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