N-CSRS/A 1 sra43012wdf.htm DWS WORLD DIVIDEND FUND sra43012wdf.htm
Explanatory Note: This Form N-CSRS/A for DWS World Dividend Fund, a series of DWS International Fund, Inc. is being filed solely to replace the index disclosure contained within the Performance Summary section of the semi-annual report for the DWS World Dividend Fund within Item 1 "Reports to Stockholders".
 
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: (212) 250-3220

Paul Schubert
60 Wall Street
New York, NY 10005
 (Name and Address of Agent for Service)

Date of fiscal year end:
10/31
   
Date of reporting period:
4/30/2012

ITEM 1.
REPORT TO STOCKHOLDERS
   
APRIL 30, 2012
Semiannual Report
to Shareholders
 
DWS World Dividend Fund
 
Contents
4 Performance Summary
8 Portfolio Summary
10 Investment Portfolio
14 Statement of Assets and Liabilities
16 Statement of Operations
17 Statement of Changes in Net Assets
18 Financial Highlights
23 Notes to Financial Statements
32 Information About Your Fund's Expenses
34 Summary of Management Fee Evaluation by Independent Fee Consultant
38 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.
 
Dividends are not guaranteed. Any fund that focuses in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the U.S., 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, 2012 (Unaudited)
Average Annual Total Returns as of 4/30/12
  
Unadjusted for Sales Charge
  
6-Month‡
    
1-Year
    
3-Year
    
5-Year
    
10-Year
        
Class A
     5.25 %     -3.97 %     15.74 %     -6.03 %     3.87 %      
Class B
     4.78 %     -4.84 %     14.70 %     -6.85 %     2.95 %      
Class C
     4.87 %     -4.64 %     14.80 %     -6.82 %     3.00 %      
MSCI World High Dividend Yield Index+
     4.69 %     -2.99 %     17.37 %     -2.92 %     N/A        
MSCI World Index++
     7.54 %     -4.63 %     15.61 %     -1.78 %     4.96 %      
Adjusted for the Maximum Sales Charge
                                
Class A (max 5.75% load)
     -0.80 %     -9.49 %     13.48 %     -7.13 %     3.25 %      
Class B (max 4.00% CDSC)
     0.78 %     -7.64 %     14.19 %     -7.00 %     2.95 %      
Class C (max 1.00% CDSC)
     3.87 %     -4.64 %     14.80 %     -6.82 %     3.00 %      
MSCI World High Dividend Yield Index+
     4.69 %     -2.99 %     17.37 %     -2.92 %     N/A        
MSCI World Index++
     7.54 %     -4.63 %     15.61 %     -1.78 %     4.96 %      
No Sales Charges
                                          
Life of Institutional Class*
  
Class S
     5.36 %     -3.79 %     16.01 %     -5.81 %     4.09 %     N/A  
Institutional Class
     5.44 %     -3.61 %     16.24 %     -5.60 %     N/A       2.15 %
MSCI World High Dividend Yield Index+
     4.69 %     -2.99 %     17.37 %     -2.92 %     N/A       N/A  
MSCI World Index++
     7.54 %     -4.63 %     15.61 %     -1.78 %     4.96 %     3.78 %
 
‡ Total returns shown for periods less than one year are not annualized.
 
* Institutional Class commenced operations on March 14, 2005. The performance shown for the MSCI World Index is for the time period of March 31, 2005 through April 30, 2012, which is based on the performance period of the life of the class.
 
Average Annual Total Returns as of 3/31/12 (most recent calendar quarter end)
  
Unadjusted for Sales Charge
  
1-Year
    
3-Year
    
5-Year
    
10-Year
        
Class A
     -0.21 %     19.17 %     -5.19 %     3.73 %      
Class B
     -1.11 %     18.11 %     -6.01 %     2.82 %      
Class C
     -0.95 %     18.20 %     -5.98 %     2.88 %      
MSCI World High Dividend Yield Index+
     3.13 %     22.83 %     -1.85 %     N/A        
MSCI World Index++
     0.56 %     20.24 %     -0.70 %     4.70 %      
Adjusted for the Maximum Sales Charge
                                
Class A (max 5.75% load)
     -5.94 %     16.84 %     -6.31 %     3.12 %      
Class B (max 4.00% CDSC)
     -4.01 %     17.63 %     -6.17 %     2.82 %      
Class C (max 1.00% CDSC)
     -0.95 %     18.20 %     -5.98 %     2.88 %      
MSCI World High Dividend Yield Index+
     3.13 %     22.83 %     -1.85 %     N/A        
MSCI World Index++
     0.56 %     20.24 %     -0.70 %     4.70 %      
No Sales Charges
                                  
Life of Institutional Class*
  
Class S
     -0.02 %     19.45 %     -4.98 %     3.95 %     N/A  
Institutional Class
     0.16 %     19.72 %     -4.76 %     N/A       2.08 %
MSCI World High Dividend Yield Index+
     3.13 %     22.83 %     -1.85 %     N/A       N/A  
MSCI World Index++
     0.56 %     20.24 %     -0.70 %     4.70 %     4.00 %
 
* Institutional Class commenced operations on March 14, 2005. The performance shown for the MSCI World Index is for the time period of March 31, 2005 through March 31, 2012, which is based on the performance period of the life of the class.
 
Until December 1, 2010, this fund was known as DWS Europe Equity Fund. On December 1, 2010, the fund's objective, strategy and name changed. All returns prior to December 1, 2010 were achieved under the previous objective and strategy.
 
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. Fund 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 February 1, 2012 are 1.35%, 2.50%, 2.11%, 1.15% and 0.95% 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 do not reflect any fees or expenses and 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.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
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 MSCI World High Dividend Yield Index includes securities that offer a meaningfully higher-than-average dividend yield relative to the MSCI World Index and pass dividend sustainability and persistence screens. The index offers broad market coverage, and is free-float market-capitalization-weighted to ensure that its performance can be replicated in institutional and retail portfolios. The index is calculated using closing local market prices and translates into U.S. dollars using the London close foreign exchange rates.
 
++ The Morgan Stanley Capital International (MSCI) World Index is an unmanaged, capitalization-weighted measure of global stock markets including the U.S., Canada, Europe, Australia and the Far East. The index is calculated using closing local market prices and translates into U.S. 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:
4/30/12
   $ 23.62     $ 23.37     $ 23.44     $ 23.65     $ 23.87  
10/31/11
   $ 22.78     $ 22.54     $ 22.60     $ 22.81     $ 23.03  
Distribution Information:
Six Months as of 4/30/12:
Income Dividends
   $ .34     $ .23     $ .24     $ .36     $ .39  
 

Morningstar Rankings — World Stock Funds Category as of 4/30/12
Period
Rank
  
Number of Fund Classes Tracked
Percentile Ranking (%)
Class A
1-Year
292
of
902
32
3-Year
384
of
707
54
5-Year
483
of
502
96
10-Year
227
of
279
81
Class B
1-Year
348
of
902
39
3-Year
473
of
707
67
5-Year
489
of
502
97
10-Year
260
of
279
93
Class C
1-Year
333
of
902
37
3-Year
465
of
707
66
5-Year
488
of
502
97
10-Year
259
of
279
92
Class S
1-Year
279
of
902
31
3-Year
362
of
707
51
5-Year
482
of
502
96
10-Year
215
of
279
77
Institutional Class
1-Year
274
of
902
30
3-Year
332
of
707
47
5-Year
480
of
502
95
 
Source: Morningstar, 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.
 
Portfolio Summary (Unaudited)
 
 
Ten Largest Equity Holdings at April 30, 2012 (28.5% of Net Assets)
Country
Percent
1. Rhoen-Klinikum AG
Operates general, rehabilitation and emergency health care facilities
Germany
4.1%
2. Intel Corp.
Designer, manufacturer and seller of computer components and related products
United States
3.2%
3. PepsiCo, Inc.
Provider of soft drinks, snack foods and food services
United States
3.1%
4. PartnerRe Ltd.
Provides multi-line reinsurance to insurance companies
Bermuda
3.0%
5. Smiths Group PLC
Manufactures aerospace electronics, medical systems, industrial products and sealing systems
United Kingdom
2.9%
6. ConocoPhillips
Producer of petroleum and other natural gases
United States
2.7%
7. Transocean Ltd.
An offshore drilling contractor
Switzerland
2.7%
8. British American Tobacco PLC
Manufactures, markets and sells cigarettes and other tobacco products
United Kingdom
2.6%
9. Franco-Nevada Corp.
A resource royalty and investment company
Canada
2.1%
10. Roche Holding AG
Developer of pharmaceutical and chemical products
Switzerland
2.1%
Portfolio holdings and characteristics are subject to change.
For more complete details about the fund's investment portfolio, see page 10. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section on page 38 for contact information.
 
Investment Portfolio as of April 30, 2012 (Unaudited)
   
Shares
    
Value ($)
  
       
Common Stocks 98.3%
  
Australia 5.2%
  
Metcash Ltd.
     1,415,860       5,827,007  
Woodside Petroleum Ltd.
     118,499       4,306,111  
WorleyParsons Ltd.
     191,934       5,646,950  
(Cost $15,177,102)
       15,780,068  
Belgium 0.8%
  
Belgacom (a) (Cost $2,860,031)
     83,728       2,378,650  
Bermuda 3.0%
  
PartnerRe Ltd. (b) (Cost $8,231,206)
     129,966       9,048,233  
Canada 14.1%
  
Bank of Nova Scotia (a)
     85,789       4,759,060  
Canadian National Railway Co. (a)
     56,553       4,826,054  
Canadian Natural Resources Ltd.
     173,493       6,027,514  
Enbridge, Inc. (a)
     127,624       5,347,327  
Franco-Nevada Corp.
     142,301       6,382,910  
Telus Corp.
     93,395       5,607,387  
Toronto-Dominion Bank (a)
     53,015       4,480,662  
TransCanada Corp.
     128,135       5,637,240  
(Cost $36,423,729)
       43,068,154  
Finland 2.9%
  
Fortum Oyj (a)
     160,183       3,444,117  
Sampo Oyj "A"
     199,073       5,294,911  
(Cost $8,739,235)
       8,739,028  
France 3.3%
  
Air Liquide SA (a)
     37,257       4,795,852  
Sanofi
     70,850       5,409,488  
(Cost $8,541,903)
       10,205,340  
Germany 6.3%
  
E.ON AG (a)
     116,548       2,641,619  
Rhoen-Klinikum AG (a)
     443,006       12,461,713  
Wincor Nixdorf AG
     107,771       4,179,525  
(Cost $19,154,414)
       19,282,857  
Japan 1.5%
  
NTT DoCoMo, Inc. (Cost $4,482,266)
     2,710       4,610,793  
Korea 1.1%
  
SK Telecom Co., Ltd. (ADR) (Cost $4,094,197)
     240,778       3,255,318  
Netherlands 5.0%
  
Koninklijke (Royal) KPN NV (a)
     188,195       1,689,548  
Koninklijke Philips Electronics NV* (a)
     270,577       5,373,990  
Unilever NV (CVA)
     142,955       4,895,957  
Wolters Kluwer NV (a)
     191,780       3,311,056  
(Cost $17,324,704)
       15,270,551  
Poland 1.3%
  
Powszechny Zaklad Ubezpieczen SA (Cost $3,803,117)
     40,413       4,084,673  
Singapore 0.9%
  
Singapore Post Ltd. (Cost $3,051,369)
     3,447,698       2,827,012  
Switzerland 7.5%
  
Nestle SA (Registered)
     78,516       4,810,215  
Novartis AG (Registered)
     60,977       3,361,880  
Roche Holding AG (Genusschein)
     34,917       6,379,688  
Transocean Ltd. (b)
     164,149       8,271,468  
(Cost $20,896,346)
       22,823,251  
Taiwan 2.9%
  
Chunghwa Telecom Co., Ltd. (ADR)
     90,912       2,816,454  
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
     381,550       5,944,549  
(Cost $6,890,337)
       8,761,003  
United Kingdom 12.6%
  
BAE Systems PLC
     675,719       3,235,505  
British American Tobacco PLC
     152,292       7,819,522  
Imperial Tobacco Group PLC
     116,935       4,677,176  
National Grid PLC
     421,487       4,550,693  
Pearson PLC
     296,968       5,592,328  
Smiths Group PLC
     504,161       8,757,177  
Vodafone Group PLC
     1,313,606       3,643,871  
(Cost $32,004,761)
       38,276,272  
United States 29.9%
  
Air Products & Chemicals, Inc.
     55,355       4,732,299  
Altria Group, Inc.
     187,845       6,050,487  
AT&T, Inc.
     95,547       3,144,452  
Automatic Data Processing, Inc.
     60,368       3,357,668  
Bemis Co., Inc.
     93,653       3,033,421  
ConocoPhillips
     116,024       8,310,799  
Diebold, Inc.
     141,091       5,566,040  
EOG Resources, Inc.
     49,452       5,430,324  
Exelon Corp.
     79,717       3,109,760  
FirstEnergy Corp.
     77,932       3,648,776  
Genuine Parts Co.
     56,574       3,664,864  
Intel Corp.
     346,820       9,849,688  
PepsiCo, Inc.
     142,268       9,389,688  
Procter & Gamble Co.
     93,500       5,950,340  
Sealed Air Corp.
     213,019       4,085,704  
Sonoco Products Co.
     91,250       3,023,113  
UGI Corp.
     152,919       4,462,176  
VF Corp.
     27,295       4,150,205  
(Cost $79,630,144)
       90,959,804  
Total Common Stocks (Cost $271,304,861)
       299,371,007  
   
Securities Lending Collateral 17.5%
  
Daily Assets Fund Institutional, 0.24% (c) (d) (Cost $53,333,840)
     53,333,840       53,333,840  
   
Cash Equivalents 1.1%
  
Central Cash Management Fund, 0.12% (c) (Cost $3,416,981)
     3,416,981       3,416,981  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $328,055,682)+
     116.9       356,121,828  
Other Assets and Liabilities, Net
     (16.9 )     (51,538,504 )
Net Assets
     100.0       304,583,324  
 
* Non-income producing security.
 
+ The cost for federal income tax purposes was $329,209,834. At April 30, 2012, net unrealized appreciation for all securities based on tax cost was $26,911,994. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $39,038,661 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $12,126,667.
 
(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, 2012 amounted to $50,507,530, which is 16.6% of net assets.
 
(b) Listed on the New York Stock Exchange.
 
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
 
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
 
ADR: American Depositary Receipt
 
CVA: Certificaten Van Aandelen
 
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, 2012 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 Stocks
  
Australia
   $ —     $ 15,780,068     $ —     $ 15,780,068  
Belgium
     —       2,378,650       —       2,378,650  
Bermuda
     9,048,233       —       —       9,048,233  
Canada
     43,068,154       —       —       43,068,154  
Finland
     —       8,739,028       —       8,739,028  
France
     —       10,205,340       —       10,205,340  
Germany
     —       19,282,857       —       19,282,857  
Japan
     —       4,610,793       —       4,610,793  
Korea
     3,255,318       —       —       3,255,318  
Netherlands
     —       15,270,551       —       15,270,551  
Poland
     —       4,084,673       —       4,084,673  
Singapore
     —       2,827,012       —       2,827,012  
Switzerland
     8,271,468       14,551,783       —       22,823,251  
Taiwan
     8,761,003       —       —       8,761,003  
United Kingdom
     —       38,276,272       —       38,276,272  
United States
     90,959,804       —       —       90,959,804  
Short-Term Investments (e)
     56,750,821       —       —       56,750,821  
Total
   $ 220,114,801     $ 136,007,027     $ —     $ 356,121,828  
 
There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2012.
 
(e) See Investment Portfolio for additional detailed categorizations.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of April 30, 2012 (Unaudited)
  
Assets
  
Investments:
Investments in non-affiliated securities, at value (cost $271,304,861) — including $50,507,530 of securities loaned
   $ 299,371,007  
Investment in Daily Assets Fund Institutional (cost $53,333,840)*
     53,333,840  
Investment in Central Cash Management Fund (cost $3,416,981)
     3,416,981  
Total investments in securities, at value (cost $328,055,682)
     356,121,828  
Foreign currency, at value (cost $1,223,148)
     1,228,665  
Receivable for Fund shares sold
     418,408  
Dividends receivable
     855,946  
Interest receivable
     26,422  
Foreign taxes recoverable
     222,224  
Other assets
     51,888  
Total assets
     358,925,381  
Liabilities
  
Payable upon return of securities loaned
     53,333,840  
Payable for Fund shares redeemed
     574,028  
Accrued management fee
     162,371  
Accrued Directors' fees
     396  
Other accrued expenses and payables
     271,422  
Total liabilities
     54,342,057  
Net assets, at value
   $ 304,583,324  
Net Assets Consist of
  
Undistributed net investment income
     1,644,431  
Net unrealized appreciation (depreciation) on:
Investments
     28,066,146  
Foreign currency
     22,106  
Accumulated net realized gain (loss)
     (190,881,133 )
Paid-in capital
     465,731,774  
Net assets, at value
   $ 304,583,324  
 
* 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, 2012 (Unaudited) (continued)
  
Net Asset Value
  
Class A
Net Asset Value and redemption price(a) per share ($96,672,308 ÷ 4,092,941 shares of capital stock outstanding, $.01 par value, 50,000,000 of shares authorized)
   $ 23.62  
Maximum offering price per share (100 ÷ 94.25 of $23.62)
   $ 25.06  
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($173,564 ÷ 7,427 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)
   $ 23.37  
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($22,558,529 ÷ 962,297 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)
   $ 23.44  
Class S
Net Asset Value, offering and redemption price(a) per share ($174,931,462 ÷ 7,398,217 shares of capital stock outstanding, $.01 par value, 100,000,000 of shares authorized)
   $ 23.65  
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($10,247,461 ÷ 429,334 shares of capital stock outstanding, $.01 par value, 100,000,000 of shares authorized)
   $ 23.87  
 
(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, 2012 (Unaudited)
  
Investment Income
  
Income:
Dividends (net of foreign taxes withheld of $430,897)
   $ 5,550,374  
Interest
     1,710  
Income distributions — Central Cash Management Fund
     3,323  
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
     121,587  
Total income
     5,676,994  
Expenses:
Management fee
     954,173  
Administration fee
     144,390  
Services to shareholders
     329,751  
Distribution and service fees
     198,359  
Custodian fee
     23,732  
Professional fees
     48,639  
Reports to shareholders
     28,825  
Registration fees
     37,234  
Directors' fees and expenses
     5,435  
Other
     16,501  
Total expenses before expense reductions
     1,787,039  
Expense reductions
     (444 )
Total expenses after expense reductions
     1,786,595  
Net investment income
     3,890,399  
Realized and Unrealized Gain (Loss)
  
Net realized gain (loss) from:
Investments
     (4,668,463 )
Foreign currency
     2,515  
      (4,665,948 )
Change in net unrealized appreciation (depreciation) on:
Investments
     16,098,488  
Foreign currency
     17,615  
      16,116,103  
Net gain (loss)
     11,450,155  
Net increase (decrease) in net assets resulting from operations
   $ 15,340,554  
 
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, 2012 (Unaudited)
    
Year Ended October 31, 2011
  
Operations:
Net investment income
   $ 3,890,399     $ 6,649,279  
Net realized gain (loss)
     (4,665,948 )     17,771,964  
Change in net unrealized appreciation (depreciation)
     16,116,103       (22,242,322 )
Net increase (decrease) in net assets resulting from operations
     15,340,554       2,178,921  
Distributions to shareholders from:
Net investment income:
Class A
     (1,359,803 )     (2,199,863 )
Class B
     (1,877 )     (9,510 )
Class C
     (191,300 )     (102,426 )
Class S
     (2,674,098 )     (8,277,012 )
Institutional Class
     (161,652 )     (492,577 )
Total distributions
     (4,388,730 )     (11,081,388 )
Fund share transactions:
Proceeds from shares sold
     66,245,861       105,985,617  
Reinvestment of distributions
     3,957,040       10,144,676  
Payments for shares redeemed
     (53,130,046 )     (62,573,586 )
Redemption fees
     1,782       1,889  
Net increase (decrease) in net assets from Fund share transactions
     17,074,637       53,558,596  
Increase from regulatory settlements (see Note F)
     —       511,049  
Increase (decrease) in net assets
     28,026,461       45,167,178  
Net assets at beginning of period
     276,556,863       231,389,685  
Net assets at end of period (including undistributed net investment income of $1,644,431 and $2,142,762, respectively)
   $ 304,583,324     $ 276,556,863  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
         
Years Ended October 31,
  
Class A
  
Six Months Ended 4/30/12 (Unaudited)
    
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 22.78     $ 23.58     $ 22.34     $ 19.21     $ 43.38     $ 36.80  
Income (loss) from investment operations:
Net investment incomea
     .30       .61       .30       .32       .73       .62  
Net realized and unrealized gain (loss)
     .88       (.40 )     1.39       3.66       (21.25 )     7.93  
Total from investment operations
     1.18       .21       1.69       3.98       (20.52 )     8.55  
Less distributions from:
Net investment income
     (.34 )     (1.06 )     (.66 )     (.85 )     (.80 )     (1.97 )
Net realized gains
     —       —       —       —       (2.85 )     —  
Total distributions
     (.34 )     (1.06 )     (.66 )     (.85 )     (3.65 )     (1.97 )
Increase from regulatory settlements
     —       .05 c     .21 c     —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.62     $ 22.78     $ 23.58     $ 22.34     $ 19.21     $ 43.38  
Total Return (%)b
     5.25 **     1.16       8.71       21.98       (51.18 )     24.16  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     97       85       42       47       47       126  
Ratio of expenses (%)
     1.30 *     1.35       1.45       1.53       1.32       1.29  
Ratio of net investment income (%)
     2.64 *     2.63       1.37       1.70       2.27       1.57  
Portfolio turnover rate (%)
     5 **     82       204       92       43       105  
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Includes a non-recurring payment from the Advisor, which amounted to $0.093 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.115 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

         
Years Ended October 31,
  
Class B
  
Six Months Ended 4/30/12 (Unaudited)
    
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 22.54     $ 23.19     $ 22.03     $ 18.89     $ 42.71     $ 36.16  
Income (loss) from investment operations:
Net investment incomea
     .19       .38       .11       .19       .42       .28  
Net realized and unrealized gain (loss)
     .87       (.39 )     1.38       3.61       (20.94 )     7.82  
Total from investment operations
     1.06       (.01 )     1.49       3.80       (20.52 )     8.10  
Less distributions from:
Net investment income
     (.23 )     (.69 )     (.52 )     (.66 )     (.45 )     (1.55 )
Net realized gains
     —       —       —       —       (2.85 )     —  
Total distributions
     (.23 )     (.69 )     (.52 )     (.66 )     (3.30 )     (1.55 )
Increase from regulatory settlements
     —       .05 d     .19 d     —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.37     $ 22.54     $ 23.19     $ 22.03     $ 18.89     $ 42.71  
Total Return (%)b
     4.78 c**     .19 c     7.76 c     21.09 c     (51.64 )c     23.12  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     .2       .2       .4       1       1       5  
Ratio of expenses before expense reductions (%)
     2.68 *     2.50       2.62       2.67       2.33       2.19  
Ratio of expenses after expense reductions (%)
     2.18 *     2.33       2.35       2.24       2.28       2.19  
Ratio of net investment income (%)
     1.68 *     1.62       .46       .99       1.31       .67  
Portfolio turnover rate (%)
     5 **     82       204       92       43       105  
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Includes a non-recurring payment from the Advisor, which amounted to $0.079 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.110 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

         
Years Ended October 31,
  
Class C
  
Six Months Ended 4/30/12 (Unaudited)
    
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 22.60     $ 23.24     $ 21.99     $ 18.91     $ 42.75     $ 36.22  
Income (loss) from investment operations:
Net investment incomea
     .23       .37       .12       .15       .46       .30  
Net realized and unrealized gain (loss)
     .85       (.35 )     1.36       3.61       (20.98 )     7.82  
Total from investment operations
     1.08       .02       1.48       3.76       (20.52 )     8.12  
Less distributions from:
Net investment income
     (.24 )     (.71 )     (.44 )     (.68 )     (.47 )     (1.59 )
Net realized gains
     —       —       —       —       (2.85 )     —  
Total distributions
     (.24 )     (.71 )     (.44 )     (.68 )     (3.32 )     (1.59 )
Increase from regulatory settlements
     —       .05 c     .21 c     —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.44     $ 22.60     $ 23.24     $ 21.99     $ 18.91     $ 42.75  
Total Return (%)b
     4.87 **     .31       7.82       20.88       (51.60 )     23.13  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     23       15       2       3       3       8  
Ratio of expenses (%)
     2.00 *     2.11       2.29       2.44       2.19       2.14  
Ratio of net investment income (%)
     2.04 *     1.66       .52       .79       1.40       .72  
Portfolio turnover rate (%)
     5 **     82       204       92       43       105  
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Includes a non-recurring payment from the Advisor, which amounted to $0.093 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.114 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

         
Years Ended October 31,
  
Class S
  
Six Months Ended 4/30/12 (Unaudited)
    
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 22.81     $ 23.66     $ 22.42     $ 19.27     $ 43.52     $ 36.89  
Income (loss) from investment operations:
Net investment incomea
     .32       .68       .35       .37       .79       .71  
Net realized and unrealized gain (loss)
     .88       (.42 )     1.41       3.67       (21.30 )     7.95  
Total from investment operations
     1.20       .26       1.76       4.04       (20.51 )     8.66  
Less distributions from:
Net investment income
     (.36 )     (1.16 )     (.73 )     (.89 )     (.89 )     (2.03 )
Net realized gains
     —       —       —       —       (2.85 )     —  
Total distributions
     (.36 )     (1.16 )     (.73 )     (.89 )     (3.74 )     (2.03 )
Increase from regulatory settlements
     —       .05 b     .21 b     —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.65     $ 22.81     $ 23.66     $ 22.42     $ 19.27     $ 43.52  
Total Return (%)
     5.36 **     1.37       8.95       22.35       (51.08 )     24.44  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     175       167       173       185       173       430  
Ratio of expenses (%)
     1.14 *     1.15       1.21       1.24       1.13       1.08  
Ratio of net investment income (%)
     2.79 *     2.89       1.60       1.99       2.46       1.78  
Portfolio turnover rate (%)
     5 **     82       204       92       43       105  
a Based on average shares outstanding during the period.
b Includes a non-recurring payment from the Advisor, which amounted to $0.093 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.115 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

         
Years Ended October 31,
  
Institutional Class
  
Six Months Ended 4/30/12 (Unaudited)
    
2011
    
2010
    
2009
    
2008
    
2007
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 23.03     $ 23.95     $ 22.72     $ 19.52     $ 44.04     $ 36.84  
Income (loss) from investment operations:
Net investment incomea
     .33       .75       .41       .42       .86       .79  
Net realized and unrealized gain (loss)
     .90       (.45 )     1.43       3.72       (21.55 )     8.02  
Total from investment operations
     1.23       .30       1.84       4.14       (20.69 )     8.81  
Less distributions from:
Net investment income
     (.39 )     (1.27 )     (.83 )     (.94 )     (.98 )     (1.61 )
Net realized gains
     —       —       —       —       (2.85 )     —  
Total distributions
     (.39 )     (1.27 )     (.83 )     (.94 )     (3.83 )     (1.61 )
Increase from regulatory settlements
     —       .05 b     .22 b     —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.87     $ 23.03     $ 23.95     $ 22.72     $ 19.52     $ 44.04  
Total Return (%)
     5.44 **     1.55       9.25       22.69       (50.97 )     24.71  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     10       8       13       18       18       49  
Ratio of expenses (%)
     .96 *     .95       .96       .96       .90       .87  
Ratio of net investment income (%)
     2.93 *     3.15       1.86       2.27       2.69       1.99  
Portfolio turnover rate (%)
     5 **     82       204       92       43       105  
a Based on average shares outstanding during the period.
b Includes a non-recurring payment from the Advisor, which amounted to $0.098 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.119 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower and the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 
Notes to Financial Statements (Unaudited)
 
A. Organization and Significant Accounting Policies
 
DWS World Dividend Fund (the "Fund") is a diversified series of the 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 generally 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 (U.S. 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.
 
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 U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. 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 U.S. 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.
 
Under the Regulated Investment Company Modernization Act of 2010, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term. 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.
 
At October 31, 2011, the Fund had a net tax basis capital loss carryforward of approximately $185,500,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2016 ($48,029,000), October 31, 2017 ($117,464,000) and October 31, 2018 ($20,007,000), the respective expiration dates, whichever occurs first.
 
The Fund has reviewed the tax positions for the open tax years as of October 31, 2011 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 quarterly. 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 gain 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 passive foreign investment companies, investments in foreign denominated investments, 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 investment transactions 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 and may include proceeds from litigation.
 
B. Purchases and Sales of Securities
 
During the six months ended April 30, 2012, purchases and sales of investment securities (excluding short-term investments) aggregated $44,723,794 and $15,505,198, respectively.
 
C. 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
     .665 %
Next $750 million of such net assets
     .635 %
Next $1.5 billion of such net assets
     .615 %
Next $2.5 billion of such net assets
     .595 %
Next $2.5 billion of such net assets
     .565 %
Next $2.5 billion of such net assets
     .555 %
Next $2.5 billion of such net assets
     .545 %
Over $12.5 billion of such net assets
     .535 %
 
Accordingly, for the six months ended April 30, 2012, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate of 0.66% of the Fund's average daily net assets.
 
For the period from November 1, 2011 through January 31, 2013, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
Class A
1.43%
Class B
2.18%
Class C
2.18%
Class S
1.18%
 
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, 2012, the Administration Fee was $144,390, of which $24,602 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 of 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, 2012, the amounts charged to the Fund by DISC were as follows:
Services to Shareholders
  
Total Aggregated
    
Waived
    
Unpaid at April 30, 2012
  
Class A
   $ 32,283     $ —     $ 10,905  
Class B
     675       444       147  
Class C
     4,071       —       599  
Class S
     128,563       —       45,019  
Institutional Class
     728       —       245  
    $ 166,320     $ 444     $ 56,915  
 
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 Service 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, 2012, the Distribution Fee was as follows:
Distribution Fee
  
Total Aggregated
    
Unpaid at April 30, 2012
  
Class B
   $ 660     $ 105  
Class C
     70,792       13,429  
    $ 71,452     $ 13,534  
 
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, 2012, the Service Fee was as follows:
Service Fee
  
Total Aggregated
    
Unpaid at April 30, 2012
    
Annualized Effective Rate
  
Class A
   $ 103,411     $ 39,923       .23 %
Class B
     217       76       .25 %
Class C
     23,279       8,850       .25 %
    $ 126,907     $ 48,849          
 
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, 2012 aggregated $21,229.
 
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, 2012, the CDSC for Class B and C shares aggregated $34 and $3,575, 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, 2012, DIDI received $609 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, 2012, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,722, of which $7,246 is unpaid.
 
Directors' Fees and Expenses. The Fund paid retainer fees to each Director not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee 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.
 
D. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $375 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 33 percent of its net assets under the agreement. The Fund had no outstanding loans at April 30, 2012.
 
E. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
   
Six Months Ended April 30, 2012
    
Year Ended October 31, 2011
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Class A
     1,391,844     $ 31,458,566       2,375,351     $ 55,156,511  
Class B
     982       22,156       2,703       62,010  
Class C
     370,075       8,302,460       623,450       13,981,293  
Class S
     840,908       19,181,204       1,387,844       32,281,037  
Institutional Class
     316,270       7,281,475       193,765       4,504,766  
            $ 66,245,861             $ 105,985,617  
Shares issued to shareholders in reinvestment of distributions
  
Class A
     50,722     $ 1,129,834       77,173     $ 1,757,115  
Class B
     85       1,862       411       9,304  
Class C
     7,491       164,315       3,793       85,745  
Class S
     112,458       2,508,714       341,945       7,799,999  
Institutional Class
     6,751       152,315       21,346       492,513  
            $ 3,957,040             $ 10,144,676  
Shares redeemed
  
Class A
     (1,095,535 )   $ (24,728,402 )     (501,983 )   $ (11,637,524 )
Class B
     (1,520 )     (34,103 )     (11,600 )     (273,684 )
Class C
     (96,860 )     (2,163,478 )     (51,496 )     (1,139,358 )
Class S
     (882,420 )     (20,064,297 )     (1,725,621 )     (40,292,200 )
Institutional Class
     (262,120 )     (6,139,766 )     (386,341 )     (9,230,820 )
            $ (53,130,046 )           $ (62,573,586 )
Redemption fees
           $ 1,782             $ 1,889  
Net increase (decrease)
  
Class A
     347,031     $ 7,860,219       1,950,541     $ 45,276,323  
Class B
     (453 )     (10,085 )     (8,486 )     (202,369 )
Class C
     280,706       6,303,319       575,747       12,927,702  
Class S
     70,946       1,627,144       4,168       (209,535 )
Institutional Class
     60,901       1,294,040       (171,230 )     (4,233,525 )
            $ 17,074,637             $ 53,558,596  
 
F. Regulatory Settlements
 
During the year ended October 31, 2011, the Fund received $511,049 of non-affiliated regulatory settlements. These payments are included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.
 
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. In the most recent six-month period, Class B shares limited these expenses; had it not done so, expenses would have been higher. 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, 2011 to April 30, 2012).
 
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, 2012 (Unaudited)
  
Actual Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 11/1/11
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/12
   $ 1,052.50     $ 1,047.80     $ 1,048.70     $ 1,053.60     $ 1,054.40  
Expenses Paid per $1,000*
   $ 6.63     $ 11.10     $ 10.19     $ 5.82     $ 4.90  
Hypothetical 5% Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 11/1/11
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 4/30/12
   $ 1,018.40     $ 1,014.02     $ 1,014.92     $ 1,019.19     $ 1,020.09  
Expenses Paid per $1,000*
   $ 6.52     $ 10.92     $ 10.02     $ 5.72     $ 4.82  
 
* 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 182 (the number of days in the most recent six-month period), then divided by 366.
Annualized Expense Ratios
Class A
Class B
Class C
Class S
Institutional Class
DWS World Dividend Fund
1.30%
2.18%
2.00%
1.14%
.96%
 
For more information, please refer to the Fund's prospectus.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
September 26, 2011
 
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 2011, 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, 2009 and 2010.
 
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 109 mutual 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
 
President, Thomas H. Mack & Co., Inc.
 
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
  
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.
Portfolio Holdings
  
Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This 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.
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
Investment Management
  
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.
DWS Investments is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. As such, DWS is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
 

   
Class A
Class B
Class C
Class S
Institutional Class
Nasdaq Symbol
  
SERAX
SERBX
SERCX
SCGEX
SERNX
CUSIP Number
  
23337R 601
23337R 700
23337R 809
23337R 874
23337R 866
Fund Number
  
477
677
777
2077
1477
 
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. 09/2011
 
 
   
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 World Dividend Fund, a series of DWS International Fund, Inc.
   
   
By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
August 7, 2012

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:
August 7, 2012
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
August 7, 2012