UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-00642
Deutsche DWS International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 3 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
Unadjusted for Sales Charge | 14.64% | –7.01% | –2.95% | 1.12% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 8.05% | –12.36% | –4.10% | 0.52% |
MSCI Emerging Markets Index† | 16.36% | –6.51% | –1.05% | 1.80% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –10.64% | –2.64% | 1.57% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –15.78% | –3.79% | 0.97% | |
MSCI Emerging Markets Index† | –10.70% | –0.91% | 2.00% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
Unadjusted for Sales Charge | 14.29% | –7.69% | –3.68% | 0.36% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 13.29% | –7.69% | –3.68% | 0.36% |
MSCI Emerging Markets Index† | 16.36% | –6.51% | –1.05% | 1.80% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –11.27% | –3.38% | 0.81% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –11.27% | –3.38% | 0.81% | |
MSCI Emerging Markets Index† | –10.70% | –0.91% | 2.00% |
Class R6 | 6-Month‡ | 1-Year | Life of Class* |
Average Annual Total Returns as of 4/30/23 | |||
No Sales Charges | 14.83% | –6.77% | –0.69% |
MSCI Emerging Markets Index† | 16.36% | –6.51% | 1.46% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | |||
No Sales Charges | –10.41% | –0.08% | |
MSCI Emerging Markets Index† | –10.70% | 1.74% |
4 | | | DWS Emerging Markets Equity Fund |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges | 14.73% | –6.85% | –2.78% | 1.33% |
MSCI Emerging Markets Index† | 16.36% | –6.51% | –1.05% | 1.80% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | –10.48% | –2.48% | 1.77% | |
MSCI Emerging Markets Index† | –10.70% | –0.91% | 2.00% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges | 14.85% | –6.78% | –2.71% | 1.37% |
MSCI Emerging Markets Index† | 16.36% | –6.51% | –1.05% | 1.80% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | –10.42% | –2.41% | 1.82% | |
MSCI Emerging Markets Index† | –10.70% | –0.91% | 2.00% |
DWS Emerging Markets Equity Fund | | | 5 |
* | Class R6 shares commenced operations on September 7, 2018. |
† | The MSCI Emerging Markets Index is an unmanaged equity index which captures large and mid-capitalization representation across 24 emerging markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
4/30/23 | $16.46 | $14.66 | $16.68 | $16.68 | $16.66 |
10/31/22 | $14.64 | $12.99 | $14.85 | $14.85 | $14.83 |
Distribution Information as of 4/30/23 | |||||
Income Dividends, Six Months | $.32 | $.17 | $.37 | $.35 | $.37 |
6 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 7 |
Asset Allocation (As a % of Net Assets) | 4/30/23 | 10/31/22 |
Equity Securities | 91% | 85% |
Cash Equivalents and Other Assets and Liabilities, Net | 9% | 11% |
Exchange-Traded Funds | — | 4% |
100% | 100% |
Sector Diversification (As a % of Equity Securities) | 4/30/23 | 10/31/22 |
Financials | 26% | 33% |
Consumer Discretionary | 20% | 18% |
Information Technology | 19% | 19% |
Communication Services | 13% | 7% |
Consumer Staples | 8% | 6% |
Industrials | 5% | 5% |
Materials | 4% | 4% |
Health Care | 2% | — |
Energy | 2% | 7% |
Real Estate | 1% | 1% |
100% | 100% |
Geographical Diversification (As a % of Equity Securities and Exchange-Traded Funds) | 4/30/23 | 10/31/22 |
China | 36% | 27% |
India | 17% | 21% |
Korea | 13% | 11% |
Taiwan | 9% | 10% |
Brazil | 6% | 7% |
Hong Kong | 5% | 6% |
South Africa | 4% | 4% |
Indonesia | 3% | 5% |
Mexico | 3% | 2% |
United States | 2% | — |
Chile | 1% | 1% |
Macau | 1% | 0% |
Saudi Arabia | — | 4% |
Others | — | 2% |
100% | 100% |
8 | | | DWS Emerging Markets Equity Fund |
Ten Largest Equity Holdings at April 30, 2023 (42.1% of Net Assets) | Country | Percent | |
1Samsung Electronics Co., Ltd. | Korea | 8.1% | |
Manufacturer of electronic parts | |||
2Tencent Holdings Ltd. | China | 7.9% | |
Provider of Internet, mobile, and telecommunication value-added services | |||
3Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan | 6.5% | |
Manufacturer of integrated circuits and other semiconductor devices | |||
4ICICI Bank Ltd. | India | 4.0% | |
Specializes in retail and corporate banking | |||
5Alibaba Group Holding Ltd. | China | 3.0% | |
Provider of internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries | |||
6Ping An Insurance Group Co. of China Ltd. | China | 2.8% | |
Provider of variety of insurance services | |||
7Larsen & Toubro Ltd. | India | 2.8% | |
Manufacturer of engineering equipment | |||
8Kweichow Moutai Co., Ltd. | China | 2.5% | |
Manufacturer of spirits and markets its products worldwide | |||
9Fomento Economico Mexicano SAB de CV | Mexico | 2.3% | |
Produces, distributes and markets non-alcoholic beverage and owns and operates convenience stores | |||
10HDFC Bank Ltd. | India | 2.2% | |
Provider of retail, corporate banking, custodial, treasury and capital markets services |
DWS Emerging Markets Equity Fund | | | 9 |
Shares | Value ($) | ||
Equity Securities 90.5% | |||
Brazil 5.8% | |||
Banco Bradesco SA (ADR) | 666,210 | 1,865,390 | |
Itaú Unibanco Holding SA (ADR) (Preferred) | 464,387 | 2,391,593 | |
Petroleo Brasileiro SA (ADR) | 110,826 | 1,176,972 | |
Vale SA (ADR) | 209,961 | 3,025,538 | |
(Cost $6,344,446) | 8,459,493 | ||
Chile 1.2% | |||
Antofagasta PLC (Cost $1,360,238) | 95,654 | 1,760,156 | |
China 33.0% | |||
Air China Ltd. “H” * | 2,354,000 | 2,080,841 | |
Alibaba Group Holding Ltd.* | 192,000 | 2,022,533 | |
Alibaba Group Holding Ltd. (ADR)* | 27,282 | 2,310,512 | |
ANTA Sports Products Ltd. | 127,400 | 1,578,252 | |
Baidu, Inc. “A” * | 81,200 | 1,214,638 | |
BYD Co., Ltd. “H” | 62,500 | 1,899,313 | |
China Eastern Airlines Corp. Ltd. “H” * | 2,102,000 | 827,659 | |
China Merchants Bank Co., Ltd. “H” | 604,500 | 2,917,071 | |
China Tourism Group Duty Free Corp. Ltd. “A” | 59,600 | 1,385,148 | |
CSPC Pharmaceutical Group Ltd. | 744,000 | 759,310 | |
H World Group Ltd. (ADR)* | 67,630 | 3,171,847 | |
Kweichow Moutai Co., Ltd. “A” | 14,300 | 3,639,806 | |
Longfor Group Holdings Ltd. 144A | 606,000 | 1,657,100 | |
Meituan “B” 144A* | 73,980 | 1,273,883 | |
Ping An Insurance Group Co. of China Ltd. “H” | 579,500 | 4,212,610 | |
Tencent Holdings Ltd. | 262,800 | 11,619,780 | |
Tongcheng Travel Holdings Ltd.* | 1,111,600 | 2,362,823 | |
Trip.com Group Ltd. (ADR)* | 40,568 | 1,440,570 | |
Yum China Holdings, Inc. (a) | 35,607 | 2,178,436 | |
(Cost $44,450,407) | 48,552,132 | ||
Hong Kong 4.3% | |||
AIA Group Ltd. | 273,200 | 2,969,685 | |
China Mengniu Dairy Co., Ltd.* | 512,000 | 2,074,608 | |
Galaxy Entertainment Group Ltd.* | 185,000 | 1,318,514 | |
(Cost $6,288,109) | 6,362,807 | ||
India 15.0% | |||
Axis Bank Ltd. | 277,906 | 2,934,051 | |
Bharti Airtel Ltd. | 314,892 | 3,085,073 |
10 | | | DWS Emerging Markets Equity Fund |
Shares | Value ($) | ||
HDFC Bank Ltd. (ADR) | 46,031 | 3,212,964 | |
ICICI Bank Ltd. | 411,616 | 4,651,940 | |
ICICI Bank Ltd. (ADR) | 57,788 | 1,314,677 | |
Larsen & Toubro Ltd. | 141,384 | 4,093,246 | |
Maruti Suzuki India Ltd. | 10,439 | 1,102,590 | |
Reliance Industries Ltd. | 57,392 | 1,705,558 | |
(Cost $16,149,872) | 22,100,099 | ||
Indonesia 2.6% | |||
PT Bank Central Asia Tbk | 4,889,400 | 3,023,551 | |
PT Elang Mahkota Teknologi Tbk | 14,584,700 | 706,074 | |
(Cost $4,853,549) | 3,729,625 | ||
Korea 11.6% | |||
Hyundai Motor Co. | 6,972 | 1,034,344 | |
KB Financial Group, Inc. | 32,240 | 1,197,893 | |
Samsung Electronics Co., Ltd. | 240,955 | 11,862,963 | |
Samsung SDI Co., Ltd. | 3,990 | 2,072,654 | |
SK Hynix, Inc. | 13,760 | 927,627 | |
(Cost $13,061,670) | 17,095,481 | ||
Macau 1.0% | |||
Sands China Ltd.* (Cost $1,059,997) | 393,600 | 1,402,827 | |
Mexico 2.3% | |||
Fomento Economico Mexicano SAB de CV (ADR) (Cost $2,548,823) | 34,817 | 3,377,945 | |
South Africa 3.9% | |||
Clicks Group Ltd. | 78,036 | 1,144,466 | |
FirstRand Ltd. | 672,038 | 2,370,045 | |
Naspers Ltd. “N” | 12,336 | 2,198,992 | |
(Cost $6,309,486) | 5,713,503 | ||
Taiwan 8.2% | |||
Fubon Financial Holding Co., Ltd. | 827,320 | 1,593,969 | |
MediaTek, Inc. | 39,000 | 849,989 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 588,803 | 9,642,527 | |
(Cost $5,511,576) | 12,086,485 | ||
United States 1.6% | |||
BeiGene Ltd. (ADR)* (Cost $1,921,765) | 9,286 | 2,367,558 | |
Total Equity Securities (Cost $109,859,938) | 133,008,111 |
DWS Emerging Markets Equity Fund | | | 11 |
Shares | Value ($) | ||
Cash Equivalents 3.3% | |||
DWS Central Cash Management Government Fund, 4.81% (b) (Cost $4,913,880) | 4,913,880 | 4,913,880 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $114,773,818) | 93.8 | 137,921,991 | |
Other Assets and Liabilities, Net | 6.2 | 9,085,437 | |
Net Assets | 100.0 | 147,007,428 |
Value ($) at 10/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 4/30/2023 | Value ($) at 4/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.74% (b) (c) | ||||||||
3,430,908 | — | 3,430,908 (d) | — | — | 13,733 | — | — | — |
Cash Equivalents 3.3% | ||||||||
DWS Central Cash Management Government Fund, 4.81% (b) | ||||||||
7,794,443 | 67,292,768 | 70,173,331 | — | — | 115,975 | — | 4,913,880 | 4,913,880 |
11,225,351 | 67,292,768 | 73,604,239 | — | — | 129,708 | — | 4,913,880 | 4,913,880 |
* | Non-income producing security. |
(a) | Listed on the New York Stock Exchange. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2023. |
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 |
12 | | | DWS Emerging Markets Equity Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | ||||
Brazil | $8,459,493 | $— | $— | $8,459,493 |
Chile | — | 1,760,156 | — | 1,760,156 |
China | 9,101,365 | 39,450,767 | — | 48,552,132 |
Hong Kong | — | 6,362,807 | — | 6,362,807 |
India | 4,527,641 | 17,572,458 | — | 22,100,099 |
Indonesia | — | 3,729,625 | — | 3,729,625 |
Korea | — | 17,095,481 | — | 17,095,481 |
Macau | — | 1,402,827 | — | 1,402,827 |
Mexico | 3,377,945 | — | — | 3,377,945 |
South Africa | — | 5,713,503 | — | 5,713,503 |
Taiwan | — | 12,086,485 | — | 12,086,485 |
United States | 2,367,558 | — | — | 2,367,558 |
Short-Term Investments | 4,913,880 | — | — | 4,913,880 |
Total | $32,747,882 | $105,174,109 | $— | $137,921,991 |
DWS Emerging Markets Equity Fund | | | 13 |
Assets | |
Investments in non-affiliated securities, at value (cost $109,859,938) | $133,008,111 |
Investment in DWS Central Cash Management Government Fund (cost $4,913,880) | 4,913,880 |
Foreign currency, at value (cost $7,760,322) | 7,772,083 |
Receivable for investments sold | 1,466,012 |
Receivable for Fund shares sold | 308,438 |
Dividends receivable | 276,170 |
Interest receivable | 10,576 |
Other assets | 41,869 |
Total assets | 147,797,139 |
Liabilities | |
Cash overdraft | 12 |
Payable for Fund shares redeemed | 139,669 |
Deferred foreign taxes payable | 397,360 |
Accrued management fee | 67,883 |
Accrued Directors' fees | 3,731 |
Other accrued expenses and payables | 181,056 |
Total liabilities | 789,711 |
Net assets, at value | $147,007,428 |
Net Assets Consist of | |
Distributable earnings (loss) | (66,302,106 ) |
Paid-in capital | 213,309,534 |
Net assets, at value | $147,007,428 |
14 | | | DWS Emerging Markets Equity Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($8,734,838 ÷ 530,715 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $16.46 |
Maximum offering price per share (100 ÷ 94.25 of $16.46) | $17.46 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($4,659,792 ÷ 317,875 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized) | $14.66 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($430,711 ÷ 25,825 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $16.68 |
Class S | |
Net Asset Value, offering and redemption price per share ($42,396,272 ÷ 2,541,841 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $16.68 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($90,785,815 ÷ 5,450,027 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $16.66 |
DWS Emerging Markets Equity Fund | | | 15 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $146,692) | $1,437,728 |
Non cash dividends | 635,219 |
Interest | 18,565 |
Income distributions — DWS Central Cash Management Government Fund | 115,975 |
Securities lending income, net of borrower rebates | 13,733 |
Total income | 2,221,220 |
Expenses: | |
Management fee | 586,924 |
Administration fee | 81,331 |
Services to shareholders | 139,673 |
Distribution and service fees | 31,358 |
Custodian fee | 24,833 |
Professional fees | 47,487 |
Reports to shareholders | 23,412 |
Registration fees | 38,272 |
Directors' fees and expenses | 5,182 |
Other | 21,527 |
Total expenses before expense reductions | 999,999 |
Expense reductions | (190,350 ) |
Total expenses after expense reductions | 809,649 |
Net investment income | 1,411,571 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments (including foreign taxes of $212,208) | (11,230,883 ) |
Foreign currency | (227,881 ) |
(11,458,764 ) | |
Change in net unrealized appreciation (depreciation) on: | |
Investments (including deferred foreign taxes of $151,445) | 35,220,225 |
Foreign currency | 391,436 |
35,611,661 | |
Net gain (loss) | 24,152,897 |
Net increase (decrease) in net assets resulting from operations | $25,564,468 |
16 | | | DWS Emerging Markets Equity Fund |
Six Months Ended April 30, 2023 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $1,411,571 | $6,665,661 |
Net realized gain (loss) | (11,458,764 ) | (43,818,698 ) |
Change in net unrealized appreciation (depreciation) | 35,611,661 | (78,273,241 ) |
Net increase (decrease) in net assets resulting from operations | 25,564,468 | (115,426,278 ) |
Distributions to shareholders: | ||
Class A | (174,555 ) | (328,662 ) |
Class T | — | (193 ) |
Class C | (40,853 ) | (41,960 ) |
Class R6 | (11,079 ) | (14,706 ) |
Class S | (1,078,991 ) | (1,823,803 ) |
Institutional Class | (2,371,479 ) | (5,056,645 ) |
Total distributions | (3,676,957 ) | (7,265,969 ) |
Fund share transactions: | ||
Proceeds from shares sold | 20,559,394 | 80,172,889 |
Reinvestment of distributions | 3,551,855 | 7,088,647 |
Payments for shares redeemed | (73,683,396 ) | (255,894,365 ) |
Net increase (decrease) in net assets from Fund share transactions | (49,572,147 ) | (168,632,829 ) |
Increase (decrease) in net assets | (27,684,636 ) | (291,325,076 ) |
Net assets at beginning of period | 174,692,064 | 466,017,140 |
Net assets at end of period | $147,007,428 | $174,692,064 |
DWS Emerging Markets Equity Fund | | | 17 |
DWS Emerging Markets Equity Fund — Class A | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $14.64 | $22.37 | $21.32 | $19.59 | $17.74 | $19.54 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .37 | .17 | .14 | .48 | .19 |
Net realized and unrealized gain (loss) | 2.02 | (7.77 ) | 1.14 | 1.96 | 1.47 | (1.90 ) |
Total from investment operations | 2.14 | (7.40 ) | 1.31 | 2.10 | 1.95 | (1.71 ) |
Less distributions from: | ||||||
Net investment income | (.32 ) | (.33 ) | (.26 ) | (.37 ) | (.10 ) | (.09 ) |
Net asset value, end of period | $16.46 | $14.64 | $22.37 | $21.32 | $19.59 | $17.74 |
Total Return (%)b,c | 14.64 * | (33.54 ) | 6.07 | 10.75 | 11.04 | (8.79 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 9 | 8 | 23 | 18 | 23 | 9 |
Ratio of expenses before expense reductions (%) | 1.45 ** | 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 | 1.15 |
Ratio of net investment income (%) | 1.08 ** | 1.94 | .68 | .73 | 2.49 | .98 |
Portfolio turnover rate (%) | 35 * | 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. |
* | Not annualized |
** | Annualized |
18 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund — Class C | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.99 | $19.85 | $18.92 | $17.38 | $15.77 | $17.43 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .05 | .21 | (.01 ) | (.00 )* | .26 | .06 |
Net realized and unrealized gain (loss) | 1.79 | (6.92 ) | 1.01 | 1.72 | 1.35 | (1.72 ) |
Total from investment operations | 1.84 | (6.71 ) | 1.00 | 1.72 | 1.61 | (1.66 ) |
Less distributions from: | ||||||
Net investment income | (.17 ) | (.15 ) | (.07 ) | (.18 ) | — | — |
Net asset value, end of period | $14.66 | $12.99 | $19.85 | $18.92 | $17.38 | $15.77 |
Total Return (%)b,c | 14.29 ** | (34.09 ) | 5.32 | 9.89 | 10.21 | (9.52 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 5 | 3 | 6 | 4 | 6 | 3 |
Ratio of expenses before expense reductions (%) | 2.10 *** | 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 | 1.90 |
Ratio of net investment income (loss) (%) | .33 *** | 1.28 | (.05 ) | (.00 )**** | 1.55 | .31 |
Portfolio turnover rate (%) | 35 ** | 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. |
** | Not annualized |
*** | Annualized |
**** | Amount is less than .005%. |
DWS Emerging Markets Equity Fund | | | 19 |
DWS Emerging Markets Equity Fund — Class R6 | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | Period Ended | ||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 10/31/18a | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $14.85 | $22.70 | $21.63 | $19.87 | $17.99 | $18.68 |
Income (loss) from investment operations: | ||||||
Net investment incomeb | .15 | .45 | .27 | .19 | .48 | .02 |
Net realized and unrealized gain (loss) | 2.05 | (7.92 ) | 1.12 | 2.00 | 1.54 | (.71 ) |
Total from investment operations | 2.20 | (7.47 ) | 1.39 | 2.19 | 2.02 | (.69 ) |
Less distributions from: | ||||||
Net investment income | (.37 ) | (.38 ) | (.32 ) | (.43 ) | (.14 ) | — |
Net asset value, end of period | $16.68 | $14.85 | $22.70 | $21.63 | $19.87 | $17.99 |
Total Return (%)c | 14.83 * | (33.40 ) | 6.36 | 11.06 | 11.32 | (3.69 )* |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ thousands) | 431 | 460 | 846 | 126 | 25 | 10 |
Ratio of expenses before expense reductions (%) | 1.05 ** | .95 | .90 | 1.26 | 1.21 | 1.41 ** |
Ratio of expenses after expense reductions (%) | .91 ** | .90 | .90 | .90 | .90 | .90 ** |
Ratio of net investment income (%) | 1.43 ** | 2.34 | 1.11 | .95 | 2.51 | .63 ** |
Portfolio turnover rate (%) | 35 * | 51 | 94 | 57 | 32 | 34 d |
a | For the period from September 7, 2018 (commencement of operations) to October 31, 2018. |
b | Based on average shares outstanding during the period. |
c | Total return would have been lower had certain expenses not been reduced. |
d | Represents the Fund’s portfolio turnover rate for the year ended October 31, 2018. |
* | Not annualized |
** | Annualized |
20 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund — Class S | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $14.85 | $22.69 | $21.63 | $19.87 | $18.00 | $19.82 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .14 | .41 | .19 | .19 | .48 | .24 |
Net realized and unrealized gain (loss) | 2.04 | (7.88 ) | 1.17 | 1.98 | 1.52 | (1.93 ) |
Total from investment operations | 2.18 | (7.47 ) | 1.36 | 2.17 | 2.00 | (1.69 ) |
Less distributions from: | ||||||
Net investment income | (.35 ) | (.37 ) | (.30 ) | (.41 ) | (.13 ) | (.13 ) |
Net asset value, end of period | $16.68 | $14.85 | $22.69 | $21.63 | $19.87 | $18.00 |
Total Return (%)b | 14.73 * | (33.43 ) | 6.27 | 10.92 | 11.19 | (8.61 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 42 | 47 | 128 | 191 | 203 | 89 |
Ratio of expenses before expense reductions (%) | 1.24 ** | 1.10 | 1.04 | 1.09 | 1.12 | 1.31 |
Ratio of expenses after expense reductions (%) | .99 ** | .98 | .98 | .98 | .98 | .98 |
Ratio of net investment income (%) | 1.32 ** | 2.13 | .75 | .99 | 2.46 | 1.19 |
Portfolio turnover rate (%) | 35 * | 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. |
* | Not annualized |
** | Annualized |
DWS Emerging Markets Equity Fund | | | 21 |
DWS Emerging Markets Equity Fund — Institutional Class | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $14.83 | $22.67 | $21.61 | $19.86 | $17.99 | $19.81 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .15 | .43 | .24 | .21 | .55 | .28 |
Net realized and unrealized gain (loss) | 2.05 | (7.89 ) | 1.14 | 1.97 | 1.46 | (1.96 ) |
Total from investment operations | 2.20 | (7.46 ) | 1.38 | 2.18 | 2.01 | (1.68 ) |
Less distributions from: | ||||||
Net investment income | (.37 ) | (.38 ) | (.32 ) | (.43 ) | (.14 ) | (.14 ) |
Net asset value, end of period | $16.66 | $14.83 | $22.67 | $21.61 | $19.86 | $17.99 |
Total Return (%)b | 14.85 * | (33.43 ) | 6.36 | 11.02 | 11.29 | (8.54 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 91 | 117 | 308 | 216 | 208 | 28 |
Ratio of expenses before expense reductions (%) | 1.12 ** | .99 | .98 | 1.00 | 1.05 | 1.18 |
Ratio of expenses after expense reductions (%) | .91 ** | .90 | .90 | .90 | .90 | .90 |
Ratio of net investment income (%) | 1.35 ** | 2.25 | .96 | 1.05 | 2.82 | 1.40 |
Portfolio turnover rate (%) | 35 * | 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. |
* | Not annualized |
** | Annualized |
22 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 23 |
24 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 25 |
26 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 27 |
Class A | 1.15% |
Class C | 1.90% |
Class R6 | .90% |
Class S | .98% |
Institutional Class | .90% |
28 | | | DWS Emerging Markets Equity Fund |
Class A | $13,309 |
Class C | 3,938 |
Class R6 | 303 |
Class S | 61,025 |
Institutional Class | 111,775 |
$190,350 |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2023 |
Class A | $4,344 | $1,446 |
Class C | 257 | 99 |
Class R6 | 108 | 41 |
Class S | 22,080 | 7,338 |
Institutional Class | 491 | 129 |
$27,280 | $9,053 |
DWS Emerging Markets Equity Fund | | | 29 |
Sub-Recordkeeping | Total Aggregated |
Class A | $4,940 |
Class C | 1,808 |
Class S | 35,540 |
Institutional Class | 61,417 |
$103,705 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2023 |
Class C | $15,194 | $2,934 |
Service Fee | Total Aggregated | Unpaid at April 30, 2023 | Annualized Rate |
Class A | $11,126 | $3,499 | .24% |
Class C | 5,038 | 1,534 | .25% |
$16,164 | $5,033 |
30 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 31 |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 95,225 | $1,661,575 | 111,734 | $2,229,212 |
Class C | 163,194 | 2,441,469 | 54,450 | 996,060 |
Class R6 | 6,171 | 102,220 | 23,151 | 479,863 |
Class S | 78,435 | 1,343,498 | 607,586 | 11,508,911 |
Institutional Class | 870,571 | 15,010,632 | 3,370,954 | 64,958,843 |
$20,559,394 | $80,172,889 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 10,443 | $170,221 | 15,359 | $324,111 |
Class T | — | — | 10 * | 193 * |
Class C | 2,803 | 40,782 | 2,187 | 41,210 |
Class R6 | 671 | 11,079 | 688 | 14,706 |
Class S | 62,224 | 1,027,324 | 82,444 | 1,761,852 |
Institutional Class | 139,712 | 2,302,449 | 231,777 | 4,946,575 |
$3,551,855 | $7,088,647 |
32 | | | DWS Emerging Markets Equity Fund |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (123,980 ) | $(2,072,538 ) | (600,366 ) | $(11,322,355 ) |
Class T | — | — | (602 )* | (9,413 )* |
Class C | (65,083 ) | (932,179 ) | (137,425 ) | (2,206,533 ) |
Class R6 | (11,963 ) | (204,795 ) | (30,185 ) | (552,641 ) |
Class S | (736,486 ) | (12,645,772 ) | (3,202,823 ) | (63,127,097 ) |
Institutional Class | (3,434,631 ) | (57,828,112 ) | (9,319,303 ) | (178,676,326 ) |
$(73,683,396 ) | $(255,894,365 ) | |||
Net increase (decrease) | ||||
Class A | (18,312 ) | $(240,742 ) | (473,273 ) | $(8,769,032 ) |
Class T | — | — | (592 )* | (9,220 )* |
Class C | 100,914 | 1,550,072 | (80,788 ) | (1,169,263 ) |
Class R6 | (5,121 ) | (91,496 ) | (6,346 ) | (58,072 ) |
Class S | (595,827 ) | (10,274,950 ) | (2,512,793 ) | (49,856,334 ) |
Institutional Class | (2,424,348 ) | (40,515,031 ) | (5,716,572 ) | (108,770,908 ) |
$(49,572,147 ) | $(168,632,829 ) |
* | For the period from November 1, 2021 to September 30, 2022 (Class T liquidation date). |
DWS Emerging Markets Equity Fund | | | 33 |
34 | | | DWS Emerging Markets Equity Fund |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/23 | $1,146.40 | $1,142.90 | $1,148.30 | $1,147.30 | $1,148.50 |
Expenses Paid per $1,000* | $6.12 | $10.10 | $4.85 | $5.27 | $4.85 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/23 | $1,019.09 | $1,015.37 | $1,020.28 | $1,019.89 | $1,020.28 |
Expenses Paid per $1,000* | $5.76 | $9.49 | $4.56 | $4.96 | $4.56 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Emerging Markets Equity Fund | 1.15% | 1.90% | .91% | .99% | .91% |
DWS Emerging Markets Equity Fund | | | 35 |
36 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 37 |
38 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 39 |
40 | | | DWS Emerging Markets Equity Fund |
DWS Emerging Markets Equity Fund | | | 41 |
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, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the 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 |
42 | | | 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 | | | 43 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Emerging Markets Equity Fund, a series of Deutsche DWS International Fund, Inc. |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2023 |