UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-00642
Deutsche DWS International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
345 Park Avenue
New York, NY 10154-0004
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code:(212) 250-2500
Diane Kenneally
One International Place
Boston, MA 02110
(Name and Address of Agent for Service)
| Date of fiscal year end: | 8/31 |
| Date of reporting period: | 8/31/2019 |
| ITEM 1. | REPORT TO STOCKHOLDERS |
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August 31, 2019
Annual Report
to Shareholders
DWS CROCI® International Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.
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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.
The Fund will be managed using the CROCI® Investment Process which is based on portfolio management’s belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI® Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the Fund. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rate changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The Fund may lend securities to approved institutions. Stocks may decline in value. Please read the prospectus for details.
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
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Dear Shareholder:
The markets, both domestic and global, have been increasingly influenced by geopolitical concerns in recent months — most notably the trade conflict between China and the United States and uncertainty around the implementation of Britain’s exit from the European Union (“Brexit”). The result has been increased volatility and continued efforts by central banks to bolster economic growth through monetary policy.
Against this backdrop, our Americas Chief Investment Officer (“CIO”) remains constructive, albeit more cautious than at the beginning of the year. In our view, while tariffs raise concerns, particularly for commodity producing and manufacturing industries, including the world’s regional economies tilted toward such industries and still suffering from their own weak internal recoveries, a robust labor market and other key metrics suggest the underpinnings of the U.S. economy remain intact.
Of course, these issues and their potential implications bear close watching. Our CIO Office and global network of analysts diligently monitor these matters to determine when and what, if any, strategic or tactical adjustments may be warranted.
We invite you to access these views to better understand the changing landscape and, most important, what it may mean for you. The “Insights” section of our web site, dws.com, is home to our CIO View, which integrates theon-the-ground views of our worldwide network of economists, research analysts and investment professionals. This truly global perspective guides our strategic investment approach.
As always, we thank you for trusting DWS to help serve your investment needs.
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.
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| Portfolio Management Review | (Unaudited) |
Market Overview and Fund Performance
All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the most recentmonth-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 10 through 12 for more complete performance information.
Investment Strategy and Process
Portfolio management will select stocks of companies that it believes offer economic value utilizing the Cash Return on Capital Invested (CROCI®) strategy as the primary factor, in addition to other factors. Under the CROCI® strategy, economic value is measured using various metrics such as the CROCI® Economic Price Earnings Ratio (CROCI® Economic P/E Ratio). The CROCI® Economic P/E Ratio is a proprietary measure of company valuation using the same relationship between valuation and return as an accounting P/E ratio (i.e., price/book value divided by return on equity).
Portfolio management will select stocks primarily from a universe consisting of the largest companies in developed markets outside North America represented in the CROCI® Investment Strategy and Valuation Group’s database of companies evaluated using the CROCI® strategy. Generally, this database has included approximately 400 stocks from developed markets outside of North America.
Portfolio management will periodically review and adjust the fund’s portfolio in order to maintain the desired balance between return potential and various risk factors, such as, without limitation: style, size, country and idiosyncratic risks. Portfolio management may refer to the output of various optimization tools and other portfolio construction techniques in order to help control for tax efficiency, unwanted portfolio exposure to the risk factors specified above versus the benchmark, as well as undesired levels of portfolio turnover, and other factors.
The Fund returned –8.75% in the12-month period ended August 31, 2019, underperforming the –3.26% return of the MSCI EAFE Index.
International stocks experienced weak performance in the past 12 months, with the majority of the negative return occurring in the span from September to December of 2018. During this time, global equities and other higher-risk assets came under pressure from the combination of
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uncertain U.S. Federal Reserve (Fed) policy, rising trade tensions between the United States and China, and mounting worries that the world economy could slide into a recession. Stocks staged a robust recovery in the first four months of 2019 as these concerns faded and the Fed began to indicate that it would soon cut interest rates. The ensuing rally erased nearly all of the prior losses for the MSCI EAFE Index by late April. However, the markets again started to trend lower in the late spring and summer as global growth continued to slow and the U.S.-China trade dispute showed no signs of reaching a resolution.
At the country level, notable laggards included Germany — which was beset by weakening economic conditions and worries about the health of its banking sector — as well as Japan, the United Kingdom, and theoil-sensitive Nordic countries. Conversely, markets in the Asiaex-Japan region generally outperformed.
For U.S. investors, much of the downturn in the MSCI EAFE Index was the result of weakness in foreign currencies relative to the U.S. dollar. The index returned –0.50% in local currency terms, indicating that currency translation accounted for 2.76 percentage points of negative return. Since we chose not to hedge the portfolio’s foreign currency exposure, this factor carried through to Fund returns.
In a continuation of a trend that has been in place for several years, the growth style outperformed value. The MSCI EAFE Growth Index gained 0.81% in the annual period and far outpaced the –7.42% return of the MSCI Value Index. The prospect of slowing global growth contributed to increased investor demand for companies with the ability to deliver accelerating profits.
Fund Performance
In this environment, our value-oriented approach was a key headwind to relative performance versus the MSCI EAFE Index (which incorporates both the growth and value styles). Although growth stocks have been in favor for quite some time, it’s important to keep in mind that the two styles tend to alternate leadership over the longer term. We believe our CROCI investment process, through its disciplined approach and focus on real value, is well positioned to benefit once the relative performance of the value style begins to improve.
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On the plus side, our emphasis on lower-volatility stocks aided results at a time of elevated market volatility and heightened investor uncertainty.
At the sector level, the Fund’s relative weakness in industrials was a key factor in its12-month underperformance. Shares of International Consolidated Airlines Group SA* (Spain) lost ground due a variety of challenges, including increased competition and weaker passenger demand. The Dutch staffer company Randstad NV (Netherlands), which posted weaker organic revenue growth, also detracted. In addition, Hochtief AG* — a German construction company — slid in the first half of 2019 following the emergence of concerns about potentially aggressive accounting practices.
“Our strategy was to ‘stick to our knitting’ through a continued emphasis on our disciplined, systematic approach to stock selection.”
The materials sector was another area in which the Fund underperformed. Shares of the steel producer Arcelor Mittal SA* (France) experienced a considerable downturn amid the uncertainty surrounding U.S. trade policy. Positions in Arkema SA (France) and Boral Ltd. (Australia) further weighed on results. Arkema, an adhesives company, faced challenges from unfavorable foreign exchange translation and slower growth in China, while Boral lowered its earnings guidance due to weaker residential construction in Australia.
Outside of these two sectors, the Belgium-based health care company UCB SA was the largest detractor. The stock lagged due to the combination of disappointing earnings and a change in management. We also lost some ground from a position in HenkelAG & Company, KGaA, a German chemical producer whose shares were pressured by slowing growth outlook.
On the plus side, the U.K. homebuilder Barratt Developments PLC contributed to results as it shares rallied on the strength of solid profits. Also in the United Kingdom, shares of the pub operator EI Group PLC climbed after the company agreed to a takeover offer from a competitor. Koninklijke DSM*, a health and nutrition company based in the Netherlands, was an additional contributor thanks to favorable earnings momentum and speculation that the stock could be an acquisition target.
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The fund also benefited from the positive returns for a number of its investments in Japan, including Sekisui House Ltd., Itochu Corp.*, and Bridgestone Corp.
Outlook and Positioning
At the close of the period, the Fund’s largest overweight positions were in the consumer discretionary, materials, and industrials sectors. Its largest underweight was in financials, followed by information technology, communications services, and real estate. The Fund’s holdings tend to deviate quite a bit from those of the benchmark, as we invest in areas where we find the most attractive values based on the CROCI® investment process, rather than seeking to match the weightings in the index.
The fundamental picture for international equities has weakened somewhat in the past year, with signs of softness in both economic growth and corporate profits. These developments have been accompanied by lower valuations, however, particularly in the most economically sensitive areas of the market. We believe this indicates an opportunity to find attractive investment ideas at the individual company level. This is evident in the Fund’s metrics, which continue to demonstrate what we view as a favorable balance of compelling valuations and positive fundamentals. As of August 31, 2019, the Fund had aprice-to-earnings ratio of 10.3 based onone-year forward earnings estimates, versus 13.1 for the MSCI EAFE Index. At the same time, the companies in the portfolio featured a return on equity of 7.0%, which compared with 6.5% for the index. While these characteristics were not reflected in the Fund’s return over the past year, we believe they help create a positive foundation for longer-term results.
At the close of the period, market conditions were characterized by ongoing investor caution and elevatedday-to-day volatility. In this uncertain environment, our strategy was to “stick to our knitting” through a continued emphasis on our disciplined, systematic approach to stock selection, rather than trying to construct a portfolio on the basis of economic developments or short-term market movements.
| * | Not held in the portfolio as of August 31, 2019. |
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Portfolio Management Team
Di Kumble, CFA, Managing Director
Portfolio Manager of the Fund. Began managing the Fund in 2014.
| – | Joined DWS in 2003 with seven years of industry experience. Prior to joining, she served as a Portfolio Manager at Graham Capital Management. Previously, she worked as a Quantitative Strategist at ITG Inc. and Morgan Stanley. |
| – | Senior Portfolio Manager, Head of Tax Managed Equities: New York. |
| – | BS, Beijing University; PhD in Chemistry, Princeton University. |
John Moody, Vice President
Portfolio Manager of the Fund. Began managing the Fund in 2016.
| – | Joined DWS in 1998. Prior to his current role, served as a Business Manager for Active Equity. Previously, he was a Portfolio Analyst for EAFE, Global and Technology Funds and an Investment Accountant for International Funds. He began his career as a Client Service Associate for the International Institutional Equity Group. |
| – | Portfolio Analyst/Portfolio Manager: New York. |
| – | BS in Business Management, Fairfield University. |
Terms to Know
TheMorgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Indexis an unmanaged equity index which captures large and mid-capitalization representation across 21 developed markets countries around the world, excluding the U.S. and Canada. It covers approximately 85% of the free float-adjusted market capitalization in each country.
TheMSCI EAFE Growth Index captures large andmid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.
TheMSCI EAFE Value Index captures large andmid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price,12-month forward earnings to price and dividend yield. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Beta measures a security’s sensitivity to the movements of the Fund’s benchmark or the market as a whole. A beta of greater than one indicates more volatility than the benchmark or market, while a beta of less than one indicates less volatility.
Consumer discretionaryrepresents industries that produce goods and services that are not necessities in everyday life.
Contributors and detractorsincorporate both a stock’s return and its weight. If two stocks have the same return but one has a larger weighting in the Fund, it will have a larger contribution to return in the period.
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Overweightmeans the Fund holds a higher weighting in a given sector or security than the benchmark.Underweightmeans the Fund holds a lower weighting.
Price-to-earnings (P/E) ratio, or earnings multiple, is the price of a stock divided by its earnings per share. It is a widely used gauge of a stock’s valuation that indicates what investors are paying for a company’s earnings on aper-share basis.
Return on equityis the amount of profit returned as a percentage of shareholders’ equity.
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| Performance Summary | August 31, 2019 (Unaudited) |
| Class A | 1-Year | 5-Year | 10-Year | |||||||||
| Average Annual Total Returnsas of 8/31/19 |
| |||||||||||
| Unadjusted for Sales Charge | –8.75% | –0.12% | 3.04% | |||||||||
| Adjusted for the Maximum Sales Charge (max 5.75% load) | –13.99% | –1.30% | 2.43% | |||||||||
| MSCI EAFE Index† | –3.26% | 1.89% | 5.00% | |||||||||
| MSCI EAFE US Dollar Hedged Index†† | 2.09% | 6.51% | 7.54% | |||||||||
| MSCI EAFE Value Index††† | –7.42% | –0.80% | 3.10% | |||||||||
| Class T | 1-Year | 5-Year | 10-Year | |||||||||
| Average Annual Total Returnsas of 8/31/19 |
| |||||||||||
| Unadjusted for Sales Charge | –8.73% | –0.13% | 3.07% | |||||||||
| Adjusted for the Maximum Sales Charge (max 2.50% load) | –11.01% | –0.64% | 2.81% | |||||||||
| MSCI EAFE Index† | –3.26% | 1.89% | 5.00% | |||||||||
| MSCI EAFE US Dollar Hedged Index†† | 2.09% | 6.51% | 7.54% | |||||||||
| MSCI EAFE Value Index††† | –7.42% | –0.80% | 3.10% | |||||||||
| Class C | 1-Year | 5-Year | 10-Year | |||||||||
| Average Annual Total Returnsas of 8/31/19 |
| |||||||||||
| Unadjusted for Sales Charge | –9.41% | –0.85% | 2.26% | |||||||||
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) |
| –9.41% |
|
| –0.85% |
|
| 2.26% |
| |||
| MSCI EAFE Index† | –3.26% | 1.89% | 5.00% | |||||||||
| MSCI EAFE US Dollar Hedged Index†† | 2.09% | 6.51% | 7.54% | |||||||||
| MSCI EAFE Value Index††† | –7.42% | –0.80% | 3.10% | |||||||||
| Class R6 | 1-Year | Life of Class* | ||||||||||
| Average Annual Total Returnsas of 8/31/19 | ||||||||||||
| No Sales Charges | –8.39% | 0.62% | ||||||||||
| MSCI EAFE Index† | –3.26% | 2.86% | ||||||||||
| MSCI EAFE US Dollar Hedged Index†† | 2.09% | 3.25% | ||||||||||
| MSCI EAFE Value Index††† | –7.42% | 1.33% | ||||||||||
| Class S | 1-Year | 5-Year | 10-Year | |||||||||
| Average Annual Total Returnsas of 8/31/19 |
| |||||||||||
| No Sales Charges | –8.49% | 0.12% | 3.32% | |||||||||
| MSCI EAFE Index† | –3.26% | 1.89% | 5.00% | |||||||||
| MSCI EAFE US Dollar Hedged Index†† | 2.09% | 6.51% | 7.54% | |||||||||
| MSCI EAFE Value Index††† | –7.42% | –0.80% | 3.10% | |||||||||
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| Institutional Class | 1-Year | 5-Year | 10-Year | |||||||||
| Average Annual Total Returnsas of 8/31/19 |
| |||||||||||
| No Sales Charges | –8.50% | 0.18% | 3.41% | |||||||||
| MSCI EAFE Index† | –3.26% | 1.89% | 5.00% | |||||||||
| MSCI EAFE US Dollar Hedged Index†† | 2.09% | 6.51% | 7.54% | |||||||||
| MSCI EAFE Value Index††† | –7.42% | –0.80% | 3.10% | |||||||||
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recentmonth-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2018 are 1.17%, 1.11%, 1.88%, 0.76%, 0.90% and 0.85% for Class A, Class T, Class C, Class R6, Class S and Institutional Class shares, 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 Institutional Class shares of DWS CROCI®International 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.
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| Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
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 December 1, 2014. |
| † | The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged equity index which captures large and mid-capitalization representation across 21 developed markets countries around the world, excluding the U.S. and Canada. It covers approximately 85% of the free float-adjusted market capitalization in each country. |
| †† | MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and selectednon-US currencies. |
| ††† | MSCI EAFE Value Index captures large and mid-capitalization securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the U.S. and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. |
On April 15, 2019, MSCI EAFE Value Index replaced the MSCI EAFE US Dollar Hedged Index as the fund’s comparative secondary benchmark index because the Advisor believes the MSCI EAFE Value Index is more consistent with the fund’s investment approach. |
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| Ten Largest Equity Holdings at August 31, 2019 (37.8% of Net Assets) | Country | Percent | ||||||||
| 1 | Roche Holding AG | Switzerland | 5.3 | % | ||||||
| Developer of pharmaceutical and chemical products | ||||||||||
| 2 | UCB SA | Belgium | 4.6 | % | ||||||
| Global biopharmaceutical company | ||||||||||
| 3 | Sumitomo Mitsui Financial Group, Inc. | Japan | 4.5 | % | ||||||
| Provides commercial banking and a variety of financial services | ||||||||||
| 4 | Royal Dutch Shell PLC | Netherlands | 4.1 | % | ||||||
| Explorer and producer of petroleum | ||||||||||
| 5 | Barratt Developments PLC | United Kingdom | 3.8 | % | ||||||
| Develops and builds properties | ||||||||||
| 6 | Sanofi | France | 3.6 | % | ||||||
| Manufactures prescription pharmaceuticals | ||||||||||
| 7 | Central Japan Railway Co. | Japan | 3.1 | % | ||||||
| Provides rail transportation services | ||||||||||
| 8 | Taylor Wimpey PLC | United Kingdom | 3.1 | % | ||||||
| Conducts business in the housing, construction and engineering, and property development and investment sectors | ||||||||||
| 9 | Bridgestone Corp. | Japan | 2.9 | % | ||||||
| Manufacturer of automobile tires | ||||||||||
| 10 | Persimmon PLC | United Kingdom | 2.8 | % | ||||||
| Designs, builds & develops residential housing | ||||||||||
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 15. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 53 for contact information.
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| Investment Portfolio | as of August 31, 2019 |
| Shares | Value ($) | |||||||
| Common Stocks 96.0% | ||||||||
| Australia 6.5% | ||||||||
Australia & New Zealand Banking Group Ltd. | 360,343 | 6,488,376 | ||||||
BHP Group Ltd. | 544,415 | 13,294,602 | ||||||
Boral Ltd. | 2,510,253 | 7,209,210 | ||||||
National Australia Bank Ltd. | 106,536 | 1,963,554 | ||||||
Origin Energy Ltd. | 578,258 | 2,969,471 | ||||||
Westpac Banking Corp. | 211,225 | 4,011,720 | ||||||
|
| |||||||
(Cost $38,103,900) | 35,936,933 | |||||||
| Belgium 4.9% | ||||||||
Solvay SA | 14,307 | 1,445,724 | ||||||
UCB SA | 344,173 | 25,692,598 | ||||||
|
| |||||||
(Cost $29,486,775) | 27,138,322 | |||||||
| Finland 1.0% | ||||||||
Nokian Renkaat Oyj (Cost $9,818,697) | 194,041 | 5,320,865 | ||||||
| France 7.0% | ||||||||
Arkema SA | 42,768 | 3,757,374 | ||||||
Atos SE | 65,445 | 4,967,041 | ||||||
BNP Paribas SA | 40,708 | 1,840,352 | ||||||
Credit Agricole SA | 393,533 | 4,497,204 | ||||||
Sanofi | 231,394 | 19,885,705 | ||||||
Television Francaise 1 | 432,663 | 3,943,361 | ||||||
|
| |||||||
(Cost $44,958,367) | 38,891,037 | |||||||
| Germany 4.0% | ||||||||
BASF SE | 21,390 | 1,416,724 | ||||||
Brenntag AG | 229,819 | 11,093,585 | ||||||
Merck KGaA | 88,421 | 9,467,071 | ||||||
|
| |||||||
(Cost $23,453,617) | 21,977,380 | |||||||
| Hong Kong 0.8% | ||||||||
Yue Yuen Industrial Holdings Ltd. (Cost $5,249,442) | 1,794,122 | 4,591,633 | ||||||
| Italy 2.4% | ||||||||
Intesa Sanpaolo SpA (Cost $12,256,614) | 5,959,397 | 13,090,406 | ||||||
| Japan 30.0% |
| |||||||
Advantest Corp. | 47,654 | 1,954,189 | ||||||
Bridgestone Corp. | 415,431 | 15,804,493 | ||||||
Central Japan Railway Co. | 87,904 | 17,377,947 | ||||||
Citizen Watch Co., Ltd. | 287,700 | 1,310,284 | ||||||
Hitachi Ltd. | 40,200 | 1,370,511 | ||||||
The accompanying notes are an integral part of the financial statements.
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| Shares | Value ($) | |||||||
Japan Tobacco, Inc. | 636,873 | 13,467,744 | ||||||
Mitsubishi Chemical Holdings Corp. | 214,000 | 1,465,967 | ||||||
Mitsubishi Corp. | 325,459 | 7,906,633 | ||||||
Mitsubishi Electric Corp. | 108,600 | 1,309,017 | ||||||
Ono Pharmaceutical Co., Ltd. | 407,615 | 7,514,365 | ||||||
Sekisui House Ltd. | 741,147 | 13,150,429 | ||||||
Shin-Etsu Chemical Co., Ltd. | 43,423 | 4,374,992 | ||||||
Shionogi & Co., Ltd. | 97,200 | 5,201,959 | ||||||
Sony Corp. | 68,204 | 3,867,046 | ||||||
Subaru Corp. | 149,784 | 4,007,001 | ||||||
Sumitomo Electric Industries Ltd. | 842,336 | 9,900,466 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 757,226 | 24,784,495 | ||||||
Tokyo Electron Ltd. | 37,623 | 6,724,433 | ||||||
Toyota Industries Corp. | 231,542 | 12,737,205 | ||||||
Toyota Motor Corp. | 185,674 | 12,155,516 | ||||||
|
| |||||||
(Cost $180,767,123) | 166,384,692 | |||||||
| Netherlands 8.3% | ||||||||
Koninklijke Ahold Delhaize NV | 516,174 | 12,076,810 | ||||||
Randstad NV | 238,302 | 11,133,419 | ||||||
Royal Dutch Shell PLC “A” | 827,643 | 22,983,662 | ||||||
|
| |||||||
(Cost $53,401,092) | 46,193,891 | |||||||
| New Zealand 1.0% | ||||||||
Fletcher Building Ltd. (Cost $6,863,663) | 2,026,166 | 5,671,364 | ||||||
| Singapore 1.5% |
| |||||||
Venture Corp., Ltd. (Cost $8,767,716) | 755,101 | 8,234,251 | ||||||
| Spain 3.0% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 2,015,473 | 9,570,704 | ||||||
Banco Santander SA | 1,878,916 | 7,124,169 | ||||||
|
| |||||||
(Cost $20,876,661) | 16,694,873 | |||||||
| Sweden 0.4% | ||||||||
Volvo AB “B” (Cost $2,821,400) | 181,916 | 2,517,043 | ||||||
| Switzerland 9.1% |
| |||||||
Adecco Group AG (Registered) | 243,386 | 12,802,846 | ||||||
Glencore PLC* | 433,208 | 1,250,888 | ||||||
LafargeHolcim Ltd. (Registered)* | 38,426 | 1,819,782 | ||||||
Roche Holding AG (Genusschein) | 108,360 | 29,682,875 | ||||||
STMicroelectronics NV | 276,333 | 4,904,372 | ||||||
|
| |||||||
(Cost $57,088,562) | 50,460,763 | |||||||
| United Kingdom 16.1% | ||||||||
Ashtead Group PLC | 53,268 | 1,481,418 | ||||||
Barclays PLC | 748,891 | 1,249,312 | ||||||
The accompanying notes are an integral part of the financial statements.
| 16 | | | DWS CROCI® International Fund |
Table of Contents
| Shares | Value ($) | |||||||
Barratt Developments PLC | 2,704,970 | 20,843,516 | ||||||
British American Tobacco PLC | 89,228 | 3,142,844 | ||||||
EI Group PLC* | 2,275,118 | 7,791,369 | ||||||
Ferguson PLC* | 79,554 | 5,852,927 | ||||||
Lloyds Banking Group PLC | 12,907,738 | 7,837,391 | ||||||
Persimmon PLC | 668,846 | 15,506,473 | ||||||
Rio Tinto PLC | 140,522 | 7,096,813 | ||||||
Royal Bank of Scotland Group PLC | 523,799 | 1,182,864 | ||||||
Taylor Wimpey PLC | 9,723,550 | 17,288,209 | ||||||
|
| |||||||
(Cost $101,012,320) | 89,273,136 | |||||||
Total Common Stocks(Cost $594,925,949) |
| 532,376,589 | ||||||
| Preferred Stocks 2.4% | ||||||||
| Germany |
| |||||||
Henkel AG & Co. KGaA (Cost $16,055,689) | 130,812 | 13,103,278 | ||||||
| Cash Equivalents 0.3% | ||||||||
DWS Central Cash Management Government Fund, 2.14% (a) (Cost $1,845,787) | 1,845,787 | 1,845,787 | ||||||
| % of Net Assets | Value ($) | |||||||
| Total Investment Portfolio(Cost $612,827,425) | 98.7 | 547,325,654 | ||||||
| Other Assets and Liabilities, Net | 1.3 | 7,136,834 | ||||||
| ||||||||
| Net Assets | 100.0 | 554,462,488 | ||||||
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2019 are as follows:
| Value ($) at 8/31/2018 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 8/31/2019 | Value ($) at 8/31/2019 | ||||||||||||||||||||||||||
| Securities Lending Collateral 0.0% | ||||||||||||||||||||||||||||||||||
| | DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.04% (a) (b) | | ||||||||||||||||||||||||||||||||
| 10,435,700 | — | 10,435,700 | (c) | — | — | 250,492 | — | — | — | |||||||||||||||||||||||||
| Cash Equivalents 0.3% | ||||||||||||||||||||||||||||||||||
| DWS Central Cash Management Government Fund, 2.14% (a) | ||||||||||||||||||||||||||||||||||
| 4,489,448 | 237,188,222 | 239,831,883 | — | — | 103,018 | — | 1,845,787 | 1,845,787 | ||||||||||||||||||||||||||
| 14,925,148 | 237,188,222 | 250,267,583 | — | — | 353,510 | — | 1,845,787 | 1,845,787 | ||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| DWS CROCI® International Fund | | | 17 |
Table of Contents
| * | Non-income producing security. |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
| (b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2019. |
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 August 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 35,936,933 | $ | — | $ | 35,936,933 | ||||||||
Belgium | — | 27,138,322 | — | 27,138,322 | ||||||||||||
Finland | — | 5,320,865 | — | 5,320,865 | ||||||||||||
France | — | 38,891,037 | — | 38,891,037 | ||||||||||||
Germany | — | 21,977,380 | — | 21,977,380 | ||||||||||||
Hong Kong | — | 4,591,633 | — | 4,591,633 | ||||||||||||
Italy | — | 13,090,406 | — | 13,090,406 | ||||||||||||
Japan | — | 166,384,692 | — | 166,384,692 | ||||||||||||
Netherlands | — | 46,193,891 | — | 46,193,891 | ||||||||||||
New Zealand | — | 5,671,364 | — | 5,671,364 | ||||||||||||
Singapore | — | 8,234,251 | — | 8,234,251 | ||||||||||||
Spain | — | 16,694,873 | — | 16,694,873 | ||||||||||||
Sweden | — | 2,517,043 | — | 2,517,043 | ||||||||||||
Switzerland | — | 50,460,763 | — | 50,460,763 | ||||||||||||
United Kingdom | — | 89,273,136 | — | 89,273,136 | ||||||||||||
| Preferred Stocks | — | 13,103,278 | — | 13,103,278 | ||||||||||||
| Short-Term Investments | 1,845,787 | — | — | 1,845,787 | ||||||||||||
| Total | $ | 1,845,787 | $ | 545,479,867 | $ | — | $ | 547,325,654 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 18 | | | DWS CROCI® International Fund |
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Statement of Assets and Liabilities
| as of August 31, 2019 | ||||
| Assets | ||||
| Investments innon-affiliated securities, at value (cost $610,981,638) | $ | 545,479,867 | ||
| Investment in DWS Central Cash Management Government Fund (cost $1,845,787) | 1,845,787 | |||
| Cash | 2 | |||
| Foreign currency, at value (cost $252,804) | 252,058 | |||
| Receivable for investments sold | 2,762,569 | |||
| Receivable for Fund shares sold | 78,610 | |||
| Dividends receivable | 2,235,800 | |||
| Interest receivable | 7,585 | |||
| Foreign taxes recoverable | 3,295,068 | |||
| Other assets | 30,709 | |||
| Total assets | 555,988,055 | |||
| Liabilities | ||||
| Payable for Fund shares redeemed | 759,465 | |||
| Accrued management fee | 269,897 | |||
| Accrued Directors’ fees | 11,802 | |||
| Other accrued expenses and payables | 484,403 | |||
| Total liabilities | 1,525,567 | |||
| Net assets, at value | $ | 554,462,488 | ||
| Net Assets Consist of | ||||
| Distributable earnings (loss) | (505,286,438 | ) | ||
| Paid-in capital | 1,059,748,926 | |||
| Net assets, at value | $ | 554,462,488 | ||
The accompanying notes are an integral part of the financial statements.
| DWS CROCI® International Fund | | | 19 |
Table of Contents
| Statement of Assets and Liabilities as of August 31, 2019 (continued) |
| Net Asset Value |
| |||
Class A | ||||
| Net Asset Value and redemption price per share ($70,361,444 ÷ 1,699,324 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $ | 41.41 | ||
| Maximum offering price per share (100 ÷ 94.25 of $41.41) | $ | 43.94 | ||
Class T | ||||
| Net Asset Value,offering and redemption price per share ($9,203 ÷ 222.27 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $ | 41.40 | ||
| Maximum offering price per share (100 ÷ 97.50 of $41.40) | $ | 42.46 | ||
Class C | ||||
| Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($23,395,911 ÷ 570,401 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized) | $ | 41.02 | ||
Class R6 | ||||
| Net Asset Value, offering and redemption price per share ($2,197,134 ÷ 53,129 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $ | 41.35 | ||
Class S | ||||
| Net Asset Value, offering and redemption price per share ($424,414,751 ÷ 10,199,089 shares of capital stock outstanding, $.01 par value, 200,595,597 shares authorized) | $ | 41.61 | ||
Institutional Class | ||||
| Net Asset Value, offering and redemption price per share ($34,084,045 ÷ 823,228 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $ | 41.40 | ||
The accompanying notes are an integral part of the financial statements.
| 20 | | | DWS CROCI® International Fund |
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| for the year ended August 31, 2019 |
| |||
| Investment Income |
| |||
| Income: |
| |||
| Dividends (net of foreign taxes withheld of $2,158,548) | $ | 24,924,462 | ||
| Income distributions — DWS Central Cash Management Government Fund | 103,018 | |||
| Securities lending income, net of borrower rebates | 250,492 | |||
| Total income | 25,277,972 | |||
| Expenses: | ||||
| Management fee | 3,820,923 | |||
| Administration fee | 676,269 | |||
| Services to shareholders | 1,081,292 | |||
| Distribution and service fees | 511,068 | |||
| Custodian fee | 161,961 | |||
| Professional fees | 118,891 | |||
| Reports to shareholders | 88,886 | |||
| Registration fees | 86,367 | |||
| Directors’ fees and expenses | 26,349 | |||
| Other | 79,368 | |||
| Total expenses | 6,651,374 | |||
| Net investment income | 18,626,598 | |||
| Realized and Unrealized Gain (Loss) | ||||
| Net realized gain (loss) from: | ||||
| Investments | (60,108,002 | ) | ||
| Foreign currency | (222,622 | ) | ||
| (60,330,624 | ) | |||
| Change in net unrealized appreciation (depreciation) on: | ||||
| Investments | (29,327,782 | ) | ||
| Foreign currency | (41,310 | ) | ||
| (29,369,092 | ) | |||
| Net gain (loss) | (89,699,716 | ) | ||
| Net increase (decrease) in net assets resulting from operations | $ | (71,073,118 | ) | |
The accompanying notes are an integral part of the financial statements.
| DWS CROCI® International Fund | | | 21 |
Table of Contents
Statements of Changes in Net Assets
| Years Ended August 31, | ||||||||
| Increase (Decrease) in Net Assets | 2019 | 2018 | ||||||
| Operations: |
| |||||||
| Net investment income (loss) | $ | 18,626,598 | $ | 24,162,588 | ||||
| Net realized gain (loss) | (60,330,624 | ) | 73,202,746 | |||||
| Change in net unrealized appreciation (depreciation) | (29,369,092 | ) | (68,080,632 | ) | ||||
| Net increase (decrease) in net assets resulting from operations | (71,073,118 | ) | 29,284,702 | |||||
| Distributions to shareholders: | ||||||||
Class A | (2,720,580 | ) | (3,072,495 | ) | ||||
Class T | (301 | ) | (224 | ) | ||||
Class C | (815,270 | ) | (894,789 | ) | ||||
Class R6 | (148,805 | ) | (85,316 | ) | ||||
Class S | (17,863,900 | ) | (19,878,518 | ) | ||||
Institutional Class | (2,356,783 | ) | (2,048,408 | ) | ||||
| Total distributions | (23,905,639 | ) | (25,979,750 | )* | ||||
| Fund share transactions: | ||||||||
| Proceeds from shares sold | 42,048,020 | 110,611,527 | ||||||
| Reinvestment of distributions | 22,608,370 | 24,175,870 | ||||||
| Payments for shares redeemed | (295,918,699 | ) | (357,660,400 | ) | ||||
| Net increase (decrease) in net assets from Fund share transactions | (231,262,309 | ) | (222,873,003 | ) | ||||
| Increase (decrease) in net assets | (326,241,066 | ) | (219,568,051 | ) | ||||
| Net assets at beginning of period | 880,703,554 | 1,100,271,605 | ||||||
| Net assets at end of period | $ | 554,462,488 | $ | 880,703,554 | ** | |||
| * | Includes distributions from net investment income. |
| ** | Includes undistributed net investment income of $20,157,219. |
The accompanying notes are an integral part of the financial statements.
| 22 | | | DWS CROCI® International Fund |
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| Years Ended August 31, | ||||||||||||||||||||
| Class A | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| Selected Per Share Data |
| |||||||||||||||||||
| Net asset value, beginning of period | $46.96 | $47.11 | $40.65 | $44.94 | $52.11 | |||||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)a | 1.13 | 1.03 | .72 | .93 | 1.48 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.30 | ) | (.09 | )b | 7.18 | (3.83 | ) | (3.78 | ) | |||||||||||
Total from investment operations | (4.17 | ) | .94 | 7.90 | (2.90 | ) | (2.30 | ) | ||||||||||||
| Less distributions from: | ||||||||||||||||||||
Net investment income | (1.38 | ) | (1.09 | ) | (1.44 | ) | (1.39 | ) | (4.87 | ) | ||||||||||
| Redemption fees | — | — | .00 | * | .00 | * | .00 | * | ||||||||||||
| Net asset value, end of period | $41.41 | $46.96 | $47.11 | $40.65 | $44.94 | |||||||||||||||
| Total Return (%)c | (8.75 | ) | 1.94 | 19.97 | (6.55 | ) | (4.68 | ) | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
| Net assets, end of period ($ millions) | 70 | 100 | 139 | 314 | 615 | |||||||||||||||
| Ratio of expenses (%) | 1.17 | 1.17 | 1.13 | 1.14 | 1.08 | |||||||||||||||
| Ratio of net investment income (loss) (%) | 2.62 | 2.13 | 1.69 | 2.25 | 3.02 | |||||||||||||||
| Portfolio turnover rate (%) | 101 | 53 | 67 | 87 | 76 | |||||||||||||||
| a | Based on average shares outstanding during the period. |
| b | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| c | Total return does not reflect the effect of any sales charges. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the financial statements.
| DWS CROCI® International Fund | | | 23 |
Table of Contents
Years Ended | Period Ended | |||||||||||
| Class T | 2019 | 2018 | 8/31/17a | |||||||||
| Selected Per Share Data |
| |||||||||||
| Net asset value, beginning of period | $46.98 | $47.07 | $47.63 | |||||||||
| Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)b | 1.17 | 1.10 | .10 | |||||||||
Net realized and unrealized gain (loss) | (5.35 | ) | (.12 | )c | (.66 | ) | ||||||
Total from investment operations | (4.18 | ) | .98 | (.56 | ) | |||||||
| Less distributions from: | ||||||||||||
Net investment income | (1.40 | ) | (1.07 | ) | — | |||||||
| Net asset value, end of period | $41.40 | $46.98 | $47.07 | |||||||||
| Total Return (%)d | (8.73 | ) | 2.02 | (1.18 | )** | |||||||
| Ratios to Average Net Assets and Supplemental Data |
| |||||||||||
| Net assets, end of period ($ thousands) | 9 | 10 | 10 | |||||||||
| Ratio of expenses (%) | 1.14 | 1.11 | 1.18 | * | ||||||||
| Ratio of net investment income (loss) (%) | 2.70 | 2.28 | .93 | * | ||||||||
| Portfolio turnover rate (%) | 101 | 53 | 67 | e | ||||||||
| a | For the period from June 5, 2017 (commencement of operations) to August 31, 2017. |
| b | Based on average shares outstanding during the period. |
| c | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| d | Total return does not reflect the effect of any sales charges. |
| e | Represents the Funds’s portfolio turnover rate for the year ended August 31, 2017. |
| * | Annualized |
| ** | Not annualized |
The accompanying notes are an integral part of the financial statements.
| 24 | | | DWS CROCI® International Fund |
Table of Contents
Years Ended August 31, | ||||||||||||||||||||
| Class C | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| Selected Per Share Data |
| |||||||||||||||||||
| Net asset value, beginning of period | $46.51 | $46.61 | $40.23 | $44.47 | $51.48 | |||||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)a | .79 | .69 | .48 | .63 | 1.15 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.21 | ) | (.10 | )b | 7.01 | (3.82 | ) | (3.76 | ) | |||||||||||
Total from investment operations | (4.42 | ) | .59 | 7.49 | (3.19 | ) | (2.61 | ) | ||||||||||||
| Less distributions from: | ||||||||||||||||||||
Net investment income | (1.07 | ) | (.69 | ) | (1.11 | ) | (1.05 | ) | (4.40 | ) | ||||||||||
| Redemption fees | — | — | .00 | * | .00 | * | .00 | * | ||||||||||||
| Net asset value, end of period | $41.02 | $46.51 | $46.61 | $40.23 | $44.47 | |||||||||||||||
| Total Return (%)c | (9.41 | ) | 1.23 | 19.01 | (7.26 | ) | (5.35 | ) | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
| Net assets, end of period ($ millions) | 23 | 43 | 65 | 95 | 160 | |||||||||||||||
| Ratio of expenses (%) | 1.89 | 1.88 | 1.92 | 1.89 | 1.85 | |||||||||||||||
| Ratio of net investment income (loss) (%) | 1.83 | 1.43 | 1.14 | 1.55 | 2.37 | |||||||||||||||
| Portfolio turnover rate (%) | 101 | 53 | 67 | 87 | 76 | |||||||||||||||
| a | Based on average shares outstanding during the period. |
| b | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| c | Total return does not reflect the effect of any sales charges. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the financial statements.
| DWS CROCI® International Fund | | | 25 |
Table of Contents
Years Ended August 31, | Period Ended | |||||||||||||||||||
| Class R6 | 2019 | 2018 | 2017 | 2016 | 8/31/15a | |||||||||||||||
| Selected Per Share Data |
| |||||||||||||||||||
| Net asset value, beginning of period | $46.92 | $47.06 | $40.62 | $44.89 | $51.27 | |||||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)b | 1.18 | 1.41 | 1.01 | 1.15 | .66 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.20 | ) | (.27 | )c | 7.03 | (3.89 | ) | (1.94 | ) | |||||||||||
Total from investment operations | (4.02 | ) | 1.14 | 8.04 | (2.74 | ) | (1.28 | ) | ||||||||||||
| Less distributions from: | ||||||||||||||||||||
Net investment income | (1.55 | ) | (1.28 | ) | (1.60 | ) | (1.53 | ) | (5.10 | ) | ||||||||||
| Redemption fees | — | — | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
| Net asset value, end of period | $41.35 | $46.92 | $47.06 | $40.62 | $44.89 | |||||||||||||||
| Total Return (%) | (8.39 | ) | 2.36 | 20.41 | (6.20 | ) | (2.77 | )** | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
| Net assets, end of period ($ millions) | 2 | 5 | 3 | 2 | 1 | |||||||||||||||
| Ratio of expenses (%) | .78 | .76 | .75 | .75 | .75 | * | ||||||||||||||
| Ratio of net investment income (loss) (%) | 2.73 | 2.93 | 2.33 | 2.84 | 1.82 | * | ||||||||||||||
| Portfolio turnover rate (%) | 101 | 53 | 67 | 87 | 76 | d | ||||||||||||||
| a | For the period from December 1, 2014 (commencement of operations) to August 31, 2015. |
| b | Based on average shares outstanding during the period. |
| c | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| d | Represents the Fund’s portfolio turnover rate for the year ended August 31, 2015. |
| * | Annualized |
| ** | Not annualized |
| *** | Amount is less than $.005. |
The accompanying notes are an integral part of the financial statements.
| 26 | | | DWS CROCI® International Fund |
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Years Ended August 31, | ||||||||||||||||||||
| Class S | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| Selected Per Share Data |
| |||||||||||||||||||
| Net asset value, beginning of period | $47.20 | $47.34 | $40.86 | $45.15 | $52.40 | |||||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)a | 1.23 | 1.18 | .99 | 1.03 | 1.51 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.32 | ) | (.11 | )b | 7.03 | (3.84 | ) | (3.72 | ) | |||||||||||
Total from investment operations | (4.09 | ) | 1.07 | 8.02 | (2.81 | ) | (2.21 | ) | ||||||||||||
| Less distributions from: | ||||||||||||||||||||
Net investment income | (1.50 | ) | (1.21 | ) | (1.54 | ) | (1.48 | ) | (5.04 | ) | ||||||||||
| Redemption fees | — | — | .00 | * | .00 | * | .00 | * | ||||||||||||
| Net asset value, end of period | $41.61 | $47.20 | $47.34 | $40.86 | $45.15 | |||||||||||||||
| Total Return (%) | (8.49 | ) | 2.20 | 20.21 | (6.32 | ) | (4.48 | ) | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
| Net assets, end of period ($ millions) | 424 | 651 | 816 | 872 | 1,544 | |||||||||||||||
| Ratio of expenses (%) | .91 | .90 | .90 | .92 | .89 | |||||||||||||||
| Ratio of net investment income (loss) (%) | 2.83 | 2.42 | 2.28 | 2.51 | 3.04 | |||||||||||||||
| Portfolio turnover rate (%) | 101 | 53 | 67 | 87 | 76 | |||||||||||||||
| a | Based on average shares outstanding during the period. |
| b | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the financial statements.
| DWS CROCI® International Fund | | | 27 |
Table of Contents
Years Ended August 31, | ||||||||||||||||||||
| Institutional Class | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| Selected Per Share Data |
| |||||||||||||||||||
| Net asset value, beginning of period | $46.99 | $47.13 | $40.69 | $44.97 | $52.17 | |||||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)a | 1.22 | 1.22 | .83 | 1.07 | 1.84 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.30 | ) | (.12 | )b | 7.18 | (3.85 | ) | (3.99 | ) | |||||||||||
Total from investment operations | (4.08 | ) | 1.10 | 8.01 | (2.78 | ) | (2.15 | ) | ||||||||||||
| Less distributions from: | ||||||||||||||||||||
Net investment income | (1.51 | ) | (1.24 | ) | (1.57 | ) | (1.50 | ) | (5.05 | ) | ||||||||||
| Redemption fees | — | — | .00 | * | .00 | * | .00 | * | ||||||||||||
| Net asset value, end of period | $41.40 | $46.99 | $47.13 | $40.69 | $44.97 | |||||||||||||||
| Total Return (%) | (8.50 | ) | 2.27 | 20.29 | (6.27 | ) | (4.37 | ) | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
| Net assets, end of period ($ millions) | 34 | 82 | 78 | 163 | 281 | |||||||||||||||
| Ratio of expenses (%) | .89 | .85 | .83 | .83 | .82 | |||||||||||||||
| Ratio of net investment income (loss) (%) | 2.81 | 2.52 | 1.95 | 2.60 | 3.76 | |||||||||||||||
| Portfolio turnover rate (%) | 101 | 53 | 67 | 87 | 76 | |||||||||||||||
| a | Based on average shares outstanding during the period. |
| b | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the financial statements.
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| Notes to Financial Statements |
A. Organization and Significant Accounting Policies
DWS CROCI® International 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 anopen-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. Effective October 1, 2018, Class T shares 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. Class C shares automatically convert to Class A shares in the same fund after 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 10 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 only available to a limited group of investors. 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 Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
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In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Fund adopted the amendments with the impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
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 are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) orover-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 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 inopen-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
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Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. 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. Deutsche Bank AG serves as security lending agent to the Fund. The 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 or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the
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next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2019, 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 (0.11% annualized effective rate as of August 31, 2019) 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 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 August 31, 2019, the Fund had no securities on loan.
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 August 31, 2019, the Fund had net tax basis capital loss carry forwards of approximately $454,087,000 losses, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($259,416,000) and long-term losses ($194,671,000).
The Fund has reviewed the tax positions for the open tax years as of August 31, 2019 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.
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Distribution of Income and Gains.Distributions from net investment income of the Fund are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in passive foreign investment companies, certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At August 31, 2019, the Fund’s components of distributable earnings (accumulated losses) on a tax basis were as follows:
| Undistributed ordinary income | $ | 14,686,721 | ||
| Capital loss carryforwards | $ | (454,087,000 | ) | |
| Net unrealized appreciation (depreciation) on investments | $ | (65,840,605 | ) |
At August 31, 2019, the aggregate cost of investments for federal income tax purposes was $613,166,259. The net unrealized depreciation for all investments based on tax cost was $65,840,605. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $8,933,592 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $74,774,197.
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
| Years Ended August 31, | ||||||||
| 2019 | 2018 | |||||||
| Distributions from ordinary income | $ | 23,905,639 | $ | 25,979,750 | ||||
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
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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 theex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to theex-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 year ended August 31, 2019, purchases and sales of investment securities (excluding short-term investments) aggregated $679,817,071 and $917,795,834, 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.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
| First $2.5 billion of the Fund’s average daily net assets | .565% | |||
| Next $2.5 billion of such net assets | .545% | |||
| Next $5 billion of such net assets | .525% | |||
| Next $5 billion of such net assets | .515% | |||
| Over $15 billion of such net assets | .465% |
Accordingly, for the year ended August 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.565% of the Fund’s average daily net assets.
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For the period from September 1, 2018 through September 30, 2018, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
| Class A | 1.29% | |||
| Class T | 1.29% | |||
| Class C | 2.04% | |||
| Class R6 | 1.04% | |||
| Class S | 1.04% | |||
| Institutional Class | 1.04% |
For the period from October 1, 2018 through September 30, 2019, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
| Class A | 1.22% | |||
| Class T | 1.22% | |||
| Class C | 1.97% | |||
| Class R6 | 0.97% | |||
| Class S | 0.97% | |||
| Institutional Class | 0.97% |
Effective October 1, 2019 through September 30, 2020, 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) of each class as follows:
| Class A | 1.25% | |||
| Class T | 1.25% | |||
| Class C | 2.00% | |||
| Class R6 | 1.00% | |||
| Class S | 1.00% | |||
| Institutional Class | 1.00% |
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s
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average daily net assets, computed and accrued daily and payable monthly. For the year ended August 31, 2019, the Administration Fee was $676,269, of which $47,769 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 asub-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 year ended August 31, 2019, the amounts charged to the Fund by DSC were as follows:
| Services to Shareholders | Total Aggregated | Unpaid at August 31, 2019 | ||||||
| Class A | $ | 67,978 | $ | 11,430 | ||||
| Class T | 21 | 4 | ||||||
| Class C | 3,603 | 572 | ||||||
| Class R6 | 289 | 43 | ||||||
| Class S | 351,764 | 59,107 | ||||||
| Institutional Class | 2,251 | 235 | ||||||
| $ | 425,906 | $ | 71,391 | |||||
In addition, for the year ended August 31, 2019, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:
| Sub-Recordkeeping | Total Aggregated | |||
| Class A | $ | 69,762 | ||
| Class C | 34,434 | |||
| Class S | 337,905 | |||
| Institutional Class | 65,473 | |||
| $ | 507,574 | |||
Distribution and Service Fees. Under the Fund’s Class C12b-1 Plan, DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”) of 0.75% of 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 year ended August 31, 2019, the Distribution Fee was as follows:
| Distribution Fee | Total Aggregated | Unpaid at August 31, 2019 | ||||||
| Class C | $ | 234,149 | $ | 15,473 | ||||
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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 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 year ended August 31, 2019, the Service Fee was as follows:
| Service Fee | Total Aggregated | Unpaid at August 31, 2019 | Annual Rate | |||||||||
| Class A | $ | 198,935 | $ | 32,448 | .24 | % | ||||||
| Class T | 15 | 8 | .15 | % | ||||||||
| Class C | 77,969 | 11,094 | .25 | % | ||||||||
| $ | 276,919 | $ | 43,550 | |||||||||
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 year ended August 31, 2019 aggregated $2,270.
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 redeemed for Class C. For the year ended August 31, 2019, the CDSC for Class C shares aggregated $1,676. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended August 31, 2019, DDI received $772 for Class A shares.
Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended August 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $18,060, of which $9,603 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
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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.
Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended August 31, 2019, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $18,854.
D. Line of Credit
The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at August 31, 2019.
E. Share Transactions
The following table summarizes share and dollar activity in the Fund:
| Year Ended August 31, 2019 | Year Ended August 31, 2018 | |||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
| Shares sold |
| |||||||||||||||
| Class A | 66,783 | $ | 2,889,149 | 223,505 | $ | 10,768,580 | ||||||||||
| Class C | 17,070 | 727,706 | 85,601 | 4,143,266 | ||||||||||||
| Class R6 | 10,542 | 458,248 | 66,799 | 3,304,623 | ||||||||||||
| Class S | 201,724 | 8,664,053 | 1,039,140 | 50,822,181 | ||||||||||||
| Institutional Class | 687,934 | 29,308,864 | 864,666 | 41,572,877 | ||||||||||||
| $ | 42,048,020 | $ | 110,611,527 | |||||||||||||
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| Year Ended August 31, 2019 | Year Ended August 31, 2018 | |||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
| Shares issued to shareholders in reinvestment of distributions |
| |||||||||||||||
| Class A | 66,802 | $ | 2,623,307 | 60,593 | $ | 2,923,646 | ||||||||||
| Class T | 7.67 | 301 | 4.65 | 224 | ||||||||||||
| Class C | 19,751 | 772,076 | 17,243 | 827,992 | ||||||||||||
| Class R6 | 3,804 | 148,805 | 1,774 | 85,316 | ||||||||||||
| Class S | 425,998 | 16,784,330 | 377,914 | 18,294,804 | ||||||||||||
| Institutional Class | 58,152 | 2,279,551 | 42,422 | 2,043,888 | ||||||||||||
| $ | 22,608,370 | $ | 24,175,870 | |||||||||||||
| Shares redeemed |
| |||||||||||||||
| Class A | (567,669 | ) | $ | (24,344,026 | ) | (1,093,799 | ) | $ | (52,811,980 | ) | ||||||
| Class C | (392,072 | ) | (16,802,220 | ) | (561,370 | ) | (26,803,182 | ) | ||||||||
| Class R6 | (69,025 | ) | (2,932,753 | ) | (18,162 | ) | (870,513 | ) | ||||||||
| Class S | (4,216,729 | ) | (180,988,667 | ) | (4,875,747 | ) | (237,277,264 | ) | ||||||||
| Institutional Class | (1,658,769 | ) | (70,851,033 | ) | (825,675 | ) | (39,897,461 | ) | ||||||||
| $ | (295,918,699 | ) | $ | (357,660,400 | ) | |||||||||||
| Net increase (decrease) |
| |||||||||||||||
| Class A | (434,084 | ) | $ | (18,831,570 | ) | (809,701 | ) | $ | (39,119,754 | ) | ||||||
| Class T | 7.67 | 301 | 4.65 | 224 | ||||||||||||
| Class C | (355,251 | ) | (15,302,438 | ) | (458,526 | ) | (21,831,924 | ) | ||||||||
| Class R6 | (54,679 | ) | (2,325,700 | ) | 50,411 | 2,519,426 | ||||||||||
| Class S | (3,589,007 | ) | (155,540,284 | ) | (3,458,693 | ) | (168,160,279 | ) | ||||||||
| Institutional Class | (912,683 | ) | (39,262,618 | ) | 81,413 | 3,719,304 | ||||||||||
| $ | (231,262,309 | ) | $ | (222,873,003 | ) | |||||||||||
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Report of Independent Registered Public Accounting Firm
To the Board of Directors of Deutsche DWS International Fund, Inc. and Shareholders of DWS CROCI International Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of DWS CROCI International Fund (the “Fund”) (one of the funds constituting Deutsche DWS International Fund, Inc.) (the “Corporation”), including the investment portfolio, as of August 31, 2019, and the related statements of operations and changes in net assets and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS International Fund, Inc.) at August 31, 2019, the results of its operations, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
The statement of changes in net assets for the year ended August 31, 2018, and the financial highlights for the years ended August 31, 2015, August 31, 2016, August 31, 2017 and August 31, 2018, were audited by another independent registered public accounting firm whose report, dated October 25, 2018, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
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material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
Boston, Massachusetts
October 25, 2019
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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. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (March 1, 2019 to August 31, 2019).
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.
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| Expenses and Value of a $1,000 Investment for the six months ended August 31, 2019 (Unaudited) | ||||||||||||||||||||||||
| Actual Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class | ||||||||||||||||||
| Beginning Account Value 3/1/19 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
| Ending Account Value 8/31/19 | $ | 945.90 | $ | 945.90 | $ | 942.50 | $ | 947.70 | $ | 947.20 | $ | 946.90 | ||||||||||||
| Expenses Paid per $1,000* | $ | 5.49 | $ | 5.54 | $ | 8.86 | $ | 3.73 | $ | 4.22 | $ | 4.47 | ||||||||||||
| Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class | ||||||||||||||||||
| Beginning Account Value 3/1/19 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
| Ending Account Value 8/31/19 | $ | 1,019.56 | $ | 1,019.51 | $ | 1,016.08 | $ | 1,021.37 | $ | 1,020.87 | $ | 1,020.62 | ||||||||||||
| Expenses Paid per $1,000* | $ | 5.70 | $ | 5.75 | $ | 9.20 | $ | 3.87 | $ | 4.38 | $ | 4.63 | ||||||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365. |
| Annualized Expense Ratios | Class A | Class T | Class C | Class R6 | Class S | Institutional Class | ||||||||||||||||||
| DWS CROCI® International Fund | 1.12 | % | 1.13 | % | 1.81 | % | .76 | % | .86 | % | .91 | % | ||||||||||||
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/.
| Tax Information | (Unaudited) |
The Fund paid foreign taxes of $1,626,084 and earned $17,850,070 of foreign source income during the year ended August 31, 2019. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $0.12 per share as foreign taxes paid and $1.34 per share as income earned from foreign sources for the year ended August 31, 2019.
For federal income tax purposes, the Fund designates $29,800,000, or the maximum amount allowable under tax law, as qualified dividend income.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call(800) 728-3337.
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Advisory Agreement Board Considerations and Fee Evaluation
The Board of Directors (hereinafter referred to as the “Board” or “Directors”) approved the renewal of DWS CROCI® International Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2018.
In terms of the process that the Board followed prior to approving the Agreement, 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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations. |
| – | 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 Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to
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invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.
While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and 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 Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. 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 theone-, three- and five-year periods ended December 31, 2017, the Fund’s performance (Class A shares) was in the 4th quartile, 4th quartile and 3rd 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 underperformed its benchmark in theone-, three- and five-year periods ended December 31, 2017. The
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Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by 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, 2017). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding12b-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, 2017, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing other share classes’ 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 comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-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 does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from
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advising the DWS Funds, as well as estimates of thepre-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 thepre-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. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental 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 noted that DIMA pays a licensing fee to an affiliate related to the Fund’s use of the CROCI® strategy. 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.
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
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compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and 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 Agreement.
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The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex.
| Independent Board Members | ||||||||
| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member | |||||
Keith R. Fox, CFA (1954)
Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) | 80 | — | |||||
John W. Ballantine (1946)
Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International; Public Radio International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago | 80 | Portland General Electric2 (utility company) (2003– present) | |||||
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| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member | |||||
Henry P. Becton, Jr. (1943)
Board Member since 1990 | Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); Massachusetts Humane Society; Overseer of the New England Conservatory; former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston); American Documentary, Inc. (public media) | 80 | — | |||||
Dawn-Marie Driscoll (1946)
Board Member since 1987 | Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 80 | — | |||||
Richard J. Herring (1946)
Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 80 | Director, Aberdeen Japan Fund (since 2007) | |||||
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| Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member | |||||
William McClayton (1944)
Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 80 | — | |||||
Rebecca W. Rimel (1951)
Board Member since 1995 | President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) | 80 | Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present) | |||||
William N. Searcy, Jr. (1946)
Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 80 | — | |||||
Jean Gleason Stromberg (1943)
Board Member since 1997 | Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) | 80 | — | |||||
| Officers4 | ||
| Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served5 | Business Experience and Directorships During the Past Five Years | |
Hepsen Uzcan6(1974)
President and Chief Executive Officer, 2017–present | Managing Director,3 DWS; Secretary, DWS USA Corporation (since March 2018); Assistant Secretary, DWS Distributors, Inc. (since June 25, 2018); Director and Vice President, DWS Service Company (since June 25, 2018); Assistant Secretary, DWS Investment Management Americas, Inc. (since June 25, 2018); and Director and President, DB Investment Managers, Inc. (since June 25, 2018); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019) |
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Name, Year of Birth, Position with the Trust/ Length of Time Served5 | Business Experience and Directorships During the Past Five Years | |
John Millette8(1962)
Vice President and Secretary, 1999–present | Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017) | |
Diane Kenneally8,9(1966)
Chief Financial Officer and Treasurer, since 2018 | Director,3 DWS; formerly: Assistant Treasurer for the DWS funds (2007–2018) | |
Paul Antosca8(1957)
Assistant Treasurer, 2007–present | Director,3DWS | |
Sheila Cadogan8(1966)
Assistant Treasurer, 2017–present | Director,3DWS; Director and Vice President, DWS Trust Company (since 2018) | |
Scott D. Hogan8(1970)
Chief Compliance Officer, 2016–present | Director,3DWS | |
Caroline Pearson8(1962)
Chief Legal Officer, 2010–present | Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) | |
Wayne Salit7(1967)
Anti-Money Laundering Compliance Officer, 2014–present | Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011) | |
Ciara Crawford10 (1984) Assistant Secretary, since February 8, 2019 | Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions. |
| 1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
| 2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
| 3 | Executive title, not a board directorship. |
| 4 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
| 5 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
| 6 | Address: 345 Park Avenue, New York, NY 10154. |
| 7 | Address: 60 Wall Street, New York, NY 10005. |
| 8 | Address: One International Place, Boston, MA 02110. |
| 9 | Appointed Treasurer and Chief Financial Officer effective July 2, 2018. |
| 10 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.
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| 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 bye-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 recent12-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 thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on FormN-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings 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 |
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| 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 | SUIAX | SUITX | SUICX | SCINX | SUIIX | |||||
| CUSIP Number | 25156G 673 | 25156G 434 | 25156G 699 | 25156G 715 | 25156G 731 | |||||
| Fund Number | 468 | 1768 | 768 | 2068 | 1468 | |||||
| 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 athttps://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 | SUIRX |
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| CUSIP Number | 25156G 582 |
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| Fund Number | 1668 |
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Notes
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DCIF-2
(R-023991-9 10/19)
| ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
| The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS CROCI International fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s current Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended August 31, 2019 and the amount of fees that PricewaterhouseCoopers, LLP (“PwC”), the Fund’s prior Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended August 31, 2018. The Audit Committee approved in advance all audit services and non-audit services that EY or PwC provided to the Fund while serving as the Independent Registered Public Accounting Firm.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
| Fiscal Year Ended August 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
| 2019 | $61,433 | $0 | $7,961 | $11,250 |
| 2018 | $88,191 | $0 | $0 | $0 |
“All Other Fees Billed to the Fund” were billed in connection foreign withholdings tax reclaim filings.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s fiscal year ended August 31, 2019 and the amount of fees billed by PwC to the Adviser and any Affiliated Fund Service provider for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s fiscal year ended August 31, 2018.
| Fiscal Year Ended August 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| 2019 | $0 | $740,482 | $0 |
| 2018 | $0 | $0 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures. EY also billed $470,936 for tax services during the Fund’s fiscal year ended August 31, 2018.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s fiscal year ended August 31, 2019 and the amount of fees that PwC billed during the Fund’s fiscal year ended August 31, 2018 for non-audit services. The Audit Committee pre-approved all non-audit services that EY or PwC, while serving as Independent Registered Public Accounting Firm, provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY and PwC about any non-audit services that EY or PwC rendered to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s and PwC’s independence.
| Fiscal Year Ended August 31, | Total (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
| 2019 | $19,211 | $740,482 | $0 | $759,693 |
| 2018 | $0 | $0 | $0 | $0 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.EY also billed $984,066 for tax services during the Fund’s fiscal year ended August 31, 2018.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to each principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2019 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.
| · | EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund. |
| · | EY advised the Fund’s Audit Committee of certain lending relationships of EY with owners of greater than 10% of the shares of certain investment companies within the DWS Funds Complex that EY had identified as inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, an audit client includes the Fund as well as all other investment companies in the DWS Funds Complex. EY’s lending relationships affect EY’s independence under the Loan Rule with respect to all investment companies in the DWS Funds Complex. |
EY stated its belief that, in each lending relationship, the lender is or was not able to impact the impartiality of EY or assert any influence over the investment companies in the DWS Funds Complex whose shares the lender owns or owned, or the applicable investment company’s investment adviser. In addition, on June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex, Fidelity Management & Research Company et al., SEC Staff No-Action Letter (June 20, 2016) (the “Fidelity Letter”), related to similar Loan Rule issues as those described above. In the Fidelity Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. With respect to each lending relationship identified by EY, the circumstances described in the Fidelity Letter appear to be substantially similar to the circumstances that affected EY’s independence under the Loan Rule with respect to the Fund, and, in each case, EY confirmed to the Audit Committee that it meets the conditions of the Fidelity Letter.
| 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
| (a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
| (a)(3) | Not applicable | |
| (a)(4)(i) | Certification pursuant to Item 4.01 of Form 8-K under the Exchange Act (17 CFR 249.308) is attached hereto. | |
| (a)(4)(ii) | Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto. | |
| (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 CROCI® International Fund, a series of Deutsche DWS International Fund, Inc. |
| By: | /s/Hepsen Uzcan Hepsen Uzcan President |
| Date: | 11/6/2019 |
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: | 11/6/2019 |
| By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
| Date: | 11/6/2019 |