N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number 811-642

DWS International Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

(Address of principal executive offices)             (Zip code)

Registrant’s Telephone Number, including Area Code: (212) 454-7190

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and Address of Agent for Service)

Date of fiscal year end: 08/31

Date of reporting period: 2/28/09

ITEM 1.REPORT TO STOCKHOLDERS

FEBRUARY 28, 2009

Semiannual Report
to Shareholders

DWS International Value
Opportunities Fund

Contents

4 Performance Summary

9 Information About Your Fund's Expenses

11 Portfolio Management Review

15 Portfolio Summary

17 Investment Portfolio

20 Financial Statements

24 Financial Highlights

28 Notes to Financial Statements

35 Investment Management Agreement Approval

40 Summary of Management Fee Evaluation by Independent Fee Consultant

45 Summary of Administrative Fee Evaluation by Independent Fee Consultant

46 Account Management Resources

47 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider each fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the funds. Please read the prospectus carefully before you invest.

Investments in mutual funds involve risk. Some funds have more risk than others. This fund is subject to stock market risk. Investing in foreign securities presents certain risks, such as currency fluctuation, political and economic changes, and market risks. All of these factors may result in greater share price volatility. Please read this fund's prospectus for specific details regarding its investments and risk profile.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance Summary February 28, 2009

Classes A, C and Institutional Class

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-investments.com for the Fund's most recent month-end performance.

The maximum sales charge for Class A shares is 5.75%. Class C shares have no front-end sales charge but redemptions within one year of purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have been lower if they had. Institutional Class shares are not subject to sales charges.

The total annual fund operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated December 1, 2008 are 2.43%, 3.16% and 2.11% for Class A, Class C and Institutional Class shares, respectively. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended February 28, 2009.

To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days, which has the effect of lowering total return.

Returns and rankings during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Average Annual Total Returns (Unadjusted for Sales Charge) as of 2/28/09
DWS International Value Opportunities Fund	6-Month‡	1-Year	Life of Fund*
Class A	-42.16%	-48.40%	-15.56%
Class C	-42.31%	-48.72%	-16.17%
Institutional Class	-42.06%	-48.23%	-15.31%
MSCI EAFE Index+	-44.58%	-50.22%	-18.25%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

^‡Total returns shown for periods less than one year are not annualized.
^* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.

Net Asset Value and Distribution Information
	Class A	Class C	Institutional Class
Net Asset Value: 2/28/09	$ 5.94	$ 5.96	$ 5.94
8/31/08	$ 10.66	$ 10.64	$ 10.67
Distribution Information: Six Months as of 2/28/09: Income Dividends	$ .26	$ .21	$ .28

Class A Lipper Rankings — International Large-Cap Value Funds Category as of 2/28/09
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	20	of	89	23

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charge with distributions reinvested. If sales charges had been included, rankings might have been less favorable. Rankings are for Class A shares; other share classes may vary.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

[] DWS International Value Opportunities Fund — Class A

[] MSCI EAFE Index⁺

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

Comparative Results (Adjusted for Maximum Sales Charge) as of 2/28/09
DWS International Value Opportunities Fund		1-Year	Life of Class*
Class A	Growth of $10,000	$4,863	$6,020
	Average annual total return	-51.37%	-17.43%
Class C	Growth of $10,000	$5,128	$6,267
	Average annual total return	-48.72%	-16.17%
MSCI EAFE Index+	Growth of $10,000	$4,978	$5,843
	Average annual total return	-50.22%	-18.25%

The growth of $10,000 is cumulative.

^* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.
⁺The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged, capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Growth of an Assumed $1,000,000 Investment

[] DWS International Value Opportunities Fund — Institutional Class

[] MSCI EAFE Index⁺

Comparative Results as of 2/28/09
DWS International Value Opportunities Fund		1-Year	Life of Class*
Institutional Class	Growth of $1,000,000	$517,700	$643,900
	Average annual total return	-48.23%	-15.31%
MSCI EAFE Index+	Growth of $1,000,000	$497,800	$584,300
	Average annual total return	-50.22%	-18.25%

The growth of $1,000,000 is cumulative.

The minimum initial investment for Institutional Class shares is $1,000,000.

^* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.
⁺The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged, capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Class S

Class S shares are generally not available to new investors except under certain circumstances. (Please see the Fund's Statement of Additional Information.)

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-investments.com for the Fund's most recent month-end performance.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated December 1, 2008 is 2.27% for Class S shares. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended February 28, 2009.

To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days, which has the effect of lowering total return.

Returns and rankings during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Average Annual Total Returns as of 2/28/09
DWS International Value Opportunities Fund	6-Month‡	1-Year	Life of Fund*
Class S	-42.01%	-48.23%	-15.34%
MSCI EAFE Index+	-44.58%	-50.22%	-18.25%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

^‡Total returns shown for periods less than one year are not annualized.
^* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.

Net Asset Value and Distribution Information
	Class S
Net Asset Value: 2/28/09	$ 5.94
8/31/08	$ 10.67
Distribution Information: Six Months as of 2/28/09: Income Dividends	$ .28

Class S Lipper Rankings — International Large-Cap Value Funds Category as of 2/28/09
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	18	of	89	20

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested. Rankings are for Class S shares; other share classes may vary.

Growth of an Assumed $10,000 Investment

[] DWS International Value Opportunities Fund — Class S

[] MSCI EAFE Index⁺

Comparative Results as of 2/28/09
DWS International Value Opportunities Fund		1-Year	Life of Fund*
Class S	Growth of $10,000	$5,177	$6,432
	Average annual total return	-48.23%	-15.34%
MSCI EAFE Index+	Growth of $10,000	$4,978	$5,843
	Average annual total return	-50.22%	-18.25%

The growth of $10,000 is cumulative.

^* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.
⁺The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged, capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2008 to February 28, 2009).

The tables illustrate your Fund's expenses in two ways:

• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

Expenses and Value of a $1,000 Investment for the six months ended February 28, 2009
Actual Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 9/1/08	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 2/28/09	$ 578.40	$ 576.90	$ 579.90	$ 579.40
Expenses Paid per $1,000*	$ 5.99	$ 8.91	$ 5.01	$ 5.01
Hypothetical 5% Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 9/1/08	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 2/28/09	$ 1,017.21	$ 1,013.49	$ 1,018.45	$ 1,018.45
Expenses Paid per $1,000*	$ 7.65	$ 11.38	$ 6.41	$ 6.41

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
DWS International Value Opportunities Fund	1.53%	2.28%	1.28%	1.28%

For more information, please refer to the Fund's prospectus.

Portfolio Management Review

In the following interview, the portfolio management team discusses the recent market environment and DWS International Value Opportunities Fund's strategy during the six-month period ended February 28, 2009.

The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Q: How did the international stock markets perform during the semiannual period?

A: International equities generated an exceptionally poor performance during the past six months, based on the -44.58% return of the fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East Index.¹ The cause of this downturn was the continued evolution of the global financial crisis, which led to the deterioration of bank balance sheets, a sharp erosion in investor confidence and a severe slowdown in economic growth. In Japan, for example, gross domestic product declined at an annualized pace of 12.7% during the fourth quarter of 2008. Growth also contracted in the United Kingdom and the European continent, and investors had little visibility as to when the situation may begin to stabilize. Slower growth, in turn, caused a sharp drop-off in corporate earnings, particularly in the most economically sensitive sectors. Taken together, these factors led to a market decline whose severity has little historical precedent.

The effects of currency movements also played a part in the underperformance of international equities. While the value of the Japanese yen rose during the period, this was more than offset by declines of 13% in the euro and 21% in the British pound. Since foreign shares are denominated in local currencies, a decline in the value of these currencies relative to the dollar decreases the value of the investment when it is measured in US dollar terms.

How is the fund managed?

"Our investment approach combines both bottom-up stock picking and a top-down thematic component. We are strict value investors in that we look for stocks that are attractively valued by traditional measures, such as lower price-to-book ratios, higher dividend yields and stable cash flows. Most important, we look to invest in stocks that are fundamentally mispriced and where there is a catalyst for a positive repricing to occur over time. Our goal is to construct a focused portfolio of what we see as the 50-70 best investment ideas in the international markets, even if this causes the portfolio's sector and regional weightings to deviate from the benchmark index. We believe having the flexibility to invest in smaller off-benchmark companies is critical to achieving long-term outperformance.

While the primary focus of the fund is on individual stock selection, the top-down component also plays an important part in determining where we look for opportunities. We use a wide range of inputs to assess the broader investment environment, including the global economic cycle, valuations, investor sentiment, growth trends, interest rates, money flows, and trends in demographics, politics and technology."

Portfolio Manager Carmen Weber

Q: How did the fund perform?

A: In a reflection of the challenging market environment, Class A shares of the fund delivered a sharply negative absolute return of - -42.16% during the semiannual period. Nevertheless, the fund finished ahead of both the -44.58% return of the MSCI EAFE Index and the -45.37% average return of its peer group, the Lipper International Large-Cap Value Funds.² (Returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 8 for the performance of other share classes and more complete performance information.)

Q: What elements of the fund's positioning helped performance?

A: Among individual stocks, the largest positive contribution came from the British retailer Marks & Spencer Group PLC. Although the UK retailing sector is experiencing even greater difficulties than retailers in the United States, we bought shares in Marks & Spencer late in 2008 with the stock down approximately 70% from its high. At that level, we believed the stock was offering an attractive margin of safety given its strong brand and compelling valuation. The stock has since staged a modest rebound, helping the fund's performance. Also aiding performance were positions in Galp Energia, which was helped by its part ownership of the recently discovered Tupi oil field off the coast of Brazil, and HongKong Electric Holdings Ltd., a utility that gained ground due in part to its defensive nature and steady cash flows.

Q: What detracted from the fund's results?

A: While we maintained below-market weightings in companies most sensitive to the direction of the global economy and the movements in commodity prices, the fund nonetheless held a modest position in these areas. In general, companies in this category were among the largest detractors from fund performance. Most notably, the portfolio lost ground via holdings in the mining company Rio Tinto PLC; Eurokai KGaA, an operator of container terminals throughout Europe; and the Russian energy giant Gazprom. Believing the valuations and long-term fundamentals of these stocks remain attractive, we continue to hold all three in the fund.

Q: What are some notable changes that you made to the portfolio?

A: The combination of our top-down analysis and bottom-up research led us to make some shifts in the fund's positioning during the past six months. Our largest move was to reduce the fund's weighting in the energy sector from its peak earlier in the period. This was partially a response to the falling price of oil, which crimps profit growth for companies in this sector, as well as our desire to lock in profits on stocks in which the fund had gains. We also reduced the portfolio's position in the utilities sector through sales or reductions of stocks such as E.ON AG and the Spanish company Aguas de Barcelona SA*, as well as our decision to tender the fund's holdings in British Energy PLC*. All three stocks performed very well during the past year, causing their valuations to increase to what we believed were expensive levels.

We also used the unusually high level of market volatility to add some new holdings to the portfolio. Some of these were in the industrials sector, which was hit hard amid the environment of negative growth. We believe many stocks in this group had fallen to unjustifiably low valuations levels due to indiscriminate selling by panicked investors, providing an opportunity to purchase shares in fundamentally sound companies such as FANUC Ltd. and Komatsu Ltd. We have also found opportunities in the telecommunications sector, where many stocks offered attractive valuations, excellent dividend yields and defensive characteristics. We believe the stable dividends available in the telecom sector are particularly compelling right now given that many companies in other industries are cutting or eliminating their dividends in order to conserve cash.

Q: What is your overall view on the international equity markets?

A: While the fund is now fully invested — a contrast to its high cash position in mid-2008 — we remain very defensive overall given the extremely high level of uncertainty regarding the outlook for the global economy. We see little reason to expose the fund to higher-risk stocks in the current environment. Instead, we are using our bottom-up stock selection process to selectively purchase stocks of higher-quality companies with strong franchises and the ability to perform well no matter what the direction of the world economy. We believe this is the most prudent way to position the fund amid a period of negative growth and depressed corporate earnings.

* Not held in the portfolio as of February 28, 2009.
¹ The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged, capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates. Index returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
² The Lipper International Large-Cap Value Fund's category is comprised of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the US with market capitalizations (on a three-year weighted basis) above Lipper's international large-cap floor. International large-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World ex-US BMI. Category returns assume reinvestment of dividends. It is not possible to invest directly into a Lipper category.

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio)	2/28/09	8/31/08
Common Stocks	95%	97%
Preferred Stocks	4%	1%
Cash Equivalents	1%	2%
	100%	100%

Geographical Diversification (As a % of Common and Preferred Stocks)	2/28/09	8/31/08
Europe (excluding the United Kingdom)	68%	66%
United Kingdom	20%	18%
Pacific Basin	6%	4%
Japan	3%	10%
Africa	2%	—
United States	1%	—
Latin America	—	2%
	100%	100%

Sector Diversification (As a % of Common and Preferred Stocks)	2/28/09	8/31/08
Industrials	23%	23%
Energy	13%	13%
Health Care	12%	12%
Utilities	10%	15%
Telecommunication Services	10%	6%
Financials	10%	8%
Consumer Discretionary	8%	10%
Materials	7%	3%
Consumer Staples	5%	4%
Information Technology	2%	6%
	100%	100%

Asset allocation, geographical diversification and sector diversification are subject to change.

Ten Largest Equity Holdings at February 28, 2009 (28.2% of Net Assets)	Country	Percent
1. HongKong Electric Holdings Ltd. Generates and supplies electricity and provides engineering consultancy and project management services	Hong Kong	3.4%
2. Deutsche Postbank AG A German retail bank	Germany	2.9%
3. France Telecom SA Provides telecommunication services to residential and commercial customers	France	2.9%
4. GlaxoSmithKline PLC Develops, manufactures, and markets vaccines and medicines	United Kingdom	2.8%
5. Deutsche Telekom AG Offers fixed-line and mobile telephone and information technology services for businesses	Germany	2.8%
6. Vodafone Group PLC Provides a range of mobile telecommunications services	United Kingdom	2.8%
7. CLP Holdings Ltd. Generator and supplier of electricity	Hong Kong	2.7%
8. Centrica PLC Provides gas and energy related products and services to residential and business customers	United Kingdom	2.7%
9. Xstrata PLC A diversified mining group	Switzerland	2.6%
10. Vossloh AG Manufactures and markets railroad equipment	Germany	2.6%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 17. A quarterly Fact Sheet is available upon request. A complete list of the Fund's portfolio holdings is posted as of the month end on www.dws-investments.com on or about the 15th day of the following month. More frequent posting of portfolio holdings information may be made from time to time on www.dws-investments.com.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

Investment Portfolio as of February 28, 2009 (Unaudited)

	Shares	Value ($)
Common Stocks 92.3%
Denmark 4.4%
A P Moller-Maersk A/S "B"	50	234,515
Danisco A/S	7,000	245,868
(Cost $859,941)		480,383
Finland 0.9%
Nokia Oyj (Cost $260,246)	10,000	94,192
France 9.2%
Compagnie de Saint-Gobain	9,000	208,741
France Telecom SA	14,000	315,822
PagesJaunes Groupe	10,267	87,456
Sanofi-Aventis SA	3,000	155,041
Total SA	5,000	236,610
(Cost $1,140,815)		1,003,670
Germany 26.3%
Allianz SE (Registered)	3,500	237,092
Bayer AG	4,000	192,649
Custodia Holding AG	60	34,221
Daldrup & Soehne AG*	5,000	141,324
Deutsche Boerse AG	4,000	183,962
Deutsche Postbank AG	29,010	322,262
Deutsche Telekom AG (Registered)	25,000	302,648
E.ON AG	5,000	128,543
INTERSEROH SE	4,700	208,424
Merck KGaA	2,000	150,068
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	2,000	245,365
Norddeutsche Affinerie AG	5,000	125,780
Siemens AG (Registered)	3,000	152,893
Vossloh AG	3,000	283,826
VTG AG*	23,000	156,853
(Cost $4,407,592)		2,865,910
Hong Kong 6.1%
CLP Holdings Ltd.	40,000	295,871
HongKong Electric Holdings Ltd.	60,000	369,312
(Cost $685,064)		665,183
Italy 3.6%
Eni SpA	9,000	179,784
Impregilo SpA*	75,000	208,443
(Cost $535,694)		388,227
Japan 2.9%
FANUC Ltd.	2,500	162,506
Komatsu Ltd.	15,000	153,746
(Cost $339,099)		316,252
Netherlands 7.1%
Crucell NV (ADR)*	11,000	205,260
Royal Dutch Shell PLC "A"	12,000	265,419
Smit Internationale NV	3,000	128,885
TNT NV	12,000	174,239
(Cost $1,085,818)		773,803
Portugal 2.0%
Galp Energia, SGPS, SA "B" (Cost $208,154)	20,000	221,161
Russia 0.8%
Gazprom (ADR) (Cost $393,563)	7,000	90,930
South Africa 1.8%
Aquarius Platinum Ltd. (Cost $197,594)	80,000	194,905
Sweden 0.7%
Scania AB "A" (Cost $82,352)	10,692	78,051
Switzerland 6.7%
Nestle SA (Registered)	8,000	261,585
Novartis AG (Registered)	5,000	181,976
Xstrata PLC	29,000	286,472
(Cost $962,936)		730,033
United Kingdom 18.7%
BG Group PLC	18,000	256,853
BT Group PLC	110,000	141,627
Centrica PLC	75,000	289,675
De La Rue PLC	12,000	177,270
GlaxoSmithKline PLC	20,000	305,269
Marks & Spencer Group PLC	65,000	241,936
Next PLC	14,000	233,482
Rio Tinto PLC	3,800	97,377
Vodafone Group PLC	170,000	302,194
(Cost $3,082,979)		2,045,683
United States 1.1%
Xilinx, Inc. (Cost $123,849)	7,000	123,760
Total Common Stocks (Cost $14,365,696)		10,072,143
Preferred Stocks 3.3%
Germany
Eurokai KGaA	3,500	93,404
Volkswagen AG	6,000	270,603
Total Preferred Stocks (Cost $570,660)		364,007
Cash Equivalents 1.3%
Cash Management QP Trust, 0.85% (a) (Cost $140,072)	140,072	140,072

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $15,076,428)+	96.9	10,576,222
Other Assets and Liabilities, Net	3.1	344,948
Net Assets	100.0	10,921,170

* Non-income producing security
⁺The cost for federal income tax purposes was $15,136,645. At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $4,560,423. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $54,556 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,614,979.
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

ADR: American Depositary Receipt

Fair Value Measurements

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of February 28, 2009 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to the Financial Statements.

Valuation Inputs	Investments in Securities
Level 1	$ 419,950
Level 2	10,156,272
Level 3	—
Total	$ 10,576,222

The accompanying notes are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities as of February 28, 2009 (Unaudited)
Assets
Investments:
Investments in securities, at value (cost $14,936,356)	$ 10,436,150
Investment in Cash Management QP Trust (cost $140,072)	140,072
Total investments, at value (cost $15,076,428)	10,576,222
Foreign currency, at value (cost $382,991)	378,572
Receivable for investments sold	633,700
Receivable for Fund shares sold	45,632
Dividends receivable	7,888
Interest receivable	73
Foreign taxes recoverable	19,899
Due from Advisor	13,206
Other assets	17,339
Total assets	11,692,531
Liabilities
Payable for investments purchased	631,232
Payable for Fund shares redeemed	84,897
Other accrued expenses and payables	55,232
Total liabilities	771,361
Net assets, at value	$ 10,921,170
Net Assets Consist of
Undistributed net investment income	134,054
Net unrealized appreciation (depreciation) on: Investments	(4,500,206)
Foreign currency	(2,482)
Accumulated net realized gain (loss)	(6,094,781)
Paid-in capital	21,384,585
Net assets, at value	$ 10,921,170

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of February 28, 2009 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($4,808,135 ÷ 809,072 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$ 5.94
Maximum offering price per share (100 ÷ 94.25 of $5.94)	$ 6.30
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($1,444,885 ÷ 242,518 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$ 5.96
Class S Net Asset Value, offering and redemption price(a) per share ($1,467,073 ÷ 246,954 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$ 5.94
Institutional Class Net Asset Value, offering and redemption price(a) per share ($3,201,077 ÷ 539,096 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$ 5.94

^(a) Redemption price per share held less than 15 days is equal to net asset value less a 2% redemption fee.

The accompanying notes are an integral part of the financial statements.

Statement of Operations for the six months ended February 28, 2009 (Unaudited)
Investment Income
Income: Dividends (net of foreign taxes withheld of $11,354)	$ 225,840
Interest	6,900
Interest — Cash Management QP Trust	7,309
Total Income	240,049
Expenses: Management fee	54,869
Administration fee	6,859
Distribution and service fees	14,243
Services to shareholders	6,364
Custodian fee	11,602
Legal	16,620
Audit and tax fees	29,001
Directors' fees and expenses	684
Reports to shareholders	28,699
Registration fees	25,254
Other	8,352
Total expenses before expense reductions	202,547
Expense reductions	(100,048)
Total expenses after expense reductions	102,499
Net investment income (loss)	137,550
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	(4,354,476)
Futures	(93,028)
Foreign currency	(213,701)
	(4,661,205)
Change in net unrealized appreciation (depreciation) on: Investments	(3,613,352)
Foreign currency	2,320
	(3,611,032)
Net gain (loss)	(8,272,237)
Net increase (decrease) in net assets resulting from operations	$ (8,134,687)

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Six Months Ended February 28, 2009 (Unaudited)	Year Ended August 31, 2008
Operations: Net investment income (loss)	$ 137,550	$ 265,434
Net realized gain (loss)	(4,661,205)	(861,525)
Change in net unrealized appreciation (depreciation)	(3,611,032)	(2,088,768)
Net increase (decrease) in net assets resulting from operations	(8,134,687)	(2,684,859)
Distributions to shareholders from: Net investment income: Class A	(186,263)	(35,199)
Class C	(48,121)	—
Class S	(76,193)	(35,967)
Institutional Class	(173,189)	(87,410)
Net realized gains: Class A	—	(100,339)
Class C	—	(74,225)
Class S	—	(79,363)
Institutional Class	—	(182,409)
Total distributions	(483,766)	(594,912)
Fund share transactions: Proceeds from shares sold	3,922,256	11,958,171
Reinvestment of distributions	428,464	529,429
Cost of shares redeemed	(3,753,861)	(10,631,405)
Redemption fees	30	231
Net increase (decrease) in net assets from Fund share transactions	596,889	1,856,426
Increase (decrease) in net assets	(8,021,564)	(1,423,345)
Net assets at beginning of period	18,942,734	20,366,079
Net assets at end of period (including undistributed net investment income of $134,054 and $480,270, respectively)	$ 10,921,170	$ 18,942,734

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Class A Years Ended August 31,	2009a	2008	2007	2006b
Selected Per Share Data
Net asset value, beginning of period	$ 10.66	$ 12.27	$ 10.25	$ 10.00
Income (loss) from investment operations: Net investment income (loss)c	.07	.14	.19	.02
Net realized and unrealized gain (loss)	(4.53)	(1.41)	1.93	.23
Total from investment operations	(4.46)	(1.27)	2.12	.25
Less distributions from: Net investment income	(.26)	(.09)	(.10)	—
Net realized gains	—	(.25)	—	—
Total distributions	(.26)	(.34)	(.10)	—
Redemption fees	.00***	.00***	.00***	—
Net asset value, end of period	$ 5.94	$ 10.66	$ 12.27	$ 10.25
Total Return (%)d,e	(42.16)**	(10.72)	20.67	2.50**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	5	5	3	1
Ratio of expenses before expense reductions (%)	3.01*	2.43	4.51	9.51*
Ratio of expenses after expense reductions (%)	1.53*	1.61f	2.05f	1.56*
Ratio of net investment income (loss) (%)	1.97*	1.17	1.62	1.74*
Portfolio turnover rate (%)	66**	197	127	7**
a For the six months ended February 28, 2009 (Unaudited). b For the period from July 5, 2006 (commencement of operations) to August 31, 2006. c Based on average shares outstanding during the period. d Total return does not reflect the effect of any sales charges. e Total returns would have been lower had certain expenses not been reduced. f Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 1.57% and 1.51% for the years ended August 31, 2008 and 2007, respectively. * Annualized ** Not annualized *** Amount is less than $.005.

Class C Years Ended August 31,	2009a	2008	2007	2006b
Selected Per Share Data
Net asset value, beginning of period	$ 10.64	$ 12.25	$ 10.23	$ 10.00
Income (loss) from investment operations: Net investment income (loss)c	.05	.05	.10	.01
Net realized and unrealized gain (loss)	(4.52)	(1.41)	1.93	.22
Total from investment operations	(4.47)	(1.36)	2.03	.23
Less distributions from: Net investment income	(.21)	—	(.01)	—
Net realized gains	—	(.25)	—	—
Total distributions	(.21)	(.25)	(.01)	—
Redemption fees	.00***	.00***	.00***	—
Net asset value, end of period	$ 5.96	$ 10.64	$ 12.25	$ 10.23
Total Return (%)d,e	(42.31)**	(11.43)	19.90	2.30**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	3	3	1
Ratio of expenses before expense reductions (%)	3.72*	3.16	5.31	10.26*
Ratio of expenses after expense reductions (%)	2.28*	2.37f	2.85f	2.31*
Ratio of net investment income (loss) (%)	1.22*	.41	.82	.99*
Portfolio turnover rate (%)	66**	197	127	7**
a For the six months ended February 28, 2009 (Unaudited). b For the period from July 5, 2006 (commencement of operations) to August 31, 2006. c Based on average shares outstanding during the period. d Total return does not reflect the effect of any sales charges. e Total returns would have been lower had certain expenses not been reduced. f Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 2.32% and 2.31% for the years ended August 31, 2008 and 2007, respectively. * Annualized ** Not annualized *** Amount is less than $.005.

Class S Years Ended August 31,	2009a	2008	2007	2006b
Selected Per Share Data
Net asset value, beginning of period	$ 10.67	$ 12.27	$ 10.25	$ 10.00
Income (loss) from investment operations: Net investment income (loss)c	.08	.17	.21	.03
Net realized and unrealized gain (loss)	(4.53)	(1.41)	1.94	.22
Total from investment operations	(4.45)	(1.24)	2.15	.25
Less distributions from: Net investment income	(.28)	(.11)	(.13)	—
Net realized gains	—	(.25)	—	—
Total distributions	(.28)	(.36)	(.13)	—
Redemption fees	.00***	.00***	.00***	—
Net asset value, end of period	$ 5.94	$ 10.67	$ 12.27	$ 10.25
Total Return (%)d	(42.01)**	(10.62)	21.07	2.50**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	4	4	1
Ratio of expenses before expense reductions (%)	2.85*	2.27	4.33	9.44*
Ratio of expenses after expense reductions (%)	1.28*	1.37e	1.85e	1.31*
Ratio of net investment income (loss) (%)	2.22*	1.41	1.82	1.99*
Portfolio turnover rate (%)	66**	197	127	7**
a For the six months ended February 28, 2009 (Unaudited). b For the period from July 5, 2006 (commencement of operations) to August 31, 2006. c Based on average shares outstanding during the period. d Total returns would have been lower had certain expenses not been reduced. e Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 1.32% and 1.31% for the years ended August 31, 2008 and 2007, respectively. * Annualized ** Not annualized *** Amount is less than $.005.

Institutional Class Years Ended August 31,	2009a	2008	2007	2006b
Selected Per Share Data
Net asset value, beginning of period	$ 10.67	$ 12.27	$ 10.25	$ 10.00
Income (loss) from investment operations: Net investment income (loss)c	.08	.17	.22	.03
Net realized and unrealized gain (loss)	(4.53)	(1.40)	1.93	.22
Total from investment operations	(4.45)	(1.23)	2.15	.25
Less distributions from: Net investment income	(.28)	(.12)	(.13)	—
Net realized gains	—	(.25)	—	—
Total distributions	(.28)	(.37)	(.13)	—
Redemption fees	.00***	.00***	.00***	—
Net asset value, end of period	$ 5.94	$ 10.67	$ 12.27	$ 10.25
Total Return (%)d	(42.06)**	(10.56)	21.23	2.50**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	7	10	1
Ratio of expenses before expense reductions (%)	2.67*	2.11	4.26	9.12*
Ratio of expenses after expense reductions (%)	1.28*	1.37e	1.80e	1.26*
Ratio of net investment income (loss) (%)	2.22*	1.41	1.87	2.04*
Portfolio turnover rate (%)	66**	197	127	7**
a For the six months ended February 28, 2009 (Unaudited). b For the period from July 5, 2006 (commencement of operations) to August 31, 2006. c Based on average shares outstanding during the period. d Total returns would have been lower had certain expenses not been reduced. e Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 1.32% and 1.26% for the years ended August 31, 2008 and 2007, respectively. * Annualized ** Not annualized *** Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Significant Accounting Policies

DWS International Value Opportunities Fund (the "Fund") is a diversified series of DWS International Fund, Inc. (the "Corporation") which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company organized as a Maryland corporation.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies and Cash Management QP Trust are valued at their net asset value each business day.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Directors. The Fund may use a fair valuation model to value international equity securities in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange.

The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurements," effective at the beginning of the Fund's fiscal year. Disclosure about the classification of fair value measurements is included at the end of the Fund's Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in US dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into US dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the disposition of forward foreign currency exchange contracts and foreign currencies, and the difference between the amount of net investment income accrued and the US dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

From November 1, 2007 through August 31, 2008, the Fund incurred approximately $1,373,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending August 31, 2009.

The Fund has reviewed the tax positions for each of the three open tax years as of August 31, 2008 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal periods remain subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in foreign passive investment companies, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on the Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the six months ended February 28, 2009, purchases and sales of investment securities (excluding short-term investments) aggregated $8,573,743 and $9,041,123, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund's subadvisor. Deutsche Asset Management International GmbH ("DeAMi"), an affiliate of the Advisor, serves as subadvisor with respect to investment and reinvestment of assets of the Fund, and is paid by the Advisor for its services.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $500 million of the Fund's average daily net assets	.80%
Next $500 million of such net assets	.78%
Next $1.0 billion of such net assets	.76%
Over $2.0 billion of such net assets	.74%

For the period from October 1, 2007 through September 30, 2008, the Advisor had contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses of each class as follows:

Class A	1.57%
Class C	2.32%
Class S	1.32%
Institutional Class	1.32%

Effective October 1, 2008 through November 30, 2009, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses of each class as follows:

Class A	1.52%
Class C	2.27%
Class S	1.27%
Institutional Class	1.27%

Accordingly, for the six months ended February 28, 2009, the fee pursuant to the Investment Management Agreement aggregated $54,869, all of which was waived, resulting in an annualized effective rate of 0.00% of the Fund's average daily net assets.

In addition, for the six months ended February 28, 2009, the Advisor reimbursed $33,572 of other expenses.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administration Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended February 28, 2009, the Advisor received an Administration Fee of $6,859, all of which was waived.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder serving fee it receives from the Fund. For the six months ended February 28, 2009, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated	Waived	Unpaid at February 28, 2009
Class A	$ 900	$ 900	$ —
Class C	347	347	—
Class S	1,965	1,965	—
Institutional Class	93	93	—
	$ 3,305	$ 3,305	$ —

Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended February 28, 2009, the Distribution Fee was as follows.

Distribution Fee	Total Aggregated	Unpaid at February 28, 2009
Class C	$ 6,553	$ 888

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A and Class C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended February 28, 2009, the Service Fee was as follows:

Service Fee	Total Aggregated	Waived	Unpaid at February 28, 2009	Annualized Effective Rate
Class A	$ 5,580	$ 1,312	$ 1,010	.18%
Class C	2,110	131	648	.23%
	$ 7,690	$ 1,443	$ 1,658

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended February 28, 2009 aggregated $171.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended February 28, 2009, DIDI received $44 for Class C shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended February 28, 2009, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $17,450, all of which was paid.

Directors' Fees and Expenses. The Fund paid each Director not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson and Vice Chairperson.

Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust"), and other affiliated funds managed by the Advisor. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Advisor a management fee for the affiliated funds' investments in the QP Trust.

D. Concentration of Ownership

From time to time the Fund may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At February 28, 2009, other affiliated funds held approximately 34% and 27% of the outstanding shares of the Fund.

E. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended February 28, 2009		Year Ended August 31, 2008
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	427,226	$ 3,228,392	416,867	$ 5,163,515
Class C	28,988	220,911	111,205	1,397,746
Class S	58,169	471,953	251,371	3,065,020
Institutional Class	145	1,000	195,048	2,331,890
		$ 3,922,256		$ 11,958,171
Shares issued to shareholders in reinvestment of distributions
Class A	25,554	$ 177,087	9,652	$ 121,806
Class C	3,814	26,544	4,120	52,175
Class S	7,452	51,644	6,791	85,629
Institutional Class	25,027	173,189	21,397	269,819
		$ 428,464		$ 529,429
Shares redeemed
Class A	(130,463)	$ (973,477)	(194,944)	$ (2,258,967)
Class C	(28,487)	(235,503)	(151,040)	(1,734,492)
Class S	(189,436)	(1,366,952)	(206,973)	(2,425,454)
Institutional Class	(167,110)	(1,177,929)	(346,776)	(4,212,492)
		$ (3,753,861)		$ (10,631,405)
Redemption fees		$ 30		$ 231
Net increase (decrease)
Class A	322,317	$ 2,432,002	231,575	$ 3,026,355
Class C	4,315	11,952	(35,715)	(284,571)
Class S	(123,815)	(843,325)	51,189	725,425
Institutional Class	(141,938)	(1,003,740)	(130,331)	(1,610,783)
		$ 596,889		$ 1,856,426

F. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $490 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.35 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

Investment Management Agreement Approval

The Board of Directors, including the Independent Directors, approved the renewal of your Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and sub-advisory agreement (the "Sub-Advisory Agreement," and together with the Agreement, the "Agreements") between DIMA and Deutsche Asset Management International GmbH ("DeAMi"), an affiliate of DIMA, in September 2008.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

• At the present time, all but one of your Fund's Directors are independent of DIMA and its affiliates.

• The Directors meet frequently to discuss fund matters. Each year, the Directors dedicate part or all of several meetings to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Equity Oversight Committee, reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.

• The Directors regularly meet privately with their independent counsel (and, as needed, other advisors) to discuss contract review and other matters. In addition, the Directors were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").

• In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

• Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Independent Directors as a group. The Independent Directors reviewed the Contract Committee's findings and recommendations and presented their recommendations to the full Board.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and DeAMi are part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's and DeAMi's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and DeAMi provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA and DeAMi to attract and retain high-quality personnel, and the organizational depth and stability of DIMA and DeAMi. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put a process into place of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer group compiled by Lipper), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-year period ended December 31, 2007, the Fund's performance (Class A shares) was in the 1st quartile of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period ended December 31, 2007. The Board recognized that DIMA has made significant changes in its investment personnel and processes in recent years in an effort to improve long-term performance.

On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DIMA and DeAMi historically have been and continue to be satisfactory.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses, and total expense ratios, and comparative information provided by Lipper and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include the 0.10% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2007). With respect to the sub-advisory fee paid to DeAMi, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares' total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2007, and analyzing Lipper expense universe Class A expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed each other share class's total (net) operating expenses relative to the Lipper Universe Expenses. The Board considered the Fund's management fee rate as compared to fees charged by DIMA and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board also noted that the expense limitations agreed to by DIMA helped to ensure that the Fund's total (net) operating expenses would be competitive relative to the applicable Lipper universe.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and DeAMi.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of the DWS Investments organization with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Investments fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DeAM products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of DIMA's chief compliance officer; (ii) the large number of compliance personnel who report to DIMA's chief compliance officer; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board (including a majority of the Independent Directors) determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and their counsel present. It is possible that individual Directors may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 24, 2008

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2008, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007.

Qualifications

For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds, serve on the board of directors of a private market research company, and have served in various leadership and financial oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 129 Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

Quality of Service — Performance

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.

Thomas H. Mack

Summary of Administrative Fee Evaluation by Independent Fee Consultant

September 29, 2008

Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of the proposed management fees to be charged by DeAM to the DWS Funds, taking onto account a proposal to pass through to the funds certain fund accounting-related charges in connection with new regulatory requirements. My evaluation considered the following:

• While the proposal would alter the services to be provided under the Administration Agreement, which I consider to be part of fund management under the Order, it is my opinion that the change in services is slight and that the scope of prospective services under the combination of the Advisory and Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.

• While the proposal would increase fund expenses, according to a pro forma analysis performed by management, the prospective effect is less than .01% for all but seven of the DeAM Funds' 438 active share classes, and in all cases the effect is less than .03% and overall expenses would remain reasonable in my opinion.

Based on the foregoing considerations, in my opinion the fees and expenses for all of the DWS Funds will remain reasonable if the Directors adopt this proposal.

Thomas H. Mack

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below: For shareholders of Classes A, C and Institutional Class: (800) 621-1048 For shareholders of Class S: (800) 728-3337
Web Site	www.dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
Written Correspondence	DWS Investments PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	DNVAX	DNVCX	DNVSX	DNVIX
CUSIP Number	23337R 650	23337R 643	23337R 627	23337R 635
Fund Number	455	755	2355	591

Privacy Statement

Dear Valued Client:

We want to make sure you know our policy regarding the way in which our clients' private information is handled at DWS Investments. The following information is issued by DWS Investments Distributors, Inc., Deutsche Investment Management Americas Inc., DeAM Investor Services, Inc., DWS Trust Company and the DWS Funds.

We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. We never sell customer lists or individual client information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.

In the normal course of business, clients give us nonpublic personal information on applications and other forms, on our Web sites, and through transactions with us or our affiliates. Examples of the nonpublic personal information collected are name, address, Social Security number, and transaction and balance information. To be able to serve our clients, certain of this client information is shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians and broker-dealers to assist us in processing transactions and servicing your account.

In addition, we may disclose the information we collect to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements. These organizations may only use client information for the purpose designated by the companies listed above, and additional requirements beyond federal law may be imposed by certain states. To the extent that these state laws apply, we will comply with them before we share information about you.

We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required to or may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm.

At any time, if you have questions about our policy, please write to us at:

DWS Investments
Attention: Correspondence — Chicago
P.O. Box 219415
Kansas City, MO 64121-9415 September 2008

Notes

Notes

Notes

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not Applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not Applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable.
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not Applicable.

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)        The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)        There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS
	(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Form N-CSRS Item F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: DWS International Value Opportunities Fund, a series of DWS International Fund, Inc.

By: /s/Michael G. Clark

Michael G. Clark

President

Date: April 28, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Registrant: DWS International Value Opportunities Fund, a series of DWS International Fund, Inc.

By: /s/Michael G. Clark

Michael G. Clark

President

Date: April 28, 2009

By: /s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:                                        April 28, 2009

EX-99.CERT

President

Form N-CSRS Certification under Sarbanes Oxley Act

I, Michael G. Clark, certify that:

1. I have reviewed this report, filed on behalf of DWS International Value Opportunities Fund, a series of DWS International Fund, Inc., on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

April 28, 2009	/s/Michael G. Clark
	Michael G. Clark
	President
	DWS International Value Opportunities Fund, a series of DWS International Fund, Inc.

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1. I have reviewed this report, filed on behalf of DWS International Value Opportunities Fund, a series of DWS International Fund, Inc., on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

April 28, 2009	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS International Value Opportunities Fund, a series of DWS International Fund, Inc.

EX-99.906CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Michael G. Clark, certify that:

1. I have reviewed this report, filed on behalf of DWS International Value Opportunities Fund, a series of DWS International Fund, Inc., on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or §15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

April 28, 2009	/s/Michael G. Clark
	Michael G. Clark
	President
	DWS International Value Opportunities Fund, a series of DWS International Fund, Inc.

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1. I have reviewed this report, filed on behalf of DWS International Value Opportunities Fund, a series of DWS International Fund, Inc., on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

April 28, 2009	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS International Value Opportunities Fund, a series of DWS International Fund, Inc.