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 Diversified International Equity Fund
|
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Summary
11 Investment Portfolio
25 Statement of Assets and Liabilities
27 Statement of Operations
28 Statement of Changes in Net Assets
29 Financial Highlights
35 Notes to Financial Statements
46 Summary of Management Fee Evaluation by Independent Fee Consultant
50 Account Management Resources
52 Privacy Statement
|
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
|
11.77%
|
21.51%
|
-5.66%
|
-0.12%
|
4.40%
|
Class B
|
11.44%
|
20.64%
|
-6.37%
|
-0.88%
|
3.55%
|
Class C
|
11.44%
|
20.64%
|
-6.38%
|
-0.87%
|
3.55%
|
Adjusted for the Maximum Sales Charge
|
|||||
Class A (max 5.75% load)
|
5.35%
|
14.53%
|
-7.50%
|
-1.30%
|
3.78%
|
Class B (max 4.00% CDSC)
|
7.44%
|
17.64%
|
-6.97%
|
-1.01%
|
3.55%
|
Class C (max 1.00% CDSC)
|
10.44%
|
20.64%
|
-6.38%
|
-0.87%
|
3.55%
|
No Sales Charges
|
|||||
Class R
|
11.59%
|
21.06%
|
-5.78%
|
-0.25%
|
4.14%
|
Class S
|
11.91%
|
21.60%
|
-5.38%
|
0.20%
|
4.54%
|
Institutional Class
|
12.11%
|
22.16%
|
-5.24%
|
0.32%
|
4.69%
|
MSCI EAFE Index +
|
12.71%
|
19.18%
|
-2.85%
|
1.54%
|
5.29%
|
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
|
13.62%
|
-5.61%
|
-0.10%
|
4.78%
|
Class B
|
12.84%
|
-6.30%
|
-0.85%
|
3.92%
|
Class C
|
12.69%
|
-6.36%
|
-0.88%
|
3.91%
|
Adjusted for the Maximum Sales Charge
|
||||
Class A (max 5.75% load)
|
7.09%
|
-7.46%
|
-1.28%
|
4.16%
|
Class B (max 4.00% CDSC)
|
9.84%
|
-6.90%
|
-0.97%
|
3.92%
|
Class C (max 1.00% CDSC)
|
12.69%
|
-6.36%
|
-0.88%
|
3.91%
|
No Sales Charges
|
||||
Class R
|
13.29%
|
-5.68%
|
-0.22%
|
4.51%
|
Class S
|
13.79%
|
-5.33%
|
0.22%
|
4.90%
|
Institutional Class
|
14.16%
|
-5.18%
|
0.34%
|
5.05%
|
MSCI EAFE Index +
|
10.42%
|
-3.01%
|
1.30%
|
5.39%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
[] DWS Diversified International Equity Fund — Class A
[] MSCI EAFE Index+
|
Yearly periods ended April 30
|
Net Asset Value and Distribution Information
|
||||||||||||||||||||||||
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
|||||||||||||||||||
Net Asset Value:
4/30/11
|
$ | 8.04 | $ | 7.77 | $ | 7.77 | $ | 7.82 | $ | 7.80 | $ | 7.82 | ||||||||||||
10/31/10
|
$ | 7.36 | $ | 7.08 | $ | 7.08 | $ | 7.16 | $ | 7.15 | $ | 7.17 | ||||||||||||
Distribution Information:
Six Months as of 4/30/11:
Income Dividends
|
$ | .17 | $ | .11 | $ | .11 | $ | .15 | $ | .18 | $ | .20 |
Lipper Rankings — International Large-Cap Core Funds Category as of 4/30/11
|
||||
Period
|
Rank
|
Number of Fund Classes Tracked
|
Percentile Ranking (%)
|
|
Class A
1-Year
|
91
|
of
|
389
|
24
|
3-Year
|
289
|
of
|
346
|
84
|
5-Year
|
217
|
of
|
281
|
77
|
10-Year
|
94
|
of
|
167
|
56
|
Class B
1-Year
|
130
|
of
|
389
|
34
|
3-Year
|
312
|
of
|
346
|
90
|
5-Year
|
235
|
of
|
281
|
84
|
10-Year
|
118
|
of
|
167
|
71
|
Class C
1-Year
|
130
|
of
|
389
|
34
|
3-Year
|
313
|
of
|
346
|
91
|
5-Year
|
234
|
of
|
281
|
83
|
10-Year
|
117
|
of
|
167
|
70
|
Class R
1-Year
|
107
|
of
|
389
|
28
|
3-Year
|
292
|
of
|
346
|
85
|
5-Year
|
223
|
of
|
281
|
80
|
Class S
1-Year
|
87
|
of
|
389
|
23
|
3-Year
|
276
|
of
|
346
|
80
|
5-Year
|
201
|
of
|
281
|
72
|
Institutional Class
1-Year
|
69
|
of
|
389
|
18
|
3-Year
|
271
|
of
|
346
|
79
|
5-Year
|
197
|
of
|
281
|
70
|
10-Year
|
77
|
of
|
167
|
46
|
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 R
|
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 | $ | 1,000.00 | ||||||||||||
Ending Account Value 4/30/11
|
$ | 1,117.70 | $ | 1,114.40 | $ | 1,114.40 | $ | 1,115.90 | $ | 1,119.10 | $ | 1,121.10 | ||||||||||||
Expenses Paid per $1,000*
|
$ | 8.77 | $ | 12.79 | $ | 12.74 | $ | 9.71 | $ | 7.46 | $ | 6.26 | ||||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
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 | $ | 1,000.00 | ||||||||||||
Ending Account Value 4/30/11
|
$ | 1,016.51 | $ | 1,012.69 | $ | 1,012.74 | $ | 1,015.62 | $ | 1,017.75 | $ | 1,018.89 | ||||||||||||
Expenses Paid per $1,000*
|
$ | 8.35 | $ | 12.18 | $ | 12.13 | $ | 9.25 | $ | 7.10 | $ | 5.96 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
DWS Diversified International Equity Fund
|
1.67%
|
2.44%
|
2.43%
|
1.85%
|
1.42%
|
1.19%
|
Geographical Diversification
(As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)
|
4/30/11
|
10/31/10
|
Continental Europe
|
51%
|
50%
|
Japan
|
18%
|
19%
|
Emerging Markets
|
10%
|
10%
|
United Kingdom
|
7%
|
7%
|
Canada
|
5%
|
5%
|
Australia
|
5%
|
5%
|
Asia (excluding Japan)
|
4%
|
4%
|
100%
|
100%
|
Sector Diversification
(As a % of Common, Preferred Stocks and Rights)
|
4/30/11
|
10/31/10
|
Telecommunication Services
|
17%
|
17%
|
Consumer Staples
|
13%
|
12%
|
Industrials
|
11%
|
11%
|
Materials
|
11%
|
11%
|
Financials
|
10%
|
10%
|
Health Care
|
10%
|
9%
|
Energy
|
8%
|
8%
|
Utilities
|
7%
|
8%
|
Consumer Discretionary
|
7%
|
8%
|
Information Technology
|
6%
|
6%
|
100%
|
100%
|
Ten Largest Equity Holdings at April 30, 2011 (13.1% of Net Assets)
|
Country
|
Percent
|
1. Deutsche Telekom AG
Offers fixed-line and mobile telephone and information technology services
|
Germany
|
1.7%
|
2. Swisscom AG
Operates in public telecommunications networks and application services
|
Switzerland
|
1.4%
|
3. France Telecom SA
Provides telecommunication services to residential and commercial customers
|
France
|
1.4%
|
4. Telefonica SA
Provider of telecommunication services
|
Spain
|
1.4%
|
5. Nestle SA
A multinational company that markets a wide range of food products
|
Switzerland
|
1.4%
|
6. Telecom Italia SpA
Offers fixed-line and mobile telephone and data transmission services
|
Italy
|
1.3%
|
7. Koninklijke (Royal) KPN NV
Provides telecommunication services
|
Netherlands
|
1.3%
|
8. Sanofi-Aventis
Manufactures prescription pharmaceuticals
|
France
|
1.3%
|
9. Vodafone Group PLC
Provides a range of mobile telecommunications services
|
United Kingdom
|
1.1%
|
10. Unilever NV
Manufactures food and home and personal care products
|
Netherlands
|
0.8%
|
Shares
|
Value ($)
|
|||||||
Common Stocks 87.7%
|
||||||||
Australia 4.5%
|
||||||||
Asciano Ltd.
|
50,500 | 91,332 | ||||||
Australia & New Zealand Banking Group Ltd.
|
3,616 | 96,036 | ||||||
BHP Billiton Ltd.
|
8,746 | 439,349 | ||||||
Brambles Ltd.
|
16,401 | 120,986 | ||||||
Cochlear Ltd.
|
1,299 | 114,647 | ||||||
Commonwealth Bank of Australia
|
1,944 | 114,446 | ||||||
Crown Ltd.
|
11,044 | 102,048 | ||||||
CSL Ltd.
|
8,759 | 329,785 | ||||||
CSR Ltd.
|
13,254 | 43,583 | ||||||
Fairfax Media Ltd. (a)
|
50,627 | 73,250 | ||||||
Foster's Group Ltd.
|
12,603 | 77,635 | ||||||
Leighton Holdings Ltd.
|
1,931 | 51,390 | ||||||
National Australia Bank Ltd.
|
3,004 | 89,166 | ||||||
Newcrest Mining Ltd.
|
2,210 | 100,408 | ||||||
Origin Energy Ltd.
|
8,537 | 152,994 | ||||||
Paladin Energy Ltd.*
|
7,514 | 27,179 | ||||||
QBE Insurance Group Ltd.
|
2,961 | 60,724 | ||||||
QR National*
|
17,104 | 64,305 | ||||||
Rio Tinto Ltd.
|
1,274 | 114,801 | ||||||
Santos Ltd.
|
10,532 | 174,547 | ||||||
Sonic Healthcare Ltd.
|
7,646 | 104,927 | ||||||
TABCORP Holdings Ltd.
|
15,831 | 132,398 | ||||||
Tatts Group Ltd.
|
45,213 | 114,974 | ||||||
Telstra Corp., Ltd.
|
177,986 | 567,713 | ||||||
Toll Holdings Ltd.
|
12,446 | 76,805 | ||||||
Transurban Group (Units)
|
17,417 | 101,181 | ||||||
Wesfarmers Ltd.
|
4,117 | 150,271 | ||||||
Westfield Group (REIT) (Units)
|
5,187 | 51,283 | ||||||
Westpac Banking Corp.
|
3,187 | 86,773 | ||||||
Woodside Petroleum Ltd.
|
6,960 | 357,030 | ||||||
Woolworths Ltd.
|
6,349 | 184,487 | ||||||
WorleyParsons Ltd.
|
3,338 | 111,044 | ||||||
(Cost $2,657,975)
|
4,477,497 | |||||||
Austria 0.5%
|
||||||||
Erste Group Bank AG (a)
|
4,007 | 202,501 | ||||||
Immofinanz AG* (a)
|
22,979 | 109,254 | ||||||
Raiffeisen Bank International AG (a)
|
1,343 | 74,047 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe
|
1,439 | 85,894 | ||||||
(Cost $244,575)
|
471,696 | |||||||
Belgium 1.6%
|
||||||||
Ageas (a)
|
42,133 | 127,869 | ||||||
Anheuser-Busch InBev NV (a)
|
8,164 | 520,565 | ||||||
Colruyt SA (a)
|
1,215 | 70,121 | ||||||
Compagnie Nationale a Portefeuille*
|
521 | 37,689 | ||||||
Delhaize Group (a)
|
1,296 | 112,218 | ||||||
Dexia SA* (a)
|
6,792 | 27,061 | ||||||
Groupe Bruxelles Lambert SA
|
1,396 | 138,432 | ||||||
KBC Groep NV* (a)
|
2,259 | 92,080 | ||||||
Solvay SA (a)
|
1,846 | 266,284 | ||||||
Umicore SA
|
3,530 | 202,472 | ||||||
(Cost $943,202)
|
1,594,791 | |||||||
Bermuda 0.2%
|
||||||||
Seadrill Ltd. (a) (Cost $52,823)
|
5,047 | 178,828 | ||||||
Canada 4.8%
|
||||||||
Agnico-Eagle Mines Ltd.
|
800 | 55,737 | ||||||
Alimentation Couche-Tard, Inc. "B"
|
1,200 | 31,517 | ||||||
Bank of Montreal
|
600 | 39,406 | ||||||
Bank of Nova Scotia
|
1,700 | 103,655 | ||||||
Barrick Gold Corp.
|
2,900 | 148,103 | ||||||
BCE, Inc.
|
4,500 | 168,652 | ||||||
Bombardier, Inc. "B"
|
8,700 | 64,826 | ||||||
Cameco Corp.
|
1,400 | 41,327 | ||||||
Canadian Imperial Bank of Commerce
|
700 | 60,600 | ||||||
Canadian National Railway Co. (a)
|
2,800 | 217,188 | ||||||
Canadian Natural Resources Ltd.
|
2,400 | 112,904 | ||||||
Canadian Pacific Railway Ltd.
|
1,800 | 119,379 | ||||||
Canadian Tire Corp., Ltd. "A"
|
1,300 | 82,852 | ||||||
Canadian Utilities Ltd. "A"
|
3,200 | 181,383 | ||||||
Cenovus Energy, Inc. (a)
|
2,200 | 84,591 | ||||||
CGI Group, Inc. "A"*
|
3,900 | 85,325 | ||||||
EnCana Corp.
|
2,200 | 73,918 | ||||||
First Quantum Minerals Ltd. (a)
|
300 | 42,751 | ||||||
Fortis, Inc.
|
6,600 | 226,638 | ||||||
Goldcorp, Inc.
|
2,600 | 145,341 | ||||||
Imperial Oil Ltd.
|
1,100 | 58,130 | ||||||
Kinross Gold Corp.
|
3,300 | 52,317 | ||||||
Loblaw Companies Ltd.
|
1,400 | 59,010 | ||||||
Magna International, Inc. "A" (a)
|
2,068 | 106,269 | ||||||
Manulife Financial Corp.
|
1,700 | 30,527 | ||||||
Metro, Inc. "A"
|
1,200 | 58,722 | ||||||
Nexen, Inc.
|
1,100 | 29,100 | ||||||
Open Text Corp.* (a)
|
1,400 | 85,762 | ||||||
Potash Corp. of Saskatchewan, Inc. (a)
|
2,402 | 135,666 | ||||||
Research In Motion Ltd.*
|
7,900 | 384,834 | ||||||
Rogers Communications, Inc. "B"
|
6,400 | 242,228 | ||||||
Royal Bank of Canada
|
1,700 | 107,087 | ||||||
Saputo, Inc.
|
2,500 | 119,009 | ||||||
Shaw Communications, Inc. "B"
|
2,200 | 46,458 | ||||||
Shoppers Drug Mart Corp.
|
3,200 | 139,344 | ||||||
Silver Wheaton Corp.
|
900 | 36,622 | ||||||
SNC-Lavalin Group, Inc.
|
1,100 | 66,548 | ||||||
Suncor Energy, Inc.
|
2,832 | 130,533 | ||||||
Talisman Energy, Inc.
|
1,600 | 38,641 | ||||||
Teck Resources Ltd. "B"
|
1,700 | 92,407 | ||||||
Telus Corp. (a)
|
2,200 | 110,703 | ||||||
Thomson Reuters Corp. (b)
|
2,800 | 113,521 | ||||||
Thomson Reuters Corp. (b)
|
1,660 | 67,180 | ||||||
Toronto-Dominion Bank
|
1,100 | 95,241 | ||||||
TransAlta Corp.
|
10,300 | 229,482 | ||||||
Viterra, Inc.
|
6,500 | 78,111 | ||||||
Yamana Gold, Inc.
|
4,100 | 52,260 | ||||||
(Cost $3,154,798)
|
4,851,805 | |||||||
Cyprus 0.1%
|
||||||||
Bank of Cyprus Public Co., Ltd. (Cost $76,032)
|
13,968 | 50,894 | ||||||
Denmark 2.3%
|
||||||||
A P Moller-Maersk AS "A"
|
15 | 147,405 | ||||||
A P Moller-Maersk AS "B" (a)
|
27 | 273,480 | ||||||
Carlsberg AS "B"
|
5,829 | 692,289 | ||||||
Coloplast AS "B"
|
217 | 31,892 | ||||||
Danske Bank AS*
|
14,325 | 344,248 | ||||||
DSV AS
|
4,924 | 128,696 | ||||||
Novo Nordisk AS "B"
|
3,591 | 453,948 | ||||||
Tryg AS
|
1,368 | 87,349 | ||||||
Vestas Wind Systems AS*
|
4,936 | 175,281 | ||||||
(Cost $1,371,510)
|
2,334,588 | |||||||
Finland 3.2%
|
||||||||
Fortum Oyj
|
23,348 | 804,375 | ||||||
Kone Oyj "B" (a)
|
5,217 | 326,782 | ||||||
Metso Corp.
|
3,975 | 243,745 | ||||||
Nokia Oyj (a)
|
51,164 | 471,361 | ||||||
Outokumpu Oyj (a)
|
4,856 | 80,843 | ||||||
Pohjola Bank PLC (a)
|
5,629 | 83,541 | ||||||
Rautaruukki Oyj
|
3,309 | 85,819 | ||||||
Sampo Oyj "A"
|
10,874 | 365,929 | ||||||
Stora Enso Oyj "R" (a)
|
16,686 | 201,052 | ||||||
UPM-Kymmene Oyj
|
15,507 | 317,880 | ||||||
Wartsila Oyj (a)
|
4,586 | 180,274 | ||||||
(Cost $1,895,421)
|
3,161,601 | |||||||
France 7.7%
|
||||||||
Air Liquide SA (a)
|
2,709 | 400,762 | ||||||
Alcatel-Lucent*
|
23,601 | 152,166 | ||||||
Atos Origin SA* (a)
|
863 | 53,181 | ||||||
AXA SA (a)
|
3,294 | 73,915 | ||||||
BNP Paribas
|
1,767 | 139,837 | ||||||
Bouygues SA (a)
|
1,486 | 73,986 | ||||||
Cap Gemini
|
1,646 | 99,750 | ||||||
Carrefour SA (a)
|
7,246 | 343,545 | ||||||
Casino Guichard-Perrachon SA
|
981 | 103,265 | ||||||
Compagnie de Saint-Gobain (a)
|
1,302 | 89,934 | ||||||
Credit Agricole SA (a)
|
2,043 | 34,012 | ||||||
DANONE SA (a)
|
6,976 | 510,994 | ||||||
Dassault Systemes SA (a)
|
1,104 | 89,805 | ||||||
Electricite de France
|
1,237 | 52,080 | ||||||
Essilor International SA (a)
|
3,271 | 273,830 | ||||||
France Telecom SA
|
59,862 | 1,404,004 | ||||||
GDF Suez (a)
|
6,127 | 250,697 | ||||||
Iliad SA (a)
|
569 | 73,144 | ||||||
L'Oreal SA (a)
|
2,682 | 340,081 | ||||||
Lafarge SA (a)
|
1,863 | 131,830 | ||||||
LVMH Moet Hennessy Louis Vuitton SA (a)
|
854 | 153,369 | ||||||
Neopost SA (a)
|
656 | 62,593 | ||||||
Pernod Ricard SA
|
2,380 | 239,216 | ||||||
Sanofi-Aventis
|
15,738 | 1,244,772 | ||||||
Schneider Electric SA (a)
|
671 | 118,567 | ||||||
Societe Generale (a)
|
1,590 | 106,353 | ||||||
Suez Environnement Co.
|
2,266 | 52,224 | ||||||
Total SA
|
10,601 | 678,626 | ||||||
Unibail-Rodamco SE (REIT) (a)
|
350 | 81,882 | ||||||
Veolia Environnement (a)
|
2,694 | 89,999 | ||||||
Vinci SA
|
548 | 36,606 | ||||||
Vivendi (a)
|
4,324 | 135,679 | ||||||
(Cost $5,445,823)
|
7,690,704 | |||||||
Germany 5.6%
|
||||||||
Allianz SE (Registered) (a)
|
1,635 | 257,425 | ||||||
BASF SE
|
2,771 | 284,836 | ||||||
Bayer AG (Registered) (a)
|
3,495 | 307,232 | ||||||
Bayerische Motoren Werke (BMW) AG (a)
|
750 | 70,729 | ||||||
Beiersdorf AG (a)
|
4,101 | 267,082 | ||||||
Daimler AG (Registered)
|
2,156 | 166,661 | ||||||
Deutsche Boerse AG
|
974 | 80,932 | ||||||
Deutsche Post AG (Registered)*
|
2,891 | 57,208 | ||||||
Deutsche Telekom AG (Registered)
|
100,836 | 1,674,997 | ||||||
E.ON AG (a)
|
7,570 | 258,780 | ||||||
Fresenius Medical Care AG & Co. KGaA (a)
|
1,148 | 90,221 | ||||||
Fresenius SE & Co. KGaA
|
721 | 75,672 | ||||||
Henkel AG & Co. KGaA
|
5,275 | 299,475 | ||||||
Infineon Technologies AG (a)
|
6,361 | 72,207 | ||||||
K+S AG
|
460 | 37,221 | ||||||
Linde AG
|
661 | 119,051 | ||||||
Merck KGaA
|
516 | 54,661 | ||||||
Metro AG
|
4,892 | 359,065 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
|
782 | 129,088 | ||||||
RWE AG
|
1,974 | 128,808 | ||||||
SAP AG
|
5,249 | 338,193 | ||||||
Siemens AG (Registered)
|
2,402 | 349,440 | ||||||
Suedzucker AG
|
2,367 | 73,010 | ||||||
ThyssenKrupp AG
|
1,406 | 64,693 | ||||||
(Cost $3,315,866)
|
5,616,687 | |||||||
Greece 0.3%
|
||||||||
Alpha Bank A.E.*
|
11,610 | 68,097 | ||||||
EFG Eurobank Ergasias*
|
8,753 | 49,265 | ||||||
National Bank of Greece SA*
|
17,798 | 138,134 | ||||||
(Cost $392,496)
|
255,496 | |||||||
Hong Kong 2.2%
|
||||||||
Cathay Pacific Airways Ltd.
|
26,000 | 65,082 | ||||||
Cheung Kong (Holdings) Ltd.
|
4,000 | 62,939 | ||||||
CLP Holdings Ltd. (a)
|
21,000 | 172,921 | ||||||
Esprit Holdings Ltd.
|
20,300 | 84,167 | ||||||
Genting Singapore PLC* (a)
|
136,000 | 241,101 | ||||||
Hang Seng Bank Ltd.
|
3,800 | 59,498 | ||||||
Hong Kong & China Gas Co., Ltd. (a)
|
72,300 | 179,487 | ||||||
Hong Kong Exchanges & Clearing Ltd. (a)
|
4,200 | 95,830 | ||||||
Hutchison Whampoa Ltd.
|
28,000 | 320,155 | ||||||
Li & Fung Ltd. (a)
|
34,000 | 174,241 | ||||||
MTR Corp., Ltd.
|
34,500 | 125,717 | ||||||
Noble Group Ltd.
|
40,181 | 73,203 | ||||||
NWS Holdings Ltd.
|
23,500 | 34,556 | ||||||
Orient Overseas International Ltd.
|
3,000 | 22,887 | ||||||
Power Assets Holdings Ltd.
|
21,500 | 150,739 | ||||||
Shangri-La Asia Ltd.
|
30,000 | 83,631 | ||||||
SJM Holdings Ltd. (c)
|
23,000 | 49,635 | ||||||
Sun Hung Kai Properties Ltd.
|
6,000 | 94,022 | ||||||
Swire Pacific Ltd. "A"
|
4,000 | 61,085 | ||||||
Yue Yuen Industrial (Holdings) Ltd. (a)
|
19,000 | 65,566 | ||||||
(Cost $1,364,508)
|
2,216,462 | |||||||
Ireland 0.8%
|
||||||||
CRH PLC
|
28,278 | 701,556 | ||||||
Experian PLC
|
9,145 | 123,478 | ||||||
(Cost $552,231)
|
825,034 | |||||||
Italy 3.8%
|
||||||||
A2A SpA
|
4,763 | 8,600 | ||||||
Assicurazioni Generali SpA
|
4,657 | 111,605 | ||||||
Atlantia SpA
|
8,831 | 217,259 | ||||||
Enel SpA
|
52,219 | 372,335 | ||||||
Eni SpA
|
21,658 | 579,021 | ||||||
Fiat SpA (a)
|
12,635 | 134,837 | ||||||
Finmeccanica SpA (a)
|
12,327 | 166,514 | ||||||
Intesa Sanpaolo (a)
|
33,805 | 112,258 | ||||||
Luxottica Group SpA
|
3,194 | 105,449 | ||||||
Mediaset SpA
|
17,879 | 119,061 | ||||||
Prysmian SpA
|
5,657 | 133,475 | ||||||
Saipem SpA
|
2,276 | 129,214 | ||||||
Snam Rete Gas SpA
|
6,936 | 43,148 | ||||||
Telecom Italia SpA
|
567,760 | 855,234 | ||||||
Telecom Italia SpA (RSP)
|
365,909 | 472,595 | ||||||
Terna — Rete Elettrica Nationale SpA
|
7,834 | 39,219 | ||||||
UBI Banca — Unione di Banche Italiane ScpA
|
5,181 | 46,427 | ||||||
UniCredit SpA (a)
|
42,456 | 109,292 | ||||||
(Cost $2,768,915)
|
3,755,543 | |||||||
Japan 18.0%
|
||||||||
AEON Co., Ltd. (a)
|
13,000 | 156,956 | ||||||
Ajinomoto Co., Inc.
|
16,000 | 178,265 | ||||||
Alfresa Holdings Corp.
|
1,300 | 45,944 | ||||||
Asahi Breweries Ltd.
|
8,600 | 161,418 | ||||||
Asahi Glass Co., Ltd. (a)
|
5,000 | 63,636 | ||||||
Asahi Kasei Corp.
|
21,000 | 145,940 | ||||||
Astellas Pharma, Inc.
|
8,600 | 328,437 | ||||||
Canon, Inc.
|
6,250 | 295,007 | ||||||
Central Japan Railway Co.
|
6 | 45,407 | ||||||
Chubu Electric Power Co., Inc.
|
12,200 | 267,710 | ||||||
Chugai Pharmaceutical Co., Ltd.
|
5,200 | 86,060 | ||||||
Chugoku Electric Power Co., Inc.
|
5,100 | 90,576 | ||||||
Cosmo Oil Co., Ltd.
|
33,000 | 108,835 | ||||||
Dai-ichi Life Insurance Co., Ltd.
|
49 | 80,900 | ||||||
Daiichi Sankyo Co., Ltd.
|
13,200 | 259,298 | ||||||
Daikin Industries Ltd.
|
1,800 | 57,381 | ||||||
Denso Corp.
|
2,300 | 77,025 | ||||||
Dowa Holdings Co., Ltd. (a)
|
4,000 | 26,256 | ||||||
East Japan Railway Co.
|
1,798 | 100,582 | ||||||
Eisai Co., Ltd.
|
4,000 | 145,620 | ||||||
Electric Power Development Co., Ltd.
|
2,500 | 65,724 | ||||||
FamilyMart Co., Ltd.
|
1,300 | 47,090 | ||||||
FANUC Corp.
|
800 | 133,794 | ||||||
FUJIFILM Holdings Corp.
|
4,100 | 127,659 | ||||||
Fujitsu Ltd. (a)
|
16,000 | 91,589 | ||||||
Hisamitsu Pharmaceutical Co., Inc. (a)
|
1,400 | 58,361 | ||||||
Hitachi Ltd. (a)
|
32,000 | 174,402 | ||||||
Hokkaido Electric Power Co., Inc.
|
2,800 | 50,932 | ||||||
Hokuriku Electric Power Co.
|
3,800 | 77,427 | ||||||
Honda Motor Co., Ltd.
|
3,100 | 118,932 | ||||||
HOYA Corp.
|
4,300 | 92,664 | ||||||
Idemitsu Kosan Co., Ltd. (a)
|
1,100 | 129,546 | ||||||
INPEX Corp.
|
99 | 759,467 | ||||||
ITOCHU Corp.
|
11,000 | 114,694 | ||||||
Japan Petroleum Exploration Co., Ltd.
|
1,300 | 63,785 | ||||||
Japan Tobacco, Inc.
|
81 | 316,995 | ||||||
JFE Holdings, Inc.
|
5,100 | 139,732 | ||||||
JSR Corp.
|
2,300 | 48,594 | ||||||
JX Holdings, Inc.
|
101,490 | 712,185 | ||||||
Kansai Electric Power Co., Inc.
|
11,800 | 248,328 | ||||||
Kao Corp.
|
9,900 | 247,996 | ||||||
KDDI Corp.
|
67 | 449,147 | ||||||
Keyence Corp.
|
200 | 52,747 | ||||||
Kikkoman Corp.
|
7,000 | 69,488 | ||||||
Kirin Holdings Co., Ltd.
|
17,000 | 238,506 | ||||||
Kobe Steel Ltd.
|
32,000 | 79,265 | ||||||
Komatsu Ltd.
|
4,100 | 144,652 | ||||||
Kubota Corp.
|
10,000 | 95,558 | ||||||
Kuraray Co., Ltd.
|
2,800 | 40,974 | ||||||
Kyocera Corp.
|
1,400 | 154,558 | ||||||
Kyowa Hakko Kirin Co., Ltd.
|
6,000 | 59,949 | ||||||
Kyushu Electric Power Co., Inc.
|
7,300 | 135,225 | ||||||
Lawson, Inc. (a)
|
1,800 | 88,431 | ||||||
Marubeni Corp. (a)
|
9,000 | 65,569 | ||||||
Medipal Holdings Corp.
|
5,500 | 45,700 | ||||||
MEIJI Holdings Co., Ltd.
|
800 | 34,227 | ||||||
Mitsubishi Chemical Holdings Corp.
|
20,000 | 135,996 | ||||||
Mitsubishi Corp.
|
6,100 | 164,814 | ||||||
Mitsubishi Electric Corp.
|
8,000 | 89,146 | ||||||
Mitsubishi Estate Co., Ltd.
|
7,000 | 122,500 | ||||||
Mitsubishi Heavy Industries Ltd.
|
22,000 | 105,197 | ||||||
Mitsubishi Materials Corp.
|
14,000 | 48,632 | ||||||
Mitsubishi Tanabe Pharma Corp. (a)
|
2,600 | 43,075 | ||||||
Mitsubishi UFJ Financial Group, Inc.
|
50,900 | 244,605 | ||||||
Mitsui & Co., Ltd.
|
8,500 | 151,350 | ||||||
Mitsui Fudosan Co., Ltd.
|
6,000 | 104,413 | ||||||
Mitsui O.S.K Lines Ltd.
|
13,000 | 72,683 | ||||||
Mizuho Financial Group, Inc.
|
80,600 | 128,238 | ||||||
MS&AD Insurance Group Holdings, Inc.
|
3,100 | 72,907 | ||||||
Murata Manufacturing Co., Ltd.
|
1,700 | 123,594 | ||||||
NEC Corp.* (a)
|
21,000 | 44,233 | ||||||
Nidec Corp. (a)
|
500 | 43,676 | ||||||
Nintendo Co., Ltd.
|
600 | 143,067 | ||||||
Nippon Meat Packers, Inc. (a)
|
6,000 | 83,159 | ||||||
Nippon Steel Corp.
|
56,000 | 175,282 | ||||||
Nippon Telegraph & Telephone Corp.
|
11,005 | 510,292 | ||||||
Nissan Motor Co., Ltd.
|
7,400 | 71,328 | ||||||
Nisshin Seifun Group, Inc.
|
5,000 | 62,529 | ||||||
Nissin Foods Holdings Co., Ltd. (a)
|
1,200 | 42,532 | ||||||
Nitto Denko Corp.
|
1,800 | 96,491 | ||||||
NKSJ Holdings, Inc.
|
10,000 | 64,615 | ||||||
Nomura Holdings, Inc.
|
16,700 | 85,679 | ||||||
NTT DoCoMo, Inc.
|
355 | 660,908 | ||||||
OJI Paper Co., Ltd.
|
14,000 | 62,839 | ||||||
Olympus Corp. (a)
|
5,100 | 144,427 | ||||||
Ono Pharmaceutical Co., Ltd.
|
2,100 | 106,730 | ||||||
ORIX Corp. (a)
|
510 | 50,128 | ||||||
Osaka Gas Co., Ltd.
|
34,000 | 125,941 | ||||||
Panasonic Corp.
|
4,700 | 58,162 | ||||||
Resona Holdings, Inc.
|
4,400 | 20,810 | ||||||
Ricoh Co., Ltd.
|
4,000 | 44,208 | ||||||
Santen Pharmaceutical Co., Ltd.
|
2,000 | 77,477 | ||||||
Sapporo Holdings Ltd.
|
7,000 | 28,211 | ||||||
Seven & I Holdings Co., Ltd.
|
12,800 | 321,135 | ||||||
Sharp Corp.
|
3,000 | 27,747 | ||||||
Shikoku Electric Power Co., Inc. (a)
|
2,800 | 71,083 | ||||||
Shin-Etsu Chemical Co., Ltd.
|
4,300 | 224,449 | ||||||
Shionogi & Co., Ltd.
|
7,000 | 113,688 | ||||||
Shiseido Co., Ltd.
|
6,800 | 113,194 | ||||||
Showa Shell Sekiyu K.K. (a)
|
10,100 | 110,040 | ||||||
SMC Corp.
|
300 | 54,933 | ||||||
Softbank Corp. (a)
|
18,800 | 792,794 | ||||||
Sony Corp.
|
2,100 | 59,574 | ||||||
Sumitomo Chemical Co., Ltd.
|
19,000 | 101,501 | ||||||
Sumitomo Corp.
|
6,800 | 93,865 | ||||||
Sumitomo Electric Industries Ltd.
|
4,200 | 58,632 | ||||||
Sumitomo Metal Industries Ltd.
|
36,000 | 76,141 | ||||||
Sumitomo Metal Mining Co., Ltd.
|
5,000 | 89,215 | ||||||
Sumitomo Mitsui Financial Group, Inc.
|
6,100 | 188,719 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.
|
7,450 | 25,613 | ||||||
Sumitomo Realty & Development Co., Ltd. (a)
|
3,000 | 62,001 | ||||||
Suzuken Co., Ltd.
|
1,500 | 37,491 | ||||||
Takeda Pharmaceutical Co., Ltd.
|
12,500 | 607,562 | ||||||
TDK Corp.
|
1,300 | 67,178 | ||||||
Teijin Ltd. (a)
|
12,000 | 57,644 | ||||||
Terumo Corp.
|
3,300 | 184,031 | ||||||
Tohoku Electric Power Co., Inc.
|
7,900 | 116,425 | ||||||
Tokio Marine Holdings, Inc.
|
4,200 | 117,771 | ||||||
Tokyo Electric Power Co., Inc.
|
25,700 | 138,967 | ||||||
Tokyo Electron Ltd.
|
1,200 | 69,519 | ||||||
Tokyo Gas Co., Ltd.
|
44,000 | 196,387 | ||||||
TonenGeneral Sekiyu K.K. (a)
|
13,000 | 161,355 | ||||||
Toray Industries, Inc. (a)
|
19,000 | 141,760 | ||||||
Toshiba Corp.
|
27,000 | 144,180 | ||||||
Toyo Suisan Kaisha Ltd.
|
3,000 | 69,053 | ||||||
Toyota Motor Corp.
|
4,000 | 159,391 | ||||||
Tsumura & Co. (a)
|
2,000 | 62,229 | ||||||
Unicharm Corp. (a)
|
3,000 | 119,495 | ||||||
UNY Co., Ltd.
|
7,700 | 68,127 | ||||||
Yahoo Japan Corp.
|
139 | 51,013 | ||||||
Yakult Honsha Co., Ltd.
|
2,100 | 58,467 | ||||||
Yamazaki Baking Co., Ltd. (a)
|
5,000 | 64,368 | ||||||
(Cost $14,994,679)
|
17,981,756 | |||||||
Luxembourg 0.5%
|
||||||||
ArcelorMittal (a)
|
7,757 | 285,394 | ||||||
Millicom International Cellular SA (SDR) (a)
|
1,219 | 132,038 | ||||||
Tenaris SA
|
5,144 | 129,752 | ||||||
(Cost $283,080)
|
547,184 | |||||||
Macau 0.1%
|
||||||||
Sands China Ltd.*
|
28,800 | 80,842 | ||||||
Wynn Macau Ltd.
|
18,000 | 64,433 | ||||||
(Cost $68,054)
|
145,275 | |||||||
Netherlands 5.5%
|
||||||||
AEGON NV* (a)
|
14,094 | 111,913 | ||||||
Akzo Nobel NV (a)
|
4,303 | 334,220 | ||||||
ASML Holding NV (a)
|
9,829 | 406,975 | ||||||
Heineken Holding NV (a)
|
1,828 | 96,483 | ||||||
Heineken NV (a)
|
3,980 | 238,245 | ||||||
ING Groep NV (CVA)*
|
24,018 | 316,611 | ||||||
Koninklijke (Royal) KPN NV
|
83,154 | 1,319,698 | ||||||
Koninklijke Ahold NV (a)
|
20,474 | 287,451 | ||||||
Koninklijke Boskalis Westminster NV
|
594 | 31,589 | ||||||
Koninklijke DSM NV (a)
|
2,825 | 194,777 | ||||||
Koninklijke Philips Electronics NV
|
10,573 | 313,517 | ||||||
Randstad Holding NV
|
1,774 | 99,795 | ||||||
Reed Elsevier NV (a)
|
18,065 | 236,719 | ||||||
Royal Dutch Shell PLC "A"
|
6,055 | 235,648 | ||||||
Royal Dutch Shell PLC "B"
|
4,565 | 177,522 | ||||||
TNT NV
|
4,289 | 105,613 | ||||||
Unilever NV (CVA)
|
25,287 | 832,224 | ||||||
Wolters Kluwer NV (a)
|
8,512 | 198,317 | ||||||
(Cost $3,578,805)
|
5,537,317 | |||||||
Norway 2.7%
|
||||||||
Aker Solutions ASA* (a)
|
3,276 | 79,050 | ||||||
DnB NOR ASA
|
24,457 | 397,626 | ||||||
Norsk Hydro ASA
|
34,142 | 302,597 | ||||||
Orkla ASA (a)
|
42,198 | 427,481 | ||||||
Statoil ASA
|
18,542 | 542,484 | ||||||
Telenor ASA
|
31,053 | 536,529 | ||||||
Yara International ASA
|
7,944 | 465,290 | ||||||
(Cost $1,427,734)
|
2,751,057 | |||||||
Portugal 0.4%
|
||||||||
EDP — Energias de Portugal SA (Cost $306,890)
|
95,656 | 391,039 | ||||||
Singapore 1.7%
|
||||||||
CapitaLand Ltd.*
|
20,000 | 55,553 | ||||||
ComfortDelGro Corp., Ltd.
|
60,000 | 74,997 | ||||||
DBS Group Holdings Ltd.
|
14,000 | 171,333 | ||||||
Jardine Cycle & Carriage Ltd. (a)
|
3,000 | 90,389 | ||||||
Keppel Corp., Ltd.
|
19,800 | 192,492 | ||||||
Oversea-Chinese Banking Corp., Ltd.
|
21,000 | 163,841 | ||||||
SembCorp Marine Ltd. (a)
|
12,000 | 55,586 | ||||||
Singapore Airlines Ltd.
|
8,000 | 92,022 | ||||||
Singapore Exchange Ltd. (a)
|
9,000 | 57,351 | ||||||
Singapore Press Holdings Ltd.
|
54,000 | 175,581 | ||||||
Singapore Technologies Engineering Ltd.
|
26,000 | 66,909 | ||||||
Singapore Telecommunications Ltd.
|
161,000 | 410,376 | ||||||
United Overseas Bank Ltd. (a)
|
4,000 | 64,115 | ||||||
(Cost $942,844)
|
1,670,545 | |||||||
Spain 4.2%
|
||||||||
Abertis Infraestructuras SA
|
6,291 | 149,040 | ||||||
ACS, Actividades de Construccion y Servicios SA
|
3,077 | 154,795 | ||||||
Banco Bilbao Vizcaya Argentaria SA
|
10,748 | 137,862 | ||||||
Banco Santander SA (a)
|
20,621 | 263,340 | ||||||
EDP Renovaveis SA*
|
12,136 | 93,471 | ||||||
Enagas
|
3,019 | 74,698 | ||||||
Ferrovial SA (a)
|
6,672 | 92,033 | ||||||
Gas Natural SDG SA
|
2,866 | 58,920 | ||||||
Gestevision Telecinco SA* (a)
|
4,101 | 46,085 | ||||||
Iberdrola Renovables SA
|
11,028 | 50,489 | ||||||
Iberdrola SA (a)
|
32,169 | 298,747 | ||||||
Industria de Diseno Textil SA (a)
|
5,002 | 448,524 | ||||||
Red Electrica Corporacion SA (a)
|
637 | 40,646 | ||||||
Repsol YPF SA
|
21,997 | 785,525 | ||||||
Telefonica SA (a)
|
52,137 | 1,401,593 | ||||||
Zardoya Otis SA
|
4,076 | 69,427 | ||||||
(Cost $2,726,401)
|
4,165,195 | |||||||
Sweden 3.3%
|
||||||||
Assa Abloy AB "B"* (a)
|
2,785 | 83,608 | ||||||
Atlas Copco AB "A" (a)
|
4,987 | 146,413 | ||||||
Atlas Copco AB "B" (a)
|
1,040 | 27,556 | ||||||
Boliden AB* (a)
|
10,318 | 232,573 | ||||||
Electrolux AB "B" (a)
|
3,237 | 82,339 | ||||||
Hennes & Mauritz AB "B" (a)
|
13,936 | 492,406 | ||||||
Holmen AB "B" (a)
|
2,481 | 91,563 | ||||||
Husqvarna AB "B"*
|
7,514 | 59,093 | ||||||
Modern Times Group "B" (a)
|
937 | 71,797 | ||||||
Nordea Bank AB
|
8,547 | 97,529 | ||||||
Sandvik AB (a)
|
7,120 | 151,062 | ||||||
Scania AB "B" (a)
|
2,649 | 68,828 | ||||||
Skandinaviska Enskilda Banken AB "A"
|
7,816 | 75,153 | ||||||
Skanska AB "B"
|
3,164 | 67,967 | ||||||
SKF AB "B" (a)
|
2,632 | 83,066 | ||||||
SSAB AB "A"
|
8,107 | 144,901 | ||||||
Svenska Cellulosa AB "B" (a)
|
19,589 | 300,200 | ||||||
Svenska Handelsbanken AB "A" (a)
|
2,305 | 79,994 | ||||||
Tele2 AB "B"
|
2,529 | 63,492 | ||||||
Telefonaktiebolaget LM Ericsson "B"
|
29,180 | 443,076 | ||||||
TeliaSonera AB (a)
|
31,497 | 257,191 | ||||||
Volvo AB "B"
|
9,438 | 185,247 | ||||||
(Cost $1,742,332)
|
3,305,054 | |||||||
Switzerland 6.7%
|
||||||||
ABB Ltd. (Registered)* (a)
|
9,606 | 265,192 | ||||||
Actelion Ltd. (Registered)* (a)
|
838 | 49,360 | ||||||
Adecco SA (Registered) (a)
|
1,178 | 84,094 | ||||||
Aryzta AG (a)
|
834 | 46,473 | ||||||
Compagnie Financiere Richemont SA "A"
|
5,241 | 338,696 | ||||||
Credit Suisse Group AG (Registered) (a)
|
2,351 | 106,841 | ||||||
Geberit AG (Registered) (a)
|
349 | 81,702 | ||||||
Givaudan SA (Registered)*
|
72 | 80,074 | ||||||
Holcim Ltd. (Registered)
|
2,391 | 208,141 | ||||||
Nestle SA (Registered) (a)
|
22,543 | 1,399,490 | ||||||
Novartis AG (Registered) (a)
|
11,636 | 690,761 | ||||||
Roche Holding AG (Genusschein) (a)
|
3,818 | 619,266 | ||||||
SGS SA (Registered)
|
46 | 91,309 | ||||||
Sika AG (Bearer)
|
36 | 91,894 | ||||||
Sonova Holding AG (Registered)
|
361 | 36,455 | ||||||
STMicroelectronics NV (a)
|
7,559 | 89,266 | ||||||
Swatch Group AG (Bearer) (a)
|
299 | 147,080 | ||||||
Swatch Group AG (Registered)
|
801 | 71,071 | ||||||
Swiss Reinsurance Co., Ltd. (Registered)*
|
1,017 | 60,609 | ||||||
Swisscom AG (Registered)
|
3,060 | 1,404,062 | ||||||
Syngenta AG (Registered)
|
973 | 344,318 | ||||||
UBS AG (Registered)*
|
6,006 | 120,051 | ||||||
Wolseley PLC
|
2,160 | 78,271 | ||||||
Xstrata PLC
|
4,414 | 112,325 | ||||||
Zurich Financial Services AG*
|
437 | 122,764 | ||||||
(Cost $3,622,278)
|
6,739,565 | |||||||
United Kingdom 7.0%
|
||||||||
Anglo American PLC
|
3,139 | 164,064 | ||||||
ARM Holdings PLC
|
27,069 | 282,490 | ||||||
AstraZeneca PLC
|
9,698 | 483,787 | ||||||
Autonomy Corp. PLC*
|
3,891 | 104,698 | ||||||
BAE Systems PLC
|
23,810 | 130,481 | ||||||
Barclays PLC
|
14,664 | 69,436 | ||||||
BG Group PLC
|
4,670 | 120,141 | ||||||
BHP Billiton PLC
|
4,637 | 195,169 | ||||||
BP PLC
|
29,026 | 224,435 | ||||||
British American Tobacco PLC
|
2,821 | 123,120 | ||||||
British Sky Broadcasting Group PLC
|
5,892 | 82,890 | ||||||
BT Group PLC
|
60,737 | 199,281 | ||||||
Capita Group PLC
|
5,152 | 63,354 | ||||||
Centrica PLC
|
29,479 | 158,199 | ||||||
Compass Group PLC
|
13,733 | 134,137 | ||||||
Diageo PLC
|
4,451 | 90,600 | ||||||
GlaxoSmithKline PLC
|
34,593 | 754,738 | ||||||
HSBC Holdings PLC
|
15,258 | 166,319 | ||||||
Imperial Tobacco Group PLC
|
1,958 | 68,934 | ||||||
Inmarsat PLC
|
4,081 | 41,447 | ||||||
International Consolidated Airlines Group SA* (a)
|
15,394 | 61,380 | ||||||
International Power PLC
|
12,345 | 68,162 | ||||||
Kingfisher PLC (a)
|
20,918 | 96,142 | ||||||
Marks & Spencer Group PLC
|
12,065 | 78,244 | ||||||
National Grid PLC
|
17,029 | 174,725 | ||||||
Next PLC (a)
|
1,899 | 71,005 | ||||||
Pearson PLC
|
2,403 | 46,009 | ||||||
Reckitt Benckiser Group PLC
|
996 | 55,302 | ||||||
Reed Elsevier PLC
|
3,160 | 27,994 | ||||||
Rio Tinto PLC
|
3,030 | 221,129 | ||||||
Rolls-Royce Group PLC "C" *
|
12,186 | 130,676 | ||||||
Rolls-Royce Group PLC "C" (Entitlement Shares)*
|
1,169,856 | 1,954 | ||||||
SABMiller PLC
|
2,186 | 81,628 | ||||||
Scottish & Southern Energy PLC
|
6,568 | 149,034 | ||||||
Severn Trent PLC
|
3,041 | 76,281 | ||||||
Shire PLC
|
4,779 | 147,999 | ||||||
Smith & Nephew PLC (a)
|
8,325 | 92,206 | ||||||
Smiths Group PLC
|
2,583 | 57,497 | ||||||
Standard Chartered PLC
|
2,621 | 72,636 | ||||||
Tesco PLC
|
10,973 | 74,055 | ||||||
The Sage Group PLC
|
26,978 | 128,486 | ||||||
Unilever PLC
|
1,703 | 55,236 | ||||||
United Utilities Group PLC
|
7,244 | 76,449 | ||||||
Vodafone Group PLC
|
396,029 | 1,135,919 | ||||||
William Morrison Supermarkets PLC
|
11,099 | 54,677 | ||||||
WPP PLC
|
7,817 | 102,034 | ||||||
(Cost $4,349,606)
|
6,994,579 | |||||||
Total Common Stocks (Cost $58,278,878)
|
87,710,192 | |||||||
Preferred Stocks 0.6%
|
||||||||
Germany
|
||||||||
Henkel AG & Co. KGaA
|
6,677 | 454,726 | ||||||
Volkswagen AG* (a)
|
511 | 100,663 | ||||||
Total Preferred Stocks (Cost $216,686)
|
555,389 | |||||||
Rights 0.0%
|
||||||||
Australia
|
||||||||
Leighton Holdings Ltd., Expiration Date 5/6/2011* (Cost $0)
|
214 | 417 | ||||||
Exchange-Traded Funds 10.1%
|
||||||||
iShares MSCI Emerging Markets Index Fund (a)
|
100,900 | 5,045,000 | ||||||
Vanguard MSCI Emerging Markets
|
99,750 | 5,045,355 | ||||||
Total Exchange-Traded Funds (Cost $6,929,362)
|
10,090,355 | |||||||
Securities Lending Collateral 29.1%
|
||||||||
Daily Assets Fund Institutional, 0.18% (d) (e) (Cost $29,140,256)
|
29,140,256 | 29,140,256 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $94,565,182)+
|
127.5 | 127,496,609 | ||||||
Other Assets and Liabilities, Net
|
(27.5 | ) | (27,532,386 | ) | ||||
Net Assets
|
100.0 | 99,964,223 |
Futures
|
Currency
|
Expiration Date
|
Contracts
|
Notional Value ($)
|
Unrealized Appreciation/ (Depreciation) ($)
|
|||||||||
ASX SPI 200 Index
|
AUD
|
6/16/2011
|
1 | 131,751 | (3,042 | ) | ||||||||
Euro Stoxx 50 Index
|
EUR
|
6/17/2011
|
20 | 872,990 | 51,544 | |||||||||
FTSE 100 Index
|
GBP
|
6/17/2011
|
1 | 100,772 | 6,857 | |||||||||
Nikkei 225 Index
|
USD
|
6/9/2011
|
7 | 348,075 | (9,125 | ) | ||||||||
S&P TSE 60 Index
|
CAD
|
6/16/2011
|
1 | 168,451 | 3,099 | |||||||||
Total net unrealized appreciation
|
49,333 |
Currency Abbreviations
|
AUD Australian Dollar
CAD Canadian Dollar
EUR Euro
GBP British Pound
USD United States Dollar
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock and/or Other Equity Investments (f)
|
||||||||||||||||
Australia
|
$ | 417 | $ | 4,477,497 | $ | — | $ | 4,477,914 | ||||||||
Austria
|
— | 471,696 | — | 471,696 | ||||||||||||
Belgium
|
— | 1,594,791 | — | 1,594,791 | ||||||||||||
Bermuda
|
— | 178,828 | — | 178,828 | ||||||||||||
Canada
|
4,784,625 | 67,180 | — | 4,851,805 | ||||||||||||
Cyprus
|
— | 50,894 | — | 50,894 | ||||||||||||
Denmark
|
— | 2,334,588 | — | 2,334,588 | ||||||||||||
Finland
|
— | 3,161,601 | — | 3,161,601 | ||||||||||||
France
|
— | 7,690,704 | — | 7,690,704 | ||||||||||||
Germany
|
— | 6,172,076 | — | 6,172,076 | ||||||||||||
Greece
|
— | 255,496 | — | 255,496 | ||||||||||||
Hong Kong
|
— | 2,216,462 | — | 2,216,462 | ||||||||||||
Ireland
|
— | 825,034 | — | 825,034 | ||||||||||||
Italy
|
— | 3,755,543 | — | 3,755,543 | ||||||||||||
Japan
|
— | 17,981,756 | — | 17,981,756 | ||||||||||||
Luxembourg
|
— | 547,184 | — | 547,184 | ||||||||||||
Macau
|
— | 145,275 | — | 145,275 | ||||||||||||
Netherlands
|
— | 5,537,317 | — | 5,537,317 | ||||||||||||
Norway
|
— | 2,751,057 | — | 2,751,057 | ||||||||||||
Portugal
|
— | 391,039 | — | 391,039 | ||||||||||||
Singapore
|
— | 1,670,545 | — | 1,670,545 | ||||||||||||
Spain
|
— | 4,165,195 | — | 4,165,195 | ||||||||||||
Sweden
|
— | 3,305,054 | — | 3,305,054 | ||||||||||||
Switzerland
|
— | 6,739,565 | — | 6,739,565 | ||||||||||||
United Kingdom
|
— | 6,992,625 | 1,954 | 6,994,579 | ||||||||||||
Exchange-Traded Funds
|
10,090,355 | — | — | 10,090,355 | ||||||||||||
Short-Term Investments
|
29,140,256 | — | — | 29,140,256 | ||||||||||||
Derivatives (g)
|
61,500 | — | — | 61,500 | ||||||||||||
Total
|
$ | 44,077,153 | $ | 83,479,002 | $ | 1,954 | $ | 127,558,109 | ||||||||
Liabilities
|
||||||||||||||||
Derivatives (g)
|
$ | (12,167 | ) | $ | — | $ | — | $ | (12,167 | ) | ||||||
Total
|
$ | (12,167 | ) | $ | — | $ | — | $ | (12,167 | ) |
Common Stocks
|
||||
United Kingdom
|
||||
Balance as of October 31, 2010
|
$ | 1,531 | ||
Realized gain (loss)
|
(7 | ) | ||
Change in unrealized appreciation (depreciation)
|
28 | |||
Amortization premium/discount
|
— | |||
Net purchases (sales)
|
402 | |||
Transfers into Level 3
|
— | |||
Transfers (out) of Level 3
|
— | |||
Balance as of April 30, 2011
|
$ | 1,954 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of April 30, 2011
|
$ | 46 |
as of April 30, 2011 (Unaudited)
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $65,424,926) — including $27,860,831 of securities loaned
|
$ | 98,356,353 | ||
Investment in Daily Assets Fund Institutional (cost $29,140,256)*
|
29,140,256 | |||
Total investments in securities, at value (cost $94,565,182)
|
127,496,609 | |||
Cash
|
44,782 | |||
Foreign currency, at value (cost $694,715)
|
722,480 | |||
Deposits with broker for futures contracts
|
535,389 | |||
Receivable for Fund shares sold
|
203,937 | |||
Dividends receivable
|
412,706 | |||
Interest receivable
|
201 | |||
Receivable for variation margin on futures contracts
|
49,333 | |||
Foreign taxes recoverable
|
51,442 | |||
Other assets
|
67,955 | |||
Total assets
|
129,584,834 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
29,140,256 | |||
Payable for investments purchased
|
1,722 | |||
Line of credit loan payable
|
50,000 | |||
Payable for Fund shares redeemed
|
110,526 | |||
Accrued managment fee
|
103,100 | |||
Other accrued expenses and payables
|
215,007 | |||
Total liabilities
|
29,620,611 | |||
Net assets, at value
|
$ | 99,964,223 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
356,467 | |||
Net unrealized appreciation (depreciation) on:
Investments
|
32,931,427 | |||
Futures
|
49,333 | |||
Foreign currency
|
33,673 | |||
Accumulated net realized gain (loss)
|
(78,318,915 | ) | ||
Paid-in capital
|
144,912,238 | |||
Net assets, at value
|
$ | 99,964,223 |
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 ($37,535,814 ÷ 4,669,833 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)
|
$ | 8.04 | ||
Maximum offering price per share (100 ÷ 94.25 of $8.04)
|
$ | 8.53 | ||
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($1,479,213 ÷ 190,442 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)
|
$ | 7.77 | ||
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($5,334,923 ÷ 687,026 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)
|
$ | 7.77 | ||
Class R
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($2,087,863 ÷ 266,822 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)
|
$ | 7.82 | ||
Class S
Net Asset Value, offering and redemption price(a) per share ($16,814,390 ÷ 2,154,996 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)
|
$ | 7.80 | ||
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($36,712,020 ÷ 4,695,239 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)
|
$ | 7.82 |
for the six months ended April 30, 2011 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $151,691)
|
$ | 1,546,948 | ||
Interest
|
724 | |||
Income distributions — Central Cash Management Fund
|
1,187 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
37,383 | |||
Total income
|
1,586,242 | |||
Expenses:
Management fee
|
354,319 | |||
Administration fee
|
50,617 | |||
Services to shareholders
|
95,573 | |||
Distribution and service fees
|
81,699 | |||
Custodian fee
|
48,019 | |||
Professional fees
|
44,665 | |||
Reports to shareholders
|
23,064 | |||
Registration fees
|
26,789 | |||
Directors' fees and expenses
|
2,770 | |||
Other
|
30,575 | |||
Total expenses before expense reductions
|
758,090 | |||
Expense reductions
|
(1,974 | ) | ||
Total expenses after expense reductions
|
756,116 | |||
Net investment income (loss)
|
830,126 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
7,402,858 | |||
Futures
|
30,373 | |||
Foreign currency
|
(3,406 | ) | ||
7,429,825 | ||||
Change in net unrealized appreciation (depreciation) on:
Investments
|
2,890,146 | |||
Futures
|
39,700 | |||
Foreign currency
|
13,631 | |||
2,943,477 | ||||
Net gain (loss)
|
10,373,302 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 11,203,428 |
Increase (Decrease) in Net Assets
|
Six Months Ended April 30, 2011 (Unaudited)
|
Year Ended October 31, 2010
|
||||||
Operations:
Net investment income (loss)
|
$ | 830,126 | $ | 1,892,404 | ||||
Net realized gain (loss)
|
7,429,825 | 4,723,559 | ||||||
Change in net unrealized appreciation (depreciation)
|
2,943,477 | 6,539,905 | ||||||
Net increase (decrease) in net assets resulting from operations
|
11,203,428 | 13,155,868 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(817,108 | ) | (607,533 | ) | ||||
Class B
|
(25,388 | ) | (14,636 | ) | ||||
Class C
|
(82,724 | ) | (31,068 | ) | ||||
Class R
|
(39,567 | ) | (18,405 | ) | ||||
Class S
|
(403,907 | ) | (379,373 | ) | ||||
Institutional Class
|
(1,195,266 | ) | (1,199,659 | ) | ||||
Total distributions
|
(2,563,960 | ) | (2,250,674 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
6,320,020 | 34,163,345 | ||||||
Reinvestment of distributions
|
2,497,810 | 2,206,830 | ||||||
Payments for shares redeemed
|
(31,585,640 | ) | (59,434,068 | ) | ||||
Redemption fees
|
390 | 89 | ||||||
Net increase (decrease) in net assets from Fund share transactions
|
(22,767,420 | ) | (23,063,804 | ) | ||||
Increase from regulatory settlements (see Note G)
|
— | 431,742 | ||||||
Increase (decrease) in net assets
|
(14,127,952 | ) | (11,726,868 | ) | ||||
Net assets at beginning of period
|
114,092,175 | 125,819,043 | ||||||
Net assets at end of period (including undistributed net investment income of $356,467 and $2,090,301, respectively)
|
$ | 99,964,223 | $ | 114,092,175 |
Class A
Years Ended October 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 7.36 | $ | 6.56 | $ | 5.66 | $ | 14.53 | $ | 13.15 | $ | 11.28 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
.05 | .08 | .08 | .22 | c | .14 | .16 | c | ||||||||||||||||
Net realized and unrealized gain (loss)
|
.80 | .79 | 1.04 | (6.18 | ) | 3.47 | 2.51 | |||||||||||||||||
Total from investment operations
|
.85 | .87 | 1.12 | (5.96 | ) | 3.61 | 2.67 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.17 | ) | (.09 | ) | (.22 | ) | (.07 | ) | (.44 | ) | — | |||||||||||||
Net realized gains
|
— | — | — | (2.84 | ) | (1.79 | ) | (.80 | ) | |||||||||||||||
Total distributions
|
(.17 | ) | (.09 | ) | (.22 | ) | (2.91 | ) | (2.23 | ) | (.80 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .02 | h | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 8.04 | $ | 7.36 | $ | 6.56 | $ | 5.66 | $ | 14.53 | $ | 13.15 | ||||||||||||
Total Return (%)d
|
11.77 | ** | 13.65 | f | 20.98 | f | (50.51 | )f,g | 31.76 | f | 23.64 | f | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
38 | 37 | 47 | 46 | 101 | 80 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.67 | * | 1.61 | 1.62 | 1.55 | 1.45 | 1.41 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.67 | * | 1.60 | 1.41 | 1.38 | 1.36 | 1.37 | |||||||||||||||||
Ratio of net investment income (%)
|
1.46 | * | 1.31 | 1.53 | 2.22 | c | 1.08 | 1.30 | c | |||||||||||||||
Portfolio turnover rate (%)
|
5 | ** | 28 | 152 | 154 | 119 | 140 | e | ||||||||||||||||
a For the six months ended April 30, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 and $0.02 per share and 1.27% and 0.17% of average daily net assets for the years ended October 31, 2008 and 2006, respectively.
d Total return does not reflect the effect of any sales charges.
e Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
f Total return would have been lower had certain expenses not been reduced.
g Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as a result of certain operation errors during the period. Excluding this reimbursement, total return would have been (50.68)%.
h Includes a non-recurring payment from the Advisor, which amounted to $0.013 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 G). The Fund also received $0.01 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.35% 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
|
$ | 7.08 | $ | 6.31 | $ | 5.44 | $ | 14.10 | $ | 12.80 | $ | 11.08 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
.03 | .04 | .04 | .14 | c | .04 | .07 | c | ||||||||||||||||
Net realized and unrealized gain (loss)
|
.77 | .74 | 1.00 | (5.96 | ) | 3.38 | 2.45 | |||||||||||||||||
Total from investment operations
|
.80 | .78 | 1.04 | (5.82 | ) | 3.42 | 2.52 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.11 | ) | (.03 | ) | (.17 | ) | — | (.33 | ) | — | ||||||||||||||
Net realized gains
|
— | — | — | (2.84 | ) | (1.79 | ) | (.80 | ) | |||||||||||||||
Total distributions
|
(.11 | ) | (.03 | ) | (.17 | ) | (2.84 | ) | (2.12 | ) | (.80 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .02 | h | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 7.77 | $ | 7.08 | $ | 6.31 | $ | 5.44 | $ | 14.10 | $ | 12.80 | ||||||||||||
Total Return (%)d,f
|
11.44 | ** | 12.75 | 20.07 | (50.89 | )g | 30.74 | 22.68 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
1 | 2 | 3 | 5 | 12 | 11 | ||||||||||||||||||
Ratio of expenses before reductions (%)
|
2.69 | * | 2.47 | 2.59 | 2.34 | 2.23 | 2.26 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.44 | * | 2.32 | 2.25 | 2.18 | 2.14 | 2.14 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.69 | * | .59 | .69 | 1.42 | c | .30 | .53 | c | |||||||||||||||
Portfolio turnover rate (%)
|
5 | ** | 28 | 152 | 154 | 119 | 140 | e | ||||||||||||||||
a For the six months ended April 30, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 and $0.02 per share and 1.27% and 0.17% of average daily net assets for the years ended October 31, 2008 and 2006, respectively.
d Total return does not reflect the effect of any sales charges.
e Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
f Total return would have been lower had certain expenses not been reduced.
g Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as a result of certain operation errors during the period. Excluding this reimbursement, total return would have been (51.06)%.
h Includes a non-recurring payment from the Advisor, which amounted to $0.011 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 G). The Fund also received $0.01 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.35% 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
|
$ | 7.08 | $ | 6.31 | $ | 5.44 | $ | 14.11 | $ | 12.79 | $ | 11.08 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
.03 | .04 | .04 | .15 | c | .05 | .06 | c | ||||||||||||||||
Net realized and unrealized gain (loss)
|
.77 | .74 | 1.01 | (5.98 | ) | 3.38 | 2.45 | |||||||||||||||||
Total from investment operations
|
.80 | .78 | 1.05 | (5.83 | ) | 3.43 | 2.51 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.11 | ) | (.03 | ) | (.18 | ) | — | (.32 | ) | — | ||||||||||||||
Net realized gains
|
— | — | — | (2.84 | ) | (1.79 | ) | (.80 | ) | |||||||||||||||
Total distributions
|
(.11 | ) | (.03 | ) | (.18 | ) | (2.84 | ) | (2.11 | ) | (.80 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .02 | h | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 7.77 | $ | 7.08 | $ | 6.31 | $ | 5.44 | $ | 14.11 | $ | 12.79 | ||||||||||||
Total Return (%)d
|
11.44 | ** | 12.75 | 19.94 | f | (50.81 | )f,g | 30.78 | f | 22.59 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
5 | 6 | 6 | 8 | 18 | 16 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.43 | * | 2.34 | 2.45 | 2.27 | 2.18 | 2.18 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.43 | * | 2.34 | 2.24 | 2.10 | 2.10 | 2.18 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.70 | * | .57 | .70 | 1.50 | c | .34 | .49 | c | |||||||||||||||
Portfolio turnover rate (%)
|
5 | ** | 28 | 152 | 154 | 119 | 140 | e | ||||||||||||||||
a For the six months ended April 30, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 and $0.02 per share and 1.27% and 0.17% of average daily net assets for the years ended October 31, 2008 and 2006, respectively.
d Total return does not reflect the effect of any sales charges.
e Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
f Total return would have been lower had certain expenses not been reduced.
g Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as a result of certain operation errors during the period. Excluding this reimbursement, total return would have been (50.98)%.
h Includes a non-recurring payment from the Advisor, which amounted to $0.012 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 G). The Fund also received $0.01 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.35% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Class R
Years Ended October 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | b | ||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 7.16 | $ | 6.40 | $ | 5.50 | $ | 14.19 | $ | 12.86 | $ | 11.07 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)c
|
.05 | .07 | .08 | .22 | d | .13 | .13 | d | ||||||||||||||||
Net realized and unrealized gain (loss)
|
.76 | .76 | 1.03 | (6.04 | ) | 3.39 | 2.46 | |||||||||||||||||
Total from investment operations
|
.81 | .83 | 1.11 | (5.82 | ) | 3.52 | 2.59 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.15 | ) | (.09 | ) | (.21 | ) | (.03 | ) | (.40 | ) | — | |||||||||||||
Net realized gains
|
— | — | — | (2.84 | ) | (1.79 | ) | (.80 | ) | |||||||||||||||
Total distributions
|
(.15 | ) | (.09 | ) | (.21 | ) | (2.87 | ) | (2.19 | ) | (.80 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .02 | h | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 7.82 | $ | 7.16 | $ | 6.40 | $ | 5.50 | $ | 14.19 | $ | 12.86 | ||||||||||||
Total Return (%)
|
11.59 | ** | 13.35 | 21.19 | f | (50.62 | )f,g | 31.66 | f | 23.36 | f | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
2 | 2 | 1 | 1 | 1 | 3 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.85 | * | 1.79 | 1.62 | 1.64 | 1.52 | 1.70 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.85 | * | 1.79 | 1.41 | 1.47 | 1.44 | 1.63 | |||||||||||||||||
Ratio of net investment income (%)
|
1.28 | * | 1.12 | 1.52 | 2.13 | d | 1.00 | 1.04 | d | |||||||||||||||
Portfolio turnover rate (%)
|
5 | ** | 28 | 152 | 154 | 119 | 140 | e | ||||||||||||||||
a For the six months ended April 30, 2011 (Unaudited).
b Per share data have been restated to reflect the effects of a 1.82569632 for 1 stock split effective November 11, 2005.
c Based on average shares outstanding during the period.
d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 and $0.02 per share and 1.27% and 0.17% of average daily net assets for the years ended October 31, 2008 and 2006, respectively.
e Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
f Total return would have been lower had certain expenses not been reduced.
g Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as a result of certain operation errors during the period. Excluding this reimbursement, total return would have been (50.79)%.
h Includes a non-recurring payment from the Advisor, which amounted to $0.013 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 G). The Fund also received $0.01 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.35% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Class S
Years Ended October 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | b | ||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 7.15 | $ | 6.40 | $ | 5.51 | $ | 14.25 | $ | 12.90 | $ | 11.07 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)c
|
.06 | .10 | .11 | .26 | d | .19 | .19 | d | ||||||||||||||||
Net realized and unrealized gain (loss)
|
.77 | .75 | 1.02 | (6.04 | ) | 3.41 | 2.44 | |||||||||||||||||
Total from investment operations
|
.83 | .85 | 1.13 | (5.78 | ) | 3.60 | 2.63 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.18 | ) | (.12 | ) | (.24 | ) | (.12 | ) | (.46 | ) | — | |||||||||||||
Net realized gains
|
— | — | — | (2.84 | ) | (1.79 | ) | (.80 | ) | |||||||||||||||
Total distributions
|
(.18 | ) | (.12 | ) | (.24 | ) | (2.96 | ) | (2.25 | ) | (.80 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .02 | h | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 7.80 | $ | 7.15 | $ | 6.40 | $ | 5.51 | $ | 14.25 | $ | 12.90 | ||||||||||||
Total Return (%)
|
11.91 | ** | 13.72 | f | 21.75 | f | (50.38 | )f,g | 32.29 | f | 23.77 | f | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
17 | 16 | 21 | 24 | 58 | 41 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.42 | * | 1.42 | 1.34 | 1.36 | 1.22 | 1.31 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.42 | * | 1.39 | .94 | .97 | .98 | 1.18 | |||||||||||||||||
Ratio of net investment income (%)
|
1.72 | * | 1.52 | 1.99 | 2.63 | d | 1.46 | 1.49 | d | |||||||||||||||
Portfolio turnover rate (%)
|
5 | ** | 28 | 152 | 154 | 119 | 140 | e | ||||||||||||||||
a For the six months ended April 30, 2011 (Unaudited).
b Per share data have been restated to reflect the effects of a 1.81850854 for 1 stock split effective November 11, 2005.
c Based on average shares outstanding during the period.
d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 and $0.02 per share and 1.27% and 0.17% of average daily net assets for the periods ended October 31, 2008 and 2006, respectively.
e Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
f Total return would have been lower had certain expenses not been reduced.
g Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as a result of certain operation errors during the period. Excluding this reimbursement, total return would have been (50.55)%.
h Includes a non-recurring payment from the Advisor, which amounted to $0.012 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 G). The Fund also received $0.01 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.35% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Institutional Class
Years Ended October 31,
|
2011 | a | 2010 | 2009 | 2008 | 2007 | 2006 | b | ||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 7.17 | $ | 6.40 | $ | 5.52 | $ | 14.26 | $ | 12.92 | $ | 11.07 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)c
|
.07 | .12 | .11 | .26 | e | .19 | .20 | e | ||||||||||||||||
Net realized and unrealized gain (loss)
|
.78 | .75 | 1.01 | (6.03 | ) | 3.41 | 2.45 | |||||||||||||||||
Total from investment operations
|
.85 | .87 | 1.12 | (5.77 | ) | 3.60 | 2.65 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.20 | ) | (.12 | ) | (.24 | ) | (.13 | ) | (.47 | ) | — | |||||||||||||
Net realized gains
|
— | — | — | (2.84 | ) | (1.79 | ) | (.80 | ) | |||||||||||||||
Total distributions
|
(.20 | ) | (.12 | ) | (.24 | ) | (2.97 | ) | (2.26 | ) | (.80 | ) | ||||||||||||
Increase from regulatory settlements
|
— | .02 | h | — | — | — | — | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 7.82 | $ | 7.17 | $ | 6.40 | $ | 5.52 | $ | 14.26 | $ | 12.92 | ||||||||||||
Total Return (%)
|
12.11 | ** | 14.10 | 21.61 | d | (50.31 | )d,g | 32.27 | d | 23.96 | d | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
37 | 52 | 47 | 42 | 98 | 119 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.19 | * | 1.13 | 1.23 | 1.13 | 1.04 | 1.13 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.19 | * | 1.13 | .94 | .92 | .93 | 1.10 | |||||||||||||||||
Ratio of net investment income (%)
|
1.94 | * | 1.78 | 1.99 | 2.68 | e | 1.51 | 1.57 | e | |||||||||||||||
Portfolio turnover rate (%)
|
5 | ** | 28 | 152 | 154 | 119 | 140 | f | ||||||||||||||||
a For the six months ended April 30, 2011 (Unaudited).
b Per share data have been restated to reflect the effects of a 1.81761006 for 1 stock split effective November 11, 2005.
c Based on average shares outstanding during the period.
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 $0.12 and $0.02 per share and 1.27% and 0.17% of average daily net assets for the years ended October 31, 2008 and 2006, respectively.
f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
g Includes a reimbursement from the Advisor to reimburse the effect of losses incurred as a result of certain operation errors during the period. Excluding this reimbursement, total return would have been (50.48)%.
h Includes a non-recurring payment from the Advisor, which amounted to $0.013 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 G). The Fund also received $0.01 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.35% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
|
Asset Derivative
|
Futures Contracts
|
|||
Equity Contracts (a)
|
$ | 61,500 |
Liability Derivative
|
Futures Contracts
|
|||
Equity Contracts (a)
|
$ | (12,167 | ) |
Realized Gain (Loss)
|
Futures Contracts
|
|||
Equity Contracts (a)
|
$ | 30,373 |
Change in Net Unrealized Appreciation (Depreciation)
|
Futures Contracts
|
|||
Equity Contracts (a)
|
$ | 39,700 |
First $1.5 billion of the Fund's average daily net assets
|
.700 | % | ||
Next $1.75 billion of such net assets
|
.685 | % | ||
Next $1.75 billion of such net assets
|
.670 | % | ||
Over $5.0 billion of such net assets
|
.655 | % |
Services to Shareholders
|
Total Aggregated
|
Waived
|
Unpaid at April 30, 2011
|
|||||||||
Class A
|
$ | 38,618 | $ | — | $ | 27,890 | ||||||
Class B
|
3,164 | 1,974 | 1,190 | |||||||||
Class C
|
5,549 | — | 4,108 | |||||||||
Class R
|
194 | — | 115 | |||||||||
Class S
|
12,815 | — | 8,528 | |||||||||
Institutional Class
|
6,054 | — | 3,738 | |||||||||
$ | 66,394 | $ | 1,974 | $ | 45,569 |
Distribution Fee
|
Total Aggregated
|
Unpaid at April 30, 2011
|
||||||
Class B
|
$ | 5,908 | $ | 898 | ||||
Class C
|
19,901 | 3,204 | ||||||
Class R
|
2,376 | 412 | ||||||
$ | 28,185 | $ | 4,514 |
Service Fee
|
Total Aggregated
|
Unpaid at April 30, 2011
|
Annualized Effective Rate
|
|||||||||
Class A
|
$ | 42,882 | $ | 21,789 | .24 | % | ||||||
Class B
|
1,953 | 925 | .25 | % | ||||||||
Class C
|
6,593 | 3,180 | .25 | % | ||||||||
Class R
|
2,086 | 1,130 | .22 | % | ||||||||
$ | 53,514 | $ | 27,024 |
Six Months Ended April 30, 2011
|
Year Ended October 31, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
379,784 | $ | 2,843,275 | 1,136,026 | $ | 7,697,068 | ||||||||||
Class B
|
4,609 | 33,409 | 14,961 | 98,115 | ||||||||||||
Class C
|
26,386 | 192,524 | 109,226 | 709,473 | ||||||||||||
Class R
|
26,315 | 192,366 | 115,125 | 763,713 | ||||||||||||
Class S
|
127,691 | 929,928 | 392,486 | 2,548,526 | ||||||||||||
Institutional Class
|
291,702 | 2,128,518 | 3,429,834 | 22,346,450 | ||||||||||||
$ | 6,320,020 | $ | 34,163,345 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
108,841 | $ | 792,360 | 87,598 | $ | 592,160 | ||||||||||
Class B
|
3,171 | 22,387 | 1,963 | 12,855 | ||||||||||||
Class C
|
10,031 | 70,821 | 4,135 | 27,086 | ||||||||||||
Class R
|
5,000 | 35,449 | 2,451 | 16,153 | ||||||||||||
Class S
|
56,076 | 395,897 | 56,027 | 367,535 | ||||||||||||
Institutional Class
|
167,029 | 1,180,896 | 181,561 | 1,191,041 | ||||||||||||
$ | 2,497,810 | $ | 2,206,830 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(879,117 | ) | $ | (6,495,908 | ) | (3,336,931 | ) | $ | (22,201,101 | ) | ||||||
Class B
|
(69,946 | ) | (505,997 | ) | (276,864 | ) | (1,791,427 | ) | ||||||||
Class C
|
(152,091 | ) | (1,101,896 | ) | (314,137 | ) | (2,027,314 | ) | ||||||||
Class R
|
(27,958 | ) | (203,664 | ) | (56,211 | ) | (363,599 | ) | ||||||||
Class S
|
(264,682 | ) | (1,915,777 | ) | (1,505,443 | ) | (9,559,355 | ) | ||||||||
Institutional Class
|
(2,946,104 | ) | (21,362,398 | ) | (3,741,567 | ) | (23,491,272 | ) | ||||||||
$ | (31,585,640 | ) | $ | (59,434,068 | ) | |||||||||||
Redemption fees
|
$ | 390 | $ | 89 | ||||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(390,492 | ) | $ | (2,859,909 | ) | (2,113,307 | ) | $ | (13,911,814 | ) | ||||||
Class B
|
(62,166 | ) | (450,201 | ) | (259,940 | ) | (1,680,457 | ) | ||||||||
Class C
|
(115,674 | ) | (838,551 | ) | (200,776 | ) | (1,290,744 | ) | ||||||||
Class R
|
3,357 | 24,151 | 61,365 | 416,267 | ||||||||||||
Class S
|
(80,915 | ) | (589,926 | ) | (1,056,930 | ) | (6,643,275 | ) | ||||||||
Institutional Class
|
(2,487,373 | ) | (18,052,984 | ) | (130,172 | ) | 46,219 | |||||||||
$ | (22,767,420 | ) | $ | (23,063,804 | ) |
For shareholders of Classes A, B, C, S and Institutional Class
|
||
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
|
DBISX
|
DBIBX
|
DBICX
|
DBIVX
|
MGINX
|
|
CUSIP Number
|
23337R 593
|
23337R 585
|
23337R 577
|
23337R 551
|
23337R 544
|
|
Fund Number
|
499
|
699
|
799
|
2399
|
559
|
For shareholders of Class R
|
||
Automated Information Line
|
DWS Investments Flex Plan Access (800) 532-8411
24-hour access to your retirement plan account.
|
|
Web Site
|
www.dws-investments.com
Click "Retirement Plans" to reallocate assets, process transactions and review your funds through our secure online account access.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
|
|
For More Information
|
(800) 543-5776
To speak with a service representative.
|
|
Written Correspondence
|
DWS Investments Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
|
|
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 R
|
||
Nasdaq Symbol
|
DBITX
|
|
CUSIP Number
|
23337R 569
|
|
Fund Number
|
1501
|
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.
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What?
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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
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How?
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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.
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Reasons we can share your personal information
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Does DWS Investments share?
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Can you limit this sharing?
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For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
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Yes
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No
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For our marketing purposes — to offer our products and services to you
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Yes
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No
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For joint marketing with other financial companies
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No
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We do not share
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For our affiliates' everyday business purposes — information about your transactions and experiences
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No
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We do not share
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For our affiliates' everyday business purposes — information about your creditworthiness
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No
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We do not share
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For non-affiliates to market to you
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No
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We do not share
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Questions?
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Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com
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Who we are
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Who is providing this notice?
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DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
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What we do
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How does DWS Investments protect my personal information?
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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.
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How does DWS Investments collect my personal information?
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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
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Why can't I limit all sharing?
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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.
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Definitions
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Affiliates
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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.
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Non-affiliates
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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.
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Joint marketing
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A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.
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Rev. 09/2010
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ITEM 2.
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CODE OF ETHICS
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Not applicable.
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ITEM 3.
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AUDIT COMMITTEE FINANCIAL EXPERT
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Not applicable
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ITEM 4.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES
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Not applicable
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ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS
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Not applicable
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ITEM 6.
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SCHEDULE OF INVESTMENTS
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Not applicable
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ITEM 7.
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DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 8.
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PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
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Not applicable
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ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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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.
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ITEM 11.
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CONTROLS AND PROCEDURES
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(a)
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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.
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(b)
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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.
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ITEM 12.
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EXHIBITS
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(a)(1)
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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.
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(b)
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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.
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Registrant:
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DWS Diversified International Equity Fund, a series of DWS International Fund, Inc.
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By:
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/s/ W. Douglas Beck
W. Douglas Beck
President
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Date:
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June 28, 2011
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By:
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/s/ W. Douglas Beck
W. Douglas Beck
President
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Date:
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June 28, 2011
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By:
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/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
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Date:
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June 28, 2011
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1.
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I have reviewed this report, filed on behalf of DWS Diversified International Equity Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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June 28, 2011
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/s/ W. Douglas Beck
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W. Douglas Beck
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President
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1.
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I have reviewed this report, filed on behalf of DWS Diversified International Equity Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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June 28, 2011
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/s/Paul Schubert
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Paul Schubert
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Chief Financial Officer and Treasurer
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1.
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I have reviewed this report, filed on behalf of DWS Diversified International Equity Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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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.
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1.
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I have reviewed this report, filed on behalf of DWS Diversified International Equity Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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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.
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