Semi Annual Report by Investment Company Form N CSRS

April 30, 2024

Semiannual Report

to Shareholders

Contents

4	Performance Summary
7	Portfolio Management Team
8	Consolidated Portfolio Summary
10	Consolidated Investment Portfolio
17	Consolidated Statement of Assets and Liabilities
19	Consolidated Statement of Operations
20	Consolidated Statements of Changes in Net Assets
21	Consolidated Financial Highlights
26	Notes to Consolidated Financial Statements
43	Other Information
44	Information About Your Fund's Expenses
46	Liquidity Risk Management
47	Advisory Agreement Board Considerations and Fee Evaluation
52	Account Management Resources

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE

Stocks may decline in value. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Although allocation among different asset categories generally limits risk, fund management may favor an asset category that underperforms other assets or markets as a whole. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investments in lower-quality ("junk bonds" ) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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.

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	7.06%	3.22%	3.02%	3.74%
Adjusted for the Maximum Sales Charge (max 5.75% load)	0.90%	-2.72%	1.81%	3.12%
ICE BofA 3-Month U.S. Treasury Bill Index †	2.66%	5.36%	2.07%	1.42%
Average Annual Total Returnsas of 3/31/24 (most recent calendar quarter end)
Unadjusted for Sales Charge		6.09%	3.80%	3.90%
Adjusted for the Maximum Sales Charge (max 5.75% load)		-0.01%	2.58%	3.29%
ICE BofA 3-Month U.S. Treasury Bill Index †		5.24%	2.02%	1.38%

Class C	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returnsas of 4/30/24
Unadjusted for Sales Charge	6.73%	2.50%	2.23%	2.96%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	5.73%	2.50%	2.23%	2.96%
ICE BofA 3-Month U.S. Treasury Bill Index †	2.66%	5.36%	2.07%	1.42%
Average Annual Total Returnsas of 3/31/24 (most recent calendar quarter end)
Unadjusted for Sales Charge		5.33%	3.02%	3.12%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		5.33%	3.02%	3.12%
ICE BofA 3-Month U.S. Treasury Bill Index †		5.24%	2.02%	1.38%

Class R6	6-Month‡	1-Year	Life of Class*
Average Annual Total Returnsas of 4/30/24
No Sales Charges	7.11%	3.52%	3.32%
ICE BofA 3-Month U.S. Treasury Bill Index †	2.66%	5.36%	2.04%
Average Annual Total Returnsas of 3/31/24 (most recent calendar quarter end)
No Sales Charges		6.25%	3.80%
ICE BofA 3-Month U.S. Treasury Bill Index †		5.24%	1.99%

Class S	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returnsas of 4/30/24
No Sales Charges	7.25%	3.51%	3.27%	3.96%
ICE BofA 3-Month U.S. Treasury Bill Index †	2.66%	5.36%	2.07%	1.42%
Average Annual Total Returnsas of 3/31/24 (most recent calendar quarter end)
No Sales Charges		6.36%	4.05%	4.14%
ICE BofA 3-Month U.S. Treasury Bill Index †		5.24%	2.02%	1.38%

Institutional Class	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returnsas of 4/30/24
No Sales Charges	7.23%	3.62%	3.28%	4.01%
ICE BofA 3-Month U.S. Treasury Bill Index †	2.66%	5.36%	2.07%	1.42%
Average Annual Total Returnsas of 3/31/24 (most recent calendar quarter end)
No Sales Charges		6.35%	4.09%	4.18%
ICE BofA 3-Month U.S. Treasury Bill Index †		5.24%	2.02%	1.38%

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 1.30%, 2.09%, 1.00%, 1.07% and 0.95% for Class A, Class C, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Consolidated 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.

Prior to May 8, 2017, the Fund had a different management team and operated with a different investment strategy. Performance would have been different if the Fund's current investment strategy had been in effect. Please see the prospectus for details.

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)

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

The growth of $10,000 is cumulative.

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

*	Class R6 shares commenced operations on July 1, 2019.
†	ICE BofA 3-Month U.S. Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than three months.
‡	Total returns shown for periods less than one year are not annualized.

	Class A	Class C	Class R6	Class S	Institutional Class
Net Asset Value
4/30/24	$10.18	$9.52	$9.98	$9.94	$9.97
10/31/23	$9.53	$8.92	$9.35	$9.30	$9.33
Distribution Information as of 4/30/24
Income Dividends, Six Months	$.02	$-	$.04	$.03	$.03

Portfolio Management Team

Henning Potstada, Global Head of Multi Asset & Solutions.

Portfolio Manager of the Fund. Began managing the Fund in 2017.

-Joined DWS in 2006.

-Head of Multi Asset & Solutions: Frankfurt.

-MBA, University of Bayreuth, Germany.

Christoph-Arend Schmidt, CFA, Senior Portfolio Manager and Team Lead Multi Asset and Solutions

Portfolio Manager of the Fund. Began managing the Fund in 2017.

-Joined DWS in 2008.

-Portfolio Manager for Multi Asset: Frankfurt.

-MBA, University of Bayreuth, Germany.

Stefan Flasdick, Portfolio Manager Multi Asset and Solutions

Portfolio Manager of the Fund. Began managing the Fund in 2017.

-Joined DWS in 2004 with 11 years of industry experience. Prior to his current role, he served as a portfolio manager in Deutsche Bank Private Wealth Management. Previously, he served in Futures & Options Sales for Germany & Austria at JP Morgan in London and Frankfurt. He began his career as a Trainee in Treasury and F&O Sales at BfG Bank/Credit Lyonnais.

Consolidated Portfolio Summary(Unaudited)

Asset Allocation(As a % of Net Assets)	4/30/24	10/31/23
Common Stocks	40%	36%
U.S. Treasury Obligations	35%	34%
Corporate Bonds	6%	7%
Gold Exchange-Traded Funds	6%	5%
Cash and Cash Equivalents	5%	11%
Futures Contracts Fixed Income	4%	9%
Futures Contracts Equity	3%	4%
Fixed Income Exchange-Traded Funds	3%	3%
Equity Exchange-Traded Funds	3%	1%
Sovereign Bonds	2%	2%

Sector Diversification(As a % of Common Stocks and Corporate Bonds)	4/30/24	10/31/23
Health Care	23%	22%
Financials	17%	17%
Communication Services	16%	16%
Information Technology	14%	17%
Consumer Staples	7%	5%
Utilities	6%	7%
Industrials	6%	7%
Consumer Discretionary	5%	4%
Materials	3%	3%
Real Estate	3%	2%
	100%	100%

Geographical Diversification(As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents)	4/30/24	10/31/23
United States	67%	67%
France	10%	9%
Germany	8%	10%
Netherlands	4%	4%
Japan	3%	3%
Australia	2%	2%
Switzerland	2%	2%
United Kingdom	1%	-
Other	3%	3%
	100%	100%

Five Largest Equity Holdings at April 30, 2024 (12.3% of Net Assets)	Country	Percent
1Alphabet, Inc.	United States	3.4%
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications
2Microsoft Corp.	United States	2.8%
Develops, manufactures, licenses, sells and supports software products
3AXA SA	France	2.7%
Offers insurance products and retail banking products and services
4Allianz SE	Germany	1.9%
Provider of multi-line insurance services
5E.ON SE	Germany	1.5%
Distributor of electricity to commercial and residential customers

Five Largest Fixed-Income Long-Term Securities at April 30, 2024 (15.9% of Net Assets)	Country	Percent
1U.S. Treasury Note	United States	4.0%
2.875%, 6/15/2025
2U.S. Treasury Note	United States	3.0%
4.125%, 6/15/2026
3U.S. Treasury Note	United States	3.0%
3.50%, 9/15/2025
4U.S. Treasury Note	United States	3.0%
3.625%, 5/15/2026
5U.S. Treasury Note	United States	2.9%
2.375%, 5/15/2029

Consolidated portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's consolidated investment portfolio, see page 10. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 52for contact information.

ConsolidatedInvestment Portfolioas of April 30, 2024 (Unaudited)

	Shares	Value ($)
Common Stocks 39.5%
Canada 0.3%
Nutrien Ltd. (Cost $924,225)		13,319	702,844
France 8.3%
AXA SA (a)		151,461	5,226,195
BNP Paribas SA		25,754	1,854,109
Bureau Veritas SA		18,047	527,418
Capgemini SE		9,758	2,046,740
EssilorLuxottica SA		4,521	965,715
LVMH Moet Hennessy Louis Vuitton SE		1,288	1,058,413
Orange SA		135,315	1,507,523
Sanofi SA		16,909	1,675,418
Veolia Environnement SA		45,283	1,407,139
(Cost $13,329,946)			16,268,670
Germany 6.5%
Allianz SE (Registered)		12,887	3,667,323
Bayer AG (Registered)		34,493	1,002,400
Deutsche Telekom AG (Registered)		79,679	1,825,891
E.ON SE		224,139	2,971,099
Infineon Technologies AG		23,907	827,372
Vonovia SE		80,545	2,327,454
(Cost $10,556,359)			12,621,539
Ireland 1.1%
Medtronic PLC (b) (Cost $2,557,461)		25,781	2,068,667
Italy 0.5%
Enel SpA (Cost $1,308,734)		161,128	1,059,218
Japan 2.6%
Daikin Industries Ltd.		7,700	1,053,612
FANUC Corp.		25,900	756,066
Keyence Corp.		2,300	1,014,671
Mitsubishi Electric Corp.		13,300	232,148
Takeda Pharmaceutical Co., Ltd.		39,100	1,029,991
Yaskawa Electric Corp.		22,300	919,445
(Cost $5,452,913)			5,005,933
Korea 0.4%
Samsung Electronics Co., Ltd. (Cost $565,717)		12,877	718,069

	Shares	Value ($)
Netherlands 2.0%
ING Groep NV		117,121	1,855,968
Koninklijke Ahold Delhaize NV		65,154	1,979,609
(Cost $2,916,944)			3,835,577
Switzerland 1.8%
Novartis AG (Registered)		7,088	685,968
Roche Holding AG (Genusschein)		11,601	2,776,223
(Cost $3,659,773)			3,462,191
United Kingdom 0.7%
Reckitt Benckiser Group PLC (Cost $1,851,448)		26,090	1,455,680
United States 15.3%
Alphabet, Inc. "A" *		40,410	6,577,940
Amazon.com, Inc.*		12,030	2,105,250
CVS Health Corp.		29,003	1,963,793
Intel Corp.		9,658	294,279
Linde PLC		5,203	2,294,315
Mastercard, Inc. "A"		1,035	466,992
Merck & Co., Inc.		22,558	2,914,945
Meta Platforms, Inc. "A"		3,387	1,456,986
Microsoft Corp.		14,179	5,520,310
PayPal Holdings, Inc.*		18,120	1,230,710
Pfizer, Inc.		81,441	2,086,519
TE Connectivity Ltd.		7,732	1,093,923
Union Pacific Corp.		5,148	1,220,900
Visa, Inc. "A"		2,522	677,434
(Cost $21,838,742)			29,904,296
Total Common Stocks (Cost $64,962,262)			77,102,684

	Principal Amount ($) (c)	Value ($)
Bonds 43.1%
Australia 1.8%
Australia Government Bond, Series 159, REG S, 0.25%, 11/21/2024 (Cost $4,184,282)	AUD	5,645,000	3,578,659
Netherlands 0.8%
ING Groep NV, 3.95%, 3/29/2027		650,000	620,930
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025	EUR	800,000	848,655
(Cost $1,402,280)			1,469,585

	Shares	Value ($)
Exchange-Traded Funds 11.8%
iShares Core EUR Corp. Bond UCITS ETF		23,877	2,998,559
iShares EUR Corp. Bond ex-Financials UCITS ETF		3,009	341,822
iShares EUR Corp. Bond Large Cap UCITS ETF		5,684	739,401
iShares EUR High Yield Corp. Bond UCITS ETF		15,760	1,538,352
iShares MSCI Japan ETF		34,695	2,333,933
iShares U.S. Healthcare ETF (a)		51,615	3,036,510
SPDR Gold MiniShares Trust		265,000	12,031,000
Total Exchange-Traded Funds (Cost $20,016,356)			23,019,577
Securities Lending Collateral 4.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , 5.23% (e) (f) (Cost $7,733,125)		7,733,125	7,733,125
Cash Equivalents 3.7%
DWS Central Cash Management Government Fund, 5.35% (e) (Cost $7,272,546)		7,272,546	7,272,546

		% of Net Assets	Value ($)
Total Consolidated Investment Portfolio (Cost $186,564,348)		102.1	199,082,065
Other Assets and Liabilities, Net		(2.1 )	(4,150,427 )
Net Assets		100.0	194,931,638

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 4.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , 5.23% (e) (f)
-	7,733,125 (g)	-	-	-	9,653	-	7,733,125	7,733,125
Cash Equivalents 3.7%
DWS Central Cash Management Government Fund, 5.35% (e)
17,503,238	23,956,277	34,186,969	-	-	221,603	-	7,272,546	7,272,546
17,503,238	31,689,402	34,186,969	-	-	231,256	-	15,005,671	15,005,671

*	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 $7,087,755, which is 3.6% of net assets.
(b)	Listed on the New York Stock Exchange.
(c)	Principal amount stated in U.S. dollars unless otherwise noted.
(d)	At April 30, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(e)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(g)	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.

MSCI: Morgan Stanley Capital International

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

S&P: Standard & Poor's

SPDR: Standard & Poor's Depositary Receipt

At April 30, 2024, open futures contracts purchased were as follows:

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)
10 Year U.S. Treasury Note	USD	6/18/2024	11	1,214,669	1,181,812	(32,857)
2 Year U.S. Treasury Note	USD	6/28/2024	8	1,637,769	1,621,250	(16,519)
5 Year U.S. Treasury Note	USD	6/28/2024	52	5,558,439	5,446,594	(111,845)
S&P 500 E-Mini Index	USD	6/21/2024	19	4,886,691	4,813,650	(73,041)
TOPIX Index	JPY	6/13/2024	35	5,968,590	6,096,123	127,533
Total net unrealized depreciation	(106,729)

At April 30, 2024, open futures contracts sold were as follows:

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Depreciation ($)
DAX Index	EUR	6/21/2024	10	4,825,988	4,827,748	(1,760)

At April 30, 2024, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver	In Exchange For	Settlement Date	Unrealized Appreciation ($)	Counterparty
EUR	39,506,569	USD	42,367,994	5/31/2024	154,532	Citigroup, Inc.

Contracts to Deliver	In Exchange For	Settlement Date	Unrealized Depreciation ($)	Counterparty
USD	1,521,923	JPY	232,601,926	5/31/2024	(39,974)	JPMorgan Chase Securities, Inc.
USD	1,071,991	NOK	11,789,747	5/31/2024	(9,816)	Toronto-Dominion Bank
Total unrealized depreciation	(49,790)

Currency Abbreviation(s)

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 Consolidated Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Common Stocks
Canada	$702,844	$-	$-	$702,844
France	-	16,268,670	-	16,268,670
Germany	-	12,621,539	-	12,621,539
Ireland	2,068,667	-	-	2,068,667
Italy	-	1,059,218	-	1,059,218
Japan	-	5,005,933	-	5,005,933
Korea	-	718,069	-	718,069
Netherlands	-	3,835,577	-	3,835,577
Switzerland	-	3,462,191	-	3,462,191
United Kingdom	-	1,455,680	-	1,455,680
United States	29,904,296	-	-	29,904,296
Bonds (a)	-	83,954,133	-	83,954,133
Exchange-Traded Funds	17,401,443	5,618,134	-	23,019,577
Short-Term Investments (a)	15,005,671	-	-	15,005,671
Derivatives (b)
Futures Contracts	127,533	-	-	127,533
Forward Foreign Currency Contracts	-	154,532	-	154,532
Total	$65,210,454	$134,153,676	$-	$199,364,130

Liabilities	Level 1	Level 2	Level 3	Total
Derivatives (b)
Futures Contracts	$(236,022 )	$-	$-	$(236,022 )
Forward Foreign Currency Contracts	-	(49,790 )	-	(49,790 )
Total	$(236,022 )	$(49,790 )	$-	$(285,812 )

(a)	See Consolidated Investment Portfolio for additional detailed categorizations.
(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

Consolidated Statement of Assets and Liabilities

as of April 30, 2024 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $171,558,677) - including $7,087,755 of securities loaned	$184,076,394
Investment in DWS Government & Agency Securities Portfolio (cost $7,733,125)*	7,733,125
Investment in DWS Central Cash Management Government Fund (cost $7,272,546)	7,272,546
Foreign currency, at value (cost $2,510,341)	2,462,595
Receivable for Fund shares sold	109,169
Dividends receivable	422,040
Interest receivable	960,787
Affiliated securities lending income receivable	4,838
Receivable for variation margin on futures contracts	83,548
Unrealized appreciation on forward foreign currency contracts	154,532
Foreign taxes recoverable	348,432
Other assets	47,865
Total assets	203,675,871
Liabilities
Payable upon return of securities loaned	7,733,125
Payable for Fund shares redeemed	68,157
Payable upon return of collateral for forward foreign currency contracts	616,757
Unrealized depreciation on forward foreign currency contracts	49,790
Accrued management fee	96,875
Accrued Directors' fees	2,290
Other accrued expenses and payables	177,239
Total liabilities	8,744,233
Net assets, at value	$194,931,638

Consolidated Statement of Assets and Liabilitiesas of April 30, 2024 (Unaudited) (continued)

Net Assets Consist of
Distributable earnings (loss)	7,018,647
Paid-in capital	187,912,991
Net assets, at value	$194,931,638
Net Asset Value
Class A
Net Asset Value and redemption price per share ($33,618,134 ÷ 3,301,850 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$10.18
Maximum offering price per share (100 ÷ 94.25 of $10.18)	$10.80
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,353,551 ÷ 142,237 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$9.52
Class R6
Net Asset Value, offering and redemption price per share ($23,995 ÷ 2,403 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)**	$9.98
Class S
Net Asset Value, offering and redemption price per share ($81,259,720 ÷ 8,176,032 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$9.94
Institutional Class
Net Asset Value, offering and redemption price per share ($78,676,238 ÷ 7,894,807 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)	$9.97

Consolidated Statement of Operations

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

Investment Income
Income:
Interest	$1,783,446
Dividends (net of foreign taxes withheld of $117,080)	1,160,305
Income distributions - DWS Central Cash Management Government Fund	221,603
Affiliated securities lending income	9,653
Total income	3,175,007
Expenses:
Management fee	587,795
Administration fee	95,027
Services to shareholders	150,430
Distribution and service fees	47,756
Custodian fee	7,753
Professional fees	49,130
Reports to shareholders	23,270
Registration fees	40,168
Directors' fees and expenses	5,159
Other	22,264
Total expenses before expense reductions	1,028,752
Expense reductions	(45,744 )
Total expenses after expense reductions	983,008
Net investment income	2,191,999
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	(1,638,163 )
Futures	785,543
Forward foreign currency contracts	(189,354 )
Foreign currency	14,202
	(1,027,772 )
Change in net unrealized appreciation (depreciation) on:
Investments	11,744,007
Futures	349,086
Forward foreign currency contracts	188,412
Foreign currency	78,264
	12,359,769
Net gain (loss)	11,331,997
Net increase (decrease) in net assets resulting from operations	$13,523,996

Consolidated 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	$2,191,999	$3,887,440
Net realized gain (loss)	(1,027,772 )	(5,231,855 )
Change in net unrealized appreciation (depreciation)	12,359,769	11,251,813
Net increase (decrease) in net assets resulting from operations	13,523,996	9,907,398
Distributions to shareholders:
Class A	(77,475 )	(1,744,433 )
Class C	-	(69,985 )
Class R	(132 )*	(5,911 )
Class R6	(84 )	(1,140 )
Class S	(292,994 )	(4,327,733 )
Institutional Class	(268,254 )	(3,956,337 )
Return of capital distributions to shareholders:
Class A	-	(240,778 )
Class C	-	(9,009 )
Class R	-	(781 )
Class R6	-	(159 )
Class S	-	(600,702 )
Institutional Class	-	(549,736 )
Total distributions	(638,939 )	(11,506,704 )
Fund share transactions:
Proceeds from shares sold	8,703,218	16,274,684
Reinvestment of distributions	617,818	11,072,650
Payments for shares redeemed	(18,225,524 )	(34,551,649 )
Net increase (decrease) in net assets from Fund share transactions	(8,904,488 )	(7,204,315 )
Increase (decrease) in net assets	3,980,569	(8,803,621 )
Net assets at beginning of period	190,951,069	199,754,690
Net assets at end of period	$194,931,638	$190,951,069

*	For the period from November 1, 2023 to March 25, 2024 (Class R liquidation date).

Consolidated Financial Highlights

DWS Global Macro 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	$9.53	$9.63	$10.76	$9.54	$10.16	$10.15
Income (loss) from investment operations:
Net investment incomea	.10	.17	.11	.11	.12	.17
Net realized and unrealized gain (loss)	.57	.28	(1.07 )	1.20	(.42 )	.44
Total from investment operations	.67	.45	(.96 )	1.31	(.30 )	.61
Less distributions from:
Net investment income	(.02 )	(.38 )	(.17 )	(.09 )	(.32 )	(.42 )
Net realized gains	-	(.11 )	-	-	-	(.18 )
Return of capital	-	(.06 )	-	-	-	-
Total distributions	(.02 )	(.55 )	(.17 )	(.09 )	(.32 )	(.60 )
Net asset value, end of period	$10.18	$9.53	$9.63	$10.76	$9.54	$10.16
Total Return (%)b,c	7.06 *	4.67	(8.97 )	13.74	(3.03 )	6.65
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	34	33	35	43	38	10
Ratio of expenses before expense reductions(%)	1.29 **	1.28	1.27	1.28	1.32	2.08
Ratio of expenses after expense reductions(%)	1.22 **	1.14	1.04	.97	1.16	1.30
Ratio of net investment income (%)	2.02 **	1.73	1.04	1.03	1.21	1.76
Portfolio turnover rate (%)	21 *	48	40	43	136	41

Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated.
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 Global Macro 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	$8.92	$9.02	$10.07	$8.94	$9.48	$9.48
Income (loss) from investment operations:
Net investment incomea	.06	.08	.03	.03	.04	.09
Net realized and unrealized gain (loss)	.54	.27	(.99 )	1.11	(.39 )	.41
Total from investment operations	.60	.35	(.96 )	1.14	(.35 )	.50
Less distributions from:
Net investment income	-	(.29 )	(.09 )	(.01 )	(.19 )	(.32 )
Net realized gains	-	(.11 )	-	-	-	(.18 )
Return of capital	-	(.05 )	-	-	-	-
Total distributions	-	(.45 )	(.09 )	(.01 )	(.19 )	(.50 )
Net asset value, end of period	$9.52	$8.92	$9.02	$10.07	$8.94	$9.48
Total Return (%)b,c	6.73 *	3.88	(9.57 )	12.79	(3.75 )	5.85
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	1	2	3	7	2
Ratio of expenses before expense reductions(%)	2.09 **	2.07	2.04	2.02	2.03	2.82
Ratio of expenses after expense reductions(%)	1.97 **	1.88	1.78	1.72	1.92	2.05
Ratio of net investment income (%)	1.26 **	.91	.31	.31	.45	1.02
Portfolio turnover rate (%)	21 *	48	40	43	136	41

Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated.
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 Global Macro Fund - Class R6
	Six Months Ended 4/30/24	Years Ended October 31,	Period Ended
	(Unaudited)	2023	2022	2021	2020	10/31/19a
Selected Per Share Data
Net asset value, beginning of period	$9.35	$9.44	$10.54	$9.36	$9.98	$9.70
Income (loss) from investment operations:
Net investment incomeb	.11	.19	.14	.13	.14	.05
Net realized and unrealized gain (loss)	.56	.29	(1.05 )	1.16	(.40 )	.23
Total from investment operations	.67	.48	(.91 )	1.29	(.26 )	.28
Less distributions from:
Net investment income	(.04 )	(.39 )	(.19 )	(.11 )	(.36 )	-
Net realized gains	-	(.11 )	-	-	-	-
Return of capital	-	(.07 )	-	-	-	-
Total distributions	(.04 )	(.57 )	(.19 )	(.11 )	-	-
Net asset value, end of period	$9.98	$9.35	$9.44	$10.54	$9.36	$9.98
Total Return (%)c	7.11 *	5.06	(8.67 )	13.84	(2.70 )	2.89 *
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	24	22	21	50	44	10
Ratio of expenses before expense reductions (%)	.98 **	.98	.96	.94	.99	1.82 **
Ratio of expenses after expense reductions (%)	.92 **	.88	.78	.72	.91	.98 **
Ratio of net investment income (%)	2.32 **	1.99	1.38	1.29	1.46	1.55 **
Portfolio turnover rate (%)	21 *	48	40	43	136	41 d

Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated.
a	For the period from July 1, 2019 (commencement of operations) to October 31, 2019.
b	Based on average shares outstanding during the period.
c	Total return would have been lower had certain expenses not been reduced.
d	Represents the Fund's portfolio turnover rate for the year ended October 31, 2019.
*	Not annualized
**	Annualized

DWS Global Macro 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	$9.30	$9.40	$10.49	$9.32	$9.95	$9.93
Income (loss) from investment operations:
Net investment incomea	.11	.19	.13	.12	.14	.20
Net realized and unrealized gain (loss)	.56	.27	(1.04 )	1.16	(.40 )	.43
Total from investment operations	.67	.46	(.91 )	1.28	(.26 )	.63
Less distributions from:
Net investment income	(.03 )	(.39 )	(.18 )	(.11 )	(.37 )	(.43 )
Net realized gains	-	(.11 )	-	-	-	(.18 )
Return of capital	-	(.06 )	-	-	-	-
Total distributions	(.03 )	(.56 )	(.18 )	(.11 )	(.37 )	(.61 )
Net asset value, end of period	$9.94	$9.30	$9.40	$10.49	$9.32	$9.95
Total Return (%)b	7.25 *	4.91	(8.70 )	13.75	(2.72 )	7.04
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	81	81	84	102	96	5
Ratio of expenses before expense reductions(%)	1.05 **	1.05	1.04	1.04	1.07	1.86
Ratio of expenses after expense reductions(%)	.97 **	.89	.81	.82	.92	.94
Ratio of net investment income (%)	2.26 **	1.98	1.27	1.18	1.43	2.12
Portfolio turnover rate (%)	21 *	48	40	43	136	41

Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated.
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 Global Macro 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	$9.33	$9.42	$10.53	$9.34	$9.97	$9.96
Income (loss) from investment operations:
Net investment incomea	.11	.19	.13	.14	.14	.20
Net realized and unrealized gain (loss)	.56	.29	(1.05 )	1.16	(.40 )	.43
Total from investment operations	.67	.48	(.92 )	1.30	(.26 )	.63
Less distributions from:
Net investment income	(.03 )	(.39 )	(.19 )	(.11 )	(.37 )	(.44 )
Net realized gains	-	(.11 )	-	-	-	(.18 )
Return of capital	-	(.07 )	-	-	-	-
Total distributions	(.03 )	(.57 )	(.19 )	(.11 )	(.37 )	(.62 )
Net asset value, end of period	$9.97	$9.33	$9.42	$10.53	$9.34	$9.97
Total Return (%)	7.23 *	5.05 b	(8.78 )b	13.97 b	(2.76 )b	6.98 b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	79	75	79	84	39	16
Ratio of expenses before expense reductions(%)	.93 **	.93	.91	.92	1.00	1.67
Ratio of expenses after expense reductions(%)	.93 **	.89	.79	.72	.91	.97
Ratio of net investment income (%)	2.32 **	1.99	1.33	1.32	1.46	2.10
Portfolio turnover rate (%)	21 *	48	40	43	136	41

Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated.
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 Consolidated Financial Statements (Unaudited)

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class R shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Upon the recommendation of the Advisor, the Fund's Board of Directors authorized the termination and liquidation of Class R Shares, effective on March 25, 2024. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund's transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

The Fund's consolidated 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 consolidated financial statements.

Principles of Consolidation.Effective July 11, 2023 the Fund invests indirectly in commodities markets through a wholly owned subsidiary, Cayman Global Macro Fund LLC, organized under the laws of the Cayman Islands (the "Subsidiary" ). The Fund and the Subsidiary each operate in compliance with the requirements of Rule 4.5 of the Commodity Futures Trading Commission. As a result, both the Fund and the Subsidiary are not deemed to be a commodity pool under the Commodity Exchange Act ("CEA" ), as amended, and are limited in their ability to use certain financial instruments regulated under the CEA. Among other investments, the Subsidiary may invest in gold exchange-traded funds that do not operate as commodity pools and fixed income instruments. The Subsidiary may also invest available cash in affiliated money market funds. The Subsidiary is managed by the same portfolio managers that manage the Fund. As of April 30, 2024, the Fund's investment in the Subsidiary was $1,100,288, representing 0.5% of the Fund's total assets.

The Fund's Investment Portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated.

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 and exchange-traded funds ("ETFs" ) are valued at the most recent sale price or official closing price reported on the exchange

(U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities and ETFs, 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.

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally 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.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Consolidated 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. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreementsas of April 30, 2024

	Overnight and Continuous	˂30 days	Between 30 & 90 days	˃90 days	Total
Securities Lending Transactions
Common Stocks	$5,775,000	$-	$-	$-	$5,775,000
Exchange-Traded Funds	1,958,125	-	-	-	1,958,125
Total Borrowings	$7,733,125	$-	$-	$-	$7,733,125
Gross amount of recognized liabilities for securities lending transactions:	$7,733,125

When-Issued, Delayed-Delivery Securities.The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.

Certain risks may arise upon entering into when-issued, delayed-delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

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.

Income from certain commodity-linked exchange-traded funds does not constitute "qualifying income" to the Fund. Receipt of such income could cause the Fund to be subject to tax at the Fund level. The IRS has issued a private letter ruling to the Fund stating that such income earned through its wholly owned Subsidiary constitutes qualifying income. The Fund is required to increase its taxable income by its share of the Subsidiary's income, including net gains from commodity-linked transactions. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income for future periods.

At October 31, 2023, the Fund had net tax basis capital loss carryforwards of $4,022,423 of long-term losses, 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 $188,745,059. The net unrealized appreciation for all investments based on tax cost was $10,337,006. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $20,647,853 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $10,310,847.

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 consolidated 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 quarterly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, income received from passive foreign investment companies, investments in derivatives, premium amortization on debt securities, the realized tax character on distributions

from certain securities and investment in the subsidiary. 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. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended April 30, 2024, the Fund entered into futures as a substitute for direct investment in a particular asset class, for duration management, and for hedging purposes.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin" ) in an amount equal to a certain percentage of the face value indicated in the futures

contract. Subsequent payments ("variation margin" ) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

A summary of the open futures contracts as of April 30, 2024, is included in a table following the Fund's Consolidated Investment Portfolio. For the six months ended April 30, 2024, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $16,759,000 to $26,977,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $3,538,000 to $4,828,000.

Forward Foreign Currency Contracts. A forward foreign currency exchange contract ("forward currency contract" ) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the six months ended April 30, 2024, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings, to facilitate transactions in foreign currency denominated securities and for non-hedging purposes to seek to enhance potential gains.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of April 30, 2024, is included in the table following the Fund's Consolidated Investment Portfolio. For the six months ended April 30, 2024, the investment in

forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $42,368,000 to $43,600,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from approximately $2,594,000 to $16,033,000.

The following tables summarize the value of the Fund's derivative instruments held as of April 30, 2024 and the related location in the accompanying Consolidated Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivatives	Forward Contracts	Futures Contracts	Total
Equity Contracts (a)	$-	$127,533	$127,533
Foreign Exchange Contracts (b)	154,532	-	154,532
	$154,532	$127,533	$282,065
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts:

(a)	Futures contracts are reported in the table above using cumulative appreciation of futures contracts, as reported in the futures contracts table following the Fund's Consolidated Investment Portfolio; within the Consolidated Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts.
(b)	Unrealized appreciation on forward foreign currency contracts

Liability Derivatives	Forward Contracts	Futures Contracts	Total
Equity Contracts (a)	$-	$(74,801 )	$(74,801 )
Interest Rate Contracts (a)	-	(161,221 )	(161,221 )
Foreign Exchange Contracts (b)	(49,790 )	-	(49,790 )
	$(49,790 )	$(236,022 )	$(285,812 )
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts:

(a)	Futures contracts are reported in the table above using cumulative depreciation of futures contracts, as reported in the futures contracts table following the Fund's Consolidated Investment Portfolio; within the Consolidated Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts.
(b)	Unrealized depreciation on forward foreign currency contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended April 30, 2024 and the related location in the accompanying

Consolidated Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Forward Contracts	Futures Contracts	Total
Equity Contracts (a)	$-	$694,843	$694,843
Interest Rate Contracts (a)	-	90,700	90,700
Foreign Exchange Contracts (a)	(189,354 )	-	(189,354 )
	$(189,354 )	$785,543	$596,189
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts:

(a)	Net realized gain (loss) from forward foreign currency contracts and futures, respectively

Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts	Futures Contracts	Total
Equity Contracts (a)	$-	$244,621	$244,621
Interest Rate Contracts (a)	-	104,465	104,465
Foreign Exchange Contracts (a)	188,412	-	188,412
	$188,412	$349,086	$537,498
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts:

(a)	Change in net unrealized appreciation (depreciation) on forward foreign currency contracts and futures, respectively

As of April 30, 2024, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Consolidated Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Consolidated

Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following tables:

Counterparty	Gross Amount of Assets Presented in the Consolidated Statement of Assets and Liabilities	Financial Instruments and Derivatives Available for Offset	Non-Cash Collateral Received (a)	Cash Collateral Received (a)	Net Amount of Derivative Assets
Citigroup, Inc.	$154,532	$-	$-	$(154,532 )	$-

Counterparty	Gross Amount of Liabilities Presented in the Consolidated Statement of Assets and Liabilities	Financial Instruments and Derivatives Available for Offset	Non-Cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities
JPMorgan Chase Securities, Inc.	$39,974	$-	$-	$-	$39,974
Toronto-Dominion Bank	9,816	-	-	-	9,816
	$49,790	$-	$-	$-	$49,790

(a)	The actual collateral received and/or pledged may be more than the amounts shown.

During the six months ended April 30, 2024, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases	Sales
Non-U.S. Treasury Obligations	$20,321,000	$18,868,536
U.S. Treasury Obligations	$21,961,514	$19,528,179

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

DWS International GmbH, a direct, wholly owned subsidiary of DWS Group, serves as subadvisor to the Fund. Pursuant to a subadvisory agreement between DIMA and DWS International GmbH, DIMA, not the Fund, compensates DWS International GmbH 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 $2.5 billion of the Fund's average daily net assets	.600%
Next $2.5 billion of such net assets	.595%
Next $2.5 billion of such net assets	.565%
Next $2.5 billion of such net assets	.555%
Next $2.5 billion of such net assets	.545%
Over $12.5 billion of such net assets	.535%

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 0.60% of the Fund's average daily net assets.

For the period from November 1, 2023 through February 29, 2024 (through September 30, 2024 for Institutional Class shares), the Advisor had 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	1.18%
Class C	1.93%
Class R	1.43%
Class R6	.93%
Class S	.93%
Institutional Class	1.04%

Effective March 1, 2024 through February 28, 2025 (through March 25, 2024 (Class R liquidation date) for Class R shares and through September 30, 2024 for Class A shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses,

taxes, brokerage, interest expense and acquired fund fees and expenses) of certain classes as follows:

Class A		1.29%
Class C		2.04%
Class R		1.54%
Class R6		.95%
Class S		1.04%

In addition, effective March 1, 2024 through April 30, 2024, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of Class R6 shares 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) at 0.90%.

For the six months ended April 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), fees waived and/or expenses reimbursed for certain classes are as follows:

Class A	$11,698
Class C	832
Class R	151
Class R6	7
Class S	33,056
	$45,744

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 $95,027, of which $15,666 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 (through March 25, 2024 (Class R liquidation date) for Class R shares), the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at April 30, 2024
Class A	$11,284	$3,921
Class C	514	202
Class R	71	14
Class R6	15	5
Class S	49,601	16,944
Institutional Class	511	195
	$61,996	$21,281

In addition, for the six months ended April 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Consolidated Statement of Operations under "Services to shareholders,"  were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$19,142
Class C	1,033
Class R	120
Class S	25,952
Institutional Class	21,942
	$68,189

Distribution and Service Fees. Under the Fund's Class C and R 12b-1 Plans, 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 and 0.25% of the average daily net assets of Class R 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 and R shares. For the six months ended April 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at April 30, 2024
Class C	$5,146	$838
Class R	120	-
	$5,266	$838

In addition, DDI provides information and administrative services for a fee ("Service Fee" ) to Class A, C and R 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 (through March 25, 2024 (Class R liquidation date) for Class R shares), the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at April 30, 2024	Annualized Rate
Class A	$40,662	$14,897	.24%
Class C	1,708	601	.25%
Class R	120	120	.25%
	$42,490	$15,618

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 $182.

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 $650. 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 Consolidated Statement of Operations under "Reports to shareholders"  aggregated $943, of which $452 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 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 33 percent of its net assets under the agreement. The Fund had no outstanding loans at April 30, 2024.

From time to time, the Fund may have a concentration of several shareholders, including affiliated DWS Funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of April 30, 2024, DWS Alternative Asset Allocation VIP held 18% of the total shares outstanding of the Fund.

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	25,389	$257,931	120,313	$1,189,813
Class C	19,073	180,317	24,765	228,617
Class R	1,368 *	13,317 *	2,097	19,977
Class S	34,454	338,683	75,680	733,145
Institutional Class	797,726	7,912,970	1,456,779	14,103,132
		$8,703,218		$16,274,684

	Six Months Ended April 30, 2024	Year Ended October 31, 2023
	Shares	Dollars	Shares	Dollars
Shares issued to shareholders in reinvestment of distributions
Class A	6,905	$70,112	184,771	$1,787,475
Class C	-	-	8,737	78,994
Class R	14 *	132 *	719	6,692
Class R6	8	84	137	1,299
Class S	28,139	279,386	497,294	4,696,445
Institutional Class	26,937	268,104	475,566	4,501,745
		$617,818		$11,072,650
Shares redeemed
Class A	(235,387 )	$(2,371,206 )	(475,200 )	$(4,684,684 )
Class C	(22,734 )	(214,524 )	(101,449 )	(936,736 )
Class R	(13,276 )*	(131,927 )*	(5,435 )	(51,311 )
Class S	(596,678 )	(5,892,279 )	(771,194 )	(7,427,446 )
Institutional Class	(978,502 )	(9,615,588 )	(2,223,175 )	(21,451,472 )
		$(18,225,524 )		$(34,551,649 )
Net increase (decrease)
Class A	(203,093 )	$(2,043,163 )	(170,116 )	$(1,707,396 )
Class C	(3,661 )	(34,207 )	(67,947 )	(629,125 )
Class R	(11,894 )*	(118,478 )*	(2,619 )	(24,642 )
Class R6	8	84	137	1,299
Class S	(534,085 )	(5,274,210 )	(198,220 )	(1,997,856 )
Institutional Class	(153,839 )	(1,434,514 )	(290,830 )	(2,846,595 )
		$(8,904,488 )		$(7,204,315 )

*	For the period from November 1, 2023 to March 25, 2024 (Class R liquidation date).

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 for Class A, Class C, Class R6 and Class S shares; 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 R6	Class S	Institutional Class
Beginning Account Value 11/1/23	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 4/30/24	$1,070.60	$1,067.30	$1,071.10	$1,072.50	$1,072.30
Expenses Paid per $1,000*	$6.28	$10.13	$4.74	$5.00	$4.79
Hypothetical 5% Fund Return	Class A	Class C	Class R6	Class S	Institutional Class
Beginning Account Value 11/1/23	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 4/30/24	$1,018.80	$1,015.07	$1,020.29	$1,020.04	$1,020.24
Expenses Paid per $1,000*	$6.12	$9.87	$4.62	$4.87	$4.67