12/30/2025 | Press release | Distributed by Public on 12/30/2025 09:29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: | 10/31/2025 |
| Item 1. | Reports to Stockholders. |
| (a) |
This annual shareholder report contains important information about DWS Latin America Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
This report describes changes to the Fund that occurred during the reporting period.
(Based on a hypothetical $10,000 investment)
|
Fund
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$165
|
1.43%
|
Gross expense ratio as of the latest prospectus: 1.62%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Class A shares of the Fund returned 30.08% (unadjusted for sales charges) for the period ended October 31, 2025. The MSCI Emerging Markets Latin America Index, returned 28.12% for the same period.
Against the backdrop of a strong 12 months for Latin American equities, the Fund outperformed the MSCI Emerging Markets Latin America Index by a comfortable margin. The region's equities recovered after bottoming in December of 2024, as fears subsided over fiscal discipline in Brazil and institutional stability in Mexico. Latin American markets also benefited from a weakening "US exceptionalism" narrative and declining dollar resulting from President Trump's inconsistent approach to global trade. Brazilian equities rallied as peaking monetary policy rates, attractive valuations, and optimism about a potential shift in fiscal policy with the 2026 presidential election drew foreign fund flows into the market. In Mexico, President Sheinbaum's strategic diplomacy has been broadly constructive in maintaining a positive tone in the country's relationship with the US in the lead up to next year's re-negotiation of the North American trade framework. Regional sentiment was also supported by the continued success of President Milei's reforms in Argentina.
On a country basis, the Fund's strong relative performance was primarily driven by stock selection in Brazil, followed by Mexico and Chile. In terms of sector allocation, performance benefited from an underweight to consumer staples as the Brazilian and Mexican economies slowed in the second half of the period. An overweight to utilities also proved additive as returns for the sector benefited from strong profits and attractive valuations. Positive contributions from stock selection were led by holdings within financials, consumer staples, real estate and energy. On the downside, off-benchmark exposure to Argentina and stock selection within the health care sector weighed on performance.
MSCI Emerging Markets Latin America Index captures large and mid-cap representation across Emerging Markets countries in Latin America. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
|
Class A
|
MSCI Emerging Markets Latin America Index
|
|
|
'15
|
$9,425
|
$10,000
|
|
'15
|
$9,100
|
$9,581
|
|
'15
|
$8,675
|
$9,171
|
|
'16
|
$8,416
|
$8,749
|
|
'16
|
$8,818
|
$9,078
|
|
'16
|
$10,467
|
$10,926
|
|
'16
|
$11,063
|
$11,578
|
|
'16
|
$10,296
|
$10,325
|
|
'16
|
$11,752
|
$11,507
|
|
'16
|
$12,442
|
$12,141
|
|
'16
|
$12,398
|
$12,225
|
|
'16
|
$12,535
|
$12,125
|
|
'16
|
$13,274
|
$13,328
|
|
'16
|
$11,427
|
$11,914
|
|
'16
|
$11,452
|
$12,017
|
|
'17
|
$12,416
|
$12,931
|
|
'17
|
$12,629
|
$13,393
|
|
'17
|
$12,859
|
$13,467
|
|
'17
|
$13,078
|
$13,467
|
|
'17
|
$12,646
|
$13,147
|
|
'17
|
$12,271
|
$13,233
|
|
'17
|
$13,201
|
$14,329
|
|
'17
|
$14,165
|
$14,991
|
|
'17
|
$14,821
|
$15,228
|
|
'17
|
$14,463
|
$14,680
|
|
'17
|
$13,896
|
$14,238
|
|
'17
|
$15,133
|
$14,871
|
|
'18
|
$16,355
|
$16,827
|
|
'18
|
$16,028
|
$16,219
|
|
'18
|
$15,694
|
$16,064
|
|
'18
|
$15,419
|
$15,860
|
|
'18
|
$13,723
|
$13,630
|
|
'18
|
$12,793
|
$13,213
|
|
'18
|
$13,934
|
$14,431
|
|
'18
|
$12,653
|
$13,223
|
|
'18
|
$12,968
|
$13,843
|
|
'18
|
$14,694
|
$14,322
|
|
'18
|
$14,647
|
$14,008
|
|
'18
|
$14,706
|
$13,893
|
|
'19
|
$16,970
|
$15,970
|
|
'19
|
$16,426
|
$15,374
|
|
'19
|
$16,174
|
$14,984
|
|
'19
|
$16,905
|
$15,048
|
|
'19
|
$16,706
|
$14,742
|
|
'19
|
$17,829
|
$15,650
|
|
'19
|
$19,602
|
$15,669
|
|
'19
|
$17,958
|
$14,394
|
|
'19
|
$17,636
|
$14,771
|
|
'19
|
$18,239
|
$15,429
|
|
'19
|
$17,672
|
$14,792
|
|
'19
|
$19,935
|
$16,320
|
|
'20
|
$19,584
|
$15,405
|
|
'20
|
$17,718
|
$13,547
|
|
'20
|
$11,459
|
$8,875
|
|
'20
|
$12,284
|
$9,434
|
|
'20
|
$13,325
|
$10,043
|
|
'20
|
$14,326
|
$10,570
|
|
'20
|
$15,782
|
$11,727
|
|
'20
|
$15,267
|
$10,999
|
|
'20
|
$14,753
|
$10,435
|
|
'20
|
$15,080
|
$10,316
|
|
'20
|
$17,911
|
$12,572
|
|
'20
|
$20,076
|
$14,068
|
|
'21
|
$18,877
|
$13,122
|
|
'21
|
$18,800
|
$12,730
|
|
'21
|
$19,040
|
$13,319
|
|
'21
|
$19,988
|
$13,812
|
|
'21
|
$21,427
|
$14,915
|
|
'21
|
$22,310
|
$15,319
|
|
'21
|
$21,158
|
$14,695
|
|
'21
|
$21,363
|
$14,819
|
|
'21
|
$19,175
|
$13,287
|
|
'21
|
$17,788
|
$12,579
|
|
'21
|
$17,361
|
$12,204
|
|
'21
|
$18,259
|
$12,929
|
|
'22
|
$19,833
|
$13,883
|
|
'22
|
$20,328
|
$14,554
|
|
'22
|
$22,767
|
$16,454
|
|
'22
|
$19,987
|
$14,318
|
|
'22
|
$21,059
|
$15,489
|
|
'22
|
$17,515
|
$12,856
|
|
'22
|
$18,446
|
$13,403
|
|
'22
|
$19,451
|
$13,768
|
|
'22
|
$18,788
|
$13,319
|
|
'22
|
$21,219
|
$14,606
|
|
'22
|
$20,750
|
$14,676
|
|
'22
|
$19,732
|
$14,083
|
|
'23
|
$21,503
|
$15,473
|
|
'23
|
$20,198
|
$14,514
|
|
'23
|
$20,370
|
$14,636
|
|
'23
|
$20,894
|
$15,030
|
|
'23
|
$21,174
|
$14,901
|
|
'23
|
$23,512
|
$16,692
|
|
'23
|
$24,645
|
$17,551
|
|
'23
|
$22,952
|
$16,273
|
|
'23
|
$22,336
|
$15,899
|
|
'23
|
$21,432
|
$15,140
|
|
'23
|
$24,444
|
$17,259
|
|
'23
|
$26,278
|
$18,689
|
|
'24
|
$25,013
|
$17,793
|
|
'24
|
$24,820
|
$17,764
|
|
'24
|
$25,257
|
$17,949
|
|
'24
|
$23,718
|
$17,320
|
|
'24
|
$23,000
|
$16,776
|
|
'24
|
$21,342
|
$15,759
|
|
'24
|
$21,579
|
$15,922
|
|
'24
|
$22,267
|
$16,331
|
|
'24
|
$22,127
|
$16,349
|
|
'24
|
$21,061
|
$15,508
|
|
'24
|
$19,840
|
$14,654
|
|
'24
|
$18,803
|
$13,759
|
|
'25
|
$20,529
|
$15,068
|
|
'25
|
$20,342
|
$14,792
|
|
'25
|
$21,540
|
$15,507
|
|
'25
|
$23,111
|
$16,579
|
|
'25
|
$24,106
|
$16,843
|
|
'25
|
$25,296
|
$17,867
|
|
'25
|
$24,021
|
$17,073
|
|
'25
|
$25,638
|
$18,477
|
|
'25
|
$27,077
|
$19,686
|
|
'25
|
$27,395
|
$19,868
|
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 $9,425.
|
Class/Index
|
1-Year
|
5-Year
|
10-Year
|
|
Class A Unadjusted for Sales Charge
|
30.08%
|
12.68%
|
11.26%
|
|
Class A Adjusted for the Maximum Sales Charge (max 5.75% load)
|
22.60%
|
11.36%
|
10.60%
|
|
MSCI Emerging Markets Latin America Index
|
28.12%
|
14.01%
|
7.11%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had reflected sales charges.
|
Net Assets ($)
|
304,111,497
|
|
Number of Portfolio Holdings
|
69
|
|
Portfolio Turnover Rate (%)
|
120
|
|
Total Net Advisory Fees Paid ($)
|
2,482,872
|
|
Asset Type
|
% of Net Assets
|
|
Equity Securities
|
95%
|
|
Cash and Other Assets and Liabilities, Net
|
5%
|
|
Total
|
100%
|
Holdings-based data is subject to change.
|
Sector
|
% of Net Assets
|
|
Financials
|
26%
|
|
Materials
|
17%
|
|
Utilities
|
13%
|
|
Industrials
|
11%
|
|
Energy
|
8%
|
|
Real Estate
|
7%
|
|
Consumer Discretionary
|
4%
|
|
Consumer Staples
|
4%
|
|
Health Care
|
3%
|
|
Communication Services
|
1%
|
|
Information Technology
|
1%
|
|
Country
|
% of Net Assets
|
|
Brazil
|
62%
|
|
Mexico
|
22%
|
|
Chile
|
6%
|
|
Peru
|
2%
|
|
United States
|
1%
|
|
Colombia
|
1%
|
|
Argentina
|
1%
|
|
Luxembourg
|
0%
|
|
Panama
|
0%
|
|
Holdings
|
39.3% of Net Assets
|
|
Petroleo Brasileiro SA - Petrobras (Brazil)
|
5.3%
|
|
Banco Bradesco SA (Brazil)
|
5.0%
|
|
Centrais Eletricas Brasileiras SA (Brazil)
|
4.7%
|
|
Grupo Mexico SAB de CV (Mexico)
|
4.5%
|
|
Vale SA (Brazil)
|
3.8%
|
|
Itaú Unibanco Holding SA (Brazil)
|
3.3%
|
|
Grupo Financiero Banorte SAB de CV (Mexico)
|
3.3%
|
|
Fibra Uno Administracion SA de CV (Mexico)
|
3.2%
|
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil)
|
3.2%
|
|
NU Holdings Ltd. (Brazil)
|
3.0%
|
This is a summary of certain changes of the Fund since November 1, 2024. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.
Effective October 1, 2025, the Fund's contractual cap on total annual operating expense for Class A shares changed from 1.43% to 1.39%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
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. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
This annual shareholder report contains important information about DWS Latin America Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
This report describes changes to the Fund that occurred during the reporting period.
(Based on a hypothetical $10,000 investment)
|
Fund
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$250
|
2.18%
|
Gross expense ratio as of the latest prospectus: 2.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Class C shares of the Fund returned 29.09% (unadjusted for sales charges) for the period ended October 31, 2025. The MSCI Emerging Markets Latin America Index, returned 28.12% for the same period.
Against the backdrop of a strong 12 months for Latin American equities, the Fund outperformed the MSCI Emerging Markets Latin America Index by a comfortable margin. The region's equities recovered after bottoming in December of 2024, as fears subsided over fiscal discipline in Brazil and institutional stability in Mexico. Latin American markets also benefited from a weakening "US exceptionalism" narrative and declining dollar resulting from President Trump's inconsistent approach to global trade. Brazilian equities rallied as peaking monetary policy rates, attractive valuations, and optimism about a potential shift in fiscal policy with the 2026 presidential election drew foreign fund flows into the market. In Mexico, President Sheinbaum's strategic diplomacy has been broadly constructive in maintaining a positive tone in the country's relationship with the US in the lead up to next year's re-negotiation of the North American trade framework. Regional sentiment was also supported by the continued success of President Milei's reforms in Argentina.
On a country basis, the Fund's strong relative performance was primarily driven by stock selection in Brazil, followed by Mexico and Chile. In terms of sector allocation, performance benefited from an underweight to consumer staples as the Brazilian and Mexican economies slowed in the second half of the period. An overweight to utilities also proved additive as returns for the sector benefited from strong profits and attractive valuations. Positive contributions from stock selection were led by holdings within financials, consumer staples, real estate and energy. On the downside, off-benchmark exposure to Argentina and stock selection within the health care sector weighed on performance.
MSCI Emerging Markets Latin America Index captures large and mid-cap representation across Emerging Markets countries in Latin America. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
|
Class C
|
MSCI Emerging Markets Latin America Index
|
|
|
'15
|
$10,000
|
$10,000
|
|
'15
|
$9,655
|
$9,581
|
|
'15
|
$9,199
|
$9,171
|
|
'16
|
$8,916
|
$8,749
|
|
'16
|
$9,335
|
$9,078
|
|
'16
|
$11,072
|
$10,926
|
|
'16
|
$11,701
|
$11,578
|
|
'16
|
$10,881
|
$10,325
|
|
'16
|
$12,409
|
$11,507
|
|
'16
|
$13,130
|
$12,141
|
|
'16
|
$13,075
|
$12,225
|
|
'16
|
$13,210
|
$12,125
|
|
'16
|
$13,986
|
$13,328
|
|
'16
|
$12,033
|
$11,914
|
|
'16
|
$12,052
|
$12,017
|
|
'17
|
$13,058
|
$12,931
|
|
'17
|
$13,276
|
$13,393
|
|
'17
|
$13,506
|
$13,467
|
|
'17
|
$13,730
|
$13,467
|
|
'17
|
$13,264
|
$13,147
|
|
'17
|
$12,866
|
$13,233
|
|
'17
|
$13,829
|
$14,329
|
|
'17
|
$14,830
|
$14,991
|
|
'17
|
$15,507
|
$15,228
|
|
'17
|
$15,122
|
$14,680
|
|
'17
|
$14,519
|
$14,238
|
|
'17
|
$15,807
|
$14,871
|
|
'18
|
$17,068
|
$16,827
|
|
'18
|
$16,721
|
$16,219
|
|
'18
|
$16,360
|
$16,064
|
|
'18
|
$16,071
|
$15,860
|
|
'18
|
$14,288
|
$13,630
|
|
'18
|
$13,316
|
$13,213
|
|
'18
|
$14,488
|
$14,431
|
|
'18
|
$13,149
|
$13,223
|
|
'18
|
$13,471
|
$13,843
|
|
'18
|
$15,253
|
$14,322
|
|
'18
|
$15,196
|
$14,008
|
|
'18
|
$15,247
|
$13,893
|
|
'19
|
$17,583
|
$15,970
|
|
'19
|
$17,004
|
$15,374
|
|
'19
|
$16,740
|
$14,984
|
|
'19
|
$17,487
|
$15,048
|
|
'19
|
$17,268
|
$14,742
|
|
'19
|
$18,420
|
$15,650
|
|
'19
|
$20,235
|
$15,669
|
|
'19
|
$18,529
|
$14,394
|
|
'19
|
$18,182
|
$14,771
|
|
'19
|
$18,793
|
$15,429
|
|
'19
|
$18,195
|
$14,792
|
|
'19
|
$20,518
|
$16,320
|
|
'20
|
$20,145
|
$15,405
|
|
'20
|
$18,208
|
$13,547
|
|
'20
|
$11,772
|
$8,875
|
|
'20
|
$12,608
|
$9,434
|
|
'20
|
$13,670
|
$10,043
|
|
'20
|
$14,687
|
$10,570
|
|
'20
|
$16,174
|
$11,727
|
|
'20
|
$15,633
|
$10,999
|
|
'20
|
$15,099
|
$10,435
|
|
'20
|
$15,427
|
$10,316
|
|
'20
|
$18,311
|
$12,572
|
|
'20
|
$20,512
|
$14,068
|
|
'21
|
$19,276
|
$13,122
|
|
'21
|
$19,186
|
$12,730
|
|
'21
|
$19,418
|
$13,319
|
|
'21
|
$20,370
|
$13,812
|
|
'21
|
$21,831
|
$14,915
|
|
'21
|
$22,713
|
$15,319
|
|
'21
|
$21,522
|
$14,695
|
|
'21
|
$21,715
|
$14,819
|
|
'21
|
$19,482
|
$13,287
|
|
'21
|
$18,060
|
$12,579
|
|
'21
|
$17,616
|
$12,204
|
|
'21
|
$18,516
|
$12,929
|
|
'22
|
$20,101
|
$13,883
|
|
'22
|
$20,587
|
$14,554
|
|
'22
|
$23,048
|
$16,454
|
|
'22
|
$20,219
|
$14,318
|
|
'22
|
$21,287
|
$15,489
|
|
'22
|
$17,691
|
$12,856
|
|
'22
|
$18,620
|
$13,403
|
|
'22
|
$19,629
|
$13,768
|
|
'22
|
$18,944
|
$13,319
|
|
'22
|
$21,383
|
$14,606
|
|
'22
|
$20,896
|
$14,676
|
|
'22
|
$19,863
|
$14,083
|
|
'23
|
$21,632
|
$15,473
|
|
'23
|
$20,301
|
$14,514
|
|
'23
|
$20,465
|
$14,636
|
|
'23
|
$20,974
|
$15,030
|
|
'23
|
$21,248
|
$14,901
|
|
'23
|
$23,574
|
$16,692
|
|
'23
|
$24,701
|
$17,551
|
|
'23
|
$22,986
|
$16,273
|
|
'23
|
$22,360
|
$15,899
|
|
'23
|
$21,436
|
$15,140
|
|
'23
|
$24,435
|
$17,259
|
|
'23
|
$26,254
|
$18,689
|
|
'24
|
$24,980
|
$17,793
|
|
'24
|
$24,763
|
$17,764
|
|
'24
|
$25,188
|
$17,949
|
|
'24
|
$23,633
|
$17,320
|
|
'24
|
$22,911
|
$16,776
|
|
'24
|
$21,236
|
$15,759
|
|
'24
|
$21,460
|
$15,922
|
|
'24
|
$22,134
|
$16,331
|
|
'24
|
$21,981
|
$16,349
|
|
'24
|
$20,907
|
$15,508
|
|
'24
|
$19,681
|
$14,654
|
|
'24
|
$18,647
|
$13,759
|
|
'25
|
$20,344
|
$15,068
|
|
'25
|
$20,143
|
$14,792
|
|
'25
|
$21,322
|
$15,507
|
|
'25
|
$22,860
|
$16,579
|
|
'25
|
$23,829
|
$16,843
|
|
'25
|
$24,991
|
$17,867
|
|
'25
|
$23,712
|
$17,073
|
|
'25
|
$25,292
|
$18,477
|
|
'25
|
$26,696
|
$19,686
|
|
'25
|
$26,989
|
$19,868
|
Yearly periods ended October 31
|
Class/Index
|
1-Year
|
5-Year
|
10-Year
|
|
Class C Unadjusted for Sales Charge
|
29.09%
|
11.84%
|
10.44%
|
|
Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
28.09%
|
11.84%
|
10.44%
|
|
MSCI Emerging Markets Latin America Index
|
28.12%
|
14.01%
|
7.11%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.
|
Net Assets ($)
|
304,111,497
|
|
Number of Portfolio Holdings
|
69
|
|
Portfolio Turnover Rate (%)
|
120
|
|
Total Net Advisory Fees Paid ($)
|
2,482,872
|
|
Asset Type
|
% of Net Assets
|
|
Equity Securities
|
95%
|
|
Cash and Other Assets and Liabilities, Net
|
5%
|
|
Total
|
100%
|
Holdings-based data is subject to change.
|
Sector
|
% of Net Assets
|
|
Financials
|
26%
|
|
Materials
|
17%
|
|
Utilities
|
13%
|
|
Industrials
|
11%
|
|
Energy
|
8%
|
|
Real Estate
|
7%
|
|
Consumer Discretionary
|
4%
|
|
Consumer Staples
|
4%
|
|
Health Care
|
3%
|
|
Communication Services
|
1%
|
|
Information Technology
|
1%
|
|
Country
|
% of Net Assets
|
|
Brazil
|
62%
|
|
Mexico
|
22%
|
|
Chile
|
6%
|
|
Peru
|
2%
|
|
United States
|
1%
|
|
Colombia
|
1%
|
|
Argentina
|
1%
|
|
Luxembourg
|
0%
|
|
Panama
|
0%
|
|
Holdings
|
39.3% of Net Assets
|
|
Petroleo Brasileiro SA - Petrobras (Brazil)
|
5.3%
|
|
Banco Bradesco SA (Brazil)
|
5.0%
|
|
Centrais Eletricas Brasileiras SA (Brazil)
|
4.7%
|
|
Grupo Mexico SAB de CV (Mexico)
|
4.5%
|
|
Vale SA (Brazil)
|
3.8%
|
|
Itaú Unibanco Holding SA (Brazil)
|
3.3%
|
|
Grupo Financiero Banorte SAB de CV (Mexico)
|
3.3%
|
|
Fibra Uno Administracion SA de CV (Mexico)
|
3.2%
|
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil)
|
3.2%
|
|
NU Holdings Ltd. (Brazil)
|
3.0%
|
This is a summary of certain changes of the Fund since November 1, 2024. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.
Effective October 1, 2025, the Fund's contractual cap on total annual operating expense for Class C shares changed from 2.18% to 2.14%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
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. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
This annual shareholder report contains important information about DWS Latin America Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
This report describes changes to the Fund that occurred during the reporting period.
(Based on a hypothetical $10,000 investment)
|
Fund
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class S
|
$136
|
1.18%
|
Gross expense ratio as of the latest prospectus: 1.33%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Class S shares of the Fund returned 30.36% for the period ended October 31, 2025. The MSCI Emerging Markets Latin America Index, returned 28.12% for the same period.
Against the backdrop of a strong 12 months for Latin American equities, the Fund outperformed the MSCI Emerging Markets Latin America Index by a comfortable margin. The region's equities recovered after bottoming in December of 2024, as fears subsided over fiscal discipline in Brazil and institutional stability in Mexico. Latin American markets also benefited from a weakening "US exceptionalism" narrative and declining dollar resulting from President Trump's inconsistent approach to global trade. Brazilian equities rallied as peaking monetary policy rates, attractive valuations, and optimism about a potential shift in fiscal policy with the 2026 presidential election drew foreign fund flows into the market. In Mexico, President Sheinbaum's strategic diplomacy has been broadly constructive in maintaining a positive tone in the country's relationship with the US in the lead up to next year's re-negotiation of the North American trade framework. Regional sentiment was also supported by the continued success of President Milei's reforms in Argentina.
On a country basis, the Fund's strong relative performance was primarily driven by stock selection in Brazil, followed by Mexico and Chile. In terms of sector allocation, performance benefited from an underweight to consumer staples as the Brazilian and Mexican economies slowed in the second half of the period. An overweight to utilities also proved additive as returns for the sector benefited from strong profits and attractive valuations. Positive contributions from stock selection were led by holdings within financials, consumer staples, real estate and energy. On the downside, off-benchmark exposure to Argentina and stock selection within the health care sector weighed on performance.
MSCI Emerging Markets Latin America Index captures large and mid-cap representation across Emerging Markets countries in Latin America. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
|
Class S
|
MSCI Emerging Markets Latin America Index
|
|
|
'15
|
$10,000
|
$10,000
|
|
'15
|
$9,660
|
$9,581
|
|
'15
|
$9,214
|
$9,171
|
|
'16
|
$8,938
|
$8,749
|
|
'16
|
$9,367
|
$9,078
|
|
'16
|
$11,120
|
$10,926
|
|
'16
|
$11,754
|
$11,578
|
|
'16
|
$10,944
|
$10,325
|
|
'16
|
$12,487
|
$11,507
|
|
'16
|
$13,226
|
$12,141
|
|
'16
|
$13,185
|
$12,225
|
|
'16
|
$13,331
|
$12,125
|
|
'16
|
$14,123
|
$13,328
|
|
'16
|
$12,164
|
$11,914
|
|
'16
|
$12,193
|
$12,017
|
|
'17
|
$13,221
|
$12,931
|
|
'17
|
$13,448
|
$13,393
|
|
'17
|
$13,693
|
$13,467
|
|
'17
|
$13,932
|
$13,467
|
|
'17
|
$13,478
|
$13,147
|
|
'17
|
$13,077
|
$13,233
|
|
'17
|
$14,075
|
$14,329
|
|
'17
|
$15,103
|
$14,991
|
|
'17
|
$15,803
|
$15,228
|
|
'17
|
$15,426
|
$14,680
|
|
'17
|
$14,823
|
$14,238
|
|
'17
|
$16,151
|
$14,871
|
|
'18
|
$17,458
|
$16,827
|
|
'18
|
$17,108
|
$16,219
|
|
'18
|
$16,758
|
$16,064
|
|
'18
|
$16,470
|
$15,860
|
|
'18
|
$14,663
|
$13,630
|
|
'18
|
$13,675
|
$13,213
|
|
'18
|
$14,888
|
$14,431
|
|
'18
|
$13,525
|
$13,223
|
|
'18
|
$13,869
|
$13,843
|
|
'18
|
$15,714
|
$14,322
|
|
'18
|
$15,664
|
$14,008
|
|
'18
|
$15,732
|
$13,893
|
|
'19
|
$18,159
|
$15,970
|
|
'19
|
$17,577
|
$15,374
|
|
'19
|
$17,314
|
$14,984
|
|
'19
|
$18,102
|
$15,048
|
|
'19
|
$17,890
|
$14,742
|
|
'19
|
$19,103
|
$15,650
|
|
'19
|
$21,004
|
$15,669
|
|
'19
|
$19,247
|
$14,394
|
|
'19
|
$18,903
|
$14,771
|
|
'19
|
$19,553
|
$15,429
|
|
'19
|
$18,946
|
$14,792
|
|
'19
|
$21,383
|
$16,320
|
|
'20
|
$21,013
|
$15,405
|
|
'20
|
$19,010
|
$13,547
|
|
'20
|
$12,300
|
$8,875
|
|
'20
|
$13,183
|
$9,434
|
|
'20
|
$14,309
|
$10,043
|
|
'20
|
$15,386
|
$10,570
|
|
'20
|
$16,951
|
$11,727
|
|
'20
|
$16,406
|
$10,999
|
|
'20
|
$15,849
|
$10,435
|
|
'20
|
$16,206
|
$10,316
|
|
'20
|
$19,248
|
$12,572
|
|
'20
|
$21,583
|
$14,068
|
|
'21
|
$20,300
|
$13,122
|
|
'21
|
$20,218
|
$12,730
|
|
'21
|
$20,481
|
$13,319
|
|
'21
|
$21,508
|
$13,812
|
|
'21
|
$23,060
|
$14,915
|
|
'21
|
$24,012
|
$15,319
|
|
'21
|
$22,779
|
$14,695
|
|
'21
|
$23,004
|
$14,819
|
|
'21
|
$20,650
|
$13,287
|
|
'21
|
$19,161
|
$12,579
|
|
'21
|
$18,710
|
$12,204
|
|
'21
|
$19,682
|
$12,929
|
|
'22
|
$21,384
|
$13,883
|
|
'22
|
$21,915
|
$14,554
|
|
'22
|
$24,552
|
$16,454
|
|
'22
|
$21,564
|
$14,318
|
|
'22
|
$22,720
|
$15,489
|
|
'22
|
$18,899
|
$12,856
|
|
'22
|
$19,904
|
$13,403
|
|
'22
|
$21,003
|
$13,768
|
|
'22
|
$20,285
|
$13,319
|
|
'22
|
$22,914
|
$14,606
|
|
'22
|
$22,411
|
$14,676
|
|
'22
|
$21,317
|
$14,083
|
|
'23
|
$23,238
|
$15,473
|
|
'23
|
$21,834
|
$14,514
|
|
'23
|
$22,027
|
$14,636
|
|
'23
|
$22,590
|
$15,030
|
|
'23
|
$22,906
|
$14,901
|
|
'23
|
$25,436
|
$16,692
|
|
'23
|
$26,670
|
$17,551
|
|
'23
|
$24,834
|
$16,273
|
|
'23
|
$24,179
|
$15,899
|
|
'23
|
$23,199
|
$15,140
|
|
'23
|
$26,469
|
$17,259
|
|
'23
|
$28,464
|
$18,689
|
|
'24
|
$27,099
|
$17,793
|
|
'24
|
$26,892
|
$17,764
|
|
'24
|
$27,379
|
$17,949
|
|
'24
|
$25,711
|
$17,320
|
|
'24
|
$24,938
|
$16,776
|
|
'24
|
$23,143
|
$15,759
|
|
'24
|
$23,406
|
$15,922
|
|
'24
|
$24,156
|
$16,331
|
|
'24
|
$24,012
|
$16,349
|
|
'24
|
$22,863
|
$15,508
|
|
'24
|
$21,539
|
$14,654
|
|
'24
|
$20,416
|
$13,759
|
|
'25
|
$22,299
|
$15,068
|
|
'25
|
$22,097
|
$14,792
|
|
'25
|
$23,408
|
$15,507
|
|
'25
|
$25,114
|
$16,579
|
|
'25
|
$26,199
|
$16,843
|
|
'25
|
$27,501
|
$17,867
|
|
'25
|
$26,123
|
$17,073
|
|
'25
|
$27,888
|
$18,477
|
|
'25
|
$29,460
|
$19,686
|
|
'25
|
$29,804
|
$19,868
|
Yearly periods ended October 31
|
Class/Index
|
1-Year
|
5-Year
|
10-Year
|
|
Class S No Sales Charge
|
30.36%
|
12.96%
|
11.54%
|
|
MSCI Emerging Markets Latin America Index
|
28.12%
|
14.01%
|
7.11%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.
|
Net Assets ($)
|
304,111,497
|
|
Number of Portfolio Holdings
|
69
|
|
Portfolio Turnover Rate (%)
|
120
|
|
Total Net Advisory Fees Paid ($)
|
2,482,872
|
|
Asset Type
|
% of Net Assets
|
|
Equity Securities
|
95%
|
|
Cash and Other Assets and Liabilities, Net
|
5%
|
|
Total
|
100%
|
Holdings-based data is subject to change.
|
Sector
|
% of Net Assets
|
|
Financials
|
26%
|
|
Materials
|
17%
|
|
Utilities
|
13%
|
|
Industrials
|
11%
|
|
Energy
|
8%
|
|
Real Estate
|
7%
|
|
Consumer Discretionary
|
4%
|
|
Consumer Staples
|
4%
|
|
Health Care
|
3%
|
|
Communication Services
|
1%
|
|
Information Technology
|
1%
|
|
Country
|
% of Net Assets
|
|
Brazil
|
62%
|
|
Mexico
|
22%
|
|
Chile
|
6%
|
|
Peru
|
2%
|
|
United States
|
1%
|
|
Colombia
|
1%
|
|
Argentina
|
1%
|
|
Luxembourg
|
0%
|
|
Panama
|
0%
|
|
Holdings
|
39.3% of Net Assets
|
|
Petroleo Brasileiro SA - Petrobras (Brazil)
|
5.3%
|
|
Banco Bradesco SA (Brazil)
|
5.0%
|
|
Centrais Eletricas Brasileiras SA (Brazil)
|
4.7%
|
|
Grupo Mexico SAB de CV (Mexico)
|
4.5%
|
|
Vale SA (Brazil)
|
3.8%
|
|
Itaú Unibanco Holding SA (Brazil)
|
3.3%
|
|
Grupo Financiero Banorte SAB de CV (Mexico)
|
3.3%
|
|
Fibra Uno Administracion SA de CV (Mexico)
|
3.2%
|
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil)
|
3.2%
|
|
NU Holdings Ltd. (Brazil)
|
3.0%
|
This is a summary of certain changes of the Fund since November 1, 2024. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.
Effective October 1, 2025, the Fund's contractual cap on total annual operating expense for Class S shares changed from 1.18% to 1.14%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
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. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
This annual shareholder report contains important information about DWS Latin America Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
This report describes changes to the Fund that occurred during the reporting period.
(Based on a hypothetical $10,000 investment)
|
Fund
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$136
|
1.18%
|
Gross expense ratio as of the latest prospectus: 1.33%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Institutional Class shares of the Fund returned 30.39% for the period ended October 31, 2025. The MSCI Emerging Markets Latin America Index, returned 28.12% for the same period.
Against the backdrop of a strong 12 months for Latin American equities, the Fund outperformed the MSCI Emerging Markets Latin America Index by a comfortable margin. The region's equities recovered after bottoming in December of 2024, as fears subsided over fiscal discipline in Brazil and institutional stability in Mexico. Latin American markets also benefited from a weakening "US exceptionalism" narrative and declining dollar resulting from President Trump's inconsistent approach to global trade. Brazilian equities rallied as peaking monetary policy rates, attractive valuations, and optimism about a potential shift in fiscal policy with the 2026 presidential election drew foreign fund flows into the market. In Mexico, President Sheinbaum's strategic diplomacy has been broadly constructive in maintaining a positive tone in the country's relationship with the US in the lead up to next year's re-negotiation of the North American trade framework. Regional sentiment was also supported by the continued success of President Milei's reforms in Argentina.
On a country basis, the Fund's strong relative performance was primarily driven by stock selection in Brazil, followed by Mexico and Chile. In terms of sector allocation, performance benefited from an underweight to consumer staples as the Brazilian and Mexican economies slowed in the second half of the period. An overweight to utilities also proved additive as returns for the sector benefited from strong profits and attractive valuations. Positive contributions from stock selection were led by holdings within financials, consumer staples, real estate and energy. On the downside, off-benchmark exposure to Argentina and stock selection within the health care sector weighed on performance.
MSCI Emerging Markets Latin America Index captures large and mid-cap representation across Emerging Markets countries in Latin America. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
|
Institutional Class
|
MSCI Emerging Markets Latin America Index
|
|
|
'15
|
$1,000,000
|
$1,000,000
|
|
'15
|
$966,002
|
$958,097
|
|
'15
|
$920,868
|
$917,071
|
|
'16
|
$893,318
|
$874,885
|
|
'16
|
$936,108
|
$907,801
|
|
'16
|
$1,111,372
|
$1,092,637
|
|
'16
|
$1,175,264
|
$1,157,801
|
|
'16
|
$1,093,787
|
$1,032,478
|
|
'16
|
$1,248,535
|
$1,150,655
|
|
'16
|
$1,322,392
|
$1,214,125
|
|
'16
|
$1,317,702
|
$1,222,491
|
|
'16
|
$1,332,943
|
$1,212,465
|
|
'16
|
$1,412,075
|
$1,332,779
|
|
'16
|
$1,215,709
|
$1,191,403
|
|
'16
|
$1,218,547
|
$1,201,738
|
|
'17
|
$1,321,287
|
$1,293,148
|
|
'17
|
$1,344,583
|
$1,339,294
|
|
'17
|
$1,369,073
|
$1,346,698
|
|
'17
|
$1,392,966
|
$1,346,651
|
|
'17
|
$1,346,972
|
$1,314,706
|
|
'17
|
$1,307,548
|
$1,323,322
|
|
'17
|
$1,406,705
|
$1,432,906
|
|
'17
|
$1,510,042
|
$1,499,125
|
|
'17
|
$1,579,929
|
$1,522,774
|
|
'17
|
$1,542,298
|
$1,467,950
|
|
'17
|
$1,482,565
|
$1,423,806
|
|
'17
|
$1,614,802
|
$1,487,080
|
|
'18
|
$1,745,411
|
$1,682,669
|
|
'18
|
$1,711,040
|
$1,621,911
|
|
'18
|
$1,676,044
|
$1,606,411
|
|
'18
|
$1,646,673
|
$1,586,028
|
|
'18
|
$1,466,070
|
$1,363,020
|
|
'18
|
$1,366,707
|
$1,321,254
|
|
'18
|
$1,488,567
|
$1,443,115
|
|
'18
|
$1,352,334
|
$1,322,276
|
|
'18
|
$1,386,705
|
$1,384,330
|
|
'18
|
$1,571,057
|
$1,432,230
|
|
'18
|
$1,566,058
|
$1,400,810
|
|
'18
|
$1,572,932
|
$1,389,314
|
|
'19
|
$1,815,402
|
$1,596,963
|
|
'19
|
$1,757,284
|
$1,537,381
|
|
'19
|
$1,731,038
|
$1,498,419
|
|
'19
|
$1,809,778
|
$1,504,834
|
|
'19
|
$1,789,155
|
$1,474,188
|
|
'19
|
$1,909,766
|
$1,564,960
|
|
'19
|
$2,099,742
|
$1,566,873
|
|
'19
|
$1,924,139
|
$1,439,431
|
|
'19
|
$1,889,768
|
$1,477,146
|
|
'19
|
$1,955,385
|
$1,542,901
|
|
'19
|
$1,894,143
|
$1,479,195
|
|
'19
|
$2,137,630
|
$1,631,954
|
|
'20
|
$2,100,721
|
$1,540,502
|
|
'20
|
$1,900,533
|
$1,354,660
|
|
'20
|
$1,229,904
|
$887,518
|
|
'20
|
$1,318,112
|
$943,439
|
|
'20
|
$1,430,717
|
$1,004,250
|
|
'20
|
$1,538,318
|
$1,057,031
|
|
'20
|
$1,694,715
|
$1,172,728
|
|
'20
|
$1,640,289
|
$1,099,913
|
|
'20
|
$1,585,237
|
$1,043,455
|
|
'20
|
$1,620,896
|
$1,031,628
|
|
'20
|
$1,924,931
|
$1,257,189
|
|
'20
|
$2,158,275
|
$1,406,810
|
|
'21
|
$2,030,029
|
$1,312,238
|
|
'21
|
$2,021,897
|
$1,273,041
|
|
'21
|
$2,048,171
|
$1,331,944
|
|
'21
|
$2,150,142
|
$1,381,155
|
|
'21
|
$2,305,913
|
$1,491,529
|
|
'21
|
$2,401,002
|
$1,531,872
|
|
'21
|
$2,277,762
|
$1,469,499
|
|
'21
|
$2,300,283
|
$1,481,861
|
|
'21
|
$2,065,062
|
$1,328,687
|
|
'21
|
$1,916,173
|
$1,257,878
|
|
'21
|
$1,870,505
|
$1,220,441
|
|
'21
|
$1,967,665
|
$1,292,942
|
|
'22
|
$2,137,799
|
$1,388,300
|
|
'22
|
$2,191,638
|
$1,455,368
|
|
'22
|
$2,455,094
|
$1,645,437
|
|
'22
|
$2,155,745
|
$1,431,835
|
|
'22
|
$2,271,321
|
$1,548,922
|
|
'22
|
$1,889,418
|
$1,285,558
|
|
'22
|
$1,990,636
|
$1,340,340
|
|
'22
|
$2,099,752
|
$1,376,794
|
|
'22
|
$2,028,683
|
$1,331,933
|
|
'22
|
$2,291,421
|
$1,460,617
|
|
'22
|
$2,241,171
|
$1,467,613
|
|
'22
|
$2,132,019
|
$1,408,311
|
|
'23
|
$2,323,947
|
$1,547,343
|
|
'23
|
$2,182,891
|
$1,451,382
|
|
'23
|
$2,202,932
|
$1,463,613
|
|
'23
|
$2,259,200
|
$1,502,966
|
|
'23
|
$2,290,032
|
$1,490,134
|
|
'23
|
$2,542,853
|
$1,669,164
|
|
'23
|
$2,666,951
|
$1,755,095
|
|
'23
|
$2,483,501
|
$1,627,326
|
|
'23
|
$2,417,984
|
$1,589,893
|
|
'23
|
$2,320,093
|
$1,514,001
|
|
'23
|
$2,646,910
|
$1,725,898
|
|
'23
|
$2,846,260
|
$1,868,942
|
|
'24
|
$2,709,927
|
$1,779,269
|
|
'24
|
$2,689,198
|
$1,776,351
|
|
'24
|
$2,737,831
|
$1,794,928
|
|
'24
|
$2,570,404
|
$1,732,012
|
|
'24
|
$2,493,866
|
$1,677,613
|
|
'24
|
$2,314,480
|
$1,575,883
|
|
'24
|
$2,339,993
|
$1,592,183
|
|
'24
|
$2,414,936
|
$1,633,089
|
|
'24
|
$2,401,383
|
$1,634,930
|
|
'24
|
$2,285,778
|
$1,550,814
|
|
'24
|
$2,153,431
|
$1,465,397
|
|
'24
|
$2,041,249
|
$1,375,921
|
|
'25
|
$2,229,414
|
$1,506,782
|
|
'25
|
$2,209,253
|
$1,479,229
|
|
'25
|
$2,340,297
|
$1,550,706
|
|
'25
|
$2,511,661
|
$1,657,880
|
|
'25
|
$2,620,023
|
$1,684,320
|
|
'25
|
$2,750,226
|
$1,786,700
|
|
'25
|
$2,611,623
|
$1,707,349
|
|
'25
|
$2,788,027
|
$1,847,695
|
|
'25
|
$2,945,111
|
$1,968,639
|
|
'25
|
$2,980,392
|
$1,986,848
|
Yearly periods ended October 31
|
Class/Index
|
1-Year
|
5-Year
|
10-Year
|
|
Institutional Class No Sales Charge
|
30.39%
|
12.95%
|
11.54%
|
|
MSCI Emerging Markets Latin America Index
|
28.12%
|
14.01%
|
7.11%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.
|
Net Assets ($)
|
304,111,497
|
|
Number of Portfolio Holdings
|
69
|
|
Portfolio Turnover Rate (%)
|
120
|
|
Total Net Advisory Fees Paid ($)
|
2,482,872
|
|
Asset Type
|
% of Net Assets
|
|
Equity Securities
|
95%
|
|
Cash and Other Assets and Liabilities, Net
|
5%
|
|
Total
|
100%
|
Holdings-based data is subject to change.
|
Sector
|
% of Net Assets
|
|
Financials
|
26%
|
|
Materials
|
17%
|
|
Utilities
|
13%
|
|
Industrials
|
11%
|
|
Energy
|
8%
|
|
Real Estate
|
7%
|
|
Consumer Discretionary
|
4%
|
|
Consumer Staples
|
4%
|
|
Health Care
|
3%
|
|
Communication Services
|
1%
|
|
Information Technology
|
1%
|
|
Country
|
% of Net Assets
|
|
Brazil
|
62%
|
|
Mexico
|
22%
|
|
Chile
|
6%
|
|
Peru
|
2%
|
|
United States
|
1%
|
|
Colombia
|
1%
|
|
Argentina
|
1%
|
|
Luxembourg
|
0%
|
|
Panama
|
0%
|
|
Holdings
|
39.3% of Net Assets
|
|
Petroleo Brasileiro SA - Petrobras (Brazil)
|
5.3%
|
|
Banco Bradesco SA (Brazil)
|
5.0%
|
|
Centrais Eletricas Brasileiras SA (Brazil)
|
4.7%
|
|
Grupo Mexico SAB de CV (Mexico)
|
4.5%
|
|
Vale SA (Brazil)
|
3.8%
|
|
Itaú Unibanco Holding SA (Brazil)
|
3.3%
|
|
Grupo Financiero Banorte SAB de CV (Mexico)
|
3.3%
|
|
Fibra Uno Administracion SA de CV (Mexico)
|
3.2%
|
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil)
|
3.2%
|
|
NU Holdings Ltd. (Brazil)
|
3.0%
|
This is a summary of certain changes of the Fund since November 1, 2024. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.
Effective October 1, 2025, the Fund's contractual cap on total annual operating expense for Institutional Class shares changed from 1.18% to 1.14%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
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. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
| (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 Ms. Catherine Schrand, 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 latin america 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 |
| 2025 | $61,911 | $0 | $5,969 | $0 |
| 2024 | $61,911 | $0 | $5,969 | $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 |
| 2025 | $0 | $813,563 | $0 |
| 2024 | $0 | $560,206 | $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) |
| 2025 | $5,969 | $813,563 | $0 | $819,532 |
| 2024 | $5,969 | $560,206 | $0 | $566,175 |
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 $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2024 and 2025 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
| Item 5. | Audit Committee of Listed Registrants |
| Not applicable | |
| Item 6. | Investments. |
| Not applicable | |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| (a) |
|
3
|
Investment Portfolio
|
|
7
|
Statement of Assets and Liabilities
|
|
9
|
Statement of Operations
|
|
10
|
Statements of Changes in Net Assets
|
|
11
|
Financial Highlights
|
|
15
|
Notes to Financial Statements
|
|
27
|
Report of Independent Registered Public Accounting Firm
|
|
29
|
Tax Information
|
|
30
|
Advisory Agreement Board Considerations and Fee Evaluation
|
|
2
|
|
|
DWS Latin America Equity Fund
|
|
|
Shares
|
Value ($)
|
|
|
Equity Securities 95.4%
|
|||
|
Argentina 0.5%
|
|||
|
Grupo Financiero Galicia SA (ADR)* (a) (Cost $824,887)
|
|
25,994
|
1,537,025
|
|
Brazil 62.0%
|
|||
|
B3 SA - Brasil Bolsa Balcao
|
|
1,195,194
|
2,812,509
|
|
Banco Bradesco SA (ADR)
|
|
2,464,457
|
8,329,865
|
|
Banco Bradesco SA (Preferred)
|
|
1,992,144
|
6,724,474
|
|
Banco BTG Pactual SA (Units)
|
|
582,845
|
5,288,988
|
|
Banco Santander Brasil SA (ADR) (a)
|
|
10,989
|
63,626
|
|
Banco Santander Brasil SA (Units)
|
|
492,087
|
2,848,277
|
|
Centrais Eletricas Brasileiras SA
|
|
1,160,053
|
12,014,638
|
|
Centrais Eletricas Brasileiras SA (Preferred)
|
|
210,973
|
2,328,960
|
|
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
|
|
357,159
|
8,751,805
|
|
Cia de Saneamento Basico do Estado de Sao Paulo
SABESP (ADR)
|
|
35,456
|
870,090
|
|
Cia Paranaense de Energia - Copel (ADR) (a)
|
|
29,571
|
305,764
|
|
Cia Paranaense de Energia - Copel "B" (Preferred)
|
|
2,807,929
|
7,265,192
|
|
Cyrela Brazil Realty SA Empreendimentos e Participacoes
|
|
432,743
|
2,450,893
|
|
Direcional Engenharia SA
|
|
834,555
|
2,633,992
|
|
Embraer SA
|
|
158,054
|
2,555,622
|
|
Embraer SA (ADR)
|
|
101,887
|
6,569,674
|
|
Equatorial Energia SA
|
|
992,751
|
6,762,948
|
|
Gerdau SA (ADR)
|
|
630,654
|
2,200,982
|
|
Gerdau SA (Preferred)
|
|
1,788,661
|
6,296,943
|
|
Hapvida Participacoes e Investimentos SA 144A*
|
|
540,079
|
3,140,117
|
|
Iguatemi SA (Units)
|
|
1,129,066
|
5,135,409
|
|
Itaú Unibanco Holding SA (Preferred)
|
|
1,377,640
|
10,099,373
|
|
Localiza Rent a Car SA
|
|
1,164,320
|
8,535,540
|
|
Lojas Renner SA
|
|
1,467,760
|
4,048,654
|
|
Motiva Infraestrutura de Mobilidade SA
|
|
495,965
|
1,463,940
|
|
Multiplan Empreendimentos Imobiliarios SA
|
|
367,771
|
1,879,204
|
|
NU Holdings Ltd. "A" *
|
|
566,985
|
9,134,128
|
|
Petroleo Brasileiro SA - Petrobras (ADR)
|
|
419,109
|
4,878,429
|
|
Petroleo Brasileiro SA - Petrobras (ADR) (Preferred)
|
|
454,331
|
5,020,358
|
|
Petroleo Brasileiro SA - Petrobras (Preferred)
|
|
895,327
|
4,950,971
|
|
Petroleo Brasileiro SA - Petrobras
|
|
237,519
|
1,391,133
|
|
PRIO SA*
|
|
1,063,897
|
7,125,012
|
|
Raia Drogasil SA
|
|
966,736
|
3,593,848
|
|
Rede D'Or Sao Luiz SA 144A
|
|
688,191
|
5,543,955
|
|
Suzano SA
|
|
709,437
|
6,446,970
|
|
DWS Latin America Equity Fund
|
|
|
3
|
|
|
Shares
|
Value ($)
|
|
|
Suzano SA (ADR) (a)
|
|
37,800
|
341,334
|
|
TOTVS SA
|
|
264,985
|
2,185,408
|
|
Vale SA
|
|
543,554
|
6,593,432
|
|
Vale SA (ADR)
|
|
409,587
|
4,951,907
|
|
WEG SA
|
|
645,027
|
5,047,563
|
|
(Cost $149,983,834)
|
|
188,581,927
|
|
|
Chile 6.4%
|
|||
|
Banco de Chile
|
|
23,657,305
|
4,104,252
|
|
Banco de Chile (ADR)
|
|
79,632
|
2,779,953
|
|
Falabella SA
|
|
498,591
|
3,137,305
|
|
Latam Airlines Group SA (ADR)
|
|
120,615
|
5,426,469
|
|
Parque Arauco SA
|
|
1,399,201
|
3,915,239
|
|
(Cost $14,273,998)
|
|
19,363,218
|
|
|
Colombia 0.9%
|
|||
|
Grupo Cibest SA (ADR) (Cost $2,591,237)
|
|
48,815
|
2,833,223
|
|
Luxembourg 0.5%
|
|||
|
Globant SA* (Cost $1,420,500)
|
|
23,509
|
1,447,684
|
|
Mexico 21.8%
|
|||
|
America Movil SAB de CV (ADR)
|
|
194,872
|
4,437,235
|
|
BBB Foods, Inc. "A" * (a)
|
|
113,117
|
3,090,356
|
|
Cemex SAB de CV (ADR)
|
|
668,488
|
6,785,153
|
|
Coca-Cola Femsa SAB de CV (ADR)
|
|
62,636
|
5,383,564
|
|
Coca-Cola Femsa SAB de CV (Units)
|
|
14,232
|
122,223
|
|
Corp. Inmobiliaria Vesta SAB de CV
|
|
332,493
|
1,009,371
|
|
Corp. Inmobiliaria Vesta SAB de CV (ADR)
|
|
7,024
|
213,319
|
|
Fibra Uno Administracion SA de CV (REIT)
|
|
6,662,954
|
9,708,328
|
|
GCC SAB de CV
|
|
269,264
|
2,584,447
|
|
Gentera SAB de CV
|
|
1,241,520
|
2,945,006
|
|
Grupo Aeroportuario del Sureste SAB de CV (ADR)
|
|
3,140
|
949,348
|
|
Grupo Aeroportuario del Sureste SAB de CV "B"
|
|
24,436
|
739,374
|
|
Grupo Financiero Banorte SAB de CV "O"
|
|
1,070,714
|
10,051,577
|
|
Grupo Mexico SAB de CV "B"
|
|
1,591,163
|
13,729,814
|
|
Grupo Televisa SAB (ADR)
|
|
2,830
|
7,471
|
|
Promotora y Operadora de Infraestructura SAB de CV
|
|
183,729
|
2,373,539
|
|
Regional SAB de CV
|
|
267,443
|
1,981,369
|
|
(Cost $48,336,033)
|
|
66,111,494
|
|
|
Panama 0.2%
|
|||
|
Copa Holdings SA "A" (Cost $615,133)
|
|
5,063
|
633,938
|
|
Peru 2.2%
|
|||
|
Credicorp Ltd. (Cost $2,580,611)
|
|
26,080
|
6,806,880
|
|
4
|
|
|
DWS Latin America Equity Fund
|
|
|
Shares
|
Value ($)
|
|
|
United States 0.9%
|
|||
|
Southern Copper Corp. (Cost $1,915,180)
|
|
20,459
|
2,839,709
|
|
Total Equity Securities(Cost $222,541,413)
|
|
290,155,098
|
|
|
Securities Lending Collateral 0.7%
|
|||
|
DWS Government & Agency Securities Portfolio "DWS
Government Cash Institutional Shares" , 4.05% (b) (c)
(Cost $1,950,873)
|
|
1,950,873
|
1,950,873
|
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Investment Portfolio(Cost $224,492,286)
|
|
96.1
|
292,105,971
|
|
Other Assets and Liabilities, Net
|
|
3.9
|
12,005,526
|
|
Net Assets
|
|
100.0
|
304,111,497
|
|
Value ($)
at
10/31/2024
|
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
10/31/2025
|
Value ($)
at
10/31/2025
|
|
Securities Lending Collateral 0.7%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" ,
4.05% (b) (c)
|
||||||||
|
2,045,725
|
-
|
94,852 (d)
|
-
|
-
|
77,061
|
-
|
1,950,873
|
1,950,873
|
|
*
|
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 October 31, 2025 amounted to $2,036,154, which is 1.0% 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 year ended October 31, 2025.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally to
qualified institutional buyers.
|
|
DWS Latin America Equity Fund
|
|
|
5
|
|
ADR: American Depositary Receipt
|
|
REIT: Real Estate Investment Trust
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Equity Securities
|
||||
|
Argentina
|
$1,537,025
|
$-
|
$-
|
$1,537,025
|
|
Brazil
|
188,581,927
|
-
|
-
|
188,581,927
|
|
Chile
|
8,206,422
|
11,156,796
|
-
|
19,363,218
|
|
Colombia
|
2,833,223
|
-
|
-
|
2,833,223
|
|
Luxembourg
|
1,447,684
|
-
|
-
|
1,447,684
|
|
Mexico
|
66,111,494
|
-
|
-
|
66,111,494
|
|
Panama
|
633,938
|
-
|
-
|
633,938
|
|
Peru
|
6,806,880
|
-
|
-
|
6,806,880
|
|
United States
|
2,839,709
|
-
|
-
|
2,839,709
|
|
Short-Term Investments
|
1,950,873
|
-
|
-
|
1,950,873
|
|
Total
|
$280,949,175
|
$11,156,796
|
$-
|
$292,105,971
|
|
6
|
|
|
DWS Latin America Equity Fund
|
|
Assets
|
|
|
Investments in non-affiliated securities, at value (cost $222,541,413) -
including $2,036,154 of securities loaned
|
$290,155,098
|
|
Investment in DWS Government & Agency Securities Portfolio
(cost $1,950,873)*
|
1,950,873
|
|
Cash
|
8,747,624
|
|
Foreign currency, at value (cost $4,510,541)
|
4,190,664
|
|
Receivable for investments sold
|
1,708,903
|
|
Receivable for Fund shares sold
|
26,546
|
|
Dividends receivable
|
1,141,036
|
|
Affiliated securities lending income receivable
|
12,963
|
|
Other assets
|
24,616
|
|
Total assets
|
307,958,323
|
|
Liabilities
|
|
|
Payable upon return of securities loaned
|
1,950,873
|
|
Payable for investments purchased
|
1,341,959
|
|
Payable for Fund shares redeemed
|
128,328
|
|
Accrued management fee
|
204,583
|
|
Accrued Directors' fees
|
2,332
|
|
Other accrued expenses and payables
|
218,751
|
|
Total liabilities
|
3,846,826
|
|
Net assets, at value
|
$304,111,497
|
|
Net Assets Consist of
|
|
|
Distributable earnings (loss)
|
64,476,396
|
|
Paid-in capital
|
239,635,101
|
|
Net assets, at value
|
$304,111,497
|
|
DWS Latin America Equity Fund
|
|
|
7
|
|
Net Asset Value
|
|
|
Class A
|
|
|
Net Asset Valueand redemption price per share
($24,703,913 ÷ 701,232 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized)
|
$35.23
|
|
Maximum offering price per share (100 ÷ 94.25 of $35.23)
|
$37.38
|
|
Class C
|
|
|
Net Asset Value,offering and redemption price
(subject to contingent deferred sales charge) per share
($807,249 ÷ 24,997 shares of capital stock outstanding, $.01 par value,
20,000,000 shares authorized)
|
$32.29
|
|
Class S
|
|
|
Net Asset Value,offering and redemption price per share
($254,910,127 ÷ 7,187,782 shares of capital stock outstanding,
$.01 par value, 100,000,000 shares authorized)
|
$35.46
|
|
Institutional Class
|
|
|
Net Asset Value,offering and redemption price per share
($23,690,208 ÷ 667,696 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized)
|
$35.48
|
|
8
|
|
|
DWS Latin America Equity Fund
|
|
Investment Income
|
|
|
Income:
|
|
|
Dividends (net of foreign taxes withheld of $1,165,573)
|
$13,302,366
|
|
Affiliated securities lending income
|
77,061
|
|
Other income
|
385,669
|
|
Total income
|
13,765,096
|
|
Expenses:
|
|
|
Management fee
|
2,629,783
|
|
Administration fee
|
255,089
|
|
Services to shareholders
|
356,798
|
|
Distribution and service fees
|
52,886
|
|
Custodian fee
|
72,512
|
|
Professional fees
|
84,309
|
|
Reports to shareholders
|
37,062
|
|
Registration fees
|
66,703
|
|
Directors' fees and expenses
|
7,725
|
|
Other
|
58,577
|
|
Total expenses before expense reductions
|
3,621,444
|
|
Expense reductions
|
(452,815
)
|
|
Total expenses after expense reductions
|
3,168,629
|
|
Net investment income
|
10,596,467
|
|
Realized and Unrealized Gain (Loss)
|
|
|
Net realized gain (loss) from:
|
|
|
Investments
|
5,929,843
|
|
Foreign currency
|
(222,334
)
|
|
|
5,707,509
|
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
Investments
|
54,461,998
|
|
Foreign currency
|
126,858
|
|
|
54,588,856
|
|
Net gain (loss)
|
60,296,365
|
|
Net increase (decrease) in net assets resulting from operations
|
$70,892,832
|
|
DWS Latin America Equity Fund
|
|
|
9
|
|
|
Years Ended October 31,
|
|
|
Increase (Decrease) in Net Assets
|
2025
|
2024
|
|
Operations:
|
||
|
Net investment income
|
$10,596,467
|
$12,439,769
|
|
Net realized gain (loss)
|
5,707,509
|
13,299,933
|
|
Change in net unrealized appreciation
(depreciation)
|
54,588,856
|
(17,921,310
)
|
|
Net increase (decrease) in net assets resulting
from operations
|
70,892,832
|
7,818,392
|
|
Distributions to shareholders:
|
||
|
Class A
|
(630,856
)
|
(811,644
)
|
|
Class C
|
(30,163
)
|
(29,382
)
|
|
Class S
|
(10,107,364
)
|
(10,277,531
)
|
|
Institutional Class
|
(727,322
)
|
(3,326,446
)
|
|
Total distributions
|
(11,495,705
)
|
(14,445,003
)
|
|
Fund share transactions:
|
||
|
Proceeds from shares sold
|
39,449,591
|
37,116,811
|
|
Reinvestment of distributions
|
10,971,617
|
13,863,959
|
|
Payments for shares redeemed
|
(69,450,158
)
|
(147,309,698
)
|
|
Net increase (decrease) in net assets from Fund
share transactions
|
(19,028,950
)
|
(96,328,928
)
|
|
Increase (decrease) in net assets
|
40,368,177
|
(102,955,539
)
|
|
Net assets at beginning of period
|
263,743,320
|
366,698,859
|
|
Net assets at end of period
|
$304,111,497
|
$263,743,320
|
|
10
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund -Class A
|
|||||
|
|
Years Ended October 31,
|
||||
|
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Selected Per Share Data
|
|||||
|
Net asset value, beginning of period
|
$28.46
|
$29.88
|
$31.68
|
$30.44
|
$25.78
|
|
Income (loss) from investment operations:
|
|||||
|
Net investment incomea
|
1.11
|
1.05
|
1.35
|
2.07
|
.88
|
|
Net realized and unrealized gain (loss)
|
6.90
|
(1.36
)
|
(1.18
)
|
3.04
|
3.78
|
|
Total from investment operations
|
8.01
|
(.31
)
|
.17
|
5.11
|
4.66
|
|
Less distributions from:
|
|||||
|
Net investment income
|
(1.24
)
|
(1.11
)
|
(1.97
)
|
(1.22
)
|
-
|
|
Net realized gains
|
-
|
-
|
-
|
(2.65
)
|
-
|
|
Total distributions
|
(1.24
)
|
(1.11
)
|
(1.97
)
|
(3.87
)
|
-
|
|
Net asset value, end of period
|
$35.23
|
$28.46
|
$29.88
|
$31.68
|
$30.44
|
|
Total Return (%)b,c
|
30.08
|
(1.73
)
|
1.00
|
19.17
|
18.08
|
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
|
Net assets, end of period ($ millions)
|
25
|
17
|
21
|
18
|
13
|
|
Ratio of expenses before expense reductions (%)
|
1.65
|
1.62
|
1.63
|
1.65
|
1.63
|
|
Ratio of expenses after expense reductions (%)
|
1.43
|
1.45
|
1.46
|
1.51
|
1.51
|
|
Ratio of net investment income (%)
|
3.70
|
3.26
|
4.47
|
7.00
|
2.57
|
|
Portfolio turnover rate (%)
|
120
|
101
|
99
|
87
|
115
|
|
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.
|
|
DWS Latin America Equity Fund
|
|
|
11
|
|
DWS Latin America Equity Fund -Class C
|
|||||
|
|
Years Ended October 31,
|
||||
|
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Selected Per Share Data
|
|||||
|
Net asset value, beginning of period
|
$26.09
|
$27.38
|
$29.02
|
$28.09
|
$23.97
|
|
Income (loss) from investment operations:
|
|||||
|
Net investment incomea
|
.83
|
.74
|
1.02
|
1.69
|
.38
|
|
Net realized and unrealized gain (loss)
|
6.33
|
(1.25
)
|
(1.06
)
|
2.80
|
3.74
|
|
Total from investment operations
|
7.16
|
(.51
)
|
(.04
)
|
4.49
|
4.12
|
|
Less distributions from:
|
|||||
|
Net investment income
|
(.96
)
|
(.78
)
|
(1.60
)
|
(.91
)
|
-
|
|
Net realized gains
|
-
|
-
|
-
|
(2.65
)
|
-
|
|
Total distributions
|
(.96
)
|
(.78
)
|
(1.60
)
|
(3.56
)
|
-
|
|
Net asset value, end of period
|
$32.29
|
$26.09
|
$27.38
|
$29.02
|
$28.09
|
|
Total Return (%)b,c
|
29.09
|
(2.47
)
|
.25
|
18.27
|
17.19
|
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
|
Net assets, end of period ($ millions)
|
1
|
1
|
1
|
1
|
.4
|
|
Ratio of expenses before expense reductions (%)
|
2.36
|
2.35
|
2.37
|
2.39
|
2.44
|
|
Ratio of expenses after expense reductions (%)
|
2.18
|
2.19
|
2.21
|
2.26
|
2.26
|
|
Ratio of net investment income (%)
|
3.07
|
2.53
|
3.62
|
6.21
|
1.20
|
|
Portfolio turnover rate (%)
|
120
|
101
|
99
|
87
|
115
|
|
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.
|
|
12
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund -Class S
|
|||||
|
|
Years Ended October 31,
|
||||
|
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Selected Per Share Data
|
|||||
|
Net asset value, beginning of period
|
$28.66
|
$30.08
|
$31.90
|
$30.64
|
$25.89
|
|
Income (loss) from investment operations:
|
|||||
|
Net investment incomea
|
1.21
|
1.14
|
1.47
|
2.10
|
.93
|
|
Net realized and unrealized gain (loss)
|
6.90
|
(1.35
)
|
(1.23
)
|
3.11
|
3.82
|
|
Total from investment operations
|
8.11
|
(.21
)
|
.24
|
5.21
|
4.75
|
|
Less distributions from:
|
|||||
|
Net investment income
|
(1.31
)
|
(1.21
)
|
(2.06
)
|
(1.30
)
|
-
|
|
Net realized gains
|
-
|
-
|
-
|
(2.65
)
|
-
|
|
Total distributions
|
(1.31
)
|
(1.21
)
|
(2.06
)
|
(3.95
)
|
-
|
|
Net asset value, end of period
|
$35.46
|
$28.66
|
$30.08
|
$31.90
|
$30.64
|
|
Total Return (%)b
|
30.36
|
(1.45
)
|
1.25
|
19.47
|
18.35
|
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
|
Net assets, end of period ($ millions)
|
255
|
228
|
258
|
277
|
244
|
|
Ratio of expenses before expense reductions (%)
|
1.36
|
1.33
|
1.32
|
1.34
|
1.32
|
|
Ratio of expenses after expense reductions (%)
|
1.18
|
1.20
|
1.21
|
1.26
|
1.26
|
|
Ratio of net investment income (%)
|
4.06
|
3.53
|
4.82
|
7.06
|
2.70
|
|
Portfolio turnover rate (%)
|
120
|
101
|
99
|
87
|
115
|
|
a
|
Based on average shares outstanding during the period.
|
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
|
DWS Latin America Equity Fund
|
|
|
13
|
|
DWS Latin America Equity Fund -Institutional Class
|
|||||
|
|
Years Ended October 31,
|
||||
|
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Selected Per Share Data
|
|||||
|
Net asset value, beginning of period
|
$28.67
|
$30.10
|
$31.92
|
$30.66
|
$25.91
|
|
Income (loss) from investment operations:
|
|||||
|
Net investment incomea
|
1.22
|
1.18
|
1.43
|
2.10
|
1.18
|
|
Net realized and unrealized gain (loss)
|
6.90
|
(1.40
)
|
(1.19
)
|
3.12
|
3.57
|
|
Total from investment operations
|
8.12
|
(.22
)
|
.24
|
5.22
|
4.75
|
|
Less distributions from:
|
|||||
|
Net investment income
|
(1.31
)
|
(1.21
)
|
(2.06
)
|
(1.31
)
|
-
|
|
Net realized gains
|
-
|
-
|
-
|
(2.65
)
|
-
|
|
Total distributions
|
(1.31
)
|
(1.21
)
|
(2.06
)
|
(3.96
)
|
-
|
|
Net asset value, end of period
|
$35.48
|
$28.67
|
$30.10
|
$31.92
|
$30.66
|
|
Total Return (%)b
|
30.39
|
(1.48
)
|
1.25
|
19.47
|
18.33
|
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
|
Net assets, end of period ($ millions)
|
24
|
17
|
87
|
67
|
12
|
|
Ratio of expenses before expense reductions (%)
|
1.33
|
1.33
|
1.33
|
1.33
|
1.29
|
|
Ratio of expenses after expense reductions (%)
|
1.18
|
1.20
|
1.21
|
1.25
|
1.26
|
|
Ratio of net investment income (%)
|
4.06
|
3.53
|
4.69
|
7.13
|
3.40
|
|
Portfolio turnover rate (%)
|
120
|
101
|
99
|
87
|
115
|
|
a
|
Based on average shares outstanding during the period.
|
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
|
14
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
15
|
|
16
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
17
|
|
18
|
|
|
DWS Latin America Equity Fund
|
|
|
Overnight
and
Continuous
|
˂30 days
|
Between 30
& 90 days
|
˃90 days
|
Total
|
|
Securities Lending Transactions
|
|||||
|
Equity Securities
|
$1,950,873
|
$-
|
$-
|
$-
|
$1,950,873
|
|
Gross amount of recognized liabilities and cash collateral for securities
lending transactions:
|
$1,950,873
|
||||
|
DWS Latin America Equity Fund
|
|
|
19
|
|
Undistributed ordinary income*
|
$9,301,950
|
|
Capital loss carryforwards
|
$(3,162,861
)
|
|
Net unrealized appreciation (depreciation) on investments
|
$58,654,023
|
|
|
Years Ended October 31,
|
|
|
|
2025
|
2024
|
|
Distributions from ordinary income*
|
$11,495,705
|
$14,445,003
|
|
*
|
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
|
|
20
|
|
|
DWS Latin America Equity Fund
|
|
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%
|
|
DWS Latin America Equity Fund
|
|
|
21
|
|
Class A
|
1.43%
|
|
Class C
|
2.18%
|
|
Class S
|
1.18%
|
|
Institutional Class
|
1.18%
|
|
Class A
|
1.39%
|
|
|
Class C
|
2.14%
|
|
|
Class S
|
1.14%
|
|
|
Institutional Class
|
1.14%
|
|
Class A
|
$40,375
|
|
Class C
|
1,222
|
|
Class S
|
381,143
|
|
Institutional Class
|
30,075
|
|
|
$452,815
|
|
22
|
|
|
DWS Latin America Equity Fund
|
|
Services to Shareholders
|
Total
Aggregated
|
Unpaid at
October 31, 2025
|
|
Class A
|
$5,418
|
$891
|
|
Class C
|
223
|
42
|
|
Class S
|
125,458
|
20,675
|
|
Institutional Class
|
621
|
104
|
|
|
$131,720
|
$21,712
|
|
Sub-Recordkeeping
|
Total
Aggregated
|
|
Class A
|
$25,599
|
|
Class C
|
728
|
|
Class S
|
130,942
|
|
Institutional Class
|
18,310
|
|
|
$175,579
|
|
Distribution Fee
|
Total
Aggregated
|
Unpaid at
October 31, 2025
|
|
Class C
|
$5,114
|
$498
|
|
DWS Latin America Equity Fund
|
|
|
23
|
|
Service Fee
|
Total
Aggregated
|
Unpaid at
October 31, 2025
|
Annual
Rate
|
|
Class A
|
$46,176
|
$9,812
|
.24%
|
|
Class C
|
1,596
|
441
|
.23%
|
|
|
$47,772
|
$10,253
|
|
24
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
25
|
|
|
Year Ended
October 31, 2025
|
Year Ended
October 31, 2024
|
||
|
|
Shares
|
Dollars
|
Shares
|
Dollars
|
|
Shares sold
|
||||
|
Class A
|
470,802
|
$14,057,440
|
252,571
|
$8,128,109
|
|
Class C
|
13,811
|
383,857
|
10,318
|
314,431
|
|
Class S
|
250,893
|
7,736,746
|
231,329
|
7,565,297
|
|
Institutional Class
|
599,322
|
17,271,548
|
636,150
|
21,108,974
|
|
|
$39,449,591
|
$37,116,811
|
||
|
Shares issued to shareholders in reinvestment of distributions
|
||||
|
Class A
|
25,137
|
$614,529
|
22,601
|
$793,766
|
|
Class C
|
1,337
|
30,163
|
907
|
29,382
|
|
Class S
|
390,899
|
9,599,628
|
275,299
|
9,715,292
|
|
Institutional Class
|
29,603
|
727,297
|
94,181
|
3,325,519
|
|
|
$10,971,617
|
$13,863,959
|
||
|
Shares redeemed
|
||||
|
Class A
|
(403,837
)
|
$(11,858,139
)
|
(357,880
)
|
$(11,426,548
)
|
|
Class C
|
(26,931
)
|
(694,250
)
|
(8,939
)
|
(254,611
)
|
|
Class S
|
(1,417,514
)
|
(40,174,767
)
|
(1,120,155
)
|
(35,731,842
)
|
|
Institutional Class
|
(561,932
)
|
(16,723,002
)
|
(3,021,431
)
|
(99,896,697
)
|
|
|
$(69,450,158
)
|
$(147,309,698
)
|
||
|
Net increase (decrease)
|
||||
|
Class A
|
92,102
|
$2,813,830
|
(82,708
)
|
$(2,504,673
)
|
|
Class C
|
(11,783
)
|
(280,230
)
|
2,286
|
89,202
|
|
Class S
|
(775,722
)
|
(22,838,393
)
|
(613,527
)
|
(18,451,253
)
|
|
Institutional Class
|
66,993
|
1,275,843
|
(2,291,100
)
|
(75,462,204
)
|
|
|
$(19,028,950
)
|
$(96,328,928
)
|
||
|
26
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
27
|
|
28
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
29
|
|
30
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
31
|
|
32
|
|
|
DWS Latin America Equity Fund
|
|
DWS Latin America Equity Fund
|
|
|
33
|
|
34
|
|
|
DWS Latin America Equity Fund
|
| (b) The Financial Highlights are included with the Financial Statements under Item 7(a). | ||
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. | |
| Not applicable | ||
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. | |
| Not applicable | ||
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. | |
| See Item 7(a) | ||
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. | |
| See Item 7(a) | ||
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. | |
| Not applicable | ||
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. | |
| Not applicable | ||
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. | |
| Not applicable | ||
| Item 15. | 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 16. | 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
| Not applicable | ||
| Item 18. | Recovery of Erroneously Awarded Compensation. | |
| Not applicable | ||
| Item 19. | 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 Latin America Equity Fund, a series of Deutsche DWS International Fund, Inc. |
| By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
| Date: | 12/30/2025 |
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: | 12/30/2025 |
| By: |
/s/Diane Kenneally Diane Kenneally Principal Financial Officer |
| Date: | 12/30/2025 |