0000088053-21-000533.txt : 20210702 0000088053-21-000533.hdr.sgml : 20210702 20210702130211 ACCESSION NUMBER: 0000088053-21-000533 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20210430 FILED AS OF DATE: 20210702 DATE AS OF CHANGE: 20210702 EFFECTIVENESS DATE: 20210702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE DWS INTERNATIONAL FUND, INC. CENTRAL INDEX KEY: 0000088053 IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 211068947 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 BUSINESS PHONE: 212-454-4500 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 FORMER COMPANY: FORMER CONFORMED NAME: DEUTSCHE INTERNATIONAL FUND, INC. DATE OF NAME CHANGE: 20140811 FORMER COMPANY: FORMER CONFORMED NAME: DWS INTERNATIONAL FUND, INC. DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19920703 0000088053 S000006028 DWS Emerging Markets Equity Fund C000016557 Class A SEKAX C000016560 Class C SEKCX C000016561 Class S SEMGX C000063926 Institutional Class SEKIX C000177619 Class T SEKTX C000205760 Class R6 SEKRX N-CSRS 1 sr43021eme.htm DWS EMERGING MARKETS EQUITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number: 811-00642

 

Deutsche DWS International Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

 

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 454-4500

 

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 10/31
   
Date of reporting period: 4/30/2021

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)
   

April 30, 2021
Semiannual Report
to Shareholders
DWS Emerging Markets Equity Fund
Contents
 
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.
Stocks may decline in value. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund may lend securities to approved institutions. Please read the prospectus for details.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
NOT FDIC/NCUA INSURED    NO BANK GUARANTEE    MAY LOSE VALUE
NOT A DEPOSIT    NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 |  DWS Emerging Markets Equity Fund
Letter to Shareholders
Dear Shareholder:
The economic outlook remains positive overall, buoyed by progress in the handling of the pandemic, good corporate earnings and support from central banks. While the U.S. and Asia are acting as growth engines, there is still some uncertainty whether the current momentum is sustainable.
Inflation has come back into focus sooner than expected as a result of the combination of the growth upswing, stimulus packages, expansive central banks, and, most recently, sharply rising oil prices. These circumstances may, to a great extent, prove to be a temporary phenomenon driven by one-time, pandemic-related effects. For example, the massive underutilization of productive capacity and labor in 2020 depressed prices last year. Normalization of commodity prices alone is providing a significant base effect. Together with pent-up demand for many goods, especially in services, this is likely to increase inflationary pressure this year, before it then subsides as economic activity returns to a more typical level.
Whether central banks will be able to leave interest rates at their current low levels is another critical question for the markets this year. Again, our CIO Office believes that government bond yields are likely to rise only temporarily this year.
The scope and pace of recovery is likely to remain uneven among regions, asset classes and investment sectors. We believe that this underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office – which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world – makes an important difference in making strategic and tactical decisions for the DWS Funds.
Thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights”  section of dws.com.
Best regards,
Hepsen Uzcan
President, DWS Funds
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
DWS Emerging Markets Equity Fund  | 3
Performance Summary April 30, 2021 (Unaudited)
Class A 6-Month ‡ 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/21
Unadjusted for Sales Charge 18.68% 45.08% 13.52% 3.17%
Adjusted for the Maximum Sales Charge
(max 5.75% load) 		11.86% 36.74% 12.18% 2.56%
MSCI Emerging Markets Index† 22.95% 48.71% 12.50% 3.59%
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end)
Unadjusted for Sales Charge   54.25% 13.23% 3.40%
Adjusted for the Maximum Sales Charge
(max 5.75% load) 		  45.38% 11.90% 2.79%
MSCI Emerging Markets Index†   58.39% 12.07% 3.65%
Class T 6-Month ‡ 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/21
Unadjusted for Sales Charge 18.68% 45.17% 13.51% 3.16%
Adjusted for the Maximum Sales Charge
(max 2.50% load) 		15.71% 41.54% 12.94% 2.90%
MSCI Emerging Markets Index† 22.95% 48.71% 12.50% 3.59%
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end)
Unadjusted for Sales Charge   54.25% 13.22% 3.39%
Adjusted for the Maximum Sales Charge
(max 2.50% load) 		  50.39% 12.65% 3.13%
MSCI Emerging Markets Index†   58.39% 12.07% 3.65%
Class C 6-Month ‡ 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/21
Unadjusted for Sales Charge 18.27% 44.01% 12.67% 2.38%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC) 		17.27% 44.01% 12.67% 2.38%
MSCI Emerging Markets Index† 22.95% 48.71% 12.50% 3.59%
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end)
Unadjusted for Sales Charge   53.17% 12.38% 2.62%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC) 		  53.17% 12.38% 2.62%
MSCI Emerging Markets Index†   58.39% 12.07% 3.65%
    
4 |  DWS Emerging Markets Equity Fund
Class R6 6-Month ‡ 1-Year Life of
Class*
Average Annual Total Returns as of 4/30/21
No Sales Charges 18.82% 45.45% 14.02%
MSCI Emerging Markets Index† 22.95% 48.71% 13.59%
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end)
No Sales Charges   54.70% 14.00%
MSCI Emerging Markets Index†   58.39% 12.96%
Class S 6-Month ‡ 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/21
No Sales Charges 18.83% 45.39% 13.73% 3.38%
MSCI Emerging Markets Index† 22.95% 48.71% 12.50% 3.59%
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end)
No Sales Charges   54.57% 13.43% 3.62%
MSCI Emerging Markets Index†   58.39% 12.07% 3.65%
Institutional Class 6-Month ‡ 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/21
No Sales Charges 18.84% 45.50% 13.79% 3.44%
MSCI Emerging Markets Index† 22.95% 48.71% 12.50% 3.59%
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end)
No Sales Charges   54.70% 13.50% 3.68%
MSCI Emerging Markets Index†   58.39% 12.07% 3.65%
Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2021 are 1.35%, 1.29%, 2.06%, 1.30%, 1.13% and 1.04% for Class A, Class T, Class C, Class R6, Class S and Institutional Class shares,
DWS Emerging Markets Equity Fund  | 5
respectively, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Class S shares of DWS Emerging Markets Equity Fund during such periods and have been adjusted to reflect the higher total annual operating expenses and applicable sales charges of Class T. Any difference in expenses will affect performance.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
Yearly periods ended April 30
The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
* Class R6 shares commenced operations on September 7, 2018.
† The MSCI Emerging Markets Index is an unmanaged equity index which captures large and mid-capitalization representation across 24 emerging markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.
‡ Total returns shown for periods less than one year are not annualized.
6 |  DWS Emerging Markets Equity Fund
  Class A Class T Class C Class R6 Class S Institutional
Class
Net Asset Value
4/30/21 $25.03 $25.03 $22.29 $25.36 $25.37 $25.34
10/31/20 $21.32 $21.32 $18.92 $21.63 $21.63 $21.61
Distribution Information  as of 4/30/21
Income Dividends, Six Months $ .26 $ .26 $ .07 $ .32 $ .30 $ .32
DWS Emerging Markets Equity Fund  | 7
Portfolio Management Team
Sean Taylor, Head of Emerging Market Equities
Lead Portfolio Manager of the Fund. Began managing the Fund in 2014.
—  Global Head of Emerging Markets Equities: Hong Kong.
—  Joined DWS in 2013 with 21 years of industry experience. Prior to his current role, he served as Investment Director at GAM, based in London and Dubai, and Head of International & Emerging Markets at Societe Generale.
—  MBA, Manchester Business School.
Marc Currat, Portfolio Manager Equity
Portfolio Manager of the Fund. Began managing the Fund in 2017.
—  Portfolio Manager for Global Emerging Markets Equities: Hong Kong.
—  Joined DWS in 2012 with 6 years of professional experience, thereof one year in the financial industry. Prior to joining, he served as an equities and quant analyst at Surperformance SAS. Prior to that he was an auditor advisor at Currat & Associes SA.
—  BS in Management from CIBU — California International Business University; MBA in Finance from International School of Management, Paris & St. John’s University; Investment Management Certificate (IMC).
8 |  DWS Emerging Markets Equity Fund
Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) 4/30/21 10/31/20
Equity Securities 88% 90%
Exchange-Traded Funds 10% 7%
Cash Equivalents 2% 3%
  100% 100%
Sector Diversification (As a % of Equity Securities) 4/30/21 10/31/20
Information Technology 25% 23%
Financials 21% 17%
Consumer Discretionary 21% 30%
Communication Services 14% 14%
Materials 12% 8%
Energy 4% 4%
Consumer Staples 2% 2%
Real Estate 1% 2%
Industrials 0% 0%
  100% 100%
Geographical Diversification (As a % of Equity Securities and Exchange-Traded Funds) 4/30/21 10/31/20
China 36% 45%
Korea 15% 14%
Taiwan 10% 9%
India 10% 11%
Brazil 7% 5%
Hong Kong 4% 5%
Chile 2% 1%
South Africa 2% 3%
Indonesia 2% 1%
Russia 2% 1%
Other 10% 5%
  100% 100%
    
DWS Emerging Markets Equity Fund  | 9
Ten Largest Equity Holdings at April 30, 2021 
(35.9% of Net Assets) 		Country Percent
 1 Tencent Holdings Ltd. China 7.0%
Provider of Internet, mobile and telecommunication value-added services    
 2 Samsung Electronics Co., Ltd. Korea 6.9%
Manufacturer of electronic parts    
 3 Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 5.4%
Manufacturer of integrated circuits and other semiconductor devices    
 4 Alibaba Group Holding Ltd. China 3.8%
Provider of internet infrastructure, electronic commerce, online financial, and internet content services    
 5 Yum China Holdings, Inc. China 2.6%
Operator of Chain restaurants    
 6 HDFC Bank Ltd. India 2.5%
Provider of retail, corporate banking, custodial, treasury and capital markets services    
 7 Antofagasta PLC Chile 2.3%
Owner and operator of copper mines and conducts exploration activities    
 8 Trip.com Group Ltd. China 1.9%
Provider of online travel agency services    
 9 LG Chem Ltd. Korea 1.8%
Manufacturer of chemical and engineering plastics    
10 Baidu, Inc. China 1.7%
Operator of internet search engine    
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 11. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 46 for contact information.
10 |  DWS Emerging Markets Equity Fund
Investment Portfolio as of April 30, 2021 (Unaudited)
  Shares Value ($)
Equity Securities 82.8%  
Brazil 6.1%  
B3 SA — Brasil Bolsa Balcao      230,281   2,183,240
Banco Bradesco SA (ADR)    1,191,291   5,182,118
CCR SA      261,962     580,632
Cia Siderurgica Nacional SA      736,904   6,673,044
Gerdau SA (ADR)    1,109,704   6,813,583
Itau Unibanco Holding SA (ADR) (Preferred)      967,984   4,839,920
Lojas Americanas SA (Preferred)      626,580   2,406,174
Multiplan Empreendimentos Imobiliarios SA        1,848       7,835
Vale SA (ADR)      296,918   5,973,990
(Cost $23,820,985)     34,660,536
Chile 2.3%  
Antofagasta PLC (Cost $8,610,445)      502,764   12,942,742
China 29.3%  
Alibaba Group Holding Ltd. (ADR)*       93,016  21,482,045
Baidu, Inc. (ADR)*       45,172   9,501,027
BYD Co., Ltd. “H”       319,500   6,608,185
China Construction Bank Corp. “H”    10,831,577   8,576,519
Daqo New Energy Corp. (ADR)*       75,964   6,114,342
Huatai Securities Co., Ltd. “H”  144A      924,200   1,321,692
Industrial & Commercial Bank of China Ltd. “H”    12,432,095   8,094,599
JD Health International, Inc. 144A*      104,900   1,635,759
JD.com, Inc. (ADR)*       59,824   4,627,985
Kuaishou Technology*       12,912     435,291
KWG Group Holdings Ltd.    2,069,000   3,327,950
Meituan “B” *      154,600   5,920,211
NetEase, Inc. (ADR)       26,786   3,001,639
New Oriental Education & Technology Group, Inc. (ADR)*      491,740   7,503,952
Pinduoduo, Inc. (ADR)*       26,120   3,498,251
Ping An Insurance Group Co. of China Ltd. “H”       675,532   7,403,917
Tencent Holdings Ltd.      495,200  39,796,994
Topsports International Holdings Ltd. 144A    1,320,000   1,785,619
Trip.com Group Ltd. (ADR)*      282,221  11,029,197
Yum China Holdings, Inc. (a)      238,032  14,976,973
(Cost $117,634,020)     166,642,147
Colombia 0.2%  
Bancolombia SA (ADR) (Cost $2,198,435)       43,000    1,286,990
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 11
  Shares Value ($)
Hong Kong 3.4%  
AIA Group Ltd.      488,200   6,235,238
Hong Kong Exchanges & Clearing Ltd.       87,300   5,275,606
Melco Resorts & Entertainment Ltd. (ADR)*      278,559   5,373,403
Shimao Group Holdings Ltd.      579,000   1,675,825
SJM Holdings Ltd.      670,000     869,344
(Cost $17,818,583)     19,429,416
India 9.2%  
Axis Bank Ltd.*      277,906   2,673,845
HDFC Bank Ltd. (ADR)* (a)      204,438  14,367,903
ICICI Bank Ltd.*      240,257   1,952,728
ICICI Bank Ltd. (ADR)*      422,378   6,884,761
Infosys Ltd. (ADR) (a)      460,097   8,318,554
ITC Ltd.      770,000   2,105,386
Larsen & Toubro Ltd.       32,190     582,485
Maruti Suzuki India Ltd.       10,439     907,621
Reliance Industries Ltd. 144A, (GDR)      100,983   5,463,180
Tata Consultancy Services Ltd.      206,744   8,499,056
UltraTech Cement Ltd.        8,316     703,359
(Cost $39,421,149)     52,458,878
Indonesia 2.0%  
PT Bank Central Asia Tbk    1,002,000   2,224,010
PT Bank Jago Tbk*    4,144,100   2,911,915
PT Bank Rakyat Indonesia Persero Tbk    8,276,600   2,325,287
PT Telkom Indonesia Persero Tbk   17,422,200   3,858,200
(Cost $11,798,501)     11,319,412
Korea 13.6%  
KB Financial Group, Inc.       27,810   1,371,727
LG Chem Ltd.       11,892   9,970,536
LG Household & Health Care Ltd.        2,852   3,950,905
NAVER Corp.       11,733   3,788,329
POSCO       23,358   7,605,096
Samsung Electro-Mechanics Co., Ltd.       18,803   3,023,396
Samsung Electronics Co., Ltd.      535,113  39,160,833
Samsung Fire & Marine Insurance Co., Ltd.       12,812   2,280,683
SK Hynix, Inc.       55,665   6,390,541
(Cost $43,326,870)     77,542,046
Mexico 0.9%  
Fomento Economico Mexicano SAB de CV (ADR)       54,712   4,240,180
The accompanying notes are an integral part of the financial statements.
12 |  DWS Emerging Markets Equity Fund
  Shares Value ($)
Gruma SAB de CV “B”        61,238     666,977
Grupo Financiero Inbursa SAB de CV “O” *      505,109     471,272
(Cost $6,389,694)     5,378,429
Russia 1.9%  
LUKOIL PJSC (ADR)      103,038   7,958,655
Sberbank of Russia PJSC (ADR)      184,799   2,914,280
(Cost $10,538,208)     10,872,935
Singapore 1.1%  
Sea Ltd. (ADR)* (Cost $4,599,682)       24,950    6,300,873
South Africa 2.2%  
FirstRand Ltd.      915,114   3,221,142
Naspers Ltd. “N”        40,102   9,143,219
(Cost $12,093,613)     12,364,361
Taiwan 9.7%  
ASE Technology Holding Co., Ltd.    1,127,761   4,737,570
Catcher Technology Co., Ltd.      201,000   1,422,425
Formosa Plastics Corp.    1,047,000   3,961,175
Fubon Financial Holding Co., Ltd.    1,984,000   4,537,537
Largan Precision Co., Ltd.       13,000   1,448,133
MediaTek, Inc.      195,000   8,275,857
Taiwan Semiconductor Manufacturing Co., Ltd.      774,803  16,400,643
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)      121,281  14,158,344
(Cost $29,395,664)     54,941,684
Thailand 0.8%  
Kasikornbank PCL (NVDR)      257,700   1,092,088
PTT PCL (NVDR)    1,292,300   1,655,427
Thai Oil PCL (NVDR)      926,800   1,759,275
(Cost $5,665,966)     4,506,790
Turkey 0.0%  
KOC Holding AS      100,545     222,581
Turkiye Garanti Bankasi AS       97,879      85,391
(Cost $716,326)     307,972
United Arab Emirates 0.1%  
Emaar Malls PJSC* (Cost $589,330)      687,850      343,631
Total Equity Securities (Cost $334,617,471)     471,298,842
Exchange-Traded Funds 9.7%  
iShares FTSE China A50 ETF (a)    8,185,800  20,904,266
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 13
  Shares Value ($)
iShares MSCI Emerging Markets ETF (a)      470,536  25,399,534
Vanguard FTSE Emerging Markets ETF (a)      161,588   8,560,932
Total Exchange-Traded Funds (Cost $49,852,027)     54,864,732
Securities Lending Collateral 12.6%  
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) (Cost $71,719,972)   71,719,972   71,719,972
Cash Equivalents 1.4%  
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $7,939,587)    7,939,587    7,939,587
    % of
Net Assets 		Value ($)
Total Investment Portfolio (Cost $464,129,057)   106.5 605,823,133
Other Assets and Liabilities, Net   (6.5) (36,817,419)
Net Assets   100.0 569,005,714
A summary of the Fund’s transactions with affiliated investments during the period ended April 30, 2021 are as follows:
Value ($)
at
10/31/2020 		Pur-
chases
Cost
($) 		Sales
Proceeds
($) 		Net
Real-
ized
Gain/
(Loss)
($) 		Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($) 		Income
($) 		Capital
Gain
Distri-
butions
($) 		Number of
Shares at
4/30/2021 		Value ($)
at
4/30/2021
Securities Lending Collateral 12.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c)
27,705,876 44,014,096 (d) — — — 230,084 — 71,719,972 71,719,972
Cash Equivalents 1.4%
DWS Central Cash Management Government Fund, 0.02% (b)
11,890,966 170,831,896 174,783,275 — — 5,361 — 7,939,587 7,939,587
39,596,842 214,845,992 174,783,275 — — 235,445 — 79,659,559 79,659,559
* Non-income producing security.
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net”  may include pending sales that are also on loan. The value of securities loaned at April 30, 2021 amounted to $67,095,655, which is 11.8% of net assets.
The accompanying notes are an integral part of the financial statements.
14 |  DWS Emerging Markets Equity Fund
(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2021.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
FTSE: Financial Times and the London Stock Exchange
GDR: Global Depositary Receipt
MSCI: Morgan Stanley Capital International
NVDR: Non-Voting Depository Receipt
PJSC: Public Joint Stock Company
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 15
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of April 30, 2021 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets Level 1 Level 2 Level 3 Total
Equity Securities                                      
Brazil  $ 34,660,536          $ — $—  $ 34,660,536
Chile          —  12,942,742 —  12,942,742
China  81,735,411  84,906,736 — 166,642,147
Colombia   1,286,990          — —   1,286,990
Hong Kong   5,373,403  14,056,013 —  19,429,416
India  35,034,398  17,424,480 —  52,458,878
Indonesia   2,911,915   8,407,497 —  11,319,412
Korea          —  77,542,046 —  77,542,046
Mexico   5,378,429          — —   5,378,429
Russia  10,872,935          — —  10,872,935
Singapore   6,300,873          — —   6,300,873
South Africa          —  12,364,361 —  12,364,361
Taiwan  14,158,344  40,783,340 —  54,941,684
Thailand          —   4,506,790 —   4,506,790
Turkey          —     307,972 —     307,972
United Arab Emirates          —     343,631 —     343,631
Exchange-Traded Funds  33,960,466  20,904,266 —  54,864,732
Short-Term Investments (a)  79,659,559          — —  79,659,559
Total $311,333,259 $294,489,874 $ — $605,823,133
(a) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
16 |  DWS Emerging Markets Equity Fund
Statement of Assets and Liabilities
as of April 30, 2021 (Unaudited)
Assets  
Investments in non-affiliated securities, at value (cost $384,469,498) — including $67,095,655 of securities loaned $ 526,163,574
Investment in DWS Government & Agency Securities Portfolio (cost $71,719,972)*  71,719,972
Investment in DWS Central Cash Management Government Fund (cost $7,939,587)   7,939,587
Cash       2,708
Foreign currency, at value (cost $34,481,698)  34,485,034
Receivable for Fund shares sold   1,727,880
Dividends receivable     607,051
Interest receivable      39,279
Foreign taxes recoverable         333
Other assets      71,728
Total assets 642,757,146
Liabilities  
Payable upon return of securities loaned  71,719,972
Payable for Fund shares redeemed   1,140,946
Deferred foreign taxes payable     304,941
Accrued management fee     302,793
Accrued Directors' fees       3,267
Other accrued expenses and payables     279,513
Total liabilities 73,751,432
Net assets, at value $ 569,005,714
Net Assets Consist of  
Distributable earnings (loss)  94,371,829
Paid-in capital 474,633,885
Net assets, at value $ 569,005,714
*  Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 17
Statement of Assets and Liabilities as of April 30, 2021 (Unaudited) (continued)
Net Asset Value  
Class A  
Net Asset Value and redemption price per share
($24,407,233 ÷ 975,079 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized) 		$       25.03
Maximum offering price per share (100 ÷ 94.25 of $25.03) $       26.56
Class T  
Net Asset Value and redemption price per share
($14,828 ÷ 592 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized)** 		$       25.03
Maximum offering price per share (100 ÷ 97.50 of $25.03) $       25.67
Class C  
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($6,597,522 ÷ 295,948 shares of capital stock outstanding,
$.01 par value, 20,000,000 shares authorized) 		$       22.29
Class R6  
Net Asset Value, offering and redemption price per share
($799,494 ÷ 31,523 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized) 		$       25.36
Class S  
Net Asset Value, offering and redemption price per share
($156,258,086 ÷ 6,159,794 shares of capital stock outstanding,
$.01 par value, 100,000,000 shares authorized) 		$       25.37
Institutional Class  
Net Asset Value, offering and redemption price per share
($380,928,551 ÷ 15,034,493 shares of capital stock outstanding,
$.01 par value, 100,000,000 shares authorized) 		$       25.34
**  Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding.
The accompanying notes are an integral part of the financial statements.
18 |  DWS Emerging Markets Equity Fund
Statement of Operations
for the six months ended April 30, 2021 (Unaudited)
Investment Income  
Income:  
Dividends (net of foreign taxes withheld of $511,080) $  3,244,487
Interest 84
Income distributions — DWS Central Cash Management
Government Fund 		5,361
Securities lending income, net of borrower rebates 230,084
Total income 3,480,016
Expenses:  
Management fee 1,842,425
Administration fee 255,307
Services to shareholders 283,966
Distribution and service fees 55,648
Custodian fee 40,822
Professional fees 46,515
Reports to shareholders 36,141
Registration fees 52,306
Directors' fees and expenses 8,444
Other 19,366
Total expenses before expense reductions 2,640,940
Expense reductions (143,483)
Total expenses after expense reductions 2,497,457
Net investment income 982,559
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from:  
Investments (including foreign taxes of $243) 12,221,787
Foreign currency 244,864
  12,466,651
Change in net unrealized appreciation (depreciation) on:  
Investments (net of deferred foreign taxes of $234,230) 66,491,296
Foreign currency (295,865)
  66,195,431
Net gain (loss) 78,662,082
Net increase (decrease) in net assets resulting from operations $ 79,644,641
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 19
Statements of Changes in Net Assets
  Six Months
Ended
April 30, 2021 		Year Ended
October 31,
Increase (Decrease) in Net Assets (Unaudited) 2020
Operations:    
Net investment income $  982,559 $  4,223,781
Net realized gain (loss) 12,466,651 (20,837,301)
Change in net unrealized appreciation
(depreciation) 		66,195,431 56,096,659
Net increase (decrease) in net assets resulting from operations 79,644,641 39,483,139
Distributions to shareholders:    
Class A (216,767) (444,350)
Class T (151) (211)
Class C (16,877) (66,492)
Class R6 (9,291) (315)
Class S (2,344,399) (3,612,454)
Institutional Class (3,731,248) (5,451,114)
Total distributions (6,318,733) (9,574,936)
Fund share transactions:    
Proceeds from shares sold 223,076,952 233,114,282
Reinvestment of distributions 6,229,691 9,422,476
Payments for shares redeemed (162,894,342) (283,194,745)
Net increase (decrease) in net assets from Fund share transactions 66,412,301 (40,657,987)
Increase (decrease) in net assets 139,738,209 (10,749,784)
Net assets at beginning of period 429,267,505 440,017,289
Net assets at end of period $ 569,005,714 $ 429,267,505
The accompanying notes are an integral part of the financial statements.
20 |  DWS Emerging Markets Equity Fund
Financial Highlights
DWS Emerging Markets Equity Fund — Class A
  Six Months
Ended 4/30/21 		Years Ended October 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $21.32 $19.59 $17.74 $19.54 $15.71 $14.49
Income (loss) from investment operations:            
Net investment incomea .02 .14 .48 .19 .10 .05
Net realized and unrealized gain (loss) 3.95 1.96 1.47 (1.90) 3.77 1.17
Total from investment operations 3.97 2.10 1.95 (1.71) 3.87 1.22
Less distributions from:            
Net investment income (.26) (.37) (.10) (.09) (.04) —
Redemption fees — — — — — .00 *
Net asset value, end of period $25.03 $21.32 $19.59 $17.74 $19.54 $15.71
Total Return (%)b,c 18.68 ** 10.75 11.04 (8.79) 24.75 8.42
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 24 18 23 9 10 8
Ratio of expenses before expense reductions (%) 1.25 *** 1.31 1.36 1.55 1.86 2.16
Ratio of expenses after expense reductions (%) 1.15 *** 1.15 1.15 1.15 1.35 1.67
Ratio of net investment income (%) .16 *** .73 2.49 .98 .59 .35
Portfolio turnover rate (%) 31 ** 57 32 34 14 72
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
** Not annualized
*** Annualized
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 21
DWS Emerging Markets Equity Fund — Class T
  Six Months
Ended 4/30/21 		Years Ended
October 31, 		Period
Ended
  (Unaudited) 2020 2019 2018 10/31/17 a
Selected Per Share Data          
Net asset value, beginning of period $21.32 $19.59 $17.74 $19.54 $17.54
Income (loss) from investment operations:          
Net investment incomeb .02 .16 .39 .19 .13
Net realized and unrealized gain (loss) 3.95 1.94 1.56 (1.90) 1.87
Total from investment operations 3.97 2.10 1.95 (1.71) 2.00
Less distributions from:          
Net investment income (.26) (.37) (.10) (.09) —
Net asset value, end of period $25.03 $21.32 $19.59 $17.74 $19.54
Total Return (%)c,d 18.68 * 10.75 11.04 (8.79) 11.40 *
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands) 15 12 11 10 11
Ratio of expenses before expense reductions (%) 1.20 ** 1.25 1.30 1.43 1.65 **
Ratio of expenses after expense reductions (%) 1.15 ** 1.15 1.15 1.15 1.15 **
Ratio of net investment income (%) .17 ** .82 2.07 .97 1.70 **
Portfolio turnover rate (%) 31 * 57 32 34 14 e
a For the period from June 5, 2017 (commencement of operations) to October 31, 2017.
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e Represents the Fund’s portfolio turnover rate for the year ended October 31, 2017.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
22 |  DWS Emerging Markets Equity Fund
DWS Emerging Markets Equity Fund — Class C
  Six Months
Ended 4/30/21 		Years Ended October 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $18.92 $17.38 $15.77 $17.43 $14.07 $13.07
Income (loss) from investment operations:            
Net investment income (loss)a (.06) (.00) * .26 .06 (.01) (.05)
Net realized and unrealized gain (loss) 3.50 1.72 1.35 (1.72) 3.37 1.05
Total from investment operations 3.44 1.72 1.61 (1.66) 3.36 1.00
Less distributions from:            
Net investment income (.07) (.18) — — — —
Redemption fees — — — — — .00 *
Net asset value, end of period $22.29 $18.92 $17.38 $15.77 $17.43 $14.07
Total Return (%)b,c 18.27 ** 9.89 10.21 (9.52) 23.88 7.65
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 7 4 6 3 3 2
Ratio of expenses before expense reductions (%) 1.97 *** 2.02 2.08 2.26 2.57 2.91
Ratio of expenses after expense reductions (%) 1.90 *** 1.90 1.90 1.90 2.09 2.42
Ratio of net investment income (loss) (%) (.58) *** (.00) **** 1.55 .31 (.09) (.40)
Portfolio turnover rate (%) 31 ** 57 32 34 14 72
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
** Not annualized
*** Annualized
**** Amount is less than .005%.
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 23
DWS Emerging Markets Equity Fund — Class R6
  Six Months
Ended 4/30/21 		Years Ended
October 31, 		Period
Ended
  (Unaudited) 2020 2019 10/31/18 a
Selected Per Share Data        
Net asset value, beginning of period $21.63 $19.87 $17.99 $18.68
Income (loss) from investment operations:        
Net investment incomeb .07 .19 .48 .02
Net realized and unrealized gain (loss) 3.98 2.00 1.54 (.71)
Total from investment operations 4.05 2.19 2.02 (.69)
Less distributions from:        
Net investment income (.32) (.43) (.14) —
Net asset value, end of period $25.36 $21.63 $19.87 $17.99
Total Return (%) 18.82 * 11.06 c 11.32 c (3.69) c*
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands) 799 126 25 10
Ratio of expenses before expense reductions (%) .90 ** 1.26 1.21 1.41 **
Ratio of expenses after expense reductions (%) .90 ** .90 .90 .90 **
Ratio of net investment income (%) .57 ** .95 2.51 .63 **
Portfolio turnover rate (%) 31 * 57 32 34 d
a For the period from September 7, 2018 (commencement of operations) to October 31, 2018.
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Represents the Fund’s portfolio turnover rate for the year ended October 31, 2018.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
24 |  DWS Emerging Markets Equity Fund
DWS Emerging Markets Equity Fund — Class S
  Six Months
Ended 4/30/21 		Years Ended October 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $21.63 $19.87 $18.00 $19.82 $15.94 $14.70
Income (loss) from investment operations:            
Net investment incomea .04 .19 .48 .24 .15 .09
Net realized and unrealized gain (loss) 4.00 1.98 1.52 (1.93) 3.81 1.18
Total from investment operations 4.04 2.17 2.00 (1.69) 3.96 1.27
Less distributions from:            
Net investment income (.30) (.41) (.13) (.13) (.08) (.03)
Redemption fees — — — — — .00 *
Net asset value, end of period $25.37 $21.63 $19.87 $18.00 $19.82 $15.94
Total Return (%)b 18.83 ** 10.92 11.19 (8.61) 25.03 8.68
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 156 191 203 89 65 46
Ratio of expenses before expense reductions (%) 1.06 *** 1.09 1.12 1.31 1.57 1.90
Ratio of expenses after expense reductions (%) .98 *** .98 .98 .98 1.14 1.42
Ratio of net investment income (%) .33 *** .99 2.46 1.19 .87 .62
Portfolio turnover rate (%) 31 ** 57 32 34 14 72
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
** Not annualized
*** Annualized
The accompanying notes are an integral part of the financial statements.
DWS Emerging Markets Equity Fund  | 25
DWS Emerging Markets Equity Fund — Institutional Class
  Six Months
Ended 4/30/21 		Years Ended October 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $21.61 $19.86 $17.99 $19.81 $15.92 $14.68
Income (loss) from investment operations:            
Net investment income (loss)a .05 .21 .55 .28 .21 (.04)
Net realized and unrealized gain (loss) 4.00 1.97 1.46 (1.96) 3.76 1.31
Total from investment operations 4.05 2.18 2.01 (1.68) 3.97 1.27
Less distributions from:            
Net investment income (.32) (.43) (.14) (.14) (.08) (.03)
Redemption fees — — — — — .00 *
Net asset value, end of period $25.34 $21.61 $19.86 $17.99 $19.81 $15.92
Total Return (%)b 18.84 ** 11.02 11.29 (8.54) 25.05 8.76
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 381 216 208 28 9 1
Ratio of expenses before expense reductions (%) .94 *** 1.00 1.05 1.18 1.34 1.72
Ratio of expenses after expense reductions (%) .90 *** .90 .90 .90 .97 1.42
Ratio of net investment income (loss) (%) .43 *** 1.05 2.82 1.40 1.14 (.28)
Portfolio turnover rate (%) 31 ** 57 32 34 14 72
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
** Not annualized
*** Annualized
The accompanying notes are an integral part of the financial statements.
26 |  DWS Emerging Markets Equity Fund
Notes  to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
DWS Emerging Markets Equity Fund (the “Fund” ) is a diversified series of Deutsche 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 subject to an initial sales charge. Class T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Class T shares are closed to new purchases, except in connection with the reinvestment of dividends or other distributions. Class C shares are not subject to 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. Effective May 10, 2021, Class C shares automatically convert to Class A shares in the same fund after 8 years instead of 10 years, provided that the fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.
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 (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards
DWS Emerging Markets Equity Fund  | 27
Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and exchange-traded funds (“ETFs” ) are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1 securities. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces
28 |  DWS Emerging Markets Equity Fund
that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended April 30, 2021, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.01% annualized effective rate as of April 30, 2021) on the cash collateral invested in DWS Government & Agency Securities Portfolio. 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
DWS Emerging Markets Equity Fund  | 29
fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of April 30, 2021, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements as of April 30, 2021
  Overnight
and
Continuous 		<30 days Between 30
& 90 days 		>90 days Total
Securities Lending Transactions 
Common Stocks $ 20,213,727 $ — $ — $ — $ 20,213,727
Exchange-Traded Funds 51,506,245 — — — 51,506,245
Total Borrowings $ 71,719,972 $  — $  — $  — $ 71,719,972
Gross amount of recognized liabilities for securities lending transactions: $ 71,719,972
Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.
At October 31, 2020, the Fund had net tax basis capital loss carryforwards of approximately $55,915,000, including short-term losses ($20,991,000) and long-term losses ($34,924,000), which may be applied against realized net taxable capital gains indefinitely.
At April 30, 2021, the aggregate cost of investments for federal income tax purposes was $468,032,351. The net unrealized appreciation for all investments based on tax cost was $137,790,782. This consisted of aggregate gross unrealized appreciation for all investments for which
30 |  DWS Emerging Markets Equity Fund
there was an excess of value over tax cost of $155,222,221 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $17,431,439.
The Fund has reviewed the tax positions for the open tax years as of October 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes, if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, passive foreign investments companies, and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on
DWS Emerging Markets Equity Fund  | 31
the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B. Purchases and Sales of Securities
During the six months ended April 30, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $192,266,482 and $146,558,274, respectively.
C. Related Parties
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund, or delegates such responsibility to the Fund’s subadvisor.
DWS Investments Hong Kong Limited, an affiliate of DIMA, serves as subadvisor with respect to the investment and reinvestment of assets of the Fund, and is paid by the Advisor for its services.
Under the Investment Management Agreement, the Fund pays a monthly management fee equal to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.70% of the average daily net assets of the Fund, computed and accrued daily and payable monthly.
For the period from November 1, 2020 through January 31, 2022, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A 1.15%
Class T 1.15%
Class C 1.90%
Class R6 .90%
Class S .98%
Institutional Class .90%
32 |  DWS Emerging Markets Equity Fund
For the six months ended April 30, 2021, fees waived and/or expenses reimbursed for certain classes are as follows:
Class A $  11,561
Class T 3
Class C 1,986
Class S 69,772
Institutional Class 60,161
  $ 143,483
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 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended April 30, 2021, the Administration Fee was $255,307, of which $45,464 is unpaid.
Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended April 30, 2021, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders Total
Aggregated 		Unpaid at
April 30, 2021
Class A $  5,188 $ 1,733
Class T 13 4
Class C 362 128
Class R6 66 9
Class S 24,012 7,893
Institutional Class 362 72
  $ 30,003 $ 9,839
In addition, for the six months ended April 30, 2021, the amounts charged to the Fund for recordkeeping and other administrative services provided
DWS Emerging Markets Equity Fund  | 33
by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows:
Sub-Recordkeeping Total
Aggregated
Class A $  9,363
Class C 2,233
Class S 135,564
Institutional Class 94,403
  $ 241,563
Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended April 30, 2021, the Distribution Fee was as follows:
Distribution Fee Total
Aggregated 		Unpaid at
April 30, 2021
Class C $ 21,387 $ 4,062
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A, T and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended April 30, 2021, the Service Fee was as follows:
Service Fee Total
Aggregated 		Unpaid at
April 30, 2021 		Annualized
Rate
Class A $ 27,121 $  9,307 .24%
Class T 11 11 .15%
Class C 7,129 2,328 .25%
  $ 34,261 $ 11,646  
Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended April 30, 2021 aggregated $3,487.
In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares
34 |  DWS Emerging Markets Equity Fund
redeemed for Class C. For the six months ended April 30, 2021, the CDSC for Class C shares aggregated $90. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended April 30, 2021, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $1,110, of which $207 is unpaid.
Directors' Fees and Expenses. The Fund paid retainer fees to each Director not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.
D. Investing in Emerging Markets
Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.
E. Line of Credit
The Fund and other affiliated funds (the “Participants” ) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including
DWS Emerging Markets Equity Fund  | 35
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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 25 percent of its net assets under the agreement. The Fund had no outstanding loans at April 30, 2021.
F. Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
  Six Months Ended
April 30, 2021 		Year Ended
October 31, 2020
  Shares Dollars Shares Dollars
Shares sold
Class A   231,983   $  5,936,915   293,462   $  5,740,580
Class C   103,006   2,341,692    55,576     975,545
Class R6    33,294     813,190   5,102.5     111,366
Class S 1,148,595  28,879,443 4,048,951  78,644,076
Institutional Class 7,208,392 185,105,712 7,657,399 147,642,715
    $  223,076,952   $  233,114,282
Shares issued to shareholders in reinvestment of distributions
Class A     9,050     $  214,843    21,278     $  441,739
Class T         6         151        10         211
Class C       796      16,877     3,583      66,434
Class R6       387       9,291        15         315
Class S    95,270   2,290,299   168,095   3,533,360
Institutional Class   154,093   3,698,230   256,332   5,380,417
    $  6,229,691   $  9,422,476
Shares redeemed
Class A   (92,797)  $  (2,315,717)  (680,017) $  (13,176,421)
Class C   (42,964)    (965,051)  (165,576)  (2,732,847)
Class R6    (7,985)    (202,090)      (533)     (10,709)
Class S (3,909,261) (100,157,179) (5,604,984) (107,347,026)
Institutional Class (2,333,491) (59,254,305) (8,366,880) (159,927,742)
    $ (162,894,342)   $ (283,194,745)
36 |  DWS Emerging Markets Equity Fund
  Six Months Ended
April 30, 2021 		Year Ended
October 31, 2020
  Shares Dollars Shares Dollars
Net increase (decrease)
Class A   148,236   $  3,836,041  (365,277)  $  (6,994,102)
Class T         6         151        10         211
Class C    60,838   1,393,518  (106,417)  (1,690,868)
Class R6    25,696     620,391   4,584.5     100,972
Class S (2,665,396) (68,987,437) (1,387,938) (25,169,590)
Institutional Class 5,028,994 129,549,637  (453,149)  (6,904,610)
    $  66,412,301   $  (40,657,987)
G. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
DWS Emerging Markets Equity Fund  | 37
Information About Your Fund’s Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class A, Class T, Class C, Class S and Institutional Class shares; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2020 to April 30, 2021).
The tables illustrate your Fund’s expenses in two ways:
—  Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000”  line under the share class you hold.
—  Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000”  line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.
38 |  DWS Emerging Markets Equity Fund
Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2021 (Unaudited)
Actual Fund Return Class A Class T Class C Class R6 Class S Institutional
Class
Beginning Account Value 11/1/20 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value 4/30/21 $1,186.80 $1,186.80 $1,182.70 $1,188.20 $1,188.30 $1,188.40
Expenses Paid per $1,000* $ 6.24 $ 6.24 $ 10.28 $ 4.88 $ 5.32 $ 4.88
Hypothetical 5% Fund Return Class A Class T Class C Class R6 Class S Institutional
Class
Beginning Account Value 11/1/20 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value 4/30/21 $1,019.09 $1,019.09 $1,015.37 $1,020.33 $1,019.93 $1,020.33
Expenses Paid per $1,000* $ 5.76 $ 5.76 $ 9.49 $ 4.51 $ 4.91 $ 4.51
* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios Class A Class T Class C Class R6 Class S Institutional
Class
DWS Emerging Markets Equity Fund    1.15%    1.15%    1.90%    .90%    .98%    .90%
For more information, please refer to the Fund’s prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.
DWS Emerging Markets Equity Fund  | 39
Liquidity Risk Management
In accordance with Rule 22e-4 (the “Liquidity Rule” ) under the Investment Company Act of 1940 (the “1940 Act” ), your Fund has adopted a liquidity risk management program (the “Program” ), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA” ) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee” ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2021, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report” ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2019 through November 30, 2020 (the “Reporting Period” ). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum”  as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
40 |  DWS Emerging Markets Equity Fund
Advisory Agreement Board Considerations and Fee Evaluation
The Board of Directors (hereinafter referred to as the “Board”  or “Directors” ) approved the renewal of DWS Emerging Markets Equity Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) and sub-advisory agreement (the “Sub-Advisory Agreement”  and together with the Agreement, the “Agreements” ) between DIMA and DWS Investments Hong Kong Limited (“DWS HK” ), an affiliate of DIMA, in September 2020.
In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:
—  During the entire process, all of the Fund’s Directors were independent of DIMA and its affiliates (the “Independent Directors” ).
—  The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Directors (the “Fee Consultant” ).
—  The Board also received extensive information throughout the year regarding performance of the Fund.
—  The Independent Directors regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Directors were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.
—  In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and
DWS Emerging Markets Equity Fund  | 41
DWS HK are part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.
While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s and DWS HK’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and DWS HK provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fund sub-advisors, including DWS HK. 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 index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review”  (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s 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, 2019, the Fund’s performance (Class A shares) was in the 3rd quartile, 1st quartile and 1st quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has
42 |  DWS Emerging Markets Equity Fund
outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2019.
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. With respect to the sub-advisory fee paid to DWS HK, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2019, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group manages a DWS Europe Fund comparable to the Fund, but does not manage any comparable institutional accounts. The Board took note of the differences in services provided to DWS Funds as compared to DWS Europe Funds and that such differences made comparison difficult.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and DWS HK.
DWS Emerging Markets Equity Fund  | 43
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most 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. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out”  benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft- dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.
44 |  DWS Emerging Markets Equity Fund
Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order” ). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and counsel present. It is possible that individual Independent Directors may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.
DWS Emerging Markets Equity Fund  | 45
Account Management Resources
For More Information The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling:
(800) 728-3337
Web Site dws.com
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day.
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence DWS
PO Box 219151
Kansas City, MO 64121-9151
Proxy Voting The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter If you have questions, comments or complaints, contact:
DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
46 |  DWS Emerging Markets Equity Fund
Investment Management DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group.
  DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
  Class A Class T Class C Class S Institutional Class
Nasdaq Symbol SEKAX SEKTX SEKCX SEMGX SEKIX
CUSIP Number 25156G 103 25156G 566 25156G 301 25156G 400 25156G 780
Fund Number 479 1779 779 2079 1479
For shareholders of Class R6
Automated Information Line   DWS/Ascensus Plan Access (800) 728-3337
24-hour access to your retirement plan account.
Web Site   dws.com
Obtain prospectuses and applications, news about DWS funds,
insight from DWS economists and investment specialists and access
to DWS fund account information.
Log in/register to manage retirement account assets at
https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information   (800) 728-3337
To speak with a service representative.
Written Correspondence   DWS Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
  Class R6
Nasdaq Symbol SEKRX
CUSIP Number 25156G 426
Fund Number 1679
DWS Emerging Markets Equity Fund  | 47
Privacy Statement
FACTS What Does DWS Do With Your Personal Information?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share can include:
— Social Security number
— Account balances
— Purchase and transaction history
— Bank account information
— Contact information such as mailing address, e-mail address and telephone number
How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.
Reasons we can share your personal information Does DWS share? Can you limit
this sharing?
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations Yes No
For our marketing purposes — to offer our products and services to you Yes No
For joint marketing with other financial companies No We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences No We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness No We do not share
For non-affiliates to market to you No We do not share
Questions? Call (800) 728-3337 or e-mail us at service@dws.com
    
48 |  DWS Emerging Markets Equity Fund
Who we are
Who is providing this notice? DWS Distributors, Inc; DWS Investment Management Americas,
Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings.
How does DWS collect my personal information? We collect your personal information, for example, when you:
— open an account
— give us your contact information
— provide bank account information for ACH or wire transactions
— tell us where to send money
— seek advice about your investments
Why can’t I limit all sharing? Federal law gives you the right to limit only
— sharing for affiliates’ everyday business purposes
— information about your creditworthiness
— affiliates from using your information to market to you
— sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates Companies related by common ownership or control. They can be
financial or non-financial companies. Our affiliates include financial
companies with the DWS or Deutsche Bank (“DB” ) name, such as
DB AG Frankfurt.
Non-affiliates Companies not related by common ownership or control. They can
be financial and non-financial companies.
Non-affiliates we share with include account service providers,
service quality monitoring services, mailing service providers and
verification services to help in the fight against money laundering
and fraud.
Joint marketing A formal agreement between non-affiliated financial companies that
together market financial products or services to you. DWS does not
jointly market.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Rev. 12/2020
DWS Emerging Markets Equity Fund  | 49
Notes
Notes
DEMEF-3
(R-027567-10 6/21)

   
  (b) Not applicable
   
ITEM 2. CODE OF ETHICS
   
  Not applicable.
   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
   
  Not applicable
   
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
  Not applicable
   
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
   
  Not applicable
   
ITEM 6. SCHEDULE OF INVESTMENTS
   
  Not applicable
   
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
  Not applicable
   
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
  There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
   
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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
   
  Not applicable
   
ITEM 13. EXHIBITS
   
  (a)(1) Not applicable
   
  (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
  (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc.
   
   
By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 6/29/2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 6/29/2021
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Chief Financial Officer and Treasurer

   
Date: 6/29/2021

 

 EX-99.CERT 2 ex99cert.htm CERTIFICATION

President

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Hepsen Uzcan, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc., on Form N-CSRS;
     
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
       

 

6/29/2021 /s/Hepsen Uzcan
  Hepsen Uzcan
  President

 

 

 

 

 

 

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Diane Kenneally, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc., on Form N-CSRS;
     
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
       

 

6/29/2021 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

 EX-99.906 CERT 3 ex99906cert.htm 906 CERTIFICATION

President

 

 

Section 906 Certification under Sarbanes Oxley Act

 

 

 

I, Hepsen Uzcan, certify that:

 

1. I have reviewed this report, filed on behalf of DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc., on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

6/29/2021 /s/Hepsen Uzcan
  Hepsen Uzcan
  President

 

 

 

Chief Financial Officer and Treasurer

 

Section 906 Certification under Sarbanes Oxley Act

 

 

I, Diane Kenneally, certify that:

 

1. I have reviewed this report, filed on behalf of DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc., on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

6/29/2021 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

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