Date of fiscal year end:
|
8/31
|
Date of reporting period:
|
2/28/2011
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
FEBRUARY 28, 2011
Semiannual Report
to Shareholders
|
DWS International Fund
|
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Summary
11 Investment Portfolio
16 Statement of Assets and Liabilities
18 Statement of Operations
19 Statement of Changes in Net Assets
20 Financial Highlights
25 Notes to Financial Statements
34 Investment Management Agreement Approval
38 Summary of Management Fee Evaluation by Independent Fee Consultant
42 Account Management Resources
43 Privacy Statement
|
Average Annual Total Returns as of 2/28/11
|
|||||
Unadjusted for Sales Charge
|
6-Month‡
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Class A
|
21.25%
|
12.99%
|
-7.35%
|
-0.39%
|
1.83%
|
Class B
|
20.72%
|
12.07%
|
-8.08%
|
-1.21%
|
0.96%
|
Class C
|
20.79%
|
12.14%
|
-8.06%
|
-1.15%
|
1.03%
|
Adjusted for the Maximum Sales Charge
|
|||||
Class A (max 5.75% load)
|
14.27%
|
6.49%
|
-9.17%
|
-1.56%
|
1.23%
|
Class B (max 4.00% CDSC)
|
16.72%
|
9.07%
|
-8.66%
|
-1.40%
|
0.96%
|
Class C (max 1.00% CDSC)
|
19.79%
|
12.14%
|
-8.06%
|
-1.15%
|
1.03%
|
No Sales Charges
|
|||||
Class S
|
21.45%
|
13.36%
|
-7.06%
|
-0.07%
|
2.15%
|
Institutional Class
|
21.53%
|
13.54%
|
-6.94%
|
0.05%
|
2.31%
|
MSCI EAFE Index+
|
23.77%
|
20.00%
|
-2.62%
|
2.43%
|
4.90%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
[] DWS International Fund — Class A
[] MSCI EAFE Index+
|
Yearly periods ended February 28
|
Net Asset Value and Distribution Information
|
||||||||||||||||||||
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||||||||||||||||
Net Asset Value:
2/28/11
|
$ | 46.77 | $ | 46.42 | $ | 46.38 | $ | 46.98 | $ | 46.78 | ||||||||||
8/31/10
|
$ | 39.41 | $ | 38.96 | $ | 38.91 | $ | 39.64 | $ | 39.50 | ||||||||||
Distribution Information:
Six Months as of 2/28/11:
Income Dividends
|
$ | .98 | $ | .61 | $ | .62 | $ | 1.13 | $ | 1.18 |
Lipper Rankings — International Large-Cap Core Funds Category as of 2/28/11
|
||||
Period
|
Rank
|
Number of Fund Classes Tracked
|
Percentile Ranking (%)
|
|
Class A
1-Year
|
403
|
of
|
407
|
99
|
3-Year
|
313
|
of
|
337
|
93
|
5-Year
|
242
|
of
|
271
|
89
|
10-Year
|
135
|
of
|
157
|
86
|
Class B
1-Year
|
405
|
of
|
407
|
100
|
3-Year
|
324
|
of
|
337
|
96
|
5-Year
|
258
|
of
|
271
|
95
|
10-Year
|
146
|
of
|
157
|
93
|
Class C
1-Year
|
404
|
of
|
407
|
100
|
3-Year
|
323
|
of
|
337
|
96
|
5-Year
|
257
|
of
|
271
|
95
|
10-Year
|
145
|
of
|
157
|
92
|
Class S
1-Year
|
402
|
of
|
407
|
99
|
3-Year
|
310
|
of
|
337
|
92
|
5-Year
|
233
|
of
|
271
|
86
|
10-Year
|
129
|
of
|
157
|
82
|
Institutional Class
1-Year
|
401
|
of
|
407
|
99
|
3-Year
|
307
|
of
|
337
|
91
|
5-Year
|
230
|
of
|
271
|
85
|
10-Year
|
124
|
of
|
157
|
79
|
Expenses and Value of a $1,000 Investment for the six months ended February 28, 2011
|
||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 9/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 2/28/11
|
$ | 1,212.50 | $ | 1,207.20 | $ | 1,207.90 | $ | 1,214.50 | $ | 1,215.30 | ||||||||||
Expenses Paid per $1,000*
|
$ | 6.91 | $ | 11.55 | $ | 11.11 | $ | 5.16 | $ | 4.39 | ||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 9/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 2/28/11
|
$ | 1,018.55 | $ | 1,014.33 | $ | 1,014.73 | $ | 1,020.13 | $ | 1,020.83 | ||||||||||
Expenses Paid per $1,000*
|
$ | 6.31 | $ | 10.54 | $ | 10.14 | $ | 4.71 | $ | 4.01 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS International Fund
|
1.26%
|
2.11%
|
2.03%
|
.94%
|
.80%
|
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)
|
2/28/11
|
8/31/10
|
Common Stocks
|
96%
|
93%
|
Cash Equivalents
|
2%
|
7%
|
Preferred Stocks
|
2%
|
—
|
100%
|
100%
|
Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)
|
2/28/11
|
8/31/10
|
Europe (excluding United Kingdom)
|
44%
|
59%
|
Japan
|
23%
|
18%
|
United Kingdom
|
16%
|
20%
|
Pacific Basin
|
14%
|
3%
|
Latin America
|
2%
|
—
|
Africa
|
1%
|
—
|
100%
|
100%
|
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)
|
2/28/11
|
8/31/10
|
Financials
|
22%
|
17%
|
Industrials
|
16%
|
15%
|
Materials
|
15%
|
12%
|
Energy
|
11%
|
13%
|
Consumer Discretionary
|
10%
|
9%
|
Consumer Staples
|
8%
|
12%
|
Telecommunication Services
|
6%
|
10%
|
Information Technology
|
6%
|
7%
|
Health Care
|
3%
|
4%
|
Utilities
|
3%
|
1%
|
100%
|
100%
|
Ten Largest Equity Holdings at February 28, 2011
(19.8% of Net Assets)
|
Country
|
Percent
|
1. HSBC Holdings PLC
Provider of international banking and financial services
|
United Kingdom
|
2.5%
|
2. Canon, Inc.
Producer of visual image and information equipment
|
Japan
|
2.2%
|
3. BHP Billiton Ltd.
Producer of petroleum, minerals and steel products
|
Australia
|
2.2%
|
4. Mitsubishi Corp.
Operator of a general trading company
|
Japan
|
2.0%
|
5. Total SA
Produces, refines, transports and markets oil and natural gas
|
France
|
1.9%
|
6. FANUC Corp.
Manufacturer of numerically controlled equipment for machine tools
|
Japan
|
1.9%
|
7. Shin-Etsu Chemical Co., Ltd
Produces and distributes synthetic resins and other chemical products
|
Japan
|
1.8%
|
8. NTT DoCoMo, Inc.
Provider of telecommunication services and equipment
|
Japan
|
1.8%
|
9. Vodafone Group PLC
Provides a range of mobile telecommunications services
|
United Kingdom
|
1.8%
|
10. Honda Motor Co., Ltd
Manufacturer of automobiles, motorcycles and power products
|
Japan
|
1.7%
|
Shares
|
Value ($)
|
|||||||
Common Stocks 95.5%
|
||||||||
Australia 6.5%
|
||||||||
Australia & New Zealand Banking Group Ltd.
|
489,918 | 12,086,845 | ||||||
BHP Billiton Ltd. (a)
|
481,662 | 22,755,934 | ||||||
National Australia Bank Ltd.
|
364,801 | 9,627,965 | ||||||
Newcrest Mining Ltd.
|
100,223 | 3,886,314 | ||||||
Wesfarmers Ltd. (a)
|
267,667 | 9,028,424 | ||||||
Woodside Petroleum Ltd.
|
242,301 | 10,556,819 | ||||||
(Cost $55,910,245)
|
67,942,301 | |||||||
Brazil 0.6%
|
||||||||
Banco Santander Brasil SA (Units) (Cost $7,859,742)
|
531,774 | 6,421,048 | ||||||
China 0.5%
|
||||||||
Industrial & Commercial Bank of China Ltd. "H" (Cost $5,606,777)
|
7,331,240 | 5,637,606 | ||||||
Denmark 2.4%
|
||||||||
A P Moller — Maersk AS "B"
|
1,066 | 10,567,921 | ||||||
Carlsberg AS "B"
|
50,631 | 5,383,351 | ||||||
Novo Nordisk AS "B"
|
70,568 | 8,885,369 | ||||||
(Cost $17,713,486)
|
24,836,641 | |||||||
Finland 1.2%
|
||||||||
Fortum Oyj
|
149,768 | 4,646,253 | ||||||
Sampo Oyj "A"
|
246,651 | 7,651,327 | ||||||
(Cost $10,949,037)
|
12,297,580 | |||||||
France 9.8%
|
||||||||
Air Liquide SA
|
53,102 | 6,872,940 | ||||||
AXA SA
|
171,633 | 3,608,298 | ||||||
BNP Paribas
|
129,885 | 10,151,966 | ||||||
Compagnie Generale de Geophysique-Veritas*
|
193,565 | 7,176,420 | ||||||
GDF Suez
|
264,564 | 10,721,746 | ||||||
LVMH Moet Hennessy Louis Vuitton SA
|
36,564 | 5,763,443 | ||||||
Sanofi-Aventis
|
75,058 | 5,181,372 | ||||||
Schneider Electric SA
|
77,637 | 12,841,165 | ||||||
Societe Generale
|
157,773 | 11,107,084 | ||||||
Total SA
|
328,140 | 20,133,100 | ||||||
Vivendi
|
289,733 | 8,257,824 | ||||||
(Cost $86,431,902)
|
101,815,358 | |||||||
Germany 8.9%
|
||||||||
Adidas AG
|
162,559 | 10,430,844 | ||||||
Allianz SE (Registered)
|
66,845 | 9,632,531 | ||||||
BASF SE
|
184,868 | 15,372,012 | ||||||
Daimler AG (Registered)*
|
189,217 | 13,327,598 | ||||||
Deutsche Lufthansa AG (Registered)*
|
232,788 | 4,758,589 | ||||||
Linde AG
|
52,036 | 7,944,356 | ||||||
MAN SE
|
39,346 | 4,995,780 | ||||||
SAP AG
|
205,772 | 12,415,048 | ||||||
Siemens AG (Registered)
|
106,201 | 14,299,756 | ||||||
(Cost $78,340,989)
|
93,176,514 | |||||||
Hong Kong 2.3%
|
||||||||
AIA Group Ltd.*
|
1,804,606 | 5,299,931 | ||||||
Hong Kong Exchanges & Clearing Ltd. (a)
|
416,801 | 9,064,522 | ||||||
Power Assets Holdings Ltd. (a)
|
1,477,259 | 9,658,376 | ||||||
(Cost $23,199,338)
|
24,022,829 | |||||||
Italy 4.4%
|
||||||||
Enel SpA
|
1,167,305 | 6,955,196 | ||||||
Eni SpA
|
420,795 | 10,268,671 | ||||||
Intesa Sanpaolo
|
2,573,666 | 8,688,073 | ||||||
Saipem SpA
|
148,121 | 7,490,420 | ||||||
UniCredit SpA
|
4,862,226 | 12,512,631 | ||||||
(Cost $40,621,440)
|
45,914,991 | |||||||
Japan 22.8%
|
||||||||
Canon, Inc.
|
479,696 | 23,200,300 | ||||||
FANUC Corp.
|
126,360 | 19,668,762 | ||||||
Honda Motor Co., Ltd.
|
404,072 | 17,618,017 | ||||||
Kao Corp.
|
428,882 | 11,564,319 | ||||||
Komatsu Ltd.
|
511,877 | 15,680,612 | ||||||
Kubota Corp.
|
825,411 | 8,507,051 | ||||||
Mitsubishi Corp.
|
741,724 | 20,586,617 | ||||||
Mitsubishi Heavy Industries Ltd.
|
2,795,068 | 11,907,749 | ||||||
Mitsui O.S.K Lines Ltd.
|
2,254,625 | 14,970,096 | ||||||
NTT DoCoMo, Inc.
|
9,794 | 18,405,417 | ||||||
Panasonic Corp.
|
761,619 | 10,286,638 | ||||||
Seven & I Holdings Co., Ltd. (a)
|
397,682 | 11,095,231 | ||||||
Shin-Etsu Chemical Co., Ltd.
|
333,167 | 19,198,028 | ||||||
Sumitomo Mitsui Financial Group, Inc.
|
381,298 | 14,432,501 | ||||||
Takeda Pharmaceutical Co., Ltd. (a)
|
223,172 | 11,104,975 | ||||||
Toshiba Corp.
|
1,501,507 | 9,847,775 | ||||||
(Cost $198,453,662)
|
238,074,088 | |||||||
Mexico 0.7%
|
||||||||
America Movil SAB de CV "L" (Cost $7,435,430)
|
2,682,130 | 7,696,788 | ||||||
Netherlands 3.5%
|
||||||||
ING Groep NV (CVA)*
|
995,779 | 12,487,573 | ||||||
Koninklijke (Royal) KPN NV
|
385,588 | 6,243,700 | ||||||
Koninklijke DSM NV
|
179,236 | 10,535,328 | ||||||
Unilever NV (CVA)
|
252,023 | 7,606,360 | ||||||
(Cost $33,538,019)
|
36,872,961 | |||||||
Norway 1.0%
|
||||||||
DnB NOR ASA
|
234,247 | 3,623,101 | ||||||
Yara International ASA
|
120,871 | 6,405,959 | ||||||
(Cost $9,675,241)
|
10,029,060 | |||||||
Russia 3.3%
|
||||||||
Gazprom OAO (ADR) (a) (d)
|
392,209 | 11,499,568 | ||||||
LUKOIL (ADR)
|
143,792 | 10,236,553 | ||||||
Mechel (ADR)
|
319,016 | 9,707,657 | ||||||
Sberbank of Russia
|
925,123 | 3,272,773 | ||||||
(Cost $31,322,757)
|
34,716,551 | |||||||
Singapore 2.4%
|
||||||||
Keppel Corp., Ltd.
|
1,161,931 | 10,338,813 | ||||||
Oversea-Chinese Banking Corp., Ltd.
|
1,333,007 | 9,682,579 | ||||||
Singapore Airlines Ltd.
|
429,957 | 4,587,443 | ||||||
(Cost $22,909,320)
|
24,608,835 | |||||||
South Africa 0.5%
|
||||||||
Remgro Ltd. (Cost $5,583,467)
|
355,289 | 5,709,959 | ||||||
Spain 2.6%
|
||||||||
Banco Bilbao Vizcaya Argentaria SA
|
385,064 | 4,757,439 | ||||||
Repsol YPF SA
|
370,362 | 12,423,670 | ||||||
Telefonica SA
|
391,860 | 9,966,453 | ||||||
(Cost $23,460,843)
|
27,147,562 | |||||||
Sweden 1.4%
|
||||||||
Swedbank AB "A"*
|
204,939 | 3,610,317 | ||||||
TeliaSonera AB
|
297,124 | 2,495,072 | ||||||
Volvo AB "B"*
|
475,717 | 8,229,262 | ||||||
(Cost $12,195,766)
|
14,334,651 | |||||||
Switzerland 4.1%
|
||||||||
Compagnie Financiere Richemont SA "A"
|
146,933 | 8,424,582 | ||||||
Givaudan SA (Registered)
|
5,247 | 5,228,322 | ||||||
Nestle SA (Registered)
|
194,463 | 11,007,596 | ||||||
Syngenta AG (Registered)
|
16,388 | 5,507,834 | ||||||
Xstrata PLC
|
545,666 | 12,454,599 | ||||||
(Cost $29,702,890)
|
42,622,933 | |||||||
Taiwan 0.9%
|
||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $7,838,425)
|
3,838,716 | 9,177,120 | ||||||
United Kingdom 15.7%
|
||||||||
AMEC PLC
|
276,686 | 5,234,605 | ||||||
AstraZeneca PLC
|
215,490 | 10,507,211 | ||||||
BG Group PLC
|
651,008 | 15,882,609 | ||||||
Diageo PLC
|
429,231 | 8,392,091 | ||||||
HSBC Holdings PLC
|
2,391,001 | 26,315,447 | ||||||
Imperial Tobacco Group PLC
|
306,899 | 9,861,562 | ||||||
InterContinental Hotels Group PLC
|
235,419 | 5,234,208 | ||||||
Johnson Matthey PLC
|
85,986 | 2,597,072 | ||||||
Legal & General Group PLC
|
5,308,613 | 10,249,487 | ||||||
Old Mutual PLC
|
2,442,074 | 5,218,629 | ||||||
Prudential PLC
|
484,826 | 5,599,907 | ||||||
Reckitt Benckiser Group PLC
|
79,610 | 4,102,851 | ||||||
Rio Tinto PLC
|
198,008 | 13,966,977 | ||||||
Royal Bank of Scotland Group PLC*
|
11,159,611 | 8,212,942 | ||||||
Vodafone Group PLC
|
6,485,686 | 18,403,188 | ||||||
WPP PLC
|
1,027,433 | 14,134,413 | ||||||
(Cost $145,852,748)
|
163,913,199 | |||||||
Total Common Stocks (Cost $854,601,524)
|
996,968,575 | |||||||
Preferred Stocks 2.0%
|
||||||||
Brazil 1.1%
|
||||||||
Petroleo Brasileiro SA
|
343,794 | 5,905,537 | ||||||
Vale SA "A"
|
195,935 | 5,841,072 | ||||||
(Cost $10,865,398)
|
11,746,609 | |||||||
Germany 0.4%
|
||||||||
Volkswagen AG (Cost $3,872,479)
|
23,069 | 3,911,949 | ||||||
Korea 0.5%
|
||||||||
Samsung Electronics Co., Ltd. (Cost $5,062,757)
|
10,091 | 5,443,459 | ||||||
Total Preferred Stocks (Cost $19,800,634)
|
21,102,017 | |||||||
Rights 0.0%
|
||||||||
Sweden
|
||||||||
TeliaSonera AB, Expiration Date 3/25/2011* (Cost $13,824)
|
297,124 | 14,658 | ||||||
Securities Lending Collateral 5.7%
|
||||||||
Daily Assets Fund Institutional, 0.23% (b) (c) (Cost $59,783,864)
|
59,783,864 | 59,783,864 | ||||||
Cash Equivalents 2.5%
|
||||||||
Central Cash Management Fund, 0.17% (b) (Cost $25,386,718)
|
25,386,718 | 25,386,718 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $959,586,564)+
|
105.7 | 1,103,255,832 | ||||||
Other Assets and Liabilities, Net
|
(5.7 | ) | (59,652,576 | ) | ||||
Net Assets
|
100.0 | 1,043,603,256 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks & Preferred Stocks
|
||||||||||||||||
Australia
|
$ | — | $ | 67,942,301 | $ | — | $ | 67,942,301 | ||||||||
Brazil
|
18,167,657 | — | — | 18,167,657 | ||||||||||||
China
|
— | 5,637,606 | — | 5,637,606 | ||||||||||||
Denmark
|
— | 24,836,641 | — | 24,836,641 | ||||||||||||
Finland
|
— | 12,297,580 | — | 12,297,580 | ||||||||||||
France
|
— | 101,815,358 | — | 101,815,358 | ||||||||||||
Germany
|
— | 97,088,463 | — | 97,088,463 | ||||||||||||
Hong Kong
|
— | 24,022,829 | — | 24,022,829 | ||||||||||||
Italy
|
— | 45,914,991 | — | 45,914,991 | ||||||||||||
Japan
|
— | 238,074,088 | — | 238,074,088 | ||||||||||||
Korea
|
— | 5,443,459 | — | 5,443,459 | ||||||||||||
Mexico
|
7,696,788 | — | — | 7,696,788 | ||||||||||||
Netherlands
|
— | 36,872,961 | — | 36,872,961 | ||||||||||||
Norway
|
— | 10,029,060 | — | 10,029,060 | ||||||||||||
Russia
|
19,944,210 | 14,772,341 | — | 34,716,551 | ||||||||||||
Singapore
|
— | 24,608,835 | — | 24,608,835 | ||||||||||||
South Africa
|
— | 5,709,959 | — | 5,709,959 | ||||||||||||
Spain
|
— | 27,147,562 | — | 27,147,562 | ||||||||||||
Sweden
|
— | 14,334,651 | — | 14,334,651 | ||||||||||||
Switzerland
|
— | 42,622,933 | — | 42,622,933 | ||||||||||||
Taiwan
|
— | 9,177,120 | — | 9,177,120 | ||||||||||||
United Kingdom
|
— | 163,913,199 | — | 163,913,199 | ||||||||||||
Rights (e)
|
14,658 | — | — | 14,658 | ||||||||||||
Short-Term Investments (e)
|
85,170,582 | — | — | 85,170,582 | ||||||||||||
Total
|
$ | 130,993,895 | $ | 972,261,937 | $ | — | $ | 1,103,255,832 |
as of February 28, 2011 (Unaudited)
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $874,415,982) — including $57,504,332 of securities loaned
|
$ | 1,018,085,250 | ||
Investment in Daily Assets Fund Institutional (cost $59,783,864)*
|
59,783,864 | |||
Investment in Central Cash Management Fund (cost $25,386,718)
|
25,386,718 | |||
Total investments, at value (cost $959,586,564)
|
1,103,255,832 | |||
Foreign currency, at value (cost $1,199,351)
|
1,198,865 | |||
Receivable for Fund shares sold
|
1,128,885 | |||
Dividends receivable
|
1,529,963 | |||
Interest receivable
|
2,755 | |||
Foreign taxes recoverable
|
762,593 | |||
Other assets
|
57,961 | |||
Total assets
|
1,107,936,854 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
59,783,864 | |||
Payable for Fund shares redeemed
|
3,137,205 | |||
Accrued management fee
|
452,354 | |||
Other accrued expenses and payables
|
960,175 | |||
Total liabilities
|
64,333,598 | |||
Net assets, at value
|
$ | 1,043,603,256 | ||
Net Assets Consist of
|
||||
Distributions in excess of net investment income
|
(3,572,223 | ) | ||
Net unrealized appreciation (depreciation) on:
Investments
|
143,669,268 | |||
Foreign currency
|
89,414 | |||
Accumulated net realized gain (loss)
|
(869,109,495 | ) | ||
Paid-in capital
|
1,772,526,292 | |||
Net assets, at value
|
$ | 1,043,603,256 |
Statement of Assets and Liabilities as of February 28, 2011 (Unaudited) (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price(a) per share ($137,135,656 ÷ 2,932,085 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)
|
$ | 46.77 | ||
Maximum offering price per share (100 ÷ 94.25 of $46.77)
|
$ | 49.62 | ||
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($4,102,072 ÷ 88,360 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)
|
$ | 46.42 | ||
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($12,558,307 ÷ 270,767 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)
|
$ | 46.38 | ||
Class S
Net Asset Value, offering and redemption price(a) per share ($849,995,408 ÷ 18,092,834 shares of capital stock outstanding, $.01 par value, 200,595,597 shares authorized)
|
$ | 46.98 | ||
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($39,811,813 ÷ 851,059 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)
|
$ | 46.78 |
for the six months ended February 28, 2011 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $878,461)
|
$ | 8,816,225 | ||
Interest (net of foreign taxes withheld of $18)
|
840 | |||
Income distributions — Central Cash Management Fund
|
20,866 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
81,551 | |||
Total income
|
8,919,482 | |||
Expenses:
Management fee
|
2,927,155 | |||
Administration fee
|
518,081 | |||
Services to shareholders
|
1,122,588 | |||
Distribution and service fees
|
250,200 | |||
Custodian fee
|
106,363 | |||
Reports to shareholders
|
65,957 | |||
Professional fees
|
66,357 | |||
Registration fees
|
32,232 | |||
Directors' fees and expenses
|
16,838 | |||
Other
|
63,619 | |||
Total expenses before expense reductions
|
5,169,390 | |||
Expense reductions
|
(2,866 | ) | ||
Total expenses after expense reductions
|
5,166,524 | |||
Net investment income (loss)
|
3,752,958 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
83,447,603 | |||
Foreign currency
|
112,070 | |||
83,559,673 | ||||
Change in net unrealized appreciation (depreciation) on:
Investments
|
111,309,698 | |||
Foreign currency
|
96,438 | |||
111,406,136 | ||||
Net gain (loss)
|
194,965,809 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 198,718,767 |
Increase (Decrease) in Net Assets
|
Six Months Ended February 28, 2011 (Unaudited)
|
Year Ended August 31, 2010
|
||||||
Operations:
Net investment income (loss)
|
$ | 3,752,958 | $ | 14,710,443 | ||||
Net realized gain (loss)
|
83,559,673 | 88,722,205 | ||||||
Change in net unrealized appreciation (depreciation)
|
111,406,136 | (177,213,762 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
198,718,767 | (73,781,114 | ) | |||||
Distributions to shareholders from:
Net investment income:
Class A
|
(2,952,727 | ) | (2,567,586 | ) | ||||
Class B
|
(58,130 | ) | (56,850 | ) | ||||
Class C
|
(172,654 | ) | (120,129 | ) | ||||
Class S
|
(20,863,169 | ) | (19,171,232 | ) | ||||
Institutional Class
|
(936,616 | ) | (1,068,290 | ) | ||||
Total distributions
|
(24,983,296 | ) | (22,984,087 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
20,757,703 | 66,440,555 | ||||||
Reinvestment of distributions
|
22,861,233 | 21,305,677 | ||||||
Payments for shares redeemed
|
(128,707,243 | ) | (263,939,796 | ) | ||||
Redemption fees
|
2,842 | 5,570 | ||||||
Net increase (decrease) in net assets from Fund share transactions
|
(85,085,465 | ) | (176,187,994 | ) | ||||
Increase from regulatory settlements (see Note F)
|
— | 11,199,212 | ||||||
Increase (decrease) in net assets
|
88,650,006 | (261,753,983 | ) | |||||
Net assets at beginning of period
|
954,953,250 | 1,216,707,233 | ||||||
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $3,572,223 and $17,658,115, respectively)
|
$ | 1,043,603,256 | $ | 954,953,250 |
Class A
Years Ended August 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 39.41 | $ | 42.89 | $ | 56.22 | $ | 67.17 | $ | 57.01 | $ | 47.44 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
.10 | .45 | .62 | 1.29 | e | .77 | e | 1.13 | e | |||||||||||||||
Net realized and unrealized gain (loss)
|
8.24 | (3.65 | ) | (12.54 | ) | (11.62 | ) | 11.05 | 9.31 | |||||||||||||||
Total from investment operations
|
8.34 | (3.20 | ) | (11.92 | ) | (10.33 | ) | 11.82 | 10.44 | |||||||||||||||
Less distributions from:
Net investment income
|
(.98 | ) | (.70 | ) | (1.41 | ) | (.62 | ) | (1.66 | ) | (.87 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .42 | g | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 46.77 | $ | 39.41 | $ | 42.89 | $ | 56.22 | $ | 67.17 | $ | 57.01 | ||||||||||||
Total Return (%)c
|
21.25 | ** | (6.60 | )g | (20.46 | )d | (15.58 | )f | 21.03 | d | 22.24 | d | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
137 | 128 | 163 | 244 | 308 | 241 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.26 | * | 1.24 | 1.29 | 1.22 | 1.24 | 1.32 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.26 | * | 1.24 | 1.28 | 1.22 | 1.24 | 1.30 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.46 | * | 1.02 | 1.70 | 1.94 | e | 1.21 | e | 2.16 | e | ||||||||||||||
Portfolio turnover rate (%)
|
86 | ** | 166 | 108 | 133 | 104 | 76 | |||||||||||||||||
a For the six months ended February 28, 2011 (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 Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.52, $0.31 and $0.51 per share and 0.79%, 0.49% and 0.98% of average daily net assets for the years ended August 31, 2008, 2007 and 2006, respectively.
f Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of trades executed incorrectly during the period. Excluding this reimbursement, total return would have been (15.64)%.
g Includes a non-recurring payment from the Advisor which amounted to $0.323 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.097 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.96% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Class B
Years Ended August 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 38.96 | $ | 42.43 | $ | 55.54 | $ | 66.32 | $ | 56.18 | $ | 46.74 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
(.08 | ) | .11 | .35 | .76 | e | .23 | e | .51 | e | ||||||||||||||
Net realized and unrealized gain (loss)
|
8.15 | (3.64 | ) | (12.35 | ) | (11.54 | ) | 10.89 | 9.26 | |||||||||||||||
Total from investment operations
|
8.07 | (3.53 | ) | (12.00 | ) | (10.78 | ) | 11.12 | 9.77 | |||||||||||||||
Less distributions from:
Net investment income
|
(.61 | ) | (.36 | ) | (1.11 | ) | (.00 | )*** | (.98 | ) | (.33 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .42 | g | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 46.42 | $ | 38.96 | $ | 42.43 | $ | 55.54 | $ | 66.32 | $ | 56.18 | ||||||||||||
Total Return (%)c,d
|
20.72 | ** | (7.34 | )g | (21.02 | ) | (16.27 | )f | 20.01 | 20.92 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
4 | 4 | 8 | 16 | 29 | 28 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.24 | * | 2.15 | 2.25 | 2.10 | 2.16 | 2.42 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.11 | * | 2.03 | 2.03 | 2.03 | 2.14 | 2.35 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(.39 | )* | .23 | .95 | 1.14 | e | .31 | e | 1.00 | e | ||||||||||||||
Portfolio turnover rate (%)
|
86 | ** | 166 | 108 | 133 | 104 | 76 | |||||||||||||||||
a For the six months ended February 28, 2011 (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 Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.52, $0.31 and $0.51 per share and 0.79%, 0.49% and 0.98% of average daily net assets for the years ended August 31, 2008, 2007 and 2006, respectively.
f Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of trades executed incorrectly during the period. Excluding this reimbursement, total return would have been (16.33)%.
g Includes a non-recurring payment from the Advisor which amounted to $0.323 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.097 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.96% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Class C
Years Ended August 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 38.91 | $ | 42.36 | $ | 55.47 | $ | 66.29 | $ | 56.22 | $ | 46.74 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
(.06 | ) | .12 | .35 | .79 | e | .30 | e | .67 | e | ||||||||||||||
Net realized and unrealized gain (loss)
|
8.15 | (3.63 | ) | (12.35 | ) | (11.52 | ) | 10.90 | 9.21 | |||||||||||||||
Total from investment operations
|
8.09 | (3.51 | ) | (12.00 | ) | (10.73 | ) | 11.20 | 9.88 | |||||||||||||||
Less distributions from:
Net investment income
|
(.62 | ) | (.36 | ) | (1.11 | ) | (.09 | ) | (1.13 | ) | (.40 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .42 | g | — | — | — | — | |||||||||||||||||
Redemption fees
|
00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 46.38 | $ | 38.91 | $ | 42.36 | $ | 55.47 | $ | 66.29 | $ | 56.22 | ||||||||||||
Total Return (%)c
|
20.79 | ** | (7.31 | )g | (21.04 | )d | (16.24 | )f | 20.10 | d | 21.26 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
13 | 12 | 15 | 24 | 32 | 23 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.03 | * | 2.02 | 2.10 | 2.01 | 2.01 | 2.11 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.03 | * | 2.02 | 2.03 | 2.01 | 2.01 | 2.11 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(.31 | )* | .24 | .95 | 1.16 | e | .44 | e | 1.31 | e | ||||||||||||||
Portfolio turnover rate (%)
|
86 | ** | 166 | 108 | 133 | 104 | 76 | |||||||||||||||||
a For the six months ended February 28, 2011 (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 Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.52, $0.31 and $0.51 per share and 0.79%, 0.49% and 0.98% of average daily net assets for the years ended August 31, 2008, 2007 and 2006, respectively.
f Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of trades executed incorrectly during the period. Excluding this reimbursement, total return would have been (16.30)%.
g Includes a non-recurring payment from the Advisor which amounted to $0.323 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.097 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.96% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Class S
Years Ended August 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 39.64 | $ | 43.16 | $ | 56.55 | $ | 67.57 | $ | 57.34 | $ | 47.74 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
.17 | .58 | .74 | 1.48 | d | .97 | d | 1.28 | d | |||||||||||||||
Net realized and unrealized gain (loss)
|
8.30 | (3.66 | ) | (12.61 | ) | (11.66 | ) | 11.11 | 9.37 | |||||||||||||||
Total from investment operations
|
8.47 | (3.08 | ) | (11.87 | ) | (10.18 | ) | 12.08 | 10.65 | |||||||||||||||
Less distributions from:
Net investment income
|
(1.13 | ) | (.86 | ) | (1.52 | ) | (.84 | ) | (1.85 | ) | (1.05 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .42 | f | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 46.98 | $ | 39.64 | $ | 43.16 | $ | 56.55 | $ | 67.57 | $ | 57.34 | ||||||||||||
Total Return (%)
|
21.45 | ** | (6.32 | )f | (20.18 | ) | (15.33 | )e | 21.42 | c | 22.61 | c | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
850 | 780 | 986 | 1,480 | 1,870 | 1,390 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
.94 | * | .94 | .94 | .93 | .93 | 1.02 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
.94 | * | .94 | .94 | .93 | .93 | 1.01 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.78 | * | 1.32 | 2.04 | 2.24 | d | 1.52 | d | 2.40 | d | ||||||||||||||
Portfolio turnover rate (%)
|
86 | ** | 166 | 108 | 133 | 104 | 76 | |||||||||||||||||
a For the six months ended February 28, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.52, $0.31 and $0.51 per share and 0.79%, 0.49% and 0.98% of average daily net assets for the years ended August 31, 2008, 2007 and 2006, respectively.
e Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of trades executed incorrectly during the period. Excluding this reimbursement, total return would have been (15.39)%.
f Includes a non-recurring payment from the Advisor which amounted to $0.323 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.097 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.96% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Institutional Class
Years Ended August 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 39.50 | $ | 43.00 | $ | 56.35 | $ | 67.34 | $ | 57.10 | $ | 47.58 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
.21 | .63 | .79 | 1.58 | d | 1.06 | d | 1.52 | d | |||||||||||||||
Net realized and unrealized gain (loss)
|
8.25 | (3.63 | ) | (12.58 | ) | (11.64 | ) | 11.06 | 9.12 | |||||||||||||||
Total from investment operations
|
8.46 | (3.00 | ) | (11.79 | ) | (10.06 | ) | 12.12 | 10.64 | |||||||||||||||
Less distributions from:
Net investment income
|
(1.18 | ) | (.92 | ) | (1.56 | ) | (.93 | ) | (1.88 | ) | (1.12 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .42 | f | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 46.78 | $ | 39.50 | $ | 43.00 | $ | 56.35 | $ | 67.34 | $ | 57.10 | ||||||||||||
Total Return (%)
|
21.53 | ** | (6.21 | )f | (20.06 | ) | (15.22 | )e | 21.60 | c | 22.65 | c | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
40 | 31 | 44 | 53 | 26 | 8 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
.80 | * | .81 | .81 | .80 | .79 | .98 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
.80 | * | .81 | .81 | .80 | .79 | .96 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.92 | * | 1.45 | 2.17 | 2.36 | d | 1.66 | d | 2.87 | d | ||||||||||||||
Portfolio turnover rate (%)
|
86 | ** | 166 | 108 | 133 | 104 | 76 | |||||||||||||||||
a For the six months ended February 28, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.52, $0.31 and $0.51 per share and 0.79%, 0.49% and 0.98% of average daily net assets for the years ended August 31, 2008, 2007 and 2006, respectively.
e Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of trades executed incorrectly during the period. Excluding this reimbursement, total return would have been (15.28)%.
f Includes a non-recurring payment from the Advisor which amounted to $0.323 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.097 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.96% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
First $2.5 billion of the Fund's average daily net assets
|
.565 | % | ||
Next $2.5 billion of such net assets
|
.545 | % | ||
Next $5 billion of such net assets
|
.525 | % | ||
Next $5 billion of such net assets
|
.515 | % | ||
Over $15 billion of such net assets
|
.465 | % |
Class A
|
1.28%
|
Class B
|
2.03%
|
Class C
|
2.03%
|
Class S
|
.95%
|
Institutional Class
|
.88%
|
Services to Shareholders
|
Total Aggregated
|
Waived
|
Unpaid at February 28, 2011
|
|||||||||
Class A
|
$ | 168,795 | $ | — | $ | 90,044 | ||||||
Class B
|
9,563 | 2,866 | 5,980 | |||||||||
Class C
|
15,205 | — | 7,808 | |||||||||
Class S
|
543,695 | — | 289,259 | |||||||||
Institutional Class
|
8,664 | — | 3,946 | |||||||||
$ | 745,922 | $ | 2,866 | $ | 397,037 |
Distribution Fee
|
Total Aggregated
|
Unpaid at February 28, 2011
|
||||||
Class B
|
$ | 16,316 | $ | 2,396 | ||||
Class C
|
46,785 | 7,232 | ||||||
$ | 63,101 | $ | 9,628 |
Service Fee
|
Total Aggregated
|
Unpaid at February 28, 2011
|
Annualized Effective Rate
|
|||||||||
Class A
|
$ | 166,150 | $ | 54,812 | .24 | % | ||||||
Class B
|
5,388 | 1,700 | .25 | % | ||||||||
Class C
|
15,561 | 5,065 | .25 | % | ||||||||
$ | 187,099 | $ | 61,577 |
Six Months Ended
February 28, 2011
|
Year Ended
August 31, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
131,188 | $ | 5,910,276 | 317,328 | $ | 13,966,863 | ||||||||||
Class B
|
467 | 21,370 | 12,502 | 559,821 | ||||||||||||
Class C
|
16,866 | 752,691 | 45,958 | 1,956,399 | ||||||||||||
Class S
|
203,064 | 9,251,797 | 761,248 | 33,451,948 | ||||||||||||
Institutional Class
|
105,699 | 4,821,569 | 393,813 | 16,505,524 | ||||||||||||
$ | 20,757,703 | $ | 66,440,555 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
62,399 | $ | 2,799,232 | 54,564 | $ | 2,447,221 | ||||||||||
Class B
|
1,272 | 56,747 | 1,242 | 55,372 | ||||||||||||
Class C
|
3,629 | 161,614 | 2,487 | 110,737 | ||||||||||||
Class S
|
425,145 | 19,148,504 | 391,471 | 17,624,057 | ||||||||||||
Institutional Class
|
15,506 | 695,136 | 23,835 | 1,068,290 | ||||||||||||
$ | 22,861,233 | $ | 21,305,677 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(498,584 | ) | $ | (22,390,339 | ) | (944,886 | ) | $ | (40,836,917 | ) | ||||||
Class B
|
(22,586 | ) | (1,002,031 | ) | (92,216 | ) | (4,046,202 | ) | ||||||||
Class C
|
(48,891 | ) | (2,167,173 | ) | (95,438 | ) | (4,076,999 | ) | ||||||||
Class S
|
(2,221,776 | ) | (100,551,681 | ) | (4,320,566 | ) | (186,452,364 | ) | ||||||||
Institutional Class
|
(57,656 | ) | (2,596,019 | ) | (660,119 | ) | (28,527,314 | ) | ||||||||
$ | (128,707,243 | ) | $ | (263,939,796 | ) | |||||||||||
Redemption fees
|
$ | 2,842 | $ | 5,570 | ||||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(304,997 | ) | $ | (13,680,827 | ) | (572,994 | ) | $ | (24,422,005 | ) | ||||||
Class B
|
(20,847 | ) | (923,914 | ) | (78,472 | ) | (3,431,008 | ) | ||||||||
Class C
|
(28,396 | ) | (1,252,868 | ) | (46,993 | ) | (2,009,824 | ) | ||||||||
Class S
|
(1,593,567 | ) | (72,148,542 | ) | (3,167,847 | ) | (135,371,935 | ) | ||||||||
Institutional Class
|
63,549 | 2,920,686 | (242,471 | ) | (10,953,222 | ) | ||||||||||
$ | (85,085,465 | ) | $ | (176,187,994 | ) |
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
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||
Nasdaq Symbol
|
SUIAX
|
SUIBX
|
SUICX
|
SCINX
|
SUIIX
|
|
CUSIP Number
|
23337R 858
|
23337R 841
|
23337R 833
|
23337R 817
|
23337R 791
|
|
Fund Number
|
468
|
668
|
768
|
2068
|
1468
|
FACTS
|
What Does DWS Investments Do With Your Personal Information?
|
|
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
|
|
What?
|
The types of personal information we collect and share can include:
• Social Security number
• Account balances
• Purchase and transaction history
• Bank account information
• Contact information such as mailing address, e-mail address and telephone number
|
|
How?
|
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.
|
Reasons we can share your personal information
|
Does DWS Investments share?
|
Can you limit this sharing?
|
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
|
Yes
|
No
|
For our marketing purposes — to offer our products and services to you
|
Yes
|
No
|
For joint marketing with other financial companies
|
No
|
We do not share
|
For our affiliates' everyday business purposes — information about your transactions and experiences
|
No
|
We do not share
|
For our affiliates' everyday business purposes — information about your creditworthiness
|
No
|
We do not share
|
For non-affiliates to market to you
|
No
|
We do not share
|
Questions?
|
Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com
|
Who we are
|
|
Who is providing this notice?
|
DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
|
What we do
|
|
How does DWS Investments protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
|
How does DWS Investments collect my personal information?
|
We collect your personal information, for example. When you:
• open an account
• give us your contact information
• provide bank account information for ACH or wire transactions
• tell us where to send money
• seek advice about your investments
|
Why can't I limit all sharing?
|
Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes — information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
|
Non-affiliates
|
Companies not related by common ownership or control. They can be financial and non-financial companies.
Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
|
Joint marketing
|
A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.
|
Rev. 09/2010
|
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.
|
Registrant:
|
DWS International Fund, a series of DWS International Fund, Inc.
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
Date:
|
April 25, 2011
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
Date:
|
April 25, 2011
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
April 25, 2011
|
1.
|
I have reviewed this report, filed on behalf of DWS International Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
April 25, 2011
|
/s/Michael G. Clark
|
Michael G. Clark
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of DWS International Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
April 25, 2011
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of DWS International 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.
|
1.
|
I have reviewed this report, filed on behalf of DWS International 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.
|