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.

Investments in mutual funds involve risk. Some funds have more risk than others. Investing in foreign securities presents certain risks, such as currency fluctuation, political and economic changes, and market risks. Additionally, the fund may focus its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region. All of these factors may result in greater share price volatility. Please read this fund's prospectus for specific details regarding its investments and risk profile.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

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

^* Institutional Class commenced operations on March 14, 2005. Index returns began on March 31, 2005.

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. 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 March 1, 2009 are 1.32%, 2.33%, 2.19%, 1.13% and 0.90% for Class A, Class B, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. 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.

Returns shown for Class A, B and C shares for the period prior to their inception on March 19, 2001 are derived from the historical performance of Class S shares of DWS Europe Equity Fund during such period and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance.

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.

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) Europe Index is an unmanaged, free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of October 31, 2009, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, Class B shares 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 (May 1, 2009 to October 31, 2009).

• 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. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

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

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS Europe Equity 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 institutional and retail clients.

Deutsche Asset Management is a global asset management organization that offers a wide range of investing expertise and resources. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance.

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

European equities delivered a robust total return of 27.48% during the past year, as measured by the performance of the fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe Index.¹ The factors affecting the region's markets were largely the same as those driving performance in the United States. During the first four months of the period, stocks were under severe pressure from the continuation of the global financial crisis and investors' concerns about slowing economic growth. The investment landscape then shifted considerably in early March as investors grew more confident that the monetary and fiscal stimuli enacted by the world's governments would help avert a depression. The restoration of confidence caused liquidity to return to the markets, sparking a historic rally in global equities. This rebound carried through the end of the fund's fiscal year amid mounting evidence the global economy and corporate earnings were on the path to recovery.

The benchmark return of 27.48% far outpaced the performance of the US market, as gauged by the 9.80% gain of the Standard & Poors 500^® (S&P 500) Index.² One reason for this outperformance was that Europe had lagged the United States during the bear market, meaning that it entered the recovery period at a more attractive valuation level. Another key factor in Europe's outperformance was the weakness of the US dollar. Since foreign shares are denominated in local currencies, an increase in the value of these currencies relative to the dollar amplifies the value of the investment when it is measured in US dollar terms. Although the British pound advanced only modestly against the dollar during the past year, the euro rose in value from $1.3055 to $1.4806.

The Class A shares of the fund produced a return of 21.98% during the 12-month period ended October 31, 2009, underperforming the benchmark. Upon taking over the fund's management duties in June 2009, our team has taken steps to address its underperformance. We discuss these measures in detail below. (Returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 6 for the performance of other share classes and for more complete performance information.)

Upon taking over the fund's management duties, we took steps to make the portfolio less defensive in June 2009. We reduced its positions in the health care, utilities, energy and consumer staples sectors and reallocated the funds to more economically sensitive areas of the market, namely, the financial and materials sectors. This shift enabled the fund to fully participate as the rally continued through the summer and autumn, which helped mitigate some of the first-half underperformance.

As would be expected given the strength in the broader market in the latter half of the reporting period, the majority of the fund's winners were stocks that we purchased when we repositioned the portfolio. Many of these new purchases were financial stocks, including the investment bank Credit Suisse Group,* which emerged as a survivor after the financial crisis took out a number of its competitors. The stock subsequently outperformed, rising over 45% following our purchase. Continuing with the survivor theme, we added to shares in large, financially healthy banks that used the crisis to gain market share, such as BNP Paribas, Banco Santander SA and HSBC Holdings PLC. Our purchase of the Russian financial Sberbank further aided performance, as the stock rose nearly 120% after we added it to the portfolio. Additionally, we bought shares of real estate companies in order to take advantage of the attractive valuations in the group. Our leading performer here was the Austrian company IMMOEAST AG.

We also added a number of stocks in the materials sector, so this too proved to be an area of strong performance for the fund. We believe materials companies are well positioned to capitalize on an environment characterized by improving economic growth, low interest rates and a weak US dollar. Key additions were the steel companies Xstrata PLC and ArcelorMittal, the mining company Anglo American PLC, and the Irish building materials company CRH PLC. All rose significantly higher after we bought them at mid-year.

Other key contributors included holdings in the tobacco company Swedish Match AB,* the pan-European telecommunications operator Tele2 AB, and the Spanish engineering and construction company Tecnicas Reunidas SA.

The largest factor in the fund's underperformance was the fact that it was defensively positioned during the initial stages of the markets' rebound. By "defensive," we mean that the portfolio was tilted toward the types of stocks that can outperform during times of slow growth and poor market performance — such as those in the utilities, consumer staples and health care sectors — and away from those that typically do not, such as financials and materials. This approach held the fund in very good stead during the final two months of 2008 and the first two months of 2009, when investor panic was most pronounced. Unfortunately, this strategy also became a liability as soon as the market began to recover in March. While we shifted the portfolio's positioning upon taking over, in June 2009, the fund's inability to fully participate in the first three months of the rally put it behind the market for the year.

Looking at the full 12-month period, the fund's worst relative performance occurred in the energy sector. A position in the Russian natural gas producer Gazprom weighed on returns, as the extreme underperformance of the Russian market during the downturn meant that the stock was unable to catch up once equities began to recover. Also weighing on performance within energy was a holding in BP PLC, the British oil major that lagged at a time in which smaller, more speculative oil drillers generated the best performance.

Certain holdings in the financial sector contributed to the fund's underperformance, including Piraeus Bank (Greece). Piraeus underperformed during the market downturn due to its exposure to the weakness in the Balkan economies, prompting the fund's former portfolio managers to exit the position prior to the stock's recovery. Positions in Anglo Irish Bank Corp., Ltd. and Allied Irish Banks PLC also weighed on returns in the first half of the period.

Health care proved to be an additional source of underperformance due to the fund's holdings in the laggards Fresenius Medical Care AG and Stada Arzneimittel AG, both of which we sold during the summer. We also experienced a shortfall via a position in the pharmaceutical giant GlaxoSmithKline PLC, which produced a positive return but was unable to keep up with the rally in higher-risk market segments.

While we do not expect European economic growth to reach the precrisis levels in the immediate future, we believe the overall environment remains broadly supportive for stock market performance. European governments have joined the United States in attacking the recession via a combination of fiscal stimulus and low interest rates, which we expect should keep growth in positive territory. We have already seen positive signs of recovery across the continent, as surveys of business sentiment have advanced smartly in Germany, France and Italy. Hard data such as industrial production and exports has followed suit, though they remain well below their precrisis peaks. In the United Kingdom, signs of stabilization also have been increasingly evident as housing seems to have bottomed, financial conditions have improved markedly and policy stimulus is gaining traction. The liquidity picture is also highly positive, as money market balances remain huge even now — a year after the worst phase of the crisis. We believe even a small redeployment of this capital out of low-paying short-term investments and into equities would help lend further support to the region's stock markets.

With this as a backdrop, we believe the fund is well positioned by virtue of its diversified approach and modest overweights in the more aggressive areas of the market.³ We will continue to use our bottom-up, research-based strategy to select what we believe are the best individual stocks across the European markets. With the fund's entire research and management team now located in Frankfurt, Germany — the heart of the European continent — we believe we are in a position to take advantage of the region's wealth of investment opportunities in the years ahead.

¹ The Morgan Stanley Capital International (MSCI) Europe Index is an unmanaged, free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of October 31, 2009, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.

² The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Index returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

³ "Overweight" means the fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the fund holds a lower weighting.

Asset allocation, geographical and sector diversification are subjected to change.

For more complete details about the Fund's investment portfolio, see page 16. A quarterly Fact Sheet is available upon request. A complete list of the Fund's portfolio holdings is posted as of the month end on www.dws-investments.com on or about the 15th day of the following month. More frequent posting of portfolio holdings information may be made from time to time on www.dws-investments.com. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

⁺ The cost for federal income tax purposes was $257,904,313. At October 31, 2009, net unrealized depreciation for all securities based on tax cost was $4,405,751. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $36,513,048 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $40,918,799.

(a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at At October 31, 2009 amounted to $4,066,330, which is 1.6% of net assets.

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

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

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

The following is a summary of the inputs used as of October 31, 2009 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 the Financial Statements.

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value at October 31, 2009:

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

DWS Europe Equity Fund (the "Fund") is a diversified series of the 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 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. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not automatically convert into another class. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.

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

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

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. 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.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

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 Directors. The Fund may use a fair valuation model to value 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. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's 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 they trade. 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 US dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into US 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 disposition of forward foreign currency exchange contracts and foreign currencies, and the difference between the amount of net investment income accrued and the US 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. The Fund may lend securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agents will use their best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. 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.

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, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

At October 31, 2009, the Fund had a net tax basis capital loss carryforward of approximately $178,593,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2016 ($61,129,000) and October 31, 2017 ($117,464,000), the respective expiration dates, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of October 31, 2009 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if any, is 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 timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in passive foreign investment companies, investments in foreign denominated investments, recognition of certain foreign currency gains (losses) as ordinary income (loss), and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on 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.

At October 31, 2009, the Fund's components of distributable earnings (accumulated losses) on a tax-basis were as follows:

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

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

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

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

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 security 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.

During the year ended October 31, 2009, purchases and sales of investment securities (excluding short-term investments) aggregated $199,562,111 and $231,619,413, respectively.

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:

Accordingly, for the year ended October 31, 2009, the fee pursuant to the Investment Management Agreement was equivalent to an annual effective rate of 0.665% of the Fund's average daily net assets.

For the period from October 1, 2008 through September 30, 2009, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of Class B shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 2.22%.

Effective October 1, 2009 through September 30, 2010, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of Class B and Class C shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 2.38%.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended October 31, 2009, the Administration Fee was $222,087, of which $23,171 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 servicing fee it receives from the Fund. For the year ended October 31, 2009, the amounts charged to the Fund by DISC were as follows:

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 Service Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the year ended October 31, 2009, the Distribution Fee was as follows:

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended October 31, 2009, the Service Fee was as follows:

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended October 31, 2009 aggregated $1,500.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the year ended October 31, 2009, the CDSC for Class B and Class C shares aggregated $1,877 and $5, 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 year ended October 31, 2009, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $27,313, of which $8,141 is unpaid.

Directors' Fees and Expenses. The Fund paid each Director not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in affiliated funds managed by the Advisor. Affiliated cash management vehicles do not pay the Advisor a management fee. The Fund currently invests in Central Cash Management Fund. Prior to October 2, 2009, the Fund invested in Cash Management QP Trust ("QP Trust"). Effective October 2, 2009, QP Trust merged into Central Cash Management Fund. Central Cash Management Fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital.

The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

Management has reviewed the events and transactions from November 1, 2009 through December 21, 2009, the date the financial statements were available to be issued for subsequent events, and has determined that there were no material events that would require disclosure in the Fund's financial statements through this date.

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

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS Europe Equity Fund (the "Fund") at October 31, 2009, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

For corporate shareholders, 1% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended October 31, 2009, qualified for the dividends received deduction.

The Fund paid foreign taxes of $607,452 and earned $5,477,753 of foreign source income during the year ended October 31, 2009. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates approximately $0.05 per share as foreign taxes paid and $0.48 per share as income earned from foreign sources for the year ended October 31, 2009.

For federal income tax purposes, the Fund designates approximately $8,100,000, or the maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 621-1048.

The Board of Directors, including the Independent Directors, approved the renewal of your Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS") in September 2009.

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

• In September 2009, all but one of the Fund's Directors were independent of DWS and its affiliates.

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

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

• In connection with reviewing the 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 Independent Directors as a group. The Independent Directors reviewed the Contract Committee's findings and recommendations and presented their recommendations to the full Board.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund, and that the Agreement was approved by the Fund's shareholders. DWS is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant 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.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's 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, DWS provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"). 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 Lipper), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2008, the Fund's performance (Class A shares) was in the 3rd quartile, 4th quartile and 4th quartile, respectively, of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in each of the one-, three- and five-year periods ended December 31, 2008.

On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DWS historically have been and continue to be satisfactory.

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 independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DWS under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2008). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper expense universe. The Board concluded that the comparative Lipper operating expense data was of limited utility, as it likely significantly understated the current expense ratios of many peer funds due to the substantial declines in net assets as a result of market losses and net redemptions that many funds experienced between mid-September 2008 and March 2009 and that were not reflected in the data. The Board also noted that the expense limitations agreed to by DWS helped to ensure that the Fund's total (net) operating expenses would remain competitive.

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

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

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

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

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

Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously (including the Independent Directors) 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.

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2009, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007 and 2008.

For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and serve in various leadership and financial oversight capacities with non-profit organizations.

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 124 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.

The following table presents certain information regarding the Board Members and Officers of the Corporation as of October 31, 2009. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the board of one or more DWS funds now overseen by the Board.

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

² Mr. Freeman assumed the Chairperson role as of January 1, 2009. Prior to that Ms. Driscoll served as Chairperson of certain DWS funds since 2004.

³ A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

⁴ Effective November 18, 2009, Mr. Schwarzer resigned from the Board. The mailing address of Mr. Schwarzer is DWS Investment GmbH, Mainzer Landstr. 178-190, Floor 5C, 60327 Frankfurt am Main, Germany. Mr. Schwarzer was an interested Board Member by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Schwarzer received no compensation from the fund.

⁶ As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.

⁷ The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.

ITEM 2.	CODE OF ETHICS

	As of the end of the period, October 31, 2009, DWS Europe Equity Fund has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The Funds’ audit committee is comprised solely of trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Funds’ Board of Trustees has determined that there are several “audit committee financial experts” (as such term has been defined by the Regulations) serving on the Funds’ audit committee including Mr. William McClayton, the chair of the Funds’ audit committee. The SEC has stated that an audit committee financial expert is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

DWS EUROPE EQUITY FUND

FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended October 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2009	$67,545	$0	$0	$0
2008	$76,922	$0	$0	$0

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (“DeIM” or the “Adviser”), and any entity controlling, controlled by or under common control with DeIM (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year October 31,	Audit-Related Fees Billedto Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2009	$2,000	$0	$0
2008	$0	$19,000	$0

The “Audit-Related Fees” were billed for services in connection with the agreed-upon procedures and the above “Tax Fees” were billed in connection with tax compliance and tax planning.

Non-Audit Services

The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.

Fiscal Year
Ended
October 31,

Total
Non-Audit Fees Billed to Fund

(A)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)

(B)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)

(C)

Total of (A), (B)

and (C)

2009

2008

$19,000

$600,000

$619,000

All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules. In the first instance, an employee of PwC had power of attorney over an account which included DWS funds. The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG. In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG. The trustee relationship has ceased. PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. PwC advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund. In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.


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

	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 Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.

ITEM 11.	CONTROLS AND PROCEDURES

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

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

ITEM 12.	EXHIBITS

	(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

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

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

Average Annual Total Returns as of 10/31/09
Unadjusted for Sales Charge	1-Year	3-Year	5-Year	10-Year
Class A	21.98%	-9.58%	2.72%	0.63%
Class B	21.09%	-10.33%	1.80%	-0.23%
Class C	20.88%	-10.36%	1.84%	-0.20%
Adjusted for the Maximum Sales Charge
Class A (max 5.75% load)	14.97%	-11.34%	1.51%	0.03%
Class B (max 4.00% CDSC)	18.09%	-10.84%	1.63%	-0.23%
Class C (max 1.00% CDSC)	20.88%	-10.36%	1.84%	-0.20%
No Sales Charges					Life of Institutional Class^*
Class S	22.35%	-9.36%	2.95%	0.86%	N/A
Institutional Class	22.69%	-9.14%	N/A	N/A	-0.11%
MSCI Europe Index⁺	27.48%	-5.35%	5.36%	2.80%	3.20%

Net Asset Value and Distribution Information
	Class A	Class B	Class C	Class S	Institutional Class
Net Asset Value: 10/31/09	$ 22.34	$ 22.03	$ 21.99	$ 22.42	$ 22.72
10/31/08	$ 19.21	$ 18.89	$ 18.91	$ 19.27	$ 19.52
Distribution Information: Twelve Months as of 10/31/09: Income Dividends	$ .85	$ .66	$ .68	$ .89	$ .94

Lipper Rankings — European Region Funds Category as of 10/31/09
Period	Rank		Number of Fund Classes Tracked	Percentile Ranking (%)
Class A 1-Year	77	of	108	71
3-Year	85	of	96	88
5-Year	74	of	87	85
Class B 1-Year	81	of	108	75
3-Year	89	of	96	92
5-Year	79	of	87	90
Class C 1-Year	84	of	108	78
3-Year	90	of	96	93
5-Year	78	of	87	89
Class S 1-Year	74	of	108	68
3-Year	83	of	96	86
5-Year	73	of	87	83
10-Year	48	of	52	91
Institutional Class 1-Year	72	of	108	67
3-Year	81	of	96	84

Expenses and Value of a $1,000 Investment for the six months ended October 31, 2009
Actual Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 5/1/09	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 10/31/09	$ 1,339.50	$ 1,333.70	$ 1,333.70	$ 1,341.70	$ 1,342.80
Expenses Paid per $1,000*	$ 8.49	$ 13.23	$ 13.76	$ 6.85	$ 5.55
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 5/1/09	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 10/31/09	$ 1,017.95	$ 1,013.86	$ 1,013.41	$ 1,019.36	$ 1,020.47
Expenses Paid per $1,000*	$ 7.32	$ 11.42	$ 11.88	$ 5.90	$ 4.79

Annualized Expense Ratios	Class A	Class B	Class C	Class S	Institutional Class
DWS Europe Equity Fund	1.44%	2.25%	2.34%	1.16%	.94%

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	10/31/09	10/31/08

Common Stocks	96%	95%
Cash Equivalents	4%	5%
	100%	100%

Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	10/31/09	10/31/08

United Kingdom	16%	36%
Austria	14%	1%
France	11%	7%
Germany	11%	14%
Switzerland	9%	11%
Russia	9%	—
Italy	5%	4%
Finland	4%	3%
Denmark	4%	—
Spain	3%	4%
Netherlands	3%	9%
Sweden	3%	6%
Ireland	3%	1%
Greece	2%	1%
Luxembourg	2%	—
Belgium	1%	—
Norway	—	2%
United Arab Emirates	—	1%
	100%	100%

Sector Diversification (As a % of Common Stocks)	10/31/09	10/31/08

Financials	31%	19%
Materials	13%	2%
Energy	11%	14%
Industrials	9%	8%
Health Care	8%	15%
Utilities	8%	4%
Consumer Discretionary	7%	5%
Consumer Staples	6%	18%
Telecommunication Services	4%	7%
Information Technology	3%	8%
	100%	100%

Ten Largest Equity Holdings at October 31, 2009 (24.6% of Net Assets)	Country	Percent
1. Electricite de France Produces, transmits, distributes, imports and exports electricity	France	3.2%
2. bwin Interactive Entertainment AG Offers online gambling services	Austria	2.9%
3. Sberbank Offers commercial banking services	Russia	2.8%
4. A P Moller-Maersk AS A diversified shipping company	Denmark	2.7%
5. Nestle SA A multinational company that markets a wide range of food products	Switzerland	2.3%
6. National Bank of Greece SA Offers retail and corporate banking services	Greece	2.3%
7. HSBC Holdings PLC Provider of international banking and financial services	United Kingdom	2.2%
8. Allianz SE Provider of multiline insurance services	Germany	2.1%
9. IMMOEAST AG Acquires, develops and leases real estate properties	Austria	2.1%
10. Immofinanz Immobilien Anlagen AG Purchases, sells, constructs and leases real estate properties	Austria	2.0%

	Shares	Value ($)

Common Stocks 94.5%
Austria 13.6%
Andritz AG	70,000	3,856,097
bwin Interactive Entertainment AG*	150,000	7,241,855
Conwert Immobilien Invest SE*	300,000	3,667,119
IMMOEAST AG*	1,000,000	5,293,820
Immofinanz Immobilien Anlagen AG*	1,500,000	5,160,669
Intercell AG*	73,762	2,849,999
Strabag SE	91,130	2,801,596
Wienerberger AG*	200,000	3,604,006
(Cost $31,297,698)		34,475,161
Belgium 1.4%
Fortis* (Cost $2,609,598)	800,000	3,458,549
Denmark 3.8%
A P Moller-Maersk AS "B"	1,000	6,792,787
Carlsberg AS "B"	40,575	2,836,387
(Cost $9,143,573)		9,629,174
Finland 3.9%
Fortum Oyj	200,000	4,732,505
Nokia Oyj	400,000	5,047,407
(Cost $10,542,517)		9,779,912
France 10.5%
Alstom SA	41,530	2,875,334
AXA SA	200,000	4,970,237
BNP Paribas	66,000	4,965,082
DANONE SA	42,051	2,526,611
Electricite de France	147,939	8,227,187
France Telecom SA	128,069	3,166,620
(Cost $23,294,539)		26,731,071
Germany 9.9%
Allianz SE (Registered)	47,200	5,409,473
BASF SE	69,000	3,691,279
Bayer AG	51,300	3,553,292
Daimler AG (Registered)	100,000	4,867,739
E.ON AG	130,000	4,969,082
Software AG	30,000	2,668,294
(Cost $28,845,932)		25,159,159
Greece 2.3%
National Bank of Greece SA* (Cost $3,586,582)	160,000	5,810,297
Ireland 2.5%
Allied Irish Banks PLC*	650,000	1,772,405
Anglo Irish Bank Corp., Ltd.*	623,482	0
CRH PLC	189,314	4,617,422
(Cost $18,820,986)		6,389,827
Italy 5.0%
Fiat SpA*	271,400	4,030,484
Saipem SpA	150,000	4,442,674
UniCredit SpA*	1,300,000	4,348,767
(Cost $9,694,111)		12,821,925
Luxembourg 1.5%
ArcelorMittal (Cost $4,895,469)	110,283	3,692,444
Netherlands 2.9%
ING Groep NV (CVA)*	200,000	2,585,845
QIAGEN NV*	228,755	4,744,480
SBM Offshore NV	3,783	72,700
(Cost $5,960,803)		7,403,025
Russia 8.2%
Gazprom (ADR)	201,350	4,807,723
LUKOIL (ADR)	66,100	3,819,263
Mechel (ADR)	300,000	5,148,000
Sberbank	3,200,000	6,995,290
(Cost $14,935,289)		20,770,276
Spain 2.9%
Banco Santander SA (a)	303,295	4,882,106
Tecnicas Reunidas SA	50,000	2,636,516
(Cost $7,373,142)		7,518,622
Sweden 2.8%
Concordia Maritime AB "B"	1,126,900	2,793,944
Tele2 AB "B"	300,000	4,427,057
(Cost $9,042,830)		7,221,001
Switzerland 8.2%
ABB Ltd. (Registered)*	145,248	2,705,838
Nestle SA (Registered)	127,066	5,906,664
Roche Holding AG (Genusschein)	22,101	3,541,063
UBS AG (Registered)*	300,000	5,023,904
Xstrata PLC*	263,229	3,770,375
(Cost $17,290,266)		20,947,844
United Kingdom 15.1%
Anglo American PLC*	112,944	4,102,718
BG Group PLC	253,342	4,367,418
BHP Billiton PLC	105,613	2,856,484
BP PLC	420,941	3,964,313
GlaxoSmithKline PLC	180,000	3,696,574
HSBC Holdings PLC	500,000	5,533,109
Imperial Tobacco Group PLC	100,670	2,966,770
Lloyds Banking Group PLC (a)	3,000,000	4,244,098
Rio Tinto PLC	80,000	3,530,865
Vodafone Group PLC	1,350,000	2,986,859
(Cost $38,994,464)		38,249,208
Total Common Stocks (Cost $236,327,799)		240,057,495

Securities Lending Collateral 1.7%
Daily Assets Fund Institutional, 0.27% (b) (c) (Cost $4,314,000)	4,314,000	4,314,000

Cash Equivalents 3.6%
Central Cash Management Fund, 0.19% (b) (Cost $9,127,067)	9,127,067	9,127,067

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $249,768,866)⁺	99.8	253,498,562
Other Assets and Liabilities, Net	0.2	516,956
Net Assets	100.0	254,015,518

Assets	Level 1	Level 2	Level 3	Total
Common Stocks
Austria	$ —	$ 34,475,161	$ —	$ 34,475,161
Belgium	—	3,458,549	—	3,458,549
Denmark	—	9,629,174	—	9,629,174
Finland	—	9,779,912	—	9,779,912
France	—	26,731,071	—	26,731,071
Germany	—	25,159,159	—	25,159,159
Greece	—	5,810,297	—	5,810,297
Ireland	—	6,389,827	0	6,389,827
Italy	—	12,821,925	—	12,821,925
Luxembourg	—	3,692,444	—	3,692,444
Netherlands	—	7,403,025	—	7,403,025
Russia	5,148,000	15,622,276	—	20,770,276
Spain	—	7,518,622	—	7,518,622
Sweden	—	7,221,001	—	7,221,001
Switzerland	—	20,947,844	—	20,947,844
United Kingdom	—	38,249,208	—	38,249,208
Short-Term Investments (d)	13,441,067	—	—	13,441,067
Total	$ 18,589,067	$ 234,909,495	$ 0	$ 253,498,562

Level 3 Reconciliation	Common Stocks
Level 3 Reconciliation	Ireland
Balance as of October 31, 2008	$ —
Net realized gain (loss)	—
Change in unrealized appreciation (depreciation)	(2,024,973)
Amortization premium/discount	—
Net purchases (sales)	—
Net transfers in (out) of Level 3	2,024,973
Balance as of October 31, 2009	$ 0
Net change in unrealized appreciation (depreciation) from investments still held as of October 31, 2009	$ (2,024,973)

Statement of Assets and Liabilities as of October 31, 2009
Assets
Investments: Investments in securities, at value (cost $236,327,799) — including $4,066,330 of securities loaned	$ 240,057,495
Investment in Daily Assets Fund Institutional (cost $4,314,000)^*	4,314,000
Investment in Central Cash Management Fund (cost $9,127,067)	9,127,067
Total investments, at value (cost $249,768,866)	253,498,562
Foreign currency, at value (cost $1,364,275)	1,364,767
Receivable for investments sold	4,210,290
Receivable for Fund shares sold	6,740
Interest receivable	2,901
Foreign taxes recoverable	112,255
Other assets	27,140
Total assets	259,222,655
Liabilities
Payable upon return of securities loaned	4,314,000
Payable for investments purchased	50,289
Payable for Fund shares redeemed	357,227
Accrued management fee	153,185
Other accrued expenses and payables	332,436
Total liabilities	5,207,137
Net assets, at value	$ 254,015,518
Net Assets Consist of:
Undistributed net investment income	3,769,930
Net unrealized appreciation (depreciation) on: Investments	3,729,696
Foreign currency	10,552
Accumulated net realized gain (loss)	(182,527,696)
Paid-in capital	429,033,036
Net assets, at value	$ 254,015,518

Statement of Assets and Liabilities as of October 31, 2009 (continued)
Net Asset Value
Class A Net Asset Value and redemption price^(a) per share ($47,129,902 ÷ 2,110,022 shares of capital stock outstanding, $.01 par value, 50,000,000 of shares authorized)	$ 22.34
Maximum offering price per share (100 ÷ 94.25 of $22.34)	$ 23.70
Class B Net Asset Value, offering and redemption price^(a) (subject to contingent deferred sales charge) per share ($807,867 ÷ 36,676 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 22.03
Class C Net Asset Value, offering and redemption price^(a) (subject to contingent deferred sales charge) per share ($2,658,569 ÷ 120,921 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)	$ 21.99
Class S Net Asset Value, offering and redemption price^(a)per share ($185,029,803 ÷ 8,251,773 shares of capital stock outstanding, $.01 par value, 100,000,000 of shares authorized)	$ 22.42
Institutional Class Net Asset Value, offering and redemption price^(a) per share ($18,389,377 ÷ 809,359 shares of capital stock outstanding, $.01 par value, 100,000,000 of shares authorized)	$ 22.72

Class S Years Ended October 31,	2009	2008	2007	2006	2005
Selected Per Share Data
Net asset value, beginning of period	$ 19.27	$ 43.52	$ 36.89	$ 28.49	$ 24.82
Income (loss) from investment operations: Net investment income (loss)^a	.37	.79	.71	.94^c	.63^c
Net realized and unrealized gain (loss)	3.67	(21.30)	7.95	8.26	3.51
Total from investment operations	4.04	(20.51)	8.66	9.20	4.14
Less distributions from: Net investment income	(.89)	(.89)	(2.03)	(.80)	(.47)
Net realized gains	—	(2.85)	—	—	—
Total distributions	(.89)	(3.74)	(2.03)	(.80)	(.47)
Redemption fees^*	.00	.00	.00	.00	.00
Net asset value, end of period	$ 22.42	$ 19.27	$ 43.52	$ 36.89	$ 28.49
Total Return (%)	22.35	(51.08)	24.44	32.95	16.77^b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	185	173	430	385	328
Ratio of expenses before expense reductions (%)	1.24	1.13	1.08	1.23	1.29
Ratio of expenses after expense reductions (%)	1.24	1.13	1.08	1.23	1.28
Ratio of net investment income (loss) (%)	1.99	2.46	1.78	2.83^c	2.29^c
Portfolio turnover rate (%)	92	43	105	203	168
^a Based on average shares outstanding during the period. ^b Total return would have been lower had certain expenses not been reduced. ^c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.48 and $0.14 per share and 1.45% and 0.50% of average daily net assets for the years ended October 31, 2006 and 2005, respectively. ^* Amount is less than $.005.

	Years Ended October 31,
	2009	2008
Distributions from ordinary income^*	$ 10,692,758	$ 22,895,816
Distributions from long-term capital gains	$ —	$ 28,620,709

Distribution Fee	Total Aggregated	Unpaid at October 31, 2009
Class B	$ 6,409	$ 530
Class C	17,692	1,639
	$ 24,101	$ 2,169

Service Fee	Total Aggregated	Unpaid at October 31, 2009	Annual Effective Rate
Class A	$ 99,643	$ 20,078	.24%
Class B	2,085	368	.24%
Class C	5,788	1,105	.25%
	$ 107,516	$ 21,551

Statement of Operations for the year ended October 31, 2009
Investment Income
Income: Dividends (net of foreign taxes withheld of $783,351)	$ 6,585,742
Income distributions — affiliated cash management vehicles	45,689
Interest	2,895
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	537,072
Total Income	7,171,398
Expenses: Management fee	1,475,950
Administration fee	222,087
Services to shareholders	661,716
Distribution and service fees	131,617
Custodian fee	77,614
Professional fees	115,893
Directors' fees and expenses	5,044
Reports to shareholders	94,890
Registration fees	66,473
Other	24,568
Total expenses before expense reductions	2,875,852
Expense reductions	(3,709)
Total expenses after expense reductions	2,872,143
Net investment income (loss)	4,299,255
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	(119,657,878)
Foreign currency	(129,962)
	(119,787,840)
Change in net unrealized appreciation (depreciation) on: Investments	160,178,139
Foreign currency	40,138
	160,218,277
Net gain (loss)	40,430,437
Net increase (decrease) in net assets resulting from operations	$ 44,729,692

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Years Ended October 31,
Increase (Decrease) in Net Assets	2009	2008
Operations: Net investment income (loss)	$ 4,299,255	$ 10,909,182
Net realized gain (loss)	(119,787,840)	(60,216,499)
Change in net unrealized appreciation (depreciation)	160,218,277	(231,161,898)
Net increase (decrease) in net assets resulting from operations	44,729,692	(280,469,215)
Distributions to shareholders from: Net investment income: Class A	(1,983,692)	(2,288,218)
Class B	(37,122)	(44,929)
Class C	(92,490)	(83,712)
Class S	(7,729,741)	(8,631,178)
Institutional Class	(849,713)	(1,002,379)
Net realized gains: Class A	—	(8,135,387)
Class B	—	(284,511)
Class C	—	(508,074)
Class S	—	(27,631,064)
Institutional Class	—	(2,907,073)
Total distributions	(10,692,758)	(51,516,525)
Fund share transactions: Proceeds from shares sold	6,402,128	14,933,984
Reinvestment of distributions	9,813,719	47,198,091
Cost of shares redeemed	(38,672,047)	(105,258,064)
Redemption fees	852	3,142
Net increase (decrease) in net assets from Fund share transactions	(22,455,348)	(43,122,847)
Increase (decrease) in net assets	11,581,586	(375,108,587)
Net assets at beginning of period	242,433,932	617,542,519
Net assets at end of period (including undistributed net investment income of $3,769,930 and $8,923,958, respectively)	$ 254,015,518	$ 242,433,932

Class A Years Ended October 31,	2009	2008	2007	2006	2005
Selected Per Share Data
Net asset value, beginning of period	$ 19.21	$ 43.38	$ 36.80	$ 28.44	$ 24.77
Income (loss) from investment operations: Net investment income (loss)^a	.32	.73	.62	.89^c	.59^c
Net realized and unrealized gain (loss)	3.66	(21.25)	7.93	8.25	3.47
Total from investment operations	3.98	(20.52)	8.55	9.14	4.06
Less distributions from: Net investment income	(.85)	(.80)	(1.97)	(.78)	(.39)
Net realized gains	—	(2.85)	—	—	—
Total distributions	(.85)	(3.65)	(1.97)	(.78)	(.39)
Redemption fees^*	.00	.00	.00	.00	.00
Net asset value, end of period	$ 22.34	$ 19.21	$ 43.38	$ 36.80	$ 28.44
Total Return (%)^b	21.98	(51.18)	24.16	32.78	16.49
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	47	47	126	144	115
Ratio of expenses (%)	1.53	1.32	1.29	1.37	1.41
Ratio of net investment income (loss) (%)	1.70	2.27	1.57	2.69^c	2.16^c
Portfolio turnover rate (%)	92	43	105	203	168
^a Based on average shares outstanding during the period. ^b Total return does not reflect the effect of any sales charges. ^c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.48 and $0.14 per share and 1.45% and 0.50% of average daily net assets for the years ended October 31, 2006 and 2005, respectively. ^* Amount is less than $.005.

Class B Years Ended October 31,	2009	2008	2007	2006	2005
Selected Per Share Data
Net asset value, beginning of period	$ 18.89	$ 42.71	$ 36.16	$ 27.94	$ 24.38
Income (loss) from investment operations: Net investment income (loss)^a	.19	.42	.28	.58^d	.31^d
Net realized and unrealized gain (loss)	3.61	(20.94)	7.82	8.10	3.43
Total from investment operations	3.80	(20.52)	8.10	8.68	3.74
Less distributions from: Net investment income	(.66)	(.45)	(1.55)	(.46)	(.18)
Net realized gains	—	(2.85)	—	—	—
Total distributions	(.66)	(3.30)	(1.55)	(.46)	(.18)
Redemption fees^*	.00	.00	.00	.00	.00
Net asset value, end of period	$ 22.03	$ 18.89	$ 42.71	$ 36.16	$ 27.94
Total Return (%)^b	21.09^c	(51.64)^c	23.12	31.43	15.40^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	1	5	8	9
Ratio of expenses before expense reductions (%)	2.67	2.33	2.19	2.36	2.65
Ratio of expenses after expense reductions (%)	2.24	2.28	2.19	2.36	2.46
Ratio of net investment income (loss) (%)	.99	1.31	.67	1.70^d	1.11^d
Portfolio turnover rate (%)	92	43	105	203	168
^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 Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.48 and $0.14 per share and 1.45% and 0.50% of average daily net assets for the years ended October 31, 2006 and 2005, respectively. ^* Amount is less than $.005.

Class C Years Ended October 31,	2009	2008	2007	2006	2005
Selected Per Share Data
Net asset value, beginning of period	$ 18.91	$ 42.75	$ 36.22	$ 27.99	$ 24.39
Income (loss) from investment operations: Net investment income (loss)^a	.15	.46	.30	.61^d	.35^d
Net realized and unrealized gain (loss)	3.61	(20.98)	7.82	8.12	3.44
Total from investment operations	3.76	(20.52)	8.12	8.73	3.79
Less distributions from: Net investment income	(.68)	(.47)	(1.59)	(.50)	(.19)
Net realized gains	—	(2.85)	—	—	—
Total distributions	(.68)	(3.32)	(1.59)	(.50)	(.19)
Redemption fees^*	.00	.00	.00	.00	.00
Net asset value, end of period	$ 21.99	$ 18.91	$ 42.75	$ 36.22	$ 27.99
Total Return (%)^b	20.88	(51.60)	23.13	31.60^c	15.57^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	3	8	7	6
Ratio of expenses before expense reductions (%)	2.44	2.19	2.14	2.26	2.35
Ratio of expenses after expense reductions (%)	2.44	2.19	2.14	2.26	2.30
Ratio of net investment income (loss) (%)	.79	1.40	.72	1.80^d	1.27^d
Portfolio turnover rate (%)	92	43	105	203	168
^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 Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.48 and $0.14 per share and 1.45% and 0.50% of average daily net assets for the years ended October 31, 2006 and 2005, respectively. ^* Amount is less than $.005.

Institutional Class Years Ended October 31,	2009	2008	2007	2006	2005^a
Selected Per Share Data
Net asset value, beginning of period	$ 19.52	$ 44.04	$ 36.84	$ 28.50	$ 28.63
Income (loss) from investment operations: Net investment income (loss)	.42^b	.86^b	.79^b	1.00^b,c	.56
Net realized and unrealized gain (loss)	3.72	(21.55)	8.02	8.25	(.69)
Total from investment operations	4.14	(20.69)	8.81	9.25	(.13)
Less distributions from: Net investment income	(.94)	(.98)	(1.61)	(.91)	—
Net realized gains	—	(2.85)	—	—	—
Total distributions	(.94)	(3.83)	(1.61)	(.91)	—
Redemption fees^***	.00	.00	.00	.00	.00
Net asset value, end of period	$ 22.72	$ 19.52	$ 44.04	$ 36.84	$ 28.50
Total Return (%)	22.69	(50.97)	24.71	33.23	(.45)^**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	18	18	49	34	13
Ratio of expenses (%)	.96	.90	.87	1.05	1.09^*
Ratio of net investment income (loss) (%)	2.27	2.69	1.99	3.01^c	3.09^*
Portfolio turnover rate (%)	92	43	105	203	168
^a For the period from March 14, 2005 (commencement of operations of Institutional Class shares) to October 31, 2005. ^b Based on average shares outstanding during the period. ^c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.48 per share and 1.45% of average daily net assets, respectively. ^* Annualized ^** Not annualized ^*** Amount is less than $.005.

Undistributed ordinary income^*	$ 7,968,380
Capital loss carryforwards	$ (178,593,000)
Net unrealized appreciation (depreciation) on investments	$ (4,405,751)

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%

Services to Shareholders	Total Aggregated	Waived	Unpaid at October 31, 2009
Class A	$ 122,676	$ —	$ 22,281
Class B	6,030	3,709	1,103
Class C	11,023	—	1,960
Class S	393,507	—	77,091
Institutional Class	180	—	40
	$ 533,416	$ 3,709	$ 102,475

	Year Ended October 31, 2009		Year Ended October 31, 2008
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	103,039	$ 1,908,902	173,603	$ 5,793,437
Class B	3,840	74,502	6,618	218,280
Class C	15,169	280,354	14,375	473,734
Class S	195,581	3,660,020	258,596	8,054,458
Institutional Class	26,564	478,350	10,155	394,075
		$ 6,402,128		$ 14,933,984
Shares issued to shareholders in reinvestment of distributions
Class A	92,033	$ 1,575,616	233,741	$ 8,304,875
Class B	2,122	36,045	9,032	318,091
Class C	4,678	79,481	14,653	516,371
Class S	424,322	7,272,864	959,518	34,149,302
Institutional Class	49,031	849,713	108,686	3,909,452
		$ 9,813,719		$ 47,198,091
Shares redeemed
Class A	(517,113)	$ (9,184,738)	(880,257)	$ (27,117,345)
Class B	(30,162)	(535,465)	(67,859)	(2,214,976)
Class C	(42,770)	(721,616)	(69,552)	(2,134,570)
Class S	(1,365,173)	(24,329,958)	(2,091,728)	(63,724,429)
Institutional Class	(211,397)	(3,900,270)	(290,799)	(10,066,744)
		$ (38,672,047)		$ (105,258,064)
Redemption fees		$ 852		$ 3,142
Net increase (decrease)
Class A	(322,041)	$ (5,699,433)	(472,913)	$ (13,018,707)
Class B	(24,200)	(424,918)	(52,209)	(1,678,586)
Class C	(22,923)	(361,771)	(40,524)	(1,144,334)
Class S	(745,270)	(13,397,019)	(873,614)	(21,518,003)
Institutional Class	(135,802)	(2,572,207)	(171,958)	(5,763,217)
		$ (22,455,348)		$ (43,122,847)

Annual Report to Shareholders

Annual Report
to Shareholders

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen
Paul K. Freeman (1950) Chairperson since 2009² Board Member since 1993	Consultant, World Bank/Inter-American Development Bank; Governing Council of the Independent Directors Council (governance, executive committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)	125
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank	125
Henry P. Becton, Jr. (1943) Board Member since 1990	Vice Chair, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Becton Dickinson and Company³ (medical technology company); Belo Corporation³ (media company); Public Radio International; PRX, The Public Radio Exchange; The PBS Foundation. Former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service	125
Dawn-Marie Driscoll (1946) Board Member since 1987	President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Trustee of 20 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	125
Keith R. Fox (1954) Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private equity funds). Directorships: Progressive Holding Corporation (kitchen goods importer and distributor); Natural History, Inc. (magazine publisher); Box Top Media Inc. (advertising); The Kennel Shop (retailer)	125
Kenneth C. Froewiss (1945) Board Member since 2001	Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	125
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)	125
William McClayton (1944) Board Member since 2004	Managing Director, Diamond Management & Technology Consultants, Inc. (global management consulting firm) (2001-present); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival	125
Rebecca W. Rimel (1951) Board Member since 1995	President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Trustee, Pro Publica (2007-present) (charitable organization); Director, CardioNet, Inc.³ (2009-present) (health care). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care³ (January 2007-June 2007)	125
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; Trustee of 20 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation³ (telecommunications) (November 1989-September 2003)	125
Jean Gleason Stromberg (1943) Board Member since 1997	Retired. Formerly, Consultant (1997-2001); Director, US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; Business Leadership Council, Wellesley College. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)	125
Robert H. Wadsworth (1940) Board Member since 1999	President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association	128

Officers⁶
Name, Year of Birth, Position with the Fund and Length of Time Served⁷	Principal Occupation(s) During Past 5 Years and Other Directorships Held
Michael G. Clark⁸ (1965) President, 2006-present	Managing Director⁵, Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)
John Millette⁹ (1962) Vice President and Secretary, 1999-present	Director⁵, Deutsche Asset Management
Paul H. Schubert⁸ (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present	Managing Director⁵, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson⁹ (1962) Assistant Secretary, 1997-present	Managing Director⁵, Deutsche Asset Management
Rita Rubin¹⁰ (1970) Assistant Secretary, 2009-present	Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007); Attorney, Shearman & Sterling LLP (2004); Director and Associate General Counsel, UBS Global Asset Management (US) Inc. (2001-2004)
Paul Antosca⁹ (1957) Assistant Treasurer, 2007-present	Director⁵, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark⁹ (1967) Assistant Treasurer, 2007-present	Director⁵, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally⁹(1966) Assistant Treasurer, 2007-present	Director⁵, Deutsche Asset Management
Jason Vazquez¹⁰ (1972) Anti-Money Laundering Compliance Officer, 2007-present	Vice President, Deutsche Asset Management (since 2006); formerly, AML Operations Manager for Bear Stearns (2004-2006), Supervising Compliance Principal and Operations Manager for AXA Financial (1999-2004)
Robert Kloby¹⁰ (1962) Chief Compliance Officer, 2006-present	Managing Director⁵, Deutsche Asset Management
J. Christopher Jackson¹⁰ (1951) Chief Legal Officer, 2006-present	Director⁵, Deutsche Asset Management (2006-present); formerly, Director, Senior Vice President, General Counsel and Assistant Secretary, Hansberger Global Investors, Inc. (1996-2006); Director, National Society of Compliance Professionals (2002-2005) (2006-2009)


For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below: For shareholders of Classes A, B, C and Institutional Class: (800) 621-1048 For shareholders of Class S: (800) 728-3337
Web Site	www.dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
Written Correspondence	DWS Investments PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	A description of 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 is available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
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

Registrant:	DWS Europe Equity Fund, a series of DWS International Fund, Inc.


By:	/s/Michael G. Clark Michael G. Clark President

Date:	December 30, 2009