0000088053-11-000494.txt : 20110411
0000088053-11-000494.hdr.sgml : 20110408
20110411171718
ACCESSION NUMBER: 0000088053-11-000494
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: 11753278
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
S000006030
DWS International Fund
C000016568
Class A
SUIAX
C000016570
Class B
SUIBX
C000016571
Class C
SUICX
C000016572
Class S
SCINX
C000016573
Institutional Class
SUIIX
497K
1
k041111int-int.txt
497K - DWS INTERNATIONAL FUND
SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS
----------------
DWS International Fund
Until April 15, 2011, the following information replaces the disclosure
contained under the "PRINCIPAL INVESTMENT STRATEGY" heading of the fund's
summary prospectus:
Main investments. The fund invests at least 65% of its total assets in foreign
equities (equities issued by foreign-based companies and listed on foreign
exchanges), and may invest up to 20% of net assets in foreign debt securities,
including convertible bonds. Although the fund can invest in companies of any
size and from any country, it invests mainly in common stocks of established
companies in countries with developed economies (other than the United States).
The fund's equity investments may also include preferred stocks, depositary
receipts and other securities with equity characteristics, such as convertible
securities and warrants.
Management process. In choosing securities, portfolio management uses a
combination of two analytical disciplines:
Bottom-up research. Portfolio management looks for individual companies that it
believes have a history of above-average growth, strong competitive positioning,
attractive prices relative to potential growth, sound financial strength and
effective management, among other factors.
Top-down analysis. Portfolio management considers the economic outlooks for
various sectors and industries while looking for those that may benefit from
changes in the overall business environment.
Portfolio management will normally sell a security when it believes the price is
unlikely to go much higher, its fundamentals have deteriorated, other
investments offer better opportunities or in the course of adjusting the fund's
exposure to a given country.
Derivatives. Portfolio management generally may use forward currency contracts,
which are a type of derivative (a contract whose value is based on, for example,
indices, currencies or securities), to hedge the fund's exposure to changes in
foreign currency exchange rates on its foreign currency denominated holdings and
to facilitate transactions in foreign currency denominated securities.
The fund may also use various types of derivatives for (i) hedging, (ii) risk
management, (iii) non-hedging purposes to seek to enhance potential gains, or
(iv) 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 April 15, 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:
Nikolaus Poehlmann, CFA, Director. Lead Portfolio Manager of the fund. Joined
the fund in 2009.
Mark Schumann, Vice President. Portfolio Manager of the fund. Joined the fund in
2009.
Andreas Wendelken, Director. Portfolio Manager of the fund. Joined the fund in
2009.
Please Retain This Supplement for Future Reference
April 11, 2011
PROSTKR-54
Summary Prospectus December 1, 2010, as revised April 11, 2011
[DWS INVESTMENTS LOGO]
Deutsche Bank Group
DWS INTERNATIONAL FUND
CLASS/Ticker A SUIAX B SUIBX C SUICX INST SUIIX S SCINX
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 December 1, 2010, 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 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. 15) 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) on
purchases, as % of offering price 5.75 None None None None
---------------------------------- ---- -- -- -- --
Maximum contingent deferred sales
charge (load), as % of redemption
proceeds None(1) 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 0.56 0.56 0.56 0.56 0.56
----------------------------------- ---- ---- ---- ---- ----
Distribution/service
(12b-1) fees 0.24 1.00 1.00 None None
----------------------------------- ---- ---- ---- ----- -----
Other expenses (includes an admin-
istrative fee) 0.44 0.59 0.46 0.25 0.38
----------------------------------- ---- ---- ---- ----- -----
Acquired funds (underlying funds)
fees and expenses 0.02 0.02 0.02 0.02 0.02
----------------------------------- ---- ---- ---- ----- -----
TOTAL ANNUAL FUND OPERATING
EXPENSES 1.26 2.17 2.04 0.83 0.96
----------------------------------- ---- ---- ---- ----- -----
(1) Investments of $1 million or more may be eligible to buy Class A shares
without a sales charge (load), but may be subject to a contingent
deferred sales charge of 1.00% if redeemed within 12 months of purchase
and 0.50% if redeemed within the following six months.
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 $ 696 $ 620 $ 307 $ 85 $ 98
-- ----- ----- ----- ----- -----
3 952 979 640 265 306
-- ----- ----- ----- ----- -----
5 1,227 1,364 1,098 460 531
-- ----- ----- ----- ----- -----
10 2,010 2,059 2,369 1,025 1,178
-- ----- ----- ----- ----- -----
You would pay the following expenses if you did not redeem your shares:
YEARS A B C INST S
------- -------- -------- -------- -------- --------
1 $ 696 $ 220 $ 207 $ 85 $ 98
-- ----- ----- ----- ----- -----
3 952 679 640 265 306
-- ----- ----- ----- ----- -----
5 1,227 1,164 1,098 460 531
-- ----- ----- ----- ----- -----
10 2,010 2,059 2,369 1,025 1,178
-- ----- ----- ----- ----- -----
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 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, but are reflected in the fund's performance.
Portfolio turnover rate for fiscal year 2010: 166%.
1
PRINCIPAL INVESTMENT STRATEGY
MAIN INVESTMENTS. The fund invests at least 65% of its total assets in foreign
equities (equities issued by foreign-based companies and listed on foreign
exchanges), and may invest up to 20% of net assets in foreign debt securities,
including convertible bonds. Although the fund can invest in companies of any
size and from any country, it invests mainly in common stocks of established
companies in countries with developed economies (other than the United States).
The fund's equity investments may also include preferred stocks, depositary
receipts and other securities with equity characteristics, such as convertible
securities and warrants.
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 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.
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.
FOREIGN INVESTMENT RISK. To the extent the fund invests in companies based
outside the US, it 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. Foreign investment risks are greater in emerging markets
than in developed markets. Emerging market investments are often considered
speculative.
STOCK MARKET RISK. When stock prices fall, you should expect the value of your
investment to fall as well. Stock prices can be hurt by poor management on the
part of the stock's issuer, shrinking product demand and other business risks.
These may affect single companies as well as groups of companies. In addition,
movements in financial markets may adversely affect a stock's price, regardless
of how well the company performs. To the extent that the fund invests in a
particular geographic region or market sector, performance will be affected by
that region's general performance.
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.
LIQUIDITY RISK. In certain situations, it may be difficult or impossible to
sell an investment in an orderly fashion at an acceptable price.
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 counterparty is
unwilling or unable to meet its obligation;
2
DWS International Fund
SUMMARY PROSPECTUS December 1, 2010, as revised April 11, 2011
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.
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.
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.
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.)
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.
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 Class B and C shares, historical performance prior to class inception is
based on the performance of the fund's original share class, Class S shares,
adjusted to reflect the higher expenses and applicable sales charges 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]
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-19.23 -26.89 -16.37 27.91 16.85 16.29 26.15 14.60 -48.13 33.15
Best Quarter: 22.92%, Q3 2009 Worst Quarter: -26.73%, Q3 2008
Year-to-Date as of 9/30/10: -3.09%
AVERAGE ANNUAL TOTAL RETURNS
(For periods ended 12/31/2009 expressed as a %)
These returns include sales charges, if any. Indexes have no sales charges and
cannot be invested in directly. 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. Performance of Class B shares does not assume the conversion
to Class A shares after six years.
CLASS 1 5 10
RETURN INCEPTION YEAR YEARS YEARS SINCE INCEPTION
------------------------- ------------ ---------- --------- ---------- ----------------
CLASS A before tax 8/2/99 25.03 1.50 -2.41 -
------------------------- ---------- ----- ---- ------ -
CLASS B before tax 12/29/00 28.68 1.60 -2.67 -
------------------------- ---------- ----- ---- ------ -
CLASS C before tax 12/29/00 31.67 1.90 -2.62 -
------------------------- ---------- ----- ---- ------ -
INST CLASS before tax 12/29/00 33.28 3.15 - 0.81
------------------------- ---------- ----- ---- ------ ----
CLASS S before tax 6/18/53 33.15 3.03 -1.53 -
------------------------- ---------- ----- ---- ------ ----
After tax on
distributions 33.20 2.79 -1.93 -
After tax on distribu-
tions, with sale of
fund shares 22.49 2.75 -1.27 -
------------------------- ---------- ----- ---- ------ ----
MORGAN STANLEY
CAPITAL INTERNATIONAL
(MSCI) EUROPE,
AUSTRALASIA, FAR EAST
(EAFE) INDEX 31.78 3.54 1.17 -
------------------------- ---------- ----- ---- ------ ----
Since INST Class
inception - - - 3.04
------------------------- ---------- ----- ---- ------ ----
INST Class index comparison began on 12/31/00.
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.
3
DWS International Fund
SUMMARY PROSPECTUS December 1, 2010, as revised April 11, 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. The maximum Automatic Investment Plan investment is $250,000. 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 (dividend and capital gains distributions are expected
to be paid annually) 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 affiliates 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 International Fund
SUMMARY PROSPECTUS December 1, 2010, as revised April 11, 2011
DIF-SUM