sr22813ivf.htm

FEBRUARY 28, 2013

Semiannual Report

to Shareholders

DWS International Value Fund

(formerly DWS Dreman International Value Fund)

Contents

4 Letter to Shareholders

5 Performance Summary

8 Portfolio Management Team

9 Portfolio Summary

11 Investment Portfolio

16 Statement of Assets and Liabilities

18 Statement of Operations

19 Statement of Changes in Net Assets

20 Financial Highlights

24 Notes to Financial Statements

33 Information About Your Fund's Expenses

35 Investment Management Agreement Approval

41 Summary of Management Fee Evaluation by Independent Fee Consultant

45 Account Management Resources

47 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Investing in 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 the Deutsche Asset & Wealth Management division of Deutsche Bank AG.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Letter to Shareholders

Dear Investor:

As the U.S. and global economies regain their footing, economists are cautiously looking to a less erratic year for the financial markets in 2013. In the U.S. specifically, positive trends in areas such as housing starts and job creation suggest ongoing recovery, albeit at a relatively mild pace. Supporting this view, Larry Adam, Deutsche Asset & Wealth Management's Chief Investment Strategist for Wealth Management, cites the potential for increased bank lending, a rise in business spending, and improved consumer confidence as underlying forces that may act as catalysts for continued positive growth.

Still, critical issues are yet to be resolved. As Washington wrangles with debt concerns, spending, and monetary and fiscal policy, a fair amount of uncertainty lingers. Despite gains in the broad stock market, sluggish growth and historically low interest rates continue to pose a challenge to investors seeking a strategy for growth or retirement income.

Against this backdrop, what can you do? First, stay focused. Second-guessing investment decisions based on headlines, short-term market fluctuations or emotion is never a reliable strategy. Next, make a point of checking your asset allocation every year or so. Objectives may change over time, and periods of market volatility can shift a portfolio away from your established target allocation. Finally, remember that the investment professionals who manage your DWS fund bring a wealth of experience over a variety of market cycles, along with access to a broad network of research and analytical resources.

At Deutsche Asset & Wealth Management we embrace the concept of discipline and the value of maintaining a long-term view. We urge you to do the same.

Best regards,

Douglas Beck, CFA

President, DWS Funds

Performance Summary February 28, 2013 (Unaudited)

Class A	6-Month‡			1-Year			5-Year			Life of Fund*
Average Annual Total Returns as of 2/28/13
Unadjusted for Sales Charge		11.76	%		3.05	%		-3.88	%		0.23	%
Adjusted for the Maximum Sales Charge (max 5.75% load)		5.34	%		-2.87	%		-5.02	%		-0.66	%
Russell Global ex-U.S. Value Index†		14.21	%		6.91	%		-1.36	%		1.74	%
Average Annual Total Returns as of 12/31/12 (most recent calendar quarter end)
Unadjusted for Sales Charge					18.70	%		-5.05	%		0.42	%
Adjusted for the Maximum Sales Charge (max 5.75% load)					11.87	%		-6.17	%		-0.49	%
Russell Global ex-U.S. Value Index†					16.97	%		-3.43	%		1.28	%
Class C	6-Month‡			1-Year			5-Year			Life of Fund*
Average Annual Total Returns as of 2/28/13
Unadjusted for Sales Charge		11.40	%		2.34	%		-4.57	%		-0.50	%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		10.40	%		2.34	%		-4.57	%		-0.50	%
Russell Global ex-U.S. Value Index†		14.21	%		6.91	%		-1.36	%		1.74	%
Average Annual Total Returns as of 12/31/12 (most recent calendar quarter end)
Unadjusted for Sales Charge					17.96	%		-5.74	%		-0.31	%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)					17.96	%		-5.74	%		-0.31	%
Russell Global ex-U.S. Value Index†					16.97	%		-3.43	%		1.28	%
Class S	6-Month‡			1-Year			5-Year			Life of Fund*
Average Annual Total Returns as of 2/28/13
No Sales Charges		11.86	%		3.24	%		-3.62	%		0.49	%
Russell Global ex-U.S. Value Index†		14.21	%		6.91	%		-1.36	%		1.74	%
Average Annual Total Returns as of 12/31/12 (most recent calendar quarter end)
No Sales Charges					19.01	%		-4.78	%		0.69	%
Russell Global ex-U.S. Value Index†					16.97	%		-3.43	%		1.28	%
Institutional Class	6-Month‡			1-Year			5-Year			Life of Fund*
Average Annual Total Returns as of 2/28/13
No Sales Charges		11.99	%		3.36	%		-3.63	%		0.50	%
Russell Global ex-U.S. Value Index†		14.21	%		6.91	%		-1.36	%		1.74	%
Average Annual Total Returns as of 12/31/12 (most recent calendar quarter end)
No Sales Charges					19.01	%		-4.81	%		0.69	%
Russell Global ex-U.S. Value Index†					16.97	%		-3.43	%		1.28	%

Performance in the Average Annual Total Returns table 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 December 1, 2012 are 1.52%, 2.31%, 1.35% and 1.26% for Class A, 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 February 28

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 Fund commenced operations on July 5, 2006. The performance shown for the index is for the time period of June 30, 2006 through February 28, 2013 (through December 31, 2012 for the most recent calendar quarter end returns), which is based on the performance period of the life of the Fund. On June 21, 2010, the Fund was renamed DWS Dreman International Value Fund and adopted its current investment policies. On March 1, 2013, the Fund was renamed DWS International Value Fund. Performance prior to June 21, 2010 should not be considered representative of the present Fund due to its change in investment policy.

† The Russell Global ex-U.S. Value Index measures the performance of the global equity market based on all investable equity securities, excluding companies assigned to the United States. The index is calculated using closing local market prices and translates into U.S. dollars using the London close foreign exchange rates.

‡ Total returns shown for periods less than one year are not annualized.

	Class A		Class C		Class S		Institutional Class
Net Asset Value
2/28/13	$	9.01	$	8.94	$	9.04	$	9.05
8/31/12	$	8.11	$	8.05	$	8.14	$	8.14
Distribution Information as of 2/28/13
Income Dividends, Six Months	$	.05	$	.03	$	.07	$	.07

Portfolio Management Team

Subadvisor

The fund's subadvisor is Dreman Value Management, L.L.C., a renowned investment firm with a 35-year history of style-pure value investing.

Portfolio Management Team

E. Clifton Hoover, Jr., Chief Investment Officer, Managing Director of Dreman Value Management, L.L.C.

Lead Portfolio Manager of the fund. Joined the fund in 2010.

• Joined Dreman Value Management, L.L.C. in 2006.

• Prior to joining Dreman Value Management, L.L.C., Managing Director and a Portfolio Manager at NFJ Investment Group since 1997.

• Over 25 years of investment industry experience.

• MS, Texas Tech University.

Wesley Wright

Portfolio Manager of the fund. Joined the fund in 2010.

• Joined Dreman Value Management, L.L.C. in 2008.

• Responsible for current portfolio holdings for the firm's International Value and All Cap Value products.

• Prior to joining Dreman Value Management. L.L.C., worked as an Equity Analyst at Hillcrest Asset Management.

• BS, Texas A&M University; MBA, SMU Cox School of Business.

Portfolio Summary (Unaudited)

Ten Largest Equity Holdings at February 28, 2013 (22.6% of Net Assets)	Country	Percent
1. ABB Ltd. Provides power and automation technologies	Switzerland	2.5%
2. Barclays PLC Offers commercial and investment banking, insurance, asset management and related services	United Kingdom	2.3%
3. SK Telecom Co., Ltd. Provider of mobile telecommunication services	Korea	2.3%
4. LUKOIL OAO Produces, refines, transports and markets oil and gas, mainly from Western Siberia	Russia	2.3%
5. Sumitomo Mitsui Financial Group, Inc. A holding company that provides commercial banking and other financial services	Japan	2.2%
6. Banco Bilbao Vizcaya Argentaria SA Attracts deposits and offers investment banking services	Spain	2.2%
7. HSBC Holdings PLC Provider of international banking and financial services	United Kingdom	2.2%
8. BAE Systems PLC Develops and supports advanced defense and aerospace systems	United Kingdom	2.2%
9. BASF SE A worldwide chemical company	Germany	2.2%
10. Siemens AG Manufactures a wide range of industrial and consumer products	Germany	2.2%
Portfolio holdings and characteristics are subject to change. For more complete details about the fund's investment portfolio, see page 11. A quarterly Fact Sheet is available on www.dws-investments.com or upon request. Please see the Account Management Resources section on page 45 for contact information.

Investment Portfolio as of February 28, 2013 (Unaudited)

	Shares		Value ($)

Common Stocks 98.1%
Australia 2.1%
BHP Billiton Ltd. (ADR) (a) (Cost $3,262,186)		40,472		3,029,734
Belgium 1.9%
Delhaize Group SA (ADR) (a) (Cost $3,755,187)		58,240		2,804,256
Bermuda 1.5%
Marvell Technology Group Ltd. (b) (Cost $3,004,012)		212,163		2,142,846
Brazil 3.5%
Petroleo Brasileiro SA (ADR)		152,484		2,236,940
Vale SA (ADR) (a)		155,214		2,947,514
(Cost $7,465,407)				5,184,454
Canada 9.4%
Agrium, Inc.		27,821		2,878,082
Barrick Gold Corp. (a)		84,816		2,564,836
Kinross Gold Corp.		391,783		2,985,387
Suncor Energy, Inc.		90,613		2,741,043
Yamana Gold, Inc.		181,419		2,668,674
(Cost $15,206,793)				13,838,022
France 4.1%
Societe Generale SA (ADR)*		395,524		3,017,848
Total SA (ADR) (a)		58,705		2,936,424
(Cost $6,870,003)				5,954,272
Germany 6.4%
Allianz SE (ADR)		217,510		2,979,887
BASF SE (ADR)		33,748		3,179,399
Siemens AG (ADR) (a)		30,622		3,177,951
(Cost $8,915,260)				9,337,237
Hong Kong 2.0%
China Mobile Ltd. (ADR) (a) (Cost $2,693,573)		53,306		2,921,169
India 1.9%
Tata Motors Ltd. (ADR) (a) (Cost $2,403,636)		103,860		2,818,761
Israel 2.1%
Teva Pharmaceutical Industries Ltd. (ADR) (Cost $3,709,764)		81,446		3,046,081
Italy 2.0%
Eni SpA (ADR) (a) (Cost $2,972,093)		63,415		2,886,651
Japan 12.1%
Canon, Inc. (ADR)		76,160		2,769,939
Komatsu Ltd. (ADR)		107,382		2,712,469
Mitsubishi UFJ Financial Group, Inc. (ADR)		557,386		3,087,919
Nippon Telegraph & Telephone Corp. (ADR)		131,996		2,997,629
Nomura Holdings, Inc. (ADR)		505,262		2,910,309
Sumitomo Mitsui Financial Group, Inc. (ADR)		409,200		3,273,600
(Cost $16,053,076)				17,751,865
Korea 4.3%
KB Financial Group, Inc. (ADR)*		82,363		2,918,121
SK Telecom Co., Ltd. (ADR) (a)		188,765		3,429,860
(Cost $6,489,338)				6,347,981
Netherlands 3.7%
ING Groep NV (ADR)*		316,581		2,532,648
Royal Dutch Shell PLC (ADR) (a)		44,368		2,912,759
(Cost $6,224,003)				5,445,407
Norway 2.0%
Statoil ASA (ADR) (a) (Cost $3,067,336)		118,232		2,947,524
Russia 6.0%
CTC Media, Inc. (a) (b)		304,564		2,954,271
Gazprom OAO (ADR) (a) (c)		280,146		2,487,696
LUKOIL OAO (ADR)		51,734		3,336,843
(Cost $9,230,373)				8,778,810
Spain 6.2%
Banco Bilbao Vizcaya Argentaria SA (ADR) (a)		336,408		3,266,522
Banco Santander SA (ADR) (a)		381,775		2,893,854
Telefonica SA (ADR) (a)		222,988		2,903,304
(Cost $10,965,785)				9,063,680
Switzerland 8.7%
ABB Ltd. (ADR)* (a)		158,170		3,593,623
Credit Suisse Group AG (ADR) (a)		114,407		3,061,531
Foster Wheeler AG* (b)		128,273		3,086,248
UBS AG (Registered)* (d)		185,316		2,929,846
(Cost $11,849,859)				12,671,248
United Kingdom 18.2%
AstraZeneca PLC (ADR) (a)		63,834		2,900,617
BAE Systems PLC (ADR) (a)		148,024		3,215,081
Barclays PLC (ADR) (a)		185,588		3,442,657
BP PLC (ADR)		63,934		2,582,934
Carnival PLC (ADR) (a)		69,976		2,629,698
HSBC Holdings PLC (ADR) (a)		58,797		3,259,706
Smith & Nephew PLC (ADR) (a)		52,241		2,804,819
Tesco PLC (ADR) (a)		168,333		2,843,144
Vodafone Group PLC (ADR) (a)		121,076		3,043,850
(Cost $26,545,589)				26,722,506
Total Common Stocks (Cost $150,683,273)				143,692,504

Preferred Stock 2.1%
Brazil
Itau Unibanco Holding SA (ADR) (a) (Cost $2,535,273)		177,230		3,129,882

Securities Lending Collateral 38.4%
Daily Assets Fund Institutional, 0.16% (e) (f) (Cost $56,292,997)		56,292,997		56,292,997

Cash Equivalents 2.1%
Central Cash Management Fund, 0.12% (e) (Cost $3,096,512)		3,096,512		3,096,512

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $212,608,055)†		140.7			206,211,895
Other Assets and Liabilities, Net		(40.7	)		(59,649,154	)
Net Assets		100.0			146,562,741

* Non-income producing security

† The cost for federal income tax purposes was $213,525,386. At February 28, 2013, net unrealized depreciation for all securities based on tax cost was $7,313,491. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,239,596 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $14,553,087.

(a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at February 28, 2013 amounted to $54,900,298, which is 37.5% of net assets.

(b) Listed on the NASDAQ Stock Market, Inc.

(d) Listed on the New York Stock Exchange.

(e) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(f) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt

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 February 28, 2013 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 and Preferred Stock (g)
	Australia	$	3,029,734	$	—	$	—	$	3,029,734
	Belgium		2,804,256		—		—		2,804,256
	Bermuda		2,142,846		—		—		2,142,846
	Brazil		8,314,336		—		—		8,314,336
	Canada		13,838,022		—		—		13,838,022
	France		5,954,272		—		—		5,954,272
	Germany		9,337,237		—		—		9,337,237
	Hong Kong		2,921,169		—		—		2,921,169
	India		2,818,761		—		—		2,818,761
	Israel		3,046,081		—		—		3,046,081
	Italy		2,886,651		—		—		2,886,651
	Japan		17,751,865		—		—		17,751,865
	Korea		6,347,981		—		—		6,347,981
	Netherlands		5,445,407		—		—		5,445,407
	Norway		2,947,524		—		—		2,947,524
	Russia		6,291,114		2,487,696		—		8,778,810
	Spain		9,063,680		—		—		9,063,680
	Switzerland		12,671,248		—		—		12,671,248
	United Kingdom		26,722,506		—		—		26,722,506
Short-Term Investments (g)			59,389,509		—		—		59,389,509
Total		$	203,724,199	$	2,487,696	$	—	$	206,211,895

There have been no transfers between fair value measurement levels during the period ended February 28, 2013.

(g) 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 February 28, 2013 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $153,218,546) — including $54,900,298 of securities loaned	$	146,822,386
Investment in Daily Assets Fund Institutional (cost $56,292,997)*		56,292,997
Investment in Central Cash Management Fund (cost $3,096,512)		3,096,512
Total investments in securities, at value (cost $212,608,055)		206,211,895
Receivable for Fund shares sold		1,753,330
Dividends receivable		318,886
Interest receivable		9,812
Foreign taxes recoverable		48,441
Other assets		23,864
Total assets		208,366,228
Liabilities
Payable upon return of securities loaned		56,292,997
Payable for Fund shares redeemed		5,248,705
Accrued management fee		93,386
Accrued Directors' fees		1,739
Other accrued expenses and payables		166,660
Total liabilities		61,803,487
Net assets, at value	$	146,562,741
Net Assets Consist of
Distributions in excess of net investment income		(63,531	)
Net unrealized appreciation (depreciation) on: Investments		(6,396,160	)
Foreign currency		(56	)
Accumulated net realized gain (loss)		(57,781,705	)
Paid-in capital		210,804,193
Net assets, at value	$	146,562,741

* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of February 28, 2013 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($56,678,593 ÷ 6,288,408 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$	9.01
Maximum offering price per share (100 ÷ 94.25 of $9.01)	$	9.56
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($14,617,550 ÷ 1,635,385 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$	8.94
Class S Net Asset Value, offering and redemption price(a) per share ($70,230,423 ÷ 7,767,798 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$	9.04
Institutional Class Net Asset Value, offering and redemption price(a) per share ($5,036,175 ÷ 556,780 shares of capital stock outstanding, $.01 par value, 80,000,000 shares authorized)	$	9.05

(a) Redemption price per share 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 February 28, 2013 (Unaudited)
Investment Income
Income: Dividends (net of foreign taxes withheld of $119,669)	$	1,565,214
Income distributions — Central Cash Management Fund		1,658
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		62,499
Total income		1,629,371
Expenses: Management fee		556,876
Administration fee		69,609
Services to shareholders		103,296
Distribution and service fees		137,303
Custodian fee		12,338
Professional fees		38,750
Reports to shareholders		21,371
Registration fees		34,847
Directors' fees and expenses		3,326
Other		8,982
Total expenses before expense reductions		986,698
Expense reductions		(710	)
Total expenses after expense reductions		985,988
Net investment income		643,383
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		(66,181	)
Foreign currency		98
		(66,083	)
Change in net unrealized appreciation (depreciation) on: Investments		13,834,879
Foreign currency		(48	)
		13,834,831
Net gain (loss)		13,768,748
Net increase (decrease) in net assets resulting from operations	$	14,412,131

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 February 28, 2013 (Unaudited)			Year Ended August 31, 2012
Operations: Net investment income	$	643,383		$	2,297,038
Net realized gain (loss)		(66,083	)		1,600,591
Change in net unrealized appreciation (depreciation)		13,834,831			(8,169,586	)
Net increase (decrease) in net assets resulting from operations		14,412,131			(4,271,957	)
Distributions to shareholders from: Net investment income: Class A		(349,915	)		(1,168,642	)
Class C		(44,162	)		(231,902	)
Class S		(469,494	)		(982,377	)
Institutional Class		(34,652	)		(122,474	)
Total distributions		(898,223	)		(2,505,395	)
Fund share transactions: Proceeds from shares sold		51,974,254			93,209,868
Reinvestment of distributions		686,178			2,124,166
Payments for shares redeemed		(40,943,573	)		(88,813,233	)
Redemption fees		1,466			4,795
Net increase (decrease) in net assets from Fund share transactions		11,718,325			6,525,596
Increase (decrease) in net assets		25,232,233			(251,756	)
Net assets at beginning of year		121,330,508			121,582,264
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $63,531 and $191,309, respectively)	$	146,562,741		$	121,330,508

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended August 31,
Class A	Six Months Ended 2/28/13 (Unaudited)			2012			2011			2010			2009			2008
Selected Per Share Data
Net asset value, beginning of period	$	8.11		$	8.53		$	7.77		$	8.29		$	10.66		$	12.27
Income (loss) from investment operations: Net investment income (loss)a		.04			.16			.21			.12			.12			.14
Net realized and unrealized gain (loss)		.91			(.40	)		.71			(.64	)		(2.23	)		(1.41	)
Total from investment operations		.95			(.24	)		.92			(.52	)		(2.11	)		(1.27	)
Less distributions from: Net investment income		(.05	)		(.18	)		(.16	)		—			(.26	)		(.09	)
Net realized gains		—			—			—			—			—			(.25	)
Total distributions		(.05	)		(.18	)		(.16	)		—			(.26	)		(.34	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	9.01		$	8.11		$	8.53		$	7.77		$	8.29		$	10.66
Total Return (%)b		11.76	**		(2.62	)c		11.67	c		(6.27	)c		(19.27	)c		(10.72	)c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		57			51			59			18			22			5
Ratio of expenses before expense reductions (%)		1.43	*		1.52			1.57			1.91			3.03			2.43
Ratio of expenses after expense reductions (%)		1.43	*		1.50			1.51			1.50			1.53			1.61	d
Ratio of net investment income (loss) (%)		.91	*		1.99			2.27			1.42			1.61			1.17
Portfolio turnover rate (%)		11	**		60			46			314			129			197
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total returns would have been lower had certain expenses not been reduced. d Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 1.57% for the year ended August 31, 2008. * Annualized Not annualized * Amount is less than $.005.

				Years Ended August 31,
Class C	Six Months Ended 2/28/13 (Unaudited)			2012			2011			2010			2009			2008
Selected Per Share Data
Net asset value, beginning of period	$	8.05		$	8.49		$	7.71		$	8.28		$	10.64		$	12.25
Income (loss) from investment operations: Net investment income (loss)a		.01			.10			.14			.06			.06			.05
Net realized and unrealized gain (loss)		.91			(.40	)		.70			(.63	)		(2.21	)		(1.41	)
Total from investment operations		.92			(.30	)		.84			(.57	)		(2.15	)		(1.36	)
Less distributions from: Net investment income		(.03	)		(.14	)		(.06	)		—			(.21	)		—
Net realized gains		—			—			—			—			—			(.25	)
Total distributions		(.03	)		(.14	)		(.06	)		—			(.21	)		(.25	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	8.94		$	8.05		$	8.49		$	7.71		$	8.28		$	10.64
Total Return (%)b		11.40	**		(3.39	)c		10.85	c		(6.88	)c		(19.86	)c		(11.43	)c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		15			13			16			8			13			3
Ratio of expenses before expense reductions (%)		2.21	*		2.31			2.37			2.62			3.76			3.16
Ratio of expenses after expense reductions (%)		2.21	*		2.25			2.27			2.25			2.28			2.37	d
Ratio of net investment income (loss) (%)		.13	*		1.29			1.51			.67			.86			.41
Portfolio turnover rate (%)		11	**		60			46			314			129			197
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total returns would have been lower had certain expenses not been reduced. d Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 2.32% for the year ended August 31, 2008. * Annualized Not annualized * Amount is less than $.005.

				Years Ended August 31,
Class S	Six Months Ended 2/28/13 (Unaudited)			2012			2011			2010			2009			2008
Selected Per Share Data
Net asset value, beginning of period	$	8.14		$	8.56		$	7.80		$	8.30		$	10.67		$	12.27
Income (loss) from investment operations: Net investment income (loss)a		.05			.19			.23			.14			.14			.17
Net realized and unrealized gain (loss)		.92			(.41	)		.72			(.64	)		(2.23	)		(1.41	)
Total from investment operations		.97			(.22	)		.95			(.50	)		(2.09	)		(1.24	)
Less distributions from: Net investment income		(.07	)		(.20	)		(.19	)		—			(.28	)		(.11	)
Net realized gains		—			—			—			—			—			(.25	)
Total distributions		(.07	)		(.20	)		(.19	)		—			(.28	)		(.36	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	9.04		$	8.14		$	8.56		$	7.80		$	8.30		$	10.67
Total Return (%)b		11.86	**		(2.42	)		12.07			(6.02	)		(18.97	)		(10.62	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		70			52			41			7			12			4
Ratio of expenses before expense reductions (%)		1.25	*		1.35			1.39			1.71			2.86			2.27
Ratio of expenses after expense reductions (%)		1.25	*		1.25			1.26			1.24			1.28			1.37	c
Ratio of net investment income (loss) (%)		1.09	*		2.39			2.52			1.68			1.86			1.41
Portfolio turnover rate (%)		11	**		60			46			314			129			197
a Based on average shares outstanding during the period. b Total returns would have been lower had certain expenses not been reduced. c Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 1.32% for the year ended August 31, 2008. * Annualized Not annualized * Amount is less than $.005.

				Years Ended August 31,
Institutional Class	Six Months Ended 2/28/13 (Unaudited)			2012			2011			2010			2009			2008
Selected Per Share Data
Net asset value, beginning of period	$	8.14		$	8.56		$	7.79		$	8.30		$	10.67		$	12.27
Income (loss) from investment operations: Net investment income (loss)a		.05			.17			.23			.13			.14			.17
Net realized and unrealized gain (loss)		.93			(.39	)		.72			(.64	)		(2.23	)		(1.40	)
Total from investment operations		.98			(.22	)		.95			(.51	)		(2.09	)		(1.23	)
Less distributions from: Net investment income		(.07	)		(.20	)		(.18	)		—			(.28	)		(.12	)
Net realized gains		—			—			—			—			—			(.25	)
Total distributions		(.07	)		(.20	)		(.18	)		—			(.28	)		(.37	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	9.05		$	8.14		$	8.56		$	7.79		$	8.30		$	10.67
Total Return (%)		11.99	**		(2.43	)b		12.07	b		(6.14	)b		(19.05	)b		(10.56	)b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		5			5			6			2			5			7
Ratio of expenses before expense reductions (%)		1.17	*		1.26			1.28			1.49			2.67			2.11
Ratio of expenses after expense reductions (%)		1.17	*		1.25			1.27			1.34			1.27			1.37	c
Ratio of net investment income (loss) (%)		1.18	*		2.13			2.51			1.58			1.87			1.41
Portfolio turnover rate (%)		11	**		60			46			314			129			197
a Based on average shares outstanding during the period. b Total returns would have been lower had certain expenses not been reduced. c Ratio includes interest expense incurred on foreign cash overdrafts. Interest income earned on domestic cash balances is included in income from investment operations. The ratio of expenses after expense reductions excluding interest expense was 1.32% for the year ended August 31, 2008. * Annualized Not annualized * Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS International Value Fund (formerly DWS Dreman International Value Fund) (the "Fund") is a diversified series of DWS International Fund, Inc. (the "Corporation"), which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company organized as a Maryland corporation.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class 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. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (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.

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.

New Accounting Pronouncement. In January 2013, Accounting Standard Update 2013-01 (ASU 2013-01), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. The ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Fund's financial statements.

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 effort 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.

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.

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, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment 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 August 31, 2012, the Fund had a net tax basis capital loss carryforward of approximately $56,798,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until August 31, 2016 ($14,976,000), August 31, 2017 ($2,931,000) and August 31, 2018 ($38,891,000), the respective expiration dates, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of August 31, 2012 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 periods 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 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 the 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 based upon the relative net assets or other appropriate measures.

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 February 28, 2013, purchases and sales of investment securities (excluding short-term investments) aggregated $27,697,876 and $14,432,965, 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 or delegates such responsibility to the Fund's subadvisor.

Dreman Value Management, L.L.C. ("DVM" or the "Subadvisor") serves as subadvisor with respect to the investment and reinvestment of assets of the Fund, and is paid by the Advisor for its services.

Pursuant to 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 $500 million of the Fund's average daily net assets	.80	%
Next $500 million of such net assets	.78	%
Next $1.0 billion of such net assets	.76	%
Over $2.0 billion of such net assets	.74	%

Accordingly, for the six months ended February 28, 2013, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate of 0.80% of the Fund's average daily net assets.

For the period from September 1, 2012 through September 30, 2012, the Advisor had 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	1.59%
Class C	2.34%
Class S	1.34%
Institutional Class	1.34%

Effective October 1, 2012 through November 30, 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	1.49%
Class C	2.24%
Class S	1.34%
Institutional Class	1.24%

In addition, for the period from September 1, 2012 through September 30, 2012, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses 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	1.50%
Class C	2.25%
Class S	1.25%
Institutional Class	1.25%

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administration 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 February 28, 2013, the Administration Fee was $69,609, of which $11,673 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder serving fee it receives from the Fund. For the six months ended February 28, 2013, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Waived		Unpaid at February 28, 2013
Class A	$	7,198	$	—	$	4,854
Class C		1,949		—		1,310
Class S		16,300		710		14,036
Institutional Class		344		—		236
	$	25,791	$	710	$	20,436

Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended February 28, 2013, the Distribution Fee was as follows.

Distribution Fee		Total Aggregated				Unpaid at February 28, 2013
Class C		$	52,497			$	8,675

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A and Class 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 February 28, 2013, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at February 28, 2013		Annualized Effective Rate
Class A	$	67,308	$	24,320		.24	%
Class C		17,498		7,459		.25	%
	$	84,806	$	31,779

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 February 28, 2013 aggregated $4,483.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from 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 1% of the value of the shares redeemed for Class C. For the six months ended February 28, 2013, DIDI received $440 for Class C shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A. For the six months ended February 28, 2013, DIDI received $266 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 February 28, 2013, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $9,302, of which $4,671 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 Vice Chairperson and to each committee Chairperson and Vice 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 February 28, 2013.

E. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended February 28, 2013						Year Ended August 31, 2012
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		2,148,837		$	18,872,689			3,318,143		$	26,446,864
Class C		321,553			2,849,202			486,619			3,921,495
Class S		3,140,086			28,141,807			7,253,317			58,918,483
Institutional Class		235,339			2,110,556			487,121			3,923,026
				$	51,974,254					$	93,209,868
Shares issued to shareholders in reinvestment of distributions
Class A		37,664		$	337,887			146,125		$	1,119,015
Class C		3,838			34,348			23,215			177,611
Class S		31,097			279,432			91,978			705,768
Institutional Class		3,843			34,511			15,819			121,772
				$	686,178					$	2,124,166
Shares redeemed
Class A		(2,235,212	)	$	(19,736,619	)		(4,065,955	)	$	(32,594,495	)
Class C		(265,326	)		(2,345,355	)		(799,999	)		(6,356,747	)
Class S		(1,839,234	)		(16,375,841	)		(5,651,039	)		(44,803,587	)
Institutional Class		(275,848	)		(2,485,758	)		(606,609	)		(5,058,404	)
				$	(40,943,573	)				$	(88,813,233	)
Redemption fees				$	1,466					$	4,795
Net increase (decrease)
Class A		(48,711	)	$	(526,002	)		(601,687	)	$	(5,025,718	)
Class C		60,065			538,195			(290,165	)		(2,257,634	)
Class S		1,331,949			12,046,823			1,694,256			14,822,544
Institutional Class		(36,666	)		(340,691	)		(103,669	)		(1,013,596	)
				$	11,718,325					$	6,525,596

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 S 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 (September 1, 2012 to February 28, 2013).

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. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and 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 February 28, 2013 (Unaudited)
Actual Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 9/1/12	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 2/28/13	$	1,117.60	$	1,114.00	$	1,118.60	$	1,119.90
Expenses Paid per $1,000*	$	7.51	$	11.58	$	6.57	$	6.15
Hypothetical 5% Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 9/1/12	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 2/28/13	$	1,017.70	$	1,013.84	$	1,018.60	$	1,018.99
Expenses Paid per $1,000*	$	7.15	$	11.03	$	6.26	$	5.86

* 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 181 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
DWS International Value Fund	1.43%	2.21%	1.25%	1.17%

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Investment Management Agreement Approval

The Board of Directors approved the renewal of DWS International Value Fund's (formerly DWS Dreman International Value Fund) investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS") and sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Agreement, the "Agreements") between DWS and Dreman Value Management, L.L.C. ("DVM") in September 2012.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

• In September 2012, all of the Fund's Directors were independent of DWS and its affiliates.

• The Directors met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Equity Oversight Committee, reviewed comprehensive materials received from DWS, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.

• The Independent Directors regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Directors were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").

• In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

• Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund. DWS is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DWS of lower expense caps for the coming year than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.

In June 2012, Deutsche Bank ("DB"), DWS's parent company, announced that DB's new management team had concluded the strategic review of its global asset management business announced in late 2011 by DB's prior management team, and would combine its Asset Management (of which DWS is a part) and Wealth Management divisions. Prior to approving the investment management agreements, the Independent Directors were apprised of the expected management and structure of the new combined Asset & Wealth Management division ("AWM") and DWS. DB also advised the Independent Directors that the U.S. asset management business is a critical and integral part of DB and AWM, and that DB would be reinvesting a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into a combined AWM division, including enhancements to its investment capabilities. DB also confirmed its commitment to maintaining strong legal and compliance groups within the combined division.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's and DVM's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures. The Board also noted that the Sub-Advisory Agreement was approved by the Fund's shareholders in June 2010.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DWS and DVM provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board also requested and received information regarding DWS's oversight of Fund sub-advisors, including DVM. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2011, the Fund's performance (Class A shares) was in the 2nd quartile, 4th quartile and 3rd quartile, respectively, of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2011.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DWS under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2011). With respect to the sub-advisory fee paid to DVM, the Board noted that the fee is paid by DWS out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2011, and analyzing Lipper expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper Universe Expenses. The Board considered the Fund's management fee rate as compared to fees charged by DWS and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size).

The Board also noted that the expense limitations agreed to by DWS helped to ensure that the Fund's total (net) operating expenses would remain competitive.

The information considered by the Board as part of its review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DWS and DVM.

Profitability. The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the independent fee consultant reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available. The Board did not consider the profitability of DVM with respect to the Fund. The Board noted that DWS pays DVM's fee out of its management fee, and its understanding that the Fund's sub-advisory fee schedule was the product of an arm's length negotiation with DWS.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DWS and DVM and Their Affiliates. The Board also considered the character and amount of other incidental benefits received by DWS and DVM and their affiliates, including any fees received by DWS for administrative services provided to the Fund and any fees received by an affiliate of DWS for distribution services. The Board also considered benefits to DWS and DVM related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DWS and DVM related to DWS Funds advertising and cross-selling opportunities among DWS products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters. The Board also considered the attention and resources dedicated by DWS to the oversight of the investment sub-advisor's compliance program and compliance with the applicable fund policies and procedures.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and their counsel present. It is possible that individual Directors may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Summary of Management Fee Evaluation by Independent Fee Consultant

September 17, 2012

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 2012, 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, 2010 and 2011.

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 103 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 "fallout" 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 considered how aggregated DWS Fund performance measures relative to appropriate peers had varied by asset class and over time.

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: (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) 728-3337.
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 & Wealth 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 C	Class S	Institutional Class
Nasdaq Symbol	DNVAX	DNVCX	DNVSX	DNVIX
CUSIP Number	23337R 650	23337R 643	23337R 627	23337R 635
Fund Number	455	755	2355	591

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) 728-3337 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. 09/2012

Date of fiscal year end:	8/31

Date of reporting period:	2/28/2013


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 Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS International Value Fund, a series of DWS International Fund, Inc.


By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	April 30, 2013

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	April 30, 2013



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	April 30, 2013

April 30, 2013	/s/W. Douglas Beck
	W. Douglas Beck
	President

April 30, 2013	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer

ITEM 1.	REPORT TO STOCKHOLDERS