DWS CROCI International Fund - NCSR Certified annual shareholder report (management investment company)

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)

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:	10/31/2022

ITEM 1.	REPORT TO STOCKHOLDERS

	(a)

October 31, 2022

Annual Report

to Shareholders

DWS Emerging Markets Equity Fund

Contents

3	Letter to Shareholders
4	Portfolio Management Review
9	Performance Summary
12	Portfolio Summary
14	Investment Portfolio
18	Statement of Assets and Liabilities
20	Statement of Operations
21	Statements of Changes in Net Assets
22	Financial Highlights
27	Notes to Financial Statements

39	Report of Independent Registered Public Accounting Firm
41	Information About Your Fund’s Expenses
42	Tax Information
44	Advisory Agreement Board Considerations and Fee Evaluation
49	Board Members and Officers
55	Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Emerging Markets Equity Fund

Letter to Shareholders

Dear Shareholder:

Financial markets experienced several negative impacts which began in late February with the Russia-Ukraine war and have continued through the second quarter due to volatility in energy, a rise in inflation, pressure on supply chains, and slower corporate earnings growth. Global monetary authorities have moved aggressively to tame inflation which in turn has created a swift decline in equity and fixed income markets. The longer-term effects of these headwinds remain uncertain. De-globalization and a desire for energy independence across Europe and North America may continue to push prices upwards, and we expect inflation will remain higher than average over the next decade.

In periods such as this, real capital preservation becomes more challenging. Our portfolio managers continue to assess risks and form opinions on how these headwinds may impact investment portfolios over multiple time horizons. Yields for bonds can be impacted by economic risks, rising inflation, and slowing monetary support. We expect a moderate rise in government bond yields while short term spread widening may offer potential over the next year. For equities, we expect continued volatility in the short-term, however we do have a favorable view on companies with solid balance sheets and business models over a twelve-month horizon. We believe alternatives such as real estate, infrastructure and commodities may help in preserving capital given pricing power and correlation to inflation. Overall, we believe a diversified and balanced portfolio may help mitigate portfolio volatility during this uncertain economic and market cycle.

In our view, the current environment underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — makes an important difference in making strategic and tactical decisions for the DWS Funds. Thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights” section of dws.com.

Best regards,

Hepsen Uzcan

President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

DWS Emerging Markets Equity Fund

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 recent month-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 9 through 11 for more complete performance information.

Investment Strategy and Process

Portfolio management generally uses a four step management process. In the first step, using a macroeconomic outlook, portfolio management assesses the general outlook for emerging market equities. The key drivers of this outlook are growth, valuation, and market sentiment. This process is then applied at individual country and sector levels to determine country and sector weightings.

In the second step, portfolio management performs a bottom-up fundamental analysis of the companies in the designated countries and sectors (i.e., an analysis of the salient attributes of the various individual companies), resulting in recommended stocks for the designated countries and sectors and corresponding target prices for those stocks. Salient company attributes that portfolio management may consider include attractiveness of valuation relative to earnings, sustainability of business model, the presence of clearly identifiable catalysts, such as a specific corporate event, and positive share price momentum. Portfolio management may also consider financially material Environmental, Social and Governance (ESG) factors in its fundamental analysis including, but not limited to, a company’s climate transition risk (an assessment of a company’s likely success at managing the transition to a carbon-free world). In evaluating ESG issues, portfolio management refers to internal securities specific ESG ratings, internal and external ESG research and other factors.

In the third step, portfolio management constructs the Fund’s portfolio, weighting individual stocks based on management’s assessments and setting individual country and sector market exposure based on management’s outlook.

In the fourth and final step, portfolio management actively monitors the Fund’s portfolio, including an ongoing assessment of the portfolio’s risks. Portfolio management will typically sell a security if it no longer represents good value relative to fundamentals and/or if it lacks positive catalysts.

DWS Emerging Markets Equity Fund

DWS Emerging Markets Equity Fund returned –33.54% in the 12 month period that ended October 31, 2022, underperforming the –31.03% return for its benchmark, the MSCI Emerging Markets Index.

Emerging-market stocks suffered poor absolute returns and underperformance versus the developed markets in the annual period. As was the case with most major asset classes, the category was pressured by the aggressive policy tightening of the U.S. Federal Reserve (Fed) and other central banks. The Fed raised rates by a total of three percentage points over the course of the period, to a range of 3.0% to 3.25% as of October 31, 2022. The emerging markets are also very sensitive to global growth trends, which was a further challenge as investors began to anticipate a worldwide recession in 2023.

Geopolitical factors played a role in the emerging markets’ weak return, as well. Russia’s invasion of Ukraine, which was followed by sanctions from the West, was a significant headwind for sentiment. Russian equities lost nearly all of their value in the weeks following the invasion, and the country was removed from the MSCI Emerging Markets Index. China was also a source of concern. The nation’s government continued to put regulatory pressure on its technology companies, and it maintained a zero-COVID policy that proved to be a large hinderance to growth. Late in the period, President Xi Jinping used the National Congress of the Chinese Communist Party to tighten his grip on power. The move further weighed on Chinese stocks by raising fears that the nation would continue to pursue policies unfriendly to business and the financial markets.

Unfavorable currency translation was another headwind to performance for U.S.-based investors, as emerging-market currencies were very weak in relation to the U.S. dollar. The MSCI Emerging Markets Index returned –24.21% when measured in local terms, indicating that currency effects accounted for 9.33 percentage points of its loss in U.S. dollar terms.

“Emerging-markets stocks suffered poor absolute returns and underperformance versus the developed markets in the annual period.”

At the country level, China was a notable laggard. The sharp downturn in the nation’s market weighed heavily on the larger asset class given the country’s sizable index weighing. Eastern European nations were also

DWS Emerging Markets Equity Fund

weak due to their higher vulnerability to the economic effects of the conflict in Ukraine. In addition, the technology-driven markets of South Korea and Taiwan underperformed considerably on expectations that the global semiconductor cycle was set to experience a meaningful slowdown. On the other hand, Latin America registered a gain thanks to considerable outperformance for Brazil. Many oil-sensitive markets in the Middle East and Africa also bucked the broader downtrend to post positive returns, as did Indonesia.

Fund Performance

Security selection, particularly in China, Mexico, and Taiwan, was the primary reason for the Fund’s underperformance in the 12-month period. Sea Ltd., an e-commerce company based in Singapore, was the largest individual detractor. The stock sold off on concerns about regulatory changes in India, as well as the weakness in the growth style and Asian technology companies more generally. Holdings in the Russian energy producers PJSC Gazprom* and PJSC Lukoil* hurt performance. However, we limited the extent of the loss by trimming the portfolio’s weighting in Russia in the weeks leading up to the beginning of the conflict. Overweights in the Chinese technology companies Alibaba Group Holding Ltd. and Tencent Holdings Ltd. also hurt results, as did an overweight in Taiwan Semiconductor Manufacturing Co., Ltd.

On the positive side, selection in Indonesia contributed. Our outperformance in the country was largely due to a position in PT Bank Central Asia Tbk, which was helped by its inexpensive valuation and resilient growth. Selection in Brazil was an additional positive, led by positions in Petroleo Brasileiro SA (“Petrobras” ), Itau Unibanco Holding SA, and Banco Bradesco SA. India was also home to a number of top contributors, including ICICI Bank Ltd., the conglomerate Larsen & Toubro, Ltd., Bharti Airtel Ltd., and Reliance Industries Ltd.

Asset allocation was a net contributor to performance, with the majority of the effect coming from the Fund’s position in cash. While cash provided little in the way return, it nonetheless was a meaningful positive given the extent of the downturn in the broader asset class. We actively adjusted the size of the position to take advantage of volatility or adopt a more defensive posture based on market conditions. Other aspects of the Fund’s allocation largely offset one another. Overweights in Brazil and Indonesia contributed, as did an underweight in Russia. On the other

DWS Emerging Markets Equity Fund

hand, an underweight in Saudi Arabia and an overweight in Singapore detracted. The adverse effect of the Singapore overweight was primarily due to the position in Sea Ltd.

Outlook and Positioning

At the close of the period, the Fund’s leading country overweights were Hungary, China / Hong Kong, India, and Indonesia. Taiwan, Thailand, South Korea, and Malaysia were its largest underweights. At the sector level, the Fund was overweight financials and consumer discretionary and most underweight in materials and healthcare.

The past year was a very difficult time for emerging-market equities, and we expect concerns about interest rates, inflation, growth, and the geopolitical picture could fuel additional volatility in the months ahead. With that said, we are growing increasingly constructive on the asset class. Valuations are inexpensive, but this hasn’t yet provided support for performance since profit estimates have continued to fall. At this point, however, we believe the cycle of downward earnings revisions may be nearing its end. A peak in expectations for terminal interest rates in the United States (i.e., the level at which the Fed can stop hiking) would represent another source of support. Not only would it remove a key driver of negative sentiment, but it would also likely dampen the rally in the U.S. dollar. We also have a positive view on fiscal conditions in Asia, where governments are in much better shape than they were in previous periods of market instability. While China’s zero-COVID policy remains a challenge in the short-term, an eventual shift in this regard would take away another important headwind for performance. We think these factors, in combination, can create a more favorable backdrop for the emerging markets in the year ahead.

Not held at October 31, 2022

Portfolio Manager

Sean Taylor, Chief Investment Officer APAC

Lead Portfolio Manager of the Fund. Began managing the Fund in 2014.

—Global Head of Emerging Markets Equities: Hong Kong.

—Joined DWS in 2013 with 21 years of industry experience. Prior to his current role, he served as Investment Director at GAM, based in London and Dubai, and Head of International & Emerging Markets at Societe Generale.

—MBA, Manchester Business School.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject

DWS Emerging Markets Equity Fund

to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

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.

Overweight means a fund holds a higher weighting in a given sector or security compared with its benchmark index. Underweight means a fund holds a lower weighting in a given sector or security.

Contribution incorporates both a stock’s total return and its weighting in the Fund.

DWS Emerging Markets Equity Fund

Performance SummaryOctober 31, 2022 (Unaudited)

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/22
Unadjusted for Sales Charge	–33.54%	–4.59%	0.18%
Adjusted for the Maximum Sales Charge (max 5.75% load)	–37.36%	–5.71%	–0.41%
MSCI Emerging Markets Index†	–31.03%	–3.09%	0.79%

Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/22
Unadjusted for Sales Charge	–34.09%	–5.33%	–0.58%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	–34.09%	–5.33%	–0.58%
MSCI Emerging Markets Index†	–31.03%	–3.09%	0.79%

Class R6	1-Year	Life of Class*
Average Annual Total Returns as of 10/31/22
No Sales Charges	–33.40%	–4.02%
MSCI Emerging Markets Index†	–31.03%	–2.01%

Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/22
No Sales Charges	–33.43%	–4.43%	0.39%
MSCI Emerging Markets Index†	–31.03%	–3.09%	0.79%

Institutional Class	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/22
No Sales Charges	–33.43%	–4.36%	0.41%
MSCI Emerging Markets Index†	–31.03%	–3.09%	0.79%

Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 16, 2022 are 1.32%, 2.03%, 0.94%, 1.08% and 1.02% for Class A,

DWS Emerging Markets Equity Fund

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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

(Adjusted for Maximum Sales Charge)

Yearly periods ended October 31

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

*	Class R6 shares commenced operations on September 7, 2018.
†	The MSCI Emerging Markets Index is an unmanaged equity index which captures large and mid-capitalization representation across 24 emerging markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

DWS Emerging Markets Equity Fund

	Class A	Class C	Class R6	Class S	Institutional Class
Net Asset Value
10/31/22	$14.64	$12.99	$14.85	$14.85	$14.83
10/31/21	$22.37	$19.85	$22.70	$22.69	$22.67
Distribution Information as of 10/31/22
Income Dividends, Twelve Months	$.33	$.15	$.38	$.37	$.38

DWS Emerging Markets Equity Fund

Portfolio Summary(Unaudited)

Asset Allocation (As a % of Net Assets)	10/31/22	10/31/21
Equity Securities	85%	89%
Cash Equivalents and Other Assets and Liabilities, Net	11%	4%
Exchange-Traded Funds	4%	7%
	100%	100%

Sector Diversification (As a % of Equity Securities)	10/31/22	10/31/21
Financials	33%	24%
Information Technology	19%	18%
Consumer Discretionary	18%	17%
Communication Services	7%	12%
Energy	7%	17%
Consumer Staples	6%	3%
Industrials	5%	1%
Materials	4%	7%
Real Estate	1%	1%
	100%	100%

Geographical Diversification (As a % of Equity Securities and Exchange-Traded Funds)	10/31/22	10/31/21
China	27%	29%
India	21%	12%
Korea	11%	10%
Taiwan	10%	13%
Brazil	7%	7%
Hong Kong	6%	2%
Indonesia	5%	3%
South Africa	4%	1%
Saudi Arabia	4%	—
Mexico	2%	4%
Singapore	1%	3%
Russia	—	9%
Thailand	—	2%
Others	2%	5%
	100%	100%

DWS Emerging Markets Equity Fund

Ten Largest Equity Holdings at October 31, 2022 (38.3% of Net Assets)	Country	Percent
1Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan	6.1%
Manufacturer of integrated circuits and other semiconductor devices
2Samsung Electronics Co., Ltd.	Korea	5.7%
Manufacturer of electronic parts
3ICICI Bank Ltd.	India	5.3%
Specializes in retail and corporate banking
4HDFC Bank Ltd.	India	4.5%
Provider of retail, corporate banking, custodial, treasury and capital markets services
5PT Bank Central Asia Tbk	Indonesia	3.2%
Provider of commercial and personal banking services
6Larsen & Toubro Ltd.	India	2.9%
Manufacturer of engineering equipment
7Alibaba Group Holding Ltd.	China	2.8%
Provider of internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries
8Tencent Holdings Ltd.	China	2.7%
Provider of Internet, mobile, and telecommunication value-added services
9Trip.com Group Ltd.	China	2.7%
Provider of online travel agency services
10Yum China Holdings, Inc.	China	2.4%
Operator of Chain restaurants

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 14. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 55 for contact information.

DWS Emerging Markets Equity Fund

Investment Portfolioas of October 31, 2022

	Shares		Value ($)
Equity Securities 84.8%
Brazil 6.2%
Banco Bradesco SA (ADR)		666,211	2,524,938
Itaú Unibanco Holding SA (ADR) (Preferred)		464,387	2,702,732
Petroleo Brasileiro SA (ADR)		286,243	3,669,635
Vale SA (ADR)		150,037	1,941,479
(Cost $7,578,583)			10,838,784
Chile 0.6%
Antofagasta PLC (Cost $1,095,144)		79,259	1,067,969
China 23.6%
Air China Ltd. “H” *		2,354,000	1,635,700
Alibaba Group Holding Ltd. (ADR)*		76,507	4,864,315
China Construction Bank Corp. “H”		6,373,577	3,379,928
China Eastern Airlines Corp. Ltd. “H” *		2,102,000	693,192
China Merchants Bank Co., Ltd. “H”		239,000	785,317
Industrial & Commercial Bank of China Ltd. “H”		4,419,095	1,920,159
JD.com, Inc. (ADR)		19,255	718,019
JD.com, Inc. “A”		21,971	403,785
Kweichow Moutai Co., Ltd. “A”		14,300	2,642,690
Meituan “B” 144A*		194,300	3,107,591
PetroChina Co., Ltd. “H”		8,988,000	3,433,254
Ping An Insurance Group Co. of China Ltd. “H”		579,500	2,315,477
Tencent Holdings Ltd.		182,700	4,773,241
Tongcheng Travel Holdings Ltd.*		1,111,600	1,733,707
Trip.com Group Ltd. (ADR)*		208,994	4,729,534
Yum China Holdings, Inc. (a)		100,180	4,142,443
(Cost $53,692,264)			41,278,352
Hong Kong 5.4%
BOC Hong Kong Holdings Ltd.		922,000	2,865,796
China Mengniu Dairy Co., Ltd.		512,000	1,637,620
CK Asset Holdings Ltd.		352,000	1,946,993
Galaxy Entertainment Group Ltd.		454,000	2,093,089
SJM Holdings Ltd.*		2,662,000	829,315
(Cost $12,225,605)			9,372,813
India 18.9%
Axis Bank Ltd.		277,906	3,042,132
Bharti Airtel Ltd.		314,892	3,166,676
HDFC Bank Ltd. (ADR)		125,002	7,788,875

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

	Shares		Value ($)
ICICI Bank Ltd.		570,035	6,214,492
ICICI Bank Ltd. (ADR)		134,528	2,964,997
Larsen & Toubro Ltd.		209,319	5,142,685
Maruti Suzuki India Ltd.		10,439	1,204,505
Reliance Industries Ltd.		113,397	3,473,736
(Cost $25,971,052)			32,998,098
Indonesia 4.0%
PT Bank Central Asia Tbk		9,905,000	5,590,606
PT Elang Mahkota Teknologi Tbk		14,584,700	1,445,858
(Cost $7,360,085)			7,036,464
Korea 10.0%
Hyundai Motor Co.		13,924	1,608,633
KB Financial Group, Inc.		56,921	1,919,722
Samsung Electronics Co., Ltd.		240,955	10,033,580
Samsung SDI Co., Ltd.		3,990	2,066,139
SK Hynix, Inc.		33,112	1,916,646
(Cost $16,741,969)			17,544,720
Macau 0.4%
Sands China Ltd.* (Cost $1,059,997)		393,600	688,712
Mexico 1.4%
Fomento Economico Mexicano SAB de CV (ADR) (Cost $2,548,823)		34,817	2,493,594
Singapore 0.9%
Sea Ltd. (ADR)* (Cost $7,190,077)		33,550	1,666,764
South Africa 3.8%
Anglo American Platinum Ltd.		25,478	2,036,748
Clicks Group Ltd.		78,036	1,325,609
FirstRand Ltd. (b)		915,114	3,203,863
(Cost $10,315,912)			6,566,220
Taiwan 9.0%
Fubon Financial Holding Co., Ltd.		1,342,320	2,118,676
Hon Hai Precision Industry Co., Ltd.		930,000	2,958,490
Taiwan Semiconductor Manufacturing Co., Ltd.		713,803	8,585,157
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		32,546	2,003,206
(Cost $12,798,729)			15,665,529
United Kingdom 0.6%
Rio Tinto PLC (Cost $1,124,616)		18,646	973,864
Total Equity Securities (Cost $159,702,856)			148,191,883

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

	Shares		Value ($)
Exchange-Traded Funds 3.6%
iShares MSCI Saudi Arabia ETF (b) (Cost $6,887,176)		147,668	6,326,097
Securities Lending Collateral 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.93% (c) (d) (Cost $3,430,908)		3,430,908	3,430,908
Cash Equivalents 4.5%
DWS Central Cash Management Government Fund, 3.0% (c) (Cost $7,794,443)		7,794,443	7,794,443

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $177,815,383)	94.9	165,743,331
Other Assets and Liabilities, Net	5.1	8,948,733
Net Assets	100.0	174,692,064

A summary of the Fund’s transactions with affiliated investments during the year ended October 31, 2022 are as follows:

Value ($) at 10/31/2021	Pur- chases Cost ($)	Sales Proceeds ($)	Net Real- ized Gain/ (Loss) ($)	Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)	Income ($)	Capital Gain Distri- butions ($)	Number of Shares at 10/31/2022	Value ($) at 10/31/2022
Securities Lending Collateral 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.93% (c) (d)
21,422,090	—	17,991,182 (e)	—	—	85,720	—	3,430,908	3,430,908
Cash Equivalents 4.5%
DWS Central Cash Management Government Fund, 3.0% (c)
2,470,217	231,238,795	225,914,569	—	—	115,965	—	7,794,443	7,794,443
23,892,307	231,238,795	243,905,751	—	—	201,685	—	11,225,351	11,225,351

*	Non-income producing security.
(a)	Listed on the New York Stock Exchange.
(b)	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 October 31, 2022 amounted to $3,180,020, which is 1.8% of net assets.
(c)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended October 31, 2022.

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

MSCI: Morgan Stanley Capital International

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 October 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Equity Securities
Brazil	$10,838,784	$ —	$—	$ 10,838,784
Chile	—	1,067,969	—	1,067,969
China	14,454,311	26,824,041	—	41,278,352
Hong Kong	—	9,372,813	—	9,372,813
India	10,753,872	22,244,226	—	32,998,098
Indonesia	—	7,036,464	—	7,036,464
Korea	—	17,544,720	—	17,544,720
Macau	—	688,712	—	688,712
Mexico	2,493,594	—	—	2,493,594
Singapore	1,666,764	—	—	1,666,764
South Africa	—	6,566,220	—	6,566,220
Taiwan	2,003,206	13,662,323	—	15,665,529
United Kingdom	—	973,864	—	973,864
Exchange-Traded Funds	6,326,097	—	—	6,326,097
Short-Term Investments (a)	11,225,351	—	—	11,225,351
Total	$59,761,979	$105,981,352	$—	$165,743,331

(a)	See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

Statement of Assets and Liabilities

as of October 31, 2022

Assets
Investments in non-affiliated securities, at value (cost $166,590,032) — including $3,180,020 of securities loaned	$ 154,517,980
Investment in DWS Government & Agency Securities Portfolio (cost $3,430,908)*	3,430,908
Investment in DWS Central Cash Management Government Fund (cost $7,794,443)	7,794,443
Cash	23
Foreign currency, at value (cost $5,191,874)	4,967,393
Receivable for investments sold	7,937,263
Receivable for Fund shares sold	436,626
Dividends receivable	155,798
Interest receivable	11,557
Foreign taxes recoverable	6,178
Other assets	18,889
Total assets	179,277,058
Liabilities
Payable upon return of securities loaned	3,430,908
Payable for Fund shares redeemed	252,489
Deferred foreign taxes payable	548,805
Accrued management fee	136,561
Accrued Directors' fees	2,951
Other accrued expenses and payables	213,280
Total liabilities	4,584,994
Net assets, at value	$174,692,064
Net Assets Consist of
Distributable earnings (loss)	(88,189,617)
Paid-in capital	262,881,681
Net assets, at value	$174,692,064

Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

Statement of Assets and Liabilities as of October 31, 2022 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($8,035,322 ÷ 549,027 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 14.64
Maximum offering price per share (100 ÷ 94.25 of $14.64)	$ 15.53
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,817,245 ÷ 216,961 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)	$ 12.99
Class R6
Net Asset Value, offering and redemption price per share ($459,568 ÷ 30,946 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$ 14.85
Class S
Net Asset Value, offering and redemption price per share ($46,580,359 ÷ 3,137,668 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)	$ 14.85
Institutional Class
Net Asset Value, offering and redemption price per share ($116,799,570 ÷ 7,874,375 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)	$ 14.83

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

Statement of Operations

for the year ended October 31, 2022

Investment Income
Income:
Dividends (net of foreign taxes withheld of $897,798)	$ 9,328,631
Interest	23,317
Income distributions — DWS Central Cash Management Government Fund	115,965
Securities lending income, net of borrower rebates	85,720
Total income	9,553,633
Expenses:
Management fee	2,131,408
Administration fee	295,352
Services to shareholders	332,408
Distribution and service fees	82,812
Custodian fee	66,549
Professional fees	92,984
Reports to shareholders	42,991
Registration fees	95,647
Directors' fees and expenses	14,317
Other	40,232
Total expenses before expense reductions	3,194,700
Expense reductions	(306,728)
Total expenses after expense reductions	2,887,972
Net investment income	6,665,661
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments (including foreign taxes of $117,027)	(42,910,969)
Foreign currency	(907,729)
	(43,818,698)
Change in net unrealized appreciation (depreciation) on:
Investments (including deferred foreign taxes of $42,840)	(78,059,541)
Foreign currency	(213,700)
	(78,273,241)
Net gain (loss)	(122,091,939)
Net increase (decrease) in net assets resulting from operations	$ (115,426,278)

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

Statements of Changes in Net Assets

	Years Ended October 31,
Increase (Decrease) in Net Assets	2022	2021
Operations:
Net investment income	$ 6,665,661	$ 4,670,021
Net realized gain (loss)	(43,818,698)	24,877,034
Change in net unrealized appreciation (depreciation)	(78,273,241)	(9,771,613)
Net increase (decrease) in net assets resulting from operations	(115,426,278)	19,775,442
Distributions to shareholders:
Class A	(328,662)	(216,767)
Class T	(193)	(151)
Class C	(41,960)	(16,877)
Class R6	(14,706)	(9,291)
Class S	(1,823,803)	(2,344,399)
Institutional Class	(5,056,645)	(3,731,248)
Total distributions	(7,265,969)	(6,318,733)
Fund share transactions:
Proceeds from shares sold	80,172,889	297,331,019
Reinvestment of distributions	7,088,647	6,229,691
Payments for shares redeemed	(255,894,365)	(280,267,784)
Net increase (decrease) in net assets from Fund share transactions	(168,632,829)	23,292,926
Increase (decrease) in net assets	(291,325,076)	36,749,635
Net assets at beginning of period	466,017,140	429,267,505
Net assets at end of period	$174,692,064	$466,017,140

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

Financial Highlights

DWS Emerging Markets Equity Fund — Class A
	Years Ended October 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$22.37	$21.32	$19.59	$17.74	$19.54
Income (loss) from investment operations:
Net investment incomea	.37	.17	.14	.48	.19
Net realized and unrealized gain (loss)	(7.77)	1.14	1.96	1.47	(1.90)
Total from investment operations	(7.40)	1.31	2.10	1.95	(1.71)
Less distributions from:
Net investment income	(.33)	(.26)	(.37)	(.10)	(.09)
Net asset value, end of period	$14.64	$22.37	$21.32	$19.59	$17.74
Total Return (%)b,c	(33.54)	6.07	10.75	11.04	(8.79)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	8	23	18	23	9
Ratio of expenses before expense reductions (%)	1.33	1.28	1.31	1.36	1.55
Ratio of expenses after expense reductions (%)	1.15	1.15	1.15	1.15	1.15
Ratio of net investment income (%)	1.94	.68	.73	2.49	.98
Portfolio turnover rate (%)	51	94	57	32	34

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.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

DWS Emerging Markets Equity Fund — Class C
	Years Ended October 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$19.85	$18.92	$17.38	$15.77	$17.43
Income (loss) from investment operations:
Net investment income (loss)a	.21	(.01)	(.00)*	.26	.06
Net realized and unrealized gain (loss)	(6.92)	1.01	1.72	1.35	(1.72)
Total from investment operations	(6.71)	1.00	1.72	1.61	(1.66)
Less distributions from:
Net investment income	(.15)	(.07)	(.18)	—	—
Net asset value, end of period	$12.99	$19.85	$18.92	$17.38	$15.77
Total Return (%)b,c	(34.09)	5.32	9.89	10.21	(9.52)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	6	4	6	3
Ratio of expenses before expense reductions (%)	2.02	1.99	2.02	2.08	2.26
Ratio of expenses after expense reductions (%)	1.90	1.90	1.90	1.90	1.90
Ratio of net investment income (loss) (%)	1.28	(.05)	(.00)**	1.55	.31
Portfolio turnover rate (%)	51	94	57	32	34

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.
**	Amount is less than .005%.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

DWS Emerging Markets Equity Fund — Class R6
	Years Ended October 31,				Period Ended
	2022	2021	2020	2019	10/31/18a
Selected Per Share Data
Net asset value, beginning of period	$22.70	$21.63	$19.87	$17.99	$18.68
Income (loss) from investment operations:
Net investment incomeb	.45	.27	.19	.48	.02
Net realized and unrealized gain (loss)	(7.92)	1.12	2.00	1.54	(.71)
Total from investment operations	(7.47)	1.39	2.19	2.02	(.69)
Less distributions from:
Net investment income	(.38)	(.32)	(.43)	(.14)	—
Net asset value, end of period	$14.85	$22.70	$21.63	$19.87	$17.99
Total Return (%)c	(33.40)	6.36	11.06	11.32	(3.69)*
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	460	846	126	25	10
Ratio of expenses before expense reductions (%)	.95	.90	1.26	1.21	1.41**
Ratio of expenses after expense reductions (%)	.90	.90	.90	.90	.90**
Ratio of net investment income (%)	2.34	1.11	.95	2.51	.63**
Portfolio turnover rate (%)	51	94	57	32	34d

a	For the period from September 7, 2018 (commencement of operations) to October 31, 2018.
b	Based on average shares outstanding during the period.
c	Total return would have been lower had certain expenses not been reduced.
d	Represents the Fund’s portfolio turnover rate for the year ended October 31, 2018.
*	Not annualized
**	Annualized

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

DWS Emerging Markets Equity Fund — Class S
	Years Ended October 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$22.69	$21.63	$19.87	$18.00	$19.82
Income (loss) from investment operations:
Net investment incomea	.41	.19	.19	.48	.24
Net realized and unrealized gain (loss)	(7.88)	1.17	1.98	1.52	(1.93)
Total from investment operations	(7.47)	1.36	2.17	2.00	(1.69)
Less distributions from:
Net investment income	(.37)	(.30)	(.41)	(.13)	(.13)
Net asset value, end of period	$14.85	$22.69	$21.63	$19.87	$18.00
Total Return (%)b	(33.43)	6.27	10.92	11.19	(8.61)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	47	128	191	203	89
Ratio of expenses before expense reductions (%)	1.10	1.04	1.09	1.12	1.31
Ratio of expenses after expense reductions (%)	.98	.98	.98	.98	.98
Ratio of net investment income (%)	2.13	.75	.99	2.46	1.19
Portfolio turnover rate (%)	51	94	57	32	34

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

DWS Emerging Markets Equity Fund — Institutional Class
	Years Ended October 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$22.67	$21.61	$19.86	$17.99	$19.81
Income (loss) from investment operations:
Net investment incomea	.43	.24	.21	.55	.28
Net realized and unrealized gain (loss)	(7.89)	1.14	1.97	1.46	(1.96)
Total from investment operations	(7.46)	1.38	2.18	2.01	(1.68)
Less distributions from:
Net investment income	(.38)	(.32)	(.43)	(.14)	(.14)
Net asset value, end of period	$14.83	$22.67	$21.61	$19.86	$17.99
Total Return (%)b	(33.43)	6.36	11.02	11.29	(8.54)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	117	308	216	208	28
Ratio of expenses before expense reductions (%)	.99	.98	1.00	1.05	1.18
Ratio of expenses after expense reductions (%)	.90	.90	.90	.90	.90
Ratio of net investment income (%)	2.25	.96	1.05	2.82	1.40
Portfolio turnover rate (%)	51	94	57	32	34

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

DWS Emerging Markets Equity Fund

Notes to Financial Statements

Organization and Significant Accounting Policies

DWS Emerging Markets Equity Fund (the “Fund” ) is a diversified series of Deutsche DWS International Fund, Inc. (the “Corporation” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Maryland corporation.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class 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 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

DWS Emerging Markets Equity Fund

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Equity securities and exchange-traded funds (“ETFs” ) are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or

DWS Emerging Markets Equity Fund

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. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended October 31, 2022, 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 (0.07% annualized effective rate as of October 31, 2022) on the cash collateral invested in DWS Government &

DWS Emerging Markets Equity Fund

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 October 31, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements as of October 31, 2022

	Overnight and Continuous	˂30 days	Between 30 & 90 days	˃90 days	Total
Securities Lending Transactions
Common Stocks	$ 2,796,588	$ —	$ —	$ —	$ 2,796,588
Exchange-Traded Funds	634,320	—	—	—	634,320
Total Borrowings	$ 3,430,908	$ —	$ —	$ —	$ 3,430,908
Gross amount of recognized liabilities for securities lending transactions:					$3,430,908

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At October 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $71,892,000, including short-term losses ($70,260,000) and long-term losses ($1,632,000), which may be applied against realized net taxable capital gains indefinitely.

DWS Emerging Markets Equity Fund

The Fund has reviewed the tax positions for the open tax years as of October 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, income received from passive foreign investment companies and income related to restructuring of certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At October 31, 2022, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:

Undistributed ordinary income*	$ 3,161,852
Capital loss carryforwards	$ (71,892,000)
Net unrealized appreciation (depreciation) on investments	$ (18,686,560)

At October 31, 2022, the aggregate cost of investments for federal income tax purposes was $184,429,891. The net unrealized depreciation for all investments based on tax cost was $18,686,560. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $18,922,432 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $37,608,992.

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

	Years Ended October 31,
	2022	2021
Distributions from ordinary income*	$ 7,265,969	$ 6,318,733

DWS Emerging Markets Equity Fund

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

Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

Purchases and Sales of Securities

During the year ended October 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $142,826,340 and $312,747,852, respectively.

Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund’s subadvisor.

DWS Investments Hong Kong Limited, an affiliate of DIMA, serves as subadvisor with respect to the investment and reinvestment of assets of the Fund, and is paid by the Advisor for its services.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net

DWS Emerging Markets Equity Fund

assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.70%.

For the period from November 1, 2021 through September 30, 2023 (through September 30, 2022 for Class T shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	1.15%
Class T	1.15%
Class C	1.90%
Class R6	.90%
Class S	.98%
Institutional Class	.90%

For the year ended October 31, 2022 (through September 30, 2022 for Class T shares), fees waived and/or expenses reimbursed for each class are as follows:

Class A	$ 26,958
Class T	17
Class C	5,723
Class R6	408
Class S	91,060
Institutional Class	182,562
	$ 306,728

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended October 31, 2022, the Administration Fee was $295,352, of which $15,337 is unpaid.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent

DWS Emerging Markets Equity Fund

functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended October 31, 2022 (through September 30, 2022 for Class T shares), the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at October 31, 2022
Class A	$ 9,106	$ 1,473
Class T	23	—
Class C	563	92
Class R6	245	38
Class S	45,835	7,500
Institutional Class	912	156
	$ 56,684	$ 9,259

In addition, for the year ended October 31, 2022, 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	$ 16,280
Class C	4,241
Class S	93,866
Institutional Class	144,028
	$ 258,415

Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended October 31, 2022, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at October 31, 2022
Class C	$ 35,220	$ 2,089

In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A, T and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder

DWS Emerging Markets Equity Fund

accounts the firms service. For the year ended October 31, 2022 (through September 30, 2022 for Class T shares), the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at October 31, 2022	Annual Rate
Class A	$ 35,856	$ 3,073	.24%
Class T	15	8	.15%
Class C	11,721	1,094	.25%
	$ 47,592	$ 4,175

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 October 31, 2022 aggregated $475.

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 October 31, 2022, the CDSC for Class C shares aggregated $1,978. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended October 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,345, of which $642 is unpaid.

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

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the

DWS Emerging Markets Equity Fund

investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Fund and other investors than would be the case if the Fund’s investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Russia’s recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $375 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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 25 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2022.

DWS Emerging Markets Equity Fund

Fund Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Year Ended October 31, 2022		Year Ended October 31, 2021
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	111,734	$ 2,229,212	389,424	$ 9,733,243
Class C	54,450	996,060	137,040	3,069,427
Class R6	23,151	479,863	45,899	1,129,135
Class S	607,586	11,508,911	1,485,225	37,038,262
Institutional Class	3,370,954	64,958,843	9,717,408	246,360,952
		$ 80,172,889		$ 297,331,019
Shares issued to shareholders in reinvestment of distributions
Class A	15,359	$ 324,111	9,050	$ 214,843
Class T	10*	193*	6	151
Class C	2,187	41,210	796	16,877
Class R6	688	14,706	387	9,291
Class S	82,444	1,761,852	95,270	2,290,299
Institutional Class	231,777	4,946,575	154,093	3,698,230
		$ 7,088,647		$ 6,229,691
Shares redeemed
Class A	(600,366)	$ (11,322,355)	(203,017)	$ (4,922,407)
Class T	(602)*	(9,413)*	—	—
Class C	(137,425)	(2,206,533)	(75,197)	(1,648,569)
Class R6	(30,185)	(552,641)	(14,821)	(366,878)
Class S	(3,202,823)	(63,127,097)	(4,755,224)	(120,503,042)
Institutional Class	(9,319,303)	(178,676,326)	(6,286,053)	(152,826,888)
		$ (255,894,365)		$ (280,267,784)

DWS Emerging Markets Equity Fund

	Year Ended October 31, 2022		Year Ended October 31, 2021
	Shares	Dollars	Shares	Dollars
Net increase (decrease)
Class A	(473,273)	$ (8,769,032)	195,457	$ 5,025,679
Class T	(592)*	(9,220)*	6	151
Class C	(80,788)	(1,169,263)	62,639	1,437,735
Class R6	(6,346)	(58,072)	31,465	771,548
Class S	(2,512,793)	(49,856,334)	(3,174,729)	(81,174,481)
Institutional Class	(5,716,572)	(108,770,908)	3,585,448	97,232,294
		$ (168,632,829)		$ 23,292,926

*	For the period from November 1, 2021 to September 30, 2022 (Class T liquidation date).

Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

DWS Emerging Markets Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Deutsche DWS International Fund, Inc. and Shareholders of DWS Emerging Markets Equity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Emerging Markets Equity Fund (the “Fund” ) (one of the funds constituting Deutsche DWS International Fund, Inc.) (the “Corporation” ), including the investment portfolio, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period 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 October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended October 31, 2018, were audited by another independent registered public accounting firm whose report, dated December 20, 2018, expressed an unqualified opinion on 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 audits. 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 audits 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 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 audits,

DWS Emerging Markets Equity Fund

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 audits 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 October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits 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 audits provide 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

December 20, 2022

DWS Emerging Markets Equity Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses

with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done

so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2022 to October 31, 2022).

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.

DWS Emerging Markets Equity Fund

Expenses and Value of a $1,000 Investment

for the six months ended October 31, 2022 (Unaudited)

Actual Fund Return	Class A	Class C	Class R6	Class S	Institutional Class
Beginning Account Value 5/1/22	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 10/31/22	$811.10	$807.70	$811.90	$811.90	$811.70
Expenses Paid per $1,000*	$5.25	$8.66	$4.11	$4.48	$4.11
Hypothetical 5% Fund Return	Class A	Class C	Class R6	Class S	Institutional Class
Beginning Account Value 5/1/22	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 10/31/22	$1,019.41	$1,015.63	$1,020.67	$1,020.27	$1,020.67
Expenses Paid per $1,000*	$5.85	$9.65	$4.58	$4.99	$4.58

*	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 recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class C	Class R6	Class S	Institutional Class
DWS Emerging Markets Equity Fund	1.15%	1.90%	.90%	.98%	.90%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

Tax Information (Unaudited)

For corporate shareholders, 1% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended October 31, 2022, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $11,300,000, or the maximum amount allowable under tax law, as qualified dividend income.

The Fund paid foreign taxes of $737,072 and earned $6,425,965 of foreign source income during the year ended October 31, 2022. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $0.06 per share as foreign taxes paid and $0.54 per share as income earned from foreign sources for the year ended October 31, 2022.

DWS Emerging Markets Equity Fund

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.

DWS Emerging Markets Equity Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Directors (hereinafter referred to as the “Board” or “Directors” ) approved the renewal of DWS Emerging Markets Equity Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) and sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Agreement, the “Agreements” ) between DIMA and DWS Investments Hong Kong Limited (“DWS HK” ), an affiliate of DIMA, in September 2022.

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

—

During the entire process, all of the Fund’s Directors were independent of DIMA and its affiliates (the “Independent Directors” ).

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Directors (the “Fee Consultant” ).

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Directors regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Directors were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and DWS HK are part of DWS Group GmbH & Co. KGaA (“DWS Group” ).

DWS Emerging Markets Equity Fund

DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s and DWS HK’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and DWS HK provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fund sub-advisors, including DWS HK. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund’s performance (Class A shares) was in the 4th quartile 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 the one-, three- and five-year periods ended December 31, 2021. The Board noted the disappointing investment performance of the Fund in recent

DWS Emerging Markets Equity Fund

periods and continued to discuss with senior management of DIMA and DWS HK the factors contributing to such underperformance and actions being taken to improve performance. The Board observed that the Fund had experienced improved relative performance during the first eight months of 2022. 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, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% 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, 2021). With respect to the sub-advisory fee paid to DWS HK, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group manages DWS Europe Funds comparable to the Fund, but does not manage any comparable institutional accounts. The Board took note of the differences in services provided to DWS Funds as compared to DWS Europe Funds and that such differences made comparison difficult.

DWS Emerging Markets Equity 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 and DWS HK.

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

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and

DWS Emerging Markets Equity Fund

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 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 determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and counsel present. It is possible that individual Independent Directors may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

DWS Emerging Markets Equity Fund

Board Members and Officers

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 c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston

Street, Boston, MA 02199-3600. 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. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members/Independent Advisory 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 designer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds)	69	—

DWS Emerging Markets Equity Fund

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
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); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International; Palm Beach Civic Assn.	69	—
Dawn-Marie Driscoll (1946) Board Member since 1987	Advisory Board and former Executive Fellow, Hoffman 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: 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)	69	—

DWS Emerging Markets Equity Fund

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
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); formerly: Director, The Wharton Financial Institutions Center (1994–2020); 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; Former Directorships: 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), Director, The Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays Bank DE (2010–2018)	69	—
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival	67	—
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213	Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005)	214	Director - Great Elm Capital Corp. (business development company) (since 2022)

DWS Emerging Markets Equity Fund

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
Rebecca W. Rimel (1951) Board Member since 1995	Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: 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); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012-2022)	69	—
Catherine Schrand (1964) Board Member or Advisory Board Member since 20213	Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019)	214	—
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); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)	69	—

DWS Emerging Markets Equity Fund

Officers5

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present	Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette8 (1962) Vice President and Secretary, 1999–present	Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020)
Ciara Crawford9 (1984) Assistant Secretary, (2019–present)	Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present	Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca8 (1957) Assistant Treasurer, 2007–present	Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present	Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present	Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)

DWS Emerging Markets Equity Fund

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6	Business Experience and Directorships During the Past Five Years
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present	Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, since October 6, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO

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	Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust.
4	Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex.
5	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.
6	The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
7	Address: 875 Third Avenue, New York, NY 10022.
8	Address: 100 Summer Street, Boston, MA 02110.
9	Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund’s Statement of Additional Information (“SAI” ) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

DWS Emerging Markets Equity Fund

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system.
For More Information	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.
Web Site	Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence	DWS PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

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 C	Class S	Institutional Class
Nasdaq Symbol	SEKAX	SEKCX	SEMGX	SEKIX
CUSIP Number	25156G 103	25156G 301	25156G 400	25156G 780
Fund Number	479	779	2079	1479

For shareholders of Class R6
Automated Information Line	DWS/Ascensus Plan Access (800) 728-3337
	24-hour access to your retirement plan account.
Web Site	dws.com
	Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
	Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337
	To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806

	Class R6
Nasdaq Symbol	SEKRX
CUSIP Number	25156G 426
Fund Number	1679

DWS Emerging Markets Equity Fund

Notes

222 South Riverside Plaza
Chicago, IL 60606-5808

DEMEF-2
(R-024958-12 12/22)


	(b) Not applicable

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 emerging markets equity Fund

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

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

Fiscal Year Ended October 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2022	$59,311	$0	$7,879	$0
2021	$62,433	$0	$7,879	$0

The above “Tax Fees” were billed for professional services rendered for tax preparation.

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 last two fiscal years.

Fiscal Year Ended October 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
2022	$0	$32,448	$0
2021	$0	$487,049	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

Non-Audit Services

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

Fiscal Year Ended October 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2022	$7,879	$32,448	$0	$40,327
2021	$7,879	$487,049	$0	$494,928

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

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

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

According to the registrant’s principal Independent Registered Public Accounting Firm, 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 2021 and 2022 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 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 to act as the Independent Registered Public Accounting Firm for the Fund.

EY advised the Fund’s Audit Committee that various covered persons within EY and 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 professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund.


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.

	(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:	12/29/2022

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:	12/29/2022



By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer

Date:	12/29/2022

DWS CROCI International Fund - (SUIAX) N-CSRCertified annual shareholder report (management investment company)