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.
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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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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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2009Semiannual Report
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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
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
* 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
DWS Emerging Markets
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
sedforcomp
letedates
insecuritiesd
escriptionsin
theinvest-
mentportfolio
isday/mon
th/year.
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DWS Emerging Markets
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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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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DWS Emerging Markets
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
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
also Managing Director of
DWS Holding & Service GmbH,
Frankfurt/Main
Thomas Richter
Frankfurt/Main
Axel Schwarzer (since July 1, 2009)
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
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)
Deutsche Bank AG, Frankfurt/Main
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
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
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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