0001752724-23-220268.txt : 20230927 0001752724-23-220268.hdr.sgml : 20230927 20230927170125 ACCESSION NUMBER: 0001752724-23-220268 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230731 FILED AS OF DATE: 20230927 DATE AS OF CHANGE: 20230927 PERIOD START: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE DWS INTERNATIONAL FUND, INC. CENTRAL INDEX KEY: 0000088053 IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 231285336 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 BUSINESS PHONE: 212-454-4500 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 FORMER COMPANY: FORMER CONFORMED NAME: DEUTSCHE INTERNATIONAL FUND, INC. DATE OF NAME CHANGE: 20140811 FORMER COMPANY: FORMER CONFORMED NAME: DWS INTERNATIONAL FUND, INC. DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19920703 0000088053 S000006031 DWS Latin America Equity Fund C000016574 Class A SLANX C000016577 Class C SLAPX C000016579 Class S SLAFX C000152125 Institutional Class SLARX NPORT-P 1 primary_doc.xml NPORT-P false 0000088053 XXXXXXXX S000006031 C000016577 C000016579 C000016574 C000152125 DEUTSCHE DWS INTERNATIONAL FUND, INC. 811-00642 0000088053 549300UT7NMHUZHXST73 875 Third Avenue NEW YORK 10022-6225 212-454-4500 DWS Latin America Equity Fund S000006031 549300KVAI286X4TG844 2023-10-31 2023-07-31 N 407604549.38 1986322.20 405618227.18 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 11399345.76000000 N Hypera SA 25490092WKPBKTIZX403 Hypera SA 000000000 374355.00000000 NS 3424709.98000000 0.844318561276 Long EC CORP BR N 1 N N N Banco do Brasil SA QE0Q0253K88YAGNPE356 Banco do Brasil SA 000000000 1818500.00000000 NS 18532067.67000000 4.568844896059 Long EC CORP BR N 1 N N N CCR SA N/A CCR SA 000000000 2196843.00000000 NS 6174156.69000000 1.522159576734 Long EC CORP BR N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 Grupo Mexico SAB de CV 000000000 919462.00000000 NS 4783179.15000000 1.179231807025 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Centro Norte SAB de CV 529900HUSBARAFSXJ605 Grupo Aeroportuario del Centro Norte SAB de CV 400501102 10294.00000000 NS USD 932636.40000000 0.229929608066 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Pacifico SAB de CV 4469000001BZ368XFI90 Grupo Aeroportuario del Pacifico SAB de CV 000000000 303641.00000000 NS 5777248.29000000 1.424306873526 Long EC CORP MX N 1 N N N Suzano SA 391200AW174YQSDMGG41 Suzano SA 000000000 693800.00000000 NS 7052808.04000000 1.738779859335 Long EC CORP BR N 1 N N N Suzano SA 391200AW174YQSDMGG41 Suzano SA 86959K105 19400.00000000 NS USD 197104.00000000 0.048593477016 Long EC CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 Embraer SA 29082A107 74600.00000000 NS USD 1166744.00000000 0.287645850659 Long EC CORP BR N 1 N N N Gruma SAB de CV 5493000XJLJ6C4T0PG82 Gruma SAB de CV 000000000 391052.00000000 NS 6984989.74000000 1.722060122534 Long EC CORP MX N 1 N N N Regional SAB de CV N/A Regional SAB de CV 000000000 681420.00000000 NS 5283294.03000000 1.302528751415 Long EC CORP MX N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 000000000 3075537.00000000 NS 10835516.03000000 2.671358263491 Long EP CORP BR N 1 N N N Fibra Uno Administracion SA de CV N/A Fibra Uno Administracion SA de CV 000000000 1847907.00000000 NS 2777654.18000000 0.684795207382 Long EC MX N 1 N N N Grupo Aeroportuario del Sureste SAB de CV 5299001W7JIDXCUOUC82 Grupo Aeroportuario del Sureste SAB de CV 000000000 81784.00000000 NS 2320331.01000000 0.572048013259 Long EC CORP MX N 1 N N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV 000000000 124832.00000000 NS 95124.30000000 0.023451682795 Long EC CORP MX N 1 N N N Banco BTG Pactual SA ZXLTQRYIK6IJH3R0IK66 Banco BTG Pactual SA 000000000 475316.00000000 NS 3418556.10000000 0.842801400658 Long EC CORP BR N 1 N N N TF Administradora Industrial S de RL de CV N/A TF Administradora Industrial S de RL de CV 000000000 718267.00000000 NS 1460554.87000000 0.360081172918 Long EC MX N 1 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 000000000 990507.00000000 NS 14486590.35000000 3.571484065377 Long EC CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 000000000 1513960.00000000 NS 9960199.97000000 2.455560254095 Long EP CORP BR N 1 N N N Globant SA 2221008DCMSPYS42DS88 Globant SA 000000000 17500.00000000 NS USD 3057775.00000000 0.753855422439 Long EC CORP LU N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 059460303 351500.00000000 NS USD 1240795.00000000 0.305902180142 Long EC CORP BR N 1 N N N GCC SAB de CV 254900WY9XL8033CKX68 GCC SAB de CV 000000000 434091.00000000 NS 4201440.93000000 1.035811669315 Long EC CORP MX N 1 N N N Cencosud SA 549300NLTGCFV7482429 Cencosud SA 000000000 4050741.00000000 NS 8705559.99000000 2.146244770735 Long EC CORP CL N 1 N N N Itau Unibanco Holding SA 5493002W2IVG62O3ZJ94 Itau Unibanco Holding SA 000000000 1384800.00000000 NS 8387136.56000000 2.067741535756 Long EP CORP BR N 1 N N N Gentera SAB de CV N/A Gentera SAB de CV 000000000 3241400.00000000 NS 4216046.10000000 1.039412387680 Long EC CORP MX N 1 N N N America Movil SAB de CV 5493000FNR3UCEAONM59 America Movil SAB de CV 02390A101 205872.00000000 NS USD 4306842.24000000 1.061797017836 Long EC CORP MX N 1 N N N Gerdau SA 254900YDV6SEQQPZVG24 Gerdau SA 373737105 1115780.00000000 NS USD 6862047.00000000 1.691750158198 Long EC CORP BR N 1 N N N Oncoclinicas do Brasil Servicos Medicos SA N/A Oncoclinicas do Brasil Servicos Medicos SA 000000000 1653400.00000000 NS 4209767.06000000 1.037864370461 Long EC CORP BR N 1 N N N Wal-Mart de Mexico SAB de CV N/A Wal-Mart de Mexico SAB de CV 000000000 2340370.00000000 NS 9748629.89000000 2.403400349578 Long EC CORP MX N 1 N N N Gerdau SA 254900YDV6SEQQPZVG24 Gerdau SA 000000000 1227360.00000000 NS 7591917.53000000 1.871690427420 Long EP CORP BR N 1 N N N Telefonica Brasil SA 529900MTGG2HSDBIWG79 Telefonica Brasil SA 000000000 363903.00000000 NS 3240593.25000000 0.798926930017 Long EC CORP BR N 1 N N N Alsea SAB de CV 4469000001BJLPKNUN21 Alsea SAB de CV 000000000 428131.00000000 NS 1490085.08000000 0.367361469517 Long EC CORP MX N 1 N N N Hapvida Participacoes e Investimentos S/A N/A Hapvida Participacoes e Investimentos S/A 000000000 7073366.00000000 NS 7179943.28000000 1.770123431069 Long EC CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 71654V101 428500.00000000 NS USD 5656200.00000000 1.394463961672 Long EC CORP BR N 1 N N N Arca Continental SAB de CV 254900U2BSJCQHJCXN24 Arca Continental SAB de CV 000000000 184399.00000000 NS 1850156.82000000 0.456132564077 Long EC CORP MX N 1 N N N Localiza Rent a Car SA N/A Localiza Rent a Car SA 000000000 570338.00000000 NS 8107453.42000000 1.998789225120 Long EC CORP BR N 1 N N N DWS N/A DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares 147539670 185850.00000000 NS USD 185850.00000000 0.045818946868 Long STIV RF US N 1 N N Energisa S/A N/A Energisa S/A 000000000 663924.00000000 NS 7046755.60000000 1.737287707456 Long EC CORP BR N 1 N N N Grupo Financiero Banorte SAB de CV N/A Grupo Financiero Banorte SAB de CV 000000000 2160530.00000000 NS 20486649.95000000 5.050722225288 Long EC CORP MX N 1 N N N Equatorial Energia SA N/A Equatorial Energia SA 000000000 303100.00000000 NS 2149822.68000000 0.530011359436 Long EC CORP BR N 1 N N N TIM SA/Brazil N/A TIM SA/Brazil 000000000 1504500.00000000 NS 4562417.13000000 1.124805746950 Long EC CORP BR N 1 N N N Cia de Saneamento Basico do Estado de Sao Paulo SABESP 254900UOXRZRS2TNWP19 Cia de Saneamento Basico do Estado de Sao Paulo SABESP 000000000 391035.00000000 NS 4804469.15000000 1.184480584958 Long EC CORP BR N 1 N N N Lojas Renner SA N/A Lojas Renner SA 000000000 1063206.00000000 NS 4215725.61000000 1.039333374959 Long EC CORP BR N 1 N N N WEG SA 254900NKQV127YFRO022 WEG SA 000000000 475200.00000000 NS 4011627.60000000 0.989015613990 Long EC CORP BR N 1 N N N Fomento Economico Mexicano SAB de CV 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 000000000 969400.00000000 NS 10983252.79000000 2.707780877195 Long EC CORP MX N 1 N N N Fomento Economico Mexicano SAB de CV 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 344419106 111322.00000000 NS USD 12607216.50000000 3.108148415235 Long EC CORP MX N 1 N N N Ambev SA 549300TH5Q6VRP8OT012 Ambev SA 02319V103 1170300.00000000 NS USD 3651336.00000000 0.900190315752 Long EC CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 000000000 114500.00000000 NS 842874.97000000 0.207800072462 Long EC CORP BR N 1 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 91912E105 262300.00000000 NS USD 3837449.00000000 0.946074101915 Long EC CORP BR N 1 N N N Parque Arauco SA 2549001WW2PV1Y0UEU97 Parque Arauco SA 000000000 3138050.00000000 NS 5030934.39000000 1.240312701176 Long EC CORP CL N 1 N N N B3 SA - Brasil Bolsa Balcao 4GTK5S46E6H318LMDS44 B3 SA - Brasil Bolsa Balcao 000000000 6093112.00000000 NS 19199020.63000000 4.733273640950 Long EC CORP BR N 1 N N N America Movil SAB de CV 5493000FNR3UCEAONM59 America Movil SAB de CV 000000000 1274200.00000000 NS 1336216.90000000 0.329427232422 Long EC CORP MX N 1 N N N Telefonica Brasil SA 529900MTGG2HSDBIWG79 Telefonica Brasil SA 87936R205 20700.00000000 NS USD 185886.00000000 0.045827822209 Long EC CORP BR N 1 N N N Grupo Aeroportuario del Sureste SAB de CV 5299001W7JIDXCUOUC82 Grupo Aeroportuario del Sureste SAB de CV 40051E202 6684.00000000 NS USD 1891505.16000000 0.466326469880 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Pacifico SAB de CV 4469000001BZ368XFI90 Grupo Aeroportuario del Pacifico SAB de CV 400506101 763.00000000 NS USD 145244.68000000 0.035808223168 Long EC CORP MX N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 71654V408 689500.00000000 NS USD 10121860.00000000 2.495415472418 Long EC CORP BR N 1 N N N Centrais Eletricas Brasileiras SA 254900I8KYDELP4B4Z08 Centrais Eletricas Brasileiras SA 000000000 927800.00000000 NS 7583287.34000000 1.869562764159 Long EC CORP BR N 1 N N N Grupo Televisa SAB 549300O4AF0C816ILN62 Grupo Televisa SAB 40049J206 97871.00000000 NS USD 519695.01000000 0.128124175684 Long EC CORP MX N 1 N N N Multiplan Empreendimentos Imobiliarios SA N/A Multiplan Empreendimentos Imobiliarios SA 000000000 890671.00000000 NS 4974384.59000000 1.226371069314 Long EC CORP BR N 1 N N N Rumo SA N/A Rumo SA 000000000 1864737.00000000 NS 9164470.08000000 2.259383199742 Long EC CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 Embraer SA 000000000 613900.00000000 NS 2403021.73000000 0.592434355503 Long EC CORP BR N 1 N N N Credicorp Ltd 529900UYAEYQCQ2BKB17 Credicorp Ltd 000000000 58746.00000000 NS USD 9226059.30000000 2.274567236325 Long EC CORP BM N 1 N N N Centrais Eletricas Brasileiras SA 254900I8KYDELP4B4Z08 Centrais Eletricas Brasileiras SA 000000000 175531.00000000 NS 1619543.75000000 0.399277853280 Long EP CORP BR N 1 N N N TOTVS SA N/A TOTVS SA 000000000 1462831.00000000 NS 9147430.65000000 2.255182345624 Long EC CORP BR N 1 N N N Kimberly-Clark de Mexico SAB de CV 549300JGHL56QT00KT54 Kimberly-Clark de Mexico SAB de CV 000000000 4487191.00000000 NS 10582213.95000000 2.608909866691 Long EC CORP MX N 1 N N N Ambev SA 549300TH5Q6VRP8OT012 Ambev SA 000000000 1776400.00000000 NS 5582300.61000000 1.376245009700 Long EC CORP BR N 1 N N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV 151290889 1139412.00000000 NS USD 8682319.44000000 2.140515109580 Long EC CORP MX N 1 N N N PRIO SA/Brazil N/A PRIO SA/Brazil 000000000 812348.00000000 NS 7837021.57000000 1.932117702028 Long EC CORP BR N 1 N N N TIM SA/Brazil N/A TIM SA/Brazil 88706T108 11900.00000000 NS USD 179690.00000000 0.044300277442 Long EC CORP BR N 1 N N Coca-Cola Femsa SAB de CV 5493008KEVFYPMGTXO33 Coca-Cola Femsa SAB de CV 191241108 23436.00000000 NS USD 1976123.52000000 0.487188047178 Long EC CORP MX N 1 N N N 2023-08-25 DEUTSCHE DWS INTERNATIONAL FUND, INC. Diane Kenneally Diane Kenneally Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_KEC4_34859456_0723.htm EDGAR HTML
Investment Portfolioas of July 31, 2023 (Unaudited)
DWS Latin America Equity Fund  
 
 
Shares
Value ($)
 
Equity Securities 97.2%
Brazil 59.9%
Ambev SA
1,776,400
5,582,301
Ambev SA (ADR)
1,170,300
3,651,336
B3 SA - Brasil Bolsa Balcao
6,093,112
19,199,021
Banco Bradesco SA (ADR)
351,500
1,240,795
Banco Bradesco SA (Preferred)
3,075,537
10,835,516
Banco BTG Pactual SA (Units)
475,316
3,418,556
Banco do Brasil SA
1,818,500
18,532,068
CCR SA
2,196,843
6,174,157
Centrais Eletricas Brasileiras SA
927,800
7,583,287
Centrais Eletricas Brasileiras SA "B" (Preferred)
175,531
1,619,544
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
391,035
4,804,469
Embraer SA*
613,900
2,403,022
Embraer SA (ADR)*
74,600
1,166,744
Energisa SA (Units)
663,924
7,046,756
Equatorial Energia SA
470,100
3,334,317
Gerdau SA (ADR)
1,115,780
6,862,047
Gerdau SA (Preferred)
1,227,360
7,591,917
Hapvida Participacoes e Investimentos SA 144A*
7,073,366
7,179,943
Hypera SA
374,355
3,424,710
Itaú Unibanco Holding SA (Preferred)
1,384,800
8,387,136
Localiza Rent a Car SA
568,802
8,085,348
Lojas Renner SA
1,219,406
4,835,075
Multiplan Empreendimentos Imobiliarios SA
890,671
4,974,385
Oncoclinicas Do Brasil Servicos Medicos SA*
1,653,400
4,209,767
Petroleo Brasileiro SA
114,500
842,875
Petroleo Brasileiro SA (ADR)
689,500
10,121,860
Petroleo Brasileiro SA (Preferred)
1,513,960
9,960,200
Petroleo Brasileiro SA (Preferred) (ADR)
428,500
5,656,200
PRIO SA*
812,348
7,837,022
Rumo SA
1,864,737
9,164,470
Suzano SA
749,700
7,621,058
Suzano SA (ADR)
19,400
197,104
Telefonica Brasil SA
363,903
3,240,593
Telefonica Brasil SA (ADR)
20,700
185,886
TIM SA
1,504,500
4,562,417
TIM SA (ADR) (a)
11,900
179,690
TOTVS SA
1,462,831
9,147,431
Vale SA
990,507
14,486,590
Vale SA "B" (ADR)
262,300
3,837,449
WEG SA
475,200
4,011,628
(Cost $196,306,044)
243,194,690
Chile 3.4%
Cencosud SA
4,050,741
8,705,560
Parque Arauco SA
3,138,050
5,030,935
(Cost $9,948,874)
13,736,495
Mexico 30.8%
Alsea SAB de CV*
428,131
1,490,085
America Movil SAB de CV (ADR)
205,872
4,306,842
America Movil SAB de CV "B"
1,274,200
1,336,217
Arca Continental SAB de CV
169,489
1,700,558
Cemex SAB de CV (ADR)*
1,139,412
8,682,320
Cemex SAB de CV (Units)*
592,532
451,520
Coca-Cola Femsa SAB de CV (ADR)
22,829
1,924,941
Fibra Uno Administracion SA de CV
1,995,407
2,999,367
Fomento Economico Mexicano SAB de CV (ADR)
111,322
12,607,217
Fomento Economico Mexicano SAB de CV (Units)
969,400
10,983,253
GCC SAB de CV
434,091
4,201,441
Gentera SAB de CV
3,241,400
4,216,046
Gruma SAB de CV "B"
391,052
6,984,990
Grupo Aeroportuario del Centro Norte SAB de CV (ADR)
10,294
932,636
Grupo Aeroportuario del Pacifico SAB de CV (ADR)
763
145,245
Grupo Aeroportuario del Pacifico SAB de CV "B"
303,641
5,777,248
Grupo Aeroportuario del Sureste SAB de CV (ADR)
6,684
1,891,505
Grupo Aeroportuario del Sureste SAB de CV "B"
81,784
2,320,331
Grupo Financiero Banorte SAB de CV "O"
2,096,630
19,880,735
Grupo Mexico SAB de CV "B"
919,462
4,783,179
Grupo Televisa SAB (ADR)
97,871
519,695
Kimberly-Clark de Mexico SAB de CV "A"
4,487,191
10,582,214
Regional SAB de CV
681,420
5,283,294
TF Administradora Industrial S de Real de CV
718,267
1,460,555
Wal-Mart de Mexico SAB de CV
2,340,370
9,748,630
(Cost $91,596,733)
125,210,064
Peru 2.3%
Credicorp Ltd. (Cost $6,289,085)
58,746
9,226,059
Uruguay 0.8%
Globant SA* (Cost $3,039,534)
17,500
3,057,775
Total Equity Securities (Cost $307,180,270)
394,425,083
 
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.18% (b) (c) (Cost $185,850)
185,850
185,850
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $307,366,120)
97.2
394,610,933
Other Assets and Liabilities, Net
2.8
11,359,675
Net Assets
100.0
405,970,608
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2023 are as follows: 
Value ($) at
10/31/2022
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
7/31/2023
Value ($) at
7/31/2023
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.18% (b) (c)
215
185,635 (d)
—
—
—
31,962
—
185,850
185,850
 
*
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 July 31, 2023 amounted to $178,180, which is 0.0% of net assets.
(b)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(c)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended July 31, 2023.
 
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
At July 31, 2023 the DWS Latin America Equity Fund had the following sector diversification: 
Sector Diversification
Market Value ($)
(As a % of Investment Portfolio excluding
Securities Lending Collateral)
Financials
100,219,226
25%
Consumer Staples
72,471,000
18%
Materials
58,714,625
15%
Industrials
42,072,334
11%
Energy
34,418,157
9%
Utilities
24,388,373
6%
Health Care
14,814,420
4%
Real Estate
14,465,242
4%
Communication Services
14,331,340
4%
Information Technology
12,205,206
3%
Consumer Discretionary
6,325,160
1%
Total
394,425,083
100%
Sector diversification is subject to change.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of July 31, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity Securities (a)
$394,425,083
$—
$—
$394,425,083
Short-Term Investments
185,850
—
—
185,850
Total
$394,610,933
$—
$—
$394,610,933
 
(a)
See Investment Portfolio for additional detailed categorizations.
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DLAEF-PH3
R-080548-2 (1/25)