0000088053-11-000493.txt : 20110411
0000088053-11-000493.hdr.sgml : 20110408
20110411171638
ACCESSION NUMBER: 0000088053-11-000493
CONFORMED SUBMISSION TYPE: 497K
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20110411
DATE AS OF CHANGE: 20110411
EFFECTIVENESS DATE: 20110411
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: 497K
SEC ACT: 1933 Act
SEC FILE NUMBER: 002-14400
FILM NUMBER: 11753268
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
497K
1
k041111int-emef.txt
497K - DWS EMERGING MARKETS EQUITY FUND
SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS
----------------
DWS Emerging Markets Equity Fund
Until May 9, 2011, the following information replaces the disclosure contained
in the "PRINCIPAL INVESTMENT STRATEGY" section of the fund's summary prospectus:
Main investments. Under normal circumstances, the fund invests at least 80% of
net assets, plus the amount of any borrowings for investment purposes, in
emerging market equities (equities traded mainly in emerging markets or issued
by companies that are organized in emerging markets or have more than half of
their business there). The fund considers "emerging markets" to include any
country defined as an emerging or developing economy by The International Bank
for Reconstruction and Development (the World Bank), the International Finance
Corporation or the United Nations or its authorities.
The fund considers an issuer to have more than half of its business in emerging
markets if at least (i) 50% of the issuer's assets are in an emerging market
country, or (ii) 50% of an issuer's revenues or profits are from goods produced
or sold, investments made, or services performed in emerging markets. The fund
may invest up to 20% of net assets in equities from the US or other developed
markets. The fund may also invest up to 20% of net assets in US or emerging
market debt securities when portfolio management believes these securities may
perform at least as well as equities. The fund invests primarily in common
stocks, but may also invest in preferred stocks or convertible securities.
Management process. Portfolio management aims to add value through stock
selection. Several important tenets underpin the fund's strategy:
o Fundamental research leads to investment insights. Portfolio management
believes strong fundamental research yields better stock selection and
market allocation.
o Valuation methodology is consistent globally. In assessing cash flow,
portfolio management values stocks using one common method -- cash-flow
return on investment (CFROI). By using CFROI as a single anchor for the
valuation process, portfolio management can reconcile a number of variables
for all companies, regardless of domicile. These variables include
accounting inconsistencies and the differing amounts of capital used by
companies in different industries and in different countries.
o Currency is considered. Portfolio management considers the likely direction
of a country's currency when determining the appropriate allocation for
individual stocks.
Derivatives. Portfolio management generally may use futures contracts, which are
a type of derivative (a contract whose value is based on, for example, indices,
currencies or securities) as a substitute for direct investment in a particular
asset class or to keep cash on hand to meet shareholder redemptions. In
addition, portfolio management generally may use forward currency contracts to
hedge the fund's exposure to changes in foreign currency exchange rates on its
foreign currency denominated portfolio holdings or to facilitate transactions in
foreign currency denominated securities. Portfolio management generally may use
structured notes to gain exposure to local shares in foreign markets.
The fund may also use various types of derivatives (i) for hedging purposes;
(ii) for risk management; (iii) for non-hedging purposes to seek to enhance
potential gains; or (iv) as a substitute for direct investment in a particular
asset class or to keep cash on hand to meet shareholder redemptions. Securities
Lending. The fund may lend securities (up to one-third of total assets) to
approved institutions.
Until May 9, 2011, the following information replaces the existing disclosure
contained under the "Portfolio Manager(s)" sub-heading of the "MANAGEMENT"
section of the fund's summary prospectus:
Rainer Vermehren, Director. Portfolio Manager of the fund. Joined the fund in
2009.
Please Retain This Supplement for Future Reference.
April 11, 2011
PROSTKR-57
[DWS INVESTMENTS LOGO]
Deutsche Bank Group
Summary Prospectus February 1, 2011, as revised March 25, 2011, as further
revised April 11, 2011
DWS EMERGING MARKETS EQUITY FUND
CLASS/Ticker A SEKAX B SEKBX C SEKCX INST SEKIX S SEMGX
Before you invest, you may want to review the fund's prospectus, which contains
more information about the fund and its risks. You can find the fund's
prospectus, Statement of Additional Information (SAI) and other information
about the fund online at https://www.dws-investments.com/mutualpros. You can
also get this information at no cost by e-mailing a request to
inquiry.info@dws.com, calling (800) 621-1048 (A, B, C), (800) 730-1313 (INST)
and (800) 728-3337 (S) or asking your financial advisor. The prospectus and
SAI, both dated February 1, 2011, as may be supplemented from time to time, are
incorporated by reference into this Summary Prospectus.
INVESTMENT OBJECTIVE
The fund seeks long-term growth of capital.
FEES AND EXPENSES OF THE FUND
These are the fees and expenses you may pay when you buy and hold shares. You
may qualify for sales charge discounts if you and your immediate family invest,
or agree to invest in the future, at least $50,000 in DWS funds. More
information about these and other discounts is available from your financial
professional and in Choosing a Share Class in the prospectus (p. 52) and
Purchase and Redemption of Shares in the fund's SAI (p. II-17).
SHAREHOLDER FEES (paid directly from your investment)
A B C INST S
---------- --------- --------- --------- ---------
Maximum sales charge (load)
imposed on purchases, as % of
offering price 5.75 None None None None
------------------------------------ ---- -- -- -- --
Maximum deferred sales charge
(load), as % of redemption proceeds None 4.00 1.00 None None
------------------------------------ ----- ---- ---- -- --
Redemption/exchange fee on shares
owned less than 15 days, as % of
redemption proceeds 2.00 2.00 2.00 2.00 2.00
------------------------------------ ----- ---- ---- ---- ----
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the
value of your investment)
A B C INST S
--------- --------- --------- ---------- ----------
Management fee 1.01 1.01 1.01 1.01 1.01
---------------------------- ---- ---- ---- ---- ----
Distribution/service
(12b-1) fees 0.23 0.99 0.99 None None
---------------------------- ---- ---- ---- ----- -----
Other expenses 0.51 0.69 0.58 0.31 0.54
---------------------------- ---- ---- ---- ----- -----
TOTAL ANNUAL FUND OPERATING
EXPENSES 1.75 2.69 2.58 1.32 1.55
---------------------------- ---- ---- ---- ----- -----
EXAMPLE
This Example is intended to help you compare the cost of investing in the fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the fund's operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
YEARS A B C INST S
------- -------- -------- -------- -------- --------
1 $ 743 $ 672 $ 361 $ 134 $ 158
-- ----- ----- ----- ----- -----
3 1,094 1,135 802 418 490
-- ----- ----- ----- ----- -----
5 1,469 1,625 1,370 723 845
-- ----- ----- ----- ----- -----
10 2,519 2,586 2,915 1,590 1,845
-- ----- ----- ----- ----- -----
You would pay the following expenses if you did not redeem your shares:
YEARS A B C INST S
------- -------- -------- -------- -------- --------
1 $ 743 $ 272 $ 261 $ 134 $ 158
-- ----- ----- ----- ----- -----
3 1,094 835 802 418 490
-- ----- ----- ----- ----- -----
5 1,469 1,425 1,370 723 845
-- ----- ----- ----- ----- -----
10 2,519 2,586 2,915 1,590 1,845
-- ----- ----- ----- ----- -----
Class B converts to Class A after six years; the Example for Class B reflects
Class A fees after the conversion.
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may mean higher taxes if you are
investing in a taxable account. These costs are not reflected in annual fund
operating expenses or in the expense example, and can affect the fund's
performance.
Portfolio turnover rate for fiscal year 2010: 77%.
PRINCIPAL INVESTMENT STRATEGY
MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of
net assets, plus the amount of any borrowings for investment purposes, in
emerging market equities (equities traded mainly in emerging markets or issued
by companies that are organized in emerging markets or have more than half of
their business there). The fund considers "emerging markets" to include
1
any country defined as an emerging or developing economy by The International
Bank for Reconstruction and Development (the World Bank), the International
Finance Corporation or the United Nations or its authorities.
The fund considers an issuer to have more than half of its business in emerging
markets if at least (i) 50% of the issuer's assets are in an emerging market
country, or (ii) 50% of an issuer's revenues or profits are from goods produced
or sold, investments made, or services performed in emerging markets.
The fund may invest up to 20% of net assets in equities from the US or other
developed markets. The fund may also invest up to 20% of net assets in US or
emerging market debt securities when portfolio management believes these
securities may perform at least as well as equities.
The fund invests primarily in common stocks, but may also invest in preferred
stocks or convertible securities.
MANAGEMENT PROCESS. Portfolio management aims to add value through stock
selection. The investment team utilizes a proprietary investment process
designed to identify attractive investment candidates from an extensive pool of
fundamental research resources, which identify investments that may offer the
potential for price appreciation. The investment process also takes into
consideration various factors - including country and sector weightings, style
and other risk targets relative to the benchmark - and assists portfolio
management in devising allocations among particular securities. Portfolio
management may buy a security when its research resources indicate the
potential for future upside price appreciation or their investment process
identifies an attractive investment opportunity. Conversely, portfolio
management may sell a security when its research resources indicate limited
future upside or their investment process identifies more attractive investment
opportunities elsewhere.
DERIVATIVES. Portfolio management generally may use futures contracts, which are
a type of derivative (a contract whose value is based on, for example, indices,
currencies or securities) as a substitute for direct investment in a particular
asset class or to keep cash on hand to meet shareholder redemptions. In
addition, portfolio management generally may use forward currency contracts to
hedge its exposure to changes in foreign currency exchange rates on its foreign
currency denominated portfolio holdings or to facilitate transactions in foreign
currency denominated securities. Portfolio management generally use structured
notes to gain exposure to local shares in foreign markets.
The fund may also use various types of derivatives (i) for hedging purposes;
(ii) for risk management; (iii) for non-hedging purposes to seek to enhance
potential gains; or (iv) as a substitute for direct investment in a particular
asset class or to keep cash on hand to meet shareholder redemptions.
SECURITIES LENDING. The fund may lend securities (up to one-third of total
assets) to approved institutions.
MAIN RISKS
There are several risk factors that could hurt the fund's performance, cause
you to lose money or cause the fund's performance to trail that of other
investments. The fund may not achieve its investment objective, and is not
intended to be a complete investment program. An investment in the fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency.
STOCK MARKET RISK. The fund is affected by how the stock market performs. When
stock prices fall, you should expect the value of your investment to fall as
well.
FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign
investing. Adverse political, economic or social developments could undermine
the value of the fund's investments or prevent the fund from realizing their
full value. Financial reporting standards for companies based in foreign
markets differ from those in the US. Additionally, foreign securities markets
generally are smaller and less liquid than US markets. To the extent that the
fund invests in non-US dollar denominated foreign securities, changes in
currency exchange rates may affect the US dollar value of foreign securities or
the income or gain received on these securities.
EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets
than in developed markets. Investments in emerging markets are often considered
speculative.
REGIONAL FOCUS RISK. Focusing on a single country or few countries, or regions,
involves increased currency, political, regulatory and other risks. To the
extent the fund focuses its investments, market swings in such a targeted
country or region will be likely to have a greater effect on fund performance
than they would in a more geographically diversified fund.
PRICING RISK. If market conditions make it difficult to value some investments,
the fund may value these investments using more subjective methods, such as
fair value pricing. In such cases, the value determined for an investment could
be different than the value realized upon such investment's sale. As a result,
you could pay more than the market value when buying fund shares or receive
less than the market value when selling fund shares.
DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the fund will be unable to sell the derivative
because of an illiquid secondary market; the risk that a
2
DWS Emerging Markets Equity Fund
SUMMARY PROSPECTUS February 1, 2011, as revised March 25, 2011, as further
revised April 11, 2011
counterparty is unwilling or unable to meet its obligation; and the risk that
the derivative transaction could expose the fund to the effects of leverage,
which could increase the fund's exposure to the market and magnify potential
losses.
SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in
value. Portfolio management could be wrong in its analysis of industries,
companies, economic trends, the relative attractiveness of different securities
or other matters.
SECURITIES LENDING RISK. Any decline in the value of a portfolio security that
occurs while the security is out on loan is borne by the fund, and will
adversely affect performance. Also, there may be delays in recovery of
securities loaned or even a loss of rights in the collateral should the
borrower of the securities fail financially while holding the security.
COUNTERPARTY RISK. A financial institution or other counterparty with whom the
fund does business, or that underwrites, distributes or guarantees any
investments or contracts that the fund owns or is otherwise exposed to, may
decline in financial health and become unable to honor its commitments. This
could cause losses for the fund or could delay the return or delivery of
collateral or other assets to the fund.
CREDIT RISK. The fund's performance could be hurt if an issuer of a debt
security suffers an adverse change in financial condition that results in a
payment default, security downgrade or inability to meet a financial
obligation. Credit risk is greater for lower-rated securities.
GROWTH INVESTING RISK. As a category, growth stocks may underperform value
stocks (and the stock market as a whole) over any period of time. Because the
prices of growth stocks are based largely on the expectation of future
earnings, growth stock prices can decline rapidly and significantly in reaction
to negative news about such factors as earnings, the economy, political
developments, or other news.
INTEREST RATE RISK. When interest rates rise, prices of debt securities
generally decline. The longer the duration of the fund's debt securities, the
more sensitive it will be to interest rate changes. (As a general rule, a 1%
rise in interest rates means a 1% fall in value for every year of duration.)
LIQUIDITY RISK. In certain situations, it may be difficult or impossible to
sell an investment in an orderly fashion at an acceptable price.
PREPAYMENT AND EXTENSION RISK. When interest rates fall, issuers of high
interest debt obligations may pay off the debts earlier than expected
(prepayment risk), and the fund may have to reinvest the proceeds at lower
yields. When interest rates rise, issuers of lower interest debt obligations
may pay off the debts later than expected (extension risk), thus keeping the
fund's assets tied up in lower interest debt obligations. Ultimately, any
unexpected behavior in interest rates could increase the volatility of the
fund's share price and yield and could hurt fund performance. Prepayments could
also create capital gains tax liability in some instances.
PAST PERFORMANCE
How a fund's returns vary from year to year can give an idea of its risk; so
can comparing fund performance to overall market performance (as measured by an
appropriate market index). Past performance may not indicate future results.
All performance figures below assume that dividends were reinvested. For more
recent performance figures, go to www.dws-investments.com (the Web site does
not form a part of this prospectus) or call the phone number for your share
class included in this prospectus.
For all share classes except Institutional Class, performance prior to class
inception is Class S performance, adjusted to reflect the higher expenses of
the relevant share class.
CALENDAR YEAR TOTAL RETURNS (%) (Class S)
These year-by-year returns do not include sales charges, and would be lower if
they did. Returns for other classes were different and are not shown here.
[BAR GRAPHIC OMITTED HERE]
[BAR GRAPHIC DATA]
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-6.27 -5.45 56.59 22.39 33.95 30.55 39.53 -57.74 69.66 11.45
Best Quarter: 32.46%, Q2 2009 Worst Quarter: -32.70%, Q4 2008
AVERAGE ANNUAL TOTAL RETURNS
(For periods ended 12/31/2010 expressed as a %)
After-tax returns (which are shown only for Class S and would be different for
other classes) reflect the historical highest individual federal income tax
rates, but do not reflect any state or local taxes. Your actual after-tax
returns may be different. After-tax returns are not relevant to shares held in
an IRA, 401(k) or other tax-advantaged investment plan. Index comparisons for
Institutional Class shares began on 2/29/2008.
3
DWS Emerging Markets Equity Fund
SUMMARY PROSPECTUS February 1, 2011, as revised March 25, 2011, as further
revised April 11, 2011
CLASS 1 5 10 SINCE
INCEPTION YEAR YEARS YEARS INCEPTION
----------- --------- --------- ---------- ----------
CLASS A before tax 5/29/2001 4.85 6.27 11.78 -
------------------------- --------- ----- ----- ----- -
CLASS B before tax 5/29/2001 7.23 6.41 11.89 -
------------------------- --------- ----- ----- ----- -
CLASS C before tax 5/29/2001 10.29 6.62 11.52 -
------------------------- --------- ----- ----- ----- -
CLASS S before tax 5/8/1996 11.45 7.80 12.72 -
------------------------- --------- ----- ----- ----- -
After tax on
distributions 11.49 5.74 11.57 -
After tax on distribu-
tions and sale of
fund shares 7.81 6.47 11.34 -
------------------------- --------- ----- ----- ----- -
MORGAN STANLEY
CAPITAL
INTERNATIONAL (MSCI)
EMERGING
MARKET INDEX
(reflects no deduction
for fees or expense) 18.88 12.78 15.89 -
------------------------- --------- ----- ----- ----- -
INST CLASS before tax 3/3/2008 11.68 - - -4.58
------------------------- --------- ----- ----- ----- ------
MORGAN STANLEY
CAPITAL
INTERNATIONAL (MSCI)
EMERGING
MARKET INDEX
(reflects no deduction
for fees or expense) 18.88 - - 1.86
------------------------- --------- ----- ----- ----- ------
MANAGEMENT
INVESTMENT ADVISOR
Deutsche Investment Management Americas Inc.
PORTFOLIO MANAGER(S)
THOMAS VOECKING, MANAGING DIRECTOR. Portfolio Manager of the fund. Joined the
fund in 2011.
JASON E. INZER, DIRECTOR. Portfolio Manager of the fund. Joined the fund in
2011.
PURCHASE AND SALE OF FUND SHARES
MINIMUM INITIAL INVESTMENT ($)
AUTOMATIC
UGMAS/ INVESTMENT
NON-IRA IRAS UTMAS PLANS
------------ -------------- -------- ------------------
A B C 1,000 500 1,000 500
------- ----- --- ----- ---
INST 1,000,000 N/A N/A N/A
------- --------- ---- ----- ----
S 2,500 1,000 1,000 1,000
------- --------- ----- ----- -----
For participants in certain fee-based and wrap programs offered through certain
financial intermediaries approved by the Advisor, there is no minimum initial
investment for Class A, B, C and S shares and no minimum additional investment
for Class A and S shares. Institutional Class shares also have no additional
investment minimum. The minimum additional investment for all other instances
is $50. For existing Class B shareholders, the minimum initial investment for
Class A and C shares is $50.
TO PLACE ORDERS
MAIL First Investment DWS Investments, PO Box 219356
Kansas City, MO 64121-9356
Additional Investments DWS Investments, PO Box 219154
Kansas City, MO 64121-9154
Exchanges and DWS Investments, PO Box 219557
Redemptions Kansas City, MO 64121-9557
EXPEDITED MAIL DWS Investments, 210 West 10th Street
Kansas City, MO 64105-1614
WEB SITE www.dws-investments.com
TELEPHONE Class A, B or C shares: (800) 621-1048
Class S shares: (800) 728-3337
M - F 8 a.m. - 8 p.m. ET
Institutional Class shares: (800) 730-1313
M - F 8 a.m. - 6 p.m. ET
TDD LINE (800) 972-3006, M - F 8 a.m. - 8 p.m. ET
You can buy or sell shares of the fund on any business day at our web site, by
mail, or by telephone. The fund is generally open on days when the New York
Stock Exchange is open for regular trading.
Class B shares are closed to new purchases, except for exchanges and the
reinvestment of dividends or other distributions. Institutional Class shares
are generally available only to qualified institutions. Class S shares are only
available to a limited group of investors.
TAX INFORMATION
The fund's distributions are generally taxable to you as ordinary income or
capital gains, except when your investment is in an IRA, 401(k), or other
tax-deferred investment plan.
PAYMENTS TO BROKER-DEALERS AND
OTHER FINANCIAL INTERMEDIARIES
If you purchase the fund through a broker-dealer or other financial
intermediary (such as a bank), the fund and its related companies may pay the
intermediary for the sale of fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend
the fund over another investment. Ask your salesperson or visit your financial
intermediary's web site for more information.
4
DWS Emerging Markets Equity Fund
SUMMARY PROSPECTUS February 1, 2011, as revised March 25, 2011, as further
revised April 11, 2011 DEMEF-SUM