electronics Co. . . . . . . . . . . . . . . . . . . . . . . . . . Genomma Lab Internacional . . . . . . . . . . . . . . . . . . . . . . . Grupo Mexico B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wal-Mart de Mexico V . . . . . . . . . . . . . . . . . . . . . . . . . . . ASUSTeK Computer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High Tech Computer Corp. . . . . . . . . . . . . . . . . . . . . . . . . Hon Hai Precision Industry Co. . . . . . . . . . . . . . . . . . . . . . MediaTek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Motech Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wistron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . America Movil S.A. de C.V. ADR . . . . . . . . . . . . . . . . . . . . Gazprom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gazprom ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ICICI Bank ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JSC MMC Norilsk Nickel ADR . . . . . . . . . . . . . . . . . . . . . Larsen & Toubro GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lukoil Oil ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mobilniye TeleSistemy . . . . . . . . . . . . . . . . . . . . . . . . . . . Mobile Telesystems ADR . . . . . . . . . . . . . . . . . . . . . . . . . Muslim Commercial Bank (MCB) GDR Reg S . . . . . . . . . OAO TMK GDR Reg S . . . . . . . . . . . . . . . . . . . . . . . . . . . Petrleo Brasileiro ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . Sberegatelniy Bank Rossiyskoy Federatsii . . . . . . . . . . . . Vale S.A. (Spons. ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlisted securities Equities China South Locomotive and Rolling Stock Cl.H . . . . . . . United Bank for Africa GDR . . . . . . . . . . . . . . . . . . . . . . . Count Count 6 000 000 22 500 90 000 HKD USD 4.5400 17.6547 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 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 950 000 308 339 549 021 154 300 500 000 187 700 300 000 305 000 78 600 650 000 500 000 115 000 1 354 600 2 700 000 13 000 000 2 500 000 2 433 000 3 000 000 1 800 000 1 800 000 2 200 000 4 500 000 1 800 000 4 164 000 300 000 2 000 000 6 000 000 6 000 000 6 004 000 114 200 47 000 2 451 000 18 948 750 000 2 200 003 240 000 3 185 923 350 000 2 3 625 000 280 000 3 023 647 550 000 250 000 236 646 150 000 250 000 306 996 200 000 399 740 334 800 440 000 4 160 715 300 000 114 200 47 000 BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL CAD CAD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD IDR INR 12.2300 29.2000 7.9500 16.7700 30.3000 14.8000 22.2000 25.0000 27.2500 26.2800 11.0900 49.5000 10.5000 13.7400 6.0100 15.4400 16.4000 28.5000 18.0600 77.6000 11.9600 6.2300 28.5500 9.6100 109.0000 7.3100 8.6000 5.4000 7 500.0000 871.7000

227 474 752.54

87.63

154 300 200 000 187 700

4 215 382.33 3 266 617.01 1 583 590.88 938 827.70 5 496 668.44 1 007 889.44 2 416 357.21 2 766 475.04 777 098.30 6 197 629.72 2 011 816.93 3 498 168.72 8 740 536.36 3 393 553.40 7 146 970.92 3 530 949.41 3 649 977.17 7 821 144.42 2 973 681.44 12 777 280.15 2 406 900.02 2 564 512.09 4 700 919.44 3 660 482.20 2 991 244.71 1 337 369.96 4 720 129.27 2 963 802.10 3 131 310.92 1 472 070.17 15 383 008.75 1 549 515.36 14 953.15 1 567 277.30 2 025 018.01 2 406 164.08 6 987 106.05 2 964 490.95 5.55 4 268 748.13 7 755 556.34 11 189 562.23 8 118 109.96 5 458 863.56 1 573 669.48 3 615 610.93 8 159 937.61 1 164 389.07 5 338 343.20 800 585.23 2 504 087.06 12 904 753.46 3 775 630.22 3 790 010.99 2 773 403.26

1.62 1.26 0.61 0.36 2.12 0.39 0.93 1.07 0.30 2.39 0.78 1.35 3.37 1.31 2.75 1.36 1.41 3.01 1.15 4.92 0.93 0.99 1.81 1.41 1.15 0.52 1.82 1.14 1.21 0.57 5.93 0.60 0.01 0.60 0.78 0.93 2.69 1.14 0.00 1.64 2.99 4.31 3.13 2.10 0.61 1.39 3.14 0.45 2.06 0.31 0.96 4.97 1.45 1.46 1.07

115 000 72 300 2 700 000 13 000 000

5 000 000 200 000 1 450 000 4 200 000

230 000 2 800 000 1 500 000 1 800 000 2 000 000 300 000 6 000 000 7 000 000 5 000 000 3 000 000

KRW 592 000.0000 MXN MXN MXN TWD TWD TWD TWD TWD TWD USD USD USD USD USD USD USD USD USD USD USD USD USD USD 11.7200 14.6300 38.7400 42.6000 464.0000 101.5000 392.0000 128.5000 54.5000 39.0700 5.2200 20.8200 30.8000 9.3800 34.0000 46.0400 5.3500 37.6500 2.8250 10.5500 41.3700 1.2800 17.8200

434

240 000 1 615 555 350 000

750 000

2 954 935 100 000 200 000 258 500

80 000

180 000 30 000 50 000

36 340 100 000 1 500 000 300 000 160 000 5 047 285

2 491 789.17 281 614.09

0.96 0.11

DWS Emerging Markets

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

Investment fund units In-group fund units DWS Invest Africa FC (0.850%) . . . . . . . . . . . . . . . . . . . . Total securities portfolio Derivatives Minus signs denote short positions Derivatives on individual securities Warrants on securities Equity warrants Nomura Bank Int. WRT 16.07.10 Sonatel . . . . . . . . . . . . . Deutsche Bank London WRT 11.01.17 CFPT . . . . . . . . . . Deutsche Bank London WRT 11.01.17 Songda Urban & I Deutsche Bank London WRT 27.09.17 Saigon Sec . . . . . Deutsche Bank London/General Forwarding 17.08.09 . . . ML WRT 01.09.10 Bharat Heavy Electricals . . . . . . . . . . . ML WRT 05/01.02.10 Taiwan Semiconductor . . . . . . . . . ML WRT 18.01.11 Housing Development Finance . . . . . ML WRT 26.10.09 Infosys Technologies . . . . . . . . . . . . . ML WRT 30.12.10 Hindustan Lever . . . . . . . . . . . . . . . . . Cash, non-securitized money market instruments, and money market funds Cash at bank Demand deposits at Custodian Deposits in EU/EEA currencies . . . . . . . . . . . . . . . . . . . . . Deposits in non-EU/EEA currencies Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indonesian rupiah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mexican peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Malaysian ringgit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Philippine peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thai baht . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . South African rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other assets Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Initial margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-term liabilities EUR loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loans in non-EU/EEA currencies Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indian rupee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net assets Net asset value per unit Number of units outstanding BRL INR EUR -3 097 610.97 -100 879 531.12 -373 916.13 % % % 100 100 100 EUR -567 278.86 % 100 EUR EUR EUR 551 338.74 3 147 728.26 13 948.27 % % % 100 100 100 CAD HKD IDR KRW MXN MYR PHP SGD THB TRY TWD USD ZAR 14 499.19 9 005 698.27 851 966 876.09 2 796 506.00 718 924.05 58 353.35 66 342.61 491 882.80 777 619.76 7 850.48 2 439 224.85 1 882 715.99 17 955.07 % % % % % % % % % % % % % 100 100 100 100 100 100 100 100 100 100 100 100 100 EUR 80 342.54 % 100 Count Count Count Count Count Count Count Count Count Count 4 000 450 000 250 000 600 000 175 000 120 000 5 806 686 150 000 87 440 750 000 8 650 EUR USD USD USD USD USD USD USD USD USD 161.5782 3.9357 5.3975 3.5983 2.5694 46.0150 1.6672 48.9594 37.0922 5.5756 Count 6 000 EUR 89.2600

535 560.00 535 560.00 535 560.00 230 783 715.80

0.21 0.21 0.21 88.91

25 956 030.96

10.00

646 312.95 1 255 584.70 956 630.39 1 530 594.45 318 772.82 3 914 643.22 6 863 131.95 5 206 415.94 2 299 345.62 2 964 598.92

0.25 0.48 0.37 0.59 0.12 1.51 2.64 2.01 0.89 1.14

30 000 150 000 80 000 750 000

2 675 213.15 2 675 213.15

1.03 1.03

80 342.54

0.03

8 910.08 823 799.61 59 244.35 1 546.10 38 780.02 11 759.30 977.30 240 942.92 16 203.88 3 625.39 52 704.52 1 334 738.92 1 638.22 3 713 015.27 551 338.74 3 147 728.26 13 948.27 -3 556 817.19 -567 278.86

0.00 0.32 0.02 0.00 0.01 0.00 0.00 0.09 0.01 0.00 0.02 0.51 0.00 1.43 0.21 1.21 0.01 -1.37 -0.22

-1 123 864.06 -1 491 758.14 -373 916.13 259 571 157.99 62.28 4 167 707.129

-0.43 -0.57 -0.14 100.00

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

DWS Emerging Markets

Exchange rates (indirect quotes) As of June 30, 2009 Brazilian real . . . . . . . . . . . . . . . . . . . . Canadian dollar . . . . . . . . . . . . . . . . . Hong Kong dollar . . . . . . . . . . . . . . . . Indonesian rupiah . . . . . . . . . . . . . . . . Indian rupee . . . . . . . . . . . . . . . . . . . . South Korean won . . . . . . . . . . . . . . . Mexican peso . . . . . . . . . . . . . . . . . . . Malaysian ringgit . . . . . . . . . . . . . . . . . Philippine peso . . . . . . . . . . . . . . . . . . Singapore dollar . . . . . . . . . . . . . . . . . Thai baht . . . . . . . . . . . . . . . . . . . . . . . Turkish lira . . . . . . . . . . . . . . . . . . . . . . Taiwan dollar . . . . . . . . . . . . . . . . . . . . U.S. dollar . . . . . . . . . . . . . . . . . . . . . South African rand . . . . . . . . . . . . . . . BRL CAD HKD IDR INR KRW MXN MYR PHP SGD THB TRY TWD USD ZAR 2.756215 1.627280 10.931904 14 380.558550 67.624589 1 808.748890 18.538519 4.962315 67.883649 2.041491 47.989735 2.165415 46.281133 1.410550 10.960116 = = = = = = = = = = = = = = = EUR EUR 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 1 1

Security prices and market rates The funds assets are valued on the basis of the last known prices/market rates. The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds), further costs, charges and fees may have been incurred at the level of these individual target funds. No initial sales charges or redemption fees were paid during the period under review.

Footnotes 3) These securities were completely or partly transferred under securities loans as of the end of the reporting period (see list at the end of the report).

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

Derivatives (option premiums realized in opening transactions, or total opening transactions; in the case of warrants, purchases and sales are shown) Additions Warrants Disposals

Securities traded on an exchange Equities Eurasian Natural Resources . . . . . . . . . . . . . . . . . . . Count China Merchants Holdings (International) . . . . . . . . . Count ESPRIT Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count Celestial Nutrifoods . . . . . . . . . . . . . . . . . . . . . . . . . Count Coretronic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count AU Optronics ADR . . . . . . . . . . . . . . . . . . . . . . . . . . Bunge Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cia Vale Do Rio Doce ADR . . . . . . . . . . . . . . . . . . . . Depa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gitanjali Gems GDR Reg S . . . . . . . . . . . . . . . . . . . . Global Investment House GDR . . . . . . . . . . . . . . . . Novatek GDR Reg S . . . . . . . . . . . . . . . . . . . . . . . . . VTB Bank OJSC GDR . . . . . . . . . . . . . . . . . . . . . . . . Count Count Count Count Count Count Count Count 400 000 1 500 000 500 000 300 000 1 500 000 500 000 2 600 000 2 323 256 400 000 70 000 300 000 1 600 000 245 000 100 000 100 000 600 000 Warrants on securities Equity warrants Deutsche Bank London WRT 17.01.17 ICICI Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deutsche Bank London WRT 17.01.17 Satyam CS . Deutsche Bank London WRT 17.08.09 Vietnam Dairy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ML WRT 24.03.12 United Bank for Africa . . . . . . . . Count Count Count Count 18 000 000 400 000 458 000 283 961 18 000 000

Value (000) Futures contracts Equity index futures Contracts purchased: (Underlying(s):: KOSPI 200. MSCI Taiwan Index) Contracts sold: (Underlying(s):: Hang Seng China Enterprises Index, Hang Seng Index) EUR EUR 27 042 44 555

10

DWS Emerging Markets

Derivatives (option premiums realized in opening transactions, or total opening transactions; in the case of warrants, purchases and sales are shown) Value (000) Currency futures Futures contracts to purchase currencies Hong Kong dollar U.S. dollar Futures contracts to sell currencies Hong Kong dollar U.S. dollar EUR EUR 19 327 21 954 EUR EUR 1 179 1 456

Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value (000)

Perpetual

EUR

21 800

(Security description: China Construction Bank Cl.H (new), China High Speed Transmission, China Life Insurance Co. Cl.H (new), China Mengniu Dairy Co., China Railway Group, China South Locomotive and Rolling Stock Cl.H, The Industrial & Commercial Bank of China Cl.H)

Securities lending
The following securities were transferred under securities loans at the reporting date:

Security description

Principal amount Count, or Currency (000)

Limited maturity

Securities loans Total market value in euro Perpetual

Total

Addax Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Alibaba.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . China Insurance International Holdings . . . . . . . . . . . . . . . Total receivables from securities loans

Count Count Count

100 000 2 700 000 2 400 000

3 041 885.85 3 393 553.40 3 600 470.70 10 035 909.95 10 035 909.95

Total collateral pledged by third parties for securities loans including: Bonds Equities

EUR EUR EUR

10 730 174.88 10 452 644.48 277 530.40

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Investment Company DWS Investment GmbH D-60612 Frankfurt/Main Liable equity capital as of December 31, 2008: EUR 131.1 million Capital stock as of December 31, 2008: EUR 115 million Supervisory Board Dr. Hugo Bnziger (since April 2, 2009) Member of the Management Board of Deutsche Bank AG, Frankfurt/Main Chairman

CustodianDepotbank State Street Bank GmbH Brienner Strae 59 D-80333 Mnchen Liable equity capital as of December 31, 2008: EUR 427 million Capital stock as of December 31, 2008: EUR 108 million

Management Klaus Kaldemorgen also Managing Director of DWS Finanz-Service GmbH, Frankfurt/Main also Managing Director of Deutsche Asset Management International GmbH, Frankfurt/Main Ingo Gefeke (since July 1, 2009) Frankfurt/Main Dr. Boris Liedtke Frankfurt/Main Michael Reinicke

Arne Wittig (since April 2, 2009) Deutsche Bank AG, Frankfurt/Main Vice-Chairman Martin Edelmann (since April 2, 2009) Deutsche Bank AG, Frankfurt/Main

also Managing Director of DWS Holding & Service GmbH, Frankfurt/Main Thomas Richter Frankfurt/Main Axel Schwarzer (since July 1, 2009)

Dr. Stefan Marcinowski Former member of the Executive Board of the BASF SE, Ludwigshafen Dr. Edgar Meister Former member of the Executive Board of the Deutsche Bundesbank, Frankfurt/Main Friedrich von Metzler Partner in the banking firm B. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main Prof. Dr. jur. Dr. h. c. Reinfried Pohl Chairman of the Management Board of Deutsche Vermgensberatung AG, Frankfurt/Main

Frankfurt/Main Jochen Wiesbach also Managing Director of DWS Holding & Service GmbH, Frankfurt/Main Member of the Board of Directors of DWS Investment S.A., Luxembourg Dr. Asoka Whrmann (since March 1, 2009) also Managing Director of DWS Finanz-Service GmbH, Frankfurt/Main Heinz-Wilhelm Fesser (until February 28, 2009) Luxembourg Dr. Stephan Kunze (until June 30, 2009) Frankfurt/Main Shareholder of DWS Investment GmbH

Thomas Rodermann (since April 2, 2009) Deutsche Bank AG, Frankfurt/Main Christian Strenger Frankfurt/Main Kevin Parker (until April 2, 2009) Member of the Group Executive Committee of Deutsche Bank AG, Frankfurt/Main Chairman Dr. Tessen von Heydebreck (until April 2, 2009) Chairman of Deutsche Bank Stiftung, Berlin Vice-Chairman Dr. Manfred Gentz (until April 2, 2009) Chairman of the Supervisory Board of Deutsche Brse AG, Berlin Professor Dr. Klaus Pohle (until April 2, 2009) Berlin DWS Holding & Service GmbH, Frankfurt/Main

DWS Investment GmbH D-60612 Frankfurt/Main Tel.: +49 (0)18 03 10 11 10 11 Fax: +49 (0)18 03 10 11 10 50 www.dws.com