sr43014laef.htm

April 30, 2014

Semiannual Report

to Shareholders

DWS Latin America Equity Fund

Contents

3 Letter to Shareholders

4 Performance Summary

7 Portfolio Management Team

8 Portfolio Summary

10 Investment Portfolio

14 Statement of Assets and Liabilities

16 Statement of Operations

17 Statement of Changes in Net Assets

18 Financial Highlights

24 Notes to Financial Statements

34 Information About Your Fund's Expenses

36 Advisory Agreement Board Considerations and Fee Evaluation

41 Account Management Resources

43 Privacy Statement

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

Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Any fund that focuses in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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:

The economic recovery appears to be gaining traction here in the United States and across much of the globe. Still, the data we see on television and the Internet provide a mixed message. Corporate profit growth may be decelerating, but manufacturing and the housing market are strengthening. Employment numbers are not as strong as one would expect, yet consumer confidence is resilient. All in all, economic growth has been sufficient for the Federal Reserve to taper its bond-buying program.

What lies ahead? Randy Brown, co-chief investment officer for Deutsche Asset & Wealth Management, suggests that "despite the slowdown in some emerging economies, global growth is likely to remain solid." And "as a result of stable economic growth and continued tapering, we expect the yields of long U.S. Treasuries to increase eventually."

Does this view suggest the need for a change in strategy? The answer will depend on your current asset allocation as well as whether a change has occurred in your personal circumstances, objectives or investment time horizon. A trusted financial advisor who fully understands your specific situation and goals can be the best resource when weighing any major decisions. In any case, we believe that some measure of diversification across a variety of securities and asset classes makes sense. Although it doesn't insure against loss or guarantee a profit, diversification can help your portfolio weather short-term market fluctuations. And that is a helpful strategy in any environment.

Best regards,

Brian Binder

President, DWS Funds

Performance Summary April 30, 2014 (Unaudited)

Class A	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 4/30/14
Unadjusted for Sales Charge	0.61%	–6.35%	9.09%	13.28%
Adjusted for the Maximum Sales Charge (max 5.75% load)	–5.17%	–11.74%	7.81%	12.61%
MSCI EM Latin America Index†	–3.98%	–11.26%	8.20%	15.35%
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
Unadjusted for Sales Charge		–8.86%	11.41%	11.51%
Adjusted for the Maximum Sales Charge (max 5.75% load)		–14.10%	10.10%	10.85%
MSCI EM Latin America Index†		–13.83%	11.15%	13.78%
Class B	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 4/30/14
Unadjusted for Sales Charge	0.26%	–7.06%	8.25%	12.36%
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)	–3.48%	–9.66%	8.11%	12.36%
MSCI EM Latin America Index†	–3.98%	–11.26%	8.20%	15.35%
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
Unadjusted for Sales Charge		–9.58%	10.53%	10.61%
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)		–12.11%	10.40%	10.61%
MSCI EM Latin America Index†		–13.83%	11.15%	13.78%
Class C	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 4/30/14
Unadjusted for Sales Charge	0.23%	–7.06%	8.23%	12.38%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	–0.71%	–7.06%	8.23%	12.38%
MSCI EM Latin America Index†	–3.98%	–11.26%	8.20%	15.35%
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
Unadjusted for Sales Charge		–9.55%	10.53%	10.63%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		–9.55%	10.53%	10.63%
MSCI EM Latin America Index†		–13.83%	11.15%	13.78%
Class S	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 4/30/14
No Sales Charges	0.74%	–6.10%	9.40%	13.58%
MSCI EM Latin America Index†	–3.98%	–11.26%	8.20%	15.35%
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
No Sales Charges		–8.63%	11.73%	11.81%
MSCI EM Latin America Index†		–13.83%	11.15%	13.78%

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 May 1, 2014 are 1.84%, 2.71%, 2.63% and 1.51% for Class A, Class B, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

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

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

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

Yearly periods ended April 30

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

† The Morgan Stanley Capital International (MSCI) EM (Emerging Markets) Latin America Index is an unmanaged, free float-adjusted market capitalization index that is designed to measure equity market performance in seven Latin American markets. The index is calculated using closing market prices and translates into U.S. dollars using the London close foreign exchange rates.

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

	Class A		Class B		Class C		Class S
Net Asset Value
4/30/14	$	29.08	$	27.82	$	27.81	$	28.99
10/31/13	$	31.05	$	29.72	$	29.70	$	31.00
Distribution Information as of 4/30/14
Income Dividends, Six Months	$	.25	$	.07	$	.07	$	.32
Capital Gain Distributions, Six Months	$	1.81	$	1.81	$	1.81	$	1.81

Portfolio Management Team

Luiz Ribeiro, CFA, Director

Lead Portfolio Manager of the fund. Began managing the fund in 2013.

— Senior Equities Portfolio Manager: São Paulo.

— Joined Deutsche Asset & Wealth Management in 2012 with 18 years of industry experience. Prior to joining Deutsche Asset & Wealth Management, Luiz served as the Head of Latin America — Internal Equities at the Abu Dhabi Investment Authority. Previously, he served as a Senior Portfolio Manager at HSBC Bank. Prior to HSBC Bank, Luiz worked as an Investment Officer at IFC — World Bank and as an Analyst and then as a Senior Portfolio Manager at ABN AMRO Bank. He began his investment career as a Trader at Dibran DTVM Ltda.

— BA in Business Administration from University of São Paulo (USP); MBA in Finance from Brazilian Institute of Capital Markets (IBMEC); CFA Charterholder.

Danilo Pereira, Vice President

Portfolio Manager of the fund. Began managing the fund in 2013.

— Portfolio Manager and Equities Analyst: São Paulo.

— Joined Deutsche Asset & Wealth Management in 2012 with 12 years of industry experience. Prior to joining Deutsche Asset & Wealth Management, Danilo was the Deputy Head of Latin America — Internal Equities at the Abu Dhabi Investment Authority. Previously, he served as a Senior Latin American Analyst at BNP Paribas Investment Partners, Senior Analyst and Co-manager at Equitas Investimentos and as a Portfolio Manager at Bradesco Asset Management. Danilo began his investment career as a Latin American Analyst at ABN Amro Asset Management.

— BA in Business from Fundacao Getulio Vargas.

Thomas U. Petschnigg, CFA, Vice President

Portfolio Manager of the fund. Began managing the fund in 2013.

— Latin America Portfolio Manager: Frankfurt.

— Joined Deutsche Asset & Wealth Management in 2006 with 6 years of industry experience at Goldman Sachs Asset Management (GSAM), where he was responsible for GSAM's consultant business in Germany. During this time he also contributed as an author to various professional journals and textbooks. Prior to his current role, served as a Global Equity Portfolio Manager; he transferred to the Latin America Equities Team in April 2010.

— Master's Degree in Business Administration ("Diplom-Kaufmann") from the European Business School in Oestrich-Winkel with exchanges at the University of California Berkeley and the Ecole Supérieure de Commerce Dijon.

Portfolio Summary (Unaudited)

Ten Largest Equity Holdings at April 30, 2014 (46.7% of Net Assets)	Country	Percent
1. Ambev SA Producer and distributor of beer	Brazil	6.6%
2. Companhia Brasileira de Distribuicao Operator in the food and non-food retail businesses	Brazil	5.7%
3. Petroleo Brasileiro SA Producer and distributor of petroleum	Brazil	5.6%
4. BRF SA Food processor	Brazil	5.4%
5. Fomento Economico Mexicano SAB de CV Produces, distributes and markets non-alcoholic beverages and owns and operates convenience stores	Mexico	5.2%
6. Lojas Americanas SA Operates a chain of retail stores	Brazil	4.9%
7. Banco do Brasil SA Offers retail and commercial banking services	Brazil	4.0%
8. Banco Bradesco SA Provider of banking services	Brazil	3.6%
9. Grupo Televisa SAB Operator of entertainment business	Mexico	3.3%
10. Cemex SAB de CV Producer of concrete and cement	Mexico	2.4%
Portfolio holdings and characteristics are subject to change. For more complete details about the fund's investment portfolio, see page 10. A quarterly Fact Sheet is available on dws-investments.com or upon request. Please see the Account Management Resources section on page 41 for contact information.

Investment Portfolio as of April 30, 2014 (Unaudited)

	Shares		Value ($)

Equity Securities 98.9%
Argentina 4.1%
BBVA Banco Frances SA (ADR)*		82,419		807,706
Grupo Clarin SA "B", (GDR) (REG S)*		446,228		2,543,500
Grupo Financiero Galicia SA (ADR) (a)		605,437		8,149,182
YPF SA (ADR) (a)		222,144		6,322,218
(Cost $13,712,262)				17,822,606
Belgium 1.5%
Anheuser-Busch InBev NV (ADR) (Cost $5,589,493)		59,300		6,275,126
Brazil 53.8%
Ambev SA		2,247,750		16,431,584
Ambev SA (ADR) (a)		1,704,830		12,360,018
Ambev SA, (Rights) Expiration Date 5/27/2014*		2,362		265
B2W Cia Digital*		178,923		1,988,435
Banco Bradesco SA (ADR)		545		8,104
Banco Bradesco SA (Preferred)		1,062,300		15,812,417
Banco do Brasil SA		1,639,500		17,213,004
BB Seguridade Participacoes SA		366,810		4,298,574
BM&FBovespa SA		860,000		4,396,905
BR Malls Participacoes SA		509,000		4,380,630
Brasil Pharma SA*		2,397,541		3,913,914
Braskem SA "A" (Preferred)		52		355
BRF SA		1,026,000		23,237,134
Cielo SA		257,000		4,552,753
Companhia Brasileira de Distribuicao (Preferred)		527,384		24,953,027
Companhia Energetica de Sao Paulo "B" (Preferred)		355,000		4,207,938
CPFL Energia SA		768,396		6,516,591
EDP — Energias do Brasil SA		1,430,000		6,214,464
Gafisa SA		6,030,715		9,817,915
Itau Unibanco Holding SA (Preferred)		548,164		9,046,949
Lojas Americanas SA (Preferred)		2,801,607		21,221,725
Natura Cosmeticos SA		276,200		4,730,610
Petroleo Brasileiro SA		878,304		6,156,695
Petroleo Brasileiro SA (ADR)		400,000		5,552,000
Petroleo Brasileiro SA (Preferred)		1,670,000		12,410,315
Raia Drogasil SA		995,059		8,479,032
Usinas Siderurgicas de Minas Gerais SA "A" (Preferred)*		1,280,000		5,005,763
(Cost $208,669,772)				232,907,116
Chile 6.4%
Banco de Chile		19,814,268		2,545,896
Banco Santander Chile (ADR) (a)		176,302		4,278,849
CFR Pharmaceuticals SA		19,500,000		3,974,267
Corpbanca SA		475,597,745		5,478,703
Corpbanca SA (ADR)		55,120		972,868
Empresa Nacional de Electricidad SA (ADR) (a)		91,000		4,010,370
Enersis SA (ADR)		410,000		6,601,000
(Cost $28,337,274)				27,861,953
Colombia 4.2%
Almacenes Exito SA		285,500		4,349,044
Bancolombia SA (ADR) (a)		106,000		6,034,580
Grupo de Inversiones Suramericana SA		409,200		7,982,947
(Cost $17,834,736)				18,366,571
Mexico 16.5%
Cemex SAB de CV (ADR) (a)		811,200		10,253,568
Corporativo Fragua SAB de CV		276,000		4,894,384
Fomento Economico Mexicano SAB de CV (ADR) (a)		181,500		16,474,755
Fomento Economico Mexicano SAB de CV (Units)		670,000		6,087,115
Gruma SAB de CV "B"*		228,720		2,022,732
Grupo Herdez SAB de CV		1,459,090		4,361,851
Grupo Lala SAB de CV		1,981,982		4,605,473
Grupo Mexico SAB de CV "B"		2,892,085		8,709,801
Grupo Televisa SAB (ADR)		432,000		14,173,920
(Cost $69,748,301)				71,583,599
Peru 5.2%
Credicorp Ltd. (a)		60,875		9,085,594
Grana y Montero SA (ADR) (a)		246,924		4,301,416
Inretail Peru Corp.*		575,500		9,098,655
(Cost $25,083,280)				22,485,665
Puerto Rico 2.4%
Popular, Inc.* (Cost $10,009,141)		330,500		10,212,450
Spain 3.8%
Banco Bilbao Vizcaya Argentaria SA		460,000		5,664,826
Mapfre SA		1,430,000		6,044,508
Prosegur Cia de Seguridad SA (Registered)		729,468		4,898,388
(Cost $16,304,032)				16,607,722
United States 1.0%
First Cash Financial Services, Inc.* (a) (b) (Cost $4,882,879)		91,785		4,476,355
Total Equity Securities (Cost $400,171,170)				428,599,163

	Units		Value ($)

Other Investments 0.0%
Brazil
TOTVS SA (Debenture Unit), 3.5%, 8/19/2019 (c) (Cost $478,354)		43,800		144,142

	Shares		Value ($)

Securities Lending Collateral 14.1%
Daily Assets Fund Institutional, 0.09% (d) (e) (Cost $60,972,976)		60,972,976		60,972,976

Cash Equivalents 0.9%
Central Cash Management Fund, 0.05% (d) (Cost $3,965,726)		3,965,726		3,965,726

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $465,588,226)†		113.9			493,682,007
Other Assets and Liabilities, Net		(13.9	)		(60,374,046	)
Net Assets		100.0			433,307,961

* Non-income producing security.

† The cost for federal income tax purposes was $468,558,853. At April 30, 2014, net unrealized appreciation for all securities based on tax cost was $25,123,154. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $41,612,159 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $16,489,005.

(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 April 30, 2014 amounted to $59,994,481, which is 13.8% of net assets.

(b) Security is listed in country of domicile. Significant business activities of company are in Latin America.

(c) The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of Restricted Securities

Acquisition Date

Cost ($)

Value ($)

Value as % of Net Assets

TOTVS SA (Debenture Unit)

September 2008

478,354

144,142

.03

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

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

ADR: American Depositary Receipt

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 requirement of the Securities Act of 1933.

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of April 30, 2014 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

Equity Securities
Argentina	$	17,822,606	$	—	$	—	$	17,822,606
Belgium		6,275,126		—		—		6,275,126
Brazil		232,907,116		—		—		232,907,116
Chile		27,861,953		—		—		27,861,953
Colombia		18,366,571		—		—		18,366,571
Mexico		71,583,599		—		—		71,583,599
Peru		22,485,665		—		—		22,485,665
Puerto Rico		10,212,450		—		—		10,212,450
Spain		—		16,607,722		—		16,607,722
United States		4,476,355		—		—		4,476,355
Other Investments		—		—		144,142		144,142
Short-Term Investments (f)		64,938,702		—		—		64,938,702
Total	$	476,930,143	$	16,607,722	$	144,142	$	493,682,007

There have been no transfers between fair value measurement levels during the period ended April 30, 2014.

(f) See Investment Portfolio for additional detailed categorizations.

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

Statement of Assets and Liabilities

as of April 30, 2014 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $400,649,524) — including $59,994,481 of securities loaned	$	428,743,305
Investment in Daily Assets Fund Institutional (cost $60,972,976)*		60,972,976
Investment in Central Cash Management Fund (cost $3,965,726)		3,965,726
Total investments in securities, at value (cost $465,588,226)		493,682,007
Foreign currency, at value (cost $3,298,601)		3,123,939
Receivable for investments sold		3,756,583
Receivable for Fund shares sold		210,556
Dividends receivable		2,013,377
Interest receivable		21,596
Foreign taxes recoverable		20,564
Other assets		37,167
Total assets		502,865,789
Liabilities
Payable upon return of securities loaned		60,972,976
Payable for investments purchased		7,760,105
Payable for Fund shares redeemed		193,006
Accrued management fee		310,509
Accrued Directors' fees		5,253
Other accrued expenses and payables		315,979
Total liabilities		69,557,828
Net assets, at value	$	433,307,961
Net Assets Consist of
Undistributed net investment income		4,739,506
Net unrealized appreciation (depreciation) on: Investments		28,093,781
Foreign currency		(181,136	)
Accumulated net realized gain (loss)		686,184
Paid-in capital		399,969,626
Net assets, at value	$	433,307,961

* Represents collateral on securities loaned.

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

Statement of Assets and Liabilities as of April 30, 2014 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($21,502,971 ÷ 739,362 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$	29.08
Maximum offering price per share (100 ÷ 94.25 of $29.08)	$	30.85
Class B Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($363,841 ÷ 13,077 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$	27.82
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($3,627,525 ÷ 130,445 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)	$	27.81
Class S Net Asset Value, offering and redemption price(a) per share ($407,813,624 ÷ 14,065,731 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)	$	28.99

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

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

Statement of Operations

for the six months ended April 30, 2014 (Unaudited)
Investment Income
Income: Dividends (net of foreign taxes withheld of $860,686)	$	10,127,376
Interest		10,206
Income distributions — Central Cash Management Fund		460
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		60,111
Total income		10,198,153
Expenses: Management fee		2,374,254
Administration fee		204,659
Services to shareholders		309,446
Distribution and service fees		38,266
Custodian fee		184,264
Professional fees		47,707
Reports to shareholders		28,061
Registration fees		24,596
Directors' fees and expenses		9,528
Other		21,886
Total expenses before expense reductions		3,242,667
Expense reductions		(598,892	)
Total expenses after expense reductions		2,643,775
Net investment income (loss)		7,554,378
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments (net of foreign taxes of $734)		3,738,982
Foreign currency		(114,013	)
		3,624,969
Change in net unrealized appreciation (depreciation) on: Investments		(10,860,672	)
Foreign currency		(169,844	)
		(11,030,516	)
Net gain (loss)		(7,405,547	)
Net increase (decrease) in net assets resulting from operations	$	148,831

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

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013
Operations: Net investment income (loss)	$	7,554,378		$	4,414,823
Operations: Net investment income (loss)	$	7,554,378		$	4,414,823
Net realized gain (loss)		3,624,969			29,562,606
Change in net unrealized appreciation (depreciation)		(11,030,516	)		(33,769,399	)
Net increase (decrease) in net assets resulting from operations		148,831			208,030
Distributions to shareholders from: Net investment income: Class A		(138,093	)		(274,392	)
Class B		(1,495	)		(3,397	)
Class C		(9,645	)		(13,711	)
Class S		(4,529,954	)		(6,653,881	)
Net realized gains: Class A		(982,363	)		(5,837,624	)
Class B		(36,510	)		(289,730	)
Class C		(233,498	)		(1,170,373	)
Class S		(25,128,075	)		(113,442,478	)
Total distributions		(31,059,633	)		(127,685,586	)
Fund share transactions: Proceeds from shares sold		13,902,736			22,487,054
Reinvestment of distributions		29,479,802			121,006,875
Payments for shares redeemed		(45,752,656	)		(101,723,121	)
Redemption fees		59			568
Net increase (decrease) in net assets from Fund share transactions		(2,370,059	)		41,771,376
Increase (decrease) in net assets		(33,280,861	)		(85,706,180	)
Net assets at beginning of period		466,588,822			552,295,002
Net assets at end of period (including undistributed net investment income of $4,739,506 and $1,864,315, respectively)	$	433,307,961		$	466,588,822

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

Financial Highlights

				Years Ended October 31,
Class A	Six Months Ended 4/30/13 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	31.05		$	40.27		$	43.85		$	54.97		$	47.75		$	31.89
Income (loss) from investment operations: Net investment income (loss)a		.48			.21			.41			.69			.42			.44
Net realized and unrealized gain (loss)		(.39	)		(.00	)d***		(.14	)		(8.07	)		8.09			19.11
Total from investment operations		.09			.21			.27			(7.38	)		8.51			19.55
Less distributions from: Net investment income		(.25	)		(.42	)		(.02	)		(1.38	)		(1.29	)		(.26	)
Net realized gains		(1.81	)		(9.01	)		(3.83	)		(2.36	)		—			(3.43	)
Total distributions		(2.06	)		(9.43	)		(3.85	)		(3.74	)		(1.29	)		(3.69	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	29.08		$	31.05		$	40.27		$	43.85		$	54.97		$	47.75
Total Return (%)b		.61	c**		(.49	)c		1.19	c		(14.44	)		18.05			70.81
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		22			20			25			35			58			59
Ratio of expenses before expense reductions (%)		1.89	*		1.84			1.79			1.73			1.76			1.82
Ratio of expenses after expense reductions (%)		1.52	*		1.60			1.70			1.73			1.76			1.82
Ratio of net investment income (%)		1.75	e		.65			1.00			1.38			.84			1.27
Portfolio turnover rate (%)		92	**		156			163			35			37			95
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d The amount of net realized and unrealized gain shown for a share outstanding for the period ended October 31, 2013 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund. e The ratio for the six months ended April 30, 2014 has not been annualized since the Fund believes it would not be appropriate because the Fund’s dividend income is not earned ratably throughout the fiscal year. * Annualized Not annualized * Amount is less than $.005.

				Years Ended October 31,
Class B	Six Months Ended 4/30/13 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	29.72		$	38.86		$	42.72		$	53.60		$	46.52		$	31.14
Income (loss) from investment operations: Net investment income (loss)a		.33			(.02	)		.11			.28			.05			.16
Net realized and unrealized gain (loss)		(.35	)		(.00	)d***		(.14	)		(7.89	)		7.85			18.65
Total from investment operations		(.02	)		(.02	)		(.03	)		(7.61	)		7.90			18.81
Less distributions from: Net investment income		(.07	)		(.11	)		—			(.91	)		(.82	)		—
Net realized gains		(1.81	)		(9.01	)		(3.83	)		(2.36	)		—			(3.43	)
Total distributions		(1.88	)		(9.12	)		(3.83	)		(3.27	)		(.82	)		(3.43	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	27.82		$	29.72		$	38.86		$	42.72		$	53.60		$	46.52
Total Return (%)b		.26	c**		(1.25	)c		.45	c		(15.12	)c		17.11			69.31
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.4			1			1			3			6			6
Ratio of expenses before expense reductions (%)		2.84	*		2.71			2.58			2.53			2.55			2.72
Ratio of expenses after expense reductions (%)		2.27	*		2.35			2.46			2.52			2.55			2.72
Ratio of net investment income (loss) (%)		1.26	e		(.05	)		.29			.58			.05			.38
Portfolio turnover rate (%)		92	**		156			163			35			37			95
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d The amount of net realized and unrealized gain shown for a share outstanding for the period ended October 31, 2013 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund. e The ratio for the six months ended April 30, 2014 has not been annualized since the Fund believes it would not be appropriate because the Fund’s dividend income is not earned ratably throughout the fiscal year. * Annualized Not annualized * Amount is less than $.005.

				Years Ended October 31,
Class C	Six Months Ended 4/30/13 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	29.70		$	38.85		$	42.71		$	53.58		$	46.46		$	31.12
Income (loss) from investment operations: Net investment income (loss)a		.36			(.03	)		.09			.28			.05			.15
Net realized and unrealized gain (loss)		(.37	)		(.00	)d***		(.12	)		(7.88	)		7.84			18.62
Total from investment operations		(.01	)		(.03	)		(.03	)		(7.60	)		7.89			18.77
Less distributions from: Net investment income		(.07	)		(.11	)		—			(.91	)		(.77	)		—
Net realized gains		(1.81	)		(9.01	)		(3.83	)		(2.36	)		—			(3.43	)
Total distributions		(1.88	)		(9.12	)		(3.83	)		(3.27	)		(.77	)		(3.43	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	27.81		$	29.70		$	38.85		$	42.71		$	53.58		$	46.46
Total Return (%)b		.23	c**		(1.24	)c		.45	c		(15.12	)c		17.12			69.27
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			4			5			7			11			12
Ratio of expenses before expense reductions (%)		2.63	*		2.63			2.55			2.53			2.56			2.75
Ratio of expenses after expense reductions (%)		2.27	*		2.35			2.45			2.53			2.56			2.75
Ratio of net investment income (loss) (%)		1.34	e		(.09	)		.24			.57			.04			.34
Portfolio turnover rate (%)		92	**		156			163			35			37			95
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d The amount of net realized and unrealized gain shown for a share outstanding for the period ended October 31, 2013 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund. e The ratio for the six months ended April 30, 2014 has not been annualized since the Fund believes it would not be appropriate because the Fund’s dividend income is not earned ratably throughout the fiscal year. * Annualized Not annualized * Amount is less than $.005.

				Years Ended October 31,
Class S	Six Months Ended 4/30/13 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	31.00		$	40.24		$	43.86		$	55.00		$	47.89		$	32.03
Income (loss) from investment operations: Net investment income (loss)a		.51			.29			.49			.84			.58			.56
Net realized and unrealized gain (loss)		(.39	)		.01	c		(.12	)		(8.08	)		8.12			19.14
Total from investment operations		.12			.30			.37			(7.24	)		8.70			19.70
Less distributions from: Net investment income		(.32	)		(.53	)		(.16	)		(1.54	)		(1.59	)		(.41	)
Net realized gains		(1.81	)		(9.01	)		(3.83	)		(2.36	)		—			(3.43	)
Total distributions		(2.13	)		(9.54	)		(3.99	)		(3.90	)		(1.59	)		(3.84	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	28.99		$	31.00		$	40.24		$	43.86		$	55.00		$	47.89
Total Return (%)		.74	b**		(.23	)b		1.45	b		(14.19	)		18.45			71.37
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		408			442			521			565			738			697
Ratio of expenses before expense reductions (%)		1.56	*		1.51			1.48			1.42			1.43			1.47
Ratio of expenses after expense reductions (%)		1.27	*		1.35			1.47			1.42			1.43			1.47
Ratio of net investment income (%)		1.84	d		.90			1.21			1.71			1.16			1.62
Portfolio turnover rate (%)		92	**		156			163			35			37			95
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c The amount of net realized and unrealized gain shown for a share outstanding for the period ended October 31, 2013 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund. d The ratio for the six months ended April 30, 2014 has not been annualized since the Fund believes it would not be appropriate because the Fund’s dividend income is not earned ratably throughout the fiscal year. * Annualized Not annualized * Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Latin America Equity Fund (the "Fund") is a non-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. 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 generally 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.

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 considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

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

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

Securities Lending. Brown Brothers Harriman & Co., 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 the 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 effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of April 30, 2014, 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.

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 and/or uncertain tax provisions 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 net investment losses incurred by the Fund, investments in passive foreign investment companies and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on 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. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the six months ended April 30, 2014, purchases and sales of investment securities (excluding short-term investments) aggregated $381,900,645 and $410,851,667, respectively.

C. Related Parties

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

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

First $400 million of the Fund's average daily net assets	1.165	%
Next $400 million of such net assets	1.065	%
Over $800 million of such net assets	.965	%

For the period from November 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	1.52%
Class B	2.27%
Class C	2.27%
Class S	1.27%

Accordingly, for the six months ended April 30, 2014, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate (exclusive of any applicable waivers/reimbursements) of 1.16% of the Fund's average daily net assets.

For the six months ended April 30, 2014, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	29,981
Class B		1,364
Class C		6,323
Class S		561,224
	$	598,892

Administration Fee. Pursuant to the Administrative Services Agreement, the Advisor provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended April 30, 2014, the Administration Fee was $204,659, of which $35,048 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder serving fee it receives from the Fund. For the six months ended April 30, 2014, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at April 30, 2014
Class A	$	8,680	$	3,037
Class B		556		207
Class C		1,206		426
Class S		148,146		51,423
	$	158,588	$	55,093

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 six months ended April 30, 2014, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at April 30, 2014
Class B	$	1,788	$	243
Class C		13,196		2,245
	$	14,984	$	2,488

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 assets of shareholder accounts the firms service. For the six months ended April 30, 2014, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at April 30, 2014		Annualized Rate
Class A	$	18,325	$	9,003		.23	%
Class B		568		271		.24	%
Class C		4,389		2,107		.25	%
	$	23,282	$	11,381

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended April 30, 2014 aggregated $1,288.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended April 30, 2014, the CDSC for Class B and Class C shares aggregated $902 and $1,362, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended April 30, 2014, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,570, of which $4,796 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.

D. 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.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 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 has no outstanding loans at April 30, 2014.

F. Share Transactions

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

	Six Months Ended April 30, 2014						Year Ended October 31, 2013
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		277,589		$	8,032,048			224,720		$	7,684,726
Class B		325			9,480			901			28,661
Class C		16,399			409,062			26,029			834,391
Class S		194,153			5,452,146			422,629			13,939,276
				$	13,902,736					$	22,487,054
Shares issued to shareholders in reinvestment of distributions
Class A		39,119		$	1,089,001			177,302		$	5,760,550
Class B		1,384			36,956			9,055			283,322
Class C		7,852			209,544			34,674			1,084,248
Class S		1,015,026			28,144,301			3,519,120			113,878,755
				$	29,479,802					$	121,006,875
Shares redeemed
Class A		(231,204	)	$	(6,492,082	)		(365,874	)	$	(12,045,444	)
Class B		(9,515	)		(246,047	)		(25,017	)		(787,897	)
Class C		(30,087	)		(803,191	)		(65,056	)		(2,079,890	)
Class S		(1,388,634	)		(38,211,336	)		(2,633,281	)		(86,809,890	)
				$	(45,752,656	)				$	(101,723,121	)
Redemption fees				$	59					$	568
Net increase (decrease)
Class A		85,504		$	2,628,989			36,148		$	1,400,251
Class B		(7,806	)		(199,611	)		(15,061	)		(475,914	)
Class C		(5,836	)		(184,585	)		(4,353	)		(161,251	)
Class S		(179,455	)		(4,614,852	)		1,308,468			41,008,290
				$	(2,370,059	)				$	41,771,376

G. Fund Name Change

Effective August 11, 2014, the "DWS Funds" will be rebranded "Deutsche Funds." As a result, DWS Latin America Equity Fund will be renamed Deutsche Latin America Equity Fund.

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, the Fund limited these expenses; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2013 to April 30, 2014).

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 April 30, 2014 (Unaudited)
Actual Fund Return	Class A		Class B		Class C		Class S
Beginning Account Value 11/1/13	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 4/30/14	$	1,006.10	$	1,002.60	$	1,002.30	$	1,007.40
Expenses Paid per $1,000*	$	7.56	$	11.27	$	11.27	$	6.32
Hypothetical 5% Fund Return	Class A		Class B		Class C		Class S
Beginning Account Value 11/1/13	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 4/30/14	$	1,017.26	$	1,013.54	$	1,013.54	$	1,018.50
Expenses Paid per $1,000*	$	7.60	$	11.33	$	11.33	$	6.36

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class B	Class C	Class S
DWS Latin America Equity Fund	1.52%	2.27%	2.27%	1.27%

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.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Directors, including the Independent Directors, approved the renewal of DWS Latin America 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 the one-, three- and five-year periods ended December 31, 2012, the Fund's performance (Class A shares) was in the 2nd quartile, 4th quartile and 4th quartile, respectively, 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 outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2012. The Board noted the disappointing investment performance of the Fund in some past 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 observed that the Fund had experienced improved relative performance in 2012 and during the first seven months of 2013. 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 (4th 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.

The Board noted that, in connection with the 2010 contract renewal process, DIMA agreed to implement new contractual management fee breakpoints.

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.

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
Nasdaq Symbol	SLANX	SLAOX	SLAPX	SLAFX
CUSIP Number	23337R 775	23337R 767	23337R 759	23337R 726
Fund Number	474	674	774	2074

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset & Wealth Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences		No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness		No	We do not share
For non-affiliates to market to you		No	We do not share
Questions?	Call (800) 728-3337 or e-mail us at service@dws.com


Who we are
Who is providing this notice?	DWS Investments Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
What we do
How does Deutsche Asset & Wealth Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset & Wealth Management collect my personal information?	We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 09/2013

Notes

Date of fiscal year end:	10/31

Date of reporting period:	4/30/2014


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078.

ITEM 11.	CONTROLS AND PROCEDURES

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

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

ITEM 12.	EXHIBITS

	(a)(1)	Not applicable

	(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 Latin America Equity Fund, a series of DWS International Fund, Inc.


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

Date:	June 27, 2014

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

Date:	June 27, 2014



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

Date:	June 27, 2014

ITEM 1.	REPORT TO STOCKHOLDERS