DWS Investment S.A. DWS Multi Opportunities - · PDF file · 2018-01-31DWS Multi Opportunities ... the real estate and labor markets recovered. ... adversely affected the stock market

Deutsche Asset & Wealth Management

Investment Fund Organized under Luxembourg Law

Annual Report 2013DWS Multi Opportunities

DWS Investment S.A.

DWS Multi Opportunities

1

Contents

Annual report 2013

for the period from January 1, 2013, through December 31, 2013

Equity markets 4

General information 6

Annual report

DWS Multi Opportunities (previously Multi Opportunities II) 8

Investment portfolio for the reporting period

Investment portfolio and financial statements 10

Report of the Réviseur d’Entreprises agréé 18

2013

Equity markets

4

Equity markets in the fiscal year through December 31, 2013

Monetary stimuli and

economic improvement

In the fiscal year from the beginning of

January through the end of December

2013, prices in the equity markets rose

significantly for the most part. The stock

exchanges were buoyed by the continu-

ing expansive monetary policy in

conjunction with improving economic

development in many countries. In the

United States, the real estate and labor

markets recovered. This was supported

by lively consumer spending. However,

the standstill in relation to U.S. budget-

ary consolidation (the “fiscal cliff”)

adversely affected the stock market

climate at times, as did the announce-

ment by the U.S. Federal Reserve that it

would curb its monthly bond purchases

and thus introduce a shift away from the

very expansive monetary policy. This was

viewed as endangering the otherwise

good economic environment. There were

signs of an improvement in sentiment in

Japan in view of the very aggressive

central bank monetary policy and a

comprehensive economic stimulus

package. In relation to Europe, investors

were convinced that the German

economy would continue on its growth

curve and that it could become even

stronger. The key driver for this was the

high global level of competitiveness of

German companies. This continued to be

lacking in the heavily-indebted countries

of the euro periphery, which were still in

recession. However, the macro-econom-

ic data pointed to a recovery and thus to

a better course for the economy than in

the past. The impression took hold that

the reforms introduced appear to be

taking effect. Economic growth in the

emerging-market countries, particularly

in Brazil and Russia, was subdued.

Political problems impacted negatively

on mood, as did the news that China

had failed to meet its ambitious growth

targets. However, as of summer 2013

more favorable foreign trade figures

and a reinvigorated industrial sector

brightened prospects in China.

Overall, the MSCI World index recorded

strong appreciation of 28.1% in

U.S. dollar terms over the 12-month

period (+23.3% in euro terms). At sector

level, high-growth industrials and

consumer goods that were well posi-

tioned worldwide, in particular, made

above-average gains in the reporting

period. This was also the case for

selected banking stocks, which, for

example, profited from the high number

of corporate bond issues due to the low

interest rate phase.

The economy and the equity markets in

the United States were in robust good

health, supported by further recovery

of the real estate and labor markets

and by solid consumer spending. Other

contributing factors to this were the

mainly positive business development by

companies as well as increased activity

in the area of corporate acquisitions and

mergers. However, factors that created a

drag on performance in the interim were

discussions regarding the U.S. state

budget in the context of the raising of

the debt ceiling as well as the planned

reduction of quantitative easing

measures by the Fed (called “tapering”).

The U.S. Federal Reserve decided to

curb is expansive monetary policy over

the course of the period and announced

its first reduction in bond purchases

toward the end of the reporting period.

At the same time, however, it indicated

its intention to maintain the zero interest

rate for a longer time. U.S. equities –

as measured by the S&P 500 index –

recorded a gain of 31.3% in U.S. dollar

terms (+26.3% in euro) in the reporting

period.

In Europe, the equity markets in

countries where state budgets were

comparatively well managed and which

featured a broad spectrum of equities

Strong market movementsover a five-year period

25022520017515012510075

Equity indices:

STOXX Europe 50

S&P 500 TOPIX DAX

Data on euro basis* December 28, 2008 = 100

“STOXX” is a registeredtrademark of STOXXLimited; “DAX” is aregistered trademark ofDeutsche Börse AG

12/1212/08* 12/09 12/10 12/11 12/13

Japan

U.S.

Europe

Germany

International equity marketsin the 2013 fiscal yearPerformance in %

DAXSTOXX Europe 50

S&P 500

TOPIX

MSCI World

MSCI EmergingMarkets

0 64-32

In local currencyIn euro

Equity indices:Germany: DAX – Europe: STOXX Europe 50 –U.S.: S&P 500 – Japan: TOPIX – worldwide: MSCI World –Emerging markets: MSCI Emerging Markets

16 32 48-16

-2.3(in USD)

25.517.1

(in euro)

31.326.3

54.421.6

23.3

-6.0

28.1(in USD)

5

from high-growth companies with a

good position in world markets posted

an above average performance. These

included Germany in particular. Many

companies here benefited from their

strong international competitiveness.

The DAX rose robustly in the reporting

period by 25.5% in euro terms. In

contrast, the financially-weak, highly-

indebted countries of Southern Europe,

with their growth concerns, initially

recorded only relatively low price gains

or even significant declines at the

beginning of 2013. The euro crisis came

to the forefront again at the start of 2013,

as following elections in Italy none of the

candidates reached the majority required

to form a government. In addition,

Cyprus required financial aid, which

meant that the EU, the ECB and the

IMF had to put together a new rescue

package. During the course of the

period, the situation in the euro area

settled down especially as there were

initial signs of an economic bottoming

out in several countries of the euro

periphery. In expectation of continued

consolidation, Italian equities, for

example, posted a gain of 16.6% over

the entire year, as measured by the

FTSE MIB. The Spanish market rose by

21.8% (IBEX 35). With a gain of 21.6%

(in euro terms), the EURO STOXX 50

index outperformed the broader,

Europe-wide STOXX Europe 50 index,

which gained 17.1%.

Japanese equities posted significant

increases in the reporting period. The

Japanese equity market received a boost

from the first signs of positive effects

stemming from the monetary and

economic policy measures dubbed

“Abenomics” after the current prime

minister. These included an ambitious

economic stimulus program by the

government as well as expansive

monetary policy on the part of the

Japanese central bank. The significant

devaluation of the yen was also a

major factor in the positive equity price

performance of the rather export-

oriented Japanese companies. As

measured by the TOPIX index, Japanese

equities recorded a gain of 54.4% in the

local currency during the twelve months

through the end of December 2013

(+21.6% in euro terms).

The equity markets of the emerging

markets, some of which recorded

considerable capital outflows, did not

perform uniformly in the reporting

period. Sentiment in Brazil, for example,

was dampened by economic data

that failed to live up to expectations,

domestic political uncertainty and

comparatively high inflation. Growth

prospects for the Chinese market were

also initially more reserved. Factors

having an adverse effect included

weaker economic data and fears of

intensified regulation of the real estate

market. The new Chinese government

exercised caution in relation to extensive

stimulation measures so as not to

jeopardize a stable development of

the Chinese economy, but proved

open-minded toward economic reform.

Supported by positive economic data,

growth prospects improved in the

further course of the reporting period.

On balance, the MSCI Emerging Markets

index recorded a decline of 6.0% in euro

terms. The MSCI BRIC was slightly

weaker, recording a loss of 7.1% (also

in euro terms).

Crude oil in demand,

gold under pressure

An abatement in inflation fears placed

pressure on the price of gold, as did the

prospect of a move by the U.S. Federal

Reserve to cut back its bond purchasing

scheme and a tangible rise in yields for

U.S. government bonds. In June 2013,

the price (which in the fall of 2012 was

still at USD 1800 per troy ounce) fell to a

three-year low of USD 1200. After a

temporary recovery in light of the

smoldering conflicts in the Middle East,

it returned to this level by the end of the

year. On balance, the troy ounce of gold

declined by around 25% in the twelve

months through the end of December

2013. The price of crude oil rose by

around 5% in this period to approx.

USD 99 a barrel (WTI). Among the

factors contributing to the noticeable

increase in the price of crude oil were

lower U.S. inventories at times and the

unstable situation in the Middle East.

At a currency level, the euro traded

solidly overall in the reporting period,

with some fluctuation. This was

supported by rising hopes of a stabiliza-

tion in the euro area, as well as by the

extremely relaxed monetary policy of the

U.S. Fed and of the Japanese central

bank. In a period of one year through the

end of December 2013, the euro gained

4.2% against the “greenback” on

balance. In the past year, the yen

noticeably lost ground against the euro

and declined significantly by 20.9%.

6

General information

The fund described in this

report is subject to the laws

of Luxembourg.

Performance

The investment return, or performance,

of a mutual fund investment is

measured 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 invest

ment accounts at DWS, are used as

the basis for calculating the value. Past

performance is not a guide to future

results.

The corresponding benchmarks – if

available – are also presented in the

report. All financial data in this publi

cation is as of December 31, 2013,

(unless otherwise stated).

Sales prospectuses

Fund units are purchased on the basis

of the current sales prospectus and

management regulations, as well as

the “key investor information docu

ment” in combination with the latest

audited annual report and any semi

annual report that is more recent than

the latest annual report.

Issue and redemption prices

Issue and redemption prices and all

other information for unitholders

may be requested at any time at the

registered office of the Management

Company and from the paying agents.

In addition, the issue and redemption

prices are published in every country of

distribution through appropriate media

(such as the Internet, electronic

information systems, newspapers, etc.).

On August 29, 2013 (date of registration in the Commercial Register), Deutsche Asset Management Investmentgesellschaft mbH was merged with DWS Investment GmbH and was renamed Deutsche Asset & Wealth Management Investment GmbH (abbreviated: DeAWM Investment GmbH).

2013Annual report DWS Multi Opportunities

8

DWS Multi Opportunities (previously: Multi Opportunities II)

Investment objective and

performance in the reporting period

As a dynamic, multi-asset product, the

objective of DWS Multi Opportunities

is to achieve the highest possible

appreciation in euro. The umbrella fund

invests globally in equity and bond

funds. In the 2013 fiscal year, equity

index funds were increasingly favored

over equity funds. This enables the

fund to communicate its investment

style in a clearer, more meaningful and

more transparent way and to invest at

regional level in a targeted manner.

From the beginning of January 2013

through the end of December 2013,

the portfolio operated in an environment

dominated by ongoing robust, global,

economic performance and achieved

an appreciation of 9.2% per unit

(FC unit class; BVI method). Thus,

the portfolio was slightly behind its

benchmark (25% MSCI World (RI),

25% MSCI Europe (RI), 40% REXP,

10% Euribor 3M), which gained

by 10.5%.

Investment policy

in the reporting period

As part of the restructuring of DWS

Multi Opportunities, the fund favored

regional fund products over global

target funds. Thus, the positions in

DWS Global Growth, DWS Invest Top

Dividend Premium and DWS Akkumula

were completely sold off. On the other

hand, investment in the Lyxor ETF China

Enterprises equity index fund was

retained. In addition, the management

built up positions in db X-trackers –

S&P 500 and in db X-trackers – MSCI

Brazil. The performance of DWS Multi

DWS MULTI OPPORTUNITIESFive-year performance

16015014013012011010090

DWS Multi Opportunities (FC unit class) * 12/2008 = 100

12/10 12/11 12/12 12/1312/0912/08*

Data on euro basis

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.As of: December 31, 2013

Performance of unit classes (in euro)

Unit class ISIN 1 year 3 years 5 years Since inception

Class FC1) LU0148742835 9.2% 19.2% 56.4% 127.6%

Class LD2) LU0989117667 – – – 1.6%

25% MSCI World(RI), 25% MSCI Europe(RI), 10.5% 22.2% 58.6% 69.8% 40% REXP, 10% Euribor3M1) Unit class FC launched on May 31, 20022) Unit class LD launched on December 17, 2013

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of December 31, 2013

Opportunities received a positive boost

from the U.S. index fund because

American equities increased markedly

in price in the expectation of a more

favorable economic outlook and

continued adequate provision of

liquidity by the U.S. Federal Reserve.

While the two emerging market

countries target funds were purchased

at an attractive reduced valuation level,

they still contributed to the underper-

formance of the umbrella fund

compared to its benchmark. The

consolidation phase continued in the

emerging markets throughout 2013,

although there were signs of a

recovery trend in China toward

the end of the reporting period.

On the other hand, the European

equity funds and selected stocks from

direct investment in equities made a

positive contribution to the appreciation

of DWS Multi Opportunities. As of the

reporting date, the largest position in

the portfolio was DWS Top Europe,

which profited from the marked

improvement of the investment climate

in Europe. The macro-economic data

published in the reporting period

pointed to continued recovery in the

European Economic Area. In addition,

a strong impression formed that the

reforms introduced in the crisis-hit

states appeared to be taking effect.

Furthermore, export-oriented equities,

such as German stocks, participated in

9

the robust global economic perform

ance. In terms of individual stocks,

companies such as Unipol contributed

to aboveaverage appreciation. The

company led a move toward consoli

dation in the Italian insurance sector.

The media sector also made a positive

contribution to the investment results

of the umbrella fund, which had

invested in RTL for a time. Higher

advertising revenues provided the

impetus here.

In the bond segment, the acquisition of

the DWS Invest Euro Bonds (Short)

target bond led to a comparatively

shortterm orientation of the portfolio

in an effort to limit price risks in the

event of a rise in interest rates. Direct

investment in bonds accounted for a

smaller proportion of the net assets

because the management mainly

exploited the price rise to sell high

yield bonds.

Index futures were used for a time

to fine tune the level of investment.

On the currency side, the U.S. dollar.

was partly hedged against the euro,

which benefited the performance of

DWS Multi Opportunities.

DWS MULTI OPPORTUNITIESComposition

Investment funds: 54.2% Index fundsBond fundsEquity fundsOther fundsMixed fundsBonds*EquitiesCash and other assets

16.313.1

10.6

6.118.9

8.1

9.917.0

In % of the fund’s net assets(* incl. pro-rata accrued interest)

0 10As of: December 31, 2013

15 255 20

10

Securities traded on an exchange 65 279 191.11 34.25

Equities

BM&F Bovespa (BRBVMFACNOR3) . . . . . . . . . . . . . . . . . Count 350 000 350 000 BRL 10 .9000 1 187 128 .11 0 .62

ABB Reg . (CH0012221716) . . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 50 000 CHF 23 .4700 957 194 .21 0 .50Nestlé Reg . (CH0038863350) . . . . . . . . . . . . . . . . . . . . . . Count 20 000 20 000 50 000 CHF 65 .2500 1 064 455 .43 0 .56

bpost Compartment A (BE0974268972) . . . . . . . . . . . . . . Count 180 000 250 000 70 000 EUR 14 .1500 2 547 000 .00 1 .34CTS EVENTIM (DE0005470306) . . . . . . . . . . . . . . . . . . . . Count 40 000 70 000 EUR 36 .7500 1 470 000 .00 0 .77Deutsche Bank Reg . (DE0005140008) . . . . . . . . . . . . . . . Count 30 000 30 000 40 000 EUR 34 .6500 1 039 500 .00 0 .55Deutsche Wohnen New (DE000A1X3R56) . . . . . . . . . . . . Count 51 000 51 000 EUR 13 .5700 692 070 .00 0 .36Royal Dutch Shell Cl . A (GB00B03MLX29) . . . . . . . . . . . . Count 150 000 150 000 EUR 25 .8200 3 873 000 .00 2 .03Sanofi (FR0000120578) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 20 000 EUR 75 .8900 1 517 800 .00 0 .80Talanx Reg . (DE000TLX1005) . . . . . . . . . . . . . . . . . . . . . . Count 40 000 75 000 35 000 EUR 24 .6650 986 600 .00 0 .52UniCredit (IT0004781412) . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 2 150 000 1 900 000 EUR 5 .3850 1 346 250 .00 0 .71Unipol Gruppo Finanziario (IT0004810054) . . . . . . . . . . . . Count 650 000 1 685 800 1 035 800 EUR 4 .3320 2 815 800 .00 1 .48

Barclays (GB0031348658) . . . . . . . . . . . . . . . . . . . . . . . . . Count 625 000 625 000 GBP 2 .7015 2 025 982 .37 1 .06BG Group (GB0008762899) . . . . . . . . . . . . . . . . . . . . . . . . Count 126 000 126 000 GBP 12 .9358 1 955 747 .72 1 .03Imperial Tobacco Group (GB0004544929) . . . . . . . . . . . . Count 50 000 50 000 GBP 23 .2675 1 395 950 .53 0 .73Vodafone Group (GB00B16GWD56) . . . . . . . . . . . . . . . . . Count 1 000 000 3 000 000 2 000 000 GBP 2 .3685 2 841 999 .92 1 .49

EMC Corp . (Mass .) (US2686481027) . . . . . . . . . . . . . . . . Count 65 000 275 000 210 000 USD 25 .0000 1 182 454 .56 0 .62Gazprom ADR (US3682872078) . . . . . . . . . . . . . . . . . . . . Count 200 000 650 000 450 000 USD 8 .4600 1 231 208 .07 0 .65Sberbank Rossii ADR (US80585Y3080) . . . . . . . . . . . . . . Count 100 000 450 000 350 000 USD 12 .3500 898 665 .46 0 .47Vale (Sp . ADR) (US91912E1055) . . . . . . . . . . . . . . . . . . . . Count 130 000 500 000 370 000 USD 15 .2300 1 440 702 .63 0 .76

Interest-bearing securities

10 .1250 % Assicurazioni Generali 12/10 .07 .42 MTN (XS0802638642) 3) . . . . . . . . . . . . . . . . EUR 2 000 % 129 .2400 2 584 800 .00 1 .369 .8750 % CEMEX España (Lux . Branch) 12/30 .04 .19 Reg S (XS0752095686) . . . . . . . . . . . . . . . . . EUR 1 500 % 114 .2250 1 713 375 .00 0 .907 .7500 % Commerzbank 11/16 .03 .21 MTN (DE000CB83CF0) . . . . . . . . . . . . . . . . . . . . . . EUR 4 000 500 % 115 .2575 4 610 300 .00 2 .427 .0000 % Eurofins Scientific 13/und . (XS0881803646) . . . . . . . . . . . . . . . . . . . . . . . EUR 2 000 2 000 % 107 .0500 2 141 000 .00 1 .126 .5000 % Kabel Deutschland V & S 11/29 .06 .18 Reg S (XS0637823864) . . . . . . . . . . . . . . . . . EUR 3 500 % 105 .7500 3 701 250 .00 1 .948 .0000 % KBC Bank 08/und . (BE0934378747) 3) . . . . . EUR 3 000 % 102 .5300 3 075 900 .00 1 .617 .8750 % KION Finance 11/15 .04 .18 Reg S (XS0616432224) . . . . . . . . . . . . . . . . . . . . . EUR 2 100 % 105 .9065 2 224 036 .50 1 .178 .7500 % Kuka 10/18 .11 .17 Reg S (DE000A1E8X87) . . EUR 1 000 % 111 .6500 1 116 500 .00 0 .594 .6250 % OTE 06/20 .05 .16 MTN (XS0275776283) . . . . EUR 1 200 % 103 .7000 1 244 400 .00 0 .658 .3673 % Talanx Finanz (Luxemburg) 12/15 .06 .42 (XS0768664731) . . . . . . . . . . . . . . . . . . . . . . . EUR 1 000 1 000 % 125 .5105 1 255 105 .00 0 .667 .7500 % Thomas Cook Finance 13/15 .06 .20 Reg S (XS0937169570) . . . . . . . . . . . . . . . . . EUR 1 500 1 500 % 108 .8250 1 632 375 .00 0 .865 .1250 % Unitymedia NRW/Hessen 13/21 .01 .23 Reg S (XS0877974062) 3) . . . . . . . . . . . . . . . EUR 2 000 2 000 % 99 .8180 1 996 360 .00 1 .05

14 .0000 % Barclays Bank 08/und . (XS0397801357) . . . . GBP 800 800 % 133 .4350 1 280 885 .83 0 .67

8 .1250 % Commerzbank 13/19 .09 .23 MTN Reg S (US20259DAA54) . . . . . . . . . . . . . . . . USD 2 300 2 300 % 110 .7500 1 853 543 .00 0 .976 .4640 % T-Mobile USA 13/28 .04 .19 (US87264AAC99) USD 620 620 % 106 .5000 480 476 .77 0 .25

7 .1250 % Aareal Bank Capital Funding Prf .Sh .Tr . 01/und . (XS0138973010) . . . . . . . . Count 75 000 75 000 EUR 25 .3250 1 899 375 .00 1 .00

Securities that are admitted or included in organized markets 2 074 620.72 1.09


9 .0000 % Hapag-Lloyd 10/15 .10 .15 MTN Reg S (XS0545329624) . . . . . . . . . . . . . . . . . EUR 2 500 % 104 .5000 2 074 620 .72 1 .09

Investment fund units 103 323 547.00 54.21

In-group fund units 98 885 272.00 51.88

db X-trackers - MSCI Brazil Index UCITS ETF1C (LU0292109344) (0 .450%) . . . . . . . . . . . . . . . . . . . . . . Count 230 000 305 000 75 000 EUR 33 .3700 7 675 100 .00 4 .03db X-trackers - MSCI Korea Index UCITS ETF1D (LU0292100046) (0 .450%) . . . . . . . . . . . . . . . . . . . . . . Count 50 000 71 300 21 300 EUR 46 .0800 2 304 000 .00 1 .21db X-trackers II - EONIA TR Index UCITS ETF1C (LU0290358497) (0 .050%) . . . . . . . . . . . . . . . . . . . . . . Count 111 000 111 000 EUR 139 .7580 15 513 138 .00 8 .14

Count/ Quantity/ Purchases/ Sales/ Market price Total market % ofDescription currency principal additions disposals value in net assets (– / ’000) amount in the reporting period EUR

Investment portfolio – December 31, 2013

Annual report DWS Multi Opportunities

11

db X-trackers-S&P 500 UCITS ETF 1C (LU0490618542) (0.200%) . . . . . . . . . . . . . . . . . . . . . . . . Count 532 000 532 000 EUR 22.1040 11 759 328.00 6.17db X-trackers-Stoxx® Global Sel.Div.100 UCITS1D (LU0292096186) (0.500%) . . . . . . . . . . . . . . . . . . . . . . Count 210 000 210 000 EUR 22.7200 4 771 200.00 2.50DWS Concept Kaldemorgen FC (LU0599947271) (0.750%+) . . . . . . . . . . . . . . . . . . . . . . . Count 97 600 11 600 EUR 119.5600 11 669 056.00 6.12DWS Convertibles FC (DE000DWS1U74) (0.600%) . . . . . Count 75 000 75 000 EUR 124.8500 9 363 750.00 4.91DWS Global Value (LU0133414606) (1.450%) . . . . . . . . . Count 25 000 25 000 EUR 173.8000 4 345 000.00 2.28DWS Invest Euro Bonds (Short) FC (LU0145657366)(0.450%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 105 000 105 000 EUR 149.4000 15 687 000.00 8.23DWS Top Europe (DE0009769729) (1.400%) . . . . . . . . . . Count 135 000 65 000 EUR 117.0200 15 797 700.00 8.29

Non-group fund units 4 438 275.00 2.33

Lyxor ETF China Enterp.(HSCEI) A (FR0010204081)(0.650%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 42 500 37 500 EUR 104.4300 4 438 275.00 2.33

Total securities portfolio 170 677 358.83 89.55

Derivatives Minus signs denote short positions

Derivatives on individual securities -49 020.00 -0.03

Securities futures

Equity futures

Michelin (CDGE) Future 03/2014 (EURX) EUR . . . . . . . . . Count -30 000 -49 020.00 -0.03

Equity index derivatives -201 635.14 -0.11(Receivables/payables)

Equity index futures

DAX Index Future 03/2014 (EURX) EUR . . . . . . . . . . . . . . Count -1 250 -12 212.50 -0.01

Nikkei 225 Future (CME) 03/2014 (CME) USD . . . . . . . . . Count 500 18 130.36 0.01S&P 500 EMINI Future 03/2014 (CME) USD . . . . . . . . . . Count -5 000 -207 553.00 -0.11

Interest rate derivatives 48 500.00 0.03(Receivables/payables)

Interest rate futures

Euro-Bund Future 03/2014 (EURX) . . . . . . . . . . . . . . . . . . EUR -5 000 48 500.00 0.03

Currency derivatives -47 656.50 -0.03

Currency futures (short)

Open positions

EUR/USD 10.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 938.97 0.02USD/BRL 12.50 million . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 274.02 0.03

Closed positions

EUR/USD 10.00 million . . . . . . . . . . . . . . . . . . . . . . . . . . . -135 869.49 -0.07

Cash at bank 20 939 971.48 10.99

Demand deposits at Custodian

EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 19 898 315.49 % 100 19 898 315.49 10.44Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 203 358.87 % 100 203 358.87 0.11

Deposits in non-EU/EEA currencies

Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 36 889.53 % 100 23 760.42 0.01Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 66 225.71 % 100 44 986.93 0.02Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 245 070.00 % 100 22 997.10 0.01Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 96 473 840.00 % 100 666 559.64 0.35Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 42 499.85 % 100 24 370.45 0.01U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 76 439.89 % 100 55 622.58 0.03



12

Other assets 1 119 371.46 0.59

Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 056 986 .09 % 100 1 056 986 .09 0 .55Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 42 357 .02 % 100 42 357 .02 0 .02Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 20 028 .35 % 100 20 028 .35 0 .01

Receivables from share certificate transactions EUR 396 956.70 % 100 396 956.70 0.21

Total assets 1) 193 288 501.82 101.43

Loan liabilities -2 149 191.92 -1.13

Loans in non-EU/EEA currencies

Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL -3 827 236 .75 % 100 -1 190 935 .86 -0 .62Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF -1 174 801 .81 % 100 -958 256 .06 -0 .50

Other liabilities -112 689.45 -0.06

Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -112 689 .45 % 100 -112 689 .45 -0 .06

Liabilities from share certificate transactions EUR -18 286.83 % 100 -18 286.83 -0.01

Net assets 190 603 678.63 100.00

Net asset value per unit and Count/ Net asset value per unitnumber of units outstanding currency in the respective currency

Net asset value per unitClass FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 206 .15Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 101 .56

Number of units outstandingClass FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 923 557 .229Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 098 .000

Negligible rounding errors may have arisen due to the rounding of calculated percentages .

Composition of the reference portfolio (according to CSSF circular 11/512)

50% MSCI - Europe Ex Uk, 50% MSCI World

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure . . . . . . . . . . . . . . . . . . % 26 .598

Highest market risk exposure . . . . . . . . . . . . . . . . . . % 77 .092

Average market risk exposure . . . . . . . . . . . . . . . . . % 43 .941

The values-at-risk were calculated for the period from January 1, 2013, through December 31, 2013, 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’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

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) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 80,827,047 .38 as of the reporting date .

Counterparties

Deutsche Bank AG, Frankfurt; Citibank N .A . London Branch; Société Générale S .A .



13

Securities lendingThe following securities were transferred under securities loans at the reporting date:

Security description Principal amount Securities loans Count, or Total market value in EUR Currency (’000) Limited maturity Perpetual Total

10.1250 % Assicurazioni Generali 12/10.07.42 MTN . . . . . EUR 1 200 1 550 880.00 8.0000 % KBC Bank 08/und. . . . . . . . . . . . . . . . . . . . . . . EUR 2 000 2 050 600.00 5.1250 % Unitymedia NRW/Hessen 13/21.01.23 Reg S . EUR 2 000 1 996 360.00

Total receivables from securities loans 5 597 840.00 5 597 840.00

Contracting parties for securities loans:

Barclays Bank PLC, London; Citigroup Global Markets Ltd. London; Deutsche Bank AG, Frankfurt/Main

Total collateral pledged by third parties for securities loans EUR 6 407 685.45

including:Bonds EUR 2 460 097.00Equities EUR 3 947 588.45

Market abbreviations

Futures exchanges

EURX = Eurex (Eurex Frankfurt / Eurex Zürich)CME = Chicago Mercantile Exchange (CME) - Index and Options Market Division (IOM)

Exchange rates (indirect quotes)

As of December 30, 2013

Australian dollar . . . . . . . . . . . . . . . . . . AUD 1.552562 = EUR 1Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 3.213638 = EUR 1Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1.472110 = EUR 1Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1.225979 = EUR 1British pound . . . . . . . . . . . . . . . . . . . GBP 0.833392 = EUR 1Hong Kong dollar . . . . . . . . . . . . . . . . HKD 10.656562 = EUR 1Japanese yen . . . . . . . . . . . . . . . . . . . JPY 144.733995 = EUR 1Singapore dollar . . . . . . . . . . . . . . . . . SGD 1.743909 = EUR 1U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.374260 = EUR 1

Notes on the valuation

The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are per-formed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management 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.

The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds. No initial sales charges or redemption fees were paid during the period under review.

Footnotes1) Does not include positions with a negative balance, if such exist.3) Some or all of these securities are lent.


14

Count Purchases/ Sales/ Description currency (– / ’000) additions disposals

Securities traded on an exchange

Equities

A.P. Møller-Mærsk B (DK0010244508) . . . . . . . . . . . Count 450 600

Atresmedia Corporacion de Medios de Comunicacion (ES0109427734) . . . . . . . . . . . . . . . . Count 200 000 200 000Commerzbank Konv. (DE000CBK1001) . . . . . . . . . . Count 88 750 88 750CTT-Correios de Portugal (PTCTT0AM0001) . . . . . . . Count 76 601 76 601Deutsche Telekom Reg. (DE0005557508) . . . . . . . . Count 400 000ENI (IT0003132476) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 205 000 205 000GSW Immobilien (applied for tender) (DE000GSW1137) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 20 000 20 000GSW Immobilien (DE000GSW1111) . . . . . . . . . . . . . Count 20 000 20 000Numericable Group (FR0011594233) . . . . . . . . . . . . Count 21 907 21 907OSRAM Licht (DE000LED4000) . . . . . . . . . . . . . . . . Count 5 825 5 825RTL Group (LU0061462528) . . . . . . . . . . . . . . . . . . . Count 67 000 67 000

Barclays Right (GB00BCRY6Q68) . . . . . . . . . . . . . . . Count 125 000 125 000Randgold Resources (GB00B01C3S32) . . . . . . . . . . Count 65 000 65 000Rio Tinto (GB0007188757) . . . . . . . . . . . . . . . . . . . . Count 50 000 50 000Royal Mail Group (GB00BDVZYZ77) . . . . . . . . . . . . . Count 80 899 80 899

Swedish Match (SE0000310336) . . . . . . . . . . . . . . . Count 75 000

Accenture (IE00B4BNMY34) . . . . . . . . . . . . . . . . . . . Count 25 000 25 000Alcoa (US0138171014) . . . . . . . . . . . . . . . . . . . . . . . Count 250 000 250 000Apple (US0378331005) . . . . . . . . . . . . . . . . . . . . . . . Count 5 000 9 000Barrick Gold (CA0679011084) . . . . . . . . . . . . . . . . . . Count 300 000 300 000Coach (US1897541041) . . . . . . . . . . . . . . . . . . . . . . . Count 50 000 50 000Intel Corp. (US4581401001) . . . . . . . . . . . . . . . . . . . Count 250 000 250 000Microsoft Corp. (US5949181045) . . . . . . . . . . . . . . . Count 200 000 200 000Neftyanaya Kompaniya Rosneft GDR (US67812M2070) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 350 000 550 000Pinnacle Foods (Del) (US72348P1049) . . . . . . . . . . . Count 9 731 9 731QUALCOMM (US7475251036) . . . . . . . . . . . . . . . . . Count 40 000 40 000TCS Group Holding GDR Reg S (US87238U2033) . . Count 82 090 82 090Teva Pharmaceutical Industries ADR (US8816242098) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 000 65 000The Estée Lauder Companies (US5184391044) . . . . Count 50 000 50 000Zoetis Cl. A (US98978V1035) . . . . . . . . . . . . . . . . . . Count 16 467 16 467


4.2500 % Italy B.T.P. 11/01.07.14 (IT0004750409) . . . . . . . . . . . . . . . . . . . . EUR 5 7006.0000 % Italy B.T.P. 11/15.11.14 (IT0004780380) . . . . . . . . . . . . . . . . . . . . EUR 2 5006.7500 % Thomas Cook Group 10/22.06.15 (XS0504303164) . . . . . . . . . . . . . . . . . . . EUR 1 500

Certificates

Nomura Bank Int./Eq Basket 08.03.14Tracker Cert. (XS0753526465) . . . . . . . . . . . . . . . . . Count 130

Investment fund units

In-group fund units

DWS Akkumula (DE0008474024) (1.450%) . . . . . . . Count 17 700DWS Convertibles LD (DE0008474263) (0.850%) . . Count 105 700DWS Funds Performance Strategy (LU0173891143) (1.350%+) . . . . . . . . . . . . . . . . . . . Count 19 000


Count Purchases/ Sales/ Description currency (– / ’000) additions disposals

DWS Global Growth (DE0005152441) (1.450%) . . . Count 10 000 130 000DWS Invest China Bonds FCH (LU0632808951)(0.600%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 70 000DWS Invest Emerging Markets SatellitesFC (LU0616853247) (0.750%) . . . . . . . . . . . . . . . . . . Count 25 000 25 000DWS Invest Top Dividend Premium FC (LU0616850573) (0.750%) . . . . . . . . . . . . . . . . . . . . Count 60 000DWS Short Duration Emerging MarketsFX (LU0599900635) (0.600%) . . . . . . . . . . . . . . . . . . Count 6 000 51 000DWS Technology Typ O (DE0008474149)(1.700%+) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 000

Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown)

Value (’000)

Futures contracts

Securities futures

Equity futures

Contracts sold: EUR 25 078(Underlyings: ARM Holdings, BMW Ord., Continental, DassaultSystèmes, EADS, Infineon Technologies Reg., Michelin Reg.,Pandora)

Equity index futures

Contracts purchased: EUR 107 572(Underlyings: DAX (Performanceindex), Nikkei 225)

Contracts sold: EUR 754 696(Underlyings: DAX (Performanceindex), Nikkei 225, S&P 500Index)

Interest rate futures

Contracts sold: EUR 28 432(Underlyings: Euro-Bund Future 06/2013, Euro-Bund Future09/2013, Euro-Bund Future 12/2013)

Currency futures

Futures contracts to purchase currencies

EUR/USD EUR 40 009USD/JPY EUR 133 139

Futures contracts to sell currencies

EUR/USD EUR 150 017USD/JPY EUR 46 034

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

15

Securities loans (total transactions, at the value agreed at the closing of the loan contract)

Value (’000)

Perpetual EUR 66 550

Security description: db X-trackers - MSCI Brazil Index UCITS ETF1C (LU0292109344), db X-trackers - MSCI Korea IndexUCITS ETF 1D (LU0292100046), db X-trackers-S&P 500UCITS ETF 1C (LU0490618542), db X-trackers-Stoxx®Global Sel.Div.100 UCITS 1D (LU0292096186), LyxorETF China Enterp.(HSCEI) A (FR0010204081), 10.1250% Assicurazioni Generali 12/10.07.42 MTN (XS0802638642),9.8750 % CEMEX España (Lux. Branch) 12/30.04.19 RegS (XS0752095686), 7.7500 % Commerzbank 11/16.03.21MTN (DE000CB83CF0), 9.0000 % Hapag-Lloyd 10/15.10.15MTN Reg S (XS054532962X), 8.0000 % KBC Bank 08/und.(BE0934378747), 7.8750 % KION Finance 11/15.04.18Reg S (XS0616432224), 4.6250 % OTE 06/20.05.16 MTN(XS0275776283), 8.3673 % Talanx Finanz (Luxemburg)12/15.06.42 (XS0768664731), 7.7500 % Thomas Cook Finance13/15.06.20 Reg S (XS0937169570), 6.7500 % ThomasCook Group 10/22.06.15 (XS0504303164), 5.1250 % UnitymediaNRW/Hessen 13/21.01.23 Reg S (XS0877974062), AtresmediaCorporacion de Medios de Comunicacion (ES0109427734),8.1250 % Commerzbank 13/19.09.23 MTN Reg S (US20259DAA54)


16

Statement of income and expenses (incl. income adjustment)

for the period from January 1, 2013, through December 31, 2013

I. Income

1. Dividends (before withholding tax) . . . . . . . . . . . . . . . . . EUR 832 261.732. Interest from securities (before withholding tax) . . . . . . EUR 1 452 001.353. Interest from investments of liquid assets (before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 319.654. Income from investment certificates . . . . . . . . . . . . . . . EUR 921 371.405. Income from securities lending and repurchase agreements. . . . . . . . . . . . . . . . . . . . . . . . . . EUR 75 566.64 including: from securities loans . . . . . . . . . . .EUR 75 566.646. Deduction for foreign withholding tax . . . . . . . . . . . . . . . EUR -271 655.427. Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 458 245.71 including: Compensation payments . . . . . . . .EUR 339 197.91 Income from portfolio fees . . . . . .EUR 112 650.85 Other . . . . . . . . . . . . . . . . . . . . . . .EUR 6 396.95

Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 469 111.06

II. Expenses

1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -311.522. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -1 009 424.67 including: All-in fee . . . . . . . . . . . . . . . . . . . . .EUR -1 009 424.673. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -106 351.92 including: Performance-based fee from securities lending income . . . . . . .EUR -37 783.21 Legal expenses . . . . . . . . . . . . . . .EUR -4 590.50 Taxe d’abonnement . . . . . . . . . . . .EUR -63 978.21

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -1 116 088.11

III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2 353 022.95

IV. Sale transactions

Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 35 420 222.71Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -26 147 153.85

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 9 273 068.86

V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . . EUR 11 626 091.81

Total expense ratio / Transaction costs

BVI total expense ratio (TER)

The total expense ratios for the unit classes were:

Class LD 1.48% p.a. Class FC 0.59% p.a.

The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a 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

Class LD 0.001% Class FC 0.020%

calculated on the fund’s average net assets in relation to the respective unit class.

The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this is taken into account at fund level (synthetic TER) in accordance with the CSSF circular 03/122 of the Luxembourg supervisory authority and is attributed to the respective unit class. If a TER is not published at target fund level, the all-in fee/manage-ment fee is used for the calculation. The synthetic TER was:

Class LD 1.85% p.a. Class FC 0.96% p.a.

Transaction costs

The transaction costs paid in the reporting period amounted to EUR 536,332.76.

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. Any financial transaction taxes which may have been paid are included in the calculation.


17

Statement of changes in net assets 2013

I. Value of the fund’s assets at the beginning of the fiscal year . . . . . . . . . . . . . . . . . EUR 139 686 720.54

1. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 36 593 284.90 a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . EUR 51 370 714.36 b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . EUR -14 777 429.462. Income adjustment and reimbursed expenses . . . . . . . . EUR -1 471 245.983. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2 353 022.954. Realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 35 420 222.715. Realized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -26 147 153.856. Net change in unrealized appreciation/depreciation . . . . . . . . . . . . . . . . . . . . . . . . . EUR 4 168 827.36

II. Value of the fund’s assets at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . EUR 190 603 678.63

Summary of the gains/losses for 2013

Realized gains (incl. income adjustment) . . . . . . . . . . . . . EUR 35 420 222.71

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 012 411.24 Financial futures transactions . . . . . . . . . . . . . . . . . . . . . EUR 7 683 553.34 (Forward) currency transactions . . . . . . . . . . . . . . . . . . . EUR 13 724 258.13

Realized losses (incl. income adjustment) . . . . . . . . . . . . EUR -26 147 153.85

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -3 503 300.21 Financial futures transactions . . . . . . . . . . . . . . . . . . . . . EUR -11 226 086.24 (Forward) currency transactions . . . . . . . . . . . . . . . . . . . EUR -11 417 767.40

Net change in unrealized appreciation/depreciation . . . EUR 4 168 827.36

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 174 844.48 Financial futures transactions . . . . . . . . . . . . . . . . . . . . . EUR -342 666.73 (Forward) currency transactions . . . . . . . . . . . . . . . . . . . EUR -1 663 350.39

Changes in net assets and in the net asset value per unit over the last three years

Net assets at the end of the fiscal year

2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 190 603 678.632012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 139 686 720.542011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 122 524 218.17

Net asset value per unit at the end of the fiscal year

2013 Class FC EUR 206.15 Class LD EUR 101.56 Class LD (date of first official pricing December 18, 2013) EUR 100.062012 Class FC EUR 188.75 Class LD EUR -2011 Class FC EUR 167.40 Class LD EUR -


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 5% and above), amounted to 18.33% of all transactions. The total volume was EUR 70,930,803.65.

Details on the distribution policy*The income for the fiscal year for both unit classes is reinvested.

* Additional information is provided in the sales prospectus.

18

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

To the unitholders of DWS Multi Opportunities

We have audited the accompanying financial statements of DWS Multi Opportunities, which comprise the statement of net assets,

the statement of investments in the securities portfolio and other net assets as of December 31, 2013, the statement of income and

expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting

policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the Management Company for the financial statements

The Board of Directors of the Management Company is responsible for the preparation and proper overall presentation of the financial

statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements and

for the internal controls considered necessary to enable the financial statements to be prepared such that they are free from material

misstatement, irrespective of whether this is due to fraud or error.

Responsibility of the Réviseur d’Entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance

with International Standards on Auditing as adopted by the Commission de Surveillance du Secteur Financier for Luxembourg. Those

standards require that we comply with professional conduct requirements and plan and perform the audit to obtain reasonable

assurance whether the financial statements are free from material misstatement.

An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the financial state-

ments. The procedures selected depend on the judgment of the Réviseur d’Entreprises agréé, including the assessment of the risks

of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur

d’Entreprises agréé considers internal control relevant to the entity’s preparation and proper overall presentation of the financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of evaluating the

effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates

made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Audit opinion

In our opinion, the financial statements give a true and fair view of the financial position of DWS Multi Opportunities as of December 31,

2013, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg

legal and regulatory requirements relating to the preparation of financial statements.

KPMG Luxembourg S.à r.l.Société à responsabilité limitée

9, Allée SchefferL-2520 Luxembourg

R.C.S. Luxembourg B 149133Capital EUR 12,502

KPMG issued an unqualified audit opinion for

the full annual report. The translation of the report

of the Réviseur d’Entreprises (the independent

auditor’s opinion) is as follows:

19

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject

to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on

such information. However, we have no observation to make concerning such information in the context of the financial statements

taken as a whole.

Luxembourg, April 8, 2014 KPMG Luxembourg S.à r.l.

Cabinet de révision agréé

Harald Thönes

Management Company

DWS Investment S.A.

2, Boulevard Konrad Adenauer

L -1115 Luxembourg

Capital stock as of

December 31, 2013: EUR 221.5 million

Board of Directors

Wolfgang Matis

Chairman

Managing Director of Deutsche Asset & Wealth

Management Investment GmbH,

Frankfurt/Main

Managing Director of

DWS Holding & Service GmbH,

Frankfurt/Main

Chairman of the Supervisory Board of

Sal. Oppenheim jr. & Cie. AG & Co. KGaA,

Cologne

Ernst Wilhelm Contzen (until December 31, 2013)

Deutsche Bank Luxembourg S.A.,

Luxembourg

Heinz-Wilhelm Fesser

Luxembourg

Marzio Hug (since Janurary 1, 2014)

Deutsche Bank AG, London

Frank Kuhnke (until December 31, 2013)

London

Dr. Boris N. Liedtke (since Janurary 1, 2014)

Chairman of the Management Board of

Deutsche Bank Luxembourg S.A., Luxembourg

Dr. Matthias Liermann (since April 4, 2013)


Investment GmbH, Frankfurt/Main

Holger Naumann (since April 4, 2013)



Frankfurt/Main



Frankfurt/Main


RREEF Spezial Invest GmbH,

Frankfurt/Main

Klaus-Michael Vogel

Executive Member of the Board of Directors of

DWS Investment S.A., Luxembourg

Member of the Management Board of


Luxembourg

Dorothee Wetzel (until March 15, 2013)



Jochen Wiesbach (until March 15, 2013)



Dr. Asoka Wöhrmann



Frankfurt/Main



Frankfurt/Main

Management

Klaus-Michael Vogel

Executive Member of the Board of Directors of


Member of the Management Board of


Luxembourg

Manfred Bauer


Markus Kohlenbach


Doris Marx


Ralf Rauch


Martin Schönefeld


Auditor

KPMG Luxembourg S.à r.l.

9, Allée Scheffer

L -2520 Luxembourg

Custodian

State Street Bank Luxembourg S.A.

49, Avenue J. F. Kennedy

L -1855 Luxembourg

Fund Manager


Investment GmbH

Mainzer Landstraße 178–190

D-60327 Frankfurt/Main

Sales, Information and Paying Agent

LUxEMBOURG

Deutsche Bank Luxembourg S.A.

2, Boulevard Konrad Adenauer

L -1115 Luxembourg

As of: January 31, 2014

DWS Investment S.A.2, Boulevard Konrad AdenauerL-1115 LuxembourgTel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00

Documents

DWS Investment S.A. DWS Multi Opportunities - · PDF file · 2018-01-31DWS Multi Opportunities ... the real estate and labor markets recovered. ... adversely affected the stock market