DWS Investment GmbH DWS Equity Funds Semiannual Reports 2010/2011 ■ DWS Deutschland ■ DWS Investa ■ DWS Aktien Strategie Deutschland ■ DWS European Opportunities ■ DWS Intervest ■ DWS Akkumula : The DWS/DB Group is the largest German mutual fund company according to assets under management. Source: BVI. As of: March 31, 2011. 4/2011 DWS Deutschland DWS Investa DWS Aktien Strategie Deutschland DWS European Opportunities DWS Intervest DWS Akkumula Contents Semiannual reports 2010/2011 for the period from October 1, 2010, through March 31, 2011 (in accordance with article 44 (2) of the German Investment Act (InvG)) TOP 50 Europa 00 General information 2 Semiannual reports 2010 DWS Deutschland 4 DWS Investa 10 2011 DWS Aktien Strategie Deutschland 16 DWS European Opportunities 22 DWS Intervest 28 DWS Akkumula 36 1 General information Performance ing benchmarks – if available – are also b) any taxes that may arise in connec- The investment return, or performance, presented in the report. All financial tion with administrative and custodial of a mutual fund investment is meas - data in this publication is as of costs; ured by the change in value of the March 31, 2011. c) the costs of asserting and enforcing fund’s units. The net asset values per the legal claims of the investment unit (= redemption prices) with the addi- Sales prospectuses fund. tion of intervening distributions, which The sole binding basis for a purchase are, for example, reinvested free of are the current versions of the simpli- The details of the fee structure are set charge within the scope of investment fied and the detailed sales prospec - forth in the current detailed sales accounts at DWS, are used as the basis tuses, which are available from DWS, prospectus. for calculating the value; in the case of any branch of Deutsche Bank AG and domestic reinvesting funds, the domes- from other paying agents. Issue and redemption prices tic investment income tax – following Each exchange trading day on the any deduction of foreign withholding All-in fee Internet: www.dws.com tax – plus solidarity surcharge charged The all-in fee does not include the by the fund are added. Performance is following expenses: calculated in accordance with the "BVI a) any costs that may arise in connec- method". Past performance is not a tion with the acquisition and disposal guide to future results. The correspond- of assets; 2 2010Semiannual report DWS Deutschland 2011 DWS Deutschland DWS DEUTSCHLAND vs. benchmark Performance at a glance in % 24 20 +19.0 16 +14.2 12 8 4 0 6 months 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: March 31, 2011 DWS DEUTSCHLAND: Summary statement of assets Investment focus by sector Equities 86.2% (March 31, 2011) Industrials 22.3 Materials 16.3 Consumer Discretionary 13.1 Information Technology 12.0 Financials 11.1 Health Care 5.1 Utilities 3.8 Telecommunication Services 2.0 Consumer Staples 0.5 Cash and other assets 13.8 0 4 8 12 16 20 24 28 In % of the fund’s net assets Security code: 849 096 ISIN: DE0008490962 As of: March 31, 2011 4 DWS Deutschland Investment portfolio – March 31, 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 2 773 411 137.78 85.69 Equities adidas Reg. (DE000A1EWWW0) 3) . Count 250 000 250 000 EUR 44.6400 11 160 000.00 0.34 Aixtron Reg. (DE000A0WMPJ6) 3) . Count 2 000 000 1 300 000 EUR 30.9950 61 990 000.00 1.92 Allianz SE (DE0008404005) . Count 1 240 000 400 000 EUR 99.4200 123 280 800.00 3.81 Aurubis AG (DE0006766504) . Count 520 281 520 281 EUR 37.4800 19 500 131.88 0.60 Axel Springer Vink. Reg. (DE0005501357) . Count 99 448 EUR 113.9000 11 327 127.20 0.35 BASF Reg. (DE000BASF111) 3) . Count 4 000 000 2 000 000 EUR 61.1900 244 760 000.00 7.56 Bauer (DE0005168108) 3) . Count 238 500 EUR 36.0000 8 586 000.00 0.27 Bayer (DE000BAY0017) 3) . Count 1 500 000 EUR 54.6200 81 930 000.00 2.53 BB Biotech Reg. (CH0038389992) . Count 193 409 EUR 50.3500 9 738 143.15 0.30 Bechtle (DE0005158703) . Count 600 000 300 000 EUR 29.7650 17 859 000.00 0.55 Beiersdorf (DE0005200000) . Count 350 000 234 800 EUR 42.9600 15 036 000.00 0.46 Bijou Brigitte modische Accessoires (DE0005229504) . Count 19 340 EUR 97.0000 1 875 980.00 0.06 Bilfinger Berger (DE0005909006) 3) . Count 450 000 300 000 EUR 61.2900 27 580 500.00 0.85 BMW Ord. (DE0005190003) 3) . Count 250 000 EUR 58.8900 14 722 500.00 0.45 BMW Pref. (DE0005190037) . Count 500 000 500 000 EUR 40.1000 20 050 000.00 0.62 Brenntag (DE000A1DAHH0) . Count 235 840 148 219 EUR 78.2800 18 461 555.20 0.57 Centrosolar (DE0005148506) . Count 1 450 000 EUR 6.1350 8 895 750.00 0.27 CENTROTEC Sustainable (DE0005407506) . Count 719 300 248 100 EUR 23.3250 16 777 672.50 0.52 CompuGROUP Holding Ord. (DE0005437305) 3) . Count 2 718 191 615 000 EUR 11.4000 30 987 377.40 0.96 Continental (DE0005439004) . Count 1 001 205 691 031 EUR 64.4500 64 527 662.25 1.99 Daimler Reg. (DE0007100000) . Count 3 051 446 1 806 446 EUR 50.1300 152 968 987.98 4.73 Deutsche Bank Reg. (DE0005140008) . Count 4 000 000 3 299 550 EUR 41.7200 166 880 000.00 5.16 Deutsche Börse Reg. (DE0005810055) 3) . Count 800 000 400 000 EUR 54.0600 43 248 000.00 1.34 Deutsche Lufthansa Vink. Reg. (DE0008232125) 3) . Count 2 000 000 1 784 400 EUR 14.8650 29 730 000.00 0.92 Deutsche Post Reg. (DE0005552004) . Count 1 000 000 1 000 000 EUR 12.7750 12 775 000.00 0.39 Deutsche Telekom Reg. (DE0005557508) 3) . Count 5 000 000 EUR 10.8550 54 275 000.00 1.68 Drägerwerk (DE0005550602) . Count 300 000 68 200 EUR 55.5800 16 674 000.00 0.52 E.ON Reg. (DE000ENAG999) 3) . Count 4 600 000 1 900 000 EUR 21.6000 99 360 000.00 3.07 elexis (DE0005085005) . Count 830 842 EUR 13.2150 10 979 577.03 0.34 ElringKlinger Reg. (DE0007856023) 3) . Count 1 009 450 90 135 EUR 22.4350 22 647 010.75 0.70 EUROKAI Pref. (DE0005706535) . Count 399 268 EUR 25.2000 10 061 553.60 0.31 Evotec (DE0005664809) . Count 1 000 000 EUR 2.9630 2 963 000.00 0.09 Fraport AG Frankfurt Airport Services Worldwide (DE0005773303) 3) . Count 200 000 40 000 EUR 51.5400 10 308 000.00 0.32 Freenet (DE000A0Z2ZZ5) 3) . Count 1 403 000 EUR 8.1160 11 386 748.00 0.35 Fresenius Medical Care (DE0005785802) 3) . Count 106 250 EUR 47.3750 5 033 593.75 0.16 Fresenius SE (DE0005785604) . Count 44 150 EUR 65.5500 2 894 032.50 0.09 GEA Group (DE0006602006) . Count 800 000 800 000 EUR 23.1900 18 552 000.00 0.57 Gerry Weber International (DE0003304101) . Count 500 000 EUR 40.8400 20 420 000.00 0.63 H&R WASAG (DE0007757007) . Count 425 000 225 000 EUR 20.1900 8 580 750.00 0.27 HeidelbergCement (DE0006047004) . Count 160 380 EUR 49.8550 7 995 744.90 0.25 Hochtief (DE0006070006) . Count 100 000 EUR 75.5700 7 557 000.00 0.23 HWA (DE000A0LR4P1) . Count 213 000 80 000 EUR 12.4200 2 645 460.00 0.08 K+S (DE0007162000) . Count 641 625 241 625 EUR 53.2300 34 153 698.75 1.06 KSB Pref. (DE0006292030) . Count 86 000 EUR 607.4000 52 236 400.00 1.61 Lanxess (DE0005470405) 3) . Count 620 000 170 000 EUR 53.6000 33 232 000.00 1.03 Linde (DE0006483001) . Count 700 000 400 000 EUR 111.3000 77 910 000.00 2.41 MAN Ord. (DE0005937007) 3) . Count 600 000 478 000 EUR 87.9300 52 758 000.00 1.63 Merck (DE0006599905) . Count 280 000 250 000 70 000 EUR 63.9300 17 900 400.00 0.55 MTU Aero Engines Holding Reg. (DE000A0D9PT0) 3) . Count 700 000 700 000 EUR 47.5050 33 253 500.00 1.03 Muehlbauer Holding (DE0006627201) . Count 156 792 EUR 38.9300 6 103 912.56 0.19 Münchener Rückversicherungs-Gesellschaft Vink. Reg. (DE0008430026) . Count 230 000 EUR 111.4000 25 622 000.00 0.79 Porsche Automobil Holding Pref. (DE000PAH0038) 3) . Count 300 000 300 000 EUR 46.2950 13 888 500.00 0.43 Porsche Automobil Holding Right on Pref. (DE000A1KRRB1) . Count 300 000 300 000 EUR 6.2000 1 860 000.00 0.06 PUMA (DE0006969603) . Count 100 000 EUR 208.8000 20 880 000.00 0.65 Qiagen (NL0000240000) . Count 926 905 700 000 EUR 14.1300 13 097 167.65 0.40 Rheinmetall Ord. (DE0007030009) . Count 500 000 EUR 58.5500 29 275 000.00 0.90 RWE Ord. (DE0007037129) . Count 540 000 EUR 45.2650 24 443 100.00 0.76 SAP (DE0007164600) . Count 4 000 000 2 801 700 EUR 43.2500 173 000 000.00 5.35 Siemens Reg. (DE0007236101) 3) . Count 3 250 000 1 750 000 EUR 96.8300 314 697 500.00 9.72 Sixt Pref. (DE0007231334) . Count 557 040 EUR 26.7750 14 914 746.00 0.46 SMA Solar Technology (DE000A0DJ6J9) 3) .