UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-00642
Deutsche DWS International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000533/g134542imgf9e801c31.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000533/g134542img0a47eba62.jpg)
2 | | DWS Emerging Markets Equity Fund |
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000533/g134542img476874933.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000533/g134542img6e72edd04.jpg)
DWS Emerging Markets Equity Fund | | 3 |
Performance Summary | April 30, 2021 (Unaudited) |
Class A | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
Unadjusted for Sales Charge | 18.68% | 45.08% | 13.52% | 3.17% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 11.86% | 36.74% | 12.18% | 2.56% |
MSCI Emerging Markets Index† | 22.95% | 48.71% | 12.50% | 3.59% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 54.25% | 13.23% | 3.40% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 45.38% | 11.90% | 2.79% | |
MSCI Emerging Markets Index† | 58.39% | 12.07% | 3.65% |
Class T | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
Unadjusted for Sales Charge | 18.68% | 45.17% | 13.51% | 3.16% |
Adjusted for the Maximum Sales Charge (max 2.50% load) | 15.71% | 41.54% | 12.94% | 2.90% |
MSCI Emerging Markets Index† | 22.95% | 48.71% | 12.50% | 3.59% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 54.25% | 13.22% | 3.39% | |
Adjusted for the Maximum Sales Charge (max 2.50% load) | 50.39% | 12.65% | 3.13% | |
MSCI Emerging Markets Index† | 58.39% | 12.07% | 3.65% |
Class C | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
Unadjusted for Sales Charge | 18.27% | 44.01% | 12.67% | 2.38% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 17.27% | 44.01% | 12.67% | 2.38% |
MSCI Emerging Markets Index† | 22.95% | 48.71% | 12.50% | 3.59% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 53.17% | 12.38% | 2.62% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 53.17% | 12.38% | 2.62% | |
MSCI Emerging Markets Index† | 58.39% | 12.07% | 3.65% |
4 | | DWS Emerging Markets Equity Fund |
Class R6 | 6-Month ‡ | 1-Year | Life of Class* |
Average Annual Total Returns as of 4/30/21 | |||
No Sales Charges | 18.82% | 45.45% | 14.02% |
MSCI Emerging Markets Index† | 22.95% | 48.71% | 13.59% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | |||
No Sales Charges | 54.70% | 14.00% | |
MSCI Emerging Markets Index† | 58.39% | 12.96% |
Class S | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
No Sales Charges | 18.83% | 45.39% | 13.73% | 3.38% |
MSCI Emerging Markets Index† | 22.95% | 48.71% | 12.50% | 3.59% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
No Sales Charges | 54.57% | 13.43% | 3.62% | |
MSCI Emerging Markets Index† | 58.39% | 12.07% | 3.65% |
Institutional Class | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
No Sales Charges | 18.84% | 45.50% | 13.79% | 3.44% |
MSCI Emerging Markets Index† | 22.95% | 48.71% | 12.50% | 3.59% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
No Sales Charges | 54.70% | 13.50% | 3.68% | |
MSCI Emerging Markets Index† | 58.39% | 12.07% | 3.65% |
DWS Emerging Markets Equity Fund | | 5 |
![](https://capedge.com/proxy/N-CSRS/0000088053-21-000533/g134542img210d23845.jpg)
* | Class R6 shares commenced operations on September 7, 2018. |
† | The MSCI Emerging Markets Index is an unmanaged equity index which captures large and mid-capitalization representation across 24 emerging markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. |
‡ | Total returns shown for periods less than one year are not annualized. |
6 | | DWS Emerging Markets Equity Fund |
Class A | Class T | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | ||||||
4/30/21 | $25.03 | $25.03 | $22.29 | $25.36 | $25.37 | $25.34 |
10/31/20 | $21.32 | $21.32 | $18.92 | $21.63 | $21.63 | $21.61 |
Distribution Information as of 4/30/21 | ||||||
Income Dividends, Six Months | $ .26 | $ .26 | $ .07 | $ .32 | $ .30 | $ .32 |
DWS Emerging Markets Equity Fund | | 7 |
— | Global Head of Emerging Markets Equities: Hong Kong. |
— | Joined DWS in 2013 with 21 years of industry experience. Prior to his current role, he served as Investment Director at GAM, based in London and Dubai, and Head of International & Emerging Markets at Societe Generale. |
— | MBA, Manchester Business School. |
— | Portfolio Manager for Global Emerging Markets Equities: Hong Kong. |
— | Joined DWS in 2012 with 6 years of professional experience, thereof one year in the financial industry. Prior to joining, he served as an equities and quant analyst at Surperformance SAS. Prior to that he was an auditor advisor at Currat & Associes SA. |
— | BS in Management from CIBU — California International Business University; MBA in Finance from International School of Management, Paris & St. John’s University; Investment Management Certificate (IMC). |
8 | | DWS Emerging Markets Equity Fund |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/21 | 10/31/20 |
Equity Securities | 88% | 90% |
Exchange-Traded Funds | 10% | 7% |
Cash Equivalents | 2% | 3% |
100% | 100% |
Sector Diversification (As a % of Equity Securities) | 4/30/21 | 10/31/20 |
Information Technology | 25% | 23% |
Financials | 21% | 17% |
Consumer Discretionary | 21% | 30% |
Communication Services | 14% | 14% |
Materials | 12% | 8% |
Energy | 4% | 4% |
Consumer Staples | 2% | 2% |
Real Estate | 1% | 2% |
Industrials | 0% | 0% |
100% | 100% |
Geographical Diversification (As a % of Equity Securities and Exchange-Traded Funds) | 4/30/21 | 10/31/20 |
China | 36% | 45% |
Korea | 15% | 14% |
Taiwan | 10% | 9% |
India | 10% | 11% |
Brazil | 7% | 5% |
Hong Kong | 4% | 5% |
Chile | 2% | 1% |
South Africa | 2% | 3% |
Indonesia | 2% | 1% |
Russia | 2% | 1% |
Other | 10% | 5% |
100% | 100% |
DWS Emerging Markets Equity Fund | | 9 |
Ten Largest Equity Holdings at April 30, 2021 (35.9% of Net Assets) | Country | Percent | |||
1 Tencent Holdings Ltd. | China | 7.0% | |||
Provider of Internet, mobile and telecommunication value-added services | |||||
2 Samsung Electronics Co., Ltd. | Korea | 6.9% | |||
Manufacturer of electronic parts | |||||
3 Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan | 5.4% | |||
Manufacturer of integrated circuits and other semiconductor devices | |||||
4 Alibaba Group Holding Ltd. | China | 3.8% | |||
Provider of internet infrastructure, electronic commerce, online financial, and internet content services | |||||
5 Yum China Holdings, Inc. | China | 2.6% | |||
Operator of Chain restaurants | |||||
6 HDFC Bank Ltd. | India | 2.5% | |||
Provider of retail, corporate banking, custodial, treasury and capital markets services | |||||
7 Antofagasta PLC | Chile | 2.3% | |||
Owner and operator of copper mines and conducts exploration activities | |||||
8 Trip.com Group Ltd. | China | 1.9% | |||
Provider of online travel agency services | |||||
9 LG Chem Ltd. | Korea | 1.8% | |||
Manufacturer of chemical and engineering plastics | |||||
10 Baidu, Inc. | China | 1.7% | |||
Operator of internet search engine |
10 | | DWS Emerging Markets Equity Fund |
Investment Portfolio | as of April 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Equity Securities 82.8% | |||
Brazil 6.1% | |||
B3 SA — Brasil Bolsa Balcao | 230,281 | 2,183,240 | |
Banco Bradesco SA (ADR) | 1,191,291 | 5,182,118 | |
CCR SA | 261,962 | 580,632 | |
Cia Siderurgica Nacional SA | 736,904 | 6,673,044 | |
Gerdau SA (ADR) | 1,109,704 | 6,813,583 | |
Itau Unibanco Holding SA (ADR) (Preferred) | 967,984 | 4,839,920 | |
Lojas Americanas SA (Preferred) | 626,580 | 2,406,174 | |
Multiplan Empreendimentos Imobiliarios SA | 1,848 | 7,835 | |
Vale SA (ADR) | 296,918 | 5,973,990 | |
(Cost $23,820,985) | 34,660,536 | ||
Chile 2.3% | |||
Antofagasta PLC (Cost $8,610,445) | 502,764 | 12,942,742 | |
China 29.3% | |||
Alibaba Group Holding Ltd. (ADR)* | 93,016 | 21,482,045 | |
Baidu, Inc. (ADR)* | 45,172 | 9,501,027 | |
BYD Co., Ltd. “H” | 319,500 | 6,608,185 | |
China Construction Bank Corp. “H” | 10,831,577 | 8,576,519 | |
Daqo New Energy Corp. (ADR)* | 75,964 | 6,114,342 | |
Huatai Securities Co., Ltd. “H” 144A | 924,200 | 1,321,692 | |
Industrial & Commercial Bank of China Ltd. “H” | 12,432,095 | 8,094,599 | |
JD Health International, Inc. 144A* | 104,900 | 1,635,759 | |
JD.com, Inc. (ADR)* | 59,824 | 4,627,985 | |
Kuaishou Technology* | 12,912 | 435,291 | |
KWG Group Holdings Ltd. | 2,069,000 | 3,327,950 | |
Meituan “B” * | 154,600 | 5,920,211 | |
NetEase, Inc. (ADR) | 26,786 | 3,001,639 | |
New Oriental Education & Technology Group, Inc. (ADR)* | 491,740 | 7,503,952 | |
Pinduoduo, Inc. (ADR)* | 26,120 | 3,498,251 | |
Ping An Insurance Group Co. of China Ltd. “H” | 675,532 | 7,403,917 | |
Tencent Holdings Ltd. | 495,200 | 39,796,994 | |
Topsports International Holdings Ltd. 144A | 1,320,000 | 1,785,619 | |
Trip.com Group Ltd. (ADR)* | 282,221 | 11,029,197 | |
Yum China Holdings, Inc. (a) | 238,032 | 14,976,973 | |
(Cost $117,634,020) | 166,642,147 | ||
Colombia 0.2% | |||
Bancolombia SA (ADR) (Cost $2,198,435) | 43,000 | 1,286,990 |
DWS Emerging Markets Equity Fund | | 11 |
Shares | Value ($) | ||
Hong Kong 3.4% | |||
AIA Group Ltd. | 488,200 | 6,235,238 | |
Hong Kong Exchanges & Clearing Ltd. | 87,300 | 5,275,606 | |
Melco Resorts & Entertainment Ltd. (ADR)* | 278,559 | 5,373,403 | |
Shimao Group Holdings Ltd. | 579,000 | 1,675,825 | |
SJM Holdings Ltd. | 670,000 | 869,344 | |
(Cost $17,818,583) | 19,429,416 | ||
India 9.2% | |||
Axis Bank Ltd.* | 277,906 | 2,673,845 | |
HDFC Bank Ltd. (ADR)* (a) | 204,438 | 14,367,903 | |
ICICI Bank Ltd.* | 240,257 | 1,952,728 | |
ICICI Bank Ltd. (ADR)* | 422,378 | 6,884,761 | |
Infosys Ltd. (ADR) (a) | 460,097 | 8,318,554 | |
ITC Ltd. | 770,000 | 2,105,386 | |
Larsen & Toubro Ltd. | 32,190 | 582,485 | |
Maruti Suzuki India Ltd. | 10,439 | 907,621 | |
Reliance Industries Ltd. 144A, (GDR) | 100,983 | 5,463,180 | |
Tata Consultancy Services Ltd. | 206,744 | 8,499,056 | |
UltraTech Cement Ltd. | 8,316 | 703,359 | |
(Cost $39,421,149) | 52,458,878 | ||
Indonesia 2.0% | |||
PT Bank Central Asia Tbk | 1,002,000 | 2,224,010 | |
PT Bank Jago Tbk* | 4,144,100 | 2,911,915 | |
PT Bank Rakyat Indonesia Persero Tbk | 8,276,600 | 2,325,287 | |
PT Telkom Indonesia Persero Tbk | 17,422,200 | 3,858,200 | |
(Cost $11,798,501) | 11,319,412 | ||
Korea 13.6% | |||
KB Financial Group, Inc. | 27,810 | 1,371,727 | |
LG Chem Ltd. | 11,892 | 9,970,536 | |
LG Household & Health Care Ltd. | 2,852 | 3,950,905 | |
NAVER Corp. | 11,733 | 3,788,329 | |
POSCO | 23,358 | 7,605,096 | |
Samsung Electro-Mechanics Co., Ltd. | 18,803 | 3,023,396 | |
Samsung Electronics Co., Ltd. | 535,113 | 39,160,833 | |
Samsung Fire & Marine Insurance Co., Ltd. | 12,812 | 2,280,683 | |
SK Hynix, Inc. | 55,665 | 6,390,541 | |
(Cost $43,326,870) | 77,542,046 | ||
Mexico 0.9% | |||
Fomento Economico Mexicano SAB de CV (ADR) | 54,712 | 4,240,180 |
12 | | DWS Emerging Markets Equity Fund |
Shares | Value ($) | ||
Gruma SAB de CV “B” | 61,238 | 666,977 | |
Grupo Financiero Inbursa SAB de CV “O” * | 505,109 | 471,272 | |
(Cost $6,389,694) | 5,378,429 | ||
Russia 1.9% | |||
LUKOIL PJSC (ADR) | 103,038 | 7,958,655 | |
Sberbank of Russia PJSC (ADR) | 184,799 | 2,914,280 | |
(Cost $10,538,208) | 10,872,935 | ||
Singapore 1.1% | |||
Sea Ltd. (ADR)* (Cost $4,599,682) | 24,950 | 6,300,873 | |
South Africa 2.2% | |||
FirstRand Ltd. | 915,114 | 3,221,142 | |
Naspers Ltd. “N” | 40,102 | 9,143,219 | |
(Cost $12,093,613) | 12,364,361 | ||
Taiwan 9.7% | |||
ASE Technology Holding Co., Ltd. | 1,127,761 | 4,737,570 | |
Catcher Technology Co., Ltd. | 201,000 | 1,422,425 | |
Formosa Plastics Corp. | 1,047,000 | 3,961,175 | |
Fubon Financial Holding Co., Ltd. | 1,984,000 | 4,537,537 | |
Largan Precision Co., Ltd. | 13,000 | 1,448,133 | |
MediaTek, Inc. | 195,000 | 8,275,857 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 774,803 | 16,400,643 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 121,281 | 14,158,344 | |
(Cost $29,395,664) | 54,941,684 | ||
Thailand 0.8% | |||
Kasikornbank PCL (NVDR) | 257,700 | 1,092,088 | |
PTT PCL (NVDR) | 1,292,300 | 1,655,427 | |
Thai Oil PCL (NVDR) | 926,800 | 1,759,275 | |
(Cost $5,665,966) | 4,506,790 | ||
Turkey 0.0% | |||
KOC Holding AS | 100,545 | 222,581 | |
Turkiye Garanti Bankasi AS | 97,879 | 85,391 | |
(Cost $716,326) | 307,972 | ||
United Arab Emirates 0.1% | |||
Emaar Malls PJSC* (Cost $589,330) | 687,850 | 343,631 | |
Total Equity Securities (Cost $334,617,471) | 471,298,842 | ||
Exchange-Traded Funds 9.7% | |||
iShares FTSE China A50 ETF (a) | 8,185,800 | 20,904,266 |
DWS Emerging Markets Equity Fund | | 13 |
Shares | Value ($) | ||
iShares MSCI Emerging Markets ETF (a) | 470,536 | 25,399,534 | |
Vanguard FTSE Emerging Markets ETF (a) | 161,588 | 8,560,932 | |
Total Exchange-Traded Funds (Cost $49,852,027) | 54,864,732 | ||
Securities Lending Collateral 12.6% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) (Cost $71,719,972) | 71,719,972 | 71,719,972 | |
Cash Equivalents 1.4% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $7,939,587) | 7,939,587 | 7,939,587 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $464,129,057) | 106.5 | 605,823,133 | |
Other Assets and Liabilities, Net | (6.5) | (36,817,419) | |
Net Assets | 100.0 | 569,005,714 |
Value ($) at 10/31/2020 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 4/30/2021 | Value ($) at 4/30/2021 |
Securities Lending Collateral 12.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) | ||||||||
27,705,876 | 44,014,096 (d) | — | — | — | 230,084 | — | 71,719,972 | 71,719,972 |
Cash Equivalents 1.4% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
11,890,966 | 170,831,896 | 174,783,275 | — | — | 5,361 | — | 7,939,587 | 7,939,587 |
39,596,842 | 214,845,992 | 174,783,275 | — | — | 235,445 | — | 79,659,559 | 79,659,559 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at April 30, 2021 amounted to $67,095,655, which is 11.8% of net assets. |
14 | | DWS Emerging Markets Equity Fund |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
FTSE: Financial Times and the London Stock Exchange |
GDR: Global Depositary Receipt |
MSCI: Morgan Stanley Capital International |
NVDR: Non-Voting Depository Receipt |
PJSC: Public Joint Stock Company |
DWS Emerging Markets Equity Fund | | 15 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | ||||
Brazil | $ 34,660,536 | $ — | $— | $ 34,660,536 |
Chile | — | 12,942,742 | — | 12,942,742 |
China | 81,735,411 | 84,906,736 | — | 166,642,147 |
Colombia | 1,286,990 | — | — | 1,286,990 |
Hong Kong | 5,373,403 | 14,056,013 | — | 19,429,416 |
India | 35,034,398 | 17,424,480 | — | 52,458,878 |
Indonesia | 2,911,915 | 8,407,497 | — | 11,319,412 |
Korea | — | 77,542,046 | — | 77,542,046 |
Mexico | 5,378,429 | — | — | 5,378,429 |
Russia | 10,872,935 | — | — | 10,872,935 |
Singapore | 6,300,873 | — | — | 6,300,873 |
South Africa | — | 12,364,361 | — | 12,364,361 |
Taiwan | 14,158,344 | 40,783,340 | — | 54,941,684 |
Thailand | — | 4,506,790 | — | 4,506,790 |
Turkey | — | 307,972 | — | 307,972 |
United Arab Emirates | — | 343,631 | — | 343,631 |
Exchange-Traded Funds | 33,960,466 | 20,904,266 | — | 54,864,732 |
Short-Term Investments (a) | 79,659,559 | — | — | 79,659,559 |
Total | $311,333,259 | $294,489,874 | $ — | $605,823,133 |
(a) | See Investment Portfolio for additional detailed categorizations. |
16 | | DWS Emerging Markets Equity Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $384,469,498) — including $67,095,655 of securities loaned | $ 526,163,574 |
Investment in DWS Government & Agency Securities Portfolio (cost $71,719,972)* | 71,719,972 |
Investment in DWS Central Cash Management Government Fund (cost $7,939,587) | 7,939,587 |
Cash | 2,708 |
Foreign currency, at value (cost $34,481,698) | 34,485,034 |
Receivable for Fund shares sold | 1,727,880 |
Dividends receivable | 607,051 |
Interest receivable | 39,279 |
Foreign taxes recoverable | 333 |
Other assets | 71,728 |
Total assets | 642,757,146 |
Liabilities | |
Payable upon return of securities loaned | 71,719,972 |
Payable for Fund shares redeemed | 1,140,946 |
Deferred foreign taxes payable | 304,941 |
Accrued management fee | 302,793 |
Accrued Directors' fees | 3,267 |
Other accrued expenses and payables | 279,513 |
Total liabilities | 73,751,432 |
Net assets, at value | $ 569,005,714 |
Net Assets Consist of | |
Distributable earnings (loss) | 94,371,829 |
Paid-in capital | 474,633,885 |
Net assets, at value | $ 569,005,714 |
* | Represents collateral on securities loaned. |
DWS Emerging Markets Equity Fund | | 17 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($24,407,233 ÷ 975,079 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $ 25.03 |
Maximum offering price per share (100 ÷ 94.25 of $25.03) | $ 26.56 |
Class T | |
Net Asset Value and redemption price per share ($14,828 ÷ 592 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)** | $ 25.03 |
Maximum offering price per share (100 ÷ 97.50 of $25.03) | $ 25.67 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($6,597,522 ÷ 295,948 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized) | $ 22.29 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($799,494 ÷ 31,523 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $ 25.36 |
Class S | |
Net Asset Value, offering and redemption price per share ($156,258,086 ÷ 6,159,794 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $ 25.37 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($380,928,551 ÷ 15,034,493 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $ 25.34 |
** | Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding. |
18 | | DWS Emerging Markets Equity Fund |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $511,080) | $ 3,244,487 |
Interest | 84 |
Income distributions — DWS Central Cash Management Government Fund | 5,361 |
Securities lending income, net of borrower rebates | 230,084 |
Total income | 3,480,016 |
Expenses: | |
Management fee | 1,842,425 |
Administration fee | 255,307 |
Services to shareholders | 283,966 |
Distribution and service fees | 55,648 |
Custodian fee | 40,822 |
Professional fees | 46,515 |
Reports to shareholders | 36,141 |
Registration fees | 52,306 |
Directors' fees and expenses | 8,444 |
Other | 19,366 |
Total expenses before expense reductions | 2,640,940 |
Expense reductions | (143,483) |
Total expenses after expense reductions | 2,497,457 |
Net investment income | 982,559 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments (including foreign taxes of $243) | 12,221,787 |
Foreign currency | 244,864 |
12,466,651 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments (net of deferred foreign taxes of $234,230) | 66,491,296 |
Foreign currency | (295,865) |
66,195,431 | |
Net gain (loss) | 78,662,082 |
Net increase (decrease) in net assets resulting from operations | $ 79,644,641 |
DWS Emerging Markets Equity Fund | | 19 |
Six Months Ended April 30, 2021 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2020 |
Operations: | ||
Net investment income | $ 982,559 | $ 4,223,781 |
Net realized gain (loss) | 12,466,651 | (20,837,301) |
Change in net unrealized appreciation (depreciation) | 66,195,431 | 56,096,659 |
Net increase (decrease) in net assets resulting from operations | 79,644,641 | 39,483,139 |
Distributions to shareholders: | ||
Class A | (216,767) | (444,350) |
Class T | (151) | (211) |
Class C | (16,877) | (66,492) |
Class R6 | (9,291) | (315) |
Class S | (2,344,399) | (3,612,454) |
Institutional Class | (3,731,248) | (5,451,114) |
Total distributions | (6,318,733) | (9,574,936) |
Fund share transactions: | ||
Proceeds from shares sold | 223,076,952 | 233,114,282 |
Reinvestment of distributions | 6,229,691 | 9,422,476 |
Payments for shares redeemed | (162,894,342) | (283,194,745) |
Net increase (decrease) in net assets from Fund share transactions | 66,412,301 | (40,657,987) |
Increase (decrease) in net assets | 139,738,209 | (10,749,784) |
Net assets at beginning of period | 429,267,505 | 440,017,289 |
Net assets at end of period | $ 569,005,714 | $ 429,267,505 |
20 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund — Class A | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $21.32 | $19.59 | $17.74 | $19.54 | $15.71 | $14.49 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .02 | .14 | .48 | .19 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.95 | 1.96 | 1.47 | (1.90) | 3.77 | 1.17 |
Total from investment operations | 3.97 | 2.10 | 1.95 | (1.71) | 3.87 | 1.22 |
Less distributions from: | ||||||
Net investment income | (.26) | (.37) | (.10) | (.09) | (.04) | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $25.03 | $21.32 | $19.59 | $17.74 | $19.54 | $15.71 |
Total Return (%)b,c | 18.68 ** | 10.75 | 11.04 | (8.79) | 24.75 | 8.42 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 24 | 18 | 23 | 9 | 10 | 8 |
Ratio of expenses before expense reductions (%) | 1.25 *** | 1.31 | 1.36 | 1.55 | 1.86 | 2.16 |
Ratio of expenses after expense reductions (%) | 1.15 *** | 1.15 | 1.15 | 1.15 | 1.35 | 1.67 |
Ratio of net investment income (%) | .16 *** | .73 | 2.49 | .98 | .59 | .35 |
Portfolio turnover rate (%) | 31 ** | 57 | 32 | 34 | 14 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Emerging Markets Equity Fund | | 21 |
DWS Emerging Markets Equity Fund — Class T | |||||
Six Months Ended 4/30/21 | Years Ended October 31, | Period Ended | |||
(Unaudited) | 2020 | 2019 | 2018 | 10/31/17 a | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $21.32 | $19.59 | $17.74 | $19.54 | $17.54 |
Income (loss) from investment operations: | |||||
Net investment incomeb | .02 | .16 | .39 | .19 | .13 |
Net realized and unrealized gain (loss) | 3.95 | 1.94 | 1.56 | (1.90) | 1.87 |
Total from investment operations | 3.97 | 2.10 | 1.95 | (1.71) | 2.00 |
Less distributions from: | |||||
Net investment income | (.26) | (.37) | (.10) | (.09) | — |
Net asset value, end of period | $25.03 | $21.32 | $19.59 | $17.74 | $19.54 |
Total Return (%)c,d | 18.68 * | 10.75 | 11.04 | (8.79) | 11.40 * |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ thousands) | 15 | 12 | 11 | 10 | 11 |
Ratio of expenses before expense reductions (%) | 1.20 ** | 1.25 | 1.30 | 1.43 | 1.65 ** |
Ratio of expenses after expense reductions (%) | 1.15 ** | 1.15 | 1.15 | 1.15 | 1.15 ** |
Ratio of net investment income (%) | .17 ** | .82 | 2.07 | .97 | 1.70 ** |
Portfolio turnover rate (%) | 31 * | 57 | 32 | 34 | 14 e |
a | For the period from June 5, 2017 (commencement of operations) to October 31, 2017. |
b | Based on average shares outstanding during the period. |
c | Total return does not reflect the effect of any sales charges. |
d | Total return would have been lower had certain expenses not been reduced. |
e | Represents the Fund’s portfolio turnover rate for the year ended October 31, 2017. |
* | Not annualized |
** | Annualized |
22 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund — Class C | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $18.92 | $17.38 | $15.77 | $17.43 | $14.07 | $13.07 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.06) | (.00) * | .26 | .06 | (.01) | (.05) |
Net realized and unrealized gain (loss) | 3.50 | 1.72 | 1.35 | (1.72) | 3.37 | 1.05 |
Total from investment operations | 3.44 | 1.72 | 1.61 | (1.66) | 3.36 | 1.00 |
Less distributions from: | ||||||
Net investment income | (.07) | (.18) | — | — | — | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $22.29 | $18.92 | $17.38 | $15.77 | $17.43 | $14.07 |
Total Return (%)b,c | 18.27 ** | 9.89 | 10.21 | (9.52) | 23.88 | 7.65 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 7 | 4 | 6 | 3 | 3 | 2 |
Ratio of expenses before expense reductions (%) | 1.97 *** | 2.02 | 2.08 | 2.26 | 2.57 | 2.91 |
Ratio of expenses after expense reductions (%) | 1.90 *** | 1.90 | 1.90 | 1.90 | 2.09 | 2.42 |
Ratio of net investment income (loss) (%) | (.58) *** | (.00) **** | 1.55 | .31 | (.09) | (.40) |
Portfolio turnover rate (%) | 31 ** | 57 | 32 | 34 | 14 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
**** | Amount is less than .005%. |
DWS Emerging Markets Equity Fund | | 23 |
DWS Emerging Markets Equity Fund — Class R6 | ||||
Six Months Ended 4/30/21 | Years Ended October 31, | Period Ended | ||
(Unaudited) | 2020 | 2019 | 10/31/18 a | |
Selected Per Share Data | ||||
Net asset value, beginning of period | $21.63 | $19.87 | $17.99 | $18.68 |
Income (loss) from investment operations: | ||||
Net investment incomeb | .07 | .19 | .48 | .02 |
Net realized and unrealized gain (loss) | 3.98 | 2.00 | 1.54 | (.71) |
Total from investment operations | 4.05 | 2.19 | 2.02 | (.69) |
Less distributions from: | ||||
Net investment income | (.32) | (.43) | (.14) | — |
Net asset value, end of period | $25.36 | $21.63 | $19.87 | $17.99 |
Total Return (%) | 18.82 * | 11.06 c | 11.32 c | (3.69) c* |
Ratios to Average Net Assets and Supplemental Data | ||||
Net assets, end of period ($ thousands) | 799 | 126 | 25 | 10 |
Ratio of expenses before expense reductions (%) | .90 ** | 1.26 | 1.21 | 1.41 ** |
Ratio of expenses after expense reductions (%) | .90 ** | .90 | .90 | .90 ** |
Ratio of net investment income (%) | .57 ** | .95 | 2.51 | .63 ** |
Portfolio turnover rate (%) | 31 * | 57 | 32 | 34 d |
a | For the period from September 7, 2018 (commencement of operations) to October 31, 2018. |
b | Based on average shares outstanding during the period. |
c | Total return would have been lower had certain expenses not been reduced. |
d | Represents the Fund’s portfolio turnover rate for the year ended October 31, 2018. |
* | Not annualized |
** | Annualized |
24 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund — Class S | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $21.63 | $19.87 | $18.00 | $19.82 | $15.94 | $14.70 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .04 | .19 | .48 | .24 | .15 | .09 |
Net realized and unrealized gain (loss) | 4.00 | 1.98 | 1.52 | (1.93) | 3.81 | 1.18 |
Total from investment operations | 4.04 | 2.17 | 2.00 | (1.69) | 3.96 | 1.27 |
Less distributions from: | ||||||
Net investment income | (.30) | (.41) | (.13) | (.13) | (.08) | (.03) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $25.37 | $21.63 | $19.87 | $18.00 | $19.82 | $15.94 |
Total Return (%)b | 18.83 ** | 10.92 | 11.19 | (8.61) | 25.03 | 8.68 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 156 | 191 | 203 | 89 | 65 | 46 |
Ratio of expenses before expense reductions (%) | 1.06 *** | 1.09 | 1.12 | 1.31 | 1.57 | 1.90 |
Ratio of expenses after expense reductions (%) | .98 *** | .98 | .98 | .98 | 1.14 | 1.42 |
Ratio of net investment income (%) | .33 *** | .99 | 2.46 | 1.19 | .87 | .62 |
Portfolio turnover rate (%) | 31 ** | 57 | 32 | 34 | 14 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Emerging Markets Equity Fund | | 25 |
DWS Emerging Markets Equity Fund — Institutional Class | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $21.61 | $19.86 | $17.99 | $19.81 | $15.92 | $14.68 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .05 | .21 | .55 | .28 | .21 | (.04) |
Net realized and unrealized gain (loss) | 4.00 | 1.97 | 1.46 | (1.96) | 3.76 | 1.31 |
Total from investment operations | 4.05 | 2.18 | 2.01 | (1.68) | 3.97 | 1.27 |
Less distributions from: | ||||||
Net investment income | (.32) | (.43) | (.14) | (.14) | (.08) | (.03) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $25.34 | $21.61 | $19.86 | $17.99 | $19.81 | $15.92 |
Total Return (%)b | 18.84 ** | 11.02 | 11.29 | (8.54) | 25.05 | 8.76 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 381 | 216 | 208 | 28 | 9 | 1 |
Ratio of expenses before expense reductions (%) | .94 *** | 1.00 | 1.05 | 1.18 | 1.34 | 1.72 |
Ratio of expenses after expense reductions (%) | .90 *** | .90 | .90 | .90 | .97 | 1.42 |
Ratio of net investment income (loss) (%) | .43 *** | 1.05 | 2.82 | 1.40 | 1.14 | (.28) |
Portfolio turnover rate (%) | 31 ** | 57 | 32 | 34 | 14 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
26 | | DWS Emerging Markets Equity Fund |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
DWS Emerging Markets Equity Fund | | 27 |
28 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | 29 |
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $ 20,213,727 | $ — | $ — | $ — | $ 20,213,727 |
Exchange-Traded Funds | 51,506,245 | — | — | — | 51,506,245 |
Total Borrowings | $ 71,719,972 | $ — | $ — | $ — | $ 71,719,972 |
Gross amount of recognized liabilities for securities lending transactions: | $ 71,719,972 |
30 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | 31 |
B. | Purchases and Sales of Securities |
C. | Related Parties |
Class A | 1.15% |
Class T | 1.15% |
Class C | 1.90% |
Class R6 | .90% |
Class S | .98% |
Institutional Class | .90% |
32 | | DWS Emerging Markets Equity Fund |
Class A | $ 11,561 |
Class T | 3 |
Class C | 1,986 |
Class S | 69,772 |
Institutional Class | 60,161 |
$ 143,483 |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2021 |
Class A | $ 5,188 | $ 1,733 |
Class T | 13 | 4 |
Class C | 362 | 128 |
Class R6 | 66 | 9 |
Class S | 24,012 | 7,893 |
Institutional Class | 362 | 72 |
$ 30,003 | $ 9,839 |
DWS Emerging Markets Equity Fund | | 33 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 9,363 |
Class C | 2,233 |
Class S | 135,564 |
Institutional Class | 94,403 |
$ 241,563 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2021 |
Class C | $ 21,387 | $ 4,062 |
Service Fee | Total Aggregated | Unpaid at April 30, 2021 | Annualized Rate |
Class A | $ 27,121 | $ 9,307 | .24% |
Class T | 11 | 11 | .15% |
Class C | 7,129 | 2,328 | .25% |
$ 34,261 | $ 11,646 |
34 | | DWS Emerging Markets Equity Fund |
D. | Investing in Emerging Markets |
E. | Line of Credit |
DWS Emerging Markets Equity Fund | | 35 |
F. | Fund Share Transactions |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 231,983 | $ 5,936,915 | 293,462 | $ 5,740,580 |
Class C | 103,006 | 2,341,692 | 55,576 | 975,545 |
Class R6 | 33,294 | 813,190 | 5,102.5 | 111,366 |
Class S | 1,148,595 | 28,879,443 | 4,048,951 | 78,644,076 |
Institutional Class | 7,208,392 | 185,105,712 | 7,657,399 | 147,642,715 |
$ 223,076,952 | $ 233,114,282 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 9,050 | $ 214,843 | 21,278 | $ 441,739 |
Class T | 6 | 151 | 10 | 211 |
Class C | 796 | 16,877 | 3,583 | 66,434 |
Class R6 | 387 | 9,291 | 15 | 315 |
Class S | 95,270 | 2,290,299 | 168,095 | 3,533,360 |
Institutional Class | 154,093 | 3,698,230 | 256,332 | 5,380,417 |
$ 6,229,691 | $ 9,422,476 | |||
Shares redeemed | ||||
Class A | (92,797) | $ (2,315,717) | (680,017) | $ (13,176,421) |
Class C | (42,964) | (965,051) | (165,576) | (2,732,847) |
Class R6 | (7,985) | (202,090) | (533) | (10,709) |
Class S | (3,909,261) | (100,157,179) | (5,604,984) | (107,347,026) |
Institutional Class | (2,333,491) | (59,254,305) | (8,366,880) | (159,927,742) |
$ (162,894,342) | $ (283,194,745) |
36 | | DWS Emerging Markets Equity Fund |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class A | 148,236 | $ 3,836,041 | (365,277) | $ (6,994,102) |
Class T | 6 | 151 | 10 | 211 |
Class C | 60,838 | 1,393,518 | (106,417) | (1,690,868) |
Class R6 | 25,696 | 620,391 | 4,584.5 | 100,972 |
Class S | (2,665,396) | (68,987,437) | (1,387,938) | (25,169,590) |
Institutional Class | 5,028,994 | 129,549,637 | (453,149) | (6,904,610) |
$ 66,412,301 | $ (40,657,987) |
G. | Other — COVID-19 Pandemic |
DWS Emerging Markets Equity Fund | | 37 |
— | 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. |
38 | | DWS Emerging Markets Equity Fund |
Actual Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,186.80 | $1,186.80 | $1,182.70 | $1,188.20 | $1,188.30 | $1,188.40 |
Expenses Paid per $1,000* | $ 6.24 | $ 6.24 | $ 10.28 | $ 4.88 | $ 5.32 | $ 4.88 |
Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,019.09 | $1,019.09 | $1,015.37 | $1,020.33 | $1,019.93 | $1,020.33 |
Expenses Paid per $1,000* | $ 5.76 | $ 5.76 | $ 9.49 | $ 4.51 | $ 4.91 | $ 4.51 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
DWS Emerging Markets Equity Fund | 1.15% | 1.15% | 1.90% | .90% | .98% | .90% |
DWS Emerging Markets Equity Fund | | 39 |
40 | | DWS Emerging Markets Equity Fund |
— | During the entire process, all of the Fund’s Directors were independent of DIMA and its affiliates (the “Independent Directors” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Directors (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Directors regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Directors were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
DWS Emerging Markets Equity Fund | | 41 |
42 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | 43 |
44 | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | 45 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWSPO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
46 | | DWS Emerging Markets Equity Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class T | Class C | Class S | Institutional Class | |
Nasdaq Symbol | SEKAX | SEKTX | SEKCX | SEMGX | SEKIX |
CUSIP Number | 25156G 103 | 25156G 566 | 25156G 301 | 25156G 400 | 25156G 780 |
Fund Number | 479 | 1779 | 779 | 2079 | 1479 |
For shareholders of Class R6 | ||
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 | |
24-hour access to your retirement plan account. | ||
Web Site | dws.com | |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | ||
For More Information | (800) 728-3337 | |
To speak with a service representative. | ||
Written Correspondence | DWS Service Company222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | SEKRX |
CUSIP Number | 25156G 426 |
Fund Number | 1679 |
DWS Emerging Markets Equity Fund | | 47 |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
48 | | DWS Emerging Markets Equity Fund |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
DWS Emerging Markets Equity Fund | | 49 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc. |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2021 |