Annual report DWS Aktien Strategie Deutschland - Caja Cantabria

DWS Investment GmbH
Equity Funds
Annual Reports 2010/2011
n DWS Deutschland
n DWS Investa
n DWS Aktien Strategie Deutschland
n DWS European Opportunities
n DWS Eurovesta
n DWS Intervest
n DWS Akkumula
n DWS Global Small/Mid Cap
10/2011 DWS
: The DWS/DB Group is the largest German mutual fund company according to assets under management. Source: BVI. As of: September 30, 2011.

DWS Deutschland
DWS European Opportunities
DWS Eurovesta
DWS Intervest
DWS Investa
DWS Aktien Strategie Deutschland
DWS Akkumula
DWS Global Small/Mid Cap

Contents
2010
2011
Annual reports 2010/2011
for the period from October 1, 2010, through September 30, 2011
(in accordance with article 44 (1) of the German Investment Act (InvG))
TOP 50 Europa 00
Equity markets
4
General information
Annual reports
DWS Deutschland 8
DWS Investa 18
DWS Aktien Strategie Deutschland 28
DWS European Opportunities 38
DWS Eurovesta 48
DWS Intervest 58
DWS Akkumula 70
DWS Global Small/Mid Cap 82
6
1

Equity markets

4
Equity markets in the fiscal year
through September 30, 2011
Equity markets affected by
the debt crisis
In the period from the beginning of
Oc tober 1, 2010, to July 31, 2011, prices
in the international equity markets initially
rose significantly because of the surprisingly
good performance of the global
economy. However, in August/September
2011, the euro area debt crisis grew
more acute and prices on the exchanges
plummeted. The expectation of solid
growth gave way to fears of recession.
This, in turn, was viewed as necessary in
order to reduce the high levels of debt.
The corporate reporting season for the
second quarter of 2011 was unable to
form a counterweight to the negative
influences. In addition, the ability of the
central banks to stimulate the economy
was sharply limited. In many cases, for
example, key interest rates were near
zero, leaving little room for further lowering.
Hopes for an improved climate were
based primarily on the austerity efforts of
the heavily-indebted nations. These
efforts were decisive for the transfer
payments from the rescue package put
together by the European Union and the
International Monetary Fund. The sustained
strong economic growth of countries
like China provided support. Against
this backdrop, the MSCI World Index
recorded a loss of 3.8% in U.S. dollar
terms over the 12-month period
(-3.2% in euro).
The U.S. equity market initially recorded
a significant gain the first half of the fiscal
year. The reason for this was the positive
development of corporate and economic
data. As the period went on, however,
this data weakened noticeably, leading to
renewed fears of recession. The ongoing
discussions about sovereign debt in the
Western industrial countries also contributed
to the darkening of the market
environment. Although in the U.S. an
agreement was reached on raising the
debt ceiling, the increasing uncertainty
prompted one of the leading rating agencies
to downgrade the country’s credit
rating. The deterioration of the debt crisis
in Europe also led to fears of a downturn
in the global economy. In addition, the
continued tense situation on the U.S. real
estate and labor market had a dampening
influence on prices of U.S. shares. The
U.S. equity market – as measured by the
S&P 500 index – recorded a gain of 1.1%
in U.S. dollar terms (+1.8% in euro) for
the full reporting year.
Europe presented a divided picture. In
Germany and in the Northern European
countries with relatively sound management
of their public budgets, the positive
economic environment initially dominated
the atmosphere on the exchanges.
The strong growth in the emerging industrial
countries and the revival of domestic
demand provided the impetus. Many
companies were buoyed here by their
strong international competitiveness.
However, even these markets were unable
to avoid the effects of the threat of
the escalation of the debt crisis at the
end of the reporting period. The DAX, for
example, was down by 11.7% overall
in euro terms. In contrast, the exchanges
in the highly-indebted countries of
Southern Europe, with their concerns
about growth, recorded only a modest,
comparatively short upturn – if any at
all – until prices collapsed at the end
Strong market movements
over a five-year period
140
Germany
120
100
80
U.S.
60
40
International equity markets
in the 2010/2011 fiscal year
Performance in %
DAX
STOXX Europe 50
S&P 500
TOPIX
9/06* 9/07 9/08 9/09 9/10 9/11
Equity indices: Data on euro basis
STOXX * September 29, 2006 = 100
Europe 50
S&P 500
TOPIX
“STOXX” is a registered
trademark of STOXX Limited;
“DAX” is a registered
DAX trademark of
Deutsche Börse AG
MSCI World
MSCI Emerging
Markets
In local currency
in euro
Japan
Europe
-11.7
-10.0
1.1
1.8
-6.1
2.7
-3.8
(in U.S. dollars)
-3.2
-15.9
(in U.S. dollars)
-15.4
-20 -15 -10 -5 0 5 10
Equity indices
Germany: DAX – Europe: STOXX Europe 50 –
U.S.: S&P 500 – Japan: TOPIX – worldwide: MSCI World –
Emerging markets: MSCI Emerging Markets
of July/beginning of August 2011. As a
result, price declines – even by historical
comparison – were extreme for the
reporting period as a whole. For example,
Italian equities, as measured by the
MIB 30, fell by 24.2%. This also explained
the considerably higher 17.9%
decline on the EURO STOXX 50 index
in comparison to the broader STOXX
Europe 50 index, which fell 10.0%
(both percentages in euro terms).

Prices on most Eastern European
exchanges were also affected by the
euro area debt crisis in the year through
the end of September 2011. The aboveaverage
economic growth in these
countries and their comparatively low
level of government debt was of little
help in this regard. Shares in Poland
– as measured by the WIG – fell by
24.0% and in the Czech Republic by
17.8% (Prague PX 50, both percentages
in euro terms).
The natural disaster of March 2011 in
Fukushima was the main influence on
the Japanese equity market. Fears of a
major nuclear crisis as a result of the
accident at the Fukushima nuclear power
plant and the noticeable cooling of the
Japanese economy from the loss of production
capacity led to a major price
correction. The situation stabilized later
in the period, leading to a temporary re -
covery on the exchanges. However, concerns
about the weakening of the global
economy against the backdrop of debt
problems in the euro peripheral countries
then dampened the performance. Leading
indicators in the U.S. and Europe
were also gloomier. As measured by the
TOPIX index, Japanese equities recorded
a loss of 6.1% in local currency during
the reporting period (+2.7% in euro
terms). In view of rising risk aversion
resulting from the debt problems, investors
preferred the yen, which gave
the currency a strong boost.
The economies in the Emerging
Markets remained relatively robust,
although they could not avoid the impact
of the global trends. The equity markets
of some emerging-market countries
initially turned in impressive performances
thanks to the low debt and
robust economic outlooks of these countries.
However, as the period went on,
they suffered from the rising risk aversion
of international investors. Although
these markets had no direct connection
with the structural problems in the industrial
countries, economies where capital
flows play a major role were hit particularly
hard. Against this backdrop, the
MSCI Emerging Markets recorded a loss
of 15.4% in euro terms. The Hang Seng
China Enterprises index fell 28.1% in
local currency (-27.9% in euro). Increasing
inflation rates and real estate prices
gave rise to doubts about the sustaina -
bility of China’s economic growth. The
central bank reacted by increasing key
interest rates to curb inflation and to
stabilize the economic outlook in the
medium to long term. Prices also
dropped sharply in Brazil and India. The
Brazil Bovespa fell 24.6% in Brazilian real
(-30.0% in euro). The Bombay SE 30
Share Sensitive fell 18.0% in Indian
rupee terms or 25.1% in euro terms. In
contrast, the Russian RTS fell just 6.4%
in Russian rouble terms and 10.5% in
euro terms, and was thus less influenced
by the negative trend on the global
exchanges. The Russian commodities
sector presented good numbers and the
market as a whole remained one of the
cheapest in the world.
Change in oil price
since the end of 2008
USD/Barrel
130
110
90
70
50
30
12/08 9/09 3/10 9/10 3/11 9/11
Oil price (WTI) Source: Thomson
Financial Datastream
Strong fluctuations
in gold and crude oil
With the financial crisis in the euro area
deteriorating, the price for a fine ounce of
gold rose very sharply, from around
USD 1 300 at the beginning of the reporting
period to more than USD 1 900 at its
peak. However, the price had fallen to
about USD 1 620 on the reporting date.
This was due in part to the fact that the
COMEX commodity exchange increased
the cash collateral required for futures
transactions several times because of
the high volatility. This made gold futures
contracts less attractive. Nevertheless,
gold ended the twelve month period
through the end of September 2011 with
an overall gain of 24.6%. The price of
crude oil was virtually unchanged overall
for the reporting period at around USD 80
per barrel (WTI), but it was subject to
high volatility between the reporting
dates. After initially rising significantly to
around USD 115 on the strength of the
upturn in the global economy, the price
then dropped noticeably here, too. This
was also the result of debt problems in
the euro area, which led to fears of recession.
5

6
General information
Performance
The investment return, or performance,
of a mutual fund investment is meas -
ured by the change in value of the
fund’s units. The net asset values per
unit (= redemption prices) with the addition
of intervening distributions, which
are, for example, reinvested free of
charge within the scope of investment
accounts at DWS, are used as the basis
for calculating the value; in the case of
domestic reinvesting funds, the domestic
investment income tax – following
any deduction of foreign withholding
tax – plus solidarity surcharge charged
by the fund are added. Performance is
calculated in accordance with the “BVI
method”. Past performance is not a
guide to future results. The correspond-
ing benchmarks – if available – are
also presented in the reports. All
financial data in this publication is
as of September 30, 2011 (unless
otherwise specified).
Sales prospectuses
The sole binding basis for a purchase
are the current version of the sales
prospectus including Terms of Contract
and the “Key Investor Information”
document, which are available from
DWS, any branch of Deutsche Bank AG,
as well as from other paying agents.
All-in fee
The all-in fee does not include the following
expenses:
a) any costs that may arise in connection
with the acquisition and disposal
of assets;
b) any taxes that may arise in connection
with administrative and custodial
costs;
c) the costs of asserting and enforcing
the legal claims of the investment
fund.
The details of the fee structure are set
forth in the current sales prospectus.
Issue and redemption prices
Each exchange trading day on the
Internet: www.dws.de

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Deutschland
2011

8
DWS Deutschland
Investment objective and
performance in the reporting period
DWS Deutschland focuses on German
blue chip stocks, supplemented by
selected equities of small and mediumsized
enterprises. It invests primarily in
cyclical, economically-sensitive stocks,
which dominate the German equity
market. In the first ten months of the
fiscal year – through July 2011 – these
stocks performed very well thanks to
the positive global economic climate
and the pronounced export strengths of
German companies. Only toward the
end of the reporting period did these
stocks suffer heavy price declines.
This was the result of global fears of
slowing economic growth as euro area
debt problems intensified. As a result,
in the fiscal year through the end of
September 2011, the fund recorded
a depreciation of 12.6% per unit
(BVI method). Its benchmark, the
CDAX, declined by 10.7% in the
same period.
Investment policy
in the reporting period
In the opinion of the fund management,
there was a substantial investment risk
in the solar stocks in the portfolio. The
reduction in feed-in compensation for
solar energy and intensifying competition
with Asian providers put pressure
on many companies’ business models.
For this reason, positions in SolarWorld
and SMA Solar Technology were
closed. The management also saw a
major investment risk in TUI. Difficulties
in the shipping business and the tour
operator’s high debt prompted it to sell
all holdings of the stock.
DWS DEUTSCHLAND
Five-year performance
175
160
145
130
115
100
85
70
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Deutschland
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS DEUTSCHLAND vs. benchmark
Performance at a glance
in %
18
12
6
0
-6
-12
-18
-10.7
-12.6
1 year
+10.5
-5.1
3 years
+11.5
-9.9
5 years
DWS Deutschland
Benchmark CDAX
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
Even in the phase of pronounced weakness,
the fund maintained its strategy
of preferring cyclical companies and
companies with strong exports,
because only a slight, temporary slowdown
in the economy was expected.
The chemical, automotive, engineering
and plant construction sectors continued
to be the heavyweights in the portfolio.
BASF was among the largest single
positions; the company achieved high
margins in its chemicals division. VW

was also overweighted; in spite of the
premium brand Audi, the equities were
valued like that of a mass pro ducer.
Over the entire reporting year, sales
were very good in emerging-market
countries and remained satisfactory in
North America and Europe. DWS
Deutschland significantly increased its
position in SAP. The positive growth in
licensing by the provider of enterprise
software supported this decision.
Under the new management, expectations
have increased that the company
will return to its previous growth path.
Price gains were realized in Deutsche
Telekom towards the end of the reporting
period.
In the area of small and mid caps – as
with blue chips – investors also avoided
cyclical stocks during the correction in
the equity markets. Nevertheless,
because of the assumption of a temporary
economic downturn, few sales
were made here, although this segment
also contributed to the underperformance.
Main sources of capital gains/losses
The main sources of capital gains/
losses were losses realized on the sale
of equities.
DWS DEUTSCHLAND: Summary statement of assets
Investment focus by sector
Equities 97.4% (September 30, 2011) / Equities 89.2% (September 30, 2010)
Materials
13.2
22.7
Consumer Discretionary
14.7
20.6
Industrials
18.4
21.0
Information Technology
12.1
10.3
Financials
11.2
10.1
Health Care
8.4
8.9
Utilities
3.6
6.0
Telecommunication Services
0.4
4.4
Consumer Staples
0.0
0.4
Not classified by MSCI system
0.0
0.2
Cash and other assets
2.6
10.8
0 5 10 15 20 25
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
Security code: 849 096
ISIN: DE0008490962
As of: September 30, 2011
9

10
Annual report
DWS Deutschland
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 2 167 803 246.36 97.02
Equities
adidas Reg. (DE000A1EWWW0) . . . . . . . . . . . . . . . . . . .
Aixtron Reg. (DE000A0WMPJ6)
Count 1 000 000 1 000 000 EUR 44.9500 44 950 000.00 2.01
3) . . . . . . . . . . . . . . . . . .
Allianz SE (DE0008404005)
Count 750 000 1 300 000 1 250 000 EUR 11.0950 8 321 250.00 0.37
3) . . . . . . . . . . . . . . . . . . . . . . Count 1 500 000 1 160 000 500 000 EUR 69.7100 104 565 000.00 4.68
Amadeus Fire (DE0005093108) . . . . . . . . . . . . . . . . . . . . Count 245 950 245 950 EUR 25.6900 6 318 455.50 0.28
Aurubis AG (DE0006766504) . . . . . . . . . . . . . . . . . . . . . . Count 520 000 520 281 281 EUR 38.6050 20 074 600.00 0.90
Axel Springer Vink. Reg. (DE0005501357) . . . . . . . . . . . . Count 300 000 200 552 EUR 25.7850 7 735 500.00 0.35
BASF Reg. (DE000BASF111) . . . . . . . . . . . . . . . . . . . . . . Count 4 500 000 2 500 000 EUR 45.9950 206 977 500.00 9.26
Bauer (DE0005168108) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 261 500 EUR 17.3950 8 697 500.00 0.39
Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . . . . .
BB Biotech Reg. (CH0038389992)
Count 2 980 000 1 500 000 20 000 EUR 41.5050 123 684 900.00 5.54
3) . . . . . . . . . . . . . . . . Count 190 000 3 409 EUR 43.8550 8 332 450.00 0.37
Bechtle (DE0005158703) . . . . . . . . . . . . . . . . . . . . . . . . .
Bilfinger Berger (DE0005909006)
Count 790 000 490 000 EUR 25.1800 19 892 200.00 0.89
3) . . . . . . . . . . . . . . . . .
BMW Ord. (DE0005190003)
Count 450 000 300 000 EUR 55.4900 24 970 500.00 1.12
3) . . . . . . . . . . . . . . . . . . . . . Count 750 000 500 000 EUR 49.0000 36 750 000.00 1.64
BMW Pref. (DE0005190037) . . . . . . . . . . . . . . . . . . . . . . Count 750 000 750 000 EUR 34.3100 25 732 500.00 1.15
Brenntag (DE000A1DAHH0) . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 148 219 5 840 EUR 65.0000 14 950 000.00 0.67
Centrosolar (DE0005148506) . . . . . . . . . . . . . . . . . . . . . . Count 1 450 000 EUR 1.8410 2 669 450.00 0.12
CENTROTEC Sustainable (DE0005407506) . . . . . . . . . . . Count 918 800 447 600 EUR 13.6250 12 518 650.00 0.56
Commerzbank (DE0008032004) . . . . . . . . . . . . . . . . . . . .
CompuGROUP Holding Ord. (DE0005437305)
Count 5 000 000 15 000 000 10 000 000 EUR 1.9420 9 710 000.00 0.43
3) . . . . . . . Count 2 700 000 615 000 18 191 EUR 8.3250 22 477 500.00 1.01
Continental (DE0005439004) . . . . . . . . . . . . . . . . . . . . . .
Daimler Reg. (DE0007100000)
Count 1 000 000 691 031 1 205 EUR 43.7800 43 780 000.00 1.96
3) . . . . . . . . . . . . . . . . . . . Count 3 250 000 2 056 446 51 446 EUR 33.3450 108 371 250.00 4.85
Deutsche Bank Reg. (DE0005140008) . . . . . . . . . . . . . . .
Deutsche Boerse New (applied for tender)
Count 3 250 000 3 299 550 750 000 EUR 26.2200 85 215 000.00 3.81
(DE000A1KRND6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 800 000 800 000 EUR 37.3900 29 912 000.00 1.34
Deutsche Lufthansa Vink. Reg. (DE0008232125) . . . . . . .
Deutsche Post Reg. (DE0005552004)
Count 2 000 000 1 784 400 EUR 9.7410 19 482 000.00 0.87
3) . . . . . . . . . . . . . Count 3 029 700 3 829 700 800 000 EUR 9.6000 29 085 120.00 1.30
Drägerwerk (DE0005550602) . . . . . . . . . . . . . . . . . . . . . .
E.ON Reg. (DE000ENAG999)
Count 400 000 168 200 EUR 57.9000 23 160 000.00 1.04
3) . . . . . . . . . . . . . . . . . . . .
ElringKlinger Reg. (DE0007856023)
Count 4 000 000 1 900 000 600 000 EUR 16.4250 65 700 000.00 2.94
3) . . . . . . . . . . . . . . . Count 1 075 000 165 135 9 450 EUR 17.5600 18 877 000.00 0.84
EUROKAI Pref. (DE0005706535) . . . . . . . . . . . . . . . . . . . Count 400 000 732 EUR 19.0000 7 600 000.00 0.34
Evotec (DE0005664809) . . . . . . . . . . . . . . . . . . . . . . . . . .
Fraport AG Frankfurt Airport Services Worldwide
Count 1 000 000 EUR 2.2600 2 260 000.00 0.10
(DE0005773303) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 40 000 EUR 44.3600 8 872 000.00 0.40
Freenet (DE000A0Z2ZZ5) . . . . . . . . . . . . . . . . . . . . . . . . .
GEA Group (DE0006602006)
Count 1 070 000 333 000 EUR 8.7660 9 379 620.00 0.42
3) . . . . . . . . . . . . . . . . . . . .
Gerry Weber International (DE0003304101)
Count 1 800 000 1 800 000 EUR 17.3700 31 266 000.00 1.40
3) . . . . . . . . . Count 1 000 000 500 000 EUR 21.5050 21 505 000.00 0.96
Grammer (DE0005895403) . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 500 000 EUR 12.7000 6 350 000.00 0.28
H&R WASAG (DE0007757007) . . . . . . . . . . . . . . . . . . . . . Count 646 219 446 219 EUR 15.0770 9 743 043.86 0.44
HeidelbergCement (DE0006047004) . . . . . . . . . . . . . . . . Count 160 000 380 EUR 27.7100 4 433 600.00 0.20
Hochtief (DE0006070006) . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 EUR 46.2150 4 621 500.00 0.21
HWA (DE000A0LR4P1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 210 000 80 000 3 000 EUR 14.5100 3 047 100.00 0.14
K+S Reg. (DE000KSAG888) . . . . . . . . . . . . . . . . . . . . . . . Count 1 500 000 1 500 000 EUR 40.1950 60 292 500.00 2.70
KSB Pref. (DE0006292030) . . . . . . . . . . . . . . . . . . . . . . . . Count 86 000 EUR 384.0500 33 028 300.00 1.48
Lanxess (DE0005470405) . . . . . . . . . . . . . . . . . . . . . . . . .
Linde (DE0006483001)
Count 1 000 000 550 000 EUR 35.9450 35 945 000.00 1.61
3) . . . . . . . . . . . . . . . . . . . . . . . . . Count 700 000 400 000 EUR 101.6000 71 120 000.00 3.18
MAN Ord. (DE0005937007) . . . . . . . . . . . . . . . . . . . . . . .
Merck (DE0006599905)
Count 1 350 000 1 228 000 EUR 59.2000 79 920 000.00 3.58
3) . . . . . . . . . . . . . . . . . . . . . . . .
MTU Aero Engines Holding Reg. (DE000A0D9PT0)
Count 200 000 370 000 270 000 EUR 60.9500 12 190 000.00 0.55
3) . . .
Muehlbauer Holding (DE0006627201)
Count 1 200 000 1 200 000 EUR 47.0000 56 400 000.00 2.52
3) . . . . . . . . . . . . .
Münchener Rückversicherungs-Gesellschaft Vink. Reg.
Count 125 000 31 792 EUR 25.4500 3 181 250.00 0.14
(DE0008430026) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 EUR 92.1700 21 199 100.00 0.95
NORMA Group (DE000A1H8BV3) . . . . . . . . . . . . . . . . . . Count 470 000 470 277 277 EUR 12.2000 5 734 000.00 0.26
Porsche Automobil Holding Pref. (DE000PAH0038) . . . . .
PUMA (DE0006969603)
Count 525 000 525 000 EUR 35.7850 18 787 125.00 0.84
3) . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 EUR 219.3000 21 930 000.00 0.98
Qiagen (NL0000240000) . . . . . . . . . . . . . . . . . . . . . . . . . .
Rheinmetall Ord. (DE0007030009)
Count 925 000 700 000 1 905 EUR 10.5300 9 740 250.00 0.44
3) . . . . . . . . . . . . . . . .
RWE Ord. (DE0007037129)
Count 500 000 EUR 35.2700 17 635 000.00 0.79
3) . . . . . . . . . . . . . . . . . . . . .
SAP (DE0007164600)
Count 540 000 EUR 27.6850 14 949 900.00 0.67
3) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 000 000 2 801 700 EUR 37.9650 151 860 000.00 6.80
Sixt Pref. (DE0007231334) . . . . . . . . . . . . . . . . . . . . . . . . Count 1 597 402 1 040 362 EUR 12.2500 19 568 174.50 0.88
Software (DE0003304002) . . . . . . . . . . . . . . . . . . . . . . . . Count 450 000 300 000 EUR 23.5850 10 613 250.00 0.47
STADA Arzneimittel Vink. Reg. (DE0007251803) . . . . . . . Count 500 000 144 200 EUR 15.8750 7 937 500.00 0.36
STEICO (DE000A0LR936) . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 4 222 EUR 7.5760 2 272 800.00 0.10
STO Pref. (DE0007274136) . . . . . . . . . . . . . . . . . . . . . . . .
Süss MicroTec Reg. (DE000A1K0235)
Count 123 650 81 650 3 374 EUR 108.5500 13 422 207.50 0.60
3) . . . . . . . . . . . . .
Symrise (DE000SYM9999)
Count 1 300 000 1 300 000 EUR 6.4140 8 338 200.00 0.37
3) . . . . . . . . . . . . . . . . . . . . . .
ThyssenKrupp AG (DE0007500001)
Count 750 000 750 000 EUR 17.4700 13 102 500.00 0.59
3) . . . . . . . . . . . . . . . Count 2 600 000 2 600 000 EUR 18.5950 48 347 000.00 2.16
United Internet Reg. (DE0005089031) . . . . . . . . . . . . . . . Count 3 000 000 1 427 103 EUR 12.6800 38 040 000.00 1.70
voestalpine (AT0000937503) . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 700 000 EUR 21.7800 21 780 000.00 0.97
Volkswagen Pref. (DE0007664039) . . . . . . . . . . . . . . . . . . Count 1 000 000 700 000 EUR 102.0000 102 000 000.00 4.56
Vossloh (DE0007667107) . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 171 669 EUR 73.1500 21 945 000.00 0.98
Wacker Neuson SE (DE000WACK012) . . . . . . . . . . . . . . . Count 540 000 1 057 EUR 8.4000 4 536 000.00 0.20

DWS Deutschland
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities that are admitted or included in organized markets 8 911 000.00 0.40
Equities
Dialog Semiconductor (GB0059822006) 3) . . . . . . . . . . . . Count 700 000 105 000 5 000 EUR 12.7300 8 911 000.00 0.40
Total securities portfolio 2 176 714 246.36 97.42
Derivatives
Minus signs denote short positions
Derivatives on individual securities -37 163 070.10 -1.66
Securities options
(Receivables/payables)
Equity options
Put Deutsche Post 12/2011 Strike 12.50 (EURX) . . . . . . . Count -3 720 300 EUR 2.9150 -10 844 674.50 -0.49
Put Deutsche Telekom 12/2011 Strike 10 (EURX) . . . . . . Count -5 000 000 EUR 1.3700 -6 850 000.00 -0.31
Put SAP Stammakt. 12/2011 Strike 40 (EURX) . . . . . . . . . Count -2 000 000 EUR 3.2350 -6 470 000.00 -0.29
Put Software (FLEX STR) 12/2011 Strike 33 (EURX) . . . . Count -450 000 EUR 9.1836 -4 132 605.60 -0.18
Securities futures
Equity futures
Siemens Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . Count 3 300 000 -8 865 790.00 -0.40
Equity index derivatives 2 545 226.25 0.11
(Receivables/payables)
Equity index futures
DAX Index Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . Count 12 500 2 545 226.25 0.11
Cash and non-securitized money market instruments 85 458 563.64 3.82
Cash at bank 85 458 563.64 3.82
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 83 973 215.85 % 100 83 973 215.85 3.76
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 737 430.22 % 100 737 430.22 0.03
Deposits in non-EU/EEA currencies
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 912 347.99 % 100 747 917.57 0.03
Other assets 320 827.53 0.01
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 59 680.43 % 100 59 680.43 0.00
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 138 070.89 % 100 138 070.89 0.01
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 123 076.21 % 100 123 076.21 0.01
Receivables from share certificate transactions EUR 11 413 383.19 % 100 11 413 383.19 0.51
Other liabilities -2 684 865.06 -0.12
Liabilities from cost item . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -2 623 327.26 % 100 -2 623 327.26 -0.12
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -61 537.80 % 100 -61 537.80 0.00
Liabilities from share certificate transactions EUR -2 118 288.29 % 100 -2 118 288.29 -0.09
Net assets 2 234 486 023.52 100.00
Net asset value per unit 83.90
Number of units outstanding 26 631 938.651
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
11

12
DWS Deutschland
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
DAX (RI)
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 7.472
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 20.290
Average market risk exposure . . . . . . . . . . . . . . . . . % 11.785
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Main / Eurex Zürich)
Exchange rates (indirect quotes)
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
As of September 30, 2011
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 470 332 604.61.

DWS Deutschland
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note
loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Purchases/ Sales/
Description currency
additions disposals
(– / ’000)
Securities traded on an exchange
Equities
Aareal Bank (DE0005408116) . . . . . . . . . . . . . . . . . . Count 354 310 354 310
adidas (DE0005003404) . . . . . . . . . . . . . . . . . . . . . . Count 250 000
Beiersdorf (DE0005200000) . . . . . . . . . . . . . . . . . . .
Bijou Brigitte modische Accessoires
Count 234 800 350 000
(DE0005229504) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 340
CENTROTEC Sustainable (new) (DE000A1KRJ76) . . Count 98 800 98 800
Deutsche Bank Right (DE000A1E8H87) . . . . . . . . . . Count 700 450
Deutsche Beteiligungs AG (DE0005508105) . . . . . . Count 100 000
Deutsche Börse Reg. (DE0005810055) . . . . . . . . . . Count 400 000 800 000
Deutsche Telekom Reg. (DE0005557508) . . . . . . . . Count 5 000 000
elexis (applied for sale) (DE000A1KRC81) . . . . . . . . Count 830 000 830 000
elexis (DE0005085005) . . . . . . . . . . . . . . . . . . . . . . . Count 830 842
Fresenius Medical Care (DE0005785802) . . . . . . . . Count 106 250
Fresenius SE (DE0005785604) . . . . . . . . . . . . . . . . . Count 850 45 000
Grontmij (NL0000853034) . . . . . . . . . . . . . . . . . . . . Count 480 000
Hansen Sicherheitstechnik (DE000HAST002) . . . . . Count 216 000
Highlight Communications (CH0006539198) . . . . . . Count 500 000
Intercell (AT0000612601) . . . . . . . . . . . . . . . . . . . . . Count 150 000
K+S (DE0007162000) . . . . . . . . . . . . . . . . . . . . . . . .
Porsche Automobil Holding Right on Pref.
Count 1 101 625 1 501 625
(DE000A1KRRB1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 300 000
Siemens Reg. (DE0007236101) . . . . . . . . . . . . . . . . Count 2 000 000 3 500 000
SMA Solar Technology (DE000A0DJ6J9) . . . . . . . . . Count 75 000
SolarWorld (DE0005108401) . . . . . . . . . . . . . . . . . . Count 413 550
Süss MicroTec (DE0007226706) . . . . . . . . . . . . . . . Count 1 300 000 1 300 000
Tognum (applied for sale) (DE000A1KRPA7) . . . . . . Count 715 000 715 000
Tognum (DE000A0N4P43) . . . . . . . . . . . . . . . . . . . . Count 715 000 715 000
TUI Reg. (DE000TUAG000) . . . . . . . . . . . . . . . . . . . Count 350 000 1 100 000
VBH Holding (DE0007600702) . . . . . . . . . . . . . . . . . Count 900 000
Wacker Chemie (DE000WCH8881) . . . . . . . . . . . . . Count 50 000
Unlisted securities
Equities
Aareal Bank (new) (DE000A1KRLA6) . . . . . . . . . . . . Count 354 310 354 310
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Futures contracts
Value (’000)
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index))
EUR 4 119 976
Option contracts
Securities options
Equity options
Put options sold:
(Underlyings: Deutsche Börse Reg.)
EUR 23 000
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 3 772 011
(Security description: adidas Reg., Aixtron Reg., Allianz SE, Aurubis AG, Axel
Springer Vink. Reg., BASF Reg., Bauer, Bayer, BB Biotech Reg.,
Beiersdorf, Bijou Brigitte modische Accessoires, Bilfinger Berger,
BMW Ord., Commerzbank, CompuGROUP Holding Ord.,
Continental, Daimler Reg., Deutsche Bank Reg., Deutsche Boerse
New (applied for tender), Deutsche Börse Reg., Deutsche
Lufthansa Vink. Reg., Deutsche Post Reg., Deutsche Telekom
Reg., Dialog Semiconductor, E.ON Reg., elexis, ElringKlinger Reg.,
EUROKAI Pref., Evotec, Fraport AG Frankfurt Airport Services
Worldwide, Freenet, Fresenius Medical Care, Fresenius SE, GEA
Group, Gerry Weber International, Grontmij, HeidelbergCement,
Hochtief, Intercell, K+S, Lanxess, Linde, MAN Ord., Merck, MTU
Aero Engines Holding Reg., Muehlbauer Holding, Münchener
Rückversicherungs-Gesellschaft Vink. Reg., NORMA Group,
Porsche Automobil Holding Pref., Porsche Automobil Holding Right
on Pref., PUMA, Qiagen, Rheinmetall Ord., RWE Ord., SAP,
Siemens Reg., SMA Solar Technology, Software, SolarWorld,
STADA Arzneimittel Vink. Reg., STEICO, STO Pref., Süss
icroTec, Symrise, ThyssenKrupp AG, Tognum, TUI Reg., United
Internet Reg., voestalpine, Volkswagen Pref., Vossloh, Wacker
Chemie, Wacker Neuson SE)
13

14
DWS Deutschland
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 62 177 012.45
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4 299 388.24
3. Interest from investments of liquid assets in Germany . EUR 1 943 404.60
4. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 4 036 804.03
from securities lending . . . . . . . . .EUR 4 036 804.03
5. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -99 161.42
6. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 378 383.01
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 72 735 830.91
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -3 346.82
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -40 420 643.88
EUR -40 420 643.88
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -2 018 401.98
securities lending income . . . . . . .EUR -2 018 401.98
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -42 442 392.68
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 30 293 438.23
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 168 107 522.67
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -238 948 894.16
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -70 841 371.49
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR -40 547 933.26
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.40% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.071% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS Deutschland to the Custodian and other third parties, except in the form of financial
information provided by brokers for research purposes.
An all-in fee of 1.40% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 5 155 663.19.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 415 461 017.70
1. Previous year's distribution or tax abatement . . . . . . . . . EUR -5 118 328.61
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 438 410 933.34
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 3 683 915 411.16
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -2 245 504 477.82
3. Income adjustment and reimbursed expenses . . . . . . . . EUR -14 075 904.14
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 30 293 438.23
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 168 107 522.67
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -238 948 894.16
7. Net change in unrealized appreciation/depreciation . . . . EUR -559 643 761.51
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 2 234 486 023.52
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Net gain/loss for the fiscal year . . . . . . . . EUR -40 547 933.26 -1.52
2. Transfer from the investment fund *) . . . EUR 49 278 924.64 1.85
II. Available for distribution . . . . . . . . . . . . EUR 8 730 991.38 0.33
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 8 730 991.38 0.33
1. Final distribution
a) Withholding tax on
capital income withheld . . . . . . . . . . . . EUR 8 275 821.22 0.31
b) Solidarity surcharge withheld . . . . . . . EUR 455 170.17 0.02
*) Due to the losses realized, a transfer from the investment fund was necessary.
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 234 486 023.52 83.90
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 415 461 017.70 96.33
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594 769 998.44 86.83
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 971 321.59 79.29
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 28.82 percent of all transactions. The total volume was EUR 754 303 214.83.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Deutschland for the fiscal year from October 1, 2010,
through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
15

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Investa
2011

18
DWS Investa
Investment objective and
performance in the reporting period
DWS Investa, which invests primarily in
German blue chips, was down 16.2%
per unit in the fiscal year through the
end of September 2011 (BVI method).
The performance in the German
exchanges was increasingly dominated
by doubts about the solvency of Greece
and other southern European countries.
This was also reflected in the performance
of the benchmark index, the
DAX (midday), which was down 12.0%.
Investment policy
in the reporting period
In the opinion of the fund management,
there was a substantial risk in investments
in bank stocks. There were concerns
that the debt crisis could result in
a liquidity bottleneck in the banking
sector. This sector was underweighted
and further reduced in the portfolio
throughout the reporting year, which
had a positive effect on the performance
of the fund in comparison to the
benchmark. At the same time, in the
financial sector there was a somewhat
greater focus on insurers (Allianz,
Hannover Re). The reason for the
underperformance of DWS Investa lay
primarily in the strong preference for
cyclical, economically-sensitive stocks,
particularly from the automotive (BMW,
VW) and industrial segments. In view of
the buoyant global economic climate,
these segments turned in aboveaverage
performances in the first ten
months of the year, but then fell sharply
toward the end of the year as debt
problems intensified. Nevertheless, the
management held on to these invest-
DWS INVESTA
Five-year performance
136
124
112
100
88
76
64
52
in %
0.0
-3.5
-7.0
-10.5
-14.0
-17.5
-21.0
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Investa
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS INVESTA vs. benchmark
Performance at a glance
-16.2
-12.0
1 year
-1.6
-4.7
3 years
-15.2
-8.9
5 years
DWS Investa
Benchmark DAX (midday)
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
ments even in this phase. This decision
was supported by solid corporate
balance sheets and the frequently
attractive dividend payments. Stocks
from the basic materials sector also
contributed to the underperformance.
These included ThyssenKrupp, Lanxess
and Wacker Chemie. In addition, there
were signs of difficulties in the truck
segment during the reporting period.
This put pressure on the equities of
MAN and Daimler.

To round out the portfolio, the management
continued to hold selected midand
small-caps. Positions in Continental
and Axel Springer also lost significant
ground during the market weakness
towards the end of the reporting
period. Nevertheless, these stocks
were not removed from the portfolio.
As with the cyclical blue chips, the
focus was on medium-term performance,
even if temporary price declines
were expected.
Investments in defensive sectors also
offered little in the way of an alternative
since in Germany these companies
were faced with substantial structural
problems. The pharmaceutical sector is
an example of one such sector: there
was little momentum in the product
pipeline which produced few new
medications. In spite of the collection
of option premiums, derivatives had a
negative impact on the fund’s performance
because the puts on some
instruments had fallen below their
exercise price.
Main sources of capital gains/losses
The main sources of capital gains/
losses were losses realized from selling
equities and investing in derivatives.
DWS INVESTA: Summary statement of assets
Investment focus by sector
Equities 89.5% (September 30, 2011) / Equities 95.4% (September 30, 2010)
Consumer Discretionary
18.9
25.7
Materials
15.9
22.0
Industrials
14.0
13.5
Information Technology
8.2
9.3
Health Care
5.7
6.0
Financials
5.4
15.2
Telecommunication Services
4.0
5.5
Consumer Staples
2.8
2.1
Utilities
1.7
8.0
Energy
0.0
0.7
Not classified by MSCI system
0.0
0.3
Certificates
3.8
8.9
Cash and other assets 1.6
0.8
0 5 10 15 20 25 30
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
Security code: 847 400
ISIN: DE0008474008
As of: September 30, 2011
19

20
Annual report
DWS Investa
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 2 177 082 960.10 98.43
Equities
Aareal Bank (DE0005408116) . . . . . . . . . . . . . . . . . . . . . . Count 1 600 000 1 166 734 866 734 EUR 11.9000 19 040 000.00 0.86
adidas Reg. (DE000A1EWWW0) . . . . . . . . . . . . . . . . . . .
Aixtron Reg. (DE000A0WMPJ6)
Count 1 300 000 1 500 000 200 000 EUR 44.9500 58 435 000.00 2.64
3) . . . . . . . . . . . . . . . . . .
Allianz SE (DE0008404005)
Count 1 500 000 2 200 000 700 000 EUR 11.0950 16 642 500.00 0.75
3) . . . . . . . . . . . . . . . . . . . . . .
Aurubis AG (DE0006766504)
Count 650 000 50 000 1 900 000 EUR 69.7100 45 311 500.00 2.05
3) . . . . . . . . . . . . . . . . . . . . Count 700 000 841 000 141 000 EUR 38.6050 27 023 500.00 1.22
Axel Springer Vink. Reg. (DE0005501357) . . . . . . . . . . . .
BASF Reg. (DE000BASF111)
Count 1 400 000 988 846 29 868 EUR 25.7850 36 099 000.00 1.63
3) . . . . . . . . . . . . . . . . . . . .
Bayer (DE000BAY0017)
Count 4 600 000 1 300 000 700 000 EUR 45.9950 211 577 000.00 9.57
3) . . . . . . . . . . . . . . . . . . . . . . . . Count 1 100 000 500 000 EUR 41.5050 45 655 500.00 2.06
Beiersdorf (DE0005200000) . . . . . . . . . . . . . . . . . . . . . . .
BMW Ord. (DE0005190003)
Count 900 000 420 000 200 000 EUR 39.5600 35 604 000.00 1.61
3) . . . . . . . . . . . . . . . . . . . . . Count 250 000 250 000 EUR 49.0000 12 250 000.00 0.55
BMW Pref. (DE0005190037) . . . . . . . . . . . . . . . . . . . . . . Count 2 400 000 EUR 34.3100 82 344 000.00 3.72
Brenntag (DE000A1DAHH0) . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 200 000 250 000 EUR 65.0000 13 000 000.00 0.59
Continental (DE0005439004) . . . . . . . . . . . . . . . . . . . . . .
Daimler Reg. (DE0007100000)
Count 1 450 000 700 000 450 000 EUR 43.7800 63 481 000.00 2.87
3) . . . . . . . . . . . . . . . . . . . Count 4 300 000 500 000 EUR 33.3450 143 383 500.00 6.48
Deutsche Bank Reg. (DE0005140008) . . . . . . . . . . . . . . . Count 1 000 000 1 000 000 2 000 000 EUR 26.2200 26 220 000.00 1.19
Deutsche Lufthansa Vink. Reg. (DE0008232125) . . . . . . . Count 2 000 000 350 000 1 850 000 EUR 9.7410 19 482 000.00 0.88
Deutsche Post Reg. (DE0005552004) . . . . . . . . . . . . . . .
Deutsche Telekom Reg. (DE0005557508)
Count 29 700 29 700 EUR 9.6000 285 120.00 0.01
3) . . . . . . . . . .
E.ON Reg. (DE000ENAG999)
Count 10 000 000 3 500 000 6 000 000 EUR 8.7700 87 700 000.00 3.96
3) . . . . . . . . . . . . . . . . . . . .
Fresenius Medical Care (DE0005785802)
Count 2 300 000 180 700 5 880 700 EUR 16.4250 37 777 500.00 1.71
3) . . . . . . . . . . . Count 600 000 25 000 EUR 50.2000 30 120 000.00 1.36
Fresenius SE (DE0005785604) . . . . . . . . . . . . . . . . . . . . .
Hannover Rückversicherung Reg. (DE0008402215)
Count 600 000 600 000 EUR 66.2000 39 720 000.00 1.80
3) . . .
Henkel Pref. (DE0006048432)
Count 450 000 450 000 EUR 33.8850 15 248 250.00 0.69
3) . . . . . . . . . . . . . . . . . . . Count 680 000 30 000 50 000 EUR 39.2300 26 676 400.00 1.21
Hugo Boss Pref. (DE0005245534) . . . . . . . . . . . . . . . . . .
Infineon Technologies Reg. (DE0006231004)
Count 400 000 85 000 EUR 62.3600 24 944 000.00 1.13
3) . . . . . . . . Count 6 000 000 EUR 5.5430 33 258 000.00 1.50
K+S Reg. (DE000KSAG888) . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 1 101 355 101 355 EUR 40.1950 40 195 000.00 1.82
Lanxess (DE0005470405) . . . . . . . . . . . . . . . . . . . . . . . . . Count 600 000 500 000 200 000 EUR 35.9450 21 567 000.00 0.98
Lenzing (AT0000644505) . . . . . . . . . . . . . . . . . . . . . . . . . .
Linde (DE0006483001)
Count 30 000 30 000 EUR 72.6600 2 179 800.00 0.10
3) . . . . . . . . . . . . . . . . . . . . . . . . .
LVMH Moët Hennessy Louis Vuitton (C.R.)
Count 1 000 000 150 000 EUR 101.6000 101 600 000.00 4.59
(FR0000121014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 225 000 75 000 EUR 98.4100 22 142 250.00 1.00
MAN Ord. (DE0005937007) . . . . . . . . . . . . . . . . . . . . . . .
Münchener Rückversicherungs-Gesellschaft
Count 900 000 400 000 EUR 59.2000 53 280 000.00 2.41
Vink.Reg. (DE0008430026) . . . . . . . . . . . . . . . . . . . . . . . .
Porsche Automobil Holding Pref. (DE000PAH0038)
Count 150 000 750 000 EUR 92.1700 13 825 500.00 0.63
3) . . . Count 550 000 550 000 EUR 35.7850 19 681 750.00 0.89
ProSiebenSat.1 Media Pref. (DE0007771172) . . . . . . . . .
Qiagen (NL0000240000)
Count 2 200 000 2 350 000 150 000 EUR 13.2650 29 183 000.00 1.32
3) . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 650 000 1 350 000 EUR 10.5300 10 530 000.00 0.48
Rheinmetall Ord. (DE0007030009) . . . . . . . . . . . . . . . . . .
SAP (DE0007164600)
Count 500 000 100 000 EUR 35.2700 17 635 000.00 0.80
3) . . . . . . . . . . . . . . . . . . . . . . . . . .
Siemens Reg. (DE0007236101)
Count 2 550 000 500 000 1 150 000 EUR 37.9650 96 810 750.00 4.38
3) . . . . . . . . . . . . . . . . . . Count 2 750 000 250 000 EUR 67.4200 185 405 000.00 8.38
Software (DE0003304002) . . . . . . . . . . . . . . . . . . . . . . . .
SolarWorld (DE0005108401)
Count 200 000 200 000 EUR 23.5850 4 717 000.00 0.21
3) . . . . . . . . . . . . . . . . . . . . .
ThyssenKrupp AG (DE0007500001)
Count 1 350 000 1 800 000 3 450 000 EUR 3.1900 4 306 500.00 0.19
3) . . . . . . . . . . . . . . . Count 2 850 000 2 300 000 650 000 EUR 18.5950 52 995 750.00 2.40
United Internet Reg. (DE0005089031) . . . . . . . . . . . . . . . Count 2 000 000 3 000 000 EUR 12.6800 25 360 000.00 1.15
VINCI (FR0000125486) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 670 000 800 000 130 000 EUR 32.0050 21 443 350.00 0.97
Volkswagen Pref. (DE0007664039) . . . . . . . . . . . . . . . . . .
Wacker Chemie (DE000WCH8881)
Count 750 000 200 000 150 000 EUR 102.0000 76 500 000.00 3.46
3) . . . . . . . . . . . . . . . Count 200 000 105 000 155 000 EUR 69.1700 13 834 000.00 0.63
BHP Billiton (GB0000566504) . . . . . . . . . . . . . . . . . . . . . . Count 750 000 750 000 GBP 17.2250 14 873 140.10 0.67
Certificates
Credit Suisse/SAP 23.12.11 Tracker
Cert. (DE000CS0DWM8) . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Suisse/Siemens 23.12.11
Count 1 200 000 1 200 000 EUR 38.4400 46 128 000.00 2.09
Tracker Cert. (DE000CS0DWJ4) . . . . . . . . . . . . . . . . . . . .
Soc. Generale/Allianz 27.12.11
Count 340 000 340 000 EUR 69.1100 23 497 400.00 1.06
Tracker Cert. (DE000SG11LK7) . . . . . . . . . . . . . . . . . . . . .
UBS London/Bayer 20.12.13 Perles Cert.
Count 600 000 650 000 50 000 EUR 72.3250 43 395 000.00 1.96
(DE000UB5UZC2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 000 000 2 000 000 EUR 42.3600 84 720 000.00 3.83
Total securities portfolio 2 177 082 960.10 98.43

DWS Investa
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Derivatives
Minus signs denote short positions
Derivatives on individual securities -41 740 206.30 -1.89
Securities options
(Receivables/payables)
Equity options
Call Bayer (FLEX STR) 12/2011 Strike 56.50 (EURX) . . . . Count 1 200 000 EUR 0.1045 125 416.80 0.01
Call E.ON 12/2011 Strike 21 (EURX) . . . . . . . . . . . . . . . . . Count 3 600 000 EUR 0.1300 468 000.00 0.02
Call Metro (FLEX STR) 12/2011 Strike 41.80 (EURX) . . . . Count 800 000 EUR 0.1488 119 012.00 0.01
Put Bayer (FLEX STR) 12/2011 Strike 55 (EURX) . . . . . . . Count -1 200 000 EUR 12.9176 -15 501 097.20 -0.70
Put Deutsche Post 12/2011 Strike 12.50 (EURX) . . . . . . . Count -3 720 300 EUR 2.9150 -10 844 674.50 -0.49
Put Deutsche Telekom 12/2011 Strike 10 (EURX) . . . . . . Count -2 650 000 EUR 1.3700 -3 630 500.00 -0.16
Put E.ON 12/2011 Strike 19 (EURX) . . . . . . . . . . . . . . . . . Count -2 191 800 EUR 2.9700 -6 509 646.00 -0.29
Put E.ON 12/2011 Strike 20 (EURX) . . . . . . . . . . . . . . . . . Count -1 227 500 EUR 3.7850 -4 646 087.50 -0.21
Put Metro (FLEX STR) 12/2011 Strike 39 (EURX) . . . . . . . Count -800 000 EUR 7.0539 -5 643 113.60 -0.26
Put SAP Stammakt. (FLEX) 12/2011 Strike 29.75 (EURX) Count -300 000 EUR 0.4314 -129 426.30 -0.01
Put Solarworld 12/2011 Strike 10 (EURX) . . . . . . . . . . . . . Count -1 000 000 EUR 6.9150 -6 915 000.00 -0.31
Securities futures
Equity futures
Allianz Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . Count 700 000 6 891 500.00 0.31
Bayer Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . . Count 1 200 000 3 732 000.00 0.17
Infineon Technologies Future 12/2011 (EURX) EUR . . . . . Count 1 600 000 -565 440.00 -0.03
SAP Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . . . Count 500 000 1 308 850.00 0.06
Equity index derivatives -2 226 826.25 -0.10
(Receivables/payables)
Equity index futures
DAX Index Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . Count -37 500 -2226826.25 -0.10
Cash and non-securitized money market instruments 80 879 020.19 3.66
Cash at bank 80 879 020.19 3.66
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 79 856 133.65 % 100 79 856 133.65 3.61
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 969 956.30 % 100 969 956.30 0.04
Deposits in non-EU/EEA currencies
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 22 416.12 % 100 18 376.11 0.00
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 46 737.57 % 100 34 554.13 0.00
Other assets 280 951.65 0.01
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 26 444.79 % 100 26 444.79 0.00
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 13 286.89 % 100 13 286.89 0.00
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 241 219.97 % 100 241 219.97 0.01
Receivables from share certificate transactions EUR 465 371.85 % 100 465 371.85 0.02
Other liabilities -2 684 907.53 -0.12
Liabilities from cost item . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -2 564 297.52 % 100 -2 564 297.52 -0.12
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -120 610.01 % 100 -120 610.01 -0.01
Liabilities from share certificate transactions EUR -165 137.44 % 100 -165 137.44 -0.01
Net assets 2 211 891 226.27 100.00
Net asset value per unit 74.72
Number of units outstanding 29 603 314.584
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
21

22
DWS Investa
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
DAX (RI)
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 7.906
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 18.863
Average market risk exposure . . . . . . . . . . . . . . . . . % 11.841
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.2, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Main / Eurex Zürich)
Exchange rates (indirect quotes)
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.868596 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.352590 = EUR 1
Count/
Description currency
(– / ’000)
Securities traded on an exchange
As of September 30, 2011
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 489 347 886.70.
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
Purchases/ Sales/
additions disposals
Equities
Aareal Bank Right (DE000A1KRLB4) . . . . . . . . . . . . Count 1 000 000 1 000 000
adidas (DE0005003404) . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000
Bilfinger Berger (DE0005909006) . . . . . . . . . . . . . . . Count 100 000 100 000
Commerzbank (DE0008032004) . . . . . . . . . . . . . . . . Count 2 000 000 2 000 000
Deutsche Bank Right (DE000A1E8H87) . . . . . . . . . . Count 2 000 000
Deutsche Börse Reg. (DE0005810055) . . . . . . . . . . Count 500 000
Freenet (DE000A0Z2ZZ5) . . . . . . . . . . . . . . . . . . . . . Count 3 300 000
Fresenius SE Pref. (DE0005785638) . . . . . . . . . . . . Count 600 000
Hamburger Hafen & Logistik A (DE000A0S8488) . . Count 82 300 200 000
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
HeidelbergCement (DE0006047004) . . . . . . . . . . . . Count 100 000 900 000
Hochtief (DE0006070006) . . . . . . . . . . . . . . . . . . . . Count 550 000 550 000
K+S (DE0007162000) . . . . . . . . . . . . . . . . . . . . . . . . Count 701 355 1 101 355
Koninklijke Philips Electronics (NL0000009538) . . . . Count 850 000 1 350 000
Metro Ord. (DE0007257503) . . . . . . . . . . . . . . . . . . Count 100 000 100 000
Porsche Automobil Holding Right on Pref.
(DE000A1KRRB1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 100 000
RWE Ord. (DE0007037129) . . . . . . . . . . . . . . . . . . . Count 95 000 1 095 000
Salzgitter (DE0006202005) . . . . . . . . . . . . . . . . . . . . Count 500 000
SMA Solar Technology (DE000A0DJ6J9) . . . . . . . . . Count 350 000
Symrise (DE000SYM9999) . . . . . . . . . . . . . . . . . . . . Count 1 600 000
Total (FR0000120271) . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000
TUI Reg. (DE000TUAG000) . . . . . . . . . . . . . . . . . . . Count 771 089 771 089

DWS Investa
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
TUI Travel (GB00B1Z7RQ77) . . . . . . . . . . . . . . . . . . Count 2 000 000 2 000 000
Certificates
UBS London/Bayer 23.12.11 Perles Cert.
(DE000UB3UZC7) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 000 000
Unlisted securities
Equities
Aareal Bank (new) (DE000A1KRLA6) . . . . . . . . . . . . Count 166 734 166 734
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Futures contracts
Securities futures
Value (’000)
Equity futures
Contracts purchased:
(Underlyings: Allianz SE, Bayer, Commerzbank, Daimler Reg.,
Deutsche Bank Reg., E.ON Reg., Infineon Technologies Reg.,
Linde, SAP, Siemens Reg., ThyssenKrupp AG)
EUR 1 177 594
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index), Dow Jones Euro STOXX
Bank)
EUR 2 071 307
Contracts sold:
(Underlyings: DAX (performance index))
EUR 1 509 160
Option contracts
Securities options
Equity options
Put options sold:
(Underlyings: Tognum)
EUR 12 400
Options on equity index derivatives
Options on equity indices
Put options purchased:
(Underlyings: DAX (performance index))
EUR 203 750
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 5 480 860
(Security description: Aareal Bank, adidas, adidas Reg., Aixtron Reg.,
Allianz SE, Aurubis AG, Axel Springer Vink. Reg., BASF
Reg., Bayer, Beiersdorf, BMW Pref., Brenntag, Commerzbank,
Continental, Daimler Reg., Deutsche Bank Reg., Deutsche
Bank Right, Deutsche Börse Reg., Deutsche Lufthansa Vink.
Reg., Deutsche Telekom Reg., E.ON Reg., Freenet, Fresenius
Medical Care, Fresenius SE, Fresenius SE Pref., Hamburger
Hafen & Logistik A, Hannover Rückversicherung Reg.,
HeidelbergCement, Henkel Pref., Hochtief, Hugo Boss Pref.,
Infineon Technologies Reg., K+S, K+S Reg., Lanxess, Lenzing,
Linde, LVMH Moët Hennessy Louis Vuitton (C.R.), MAN Ord.,
Münchener Rückversicherungs-Gesellschaft Vink.Reg., Porsche
Automobil Holding Pref., Porsche Automobil Holding Right on Pref.,
ProSiebenSat.1 Media Pref., Qiagen, Rheinmetall Ord., RWE Ord.,
Salzgitter, SAP, Siemens Reg., SMA Solar Technology, SolarWorld,
Symrise, ThyssenKrupp AG, TUI Reg., United Internet Reg., VINCI,
Volkswagen Pref., Wacker Chemie)
23

24
DWS Investa
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 71 197 894.85
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 852 492.29
3. Interest from foreign securities
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 28 765 815.76
4. Interest from investments of liquid assets in Germany . EUR 157 679.62
5. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 5 057 068.13
from securities lending . . . . . . . . .EUR 5 057 068.13
6. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -4 453.10
7. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 711 739.73
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 106 738 237.28
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -6 869.82
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -40 951 489.92
EUR -40 951 489.92
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -2 530 280.23
securities lending income . . . . . . .EUR -2 528 534.11
Legal expenses . . . . . . . . . . . . . . .EUR -1 716.76
Other . . . . . . . . . . . . . . . . . . . . . . .EUR -29.36
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -43 488 639.97
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 63 249 597.31
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 232 552 232.37
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -302 855 798.32
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -70 303 565.95
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR -7 053 968.64
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.40% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.086% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS Investa to the Custodian and other third parties, except in the form of financial
information provided by brokers for research purposes.
An all-in fee of 1.40% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 6 899 298.73.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2 792 077 042.42
1. Previous year's distribution or tax abatement . . . . . . . . . EUR -28 406 684.96
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -151 689 270.61
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 172 180 359.04
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -323 869 629.65
3. Income adjustment and reimbursed expenses . . . . . . . . EUR 3 168 564.91
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 63 249 597.31
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 232 552 232.37
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -302 855 798.32
7. Net change in unrealized appreciation/depreciation . . . . EUR -396 204 456.85
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 2 211 891 226.27
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Balance brought forward
from previous year . . . . . . . . . . . . . . . . . . EUR 399 500 300.58 13.50
2. Net gain/loss for the fiscal year . . . . . . . . EUR -7 053 968.64 -0.24
II. Available for distribution . . . . . . . . . . . . EUR 392 446 331.94 13.26
1. Reinvested . . . . . . . . . . . . . . . . . . . . . . . . EUR -31 059 333.42 -1.05
2. Balance carried forward . . . . . . . . . . . . . . EUR -331 783 683.94 -11.21
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 29 603 314.58 1.00
1. Final distribution
a) Cash distribution . . . . . . . . . . . . . . . . . EUR 19 988 851.24 0.67
b) Withholding tax on
capital income withheld . . . . . . . . . . . . EUR 9 113 235.39 0.31
c) Solidarity surcharge withheld . . . . . . . . EUR 501 227.95 0.02
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 211 891 226.27 74.72
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 792 077 042.42 89.97
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 606 324 539.46 84.29
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 305 596 552.81 81.14
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 33.28 percent of all transactions. The total volume was EUR 874 717 563.20.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Investa for the fiscal year from October 1, 2010,
through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
25

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Aktien Strategie Deutschland
2011

28
DWS Aktien Strategie Deutschland
Investment objective and
performance in the reporting period
DWS Aktien Strategie Deutschland
invests primarily in German blue chip
stocks and in equities of fast-growing
small and medium-sized enterprises.
The value of the fund fell 9.3% per unit
in the fiscal year through the end of
September 2011 (BVI method). How -
ever, it thus performed better than its
benchmark index, the HDAX (-11.1%).
Doubts about the solvency of Greece
and other southern European countries
coupled with signs of a global economic
downturn dominated the performance
in the German exchanges, especially
towards the end of the reporting period.
Investment policy
in the reporting period
In the opinion of the fund management,
there was a substantial risk in investments
in bank stocks. There were
concerns that the debt crisis could result
in a liquidity bottleneck in the
banking sector. This sector was underweighted
and further reduced in the
portfolio throughout the reporting year,
which had a positive effect on the performance
of the fund in comparison to
the benchmark. The management also
saw a substantial investment risk in the
solar stocks in the portfolio. The reduction
in feed-in compensation for solar
energy and intensifying competition
with Asian providers put pressure on
many companies’ business models. For
this reason, positions in SolarWorld and
SMA Solar Technology were closed.
DWS AKTIEN STRATEGIE DEUTSCHLAND
Five-year performance
145
130
115
100
85
70
55
40
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Aktien Strategie Deutschland
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS AKTIEN STRATEGIE
DEUTSCHLAND vs. benchmark
Performance at a glance
in %
10
5
0
-5
-10
-15
-20
1 year
+6.4
-4.5
3 years
-5.4
-9.3 -9.3
-11.1
5 years
DWS Aktien Strategie Deutschland
Benchmark HDAX
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
The reason for the outperformance lay
in the underweightings mentioned
above in addition to the focus on midand
small-caps with defensive profiles,
such as the health and consumer goods
sectors. This included positions in
Sartorius, Eurofins Scientific and
Hawesko. The overall proportion of
so-called “secondary stocks” in the
reporting year was around 40% to 50%
of the fund’s assets. Even during the

ecent crisis period, these stocks did
not fall as far as blue chips. This was
also true for the entire reporting period.
However, the strategic positioning of
the portfolio in cyclical, economicallysensitive
companies and companies
with strong exports – including in the
blue chip segment – was retained; the
management expected only a slight,
temporary cooling of global economic
growth. The chemical (BASF), automotive
(BMW, VW), engineering and plant
construction (Siemens) sectors continued
to be the heavyweights in the portfolio.
In the first ten months of the fiscal year
– through July 2011 – these stocks did
very well thanks to the positive global
economic climate and the pronounced
export strengths of German companies.
Only toward the end of the reporting
period were heavy price declines
suffered here. This was the result of
global fears of slowing economic
growth as euro area debt problems
intensified. During the sharp downward
trend, the fund profited by selling DAX
futures.
Main sources of capital gains/losses
The main sources of capital gains were
profits realized from selling equities and
investing in derivatives.
DWS AKTIEN STRATEGIE DEUTSCHLAND: Summary statement of assets
Investment focus by sector
Equities 89.8% (September 30, 2011) / Equities 94.9% (September 30, 2010)
Consumer Discretionary
21.7
25.9
Materials
14.6
19.3
Industrials
16.7
17.6
Information Technology
10.8
18.7
Health Care
5.4
10.1
Financials
4.9
7.6
Consumer Staples
3.2
3.8
Telecommunication Services
0.7
3.1
Utilities
0.4
0.0
Energy
0.1
0.1
Certificates
3.4
9.8
Cash and other assets
0.4
1.7
0 5 10 15
20 25 30
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
Security code: 976 986
ISIN: DE0009769869
As of: September 30, 2011
29

30
Annual report
DWS Aktien Strategie Deutschland
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 765 843 463.97 99.62
Equities
Aareal Bank (DE0005408116) . . . . . . . . . . . . . . . . . . . . . . Count 400 000 508 377 571 777 EUR 11.9000 4 760 000.00 0.62
Activa resources (DE0007471377) . . . . . . . . . . . . . . . . . .
adidas Reg. (DE000A1EWWW0)
Count 358 028 EUR 2.2480 804 846.94 0.10
3) . . . . . . . . . . . . . . . . .
Adler Modemärkte (DE000A1H8MU2)
Count 500 000 600 000 100 000 EUR 44.9500 22 475 000.00 2.92
3) . . . . . . . . . . . . .
ADVA Optical Networking (DE0005103006)
Count 1 100 000 1 100 000 EUR 8.1430 8 957 300.00 1.17
3) . . . . . . . . .
Allianz SE (DE0008404005)
Count 3 060 000 70 000 EUR 3.3590 10 278 540.00 1.34
3) . . . . . . . . . . . . . . . . . . . . . . Count 50 000 350 000 EUR 69.7100 3 485 500.00 0.45
Aurubis AG (DE0006766504) . . . . . . . . . . . . . . . . . . . . . . Count 200 000 70 000 70 000 EUR 38.6050 7 721 000.00 1.00
Axel Springer Vink. Reg. (DE0005501357) . . . . . . . . . . . .
BASF Reg. (DE000BASF111)
Count 500 000 390 945 3 894 EUR 25.7850 12 892 500.00 1.68
3) . . . . . . . . . . . . . . . . . . . . Count 1 650 000 660 000 10 000 EUR 45.9950 75 891 750.00 9.87
Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 90 000 240 000 EUR 41.5050 4 150 500.00 0.54
Bechtle (DE0005158703) . . . . . . . . . . . . . . . . . . . . . . . . . Count 360 000 400 000 40 000 EUR 25.1800 9 064 800.00 1.18
Beiersdorf (DE0005200000) . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 220 000 270 000 EUR 39.5600 3 956 000.00 0.51
Bilfinger Berger (DE0005909006) . . . . . . . . . . . . . . . . . . . Count 150 000 340 000 190 000 EUR 55.4900 8 323 500.00 1.08
BMW Ord. (DE0005190003) . . . . . . . . . . . . . . . . . . . . . . . Count 540 000 90 000 150 000 EUR 49.0000 26 460 000.00 3.44
CENTROTEC Sustainable (DE0005407506) . . . . . . . . . . . Count 580 000 80 000 225 300 EUR 13.6250 7 902 500.00 1.03
Centrotherm Photovoltaics (DE000A0JMMN2) . . . . . . . . Count 302 513 330 000 27 487 EUR 15.5000 4 688 951.50 0.61
Continental (DE0005439004) . . . . . . . . . . . . . . . . . . . . . . Count 500 000 300 000 150 000 EUR 43.7800 21 890 000.00 2.85
CTS EVENTIM (DE0005470306) . . . . . . . . . . . . . . . . . . . . Count 670 000 584 171 10 000 EUR 22.3000 14 941 000.00 1.94
Delticom Reg. (DE0005146807) . . . . . . . . . . . . . . . . . . . . Count 10 000 10 000 EUR 64.7000 647 000.00 0.08
Deutsche EuroShop Reg. (DE0007480204) . . . . . . . . . . .
Deutsche Telekom Reg. (DE0005557508)
Count 300 000 68 300 EUR 25.2000 7 560 000.00 0.98
3) . . . . . . . . . . Count 2 750 000 6 740 700 4 000 000 EUR 8.7700 24 117 500.00 3.14
E.ON Reg. (DE000ENAG999) . . . . . . . . . . . . . . . . . . . . . . Count 200 000 2 124 600 1 924 600 EUR 16.4250 3 285 000.00 0.43
ElringKlinger Reg. (DE0007856023) . . . . . . . . . . . . . . . . .
Eurofins Scientific (FR0000038259)
Count 450 000 220 000 EUR 17.5600 7 902 000.00 1.03
3) . . . . . . . . . . . . . . . Count 130 000 1 047 159 293 EUR 56.4000 7 332 000.00 0.95
Fielmann (DE0005772206) . . . . . . . . . . . . . . . . . . . . . . . .
Fraport AG Frankfurt Airport Services Worldwide
Count 115 000 115 000 35 000 EUR 74.5600 8 574 400.00 1.12
(DE0005773303) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 120 000 120 000 EUR 44.3600 5 323 200.00 0.69
Fresenius SE (DE0005785604) . . . . . . . . . . . . . . . . . . . . . Count 220 000 220 000 EUR 66.2000 14 564 000.00 1.89
GEA Group (DE0006602006) . . . . . . . . . . . . . . . . . . . . . . Count 400 000 EUR 17.3700 6 948 000.00 0.90
GfK (DE0005875306) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 300 000 300 000 EUR 28.3150 8 494 500.00 1.10
Hannover Rückversicherung Reg. (DE0008402215) . . . . . Count 50 000 50 000 EUR 33.8850 1 694 250.00 0.22
HAWESKO Holding (DE0006042708) . . . . . . . . . . . . . . . .
Henkel Pref. (DE0006048432)
Count 330 000 28 800 EUR 34.0000 11 220 000.00 1.46
3) . . . . . . . . . . . . . . . . . . . Count 250 000 170 000 123 900 EUR 39.2300 9 807 500.00 1.28
Highlight Communications (CH0006539198) . . . . . . . . . . Count 2 240 000 500 000 19 799 EUR 3.3060 7 405 440.00 0.96
Hymer (DE0006096704) . . . . . . . . . . . . . . . . . . . . . . . . . .
Infineon Technologies Reg. (DE0006231004)
Count 129 000 1 000 EUR 45.5000 5 869 500.00 0.76
3) . . . . . . . . Count 1 700 000 100 000 EUR 5.5430 9 423 100.00 1.23
Jenoptik (DE0006229107) . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 100 000 EUR 4.7700 477 000.00 0.06
K+S Reg. (DE000KSAG888) . . . . . . . . . . . . . . . . . . . . . . .
Krones (DE0006335003)
Count 250 000 431 085 181 085 EUR 40.1950 10 048 750.00 1.31
3) . . . . . . . . . . . . . . . . . . . . . . . . Count 180 000 90 000 30 000 EUR 38.7600 6 976 800.00 0.91
KSB Pref. (DE0006292030) . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 2 849 EUR 384.0500 7 681 000.00 1.00
Lanxess (DE0005470405) . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 90 000 240 000 EUR 35.9450 7 189 000.00 0.94
Lenzing (AT0000644505) . . . . . . . . . . . . . . . . . . . . . . . . . .
Linde (DE0006483001)
Count 50 000 50 000 EUR 72.6600 3 633 000.00 0.47
3) . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 50 000 EUR 101.6000 25 400 000.00 3.30
M.A.X. Automation (DE0006580905) . . . . . . . . . . . . . . . . Count 1 845 828 75 000 EUR 3.9710 7 329 782.99 0.95
MAN Ord. (DE0005937007) . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 440 000 EUR 59.2000 29 600 000.00 3.85
NORMA Group (DE000A1H8BV3) . . . . . . . . . . . . . . . . . .
Phoenix Solar (DE000A0BVU93)
Count 600 000 600 000 EUR 12.2000 7 320 000.00 0.95
3) . . . . . . . . . . . . . . . . . . Count 338 188 450 000 111 812 EUR 8.6800 2 935 471.84 0.38
Prime Office (DE000PRME012) . . . . . . . . . . . . . . . . . . . . Count 1 587 700 1 587 700 EUR 4.4060 6 995 406.20 0.91
ProSiebenSat.1 Media Pref. (DE0007771172) . . . . . . . . .
PSI AG für Produkte und Systeme der Info. Tech.
Count 700 000 250 000 110 000 EUR 13.2650 9 285 500.00 1.21
(DE000A0Z1JH9) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 403 619 EUR 17.5000 4 375 000.00 0.57
PVA TePla (DE0007461006) . . . . . . . . . . . . . . . . . . . . . . . Count 1 858 983 331 083 EUR 3.5000 6 506 440.50 0.85
Rheinmetall Ord. (DE0007030009) . . . . . . . . . . . . . . . . . .
SAP (DE0007164600)
Count 75 000 3 650 78 650 EUR 35.2700 2 645 250.00 0.34
3) . . . . . . . . . . . . . . . . . . . . . . . . . .
Sartorius Pref. (DE0007165631)
Count 250 000 250 000 1 000 EUR 37.9650 9 491 250.00 1.23
3) . . . . . . . . . . . . . . . . . . Count 520 000 5 197 130 000 EUR 30.0000 15 600 000.00 2.03
SFC Smart Fuel Cell (DE0007568578) . . . . . . . . . . . . . . .
Siemens Reg. (DE0007236101)
Count 544 900 EUR 3.9100 2 130 559.00 0.28
3) . . . . . . . . . . . . . . . . . . Count 300 000 200 000 EUR 67.4200 20 226 000.00 2.63
Sixt Pref. (DE0007231334) . . . . . . . . . . . . . . . . . . . . . . . . Count 680 000 495 300 334 877 EUR 12.2500 8 330 000.00 1.08
Software (DE0003304002) . . . . . . . . . . . . . . . . . . . . . . . .
TAG Tegernsee Immobilien- und Beteiligungs-AG
Count 250 000 330 000 80 000 EUR 23.5850 5 896 250.00 0.77
(DE0008303504) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 200 000 2 200 000 EUR 5.9500 13 090 000.00 1.70
ThyssenKrupp AG (DE0007500001) . . . . . . . . . . . . . . . . . Count 1 000 000 1 600 000 600 000 EUR 18.5950 18 595 000.00 2.42
Tom Tailor Holding (DE000A0STST2) . . . . . . . . . . . . . . . .
Tomorrow Focus (DE0005495329)
Count 1 000 000 18 007 EUR 11.6500 11 650 000.00 1.52
3) . . . . . . . . . . . . . . . . Count 3 620 000 EUR 3.4400 12 452 800.00 1.62
United Internet Reg. (DE0005089031) . . . . . . . . . . . . . . . Count 600 000 697 300 EUR 12.6800 7 608 000.00 0.99
Volkswagen Pref. (DE0007664039) . . . . . . . . . . . . . . . . . .
Vossloh (DE0007667107)
Count 300 000 200 000 130 000 EUR 102.0000 30 600 000.00 3.98
3) . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 136 000 36 000 EUR 73.1500 7 315 000.00 0.95

DWS Aktien Strategie Deutschland
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Certificates
Credit Suisse/SAP 23.12.11 Tracker Cert.
(DE000CS0DWM8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Suisse/Siemens 23.12.11 Tracker Cert.
Count 450 000 450 000 EUR 38.4400 17 298 000.00 2.25
(DE000CS0DWJ4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Soc. Generale/Allianz 27.12.11 Tracker Cert.
Count 200 000 200 000 EUR 69.1100 13 822 000.00 1.80
(DE000SG11LK7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Soc. Generale/BASF 27.12.11 Tracker Cert.
Count 130 000 150 000 20 000 EUR 72.3250 9 402 250.00 1.22
(DE000SG1K9P9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Soc. Generale/Linde 27.12.11 Tracker Cert.
Count 200 000 124 400 EUR 48.7700 9 754 000.00 1.27
(DE000SG1K9Q7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
UBS London/Allianz 30.12.13 Perles Cert.
Count 75 000 17 700 EUR 104.9700 7 872 750.00 1.02
(DE000UB44ZL3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
UBS London/Bayer 20.12.13 Perles Cert.
Count 125 000 125 000 EUR 72.2250 9 028 125.00 1.17
(DE000UB5UZC2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 200 000 EUR 42.3600 8 472 000.00 1.10
Total securities portfolio 765 843 463.97 99.62
Derivatives
Minus signs denote short positions
Derivatives on individual securities -10 240 190.20 -1.33
Securities options
(Receivables/payables)
Equity options
Call Bayer (FLEX STR) 12/2011 Strike 56.50 (EURX) . . . . Count 200 000 EUR 0.1045 20 902.80 0.00
Call E.ON 12/2011 Strike 21 (EURX) . . . . . . . . . . . . . . . . . Count 2 550 000 EUR 0.1300 331 500.00 0.04
Call SAP (FLEX) 12/2011 Strike 36.50 (EURX) . . . . . . . . . Count 800 000 EUR 3.4368 2 749 441.60 0.36
Put Bayer (FLEX STR) 12/2011 Strike 55 (EURX) . . . . . . . Count -200 000 EUR 12.9176 -2 583 516.20 -0.34
Put Continental 12/2011 Strike 56 (EURX) . . . . . . . . . . . . Count -115 000 EUR 10.6500 -1 224 750.00 -0.16
Put Deutsche Telekom 12/2011 Strike 10 (EURX) . . . . . . Count -1 950 000 EUR 1.3700 -2 671 500.00 -0.35
Put E.ON 12/2011 Strike 19 (EURX) . . . . . . . . . . . . . . . . . Count -747 300 EUR 2.9700 -2 219 481.00 -0.29
Put E.ON 12/2011 Strike 20 (EURX) . . . . . . . . . . . . . . . . . Count -1 578 100 EUR 3.7850 -5 973 108.50 -0.78
Put SAP Stammakt. (FLEX) 12/2011 Strike 29.75 (EURX) Count -900 000 EUR 0.4314 -388 278.90 -0.05
Put Solarworld 12/2011 Strike 10 (EURX) . . . . . . . . . . . . . Count -700 000 EUR 6.9150 -4 840 500.00 -0.63
Securities futures
Equity futures
Allianz Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . Count 300 000 2 953 500.00 0.38
Bayer Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . . Count 1 000 000 3 110 000.00 0.40
Linde Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . . Count 150 000 495 600.00 0.06
Equity index derivatives -2 959 900.40 -0.39
(Receivables/payables)
Equity index futures
DAX Index Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . Count -25000 -2959900.40 -0.39
Cash and non-securitized money market instruments 17 666 706.66 2.30
Cash at bank 17 666 706.66 2.30
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 17 354 537.39 % 100 17 354 537.39 2.26
Deposits in non-EU/EEA currencies
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 380 800.00 % 100 312 169.27 0.04
Other assets 28 666.78 0.00
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 677.74 % 100 6 677.74 0.00
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 950.02 % 100 3 950.02 0.00
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 18 039.02 % 100 18 039.02 0.00
Receivables from share certificate transactions EUR 356 245.08 % 100 356 245.08 0.05
31

32
DWS Aktien Strategie Deutschland
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Other liabilities -942 638.19 -0.12
Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . EUR -933 618.99 % 100 -933 618.99 -0.12
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -9 019.20 % 100 -9 019.20 0.00
Liabilities from share certificate transactions EUR -968 471.45 % 100 -968 471.45 -0.13
Net assets 768 783 882.25 100.00
Net asset value per unit 133.03
Number of units outstanding 5 779 003.134
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
HDAX Performance Index
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 7.197
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 19.539
Average market risk exposure . . . . . . . . . . . . . . . . . % 12.260
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.4, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Main / Eurex Zürich)
Exchange rates (indirect quotes)
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
As of September 30, 2011
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 96 395 182.77.

DWS Aktien Strategie Deutschland
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note
loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Purchases/ Sales/
Description currency
additions disposals
(– / ’000)
Securities traded on an exchange
Equities
adidas (DE0005003404) . . . . . . . . . . . . . . . . . . . . . . Count 350 000
Aixtron Reg. (DE000A0WMPJ6) . . . . . . . . . . . . . . . . Count 170 000 530 000
Bauer (DE0005168108) . . . . . . . . . . . . . . . . . . . . . . .
Bijou Brigitte modische Accessoires
Count 12 200 230 000
(DE0005229504) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 55 000 100 000
Brenntag (DE000A1DAHH0) . . . . . . . . . . . . . . . . . . . Count 44 265 159 265
CeWe Color Holding (DE0005403901) . . . . . . . . . . . Count 120 000 120 000
Commerzbank (DE0008032004) . . . . . . . . . . . . . . . . Count 400 000 400 000
Daimler Reg. (DE0007100000) . . . . . . . . . . . . . . . . . Count 440 000 450 000
Demag Cranes (DE000DCAG010) . . . . . . . . . . . . . . Count 370 000 370 000
Deutsche Bank Reg. (DE0005140008) . . . . . . . . . . . Count 5 000 15 000
Deutsche Bank Right (DE000A1E8H87) . . . . . . . . . . Count 10 000
Deutsche Lufthansa Vink. Reg. (DE0008232125) . . Count 1 400 000 2 150 000
Deutsche Wohnen (DE000A0HN5C6) . . . . . . . . . . . Count 900 000
DEUTZ (DE0006305006) . . . . . . . . . . . . . . . . . . . . . . Count 1 610 735 1 610 735
euromicron (DE0005660005) . . . . . . . . . . . . . . . . . . Count 245 000
Evotec (DE0005664809) . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 1 000 000
Freenet (DE000A0Z2ZZ5) . . . . . . . . . . . . . . . . . . . . . Count 600 000
Fresenius Medical Care (DE0005785802) . . . . . . . . Count 324 400
Fresenius SE Pref. (DE0005785638) . . . . . . . . . . . . Count 20 000 220 000
Fuchs Petrolub Pref. (DE0005790430) . . . . . . . . . . . Count 15 000
HeidelbergCement (DE0006047004) . . . . . . . . . . . . Count 40 000 240 000
Hochtief (DE0006070006) . . . . . . . . . . . . . . . . . . . . Count 174 900 300 000
K+S (DE0007162000) . . . . . . . . . . . . . . . . . . . . . . . . Count 431 085 431 085
KTG Agrar (DE000A0DN1J4) . . . . . . . . . . . . . . . . . . Count 45 900
KWS SAAT (DE0007074007) . . . . . . . . . . . . . . . . . . Count 30 000
Leoni Reg. (DE0005408884) . . . . . . . . . . . . . . . . . . . Count 340 000
Merck (DE0006599905) . . . . . . . . . . . . . . . . . . . . . . Count 150 000 250 000
Metro Ord. (DE0007257503) . . . . . . . . . . . . . . . . . . Count 250 000 250 000
MTU Aero Engines Holding Reg. (DE000A0D9PT0) Count 150 000
Pfeiffer Vacuum Technology (DE0006916604) . . . . . Count 120 000
Porsche Automobil Holding Pref. (DE000PAH0038)
Porsche Automobil Holding Right on Pref.
Count 300 000 300 000
(DE000A1KRRB1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 155 000 155 000
Q-Cells (DE0005558662) . . . . . . . . . . . . . . . . . . . . . Count 2 000 000
Qiagen (NL0000240000) . . . . . . . . . . . . . . . . . . . . . . Count 260 800 650 000
Rational Ord. (DE0007010803) . . . . . . . . . . . . . . . . . Count 10 000 50 000
SMA Solar Technology (DE000A0DJ6J9) . . . . . . . . . Count 100 000
SolarWorld (DE0005108401) . . . . . . . . . . . . . . . . . . Count 450 000 1 950 000
Südzucker Ord. (DE0007297004) . . . . . . . . . . . . . . . Count 50 000 50 000
Symrise (DE000SYM9999) . . . . . . . . . . . . . . . . . . . . Count 140 000 510 700
Tognum (DE000A0N4P43) . . . . . . . . . . . . . . . . . . . . Count 350 000 500 000
TUI Reg. (DE000TUAG000) . . . . . . . . . . . . . . . . . . . Count 1 000 000 1 000 000
VERBIO Vereinigte BioEnergie (DE000A0JL9W6) . . Count 158 756 158 756
Wacker Chemie (DE000WCH8881) . . . . . . . . . . . . . Count 120 000 140 000
Wincor Nixdorf (DE000A0CAYB2) . . . . . . . . . . . . . . Count 26 000 165 000
XING (DE000XNG8888) . . . . . . . . . . . . . . . . . . . . . . Count 270 000
Securities that are admitted or included in organized markets
Equities
Dialog Semiconductor (GB0059822006) . . . . . . . . . Count 700 000
Unlisted securities
Equities
Aareal Bank (new) (DE000A1KRLA6) . . . . . . . . . . . . Count 108 377 108 377
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Futures contracts
Securities futures
Value (’000)
Equity futures
Contracts purchased:
(Underlyings: Allianz SE, Bayer, Commerzbank, Daimler Reg.,
Deutsche Bank Reg., Deutsche Lufthansa Vink. Reg., E.ON Reg.,
Infineon Technologies Reg., Linde, MAN Ord., SAP, Siemens Reg.,
ThyssenKrupp AG)
EUR 1 282 240
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index))
EUR 738 188
Contracts sold:
(Underlyings: DAX (performance index), MDAX Performance Index)
EUR 3 203 734
Option contracts
Options on equity index derivatives
Options on equity indices
Put options purchased:
(Underlyings: DAX (performance index))
EUR 170 000
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 915 713
(Security description: Activa resources, adidas Reg., Adler Modemärkte, ADVA
Optical Networking, Aixtron Reg., Allianz SE, Aurubis AG, Axel
Springer Vink. Reg., BASF Reg., Bauer, Bayer, Bijou Brigitte
modische Accessoires, BMW Ord., Centrotherm Photovoltaics,
CeWe Color Holding, Commerzbank, CTS EVENTIM, Daimler Reg.,
Demag Cranes, Deutsche EuroShop Reg., Deutsche Lufthansa Vink.
Reg., Deutsche Telekom Reg., Deutsche Wohnen, E.ON Reg.,
ElringKlinger Reg., Eurofins Scientific, euromicron, Fielmann,
Fraport AG Frankfurt Airport Services Worldwide, Fresenius Medical
Care, GEA Group, HAWESKO Holding, Henkel Pref., Highlight
Communications, Hochtief, Infineon Technologies Reg., K+S,
Krones, KWS SAAT, Lanxess, Leoni Reg., Linde, M.A.X.
Automation, MAN Ord., Merck, NORMA Group, Pfeiffer Vacuum
Technology, Phoenix Solar, Porsche Automobil Holding Pref.,
Porsche Automobil Holding Right on Pref., ProSiebenSat.1 Media
Pref., PSI AG für Produkte und Systeme der Info. Tech., Q-Cells,
Rational Ord., Rheinmetall Ord., Sartorius Pref., SFC Smart Fuel
Cell, Siemens Reg., SMA Solar Technology, SolarWorld, Südzucker
Ord., ThyssenKrupp AG, Tom Tailor Holding, TUI Reg., United
Internet Reg., VERBIO Vereinigte BioEnergie, Volkswagen Pref.,
Vossloh, Wacker Chemie, Wincor Nixdorf)
33

34
DWS Aktien Strategie Deutschland
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 19 555 388.61
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 18 425.56
3. Interest from investments of liquid assets in Germany . EUR 105 136.57
4. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 1 107 512.52
from securities lending . . . . . . . . .EUR 1 107 512.52
5. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -2 917.64
6. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 16 472.69
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 20 800 018.31
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -4 222.49
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -14 194 561.68
EUR -14 194 561.68
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -553 756.24
securities lending income . . . . . .EUR -553 756.24
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -14 752 540.41
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 047 477.90
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 208 577 858.93
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -179 561 110.30
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 29 016 748.63
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR 35 064 226.53
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.45% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.055% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS Aktien Strategie Deutschland to the Custodian and other third parties, except in
the form of financial information provided by brokers for research purposes.
An all-in fee of 1.45% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 4 845 606.40.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 719 710 125.60
1. Previous year's distribution or tax abatement . . . . . . . . . EUR -837 930.93
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 166 428 758.36
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 666 659 970.79
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -500 231 212.43
3. Income adjustment and reimbursed expenses . . . . . . . . EUR -1 726 826.75
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 047 477.90
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 208 577 858.93
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -179 561 110.30
7. Net change in unrealized appreciation/depreciation . . . . EUR -149 854 470.56
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 768 783 882.25
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Net gain/loss for the fiscal year . . . . . . . . EUR 35 064 226.53 6.07
II. Available for distribution . . . . . . . . . . . . EUR 35 064 226.53 6.07
1. Reinvested . . . . . . . . . . . . . . . . . . . . . . . . EUR -32 889 888.40 -5.69
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 2 174 338.13 0.38
1. Final distribution
a) Withholding tax on
capital income withheld . . . . . . . . . . . . EUR 2 060 984.01 0.36
b) Solidarity surcharge withheld . . . . . . . EUR 113 354.12 0.02
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768 783 882.25 133.03
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719 710 125.60 146.83
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663 888 286.76 126.69
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743 998 820.45 125.75
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 41.60 percent of all transactions. The total volume was EUR 657 271 627.37.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Aktien Strategie Deutschland for the fiscal year from
October 1, 2010, through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
35

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS European Opportunities
2011

38
DWS European Opportunities
Investment objective and
performance in the reporting period
DWS European Opportunities invests
in European small- and mid-caps. The
focus is on companies with aboveaverage
growth prospects, a sustainable
business model and solid balance
sheet. The debt situation in the southern
European countries made the market
climate increasingly difficult during
the fiscal year. As a result, from the
beginning of October 2010, through
the end of September 2011, the fund
recorded a decline of 14.6% per unit
(BVI method). The portfolio, which
invested according to the stock-picking
approach, lay behind its benchmark
(-11.6%), which consisted of 70%
from the STOXX Europe Mid 200 index
and 30% from the STOXX Europe
Small 200 index.
Investment policy
in the reporting period
In the opinion of the fund management,
there was a substantial risk in the position
in Britain’s AZ Electronic Materials.
There were concerns for a time that
the key Japanese customers of the
specialty chemicals manufacturer and
world market leader of high-quality
chemicals for semi-conductor production
would be forced to discontinue
production as a result of the earthquake.
The investment in Aareal Bank,
which held southern European bonds,
also represented a significant risk at
times. The reason for the underperformance
of the portfolio was the selection
of stocks with a more cyclical,
economically sensitive character. This
included equities of jewelry supplier
DWS EUROPEAN OPPORTUNITIES
Five-year performance
145
130
115
100
85
70
55
40
9/06* 9/07 9/08 9/09 9/10
9/11
DWS European Opportunities
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS EUROPEAN OPPORTUNITIES
vs. benchmark
Performance at a glance
in %
24
12
0
-12
-24
-36
-48
-11.6
-14.6
1 year
-3.0
+8.2
3 years
-37.6
-18.1
5 years
DWS European Opportunities
Benchmark 70% STOXX Europe
Mid 200, 30% STOXX Europe Small 200
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
Pandora. The company's trading partners
returned jewelry because of a
steep drop in sales. This put considerable
financial pressure on the company.
For this reason, the stock was removed
from the portfolio at a loss. The overweighting
of the industrial sector also
dampened performance. The equities
of FLSmidth & Co. recorded a particularly
steep decline. The world’s largest
manufacturer of cement plants, which
has a strong presence in North Africa,
had to significantly curtail its activities in
the region because of political changes.
We also closed this position. The price
of Aixtron equities also dampened
the performance of DWS European
Opportunities. The manufacturer of
equipment to produce LEDs saw
competition intensify as the result of a
new generation of machines from its
American competitor Veco. Demand in
China also fell because funding for LED
producers was cut.

The underweighting of the banking
sector was beneficial. The management
concentrated here on selected northern
European institutions (Jyske Bank,
Swedbank) with no investment in
southern Europe. Holdings in the technology
sector were increased because
individual stocks here presented
promising investment opportunities.
Telecity made a comparatively good
contribution to performance. The
British operator of data centers for
fast Internet access profited from the
dynamic development of data traffic
and recorded strong growth. The
company has made a name for itself in
the area of outsourcing business-critical
IT systems. The company was able to
convince local authorities to provide
the necessary infrastructure so that, for
example, the high power requirements
of data centers could be met. Towards
the end of the reporting period, the
liquidity of the portfolio was increased
at times because of the sharp rise in
market turbulence.
Main sources of capital gains/losses
The main sources of capital gains were
profits realized on the sale of equities.
Derivative transactions resulted in
losses.
DWS EUROPEAN OPPORTUNITIES: Summary statement of assets
Investment focus by sector
Equities 93.0% (September 30, 2011) / Equities 93.1% (September 30, 2010)
Financials
16.9
17.5
Industrials
16.4
25.6
Materials
16.3
14.2
Information Technology
13.8
11.1
Consumer Discretionary
10.8
10.7
Consumer Staples
6.5
4.9
Energy
6.2
4.5
Health Care
6.1
4.6
Cash and other assets
7.0
6.9
0 5 10 15 20 25 30
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
Security code: 847 415
ISIN: DE0008474156
As of: September 30, 2011
39

40
Annual report
DWS European Opportunities
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 405 569 334.65 91.61
Equities
Helvetia Holding Reg. (CH0012271687) . . . . . . . . . . . . . . Count 33 800 33 800 46 800 CHF 277.7500 7 695 980.90 1.74
Sika (CH0000587979) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 300 980 CHF 1 613.0000 7 008 151.00 1.58
Sulzer Reg. (new) (CH0038388911) . . . . . . . . . . . . . . . . . Count 25 000 25 000 CHF 95.9000 1 965 403.97 0.44
Christian Hansen Holding (DK0060227585) . . . . . . . . . . . Count 358 000 358 000 DKK 113.1000 5 440 997.81 1.23
GN Store Nord (DK0010272632) . . . . . . . . . . . . . . . . . . . . Count 540 400 19 600 DKK 34.4800 2 503 891.56 0.57
Jyske Bank (DK0010307958) . . . . . . . . . . . . . . . . . . . . . . Count 96 500 100 000 3 500 DKK 161.8000 2 098 160.71 0.47
Aareal Bank (DE0005408116) . . . . . . . . . . . . . . . . . . . . . . Count 131 263 131 263 EUR 11.9000 1 562 029.70 0.35
Aixtron Reg. (DE000A0WMPJ6) 3) . . . . . . . . . . . . . . . . . . Count 200 550 320 000 119 450 EUR 11.0950 2 225 102.25 0.50
Andritz (AT0000730007) 3) . . . . . . . . . . . . . . . . . . . . . . . . Count 135 100 80 000 4 900 EUR 62.7200 8 473 472.00 1.91
Brenntag (DE000A1DAHH0) . . . . . . . . . . . . . . . . . . . . . . . Count 81 890 84 840 2 950 EUR 65.0000 5 322 850.00 1.20
Bull (FR0010266601) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 700 000 700 000 EUR 3.2200 2 254 000.00 0.51
Commerzbank (DE0008032004) . . . . . . . . . . . . . . . . . . . . Count 2 500 000 3 500 000 1 000 000 EUR 1.9420 4 855 000.00 1.10
CompuGROUP Holding Ord. (DE0005437305) . . . . . . . . . Count 723 162 26 250 EUR 8.3250 6 020 323.65 1.36
Deutsche EuroShop Reg. (DE0007480204) . . . . . . . . . . . Count 162 225 38 675 5 850 EUR 25.2000 4 088 070.00 0.92
Diasorin (IT0003492391) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 173 700 30 000 6 300 EUR 27.0500 4 698 585.00 1.06
ElringKlinger Reg. (DE0007856023) . . . . . . . . . . . . . . . . . Count 163 180 169 080 5 900 EUR 17.5600 2 865 440.80 0.65
Fielmann (DE0005772206) . . . . . . . . . . . . . . . . . . . . . . . . Count 87 850 3 150 EUR 74.5600 6 550 096.00 1.48
Fresenius SE (DE0005785604) . . . . . . . . . . . . . . . . . . . . . Count 144 750 150 000 5 250 EUR 66.2000 9 582 450.00 2.16
Hugo Boss Pref. (DE0005245534) . . . . . . . . . . . . . . . . . . Count 65 000 65 000 EUR 62.3600 4 053 400.00 0.92
IMTECH (new) (NL0006055329) 3) . . . . . . . . . . . . . . . . . . Count 146 420 5 300 EUR 21.1650 3 098 979.30 0.70
Ingenico (FR0000125346) . . . . . . . . . . . . . . . . . . . . . . . . . Count 214 798 7 800 EUR 28.0300 6 020 787.94 1.36
KONE Cl.B (new) (FI0009013403) 3) . . . . . . . . . . . . . . . . . Count 216 800 153 200 EUR 35.8200 7 765 776.00 1.75
Koninklijke DSM (NL0000009827) 3) . . . . . . . . . . . . . . . . Count 193 000 200 000 7 000 EUR 32.6250 6 296 625.00 1.42
KWS SAAT (DE0007074007) . . . . . . . . . . . . . . . . . . . . . . . Count 45 000 13 700 6 100 EUR 141.4000 6 363 000.00 1.44
Lanxess (DE0005470405) . . . . . . . . . . . . . . . . . . . . . . . . . Count 161 150 5 850 EUR 35.9450 5 792 536.75 1.31
Lenzing (AT0000644505) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 58 204 58 204 EUR 72.6600 4 229 102.64 0.96
Mediobanca (IT0000062957) . . . . . . . . . . . . . . . . . . . . . . . Count 655 500 1 180 000 524 500 EUR 5.9250 3 883 837.50 0.88
MTU Aero Engines Holding Reg. (DE000A0D9PT0) . . . . . Count 60 000 60 000 EUR 47.0000 2 820 000.00 0.64
Nokian Renkaat (FI0009005318) 3) . . . . . . . . . . . . . . . . . . Count 200 000 103 000 EUR 22.5700 4 514 000.00 1.02
NORMA Group (DE000A1H8BV3) . . . . . . . . . . . . . . . . . . Count 300 000 300 000 EUR 12.2000 3 660 000.00 0.83
Nutreco Holding (NL0000375400) . . . . . . . . . . . . . . . . . . . Count 120 000 120 000 EUR 47.2450 5 669 400.00 1.28
Obrascón Huarte Lain (ES0142090317) . . . . . . . . . . . . . . Count 140 000 280 000 140 000 EUR 18.4200 2 578 800.00 0.58
ProSiebenSat.1 Media Pref. (DE0007771172) . . . . . . . . . Count 157 925 163 625 5 700 EUR 13.2650 2 094 875.13 0.47
Recordati - Industria Chimica e Farmaceutica
(IT0003828271) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 810 600 29 400 EUR 6.4550 5 232 423.00 1.18
Rheinmetall Ord. (DE0007030009) . . . . . . . . . . . . . . . . . . Count 31 976 228 024 EUR 35.2700 1 127 793.52 0.25
SCOR (FR0010411983) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 434 250 355 000 265 750 EUR 16.4550 7 145 583.75 1.61
SEB (FR0000121709) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 101 350 105 000 3 650 EUR 60.2700 6 108 364.50 1.38
Software (DE0003304002) . . . . . . . . . . . . . . . . . . . . . . . . Count 382 617 255 078 44 600 EUR 23.5850 9 024 021.95 2.04
Technicolor (FR0010918292) 3) . . . . . . . . . . . . . . . . . . . . . Count 1 200 900 1 235 950 35 050 EUR 2.2310 2 679 207.90 0.61
Technip (FR0000131708) 3) . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 86 500 36 500 EUR 60.3500 6 035 000.00 1.36
United Internet Reg. (DE0005089031) . . . . . . . . . . . . . . . Count 675 500 200 000 24 500 EUR 12.6800 8 565 340.00 1.93
Valeo (FR0000130338) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 221 950 8 050 EUR 31.7700 7 051 351.50 1.59
voestalpine (AT0000937503) . . . . . . . . . . . . . . . . . . . . . . . Count 80 000 80 000 EUR 21.7800 1 742 400.00 0.39
African Barrick Gold (GB00B61D2N63) . . . . . . . . . . . . . . . Count 367 500 367 500 GBP 5.0273 2 127 020.77 0.48
Aggreko (GB00B4WQ2Z29) . . . . . . . . . . . . . . . . . . . . . . . Count 256 968 256 968 GBP 16.3500 4 837 032.18 1.09
ARM Holdings (GB0000595859) . . . . . . . . . . . . . . . . . . . . Count 549 200 1 080 000 530 800 GBP 5.5500 3 509 180.33 0.79
Ashmore (GB00B132NW22) . . . . . . . . . . . . . . . . . . . . . . . Count 850 000 850 000 GBP 3.2790 3 208 799.03 0.72
Associated British Foods (GB0006731235) . . . . . . . . . . . Count 190 000 190 000 GBP 11.0900 2 425 868.87 0.55
AZ Electronic Materials (LU0552383324) . . . . . . . . . . . . . Count 3 000 000 3 053 000 53 000 GBP 2.1750 7 512 123.01 1.70
Berkeley Group Holdings Units (GB00B02L3W35) . . . . . . Count 371 250 380 000 8 750 GBP 11.7000 5 000 742.58 1.13
Burberry Group (GB0031743007) . . . . . . . . . . . . . . . . . . . Count 250 000 250 000 GBP 11.3200 3 258 131.51 0.74
Centamin Egypt (AU000000CNT2) . . . . . . . . . . . . . . . . . . Count 1 843 400 1 843 400 GBP 0.9420 1 999 183.51 0.45
Croda International (GB0002335270) . . . . . . . . . . . . . . . . Count 600 000 60 000 60 000 GBP 16.1900 11 183 565.20 2.53
Icap (GB0033872168) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 061 450 38 550 GBP 4.1320 5 049 426.20 1.14
IG Group Holdings (GB00B06QFB75) . . . . . . . . . . . . . . . . Count 1 147 450 352 550 GBP 4.4320 5 854 848.97 1.32
IMI (GB0004579636) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 500 000 GBP 7.0550 4 061 151.56 0.92
Intertek Group (GB0031638363) . . . . . . . . . . . . . . . . . . . . Count 419 673 15 200 GBP 18.7000 9 035 138.43 2.04
John Wood Group (GB00B5N0P849) . . . . . . . . . . . . . . . . Count 779 166 779 166 GBP 5.3450 4 794 682.76 1.08
Kazakhmys (GB00B0HZPV38) . . . . . . . . . . . . . . . . . . . . . . Count 337 750 12 250 GBP 8.0000 3 110 767.26 0.70
Lancashire Holdings (BMG5361W1047) . . . . . . . . . . . . . . Count 868 500 31 500 GBP 7.0750 7 074 218.05 1.60
Old Mutual (GB0007389926) . . . . . . . . . . . . . . . . . . . . . . Count 1 929 900 2 000 000 70 100 GBP 1.0360 2 301 848.50 0.52
Premier Oil (GB00B43G0577) . . . . . . . . . . . . . . . . . . . . . . Count 540 400 540 400 GBP 3.4950 2 174 426.32 0.49
Randgold Resources (GB00B01C3S32) . . . . . . . . . . . . . . Count 126 000 126 000 169 299 GBP 61.2500 8 885 028.25 2.01
Smiths Group (GB00B1WY2338) . . . . . . . . . . . . . . . . . . . Count 240 000 260 000 GBP 9.8450 2 720 251.99 0.61
Spectris (GB0003308607) . . . . . . . . . . . . . . . . . . . . . . . . . Count 700 000 302 640 GBP 11.8000 9 509 599.40 2.15
TeleCity Group (GB00B282YM11) . . . . . . . . . . . . . . . . . . . Count 2 181 700 650 000 68 300 GBP 5.5200 13 864 885.40 3.13
Tullett Prebon (GB00B1H0DZ51) . . . . . . . . . . . . . . . . . . . Count 1 244 826 45 200 GBP 3.3810 4 845 470.98 1.09
Wolseley (JE00B3YWCQ29) . . . . . . . . . . . . . . . . . . . . . . . Count 289 500 300 000 10 500 GBP 15.8600 5 286 082.37 1.19
Algeta (NO0010239437) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 230 000 230 000 NOK 174.5000 5 084 726.87 1.15
Gjensidige Forsikring (NO0010582521) 3) . . . . . . . . . . . . Count 510 950 529 500 18 550 NOK 60.3000 3 903 373.21 0.88

DWS European Opportunities
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
SeaDrill (BMG7945E1057) . . . . . . . . . . . . . . . . . . . . . . . . Count 289 500 10 500 NOK 163.7000 6 004 012.80 1.36
Subsea 7 (LU0075646355) . . . . . . . . . . . . . . . . . . . . . . . . Count 356 500 356 500 NOK 112.6000 5 085 601.03 1.15
TGS Nopec Geophysical Co. (NO0003078800) 3) . . . . . . Count 230 000 230 000 NOK 110.2000 3 211 099.72 0.73
Yara International (NO0010208051) . . . . . . . . . . . . . . . . . Count 221 950 230 000 328 050 NOK 240.4000 6 759 801.99 1.53
Powszechny Zaklad Ubezpieczen
(PLPZU0000011) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 55 566 16 966 26 400 PLN 311.7000 3 900 582.93 0.88
Autoliv SDR (SE0000382335) . . . . . . . . . . . . . . . . . . . . . . Count 103 800 159 200 SEK 336.2000 3 766 070.32 0.85
Swedbank (SE0000242455) . . . . . . . . . . . . . . . . . . . . . . . Count 508 850 381 150 SEK 77.3000 4 244 852.80 0.96
Swedish Match (SE0000310336) . . . . . . . . . . . . . . . . . . . Count 337 750 12 250 SEK 226.1000 8 241 177.77 1.86
TAV Havalimanlari Holding (TRETAVH00018) . . . . . . . . . . Count 1 543 950 200 000 56 050 TRY 7.2600 4 455 603.27 1.01
Tekfen Holding (TRETKHO00012) . . . . . . . . . . . . . . . . . . . Count 2 508 900 900 000 91 100 TRY 5.6000 5 584 805.34 1.26
Etalon Group GDR Reg S (US29760G1031) . . . . . . . . . . . Count 1 102 940 1 102 940 USD 3.6000 2 935 541.44 0.66
Securities that are admitted or included in organized markets 6 259 200.00 1.41
Equities
Kerry Group (IE0004906560) . . . . . . . . . . . . . . . . . . . . . . . Count 240 000 240 000 EUR 26.0800 6 259 200.00 1.41
Total securities portfolio 411 828 534.65 93.02
Derivatives
Minus signs denote short positions
Equity index derivatives 733 850.62 0.16
(Receivables/payables)
Equity index futures
DAX Index Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . Count 3 750 733 850.62 0.17
Cash and non-securitized money market instruments 28 506 651.17 6.44
Cash at bank 28 506 651.17 6.44
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 243 773.05 % 100 14 243 773.05 3.22
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 10 466 956.29 % 100 10 466 956.29 2.36
Deposits in non-EU/EEA currencies
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 4 130 016.01 % 100 3 385 672.52 0.76
Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 728 174.10 % 100 289 448.89 0.07
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 163 268.62 % 100 120 708.14 0.03
South African rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ZAR 998.15 % 100 92.28 0.00
Other assets 2 154 865.13 0.49
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 13 179.70 % 100 13 179.70 0.00
Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 993 739.63 % 100 993 739.63 0.22
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 121 336.08 % 100 1 121 336.08 0.25
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 26 609.72 % 100 26 609.72 0.01
Receivables from share certificate transactions EUR 91 143.91 % 100 91 143.91 0.02
Other liabilities -552 631.32 -0.12
Liabilities from cost item . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -539 326.43 % 100 -539 326.43 -0.12
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -13 304.89 % 100 -13 304.89 0.00
Liabilities from share certificate transactions EUR -65 262.40 % 100 -65 262.40 -0.01
Net assets 442 697 151.76 100.00
Net asset value per unit 126.21
Number of units outstanding 3 507 662.249
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
41

42
DWS European Opportunities
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
70% Stoxx Mid 200 Price Index in EUR, 30% Stoxx - Small 200 Price Index
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 6.596
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 14.473
Average market risk exposure . . . . . . . . . . . . . . . . . % 9.902
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Main / Eurex Zürich)
Exchange rates (indirect quotes)
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
Danish krone . . . . . . . . . . . . . . . . . . . . DKK 7.441613 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.868596 = EUR 1
Norwegian krone . . . . . . . . . . . . . . . . NOK 7.893246 = EUR 1
Polish zloty . . . . . . . . . . . . . . . . . . . . . PLN 4.440342 = EUR 1
Swedish krona . . . . . . . . . . . . . . . . . . SEK 9.266306 = EUR 1
Turkish lira . . . . . . . . . . . . . . . . . . . . . . TRY 2.515726 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.352590 = EUR 1
South African rand . . . . . . . . . . . . . . . ZAR 10.816808 = EUR 1
As of September 30, 2011
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 22 183 312.91.

DWS European Opportunities
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Description currency
(– / ’000)
Securities traded on an exchange
Purchases/ Sales/
additions disposals
Equities
Aryzta Reg. (CH0043238366) . . . . . . . . . . . . . . . . . . Count 15 000 100 000
Clariant Reg. (CH0012142631) . . . . . . . . . . . . . . . . . Count 870 000 870 000
Dufry Reg. (CH0023405456) . . . . . . . . . . . . . . . . . . Count 30 000 30 000
Gategroup Holding Reg. (CH0100185955) . . . . . . . . Count 170 000 170 000
Sonova Holding Reg. (CH0012549785) . . . . . . . . . . Count 13 000 43 000
Dampskibsselskabet Norden Bear.
(DK0060083210) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 350 000
FLSmidth & Co. B (DK0010234467) . . . . . . . . . . . . . Count 100 000 180 000
Pandora (DK0060252690) . . . . . . . . . . . . . . . . . . . . . Count 430 000 430 000
Banca Popolare di Milano (IT0000064482) . . . . . . . . Count 700 000 2 200 000
Comp. Générale de Géophysique-Veritas
(FR0000120164) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 250 000
Daimler Reg. (DE0007100000) . . . . . . . . . . . . . . . . . Count 43 665 43 665
Ebro Puleva Reg. (ES0112501012) . . . . . . . . . . . . . . Count 180 000 180 000
Euler Hermes Reg. (FR0004254035) . . . . . . . . . . . . Count 45 000
Fresenius SE Pref. (DE0005785638) . . . . . . . . . . . . Count 150 000
Hochtief (DE0006070006) . . . . . . . . . . . . . . . . . . . . Count 100 000
KBC Ancora (BE0003867844) . . . . . . . . . . . . . . . . . . Count 160 000
Koninklijke Boskalis Westminster CVA (new)
(NL0000852580) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 243 700
Lagardère Reg. (FR0000130213) . . . . . . . . . . . . . . . Count 210 000 210 000
Leoni Reg. (DE0005408884) . . . . . . . . . . . . . . . . . . . Count 156 193
Outotec (FI0009014575) . . . . . . . . . . . . . . . . . . . . . . Count 140 000
Palfinger (AT0000758305) . . . . . . . . . . . . . . . . . . . . . Count 140 000 140 000
Prosegur - Cía de Seguridad Reg. (ES0175438235) . Count 61 500 221 000
Salzgitter (DE0006202005) . . . . . . . . . . . . . . . . . . . . Count 70 000 70 000
Sampo Bear. A (FI0009003305) . . . . . . . . . . . . . . . . Count 400 000
Tecnicas Reunidas & Westinghouse
(ES0178165017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 254 000
Tod’s (IT0003007728) . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 70 000
Vienna Insurance Group (AT0000908504) . . . . . . . . Count 110 000
Wacker Chemie (DE000WCH8881) . . . . . . . . . . . . . Count 19 000 114 000
YIT OYJ (FI0009800643) . . . . . . . . . . . . . . . . . . . . . . Count 534 109
Aggreko (GB0001478998) . . . . . . . . . . . . . . . . . . . . Count 200 000 200 000
Antofagasta (GB0000456144) . . . . . . . . . . . . . . . . . . Count 150 000 400 000
Autonomy Corp. (GB0055007982) . . . . . . . . . . . . . . Count 700 000 700 000
AZ Electronic Materials (LU055238332X) . . . . . . . . . Count 1 512 120 1 512 120
Cairn Energy (GB00B59MW615) . . . . . . . . . . . . . . . Count 450 000
Carillion (GB0007365546) . . . . . . . . . . . . . . . . . . . . . Count 1 910 000
Enterprise Inns (GB00B1L8B624) . . . . . . . . . . . . . . . Count 1 400 000
John Wood Group (GB0031575839) . . . . . . . . . . . . Count 785 000 785 000
Legal & General Group (GB0005603997) . . . . . . . . . Count 5 250 000
Lonmin (GB0031192486) . . . . . . . . . . . . . . . . . . . . . Count 300 000
Persimmon (GB0006825383) . . . . . . . . . . . . . . . . . . Count 1 000 000
Premier Farnell (GB0003318416) . . . . . . . . . . . . . . . Count 700 000 2 500 000
Premier Oil (GB0033560011) . . . . . . . . . . . . . . . . . . Count 140 000
Serco Group (GB0007973794) . . . . . . . . . . . . . . . . . Count 600 669
TUI Travel (GB00B1Z7RQ77) . . . . . . . . . . . . . . . . . . Count 3 600 000 3 600 000
Wolseley (new) (GB00B5ZN3P43) . . . . . . . . . . . . . . Count 490 000
Marine Harvest (NO0003054108) . . . . . . . . . . . . . . . Count 12 500 000
Petroleum Geo-Services (new) (NO0010199151) . . Count 940 000 940 000
Warsaw Stock Exchange (PLGPW0000017) . . . . . . Count 28 570 28 570
Ångpanneföreningen B (Free) (SE0000115578) . . . . Count 284 332
Electrolux B (SE0000103814) . . . . . . . . . . . . . . . . . . Count 629 000
Oriflame Cosmetics SDR (SE0001174889) . . . . . . . Count 120 000 220 000
Rezidor Hotel Group (SE0001857533) . . . . . . . . . . . Count 700 000
Skandinaviska Enskilda Banken A (Free)
(SE0000148884) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 675 000
Skanska B (Free) (SE0000113250) . . . . . . . . . . . . . . Count 505 000
Count/
Description currency
(– / ’000)
Unlisted securities
Purchases/ Sales/
additions disposals
Equities
Aareal Bank (new) (DE000A1KRLA6) . . . . . . . . . . . . Count 31 263 31 263
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Futures contracts
Value (’000)
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index))
EUR 47 516
Option contracts
Options on equity index derivatives
Options on equity indices
Put options purchased:
(Underlyings: DAX (performance index))
EUR 47 250
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 563 548
(Security description: Aixtron Reg., Andritz, Antofagasta, Autoliv SDR,
Autonomy Corp., Banca Popolare di Milano, Bull, Clariant
Reg., Comp. Générale de Géophysique-Veritas, CompuGROUP
Holding Ord., Dampskibsselskabet Norden Bear., Deutsche
EuroShop Reg., Diasorin, Dufry Reg., Electrolux B, Fielmann,
FLSmidth & Co. B, Fresenius SE, Gjensidige Forsikring,
GN Store Nord, IMTECH (new), Ingenico, KONE Cl.B (new),
Koninklijke Boskalis Westminster CVA (new), KWS SAAT,
Lanxess, Leoni Reg., Marine Harvest, Mediobanca, Nokian
Renkaat, Oriflame Cosmetics SDR, Outotec, Pandora,
Petroleum Geo-Services (new), Premier Farnell, Recordati -
Industria Chimica e Farmaceutica, Rezidor Hotel Group,
Rheinmetall Ord., Salzgitter, Sampo Bear. A, SCOR, SeaDrill,
SEB, Sika, Skandinaviska Enskilda Banken A (Free), Skanska B
(Free), Sonova Holding Reg., Subsea 7. Swedbank, Swedish
Match, Technicolor, Technip, Tecnicas Reunidas & Westinghouse,
Tekfen Holding, TGS Nopec Geophysical Co., United Internet Reg.,
Valeo, Vienna Insurance Group, voestalpine, Wacker Chemie,
Yara International, YIT OYJ)
43

44
DWS European Opportunities
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 3 035 036.80
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 8 237 338.23
3. Interest from investments of liquid assets in Germany . EUR 126 453.87
4. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 1 176 768.96
5.
from securities lending . . . . . . . . .EUR 1 176 768.96
Abzug ausländischer Quellensteuer *) . . . . . . . . . . . . . . EUR 257 382.93
6. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 2 677 604.38
Compensation payments . . . . . . .EUR 2 667 216.73
Other . . . . . . . . . . . . . . . . . . . . . . .EUR 10 387.65
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 15 510 585.17
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -107.36
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
EUR -7 659 395.80
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -7 659 395.80
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -590 850.76
securities lending income . . . . . . .EUR -588 384.50
Legal expenses . . . . . . . . . . . . . . .EUR -2 234.75
Other . . . . . . . . . . . . . . . . . . . . . . .EUR -231.51
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -8 250 353.92
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 260 231.25
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 61 271 071.14
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -46 172 591.22
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 15 098 479.92
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR 22 358 711.17
*) Includes withholding tax refunds from previous years.
BVI total expense ratio (TER)
The total expense ratio was 1.40% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.108% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS European Opportunities to the Custodian and other third parties, except in the
form of financial information provided by brokers for research purposes.
An all-in fee of 1.40% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 1 913 276.69.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 545 874 925.27
1. Previous year's distribution or tax abatement . . . . . . . . . EUR -4 886 549.23
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -15 568 783.59
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 1 146 967 425.84
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -1 162 536 209.43
3. Income adjustment and reimbursed expenses . . . . . . . . EUR 2 622 375.08
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 260 231.25
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 61 271 071.14
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -46 172 591.22
7. Net change in unrealized appreciation/depreciation . . . . EUR -107 703 526.94
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 442 697 151.76
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Balance brought forward
from previous year . . . . . . . . . . . . . . . . . . EUR 64 587 551.69 18.41
2. Net gain/loss for the fiscal year . . . . . . . . EUR 22 358 711.17 6.38
II. Available for distribution . . . . . . . . . . . . EUR 86 946 262.86 24.79
1. Reinvested . . . . . . . . . . . . . . . . . . . . . . . . EUR -13 280 829.24 -3.79
2. Balance carried forward . . . . . . . . . . . . . . EUR -66 404 572.76 -18.93
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 7 260 860.86 2.07
1. Final distribution
a) Cash distribution . . . . . . . . . . . . . . . . . EUR 6 924 451.99 1.98
b) Withholding tax on
capital income withheld . . . . . . . . . . . . EUR 318 870.97 0.09
c) Solidarity surcharge withheld . . . . . . . . EUR 17 537.90 0.00
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit
EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 697 151.76 126.21
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545 874 925.27 149.14
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433 232 165.08 133.70
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 119 052.15 137.13
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 6.99 percent of all transactions. The total volume was EUR 65 416 398.05.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS European Opportunities for the fiscal year from
October 1, 2010, through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
45

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Eurovesta
2011

48
DWS Eurovesta
Investment objective and
performance in the reporting period
The investment result of DWS
Eurovesta was also hurt by the steep
price declines resulting from the intensification
of the debt crisis in Europe.
The fund, which invests in European
blue chips, recorded a drop of 19.1%
per unit (BVI method) during the
12 months through the end of September
2011. This placed it ahead of its
benchmark, the MSCI Europe (since
March 1, 2011, previously STOXX
Europe 50), which fell 11.2%.
Investment policy
in the reporting period
The underperformance was attributable
primarily to the insufficient weighting of
purely defensive sectors. This included
stocks in non-cyclical consumer goods
such as food, beverage and tobacco.
Companies in the tobacco segment, for
example, had a solid cost structure,
were able to afford expensive acquisitions
and their attractive dividends allowed
their shareholders to participate
in the success of the companies. The
weighting of pharmaceutical stocks was
also too low. Investors focused on this
segment because of its defensive character
and its stronger orientation toward
shareholder value and cash flow generation.
Holdings in Bayer were increased
for a time; however, the performance of
its equity price was weaker than the industry
average because of a delay in the
approval of a new medication. Purchases
of GlaxoSmithKline and Roche were
then made after their stock prices fell
DWS EUROVESTA
Five-year performance
145
130
115
100
85
70
55
40
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Eurovesta
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS EUROVESTA vs. benchmark
Performance at a glance
in %
0
-6
-12
-18
-24
-30
-36
-19.1
-11.2
1 year
-10.4 -10.3
3 years
-29.0
-31.1
5 years
DWS Eurovesta
Benchmark MSCI Europe since
March 1, 2011
(previously: STOXX Europe 50)
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011

sharply because of the significant market
weakness.
At the regional level, the fact that the
weighting of the United Kingdom was
below the benchmark level dampened
performance. With the country outside
the euro area, prices in the British equity
markets did not decline as steeply.
During the fiscal year DWS Eurovesta
increased holdings here somewhat and
added British American Tobacco for a
time. Aggreko was also added to the
portfolio; the provider of rental power
generators was active globally and had
a leading market position particularly in
countries with strong fluctuations in
the power supply. Investments in the
banking sector were reduced early on;
in the view of the fund management
no significant risk existed even towards
the end of the reporting period as the
debt crisis intensified. Instead the focus
shifted to insurers (Allianz, Sampo) and
asset managers (Ashmore) because of
their better visibility.
Main sources of capital gains/losses
The main sources of capital gains were
profits realized on the sale of equities.
DWS EUROVESTA: Summary statement of assets
Investment focus by sector
Equities 93.9% (September 30, 2011) / Equities 89.9% (September 30, 2010)
Financials
15.5
18.3
Industrials
13.7
15.2
Energy
5.9
12.7
Consumer Discretionary
4.7
11.7
Materials
10.6
13.4
Health Care
10.4
10.2
Consumer Staples
10.0
12.3
Telecommunication Services
4.9
3.4
Information Technology
2.4
4.7
Utilities
2.0
1.8
Certificates
2.4
2.6
Cash and other assets
3.7
7.5
0 3 6 9 12 15
18 21
In % of the fund’s net assets
as of Sptember 30, 201
In % of the fund’s net assets
as of Sptember 30, 2010
Security code: 849 084
ISIN: DE0008490848
As of: September 30, 2011
49

50
Annual report
DWS Eurovesta
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 543 325 181.21 96.29
Equities
ABB Reg. (CH0012221716) . . . . . . . . . . . . . . . . . . . . . . . . Count 562 114 1 909 831 1 347 717 CHF 15.6900 7 230 037.65 1.28
Nestlé Reg. (CH0038863350) . . . . . . . . . . . . . . . . . . . . . . Count 640 751 742 249 301 498 CHF 49.8100 26 163 693.20 4.64
Sulzer Reg. (new) (CH0038388911) . . . . . . . . . . . . . . . . . Count 52 377 52 377 105 000 CHF 95.9000 4 117 678.55 0.73
The Swatch Group (CH0012255151) . . . . . . . . . . . . . . . . Count 31 022 51 330 70 308 CHF 303.6000 7 720 843.94 1.37
Novo-Nordisk B (DK0060102614) . . . . . . . . . . . . . . . . . . . Count 104 653 104 653 DKK 554.0000 7 791 020.84 1.38
adidas Reg. (DE000A1EWWW0) . . . . . . . . . . . . . . . . . . . Count 232 847 358 833 125 986 EUR 44.9500 10 466 472.65 1.85
Alcatel-Lucent (FR0000130007) . . . . . . . . . . . . . . . . . . . . Count 1 193 643 2 592 022 1 398 379 EUR 2.2310 2 663 017.53 0.47
Allianz SE (DE0008404005) . . . . . . . . . . . . . . . . . . . . . . . . Count 131 385 170 545 239 160 EUR 69.7100 9 158 848.35 1.62
BASF Reg. (DE000BASF111) . . . . . . . . . . . . . . . . . . . . . . Count 163 136 424 906 261 770 EUR 45.9950 7 503 440.32 1.33
Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 242 109 099 227 857 EUR 41.5050 8 311 044.21 1.47
BMW Ord. (DE0005190003) . . . . . . . . . . . . . . . . . . . . . . . Count 216 433 376 457 160 024 EUR 49.0000 10 605 217.00 1.88
Compagnie de Saint-Gobain (C.R.) (FR0000125007) . . . . Count 248 853 181 147 EUR 28.5800 7 112 218.74 1.26
Continental (DE0005439004) . . . . . . . . . . . . . . . . . . . . . . Count 100 000 211 796 331 796 EUR 43.7800 4 378 000.00 0.78
Daimler Reg. (DE0007100000) . . . . . . . . . . . . . . . . . . . . . Count 273 366 432 797 159 431 EUR 33.3450 9 115 389.27 1.62
Essilor International (FR0000121667) 3) . . . . . . . . . . . . . . Count 174 363 64 363 110 000 EUR 53.8300 9 385 960.29 1.66
Fortum (FI0009007132) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 398 955 150 387 351 432 EUR 17.7600 7 085 440.80 1.26
Fresenius SE (DE0005785604) . . . . . . . . . . . . . . . . . . . . . Count 150 962 150 962 EUR 66.2000 9 993 684.40 1.77
Galp Energia SGPS (PTGAL0AM0009) . . . . . . . . . . . . . . . Count 386 125 386 125 EUR 13.5400 5 228 132.50 0.93
Groupe Danone (C.R.) (FR0000120644) . . . . . . . . . . . . . . Count 158 654 279 917 121 263 EUR 45.6450 7 241 761.83 1.28
Henkel Pref. (DE0006048432) 3) . . . . . . . . . . . . . . . . . . . Count 303 200 380 805 77 605 EUR 39.2300 11 894 536.00 2.11
ING Groep CVA (NL0000303600) . . . . . . . . . . . . . . . . . . . Count 2 462 099 2 327 108 3 065 009 EUR 5.4110 13 322 417.69 2.36
Koninklijke DSM (NL0000009827) . . . . . . . . . . . . . . . . . . Count 302 081 343 255 41 174 EUR 32.6250 9 855 392.63 1.75
Lenzing (AT0000644505) 3) . . . . . . . . . . . . . . . . . . . . . . . . Count 81 755 81 755 EUR 72.6600 5 940 318.30 1.05
Linde (DE0006483001) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 170 233 170 233 EUR 101.6000 17 295 672.80 3.07
LVMH Moët Hennessy Louis Vuitton (C.R.)
(FR0000121014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 146 090 146 090 EUR 98.4100 14 376 716.90 2.55
MAN Ord. (DE0005937007) . . . . . . . . . . . . . . . . . . . . . . . Count 113 662 233 559 119 897 EUR 59.2000 6 728 790.40 1.19
Porsche Automobil Holding Pref. (DE000PAH0038) . . . . . Count 50 000 279 077 229 077 EUR 35.7850 1 789 250.00 0.32
Repsol YPF (ES0173516115) . . . . . . . . . . . . . . . . . . . . . . Count 737 597 852 458 114 861 EUR 19.8300 14 626 548.51 2.59
Safran (FR0000073272) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 290 000 429 345 139 345 EUR 23.5200 6 820 800.00 1.21
Saipem (IT0000068525) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 449 948 461 058 311 110 EUR 26.4900 11 919 122.52 2.11
Sampo Bear. A (FI0009003305) . . . . . . . . . . . . . . . . . . . . Count 500 377 978 956 478 579 EUR 18.9900 9 502 159.23 1.68
SAP (DE0007164600) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 290 000 289 706 224 706 EUR 37.9650 11 009 850.00 1.95
Schneider Electric (FR0000121972) 3) . . . . . . . . . . . . . . . Count 212 297 381 110 168 813 EUR 40.3550 8 567 245.44 1.52
SES Cl.A FDR (LU0088087324) . . . . . . . . . . . . . . . . . . . . Count 440 000 511 040 71 040 EUR 17.6600 7 770 400.00 1.38
Siemens Reg. (DE0007236101) . . . . . . . . . . . . . . . . . . . . Count 175 794 229 794 154 000 EUR 67.4200 11 852 031.48 2.10
Telefonica (ES0178430E18) . . . . . . . . . . . . . . . . . . . . . . . . Count 334 390 874 223 1 139 833 EUR 14.2800 4 775 089.20 0.85
VINCI (FR0000125486) 3) . . . . . . . . . . . . . . . . . . . . . . . . . Count 216 078 394 242 578 164 EUR 32.0050 6 915 576.39 1.23
Aggreko (GB00B4WQ2Z29) . . . . . . . . . . . . . . . . . . . . . . . Count 469 084 469 084 GBP 16.3500 8 829 793.60 1.56
Ashmore (GB00B132NW22) . . . . . . . . . . . . . . . . . . . . . . . Count 1 627 668 1 905 167 277 499 GBP 3.2790 6 144 540.58 1.09
BG Group (GB0008762899) . . . . . . . . . . . . . . . . . . . . . . . Count 1 180 160 1 422 556 242 396 GBP 12.2800 16 684 816.42 2.96
British American Tobacco (BAT) (GB0002875804) . . . . . . Count 352 264 552 264 900 000 GBP 27.3850 11 106 140.99 1.97
GlaxoSmithkline (GB0009252882) . . . . . . . . . . . . . . . . . . Count 753 891 753 891 GBP 13.2268 11 480 052.61 2.03
HSBC Holdings (GB0005405286) . . . . . . . . . . . . . . . . . . . Count 1 594 314 6 462 987 4 868 673 GBP 4.9200 9 030 694.22 1.60
Legal & General Group (GB0005603997) . . . . . . . . . . . . . Count 10 741 096 10 741 096 GBP 0.9708 12 005 449.76 2.13
Old Mutual (GB0007389926) . . . . . . . . . . . . . . . . . . . . . . Count 4 000 000 6 283 719 2 283 719 GBP 1.0360 4 770 917.66 0.85
Rio Tinto (GB0007188757) . . . . . . . . . . . . . . . . . . . . . . . . Count 141 700 272 926 831 226 GBP 28.8850 4 712 207.40 0.84
Royal Dutch Shell Cl. A (GB00B03MLX29) . . . . . . . . . . . . Count 959 759 1 809 759 850 000 GBP 19.8900 21 977 543.66 3.90
Scottish and Southern Energy (GB0007908733) . . . . . . . Count 298 716 298 716 GBP 12.8200 4 408 884.13 0.78
Standard Chartered (GB0004082847) . . . . . . . . . . . . . . . . Count 354 816 691 666 336 850 GBP 12.9200 5 277 738.70 0.94
Vodafone Group (GB00B16GWD56) . . . . . . . . . . . . . . . . . Count 11 954 230 22 816 859 10 862 629 GBP 1.6560 22 791 038.50 4.04
Xstrata (GB0031411001) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 900 000 375 541 1 975 541 GBP 8.2010 8 497 506.32 1.51
DnB NOR A (NO0010031479) . . . . . . . . . . . . . . . . . . . . . Count 1 253 753 1 478 557 224 804 NOK 58.6000 9 307 948.31 1.65
Subsea 7 (LU0075646355) . . . . . . . . . . . . . . . . . . . . . . . . Count 93 037 100 000 606 963 NOK 112.6000 1 327 206.35 0.24
Yara International (NO0010208051) . . . . . . . . . . . . . . . . . Count 191 195 270 303 279 108 NOK 240.4000 5 823 114.85 1.03
Atlas Copco A (Free) (SE0000101032) 3) . . . . . . . . . . . . . Count 665 211 1 205 239 540 028 SEK 123.7000 8 880 194.62 1.57
Nordea Bank (SE0000427361) . . . . . . . . . . . . . . . . . . . . . Count 1 463 862 2 505 932 1 042 070 SEK 56.2500 8 886 198.83 1.57
Certificates
DWS GO UK Best Picks TR Index Certificate
(DE000DWS0J62) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 251 000 99 000 EUR 53.4750 13 422 225.00 2.38
Other equity securities
Roche Holding Profitsh. (CH0012032048) . . . . . . . . . . . . Count 97 581 293 564 195 983 CHF 146.6000 11 727 149.14 2.08
Total securities portfolio 543 325 181.21 96.29

DWS Eurovesta
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Cash and non-securitized money market instruments 22 946 244.62 4.07
Cash at bank 22 946 244.62 4.07
Demand deposits at Custodian
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 20 693 872.98 % 100 20 693 872.98 3.67
Deposits in non-EU/EEA currencies
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 2 409 488.48 % 100 1 975 231.79 0.35
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 374 856.59 % 100 277 139.85 0.05
Other assets 1 227 515.36 0.22
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 15 192.71 % 100 15 192.71 0.00
Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 403 278.70 % 100 403 278.70 0.07
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 808 055.63 % 100 808 055.63 0.14
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 988.32 % 100 988.32 0.00
Receivables from share certificate transactions EUR 65 313.82 % 100 65 313.82 0.01
Loan liabilities -2 499 600.87 -0.44
EUR loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -2 499 600.87 % 100 -2 499 600.87 -0.44
Other liabilities -672 441.05 -0.12
Liabilities from cost item . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -671 946.88 % 100 -671 946.88 -0.12
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -494.17 % 100 -494.17 0.00
Liabilities from share certificate transactions EUR -142 848.93 % 100 -142 848.93 -0.03
Net assets 564 249 364.16 100.00
Net asset value per unit 71.32
Number of units outstanding 7 912 063.335
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
MSCI Europe in EUR
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 6.895
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 13.774
Average market risk exposure . . . . . . . . . . . . . . . . . % 10.306
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Exchange rates (indirect quotes)
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
Danish krone . . . . . . . . . . . . . . . . . . . . DKK 7.441613 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.868596 = EUR 1
Norwegian krone . . . . . . . . . . . . . . . . NOK 7.893246 = EUR 1
Swedish krona . . . . . . . . . . . . . . . . . . SEK 9.266306 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.352590 = EUR 1
As of September 30, 2011
51

52
DWS Eurovesta
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 20 638 921.87.
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Description currency
(– / ’000)
Securities traded on an exchange
Purchases/ Sales/
additions disposals
Equities
Adecco Reg. (CH0012138605) . . . . . . . . . . . . . . . . . Count 214 080 539 080
Cie Financière Richemont A (CH0045039655) . . . . . Count 311 676 311 676
Clariant Reg. (CH0012142631) . . . . . . . . . . . . . . . . . Count 472 500 472 500
Julius Baer Gruppe Reg. (CH0102484968) . . . . . . . . Count 260 000
Novartis Reg. (CH0012005267) . . . . . . . . . . . . . . . . Count 75 000 575 000
SGS Reg. (CH0002497458) . . . . . . . . . . . . . . . . . . . Count 12 000
Syngenta Reg. (CH0011037469) . . . . . . . . . . . . . . . Count 98 000 153 000
A.P.Møller-Mærsk B (DK0010244508) . . . . . . . . . . . Count 1 900
FLSmidth & Co. B (DK0010234467) . . . . . . . . . . . . . Count 225 000
Abertis Infraestructuras Reg. (ES0111845014) . . . . Count 753 306 753 306
ACCOR (FR0000120404) . . . . . . . . . . . . . . . . . . . . . Count 210 699 210 699
Air France-KLM (FR0000031122) . . . . . . . . . . . . . . . Count 281 635 281 635
Air Liquide (FR0000120073) . . . . . . . . . . . . . . . . . . . Count 115 687 115 687
Aixtron Reg. (DE000A0WMPJ6) . . . . . . . . . . . . . . . . Count 50 000 550 000
ArcelorMittal (new) (LU0323134006) . . . . . . . . . . . . Count 125 281 125 281
Arkema (FR0010313833) . . . . . . . . . . . . . . . . . . . . . Count 50 000 50 000
ASML Holding (NL0006034001) . . . . . . . . . . . . . . . . Count 450 503 450 503
AXA (FR0000120628) . . . . . . . . . . . . . . . . . . . . . . . . Count 460 208 460 208
Bilfinger Berger (DE0005909006) . . . . . . . . . . . . . . . Count 50 000
BNP Paribas (FR0000131104) . . . . . . . . . . . . . . . . . Count 559 447 859 447
Brenntag (DE000A1DAHH0) . . . . . . . . . . . . . . . . . . . Count 35 410 115 410
Cap Gemini (FR0000125338) . . . . . . . . . . . . . . . . . . Count 325 000
Carrefour (FR0000120172) . . . . . . . . . . . . . . . . . . . . Count 400 000
Comp. Générale de Géophysique-Veritas
(FR0000120164) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 548 267 548 267
Deutsche Bank Reg. (DE0005140008) . . . . . . . . . . . Count 579 718 579 718
Deutsche Börse Reg. (DE0005810055) . . . . . . . . . . Count 140 000
ENEL (IT0003128367) . . . . . . . . . . . . . . . . . . . . . . . . Count 3 153 270 3 153 270
ENI (IT0003132476) . . . . . . . . . . . . . . . . . . . . . . . . . Count 636 585 636 585
France Telecom (FR0000133308) . . . . . . . . . . . . . . . Count 200 000 950 000
Freenet (DE000A0Z2ZZ5) . . . . . . . . . . . . . . . . . . . . . Count 400 000
GdF Suez (FR0010208488) . . . . . . . . . . . . . . . . . . . . Count 747 935 747 935
GEK Group of Companies S.A. (GRS145003000) . . . Count 2 761 000
Gemalto (NL0000400653) . . . . . . . . . . . . . . . . . . . . . Count 180 000
HeidelbergCement (DE0006047004) . . . . . . . . . . . . Count 157 319 307 319
Immofinanz Immobilien Anlagen (AT0000809058) . . Count 2 849 999
Intesa Sanpaolo (IT0000072618) . . . . . . . . . . . . . . . Count 1 643 255 1 643 255
Koninklijke KPN (NL0000009082) . . . . . . . . . . . . . . . Count 715 299 715 299
Koninklijke Philips Electronics (NL0000009538) . . . . Count 343 199 343 199
Metro Ord. (DE0007257503) . . . . . . . . . . . . . . . . . . Count 120 000 120 000
Pernod-Ricard (C.R.) (FR0000120693) . . . . . . . . . . . Count 218 866 333 866
Peugeot (C.R.) (FR0000121501) . . . . . . . . . . . . . . . . Count 150 000 150 000
Porsche Automobil Holding Right on Pref.
(DE000A1KRRB1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 137 416 137 416
Qiagen (NL0000240000) . . . . . . . . . . . . . . . . . . . . . . Count 115 000
Sanofi (FR0000120578) . . . . . . . . . . . . . . . . . . . . . . Count 400 000
Societe Generale (FR0000130809) . . . . . . . . . . . . . . Count 464 305 964 305
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
Terna Energy (GRS496003005) . . . . . . . . . . . . . . . . . Count 920 000
ThyssenKrupp AG (DE0007500001) . . . . . . . . . . . . . Count 380 000 380 000
Total (FR0000120271) . . . . . . . . . . . . . . . . . . . . . . . . Count 895 393 895 393
UniCredit (IT0000064854) . . . . . . . . . . . . . . . . . . . . . Count 9 862 623 9 862 623
Unilever (NL0000009355) . . . . . . . . . . . . . . . . . . . . . Count 450 000
Volkswagen Pref. (DE0007664039) . . . . . . . . . . . . . Count 35 000 85 000
Amec (GB0000282623) . . . . . . . . . . . . . . . . . . . . . . Count 987 379 987 379
Anglo American (GB00B1XZS820) . . . . . . . . . . . . . . Count 430 596 530 596
Astrazeneca (GB0009895292) . . . . . . . . . . . . . . . . . Count 229 079
BHP Billiton (GB0000566504) . . . . . . . . . . . . . . . . . . Count 813 029 813 029
BP (GB0007980591) . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 500 000 3 500 000
Croda International (GB0002335270) . . . . . . . . . . . . Count 613 000
Enterprise Inns (GB00B1L8B624) . . . . . . . . . . . . . . . Count 4 540 000
Imperial Tobacco Group (GB0004544929) . . . . . . . . Count 200 000 610 000
Intercontinental Hotels Group (GB00B1WQCS47) . . Count 752 485 752 485
International Consolidated Airlines Group
(ES0177542018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 839 632 2 839 632
Kazakhmys (GB00B0HZPV38) . . . . . . . . . . . . . . . . . Count 510 000 510 000
Lloyds TSB Group (GB0008706128) . . . . . . . . . . . . . Count 12 000 000
Prudential (GB0007099541) . . . . . . . . . . . . . . . . . . . Count 515 757 515 757
Reckitt Benckiser Group (GB00B24CGK77) . . . . . . . Count 300 000
Tesco (GB0008847096) . . . . . . . . . . . . . . . . . . . . . . Count 750 000 750 000
The Royal Bank of Scotland Group
(GB0007547838) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 25 086 523 25 086 523
Tullow Oil (GB0001500809) . . . . . . . . . . . . . . . . . . . Count 189 140 1 189 140
Wm. Morrison Supermarkets (GB0006043169) . . . . Count 4 050 000
Golden Ocean Group (BMG4032A1045) . . . . . . . . . Count 3 000 000
Petroleum Geo-Services (new) (NO0010199151) . . Count 1 215 629 1 215 629
SeaDrill (BMG7945E1057) . . . . . . . . . . . . . . . . . . . . Count 400 000 400 000
Statoil (NO0010096985) . . . . . . . . . . . . . . . . . . . . . . Count 343 486 1 233 486
Atlas Copco A Redempt. Shares (SE0001426065) . . Count 761 458 761 458
Sandvik (SE0000667891) . . . . . . . . . . . . . . . . . . . . . Count 556 152 556 152
Skandinaviska Enskilda Banken A (Free)
(SE0000148884) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 500 000
Swedbank (SE0000242455) . . . . . . . . . . . . . . . . . . . Count 545 542 545 542
Volvo B (Free) (SE0000115446) . . . . . . . . . . . . . . . . Count 1 270 000 1 270 000
Mechel OAO ADR (US5838401033) . . . . . . . . . . . . Count 175 000 175 000
Securities that are admitted or included in organized markets
Equities
Sberegatelniy Bank Rossiyskoy Federatsii
(RU0009029540) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 400 000 12 400 000

DWS Eurovesta
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Futures contracts
Value (’000)
Equity index futures
Contracts purchased:
(Underlyings: Dow Jones Euro STOXX Bank, Dow Jones STOXX
600 Insurance Index, Euro STOXX 50 Price Euro, STOXX Europe
600 Banks)
EUR 259 412
Currency futures
Futures contracts to sell currencies
EUR/GBP EUR 38 661
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 964 590
(Security description: A.P.Møller-Mærsk B, Adecco Reg., Air France-KLM, Air
Liquide, Aixtron Reg., Alcatel-Lucent, Allianz SE, Ashmore, ASML
Holding, Astrazeneca, Atlas Copco A (Free), Atlas Copco A
Redempt. Shares, AXA, BASF Reg., Bayer, BMW Ord., BNP
Paribas, Cap Gemini, Carrefour, Cie Financière Richemont A,
Clariant Reg., Comp. Générale de Géophysique-Veritas,
Compagnie de Saint-Gobain (C.R.), Continental, Daimler Reg.,
Deutsche Bank Reg., DnB NOR A, Essilor International,
FLSmidth & Co. B, Fortum, Galp Energia SGPS, GdF Suez,
Gemalto, Golden Ocean Group, HeidelbergCement, Henkel Pref.,
Immofinanz Immobilien Anlagen, ING Groep CVA, Koninklijke
DSM, Linde, Metro Ord., Nestlé Reg., Nordea Bank, Novartis
Reg., Pernod-Ricard (C.R.), Petroleum Geo-Services (new),
Peugeot (C.R.), Porsche Automobil Holding Pref., Porsche
Automobil Holding Right on Pref., Repsol YPF, Royal Dutch Shell
Cl. A, Saipem, Sampo Bear. A, Sandvik, Sanofi, SAP, Schneider
Electric, SeaDrill, SES Cl.A FDR, SGS Reg., Siemens Reg.,
Skandinaviska Enskilda Banken A (Free), Societe Generale,
Statoil, Subsea 7. Swedbank, Syngenta Reg., Telefonica, The
Swatch Group, Total, Unilever, VINCI, Volkswagen Pref., Volvo B
(Free), Yara International)
53

54
DWS Eurovesta
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 4 238 927.08
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 8 032 181.22
3. Interest from investments of liquid assets in Germany . EUR 205 625.02
4. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 1 211 841.06
from securities lending . . . . . . . . .EUR 1 211 841.06
5. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -185 843.43
6. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 3 808 288.76
Compensation payments . . . . . . .EUR 3 807 861.67
Other . . . . . . . . . . . . . . . . . . . . . . .EUR 427.09
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 17 311 019.71
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -369.31
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -10 052 969.46
EUR -10 052 969.46
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -608 494.79
securities lending income . . . . . . .EUR -605 920.54
Legal expenses . . . . . . . . . . . . . . .EUR -2 432.38
Other . . . . . . . . . . . . . . . . . . . . . . .EUR -141.87
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -10 661 833.56
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 649 186.15
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 127 683 354.80
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -110 396 478.44
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 17 286 876.36
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR 23 936 062.51
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.40% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.084% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS Eurovesta to the Custodian and other third parties, except in the form of financial
information provided by brokers for research purposes.
An all-in fee of 1.40% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 5 672 492.69.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 769 846 306.15
1. Previous year's distribution or tax abatement . . . . . . . . . EUR -5 674 909.10
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -70 076 201.24
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 35 271 018.14
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -105 347 219.38
3. Income adjustment and reimbursed expenses . . . . . . . . EUR 7 564 217.85
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 649 186.15
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 127 683 354.80
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -110 396 478.44
7. Net change in unrealized appreciation/depreciation . . . . EUR -161 346 112.01
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 564 249 364.16
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Balance brought forward
from previous year . . . . . . . . . . . . . . . . . . EUR 105 399 902.29 13.32
2. Net gain/loss for the fiscal year . . . . . . . . EUR 23 936 062.51 3.03
II. Available for distribution . . . . . . . . . . . . EUR 129 335 964.80 16.35
1. Reinvested . . . . . . . . . . . . . . . . . . . . . . . . EUR -38 052 426.98 -4.81
2. Balance carried forward . . . . . . . . . . . . . . EUR -84 637 404.62 -10.70
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 6 646 133.20 0.84
1. Final distribution
a) Cash distribution . . . . . . . . . . . . . . . . . EUR 6 288 866.42 0.80
b) Withholding tax on
capital income withheld . . . . . . . . . . . . EUR 338 641.50 0.04
c) Solidarity surcharge withheld . . . . . . . . EUR 18 625.28 0.00
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564 249 364.16 71.32
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 769 846 306.15 88.81
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724 033 196.54 82.46
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 636 812 327.66 82.08
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 2.63 percent of all transactions. The total volume was EUR 77 076 351.49.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Eurovesta for the fiscal year from October 1, 2010,
through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
55

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Intervest
2011

58
DWS Intervest
Investment objective and
performance in the reporting period
In its global stock selection, the inter -
national equity fund DWS Intervest preferred
companies with strong earnings,
comparatively solid business models
and attractive valuations, supplemented
by selected growth stocks. In the fiscal
year through the end of September
2011, the fund recorded a depreciation
of 18.0% per unit (BVI method) and
was thus behind its benchmark, the
MSCI World, which fell 3.2%.
Investment policy
in the reporting period
The management saw major risks for
the investment fund in an economic
slowdown, compounded by the high
sovereign debt of western countries
and the lack of unified political processes
in some nations. For risk reasons,
the fund therefore focused on higher
quality value stocks. The more defensive
orientation of the portfolio, how -
ever, dampened the fund’s performance
in the fourth quarter of 2010, as cyclical,
growth-oriented stocks enjoyed strong
demand during the upward trend in the
capital markets in light of the initially
favorable climate of the global economy.
In addition, the overweighting of
investments in the euro area had a
negative impact. European equities
appeared to be valued more attractively
than U.S. securities. Furthermore, the
continuing high unemployment figures
and the failure of the house market to
recover indicated weaker U.S. consumer
spending. As the EU sovereign
debt problems deteriorated, European
stocks came under greater pressure. In
DWS INTERVEST
Five-year performance
130
120
110
100
90
80
70
60
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Intervest
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS INTERVEST vs. benchmark
Performance at a glance
in %
14
7
0
-7
-14
-21
-28
-18.0
-3.2
1 year
-12.9
+7.8
3 years
-21.5
-13.9
5 years
DWS Intervest
Benchmark MSCI World
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
view of this, the European weighting in
the fund was reduced towards the end
of the reporting period. The earthquake
disaster in Japan was also a drag on
performance since the fund was overweighted
here. Japan’s weighting was
later reduced and hedging in Japanese
yen was completely liquidated in the
course of the year. The higher cash
ratio boosted performance, particularly
at the end of the reporting period.
At sector level, DWS Intervest bene -
fited from its selection of individual

equities in the commodities sector. Investments
in gold mine operators such
as Newmont Mining and Yamana Gold
benefited from the high price of gold.
Both gold manufacturers operate their
mines in relatively politically stable
regions and therefore seem quite interesting.
Telecommunications service
providers, which were overweighted in
the portfolio, also had a positive impact
on performance. The selected mobile
phone operators Vodafone and China
Mobile impressed with their defensive
character, high dividend yields and stable
earnings. The considerable underweighting
of the financial sector in
comparison to the benchmark made a
positive contribution to performance.
Concerns regarding banks’ investments
in southern European bonds were
among the factors weighing on equity
prices. In the industrial sector, PostNL
recorded a below-average performance.
The company failed to live up to expectations
after spinning off the Dutch logistics
group TNT. Utilities companies,
including E.ON and RWE, were sharply
reduced. Plans to switch off nuclear
power stations and other potential
DWS INTERVEST: Summary statement of assets
Investment focus by sector
Equities 89.6% (September 30, 2011) / Equities 73.0% (September 30, 2010)
Information Technology
8.9
12.2
Health Care
12.1
11.1
Financials
5.0
11.2
Industrials
6.7
10.4
Telecommunication Services
7.4
10.3
Energy
9.2
9.1
Consumer Staples
7.7
6.4
Materials
5.9
7.5
Consumer Discretionary
4.9
4.2
Utilities
4.1
8.3
Time deposit
0.0
10.1
Warrants
0.0
0.4
Cash and other assets
10.4
16.5
0 4 8 12 16 20
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
regulatory interventions were among
the factors weighing on equity prices.
Main sources of capital gains/losses
The main sources of capital gains/
losses were losses realized on equities
and forward transactions.
Security code: 847 401
ISIN: DE0008474016
As of: September 30, 2011
59

60
Annual report
DWS Intervest
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 222 111 551.54 89.61
Equities
Agnico-Eagle Mines (CA0084741085) . . . . . . . . . . . . . . . . Count 40 000 115 000 150 000 CAD 62.0800 1 760 713.93 0.71
Barrick Gold (CA0679011084) . . . . . . . . . . . . . . . . . . . . . . Count 35 000 180 000 260 000 CAD 48.0100 1 191 452.82 0.48
Canadian Natural Resources (CA1363851017) . . . . . . . . . Count 85 000 100 000 130 000 CAD 31.5200 1 899 687.81 0.77
Canadian Oil Sands (CA13643E1051) . . . . . . . . . . . . . . . .
EnCana Corp (CA2925051047)
Count 90 000 200 000 110 000 CAD 20.6700 1 319 046.44 0.53
3) . . . . . . . . . . . . . . . . . . . Count 120 000 245 000 300 000 CAD 20.3400 1 730 650.19 0.70
Iamgold (CA4509131088) . . . . . . . . . . . . . . . . . . . . . . . . . Count 85 000 235 000 150 000 CAD 20.6400 1 243 958.00 0.50
Kinross Gold (CA4969024047) . . . . . . . . . . . . . . . . . . . . . Count 160 000 550 000 840 000 CAD 15.0000 1 701 720.94 0.69
Suncor Energy (new) (CA8672241079) . . . . . . . . . . . . . . . Count 150 000 250 000 315 000 CAD 27.7100 2 947 167.95 1.19
Yamana Gold (CA98462Y1007) . . . . . . . . . . . . . . . . . . . . . Count 125 000 560 000 1 185 000 CAD 14.0400 1 244 383.43 0.50
Credit Suisse Group Reg. (CH0012138530) . . . . . . . . . . . Count 70 000 575 000 505 000 CHF 24.0800 1 381 808.11 0.56
Nestlé Reg. (CH0038863350) . . . . . . . . . . . . . . . . . . . . . . Count 35 000 105 000 70 000 CHF 49.8100 1 429 149.95 0.58
Novartis Reg. (CH0012005267) . . . . . . . . . . . . . . . . . . . . . Count 60 000 145 000 85 000 CHF 50.5500 2 486 369.24 1.00
UBS Reg. (CH0024899483) . . . . . . . . . . . . . . . . . . . . . . . . Count 150 000 815 000 865 000 CHF 10.7400 1 320 653.10 0.53
AEGON (NL0000303709) . . . . . . . . . . . . . . . . . . . . . . . . . Count 650 000 1 750 000 1 100 000 EUR 3.0670 1 993 550.00 0.80
Allianz SE (DE0008404005) . . . . . . . . . . . . . . . . . . . . . . . . Count 27 500 106 500 79 000 EUR 69.7100 1 917 025.00 0.77
Alstom (FR0010220475) 3) . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 215 000 165 000 EUR 24.8800 1 244 000.00 0.50
Areva (FR0011027143) 3) . . . . . . . . . . . . . . . . . . . . . . . . . Count 90 000 130 000 40 000 EUR 23.7250 2 135 250.00 0.86
Atos Origin (FR0000051732) . . . . . . . . . . . . . . . . . . . . . . Count 80 000 150 000 70 000 EUR 32.3500 2 588 000.00 1.04
AXA (FR0000120628) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 775 000 575 000 EUR 9.7940 1 958 800.00 0.79
Axel Springer Vink. Reg. (DE0005501357) . . . . . . . . . . . . Count 75 000 79 851 38 000 EUR 25.7850 1 933 875.00 0.78
Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 75 000 75 000 EUR 41.5050 3 112 875.00 1.26
Bouygues (FR0000120503) . . . . . . . . . . . . . . . . . . . . . . . . Count 75 000 75 000 165 000 EUR 24.9550 1 871 625.00 0.76
Deutsche Boerse New (applied
for tender) (DE000A1KRND6) . . . . . . . . . . . . . . . . . . . . . . Count 85 000 95 000 10 000 EUR 37.3900 3 178 150.00 1.28
Deutsche Post Reg. (DE0005552004) . . . . . . . . . . . . . . . Count 195 000 550 000 355 000 EUR 9.6000 1 872 000.00 0.76
Deutsche Telekom Reg. (DE0005557508) 3) . . . . . . . . . . Count 450 000 400 000 450 000 EUR 8.7700 3 946 500.00 1.59
E.ON Reg. (DE000ENAG999) . . . . . . . . . . . . . . . . . . . . . . Count 150 000 225 000 550 000 EUR 16.4250 2 463 750.00 0.99
France Telecom (FR0000133308) . . . . . . . . . . . . . . . . . . . Count 325 000 285 000 435 000 EUR 12.2250 3 973 125.00 1.60
GdF Suez (FR0010208488) . . . . . . . . . . . . . . . . . . . . . . . . Count 115 000 140 000 275 000 EUR 22.5850 2 597 275.00 1.05
Gemalto (NL0000400653) . . . . . . . . . . . . . . . . . . . . . . . . . Count 55 000 100 000 45 000 EUR 34.8300 1 915 650.00 0.77
ING Groep CVA (NL0000303600) . . . . . . . . . . . . . . . . . . . Count 275 000 1 780 000 1 505 000 EUR 5.4110 1 488 025.00 0.60
K+S Reg. (DE000KSAG888) . . . . . . . . . . . . . . . . . . . . . . . Count 42 500 47 500 5 000 EUR 40.1950 1 708 287.50 0.69
Koninklijke KPN (NL0000009082) . . . . . . . . . . . . . . . . . . . Count 265 000 210 000 495 000 EUR 9.7750 2 590 375.00 1.05
LVMH Moët Hennessy Louis Vuitton
(C.R.) (FR0000121014) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 16 500 48 000 31 500 EUR 98.4100 1 623 765.00 0.66
PostNL (NL0009739416) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 725 000 1 220 000 495 000 EUR 3.3280 2 412 800.00 0.97
Qiagen (NL0000240000) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 125 000 300 000 175 000 EUR 10.5300 1 316 250.00 0.53
RWE Ord. (DE0007037129) . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 80 000 210 000 EUR 27.6850 1 937 950.00 0.78
Sanofi (FR0000120578) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 50 000 100 000 EUR 49.5150 2 475 750.00 1.00
SAP (DE0007164600) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 275 000 225 000 EUR 37.9650 1 898 250.00 0.77
Suez Environnement (FR0010613471) . . . . . . . . . . . . . . . Count 300 000 505 000 205 000 EUR 10.4000 3 120 000.00 1.26
TNT Express (NL0009739424) . . . . . . . . . . . . . . . . . . . . . Count 225 000 445 600 220 600 EUR 5.2790 1 187 775.00 0.48
Total (FR0000120271) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 120 000 165 000 245 000 EUR 32.8600 3 943 200.00 1.59
Unilever (NL0000009355) . . . . . . . . . . . . . . . . . . . . . . . . . Count 80 000 195 000 115 000 EUR 23.5250 1 882 000.00 0.76
VINCI (FR0000125486) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 105 000 45 000 EUR 32.0050 1 920 300.00 0.77
Vivendi (FR0000127771) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 245 000 115 000 245 000 EUR 15.1950 3 722 775.00 1.50
3i Group (GB00B1YW4409) . . . . . . . . . . . . . . . . . . . . . . . Count 1 400 000 1 750 000 350 000 GBP 1.8740 3 020 506.66 1.22
Anglo American (GB00B1XZS820) . . . . . . . . . . . . . . . . . . Count 70 000 180 000 110 000 GBP 22.0850 1 779 826.29 0.72
BG Group (GB0008762899) . . . . . . . . . . . . . . . . . . . . . . . Count 215 000 215 000 GBP 12.2800 3 039 617.96 1.23
Burberry Group (GB0031743007) . . . . . . . . . . . . . . . . . . . Count 85 000 90 000 5 000 GBP 11.3200 1 107 764.71 0.45
GlaxoSmithkline (GB0009252882) . . . . . . . . . . . . . . . . . . Count 125 000 135 890 185 890 GBP 13.2268 1 903 466.92 0.77
Invensys (GB00B19DVX61) . . . . . . . . . . . . . . . . . . . . . . . . Count 725 000 1 300 000 575 000 GBP 2.2840 1 906 409.88 0.77
Rio Tinto (GB0007188757) . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 115 000 65 000 GBP 28.8850 1 662 740.79 0.67
Smiths Group (GB00B1WY2338) . . . . . . . . . . . . . . . . . . . Count 225 000 375 000 150 000 GBP 9.8450 2 550 236.24 1.03
Vodafone Group (GB00B16GWD56) . . . . . . . . . . . . . . . . . Count 1 030 000 350 000 1 970 000 GBP 1.6560 1 963 720.76 0.79
Wm. Morrison Supermarkets (GB0006043169) . . . . . . . . Count 550 000 900 000 2 200 000 GBP 2.8820 1 824 899.03 0.74
Belle International Holdings (KYG097021045) . . . . . . . . . Count 1 050 000 1 075 000 25 000 HKD 13.6000 1 354 946.05 0.55
China Mobile LTD (HK0941009539) . . . . . . . . . . . . . . . . . Count 500 000 540 000 40 000 HKD 77.1000 3 657 785.03 1.48
HSBC Holdings (GB0005405286) . . . . . . . . . . . . . . . . . . . Count 415 000 500 000 85 000 HKD 60.9000 2 398 055.25 0.97
Canon (JP3242800005) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 100 000 215 000 JPY 3 550.0000 2 394 721.35 0.97
Daiwa Securities Group (JP3502200003) . . . . . . . . . . . . . Count 700 000 1 000 000 1 950 000 JPY 292.0000 1 969 742.63 0.79
Fanuc (JP3802400006) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 23 500 25 000 1 500 JPY 10 830.0000 2 452 589.77 0.99
Lawson (JP3982100004) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 45 000 85 000 185 000 JPY 4 380.0000 1 899 394.68 0.77
Mitsubishi UFJ Financial Group (JP3902900004) . . . . . . . Count 725 000 800 000 1 825 000 JPY 354.0000 2 473 260.50 1.00
Nippon Sheet Glass Co. (JP3686800008) . . . . . . . . . . . . . Count 1 500 000 3 440 000 1 940 000 JPY 175.0000 2 529 635.23 1.02
Seven & I Holdings Co. (JP3422950000) . . . . . . . . . . . . . Count 90 000 180 000 365 000 JPY 2 189.0000 1 898 527.38 0.77

DWS Intervest
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Shiseido Co. (JP3351600006) . . . . . . . . . . . . . . . . . . . . . . Count 175 000 540 000 515 000 JPY 1 507.0000 2 541 440.20 1.03
Sumitomo Corp. (JP3404600003) . . . . . . . . . . . . . . . . . . . Count 195 000 350 000 155 000 JPY 967.0000 1 817 145.40 0.73
T & D Holdings (JP3539220008) . . . . . . . . . . . . . . . . . . . . Count 370 000 735 000 365 000 JPY 737.0000 2 627 833.26 1.06
Tokio Marine Holdings Inc. (JP3910660004) . . . . . . . . . . . Count 105 000 425 000 320 000 JPY 1 984.0000 2 007 518.52 0.81
Cermaq (NO0010003882) . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 000 50 000 360 000 NOK 63.0000 1 516 486.37 0.61
Petroleum Geo-Services (new)
(NO0010199151) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 245 000 525 000 280 000 NOK 60.0000 1 862 351.69 0.75
Singapore Telecommunications (SG1T75931496) . . . . . . Count 1 050 000 1 185 000 135 000 SGD 3.1800 1 902 701.79 0.77
Catcher Technology Corp. (TW0002474004) . . . . . . . . . . Count 300 000 300 000 TWD 179.0000 1 302 052.58 0.53
Hon Hai Precision Industry Co. (TW0002317005) . . . . . . Count 1 850 000 2 785 000 935 000 TWD 69.2000 3 104 073.96 1.25
Air Products & Chemicals (US0091581068) . . . . . . . . . . . Count 25 000 35 000 10 000 USD 79.2900 1 465 521.70 0.59
Alnylam Pharmaceuticals (US02043Q1076) 3) . . . . . . . . . Count 250 000 200 000 USD 6.7000 1 238 364.91 0.50
Amazon.com (US0231351067) . . . . . . . . . . . . . . . . . . . . . Count 15 000 17 500 2 500 USD 222.4400 2 466 822.91 1.00
Apple (US0378331005) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 000 10 000 USD 390.5700 2 887 571.25 1.17
AutoZone (US0533321024) . . . . . . . . . . . . . . . . . . . . . . . . Count 8 000 9 000 1 000 USD 317.5800 1 878 351.90 0.76
Avon Products (US0543031027) . . . . . . . . . . . . . . . . . . . . Count 245 000 400 000 155 000 USD 19.8300 3 591 886.68 1.45
Chiquita Brands International
(US1700328099) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 400 000 250 000 100 000 USD 8.7300 2 581 713.60 1.04
Chunghwa Telecom Sp. ADR (new)
(US17133Q5027) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 80 000 80 000 USD 33.2900 1 968 963.25 0.79
ConocoPhillips (US20825C1045) . . . . . . . . . . . . . . . . . . . . Count 30 000 85 000 55 000 USD 64.3700 1 427 705.37 0.58
Eli Lilly & Co. (US5324571083) . . . . . . . . . . . . . . . . . . . . . Count 140 000 265 000 400 000 USD 37.2500 3 855 565.99 1.56
Gazprom ADR (US3682872078) . . . . . . . . . . . . . . . . . . . . Count 250 000 640 000 390 000 USD 9.5400 1 763 283.77 0.71
Gilead Sciences (US3755581036) . . . . . . . . . . . . . . . . . . . Count 85 000 95 000 235 000 USD 39.2500 2 466 564.15 1.00
Google A (US38259P5089) . . . . . . . . . . . . . . . . . . . . . . . . Count 6 000 7 000 1 000 USD 527.5000 2 339 955.20 0.94
Intel Corp. (US4581401001) . . . . . . . . . . . . . . . . . . . . . . . Count 150 000 115 000 315 000 USD 22.2100 2 463 052.37 0.99
Itron (US4657411066) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 145 000 105 000 USD 32.1400 2 376 181.99 0.96
Johnson & Johnson (US4781601046) . . . . . . . . . . . . . . . Count 40 000 45 000 5 000 USD 63.9000 1 889 707.89 0.76
LUKOIL Oil ADR (US6778621044) . . . . . . . . . . . . . . . . . . Count 50 000 220 000 170 000 USD 49.7200 1 837 955.33 0.74
Merck (new) (US58933Y1055) . . . . . . . . . . . . . . . . . . . . . Count 160 000 145 000 160 000 USD 32.6600 3 863 402.80 1.56
Microsoft Corp. (US5949181045) . . . . . . . . . . . . . . . . . . . Count 200 000 135 000 335 000 USD 25.4500 3 763 150.70 1.52
Mosaic (new) (US61945C1036) . . . . . . . . . . . . . . . . . . . . Count 30 000 90 000 60 000 USD 54.2000 1 202 138.12 0.49
Newmont Mining Corp. (US6516391066) . . . . . . . . . . . . . Count 40 000 280 000 320 000 USD 62.5200 1 848 897.30 0.75
Telekomunikasi Indonesia ADR (US7156841063) . . . . . . . Count 78 500 215 000 136 500 USD 33.0900 1 920 437.83 0.77
Teva Pharmaceutical Industries ADR (US8816242098) . . Count 140 000 185 000 45 000 USD 36.9400 3 823 479.40 1.54
The Home Depot (US4370761029) . . . . . . . . . . . . . . . . . . Count 75 000 85 000 10 000 USD 33.7900 1 873 627.63 0.76
The Shaw Group (US8202801051) . . . . . . . . . . . . . . . . . . Count 115 000 100 000 135 000 USD 22.3400 1 899 393.02 0.77
VeriFone Holdings (US92342Y1091) . . . . . . . . . . . . . . . . . Count 110 000 110 000 USD 37.2600 3 030 186.53 1.22
Vulcan Materials (US9291601097) . . . . . . . . . . . . . . . . . . Count 85 000 215 000 130 000 USD 28.9500 1 819 287.44 0.73
Weatherford International Reg. (CH0038838394) . . . . . . . Count 120 000 505 000 385 000 USD 12.7500 1 131 163.18 0.46
Other equity securities
Roche Holding Profitsh. (CH0012032048) . . . . . . . . . . . . Count 11 500 26 500 65 000 CHF 146.6000 1 382 054.04 0.56
Total securities portfolio 222 111 551.54 89.61
Derivatives
Minus signs denote short positions
Equity index derivatives -329 344.38 -0.13
(Receivables/payables)
Equity index futures
S&P 500 EMINI Future 12/2011 (CME) USD . . . . . . . . . . Count -14500 -329 344.38 -0.13
Currency derivatives 6 163 084.39 2.49
Currency futures (long)
Open positions
EUR/USD 25.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . -172 913.31 -0.07
USD/EUR 100.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . 3 039 621.79 1.23
61

62
DWS Intervest
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Currency futures (short)
Open positions
EUR/USD 32.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 783 760.91 0.72
Option contracts
Currency options
Call USD/EUR (DBK) 22.12.11 Strike 1.325 (OTC FFM) . . Count 65 000 000 EUR 0.0233 1 512 615.00 0.61
Cash and non-securitized money market instruments 19 343 222.16 7.80
Cash at bank 19 343 222.16 7.80
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 8 263 557.38 % 100 8 263 557.38 3.33
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 2 196 299.32 % 100 2 196 299.32 0.89
Deposits in non-EU/EEA currencies
Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 120 682.77 % 100 85 570.17 0.03
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 1 217 269.81 % 100 997 884.01 0.40
Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 50 234 431.54 % 100 4 766 452.71 1.92
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 58 435 932.00 % 100 563 129.88 0.23
South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 2 745 929 631.00 % 100 1 718 844.36 0.69
New Zealand dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NZD 0.18 % 100 0.10 0.00
Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 809 625.80 % 100 461 358.63 0.19
Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TWD 3 204 154.20 % 100 77 690.45 0.03
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 287 337.66 % 100 212 435.15 0.09
Other assets 792 730.77 0.32
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 153.32 % 100 7 153.32 0.00
Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 448 642.00 % 100 448 642.00 0.18
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 326 472.54 % 100 326 472.54 0.13
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 10 462.91 % 100 10 462.91 0.00
Receivables from share certificate transactions EUR 151 082.06 % 100 151 082.06 0.06
Other liabilities -315 089.10 -0.13
Liabilities from cost item . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -309 857.60 % 100 -309 857.60 -0.13
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -5 231.50 % 100 -5 231.50 0.00
Liabilities from share certificate transactions EUR -57 062.22 % 100 -57 062.22 -0.02
Net assets 247 860 175.22 100.00
Net asset value per unit 99.85
Number of units outstanding 2 482 227.592
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
MSCI Equities The World Index EUR TR
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 3.113
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 10.066
Average market risk exposure . . . . . . . . . . . . . . . . . % 6.744
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.6, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).

DWS Intervest
Market abbreviations
Futures exchanges
CME = Chicago Mercantile Exchange (CME) - Index and Options Market Division (IOM)
OTC FFM = Over the counter Frankfurt/Main
Exchange rates (indirect quotes)
Canadian dollar . . . . . . . . . . . . . . . . . CAD 1.410337 = EUR 1
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.868596 = EUR 1
Hong Kong dollar . . . . . . . . . . . . . . . . HKD 10.539165 = EUR 1
Japanese yen . . . . . . . . . . . . . . . . . . . JPY 103.769902 = EUR 1
South Korean won . . . . . . . . . . . . . . . KRW 1 597.544080 = EUR 1
Norwegian krone . . . . . . . . . . . . . . . . NOK 7.893246 = EUR 1
New Zealand dollar . . . . . . . . . . . . . . . NZD 1.771235 = EUR 1
Singapore dollar . . . . . . . . . . . . . . . . . SGD 1.754873 = EUR 1
Taiwan dollar . . . . . . . . . . . . . . . . . . . . TWD 41.242574 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.352590 = EUR 1
As of September 30, 2011
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 6 133 184.01.
63

64
DWS Intervest
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Description currency
(– / ’000)
Securities traded on an exchange
Purchases/ Sales/
additions disposals
Equities
Gammon Gold (CA36467T1066) . . . . . . . . . . . . . . . . Count 850 000 850 000
Goldcorp (CA3809564097) . . . . . . . . . . . . . . . . . . . . Count 35 000 185 000
MEG Energy (CA5527041084) . . . . . . . . . . . . . . . . . Count 105 000 105 000
New Gold (CA6445351068) . . . . . . . . . . . . . . . . . . . Count 475 000 475 000
Nexen (CA65334H1029) . . . . . . . . . . . . . . . . . . . . . . Count 35 000 485 000
ABB Reg. (CH0012221716) . . . . . . . . . . . . . . . . . . . Count 625 000 625 000
Cie Financière Richemont A (CH0045039655) . . . . . Count 80 000 80 000
Areva Pref. B (FR0004275832) . . . . . . . . . . . . . . . . . Count 166 500 182 500
Areva Right (FR0010986174) . . . . . . . . . . . . . . . . . . Count 160 000 160 000
BNP Paribas (FR0000131104) . . . . . . . . . . . . . . . . . Count 245 000 245 000
Crucell (NL0000358562) . . . . . . . . . . . . . . . . . . . . . . Count 300 000
Deutsche Bank Reg. (DE0005140008) . . . . . . . . . . . Count 250 000 300 000
Deutsche Bank Right (DE000A1E8H87) . . . . . . . . . . Count 50 000
Deutsche Börse Reg. (DE0005810055) . . . . . . . . . . Count 235 000 235 000
Electricité de France (E.D.F.) Reg. (FR0010242511) . Count 105 000 255 000
Koninklijke Philips Electronics (NL0000009538) . . . . Count 175 000 175 000
Nokia (FI0009000681) . . . . . . . . . . . . . . . . . . . . . . . . Count 2 350 000 2 750 000
Royal Dutch Shell Cl. A (GB00B03MLX29) . . . . . . . . Count 100 000 450 000
Societe Generale (FR0000130809) . . . . . . . . . . . . . . Count 355 000 355 000
TNT (NL0000009066) . . . . . . . . . . . . . . . . . . . . . . . . Count 325 000 325 000
Umicore (new) (BE0003884047) . . . . . . . . . . . . . . . Count 85 000 85 000
Wolters Kluwer (NL0000395903) . . . . . . . . . . . . . . . Count 175 000
Barclays (GB0031348658) . . . . . . . . . . . . . . . . . . . . Count 2 100 000 2 100 000
Centrica (GB00B033F229) . . . . . . . . . . . . . . . . . . . . Count 700 000
Scottish and Southern Energy (GB0007908733) . . . Count 50 000 600 000
Bank of China Cl.H (new) (CNE1000001Z5) . . . . . . . Count 5 150 000 5 150 000
Beijing Capital Intern. Airport Co. Cl.H
(new) (CNE100000221) . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 7 500 000
China Construction Bank Cl.H (new)
(CNE1000002H1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 000 3 000 000
China Yurun Food Group (BMG211591018) . . . . . . . Count 2 150 000 2 150 000
The Industrial & Commercial Bank of China
Cl.H (CNE1000003G1) . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 000 3 000 000
KDDI Corp. (JP3496400007) . . . . . . . . . . . . . . . . . . . Count 750 2 100
Kubota Corp. (JP3266400005) . . . . . . . . . . . . . . . . . Count 625 000 625 000
Nomura Holdings (JP3762600009) . . . . . . . . . . . . . . Count 1 000 000
NTT Docomo (JP3165650007) . . . . . . . . . . . . . . . . . Count 3 750
Olympus Corp. (JP3201200007) . . . . . . . . . . . . . . . . Count 55 000 305 000
Panasonic Corp. (JP3866800000) . . . . . . . . . . . . . . . Count 225 000 975 000
Shin-Etsu Chemical Co. (JP3371200001) . . . . . . . . . Count 160 000 160 000
Sumitomo Electric Industries (JP3407400005) . . . . Count 125 000 700 000
Sumitomo Mitsui Financial Group (JP3890350006) . Count 125 000 390 000
Suzuki Motor Corp. (JP3397200001) . . . . . . . . . . . . Count 485 000 485 000
Takeda Pharmaceutical Co. (JP3463000004) . . . . . . Count 105 000
Yakult Honsha Co. (JP3931600005) . . . . . . . . . . . . . Count 35 000 150 000
Samsung Electronics Co. (KR7005930003) . . . . . . . Count 7 500 7 500
Statoil (NO0010096985) . . . . . . . . . . . . . . . . . . . . . . Count 100 000 425 000
Anadarko Petroleum Corp. (US0325111070) . . . . . . Count 62 500 62 500
Babcock & Wilcox (new) (US05615F1021) . . . . . . . . Count 235 000
Bank of America Corp. (US0605051046) . . . . . . . . . Count 525 000 525 000
Becton, Dickinson & Co. (US0758871091) . . . . . . . . Count 70 000
CF Industries Holdings (US1252691001) . . . . . . . . . Count 48 000 48 000
CME Group (US12572Q1058) . . . . . . . . . . . . . . . . . Count 26 000 26 000
Colgate-Palmolive Co. (US1941621039) . . . . . . . . . . Count 80 000 80 000
Corning (US2193501051) . . . . . . . . . . . . . . . . . . . . . Count 200 000
Devon Energy Corp. (US25179M1036) . . . . . . . . . . Count 80 000
EOG Resources (US26875P1012) . . . . . . . . . . . . . . Count 45 000 45 000
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
Fluor Corp. (new) (US3434121022) . . . . . . . . . . . . . Count 105 000
Hess (US42809H1077) . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 50 000
Intercontinental Exchange (US45865V1008) . . . . . . Count 66 500 66 500
Marathon Oil Corp. (US5658491064) . . . . . . . . . . . . Count 115 000
Marvell Technology Group (BMG5876H1051) . . . . . Count 325 000 325 000
Medtronic (US5850551061) . . . . . . . . . . . . . . . . . . . Count 115 000 115 000
NetApp (new) (US64110D1046) . . . . . . . . . . . . . . . . Count 65 000 65 000
NVIDIA Corp. (US67066G1040) . . . . . . . . . . . . . . . . Count 425 000
Overseas Shipholding Group (US6903681053) . . . . Count 275 000 275 000
Quanta Services (US74762E1029) . . . . . . . . . . . . . . Count 100 000 375 000
Rowan Companies (US7793821007) . . . . . . . . . . . . Count 75 000 75 000
Schlumberger N.Y. Shares (AN8068571086) . . . . . . Count 75 000 75 000
SK Telecom ADR (US78440P1084) . . . . . . . . . . . . . Count 100 000 400 000
Sprint Nextel Corp. FON S. 1 (US8520611000) . . . . Count 1 450 000 1 450 000
SPX Corp. (US7846351044) . . . . . . . . . . . . . . . . . . . Count 40 000 40 000
Symantec Corp. (US8715031089) . . . . . . . . . . . . . . Count 150 000 700 000
Take-Two Interactive Software (US8740541094) . . . Count 50 000 1 050 000
Teekay Shipping (MHY8564W1030) . . . . . . . . . . . . . Count 265 000 265 000
The Estée Lauder Companies (US5184391044) . . . Count 85 000
The Mosaic Co. (US61945A1079) . . . . . . . . . . . . . . Count 50 000 50 000
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Warrants
Warrants on currency derivatives
Additions Disposals
Currency warrants
Commerzbank WRT 15.03.11 EUR/USD
(DE000CM4UM28) . . . . . . . . . . . . . . . . . . . . . . . . . .
Commerzbank WRT 24.06.11 EUR/USD
Count 1 000 000 2 500 000
(DE000CM51LG3) . . . . . . . . . . . . . . . . . . . . . . . . . . .
DZ Bank WRT 09.12.10 EUR/USD
Count 1 700 000 1 700 000
(DE000DZ6NA52) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 100 000
Value (’000)
Futures contracts
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index), Dow Jones Euro STOXX
Bank, Euro STOXX 50 Price Euro, Nikkei 225. S&P 500 Index)
EUR 724 540
Contracts sold:
(Underlyings: DAX (performance index), Euro STOXX 50 Price
Euro, Nikkei 225)
EUR 98 486
Currency futures
Futures contracts to purchase currencies
EUR/JPY EUR 204 114
EUR/USD EUR 89 987
USD/EUR EUR 277 879
Futures contracts to sell currencies
EUR/JPY EUR 89 296
EUR/USD EUR 154 899
JPY/EUR EUR 22 098
USD/EUR EUR 113 859

DWS Intervest
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Option contracts
Securities options
Value (’000)
Equity options
Call options purchased:
(Underlyings: DUMMY SHARE, E.ON Reg., Select Sector SPDR
- Financial (Shares of Benef.))
EUR 178 766
Put options sold:
(Underlyings: E.ON Reg.)
EUR 30 000
Options on equity index derivatives
Options on equity indices
Call options purchased:
(Underlyings: DAX (performance index), Euro STOXX 50 Price
Euro, S&P 500 Index)
EUR 5 460 458
Put options purchased:
(Underlyings: DAX (performance index), Euro STOXX 50 Price
Euro, Nasdaq 100 Index, S&P 500 Index)
EUR 12 514 718
Put options sold:
(Underlyings: Euro STOXX 50 Price Euro)
EUR 53 000
Options on currency derivatives
Currency options
Call options purchased:
(Underlyings: Call USD/EUR (CSI) 14.12.11 Strike 1.375.
Call USD/EUR (DBK) 14.12.11 Strike 1.375. Call USD/EUR
(DBK) 19.10.11 Strike 1.35)
EUR 159 375
Put options sold:
(Underlyings: Put USD/EUR (DBK) 19.10.11 Strike 1.45)
EUR 87 000
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 407 045
(Security description: Allianz SE, Alnylam Pharmaceuticals, Alstom,
Anglo American, Areva, Areva Pref. B, Areva Right, Atos
Origin, AXA, Barrick Gold, BNP Paribas, Bouygues, Canadian
Natural Resources, Credit Suisse Group Reg., Crucell, Deutsche
Bank Reg., Deutsche Post Reg., Deutsche Telekom Reg., E.ON
Reg., Electricité de France (E.D.F.) Reg., Eli Lilly &
Co., EnCana Corp, France Telecom, Gazprom ADR, GdF Suez,
Goldcorp, ING Groep CVA, Koninklijke KPN, Koninklijke Philips
Electronics, Lawson, LVMH Moët Hennessy Louis Vuitton (C.R.),
Marathon Oil Corp., Microsoft Corp., Nokia, Overseas Shipholding
Group, Petroleum Geo-Services (new), PostNL, Quanta Services,
Roche Holding Profitsh., Royal Dutch Shell Cl. A, RWE Ord.,
Sanofi, SAP, Scottish and Southern Energy, SK Telecom ADR,
Societe Generale, Statoil, Suez Environnement, Suncor Energy
(new), Symantec Corp., Telekomunikasi Indonesia ADR, The
Estée Lauder Companies, TNT Express, Total, UBS Reg., Umicore
(new), Unilever, Vivendi, Yamana Gold)
65

66
DWS Intervest
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 833 296.05
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4 500 884.07
3. Interest from investments of liquid assets in Germany . EUR 155 359.65
4. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 411 394.66
from securities lending . . . . . . . . .EUR 411 394.66
5. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -229 909.73
6. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 1 924 035.30
Compensation payments . . . . . . .EUR 1 697 592.61
Other . . . . . . . . . . . . . . . . . . . . . . .EUR 226 442.69
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 595 060.00
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -3 040.73
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
EUR -4 298 546.84
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -4 298 546.84
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -218 652.17
securities lending income . . . . . . .EUR -205 697.30
Legal expenses . . . . . . . . . . . . . . .EUR -12 853.61
Other . . . . . . . . . . . . . . . . . . . . . . .EUR -101.26
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -4 520 239.74
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 074 820.26
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 62 908 542.39
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -102 294 598.69
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -39 386 056.30
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR -36 311 236.04
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.45% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.065% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS Intervest to the Custodian and other third parties, except in the form of financial
information provided by brokers for research purposes.
An all-in fee of 1.45% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays less than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 5 132 336.06.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 494 878 410.00
1. Previous year's distribution or tax abatement . . . . . . . . . EUR -2 556 934.19
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -174 833 426.22
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 377 078 073.68
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -551 911 499.90
3. Income adjustment and reimbursed expenses . . . . . . . . EUR -8 160 101.75
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 074 820.26
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 62 908 542.39
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -102 294 598.69
7. Net change in unrealized appreciation/depreciation . . . . EUR -25 156 536.58
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 247 860 175.22
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Balance brought forward
from previous year . . . . . . . . . . . . . . . . . . EUR 45 584 904.25 18.36
2. Net gain/loss for the fiscal year . . . . . . . . EUR -36 311 236.04 -14.62
II. Available for distribution . . . . . . . . . . . . EUR 9 273 668.21 3.74
1. Balance carried forward . . . . . . . . . . . . . . EUR -6 915 552.00 -2.79
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 2 358 116.21 0.95
1. Final distribution
a) Cash distribution . . . . . . . . . . . . . . . . . . . EUR 2 267 832.82 0.92
b) Withholding tax on
capital income withheld . . . . . . . . . . . . . . EUR 85 576.67 0.03
c) Solidarity surcharge withheld . . . . . . . . . . EUR 4 706.72 0.00
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 860 175.22 99.85
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494 878 410.00 122.43
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393 320 441.58 124.54
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333 567 177.95 116.61
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 5.40 percent of all transactions. The total volume was EUR 107 307 990.34.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Intervest for the fiscal year from October 1, 2010,
through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
67

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Akkumula
2011

70
DWS Akkumula
Investment objective and
performance in the reporting period
DWS Akkumula invested worldwide in
companies with strong earnings, solid
business models and attractive valuations.
Essentially, the fund focused on
high quality stocks from high-dividend
sectors. In the fiscal year from the beginning
of October 2010, through the
end of September 2011, the fund
recorded a decline of 13.0% per unit
(BVI method) and was thus behind its
benchmark, the MSCI World, which
fell 3.2%.
Investment policy
in the reporting period
The management saw major risks for
the investment fund in an economic
slowdown, compounded by the high
sovereign debt of western countries
and the lack of unified political processes
in some nations. For risk reasons,
the fund therefore focused on higher
quality value stocks. The more defensive
orientation of the portfolio, how -
ever, dampened the fund’s performance
in the fourth quarter of 2010, as cyclical,
growth-oriented stocks enjoyed strong
demand during the upward trend in the
capital markets in light of the initially
favorable climate of the global economy.
In addition, the overweighting of
investments in the euro area had a
negative impact. European equities
appeared to be valued more attractively
than U.S. securities. Furthermore, the
continuing high unemployment figures
and the failure of the house market to
recover indicated weaker U.S. con-
DWS AKKUMULA
Five-year performance
124
116
108
100
92
84
76
68
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Akkumula
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS AKKUMULA vs. benchmark
Performance at a glance
in %
12
6
0
-6
-12
-18
-24
-13.0
-3.2
1 year
-8.4
+7.8
3 years
-13.9
-16.8
5 years
DWS Akkumula
Benchmark MSCI World
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
sumer spending. As the EU sovereign
debt problems deteriorated, European
stocks came under greater pressure. In
view of this, the European weighting in
the fund was reduced towards the end
of the reporting period. The higher cash
ratio boosted performance at the end of
the reporting period.
At sector level, DWS Akkumula bene -
fited from its selection of individual
equities in the commodities sector.
Investments in fertilizer producers,
such as Potash Corporation of
Saskatchewan, profited from ongoing
high demand and rising sales prices,
particularly in the potash fertilizer segment.
Health care and pharmaceutical
stocks, which were overweighted in
the portfolio, had a positive impact on
performance. Attractively-valued U.S.
pharmaceutical manufacturer Pfizer

impressed the markets with high dividend
yields and measures to increase
productivity in the area of research and
development. Both its defensive character
and the high proportion of sales in
emerging markets prompted investment
in GlaxoSmithKline. In addition,
the product range of the company is
well-positioned with long-term patents.
Individual financial stocks recorded a
disappointing performance. The price of
UniCredit equities came under pressure
as the European debt crisis deteriorated,
due to the high level of investment
in Italian government bonds. Bank of
America also suffered considerably due
to ongoing law suits relating to mortgage
transactions before the latest
financial crisis. In the industrial sector,
PostNL and Koninklijke Philips Elec -
tronics recorded below-average performance.
PostNL failed to live up to expectations
after spinning off the Dutch
logistics group TNT. At Philips, the
lighting technology and consumer electronics
segments performed poorly,
which could not be offset by the stable
medical technology business area.
Utilities companies, including E.ON,
were sharply reduced. Plans to switch
off nuclear power stations and other
potential regulatory interventions were
among the factors weighing on equity
prices. The hedge in the Japanese yen
was completely liquidated in the course
of the year.
Main sources of capital gains/losses
The main sources of capital gains were
profits realized on equities and bonds.
Currency hedging transactions generated
losses in forward currency transactions.
DWS AKKUMULA: Summary statement of assets
Investment focus by sector
Equities 87.2% (September 30, 2011) / Equities 87.5% (September 30, 2010)
Health Care
13.9
16.2
Industrials
12.0
14.6
Financials
12.5
10.8
Information Technology
12.1
13.0
Energy
7.8
8.9
Telecommunication Services
6.5
9.8
Materials
4.7
6.1
Consumer Staples
2.0
4.9
Consumer Discretionary
3.3
4.9
Utilities
3.2
7.5
Time deposit
8.2
7.2
Certificates
0.7
0.6
Warrants
0.0
Bonds*
Cash and other assets
0.3
0.1
1.7
3.0 3.5
0 3 6 9
12 15 18
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
*(incl. pro-rata accrued interest)
Security code: 847 402
ISIN: DE0008474024
As of: September 30, 2011
71

72
Annual report
DWS Akkumula
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 2 318 433 923.70 88.05
Equities
Canadian Natural Resources (CA1363851017) . . . . . . . . . Count 500 000 500 000 CAD 31.5200 11 174 634.15 0.42
Canadian Pacific Railway (CA13645T1003) . . . . . . . . . . . Count 550 000 CAD 51.7200 20 169 647.40 0.77
Nexen (CA65334H1029) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 475 000 250 000 775 000 CAD 16.4800 17 235 596.88 0.65
Suncor Energy (new) (CA8672241079) . . . . . . . . . . . . . . . Count 750 000 750 000 CAD 27.7100 14 735 839.73 0.56
Nestlé Reg. (CH0038863350) . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 1 000 000 CHF 49.8100 40 832 855.82 1.55
UBS Reg. (CH0024899483) . . . . . . . . . . . . . . . . . . . . . . . . Count 3 000 000 3 000 000 CHF 10.7400 26 413 061.92 1.00
AEGON (NL0000303709) . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 000 000 8 000 000 9 400 000 EUR 3.0670 24 536 000.00 0.93
Allianz SE (DE0008404005) 3) . . . . . . . . . . . . . . . . . . . . . . Count 750 000 700 000 450 000 EUR 69.7100 52 282 500.00 1.99
BNP Paribas (FR0000131104) . . . . . . . . . . . . . . . . . . . . . . Count 500 000 1 300 000 800 000 EUR 29.8750 14 937 500.00 0.57
Compagnie de Saint-Gobain (C.R.)
(FR0000125007) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 600 000 600 000 EUR 28.5800 17 148 000.00 0.65
Deutsche Bank Reg. (DE0005140008) 3) . . . . . . . . . . . . . Count 1 000 000 2 700 000 1 950 000 EUR 26.2200 26 220 000.00 1.00
Deutsche Post Reg. (DE0005552004) 3) . . . . . . . . . . . . . Count 2 500 000 2 000 000 EUR 9.6000 24 000 000.00 0.91
Deutsche Telekom Reg. (DE0005557508) 3) . . . . . . . . . . Count 5 500 000 11 500 000 EUR 8.7700 48 235 000.00 1.83
E.ON Reg. (DE000ENAG999) 3) . . . . . . . . . . . . . . . . . . . . Count 2 500 000 3 500 000 EUR 16.4250 41 062 500.00 1.56
France Telecom (FR0000133308) 3) . . . . . . . . . . . . . . . . . Count 2 500 000 500 000 1 000 000 EUR 12.2250 30 562 500.00 1.16
GdF Suez (FR0010208488) . . . . . . . . . . . . . . . . . . . . . . . . Count 1 200 000 1 550 000 EUR 22.5850 27 102 000.00 1.03
ING Groep CVA (NL0000303600) . . . . . . . . . . . . . . . . . . . Count 10 000 000 4 000 000 2 500 000 EUR 5.4110 54 110 000.00 2.06
Ingenico (FR0000125346) . . . . . . . . . . . . . . . . . . . . . . . . . Count 279 930 427 200 147 270 EUR 28.0300 7 846 437.90 0.30
Koninklijke Philips Electronics
(NL0000009538) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 750 000 500 000 500 000 EUR 13.3650 23 388 750.00 0.89
Nexans (FR0000044448) 3) . . . . . . . . . . . . . . . . . . . . . . . . Count 380 000 370 000 EUR 44.0800 16 750 400.00 0.64
PostNL (NL0009739416) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 250 000 6 250 000 EUR 3.3280 20 800 000.00 0.79
Qiagen (NL0000240000) 3) . . . . . . . . . . . . . . . . . . . . . . . . Count 2 600 000 1 750 000 EUR 10.5300 27 378 000.00 1.04
Royal Dutch Shell Cl. A (GB00B03MLX29) . . . . . . . . . . . . Count 1 500 000 2 000 000 EUR 22.9900 34 485 000.00 1.31
Saft Groupe Reg. (FR0010208165) . . . . . . . . . . . . . . . . . . Count 230 000 155 500 EUR 20.3450 4 679 350.00 0.18
Sanofi (FR0000120578) 3) . . . . . . . . . . . . . . . . . . . . . . . . . Count 801 500 801 500 EUR 49.5150 39 686 272.50 1.51
SAP (DE0007164600) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 350 000 1 600 000 250 000 EUR 37.9650 51 252 750.00 1.95
Siemens Reg. (DE0007236101) 3) . . . . . . . . . . . . . . . . . . Count 150 000 200 000 500 000 EUR 67.4200 10 113 000.00 0.38
Verbund AG (AT0000746409) . . . . . . . . . . . . . . . . . . . . . . Count 750 000 EUR 21.4350 16 076 250.00 0.61
VINCI (FR0000125486) 3) . . . . . . . . . . . . . . . . . . . . . . . . . Count 850 000 850 000 EUR 32.0050 27 204 250.00 1.03
Vivendi (FR0000127771) 3) . . . . . . . . . . . . . . . . . . . . . . . . Count 3 500 000 2 000 000 EUR 15.1950 53 182 500.00 2.02
Barclays (GB0031348658) . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 000 000 5 000 000 GBP 1.6125 22 277 330.31 0.85
BHP Billiton (GB0000566504) . . . . . . . . . . . . . . . . . . . . . . Count 1 500 000 1 800 000 300 000 GBP 17.2250 29 746 280.20 1.13
GlaxoSmithkline (GB0009252882) . . . . . . . . . . . . . . . . . . Count 2 500 000 GBP 13.2268 38 069 338.33 1.45
Sig (GB0008025412) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 500 000 GBP 0.9310 12 326 213.80 0.47
TUI Travel (GB00B1Z7RQ77) . . . . . . . . . . . . . . . . . . . . . . . Count 15 000 000 15 000 000 GBP 1.4680 25 351 256.51 0.96
Vodafone Group (GB00B16GWD56) . . . . . . . . . . . . . . . . . Count 20 000 000 2 000 000 12 000 000 GBP 1.6560 38 130 500.26 1.45
Prada Holding (IT0003874101) 3) . . . . . . . . . . . . . . . . . . . Count 1 750 000 2 967 300 1 217 300 HKD 32.8500 5 454 654.14 0.21
Astellas Pharma (JP3942400007) . . . . . . . . . . . . . . . . . . . Count 750 000 JPY 2 941.0000 21 256 163.47 0.81
Chiyoda Corp. (6366) (JP3528600004) . . . . . . . . . . . . . . . Count 3 000 000 4 000 000 1 000 000 JPY 765.0000 22 116 239.45 0.84
Kyocera Corp. (JP3249600002) . . . . . . . . . . . . . . . . . . . . . Count 500 000 JPY 6 540.0000 31 512 027.45 1.20
Marubeni Corp. (JP3877600001) . . . . . . . . . . . . . . . . . . . Count 5 000 000 5 000 000 JPY 439.0000 21 152 568.88 0.80
Mitsui & Co. (JP3893600001) . . . . . . . . . . . . . . . . . . . . . . Count 2 500 000 2 500 000 JPY 1 134.0000 27 320 060.49 1.04
Mitsui O.S.K. Lines (JP3362700001) . . . . . . . . . . . . . . . . Count 8 987 000 JPY 300.0000 25 981 522.08 0.99
Nippon Yusen (JP3753000003) . . . . . . . . . . . . . . . . . . . . . Count 10 000 000 JPY 211.0000 20 333 448.90 0.77
Shin-Etsu Chemical Co. (JP3371200001) . . . . . . . . . . . . . Count 1 000 000 250 000 JPY 3 830.0000 36 908 582.61 1.40
Shiseido Co. (JP3351600006) . . . . . . . . . . . . . . . . . . . . . . Count 2 000 000 2 000 000 JPY 1 507.0000 29 045 030.80 1.10
Sumitomo Corp. (JP3404600003) . . . . . . . . . . . . . . . . . . . Count 3 500 000 3 500 000 JPY 967.0000 32 615 430.24 1.24
Takeda Pharmaceutical Co. (JP3463000004) . . . . . . . . . . Count 1 000 000 1 500 000 JPY 3 680.0000 35 463 076.76 1.35
Tokyo Electron (JP3571400005) . . . . . . . . . . . . . . . . . . . . Count 375 000 JPY 3 560.0000 12 865 002.03 0.49
City Development (SG1R89002252) . . . . . . . . . . . . . . . . . Count 4 000 000 SGD 9.5900 21 859 131.69 0.83
SembCorp Industries New (SG1R50925390) . . . . . . . . . . Count 8 000 000 2 500 000 500 000 SGD 3.4200 15 590 871.82 0.59
Epistar (TW0002448008) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 750 000 6 750 000 TWD 54.1000 8 854 321.27 0.34
Everlight Electronics Co. (TW0002393006) . . . . . . . . . . . Count 15 000 000 8 500 000 TWD 52.8000 19 203 457.09 0.73
Taiwan Semiconductor Manufacturing
Co. (TW0002330008) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 16 079 998 TWD 70.0000 27 292 182.59 1.04
Air Products & Chemicals (US0091581068) . . . . . . . . . . . Count 500 000 500 000 USD 79.2900 29 310 434.06 1.11
Anadarko Petroleum Corp. (US0325111070) . . . . . . . . . . Count 900 000 1 500 000 600 000 USD 67.1500 44 680 945.45 1.70
Apache Corp. (US0374111054) . . . . . . . . . . . . . . . . . . . . . Count 200 000 100 000 USD 82.8800 12 255 007.06 0.47
Apple (US0378331005) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 000 190 000 USD 390.5700 54 863 853.79 2.08
Avon Products (US0543031027) . . . . . . . . . . . . . . . . . . . . Count 1 750 000 250 000 USD 19.8300 25 656 333.40 0.97
Bank of America Corp. (US0605051046) . . . . . . . . . . . . . Count 4 500 000 500 000 USD 6.3500 21 126 135.78 0.80
Comcast Corp. A (US20030N1019) . . . . . . . . . . . . . . . . . Count 1 650 000 1 650 000 USD 21.6900 26 459 237.46 1.00
Corning (US2193501051) . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 480 001 2 519 999 USD 12.6600 32 572 185.70 1.24

DWS Akkumula
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Eli Lilly & Co. (US5324571083) . . . . . . . . . . . . . . . . . . . . . Count 1 500 000 USD 37.2500 41 309 635.59 1.57
Gilead Sciences (US3755581036) . . . . . . . . . . . . . . . . . . . Count 1 250 000 1 250 000 USD 39.2500 36 273 002.17 1.38
Google A (US38259P5089) . . . . . . . . . . . . . . . . . . . . . . . . Count 100 000 100 000 USD 527.5000 38 999 253.28 1.48
ITT Corp. (US4509111021) . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 384 032 USD 43.4700 16 069 171.00 0.61
Laboratory Corp. America Holdings
(US50540R4092) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 400 000 100 000 USD 80.6000 23 835 752.15 0.91
Lincoln National Corp. (US5341871094) . . . . . . . . . . . . . . Count 1 750 000 500 000 USD 16.4600 21 296 179.92 0.81
Medtronic (US5850551061) . . . . . . . . . . . . . . . . . . . . . . . Count 1 650 000 350 000 USD 33.9600 41 427 187.84 1.57
Mosaic (new) (US61945C1036) . . . . . . . . . . . . . . . . . . . . Count 500 000 745 956 245 956 USD 54.2000 20 035 635.34 0.76
Murphy Oil Corp. (US6267171022) . . . . . . . . . . . . . . . . . . Count 700 000 300 000 591 384 USD 45.3000 23 443 911.31 0.89
Pall Corp. (US6964293079) . . . . . . . . . . . . . . . . . . . . . . . . Count 850 000 150 000 USD 43.9300 27 606 665.73 1.05
PepsiCo (US7134481081) . . . . . . . . . . . . . . . . . . . . . . . . . Count 750 000 750 000 USD 62.5800 34 700 093.89 1.32
Pfizer (US7170811035) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 500 000 1 500 000 USD 17.9800 46 525 554.68 1.77
Plum Creek Timber Co. (US7292511083) . . . . . . . . . . . . . Count 1 000 000 100 000 USD 35.6000 26 319 875.20 1.00
Potash Corp. of Saskatchewan
(CA73755L1076) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 1 300 000 800 000 USD 45.4000 16 782 617.05 0.64
Quest Diagnostics (US74834L1008) . . . . . . . . . . . . . . . . . Count 750 000 300 000 USD 50.7100 28 118 276.79 1.07
Schlumberger N.Y. Shares (AN8068571086) . . . . . . . . . . Count 600 000 285 000 435 000 USD 61.3300 27 205 583.36 1.03
Symantec Corp. (US8715031089) 3) . . . . . . . . . . . . . . . . . Count 2 750 000 2 250 000 USD 16.8900 34 339 674.25 1.30
Teva Pharmaceutical Industries
ADR (US8816242098) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 750 000 1 250 000 USD 36.9400 47 793 492.48 1.82
The Hartford Financial Services
Group (US4165151048) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 500 000 USD 17.1100 18 974 707.78 0.72
The Walt Disney Co. (US2546871060) . . . . . . . . . . . . . . . Count 1 250 000 1 250 000 USD 30.6500 28 325 287.04 1.08
Vulcan Materials (US9291601097) 3) . . . . . . . . . . . . . . . . Count 1 250 000 150 000 USD 28.9500 26 754 227.08 1.02
Weatherford International Reg.
(CH0038838394) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 000 000 2 814 700 814 700 USD 12.7500 18 852 719.60 0.72
Interest-bearing securities
4.7500 % Barclays Bank 05/und. MTN
(XS0214398199) . . . . . . . . . . . . . . . . . . . . . . EUR 6 000 % 52.0000 3 120 000.00 0.12
Certificates
DWS GO Medical Innovations Certificate
(DE000DWS0H31) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 400 000 EUR 47.6900 19 076 000.00 0.72
Total securities portfolio 2 318 433 923.70 88.05
Derivatives
Minus signs denote short positions
Derivatives on individual securities 14 979 201.01 0.57
Warrants on securities
Equity warrants
UBS London WRT 13.01.14 Sime
Darby (CH0122933986) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 000 000 4 000 000 USD 2.6432 7 816 707.21 0.30
Securities futures
Equity futures
The Swatch Group Future 12/2011 (EURX) CHF . . . . . . . Count -110 000 5 251 808.80 0.20
BMW Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . . Count -350 000 1 910 685.00 0.07
Equity index derivatives 897 178.16 0.03
(Receivables/payables)
Equity index futures
DAX Index Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . Count 7500 897 178.16 0.03
73

74
DWS Akkumula
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Currency derivatives -20 117 553.42 -0.76
Currency futures (long)
Closed positions
EUR/JPY 219.65 million . . . . . . . . . . . . . . . . . . . . . . . . . . -9 567 279.37 -0.36
Currency futures (short)
Open positions
EUR/CAD 500.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . -15 274 040.06 -0.58
EUR/SGD 150.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . -3 362 887.12 -0.13
EUR/USD 200.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . 1 565 830.12 0.06
Closed positions
EUR/USD 200.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . 6 520 823.01 0.25
Cash and non-securitized money market instruments 313 949 732.40 11.92
Cash at bank 313 949 732.40 11.92
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 36 785 041.74 % 100 36 785 041.74 1.40
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 31 545 246.15 % 100 31 545 246.15 1.20
Deposits in non-EU/EEA currencies
Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1 824 576.28 % 100 1 314 734.19 0.05
Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 811 845.11 % 100 325 761.33 0.01
Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 775 967.18 % 100 550 199.83 0.02
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 9 644 657.17 % 100 7 906 422.32 0.30
Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 69 699 030.21 % 100 6 613 335.14 0.25
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 474 309 767.00 % 100 4 570 783.61 0.17
South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 85 160 105.00 % 100 53 306.89 0.00
Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 7 452 687.75 % 100 4 246 853.05 0.16
Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 58 419.01 % 100 23 221.53 0.00
Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TWD 3 826 269.00 % 100 92 774.74 0.00
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 6 502 476.24 % 100 4 807 425.93 0.18
South African rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ZAR 1 239 886.90 % 100 114 625.95 0.00
Time deposit
EUR deposits (Deutsche Bank AG, Frankfurt/Main) . . . . . EUR 215 000 000.00 % 100 215 000 000.00 8.17
Other assets 8 323 426.72 0.32
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 205 595.01 % 100 205 595.01 0.01
Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 562 609.09 % 100 7 562 609.09 0.29
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 329 898.60 % 100 329 898.60 0.01
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 225 324.02 % 100 225 324.02 0.01
Receivables from share certificate transactions EUR 222 075.28 % 100 222 075.28 0.01
Other liabilities -3 294 260.17 -0.13
Liabilities from cost item . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -3 181 598.11 % 100 -3 181 598.11 -0.12
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -112 662.06 % 100 -112 662.06 0.00
Liabilities from share certificate transactions EUR -344 528.16 % 100 -344 528.16 -0.01
Net assets 2 633 049 195.52 100.00
Net asset value per unit 466.76
Number of units outstanding 5 641 127.739
Negligible rounding errors may have arisen due to the rounding of calculated percentages.

DWS Akkumula
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
MSCI Equities The World Index EUR TR
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 5.832
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 9.834
Average market risk exposure . . . . . . . . . . . . . . . . . % 8.057
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 0.6, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Main / Eurex Zürich)
Exchange rates (indirect quotes)
Australian dollar . . . . . . . . . . . . . . . . . AUD 1.387791 = EUR 1
Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 2.492147 = EUR 1
Canadian dollar . . . . . . . . . . . . . . . . . CAD 1.410337 = EUR 1
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.868596 = EUR 1
Hong Kong dollar . . . . . . . . . . . . . . . . HKD 10.539165 = EUR 1
Japanese yen . . . . . . . . . . . . . . . . . . . JPY 103.769902 = EUR 1
South Korean won . . . . . . . . . . . . . . . KRW 1 597.544080 = EUR 1
Singapore dollar . . . . . . . . . . . . . . . . . SGD 1.754873 = EUR 1
Turkish lira . . . . . . . . . . . . . . . . . . . . . . TRY 2.515726 = EUR 1
Taiwan dollar . . . . . . . . . . . . . . . . . . . . TWD 41.242574 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.352590 = EUR 1
South African rand . . . . . . . . . . . . . . . ZAR 10.816808 = EUR 1
As of September 30, 2011
Notes on the valuation
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 423 040 967.66.
75

76
DWS Akkumula
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note
loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Purchases/ Sales/
Description currency
additions disposals
(– / ’000)
Securities traded on an exchange
Equities
Vestas Wind Systems (DK0010268606) . . . . . . . . . . Count 650 000
Banco Santander Central Hispanola Reg.
(ES0113900J37) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 500 000 2 500 000
Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . Count 250 000 250 000
Crucell (NL0000358562) . . . . . . . . . . . . . . . . . . . . . . Count 721 343
ENI (IT0003132476) . . . . . . . . . . . . . . . . . . . . . . . . . Count 750 000 2 750 000
Iberdrola (new) (ES0144580Y14) . . . . . . . . . . . . . . . Count 4 000 000
K+S (DE0007162000) . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 500 000
Koninklijke KPN (NL0000009082) . . . . . . . . . . . . . . . Count 2 084 573 6 084 573
Linde (DE0006483001) . . . . . . . . . . . . . . . . . . . . . . . Count 300 000
Metso (FI0009007835) . . . . . . . . . . . . . . . . . . . . . . . Count 450 000 450 000
Nokia (FI0009000681) . . . . . . . . . . . . . . . . . . . . . . . . Count 8 000 000 8 000 000
Prysmian (IT0004176001) . . . . . . . . . . . . . . . . . . . . . Count 1 000 000
Societe Generale (FR0000130809) . . . . . . . . . . . . . . Count 1 250 000 1 250 000
Total (FR0000120271) . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000
UniCredit (IT0000064854) . . . . . . . . . . . . . . . . . . . . . Count 25 000 000 25 000 000
Unilever (NL0000009355) . . . . . . . . . . . . . . . . . . . . . Count 500 000
Old Mutual (GB0007389926) . . . . . . . . . . . . . . . . . . Count 20 000 000 20 000 000
AIA Group (HK0000069689) . . . . . . . . . . . . . . . . . . . Count 14 450 000 14 450 000
Hongkong Exchanges and Clearing
(HK0388045442) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 000 1 000 000
Canon (JP3242800005) . . . . . . . . . . . . . . . . . . . . . . . Count 1 500 000
Denso Corp. (JP3551500006) . . . . . . . . . . . . . . . . . . Count 1 750 000
Nintendo Co. (JP3756600007) . . . . . . . . . . . . . . . . . Count 175 000
Nomura Holdings (JP3762600009) . . . . . . . . . . . . . . Count 5 000 000
Sharp Corp. (JP3359600008) . . . . . . . . . . . . . . . . . . Count 1 750 000
Tokuyama Corp. (JP3625000009) . . . . . . . . . . . . . . . Count 3 500 000
Cisco Systems (US17275R1023) . . . . . . . . . . . . . . . Count 1 500 000
Cree (US2254471012) . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 250 000
CSX Corp. (US1264081035) . . . . . . . . . . . . . . . . . . . Count 750 000
Dean Foods Co. (US2423701042) . . . . . . . . . . . . . . Count 2 350 000
Fluor Corp. (new) (US3434121022) . . . . . . . . . . . . . Count 300 000
FMC Corp. (US3024913036) . . . . . . . . . . . . . . . . . . Count 500 000
Freeport-McMoRan Copper & Gold B
(US35671D8570) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 500 000 500 000
Hewlett-Packard Co. (US4282361033) . . . . . . . . . . . Count 1 500 000 3 000 000
Microsoft Corp. (US5949181045) . . . . . . . . . . . . . . . Count 2 500 000
Petróleo Brasileiro ADR (US71654V4086) . . . . . . . . Count 500 000
The Mosaic Co. (US61945A1079) . . . . . . . . . . . . . . Count 700 000
Interest-bearing securities
5.3300 % Deutsche Bank Capital Trust
IV 03/und. (XS0176823424) . . . . . . . . . . EUR 55 200
Unlisted securities
Equities
Iberdrola Right (ES0644580914) . . . . . . . . . . . . . . . . Count 4 000 000 4 000 000
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Futures contracts
Securities futures
Value (’000)
Equity futures
Contracts sold:
(Underlyings: BMW Ord.)
EUR 124 397
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index), Nikkei 225. S&P 500
Index)
EUR 736 806
Contracts sold:
(Underlyings: DAX (performance index), Nikkei 225. S&P 500
Index)
EUR 1 741 065
Interest rate futures
Contracts sold:
(Underlyings: Euro-Bund Future 03/2011)
EUR 125 573
Currency futures
Futures contracts to purchase currencies
EUR/JPY EUR 739 266
JPY/EUR EUR 369 716
USD/JPY EUR 1 793 396
Futures contracts to sell currencies
EUR/CAD EUR 499 889
EUR/JPY EUR 370 354
EUR/SGD EUR 149 868
EUR/USD EUR 734 938
JPY/EUR EUR 370 354
USD/EUR EUR 1 815 552
USD/JPY EUR 723 351
Option contracts
Options on currency derivatives
Currency options
Put options sold:
(Underlyings: Put USD/EUR (DBK) 02.06.11 Strike 1.49. Put
USD/EUR (DBK) 05.05.11 Strike 1.42. Put USD/EUR (DBK) 07.04.11
Strike 1.40. Put USD/EUR (DBK) 11.07.11 Strike 1.47)
EUR 2 522 500

DWS Akkumula
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 3 304 975
(Security description: 4.7500 % Barclays Bank 05/und. MTN, 5.3300 %
Deutsche Bank Capital Trust IV 03/und., AEGON, AIA Group,
Allianz SE, Anadarko Petroleum Corp., Astellas Pharma,
Banco Santander Central Hispanola Reg., Bayer, BNP Paribas,
Canadian Pacific Railway, Canon, Cisco Systems, City Development,
Compagnie de Saint-Gobain (C.R.), Corning, Crucell, Denso
Corp., Deutsche Bank Reg., Deutsche Post Reg., Deutsche
Telekom Reg., E.ON Reg., Eli Lilly & Co., ENI, France Telecom,
GdF Suez, Hewlett-Packard Co., Hongkong Exchanges and Clearing,
Iberdrola (new), Iberdrola Right, ING Groep CVA, Ingenico,
ITT Corp., Koninklijke KPN, Koninklijke Philips Electronics,
Laboratory Corp. America Holdings, Linde, Medtronic, Metso,
Microsoft Corp., Mitsui & Co., Murphy Oil Corp., Nestlé
Reg., Nexans, Nippon Yusen, Nokia, Pfizer, PostNL, Prada
Holding, Prysmian, Qiagen, Royal Dutch Shell Cl. A, Sanofi,
SAP, Shiseido Co., Siemens Reg., Societe Generale, Sumitomo
Corp., Takeda Pharmaceutical Co., The Hartford Financial
Services Group, The Walt Disney Co., Total, TUI Travel,
UniCredit, Unilever, Verbund AG, Vestas Wind Systems, VINCI,
Vivendi, Vulcan Materials)
77

78
DWS Akkumula
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 9 932 320.73
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 50 723 160.44
3. Interest from foreign securities
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 833 309.21
4. Interest from investments of liquid assets in Germany . EUR 1 697 260.90
5. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 4 341 333.02
from securities lending . . . . . . . . .EUR 4 341 333.02
6. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -3 911 083.70
7. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Compensation payments . . . . . . .EUR 14 154 830.43
EUR 14 358 807.49
Other . . . . . . . . . . . . . . . . . . . . . . .EUR 203 977.06
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 77 975 108.09
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -7 528.48
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -45 004 853.88
EUR -45 004 853.88
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -2 187 224.16
securities lending income . . . . . . .EUR -2 170 666.52
Legal expenses . . . . . . . . . . . . . . .EUR -16 396.71
Other . . . . . . . . . . . . . . . . . . . . . . .EUR -160.93
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -47 199 606.52
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR 30 775 501.57
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 408 938 146.53
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -418 279 130.90
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -9 340 984.37
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR 21 434 517.20
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.45% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.070% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS Akkumula to the Custodian and other third parties, except in the form of financial
information provided by brokers for research purposes.
An all-in fee of 1.45% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 9 575 807.05.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 264 560 226.73
1. Previous year's distribution or tax abatement . . . . . . . . EUR -8 367 909.43
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -213 580 221.63
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 535 683 778.71
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -749 264 000.34
3. Income adjustment and reimbursed expenses . . . . . . . EUR 4 968 554.14
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . EUR 30 775 501.57
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 408 938 146.53
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -418 279 130.90
7. Net change in unrealized appreciation/depreciation . . . . EUR -435 965 971.49
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 2 633 049 195.52
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Net gain/loss for the fiscal year . . . . . . . . EUR 21 434 517.20 3.79
II. Available for distribution . . . . . . . . . . . . EUR 21 434 517.20 3.79
1. Reinvested . . . . . . . . . . . . . . . . . . . . . . . . EUR -14 693 466.55 -2.60
III. Total distribution . . . . . . . . . . . . . . . . . . EUR 6 741 050.65 1.19
1. Final distribution
a) Withholding tax on
capital income withheld . . . . . . . . . . . . EUR 6 389 621.47 1.13
b) Solidarity surcharge withheld . . . . . . . EUR 351 429.18 0.06
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 633 049 195.52 466.76
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 264 560 226.73 537.64
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 115 665 431.74 529.12
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 675 783 856.03 512.59
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 8.37 percent of all transactions. The total volume was EUR 371 793 085.65.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Akkumula for the fiscal year from October 1, 2010,
through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
79

format used for complete dates
in securities descriptions in the investment
portfolio is “day/month/year”.
2010The
Annual report
DWS Global Small/Mid Cap
2011

82
DWS Global Small/Mid Cap
Investment objective and
performance in the reporting period
The investment focus of DWS Global
Small/Mid Cap is on small- and mid-caps
worldwide. The remaining portion is invested
primarily in large-caps. In the
fiscal year through the end of Septem -
ber 2011, the fund recorded a decline
of 23.5% per unit (BVI method) and
was thus behind its benchmark, the
MSCI World Mid Cap, which fell 3.3%.
Investment policy
in the reporting period
The management saw major risks for
the investment fund in an economic
slowdown, compounded by the high
sovereign debt of western countries
and the lack of unified political processes
in some nations. The overweighting
of investments in the euro area had a
negative impact on the fund’s performance.
European equities appeared to
be valued more attractively than U.S. se -
curities. Furthermore, the continuing high
unemployment figures and the failure of
the house market to recover indicated
weaker U.S. consumer spending.
However, as the EU sovereign debt
problems deteriorated, European stocks
came under greater pressure. In view
of this, the European weighting in the
fund was reduced during the reporting
period. The earthquake disaster in
Japan was also a drag on performance
since the fund was overweighted here.
Japan’s weighting was later reduced
and hedging in Japanese yen was completely
liquidated in the course of the
year. Asian growth countries were
another heavyweight in the portfolio.
DWS GLOBAL SMALL/MID CAP
Five-year performance
130
120
110
100
90
80
70
60
9/06* 9/07 9/08 9/09 9/10
9/11
DWS Global Small/Mid Cap
* 9/2006 = 100
Data on euro basis
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: September 30, 2011
DWS GLOBAL SMALL/MID CAP
vs. benchmark
Performance at a glance
in %
16
8
0
-8
-16
-24
-32
-23.5
-3.3
1 year
-1.6
+9.3
3 years
-25.9
-12.7
5 years
DWS Global Small/Mid Cap
Benchmark MSCI World Mid Cap since
July1, 2010 (previously: MSCI World)
Data on euro basis
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: September 30, 2011
However Asian countries were unable
to avoid the effects of the trend toward
slowing economic growth in the industrial
countries. They came under strong
selling pressure and dampened performance.
The higher cash ratio boosted
performance, particularly at the end of
the reporting period.
At sector level, DWS Global Small/
Mid Cap participated in the commodi-

ties sector via its selection of individual
equities. Investments in gold mine ope -
rators such as AuRico Gold and Yamana
Gold benefited from the high price of
gold. Both gold manufacturers operate
their mines in politically stable regions
and therefore seem quite interesting.
The considerable underweighting of the
financial sector overall made a positive
contribution to performance. Concerns
regarding banks’ investments in southern
European bonds were among the
factors weighing on equity prices.
The back-office processes specialist
Xchanging, which was included in the
portfolio at times, was hurt by this
trend. The company, which focuses on
the financial sector, turned in a belowaverage
performance. In durable consumer
goods, Pandora failed to meet
expectations after the Danish jewelry
manufacturer saw demand drop sharply.
Main sources of capital gains/losses
The main sources of capital gains/
losses were losses realized on equities,
options, futures and forward currency
transactions.
DWS GLOBAL SMALL/MID CAP: Summary statement of assets
Investment focus by sector
Equities 72.7% (September 30, 2011) / Equities 98.1% (September 30, 2010)
Industrials
13.4
18.1
Financials
10.9
11.8
Materials
10.5
14.9
Health Care
3.7
9.0
Information Technology
7.7
17.0
Energy
7.0
14.0
Consumer Discretionary
6.7
8.5
Consumer Staples
4.5
9.0
Utilities
1.8
1.1
Telecommunication Services 1.2
0.0
Time deposit
0.0
6.4
Cash and other assets
1.9
20.9
0 5 10 15 20 25
In % of the fund’s net assets in bonds
as of September 30, 2011
In % of the fund’s net assets in bonds
as of September 30, 2010
Security code: 847 650
ISIN: DE0008476508
As of: September 30, 2011
83

84
Annual report
DWS Global Small/Mid Cap
Investment portfolio – September 30, 2011
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 28 494 525.39 72.73
Equities
Agnico-Eagle Mines (CA0084741085) . . . . . . . . . . . . . . . . Count 4 500 83 000 98 500 CAD 62.0800 198 080.32 0.51
Aurico Gold (CA05155C1059) . . . . . . . . . . . . . . . . . . . . . . Count 42 000 291 000 249 000 CAD 9.8200 292 440.74 0.75
Golden Star Resources (CA38119T1049) . . . . . . . . . . . . .
Grande Cache Coal Corporation
Count 220 000 1 656 000 1 686 000 CAD 1.8400 287 023.60 0.73
(CA38655X1050) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 42 000 50 000 8 000 CAD 4.3000 128 054.50 0.33
Kinross Gold (CA4969024047) . . . . . . . . . . . . . . . . . . . . . Count 42 000 457 000 605 000 CAD 15.0000 446 701.75 1.14
Lundin Mining (CA5503721063) . . . . . . . . . . . . . . . . . . . . Count 90 000 105 000 15 000 CAD 3.7600 239 942.65 0.61
Yamana Gold (CA98462Y1007) . . . . . . . . . . . . . . . . . . . . . Count 26 000 277 000 771 000 CAD 14.0400 258 831.75 0.66
Partners Group Holding Reg.
(CH0024608827) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 500 5 500 CHF 149.3000 673 155.98 1.72
Pandora (DK0060252690) . . . . . . . . . . . . . . . . . . . . . . . . . Count 43 000 100 000 57 000 DKK 37.2600 215 300.10 0.55
Axel Springer Vink. Reg. (DE0005501357) . . . . . . . . . . . . Count 21 000 28 000 31 749 EUR 25.7850 541 485.00 1.38
Bauer (DE0005168108) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 30 000 33 700 44 063 EUR 17.3950 521 850.00 1.33
Deutsche EuroShop Reg. (DE0007480204) . . . . . . . . . . . Count 17 000 17 000 EUR 25.2000 428 400.00 1.09
Fiat Industrial (IT0004644743) . . . . . . . . . . . . . . . . . . . . . . Count 35 000 52 000 17 000 EUR 5.6700 198 450.00 0.51
KSB Pref. (DE0006292030) . . . . . . . . . . . . . . . . . . . . . . . . Count 750 830 2 480 EUR 384.0500 288 037.50 0.74
Metso (FI0009007835) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 500 10 500 EUR 22.1700 232 785.00 0.59
Prysmian (IT0004176001) . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 105 000 145 000 EUR 10.0500 402 000.00 1.03
Qiagen (NL0000240000) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000 130 000 190 000 EUR 10.5300 631 800.00 1.61
Rheinmetall Ord. (DE0007030009) . . . . . . . . . . . . . . . . . . Count 10 500 79 500 69 000 EUR 35.2700 370 335.00 0.95
Wolters Kluwer (NL0000395903) . . . . . . . . . . . . . . . . . . . Count 48 000 87 000 139 000 EUR 12.1900 585 120.00 1.49
3i Group (GB00B1YW4409) . . . . . . . . . . . . . . . . . . . . . . . Count 335 000 1 216 000 881 000 GBP 1.8740 722 764.09 1.84
Centamin Egypt (AU000000CNT2) . . . . . . . . . . . . . . . . . . Count 240 000 480 000 240 000 GBP 0.9420 260 282.11 0.66
Eurasian Natural Resources (GB00B29BCK10) . . . . . . . . . Count 34 000 72 000 38 000 GBP 5.7100 223 510.12 0.57
Kazakhmys (GB00B0HZPV38) . . . . . . . . . . . . . . . . . . . . . . Count 28 000 53 000 25 000 GBP 8.0000 257 887.44 0.66
Man Group (new) (GB00B28KQ186) . . . . . . . . . . . . . . . . . Count 380 000 704 000 1 624 000 GBP 1.6746 732 629.90 1.87
Old Mutual (GB0007389926) . . . . . . . . . . . . . . . . . . . . . . Count 374 000 1 250 000 876 000 GBP 1.0360 446 080.80 1.14
Shanks Group (GB0007995243) . . . . . . . . . . . . . . . . . . . . Count 400 000 801 000 1 901 000 GBP 1.0700 492 749.22 1.26
Smiths Group (GB00B1WY2338) . . . . . . . . . . . . . . . . . . . Count 18 000 75 000 57 000 GBP 9.8450 204 018.90 0.52
Wm. Morrison Supermarkets (GB0006043169) . . . . . . . . Count 210 000 592 000 982 000 GBP 2.8820 696 779.63 1.78
China Automation Group (KYG2112N1117) . . . . . . . . . . . Count 970 000 2 070 000 1 100 000 HKD 1.9900 183 154.93 0.47
China High Precision Automation
Group (KYG211221091) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 600 000 4 035 000 2 435 000 HKD 3.0000 455 444.05 1.16
China National Building Material Co. Cl.H (new)
(CNE1000002N9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 520 000 699 000 179 000 HKD 6.7300 332 056.67 0.85
China National Materials Co. (CNE100000874) . . . . . . . . . Count 1 310 000 2 050 000 740 000 HKD 2.8500 354 250.08 0.90
China Railway Construction Cl.H (CNE100000981) . . . . . Count 450 000 2 400 000 2 750 000 HKD 3.3100 141 329.98 0.36
Lonking Holdings (new) (KYG5636C1078) 3) . . . . . . . . . . Count 1 000 000 2 014 000 1 014 000 HKD 2.5800 244 801.18 0.62
Shougang Fushan Resource Group (HK0639031506) . . . . Count 750 000 3 735 000 2 985 000 HKD 2.6400 187 870.67 0.48
Xingda International Holdings (KYG9827V1068) . . . . . . . . Count 850 000 1 510 000 660 000 HKD 3.8200 308 088.92 0.79
Yuanda China Holdings (KYG987761007) . . . . . . . . . . . . . Count 6 802 000 11 630 000 4 828 000 HKD 0.9200 593 770.00 1.52
Yamada Denki Co. (JP3939000000) . . . . . . . . . . . . . . . . . Count 16 000 16 000 JPY 5 450.0000 840 320.73 2.14
Cermaq (NO0010003882) . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 41 000 471 000 NOK 63.0000 558 705.51 1.43
Marine Harvest (NO0003054108) . . . . . . . . . . . . . . . . . . . Count 700 000 1 150 000 2 950 000 NOK 2.6520 235 188.41 0.60
Capitaland (SG1J27887962) . . . . . . . . . . . . . . . . . . . . . . . Count 323 000 600 000 277 000 SGD 2.4700 454 625.49 1.16
Sakari Resources (SG1U11932563) . . . . . . . . . . . . . . . . . Count 190 000 1 300 000 1 110 000 SGD 2.0000 216 539.89 0.55
E Ink Holdings (TW0008069006) . . . . . . . . . . . . . . . . . . . Count 170 000 2 000 000 1 830 000 TWD 64.1000 264 217.26 0.67
Epistar (TW0002448008) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 200 000 350 000 150 000 TWD 54.1000 262 350.26 0.67
Aecom Technology (Del.) (US00766T1007) . . . . . . . . . . . Count 16 000 77 000 121 000 USD 18.1800 215 054.08 0.55
Agilent Technologies (US00846U1016) . . . . . . . . . . . . . . . Count 22 000 22 000 USD 32.5200 528 940.77 1.35
AirMedia Group ADR (US0094111095) . . . . . . . . . . . . . . . Count 220 000 761 602 1 011 602 USD 2.7000 439 157.47 1.12
AK Steel Holding Corp. (US0015471081) . . . . . . . . . . . . . Count 46 000 316 000 270 000 USD 6.8400 232 620.38 0.59
Alpha Natural Resources (US02076X1028) . . . . . . . . . . . . Count 20 500 82 000 61 500 USD 18.7100 283 570.78 0.72
Avon Products (US0543031027) . . . . . . . . . . . . . . . . . . . . Count 18 000 18 000 USD 19.8300 263 893.72 0.67
Bruker BioSciences Corp. (US1167941087) . . . . . . . . . . . Count 55 000 55 000 USD 13.5600 551 386.60 1.41
Carefusion (US14170T1016) . . . . . . . . . . . . . . . . . . . . . . . Count 26 000 26 000 USD 24.5800 472 486.12 1.21
CNH Global (NL0000298933) . . . . . . . . . . . . . . . . . . . . . . Count 28 500 47 500 19 000 USD 27.7500 584 711.55 1.49
General Cable Corp. (US3693001089) . . . . . . . . . . . . . . . Count 15 000 32 000 87 000 USD 24.4200 270 813.77 0.69
Itron (US4657411066) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 24 000 69 000 45 000 USD 32.1400 570 283.68 1.46
KT ADR (US48268K1016) . . . . . . . . . . . . . . . . . . . . . . . . . Count 40 000 213 000 173 000 USD 15.4500 456 901.20 1.17
Life Technologies (US53217V1098) . . . . . . . . . . . . . . . . . Count 12 000 53 000 41 000 USD 38.9200 345 293.10 0.88
Lincoln National Corp. (US5341871094) . . . . . . . . . . . . . . Count 31 000 43 000 202 000 USD 16.4600 377 246.62 0.96
Marvell Technology Group (BMG5876H1051) . . . . . . . . . Count 24 000 179 000 155 000 USD 14.9600 265 446.29 0.68

DWS Global Small/Mid Cap
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Murphy Oil Corp. (US6267171022) . . . . . . . . . . . . . . . . . . Count 23 000 50 500 27 500 USD 45.3000 770 299.94 1.97
Nabors Industries (BMG6359F1032) . . . . . . . . . . . . . . . . . Count 26 000 101 000 195 000 USD 13.1100 252 005.41 0.64
Perfect World ADR (US71372U1043) . . . . . . . . . . . . . . . . Count 22 000 235 000 213 000 USD 11.5800 188 349.76 0.48
PerkinElmer (US7140461093) . . . . . . . . . . . . . . . . . . . . . . Count 32 000 32 000 USD 19.5800 463 229.80 1.18
Sohu.Com (US83408W1036) . . . . . . . . . . . . . . . . . . . . . . Count 6 000 28 000 39 000 USD 50.6200 224 546.98 0.57
Take-Two Interactive Software (US8740541094) . . . . . . . Count 25 000 292 573 USD 13.1600 243 237.05 0.62
The AES Corp. (US00130H1059) . . . . . . . . . . . . . . . . . . . Count 95 000 248 000 153 000 USD 10.2600 720 617.48 1.84
The Hartford Financial Services Group (US4165151048) . Count 33 000 140 000 107 000 USD 17.1100 417 443.57 1.07
Transneft’, Aktsionernaya Pref. (RU0009091573) . . . . . . . Count 1 130 1 100 2 870 USD 965.8572 806 910.14 2.06
Trina Solar (Sp. ADR) (US89628E1047) 3) . . . . . . . . . . . . . Count 53 000 315 000 262 000 USD 6.4000 250 778.14 0.64
United States Steel Corp. (US9129091081) . . . . . . . . . . Count 14 000 55 500 41 500 USD 23.0700 238 786.33 0.61
Walter Energy (US93317Q1058) . . . . . . . . . . . . . . . . . . . . Count 5 000 10 000 5 000 USD 60.4500 223 460.18 0.57
Weatherford International Reg. (CH0038838394) . . . . . . . Count 43 000 171 000 268 000 USD 12.7500 405 333.47 1.03
WuXi PharmaTech (Cayman) ADR (US9293521020) . . . . Count 63 000 253 700 190 700 USD 11.6900 544 488.72 1.39
Yingli Green Energy Holding Co. (US98584B1035) 3) . . . Count 115 000 207 000 92 000 USD 3.2700 278 022.16 0.71
Total securities portfolio 28 494 525.39 72.73
Derivatives
Minus signs denote short positions
Derivatives on individual securities 19 373.28 0.05
Securities futures
Equity futures
Amazon.com Future 12/2011 (EURX) USD . . . . . . . . . . . . Count -2 500 -4 753.09 -0.01
Salesforce.com Future 12/2011 (EURX) USD . . . . . . . . . . Count -4 000 24 126.37 0.06
Equity index derivatives 43 950.04 0.11
(Receivables/payables)
Equity index futures
MDAX Future 12/2011 (EURX) EUR . . . . . . . . . . . . . . . . . Count -750 81 955.02 0.21
H-Shares Index Future 10/2011 (HKFE) HKD . . . . . . . . . . Count 2 750 -38 004.98 -0.10
Currency derivatives 831 751.54 2.12
Currency futures (long)
Open positions
USD/AUD 5.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 248.58 0.48
USD/EUR 8.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 614.56 0.87
Currency futures (short)
Open positions
EUR/USD 6.50 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 180.45 0.36
Closed positions
EUR/CAD 2.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2 978.01 -0.01
EUR/USD 4.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 685.96 0.42
Cash and non-securitized money market instruments 8 722 437.65 22.26
Cash at bank 8 722 437.65 22.26
Demand deposits at Custodian
EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 133 373.81 % 100 3 133 373.81 8.00
Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 244 164.44 % 100 244 164.44 0.62
85

86
DWS Global Small/Mid Cap
Count/ Quantity/ Purchases/ Sales/ Market price Total market % of
Description currency principal additions disposals value in net assets
(– / ’000) amount in the reporting period EUR
Deposits in non-EU/EEA currencies
Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 95 480.62 % 100 68 800.43 0.18
Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 4 427.77 % 100 1 776.69 0.00
Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 254 372.97 % 100 180 363.25 0.46
Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 18 764.30 % 100 15 382.45 0.04
Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 6 326 714.19 % 100 600 305.07 1.53
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 173 765.00 % 100 1 674.52 0.00
South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 244 527 113.00 % 100 153 064.39 0.39
New Zealand dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NZD 111 741.08 % 100 63 086.54 0.16
Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 173 719.74 % 100 98 992.77 0.25
Turkish lira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 304 957.29 % 100 121 220.39 0.31
Taiwan dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TWD 26 376 053.35 % 100 639 534.61 1.63
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 218 275.50 % 100 900 698.29 2.30
Time deposit
EUR deposits (Deutsche Bank AG, Frankfurt) . . . . . . . . . EUR 2 500 000.00 % 100 2 500 000.00 6.38
Other assets 1 141 652.25 2.91
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 023.21 % 100 1 023.21 0.00
Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 21 605.87 % 100 21 605.87 0.06
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 70 513.16 % 100 70 513.16 0.18
Initial margins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 047 391.29 % 100 1 047 391.29 2.67
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 118.72 % 100 1 118.72 0.00
Receivables from share certificate transactions EUR 2 121.58 % 100 2 121.58 0.01
Other liabilities -49 691.32 -0.13
Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . EUR -49 131.95 % 100 -49 131.95 -0.13
Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . EUR -559.37 % 100 -559.37 0.00
Liabilities from share certificate transactions EUR -24 067.76 % 100 -24 067.76 -0.06
Net assets 39 182 052.65 100.00
Net asset value per unit 34.81
Number of units outstanding 1 125 557.421
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
Composition of the reference portfolio (risk benchmark) (according to article 28 (3), of the Derivatives Regulation (DerivateV))
50% MSCI AC WORLD INDEX MID CAP Index in USD, 50% STOXX 600
Market risk exposure (value-at-risk) (according to article 28 (2), sentences 1 and 2, of the Derivatives Regulation (DerivateV))
Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 4.597
Highest market risk exposure . . . . . . . . . . . . . . . . . . % 13.713
Average market risk exposure . . . . . . . . . . . . . . . . . % 8.124
The values-at-risk were calculated for the period from October 1, 2010, through September 30, 2011, using historical simulation with a 99% confidence level, a 10-day holding period and
an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to
the fund from an unfavorable change in market prices. The investment company determines the potential market risk by means of the qualified approach as defined by the Derivatives
Regulation.
In the reporting period, the average leverage effect from the use of derivatives was 2.2, whereby the total of the nominal amounts of the derivates in relation to the fund’s assets was
used for the calculation (nominal value method).
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Main / Eurex Zürich)
HKFE = HKEx - Hong Kong Futures Exchange (HKFE)

DWS Global Small/Mid Cap
Exchange rates (indirect quotes)
Australian dollar . . . . . . . . . . . . . . . . . AUD 1.387791 = EUR 1
Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 2.492147 = EUR 1
Canadian dollar . . . . . . . . . . . . . . . . . CAD 1.410337 = EUR 1
Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.219851 = EUR 1
Danish krone . . . . . . . . . . . . . . . . . . . . DKK 7.441613 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.868596 = EUR 1
Hong Kong dollar . . . . . . . . . . . . . . . . HKD 10.539165 = EUR 1
Japanese yen . . . . . . . . . . . . . . . . . . . JPY 103.769902 = EUR 1
South Korean won . . . . . . . . . . . . . . . KRW 1 597.544080 = EUR 1
Norwegian krone . . . . . . . . . . . . . . . . NOK 7.893246 = EUR 1
New Zealand dollar . . . . . . . . . . . . . . . NZD 1.771235 = EUR 1
Singapore dollar . . . . . . . . . . . . . . . . . SGD 1.754873 = EUR 1
Turkish lira . . . . . . . . . . . . . . . . . . . . . . TRY 2.515726 = EUR 1
Taiwan dollar . . . . . . . . . . . . . . . . . . . . TWD 41.242574 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . USD 1.352590 = EUR 1
Notes on the valuation
As of September 30, 2011
The Custodian shall determine the value with the participation of the investment company. The Custodian generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Custodian and the investment company
and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked
through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
3) These securities were completely or partly transferred under securities loans. The equivalent value of the lent securities is EUR 272 382.64.
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/
Description currency
(– / ’000)
Securities traded on an exchange
Purchases/ Sales/
additions disposals
Equities
Macarthur Coal (AU000000MCC0) . . . . . . . . . . . . . . Count 130 000 130 000
Centerra Gold (CA1520061021) . . . . . . . . . . . . . . . . Count 200 000 200 000
Eastern Platinum (CA2768551038) . . . . . . . . . . . . . . Count 1 100 000 1 100 000
Gammon Gold (CA36467T1066) . . . . . . . . . . . . . . . . Count 410 000 850 000
Iamgold (CA4509131088) . . . . . . . . . . . . . . . . . . . . . Count 125 000 125 000
NovaGold Resources (CA66987E2069) . . . . . . . . . . Count 330 000
Actelion Reg. (CH0010532478) . . . . . . . . . . . . . . . . Count 25 000 25 000
Bucher Industries Reg. (CH0002432174) . . . . . . . . . Count 7 000
alstria office REIT (DE000A0LD2U1) . . . . . . . . . . . . Count 7 500 7 500
Andritz (AT0000730007) . . . . . . . . . . . . . . . . . . . . . . Count 5 000 18 000
ASML Holding (NL0006034001) . . . . . . . . . . . . . . . . Count 46 000 46 000
Atos Origin (FR0000051732) . . . . . . . . . . . . . . . . . . Count 70 000 70 000
Azimut Holding (IT0003261697) . . . . . . . . . . . . . . . . Count 277 000 277 000
Banca Popolare di Milano (IT0000064482) . . . . . . . . Count 730 000 730 000
CENTROTEC Sustainable (DE0005407506) . . . . . . . Count 39 000 79 000
Demag Cranes (DE000DCAG010) . . . . . . . . . . . . . . Count 3 565 33 565
Deutsche Wohnen (DE000A0HN5C6) . . . . . . . . . . . Count 93 140 93 140
DEUTZ (DE0006305006) . . . . . . . . . . . . . . . . . . . . . . Count 300 000 300 000
Gagfah (LU0269583422) . . . . . . . . . . . . . . . . . . . . . . Count 164 626 164 626
Gamesa Corporacion Tecnologica (ES0143416115) . Count 253 030
Grontmij (NL0000853034) . . . . . . . . . . . . . . . . . . . . Count 80 000
HeidelbergCement (DE0006047004) . . . . . . . . . . . . Count 10 000 37 000
Hochtief (DE0006070006) . . . . . . . . . . . . . . . . . . . . Count 23 400 23 400
K+S (DE0007162000) . . . . . . . . . . . . . . . . . . . . . . . . Count 25 000 25 000
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
Koninklijke DSM (NL0000009827) . . . . . . . . . . . . . . Count 13 500 13 500
Landi Renzo (IT0004210289) . . . . . . . . . . . . . . . . . . Count 250 000 250 000
Lenzing (AT0000644505) . . . . . . . . . . . . . . . . . . . . . Count 2 000 2 000
PostNL (NL0009739416) . . . . . . . . . . . . . . . . . . . . . Count 80 000 80 000
RHÖN-KLINIKUM (DE0007042301) . . . . . . . . . . . . . Count 155 000 155 000
SBM Offshore (NL0000360618) . . . . . . . . . . . . . . . . Count 40 000 110 000
TNT (NL0000009066) . . . . . . . . . . . . . . . . . . . . . . . . Count 90 000 90 000
TNT Express (NL0009739424) . . . . . . . . . . . . . . . . . Count 45 000 45 000
Ubisoft Entertainment (FR0000054470) . . . . . . . . . . Count 190 000
Unione di Banche Italiane (IT0003487029) . . . . . . . . Count 320 000 320 000
Vossloh (DE0007667107) . . . . . . . . . . . . . . . . . . . . . Count 4 000 4 000
Afren (GB00B0672758) . . . . . . . . . . . . . . . . . . . . . . . Count 180 000 180 000
African Barrick Gold (GB00B61D2N63) . . . . . . . . . . Count 150 000 150 000
Balfour Beatty (GB0000961622) . . . . . . . . . . . . . . . . Count 300 000 300 000
Cairn Energy (GB00B59MW615) . . . . . . . . . . . . . . . Count 105 000 105 000
Hansen Transmissions International
(BE0947727377) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 121 940
Lonmin (GB0031192486) . . . . . . . . . . . . . . . . . . . . . Count 75 000 75 000
Promethean World (GB00B60B6S45) . . . . . . . . . . . Count 1 600 000 1 600 000
Randgold Resources (GB00B01C3S32) . . . . . . . . . . Count 27 000 27 000
TUI Travel (GB00B1Z7RQ77) . . . . . . . . . . . . . . . . . . Count 950 000 950 000
Xchanging (GB00B1VK7X76) . . . . . . . . . . . . . . . . . . Count 450 000 2 400 000
Beijing Capital Intern. Airport Co. Cl.H (new)
(CNE100000221) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 300 000 3 300 000
China Communications Construction (new)
(CNE1000002F5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 100 000 3 100 000
China Railway Group (CNE1000007Z2) . . . . . . . . . . Count 2 800 000 5 200 000
International Mining Machinery Holdings
(KYG488581078) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 200 000 2 200 000
87

88
DWS Global Small/Mid Cap
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
Daiwa Securities Group (JP3502200003) . . . . . . . . . Count 600 000
Disco Corp. (JP3548600000) . . . . . . . . . . . . . . . . . . Count 23 000
Ibiden Co. (JP3148800000) . . . . . . . . . . . . . . . . . . . Count 60 000
ITOCHU Corp. (JP3143600009) . . . . . . . . . . . . . . . . Count 325 000 325 000
Kawasaki Kisen Kaisha (JP3223800008) . . . . . . . . . Count 150 000 550 000
Mitsubishi Heavy Industries (JP3900000005) . . . . . Count 600 000
Mitsui O.S.K. Lines (JP3362700001) . . . . . . . . . . . . Count 120 000 320 000
Mizuho Financial Group (JP3885780001) . . . . . . . . . Count 1 050 000
Nippon Yusen (JP3753000003) . . . . . . . . . . . . . . . . Count 450 000
Nomura Holdings (JP3762600009) . . . . . . . . . . . . . . Count 450 000
Panasonic Corp. (JP3866800000) . . . . . . . . . . . . . . . Count 250 000
Shiseido Co. (JP3351600006) . . . . . . . . . . . . . . . . . . Count 70 000 110 000
Stanley Electric Co. (JP3399400005) . . . . . . . . . . . . Count 60 000 140 000
Sumitomo Corp. (JP3404600003) . . . . . . . . . . . . . . Count 235 000 235 000
Suzuki Motor Corp. (JP3397200001) . . . . . . . . . . . . Count 20 000 80 000
Toshiba Corp. (JP3592200004) . . . . . . . . . . . . . . . . . Count 500 000
Toyoda Gosei Co. (JP3634200004) . . . . . . . . . . . . . . Count 30 000 110 000
Yakult Honsha Co. (JP3931600005) . . . . . . . . . . . . . Count 35 000
LG Philips LCD Co. (KR7034220004) . . . . . . . . . . . . Count 65 000 65 000
Petroleum Geo-Services (new) (NO0010199151) . . Count 119 500 119 500
Yara International (NO0010208051) . . . . . . . . . . . . . Count 45 000 45 000
Svenska Cellulosa B (Free) (SE0000112724) . . . . . . Count 40 000 40 000
TradeDoubler (SE0001552357) . . . . . . . . . . . . . . . . . Count 601 540
Singapore Airport Terminal Services
(SG1I52882764) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 750 000 750 000
AU Optronics Corp. (TW0002409000) . . . . . . . . . . . Count 1 500 000 1 500 000
Wintek (TW0002384005) . . . . . . . . . . . . . . . . . . . . . Count 500 000 500 000
A123 Systems (US03739T1088) . . . . . . . . . . . . . . . Count 150 000
Acorda Therapeutics (US00484M1062) . . . . . . . . . . Count 75 000 75 000
Advanced Energy Industries (US0079731008) . . . . . Count 55 000 255 000
AGCO Corp. (US0010841023) . . . . . . . . . . . . . . . . . Count 37 000 37 000
Allegheny Energy (US0173611064) . . . . . . . . . . . . . Count 80 000
Alnylam Pharmaceuticals (US02043Q1076) . . . . . . . Count 85 000
American Superconductor Corp. (US0301111086) . . Count 100 127 100 127
Arch Coal (US0393801008) . . . . . . . . . . . . . . . . . . . Count 77 000 77 000
Archer-Daniels-Midland Co. (US0394831020) . . . . . Count 35 000 95 000
Bank of New York Mellon (US0640581007) . . . . . . . Count 30 000
Brocade Communications Systems (new)
(US1116213067) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 189 000 189 000
Cameron International (US13342B1052) . . . . . . . . . Count 15 000 15 000
Chesapeake Energy Corp. (US1651671075) . . . . . . Count 45 000 250 000
Cimarex Energy Co. (US1717981013) . . . . . . . . . . . Count 5 000 5 000
CNinsure ADR (US18976M1036) . . . . . . . . . . . . . . . Count 347 000 347 000
Dendreon Corp. (US24823Q1076) . . . . . . . . . . . . . . Count 18 000
Energizer Holdings (US29266R1086) . . . . . . . . . . . . Count 15 000
Ensco International ADR (US29358Q1094) . . . . . . . Count 22 000 22 000
Feihe International (US31429Y1038) . . . . . . . . . . . . Count 170 000 170 000
Gold Fields ADR (US38059T1060) . . . . . . . . . . . . . . Count 35 000 205 000
GT Solar International (US3623E02092) . . . . . . . . . . Count 125 000 225 000
Harmony Gold Mining ADR (US4132163001) . . . . . Count 170 000 580 000
Helix Energy Solutions Group (US42330P1075) . . . . Count 158 000 158 000
Hess (US42809H1077) . . . . . . . . . . . . . . . . . . . . . . . Count 60 000
Hollysys Automation Technologies
(VGG456671053) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 205 000 205 000
Intrepid Potash (US46121Y1029) . . . . . . . . . . . . . . . Count 45 000 45 000
Keycorp (US4932671088) . . . . . . . . . . . . . . . . . . . . . Count 180 000 180 000
Lexmark International A (US5297711070) . . . . . . . . Count 75 000 75 000
Longtop Financial Technologies ADR
(US54318P1084) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 85 000 85 000
Micron Technology (US5951121038) . . . . . . . . . . . . Count 150 000
Mindray Medical International ADR
(US6026751007) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 103 000 103 000
Myriad Genetics (US62855J1043) . . . . . . . . . . . . . . Count 120 000
Nalco Holding Co. (US62985Q1013) . . . . . . . . . . . . Count 65 000 65 000
Nasdaq Stock Market (US6311031081) . . . . . . . . . . Count 180 000
Natl Oilwell Varco (US6370711011) . . . . . . . . . . . . . Count 35 000
Netease.Com ADR (US64110W1027) . . . . . . . . . . . Count 70 000 70 000
Noble Reg. (CH0033347318) . . . . . . . . . . . . . . . . . . Count 36 000 36 000
Novell (US6700061053) . . . . . . . . . . . . . . . . . . . . . . Count 80 000 448 200
NYSE EURONEXT (US6294911010) . . . . . . . . . . . . . Count 35 000
Count/
Description currency
(– / ’000)
Purchases/ Sales/
additions disposals
Oasis Petroleum (new) (US6742151086) . . . . . . . . . Count 40 000 40 000
Onyx Pharmaceuticals (US6833991093) . . . . . . . . . Count 30 000
Parker-Hannifin Corp. (US7010941042) . . . . . . . . . . Count 6 000 6 000
Petrohawk Energy Corp. (US7164951060) . . . . . . . . Count 100 000 350 000
Plains Exploration & Production Company
(US7265051000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 80 000 80 000
RTI International Metals (US74973W1071) . . . . . . . Count 60 000 60 000
Seagate Technology (IE00B58JVZ52) . . . . . . . . . . . . Count 240 000
State Street Corp. (US8574771031) . . . . . . . . . . . . . Count 24 000
Symantec Corp. (US8715031089) . . . . . . . . . . . . . . Count 130 000
Synutra International (US87164C1027) . . . . . . . . . . Count 80 000 150 000
The Williams Cos. (US9694571004) . . . . . . . . . . . . . Count 42 111 42 111
Titanium Metals Corp. (new) (US8883392073) . . . . Count 58 000 58 000
Ultra Petroleum (CA9039141093) . . . . . . . . . . . . . . . Count 21 000 81 000
United Therapeutics Corp.(Del.) (US91307C1027) . . Count 13 500 13 500
VisionChina Media ADR (US92833U1034) . . . . . . . . Count 530 000 530 000
Securities that are admitted or included in organized markets
Equities
KOSE Corp. (JP3283650004) . . . . . . . . . . . . . . . . . . Count 70 000 70 000
Unlisted securities
Equities
Unione di Banche Italiane Right (IT0004726615) . . . Count 260 000 260 000
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Warrants
Warrants on securities
Additions Disposals
Equity warrants
Merrill Lynch WRT 12.01.16 Everonn Education
(CWN5642Q1341) . . . . . . . . . . . . . . . . . . . . . . . . . .
Merrill Lynch WRT 14.10.15 Sintex Industries
Count 110 000 110 000
(ANN5641R4637) . . . . . . . . . . . . . . . . . . . . . . . . . . .
ML WRT 25.11.15 Quanta Computer
Count 800 000 800 000
(ANN5641R7523) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 750 000 750 000
ML WRT 25.11.15 TXC (ANN5641R7606) . . . . . . . . Count 700 000 700 000
ML WRT 30.07.15 Wistron (ANN5640V8799) . . . . . Count 1 600 000 1 600 000
Futures contracts
Securities futures
Value (’000)
Equity futures
Contracts sold:
(Underlyings: Amazon.com, Antofagasta, Baidu, Caterpillar,
salesforce.com)
EUR 21 026
Equity index futures
Contracts purchased:
(Underlyings: DAX (performance index), Dow Jones Euro STOXX
Bank, Dow Jones STOXX 600 Insurance Index, Euro Stoxx 50 DVP
Index, Euro STOXX 50 Price Euro, FTSE MIB Index, Hang Seng
China Enterprises Index, Hang Seng Index, MDAX Performance
Index, Nikkei 225. Russell 2000 Index)
EUR 398 319
Contracts sold:
(Underlyings: Euro STOXX 50 Price Euro, Istanbul Stock Exchange
National 30 Index, MDAX Performance Index, Nasdaq 100 Index,
Nikkei 225. Russell 2000 Index, S&P 500 Index)
EUR 216 853

DWS Global Small/Mid Cap
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Currency futures
Value (’000)
Futures contracts to purchase currencies
EUR/CHF EUR 12 978
EUR/GBP EUR 29 986
EUR/HKD EUR 9 980
EUR/JPY EUR 109 835
EUR/USD EUR 113 878
KRW/EUR EUR 64 000
USD/AUD EUR 17 066
USD/EUR EUR 5 617
USD/CHF EUR 10 568
USD/JPY EUR 71 107
Futures contracts to sell currencies
EUR/CAD EUR 11 000
EUR/JPY EUR 32 998
EUR/USD EUR 84 945
USD/AUD EUR 16 114
Option contracts
Securities options
Equity options
Put options purchased:
(Underlyings: SPDR Series Trust - S&P Retail ETF)
EUR 51 800
Options on equity index derivatives
Options on equity indices
Put options purchased:
(Underlyings: DAX (performance index), Euro STOXX 50 Price Euro,
Nasdaq 100 Index, S&P 500 Index)
EUR 782 286
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
Perpetual EUR 50 592
(Security description: A123 Systems, Actelion Reg., Alnylam Pharmaceuticals,
Alpha Natural Resources, American Superconductor Corp., Axel
Springer Vink. Reg., Banca Popolare di Milano, Bauer, Capitaland,
China Communications Construction (new), CNinsure ADR, Demag
Cranes, Feihe International, Gagfah, Gamesa Corporacion
Tecnologica, HeidelbergCement, Hollysys Automation Technologies,
Lonking Holdings (new), Marine Harvest, Mindray Medical
International ADR, Pandora, Prysmian, SBM Offshore, Synutra
International, Trina Solar (Sp. ADR), Ubisoft Entertainment, Unione
di Banche Italiane, Unione di Banche Italiane Right, VisionChina
Media ADR, Wolters Kluwer, Xchanging, Yingli Green Energy
Holding Co.)
89

90
DWS Global Small/Mid Cap
Statement of income and expenses (incl. income adjustment)
for the period from October 1, 2010, through September 30, 2011
I. Income
1. Dividends from domestic issuers . . . . . . . . . . . . . . . . . . EUR 69 860.57
2. Dividends from foreign issuers
(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . EUR 470 987.91
3. Interest from investments of liquid assets in Germany . EUR 17 812.26
4. Income from securities lending
and repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
including:
EUR 69 175.34
from securities lending . . . . . . . . .EUR 69 175.34
5. Deduction for foreign withholding tax . . . . . . . . . . . . . . EUR -1 229.21
6. Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 52 139.59
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 678 746.46
II. Expenses
1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -13 205.95
2. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
EUR -730 010.04
All-in fee . . . . . . . . . . . . . . . . . . . .EUR -730 010.04
3. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
including:
Performance-based fee from
EUR -37 127.42
securities lending income . . . . . . .EUR -34 587.68
Legal expenses . . . . . . . . . . . . . . .EUR -2 539.74
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -780 343.41
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR -101 596.95
IV. Sale transactions
Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 23 114 305.44
Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -33 094 409.33
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -9 980 103.89
V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR -10 081 700.84
Total expense ratio (in accordance with article 41 (2) of the InvG
The total expense ratio was 1.46% p.a. The TER expresses total expenses and fees
(excluding transaction costs) as a percentage of the fund’s average net assets for a given
fiscal year.
As well, the additional income from securities lending resulted in a performance-based
fee of 0.068% p.a. calculated on the fund’s average net assets.
Information provided in accordance with article 41 (4) and (5) of the InvG (Costs and Cost
Transparency).
In the fiscal year from October 1, 2010, through September 30, 2011, the investment
company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid
by DWS DWS Global Small/Mid Cap to the Custodian and other third parties, except in
the form of financial information provided by brokers for research purposes.
An all-in fee of 1.45% per year is payable to the investment company under the Terms of
Contract. Of this annual fee, the investment company in turn pays up to 0.15% to the
Custodian and up to 0.05% to other parties (for printing and publication costs, auditing and
other items). Of its own portion of the all-in fee, the investment company pays more than
10% in commissions to distributors of the fund; the specific percentage paid is based on
the balance of units distributed.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 1 514 472.17.
The transaction costs include all costs that were reported or settled separately for the
account of the fund in the reporting period and are directly connected to the purchase or
sale of assets.
Performance of the investment fund 2010/2011
I. Value of the investment fund at the beginning
of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 133 106 971.61
1. Previous year's distribution or tax abatement . . . . . . . . EUR -147 649.65
2. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -71 981 703.18
a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 151 501 218.20
b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -223 482 921.38
3. Income adjustment and reimbursed expenses . . . . . . . EUR -4 649 401.93
4. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . EUR -101 596.95
5. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 23 114 305.44
6. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -33 094 409.33
7. Net change in unrealized appreciation/depreciation . . . . EUR -7 064 463.36
II. Value of the investment fund at
the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . EUR 39 182 052.65
Distribution policy of the investment fund
Total Per unit
I. Calculation of distribution
1. Balance brought forward
from previous year . . . . . . . . . . . . . . . . . . EUR 7 692 101.62 6.83
2. Net gain/loss for the fiscal year . . . . . . . . EUR -10 081 700.84 -8.96
3. Transfer from the investment fund *) . . . EUR 2 389 599.22 2.13
II. Total distribution . . . . . . . . . . . . . . . . . . EUR 0.00 0.00
*) Due to the negative ordinary net return and the losses realized, a transfer from the
investment fund was necessary.
Changes in net assets and in the net asset value per
unit over the last three years
Net assets Net asset
at the end of value per
the fiscal year EUR unit EUR
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 182 052.65 34.81
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 106 971.61 45.56
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 322 844.66 41.06
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 060 186.58 36.06
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of five percent and above), amounted
to 5.81 percent of all transactions. The total volume was EUR 34 941 616.18.

Independent
auditor’s report
To DWS Investment GmbH, Frankfurt/Main, Germany
In accordance with article 44 (5) of the German Investment Act (Investmentgesetz;
InvG), DWS Investment GmbH commissioned us to perform the audit of the annual
report of the investment fund DWS Global Small/Mid Cap for the fiscal year from
October 1, 2010, through September 30, 2011.
Responsibility of the legal representatives
The preparation of the annual report according to the provisions of the InvG is the
responsibility of the legal representatives of the investment company.
Responsibility of the auditors
Our responsibility is to express an opinion on the annual report based on our audit.
We conducted our audit in accordance with article 44 (5) InvG and generally accepted
German standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW). Those standards
require that we plan and perform the audit such that misstatements materially affecting
the annual report are detected with reasonable assurance. Knowledge of the
management of the investment fund and expectations as to possible misstatements
are taken into account in the determination of audit procedures. The effectiveness of
the accounting-related internal control system and the evidence supporting the
disclosures in the annual report are examined primarily on a test basis within the
framework of the audit. The audit includes assessing the accounting principles used
for the annual report and significant estimates made by the legal representatives of
the investment company. In our view, our audit provides a reasonably secure basis for
our evaluation.
Audit opinion
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual report complies with the
legal requirements.
Frankfurt/Main, December 20, 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
Hornschu Neuf
Wirtschaftsprüfer Wirtschaftsprüfer
KPMG issued an unqualified auditor's report for
the full annual report in accordance with article 44 (5)
of the German Investment Act. The translation of the
auditor's report is as follows:
91

Investment Company
DWS Investment GmbH
D-60612 Frankfurt/Main
Liable equity capital as of December 31, 2010:
EUR 117.3 million
Subscribed and paid-in capital
as of December 31, 2010: EUR 115 million
Supervisory Board
Dr. Hugo Bänziger
Member of the Management Board of
Deutsche Bank AG, Frankfurt/Main
Chairman
Arne Wittig
Deutsche Bank AG, Frankfurt/Main
Vice-Chairman
Martin Edelmann (until June 30, 2011)
Deutsche Bank AG,
Frankfurt/Main
Dr. Roland Folz (since July 6, 2011)
Deutsche Bank AG,
Frankfurt/Main
Dr. Stefan Marcinowski
Member of the Management Board of
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 Vermögensberatung AG,
Frankfurt/Main
Thomas Rodermann
Deutsche Bank AG,
Frankfurt/Main
Christian Strenger
Frankfurt/Main
Custodian
State Street Bank GmbH
Brienner Straße 59
D-80333 München
Liable equity capital as of December 31, 2010:
EUR 1,327.30 million
Subscribed and paid-in capital
as of December 31, 2010: EUR 108 million
Management
Wolfgang Matis (since January 1, 2011)
Managing Director of
DWS Holding & Service GmbH, Frankfurt/Main
Chairman of the Board of Directors of
DWS Investment S.A., Luxembourg
Holger Naumann
Managing Director of
DWS Holding & Service GmbH, Frankfurt/Main
Dr. Asoka Wöhrmann
Managing Director of
DWS Holding & Service GmbH, Frankfurt/Main
Managing Director of
DWS Finanz-Service GmbH, Frankfurt/Main
Ingo Gefeke (until February 14, 2011)
Frankfurt/Main
Klaus Kaldemorgen (until December 31, 2010)
Managing Director of
DWS Holding & Service GmbH, Frankfurt/Main
Managing Director of
Deutsche Asset Management International GmbH,
Frankfurt/Main
Axel Schwarzer (until February 14, 2011)
Frankfurt/Main
Shareholder of
DWS Investment GmbH
DWS Holding & Service GmbH,
Frankfurt/Main
As of: October 31, 2011

DWS Investment GmbH
D-60612 Frankfurt/Main
Tel.: +49 (0)1803 10 11 10 11
Fax: +49 (0)1803 10 11 10 50
www.dws.com