DWS Investment

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DWS Investment GmbH

7/2009

DWS Emerging MarketsSemiannual Report 2009

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


2/16

2009

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

2

3

DWS Emerging Markets 6

8

Semiannual Report

Investment portfolio for the reporting period

Contents

Equity markets

General information


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Equity markets


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2

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, accel-

erated 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 per-

formed above the market average. From

the middle of March 2009, the mood

brightened and prices recovered signifi-

cantly from the multi-year lows previous-

ly 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 govern-

ment stimulus packages and the expan-

sive monetary policies pursued by the

central banks both contributed to in-

creased confidence. The strong upward

trend was driven by financials and cycli-

cal stocks, both of which were trading

at especially low valuations until mid-

March 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 in-

vestors increased reason to believe that

the problems of the financial sector can

in fact be solved. The S&P 500 index

rose by 4.9%, calculated in euro. Euro-

pean 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 suf-

fered 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, follow-

ing a stabilization period, they still man-

aged to preserve their overall growth

advantage over the industrial countries.

Positive factors such as strong invest-

ment activity, the increasing significance

of the consumer in these emerging re-

gions, 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 conse-

quence of strong increases in energy

prices rose by 58.2% (Russian RTS, in

euro terms).

Crude oil prices on the rise again

During the six-month period, gold contin-

ued 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 expec-

tations of a significant price rise in view

of the comprehensive liquidity-enhancing

measures undertaken by the central

banks. In general, however, the weak

economy kept commodity prices appre-

ciably 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.

36.5(in U.S. dollars)

International equity markets in the fiscal

six-month period through June 2009

Performance in %

DAX

Dow Jones STOXX 50

S&P 500

TOPIX

MSCI World

MSCI EmergingMarkets

0.0

4.4

4.6

4.9

9.5

3.5

7.5

36.8

20 500

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

10 30

7.3(in U.S. dollars)

40

Strong market movementsover a five-year period

225

200

175

150

125

100

75

50

JapanU.S.

Europe

Germany

Equity indices:

Dow Jones STOXX 50

S&P 500

TOPIX

DAX

On euro basis* June 30, 2004 = 100

STOXX is a registeredtrademark of STOXXLimited; DAX is aregistered trademarkof Deutsche Brse AG

6/086/04* 6/05 6/06 6/07 6/09


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General information

Sales prospectusesThe sole binding basis for a purchase

are the current versions of the simpli-

fied and the detailed sales prospec-

tuses, which are available from DWS,

any branch of Deutsche Bank AG and

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 connec-

tion with the acquisition and disposal

of assets;

b) any taxes that may arise in connec-

tion 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 forth in the current detailed sales

prospectus.

Issue and redemption pricesEach exchange trading day on the

Internet: www.dws.com

PerformanceThe investment return, or performance,

of a mutual fund investment is mea-

sured by the change in value of the

funds units. The net asset values per

unit (= redemption prices) with the ad-

dition 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.

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. Thisopinion 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 authori-

zed by the responsible authorities in the relevant country of distribution. The tax information contained in the annual report for inve-

stors 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.


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7/16

2009Semiannual Report


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6

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, compre-

hensive 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 bench-

mark, 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 per-

formance during the course of the price

recovery in the international markets.

Of the investments in India, financials and

real estate securities were the first to gain

in price, followed in particular by indus-

trials 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,

China Mobile. Despite a large number of

customers and good operating results, the

market saw a more limited potential for

growth for the group.

DWS EMERGING MARKETSFive-year performance

310

275

240

205

170

135

100

65


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

* 6/2004 = 100in euro

6/05 6/06 6/07 6/086/04* 6/09

DWS EMERGING MARKETS

Energy sector weighted more heavily

Equities: 88.7

Energy

FinancialsInformation Technology

Telecommunication Services

Industrials

Consumer Staples

Materials

Consumer Discretionary

Health Care

Not classified by MSCI system

Warrants

Investment funds

Cash and other assets

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

0 5 10 20In % of the funds net assets Security code: 977 301

ISIN: DE0009773010As of June 30, 2009

15 3025

In % of the funds net assets:Brazil 18.3China 17.7Russia 16.1Hong Kong 8.9Korea 5.9Taiwan 5.5Mexico 4.2India 4.1Canada 3.4Thailand 1.6Nigeria 1.5Other countries 1.5Warrants 10.0Investment funds 0.2Cash and other assets 1.1


Benchmark MSCI Emerging Markets

All data on euro basis

BVI method performance, i.e., excluding the initialsales charge. Past performance is no guide tofuture results.

As of June 30, 2009

DWS EMERGING MARKETS

vs. benchmark

Performance at a glance

in %

88

66

44

22

0

-22

-44

+36.8+39.2

-19.1

-31.5

+73.2

3 years 5 years1 year6 months

-0.7

-16.2

+54.7


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Investment portfolio forthe reporting period

Theformatu

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insecuritiesd

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Securities traded on an exchange 227 474 752.54 87.63

Equities

All America Latina Logistica Units . . . . . . . . . . . . . . . . . . . Count 950 000 BRL 12.2300 4 215 382.33 1.62

Banco Bradesco Pref. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 308 339 BRL 29.2000 3 266 617.01 1.26

Banco do Estado do Rio Grande do Sul Cl.B . . . . . . . . . . Count 549 021 BRL 7.9500 1 583 590.88 0.61

Cia Brasileira de Meios de Pagamento . . . . . . . . . . . . . . . Count 154 300 154 300 BRL 16.7700 938 827.70 0.36

Cia Vale Do Rio Doce (CVDR) Pref. . . . . . . . . . . . . . . . . . . Count 500 000 200 000 BRL 30.3000 5 496 668.44 2.12

Cosan S.A. Industria e Comercio . . . . . . . . . . . . . . . . . . . Count 187 700 187 700 BRL 14.8000 1 007 889.44 0.39

Lojas Renner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 BRL 22.2000 2 416 357.21 0.93

Lupatech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 305 000 BRL 25.0000 2 766 475.04 1.07

MRV Engenharia e Participacoes . . . . . . . . . . . . . . . . . . . Count 78 600 BRL 27.2500 777 098.30 0.30

Natura Cosmeticos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 650 000 BRL 26.2800 6 197 629.72 2.39Santos Brasil Participacoes Units (new) . . . . . . . . . . . . . . Count 500 000 BRL 11.0900 2 011 816.93 0.78

Addax Petroleum Corp. 3). . . . . . . . . . . . . . . . . . . . . . . . . Count 115 000 115 000 CAD 49.5000 3 498 168.72 1.35

Southgobi Energy Resources . . . . . . . . . . . . . . . . . . . . . . Count 1 354 600 72 300 CAD 10.5000 8 740 536.36 3.37

Alibaba.com 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 700 000 2 700 000 HKD 13.7400 3 393 553.40 1.31

China Construction Bank Cl.H (new) . . . . . . . . . . . . . . . . . Count 13 000 000 13 000 000 5 000 000 HKD 6.0100 7 146 970.92 2.75

China High Speed Transmission . . . . . . . . . . . . . . . . . . . . Count 2 500 000 HKD 15.4400 3 530 949.41 1.36

China Insurance International Holdings 3). . . . . . . . . . . . . Count 2 433 000 200 000 HKD 16.4000 3 649 977.17 1.41

China Life Insurance Co. Cl.H (new) . . . . . . . . . . . . . . . . . Count 3 000 000 1 450 000 HKD 28.5000 7 821 144.42 3.01

China Mengniu Dairy Co. . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 800 000 4 200 000 HKD 18.0600 2 973 681.44 1.15

China Mobile LTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 800 000 230 000 HKD 77.6000 12 777 280.15 4.92

China Railway Construction Cl.H . . . . . . . . . . . . . . . . . . . Count 2 200 000 2 800 000 HKD 11.9600 2 406 900.02 0.93

China Railway Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 500 000 1 500 000 HKD 6.2300 2 564 512.09 0.99

China Shenhua Energy Co. Cl.H (new) . . . . . . . . . . . . . . . Count 1 800 000 1 800 000 HKD 28.5500 4 700 919.44 1.81

CNOOC Subdiv. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 164 000 2 000 000 5 000 000 HKD 9.6100 3 660 482.20 1.41

Hang Seng Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 300 000 HKD 109.0000 2 991 244.71 1.15

Harbin Power Equipment Co. CL.H . . . . . . . . . . . . . . . . . Count 2 000 000 3 000 000 HKD 7.3100 1 337 369.96 0.52

PetroChina Co. Cl.H (new) . . . . . . . . . . . . . . . . . . . . . . . . Count 6 000 000 6 000 000 HKD 8.6000 4 720 129.27 1.82

The Industrial & Commercial Bank of China Cl.H . . . . . . . Count 6 000 000 7 000 000 HKD 5.4000 2 963 802.10 1.14

Telekomunikasi Indonesia B . . . . . . . . . . . . . . . . . . . . . . . Count 6 004 000 IDR 7 500.0000 3 131 310.92 1.21

United Spirits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 114 200 114 200 INR 871.7000 1 472 070.17 0.57

Samsung Electronics Co. . . . . . . . . . . . . . . . . . . . . . . . . . Count 47 000 47 000 KRW 592 000.0000 15 383 008.75 5.93

Genomma Lab Internacional . . . . . . . . . . . . . . . . . . . . . . . Count 2 451 000 MXN 11.7200 1 549 515.36 0.60

Grupo Mexico B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 18 948 434 MXN 14.6300 14 953.15 0.01

Wal-Mart de Mexico V . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 750 000 MXN 38.7400 1 567 277.30 0.60

ASUSTeK Computer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 200 003 TWD 42.6000 2 025 018.01 0.78

High Tech Computer Corp. . . . . . . . . . . . . . . . . . . . . . . . . Count 240 000 240 000 TWD 464.0000 2 406 164.08 0.93

Hon Hai Precision Industry Co. . . . . . . . . . . . . . . . . . . . . . Count 3 185 923 1 615 555 750 000 TWD 101.5000 6 987 106.05 2.69

MediaTek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 350 000 350 000 TWD 392.0000 2 964 490.95 1.14

Motech Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 TWD 128.5000 5.55 0.00

Wistron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 625 000 2 954 935 TWD 54.5000 4 268 748.13 1.64

America Movil S.A. de C.V. ADR . . . . . . . . . . . . . . . . . . . . Count 280 000 100 000 USD 39.0700 7 755 556.34 2.99

Gazprom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 023 647 USD 5.2200 11 189 562.23 4.31

Gazprom ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 550 000 200 000 258 500 USD 20.8200 8 118 109.96 3.13ICICI Bank ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 USD 30.8000 5 458 863.56 2.10

JSC MMC Norilsk Nickel ADR . . . . . . . . . . . . . . . . . . . . . Count 236 646 USD 9.3800 1 573 669.48 0.61

Larsen & Toubro GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 150 000 180 000 USD 34.0000 3 615 610.93 1.39

Lukoil Oil ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 80 000 30 000 USD 46.0400 8 159 937.61 3.14

Mobilniye TeleSistemy . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 306 996 USD 5.3500 1 164 389.07 0.45

Mobile Telesystems ADR . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 50 000 USD 37.6500 5 338 343.20 2.06

Muslim Commercial Bank (MCB) GDR Reg S . . . . . . . . . Count 399 740 36 340 USD 2.8250 800 585.23 0.31

OAO TMK GDR Reg S . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 334 800 USD 10.5500 2 504 087.06 0.96

Petrleo Brasileiro ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 440 000 100 000 160 000 USD 41.3700 12 904 753.46 4.97

Sberegatelniy Bank Rossiyskoy Federatsii . . . . . . . . . . . . Count 4 160 715 1 500 000 5 047 285 USD 1.2800 3 775 630.22 1.45

Vale S.A. (Spons. ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 300 000 USD 17.8200 3 790 010.99 1.46

Unlisted securities 2 773 403.26 1.07

Equities

China South Locomotive and Rolling Stock Cl.H . . . . . . . Count 6 000 000 HKD 4.5400 2 491 789.17 0.96

United Bank for Africa GDR . . . . . . . . . . . . . . . . . . . . . . . Count 22 500 90 000 USD 17.6547 281 614.09 0.11

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

Investment portfolio June 30, 2009


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9

Investment fund units 535 560.00 0.21

In-group fund units 535 560.00 0.21

DWS Invest Africa FC (0.850%) . . . . . . . . . . . . . . . . . . . . Count 6 000 EUR 89.2600 535 560.00 0.21

Total securities portfolio 230 783 715.80 88.91

DerivativesMinus signs denote short positions

Derivatives on individual securities 25 956 030.96 10.00

Warrants on securities

Equity warrants

Nomura Bank Int. WRT 16.07.10 Sonatel . . . . . . . . . . . . . Count 4 000 8 650 EUR 161.5782 646 312.95 0.25

Deutsche Bank London WRT 11.01.17 CFPT . . . . . . . . . . Count 450 000 USD 3.9357 1 255 584.70 0.48

Deutsche Bank London WRT 11.01.17 Songda Urban & I Count 250 000 USD 5.3975 956 630.39 0.37

Deutsche Bank London WRT 27.09.17 Saigon Sec . . . . . Count 600 000 USD 3.5983 1 530 594.45 0.59

Deutsche Bank London/General Forwarding 17.08.09 . . . Count 175 000 USD 2.5694 318 772.82 0.12

ML WRT 01.09.10 Bharat Heavy Electricals . . . . . . . . . . . Count 120 000 30 000 USD 46.0150 3 914 643.22 1.51

ML WRT 05/01.02.10 Taiwan Semiconductor . . . . . . . . . Count 5 806 686 USD 1.6672 6 863 131.95 2.64

ML WRT 18.01.11 Housing Development Finance . . . . . Count 150 000 150 000 USD 48.9594 5 206 415.94 2.01

ML WRT 26.10.09 Infosys Technologies . . . . . . . . . . . . . Count 87 440 80 000 USD 37.0922 2 299 345.62 0.89

ML WRT 30.12.10 Hindustan Lever . . . . . . . . . . . . . . . . . Count 750 000 750 000 USD 5.5756 2 964 598.92 1.14

Cash, non-securitized money market instruments,and money market funds 2 675 213.15 1.03

Cash at bank 2 675 213.15 1.03

Demand deposits at Custodian

Deposits in EU/EEA currencies . . . . . . . . . . . . . . . . . . . . . EUR 80 342.54 % 100 80 342.54 0.03

Deposits in non-EU/EEA currencies

Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 14 499.19 % 100 8 910.08 0.00

Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 9 005 698.27 % 100 823 799.61 0.32

Indonesian rupiah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IDR 851 966 876.09 % 100 59 244.35 0.02

South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 2 796 506.00 % 100 1 546.10 0.00

Mexican peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MXN 718 924.05 % 100 38 780.02 0.01

Malaysian ringgit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MYR 58 353.35 % 100 11 759.30 0.00

Philippine peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PHP 66 342.61 % 100 977.30 0.00

Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 491 882.80 % 100 240 942.92 0.09

Thai baht . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THB 777 619.76 % 100 16 203.88 0.01

Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 7 850.48 % 100 3 625.39 0.00

Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TWD 2 439 224.85 % 100 52 704.52 0.02

U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 882 715.99 % 100 1 334 738.92 0.51

South African rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ZAR 17 955.07 % 100 1 638.22 0.00

Other assets 3 713 015.27 1.43

Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 551 338.74 % 100 551 338.74 0.21

Initial margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 147 728.26 % 100 3 147 728.26 1.21

Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 13 948.27 % 100 13 948.27 0.01

Short-term liabilities -3 556 817.19 -1.37

EUR loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -567 278.86 % 100 -567 278.86 -0.22

Loans in non-EU/EEA currencies

Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL -3 097 610.97 % 100 -1 123 864.06 -0.43

Indian rupee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INR -100 879 531.12 % 100 -1 491 758.14 -0.57

Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -373 916.13 % 100 -373 916.13 -0.14

Net assets 259571157.99 100.00

Net asset value per unit 62.28

Number of units outstanding 4 167 707.129

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

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



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Exchange rates (indirect quotes)

As of June 30, 2009

Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 2.756215 = EUR 1

Canadian dollar . . . . . . . . . . . . . . . . . CAD 1.627280 = EUR 1

Hong Kong dollar . . . . . . . . . . . . . . . . HKD 10.931904 = EUR 1

Indonesian rupiah . . . . . . . . . . . . . . . . IDR 14380.558550 = EUR 1

Indian rupee . . . . . . . . . . . . . . . . . . . . INR 67.624589 = EUR 1

South Korean won . . . . . . . . . . . . . . . KRW 1 8 08.748890 = EUR 1

Mexican peso . . . . . . . . . . . . . . . . . . . MXN 18.538519 = EUR 1

Malaysian ringgit . . . . . . . . . . . . . . . . . MYR 4.962315 = EUR 1

Philippine peso . . . . . . . . . . . . . . . . . . PHP 67.883649 = EUR 1

Singapore dollar . . . . . . . . . . . . . . . . . SGD 2.041491 = EUR 1

Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 47.989735 = EUR 1

Turkish lira . . . . . . . . . . . . . . . . . . . . . . TRY 2.165415 = EUR 1

Taiwan dollar . . . . . . . . . . . . . . . . . . . . TWD 46.281133 = EUR 1U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.410550 = EUR 1

South African rand . . . . . . . . . . . . . . . ZAR 10.960116 = EUR 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 noteloans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/Purchases/ Sales/

Description currencyadditions disposals

( / 000)

Securities traded on an exchange

Equities

Eurasian Natural Resources . . . . . . . . . . . . . . . . . . . Count 300000

China Merchants Holdings (International) . . . . . . . . . Count 1 500000 1 500 000

ESPRIT Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 500 000

Celestial Nutrifoods . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 600000

Coretronic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 323256

AU Optronics ADR . . . . . . . . . . . . . . . . . . . . . . . . . . Count 400 000 400 000

Bunge Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000

Cia Vale Do Rio Doce ADR . . . . . . . . . . . . . . . . . . . . Count 300000

Depa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 600000

Gitanjali Gems GDR Reg S . . . . . . . . . . . . . . . . . . . . Count 245000

Global Investment House GDR . . . . . . . . . . . . . . . . Count 100000

Novatek GDR Reg S . . . . . . . . . . . . . . . . . . . . . . . . . Count 100000

VTB Bank OJSC GDR . . . . . . . . . . . . . . . . . . . . . . . . Count 600000

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

Additions Disposals

Warrants

Warrants on securities

Equity warrants

Deutsche Bank London WRT 17.01.17 ICICI

Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 400000

Deutsche Bank London WRT 17.01.17 Satyam CS . Count 458000

Deutsche Bank London WRT 17.08.09 Vietnam

Dairy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 283961ML WRT 24.03.12 United Bank for Africa . . . . . . . . Count 18 000 000 18000 000

Value (000)

Futures contracts

Equity index futures

Contracts purchased: EUR 27 042

(Underlying(s):: KOSPI 200. MSCI Taiwan Index)

Contracts sold: EUR 44 555

(Underlying(s):: Hang Seng China Enterprises Index,

Hang Seng Index)


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

Value (000)

Currency futures

Futures contracts to purchase currencies

Hong Kong dol lar EUR 1179

U.S. dollar EUR 1 456

Futures contracts to sell currencies

Hong Kong dol lar EUR 19327

U.S. dollar EUR 21954

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

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 Securities loans

Count, or Total market value in euro

Currency (000) Limited maturity Perpetual Total

Addax Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 3 041 885.85

Alibaba.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 700 000 3 393 553.40

China Insurance International Holdings . . . . . . . . . . . . . . . Count 2 400 000 3 600 470.70

Total receivables from securities loans 10 035 909.95 10 035 909.95

Total collateral pledged by third parties for securities loans EUR 10 730174.88

including:

Bonds EUR 10 452 644.48

Equities EUR 277 530.40



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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


Deutsche Asset Management International GmbH,

Frankfurt/Main

Ingo Gefeke (since July 1, 2009)Frankfurt/Main

Dr. Boris Liedtke

Frankfurt/Main

Michael Reinicke


DWS Holding & Service GmbH,

Frankfurt/Main

Thomas Richter

Frankfurt/Main

Axel Schwarzer (since July 1, 2009)

Frankfurt/Main

Jochen Wiesbach


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)


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

DWS Holding & Service GmbH,

Frankfurt/Main

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

Arne Wittig (since April 2, 2009)


Vice-Chairman

Martin Edelmann (since April 2, 2009)

Deutsche Bank AG,

Frankfurt/Main

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

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


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


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DWS Investment GmbH

D-60612 Frankfurt/Main

Tel.: +49 (0)1803 10 11 10 11

Fax: +49 (0)18 03 10 11 10 50

www.dws.com

Documents

DWS Investment