N-CSRS 1 sr043011eme.htm DWS EMERGING MARKETS EQUITY FUND sr043011eme.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number   811-00642

 
DWS International Fund, Inc.
 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue
New York, NY 10154-0004
 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (201) 593-6408

Paul Schubert
100 Plaza One
Jersey City, NJ 07311
 (Name and Address of Agent for Service)

Date of fiscal year end:
10/31
   
Date of reporting period:
4/30/2011

ITEM 1.
REPORT TO STOCKHOLDERS
   
 
APRIL 30, 2011
Semiannual Report
to Shareholders
 
DWS Emerging Markets
Equity Fund
 
Contents
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
35 Summary of Management Fee Evaluation by Independent Fee Consultant
39 Account Management Resources
40 Privacy Statement
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Stocks may decline in value. See the prospectus for details.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Performance Summary April 30, 2011
Average Annual Total Returns as of 4/30/11
Unadjusted for Sales Charge
6-Month‡
1-Year
3-Year
5-Year
10-Year
  
Class A
6.69%
15.92%
-4.50%
4.72%
13.53%
  
Class B
6.21%
14.85%
-5.42%
3.73%
12.54%
  
Class C
6.28%
14.94%
-5.33%
3.82%
12.60%
  
Adjusted for the Maximum Sales Charge
            
Class A (max 5.75% load)
0.56%
9.25%
-6.37%
3.49%
12.86%
  
Class B (max 4.00% CDSC)
2.21%
11.85%
-6.06%
3.61%
12.54%
  
Class C (max 1.00% CDSC)
5.28%
14.94%
-5.33%
3.82%
12.60%
  
No Sales Charges
          
Life of Institutional Class*
Class S
6.82%
16.19%
-4.23%
4.97%
13.81%
N/A
Institutional Class
6.92%
16.41%
-4.09%
N/A
N/A
-2.63%
MSCI Emerging Markets Index+
9.74%
20.67%
2.69%
9.85%
16.58%
3.31%
 
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
 
‡ Total returns shown for periods less than one year are not annualized.
 
* Institutional Class commenced operations on March 3, 2008. Index returns began on February 29, 2008.
Average Annual Total Returns as of 3/31/11 (most recent calendar quarter end)
Unadjusted for Sales Charge
1-Year
3-Year
5-Year
10-Year
  
Class A
12.47%
-3.07%
5.58%
13.76%
  
Class B
11.39%
-4.00%
4.59%
12.76%
  
Class C
11.44%
-3.92%
4.67%
12.83%
  
Adjusted for the Maximum Sales Charge
          
Class A (max 5.75% load)
6.00%
-4.96%
4.33%
13.09%
  
Class B (max 4.00% CDSC)
8.39%
-4.64%
4.47%
12.76%
  
Class C (max 1.00% CDSC)
11.44%
-3.92%
4.67%
12.83%
  
No Sales Charges
        
Life of Institutional Class*
Class S
12.66%
-2.80%
5.82%
14.03%
N/A
Institutional Class
12.87%
-2.65%
N/A
N/A
-3.77%
MSCI Emerging Markets Index+
18.46%
4.32%
10.70%
16.79%
2.38%
 
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
 
* Institutional Class commenced operations on March 3, 2008. Index returns began on February 29, 2008.
 
Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
 
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated April 15, 2011 are 1.75%, 2.69%, 2.58%, 1.55% and 1.32% for Class A, Class B, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
 
The Fund may charge a 2% fee for redemptions of shares held less than 15 days.
 
Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
 
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
 
Returns shown for Class A, B and C shares for the period prior to their inception on May 29, 2001 are derived from the historical performance of Class S shares of DWS Emerging Markets Equity Fund during such period and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
[] DWS Emerging Markets Equity Fund — Class A
[] MSCI Emerging Markets Index+
Yearly periods ended April 30
 
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
 
The growth of $10,000 is cumulative.
 
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
 
+ The Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged, capitalization-weighted index of companies in a universe of 26 emerging markets. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.
Net Asset Value and Distribution Information
  
   
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Net Asset Value:
4/30/11
   $ 19.59     $ 17.79     $ 17.93     $ 19.83     $ 19.86  
10/31/10
   $ 18.47     $ 16.75     $ 16.87     $ 18.72     $ 18.77  
Distribution Information:
Six Months as of 4/30/11:
Income Dividends
   $ .11     $ —     $ —     $ .16     $ .20  
 

Lipper Rankings — Emerging Markets Funds Category as of 4/30/11
Period
Rank
  
Number of Fund Classes Tracked
Percentile Ranking (%)
Class A
1-Year
316
of
396
80
3-Year
264
of
288
92
5-Year
185
of
201
92
Class B
1-Year
338
of
396
86
3-Year
270
of
288
94
5-Year
188
of
201
94
Class C
1-Year
337
of
396
85
3-Year
268
of
288
93
5-Year
187
of
201
93
Class S
1-Year
309
of
396
78
3-Year
262
of
288
91
5-Year
181
of
201
90
10-Year
99
of
123
80
Institutional Class
1-Year
307
of
396
78
3-Year
261
of
288
91
 
Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.
 
Information About Your Fund's Expenses
 
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2010 to April 30, 2011).
 
The tables illustrate your Fund's expenses in two ways:
 
•Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
 
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.
Expenses and Value of a $1,000 Investment for the six months ended April 30, 2011
  
Actual Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,066.90     $ 1,062.10     $ 1,062.80     $ 1,068.20     $ 1,069.20  
Expenses Paid per $1,000*
   $ 8.97     $ 13.70     $ 13.14     $ 7.79     $ 6.82  
Hypothetical 5% Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 11/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/11
   $ 1,016.12     $ 1,011.50     $ 1,012.05     $ 1,017.26     $ 1,018.20  
Expenses Paid per $1,000*
   $ 8.75     $ 13.37     $ 12.82     $ 7.60     $ 6.66  
 
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
Class A
Class B
Class C
Class S
Institutional Class
DWS Emerging Markets Equity Fund
1.75%
2.68%
2.57%
1.52%
1.33%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)
4/30/11
10/31/10
     
Common Stocks
95%
95%
Preferred Stocks
4%
3%
Cash Equivalents
1%
—
Participatory Notes
—
2%
 
100%
100%
 

Geographical Diversification
(As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)
4/30/11
10/31/10
     
Brazil
18%
23%
Korea*
16%
11%
China
15%
16%
Hong Kong
11%
12%
Russia
10%
6%
Taiwan
9%
7%
India
4%
9%
Malaysia
4%
—
Indonesia
3%
3%
Mexico
3%
4%
Canada
2%
2%
Other
5%
7%
 
100%
100%
 

Sector Diversification (As a % of Common Stocks, Preferred Stocks and Participatory Notes)
4/30/11
10/31/10
     
Energy
19%
15%
Information Technology
17%
12%
Consumer Discretionary
15%
15%
Financials
14%
18%
Materials
13%
13%
Industrials
10%
9%
Consumer Staples
10%
15%
Telecommunication Services
1%
2%
Utilities
1%
1%
 
100%
100%
 
Asset allocation, geographical diversification and sector diversification are subject to change.
 
* Includes futures.
Ten Largest Equity Holdings at April 30, 2011 (30.3% of Net Assets)
Country
Percent
1. Samsung Electronics Co., Ltd.
Manufacturer of electronic parts
Korea
4.6%
2. Gazprom OAO
Extracts, transports and sells natural gas
Russia
4.1%
3. Vale SA
Producer and seller of a variety of mining products
Brazil
3.9%
4. Hyundai Mobis
Manufactures and markets automotive parts and equipment such as automotive service components, modules and systems
Korea
3.8%
5. China Yurun Food Group Ltd.
Supplier of meat products
Hong Kong
2.7%
6. Sberbank of Russia
Attracts deposits and offers commercial banking services
Russia
2.4%
7. Petroleo Brasileiro SA
Producer and distributor of petroleum
Brazil
2.3%
8. SouthGobi Resources Ltd.
Mines metallurgical and thermal coal in Mongolia
Canada
2.2%
9. China National Building Material Co., ltd.
Manufactures building materials
China
2.2%
10. Kia Motors Corp.
Manufactures, sells and exports passenger cars, minibuses, trucks and commercial vehicles
Korea
2.1%
 
Portfolio holdings are subject to change.
 
For more complete details about the Fund's investment portfolio, see page 11. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for contact information.
 
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of April 30, 2011 (Unaudited)
   
Shares
    
Value ($)
  
       
Common Stocks 94.8%
  
Australia 0.3%
  
Anvil Mining Ltd.* (Cost $677,667)
     142,000       959,024  
Brazil 14.1%
  
All America Latina Logistica
     140,000       1,156,878  
Banco Santander Brasil SA (Units)
     190,000       2,185,990  
BM&F BOVESPA SA
     170,000       1,276,189  
Lojas Renner SA
     41,702       1,538,775  
Natura Cosmeticos SA
     104,000       2,928,553  
OGX Petroleo e Gas Participacoes SA*
     529,000       5,679,386  
OSX Brasil SA*
     4,900       1,370,455  
PDG Realty SA Empreendimentos e Participacoes
     293,000       1,720,900  
Petroleo Brasileiro SA
     175,000       3,213,673  
Petroleo Brasileiro SA (ADR)
     95,000       3,546,350  
Rossi Residencial SA
     300,000       2,812,738  
Santos Brasil Participacoes SA (Units)
     130,000       2,491,419  
Vale SA (ADR) (a)
     164,000       5,477,600  
Vale SA (ADR) (Preferred) (a)
     203,000       6,069,700  
(Cost $36,710,165)
       41,468,606  
Canada 2.2%
  
SouthGobi Resources Ltd.* (b) (Cost $5,410,954)
     513,900       6,484,751  
Cayman Islands 1.3%
  
Golden Eagle Retail Group Ltd. (c) (Cost $3,049,604)
     1,480,000       3,849,477  
China 14.9%
  
BaWang International Group Holding Ltd. (a)
     3,200,000       890,005  
Changsha Zoomlion Heavy Industry Science & Technology Development Co., Ltd. "H"*
     798,000       2,116,697  
China Construction Bank Corp. "H"
     4,649,000       4,399,826  
China Life Insurance Co., Ltd. (ADR) (a)
     41,000       2,201,290  
China National Building Material Co., Ltd. "H"
     3,010,000       6,325,215  
China Shenhua Energy Co., Ltd. "H"
     997,000       4,653,630  
China Southern Airlines Co., Ltd. "H"* (a)
     3,920,000       2,039,182  
Greatview Aseptic Packaging Co., Ltd.*
     889,000       611,268  
Industrial & Commercial Bank of China Ltd. "H"
     4,516,527       3,820,838  
iSoftStone Holdings Ltd. (ADR)*
     57,538       1,140,403  
Jiangxi Copper Co., Ltd. "H"
     975,000       3,308,064  
Kingdee International Software Group Co., Ltd.
     5,555,030       3,562,086  
Lonking Holdings Ltd.
     4,129,881       3,041,741  
Shenzhen Expressway Co., Ltd. "H"
     1,400,000       937,389  
Uni-President China Holdings Ltd. (a)
     4,797,000       2,754,820  
Yingli Green Energy Holding Co., Ltd. (ADR)* (a)
     140,000       1,754,200  
(Cost $36,822,384)
       43,556,654  
Hong Kong 11.3%
  
Belle International Holdings Ltd.
     1,821,809       3,565,620  
China Mengniu Dairy Co., Ltd. (c)
     1,345,000       4,147,787  
China Yurun Food Group Ltd. (c)
     2,182,000       8,007,340  
CNOOC Ltd.
     2,042,000       5,037,788  
GOME Electrical Appliances Holding Ltd.* (c)
     9,900,000       3,569,290  
Hengan International Group Co., Ltd. (c)
     442,000       3,431,849  
PAX Global Technology Ltd.*
     3,774,000       1,375,235  
Vitasoy International Holdings Ltd.
     4,490,000       3,856,211  
(Cost $27,019,748)
       32,991,120  
India 4.1%
  
Bharat Heavy Electricals Ltd.
     31,200       1,413,473  
Bharti Airtel Ltd.
     155,000       1,331,776  
Hero Honda Motors Ltd.
     33,000       1,274,771  
Housing Development Finance Corp., Ltd.
     73,000       1,168,925  
ICICI Bank Ltd.
     60,000       1,504,648  
Larsen & Toubro Ltd.
     76,245       2,750,614  
Sintex Industries Ltd.
     350,000       1,374,986  
Sobha Developers Ltd.
     199,000       1,274,608  
(Cost $8,783,523)
       12,093,801  
Indonesia 3.1%
  
Astra International Tbk PT
     525,000       3,442,171  
Harum Energy Tbk PT*
     1,800,000       2,017,749  
Indocement Tunggal Prakarsa Tbk PT
     1,850,000       3,672,349  
(Cost $7,491,377)
       9,132,269  
Korea 14.1%
  
Hyundai Mobis
     33,050       11,071,665  
Hyundai Motor Co.
     18,000       4,140,344  
Kia Motors Corp.
     87,500       6,278,869  
LG Display Co., Ltd.
     103,500       3,718,332  
POSCO
     6,300       2,751,272  
Samsung Electronics Co., Ltd.
     16,031       13,358,543  
(Cost $31,262,223)
       41,319,025  
Luxembourg 0.8%
  
Evraz Group SA (GDR) (REG S)*
     35,000       1,186,500  
Tenaris SA (ADR) (a)
     25,000       1,269,750  
(Cost $2,372,496)
       2,456,250  
Malaysia 3.6%
  
Bursa Malaysia Bhd.
     950,000       2,575,456  
Gamuda Bhd.
     2,150,000       2,714,720  
Petronas Chemicals Group Bhd.*
     950,000       2,318,872  
Sime Darby Bhd.
     966,000       2,941,702  
(Cost $10,048,410)
       10,550,750  
Mexico 2.8%
  
America Movil SAB de CV "L" (ADR) (a)
     20,000       1,144,000  
Genomma Lab Internacional SAB de CV "B"*
     480,000       1,200,865  
Grupo Mexico SAB de CV "B"
     440,000       1,523,528  
OHL Mexico SAB de CV*
     1,426,428       2,970,150  
Wal-Mart de Mexico SAB de CV "V"
     460,000       1,438,537  
(Cost $6,638,766)
       8,277,080  
Poland 0.8%
  
Powszechny Zaklad Ubezpieczen SA (Cost $1,980,580)
     16,200       2,276,189  
Russia 9.6%
  
Gazprom OAO (ADR) (d)
     350,000       5,937,949  
Gazprom OAO (ADR) (d)
     350,000       5,971,000  
LUKOIL (ADR) (d)
     37,000       2,578,900  
LUKOIL (ADR) (d)
     22,398       1,550,709  
Sberbank of Russia
     1,951,000       7,130,905  
TMK OAO (GDR) REG S* (d)
     134,550       2,762,495  
TMK OAO (GDR) REG S* (d)
     28,000       573,720  
Uralkali (GDR) REG S
     41,000       1,720,770  
(Cost $25,426,271)
       28,226,448  
Taiwan 8.6%
  
Catcher Technology Co., Ltd.
     763,000       4,795,642  
Hon Hai Precision Industry Co., Ltd.
     1,320,000       5,000,960  
Quanta Computer, Inc.
     1,145,000       2,258,935  
Synnex Technology International Corp.
     1,290,000       3,292,735  
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (a)
     395,999       5,345,987  
TXC Corp.
     975,000       1,909,929  
Wistron Corp.
     1,445,313       2,599,075  
(Cost $22,077,122)
       25,203,263  
Turkey 1.5%
  
Akenerji Elektrik Uretim AS*
     510,000       1,287,574  
TAV Havalimanlari Holding AS*
     610,000       3,080,079  
(Cost $3,168,144)
       4,367,653  
United Kingdom 1.1%
  
Cove Energy PLC*
     1,250,000       1,963,262  
Tullow Oil PLC (e)
     51,000       1,221,410  
(Cost $2,930,123)
       3,184,672  
United States 0.6%
  
Southern Copper Corp. (a) (f) (Cost $1,492,736)
     43,000       1,610,780  
Total Common Stocks (Cost $233,362,293)
       278,007,812  
   
Preferred Stocks 3.6%
  
Brazil
  
Banco Bradesco SA
     177,220       3,538,317  
Banco do Estado do Rio Grande do Sul SA "B"
     250,000       3,003,432  
Itau Unibanco Holding SA
     175,000       4,126,939  
Total Preferred Stocks (Cost $7,954,952)
       10,668,688  
   
Securities Lending Collateral 8.3%
  
Daily Assets Fund Institutional, 0.18% (g) (h) (Cost $24,189,782)
     24,189,782       24,189,782  
   
Cash Equivalents 1.3%
  
Central Cash Management Fund, 0.14% (g) (Cost $3,868,933)
     3,868,933       3,868,933  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $269,375,960)+
     108.0       316,735,215  
Other Assets and Liabilities, Net
     (8.0 )     (23,327,229 )
Net Assets
     100.0       293,407,986  
 
* Non-income producing security.
 
+ The cost for federal income tax purposes was $272,043,257. At April 30, 2011, net unrealized appreciation for all securities based on tax cost was $44,691,958. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $55,807,248 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,115,290.
 
(a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at April 30, 2011 amounted to $23,629,387, which is 8.1% of net assets.
 
(b) Security is listed in country of domicile. Significant business activities of company are in Mongolia.
 
(c) Security is listed in country of domicile. Significant business activities of company are in China.
 
(d) Securities with the same description are the same corporate entity but trade on different stock exchanges.
 
(e) Security is listed in country of domicile. Significant business activities of company are in Africa and South Asia.
 
(f) Security is listed in country of domicile. Significant business activities of company are in Latin America.
 
(g) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
 
(h) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
 
ADR: American Depositary Receipt
 
GDR: Global Depositary Receipt
 
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
 
At April 30, 2011, open futures contracts purchased were as follows:
Futures
Currency
Expiration Date
  
Contracts
    
Notional Value ($)
    
Unrealized Appreciation ($)
  
KOSPI 200 Index
KRW
6/9/2011
     44       5,971,912       516,307  
 

Currency Abbreviation
KRW South Korean Won
 
For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used as of April 30, 2011 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common and Preferred Stocks
  
Australia
   $ 959,024     $ —     $ —     $ 959,024  
Brazil
     52,137,294       —       —       52,137,294  
Canada
     —       6,484,751       —       6,484,751  
Cayman Islands
     —       3,849,477       —       3,849,477  
China
     5,095,893       38,460,761       —       43,556,654  
Hong Kong
     —       32,991,120       —       32,991,120  
India
     —       12,093,801       —       12,093,801  
Indonesia
     —       9,132,269       —       9,132,269  
Korea
     —       41,319,025       —       41,319,025  
Luxembourg
     2,456,250       —       —       2,456,250  
Malaysia
     —       10,550,750       —       10,550,750  
Mexico
     8,277,080       —       —       8,277,080  
Poland
     —       2,276,189       —       2,276,189  
Russia
     4,873,390       23,353,058       —       28,226,448  
Taiwan
     5,345,987       19,857,276       —       25,203,263  
Turkey
     —       4,367,653       —       4,367,653  
United Kingdom
     —       3,184,672       —       3,184,672  
United States
     1,610,780       —       —       1,610,780  
Short-Term Investments (i)
     28,058,715       —       —       28,058,715  
Derivatives (j)
     516,307       —       —       516,307  
Total
   $ 109,330,720     $ 207,920,802     $ —     $ 317,251,522  
 
There have been no significant transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
 
(i) See Investment Portfolio for additional detailed categorizations.
 
(j) Derivatives include unrealized appreciation (depreciation) on open futures contracts.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2011 (Unaudited)
  
Assets
  
Investments:
Investments in non-affiliated securities, at value (cost $241,317,245) — including $23,629,387 of securities loaned
   $ 288,676,500  
Investment in Daily Assets Fund Institutional (cost $24,189,782)*
     24,189,782  
Investment in Central Cash Management Fund (cost $3,868,933)
     3,868,933  
Total investments, at value (cost $269,375,960)
     316,735,215  
Cash
     18,709  
Foreign currency, at value (cost $1,721,541)
     1,749,047  
Deposits with broker for open futures contracts
     744,820  
Receivable for investments sold
     459,046  
Receivable for Fund shares sold
     50,621  
Dividends receivable
     549,234  
Interest receivable
     6,847  
Foreign taxes recoverable
     58,992  
Other assets
     45,641  
Total assets
     320,418,172  
Liabilities
  
Payable upon return of securities loaned
     24,189,782  
Payable for investments purchased
     1,045,650  
Payable for Fund shares redeemed
     1,199,074  
Payable for variation margin on open futures contracts
     26,332  
Accrued management fee
     235,232  
Other accrued expenses and payables
     314,116  
Total liabilities
     27,010,186  
Net assets, at value
   $ 293,407,986  
Net Assets Consist of
  
Distributions in excess of net investment income
     (3,183,018 )
Net unrealized appreciation (depreciation) on:
Investments
     47,359,255  
Futures
     516,307  
Foreign currency
     37,769  
Accumulated net realized gain (loss)
     (42,409,023 )
Paid-in capital
     291,086,696  
Net assets, at value
   $ 293,407,986  
 
* Represents collateral on securities loaned.
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of April 30, 2011 (Unaudited) (continued)
  
Net Asset Value
  
Class A
Net Asset Value and redemption price(a) per share ($38,636,692 ÷ 1,972,302 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)
   $ 19.59  
Maximum offering price per share (100 ÷ 94.25 of $19.59)
   $ 20.79  
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($2,094,754 ÷ 117,748 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)
   $ 17.79  
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($7,189,270 ÷ 400,959 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)
   $ 17.93  
Class S
Net Asset Value, offering and redemption price(a) per share ($125,260,993 ÷ 6,316,900 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)
   $ 19.83  
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($120,226,277 ÷ 6,053,496 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)
   $ 19.86  
 
(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the six months ended April 30, 2011 (Unaudited)
  
Investment Income
  
Income:
Dividends (net of foreign taxes withheld of $135,201)
   $ 1,424,552  
Interest
     735  
Income distributions — Central Cash Management Fund
     3,117  
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
     53,923  
Total income
     1,482,327  
Expenses:
Management fee
     1,322,723  
Administration fee
     130,485  
Services to shareholders
     193,566  
Distribution and service fees
     96,093  
Custodian fee
     90,884  
Professional fees
     51,927  
Reports to shareholders
     29,369  
Registration fees
     30,374  
Directors' fees and expenses
     4,887  
Other
     49,846  
Total expenses
     2,000,154  
Net investment income (loss)
     (517,827 )
Realized and Unrealized Gain (Loss)
  
Net realized gain (loss) from:
Investments (net of foreign taxes of $14,087)
     13,882,163  
Futures
     1,073,412  
Foreign currency
     331,659  
      15,287,234  
Change in net unrealized appreciation (depreciation) on:
Investments (including deferred foreign taxes credit of $105,761)
     3,100,752  
Futures
     380,782  
Foreign currency
     (175,474 )
      3,306,060  
Net gain (loss)
     18,593,294  
Net increase (decrease) in net assets resulting from operations
   $ 18,075,467  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
Increase (Decrease) in Net Assets
  
Six Months Ended April 30, 2011 (Unaudited)
    
Year Ended October 31, 2010
  
Operations:
Net investment income (loss)
   $ (517,827 )   $ 770,216  
Net realized gain (loss)
     15,287,234       33,768,241  
Change in net unrealized appreciation (depreciation)
     3,306,060       13,034,536  
Net increase (decrease) in net assets resulting from operations
     18,075,467       47,572,993  
Distributions to shareholders from:
Net investment income:
Class A
     (244,869 )     (240,489 )
Class S
     (1,078,986 )     (1,170,184 )
Institutional Class
     (820,386 )     (589,207 )
Total distributions
     (2,144,241 )     (1,999,880 )
Fund share transactions:
Proceeds from shares sold
     56,873,604       53,784,233  
Reinvestment of distributions
     2,015,897       1,846,825  
Payments for shares redeemed
     (39,477,676 )     (70,039,901 )
Redemption fees
     1,064       2,502  
Net increase (decrease) in net assets from Fund share transactions
     19,412,889       (14,406,341 )
Increase (decrease) in net assets
     35,344,115       31,166,772  
Net assets at beginning of period
     258,063,871       226,897,099  
Net assets at end of period (including distributions in excess of net investment income of $3,183,018 and $520,950, respectively)
   $ 293,407,986     $ 258,063,871  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Class A
Years Ended October 31,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 18.47     $ 15.34     $ 10.75     $ 31.64     $ 25.35     $ 20.26  
Income (loss) from investment operations:
Net investment income (loss)b
     (.06 )     .02       .06       .13       .03       .06 e
Net realized and unrealized gain (loss)
     1.29       3.19       4.55       (15.13 )     12.72       6.67  
Total from investment operations
     1.23       3.21       4.61       (15.00 )     12.75       6.73  
Less distributions from:
Net investment income
     (.11 )     (.08 )     (.02 )     (.05 )     (.03 )     —  
Net realized gains
     —       —       —       (5.84 )     (6.43 )     (1.64 )
Total distributions
     (.11 )     (.08 )     (.02 )     (5.89 )     (6.46 )     (1.64 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 19.59     $ 18.47     $ 15.34     $ 10.75     $ 31.64     $ 25.35  
Total Return (%)c
     6.69 **     21.01       42.95       (57.52 )     63.41       34.49 d,e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     39       41       45       41       148       90  
Ratio of expenses before expense reductions (%)
     1.75 *     1.75       1.83       1.70       1.68       1.93  
Ratio of expenses after expense reductions (%)
     1.75 *     1.75       1.83       1.70       1.68       1.92  
Ratio of net investment income (loss) (%)
     (.61 )*     .13       .48       .59       .14       .26 e
Portfolio turnover rate (%)
     33 **     77       138       81       98       145  
a For the six months ended April 30, 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 Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Class B
Years Ended October 31,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 16.75     $ 13.98     $ 9.88     $ 29.76     $ 24.34     $ 19.66  
Income (loss) from investment operations:
Net investment income (loss)b
     (.12 )     (.13 )     (.08 )     (.03 )     (.16 )     (.12 )e
Net realized and unrealized gain (loss)
     1.16       2.90       4.18       (14.01 )     12.01       6.44  
Total from investment operations
     1.04       2.77       4.10       (14.04 )     11.85       6.32  
Less distributions from:
Net realized gains
     —       —       —       (5.84 )     (6.43 )     (1.64 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 17.79     $ 16.75     $ 13.98     $ 9.88     $ 29.76     $ 24.34  
Total Return (%)c
     6.21 **     19.81       41.50       (57.90 )     61.91       33.44 d,e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     2       3       3       2       10       6  
Ratio of expenses before expense reductions (%)
     2.68 *     2.69       2.86       2.62       2.61       2.89  
Ratio of expenses after expense reductions (%)
     2.68 *     2.69       2.86       2.62       2.61       2.79  
Ratio of net investment income (loss) (%)
     (1.54 )*     (.81 )     (.72 )     (.34 )     (.79 )     (.61 )e
Portfolio turnover rate (%)
     33 **     77       138       81       98       145  
a For the six months ended April 30, 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 Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Class C
Years Ended October 31,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 16.87     $ 14.06     $ 9.93     $ 29.86     $ 24.39     $ 19.70  
Income (loss) from investment operations:
Net investment income (loss)b
     (.11 )     (.11 )     (.07 )     (.02 )     (.14 )     (.11 )e
Net realized and unrealized gain (loss)
     1.17       2.92       4.20       (14.07 )     12.04       6.44  
Total from investment operations
     1.06       2.81       4.13       (14.09 )     11.90       6.33  
Less distributions from:
Net realized gains
     —       —       —       (5.84 )     (6.43 )     (1.64 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 17.93     $ 16.87     $ 14.06     $ 9.93     $ 29.86     $ 24.39  
Total Return (%)c
     6.28 **     19.99       41.59       (57.88 )     62.06       33.43 d,e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     7       8       7       6       15       12  
Ratio of expenses before expense reductions (%)
     2.57 *     2.58       2.73       2.57       2.54       2.77  
Ratio of expenses after expense reductions (%)
     2.57 *     2.58       2.73       2.57       2.54       2.73  
Ratio of net investment income (loss) (%)
     (1.44 )*     (.70 )     (.64 )     (.29 )     (.72 )     (.55 )e
Portfolio turnover rate (%)
     33 **     77       138       81       98       145  
a For the six months ended April 30, 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 Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Class S
Years Ended October 31,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 18.72     $ 15.59     $ 10.90     $ 31.96     $ 25.58     $ 20.38  
Income (loss) from investment operations:
Net investment income (loss)b
     (.04 )     .06       .09       .16       .05       .12 d
Net realized and unrealized gain (loss)
     1.31       3.23       4.63       (15.30 )     12.86       6.72  
Total from investment operations
     1.27       3.29       4.72       (15.14 )     12.91       6.84  
Less distributions from:
Net investment income
     (.16 )     (.16 )     (.03 )     (.08 )     (.10 )     —  
Net realized gains
     —       —       —       (5.84 )     (6.43 )     (1.64 )
Total distributions
     (.16 )     (.16 )     (.03 )     (5.92 )     (6.53 )     (1.64 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 19.83     $ 18.72     $ 15.59     $ 10.90     $ 31.96     $ 25.58  
Total Return (%)
     6.82 **     21.21       43.53 c     (57.43 )     63.61 c     34.90 c,d
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     125       130       120       97       285       202  
Ratio of expenses before expense reductions (%)
     1.52 *     1.55       1.62       1.53       1.60       1.76  
Ratio of expenses after expense reductions (%)
     1.52 *     1.55       1.43       1.53       1.59       1.67  
Ratio of net investment income (loss) (%)
     (.39 )*     .33       .71       .76       .23       .51 d
Portfolio turnover rate (%)
     33 **     77       138       81       98       145  
a For the six months ended April 30, 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 Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.00035 per share and an increase in the ratio of net investment income of 0.001%. Excluding this non-recurring income, total return would have been 0.001% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Institutional Class
Years Ended October 31,
     2011 a     2010       2009       2008 b
Selected Per Share Data
  
Net asset value, beginning of period
   $ 18.77     $ 15.60     $ 10.91     $ 22.13  
Income (loss) from investment operations:
Net investment income (loss)c
     (.02 )     .10       .09       .20  
Net realized and unrealized gain (loss)
     1.31       3.23       4.64       (11.42 )
Total from investment operations
     1.29       3.33       4.73       (11.22 )
Less distributions from:
Net investment income
     (.20 )     (.16 )     (.04 )     —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 19.86     $ 18.77     $ 15.60     $ 10.91  
Total Return (%)
     6.92 **     21.54       43.53       (50.70 )**
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     120       76       52       41  
Ratio of expenses (%)
     1.33 *     1.32       1.38       1.38 *
Ratio of net investment income (loss) (%)
     (.19 )*     .56       .78       1.64 *
Portfolio turnover rate (%)
     33 **     77       138       81  
a For the six months ended April 30, 2011 (Unaudited).
b For the period from March 3, 2008 (commencement of operations of Institutional Class shares) to October 31, 2008.
c Based on average shares outstanding during the period.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 
Notes to Financial Statements (Unaudited)
 
A. Organization and Significant Accounting Policies
 
DWS Emerging Markets Equity Fund (the "Fund") is a diversified series of DWS International Fund, Inc. (the "Corporation"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Maryland corporation.
 
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were offered to investors without an initial sales charge and are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not automatically convert into another class. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.
 
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
 
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which they trade and are categorized as Level 1 securities. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.
 
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
 
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
 
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities; the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
 
Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.
 
Foreign Currency Translations. The books and records of the Fund are maintained in US dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into US dollars at the prevailing exchange rates on the respective dates of the transactions.
 
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the US dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
 
Securities Lending. The Fund lends securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
 
Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
 
Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes and, where appropriate, deferred foreign taxes.
 
At October 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $57,581,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2017, whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Fund has reviewed the tax positions for the open tax years as of October 31, 2010 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income and Gains. Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.
 
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in passive foreign investment companies, investments in futures contracts, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investments for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
 
The tax character of current year distributions will be determined at the end of the current fiscal year.
 
Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on all Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.
 
Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation.
 
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
 
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis.
 
B. Derivative Instruments
 
Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended April 30, 2011, the Fund used futures contracts as a means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs, while maintaining exposure to the stock market.
 
Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.
 
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.
 
A summary of the open futures contracts as of April 30, 2011 is included in a table following the Fund's Investment Portfolio. For the period ended April 30, 2011, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $5,972,000 to $15,892,000.
 
The following tables summarize the value of the Fund's derivative instruments held as of April 30, 2011 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivative
  
Futures Contracts
  
Equity Contracts (a)
   $ 516,307  
 
The above derivative is located in the following Statement of Assets and Liabilities account:
 
(a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.
 
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended April 30, 2011 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Realized Gain (Loss)
  
Futures Contracts
  
Equity Contracts (a)
   $ 1,073,412  
 
The above derivative is located in the following Statement of Operations account:
 
(a) Net realized gain (loss) from futures
Change in Net Unrealized Appreciation (Depreciation)
  
Futures Contracts
  
Equity Contracts (a)
   $ 380,782  
 
The above derivative is located in the following Statement of Operations account:
 
(a) Change in net unrealized appreciation (depreciation) on futures
 
C. Purchases and Sales of Securities
 
During the six months ended April 30, 2011, purchases and sales of investment securities (excluding short-term investments) aggregated $107,480,255 and $83,225,891, respectively.
 
D. Related Parties
 
Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
 
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $250 million of the Fund's average daily net assets
     1.015 %
Next $500 million of such net assets
     .990 %
Over $750 million of such net assets
     .965 %
 
Accordingly, for the six months ended April 30, 2011, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate of 1.01% of the Fund's average daily net assets.
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended April 30, 2011, the Administration Fee was $130,485, of which $23,844 is unpaid.
 
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended April 30, 2011, the amounts charged to the Fund by DISC were as follows:
Services to Shareholders
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Class A
   $ 28,142     $ 19,596  
Class B
     2,782       2,061  
Class C
     6,288       4,377  
Class S
     87,971       62,473  
Institutional Class
     299       213  
    $ 125,482     $ 88,720  
 
Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended April 30, 2011, the Distribution Fee was as follows:
Distribution Fee
  
Total Aggregated
    
Unpaid at April 30, 2011
  
Class B
   $ 8,548     $ 1,229  
Class C
     27,560       4,195  
    $ 36,108     $ 5,424  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended April 30, 2011, the Service Fee was as follows:
Service Fee
  
Total Aggregated
    
Unpaid at April 30, 2011
    
Annualized Effective Rate
  
Class A
   $ 48,078     $ 22,915       .24 %
Class B
     2,779       1,272       .24 %
Class C
     9,128       4,295       .25 %
    $ 59,985     $ 28,482          
 
Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended April 30, 2011, aggregated $3,512.
 
In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended April 30, 2011, the CDSC for Class B and C shares aggregated $3,731 and $795, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended April 30, 2011, DIDI received $20 for Class A shares.
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended April 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $10,533, of which $9,347 is unpaid.
 
Directors' Fees and Expenses. The Fund paid each Director not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
Affiliated Cash Management Vehicle. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.
 
E. Concentration of Ownership
 
From time to time, the Fund may have a concentration of several shareholders, including affiliated DWS Funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of April 30, 2011, DWS Alternative Asset Allocation Plus Fund held 26% of the total shares outstanding of the Fund.
 
F. Investing in Emerging Markets
 
Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.
 
G. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 25 percent of its net assets under the agreement.
 
H. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
   
Six Months Ended April 30, 2011
    
Year Ended October 31, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Class A
     267,017     $ 4,952,800       686,499     $ 11,409,437  
Class B
     3,708       62,379       16,210       247,713  
Class C
     62,717       1,079,569       138,298       2,101,627  
Class S
     529,098       10,129,031       850,827       14,358,771  
Institutional Class
     2,150,161       40,649,825       1,592,591       25,666,685  
            $ 56,873,604             $ 53,784,233  
Shares issued to shareholders in reinvestment of distributions
  
Class A
     12,339     $ 226,787       12,987     $ 214,558  
Class S
     52,192       970,348       62,452       1,044,193  
Institutional Class
     43,996       818,762       35,130       588,074  
            $ 2,015,897             $ 1,846,825  
Shares redeemed
  
Class A
     (549,073 )   $ (10,143,534 )     (1,371,633 )   $ (22,400,585 )
Class B
     (40,657 )     (686,086 )     (78,517 )     (1,187,940 )
Class C
     (108,694 )     (1,837,483 )     (218,987 )     (3,346,656 )
Class S
     (1,234,662 )     (23,103,411 )     (1,651,217 )     (27,554,873 )
Institutional Class
     (192,342 )     (3,707,162 )     (882,562 )     (15,549,847 )
            $ (39,477,676 )           $ (70,039,901 )
Redemption fees
           $ 1,064             $ 2,502  
Net increase (decrease)
  
Class A
     (269,717 )   $ (4,963,694 )     (672,147 )   $ (10,776,258 )
Class B
     (36,949 )     (623,707 )     (62,037 )     (940,227 )
Class C
     (45,977 )     (757,906 )     (80,689 )     (1,245,029 )
Class S
     (653,372 )     (12,003,234 )     (737,938 )     (12,149,739 )
Institutional Class
     2,001,815       37,761,430       745,159       10,704,912  
            $ 19,412,889             $ (14,406,341 )
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
 
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
 
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
 
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
Thomas H. Mack
 
Account Management Resources
 
For More Information
  
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below:
For shareholders of Classes A, B, C and Institutional Class:
(800) 621-1048
For shareholders of Class S:
(800) 728-3337
Web Site
  
www.dws-investments.com
View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
Written Correspondence
  
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151
Proxy Voting
  
A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter
  
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
 

   
Class A
Class B
Class C
Class S
Institutional Class
Nasdaq Symbol
  
SEKAX
SEKBX
SEKCX
SEMGX
SEKIX
CUSIP Number
  
23337R 106
23337R 205
23337R 304
23337R 502
23337R 619
Fund Number
  
479
679
779
2079
1479
 
Privacy Statement
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
 
Notes
 
Notes
 
Notes
 
Notes
 
Notes
 
   
ITEM 2.
CODE OF ETHICS
   
 
Not applicable.
   
ITEM 3.
AUDIT COMMITTEE FINANCIAL EXPERT
   
 
Not applicable
   
ITEM 4.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
 
Not applicable
   
ITEM 5.
AUDIT COMMITTEE OF LISTED REGISTRANTS
   
 
Not applicable
   
ITEM 6.
SCHEDULE OF INVESTMENTS
   
 
Not applicable
   
ITEM 7.
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 8.
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 9.
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
 
Not applicable
   
ITEM 10.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
 
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
   
ITEM 11.
CONTROLS AND PROCEDURES
   
 
(a)
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
 
(b)
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12.
EXHIBITS
   
 
(a)(1)
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
 
(b)
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:
DWS Emerging Markets Equity Fund, a series of DWS International Fund, Inc.
   
   
By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
June 28, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
June 28, 2011
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
June 28, 2011