497K 1 k020113int_dief.txt 485K FILING - DWS DIVERSIFIED INTERNATIONAL EQUITY FUND Summary Prospectus February 1, 2013 [DWS INVESTMENTS LOGO] Deutsche Bank Group DWS DIVERSIFIED INTERNATIONAL EQUITY FUND CLASS/Ticker A DBISX B DBIBX C DBICX R DBITX INST MGINX S DBIVX
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, Statement of Additional Information (SAI) and other information about the fund online at https://www.dws-investments.com/mutualpros. You can also get this information at no cost by e-mailing a request to service@dws.com, calling (800) 728-3337 or asking your financial advisor. The prospectus and SAI, both dated February 1, 2013, as supplemented, are incorporated by reference into this Summary Prospectus. INVESTMENT OBJECTIVE The fund seeks capital appreciation. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class in the prospectus (p. 53) and Purchase and Redemption of Shares in the fund's SAI (p. II-15). SHAREHOLDER FEES (paid directly from your investment)
A B C R INST S ---------- --------- --------- ---------- ---------- --------- Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 None None None None None ----------------------------- ---- -- -- - - -- Maximum deferred sales charge (load), as % of redemption proceeds None 4.00 1.00 None None None ----------------------------- ------ ---- ---- - - -- Redemption/exchange fee on shares owned less than 15 days, as % of redemption proceeds 2.00 2.00 2.00 2.00 2.00 2.00 ----------------------------- ------ ---- ---- ----- ----- ---- Account Maintenance Fee (annually, for fund balances below $10,000 and subject to certain exceptions) $ 20 $20 $20 None None $20 ----------------------------- ------- ---- ---- ----- ----- ----
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)
A B C R INST S --------- --------- --------- --------- ---------- ---------- Management fee 0.70 0.70 0.70 0.70 0.70 0.70 ---------------------------- ---- ---- ---- ---- ---- ---- Distribution/service (12b-1) fees 0.24 1.00 1.00 0.47 None None ---------------------------- ---- ---- ---- ---- ----- ----- Other expenses 0.72 0.90 0.72 0.70 0.53 0.74 ---------------------------- ---- ---- ---- ---- ----- ----- Acquired funds fees and expenses 0.04 0.04 0.04 0.04 0.04 0.04 ---------------------------- ---- ---- ---- ---- ----- ----- TOTAL ANNUAL FUND OPERATING EXPENSES 1.70 2.64 2.46 1.91 1.27 1.48 ---------------------------- ---- ---- ---- ---- ----- ----- Less fee waiver/expense reimbursement 0.07 0.26 0.08 0.03 0.00 0.00 ---------------------------- ---- ---- ---- ---- ----- ----- TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSE- MENT 1.63 2.38 2.38 1.88 1.27 1.48 ---------------------------- ---- ---- ---- ---- ----- -----
The Advisor has contractually agreed through September 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.49%, 2.24%, 2.24% and 1.74%; and for the period October 1, 2013 through January 31, 2014 at ratios no higher than 1.59%, 2.34%, 2.34% and 1.84% (in each instance, excluding extraordinary expenses, taxes, brokerage, interest expenses, and acquired funds fees and expenses) for Class A, Class B, Class C and Class R, respectively. These agreements may only be terminated with the consent of the fund's Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses for Class A, Class B, Class C and Class R) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1
YEARS A B C R INST S ------- -------- -------- -------- -------- -------- -------- 1 $ 731 $ 641 $ 341 $ 191 $ 129 $ 151 -- ----- ----- ----- ----- ----- ----- 3 1,073 1,096 759 597 403 468 -- ----- ----- ----- ----- ----- ----- 5 1,439 1,577 1,303 1,029 697 808 -- ----- ----- ----- ----- ----- ----- 10 2,463 2,515 2,790 2,230 1,534 1,768 -- ----- ----- ----- ----- ----- -----
You would pay the following expenses if you did not redeem your shares:
YEARS A B C R INST S ------- -------- -------- -------- -------- -------- -------- 1 $ 731 $ 241 $ 241 $ 191 $ 129 $ 151 -- ----- ----- ----- ----- ----- ----- 3 1,073 796 759 597 403 468 -- ----- ----- ----- ----- ----- ----- 5 1,439 1,377 1,303 1,029 697 808 -- ----- ----- ----- ----- ----- ----- 10 2,463 2,515 2,790 2,230 1,534 1,768 -- ----- ----- ----- ----- ----- -----
Class B converts to Class A after six years; the Class B Example reflects Class A fees after the conversion. PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 21%. PRINCIPAL INVESTMENT STRATEGY MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of its assets, determined at the time of purchase, in equity securities and other securities with equity characteristics. In addition to common stock, other securities with equity characteristics include preferred stock, convertible securities, warrants and exchange-traded funds (ETFs). At least 50% of the fund's assets will be invested in securities that make up the Morgan Stanley Capital International Europe, Australasia and Far East Index (MSCI EAFE (Reg. TM) Index). In addition, the fund may invest in Canada. The fund may also invest up to 20% of its assets in cash equivalents, US investment-grade fixed-income securities, and US stocks and other equities. Although the fund can invest in companies of any size and from any country, it invests mainly in common stocks of established companies in countries with developed economies (other than the United States). The fund may also invest a portion of its assets (typically not more than 35% of its net assets) in securities of companies located in emerging markets, such as those of many countries in Latin America, the Middle East, Eastern Europe, Asia and Africa. MANAGEMENT PROCESS. In choosing securities, portfolio management allocates percentages of assets to various countries and sectors. Portfolio management periodically reviews these allocations and may adjust them based on current or anticipated market conditions or to manage risk consistent with the fund's investment objective. DERIVATIVES. Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. The fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions. MAIN RISKS There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. STOCK MARKET RISK. The fund is affected by how the stock market performs. When stock prices fall, you should expect the value of your investment to fall as well. FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing their full value. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. REGIONAL FOCUS RISK. Focusing investments in a single country or few countries, or regions, involves increased currency, political, regulatory and other risks. Market swings in such a targeted country, countries or regions will be likely to have a greater effect on fund performance than they would in a more geographically diversified fund. 2 DWS Diversified International Equity Fund SUMMARY PROSPECTUS February 1, 2013 PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. ETF RISK. Because ETFs trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. An ETF is subject to the risks of the assets in which it invests as well as those of the investment strategy it follows. The fund incurs brokerage costs when it buys and sells shares of an ETF and also bears its proportionate share of the ETF's fees and expenses, which are passed through to ETF shareholders. SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. DERIVATIVES RISK. Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses. SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. SMALL COMPANY RISK. Small company stocks tend to be more volatile than medium-sized or large company stocks. Small companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. CREDIT RISK. The fund's performance could be hurt if an issuer of a security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or inability to meet a financial obligation. INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) PAST PERFORMANCE How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. The respective performance figures for Class S and Class R shares prior to their inception dates are based on the historical performance of the Institutional Class, adjusted to reflect the higher gross total annual operating expenses of Class S and Class R. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. [BAR GRAPHIC OMITTED HERE] [BAR GRAPHIC DATA] 2003 2004 2005 2006 2007 2008 2009 2010 2011 2013 32.25 16.25 13.15 24.81 15.87 -48.34 28.81 10.76 -12.74 17.12
Best Quarter: 20.68%, Q2 2009 Worst Quarter: -27.15%, Q3 2008
AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2012 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 3 DWS Diversified International Equity Fund SUMMARY PROSPECTUS February 1, 2013
CLASS 1 5 10 INCEPTION YEAR YEARS YEARS ----------- ---------- ---------- --------- CLASS A before tax 2/28/2001 10.38 -6.62 5.97 --------------------------- --------- ----- ------ ---- After tax on distributions 10.01 -6.83 4.73 After tax on distribu- tions and sale of fund shares 7.26 -5.42 5.20 --------------------------- --------- ----- ------ ---- CLASS B before tax 2/28/2001 13.38 -6.39 5.80 --------------------------- --------- ----- ------ ---- CLASS C before tax 2/28/2001 16.38 -6.22 5.80 --------------------------- --------- ----- ------ ---- INST CLASS before tax 5/15/1995 17.61 -5.11 6.97 --------------------------- --------- ----- ------ ---- CLASS R before tax 7/1/2003 16.90 -5.67 6.40 --------------------------- --------- ----- ------ ---- CLASS S before tax 2/28/2005 17.38 -5.25 6.83 --------------------------- --------- ----- ------ ---- MSCI EAFE INDEX (reflects no deduction for fees or expenses) 17.32 -3.69 8.21 --------------------------- --------- ----- ------ ----
MANAGEMENT INVESTMENT ADVISOR Deutsche Investment Management Americas Inc. SUBADVISOR QS Investors, LLC (QS Investors) PORTFOLIO MANAGER(S) ROBERT WANG, HEAD OF PORTFOLIO MANAGEMENT AND TRADING, QS INVESTORS. Began managing the fund in 2009. RUSSELL SHTERN, CFA, HEAD OF EQUITY PORTFOLIO MANAGEMENT AND TRADING, QS INVESTORS. Began managing the fund in 2009. PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($)
AUTOMATIC UGMAS/ INVESTMENT NON-IRA IRAS UTMAS PLANS ----------------- -------------- -------- ------------------- A B C 1,000 500 1,000 500 ------- ----- --- ----- --- R None None None None ------- ----- ----- ----- ---- INST 1,000,000 N/A N/A N/A ------- --------- ----- ----- ---- S 2,500 1,000 1,000 1,000 ------- --------- ----- ----- -----
For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares and Class R shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50. TO PLACE ORDERS MAIL New Accounts DWS Investments, PO Box 219356 Kansas City, MO 64121-9356 Additional Investments DWS Investments, PO Box 219154 Kansas City, MO 64121-9154 Exchanges and DWS Investments, PO Box 219557 Redemptions Kansas City, MO 64121-9557 EXPEDITED MAIL DWS Investments, 210 West 10th Street Kansas City, MO 64105-1614 WEB SITE www.dws-investments.com TELEPHONE (800) 728-3337 M - F 8 a.m. - 8 p.m. ET TDD LINE (800) 972-3006, M - F 8 a.m. - 8 p.m. ET
Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day at our web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading. Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions. Institutional Class shares are generally available only to qualified institutions. Class R shares are generally available only to certain retirement plans. Class S shares are only available to a limited group of investors. TAX INFORMATION The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information. 4 DWS Diversified International Equity Fund SUMMARY PROSPECTUS February 1, 2013 DDIEF-SUM