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DWS Invest Forex Strategy Absolute/Total return funds July 2008 As at 31/07/2008 Fund data Performance Performance - Share class LC(EUR) (in %) Investment policy At least 70% of the Fund’s assets are invested in global currency markets through investments in securities and derivatives. The issuance of new units for LS share class will be discontinued effectively on 15 September 2008. Subject to regulatory approval, the LS share class will be merged with the LC share class of the same subfund on 26 September 2008. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative performance (in %) - Share class LC(EUR) 1m 1y 3y 5y s.launch 3y Ø 5y Ø EUR 0.2 1.9 -- -- 3.0 -- -- Portfolio management´s comment Equity markets once again were hit on the Key figures regarding the Fund's assets ongoing uncertainty in financial markets with the stability of Fannie Mae and Freddie Mac Yield (in %) 5.5 Coupon (in %) 4.9 Maturity (in years) 1.2 Duration (in years) 0.1 being put at question. Steps taken by the Fed and US Treasury to support these institutions led to a recovery in risky markets. EM were not affected by these turmoils and stayed stable or even Portfolio Analysis appreciated in July. Mainly Latin America as Top Longs (in % of fundvolume) Top Shorts (in % of fundvolume) well as Asia performed well where inflation fighting by local central banks had some (Longs = investing currencies) (Shorts = funding currencies) supporting effects. EURUSD consolidated around the 1.57 level after failing again to Norwegian Kroner 4.62 United States Dollar -13.54 break the 1.60 level significantly. So the range trade should continue for now, even Australian Dollar 4.24 Euro -4.21 though the arguments against EUR like Canadian Dollar 3.26 Turkish Lira New -2.10 central bank policy and relative economic Swedish Krona 2.55 South African Rand -1.37 performance weigh on the EUR sentiment. Swiss Franc 1.58 The JPY is still driven by outflows as Japanese investors continue to buy foreign currency denominated assets, especially high yielding assets in ZAR, TRY and BRL. Breakdown by issuer (in % of bond holdings) Investment ratio (in % of fundvolume) AAA 11.62 Bonds 81.7 AA 36.69 Funds 3.5 Portfolio manager A 17.94 Cash and other assets 14.8 Dr. Asoka Woehrmann BBB 15.69 N.R. 3.45 Cash 14.60 Page 1 of 2 DWS Invest Forex Strategy Absolute/Total fund category: return funds July 2008 As at 31/07/2008 Portfolio Information DWS Invest Forex Strategy JPM Global Gov. Bond Index 1M EUR LIBID Anteilsklasse LC(EUR) (hedged in EUR) Performance 2006 0.33% (3) -0.75% (3) 0.28% (3) 2007 1.42% (3) 4.51% (3) 4.02% January 2008 0.50% 1.85% 0.35% February 2008 0.26% 0.76% 0.34% March 2008 0.27% 0.23% 0.34% April 2008 -0.10% -1.12% 0.35% May 2008 0.08% -1.02% 0.36% June 2008 -0.09% 0.17% 0.36% July 2008 0.22% 1.29% 0.36% August 2008 -- -- -- September 2008 -- -- -- October 2008 -- -- -- November 2008 -- -- -- December 2008 -- -- -- Year to date 1.16% 2.14% 2.48% Since launch 2.98% (2) 5.95% (3) 6.90% (3) Risk figures Volatility n/a (4) n/a (4) n/a (4) Sharpe Ratio n/a (4) n/a (4) n/a (4) Best month 0.50% (2) 1.85% (3) 0.39% (3) Worst month -0.27% (2) -1.12% (3) 0.00% (3) Number of positive months 17 (3) 14 (3) 21 (3) Number of negative months 5 (3) 7 (3) 0 (3) Maximum Drawdown -0.27% (2) -1.35% (3) -- (3) Longest period of losses (in months) 1 (2) 2 (3) -- (3) (1) Source: Bloomberg, internal calculation (2) since launch on 20/11/2006 (3) since 30/11/2006 (4) Figures: 3 years Cumulative performance (in %) 1m 1y 3y 5y s.launch 3y Ø 5y Ø LC(EUR) 0.2 1.9 -- -- 3.0 -- -- NC(EUR) 0.2 1.6 -- -- 2.3 -- -- LD(EUR) -- -- -- -- 0.2 -- -- FC(EUR) 0.3 2.5 -- -- 4.0 -- -- LS(EUR) 0.2 1.8 -- -- 2.8 -- -- FD(EUR) 0.3 2.5 -- -- 3.4 -- -- Fund data Management company DWS Invest Fund currency EUR Launch date 20/11/2006 DWS-Risk-Class 2 Assets 320.8 Mio. EUR Fiscal year end 31/12/2008 Management location Germany Share Classes Share Cur. ISIN-Code German Earnings Front-end load Issue price Redemption Interim gains Management Total expense plus Minimum Class sec. code ¹ up to price fee ratio 31/12/2007 performance- invest- related fee ment amount LC EUR LU0273151430 DWS 0CC Accumulation 3.00% 106.16 102.98 2.28 1.10% * 1.31% 0.00% -- NC EUR LU0273149376 DWS 0CD Accumulation 1.50% 103.83 102.27 2.24 1.40% * 1.75% 0.00% -- LD EUR LU0363469908 DWS 0TL Distribution 3.00% 103.29 100.19 0.36 1.10% * -- 0.00% -- FC EUR LU0273149533 DWS 0CF Accumulation 0.00% 103.99 103.99 2.41 0.60% * 0.74% 0.00% 400,000 LS EUR LU0273151786 DWS 0CE Accumulation 3.00% 105.96 102.78 2.26 1.20% 1.42% -- -- FD EUR LU0298697748 DWS 0FC Distribution 0.00% 101.16 101.16 2.35 0.60% 0.73% -- 400,000 *plus performance-related fee Address Note DWS Investment GmbH 1 Based on the gross investment. Mainzer Landstraße 178-190 Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial 60327 Frankfurt am Main consultant or DWS. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time Tel.: +49 (0)1803 - 10 11 10 11* whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Fax: +49 (0)1803 - 10 11 10 50* Internet: www.dws.com E-Mail: firstname.lastname@example.org *(0,09 EUR/Min.) Page 2 of 2 Legal Disclaimer Units may only be subscribed and held as outlined in the prevailing current version of the DWS Invest (the "Company") prospectus. The Company is an investment company with variable capital constituted under Luxembourg law (SICAV) with multiple subfunds consisting of various classes of units. Reproduction and publication of DWS reports require the express consent of DWS Invest. Information in this document is exclusively for purposes of product description and does not constitute investment advice. Fund units may only be acquired on the basis of the prevailing current prospectus, in conjunction with the annual and semi-annual reports, where applicable. The prospectus may be obtained free of charge from your investment advisor, from DWS Investment GmbH, Mainzer Landstrasse 178 - 190, 60327 Frankfurt am Main, or from DWS Invest, 2, Boulevard Konrad Adenauer, 1115 Luxembourg as well as the distributors and paying agents. The prospectus contains detailed information on investment risks. Information contained in this document is based on our assessment of the current legal and tax situation. Points of view expressed herein represent the current assessments made by DWS Investments and are subject to change without notice. Past performance is no guarantee of future results. Units issued by DWS Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. In particular, units issued by DWS Invest SICAV are not qualified under the current version of the US Securities Act of 1933 and may therefore not be offered for sale or sold within the United States, or to individuals residing in the United States, or to US citizens. The following sales and payment offices are maintained: Main sales company Austria Switzerland Deutsche Bank AG Deutsche Bank (Suisse) S.A. DWS Investment S.A. Vienna Branch 3, place des Bergues 2, Boulevard Konrad Adenauer Hohenstaufengasse 4, A-1010 Wien CH-1201 Geneva L-1115 Luxemburg Belgium Deutsche Bank (Schweiz) AG Deutsche Bank NV/S.A. Bahnhofquai 9/11 Payment offices 13-15, avenue Marnix CH-8001 Zurich B-1000 Brussels Luxemburg Deutsche Bank (Svizzera) S.A. Deutsche Bank Luxemburg S.A. France Via Ferruccio Pelli A 2, Boulevard Konrad Adenauer Société Générale CH-6901 Lugano L-1115 Luxemburg 29, boulevard Haussmann F-75009 Paris Portugal Germany Deutsche Bank de Investimento S.A. Deutsche Bank AG Spain Rua Castilho 20, Apartado 21103 Taunusanlage 12 Deutsche Bank S.A.E. P-1128 Lisbon D-60325 Frankfurt am Main Avenida Diagonal 446, E-08006 Barcelona and its branches Netherlands Italy Deutsche Bank AG Deutsche Bank State Street Bank Amsterdam Branch Privat- und Geschäftskunden AG Via Turati 16 20121 Milan Herengracht 450-454 Ulmenstraße 37-39 NL-1017 Amsterdam D-60325 Frankfurt am Main and its branches Risk Disclaimer There are risks associated with investment in fund units. Risks may include those associated with or inherent to stock and bond market risks; foreign exchange, interest rate, credit and volatility risks; and political risks. All of these risks may appear in conjunction with other risks. Some of these risk factors are briefly discussed below. Potential investors should have experience in investing in financial instruments in line with the proposed investment policy. Investors should be clear about the risks associated with an investment in the units, and should only make an investment decision after detailed consultation with their legal, tax and financial advisors, accountants, or other advisors, about (i) the suitability of an investment in the units in consideration of their personal financial or tax situation and other circumstances, (ii) the information contained in the prospectus, (iii) the investment policy of the individual fund, and (iv) the risks associated with the investment in view of the investment policy of the individual fund. Investors should bear in mind that while investments in individual funds may increase in value they also carry risks. Units in an individual fund are securities whose price is determined by the price fluctuations of the securities in which the fund invests. The value of the units may increase or decrease in value in relation to the purchase price. No guarantee can be provided that the goals of the investment policy will be met.
"DWS Invest Forex Strategy"