ar103113eme.htm

October 31, 2013

Annual Report

to Shareholders

DWS Emerging Markets Equity Fund

Contents

3 Letter to Shareholders

4 Portfolio Management Review

11 Performance Summary

13 Investment Portfolio

19 Statement of Assets and Liabilities

21 Statement of Operations

23 Statement of Changes in Net Assets

24 Financial Highlights

28 Notes to Financial Statements

41 Report of Independent Registered Public Accounting Firm

42 Information About Your Fund's Expenses

44 Tax Information

45 Advisory Agreement Board Considerations and Fee Evaluation

50 Board Members and Officers

56 Account Management Resources

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

Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DWS Investments Distributors, Inc.

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

Letter to Shareholders

Dear Shareholder:

Having recently joined Deutsche Asset & Wealth Management as president of the DWS funds and head of Fund Administration, I'd like to take this opportunity to introduce myself. I come with 20 years of experience in asset management and the mutual fund industry. My job is to work closely with your fund board to ensure optimal oversight of the DWS funds' management and operations. I look forward to serving in this role on your behalf.

As for the economy, experts seem to agree that both the U.S. and global economies are recovering. Interest rates, while destined to rise to a level more in line with historical "normal" at some point, will likely remain relatively low for the foreseeable future. The stock markets continue to demonstrate strength as housing rebounds, American manufacturing strengthens, the U.S. budget deficit improves and unemployment continues to move lower. However, uncertainty persists regarding the pace of the recovery, the eventual tapering of government bond purchases, the potential for further political gridlock around the fiscal impasse and lingering effects of the financial crisis. All this uncertainty may well contribute to volatility in both the bond and stock markets.

It may help to remember that market fluctuations are not unusual. However, significant market swings may also reflect behavior that is driven more by investor emotion than any fundamental factors relating to the securities in question. If volatility is making you nervous, it may be time to review your investments. A trusted financial advisor can help you determine if a strategy change is appropriate and identify risk management strategies that serve your specific goals and situation.

Best regards,

Brian Binder

President, DWS Funds

Portfolio Management Review (Unaudited)

Market Overview and Fund Performance

All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. 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 dws-investments.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 11 through 12 for more complete performance information.

Investment Process

We aim to add value through stock selection. We utilize a proprietary investment process designed to identify attractive investment candidates generated by more than 5,000 equity analysts around the globe, who collectively cover over 10,000 securities. Based on these analysts' fundamental research, this process seeks to identify investments that may offer the potential for price appreciation. The investment process also takes into consideration various factors — both risk and return factors relative to the benchmark — and assists portfolio management in devising allocations among investable securities.

DWS Emerging Markets Equity Fund returned 6.56% during the annual period ending October 31, 2013, outperforming the 6.53% return of the benchmark, the MSCI Emerging Markets Index.

Although emerging-markets stocks finished the 12-month period with a gain, the past year was in fact a difficult time for the asset class. The 6.53% return of the MSCI Emerging Markets Index, while positive, fell well short of the 25.77% return of the MSCI World Index. Notably, this underperformance has driven the emerging markets' return below that of the developed markets in the trailing three- and five-year periods — a reversal of the substantial outperformance that occurred in 2003-2007 and again in 2009-2010.

Several issues have weighed on the recent performance of emerging-markets stocks. First, the concern that the U.S. Federal Reserve Board (the Fed) could "taper" its stimulative quantitative easing policy led to disruptions across the financial markets as investors exited higher-risk assets. The emerging markets were particularly vulnerable since key countries that depend on foreign capital to fund their current account deficits — namely, India, Indonesia, Turkey, South Africa and Brazil — saw their currencies hit particularly hard once investors began moving their cash to safer havens.

Second is the issue of economic growth. Large emerging-markets economies, such as China, India and Brazil, all experienced slowing growth, causing investors to seek greener pastures in regions where the economy is improving (such as Europe). Finally, the prospect of rising inflation led emerging-markets central banks to begin raising interest rates, which offset the positive effect of the stimulative policies being employed by central banks in the United States, Europe and Japan.

Taken together, these factors led to underperformance for the emerging markets. Still, the asset class retains the same longer-term positive underpinnings that have supported it in the past, such as favorable demographics, stronger government finances relative to the developed markets, robust corporate balance sheets and a growing consumer class. We believe these attributes remain key pillars of long-term emerging-markets performance, notwithstanding the shortfall of the past year.

Fund Performance

The fund's stock selection process worked well during the past year. Generally speaking, analysts of emerging-markets equities as a whole were effective in picking stocks most likely to outperform. Whereas market performance in the developed regions was driven largely by central bank policy — making fundamental analysis less effective — traditional factors, such as corporate fundamentals and valuations played a larger role in performance within the emerging markets.

During the past year, the fund's stock selection process worked best within the health care and financial sectors, while it was least effective in energy.

In terms of individual stocks, the leading contributor to the fund's performance was the Russian food retailer Magnit OJSC, which reported strong increases in year-over-year sales growth. Magnit is growing increasingly dominant in the Russian market, with an increasing regional footprint. Moreover, the under-consolidated nature of the Russian food-retail market has offered the company opportunities for faster growth and larger gross-margin expansion than its global industry peers. Our second-largest contributor was SEI Investments Co., a U.S. money manager with a significant emerging-markets business. The stock benefited from rising earnings growth and strong asset inflows. The Korean company Hankook Tire Worldwide Co., Ltd. made a meaningful contribution to performance, as the stock gained ground behind rising sales, lower input costs and investors' favorable reception to its strategic changes.

"We maintain a steady approach of seeking to add value through our disciplined, systematic stock selection process."

Also contributing to the fund's outperformance were its positions in Aspen Pharmacare Holdings Ltd., South Africa's largest drug company; the Taiwan-based financial-services company CTBC Financial Holding Co., Ltd.; and the South African energy producer Sasol Ltd.* Two Taiwan- based technology-outsourcing companies — Taiwan Semiconductor Manufacturing Co., Ltd. and Hon Hai Precision Industry Co., Ltd.* — further aided performance as the stocks rebounded from their extremely depressed levels of 2012 behind better-than-expected results.

* Not held in the portfolio as of October 31, 2013.

On the negative side, our leading detractor was the Malaysia-based multinational conglomerate Sime Darby Bhd. The company reported weaker-than-expected results primarily in its plantation and motors divisions, which weighed on its stock price. Banco Bradesco SA, the Brazilian bank, underperformed even though the company posted improving results. Brazilian stocks in general, and financials in particular, lagged the broader emerging-markets space by a wide margin in the past year. Along that same line, many of the fund's leading detractors for the year were stocks that are fundamentally sound, but whose domicile in the BRIC countries (Brazil, Russia, India and China) contributed to their underperformance, including Coal India Ltd., PetroChina Co., Ltd., Lojas Renner SA and China Airlines Ltd.

Outlook and Positioning

We anticipate an environment of increased volatility in the months ahead, as investors may place an even higher-than-normal emphasis on individual economic reports given the seemingly fluid nature of current Fed policy. Nevertheless, we are encouraged by the attractive valuations across the emerging markets, which help provide a positive foundation for longer-term performance.

We continue to maintain a steady approach of seeking to add value through our disciplined, systematic stock selection process.

Ten Largest Equity Holdings at October 31, 2013 (35.9% of Net Assets)	Country	Percent
1. Taiwan Semiconductor Manufacturing Co., Ltd. Manufacturer of integrated circuits and other semiconductor devices	Taiwan	5.7%
2. Samsung Electronics Co., Ltd. Manufacturer of electronic parts	Korea	4.3%
3. Hyundai Mobis Manufactures and markets automotive parts and equipment	Korea	4.0%
4. Aspen Pharmacare Holdings Ltd. Supplier of branded and generic pharmaceuticals and nutritional products	South Africa	3.7%
5. Magnit OJSC Operates a chain of discount supremarkets	Russia	3.5%
6. Sime Darby Bhd. Investment holding company	Malaysia	3.2%
7. LG Innotek Co., Ltd. Develops and produces cellular phone parts	Korea	3.2%
8. China Merchants Holdings International Co., Ltd. Operates container and cargo terminals, port transportation, and airport cargo handling	Hong Kong	3.0%
9. Banco Bradesco SA Provides commercial banking services	Brazil	2.7%
10. PetroChina Co, Ltd. Explores, develops and produces crude oil and natural gas	China	2.6%
Portfolio holdings and characteristics are subject to change. For more complete details about the fund's investment portfolio, see page 13. A quarterly Fact Sheet is available on dws-investments.com or upon request. Please see the Account Management Resources section on page 56 for contact information.

Portfolio Management Team

Thomas Voecking, Managing Director

Portfolio Manager of the fund. Joined the fund in 2011.

— Joined Deutsche Bank in 1991. Other company positions include analyst at DB Research, Head of the Strategic Asset Consulting team, and overlay portfolio manager and product specialist.

— Portfolio Manager, Market Research Strategies: Frankfurt.

— MS, University of Muenster.

Juergen Foerster, Vice President

Portfolio Manager of the fund. Joined the fund in 2012.

— Joined Deutsche Asset & Wealth Management in 2005 with 20 years of prior industry experience. Prior to joining, he was responsible for equity investments at Zürich Versicherung Deutschland for 15 years and at CommerzInvest for three years.

— Portfolio Manager, Market Research Strategies: Frankfurt.

— Completed bank training program at Commerzbank, Mannheim; Bankfachwirt from Bankakademie, Frankfurt.

Johannes Prix, PhD, CFA, Vice President

Portfolio Manager of the fund. Joined the fund in 2012.

— Joined Deutsche Asset & Wealth Management in 2008. Prior to joining, he was an Assistant Professor at Vienna University of Economics.

— Portfolio Manager, Market Research Strategies: Frankfurt.

— MSc in Mathematics, University of Graz; PhD in Finance, Vienna University of Economics.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged, capitalization-weighted index of companies in a universe of 26 emerging markets. The index is calculated using closing local market prices and translates into U.S. dollars using the London close foreign exchange rates.

The MSCI World Index tracks the performance of stocks in select developed markets around the world, including the United States.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Contribution incorporates both a stock's total return and its weighting in the fund.

Performance Summary October 31, 2013 (Unaudited)

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/13
Unadjusted for Sales Charge	6.56%	9.40%	8.46%
Adjusted for the Maximum Sales Charge (max 5.75% load)	0.44%	8.11%	7.82%
MSCI Emerging Markets Index†	6.53%	15.39%	12.41%
Class B	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/13
Unadjusted for Sales Charge	5.77%	8.43%	7.53%
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)	2.77%	8.28%	7.53%
MSCI Emerging Markets Index†	6.53%	15.39%	12.41%
Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/13
Unadjusted for Sales Charge	5.79%	8.49%	7.58%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	5.79%	8.49%	7.58%
MSCI Emerging Markets Index†	6.53%	15.39%	12.41%
Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/13
No Sales Charges	6.84%	9.67%	8.71%
MSCI Emerging Markets Index†	6.53%	15.39%	12.41%
Institutional Class	1-Year	5-Year	Life of Class*
Average Annual Total Returns as of 10/31/13
No Sales Charges	6.69%	9.80%	-4.15%
MSCI Emerging Markets Index†	6.53%	15.39%	0.34%

Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2013 are 1.76%, 2.69%, 2.59%, 1.57% and 1.36% for Class A, Class B, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

Yearly periods ended October 31

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.

* Institutional Class commenced operations on March 3, 2008. The performance shown for the index is for the time period of February 29, 2008 through October 31, 2013, which is based on the performance period of the life of Institutional Class.

† The Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged, capitalization-weighted index of companies in a universe of 26 emerging markets. The index is calculated using closing local market prices and translates into U.S. dollars using the London close foreign exchange rates.

	Class A		Class B		Class C		Class S		Institutional Class
Net Asset Value
10/31/13	$	16.46	$	14.77	$	14.89	$	16.70	$	16.69
10/31/12	$	15.61	$	14.00	$	14.11	$	15.83	$	15.88
Distribution Information as of 10/31/13
Income Dividends, Twelve Months	$	.17	$	.04	$	.04	$	.21	$	.25

Investment Portfolio as of October 31, 2013

	Shares		Value ($)

Common Stocks 89.2%
Brazil 3.3%
Cosan SA Industria e Comercio		54,000		1,082,796
Duratex SA		44,000		274,386
Estacio Participacoes SA		39,000		301,179
Lojas Renner SA		12,700		382,667
Multiplan Empreendimentos Imobiliarios SA		12,300		288,750
Souza Cruz SA		60,000		648,960
Tim Participacoes SA		73,000		372,136
(Cost $3,558,163)				3,350,874
China 10.3%
Agricultural Bank of China Ltd. "H"		640,000		307,598
China Construction Bank Corp. "H"		2,340,000		1,815,246
China Life Insurance Co., Ltd. "H"		400,000		1,054,754
China Merchants Bank Co., Ltd. "H"		152,000		301,922
China Minsheng Banking Corp., Ltd. "H"		253,000		289,856
China Petroleum & Chemical Corp. "H"		370,000		301,791
China Shenhua Energy Co., Ltd. "H"		195,800		594,039
China Telecom Corp., Ltd. "H"		1,408,000		729,226
Huaneng Power International, Inc. "H"		619,000		643,928
Industrial & Commercial Bank of China Ltd. "H"		1,080,000		754,374
New China Life Insurance Co., Ltd. "H"*		102,000		285,543
PetroChina Co., Ltd. "H"		2,320,000		2,623,936
Tencent Holdings Ltd.		12,700		693,234
(Cost $11,238,965)				10,395,447
Czech Republic 1.0%
Komercni Banka AS (Cost $804,044)		4,000		992,104
Hong Kong 9.4%
BOC Hong Kong (Holdings) Ltd.		570,000		1,851,811
China Merchants Holdings International Co., Ltd.		851,000		3,010,110
China Mobile Ltd.		70,000		728,003
China Overseas Land & Investment Ltd.		308,000		947,510
China Resources Land Ltd.		174,000		501,720
China Resources Power Holdings Co., Ltd.		252,000		660,110
CNOOC Ltd.		475,000		963,013
Huabao International Holdings Ltd.		1,830,000		803,448
(Cost $9,103,375)				9,465,725
India 6.3%
Axis Bank Ltd.		31,400		620,547
Cairn India Ltd.		388,000		2,015,128
Coal India Ltd.		235,386		1,101,057
Dr. Reddy's Laboratories Ltd.		16,000		634,359
HDFC Bank Ltd.		35,000		384,237
Hero MotoCorp Ltd.		16,000		539,521
Tech Mahindra Ltd.		40,941		1,033,368
(Cost $6,903,701)				6,328,217
Indonesia 1.7%
PT Indofood Sukses Makmur Tbk		1,735,000		1,022,431
PT Telekomunikasi Indonesia Persero Tbk		3,305,000		687,536
(Cost $1,634,608)				1,709,967
Korea 18.0%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		19,100		604,255
Hankook Tire Co., Ltd.		18,340		1,076,991
Hankook Tire Worldwide Co., Ltd.		90,773		2,237,541
Hyundai Engineering & Construction Co., Ltd.		12,000		688,864
Hyundai Mobis		14,260		4,029,265
Hyundai Motor Co.		1,840		439,929
LG Chem Ltd.		5,500		1,552,653
LG Innotek Co., Ltd.*		39,580		3,210,010
Samsung Electronics Co., Ltd.		3,150		4,364,960
(Cost $14,568,129)				18,204,468
Malaysia 3.6%
Sime Darby Bhd.		1,082,000		3,264,264
Tenaga Nasional Bhd.		122,000		364,271
(Cost $3,593,005)				3,628,535
Mexico 3.7%
Alfa SAB "A"		202,000		553,024
Cemex SAB de CV (Units)		350,000		371,802
Fibra Uno Administracion SA de CV (REIT)		85,000		263,197
Fomento Economico Mexicano SAB de CV (Units)		32,000		299,098
Grupo Financiero Banorte SAB de CV "O"		69,000		441,693
Grupo Mexico SAB de CV "B"		270,000		855,698
Kimberly-Clark de Mexico SAB de CV "A"		241,000		732,757
Mexichem SAB de CV		59,000		245,817
(Cost $3,879,129)				3,763,086
Philippines 1.1%
Ayala Corp.		60,000		838,361
SM Prime Holdings, Inc.		560,000		248,224
(Cost $1,067,247)				1,086,585
Poland 0.9%
KGHM Polska Miedz SA		15,300		616,578
Polskie Gornictwo Naftowe i Gazownictwo SA		154,000		283,598
(Cost $967,406)				900,176
Russia 5.7%
Magnit OJSC (GDR) REG S		55,000		3,533,750
MegaFon OAO (GDR)		8,200		297,660
Rostelecom		112,000		409,225
Sberbank of Russia		93,000		298,104
TMK OAO (GDR) REG S		91,000		1,175,720
(Cost $4,007,964)				5,714,459
South Africa 6.7%
African Rainbow Minerals Ltd.		53,200		1,013,556
Aspen Pharmacare Holdings Ltd.		133,000		3,699,878
Nedbank Group Ltd.		16,200		351,879
The Foschini Group Ltd. (a)		88,000		1,013,842
Woolworths Holdings Ltd.		86,700		651,350
(Cost $5,403,698)				6,730,505
Taiwan 12.2%
Advanced Semiconductor Engineering, Inc.		301,000		295,575
Asia Cement Corp.		737,470		1,000,121
Catcher Technology Co., Ltd.		52,000		302,660
China Airlines Ltd.*		2,955,000		1,069,923
Chunghwa Telecom Co., Ltd.		216,000		695,273
CTBC Financial Holding Co., Ltd.		2,730,507		1,848,484
MediaTek, Inc.		98,600		1,347,803
Taiwan Semiconductor Manufacturing Co., Ltd.		1,560,000		5,773,442
(Cost $10,168,502)				12,333,281
Thailand 2.0%
Advanced Info Service PCL		38,000		311,325
Bangkok Bank PCL (Foreign Registered)		65,000		430,728
CP ALL PCL		496,000		625,478
PTT Exploration & Production PCL		56,000		303,165
Siam Commercial Bank PCL		63,000		332,964
(Cost $2,141,188)				2,003,660
Turkey 1.2%
Eregli Demir ve Celik Fabrikalari TAS		622,977		862,720
Turkcell Iletisim Hizmetleri AS*		48,000		297,404
(Cost $1,088,251)				1,160,124
United Kingdom 0.5%
Old Mutual PLC (Cost $451,853)		166,000		540,471
United States 1.6%
SEI Investments Co. (Cost $1,064,185)		50,000		1,659,500
Total Common Stocks (Cost $81,643,413)				89,967,184

Preferred Stocks 9.6%
Brazil
Banco Bradesco SA		187,000		2,694,563
Companhia de Bebidas das Americas		49,600		1,850,313
Companhia Energetica de Minas Gerais		144,764		1,287,897
Gerdau SA		39,000		307,620
Itau Unibanco Holding SA		114,600		1,770,003
Itausa — Investimentos Itau SA		69,000		297,228
Usinas Siderurgicas de Minas Gerais SA "A"*		285,800		1,515,625
Total Preferred Stocks (Cost $11,265,379)				9,723,249

Securities Lending Collateral 1.1%
Daily Assets Fund Institutional, 0.08% (b) (c) (Cost $1,089,960)		1,089,960		1,089,960

Cash Equivalents 0.1%
Central Cash Management Fund, 0.06% (b) (Cost $104,854)		104,854		104,854

	% of Net Assets		Value ($)

Total Investment Portfolio (Cost $94,103,606)†		100.0		100,885,247
Other Assets and Liabilities, Net		0.0		29,349
Net Assets		100.0		100,914,596

* Non-income producing security.

† The cost for federal income tax purposes was $94,332,970. At October 31, 2013, net unrealized appreciation for all securities based on tax cost was $6,552,277. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $12,416,552 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $5,864,275.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at October 31, 2013 amounted to $1,012,690, which is 1.0% of net assets.

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

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

GDR: Global Depositary Receipt

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

At October 31, 2013, open futures contracts purchased were as follows:

Futures

Currency

Expiration Date

Contracts

Notional Value ($)

Unrealized Appreciation ($)

Hang Seng Index

HKD

11/28/2013

1,798,684

37,063

Currency Abbreviation

HKD Hong Kong Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to Note B in the accompanying Notes to Financial Statements.

Fair Value Measurements

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

The following is a summary of the inputs used as of October 31, 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 and Preferred Stocks
Brazil	$	13,074,123	$	—	$	—	$	13,074,123
China		—		10,395,447		—		10,395,447
Czech Republic		—		992,104		—		992,104
Hong Kong		—		9,465,725		—		9,465,725
India		—		6,328,217		—		6,328,217
Indonesia		—		1,709,967		—		1,709,967
Korea		—		18,204,468		—		18,204,468
Malaysia		—		3,628,535		—		3,628,535
Mexico		3,763,086		—		—		3,763,086
Philippines		—		1,086,585		—		1,086,585
Poland		—		900,176		—		900,176
Russia		5,007,130		707,329		—		5,714,459
South Africa		—		6,730,505		—		6,730,505
Taiwan		—		12,333,281		—		12,333,281
Thailand		—		2,003,660		—		2,003,660
Turkey		—		1,160,124		—		1,160,124
United Kingdom		—		540,471		—		540,471
United States		1,659,500		—		—		1,659,500
Short-Term Investments (d)		1,194,814		—		—		1,194,814
Derivatives (e)
Futures Contracts		37,063		—		—		37,063
Total	$	24,735,716	$	76,186,594	$	—	$	100,922,310

There have been no transfers between fair value measurement levels during the year ended October 31, 2013.

(d) See Investment Portfolio for additional detailed categorizations.

(e) Derivatives include unrealized appreciation on futures contracts.

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

Statement of Assets and Liabilities

as of October 31, 2013
Assets
Investments: Investments in non-affiliated securities, at value (cost $92,908,792) — including $1,012,690 of securities loaned	$	99,690,433
Investment in Daily Assets Fund Institutional Fund (cost $1,089,960)*		1,089,960
Investment in Central Cash Management Fund (cost $104,854)		104,854
Total investments in securities, at value (cost $94,103,606)		100,885,247
Foreign currency, at value (cost $916,050)		916,150
Deposits with broker for futures contracts		113,848
Receivable for investments sold		8,800,563
Receivable for Fund shares sold		39,002
Dividends receivable		123,789
Receivable for variation margin on futures contracts		28,634
Foreign taxes recoverable		43,886
Due from Advisor		4,491
Other assets		11,918
Total assets		110,967,528
Liabilities
Payable upon return of securities loaned		1,089,960
Payable for investments purchased		7,057,911
Payable for Fund shares redeemed		1,653,155
Accrued management fee		87,935
Accrued Directors' fees		1,341
Other accrued expenses and payables		162,630
Total liabilities		10,052,932
Net assets, at value	$	100,914,596

* Represents collateral on securities loaned.

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

Statement of Assets and Liabilities as of October 31, 2013 (continued)
Net Assets Consist of
Undistributed net investment income		487,729
Net unrealized appreciation (depreciation) on: Investments		6,781,641
Futures		37,063
Foreign currency		(22,172	)
Accumulated net realized gain (loss)		(57,671,465	)
Paid-in capital		151,301,800
Net assets, at value	$	100,914,596
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($16,108,714 ÷ 978,811 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$	16.46
Maximum offering price per share (100 ÷ 94.25 of $16.46)	$	17.46
Class B Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($236,503 ÷ 16,013 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$	14.77
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($3,998,608 ÷ 268,585 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)	$	14.89
Class S Net Asset Value, offering and redemption price(a) per share ($68,145,034 ÷ 4,080,769 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)	$	16.70
Institutional Class Net Asset Value, offering and redemption price(a) per share ($12,425,737 ÷ 744,512 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)	$	16.69

(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

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

Statement of Operations

for the year ended October 31, 2013
Investment Income
Income: Dividends (net of foreign taxes withheld of $284,962)	$	2,783,787
Interest		2,455
Income distributions — Central Cash Management Fund		1,072
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		17,954
Total income		2,805,268
Expenses: Management fee		1,133,147
Administration fee		111,640
Services to shareholders		234,913
Distribution and service fees		82,137
Custodian fee		133,612
Professional fees		94,861
Reports to shareholders		43,059
Registration fees		57,695
Directors' fees and expenses		5,963
Other		82,788
Total expenses before expense reductions		1,979,815
Expense reductions		(160,674	)
Total expenses after expense reductions		1,819,141
Net investment income (loss)		986,127
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments (net of foreign taxes of $4,387)		(7,249,300	)
Futures		624,743
Foreign currency		(67,785	)
		(6,692,342	)
Change in net unrealized appreciation (depreciation) on: Investments		13,232,828
Futures		8,818
Foreign currency		(10,532	)
		13,231,114
Net gain (loss)		6,538,772
Net increase (decrease) in net assets resulting from operations	$	7,524,899

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

Statement of Changes in Net Assets

	Years Ended October 31,
Increase (Decrease) in Net Assets	2013			2012
Operations: Net investment income (loss)	$	986,127		$	1,329,147
Net realized gain (loss)		(6,692,342	)		(24,677,148	)
Change in net unrealized appreciation (depreciation)		13,231,114			23,941,650
Net increase (decrease) in net assets resulting from operations		7,524,899			593,649
Distributions to shareholders from: Net investment income: Class A		(190,248	)		—
Class B		(1,656	)		—
Class C		(10,129	)		—
Class S		(1,011,054	)		(86,445	)
Institutional Class		(354,024	)		(213,498	)
Total distributions		(1,567,111	)		(299,943	)
Fund share transactions: Proceeds from shares sold		11,444,055			25,729,200
Reinvestment of distributions		1,456,376			291,972
Payments for shares redeemed		(62,926,754	)		(81,823,992	)
Redemption fees		1,009			2,098
Net increase (decrease) in net assets from Fund share transactions		(50,025,314	)		(55,800,722	)
Increase (decrease) in net assets		(44,067,526	)		(55,507,016	)
Net assets at beginning of period		144,982,122			200,489,138
Net assets at end of period (including undistributed net investment income of $487,729 and $1,140,885, respectively)	$	100,914,596		$	144,982,122

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

Financial Highlights

	Years Ended October 31,
Class A		2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	15.61		$	15.57		$	18.47		$	15.34		$	10.75
Income (loss) from investment operations: Net investment income (loss)a		.11			.08			.06			.02			.06
Net realized and unrealized gain (loss)		.91			(.04	)		(2.85	)		3.19			4.55
Total from investment operations		1.02			.04			(2.79	)		3.21			4.61
Less distributions from: Net investment income		(.17	)		—			(.11	)		(.08	)		(.02	)
Redemption fees		.00	*		.00	*		.00	*		.00	*		.00	*
Net asset value, end of period	$	16.46		$	15.61		$	15.57		$	18.47		$	15.34
Total Return (%)b		6.56	c		.26			(15.20	)		21.01			42.95
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		16			17			27			41			45
Ratio of expenses before expense reductions (%)		1.96			1.76			1.78			1.75			1.83
Ratio of expenses after expense reductions (%)		1.81			1.76			1.78			1.75			1.83
Ratio of net investment income (loss) (%)		.72			.53			.32			.13			.48
Portfolio turnover rate (%)		49			82			179			77			138
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. * Amount is less than $.005.

	Years Ended October 31,
Class B		2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	14.00		$	14.09		$	16.75		$	13.98		$	9.88
Income (loss) from investment operations: Net investment income (loss)a		(.01	)		(.06	)		(.10	)		(.13	)		(.08	)
Net realized and unrealized gain (loss)		.82			(.03	)		(2.56	)		2.90			4.18
Total from investment operations		.81			(.09	)		(2.66	)		2.77			4.10
Less distributions from: Net investment income		(.04	)		—			—			—			—
Redemption fees		.00	*		.00	*		.00	*		.00	*		.00	*
Net asset value, end of period	$	14.77		$	14.00		$	14.09		$	16.75		$	13.98
Total Return (%)b		5.77	c		(.64	)c		(15.88	)		19.81			41.50
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.2			1			1			3			3
Ratio of expenses before expense reductions (%)		2.87			2.69			2.64			2.69			2.86
Ratio of expenses after expense reductions (%)		2.56			2.59			2.64			2.69			2.86
Ratio of net investment income (loss) (%)		(.10	)		(.41	)		(.60	)		(.81	)		(.72	)
Portfolio turnover rate (%)		49			82			179			77			138
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. * Amount is less than $.005.

	Years Ended October 31,
Class C		2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	14.11		$	14.20		$	16.87		$	14.06		$	9.93
Income (loss) from investment operations: Net investment income (loss)a		(.00	)*		(.04	)		(.08	)		(.11	)		(.07	)
Net realized and unrealized gain (loss)		.82			(.05	)		(2.59	)		2.92			4.20
Total from investment operations		.82			(.09	)		(2.67	)		2.81			4.13
Less distributions from: Net investment income		(.04	)		—			—			—			—
Redemption fees		.00	*		.00	*		.00	*		.00	*		.00	*
Net asset value, end of period	$	14.89		$	14.11		$	14.20		$	16.87		$	14.06
Total Return (%)b		5.79	c		(.63	)		(15.83	)		19.99			41.59
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			4			5			8			7
Ratio of expenses before expense reductions (%)		2.77			2.59			2.59			2.58			2.73
Ratio of expenses after expense reductions (%)		2.56			2.59			2.59			2.58			2.73
Ratio of net investment income (loss) (%)		(.02	)		(.26	)		(.50	)		(.70	)		(.64	)
Portfolio turnover rate (%)		49			82			179			77			138
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. * Amount is less than $.005.

	Years Ended October 31,
Class S		2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	15.83		$	15.78		$	18.72		$	15.59		$	10.90
Income (loss) from investment operations: Net investment income (loss)a		.15			.12			.10			.06			.09
Net realized and unrealized gain (loss)		.93			(.05	)		(2.88	)		3.23			4.63
Total from investment operations		1.08			.07			(2.78	)		3.29			4.72
Less distributions from: Net investment income		(.21	)		(.02	)		(.16	)		(.16	)		(.03	)
Redemption fees		.00	*		.00	*		.00	*		.00	*		.00	*
Net asset value, end of period	$	16.70		$	15.83		$	15.78		$	18.72		$	15.59
Total Return (%)		6.84	b		.42			(15.00	)		21.21			43.53	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		68			79			94			130			120
Ratio of expenses before expense reductions (%)		1.73			1.57			1.55			1.55			1.62
Ratio of expenses after expense reductions (%)		1.56			1.57			1.55			1.55			1.43
Ratio of net investment income (loss) (%)		.97			.75			.58			.33			.71
Portfolio turnover rate (%)		49			82			179			77			138
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. * Amount is less than $.005.

	Years Ended October 31,
Institutional Class		2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	15.88		$	15.82		$	18.77		$	15.60		$	10.91
Income (loss) from investment operations: Net investment income (loss)a		.15			.15			.19			.10			.09
Net realized and unrealized gain (loss)		.91			(.05	)		(2.94	)		3.23			4.64
Total from investment operations		1.06			.10			(2.75	)		3.33			4.73
Less distributions from: Net investment income		(.25	)		(.04	)		(.20	)		(.16	)		(.04	)
Redemption fees		.00	*		.00	*		.00	*		.00	*		.00	*
Net asset value, end of period	$	16.69		$	15.88		$	15.82		$	18.77		$	15.60
Total Return (%)		6.69			.67			(14.83	)		21.54			43.53
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		12			44			73			76			52
Ratio of expenses (%)		1.52			1.36			1.37			1.32			1.38
Ratio of net investment income (loss) (%)		.92			.93			1.04			.56			.78
Portfolio turnover rate (%)		49			82			179			77			138
a Based on average shares outstanding during the period. * Amount is less than $.005.

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were offered to investors without an initial sales charge and are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not automatically convert into another class. Institutional Class shares are generally available only to qualified institutions, 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 only available to a limited group of investors.

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.

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. 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. Equity securities are categorized as Level 1. 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.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

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. 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 has completed its evaluation of the application of ASU 2013-01 and its impact on the Fund's financial statements and will include the required disclosures in the semiannual shareholder report as of April 30, 2014.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains the benefits of owning securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. 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.

As of October 31, 2013, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

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 October 31, 2013, the Fund had a net tax basis capital loss carryforward of approximately $57,442,000, including $25,844,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2017, whichever occurs first; and approximately $31,598,000 of post-enactment losses, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($15,624,000) and long-term losses ($15,974,000).

The Fund has reviewed the tax positions for the open tax years as of October 31, 2013 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes, if necessary.

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 foreign denominated investments, investments in passive foreign investment companies, investments in futures contracts, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investments for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At October 31, 2013, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income*	$	487,729
Capital loss carryforwards	$	(57,442,000	)
Net unrealized appreciation (depreciation) on investments	$	6,552,277

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended October 31,
	2013		2012
Distributions from ordinary income*	$	1,567,111	$	299,943

* For tax purposes, short-term capital gain distributions are considered income distributions.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on all Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation 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. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended October 31, 2013, the Fund used futures contracts as a means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs, while maintaining exposure to the stock market.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of October 31, 2013 is included in a table following the Fund's Investment Portfolio. For the period ended October 31, 2013, the investment in futures contracts purchased had a total notional value generally indicative of a range from $0 to approximately $3,641,000.

The following tables summarize the value of the Fund's derivative instruments held as of October 31, 2013 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivative	Futures Contracts
Equity Contracts (a)	$	37,063
The above derivative is located in the following Statement of Assets and Liabilities account: (a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended October 31, 2013 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Futures Contracts
Equity Contracts (a)	$	624,743
The above derivative is located in the following Statement of Operations account: (a) Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)	Futures Contracts
Equity Contracts (a)	$	8,818
The above derivative is located in the following Statement of Operations account: (a) Change in net unrealized appreciation (depreciation) on futures

C. Purchases and Sales of Securities

During the year ended October 31, 2013, purchases and sales of investment securities (excluding short-term investments) aggregated $53,622,810 and $106,570,749, respectively.

D. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million of the Fund's average daily net assets	1.015	%
Next $500 million of such net assets	.990	%
Over $750 million of such net assets	.965	%

Accordingly, for the year ended October 31, 2013, the fee pursuant to the Investment Management Agreement was equivalent to an annual effective rate of 1.015% of the Fund's average daily net assets.

For the period from November 1, 2012 through September 30, 2013, 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 follows:

Class A	1.82%
Class B	2.57%
Class C	2.57%
Class S	1.57%
Institutional Class	1.57%

Effective October 1, 2013 through September 30, 2014, 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	1.65%
Class B	2.40%
Class C	2.40%
Class S	1.40%
Institutional Class	1.40%

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended October 31, 2013, the Administration Fee was $111,640, of which $8,664 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended October 31, 2013, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Waived		Unpaid at October 31, 2013
Class A	$	24,175	$	24,175	$	—
Class B		1,275		1,275		—
Class C		4,824		4,824		—
Class S		108,409		108,409		—
Institutional Class		675		—		158
	$	139,358	$	138,683	$	158

In addition, for the year ended October 31, 2013, the Advisor reimbursed the Fund $17,979 of sub-recordkeeping expenses for Class S shares.

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the year ended October 31, 2013, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at October 31, 2013
Class B	$	3,546	$	175
Class C		29,607		2,534
	$	33,153	$	2,709

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended October 31, 2013, the Service Fee was as follows:

Service Fee	Total Aggregated		Waived		Unpaid at October 31, 2013		Annual Effective Rate
Class A	$	38,230	$	356	$	7,991		.23	%
Class B		1,106		148		221		.20	%
Class C		9,648		3,508		1,236		.16	%
	$	48,984	$	4,012	$	9,448

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 year ended October 31, 2013, aggregated $1,699.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the year ended October 31, 2013, the CDSC for Class B and C shares aggregated $664 and $51, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended October 31, 2013, DIDI received $14,569 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 year ended October 31, 2013, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $17,617, of which $7,010 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.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and DWS Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the Investment Company Act of 1940, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. Central Cash Management Fund seeks to maintain a stable net asset value, and DWS Variable NAV Money Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. Central Cash Management Fund does not pay the Advisor an investment management fee. To the extent that DWS Variable NAV Money Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS Variable NAV Money Fund.

Security Lending Fees. Effective December 11, 2012, Deutsche Bank AG serves as lending agent for the Fund. For the period from December 11, 2012 through October 31, 2013, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $1,029.

E. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.

F. 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 25 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2013.

G. Share Transactions

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

	Year Ended October 31, 2013						Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		159,812		$	2,569,630			292,733		$	4,469,341
Class B		117			1,870			527			6,861
Class C		79,361			1,149,073			73,508			1,053,390
Class S		402,462			6,585,630			328,435			5,210,768
Institutional Class		70,853			1,137,852			969,482			14,988,840
				$	11,444,055					$	25,729,200
Shares issued to shareholders in reinvestment of distributions
Class A		10,657		$	172,422			—		$	—
Class B		100			1,473			—			—
Class C		631			9,362			—			—
Class S		56,261			921,251			5,357			78,850
Institutional Class		21,494			351,868			14,468			213,122
				$	1,456,376					$	291,972
Shares redeemed
Class A		(306,980	)	$	(4,873,687	)		(922,042	)	$	(14,173,421	)
Class B		(30,408	)		(434,695	)		(49,108	)		(691,167	)
Class C		(108,085	)		(1,544,637	)		(135,098	)		(1,897,082	)
Class S		(1,378,425	)		(22,022,127	)		(1,289,915	)		(20,123,213	)
Institutional Class		(2,092,218	)		(34,051,608	)		(2,848,571	)		(44,939,109	)
				$	(62,926,754	)				$	(81,823,992	)
Redemption fees				$	1,009					$	2,098
Net increase (decrease)
Class A		(136,511	)	$	(2,131,457	)		(629,309	)	$	(9,703,675	)
Class B		(30,191	)		(431,352	)		(48,581	)		(684,306	)
Class C		(28,093	)		(385,991	)		(61,590	)		(842,565	)
Class S		(919,702	)		(14,514,647	)		(956,123	)		(14,833,241	)
Institutional Class		(1,999,871	)		(32,561,867	)		(1,864,621	)		(29,736,935	)
				$	(50,025,314	)				$	(55,800,722	)

Report of Independent Registered Public Accounting Firm

To the Board of Directors of DWS International Fund, Inc. and the Shareholders of DWS Emerging Markets Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS Emerging Markets Equity Fund (the "Fund") at October 31, 2013, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Boston, Massachusetts

December 23, 2013

PricewaterhouseCoopers LLP

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 A, B, C and S shares of the Fund 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 (May 1, 2013 to October 31, 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, B, 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, B, 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 October 31, 2013 (Unaudited)
Actual Fund Return	Class A		Class B		Class C		Class S		Institutional Class
Beginning Account Value 5/1/13	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 10/31/13	$	1,020.50	$	1,016.50	$	1,017.10	$	1,022.00	$	1,022.00
Expenses Paid per $1,000*	$	9.12	$	12.96	$	12.91	$	7.85	$	7.80
Hypothetical 5% Fund Return	Class A		Class B		Class C		Class S		Institutional Class
Beginning Account Value 5/1/13	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 10/31/13	$	1,016.18	$	1,012.35	$	1,012.40	$	1,017.44	$	1,017.49
Expenses Paid per $1,000*	$	9.10	$	12.93	$	12.88	$	7.83	$	7.78

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

Annualized Expense Ratios	Class A	Class B	Class C	Class S	Institutional Class
DWS Emerging Markets Equity Fund	1.79%	2.55%	2.54%	1.54%	1.53%

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.

Tax Information (Unaudited)

The Fund paid foreign taxes of $203,263 and earned $1,096,832 of foreign source income during the year ended October 31, 2013. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $0.03 per share as foreign taxes paid and $0.18 per share as income earned from foreign sources for the year ended October 31, 2013.

For corporate shareholders, 100% of ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended October 31, 2013 qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates $3,376,000, or the maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Directors, including the Independent Directors, approved the renewal of DWS Emerging Markets Equity Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2013.

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

—In September 2013, all of the Fund's Directors were independent of DIMA 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 DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by a fee consultant retained by the Fund's Independent Trustees (the "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 Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

— In connection with reviewing the Agreement, 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 DIMA 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 DIMA managed the Fund, and that the Agreement was approved by the Fund's shareholders. DIMA is part of Deutsche Bank AG, 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 DIMA of lower expense caps as part of the 2012 and 2013 contract review processes 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 AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM 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 DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA 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 DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. 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 Fee Consultant using information supplied by Morningstar Direct ("Morningstar"), 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 DIMA regarding such funds, along with DIMA'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 each of the one-, three- and five-year periods ended December 31, 2012, the Fund's performance (Class A shares) was in the 4th quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in each of the one-, three- and five-year periods ended December 31, 2012. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board recognized that DIMA has made changes to its investment personnel and processes in recent years in an effort to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper and the 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 DIMA under the Fund's administrative services agreement, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (2nd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2012, 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 DIMA to a comparable fund and considered differences between the Fund and the comparable fund. 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 DIMA 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 DIMA 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 DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA 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 Fee Consultant reviewed DIMA'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 DIMA 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), DIMA 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 DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

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 DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA 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 DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA 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 DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DIMA's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement 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 Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Kenneth C. Froewiss, Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex.

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen	Other Directorships Held by Board Member
Kenneth C. Froewiss (1945) Chairperson since 2013,8 and Board Member since 2001	Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	103	—
William McClayton (1944) Vice Chairperson since 2013,8 and Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival	103	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996); former Directorships: Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International	103	Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003- present); Portland General Electric2 (utility company) (2003- present)
Henry P. Becton, Jr. (1943) Board Member since 1990	Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College	103	Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946) Board Member since 1987	President, Driscoll Associates (consulting firm); Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Chairman of the Board of Trustees, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007-2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	103	—
Keith R. Fox, CFA (1954) Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011-2012)	103	—
Paul K. Freeman (1950) Board Member since 1993, and Chairperson (2009-Jan. 8, 2013)	Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (Chairman of Education Committee); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998); Directorships: Denver Zoo Foundation (December 2012-present); former Directorships: Prisma Energy International	103	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)	103	Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since 2007), Singapore Fund, Inc. (since September 2007), Independent Director of Barclays Bank Delaware (since September 2010)
Rebecca W. Rimel (1951) Board Member since 1995	President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Director, Viasys Health Care2 (January 2007-June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994-2012)	103	Director, Becton Dickinson and Company2 (medical technology company) (2012- present); Director, CardioNet, Inc.2 (health care) (2009- present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998-2012)	103	—
Jean Gleason Stromberg (1943) Board Member since 1997	Retired. Formerly, Consultant (1997-2001); Director, Financial Markets U.S. Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)	103	—
Robert H. Wadsworth (1940) Board Member since 1999	President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, National Horizon, Inc. (non-profit organization); Director and Treasurer, The Phoenix Boys Choir Association	106	—

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5		Business Experience and Directorships During the Past Five Years
Brian E. Binder9,10 (1972) President and Chief Executive Officer, 2013-present		Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013-present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010-2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008-2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003-2008)
John Millette7 (1962) Vice President and Secretary, 1999-present		Director,3 Deutsche Asset & Wealth Management
Paul H. Schubert6 (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present		Managing Director,3 Deutsche Asset & Wealth Management (since July 2004); formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962) Chief Legal Officer, 2010-present		Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997-2010)
Melinda Morrow6 (1970) Vice President, 2012-present		Director,3 Deutsche Asset & Wealth Management
Hepsen Uzcan7 (1974) Assistant Secretary, 2013-present		Vice President, Deutsche Asset & Wealth Management
Paul Antosca7 (1957) Assistant Treasurer, 2007-present		Director,3 Deutsche Asset & Wealth Management
Jack Clark7 (1967) Assistant Treasurer, 2007-present		Director,3 Deutsche Asset & Wealth Management
Diane Kenneally7 (1966) Assistant Treasurer, 2007-present		Director,3 Deutsche Asset & Wealth Management
John Caruso6 (1965) Anti-Money Laundering Compliance Officer, 2010-present		Managing Director,3 Deutsche Asset & Wealth Management
Robert Kloby6 (1962) Chief Compliance Officer, 2006-present		Managing Director,3 Deutsche Asset & Wealth Management

1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

3 Executive title, not a board directorship.

4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.

5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

6 Address: 60 Wall Street, New York, NY 10005.

7 Address: One Beacon Street, Boston, MA 02108.

8 Effective as of January 9, 2013.

9 Address: 222 South Riverside Plaza, Chicago, IL 60606.

10 Effective as of December 1, 2013.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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 Shareholder Service representative by calling: (800) 728-3337
Web Site		dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, retirement planning information, and more.
Written Correspondence		Deutsche Asset & Wealth Management 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 — dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — 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 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 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. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.

	Class A	Class B	Class C	Class S	Institutional Class
Nasdaq Symbol	SEKAX	SEKBX	SEKCX	SEMGX	SEKIX
CUSIP Number	23337R 106	23337R 205	23337R 304	23337R 502	23337R 619
Fund Number	479	679	779	2079	1479

Date of fiscal year end:	10/31

Date of reporting period:	10/31/2013


ITEM 2.	CODE OF ETHICS

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. Paul K. Freeman, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended October 31,	Audit Fees Billed to Fund		Audit-Related Fees Billed to Fund		Tax Fees Billed to Fund		All Other Fees Billed to Fund
2013	$	66,442	$	0	$	0	$	18,586
2012	$	74,410	$	0	$	0	$	1,727

Fiscal Year Ended October 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2013	$	0	$	66,535	$	0
2012	$	0	$	56,300	$	0

Fiscal Year Ended October 31,	Total Non-Audit Fees Billed to Fund (A)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)		Total of (A), (B) and (C)
2013	$	18,586	$	66,535	$	0	$	85,121
2012	$	1,727	$	56,300	$	0	$	58,027


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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	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 Emerging Markets Equity Fund, a series of DWS International Fund, Inc.


By:	/s/Brian E. Binder Brian E. Binder President

Date:	December 30, 2013