Semi Annual Report - DWS Investments

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DIRECTORS OF THE FUND (continued)Term of Officeand Length of Principal Occupation(s)Other DirectorshipsName, Address, Age* Time Served† During Past Five Years Held by DirectorChristian H. Strenger,69 (1)(2) Class IIISince 1990Member of Supervisory Board (since1999) and formerly Managing Director(1991-1999) of DWS Investment GmbH(investment management), a subsidiaryof Deutsche Bank AG. Mr. Strenger isalso Member, Supervisory Board, FraportAG (international airport business) andTUI AG (travel business). He also is amember of the German Government’sCommission on Corporate Governanceand other corporate governance organizations,and serves as Director of theCenter for Corporate Governance at theLeipzig Graduate School ofManagement.Director and Chairman, TheEuropean Equity Fund, Inc. (since1986) and The New GermanyFund, Inc. (since 1990).Robert H. Wadsworth, Class IISince 1990President, Robert H. WadsworthAssociates, Inc. (consulting firm) (1983-present).Director, The European EquityFund, Inc. (since 1986) and TheNew Germany Fund, Inc. (since1992), as well as other DWS funds.73 (1)(3) Class IIIDirector, The European EquitySince 2012Fund, Inc. (since 2009) and TheNew Germany Fund, Inc. (since2009).Retired. Formerly, Chief FinancialOfficer, RAG Beteiligungs AG/EvonikIndustries AG, Germany (chemical manufacturer)(2006-2009) and ChiefFinancial Officer, Degussa AG, Germany(chemical manufacturer) (2001-2006).Mr. Wagner is also a member of theSupervisory Board of a German retailbank and a member of the advisoryboard of a private German bank.Joachim Wagner, 66 (1) 11(1) Indicates that the Director also serves as a Director of The European Equity Fund, Inc. and The New Germany Fund, Inc., two other closed-end registeredinvestment companies for which Deutsche Investment Management Americas Inc. acts as Administrator and Deutsche Asset ManagementInternational GmbH acts as Investment Adviser.(2) Indicates “Interested Person”, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). Mr. Strenger is an “interested” Directorbecause of his affiliation with DWS-Deutsche Gesellschaft für Werpapiersparen mbH (“DWS”), an indirect wholly-owned subsidiary of Deutsche BankAG, and because of his ownership of Deutsche Bank AG shares.(3) Indicates that Mr. Wadsworth also serves as Director/Trustee of the DWS Investments’ open-end and closed-end investment companies. These Fundsare advised by Deutsche Investment Management Americas Inc., an indirect wholly-owned subsidiary of Deutsche Bank AG.* The address of each Director is c/o Deutsche Investment Management Americas Inc., 345 Park Avenue, NYC 20-2799, New York, NY 10154.† The term of office for Directors in Class I expires at the 2013 Annual Meeting, Class II expires at the 2014 Annual Meeting and Class III expires atthe 2015 Annual Meeting.
OFFICERS OF THE FUND *Name, AgeW. Douglas Beck, CFA (1)(2) , 46President and ChiefExecutive OfficerPaul H. Schubert (2)(4) ,50Chief Financial Officer andTreasurerRainer Vermehren (5)(6) , 44Vice PresidentMelinda Morrow (2)(7) , 42Vice PresidentJohn Millette (8)(9) , 50SecretaryCaroline Pearson (9)(10) , 51Chief Legal OfficerAlexis Kuchinsky (2)(11) , 37Chief Compliance OfficerJohn Caruso (2)(5) , 47Anti-Money LaunderingCompliance OfficerPrincipal Occupations During Past Five YearsManaging Director (3) , Deutsche Asset & Wealth Management (since 2006); Presidentof DWS family of funds and Head of Product Management, US for DWSInvestments. Formerly, Executive Director, Head of Product Management(2002-2006) and President (2005-2006) of the UBS Funds at UBS Global AssetManagement; Co-Head of Manager Research/Managed Solutions Group, MerrillLynch (1998-2002).Managing Director (3) , Deutsche Asset & Wealth Management (since 2004). Formerly,Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family ofFunds at UBS Global Asset Management (1998-2004).Director (3) , DWS Investment GmbH (since 2007). Fund Manager, DWS InvestmentGmbH (since 1997).Director (3) , Deutsche Asset & Wealth Management (since 2006).Director (3) , Deutsche Asset & Wealth Management (since 2002).Managing Director (3) , Deutsche Asset & Wealth Management. Formerly, AssistantSecretary for DWS family of funds (1997-2010).Vice President, Deutsche Asset & Wealth Management (since 2002); Head ofCompliance Program Oversight of Deutsche Asset & Wealth Management.Managing Director (3) , Deutsche Asset & Wealth Management.Each also serves as an Officer of The European Equity Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered investment companiesfor which Deutsche Investment Management Americas Inc. acts as Administrator.* As a result of their respective positions held with the Administrator, these individuals are considered “interested persons” of the Administrator withinthe meaning of the 1940 Act. Interested persons receive no compensation directly from the Fund.(1) Since May 19, 2011.(2) Address: 60 Wall Street, New York, New York 10005.(3) Executive title, not a board directorship.(4) Since November 5, 2004.(5) Since February 1, 2010.(6) Address: Mainzer Landstraße 178-190, Frankfurt am Main, Germany.(7) Since April 27, 2012.(8) Since January 1, 2011. Served as Assistant Secretary from July 14, 2006 to December 31, 2010 and as Secretary to the Fund from January 30, 2006to July 13, 2006.(9) (10) Address: One Beacon Street, Boston, Massachusetts 02108.(11) Since May 21, 2012.Since August 24, 2009.12
Page 1 and 2: SUMMARY OF GENERAL INFORMATIONTHE F
Page 4 and 5: LETTER TO THE SHAREHOLDERS (continu
Page 6 and 7: FUND FACTS AND DIVIDEND AND CAP GAI
Page 8 and 9: INTERVIEW WITH PORTFOLIO MANAGEMENT
Page 10 and 11: DIRECTORS OF THE FUND (continued)Te
Page 14 and 15: THE CENTRAL EUROPE, RUSSIA AND TURK
Page 34: THE CENTRAL EUROPE, RUSSIA AND TURK

Semi Annual Report - DWS Investments

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