UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-00642
Deutsche DWS International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 8/31 |
Date of reporting period: | 2/29/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
2 | | | DWS CROCI® International Fund |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/29/24 | ||||
Unadjusted for Sales Charge | 8.11% | 12.13% | 5.09% | 3.35% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 1.90% | 5.68% | 3.85% | 2.74% |
MSCI EAFE® Value Index† | 7.42% | 12.12% | 5.38% | 2.99% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 18.45% | 6.79% | 3.26% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 11.63% | 5.53% | 2.65% | |
MSCI EAFE® Value Index† | 18.95% | 7.08% | 3.16% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/29/24 | ||||
Unadjusted for Sales Charge | 7.72% | 11.31% | 4.33% | 2.59% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 6.72% | 11.31% | 4.33% | 2.59% |
MSCI EAFE® Value Index† | 7.42% | 12.12% | 5.38% | 2.99% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 17.56% | 6.02% | 2.50% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 17.56% | 6.02% | 2.50% | |
MSCI EAFE® Value Index† | 18.95% | 7.08% | 3.16% |
Class R6 | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 2/29/24 | ||||
No Sales Charges | 8.34% | 12.60% | 5.53% | 3.88% |
MSCI EAFE® Value Index† | 7.42% | 12.12% | 5.38% | 3.67% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | 18.97% | 7.23% | 3.85% | |
MSCI EAFE® Value Index† | 18.95% | 7.08% | 3.72% |
DWS CROCI® International Fund | | | 3 |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/29/24 | ||||
No Sales Charges | 8.27% | 12.44% | 5.38% | 3.62% |
MSCI EAFE® Value Index† | 7.42% | 12.12% | 5.38% | 2.99% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | 18.79% | 7.09% | 3.52% | |
MSCI EAFE® Value Index† | 18.95% | 7.08% | 3.16% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/29/24 | ||||
No Sales Charges | 8.28% | 12.51% | 5.43% | 3.68% |
MSCI EAFE® Value Index† | 7.42% | 12.12% | 5.38% | 2.99% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | 18.86% | 7.14% | 3.58% | |
MSCI EAFE® Value Index† | 18.95% | 7.08% | 3.16% |
4 | | | DWS CROCI® International Fund |
* | Class R6 shares commenced operations on December 1, 2014. |
† | The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE®) Value Index captures large and mid-capitalization securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the U.S. and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. |
‡ | 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 | |||||
2/29/24 | $48.50 | $48.26 | $48.32 | $48.66 | $48.43 |
8/31/23 | $46.34 | $45.92 | $46.27 | $46.56 | $46.36 |
Distribution Information as of 2/29/24 | |||||
Income Dividends, Six Months | $1.57 | $1.18 | $1.77 | $1.71 | $1.73 |
DWS CROCI® International Fund | | | 5 |
6 | | | DWS CROCI® International Fund |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 2/29/24 | 8/31/23 |
Common Stocks | 99% | 100% |
Cash Equivalents | 1% | 0% |
Preferred Stocks | 0% | — |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 2/29/24 | 8/31/23 |
Financials | 21% | 16% |
Health Care | 20% | 22% |
Materials | 15% | 14% |
Consumer Discretionary | 13% | 13% |
Communication Services | 10% | 8% |
Industrials | 8% | 8% |
Information Technology | 6% | 8% |
Energy | 4% | 7% |
Utilities | 2% | 2% |
Consumer Staples | 1% | 2% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 2/29/24 | 8/31/23 |
Japan | 29% | 28% |
France | 17% | 17% |
United Kingdom | 10% | 11% |
Switzerland | 9% | 15% |
Netherlands | 6% | 4% |
Singapore | 6% | 3% |
Germany | 6% | 6% |
Australia | 5% | 5% |
Spain | 3% | 2% |
Luxembourg | 2% | 1% |
Italy | 2% | 1% |
Austria | 2% | 1% |
Norway | 0% | 2% |
Other | 3% | 4% |
100% | 100% |
DWS CROCI® International Fund | | | 7 |
Ten Largest Equity Holdings at February 29, 2024 (34.4% of Net Assets) | Country | Percent | |
1Stellantis NV | Netherlands | 4.5% | |
Manufacturer and producer of automobiles, commercial vehicles and metallurgical products | |||
2Vivendi SE | France | 4.1% | |
Provider of entertainment, media and communication services | |||
3Shionogi & Co., Ltd. | Japan | 3.8% | |
Developer and manufacturer of pharmaceutical products | |||
4Nintendo Co., Ltd. | Japan | 3.7% | |
Developer and manufacturer of household leisure equipment | |||
5Shin-Etsu Chemical Co., Ltd. | Japan | 3.5% | |
Producer and distributor of synthetic resins and other chemical products | |||
6Oversea-Chinese Banking Corp., Ltd. | Singapore | 3.3% | |
Provides variety of financial services | |||
7Lloyds Banking Group PLC | United Kingdom | 3.0% | |
Provider of retail banking, mortgages, pensions, asset management, insurance services, corporate banking and treasury services | |||
8STMicroelectronics NV | France | 2.9% | |
Developer and manufacturer of semiconductor integrated circuits and discrete devices | |||
9Holcim AG | Switzerland | 2.8% | |
Producer of building materials | |||
10Sekisui House Ltd. | Japan | 2.8% | |
Designs and constructs built-to-order detached houses in Japan and internationally |
8 | | | DWS CROCI® International Fund |
Shares | Value ($) | ||
Common Stocks 98.7% | |||
Australia 4.9% | |||
BHP Group Ltd. | 273,715 | 7,837,708 | |
BlueScope Steel Ltd. | 469,397 | 6,983,955 | |
National Australia Bank Ltd. | 233,031 | 5,128,224 | |
Santos Ltd. | 285,555 | 1,318,259 | |
(Cost $18,683,176) | 21,268,146 | ||
Austria 1.6% | |||
OMV AG | 80,569 | 3,554,074 | |
Verbund AG | 48,065 | 3,481,477 | |
(Cost $8,810,390) | 7,035,551 | ||
Belgium 1.2% | |||
UCB SA (Cost $3,725,350) | 43,762 | 5,041,161 | |
Finland 0.2% | |||
Fortum Oyj (Cost $1,187,067) | 86,610 | 1,082,229 | |
France 16.8% | |||
BNP Paribas SA | 51,234 | 3,072,884 | |
Cie de Saint-Gobain SA | 33,830 | 2,606,946 | |
Cie Generale des Etablissements Michelin SCA | 67,666 | 2,501,980 | |
Credit Agricole SA | 700,740 | 9,494,780 | |
Engie SA | 84,917 | 1,364,231 | |
Sanofi SA | 90,657 | 8,660,091 | |
Societe Generale SA | 132,441 | 3,215,906 | |
STMicroelectronics NV | 272,375 | 12,333,715 | |
Television Francaise 1 SA | 992,646 | 9,098,432 | |
TotalEnergies SE | 39,722 | 2,535,015 | |
Vivendi SE | 1,603,526 | 17,923,229 | |
(Cost $67,150,175) | 72,807,209 | ||
Germany 5.1% | |||
Brenntag SE | 106,420 | 9,718,049 | |
Deutsche Post AG | 92,220 | 4,281,725 | |
Infineon Technologies AG | 232,019 | 8,329,741 | |
(Cost $17,215,581) | 22,329,515 | ||
Israel 0.8% | |||
Teva Pharmaceutical Industries Ltd. (ADR)* (Cost $2,178,534) | 263,048 | 3,459,081 |
DWS CROCI® International Fund | | | 9 |
Shares | Value ($) | ||
Italy 1.8% | |||
Intesa Sanpaolo SpA | 1,000,523 | 3,185,716 | |
UniCredit SpA | 133,894 | 4,481,126 | |
(Cost $4,256,913) | 7,666,842 | ||
Japan 28.7% | |||
Astellas Pharma, Inc. | 169,100 | 1,864,850 | |
Fujitsu Ltd. | 31,600 | 4,929,926 | |
JGC Holdings Corp. | 239,900 | 2,183,719 | |
Komatsu Ltd. | 51,100 | 1,484,641 | |
Nintendo Co., Ltd. | 287,900 | 16,167,266 | |
Nitto Denko Corp. | 117,900 | 10,842,506 | |
Ono Pharmaceutical Co., Ltd. | 560,000 | 9,287,830 | |
Otsuka Holdings Co., Ltd. | 134,700 | 5,478,971 | |
Sekisui House Ltd. | 543,000 | 12,112,930 | |
Seven & i Holdings Co., Ltd. (a) | 197,700 | 2,944,314 | |
Shin-Etsu Chemical Co., Ltd. | 353,815 | 15,100,795 | |
Shionogi & Co., Ltd. | 327,600 | 16,379,846 | |
Sony Group Corp. | 84,100 | 7,273,743 | |
Subaru Corp. | 79,500 | 1,810,595 | |
Sumitomo Mitsui Financial Group, Inc. | 87,526 | 4,880,473 | |
Takeda Pharmaceutical Co., Ltd. (a) | 410,600 | 12,018,430 | |
(Cost $108,988,517) | 124,760,835 | ||
Luxembourg 2.4% | |||
ArcelorMittal SA | 212,672 | 5,546,234 | |
Tenaris SA | 268,388 | 4,765,642 | |
(Cost $10,825,671) | 10,311,876 | ||
Netherlands 6.1% | |||
Randstad NV | 134,062 | 7,403,449 | |
Stellantis NV | 737,335 | 19,264,187 | |
(Cost $20,320,312) | 26,667,636 | ||
New Zealand 0.2% | |||
Fletcher Building Ltd. (Cost $924,815) | 365,378 | 913,003 | |
Norway 0.3% | |||
Equinor ASA (Cost $2,068,499) | 59,500 | 1,463,443 | |
Singapore 6.0% | |||
DBS Group Holdings Ltd. | 221,100 | 5,478,469 | |
Oversea-Chinese Banking Corp., Ltd. | 1,499,600 | 14,467,825 | |
United Overseas Bank Ltd. | 289,000 | 6,002,108 | |
(Cost $25,830,939) | 25,948,402 |
10 | | | DWS CROCI® International Fund |
Shares | Value ($) | ||
Spain 2.5% | |||
Banco Bilbao Vizcaya Argentaria SA | 289,399 | 2,874,767 | |
Banco Santander SA | 1,902,648 | 7,914,572 | |
(Cost $8,491,460) | 10,789,339 | ||
Sweden 1.2% | |||
Volvo AB “B” (Cost $4,184,038) | 181,794 | 5,006,196 | |
Switzerland 9.3% | |||
Cie Financiere Richemont SA “A” , (Registered) | 75,880 | 12,082,547 | |
Glencore PLC | 1,113,987 | 5,281,079 | |
Holcim AG | 150,355 | 12,282,731 | |
Novartis AG (Registered) | 105,722 | 10,738,506 | |
(Cost $36,679,703) | 40,384,863 | ||
United Kingdom 9.6% | |||
BP PLC | 995,457 | 5,797,411 | |
Centrica PLC | 1,664,683 | 2,650,387 | |
GSK PLC | 559,074 | 11,779,525 | |
HSBC Holdings PLC | 589,952 | 4,587,058 | |
Imperial Brands PLC | 106,376 | 2,294,833 | |
Lloyds Banking Group PLC | 22,328,016 | 13,157,381 | |
Standard Chartered PLC | 146,328 | 1,235,751 | |
(Cost $38,993,849) | 41,502,346 | ||
Total Common Stocks (Cost $380,514,989) | 428,437,673 | ||
Preferred Stocks 0.3% | |||
Germany | |||
Henkel AG & Co. KGaA (Cost $1,251,322) | 17,464 | 1,313,928 | |
Securities Lending Collateral 2.8% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.27% (b) (c) (Cost $11,928,250) | 11,928,250 | 11,928,250 | |
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 5.35% (b) (Cost $2,082,974) | 2,082,974 | 2,082,974 |
DWS CROCI® International Fund | | | 11 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $395,777,535) | 102.3 | 443,762,825 | |
Other Assets and Liabilities, Net | (2.3 ) | (9,820,212 ) | |
Net Assets | 100.0 | 433,942,613 |
Value ($) at 8/31/2023 | 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 2/29/2024 | Value ($) at 2/29/2024 |
Securities Lending Collateral 2.8% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.27% (b) (c) | ||||||||
— | 11,928,250 (d) | — | — | — | 12,111 | — | 11,928,250 | 11,928,250 |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 5.35% (b) | ||||||||
2,030,447 | 28,370,017 | 28,317,490 | — | — | 46,868 | — | 2,082,974 | 2,082,974 |
2,030,447 | 40,298,267 | 28,317,490 | — | — | 58,979 | — | 14,011,224 | 14,011,224 |
* | 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 February 29, 2024 amounted to $11,428,336, which is 2.6% 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 February 29, 2024. |
ADR: American Depositary Receipt |
12 | | | DWS CROCI® International Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $21,268,146 | $— | $21,268,146 |
Austria | — | 7,035,551 | — | 7,035,551 |
Belgium | — | 5,041,161 | — | 5,041,161 |
Finland | — | 1,082,229 | — | 1,082,229 |
France | — | 72,807,209 | — | 72,807,209 |
Germany | — | 22,329,515 | — | 22,329,515 |
Israel | 3,459,081 | — | — | 3,459,081 |
Italy | — | 7,666,842 | — | 7,666,842 |
Japan | — | 124,760,835 | — | 124,760,835 |
Luxembourg | — | 10,311,876 | — | 10,311,876 |
Netherlands | — | 26,667,636 | — | 26,667,636 |
New Zealand | — | 913,003 | — | 913,003 |
Norway | — | 1,463,443 | — | 1,463,443 |
Singapore | — | 25,948,402 | — | 25,948,402 |
Spain | — | 10,789,339 | — | 10,789,339 |
Sweden | — | 5,006,196 | — | 5,006,196 |
Switzerland | — | 40,384,863 | — | 40,384,863 |
United Kingdom | — | 41,502,346 | — | 41,502,346 |
Preferred Stocks | — | 1,313,928 | — | 1,313,928 |
Short-Term Investments (a) | 14,011,224 | — | — | 14,011,224 |
Total | $17,470,305 | $426,292,520 | $— | $443,762,825 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS CROCI® International Fund | | | 13 |
Assets | |
Investments in non-affiliated securities, at value (cost $381,766,311) — including $11,428,336 of securities loaned | $429,751,601 |
Investment in DWS Government & Agency Securities Portfolio (cost $11,928,250)* | 11,928,250 |
Investment in DWS Central Cash Management Government Fund (cost $2,082,974) | 2,082,974 |
Foreign currency, at value (cost $163,252) | 162,673 |
Receivable for Fund shares sold | 27,196 |
Dividends receivable | 631,512 |
Interest receivable | 2,591 |
Foreign taxes recoverable | 1,905,092 |
Other assets | 59,495 |
Total assets | 446,551,384 |
Liabilities | |
Payable upon return of securities loaned | 11,928,250 |
Payable for Fund shares redeemed | 197,822 |
Accrued management fee | 192,382 |
Accrued Directors' fees | 3,541 |
Other accrued expenses and payables | 286,776 |
Total liabilities | 12,608,771 |
Net assets, at value | $433,942,613 |
Net Assets Consist of | |
Distributable earnings (loss) | (433,749,418 ) |
Paid-in capital | 867,692,031 |
Net assets, at value | $433,942,613 |
14 | | | DWS CROCI® International Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($57,395,880 ÷ 1,183,470 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) | $48.50 |
Maximum offering price per share (100 ÷ 94.25 of $48.50) | $51.46 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,823,337 ÷ 37,783 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized) | $48.26 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($1,374,178 ÷ 28,436 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)** | $48.32 |
Class S | |
Net Asset Value, offering and redemption price per share ($354,057,369 ÷ 7,275,773 shares of capital stock outstanding, $.01 par value, 200,595,597 shares authorized) | $48.66 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($19,291,849 ÷ 398,322 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $48.43 |
DWS CROCI® International Fund | | | 15 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $378,797) | $3,681,241 |
Income distributions — DWS Central Cash Management Government Fund | 46,868 |
Affiliated securities lending income | 12,111 |
Total income | 3,740,220 |
Expenses: | |
Management fee | 1,183,261 |
Administration fee | 203,144 |
Services to shareholders | 394,127 |
Distribution and service fees | 76,451 |
Custodian fee | 22,680 |
Professional fees | 45,500 |
Reports to shareholders | 35,742 |
Registration fees | 34,798 |
Directors' fees and expenses | 9,646 |
Other | 20,949 |
Total expenses before expense reductions | 2,026,298 |
Expense reductions | (214 ) |
Total expenses after expense reductions | 2,026,084 |
Net investment income | 1,714,136 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 1,249,646 |
Foreign currency | (25,750 ) |
1,223,896 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 30,665,281 |
Foreign currency | (578 ) |
30,664,703 | |
Net gain (loss) | 31,888,599 |
Net increase (decrease) in net assets resulting from operations | $33,602,735 |
16 | | | DWS CROCI® International Fund |
Six Months Ended February 29, 2024 | Year Ended August 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $1,714,136 | $16,427,033 |
Net realized gain (loss) | 1,223,896 | (4,128,679 ) |
Change in net unrealized appreciation (depreciation) | 30,664,703 | 64,447,031 |
Net increase (decrease) in net assets resulting from operations | 33,602,735 | 76,745,385 |
Distributions to shareholders: | ||
Class A | (1,867,729 ) | (1,639,026 ) |
Class C | (48,809 ) | (140,178 ) |
Class R6 | (48,103 ) | (59,498 ) |
Class S | (12,327,719 ) | (11,149,753 ) |
Institutional Class | (698,400 ) | (705,692 ) |
Total distributions | (14,990,760 ) | (13,694,147 ) |
Fund share transactions: | ||
Proceeds from shares sold | 7,174,908 | 12,901,839 |
Reinvestment of distributions | 14,111,471 | 12,817,833 |
Payments for shares redeemed | (32,181,938 ) | (58,411,554 ) |
Net increase (decrease) in net assets from Fund share transactions | (10,895,559 ) | (32,691,882 ) |
Increase (decrease) in net assets | 7,716,416 | 30,359,356 |
Net assets at beginning of period | 426,226,197 | 395,866,841 |
Net assets at end of period | $433,942,613 | $426,226,197 |
DWS CROCI® International Fund | | | 17 |
DWS CROCI® International Fund — Class A | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $46.34 | $39.77 | $51.98 | $43.46 | $41.41 | $46.96 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | 1.62 | 1.49 | 1.09 | .76 | 1.13 |
Net realized and unrealized gain (loss) | 3.60 | 6.28 | (11.90 ) | 8.15 | 2.76 | (5.30 ) |
Total from investment operations | 3.73 | 7.90 | (10.41 ) | 9.24 | 3.52 | (4.17 ) |
Less distributions from: | ||||||
Net investment income | (1.57 ) | (1.33 ) | (1.80 ) | (.72 ) | (1.47 ) | (1.38 ) |
Net asset value, end of period | $48.50 | $46.34 | $39.77 | $51.98 | $43.46 | $41.41 |
Total Return (%)b | 8.11 * | 20.23 c | (20.71 ) | 21.44 | 8.27 c | (8.75 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 57 | 57 | 51 | 69 | 64 | 70 |
Ratio of expenses before expense reductions (%) | 1.21 ** | 1.21 | 1.19 | 1.19 | 1.19 | 1.17 |
Ratio of expenses after expense reductions (%) | 1.21 ** | 1.21 | 1.19 | 1.19 | 1.19 | 1.17 |
Ratio of net investment income (%) | .57 ** | 3.71 | 3.18 | 2.25 | 1.78 | 2.62 |
Portfolio turnover rate (%) | 30 * | 68 | 65 | 61 | 68 | 101 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
18 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund — Class C | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $45.92 | $39.41 | $51.50 | $43.06 | $41.02 | $46.51 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.01 ) | 1.24 | 1.14 | .71 | .45 | .79 |
Net realized and unrealized gain (loss) | 3.53 | 6.27 | (11.81 ) | 8.10 | 2.70 | (5.21 ) |
Total from investment operations | 3.52 | 7.51 | (10.67 ) | 8.81 | 3.15 | (4.42 ) |
Less distributions from: | ||||||
Net investment income | (1.18 ) | (1.00 ) | (1.42 ) | (.37 ) | (1.11 ) | (1.07 ) |
Net asset value, end of period | $48.26 | $45.92 | $39.41 | $51.50 | $43.06 | $41.02 |
Total Return (%)b | 7.72 c* | 19.33 c | (21.30 ) | 20.58 | 7.50 | (9.41 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 3 | 7 | 13 | 16 | 23 |
Ratio of expenses before expense reductions (%) | 1.97 ** | 1.98 | 1.92 | 1.91 | 1.91 | 1.89 |
Ratio of expenses after expense reductions (%) | 1.95 ** | 1.98 | 1.92 | 1.91 | 1.91 | 1.89 |
Ratio of net investment income (loss) (%) | (.04 )** | 2.91 | 2.43 | 1.48 | 1.06 | 1.83 |
Portfolio turnover rate (%) | 30 * | 68 | 65 | 61 | 68 | 101 |
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 CROCI® International Fund | | | 19 |
DWS CROCI® International Fund — Class R6 | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $46.27 | $39.72 | $51.92 | $43.41 | $41.35 | $46.92 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .22 | 1.87 | 1.76 | 1.26 | .94 | 1.18 |
Net realized and unrealized gain (loss) | 3.60 | 6.20 | (11.94 ) | 8.17 | 2.78 | (5.20 ) |
Total from investment operations | 3.82 | 8.07 | (10.18 ) | 9.43 | 3.72 | (4.02 ) |
Less distributions from: | ||||||
Net investment income | (1.77 ) | (1.52 ) | (2.02 ) | (.92 ) | (1.66 ) | (1.55 ) |
Net asset value, end of period | $48.32 | $46.27 | $39.72 | $51.92 | $43.41 | $41.35 |
Total Return (%) | 8.34 * | 20.73 | (20.38 ) | 21.95 | 8.72 | (8.39 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1 | 1 | 2 | 1 | 2 | 2 |
Ratio of expenses (%) | .79 ** | .79 | .77 | .77 | .77 | .78 |
Ratio of net investment income (%) | .97 ** | 4.29 | 3.81 | 2.61 | 2.19 | 2.73 |
Portfolio turnover rate (%) | 30 * | 68 | 65 | 61 | 68 | 101 |
a | Based on average shares outstanding during the period. |
* | Not annualized |
** | Annualized |
20 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund — Class S | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $46.56 | $39.97 | $52.24 | $43.68 | $41.61 | $47.20 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .20 | 1.75 | 1.63 | 1.23 | .88 | 1.23 |
Net realized and unrealized gain (loss) | 3.61 | 6.30 | (11.95 ) | 8.19 | 2.79 | (5.32 ) |
Total from investment operations | 3.81 | 8.05 | (10.32 ) | 9.42 | 3.67 | (4.09 ) |
Less distributions from: | ||||||
Net investment income | (1.71 ) | (1.46 ) | (1.95 ) | (.86 ) | (1.60 ) | (1.50 ) |
Net asset value, end of period | $48.66 | $46.56 | $39.97 | $52.24 | $43.68 | $41.61 |
Total Return (%) | 8.27 * | 20.55 | (20.50 ) | 21.80 | 8.56 | (8.49 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 354 | 346 | 315 | 433 | 392 | 424 |
Ratio of expenses (%) | .93 ** | .93 | .91 | .91 | .91 | .91 |
Ratio of net investment income (%) | .85 ** | 3.98 | 3.46 | 2.53 | 2.05 | 2.83 |
Portfolio turnover rate (%) | 30 * | 68 | 65 | 61 | 68 | 101 |
a | Based on average shares outstanding during the period. |
* | Not annualized |
** | Annualized |
DWS CROCI® International Fund | | | 21 |
DWS CROCI® International Fund — Institutional Class | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $46.36 | $39.78 | $52.01 | $43.49 | $41.40 | $46.99 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .23 | 1.74 | 1.66 | 1.30 | .93 | 1.22 |
Net realized and unrealized gain (loss) | 3.57 | 6.31 | (11.91 ) | 8.10 | 2.76 | (5.30 ) |
Total from investment operations | 3.80 | 8.05 | (10.25 ) | 9.40 | 3.69 | (4.08 ) |
Less distributions from: | ||||||
Net investment income | (1.73 ) | (1.47 ) | (1.98 ) | (.88 ) | (1.60 ) | (1.51 ) |
Net asset value, end of period | $48.43 | $46.36 | $39.78 | $52.01 | $43.49 | $41.40 |
Total Return (%) | 8.28 * | 20.64 | (20.48 ) | 21.86 | 8.66 b | (8.50 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 19 | 20 | 22 | 30 | 17 | 34 |
Ratio of expenses before expense reductions (%) | .87 ** | .87 | .88 | .85 | .85 | .89 |
Ratio of expenses after expense reductions (%) | .87 ** | .87 | .88 | .85 | .85 | .89 |
Ratio of net investment income (%) | .99 ** | 4.01 | 3.52 | 2.64 | 2.16 | 2.81 |
Portfolio turnover rate (%) | 30 * | 68 | 65 | 61 | 68 | 101 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
22 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 23 |
24 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 25 |
26 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 27 |
First $2.5 billion of the Fund’s average daily net assets | .565% |
Next $2.5 billion of such net assets | .545% |
Next $5 billion of such net assets | .525% |
Next $5 billion of such net assets | .515% |
Over $15 billion of such net assets | .465% |
28 | | | DWS CROCI® International Fund |
Class A | 1.24% |
Class C | 1.99% |
Class R6 | .99% |
Class S | .99% |
Institutional Class | .99% |
Class A | 1.23% | |
Class C | 1.98% | |
Class R6 | .98% | |
Class S | .98% | |
Institutional Class | .98% |
DWS CROCI® International Fund | | | 29 |
Services to Shareholders | Total Aggregated | Unpaid at February 29, 2024 |
Class A | $30,565 | $10,203 |
Class C | 1,030 | 421 |
Class R6 | 115 | 48 |
Class S | 159,610 | 54,888 |
Institutional Class | 408 | 108 |
$191,728 | $65,668 |
Sub-Recordkeeping | Total Aggregated |
Class A | $26,255 |
Class C | 1,166 |
Class S | 103,646 |
Institutional Class | 9,522 |
$140,589 |
Distribution Fee | Total Aggregated | Unpaid at February 29, 2024 |
Class C | $8,044 | $1,075 |
30 | | | DWS CROCI® International Fund |
Service Fee | Total Aggregated | Unpaid at February 29, 2024 | Annualized Rate |
Class A | $65,770 | $25,679 | .24% |
Class C | 2,637 | 886 | .25% |
$68,407 | $26,565 |
DWS CROCI® International Fund | | | 31 |
Six Months Ended February 29, 2024 | Year Ended August 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 26,306 | $1,231,250 | 107,449 | $4,767,480 |
Class C | 1,674 | 77,198 | 2,859 | 125,882 |
Class R6 | 1,518 | 73,436 | 7,986 | 350,368 |
Class S | 29,061 | 1,381,554 | 70,777 | 3,189,009 |
Institutional Class | 95,509 | 4,411,470 | 103,019 | 4,469,100 |
$7,174,908 | $12,901,839 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 38,066 | $1,808,104 | 37,607 | $1,573,887 |
Class C | 1,028 | 48,658 | 3,345 | 139,467 |
Class R6 | 1,017 | 48,103 | 1,428 | 59,498 |
Class S | 241,892 | 11,521,327 | 246,598 | 10,349,556 |
Institutional Class | 14,458 | 685,279 | 16,649 | 695,425 |
$14,111,471 | $12,817,833 |
32 | | | DWS CROCI® International Fund |
Six Months Ended February 29, 2024 | Year Ended August 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (112,441 ) | $(5,235,682 ) | (203,047 ) | $(8,713,659 ) |
Class T | — | — | (242 )* | (8,742 )* |
Class C | (23,898 ) | (1,103,292 ) | (113,662 ) | (4,969,734 ) |
Class R6 | (423 ) | (19,248 ) | (22,263 ) | (1,014,867 ) |
Class S | (418,605 ) | (19,568,431 ) | (765,058 ) | (33,279,674 ) |
Institutional Class | (134,585 ) | (6,255,285 ) | (245,989 ) | (10,424,878 ) |
$(32,181,938 ) | $(58,411,554 ) | |||
Net increase (decrease) | ||||
Class A | (48,069 ) | $(2,196,328 ) | (57,991 ) | $(2,372,292 ) |
Class T | — | — | (242 )* | (8,742 )* |
Class C | (21,196 ) | (977,436 ) | (107,458 ) | (4,704,385 ) |
Class R6 | 2,112 | 102,291 | (12,849 ) | (605,001 ) |
Class S | (147,652 ) | (6,665,550 ) | (447,683 ) | (19,741,109 ) |
Institutional Class | (24,618 ) | (1,158,536 ) | (126,321 ) | (5,260,353 ) |
$(10,895,559 ) | $(32,691,882 ) |
* | For the period from September 1, 2022 to September 30, 2022 (Class T liquidation date). |
DWS CROCI® International Fund | | | 33 |
34 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 35 |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 9/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/29/24 | $1,081.10 | $1,077.20 | $1,083.40 | $1,082.70 | $1,082.80 |
Expenses Paid per $1,000* | $6.26 | $10.07 | $4.09 | $4.82 | $4.51 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 9/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/29/24 | $1,018.85 | $1,015.17 | $1,020.93 | $1,020.24 | $1,020.54 |
Expenses Paid per $1,000* | $6.07 | $9.77 | $3.97 | $4.67 | $4.37 |
* | 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 R6 | Class S | Institutional Class |
DWS CROCI® International Fund | 1.21% | 1.95% | .79% | .93% | .87% |
36 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 37 |
38 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 39 |
40 | | | DWS CROCI® International Fund |
DWS CROCI® International Fund | | | 41 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
42 | | | DWS CROCI® International Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | SUIAX | SUICX | SCINX | SUIIX |
CUSIP Number | 25156G 673 | 25156G 699 | 25156G 715 | 25156G 731 |
Fund Number | 468 | 768 | 2068 | 1468 |
For shareholders of Class R6 | |
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 |
24-hour access to your retirement plan account. | |
Web Site | dws.com |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | |
For More Information | (800) 728-3337 |
To speak with a service representative. | |
Written Correspondence | DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | SUIRX |
CUSIP Number | 25156G 582 |
Fund Number | 1668 |
DWS CROCI® International Fund | | | 43 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS CROCI® International Fund, a series of Deutsche DWS International Fund, Inc. |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 4/29/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 4/29/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 4/29/2024 |