Semi Annual Report by Investment Company Form N CSRS

April 30, 2024

Semiannual Report

to Shareholders

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

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

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

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

Performance SummaryApril 30, 2024 (Unaudited)

Class A	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returnsas 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 Returnsas 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 Returnsas 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 Returnsas 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 Returnsas 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 Returnsas 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%

Institutional Class	6-Month‡	1-Year	5-Year	Life of Class*
Average Annual Total Returnsas 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 Returnsas 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%

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

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated March 1, 2024 are 1.63%, 2.37%, 1.32% and 1.33% for Class A, Class C, Class S, and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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

Growth of an Assumed $10,000 Investment

(Adjusted for Maximum Sales Charge)

Yearly periods ended April 30

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

The growth of $10,000 is cumulative.

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

*	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

Portfolio Manager

Scott Piper, Chief Investment Officer, Itaú USA Asset Management, Inc. (New York).

Portfolio Manager of the Fund. Began managing the Fund in 2020.

-Joined Itaú USA Asset Management, Inc. in 2011.

-Prior to joining Itaú USA Asset Management, Inc., he worked for eight years at Morgan Stanley Investment Management, where he was a member of the Emerging Markets Group and Co-Portfolio Manager in Latin American assets. Prior to this, he was a Portfolio Manager at Deltec Asset Management managing both Latin American and Emerging Markets portfolios.

-BA, Tulane University; MBA, IESE Business School, Barcelona, Spain.

Portfolio Summary(Unaudited)

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%

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

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 9. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 41for contact information.

Investment Portfolioas of April 30, 2024 (Unaudited)

	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

	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

A summary of the Fund's transactions with affiliated investments during the period ended April 30, 2024 are as follows:

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

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Equity Securities (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.

Statement of Assets and Liabilities

as of April 30, 2024 (Unaudited)

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

Statement of Assets and Liabilities as of April 30, 2024 (Unaudited) (continued)

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

Statement of Operations

for the six months ended April 30, 2024 (Unaudited)

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

Statements of Changes in Net Assets

	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

Financial Highlights

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 - 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

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 - 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

Notes to Financial Statements (Unaudited)

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund's transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

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

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

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor" ) as the valuation designee for the Fund

pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee" ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

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

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

that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending.National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended April 30, 2024, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of April 30, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested

cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of April 30, 2024, the Fund had securities on loan, which were classified as equity securities in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

Taxes.The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

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

At October 31, 2023, the Fund had net tax basis capital loss carryforwards of $16,795,017, including short-term losses ($10,931,318) and long-term losses ($5,863,699), which may be applied against realized net taxable capital gains indefinitely.

At April 30, 2024, the aggregate cost of investments for federal income tax purposes was $313,752,109. The net unrealized appreciation for all investments based on tax cost was $39,510,895. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $64,747,540 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $25,236,645.

The Fund has reviewed the tax positions for the open tax years as of October 31, 2023 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

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

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

During the six months ended April 30, 2024, purchases and sales of investment securities (excluding short-term investments) aggregated $191,053,670 and $227,947,117, respectively.

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

Itaú USA Asset Management, Inc. (IUAM) is the subadvisor for the Fund. Pursuant to a sub-advisory agreement between DIMA and IUAM, DIMA, not the Fund, compensates IUAM for the services it provides to the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

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%

Accordingly, for the six months ended April 30, 2024, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.996% of the Fund's average daily net assets.

For the period from November 1, 2023 through February 28, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A		1.44%
Class C		2.19%
Class S		1.19%
Institutional Class		1.19%

For the six months ended April 30, 2024, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$17,528
Class C	739
Class S	158,778
Institutional Class	52,426
	$229,471

Administration Fee.Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee" ) of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended April 30, 2024, the Administration Fee was $199,043, of which $30,479 is unpaid.

Service Provider Fees.DWS Service Company ("DSC" ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C" ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended April 30, 2024, the amounts charged to the Fund by DSC were as follows:

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

In addition, for the six months ended April 30, 2024, the amounts charged to the Fund for recordkeeping and other administrative services provided

by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders,"  were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$14,872
Class C	642
Class S	83,032
Institutional Class	50,082
	$148,628

Distribution and Service Fees.Under the Fund's Class C 12b-1 Plan, DWS Distributors, Inc. ("DDI" ), an affiliate of the Advisor, receives a fee ("Distribution Fee" ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended April 30, 2024, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at April 30, 2024
Class C	$4,565	$775

In addition, DDI provides information and administrative services for a fee ("Service Fee" ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended April 30, 2024, the Service Fee was as follows:

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

Underwriting Agreement and Contingent Deferred Sales Charge.DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended April 30, 2024 aggregated $2,135.

In addition, DDI receives any contingent deferred sales charge ("CDSC" ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended April 30, 2024, the CDSC

for Class C shares aggregated $30. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Other Service Fees.Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended April 30, 2024, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders"  aggregated $578, of which $380 is unpaid.

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

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

The Fund faces the risks inherent in foreign investing. The economies of Latin American countries have in the past experienced considerable difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political instability. Similar conditions in the present or future could impact the Fund's performance. Many Latin American countries are highly reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. Investments in Latin American countries may be subject to currency risks, such as restrictions on the flow of money in and out of a country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund. Other Latin American investment risks may include inadequate investor protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption

and military activity. The governments of many Latin American countries may also exercise substantial influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which the Fund invests. Securities of companies in Latin American countries may be subject to significant price volatility, which could impact Fund performance.

The Fund and other affiliated funds (the "Participants" ) share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 25 percent of its net assets under the agreement.

At April 30, 2024, the Fund had a $150,000 outstanding loan. Interest expense incurred on the borrowings was $1,475 for the six months ended April 30, 2024. The average dollar amount of the borrowings was $883,333, the weighted average interest rate on these borrowings was 6.79%, and the Fund had a loan outstanding for 9 days throughout the period. The borrowings were valued at cost, which approximates fair value.

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

	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

Other Information (Unaudited)

Regulatory Update - Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund ("ETF" ) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring "concise and visually engaging"  shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Fund's current shareholder reports, including the Fund's investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of "appropriate broad-based securities market index"  that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Fund's current shareholder reports.

Information About Your Fund's Expenses

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

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

so, expenses would have been higher.The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2023 to April 30, 2024).

The tables illustrate your Fund's expenses in two ways:

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000"  line of the tables is useful in comparing ongoing expenses only and will not help you determine the

relative total expense of owning different funds.Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

Expenses and Value of a $1,000 Investment

For the six months ended April 30, 2024 (Unaudited)

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%

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

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

Liquidity Risk Management

In accordance with Rule 22e-4 (the "Liquidity Rule" ) under the Investment Company Act of 1940 (the "1940 Act" ), your Fund has adopted a liquidity risk management program (the "Program" ), and the Board has designated DWS Investment Management Americas, Inc. ("DIMA" ) as Program administrator. The Program is designed to assess and manage your Fund's liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors' interests in the Fund). DIMA has designated a committee (the "Committee" ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund's liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment's ability to be sold during designated timeframes in current market conditions without significantly changing the investment's market value.

In February 2024, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the "Report" ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the "Reporting Period" ). During the Reporting Period, your Fund was invested mainly in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a "Highly Liquid Investment Minimum"  as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund's liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Directors (hereinafter referred to as the "Board"  or "Directors" ) approved the renewal of DWS Latin America Equity Fund's (the "Fund" ) investment management agreement (the "Agreement" ) with DWS Investment Management Americas, Inc. ("DIMA" ) and sub-advisory agreement (the "Sub-Advisory Agreement"  and together with the Agreement, the "Agreements" ) between DIMA and Itaú USA Asset Management, Inc. ("Itaú" ) in September 2023.

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

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

global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

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

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

Nature, Quality and Extent of Services.The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and Itau provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA's oversight of fund sub-advisors, including Itau. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar" ), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review"  (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2022, the Fund's performance (Class A shares) was in the 1st quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the three- and five-year periods and has underperformed its benchmark in the one-year period ended December 31, 2022.

Fees and Expenses.The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge" ) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2022). With respect to the sub-advisory fee paid to Itau, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2022, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses" ). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds" ) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds" ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and Itau.

Profitability.The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in

allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available. The Board did not consider the profitability of Itau with respect to the Fund. The Board noted that DIMA pays Itau's fee out of its management fee, and its understanding that the Fund's sub-advisory fee schedule was the product of an arm's length negotiation with DIMA.

Economies of Scale.The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

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

Compliance.The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program. The Board also

considered the attention and resources dedicated by DIMA to the oversight of the investment sub-advisor's compliance program and compliance with the applicable fund policies and procedures.

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

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, 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

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	25156G756	25156G772	25156G798	25156G574
Fund Number	474	774	2074	1474

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