Date of fiscal year end:
|
10/31
|
Date of reporting period:
|
4/30/2014
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
3 Letter to Shareholders
4 Performance Summary
8 Portfolio Management Team
9 Portfolio Summary
11 Investment Portfolio
15 Statement of Assets and Liabilities
17 Statement of Operations
18 Statement of Changes in Net Assets
19 Financial Highlights
26 Notes to Financial Statements
37 Information About Your Fund's Expenses
39 Advisory Agreement Board Considerations and Fee Evaluation
44 Account Management Resources
46 Privacy Statement
|
Class A
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 4/30/14
|
||||
Unadjusted for Sales Charge
|
6.83%
|
15.54%
|
15.51%
|
6.45%
|
Adjusted for the Maximum Sales Charge (max 5.75% load)
|
0.68%
|
8.90%
|
14.15%
|
5.82%
|
MSCI World High Dividend Yield Index†
|
7.67%
|
13.49%
|
17.37%
|
N/A
|
MSCI World Index††
|
6.32%
|
16.62%
|
16.03%
|
7.17%
|
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
15.78%
|
17.15%
|
6.05%
|
|
Adjusted for the Maximum Sales Charge (max 5.75% load)
|
9.12%
|
15.77%
|
5.42%
|
|
MSCI World High Dividend Yield Index†
|
15.25%
|
19.86%
|
N/A
|
|
MSCI World Index††
|
19.07%
|
18.28%
|
6.83%
|
|
Class B
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 4/30/14
|
||||
Unadjusted for Sales Charge
|
6.42%
|
14.64%
|
14.51%
|
5.52%
|
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)
|
2.42%
|
11.64%
|
14.39%
|
5.52%
|
MSCI World High Dividend Yield Index†
|
7.67%
|
13.49%
|
17.37%
|
N/A
|
MSCI World Index††
|
6.32%
|
16.62%
|
16.03%
|
7.17%
|
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
14.82%
|
16.13%
|
5.12%
|
|
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)
|
11.82%
|
16.02%
|
5.12%
|
|
MSCI World High Dividend Yield Index†
|
15.25%
|
19.86%
|
N/A
|
|
MSCI World Index††
|
19.07%
|
18.28%
|
6.83%
|
|
Class C
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 4/30/14
|
||||
Unadjusted for Sales Charge
|
6.45%
|
14.73%
|
14.62%
|
5.59%
|
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
5.45%
|
14.73%
|
14.62%
|
5.59%
|
MSCI World High Dividend Yield Index†
|
7.67%
|
13.49%
|
17.37%
|
N/A
|
MSCI World Index††
|
6.32%
|
16.62%
|
16.03%
|
7.17%
|
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
14.91%
|
16.23%
|
5.19%
|
|
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
14.91%
|
16.23%
|
5.19%
|
|
MSCI World High Dividend Yield Index†
|
15.25%
|
19.86%
|
N/A
|
|
MSCI World Index††
|
19.07%
|
18.28%
|
6.83%
|
|
Class S
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 4/30/14
|
||||
No Sales Charges
|
6.95%
|
15.77%
|
15.75%
|
6.67%
|
MSCI World High Dividend Yield Index†
|
7.67%
|
13.49%
|
17.37%
|
N/A
|
MSCI World Index††
|
6.32%
|
16.62%
|
16.03%
|
7.17%
|
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
|
||||
No Sales Charges
|
16.01%
|
17.40%
|
6.27%
|
|
MSCI World High Dividend Yield Index†
|
15.25%
|
19.86%
|
N/A
|
|
MSCI World Index††
|
19.07%
|
18.28%
|
6.83%
|
|
Institutional Class
|
6-Month‡
|
1-Year
|
5-Year
|
Life of Class*
|
Average Annual Total Returns as of 4/30/14
|
||||
No Sales Charges
|
7.00%
|
15.90%
|
15.95%
|
4.94%
|
MSCI World High Dividend Yield Index†
|
7.67%
|
13.49%
|
17.37%
|
N/A
|
MSCI World Index††
|
6.32%
|
16.62%
|
16.03%
|
6.49%
|
Average Annual Total Returns as of 3/31/14 (most recent calendar quarter end)
|
||||
No Sales Charges
|
16.15%
|
17.62%
|
4.71%
|
|
MSCI World High Dividend Yield Index†
|
15.25%
|
19.86%
|
N/A
|
|
MSCI World Index††
|
19.07%
|
18.28%
|
6.43%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
Yearly periods ended April 30
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||||||||||||||||
Net Asset Value
|
||||||||||||||||||||
4/30/14
|
$ | 29.83 | $ | 29.55 | $ | 29.61 | $ | 29.87 | $ | 30.13 | ||||||||||
10/31/13
|
$ | 28.10 | $ | 27.83 | $ | 27.89 | $ | 28.13 | $ | 28.38 | ||||||||||
Distribution Information as of 4/30/14
|
||||||||||||||||||||
Income Dividends, Six Months
|
$ | .18 | $ | .06 | $ | .08 | $ | .20 | $ | .22 |
Ten Largest Equity Holdings at April 30, 2014 (48.8% of Net Assets)
|
Country
|
Percent
|
1. British American Tobacco PLC
Manufactures, markets and sells cigarettes and other tobacco products
|
United Kingdom
|
6.2%
|
2. UGI Corp.
Distributes and markets energy products and services
|
United States
|
6.1%
|
3. Procter & Gamble Co.
Manufacturer of diversified consumer products
|
United States
|
5.8%
|
4. PepsiCo, Inc.
Provider of soft drinks, snack foods and food services
|
United States
|
5.1%
|
5. C.H. Robinson Worldwide, Inc.
Provides multimodal transportation services and logistics solutions
|
United States
|
4.6%
|
6. Canadian Oil Sands Ltd.
An oil and gas and gas exploration company
|
Canada
|
4.4%
|
7. Unilever NV
Manufactures food, home and personal care products
|
Netherlands
|
4.4%
|
8. Microsoft Corp.
Develops, manufactures, licenses, sells and supports software products
|
United States
|
4.1%
|
9. Jardine Matheson Holdings Ltd.
A multinational conglomerate with a portfolio of various businesses in the Asia-Pacific region
|
Hong Kong
|
4.1%
|
10. Tesco PLC
A multinational grocery and merchandise retailer
|
United Kingdom
|
4.0%
|
Portfolio holdings and characteristics are subject to change.
|
Shares
|
Value ($)
|
|||||||
Common Stocks 95.9%
|
||||||||
Bermuda 2.9%
|
||||||||
PartnerRe Ltd. (a) (Cost $6,514,415)
|
104,762 | 11,041,915 | ||||||
Canada 12.5%
|
||||||||
Bank of Nova Scotia
|
75,691 | 4,599,262 | ||||||
Canadian Natural Resources Ltd.
|
332,292 | 13,539,675 | ||||||
Canadian Oil Sands Ltd.
|
767,939 | 16,647,261 | ||||||
Enbridge, Inc.
|
33,095 | 1,597,002 | ||||||
Franco-Nevada Corp.
|
89,108 | 4,295,037 | ||||||
The Toronto-Dominion Bank
|
93,550 | 4,500,608 | ||||||
TransCanada Corp.
|
32,904 | 1,533,449 | ||||||
(Cost $38,185,475)
|
46,712,294 | |||||||
Finland 1.7%
|
||||||||
Sampo Oyj "A" (c) (Cost $3,177,351)
|
127,472 | 6,348,353 | ||||||
France 3.2%
|
||||||||
Air Liquide SA
|
33,518 | 4,799,248 | ||||||
Sanofi
|
67,906 | 7,322,017 | ||||||
(Cost $7,467,577)
|
12,121,265 | |||||||
Germany 1.3%
|
||||||||
Wincor Nixdorf AG (Cost $3,949,120)
|
73,612 | 4,809,360 | ||||||
Hong Kong 4.1%
|
||||||||
Jardine Matheson Holdings Ltd. (Cost $13,555,185)
|
246,098 | 15,377,456 | ||||||
Japan 1.2%
|
||||||||
NTT DoCoMo, Inc. (Cost $4,649,307)
|
286,558 | 4,546,232 | ||||||
Netherlands 7.8%
|
||||||||
Koninklijke Philips NV
|
178,909 | 5,743,368 | ||||||
Unilever NV (CVA)
|
383,633 | 16,448,536 | ||||||
Wolters Kluwer NV (c)
|
246,235 | 6,861,656 | ||||||
(Cost $22,061,799)
|
29,053,560 | |||||||
Poland 1.2%
|
||||||||
Powszechny Zaklad Ubezpieczen SA (Cost $2,979,179)
|
32,577 | 4,626,312 | ||||||
Singapore 0.5%
|
||||||||
Singapore Post Ltd. (Cost $1,443,087)
|
1,655,551 | 1,870,572 | ||||||
Switzerland 4.5%
|
||||||||
Nestle SA (Registered)
|
69,274 | 5,357,347 | ||||||
Novartis AG (Registered)
|
116,836 | 10,153,665 | ||||||
Transocean Ltd. (a) (c)
|
34,360 | 1,479,885 | ||||||
(Cost $10,900,017)
|
16,990,897 | |||||||
United Kingdom 20.0%
|
||||||||
BAE Systems PLC
|
596,174 | 4,046,245 | ||||||
British American Tobacco PLC
|
403,154 | 23,241,255 | ||||||
CNH Industrial NV (a)
|
558,267 | 6,470,315 | ||||||
Imperial Tobacco Group PLC
|
228,672 | 9,888,739 | ||||||
National Grid PLC
|
406,550 | 5,769,949 | ||||||
Pearson PLC
|
290,196 | 5,439,659 | ||||||
Smiths Group PLC
|
172,226 | 3,890,230 | ||||||
Tesco PLC
|
3,034,995 | 15,050,962 | ||||||
Vodafone Group PLC
|
309,858 | 1,177,632 | ||||||
(Cost $63,958,039)
|
74,974,986 | |||||||
United States 35.0%
|
||||||||
C.H. Robinson Worldwide, Inc. (c)
|
289,429 | 17,047,368 | ||||||
Cisco Systems, Inc.
|
420,390 | 9,715,213 | ||||||
ConocoPhillips
|
38,441 | 2,856,551 | ||||||
Diebold, Inc. (c)
|
176,425 | 6,635,344 | ||||||
Leucadia National Corp.
|
223,989 | 5,716,199 | ||||||
Microsoft Corp.
|
382,340 | 15,446,536 | ||||||
PepsiCo, Inc.
|
224,016 | 19,240,734 | ||||||
Procter & Gamble Co.
|
263,359 | 21,740,286 | ||||||
Sonoco Products Co.
|
34,155 | 1,437,242 | ||||||
Staples, Inc. (c)
|
164,114 | 2,051,425 | ||||||
Stryker Corp.
|
73,873 | 5,743,626 | ||||||
UGI Corp.
|
488,016 | 22,785,467 | ||||||
Verizon Communications, Inc.(b)
|
14,940 | 699,238 | ||||||
(Cost $107,653,023)
|
131,115,229 | |||||||
Total Common Stocks (Cost $286,493,574)
|
359,588,431 | |||||||
Securities Lending Collateral 6.1%
|
||||||||
Daily Assets Fund Institutional, 0.09% (d) (e) (Cost $23,064,266)
|
23,064,266 | 23,064,266 | ||||||
Cash Equivalents 3.4%
|
||||||||
Central Cash Management Fund, 0.05% (d) (Cost $12,595,338)
|
12,595,338 | 12,595,338 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $322,153,178)†
|
105.4 | 395,248,035 | ||||||
Other Assets and Liabilities, Net
|
(5.4 | ) | (20,230,657 | ) | ||||
Net Assets
|
100.0 | 375,017,378 |
as of April 30, 2014 (Unaudited)
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $286,493,574) — including $22,351,033 of securities loaned
|
$ | 359,588,431 | ||
Investment in Daily Assets Fund Institutional (cost $23,064,266)*
|
23,064,266 | |||
Investment in Central Cash Management Fund (cost $12,595,338)
|
12,595,338 | |||
Total investments in securities, at value (cost $322,153,178)
|
395,248,035 | |||
Cash
|
2,305,896 | |||
Foreign currency, at value (cost $283,480)
|
285,333 | |||
Receivable for Fund shares sold
|
1,364,547 | |||
Dividends receivable
|
2,378,588 | |||
Interest receivable
|
27,281 | |||
Foreign taxes recoverable
|
428,878 | |||
Other assets
|
47,162 | |||
Total assets
|
402,085,720 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
23,064,266 | |||
Payable for investments purchased
|
3,214,392 | |||
Payable for Fund shares redeemed
|
275,695 | |||
Accrued management fee
|
192,139 | |||
Accrued Directors' fees
|
3,297 | |||
Other accrued expenses and payables
|
318,553 | |||
Total liabilities
|
27,068,342 | |||
Net assets, at value
|
$ | 375,017,378 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
1,615,923 | |||
Net unrealized appreciation (depreciation) on:
Investments
|
73,094,857 | |||
Foreign currency
|
33,084 | |||
Accumulated net realized gain (loss)
|
(159,171,447 | ) | ||
Paid-in capital
|
459,444,961 | |||
Net assets, at value
|
$ | 375,017,378 |
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 ($113,997,599 ÷ 3,821,094 shares of capital stock outstanding, $.01 par value, 50,000,000 of shares authorized)
|
$ | 29.83 | ||
Maximum offering price per share (100 ÷ 94.25 of $29.83)
|
$ | 31.65 | ||
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($69,009 ÷ 2,335 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)
|
$ | 29.55 | ||
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($37,561,610 ÷ 1,268,481 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)
|
$ | 29.61 | ||
Class S
Net Asset Value, offering and redemption price(a) per share ($210,966,423 ÷ 7,061,938 shares of capital stock outstanding, $.01 par value, 100,000,000 of shares authorized)
|
$ | 29.87 | ||
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($12,422,737 ÷ 412,279 shares of capital stock outstanding, $.01 par value, 100,000,000 of shares authorized)
|
$ | 30.13 |
for the six months ended April 30, 2014 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $338,369)
|
$ | 7,098,815 | ||
Income distributions — Central Cash Management Fund
|
5,611 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
59,586 | |||
Total income
|
7,164,012 | |||
Expenses:
Management fee
|
1,167,783 | |||
Administration fee
|
178,046 | |||
Services to shareholders
|
319,144 | |||
Distribution and service fees
|
291,800 | |||
Custodian fee
|
27,784 | |||
Professional fees
|
45,871 | |||
Reports to shareholders
|
30,876 | |||
Registration fees
|
36,503 | |||
Directors' fees and expenses
|
6,817 | |||
Other
|
15,741 | |||
Total expenses before expense reductions
|
2,120,365 | |||
Expense reductions
|
(27,856 | ) | ||
Total expenses after expense reductions
|
2,092,509 | |||
Net investment income
|
5,071,503 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
14,856,332 | |||
Foreign currency
|
(12,304 | ) | ||
14,844,028 | ||||
Change in net unrealized appreciation (depreciation) on:
Investments
|
4,222,280 | |||
Foreign currency
|
18,596 | |||
4,240,876 | ||||
Net gain (loss)
|
19,084,904 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 24,156,407 |
Increase (Decrease) in Net Assets
|
Six Months Ended April 30, 2014 (Unaudited)
|
Year Ended October 31, 2013
|
||||||
Operations:
Net investment income
|
$ | 5,071,503 | $ | 6,171,552 | ||||
Operations:
Net investment income
|
$ | 5,071,503 | $ | 6,171,552 | ||||
Net realized gain (loss)
|
14,844,028 | 20,593,838 | ||||||
Change in net unrealized appreciation (depreciation)
|
4,240,876 | 37,996,693 | ||||||
Net increase (decrease) in net assets resulting from operations
|
24,156,407 | 64,762,083 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(678,652 | ) | (2,525,113 | ) | ||||
Class B
|
(211 | ) | (2,340 | ) | ||||
Class C
|
(91,094 | ) | (475,877 | ) | ||||
Class S
|
(1,479,565 | ) | (5,033,763 | ) | ||||
Institutional Class
|
(86,926 | ) | (296,495 | ) | ||||
Total distributions
|
(2,336,448 | ) | (8,333,588 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
49,965,701 | 71,046,717 | ||||||
Reinvestment of distributions
|
2,168,079 | 7,793,139 | ||||||
Payments for shares redeemed
|
(47,737,337 | ) | (80,738,644 | ) | ||||
Redemption fees
|
223 | 801 | ||||||
Net increase (decrease) in net assets from Fund share transactions
|
4,396,666 | (1,897,987 | ) | |||||
Increase (decrease) in net assets
|
26,216,625 | 54,530,508 | ||||||
Net assets at beginning of period
|
348,800,753 | 294,270,245 | ||||||
Net assets at end of period (including undistributed net investment income and distributions in excess of net investment income of $1,615,923 and $1,119,132, respectively)
|
$ | 375,017,378 | $ | 348,800,753 |
Years Ended October 31,
|
||||||||||||||||||||||||
Class A
|
Six Months Ended 4/30/14 (Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 28.10 | $ | 23.48 | $ | 22.78 | $ | 23.58 | $ | 22.34 | $ | 19.21 | ||||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.39 | .50 | .57 | .61 | .30 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
1.52 | 4.80 | .81 | (.40 | ) | 1.39 | 3.66 | |||||||||||||||||
Total from investment operations
|
1.91 | 5.30 | 1.38 | .21 | 1.69 | 3.98 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.18 | ) | (.68 | ) | (.68 | ) | (1.06 | ) | (.66 | ) | (.85 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .05 | c | .21 | c | — | ||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 29.83 | $ | 28.10 | $ | 23.48 | $ | 22.78 | $ | 23.58 | $ | 22.34 | ||||||||||||
Total Return (%)b
|
6.83 | ** | 23.01 | 6.24 | 1.16 | 8.71 | 21.98 | |||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
114 | 102 | 94 | 85 | 42 | 47 | ||||||||||||||||||
Ratio of expenses (%)
|
1.24 | * | 1.28 | 1.29 | 1.35 | 1.45 | 1.53 | |||||||||||||||||
Ratio of net investment income (%)
|
2.80 | * | 1.95 | 2.51 | 2.63 | 1.37 | 1.70 | |||||||||||||||||
Portfolio turnover rate (%)
|
20 | ** | 28 | 19 | 82 | 204 | 92 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Includes a non-recurring payment from the Advisor, which amounted to $0.093 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.115 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended October 31,
|
||||||||||||||||||||||||
Class B
|
Six Months Ended 4/30/14 (Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 27.83 | $ | 23.23 | $ | 22.54 | $ | 23.19 | $ | 22.03 | $ | 18.89 | ||||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.20 | .28 | .37 | .38 | .11 | .19 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
1.58 | 4.77 | .79 | (.39 | ) | 1.38 | 3.61 | |||||||||||||||||
Total from investment operations
|
1.78 | 5.05 | 1.16 | (.01 | ) | 1.49 | 3.80 | |||||||||||||||||
Less distributions from:
Net investment income
|
(.06 | ) | (.45 | ) | (.47 | ) | (.69 | ) | (.52 | ) | (.66 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .05 | d | .19 | d | — | ||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 29.55 | $ | 27.83 | $ | 23.23 | $ | 22.54 | $ | 23.19 | $ | 22.03 | ||||||||||||
Total Return (%)b,c
|
6.42 | ** | 22.01 | 5.31 | .19 | 7.76 | 21.09 | |||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
.1 | .2 | .1 | .2 | .4 | 1 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.62 | * | 2.57 | 2.65 | 2.50 | 2.62 | 2.67 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.03 | * | 2.09 | 2.18 | 2.33 | 2.35 | 2.24 | |||||||||||||||||
Ratio of net investment income (%)
|
1.41 | * | 1.09 | 1.63 | 1.62 | .46 | .99 | |||||||||||||||||
Portfolio turnover rate (%)
|
20 | ** | 28 | 19 | 82 | 204 | 92 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Includes a non-recurring payment from the Advisor, which amounted to $0.079 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.110 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended October 31,
|
||||||||||||||||||||||||
Class C
|
Six Months Ended 4/30/14 (Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 27.89 | $ | 23.30 | $ | 22.60 | $ | 23.24 | $ | 21.99 | $ | 18.91 | ||||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.30 | .31 | .41 | .37 | .12 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
1.50 | 4.77 | .80 | (.35 | ) | 1.36 | 3.61 | |||||||||||||||||
Total from investment operations
|
1.80 | 5.08 | 1.21 | .02 | 1.48 | 3.76 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.08 | ) | (.49 | ) | (.51 | ) | (.71 | ) | (.44 | ) | (.68 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .05 | d | .21 | d | — | ||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 29.61 | $ | 27.89 | $ | 23.30 | $ | 22.60 | $ | 23.24 | $ | 21.99 | ||||||||||||
Total Return (%)c
|
6.45 | ** | 22.09 | 5.51 | b | .31 | 7.82 | 20.88 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
38 | 30 | 23 | 15 | 2 | 3 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.95 | * | 2.00 | 2.02 | 2.11 | 2.29 | 2.44 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.95 | * | 2.00 | 2.02 | 2.11 | 2.29 | 2.44 | |||||||||||||||||
Ratio of net investment income (%)
|
2.17 | * | 1.22 | 1.81 | 1.66 | .52 | .79 | |||||||||||||||||
Portfolio turnover rate (%)
|
20 | ** | 28 | 19 | 82 | 204 | 92 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Total return does not reflect the effect of any sales charges.
d Includes a non-recurring payment from the Advisor, which amounted to $0.093 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.114 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended October 31,
|
||||||||||||||||||||||||
Class S
|
Six Months Ended 4/30/14 (Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 28.13 | $ | 23.50 | $ | 22.81 | $ | 23.66 | $ | 22.42 | $ | 19.27 | ||||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.42 | .54 | .61 | .68 | .35 | .37 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
1.52 | 4.81 | .81 | (.42 | ) | 1.41 | 3.67 | |||||||||||||||||
Total from investment operations
|
1.94 | 5.35 | 1.42 | .26 | 1.76 | 4.04 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.20 | ) | (.72 | ) | (.73 | ) | (1.16 | ) | (.73 | ) | (.89 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .05 | c | .21 | c | — | ||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 29.87 | $ | 28.13 | $ | 23.50 | $ | 22.81 | $ | 23.66 | $ | 22.42 | ||||||||||||
Total Return (%)
|
6.95 | b** | 23.19 | b | 6.44 | b | 1.37 | 8.95 | 22.35 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
211 | 207 | 168 | 167 | 173 | 185 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.06 | * | 1.10 | 1.13 | 1.15 | 1.21 | 1.24 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.03 | * | 1.09 | 1.13 | 1.15 | 1.21 | 1.24 | |||||||||||||||||
Ratio of net investment income (%)
|
2.97 | * | 2.12 | 2.67 | 2.89 | 1.60 | 1.99 | |||||||||||||||||
Portfolio turnover rate (%)
|
20 | ** | 28 | 19 | 82 | 204 | 92 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Includes a non-recurring payment from the Advisor, which amounted to $0.093 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.115 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended October 31,
|
||||||||||||||||||||||||
Institutional Class
|
Six Months Ended 4/30/14 (Unaudited)
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 28.38 | $ | 23.71 | $ | 23.03 | $ | 23.95 | $ | 22.72 | $ | 19.52 | ||||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.45 | .58 | .65 | .75 | .41 | .42 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
1.52 | 4.86 | .81 | (.45 | ) | 1.43 | 3.72 | |||||||||||||||||
Total from investment operations
|
1.97 | 5.44 | 1.46 | .30 | 1.84 | 4.14 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.22 | ) | (.77 | ) | (.78 | ) | (1.27 | ) | (.83 | ) | (.94 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .05 | b | .22 | b | — | ||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 30.13 | $ | 28.38 | $ | 23.71 | $ | 23.03 | $ | 23.95 | $ | 22.72 | ||||||||||||
Total Return (%)
|
7.00 | ** | 23.36 | 6.59 | 1.55 | 9.25 | 22.69 | |||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
12 | 10 | 9 | 8 | 13 | 18 | ||||||||||||||||||
Ratio of expenses (%)
|
.95 | * | .96 | .99 | .95 | .96 | .96 | |||||||||||||||||
Ratio of net investment income (%)
|
3.15 | * | 2.26 | 2.81 | 3.15 | 1.86 | 2.27 | |||||||||||||||||
Portfolio turnover rate (%)
|
20 | ** | 28 | 19 | 82 | 204 | 92 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Includes a non-recurring payment from the Advisor, which amounted to $0.098 per share for the period ended October 31, 2010, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.051 and $0.119 per share of non-affiliated regulatory settlements for the periods ended October 31, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.22% and 0.93% lower for the periods ended October 31, 2011 and 2010, respectively.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
First $250 million of the Fund's average daily net assets
|
.665 | % | ||
Next $750 million of such net assets
|
.635 | % | ||
Next $1.5 billion of such net assets
|
.615 | % | ||
Next $2.5 billion of such net assets
|
.595 | % | ||
Next $2.5 billion of such net assets
|
.565 | % | ||
Next $2.5 billion of such net assets
|
.555 | % | ||
Next $2.5 billion of such net assets
|
.545 | % | ||
Over $12.5 billion of such net assets
|
.535 | % |
Class A
|
1.28%
|
Class B
|
2.03%
|
Class C
|
2.03%
|
Class S
|
1.03%
|
Institutional Class
|
1.03%
|
Class B
|
$ | 332 | ||
Class S
|
27,524 | |||
$ | 27,856 |
Services to Shareholders
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Class A
|
$ | 23,216 | $ | 8,622 | ||||
Class B
|
377 | 140 | ||||||
Class C
|
4,309 | 1,457 | ||||||
Class S
|
103,782 | 37,499 | ||||||
Institutional Class
|
780 | 225 | ||||||
$ | 132,464 | $ | 47,943 |
Distribution Fee
|
Total Aggregated
|
Unpaid at April 30, 2014
|
||||||
Class B
|
$ | 421 | $ | 44 | ||||
Class C
|
124,052 | 22,499 | ||||||
$ | 124,473 | $ | 22,543 |
Service Fee
|
Total Aggregated
|
Unpaid at April 30, 2014
|
Annualized
Rate
|
|||||||||
Class A
|
$ | 126,862 | $ | 65,384 | .24 | % | ||||||
Class B
|
139 | 50 | .25 | % | ||||||||
Class C
|
40,326 | 21,058 | .24 | % | ||||||||
$ | 167,327 | $ | 86,492 |
Six Months Ended April 30, 2014
|
Year Ended October 31, 2013
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
630,407 | $ | 17,801,420 | 959,921 | $ | 24,861,979 | ||||||||||
Class B
|
44 | 1,233 | 3,188 | 81,792 | ||||||||||||
Class C
|
281,080 | 7,891,776 | 311,731 | 8,137,348 | ||||||||||||
Class S
|
725,064 | 20,558,142 | 1,157,715 | 30,462,179 | ||||||||||||
Institutional Class
|
128,934 | 3,713,130 | 289,848 | 7,503,419 | ||||||||||||
$ | 49,965,701 | $ | 71,046,717 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
22,380 | $ | 632,199 | 95,716 | $ | 2,350,360 | ||||||||||
Class B
|
6 | 168 | 89 | 2,125 | ||||||||||||
Class C
|
2,788 | 78,290 | 17,208 | 416,171 | ||||||||||||
Class S
|
48,472 | 1,370,535 | 192,150 | 4,740,642 | ||||||||||||
Institutional Class
|
3,046 | 86,887 | 11,395 | 283,841 | ||||||||||||
$ | 2,168,079 | $ | 7,793,139 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(478,931 | ) | $ | (13,509,385 | ) | (1,419,322 | ) | $ | (36,135,699 | ) | ||||||
Class B
|
(3,238 | ) | (89,105 | ) | (3,470 | ) | (87,204 | ) | ||||||||
Class C
|
(77,373 | ) | (2,174,418 | ) | (255,765 | ) | (6,529,470 | ) | ||||||||
Class S
|
(1,055,631 | ) | (29,979,053 | ) | (1,150,555 | ) | (29,336,891 | ) | ||||||||
Institutional Class
|
(69,256 | ) | (1,985,376 | ) | (332,825 | ) | (8,649,380 | ) | ||||||||
$ | (47,737,337 | ) | $ | (80,738,644 | ) | |||||||||||
Redemption fees
|
$ | 223 | $ | 801 | ||||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
173,856 | $ | 4,924,427 | (363,685 | ) | $ | (8,922,594 | ) | ||||||||
Class B
|
(3,188 | ) | (87,704 | ) | (193 | ) | (3,274 | ) | ||||||||
Class C
|
206,495 | 5,795,661 | 73,174 | 2,024,049 | ||||||||||||
Class S
|
(282,095 | ) | (8,050,359 | ) | 199,310 | 5,865,952 | ||||||||||
Institutional Class
|
62,724 | 1,814,641 | (31,582 | ) | (862,120 | ) | ||||||||||
$ | 4,396,666 | $ | (1,897,987 | ) |
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
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 4/30/14
|
$ | 1,068.30 | $ | 1,064.20 | $ | 1,064.50 | $ | 1,069.50 | $ | 1,070.00 | ||||||||||
Expenses Paid per $1,000*
|
$ | 6.36 | $ | 10.39 | $ | 9.98 | $ | 5.29 | $ | 4.88 | ||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 11/1/13
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 4/30/14
|
$ | 1,018.65 | $ | 1,014.73 | $ | 1,015.12 | $ | 1,019.69 | $ | 1,020.08 | ||||||||||
Expenses Paid per $1,000*
|
$ | 6.21 | $ | 10.14 | $ | 9.74 | $ | 5.16 | $ | 4.76 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS World Dividend Fund
|
1.24%
|
2.03%
|
1.95%
|
1.03%
|
.95%
|
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
|
SERAX
|
SERBX
|
SERCX
|
SCGEX
|
SERNX
|
|
CUSIP Number
|
23337R 601
|
23337R 700
|
23337R 809
|
23337R 874
|
23337R 866
|
|
Fund Number
|
477
|
677
|
777
|
2077
|
1477
|
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.
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Rev. 09/2013
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ITEM 2.
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CODE OF ETHICS
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Not applicable.
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ITEM 3.
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AUDIT COMMITTEE FINANCIAL EXPERT
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Not applicable
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ITEM 4.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES
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Not applicable
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ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS
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Not applicable
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ITEM 6.
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SCHEDULE OF INVESTMENTS
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Not applicable
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ITEM 7.
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DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 8.
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PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
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Not applicable
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ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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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.
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ITEM 11.
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CONTROLS AND PROCEDURES
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(a)
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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.
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(b)
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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.
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ITEM 12.
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EXHIBITS
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(a)(1)
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Not applicable
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(a)(2)
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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.
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(b)
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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.
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Registrant:
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DWS World Dividend Fund, a series of DWS International Fund, Inc.
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By:
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/s/Brian E. Binder
Brian E. Binder
President
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Date:
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June 27, 2014
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By:
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/s/Brian E. Binder
Brian E. Binder
President
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Date:
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June 27, 2014
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By:
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/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
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Date:
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June 27, 2014
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1.
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I have reviewed this report, filed on behalf of DWS World Dividend Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
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(d)
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Disclosed in this report any change 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 control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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June 27, 2014
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/s/Brian E. Binder
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Brian E. Binder
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President
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1.
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I have reviewed this report, filed on behalf of DWS World Dividend Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
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(d)
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Disclosed in this report any change 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 control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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June 27, 2014
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/s/Paul Schubert
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Paul Schubert
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Chief Financial Officer and Treasurer
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1.
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I have reviewed this report, filed on behalf of DWS World Dividend Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
I have reviewed this report, filed on behalf of DWS World Dividend Fund, a series of DWS International Fund, Inc., on Form N-CSRS;
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2.
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Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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