-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Al6THpZ/0jFb5nas0XMcWnmZ/rc+8qof6v/Pf/REs5ijXhdX1BjODQaVCWcMv+T+ ngCkhNfRRyl8Rr6xfYPHSg== 0000088053-10-000923.txt : 20100701 0000088053-10-000923.hdr.sgml : 20100701 20100701140009 ACCESSION NUMBER: 0000088053-10-000923 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20100430 FILED AS OF DATE: 20100701 DATE AS OF CHANGE: 20100701 EFFECTIVENESS DATE: 20100701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS INTERNATIONAL FUND, INC. CENTRAL INDEX KEY: 0000088053 IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 10930158 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL INVESTMENTS LTD DATE OF NAME CHANGE: 19761203 0000088053 S000006028 DWS Emerging Markets Equity Fund C000016557 Class A SEKAX C000016559 Class B SEKBX C000016560 Class C SEKCX C000016561 Class S SEMGX C000063926 Institutional Class N-CSRS 1 sr043010int-eme.htm DWS EMERGING MARKETS EQUITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number

811-00642

 

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:

10/31

 

Date of reporting period:

4/30/2010

 

ITEM 1.

REPORT TO STOCKHOLDERS

 

 

 

APRIL 30, 2010

Semiannual Report
to Shareholders

 

 

DWS Emerging Markets
Equity Fund

eme_cover230

Contents

4 Performance Summary

7 Information About Your Fund's Expenses

9 Portfolio Summary

11 Investment Portfolio

16 Financial Statements

20 Financial Highlights

25 Notes to Financial Statements

34 Summary of Management Fee Evaluation by Independent Fee Consultant

39 Account Management Resources

40 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or 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 the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Stocks may decline in value. See the prospectus for details.

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 April 30, 2010

Average Annual Total Returns as of 4/30/10

Unadjusted for Sales Charge

6-Month‡

1-Year

3-Year

5-Year

10-Year

 

Class A

11.38%

53.10%

-1.93%

11.71%

8.39%

 

Class B

10.80%

51.71%

-2.88%

10.69%

7.45%

 

Class C

10.95%

51.90%

-2.80%

10.77%

7.51%

 

Adjusted for the Maximum Sales Charge

 

 

 

 

 

 

Class A (max 5.75% load)

4.97%

44.29%

-3.85%

10.40%

7.75%

 

Class B (max 4.00% CDSC)

6.80%

48.71%

-3.39%

10.57%

7.45%

 

Class C (max 1.00% CDSC)

9.95%

51.90%

-2.80%

10.77%

7.51%

 

No Sales Charges

 

 

 

 

 

Life of Institutional Class*

Class S

11.44%

53.47%

-1.70%

11.97%

8.66%

N/A

Institutional Class

11.63%

53.87%

N/A

N/A

N/A

-10.36%

MSCI Emerging Markets Index+

12.37%

57.13%

4.00%

16.56%

11.01%

-3.84%

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

‡ Total returns shown for periods less than one year are not annualized.
* Institutional Class commenced operations on March 3, 2008. Index returns began on February 29, 2008.

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated March 1, 2010 are 1.83%, 2.86%, 2.73%, 1.62% and 1.38% for Class A, Class B, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

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.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Returns shown for Class A, B and C shares for the period prior to their inception on May 29, 2001 are derived from the historical performance of Class S shares of DWS Emerging Markets Equity Fund during such period and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance.

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

[] DWS Emerging Markets Equity Fund — Class A

[] MSCI Emerging Markets Index+

eme_g10k1F0

Yearly periods ended April 30

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.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

+ The Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged, capitalization-weighted index of companies in a universe of 26 emerging markets. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.

Net Asset Value and Distribution Information

 

Class A

Class B

Class C

Class S

Institutional Class

Net Asset Value:

4/30/10

$ 17.00

$ 15.49

$ 15.60

$ 17.21

$ 17.24

10/31/09

$ 15.34

$ 13.98

$ 14.06

$ 15.59

$ 15.60

Distribution Information:

Six Months as of 4/30/10:

Income Dividends

$ .08

$ —

$ —

$ .16

$ .16

Lipper Rankings — Emerging Markets Funds Category as of 4/30/10

Period

Rank

 

Number of Fund Classes Tracked

Percentile Ranking (%)

Class A

1-Year

266

of

378

71

3-Year

207

of

251

83

5-Year

162

of

183

89

Class B

1-Year

293

of

378

78

3-Year

216

of

251

86

5-Year

171

of

183

93

Class C

1-Year

289

of

378

77

3-Year

215

of

251

86

5-Year

170

of

183

93

Class S

1-Year

264

of

378

70

3-Year

201

of

251

80

5-Year

156

of

183

85

10-Year

78

of

104

75

Institutional Class

1-Year

257

of

378

68

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.

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. 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 (November 1, 2009 to April 30, 2010).

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 April 30, 2010

Actual Fund Return

Class A

Class B

Class C

Class S

Institutional Class

Beginning Account Value 11/1/09

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

Ending Account Value 4/30/10

$ 1,113.80

$ 1,108.00

$ 1,109.50

$ 1,114.40

$ 1,116.30

Expenses Paid per $1,000*

$ 9.38

$ 14.16

$ 13.49

$ 8.13

$ 7.03

Hypothetical 5% Fund Return

Class A

Class B

Class C

Class S

Institutional Class

Beginning Account Value 11/1/09

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

Ending Account Value 4/30/10

$ 1,015.92

$ 1,011.36

$ 1,012.00

$ 1,017.11

$ 1,018.15

Expenses Paid per $1,000*

$ 8.95

$ 13.51

$ 12.87

$ 7.75

$ 6.71

* 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 B

Class C

Class S

Institutional Class

DWS Emerging Markets Equity Fund

1.79%

2.71%

2.58%

1.55%

1.34%

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

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)

4/30/10

10/31/09

 

 

 

Common Stocks

98%

97%

Preferred Stocks

1%

1%

Cash Equivalents

1%

2%

 

100%

100%

Geographical Diversification

(As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)

4/30/10

10/31/09

 

 

 

Brazil

21%

19%

Hong Kong

16%

16%

China

13%

14%

India

10%

10%

Taiwan

10%

12%

Russia

9%

13%

Korea

8%

4%

Canada

4%

4%

Mexico

3%

3%

Indonesia

2%

2%

Cayman Islands

1%

—

United Kingdom

1%

2%

Turkey

1%

—

Other

1%

1%

 

100%

100%

Sector Diversification (As a % of Common Stocks and Preferred Stocks)

4/30/10

10/31/09

 

 

 

Energy

21%

26%

Information Technology

18%

19%

Consumer Staples

14%

8%

Financials

11%

15%

Materials

11%

10%

Consumer Discretionary

10%

4%

Industrials

9%

10%

Telecommunication Services

5%

8%

Utilities

1%

—

 

100%

100%

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

Ten Largest Equity Holdings at April 30, 2010 (29.4% of Net Assets)

Country

Percent

1. Vale SA
Producer and seller of a variety of mining products
 Brazil

4.5%

2. SouthGobi Energy Resources Ltd.
Explores for coal in Mongolia
 Canada

3.8%

3. Hon Hai Precision Industry Co., Ltd.
Manufacturer of electronic products
 Taiwan

3.8%

4. Samsung Electronics Co., Ltd.
Manufacturer of electronic parts
 Korea

3.4%

5. Gazprom
Extracts, transports and sells natural gas
 Russia

2.8%

6. Petroleo Brasileiro SA
Producer and distributor of petroleum
 Brazil

2.4%

7. Taiwan Semiconductor Manufacturing Co., Ltd.
Manufacturer of integrated circuits and other semiconductor devices
 Taiwan

2.4%

8. China Life Insurance Co., Ltd.
Offers life, accident and health insurance products and services
 China

2.3%

9. LG Display Co., Ltd.
Develops and manufactures digital display products
 Korea

2.1%

10. China Mobile Ltd.
Provider of cellular telecommunication services
 Hong Kong

1.9%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 11. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for contact information.

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. A complete list of the Fund's portfolio holdings is also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.

Investment Portfolio as of April 30, 2010 (Unaudited)

 


Shares

Value ($)

 

 

Common Stocks 95.0%

Australia 0.4%

Sundance Resources Ltd.* (a) (Cost $999,854)

7,000,000

1,022,630

Brazil 19.1%

All America Latina Logistica (Units)*

481,949

4,386,270

Cielo SA

69,000

670,053

Hypermarcas SA*

54,200

748,339

JBS SA*

820,000

3,854,106

Lojas Renner SA

135,702

3,357,712

Lupatech SA*

137,711

1,889,491

Marfrig Alimentos SA

192,100

2,015,765

Natura Cosmeticos SA

212,547

4,512,000

OGX Petroleo e Gas Participacoes SA*

300,000

2,989,213

OSX Brasil SA*

8,600

2,938,769

PDG Realty SA Empreendimentos e Participacoes

159,700

1,466,309

Petroleo Brasileiro SA (ADR) (b)

145,000

6,152,350

Rossi Residencial SA

250,000

1,848,123

Vale SA (ADR) (b)

174,000

5,329,620

Vale SA (ADR) (Preferred) (b)

220,000

5,920,200

(Cost $39,957,749)

48,078,320

Canada 3.8%

SouthGobi Energy Resources Ltd.* (c) (Cost $7,327,268)

695,900

9,522,554

Cayman Islands 1.1%

Golden Eagle Retail Group Ltd. (d) (Cost $2,759,881)

1,400,000

2,693,245

China 12.8%

BaWang International Group Holding Ltd.* (b)

4,482,000

3,307,633

China Life Insurance Co., Ltd. (ADR) (b)

86,000

5,812,740

China Minsheng Banking Corp., Ltd. "H"*

811,000

869,054

China Shenhua Energy Co., Ltd. "H"

847,300

3,611,408

China Southern Airlines Co., Ltd. "H"*

5,900,000

3,024,771

Industrial & Commercial Bank of China Ltd. "H"

2,956,486

2,168,858

Lonking Holdings Ltd. (b)

3,900,000

2,920,531

PetroChina Co., Ltd. "H"

1,880,000

2,167,337

Uni-President China Holdings Ltd.

5,305,000

2,969,613

Xinao Gas Holdings Ltd.

850,000

2,563,602

Yanzhou Coal Mining Co., Ltd. "H"

1,000,000

2,791,085

(Cost $27,105,841)

32,206,632

Hong Kong 15.5%

Alibaba.com Ltd. (b)

1,125,700

2,134,483

Belle International Holdings Ltd.

1,800,000

2,476,783

China High Speed Transmission Equipment Group Co., Ltd. (d)

654,000

1,541,489

China Mengniu Dairy Co., Ltd.* (d)

1,392,766

4,153,774

China Mobile Ltd. (ADR) (b)

100,000

4,890,000

China Resources Cement Holdings Ltd.* (b)

5,700,000

2,583,590

China Yurun Food Group Ltd. (d)

1,182,000

3,596,503

CNOOC Ltd.

2,256,312

3,982,011

GOME Electrical Appliances Holdings Ltd.* (d)

7,000,000

2,240,837

Hengan International Group Co., Ltd. (d)

240,000

1,837,414

Lee & Man Paper Manufacturing Ltd.

2,500,000

2,171,851

SJM Holdings Ltd. (e)

4,200,000

2,686,682

TCL Multimedia Technology Holdings Ltd.*

1,000,000

791,570

Vitasoy International Holdings Ltd.

5,320,000

4,051,755

(Cost $35,029,208)

39,138,742

India 9.8%

Bharat Heavy Electricals Ltd.

66,200

3,697,146

Bharti Airtel Ltd.

215,000

1,453,530

Hero Honda Motors Ltd.

60,000

2,590,712

Housing Development Finance Corp., Ltd.

71,350

4,512,029

ICICI Bank Ltd.

156,300

3,284,382

Infosys Technologies Ltd.

56,900

3,470,473

Larsen & Toubro Ltd.

84,245

3,046,236

Sterlite Industries (India) Ltd. (ADR)

150,000

2,721,000

(Cost $15,595,745)

24,775,508

Indonesia 2.0%

PT Bank Tabungan Negara Tbk*

18,889,000

3,204,295

PT Telekomunikasi Indonesia

2,085,500

1,793,668

(Cost $3,533,692)

4,997,963

Korea 8.0%

LG Display Co., Ltd.

125,000

5,298,755

LG Electronics, Inc.

24,000

2,604,067

POSCO

5,900

2,649,688

Samsung Electronics Co., Ltd.

11,231

8,494,192

Samsung Life Insurance Co., Ltd*

9,940

1,125,520

(Cost $16,935,870)

20,172,222

Luxembourg 0.4%

Tenaris SA (ADR) (Cost $1,013,182)

25,000

1,015,250

Mexico 2.3%

America Movil SAB de CV "L" (ADR) (b)

63,000

3,243,240

Grupo Financiero Banorte SAB de CV "O"

160,000

643,262

Wal-Mart de Mexico SAB de CV "V"

791,476

1,842,368

(Cost $5,217,152)

5,728,870

Russia 8.2%

Gazprom (ADR)

307,755

7,143,710

LUKOIL (ADR)

51,398

2,932,142

Mining & Metallurgical Co. Norilsk Nickel (ADR)* (b)

189,702

3,642,278

Mobile TeleSystems (ADR)

19,683

1,087,486

OAO TMK (GDR) REG S*

162,550

3,369,202

Sberbank

970,505

2,613,053

(Cost $21,190,988)

20,787,871

Taiwan 9.7%

Delta Electronics, Inc.

850,000

2,809,124

Hon Hai Precision Industry Co., Ltd.

2,032,395

9,493,235

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (b)

559,999

5,930,389

Unimicron Technology Corp.

1,730,000

2,586,208

Wistron Corp.

1,877,775

3,592,566

(Cost $20,270,027)

24,411,522

Turkey 0.9%

TAV Havalimanlari Holding AS* (Cost $1,258,032)

460,000

2,223,381

United Kingdom 1.0%

Tullow Oil PLC (f)

65,000

1,124,376

Wellstream Holdings PLC (g)

150,000

1,376,062

(Cost $2,489,100)

2,500,438

Total Common Stocks (Cost $200,683,589)

239,275,148

 

Preferred Stock 1.2%

Brazil

Banco Bradesco SA (Cost $1,500,723)

172,370

3,154,373

 

Securities Lending Collateral 15.6%

Daily Assets Fund Institutional, 0.25% (h) (i) (Cost $39,402,536)

39,402,536

39,402,536

 

Cash Equivalents 0.4%

Central Cash Management Fund, 0.21% (h) (Cost $904,519)

904,519

904,519

 

% of Net Assets

Value ($)

 

 

Total Investment Portfolio (Cost $242,491,367)+

112.2

282,736,576

Other Assets and Liabilities, Net

(12.2)

(30,754,810)

Net Assets

100.0

251,981,766

* Non-income producing security.
+ The cost for federal income tax purposes was $243,758,254. At April 30, 2010, net unrealized appreciation for all securities based on tax cost was $38,978,322. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $51,664,323 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $12,686,001.
(a) Security is listed in country of domicile. Business activities of company are in Cameroon.
(b) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at April 30, 2010 amounted to $37,462,832, which is 14.9% of net assets.
(c) Security is listed in country of domicile. Significant business activities of company are in Mongolia and Indonesia.
(d) Security is listed in country of domicile. Significant business activities of company are in China.
(e) Security is listed in country of domicile. Significant business activities of company are in Macau.
(f) Security is listed in country of domicile. Significant business activities of company are in Africa and South Asia.
(g) Security is listed in country of domicile. Significant business activities of company are in Brazil.
(h) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(i) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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 April 30, 2010 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 Financial Statements.

Assets

Level 1

Level 2

Level 3

Total

 

Common and Preferred Stocks

 

 

Australia

$ —

$ 1,022,630

$ —

$ 1,022,630

Brazil

51,232,693

—

—

51,232,693

Canada

9,522,554

—

—

9,522,554

Cayman Islands

—

2,693,245

—

2,693,245

China

5,812,740

26,393,892

—

32,206,632

Hong Kong

4,890,000

34,248,742

—

39,138,742

India

2,721,000

22,054,508

—

24,775,508

Indonesia

—

4,997,963

—

4,997,963

Korea

—

19,046,702

1,125,520

20,172,222

Luxembourg

1,015,250

—

—

1,015,250

Mexico

5,728,870

—

—

5,728,870

Russia

8,098,966

12,688,905

—

20,787,871

Taiwan

5,930,389

18,481,133

—

24,411,522

Turkey

—

2,223,381

—

2,223,381

United Kingdom

—

2,500,438

—

2,500,438

Short-Term Investments (j)

40,307,055

—

—

40,307,055

Total

$ 135,259,517

$ 146,351,539

$ 1,125,520

$ 282,736,576

(i) See Investment Portfolio for additional detailed categorizations.

Level 3 Reconciliation

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:

 

Common Stocks

 

Korea

Balance as of October 31, 2009

$ —

Net realized gain (loss)

—

Change in unrealized appreciation (depreciation)

135,256

Amortization premium/discount

—

Net purchases (sales)

990,264

Net transfers in (out) of Level 3

—

Balance as of April 30, 2010

$ 1,125,520

Net change in unrealized appreciation (depreciation) from investments still held as of April 30, 2010

$ 135,256

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

Financial Statements

Statement of Assets and Liabilities as of April 30, 2010 (Unaudited)

Assets

Investments:

Investments in securities, at value (cost $202,184,312) — including $37,462,832 of securities loaned

$ 242,429,521

Investment in Central Cash Management Fund (cost $904,519)

904,519

Investment in Daily Assets Fund Institutional (cost $39,402,536)*

39,402,536

Total investments, at value (cost $242,491,367)

282,736,576

Foreign currency, at value (cost $2,777,293)

2,782,721

Receivable for investments sold

10,132,178

Receivable for Fund shares sold

1,968,935

Dividends receivable

348,141

Interest receivable

15,874

Foreign taxes recoverable

58,245

Other assets

42,227

Total assets

298,084,897

Liabilities

Payable upon return of securities loaned

39,402,536

Payable for investments purchased

5,908,046

Payable for Fund shares redeemed

147,203

Deferred foreign taxes payable

157,080

Accrued management fee

208,755

Accrued expenses and other liabilities

279,511

Total liabilities

46,103,131

Net assets, at value

$ 251,981,766

Net Assets Consist of

Distributions in excess of net investment income

(1,429,727)

Net unrealized appreciation (depreciation) on:

Investments (net of deferred foreign taxes of $157,080)

40,088,129

Foreign currency

17,272

Accumulated net realized gain (loss)

(73,239,346)

Paid-in capital

286,545,438

Net assets, at value

$ 251,981,766

* Represents collateral on securities loaned.

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

Statement of Assets and Liabilities as of April 30, 2010 (Unaudited) (continued)

Net Asset Value

Class A

Net Asset Value and redemption price(a) per share ($43,423,175 ÷ 2,554,531 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)

$ 17.00

Maximum offering price per share (100 ÷ 94.25 of $17.00)

$ 18.04

Class B

Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($2,822,413 ÷ 182,201 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)

$ 15.49

Class C

Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($7,812,176 ÷ 500,859 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)

$ 15.60

Class S

Net Asset Value, offering and redemption price(a) per share ($126,081,700 ÷ 7,324,244 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)

$ 17.21

Institutional Class

Net Asset Value, offering and redemption price(a) per share ($71,842,302 ÷ 4,167,171 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)

$ 17.24

(a) Redemption price per share for shares 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 April 30, 2010 (Unaudited)

Investment Income

Income:
Dividends (net of foreign taxes withheld of $197,131)

$ 1,620,502

Interest

1,845

Income distributions — Central Cash Management Fund

3,072

Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates

78,876

Total income

1,704,295

Expenses:
Management fee

1,245,492

Administration fee

122,738

Services to shareholders

217,148

Custodian fee

91,121

Distribution and service fees

107,991

Professional fees

48,464

Directors' fees and expenses

4,696

Reports to shareholders

38,889

Registration fees

36,952

Other

35,437

Total expenses

1,948,928

Net investment income (loss)

(244,633)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments (net of foreign taxes of $202,633)

18,241,626

Futures

199,907

Foreign currency

(109,886)

 

18,331,647

Change in net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $157,080)

8,139,537

Futures

381,287

Foreign currency

11,842

 

8,532,666

Net gain (loss)

26,864,313

Net increase (decrease) in net assets resulting from operations

$ 26,619,680

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 April 30, 2010 (Unaudited)

Year Ended October 31, 2009

Operations:
Net investment income (loss)

$ (244,633)

$ 1,203,798

Net realized gain (loss)

18,331,647

(68,292,816)

Change in net unrealized appreciation (depreciation)

8,532,666

141,243,140

Net increase (decrease) in net assets resulting from operations

26,619,680

74,154,122

Distributions to shareholders from:
Net investment income:

Class A

(240,489)

(55,376)

Class S

(1,170,184)

(285,631)

Institutional Class

(589,207)

(174,047)

Total distributions

(1,999,880)

(515,054)

Fund share transactions:
Proceeds from shares sold

37,599,079

74,862,783

Reinvestment of distributions

1,846,825

454,363

Cost of shares redeemed

(38,983,273)

(108,698,472)

Redemption fees

2,236

6,220

Net increase (decrease) in net assets from Fund share transactions

464,867

(33,375,106)

Increase (decrease) in net assets

25,084,667

40,263,962

Net assets at beginning of period

226,897,099

186,633,137

Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $1,429,727 and $814,786, respectively)

$ 251,981,766

$ 226,897,099

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

Financial Highlights

Class A

Years Ended October 31,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 15.34

$ 10.75

$ 31.64

$ 25.35

$ 20.26

$ 15.61

Income (loss) from investment operations:

Net investment income (loss)b

(.03)

.06

.13

.03

.06e

.10

Net realized and unrealized gain (loss)

1.77

4.55

(15.13)

12.72

6.67

4.63

Total from investment operations

1.74

4.61

(15.00)

12.75

6.73

4.73

Less distributions from:

Net investment income

(.08)

(.02)

(.05)

(.03)

—

(.08)

Net realized gains

—

—

(5.84)

(6.43)

(1.64)

—

Total distributions

(.08)

(.02)

(5.89)

(6.46)

(1.64)

(.08)

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 17.00

$ 15.34

$ 10.75

$ 31.64

$ 25.35

$ 20.26

Total Return (%)c

11.38**

42.95

(57.52)

63.41

34.49d,e

30.48d

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

43

45

41

148

90

84

Ratio of expenses before expense reductions (%)

1.79*

1.83

1.70

1.68

1.93

2.05

Ratio of expenses after expense reductions (%)

1.79*

1.83

1.70

1.68

1.92

1.98

Ratio of net investment income (loss) (%)

(.40)*

.48

.59

.14

.26e

.59

Portfolio turnover rate (%)

39**

138

81

98

145

126

a For the six months ended April 30, 2010 (Unaudited).
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.

Class B

Years Ended October 31,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 13.98

$ 9.88

$ 29.76

$ 24.34

$ 19.66

$ 15.20

Income (loss) from investment operations:

Net investment income (loss)b

(.09)

(.08)

(.03)

(.16)

(.12)e

(.03)

Net realized and unrealized gain (loss)

1.60

4.18

(14.01)

12.01

6.44

4.49

Total from investment operations

1.51

4.10

(14.04)

11.85

6.32

4.46

Less distributions from:

Net realized gains

—

—

(5.84)

(6.43)

(1.64)

—

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 15.49

$ 13.98

$ 9.88

$ 29.76

$ 24.34

$ 19.66

Total Return (%)c

10.80**

41.50

(57.90)

61.91

33.44d,e

29.34d

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

3

3

2

10

6

4

Ratio of expenses before expense reductions (%)

2.71*

2.86

2.62

2.61

2.89

3.03

Ratio of expenses after expense reductions (%)

2.71*

2.86

2.62

2.61

2.79

2.76

Ratio of net investment income (loss) (%)

(1.32)*

(.72)

(.34)

(.79)

(.61)e

(.19)

Portfolio turnover rate (%)

39**

138

81

98

145

126

a For the six months ended April 30, 2010 (Unaudited).
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.

Class C

Years Ended October 31,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 14.06

$ 9.93

$ 29.86

$ 24.39

$ 19.70

$ 15.23

Income (loss) from investment operations:

Net investment income (loss)b

(.08)

(.07)

(.02)

(.14)

(.11)e

(.03)

Net realized and unrealized gain (loss)

1.62

4.20

(14.07)

12.04

6.44

4.50

Total from investment operations

1.54

4.13

(14.09)

11.90

6.33

4.47

Less distributions from:

Net realized gains

—

—

(5.84)

(6.43)

(1.64)

—

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 15.60

$ 14.06

$ 9.93

$ 29.86

$ 24.39

$ 19.70

Total Return (%)c

10.95**

41.59

(57.88)

62.06

33.43d,e

29.35d

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

8

7

6

15

12

8

Ratio of expenses before expense reductions (%)

2.58*

2.73

2.57

2.54

2.77

2.89

Ratio of expenses after expense reductions (%)

2.58*

2.73

2.57

2.54

2.73

2.75

Ratio of net investment income (loss) (%)

(1.19)*

(.64)

(.29)

(.72)

(.55)e

(.18)

Portfolio turnover rate (%)

39**

138

81

98

145

126

a For the six months ended April 30, 2010 (Unaudited).
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.

Class S

Years Ended October 31,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 15.59

$ 10.90

$ 31.96

$ 25.58

$ 20.38

$ 15.71

Income (loss) from investment operations:

Net investment income (loss)b

(.01)

.09

.16

.05

.12d

.14

Net realized and unrealized gain (loss)

1.79

4.63

(15.30)

12.86

6.72

4.66

Total from investment operations

1.78

4.72

(15.14)

12.91

6.84

4.80

Less distributions from:

Net investment income

(.16)

(.03)

(.08)

(.10)

—

(.13)

Net realized gains

—

—

(5.84)

(6.43)

(1.64)

—

Total distributions

(.16)

(.03)

(5.92)

(6.53)

(1.64)

(.13)

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 17.21

$ 15.59

$ 10.90

$ 31.96

$ 25.58

$ 20.38

Total Return (%)

11.44**

43.53c

(57.43)

63.61c

34.90c,d

30.67c

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

126

120

97

285

202

128

Ratio of expenses before expense reductions (%)

1.55*

1.62

1.53

1.60

1.76

1.89

Ratio of expenses after expense reductions (%)

1.55*

1.43

1.53

1.59

1.67

1.76

Ratio of net investment income (loss) (%)

(.16)*

.71

.76

.23

.51d

.81

Portfolio turnover rate (%)

39**

138

81

98

145

126

a For the six months ended April 30, 2010 (Unaudited).
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.

Institutional Class

Years Ended October 31,

2010a

2009

2008b

Selected Per Share Data

Net asset value, beginning of period

$ 15.60

$ 10.91

$ 22.13

Income (loss) from investment operations:

Net investment income (loss)c

.00***

.09

.20

Net realized and unrealized gain (loss)

1.80

4.64

(11.42)

Total from investment operations

1.80

4.73

(11.22)

Less distributions from:

Net investment income

(.16)

(.04)

—

Redemption fees

.00***

.00***

.00***

Net asset value, end of period

$ 17.24

$ 15.60

$ 10.91

Total Return (%)

11.63**

43.53

(50.70)**

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

72

52

41

Ratio of expenses before expense reductions (%)

1.34*

1.38

1.38*

Ratio of expenses after expense reductions (%)

1.34*

1.38

1.38*

Ratio of net investment income (loss) (%)

.05*

.78

1.64*

Portfolio turnover rate (%)

39**

138

81

a For the six months ended April 30, 2010 (Unaudited).
b For the period from March 3, 2008 (commencement of operations of Institutional Class shares) to October 31, 2008.
c Based on average shares outstanding during the period.
* Annualized
** Not annualized
*** Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Emerging Markets Equity 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 B shares of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were offered to investors without an initial sales charge and are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. 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. Class C shares do not automatically convert into another class. 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 they trade. 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 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. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or issuer's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following 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.

Securities Lending. The Fund may lend securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

Derivatives. Authoritative accounting guidance requires that disclosures about the Fund's derivative and hedging activities and derivatives accounted for as hedging instruments must be disclosed separately from derivatives that do not qualify for hedge accounting. Because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings, the Fund's derivatives are not accounted for as hedging instruments. As such, even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund's derivatives are not considered to be hedging instruments. The disclosure below is presented in accordance with authoritative accounting guidance.

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Fund uses futures contracts in circumstances where the portfolio management believes they offer an economical means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs, while maintaining exposure to the stock market.

Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.

There are no open futures contracts as of April 30, 2010. For the six months ended April 30, 2010, the Fund invested in futures contracts with a total notional value generally indicative of a range from $0 to approximately $5,407,000.

The amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended April 30, 2010 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)

Futures Contracts

Equity Contracts (a)

$ 199,907

The above derivative is located in the following Statement of Operations account:

(a) Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)

Futures Contracts

Equity Contracts (a)

$ 381,287

The above derivative is located in the following Statement of Operations account:

(a) Change in net unrealized appreciation (depreciation) on futures

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.

At October 31, 2009, the Fund had a net tax basis capital loss carryforward of approximately $91,370,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2016 ($22,555,000) and October 31, 2017 ($68,815,000), the respective expiration dates, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of October 31, 2009 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 years remain open 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 passive foreign investment companies, investments in futures contracts, 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 investments 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 all 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 on 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 April 30, 2010, purchases and sales of investment securities (excluding short-term investments) aggregated $91,796,189 and $96,194,525, 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.

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 $250 million of the Fund's average daily net assets

1.015%

Next $500 million of such net assets

.990%

Over $750 million of such net assets

.965%

Accordingly, for the six months ended April 30, 2010, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate of 1.01% of the Fund's average daily net assets.

For the period from November 1, 2009 though September 30, 2010, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class B

2.77%

Class C

2.77%

Class S

1.77%

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services 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 April 30, 2010, the Administration Fee was $122,738, of which $21,169 is unpaid.

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 servicing fee it receives from the Fund. For the six months ended April 30, 2010, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders

Total Aggregated

Unpaid at  April 30, 2010

Class A

$ 35,203

$ 23,391

Class B

4,828

3,375

Class C

8,688

6,086

Class S

102,196

68,843

Institutional Class

136

124

 

$ 151,051

$ 101,819

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and 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 B and C shares. For the six months ended April 30, 2010, the Distribution Fee was as follows:

Distribution Fee

Total Aggregated

Unpaid at April 30, 2010

Class B

$ 11,349

$ 1,725

Class C

30,712

4,963

 

$ 42,061

$ 6,688

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and 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 April 30, 2010, the Service Fee was as follows:

Service Fee

Total Aggregated

Unpaid at April 30, 2010

Annualized Effective Rate

Class A

$ 52,622

$ 24,565

.23%

Class B

3,495

1,283

.23%

Class C

9,813

4,255

.24%

 

$ 65,930

$ 30,103

 

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 April 30, 2010, aggregated $812.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and 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 based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended April 30, 2010, the CDSC for Class B and Class C shares aggregated $2,540 and $1,556, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended April 30, 2010, DIDI received $510 for Class A shares.

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 April 30, 2010, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $13,178, of which $8,097 is unpaid.

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.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and other affiliated money market funds managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of the underlying money market funds. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.

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. As of April 30, 2010, DWS Alternative Asset Allocation Plus Fund held 19% of the total shares outstanding of the Fund.

E. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.

F. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $450 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 a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 25 percent of its net assets under the agreement.

G. Share Transactions

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

 

Six Months Ended April 30, 2010

Year Ended October 31, 2009

 

Shares

Dollars

Shares

Dollars

Shares sold

Class A

492,694

$ 8,146,488

4,028,131

$ 41,251,360

Class B

14,765

224,302

57,873

710,275

Class C

96,103

1,454,191

311,148

3,397,479

Class S

538,398

9,080,331

1,122,122

14,416,882

Institutional Class

1,148,056

18,693,767

1,299,748

15,086,787

 

 

$ 37,599,079

 

$ 74,862,783

Shares issued to shareholders in reinvestment of distributions

Class A

12,988

$ 214,558

4,429

$ 42,868

Class B

—

—

—

—

Class C

—

—

—

—

Class S

62,451

1,044,193

24,229

237,448

Institutional Class

35,130

588,074

17,760

174,047

 

 

$ 1,846,825

 

$ 454,363

Shares redeemed

Class A

(865,317)

$ (14,249,511)

(4,906,051)

$ (57,051,957)

Class B

(49,568)

(762,551)

(92,047)

(976,422)

Class C

(122,869)

(1,902,382)

(374,729)

(3,618,353)

Class S

(984,815)

(16,462,773)

(2,334,214)

(26,081,044)

Institutional Class

(322,537)

(5,606,056)

(1,731,496)

(20,970,696)

 

 

$ (38,983,273)

 

$ (108,698,472)

Redemption fees

 

$ 2,236

 

$ 6,220

Net increase (decrease)

Class A

(359,635)

$ (5,888,425)

(873,491)

$ (15,755,038)

Class B

(34,803)

(538,249)

(34,174)

(265,959)

Class C

(26,766)

(448,135)

(63,581)

(220,175)

Class S

(383,966)

(6,336,109)

(1,187,863)

(11,424,072)

Institutional Class

860,649

13,675,785

(413,988)

(5,709,862)

 

 

$ 464,867

 

$ (33,375,106)

H. Review for Subsequent Events

Management has evaluated the events and transactions subsequent to period end through the date the financial statements were available to be issued, and has determined that there were no material events that would require disclosure in the Fund's financial statements.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 9, 2009, As Revised November 20, 2009

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 2009, 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 and 2008.

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 and serve 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 124 publicly offered 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.

eme_sigmack0
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, B, 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, B, 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

A description of 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 is 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 B

Class C

Class S

Institutional Class

Nasdaq Symbol

SEKAX
 SEKBX
 SEKCX
 SEMGX
 SEKIX

CUSIP Number

23337R 106
 23337R 205
 23337R 304
 23337R 502
 23337R 619

Fund Number

479
 679
 779
 2079
 1479

Privacy Statement

Dear Valued Client:

Your confidence is important to us. So we want to make sure you know our policies regarding the handling of our clients' private information. 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. 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 2009

Notes

Notes

Notes

Notes

Notes

Notes

Notes

eme_backcover0

 

 

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

 

 

 

There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. 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 Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.

 

 

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 Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

 

 

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

June 29, 2010

 

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 Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

 

 

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

June 29, 2010

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

June 29, 2010

 

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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 Emerging Markets Equity 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.

 

June 29, 2010

/s/Michael G. Clark

 

Michael G. Clark

 

President

 

DWS Emerging Markets Equity 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 Emerging Markets Equity 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.

 

June 29, 2010

/s/Paul Schubert

 

Paul Schubert

 

Chief Financial Officer and Treasurer

 

DWS Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

 

 

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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 Emerging Markets Equity 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.

 

 

 

June 29, 2010

/s/Michael G. Clark

 

Michael G. Clark

 

President

 

DWS Emerging Markets Equity 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 Emerging Markets Equity 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.

 

 

June 29, 2010

/s/Paul Schubert

 

Paul Schubert

 

Chief Financial Officer and Treasurer

 

DWS Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

 

 

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