semiannual report to shareholders - fundsus.dws.com · career as a trader at dibran dtvm ltda. ba...

April 30, 2018

Semiannual Report

to Shareholders

Deutsche Latin America Equity Fund(Effective on or about July 2, 2018, Deutsche Latin America

Equity Fund will be renamed DWS Latin America Equity Fund.)

Contents

3 Letter to Shareholders

4 Performance Summary

7 Portfolio Management Team

7 Portfolio Summary

9 Investment Portfolio

13 Statement of Assets andLiabilities

15 Statement of Operations

16 Statements of Changes inNet Assets

17 Financial Highlights

21 Notes to FinancialStatements

31 Information About YourFund’s Expenses

33 Advisory Agreement BoardConsiderations and FeeEvaluation

38 Account ManagementResources

40 Privacy Statement

This report must be preceded or accompanied by a prospectus. To

obtain a summary prospectus, if available, or prospectus for any of our

funds, refer to the Account Management Resources information

provided in the back of this booklet. We advise you to consider the

Fund’s objectives, risks, charges and expenses carefully before

investing. The summary prospectus and prospectus contain this and

other important information about the Fund. Please read the prospectus

carefully before you invest.

Investing in derivatives entails special risks relating to liquidity, leverage and credit thatmay reduce returns and/or increase volatility. Emerging markets tend to be morevolatile and less liquid than the markets of more mature economies, and generallyhave less diverse and less mature economic structures and less stable politicalsystems than those of developed countries. Any fund that focuses in a particularsegment of the market or region of the world will generally be more volatile than afund that invests more broadly. Investing in foreign securities presents certain risks,such as currency fluctuations, political and economic changes, and market risks. ThisFund is non-diversified and can take larger positions in fewer issues, increasing itspotential risk. The Fund may lend securities to approved institutions. Stocks maydecline in value. Please read the prospectus for details.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries suchas DWS Distributors, Inc. which offers investment products or Deutsche InvestmentManagement Americas Inc. and RREEF America L.L.C. which offer advisory services.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUENOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche Latin America Equity Fund

Letter to Shareholders

Dear Shareholder:

You may have noticed a new logo appearing on the cover of this report.As of March 23, 2018, Deutsche Asset Management has adopted itsexisting European brand, DWS, globally. As we have consolidated severalbusinesses over the last several years, each of which has grown uprelatively independently, the time has now come to be united under asingle brand that reflects our global identity and the full breadth ofcapabilities we offer to our clients.

The DWS brand — Deutsche Gesellschaft fur Wertpapiersparen — drawson our roots in the German market, going back over 60 years. It wasestablished in Hamburg in 1956 with a singular objective: to assist privateinvestors in building wealth and managing risk. We have been fulfillingthat promise for generations. Today, the DWS name is synonymous withthe values that we have continuously lived up to, and those that willremain central to our future success: Excellence, Entrepreneurship,Sustainability and Integrity. It is therefore a name that we are proud toadopt and build upon as our brand here in the Americas.

In connection with this change, our web site has recently beenredesigned with a new address: dws.com. However, for yourconvenience, the deutschefunds.com address will remain live andautomatically redirect you to our new site. Please visit us online to findthe most current insights from our CIO, economists and investmentspecialists.

As always, thank you for your ongoing trust in us. We look forward tobringing you the very best in investment insight, strategies and solutionsas we march forward gathering our unique qualities and capabilities underone roof, DWS.

Best regards,

Hepsen UzcanPresident, Deutsche Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as ofthe date of the document and are subject to change without notice. Any projections are basedon a number of assumptions as to market conditions and there can be no guarantee that anyprojected results will be achieved. Past performance is not a guarantee of future results.

Deutsche Latin America Equity Fund | 3

Performance Summary April 30, 2018 (Unaudited)

Class A 6-Month‡ 1-Year 5-Year 10-Year

Average Annual Total Returns as of 4/30/18

Unadjusted for Sales Charge 6.62% 17.90% –0.53% –2.66%

Adjusted for the Maximum Sales Charge(max 5.75% load) 0.49% 11.12% –1.70% –3.24%

MSCI EM Latin America Index† 8.04% 17.78% –2.06% –1.81%

Average Annual Total Returns as of 3/31/18 (most recent calendar quarter end)

Unadjusted for Sales Charge 22.05% –0.10% –1.42%

Adjusted for the Maximum Sales Charge(max 5.75% load) 15.03% –1.28% –2.00%

MSCI EM Latin America Index† 19.29% –1.87% –0.76%

Class C 6-Month‡ 1-Year 5-Year 10-Year


Unadjusted for Sales Charge 6.28% 17.05% –1.26% –3.41%

Adjusted for the Maximum Sales Charge(max 1.00% CDSC) 5.28% 17.05% –1.26% –3.41%



Unadjusted for Sales Charge 21.14% –0.85% –2.18%

Adjusted for the Maximum Sales Charge(max 1.00% CDSC) 21.14% –0.85% –2.18%


Class S 6-Month‡ 1-Year 5-Year 10-Year


No Sales Charges 6.77% 18.22% –0.27% –2.39%



No Sales Charges 22.38% 0.15% –1.14%



Institutional Class 6-Month‡ 1-Year

Life of

Class*


No Sales Charges 6.77% 18.21% 8.58%

MSCI EM Latin America Index† 8.04% 17.78% 14.14%


No Sales Charges 22.42% 9.44%

MSCI EM Latin America Index† 23.01% 14.62%

Performance in the Average Annual Total Returns table(s) 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

differ from performance data shown. 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 February 1, 2018 are 1.90%, 2.66%, 1.60% and 1.59% for Class A, Class C,

Class S, and Institutional Class shares, respectively, and may differ from the

expense ratios disclosed in the Financial Highlights tables in this report.

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

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

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


Growth of an Assumed $10,000 Investment

(Adjusted for Maximum Sales Charge)

Deutsche Latin America Equity Fund — Class A

MSCI EM Latin America Index

'08

$12,500

$0

'18'09 '17

$10,000

$7,500

$5,000

$2,500

'10 '11 '12 '13 '14

$8,328$7,195

'15 '16

Yearly periods ended April 30

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximumsales 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 feestructure of those classes.

* Institutional Class shares commenced operations on February 2, 2015.

† The Morgan Stanley Capital International (MSCI) EM (Emerging Markets) Latin AmericaIndex is an unmanaged, free float-adjusted market capitalization index that is designed tomeasure equity market performance in five Latin American markets. The index iscalculated using closing market prices and translates into U.S. dollars using the Londonclose foreign exchange rates.

‡ Total returns shown for periods less than one year are not annualized.

Class A Class C Class S

Institutional

Class

Net Asset Value

4/30/18 $26.36 $24.96 $26.34 $26.35

10/31/17 $25.79 $24.32 $25.80 $25.81

Distribution Information as of 4/30/18

Income Dividends, Six Months $ 1.09 $ .84 $ 1.15 $ 1.16


Portfolio Management TeamLuiz Ribeiro, CFA, Managing DirectorLead Portfolio Manager of the Fund. Began managing the Fund in 2013.� Senior Equities Portfolio Manager: São Paolo.� Joined DWS in 2012 with 18 years of industry experience. Prior to joining DWS, Luiz

served as the Head of Latin America — Internal Equities at the Abu Dhabi InvestmentAuthority. Previously, he served as a Senior Portfolio Manager at HSBC Bank. Prior toHSBC Bank, he worked as an Investment Officer at IFC — World Bank and as an Analystand then as a Senior Portfolio Manager at ABN AMRO Bank. He began his investmentcareer as a Trader at Dibran DTVM Ltda.

� BA in Business Administration from University of São Paulo (USP); MBA in Finance fromBrazilian Institute of Capital Markets (IBMEC).

Danilo Pereira, CFA, Vice PresidentPortfolio Manager of the Fund. Began managing the Fund in 2013.� Portfolio Manager and Equities Analyst: São Paulo.� Joined DWS in 2012 with 12 years of industry experience. Prior to joining DWS, Danilo

was the Deputy Head of Latin America — Internal Equities at the Abu Dhabi InvestmentAuthority. Previously, he served as a Senior Latin American Analyst at BNP ParibasInvestment Partners, Senior Analyst and Co-manager at Equitas Investimentos and as aPortfolio Manager at Bradesco Asset Management. Danilo began his investment careeras a Latin American Analyst at ABN AMRO Asset Management.

� BA in Business from Fundacao Getulio Vargas.

Marcelo Pinheiro, CFA, Vice PresidentPortfolio Manager of the Fund. Began managing the Fund in 2014.� Equities Analyst: São Paolo.� Joined DWS in 2013 with 6 years of industry experience. Prior to joining DWS, Marcelo

served as senior credit analyst at Itaú BBA. Previously, he was a senior analyst for LatinAmerica financial planning at GE. Before that, Marcelo worked as an analyst for equitiesand credits and as a junior portfolio manager at Bradesco Asset Management.

� BA in Economics from University of São Paulo.

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excludingSecurities Lending Collateral) 4/30/18 10/31/17

Common Stocks 100% 99%Cash Equivalents — 1%

100% 100%

Geographical Diversification (As a % of InvestmentPortfolio excluding Cash Equivalents and Securities LendingCollateral) 4/30/18 10/31/17

Brazil 73% 66%Chile 10% 9%Argentina 8% 9%Mexico 3% 9%Peru 3% 5%Colombia 2% 2%Luxembourg 1% —

100% 100%


Sector Diversification (As a % of Investment Portfolioexcluding Cash Equivalents and Securities Lending Collateral) 4/30/2018 10/31/2017

Consumer Discretionary 28% 20%Consumer Staples 21% 25%Financials 17% 23%Materials 16% 12%Energy 7% 9%Industrials 4% 4%Health Care 4% 2%Utilities 3% —Telecommunication Services — 5%

100% 100%

Ten Largest Holdings at April 30, 2018(50.4% of Net Assets) Country Percent

1 B2W Cia Digital Brazil 10.2%

E-commerce company that offers technology, logistics,distribution, customer service and consumer financing services

2 Magazine Luiza SA Brazil 7.2%

Engaged in retail business

3 Petroleo Brasileiro SA Brazil 7.0%

Producer and distributor of petroleum

4 Banco Inter SA Brazil 4.8%

Offers portfolio of credit and financing solution

5 Natura Cosmeticos SA Brazil 4.7%

Produces cosmetics

6 Hapvida Participacoes e Investimentos SA Brazil 3.9%

Provides supplementary health services

7 Raia Drogasil SA Brazil 3.5%

Retail drugstore chain

8 Construtora Tenda SA Brazil 3.3%

Develops, constructs and sells residential real estate propertiesand commercial buildings

9 Cencosud SA Chile 2.9%

Operates retail stores

10 Cia Siderurgica Nacional SA Brazil 2.9%

Manufactures iron and steel

Portfolio holdings and characteristics are subject to change.For more complete details about the Fund’s investment portfolio, see page 9. A quarterlyFact Sheet is available on dws.com or upon request. Please see the Account ManagementResources section on page 38 for contact information.


Investment Portfolio as of April 30, 2018 (Unaudited)

Shares Value ($)

Common Stocks 98.8%

Argentina 8.1%

BBVA Banco Frances SA (ADR) (a) 135,174 3,007,622Cablevision Holding SA (GDR)* 379,218 7,578,823Central Puerto SA (ADR)* 260,000 4,022,200Despegar.com Corp.* 169,026 4,962,603Grupo Clarin SA B, (GDR) (REG S) 112,076 672,456Grupo Financiero Galicia SA (ADR) 68,000 4,346,560

(Cost $26,219,812) 24,590,264

Brazil 71.7%

B2W Cia Digital* 3,746,328 30,905,709Banco do Brasil SA 389,548 4,080,958Banco do Estado do Rio Grande do Sul SA “B”, (Preferred) 890,985 5,109,582Banco Inter SA (Units)* 688,932 14,552,686Banco Santander Brasil SA (Units) 279,793 3,043,763BK Brasil Operacao e Assessoria a Restaurantes SA* 685,783 3,153,678BRF SA* 845,000 5,981,959Centrais Eletricas Brasileiras SA* 450,000 2,449,618Centrais Eletricas Brasileiras SA “B”, (Preferred) 235,000 1,529,459Cia Brasileira de Distribuicao (Preferred) 287,100 6,452,210Cia Siderurgica Nacional SA* 3,470,000 8,696,792Construtora Tenda SA* 1,383,989 10,078,088Gafisa SA (GDR)* 1,145,994 3,853,565Gerdau SA (Preferred) 1,210,000 5,750,885Hapvida Participacoes e Investimentos SA 144A* 1,499,268 11,833,398Localiza Rent a Car SA 556,323 4,429,050Lojas Americanas SA 711,672 3,028,953Magazine Luiza SA 709,143 21,601,008Natura Cosmeticos SA 1,525,545 14,026,548Nexa Resources SA* 221,000 3,863,080Ouro Fino Saude Animal Participacoes SA 43,572 296,641Petroleo Brasileiro SA* 1,053,564 7,407,308Petroleo Brasileiro SA (ADR) (Preferred)* 354,756 4,665,041Petroleo Brasileiro SA (Preferred)* 1,395,000 9,146,823Raia Drogasil SA 543,278 10,666,437Usinas Siderurgicas de Minas Gerais SA “A” (Preferred) 2,440,000 7,591,916Vale SA 442,000 6,140,711WEG SA 1,234,480 6,265,430

(Cost $184,128,281) 216,601,296

The accompanying notes are an integral part of the financial statements.


Shares Value ($)

Chile 10.0%

Antofagasta PLC 355,000 4,742,204Cencosud SA 2,965,574 8,820,309Embotelladora Andina SA “B”, (Preferred) 1,184,286 5,893,775Itau CorpBanca 441,885,335 4,519,433Sociedad Quimica y Minera de Chile SA (ADR) (a) 112,758 6,189,287

(Cost $28,690,718) 30,165,008

Colombia 2.4%

Grupo de Inversiones Suramericana SA 513,411 7,124,629Grupo de Inversiones Suramericana SA (Preferred) 6,964 90,491

(Cost $8,936,741) 7,215,120

Luxembourg 1.3%

Ternium SA (ADR) (Cost $3,371,212) 96,000 3,808,320

Mexico 2.8%

Corporativo Fragua SAB de CV 176,000 2,267,987Regional SAB de CV 959,770 6,109,010

(Cost $8,676,722) 8,376,997

Peru 2.5%

InRetail Peru Corp. 144A (Cost $5,867,545) 315,000 7,528,500

Total Common Stocks (Cost $265,891,031) 298,285,505

Units Value ($)

Other Investments 0.0%

Brazil

TOTVS SA (Debenture Unit), 3.5%, 8/19/2019 (b) (c)(Cost $14,831) 43,800 145,957

Shares Value ($)

Securities Lending Collateral 3.1%

Deutsche Government & Agency Securities Portfolio“Deutsche Government Cash Institutional Shares”,1.64% (d) (e) (Cost $9,262,258) 9,262,258 9,262,258

% of NetAssets Value ($)

Total Investment Portfolio (Cost $275,168,120) 101.9 307,693,720

Other Assets and Liabilities, Net (1.9) (5,720,905)

Net Assets 100.0 301,972,815



A summary of the Fund’s transactions with affiliated Underlying Deutsche Funds during theperiod ended April 30, 2018 are as follows:

Value ($)at

10/31/2017

Pur-chases

Cost($)

Sales Pro-ceeds

($)

NetReal-ized

Gain/(Loss)

($)

NetChange

inUnreal-

izedAppreci-

ation(Depreci-

ation)($)

Income($)

CapitalGain

Distri-butions

($)

Number ofShares at

4/30/2018

Value ($)at

4/30/2018

Securities Lending Collateral 3.1%

Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash InstitutionalShares”, 1.64% (d) (e)

3,928,240 5,334,018 — — — 27,307 — 9,262,258 9,262,258

Cash Equivalents 0.0%

Deutsche Central Cash Management Government Fund, 1.73% (d)

3,076,601 89,778,327 92,854,928 — — 11,422 — — —

7,004,841 95,112,345 92,854,928 — — 38,729 — 9,262,258 9,262,258

* 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 securitiesloaned at April 30, 2018 amounted to $9,083,685, which is 3.0% of net assets.

(b) The Fund may purchase securities that are subject to legal or contractual restrictions onresale (“restricted securities”). Restricted securities are securities which have not beenregistered with the Securities and Exchange Commission under the Securities Act of1933. The Fund may be unable to sell a restricted security and it may be more difficult todetermine a market value for a restricted security. Moreover, if adverse marketconditions were to develop during the period between the Fund’s decision to sell arestricted security and the point at which the Fund is permitted or able to sell suchsecurity, the Fund might obtain a price less favorable than the price that prevailed whenit decided to sell. This investment practice, therefore, could have the effect of increasingthe level of illiquidity of the Fund. The future value of these securities is uncertain andthere may be changes in the estimated value of these securities.

Schedule of RestrictedSecurities of Net Assets

AcquisitionDate Cost ($) Value ($) Value as %

TOTVS SA (Debenture Unit) September 2008 14,831 145,957 0.05

(c) Investment was valued using significant unobservable inputs.(d) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate

shown is the annualized seven-day yield at period end.(e) Represents collateral held in connection with securities lending. Income earned by the

Fund is net of borrower rebates. Represents the net increase (purchase cost) ordecrease (sales proceeds) in the amount invested for the period ended April 30, 2018.

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 toqualified institutional buyers.ADR: American Depositary ReceiptGDR: Global Depositary ReceiptREG S: Securities sold under Regulation S may not be offered, sold or delivered within theUnited States or to, or for the account or benefit of, U.S. persons, except pursuant to anexemption from, or in a transaction not subject to, the registration requirements of theSecurities Act of 1933.



Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputsare summarized in three broad levels. Level 1 includes quoted prices in active markets foridentical securities. Level 2 includes other significant observable inputs (including quotedprices for similar securities, interest rates, prepayment speeds and credit risk). Level 3includes significant unobservable inputs (including the Fund’s own assumptions indetermining the fair value of investments). The level assigned to the securities valuationsmay 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, 2018 in valuing the Fund’sinvestments. 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 toFinancial Statements.

Assets Level 1 Level 2 Level 3 Total

Equity SecuritiesArgentina $ 23,917,808 $ 672,456 $ — $ 24,590,264Brazil 216,601,296 — — 216,601,296Chile 6,189,287 23,975,721 — 30,165,008Colombia 7,215,120 — — 7,215,120Luxembourg 3,808,320 — — 3,808,320Mexico 8,376,997 — — 8,376,997Peru 7,528,500 — — 7,528,500

Other Investments — — 145,957 145,957

Short-Term Investments 9,262,258 — — 9,262,258

Total $282,899,586 $24,648,177 $145,957 $307,693,720

During the period ended April 30, 2018, the amount of transfers between Level 2 andLevel 1 was $8,734,417. The investment was transferred from Level 2 to Level 1 due to thesecurity now being priced by a vendor.

As a result of the fair valuation model utilized by the Fund, certain international equitysecurities transferred from Level 1 to Level 2. During the period ended April 30, 2018, theamount of transfers between Level 1 and Level 2 was $19,689,236.

Transfers between pricing levels are recognized at the beginning of the reporting period.



Statement of Assets and Liabilities

as of April 30, 2018 (Unaudited)

Assets

Investments in non-affiliated securities, at value (cost $265,905,862) —including $9,083,685 of securities loaned $ 298,431,462

Investment in Deutsche Government & Agency Securities Portfolio(cost $9,262,258)* 9,262,258

Cash 20,112

Foreign currency, at value (cost $2,670,225) 2,422,443

Receivable for investments sold 16,290,140

Receivable for Fund shares sold 38,790

Dividends receivable 416,507

Interest receivable 25,600

Foreign taxes recoverable 1,176

Other assets 52,339

Total assets 326,960,827

Liabilities

Payable upon return of securities loaned 9,262,258

Payable for investments purchased 14,714,022

Line of credit loan payable 350,000

Payable for Fund shares redeemed 141,010

Accrued management fee 257,748

Accrued Directors’ fees 3,229

Other accrued expenses and payables 259,745

Total liabilities 24,988,012

Net assets, at value $ 301,972,815

Net Assets Consist of

Distributions in excess of net investment income (686,549)

Net unrealized appreciation (depreciation) on:Investments 32,525,600

Foreign currency (252,453)

Accumulated net realized gain (loss) (51,393,109)

Paid-in capital 321,779,326

Net assets, at value $ 301,972,815

* Represents collateral on securities loaned.



Statement of Assets and Liabilities as of April 30, 2018 (Unaudited) (continued)

Net Asset Value

Class A

Net Asset Value and redemption price per share($11,293,778 ÷ 428,388 shares of capital stock outstanding,$.01 par value, 50,000,000 shares authorized) $ 26.36

Maximum offering price per share (100 ÷ 94.25 of $26.36) $ 27.97

Class C

Net Asset Value, offering and redemption price(subject to contingent deferred sales charge) per share($2,895,975 ÷ 116,002 shares of capital stock outstanding,$.01 par value, 20,000,000 shares authorized) $ 24.96

Class S

Net Asset Value, offering and redemption price per share($281,563,899 ÷ 10,689,200 shares of capital stock outstanding,$.01 par value, 100,000,000 shares authorized) $ 26.34

Institutional Class

Net Asset Value, offering and redemption price per share($6,219,163 ÷ 235,999 shares of capital stock outstanding,$.01 par value, 50,000,000 shares authorized) $ 26.35



Statement of Operations

for the six months ended April 30, 2018 (Unaudited)

Investment Income

Income:Dividends (net of foreign taxes withheld of $217,670) $ 2,529,282

Interest (net of foreign taxes withheld of $1,134) 3,603

Income distributions — Deutsche Central Cash ManagementGovernment Fund 11,422

Securities lending income, net of borrower rebates 27,307

Total income 2,571,614

Expenses:Management fee 1,759,584

Administration fee 151,037

Services to shareholders 203,605

Distribution and service fees 28,236

Custodian fee 130,794

Professional fees 49,010

Reports to shareholders 22,279

Registration fees 33,498

Directors’ fees and expenses 7,932

Interest expense 1,757

Other 32,479

Total expenses before expense reductions 2,420,211

Expense reductions (155,403)

Total expenses after expense reductions 2,264,808

Net investment income 306,806

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:Investments 5,506,470

Foreign currency 131,318

5,637,788

Change in net unrealized appreciation (depreciation) on:Investments 13,813,505

Foreign currency (4,423)

13,809,082

Net gain (loss) 19,446,870

Net increase (decrease) in net assets resulting from operations $ 19,753,676



Statements of Changes in Net Assets

Increase (Decrease) in Net Assets

Six MonthsEnded

April 30, 2018(Unaudited)

Year EndedOctober 31,

2017

Operations:Net investment income (loss) $ 306,806 $ 11,815,419

Net realized gain (loss) 5,637,788 55,257,890

Change in net unrealized appreciation (depreciation) 13,809,082 (44,579,080)

Net increase (decrease) in net assets resulting fromoperations 19,753,676 22,494,229

Distributions to shareholders from:Net investment income:

Class A (437,970) (158,465)

Class C (100,134) (20,377)

Class S (12,223,251) (4,201,343)

Institutional Class (233,152) (123,264)

Total distributions (12,994,507) (4,503,449)

Fund share transactions:Proceeds from shares sold 6,163,061 29,203,163

Reinvestment of distributions 12,324,709 4,284,106

Payments for shares redeemed (19,649,278) (65,399,477)

Redemption fees — 1,462

Net increase (decrease) in net assets from Fundshare transactions (1,161,508) (31,910,746)

Increase (decrease) in net assets 5,597,661 (13,919,966)

Net assets at beginning of period 296,375,154 310,295,120

Net assets at end of period (including distributionsin excess of net investment income andundistributed net investment income $686,549 and$12,001,152, respectively) $ 301,972,815 $ 296,375,154



Financial Highlights

Six MonthsEnded 4/30/18 Years Ended October 31,

Class A (Unaudited) 2017 2016 2015 2014 2013

Selected Per Share Data

Net asset value, beginning

of period $25.79 $24.07 $16.84 $28.00 $31.05 $40.27

Income (loss) frominvestment operations:

Net investment income(loss)a (.00)*** .89d .13 .13 .43 .21

Net realized and unrealizedgain (loss) 1.66 1.15 7.10 (9.39) (1.42) (.00)*

Total from

investment operations 1.66 2.04 7.23 (9.26) (.99) .21

Less distributions from:Net investment income (1.09) (.32) — (.32) (.25) (.42)

Return of capital — — — (.09) — —

Net realized gains — — — (1.49) (1.81) (9.01)

Total distributions (1.09) (.32) — (1.90) (2.06) (9.43)

Redemption fees — .00*** .00*** .00*** .00*** .00***

Net asset value, end

of period $ 26.36 $25.79 $24.07 $16.84 $28.00 $31.05

Total Return (%)b,c 6.62** 8.95 42.93 (34.94) (3.16) (.49)

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period($ millions) 11 11 13 7 22 20

Ratio of expenses beforeexpense reductions (%) 1.92* 1.90 1.90 1.91 1.84 1.84

Ratio of expenses afterexpense reductions (%) 1.73* 1.73 1.75 1.74 1.54 1.60

Ratio of net investmentincome (%) (.03)* 3.85d .68 .58 1.48 .65

Portfolio turnover rate (%) 119** 279 108 186 195 156

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.d The Fund’s net investment income per share and the ratio of net investment income

include non-recurring non-cash distributions amounting to $0.93 per share and 4.03% ofaverage daily net assets, for the year ended October 31, 2017.

* Annualized** Not annualized*** Amount is less than $.005.



Class C (Unaudited) 2017 2016 2015 2014 2013



of period $24.32 $22.70 $15.99 $26.67 $29.70 $38.85


Net investment income(loss)a (.10) .71d (.03) (.04) .25 (.03)

Net realized and unrealizedgain (loss) 1.58 1.07 6.74 (8.94) (1.40) (.00)***

Total from investment

operations 1.48 1.78 6.71 (8.98) (1.15) (.03)

Less distributions from:Net investment income (.84) (.16) — (.16) (.07) (.11)



Total distributions (.84) (.16) — (1.70) (1.88) (9.12)

Redemption fees — .00*** .00*** .00*** .00*** .00***


of period $24.96 $24.32 $22.70 $15.99 $26.67 $29.70

Total Return (%)b,c 6.28** 8.12 41.96 (35.45) (3.88) (1.24)





Ratio of net investmentincome (loss) (%) (.78)* 3.24d (.16) (.18) .92 (.09)


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.d The Fund’s net investment income per share and the ratio of net investment income





Class S (Unaudited) 2017 2016 2015 2014 2013



of period $25.80 $24.08 $16.80 $27.95 $31.00 $40.24


Net investment income(loss)a .03 .99c .18 .17 .55 .29

Net realized and unrealizedgain (loss) 1.66 1.10 7.10 (9.36) (1.47) .01

Total from

investment operations 1.69 2.09 7.28 (9.19) (.92) .30

Less distributions from:Net investment income (1.15) (.37) — (.37) (.32) (.53)



Total distributions (1.15) (.37) — (1.96) (2.13) (9.54)

Redemption fees — .00*** .00*** .00*** .00*** .00***


of period $26.34 $25.80 $24.08 $16.80 $27.95 $31.00

Total Return (%)b 6.77** 9.23 43.33 (34.79) (2.91) (.23)





Ratio of net investmentincome (%) .22* 4.28c .94 .81 1.89 .90


a Based on average shares outstanding during the period.b Total return would have been lower had certain expenses not been reduced.c The Fund’s net investment income per share and the ratio of net investment income




Six Months

Ended 4/30/18

Years Ended

October 31,

Period

EndedInstitutional Class (Unaudited) 2017 2016 10/31/15a


Net asset value, beginning of period $25.81 $24.09 $16.80 $21.52


Net investment income (loss)b .03 .90e .09 .12

Net realized and unrealized gain (loss) 1.67 1.19 7.20 (4.84)

Total from investment operations 1.70 2.09 7.29 (4.72)

Less distribution from:Net investment income (1.16) (.37) — —

Redemption fees — .00*** .00*** .00***

Net asset value, end of period $26.35 $25.81 $24.09 $16.80

Total Return (%)c 6.77** 9.22 43.39 (21.93)**


Net assets, end of period ($ millions) 6 5 3 .03

Ratio of expenses before expensereductions (%) 1.52* 1.59 1.58 1.67*

Ratio of expenses after expensereductions (%) 1.48* 1.47 1.50 1.49*

Ratio of net investment income (%) .20* 3.94e .41 .82*

Portfolio turnover rate (%) 119** 279 108 186d

a For the period from February 2, 2015 (commencement of operations) to October 31,2015.

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, 2015.e The Fund’s net investment income per share and the ratio of net investment income




Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche Latin America Equity Fund (the “Fund”) is a non-diversifiedseries of Deutsche International Fund, Inc. (the “Corporation”), which isregistered under the Investment Company Act of 1940, as amended (the“1940 Act”), as an open-end management investment companyorganized as a Maryland corporation.

The Fund offers multiple classes of shares which provide investors withdifferent purchase options. Class A shares are subject to an initial salescharge. Class C shares are not subject to an initial sales charge but aresubject to higher ongoing expenses than Class A shares and a contingentdeferred sales charge payable upon certain redemptions within one yearof purchase. Class S shares are not subject to initial or contingentdeferred sales charges and are only available to a limited group ofinvestors. Institutional Class shares are not subject to initial or contingentdeferred sales charges and are generally available only to qualifiedinstitutions.

Investment income, realized and unrealized gains and losses, and certainfund-level expenses and expense reductions, if any, are borne pro rata onthe basis of relative net assets by the holders of all classes of shares,except that each class bears certain expenses unique to that class suchas distribution and service fees, services to shareholders and certain otherclass-specific expenses. Differences in class-level expenses may result inpayment of different per share dividends by class. All shares of the Fundhave equal rights with respect to voting subject to class-specificarrangements.

The Fund’s financial statements are prepared in accordance withaccounting principles generally accepted in the United States of America(“U.S. GAAP”) which require the use of management estimates. Actualresults could differ from those estimates. The Fund qualifies as aninvestment company under Topic 946 of Accounting StandardsCodification of U.S. GAAP. The policies described below are followedconsistently by the Fund in the preparation of its financial statements.

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

Various inputs are used in determining the value of the Fund’sinvestments. These inputs are summarized in three broad levels. Level 1includes quoted prices in active markets for identical securities. Level 2includes other significant observable inputs (including quoted prices forsimilar securities, interest rates, prepayment speeds and credit risk).


Level 3 includes significant unobservable inputs (including the Fund’s ownassumptions in determining the fair value of investments). The levelassigned to the securities valuations may not be an indication of the riskor liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closingprice reported on the exchange (U.S. or foreign) or over-the-countermarket on which they trade. Securities for which no sales are reported arevalued at the calculated mean between the most recent bid and askedquotations on the relevant market or, if a mean cannot be determined, atthe most recent bid quotation. Equity securities are generally categorizedas Level 1. For certain international equity securities, in order to adjust forevents which may occur between the close of the foreign exchanges andthe close of the New York Stock Exchange, a fair valuation model may beused. This fair valuation model takes into account comparisons to thevaluation of American Depository Receipts (ADRs), exchange-tradedfunds, futures contracts and certain indices and these securities arecategorized as Level 2.

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

Securities and other assets for which market quotations are not readilyavailable or for which the above valuation procedures are deemed not toreflect fair value are valued in a manner that is intended to reflect their fairvalue as determined in accordance with procedures approved by theBoard and are generally categorized as Level 3. In accordance with theFund’s valuation procedures, factors considered in determining value mayinclude, but are not limited to, the type of the security; the size of theholding; the initial cost of the security; the existence of any contractualrestrictions on the security’s disposition; the price and extent of publictrading 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 appropriatestock exchange (for exchange-traded securities); an analysis of thecompany’s or issuer’s financial statements; an evaluation of the forcesthat influence the issuer and the market(s) in which the security ispurchased and sold; and with respect to debt securities, the maturity,coupon, creditworthiness, currency denomination and the movement ofthe market in which the security is normally traded. The value determinedunder these procedures may differ from published values for the samesecurities.

Disclosure about the classification of fair value measurements is includedin a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund aremaintained in U.S. dollars. Investment securities and other assets and


liabilities denominated in a foreign currency are translated into U.S. dollarsat the prevailing exchange rates at period end. Purchases and sales ofinvestment securities, income and expenses are translated into U.S.dollars at the prevailing exchange rates on the respective dates of thetransactions.

Net realized and unrealized gains and losses on foreign currencytransactions represent net gains and losses between trade andsettlement dates on securities transactions, the acquisition anddisposition of foreign currencies, and the difference between the amountof net investment income accrued and the U.S. dollar amount actuallyreceived. The portion of both realized and unrealized gains and losses oninvestments that results from fluctuations in foreign currency exchangerates is not separately disclosed but is included with net realized andunrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Brown Brothers Harriman & Co., as lending agent,lends securities of the Fund to certain financial institutions under theterms of its securities lending agreement. During the term of the loans,the Fund continues to receive interest and dividends generated by thesecurities and to participate in any changes in their market value. TheFund requires the borrowers of the securities to maintain collateral withthe Fund consisting of either cash or liquid, unencumbered assets havinga value at least equal to the value of the securities loaned. When thecollateral falls below specified amounts, the lending agent will use its besteffort to obtain additional collateral on the next business day to meetrequired amounts under the securities lending agreement. As of periodend, any securities on loan were collateralized by cash. During the sixmonths ended April 30, 2018, the Fund invested the cash collateral into ajoint trading account in affiliated money market funds managed byDeutsche Investment Management Americas Inc. As of April 30, 2018,the Fund invested the cash collateral in Deutsche Government & AgencySecurities Portfolio. Deutsche Investment Management Americas Inc.receives a management/administration fee (0.14% annualized effectiverate as of April 30, 2018) on the cash collateral invested in DeutscheGovernment & Agency Securities Portfolio. The Fund receivescompensation for lending its securities either in the form of fees or byearning interest on invested cash collateral net of borrower rebates andfees paid to a lending agent. Either the Fund or the borrower mayterminate the loan at any time, and the borrower, after notice, is requiredto return borrowed securities within a standard time period. There may berisks of delay and costs in recovery of securities or even loss of rights inthe collateral should the borrower of the securities fail financially. If theFund is not able to recover securities lent, the Fund may sell the collateraland purchase a replacement investment in the market, incurring the riskthat the value of the replacement security is greater than the value of thecollateral. The Fund is also subject to all investment risks associated with


the reinvestment of any cash collateral received, including, but not limitedto, interest rate, credit and liquidity risk associated with such investments.

As of April 30, 2018, the Fund had securities on loan, which wereclassified as equity securities in the Investment Portfolio. The value ofthe related collateral exceeded the value of the securities loaned atperiod end. As of period end, the remaining contractual maturity of thecollateral agreements was overnight and continuous.

Taxes. The Fund’s policy is to comply with the requirements of theInternal Revenue Code, as amended, which are applicable to regulatedinvestment companies, and to distribute all of its taxable income to itsshareholders.

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

At October 31, 2017, the Fund had $54,428,000 of tax basis capital losscarryforwards, which may be applied against realized net taxable capitalgains indefinitely, including short-term losses ($39,649,000) and long-termlosses ($14,779,000).

At October 31, 2017, the aggregate cost of investments for federalincome tax purposes was $274,584,481. The net unrealized appreciationfor all investments based on tax cost was $16,109,262. This consisted ofaggregate gross unrealized appreciation for all investments in which therewas an excess of value over tax cost of $33,653,219 and aggregate grossunrealized depreciation for all investments in which there was an excessof tax cost over value of $17,543,957.

The Fund has reviewed the tax positions for the open tax years as ofOctober 31, 2017 and has determined that no provision for income taxand/or uncertain tax provisions is required in the Fund’s financialstatements. The Fund’s federal tax returns for the prior three fiscal yearsremain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investmentincome of the Fund, if any, are declared and distributed to shareholdersannually. Net realized gains from investment transactions, in excess ofavailable capital loss carryforwards, would be taxable to the Fund if notdistributed, and, therefore, will be distributed to shareholders at leastannually. The Fund may also make additional distributions for taxpurposes, if necessary.


The timing and characterization of certain income and capital gaindistributions are determined annually in accordance with federal taxregulations which may differ from accounting principles generallyaccepted in the United States of America. These differences primarilyrelate to net investment losses incurred by the Fund and certain securitiessold at a loss. As a result, net investment income (loss) and net realizedgain (loss) on investment transactions for a reporting period may differsignificantly from distributions during such period. Accordingly, the Fundmay periodically make reclassifications among certain of its capitalaccounts without impacting the net asset value of the Fund.

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

Redemption Fees. Prior to February 1, 2017, the Fund imposed aredemption fee of 2% of the total redemption amount on Fund sharesredeemed or exchanged within 15 days of buying them, either bypurchase or exchange (subject to certain exceptions). This fee wasassessed and retained by the Fund for the benefit of the remainingshareholders. The redemption fee was accounted for as an addition topaid-in capital.

Expenses. Expenses of the Corporation arising in connection with aspecific fund are allocated to that fund. Other Corporation expenseswhich cannot be directly attributed to a fund are apportioned among thefunds in the Corporation based upon the relative net assets or otherappropriate measures.

Contingencies. In the normal course of business, the Fund may enter intocontracts with service providers that contain general indemnificationclauses. The Fund’s maximum exposure under these arrangements isunknown, as this would involve future claims that may be made againstthe 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 onebasis for daily net asset value calculations. However, for financialreporting purposes, investment transactions are reported on trade date.Interest income is recorded on the accrual basis. Dividend income isrecorded on the ex-dividend date net of foreign withholding taxes. Certaindividends from foreign securities may be recorded subsequent to theex-dividend date as soon as the Fund is informed of such dividends.Realized gains and losses from investment transactions are recorded onan identified cost basis. Proceeds from litigation payments, if any, areincluded in net realized gain (loss) from investments.


B. Purchases and Sales of Securities

During the six months ended April 30, 2018, purchases and sales ofinvestment securities (excluding short-term investments) aggregated$359,318,612 and $363,912,603, respectively.

C. Related Parties

Management Agreement. Under the Investment ManagementAgreement with Deutsche Investment Management Americas Inc.(“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWSGroup GmbH & Co. KGaA (“DWS Group”), the Advisor directs theinvestments 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.

Under the Investment Management Agreement with the Advisor, theFund pays a monthly management fee based on the Fund’s average dailynet assets, computed and accrued daily and payable monthly, at thefollowing annual rates:

First $400 million of the Fund’s average daily net assets 1.165%

Next $400 million of such net assets 1.065%

Over $800 million of such net assets .965%

Accordingly, for the six months ended April 30, 2018, the fee pursuant tothe Investment Management Agreement was equivalent to an annualizedrate (exclusive of any applicable waivers/reimbursements) of 1.165% ofthe Fund’s average daily net assets.

For the period from November 1, 2017 to January 31, 2019, the Advisorhas contractually agreed to waive its fees and/or reimburse certainoperating expenses of the Fund to the extent necessary to maintain thetotal annual operating expenses (excluding certain expenses such asextraordinary expenses, taxes, brokerage and interest) of each class asfollows:

Class A 1.72%

Class C 2.47%

Class S 1.47%

Institutional Class 1.47%


For the six months ended April 30, 2018, fees waived and/or expensesreimbursed for each class are as follows:

Class A $ 10,403

Class C 2,269

Class S 141,559

Institutional Class 1,172

$ 155,403

Administration Fee. Pursuant to the Administrative Services Agreement,the Advisor provides most administrative services to the Fund. For allservices provided under the Administrative Services Agreement, the Fundpays the Advisor an annual fee (“Administration Fee”) of 0.10% of theFund’s average daily net assets, computed and accrued daily and payablemonthly. For the six months ended April 30, 2018, the Administration Feewas $151,037, of which $25,013 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of theAdvisor, is the transfer agent, dividend-paying agent and shareholderservice agent of the Fund. Pursuant to a sub-transfer agency agreementbetween DSC and DST Systems, Inc. (“DST”), DSC has delegated certaintransfer agent, dividend-paying agent and shareholder service agentfunctions to DST. DSC compensates DST out of the shareholder servingfee it receives from the Fund. For the six months ended April 30, 2018,the amounts charged to the Fund by DSC were as follows:

Services to ShareholdersTotal

AggregatedUnpaid at

April 30, 2018

Class A $ 3,746 $ 1,224

Class C 488 204

Class S 85,221 28,922

Institutional Class 181 48

$ 89,636 $ 30,398

Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWSDistributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee(“Distribution Fee”) of 0.75% of average daily net assets of Class Cshares. In accordance with the Fund’s Underwriting and DistributionServices Agreement DDI enters into related selling group agreementswith various firms at various rates for sales of Class C shares. For the sixmonths ended April 30, 2018, the Distribution Fee was as follows:

Distribution FeeTotal

AggregatedUnpaid at

April 30, 2018

Class C $ 11,085 $ 1,798


In addition, DDI provides information and administrative services for a fee(“Service Fee”) to Class A and C shareholders at an annual rate of up to0.25% of average daily net assets for each such class. DDI in turn hasvarious agreements with financial services firms that provide theseservices and pays these fees based upon assets of shareholder accountsthe firms service. For the six years ended April 30, 2018, the Service Feewas as follows:

Service FeeTotal

AggregatedUnpaid at

April 30, 2018Annualized

Rate

Class A $ 13,465 $ 4,398 .24%

Class C 3,686 1,265 .25%

$ 17,151 $ 5,663

Underwriting Agreement and Contingent Deferred Sales Charge. DDI isthe principal underwriter for the Fund. Underwriting commissions paid inconnection with the distribution of Class A shares for the six monthsended April 30, 2018 aggregated $1,056.

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 orreinvested dividends. The CDSC is 1% of the value of the sharesredeemed for Class C. For the six months ended April 30, 2018, theCDSC for Class C shares aggregated $113. A deferred sales charge of upto 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA,DIMA is compensated for providing certain pre-press and regulatory filingservices to the Fund. For the six months ended April 30, 2018, theamount charged to the Fund by DIMA included in the Statement ofOperations under “Reports to shareholders” aggregated $8,633, of which$7,684 is unpaid.

Directors’ Fees and Expenses. The Fund paid retainer fees to eachDirector not affiliated with the Advisor, plus specified amounts to theBoard Chairperson and Vice Chairperson and to each committeeChairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvestedcash balances in Deutsche Central Cash Management Government Fundand Deutsche Variable NAV Money Fund, affiliated money market fundswhich are managed by the Advisor. Each affiliated money market fund ismanaged in accordance with Rule 2a-7 under the 1940 Act, whichgoverns the quality, maturity, diversity and liquidity of instruments inwhich a money market fund may invest. Deutsche Central CashManagement Government Fund seeks to maintain a stable net assetvalue, and Deutsche Variable NAV Money Fund maintains a floating net


asset value. The Fund indirectly bears its proportionate share of theexpenses of each affiliated money market fund in which it invests.Deutsche Central Cash Management Government Fund does not pay theAdvisor an investment management fee. To the extent that DeutscheVariable NAV Money Fund pays an investment management fee to theAdvisor, the Advisor will waive an amount of the investment managementfee payable to the Advisor by the Fund equal to the amount of theinvestment management fee payable on the Fund’s assets invested inDeutsche Variable NAV Money Fund.

D. Investing in Emerging Markets

Investing in emerging markets may involve special risks andconsiderations not typically associated with investing in developedmarkets. These risks include revaluation of currencies, high rates ofinflation or deflation, repatriation restrictions on income and capital, andfuture adverse political, social and economic developments. Moreover,securities issued in these markets may be less liquid, subject togovernment ownership controls or delayed settlements, and may haveprices that are more volatile or less easily assessed than those ofcomparable securities of issuers in developed markets.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a$400 million revolving credit facility provided by a syndication of banks.The Fund may borrow for temporary or emergency purposes, includingthe meeting of redemption requests that otherwise might require theuntimely disposition of securities. The Participants are charged an annualcommitment fee which is allocated based on net assets, among each ofthe Participants. Interest is calculated at a rate per annum equal to thesum of the Federal Funds Rate plus 1.25 percent plus if the one-monthLIBOR exceeds the Federal Funds Rate, the amount of such excess. TheFund may borrow up to a maximum of 25 percent of its net assets underthe agreement.

At April 30, 2018, the Fund had a $350,000 outstanding loan. Interestexpense incurred on the borrowings was $1,757 for the six months endedApril 30, 2018. The average dollar amount of the borrowings was$550,000, the weighted average interest rate on these borrowings was2.78%, and the Fund had a loan outstanding for 42 days throughout theperiod. The borrowings were valued at cost, which approximates fairvalue.


F. Fund Share Transactions

The following table summarizes share and dollar activity in the Fund:Six Months Ended April 30, 2018 Year Ended October 31, 2017

Shares Dollars Shares Dollars

Shares sold

Class A 63,229 $ 1,689,856 333,180 $ 7,942,946

Class C 3,981 99,946 24,469 520,687

Class S 118,083 3,133,101 523,892 12,048,098

Institutional Class 46,994 1,240,158 413,001 8,691,432

$ 6,163,061 $ 29,203,163

Shares issued to shareholders in reinvestment of distributions

Class A 16,687 $ 417,664 7,871 $ 153,486

Class C 4,174 99,224 1,069 19,778

Class S 463,181 11,574,900 204,910 3,987,578

Institutional Class 9,317 232,921 6,331 123,264

$ 12,324,709 $ 4,284,106

Shares redeemed

Class A (76,241) $ (2,002,808) (454,474) $ (10,597,200)

Class C (15,115) (374,296) (59,319) (1,215,947)

Class S (641,124) (16,791,229) (2,063,323) (45,653,879)

Institutional Class (18,374) (480,945) (336,144) (7,932,451)

$ (19,649,278) $ (65,399,477)

Redemption fees $ — $ 1,462

Net increase (decrease)

Class A 3,675 $ 104,712 (113,423) $ (2,499,946)

Class C (6,960) (175,126) (33,781) (675,482)

Class S (59,860) (2,083,228) (1,334,521) (29,617,563)

Institutional Class 37,937 992,134 83,188 882,245

$ (1,161,508) $ (31,910,746)

G. Name Changes

In connection with adoption of the DWS brand, effective on or aboutJuly 2, 2018, Deutsche Investment Management Americas Inc., theAdvisor, will be renamed to DWS Investment Management Americas, Inc.In addition, the “Deutsche Funds” will become known as the “DWSFunds.” As a result, Deutsche Latin America Equity Fund will be renamedDWS Latin America Equity Fund.


Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoingexpenses and transaction costs. Ongoing expenses include managementfees, distribution and service (12b-1) fees and other Fund expenses.Examples of transaction costs include sales charges (loads) and accountmaintenance fees, which are not shown in this section. The followingtables are intended to help you understand your ongoing expenses (indollars) of investing in the Fund and to help you compare these expenseswith the ongoing expenses of investing in other mutual funds. In the mostrecent six-month period, the Fund limited these expenses; had it not doneso, expenses would have been higher. The example in the table is basedon an investment of $1,000 invested at the beginning of the six-monthperiod and held for the entire period (November 1, 2017 to April 30, 2018).

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

�Actual Fund Return. This helps you estimate the actual dollar amountof ongoing expenses (but not transaction costs) paid on a $1,000investment in the Fund using the Fund’s actual return during theperiod. To estimate the expenses you paid over the period, simplydivide your account value by $1,000 (for example, an $8,600 accountvalue divided by $1,000 = 8.6), then multiply the result by the numberin the “Expenses Paid per $1,000” line under the share class you hold.

�Hypothetical 5% Fund Return. This helps you to compare yourFund’s ongoing expenses (but not transaction costs) with those ofother mutual funds using the Fund’s actual expense ratio and ahypothetical rate of return of 5% per year before expenses. Examplesusing a 5% hypothetical fund return may be found in the shareholderreports of other mutual funds. The hypothetical account values andexpenses may not be used to estimate the actual ending accountbalance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant tohighlight your ongoing expenses only and do not reflect any transactioncosts. The “Expenses Paid per $1,000” line of the tables is useful incomparing ongoing expenses only and will not help you determine therelative total expense of owning different funds. Subject to certainexceptions, an account maintenance fee of $20.00 assessed once percalendar year for Classes A, C and S shares may apply for accounts withbalances less than $10,000. This fee is not included in these tables. If itwas, the estimate of expenses paid for Classes A, C and S shares duringthe period would be higher, and account value during the period would belower, by this amount.


Expenses and Value of a $1,000 Investmentfor the six months ended April 30, 2018 (Unaudited)

Actual Fund Return Class A Class C Class SInstitutional

Class

Beginning Account Value 11/1/17 $1,000.00 $1,000.00 $1,000.00 $1,000.00

Ending Account Value 4/30/18 $1,066.20 $1,062.80 $1,067.70 $1,067.70

Expenses Paid per $1,000* $ 8.86 $ 12.68 $ 7.59 $ 7.59

Hypothetical 5% Fund Return Class A Class C Class SInstitutional

Class

Beginning Account Value 11/1/17 $1,000.00 $1,000.00 $1,000.00 $1,000.00

Ending Account Value 4/30/18 $1,016.22 $1,012.50 $1,017.46 $1,017.46

Expenses Paid per $1,000* $ 8.65 $ 12.37 $ 7.40 $ 7.40

* 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 181 (the numberof days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios Class A Class C Class SInstitutional

Class

Deutsche Latin America Equity Fund 1.73% 2.48% 1.48% 1.48%

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

For an analysis of the fees associated with an investment in the Fund orsimilar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.


Advisory Agreement Board Considerationsand Fee Evaluation

The Board of Directors (hereinafter referred to as the “Board” or“Directors”) approved the renewal of Deutsche Latin America EquityFund’s (the “Fund”) investment management agreement (the“Agreement”) with Deutsche Investment Management Americas Inc.(“DIMA”) in September 2017.

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

�During the entire process, all of the Fund’s Directors wereindependent of DIMA and its affiliates (the “Independent Directors”).

�The Board met frequently during the past year to discuss fund mattersand dedicated a substantial amount of time to contract review matters.Over the course of several months, the Board’s Contract Committeereviewed extensive materials received from DIMA, independent thirdparties and independent counsel. These materials included an analysisof the Fund’s performance, fees and expenses, and profitability from afee consultant retained by the Fund’s Independent Directors (the “FeeConsultant”). Based on its evaluation of the information provided, theContract Committee presented its findings and recommendations tothe Board. The Board then reviewed the Contract Committee’sfindings and recommendations.

�The Board also received extensive information throughout the yearregarding performance of the Fund.

�The Independent Directors regularly met privately with counsel todiscuss contract review and other matters. In addition, theIndependent Directors were advised by the Fee Consultant in thecourse of their review of the Fund’s contractual arrangements andconsidered a comprehensive report prepared by the Fee Consultant inconnection with their deliberations.

� In connection with reviewing the Agreement, the Board also reviewedthe terms of the Fund’s Rule 12b-1 plan, distribution agreement,administrative services agreement, transfer agency agreement andother material service agreements.

In connection with the contract review process, the Contract Committeeand the Board considered the factors discussed below, among others.The Board also considered that DIMA and its predecessors have managedthe Fund since its inception, and the Board believes that a long-termrelationship with a capable, conscientious advisor is in the best interestsof the Fund. The Board considered, generally, that shareholders chose to


invest or remain invested in the Fund knowing that DIMA managed theFund, and that the Agreement was approved by the Fund’s shareholders.DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) AssetManagement (“Deutsche AM”) division. Deutsche AM is a global assetmanagement business that offers a wide range of investing expertise andresources, including research capabilities in many countries throughoutthe world.

As part of the contract review process, the Board carefully considered thefees and expenses of each Deutsche fund overseen by the Board in lightof the fund’s performance. In many cases, this led to the negotiation andimplementation of expense caps. As part of these negotiations, the Boardindicated that it would consider relaxing these caps in future yearsfollowing sustained improvements in performance, among otherconsiderations.

While shareholders may focus primarily on fund performance and fees,the Fund’s Board considers these and many other factors, including thequality and integrity of DIMA’s personnel and administrative supportservices provided by DIMA, such as back-office operations, fundvaluations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the termsof the Agreement, including the scope of advisory services providedunder the Agreement. The Board noted that, under the Agreement, DIMAprovides portfolio management services to the Fund and that, pursuant toa separate administrative services agreement, DIMA providesadministrative services to the Fund. The Board considered the experienceand skills of senior management and investment personnel and theresources made available to such personnel. The Board reviewed theFund’s performance over short-term and long-term periods and comparedthose returns to various agreed-upon performance measures, includingmarket index(es) and a peer universe compiled using information suppliedby Morningstar Direct (“Morningstar”), an independent fund data service.The Board also noted that it has put into place a process of identifying“Funds in Review” (e.g., funds performing poorly relative to a peeruniverse), and receives additional reporting from DIMA regarding suchfunds and, where appropriate, DIMA’s plans to addressunderperformance. The Board believes this process is an effectivemanner of identifying and addressing underperforming funds. Based onthe information provided, the Board noted that, for the one-, three- andfive-year periods ended December 31, 2016, the Fund’s performance(Class A shares) was in the 1st quartile of the applicable Morningstaruniverse (the 1st quartile being the best performers and the 4th quartilebeing the worst performers). The Board also observed that the Fund hasoutperformed its benchmark in the one-, three- and five-year periodsended December 31, 2016.


Fees and Expenses. The Board considered the Fund’s investmentmanagement fee schedule, operating expenses and total expense ratios,and comparative information provided by Broadridge Financial Solutions,Inc. (“Broadridge”) and the Fee Consultant regarding investmentmanagement fee rates paid to other investment advisors by similar funds(1st quartile being the most favorable and 4th quartile being the leastfavorable). With respect to management fees paid to other investmentadvisors by similar funds, the Board noted that the contractual fee ratespaid by the Fund, which include a 0.10% fee paid to DIMA under theFund’s administrative services agreement, were higher than the median(4th quartile) of the applicable Broadridge peer group (based onBroadridge data provided as of December 31, 2016). The Board noted thatthe Fund’s Class A shares total (net) operating expenses (excluding 12b-1fees) were expected to be higher than the median (3rd quartile) of theapplicable Broadridge expense universe (based on Broadridge dataprovided as of December 31, 2016, and analyzing Broadridge expenseuniverse Class A (net) expenses less any applicable 12b-1 fees)(“Broadridge Universe Expenses”). The Board also reviewed datacomparing each share class’s total (net) operating expenses to theapplicable Broadridge Universe Expenses. The Board noted that theexpense limitations agreed to by DIMA were expected to help the Fund’stotal (net) operating expenses remain competitive. The Board consideredthe Fund’s management fee rate as compared to fees charged by DIMAto comparable Deutsche U.S. registered funds (“Deutsche Funds”) andconsidered differences between the Fund and the comparable DeutscheFunds. The information requested by the Board as part of its review offees and expenses also included information about institutional accounts(including any sub-advised funds and accounts) and funds offeredprimarily to European investors (“Deutsche Europe funds”) managed byDeutsche AM. The Board noted that DIMA indicated that Deutsche AMmanages a Deutsche Europe fund comparable to the Fund, but does notmanage any comparable institutional accounts. The Board took note ofthe differences in services provided to Deutsche Funds as compared toDeutsche Europe funds and that such differences made comparisondifficult. The Board noted that, in connection with the 2010 contractrenewal process, DIMA previously agreed to implement new contractualmanagement fee breakpoints.

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

Profitability. The Board reviewed detailed information regarding revenuesreceived by DIMA under the Agreement. The Board considered theestimated costs to DIMA, and pre-tax profits realized by DIMA, fromadvising the Deutsche Funds, as well as estimates of the pre-tax profits


attributable to managing the Fund in particular. The Board also receivedinformation regarding the estimated enterprise-wide profitability of DIMAand its affiliates with respect to all fund services in totality and by fund.The Board and the Fee Consultant reviewed DIMA’s methodology inallocating its costs to the management of the Fund. Based on theinformation provided, the Board concluded that the pre-tax profits realizedby DIMA in connection with the management of the Fund were notunreasonable. The Board also reviewed certain publicly availableinformation regarding the profitability of certain similar investmentmanagement firms. The Board noted that, while information regarding theprofitability of such firms is limited (and in some cases is not necessarilyprepared on a comparable basis), DIMA and its affiliates’ overallprofitability with respect to the Deutsche Funds (after taking into accountdistribution and other services provided to the funds by DIMA and itsaffiliates) was lower than the overall profitability levels of mostcomparable firms for which such data was available.

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

Other Benefits to DIMA and Its Affiliates. The Board also considered thecharacter and amount of other incidental benefits received by DIMA andits affiliates, including any fees received by DIMA for administrativeservices provided to the Fund, any fees received by an affiliate of DIMAfor transfer agency services provided to the Fund and any fees receivedby an affiliate of DIMA for distribution services. The Board also consideredbenefits to DIMA related to brokerage and soft-dollar allocations, includingallocating brokerage to pay for research generated by parties other thanthe executing broker dealers, which pertain primarily to funds investing inequity securities. In addition, the Board considered the incidental publicrelations benefits to DIMA related to Deutsche Funds advertising andcross-selling opportunities among DIMA products and services. The Boardconsidered these benefits in reaching its conclusion that the Fund’smanagement fees were reasonable.

Compliance. The Board considered the significant attention and resourcesdedicated by DIMA to documenting and enhancing its complianceprocesses in recent years. The Board noted in particular (i) the experience,seniority and time commitment of the individuals serving as DIMA’s andthe Fund’s chief compliance officers; (ii) the large number of DIMAcompliance personnel; and (iii) the substantial commitment of resourcesby DIMA and its affiliates to compliance matters.


Based on all of the information considered and the conclusions reached,the Board unanimously determined that the continuation of theAgreement is in the best interests of the Fund. In making thisdetermination, the Board did not give particular weight to any single factoridentified above. The Board considered these factors over the course ofnumerous meetings, certain of which were in executive session with onlythe Independent Directors and counsel present. It is possible thatindividual Independent Directors may have weighed these factorsdifferently in reaching their individual decisions to approve thecontinuation of the Agreement.


Account Management Resources

For More

Information

The automated telephone system allows you to access personalizedaccount information and obtain information on other Deutsche fundsusing either your voice or your telephone keypad. Certain accounttypes 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 advisor. You may alsoaccess our automated telephone system or speak with aShareholder Service representative by calling:(800) 728-3337

Web Site dws.com

View your account transactions and balances, trade shares, monitoryour asset allocation, subscribe to fund and account updates bye-mail, and change your address, 24 hours a day.Obtain prospectuses and applications, news about Deutschefunds, insight from DWS economists and investment specialists andaccess to Deutsche fund account information.

Written

Correspondence

DWS

PO Box 219151Kansas City, MO 64121-9151

Proxy Voting The Fund’s policies and procedures for voting proxies for portfoliosecurities and information about how the Fund voted proxiesrelated to its portfolio securities during the most recent 12-monthperiod ended June 30 are available on our Web site —dws.com/en-us/resources/proxy-voting — or on the SEC’s Website — sec.gov. To obtain a written copy of the Fund’s policies andprocedures 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 completeportfolio holdings listing is filed with the SEC on Form N-Q. This formwill be available on the SEC’s Web site at sec.gov, and it also may bereviewed and copied at the SEC’s Public Reference Room inWashington, D.C. Information on the operation of the SEC’s PublicReference Room may be obtained by calling (800) SEC-0330. TheFund’s portfolio holdings are also posted on dws.com from time totime. 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 PlazaChicago, IL 60606-5808(800) 621-1148


Investment

Management

Deutsche Investment Management Americas Inc. (“DIMA” or the“Advisor”), which is part of DWS Group, is the investment advisorfor the Fund. DIMA and its predecessors have more than 90 years ofexperience managing mutual funds and DIMA provides a full rangeof 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 ofinvesting expertise and resources, including hundreds of portfoliomanagers and analysts and an office network that reaches theworld’s major investment centers. This well-resourced globalinvestment platform brings together a wide variety of experience andinvestment insight across industries, regions, asset classes andinvesting styles.

Class A Class C Class SInstitutionalClass

Nasdaq Symbol SLANX SLAPX SLAFX SLARX

CUSIP Number 25156G 756 25156G 772 25156G 798 25156G 574

Fund Number 474 774 2074 1474


Privacy Statement

FACTS What Does DWS Do With Your Personal Information?

Why? Financial companies choose how they share your personal information.Federal law gives consumers the right to limit some but not all sharing.Federal law also requires us to tell you how we collect, share and protectyour personal information. Please read this notice carefully to understandwhat we do.

What? The types of personal information we collect and share can include:� Social Security number� Account balances� Purchase and transaction history� Bank account information� Contact information such as mailing address, e-mail address and

telephone number

How? All financial companies need to share customers’ personal information torun their everyday business. In the section below, we list the reasonsfinancial companies can share their customers’ personal information, thereasons DWS chooses to share and whether you can limit this sharing.

Reasons we can share your personal informationDoes DWS

share?Can you limitthis sharing?

For our everyday business purposes —

such as to process your transactions, maintain youraccount(s), respond to court orders or legal investigations Yes No

For our marketing purposes — to offer our products andservices to you Yes No

For joint marketing with other financial companies No We do not share

For our affiliates’ everyday business purposes —

information about your transactions and experiences No We do not share

For our affiliates’ everyday business purposes —

information about your creditworthiness No We do not share

For non-affiliates to market to you No We do not share

Questions? Call (800) 728-3337 or e-mail us at [email protected]


Who we are

Who is providingthis notice?

DWS Distributors, Inc; Deutsche Investment Management AmericasInc.; Deutsche AM Trust Company; the Deutsche Funds

What we do

How does DWSprotect my personalinformation?

To protect your personal information from unauthorized access anduse, we use security measures that comply with federal law. Thesemeasures include computer safeguards and secured files andbuildings.

How does DWScollect my personalinformation?

We collect your personal information, for example, when you:� open an account� give us your contact information� provide bank account information for ACH or wire transactions� tell us where to send money� seek advice about your investments

Why can’t I limit allsharing?

Federal law gives you the right to limit only� sharing for affiliates’ everyday business purposes — information

about your creditworthiness� affiliates from using your information to market to you� sharing for non-affiliates to market to youState laws and individual companies may give you additional rightsto limit sharing.

Definitions

Affiliates Companies related by common ownership or control. They can befinancial or non-financial companies. Our affiliates include financialcompanies with the DWS or Deutsche Bank (“DB”) name, such asDB AG Frankfurt.

Non-affiliates Companies not related by common ownership or control. They canbe financial and non-financial companies.Non-affiliates we share with include account service providers,service quality monitoring services, mailing service providers andverification services to help in the fight against money launderingand fraud.

Joint marketing A formal agreement between non-affiliated financial companies thattogether market financial products or services to you. DWS does notjointly market.

Rev. 3/2018


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