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: | 4/30/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
2 | | | DWS Latin America Equity Fund |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
Unadjusted for Sales Charge | 10.67% | 13.51% | 7.01% | 4.81% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 4.30% | 6.99% | 5.75% | 4.19% |
MSCI Emerging Markets Latin America Index† | 14.40% | 15.24% | 2.85% | 1.04% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 23.99% | 9.32% | 5.80% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 16.86% | 8.04% | 5.17% | |
MSCI Emerging Markets Latin America Index† | 22.64% | 3.68% | 1.67% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
Unadjusted for Sales Charge | 10.25% | 12.67% | 6.21% | 4.03% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 9.25% | 12.67% | 6.21% | 4.03% |
MSCI Emerging Markets Latin America Index† | 14.40% | 15.24% | 2.85% | 1.04% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 23.08% | 8.51% | 5.02% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 23.08% | 8.51% | 5.02% | |
MSCI Emerging Markets Latin America Index† | 22.64% | 3.68% | 1.67% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 10.83% | 13.82% | 7.27% | 5.07% |
MSCI Emerging Markets Latin America Index† | 14.40% | 15.24% | 2.85% | 1.04% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 24.30% | 9.60% | 6.06% | |
MSCI Emerging Markets Latin America Index† | 22.64% | 3.68% | 1.67% |
DWS Latin America Equity Fund | | | 3 |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 10.79% | 13.77% | 7.27% | 8.01% |
MSCI Emerging Markets Latin America Index† | 14.40% | 15.24% | 2.85% | 8.93% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 24.28% | 9.60% | 8.84% | |
MSCI Emerging Markets Latin America Index† | 22.64% | 3.68% | 9.08% |
4 | | | DWS Latin America Equity Fund |
![](https://capedge.com/proxy/N-CSRS/0000088053-24-000512/img86cf12243.jpg)
* | Institutional class shares commenced operations on February 2, 2015. |
† | The MSCI Emerging Markets Latin America Index is an unmanaged equity index which captures large and mid-capitalization representation across 5 emerging markets countries in Latin America. 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 S | Institutional Class | |
Net Asset Value | ||||
4/30/24 | $32.05 | $29.48 | $32.23 | $32.24 |
10/31/23 | $29.88 | $27.38 | $30.08 | $30.10 |
Distribution Information as of 4/30/24 | ||||
Income Dividends, Six Months | $1.11 | $.78 | $1.21 | $1.21 |
DWS Latin America Equity Fund | | | 5 |
6 | | | DWS Latin America Equity Fund |
Asset Allocation (As a % of Net Assets) | 4/30/24 | 10/31/23 |
Equity Securities | 98% | 97% |
Cash Equivalents and Other Assets and Liabilities, Net | 2% | 3% |
Rights | — | 0% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/24 | 10/31/23 |
Financials | 28% | 27% |
Industrials | 15% | 12% |
Consumer Staples | 15% | 17% |
Materials | 12% | 13% |
Energy | 12% | 10% |
Real Estate | 5% | 4% |
Utilities | 4% | 6% |
Health Care | 4% | 4% |
Consumer Discretionary | 3% | 2% |
Information Technology | 2% | 3% |
Communication Services | 0% | 2% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/24 | 10/31/23 |
Brazil | 63% | 64% |
Mexico | 30% | 30% |
Chile | 3% | 3% |
Peru | 2% | 2% |
Argentina | 1% | — |
Uruguay | 1% | — |
Colombia | — | 1% |
100% | 100% |
DWS Latin America Equity Fund | | | 7 |
Ten Largest Equity Holdings at April 30, 2024 (46.2% of Net Assets) | Country | Percent | |
1Petroleo Brasileiro SA | Brazil | 9.1% | |
Company refines, markets, and supplies oil products | |||
2Fomento Economico Mexicano SAB de CV | Mexico | 5.2% | |
Produces, distributes and markets non-alcoholic beverage and owns and operates convenience stores | |||
3Banco Bradesco SA | Brazil | 5.1% | |
Provider of commercial banking services | |||
4Banco do Brasil SA | Brazil | 5.0% | |
Provider of retail and commercial banking services | |||
5Grupo Financiero Banorte SAB de CV | Mexico | 4.6% | |
Provider of commercial and corporate banking services | |||
6Localiza Rent a Car SA | Brazil | 3.8% | |
Provider of car rental services, sells used cars and offers fleet management services | |||
7Vale SA | Brazil | 3.5% | |
Owner and operator of railroads and maritime terminals | |||
8Rumo SA | Brazil | 3.4% | |
Provider of transportation and logistics services | |||
9Grupo Aeroportuario del Sureste SAB de CV | Mexico | 3.4% | |
Operator of an airport in maxico | |||
10Centrais Eletricas Brasileiras SA | Brazil | 3.1% | |
Produces, transmits and markets electricity |
8 | | | DWS Latin America Equity Fund |
Shares | Value ($) | ||
Equity Securities 97.9% | |||
Argentina 0.5% | |||
Despegar.com Corp.* (Cost $1,639,371) | 134,149 | 1,635,276 | |
Brazil 62.0% | |||
Allos SA | 1,027,350 | 4,131,084 | |
Atacadao SA | 1,064,690 | 2,290,295 | |
B3 SA - Brasil Bolsa Balcao | 4,985,012 | 10,358,641 | |
Banco Bradesco SA (ADR) | 2,785,300 | 7,520,310 | |
Banco Bradesco SA (Preferred) | 4,000,537 | 10,786,026 | |
Banco BTG Pactual SA (Units) | 1,205,416 | 7,753,514 | |
Banco do Brasil SA | 3,419,600 | 18,057,511 | |
CCR SA | 573,643 | 1,362,134 | |
Centrais Eletricas Brasileiras SA | 1,538,574 | 11,217,966 | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 202,135 | 3,146,122 | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR) | 26,850 | 419,665 | |
Direcional Engenharia SA | 494,798 | 2,222,141 | |
Embraer SA* | 697,200 | 4,477,838 | |
Embraer SA (ADR)* | 58,722 | 1,500,347 | |
Energisa SA | 2 | 3 | |
Energisa SA (Units) | 83,900 | 728,708 | |
Gerdau SA (ADR) | 43,200 | 150,336 | |
Gerdau SA (Preferred) | 1,428,314 | 5,022,727 | |
Hapvida Participacoes e Investimentos SA 144A* | 11,713,466 | 8,323,901 | |
Hypera SA | 552,081 | 3,138,588 | |
Itaú Unibanco Holding SA (Preferred) | 1,321,300 | 7,979,811 | |
Localiza Rent a Car SA | 1,453,019 | 13,719,817 | |
Lojas Renner SA | 1,145,000 | 3,380,359 | |
Magazine Luiza SA* | 3,592,600 | 940,942 | |
Multiplan Empreendimentos Imobiliarios SA | 817,571 | 3,604,013 | |
Natura & Co. Holding SA | 1,144,479 | 3,656,532 | |
Oncoclinicas Do Brasil Servicos Medicos SA* | 1,436,276 | 2,035,780 | |
Petroleo Brasileiro SA | 193,200 | 1,646,773 | |
Petroleo Brasileiro SA (ADR) | 569,700 | 9,667,809 | |
Petroleo Brasileiro SA (ADR) (Preferred) | 506,300 | 8,161,556 | |
Petroleo Brasileiro SA (Preferred) | 1,594,060 | 12,899,588 | |
PRIO SA | 1,006,648 | 9,305,378 | |
Rumo SA* | 3,123,850 | 12,128,185 | |
Santos Brasil Participacoes SA | 599,365 | 1,567,495 | |
Sendas Distribuidora SA* | 139,200 | 351,713 |
DWS Latin America Equity Fund | | | 9 |
Shares | Value ($) | ||
Suzano SA | 763,300 | 8,593,483 | |
Suzano SA (ADR) | 19,400 | 218,056 | |
TOTVS SA | 1,497,292 | 7,941,190 | |
Vale SA | 967,600 | 11,793,592 | |
Vale SA (ADR) | 62,600 | 761,842 | |
(Cost $206,442,472) | 222,961,771 | ||
Chile 3.2% | |||
Cencosud SA | 3,999,212 | 6,852,876 | |
Parque Arauco SA | 3,222,132 | 4,849,728 | |
(Cost $9,879,693) | 11,702,604 | ||
Mexico 29.4% | |||
Alsea SAB de CV* | 578,490 | 2,421,244 | |
America Movil SAB de CV (ADR) | 8,716 | 166,127 | |
Arca Continental SAB de CV | 441,043 | 4,290,777 | |
Cemex SAB de CV (ADR)* | 620,032 | 4,904,453 | |
Cemex SAB de CV (Units)* | 919,332 | 727,169 | |
Coca-Cola Femsa SAB de CV (ADR) | 64,079 | 6,353,433 | |
Fibra MTY SAPI de CV (REIT) | 5,902,300 | 3,514,350 | |
Fomento Economico Mexicano SAB de CV (ADR) | 67,547 | 7,947,580 | |
Fomento Economico Mexicano SAB de CV (Units) | 928,498 | 10,920,349 | |
GCC SAB de CV | 327,686 | 3,690,658 | |
Gentera SAB de CV | 2,707,960 | 4,343,928 | |
Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 6,045 | 1,099,162 | |
Grupo Aeroportuario del Pacifico SAB de CV “B” | 75,658 | 1,382,189 | |
Grupo Aeroportuario del Sureste SAB de CV (ADR) | 17,608 | 6,065,956 | |
Grupo Aeroportuario del Sureste SAB de CV “B” | 182,701 | 6,291,337 | |
Grupo Financiero Banorte SAB de CV “O” | 1,670,367 | 16,568,379 | |
Grupo Mexico SAB de CV “B” | 1,057,518 | 6,534,965 | |
Grupo Televisa SAB (ADR) | 3,130 | 9,140 | |
Grupo Traxion SAB de CV 144A* (a) | 2,006,200 | 3,368,114 | |
Kimberly-Clark de Mexico SAB de CV “A” | 2,247,735 | 4,692,089 | |
Ollamani SAB (Units)* | 782 | 1,598 | |
Regional SAB de CV | 567,120 | 5,100,215 | |
Wal-Mart de Mexico SAB de CV | 1,490,093 | 5,553,898 | |
(Cost $74,415,552) | 105,947,110 | ||
Peru 2.4% | |||
Credicorp Ltd. (Cost $5,563,577) | 51,753 | 8,570,814 | |
Uruguay 0.4% | |||
MercadoLibre, Inc.* (Cost $1,507,405) | 1,065 | 1,553,516 | |
Total Equity Securities (Cost $299,448,070) | 352,371,091 |
10 | | | DWS Latin America Equity Fund |
Shares | Value ($) | ||
Securities Lending Collateral 0.3% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.23% (b) (c) (Cost $891,913) | 891,913 | 891,913 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $300,339,983) | 98.2 | 353,263,004 | |
Other Assets and Liabilities, Net | 1.8 | 6,618,301 | |
Net Assets | 100.0 | 359,881,305 |
Value ($) at 10/31/2023 | 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 4/30/2024 | Value ($) at 4/30/2024 |
Securities Lending Collateral 0.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.23% (b) (c) | ||||||||
4,437,600 | — | 3,545,687 (d) | — | — | 17,634 | — | 891,913 | 891,913 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at April 30, 2024 amounted to $773,953, which is 0.2% of net assets. |
(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, 2024. |
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 |
REIT: Real Estate Investment Trust |
DWS Latin America Equity Fund | | | 11 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities (a) | $352,371,091 | $— | $— | $352,371,091 |
Short-Term Investments | 891,913 | — | — | 891,913 |
Total | $353,263,004 | $— | $— | $353,263,004 |
(a) | See Investment Portfolio for additional detailed categorizations. |
12 | | | DWS Latin America Equity Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $299,448,070) — including $773,953 of securities loaned | $352,371,091 |
Investment in DWS Government & Agency Securities Portfolio (cost $891,913)* | 891,913 |
Cash | 42,517 |
Foreign currency, at value (cost $1,248,955) | 883,992 |
Receivable for investments sold | 6,269,585 |
Receivable for Fund shares sold | 112,362 |
Dividends receivable | 1,914,575 |
Affiliated securities lending income receivable | 3,032 |
Other assets | 41,997 |
Total assets | 362,531,064 |
Liabilities | |
Payable upon return of securities loaned | 891,913 |
Payable for investments purchased | 861,127 |
Line of credit loan payable | 150,000 |
Payable for Fund shares redeemed | 273,158 |
Accrued management fee | 268,000 |
Accrued Directors' fees | 3,863 |
Other accrued expenses and payables | 201,698 |
Total liabilities | 2,649,759 |
Net assets, at value | $359,881,305 |
Net Assets Consist of | |
Distributable earnings (loss) | 38,853,463 |
Paid-in capital | 321,027,842 |
Net assets, at value | $359,881,305 |
DWS Latin America Equity Fund | | | 13 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($22,502,284 ÷ 702,157 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $32.05 |
Maximum offering price per share (100 ÷ 94.25 of $32.05) | $34.01 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,230,326 ÷ 41,733 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized) | $29.48 |
Class S | |
Net Asset Value, offering and redemption price per share ($275,851,271 ÷ 8,559,833 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $32.23 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($60,297,424 ÷ 1,870,007 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $32.24 |
14 | | | DWS Latin America Equity Fund |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $765,199) | $8,677,935 |
Interest | 188,035 |
Affiliated securities lending income | 17,634 |
Total income | 8,883,604 |
Expenses: | |
Management fee | 2,043,856 |
Administration fee | 199,043 |
Services to shareholders | 241,987 |
Distribution and service fees | 35,309 |
Custodian fee | 47,605 |
Professional fees | 44,769 |
Reports to shareholders | 23,901 |
Registration fees | 37,038 |
Directors' fees and expenses | 8,982 |
Interest expense | 1,475 |
Other | 25,581 |
Total expenses before expense reductions | 2,709,546 |
Expense reductions | (229,471 ) |
Total expenses after expense reductions | 2,480,075 |
Net investment income | 6,403,529 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 13,405,087 |
Foreign currency | (97,279 ) |
13,307,808 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 21,908,301 |
Foreign currency | (27,052 ) |
21,881,249 | |
Net gain (loss) | 35,189,057 |
Net increase (decrease) in net assets resulting from operations | $41,592,586 |
DWS Latin America Equity Fund | | | 15 |
Six Months Ended April 30, 2024 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $6,403,529 | $17,077,938 |
Net realized gain (loss) | 13,307,808 | (6,986,022 ) |
Change in net unrealized appreciation (depreciation) | 21,881,249 | (8,278,617 ) |
Net increase (decrease) in net assets resulting from operations | 41,592,586 | 1,813,299 |
Distributions to shareholders: | ||
Class A | (811,644 ) | (1,164,334 ) |
Class C | (29,382 ) | (33,675 ) |
Class S | (10,277,531 ) | (17,868,863 ) |
Institutional Class | (3,326,446 ) | (4,758,480 ) |
Total distributions | (14,445,003 ) | (23,825,352 ) |
Fund share transactions: | ||
Proceeds from shares sold | 27,017,036 | 66,107,218 |
Reinvestment of distributions | 13,863,959 | 22,665,597 |
Payments for shares redeemed | (74,846,132 ) | (63,541,317 ) |
Net increase (decrease) in net assets from Fund share transactions | (33,965,137 ) | 25,231,498 |
Increase (decrease) in net assets | (6,817,554 ) | 3,219,445 |
Net assets at beginning of period | 366,698,859 | 363,479,414 |
Net assets at end of period | $359,881,305 | $366,698,859 |
16 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund — Class A | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $29.88 | $31.68 | $30.44 | $25.78 | $31.18 | $25.10 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .48 | 1.35 | 2.07 | .88 | .02 | .01 |
Net realized and unrealized gain (loss) | 2.80 | (1.18 ) | 3.04 | 3.78 | (5.42 ) | 6.07 |
Total from investment operations | 3.28 | .17 | 5.11 | 4.66 | (5.40 ) | 6.08 |
Less distributions from: | ||||||
Net investment income | (1.11 ) | (1.97 ) | (1.22 ) | — | — | — |
Net realized gains | — | — | (2.65 ) | — | — | — |
Total distributions | (1.11 ) | (1.97 ) | (3.87 ) | — | — | — |
Net asset value, end of period | $32.05 | $29.88 | $31.68 | $30.44 | $25.78 | $31.18 |
Total Return (%)b,c | 10.67 * | 1.00 | 19.17 | 18.08 | (17.32 ) | 24.22 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 23 | 21 | 18 | 13 | 10 | 15 |
Ratio of expenses before expense reductions (%) | 1.58 ** | 1.63 | 1.65 | 1.63 | 1.69 | 1.87 |
Ratio of expenses after expense reductions (%) | 1.44 ** | 1.46 | 1.51 | 1.51 | 1.57 | 1.66 |
Ratio of net investment income (%) | 2.84 ** | 4.47 | 7.00 | 2.57 | .09 | .04 |
Portfolio turnover rate (%) | 48 * | 99 | 87 | 115 | 150 | 189 |
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 |
DWS Latin America Equity Fund | | | 17 |
DWS Latin America Equity Fund — Class C | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $27.38 | $29.02 | $28.09 | $23.97 | $29.20 | $23.68 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .33 | 1.02 | 1.69 | .38 | (.16 ) | (.19 ) |
Net realized and unrealized gain (loss) | 2.55 | (1.06 ) | 2.80 | 3.74 | (5.07 ) | 5.71 |
Total from investment operations | 2.88 | (.04 ) | 4.49 | 4.12 | (5.23 ) | 5.52 |
Less distributions from: | ||||||
Net investment income | (.78 ) | (1.60 ) | (.91 ) | — | — | — |
Net realized gains | — | — | (2.65 ) | — | — | — |
Total distributions | (.78 ) | (1.60 ) | (3.56 ) | — | — | — |
Net asset value, end of period | $29.48 | $27.38 | $29.02 | $28.09 | $23.97 | $29.20 |
Total Return (%)b,c | 10.25 * | .25 | 18.27 | 17.19 | (17.91 ) | 23.31 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1 | 1 | 1 | .4 | 1 | 1 |
Ratio of expenses before expense reductions (%) | 2.31 ** | 2.37 | 2.39 | 2.44 | 2.44 | 2.62 |
Ratio of expenses after expense reductions (%) | 2.19 ** | 2.21 | 2.26 | 2.26 | 2.29 | 2.41 |
Ratio of net investment income (loss) (%) | 2.11 ** | 3.62 | 6.21 | 1.20 | (.62 ) | (.72 ) |
Portfolio turnover rate (%) | 48 * | 99 | 87 | 115 | 150 | 189 |
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 Latin America Equity Fund |
DWS Latin America Equity Fund — Class S | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $30.08 | $31.90 | $30.64 | $25.89 | $31.27 | $25.11 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .53 | 1.47 | 2.10 | .93 | .10 | .09 |
Net realized and unrealized gain (loss) | 2.83 | (1.23 ) | 3.11 | 3.82 | (5.44 ) | 6.07 |
Total from investment operations | 3.36 | .24 | 5.21 | 4.75 | (5.34 ) | 6.16 |
Less distributions from: | ||||||
Net investment income | (1.21 ) | (2.06 ) | (1.30 ) | — | (.04 ) | — |
Net realized gains | — | — | (2.65 ) | — | — | — |
Total distributions | (1.21 ) | (2.06 ) | (3.95 ) | — | (.04 ) | — |
Net asset value, end of period | $32.23 | $30.08 | $31.90 | $30.64 | $25.89 | $31.27 |
Total Return (%)b | 10.83 * | 1.25 | 19.47 | 18.35 | (17.12 ) | 24.53 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 276 | 258 | 277 | 244 | 221 | 300 |
Ratio of expenses before expense reductions (%) | 1.30 ** | 1.32 | 1.34 | 1.32 | 1.37 | 1.55 |
Ratio of expenses after expense reductions (%) | 1.19 ** | 1.21 | 1.26 | 1.26 | 1.32 | 1.41 |
Ratio of net investment income (%) | 3.15 ** | 4.82 | 7.06 | 2.70 | .35 | .30 |
Portfolio turnover rate (%) | 48 * | 99 | 87 | 115 | 150 | 189 |
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 Latin America Equity Fund | | | 19 |
DWS Latin America Equity Fund — Institutional Class | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $30.10 | $31.92 | $30.66 | $25.91 | $31.29 | $25.12 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .53 | 1.43 | 2.10 | 1.18 | .08 | .08 |
Net realized and unrealized gain (loss) | 2.82 | (1.19 ) | 3.12 | 3.57 | (5.42 ) | 6.09 |
Total from investment operations | 3.35 | .24 | 5.22 | 4.75 | (5.34 ) | 6.17 |
Less distributions from: | ||||||
Net investment income | (1.21 ) | (2.06 ) | (1.31 ) | — | (.04 ) | — |
Net realized gains | — | — | (2.65 ) | — | — | — |
Total distributions | (1.21 ) | (2.06 ) | (3.96 ) | — | (.04 ) | — |
Net asset value, end of period | $32.24 | $30.10 | $31.92 | $30.66 | $25.91 | $31.29 |
Total Return (%)b | 10.79 * | 1.25 | 19.47 | 18.33 | (17.11 ) | 24.56 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 60 | 87 | 67 | 12 | 4 | 3 |
Ratio of expenses before expense reductions (%) | 1.30 ** | 1.33 | 1.33 | 1.29 | 1.35 | 1.56 |
Ratio of expenses after expense reductions (%) | 1.19 ** | 1.21 | 1.25 | 1.26 | 1.32 | 1.41 |
Ratio of net investment income (%) | 3.10 ** | 4.69 | 7.13 | 3.40 | .30 | .30 |
Portfolio turnover rate (%) | 48 * | 99 | 87 | 115 | 150 | 189 |
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 |
20 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 21 |
22 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 23 |
24 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 25 |
First $400 million of the Fund’s average daily net assets | 1.000% |
Next $400 million of such net assets | .900% |
Over $800 million of such net assets | .800% |
Class A | 1.44% | |
Class C | 2.19% | |
Class S | 1.19% | |
Institutional Class | 1.19% |
26 | | | DWS Latin America Equity Fund |
Class A | $17,528 |
Class C | 739 |
Class S | 158,778 |
Institutional Class | 52,426 |
$229,471 |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2024 |
Class A | $3,461 | $929 |
Class C | 125 | 22 |
Class S | 68,913 | 23,502 |
Institutional Class | 352 | 100 |
$72,851 | $24,553 |
DWS Latin America Equity Fund | | | 27 |
Sub-Recordkeeping | Total Aggregated |
Class A | $14,872 |
Class C | 642 |
Class S | 83,032 |
Institutional Class | 50,082 |
$148,628 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2024 |
Class C | $4,565 | $775 |
Service Fee | Total Aggregated | Unpaid at April 30, 2024 | Annualized Rate |
Class A | $29,279 | $9,549 | .24% |
Class C | 1,465 | 629 | .24% |
$30,744 | $10,178 |
28 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 29 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 143,885 | $4,880,038 | 290,048 | $9,032,433 |
Class C | 9,190 | 283,595 | 16,199 | 451,637 |
Class S | 179,000 | 5,997,267 | 243,972 | 7,525,261 |
Institutional Class | 465,318 | 15,856,136 | 1,572,688 | 49,097,887 |
$27,017,036 | $66,107,218 |
30 | | | DWS Latin America Equity Fund |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 22,601 | $793,766 | 40,791 | $1,135,186 |
Class C | 907 | 29,382 | 1,312 | 33,675 |
Class S | 275,299 | 9,715,292 | 598,646 | 16,738,256 |
Institutional Class | 94,181 | 3,325,519 | 170,124 | 4,758,480 |
$13,863,959 | $22,665,597 | |||
Shares redeemed | ||||
Class A | (156,167 ) | $(5,287,681 ) | (213,197 ) | $(6,301,698 ) |
Class C | (2,858 ) | (88,943 ) | (3,695 ) | (104,408 ) |
Class S | (471,497 ) | (16,066,891 ) | (954,746 ) | (28,742,989 ) |
Institutional Class | (1,581,295 ) | (53,402,617 ) | (964,570 ) | (28,392,222 ) |
$(74,846,132 ) | $(63,541,317 ) | |||
Net increase (decrease) | ||||
Class A | 10,319 | $386,123 | 117,642 | $3,865,921 |
Class C | 7,239 | 224,034 | 13,816 | 380,904 |
Class S | (17,198 ) | (354,332 ) | (112,128 ) | (4,479,472 ) |
Institutional Class | (1,021,796 ) | (34,220,962 ) | 778,242 | 25,464,145 |
$(33,965,137 ) | $25,231,498 |
DWS Latin America Equity Fund | | | 31 |
32 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 33 |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,106.70 | $1,102.50 | $1,108.30 | $1,107.90 |
Expenses Paid per $1,000* | $7.54 | $11.45 | $6.24 | $6.24 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,017.70 | $1,013.97 | $1,018.95 | $1,018.95 |
Expenses Paid per $1,000* | $7.22 | $10.97 | $5.97 | $5.97 |
* | 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 182 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | Class A | Class C | Class S | Institutional Class |
DWS Latin America Equity Fund | 1.44% | 2.19% | 1.19% | 1.19% |
34 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 35 |
36 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 37 |
38 | | | DWS Latin America Equity Fund |
DWS Latin America Equity Fund | | | 39 |
40 | | | DWS Latin America Equity Fund |
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 |
DWS Latin America Equity Fund | | | 41 |
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 | SLANX | SLAPX | SLAFX | SLARX |
CUSIP Number | 25156G 756 | 25156G 772 | 25156G 798 | 25156G 574 |
Fund Number | 474 | 774 | 2074 | 1474 |
42 | | | DWS Latin America Equity Fund |
(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. | 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 Latin America Equity Fund, a series of Deutsche DWS International Fund, Inc. |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 6/28/2024 |
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 Principal Executive Officer |
Date: | 6/28/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 6/28/2024 |