0001752724-24-062339.txt : 20240321 0001752724-24-062339.hdr.sgml : 20240321 20240321150142 ACCESSION NUMBER: 0001752724-24-062339 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240321 DATE AS OF CHANGE: 20240321 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE DWS INTERNATIONAL FUND, INC. CENTRAL INDEX KEY: 0000088053 ORGANIZATION NAME: IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 24770958 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 2024-10-31 2024-01-31 N 427963475.51 4979437.43 422984038.08 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 7426065.44000000 N Hypera SA 25490092WKPBKTIZX403 Hypera SA 000000000 605681.00000000 NS 3879028.36000000 0.917062586476 Long EC CORP BR N 1 N N N MRV Engenharia e Participacoes SA N/A MRV Engenharia e Participacoes SA 000000000 2261461.00000000 NS 3596865.95000000 0.850355007798 Long EC CORP BR N 1 N N N Banco do Brasil SA QE0Q0253K88YAGNPE356 Banco do Brasil SA 000000000 1668000.00000000 NS 19005046.02000000 4.493088227694 Long EC CORP BR N 1 N N N CCR SA N/A CCR SA 000000000 3067743.00000000 NS 8123847.12000000 1.920603708091 Long EC CORP BR N 1 N N N XP Inc 5493008KDA8NBZRJST80 XP Inc 000000000 115400.00000000 NS USD 2836532.00000000 0.670600246022 Long EC CORP KY N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 Grupo Mexico SAB de CV 000000000 1427318.00000000 NS 7357386.22000000 1.739400440119 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 128058.00000000 NS 1993989.14000000 0.471410020352 Long EC CORP MX N 1 N N N Suzano SA 391200AW174YQSDMGG41 Suzano SA 000000000 698400.00000000 NS 7276644.60000000 1.720311866383 Long EC CORP BR N 1 N N N Suzano SA 391200AW174YQSDMGG41 Suzano SA 86959K105 19400.00000000 NS USD 201760.00000000 0.047699199458 Long EC CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 Embraer SA 29082A107 205200.00000000 NS USD 3777732.00000000 0.893114552773 Long EC CORP BR N 1 N N N Gruma SAB de CV 5493000XJLJ6C4T0PG82 Gruma SAB de CV 000000000 170303.00000000 NS 3186100.34000000 0.753243634077 Long EC CORP MX N 1 N N N Natura & Co Holding SA N/A Natura & Co Holding SA 000000000 912200.00000000 NS 2945906.67000000 0.696458117751 Long EC CORP BR N 1 N N N Regional SAB de CV N/A Regional SAB de CV 000000000 681420.00000000 NS 6306445.79000000 1.490941790292 Long EC CORP MX N 1 N N N Direcional Engenharia SA N/A Direcional Engenharia SA 000000000 61366.00000000 NS 269894.47000000 0.063807247012 Long EC CORP BR N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 000000000 3070937.00000000 NS 9514549.28000000 2.249387310969 Long EP CORP BR N 1 N N N Fibra Uno Administracion SA de CV N/A Fibra Uno Administracion SA de CV 000000000 1301834.00000000 NS 2210882.71000000 0.522687030942 Long EC MX N 1 N N N Grupo Aeroportuario del Sureste SAB de CV 5299001W7JIDXCUOUC82 Grupo Aeroportuario del Sureste SAB de CV 000000000 161301.00000000 NS 4695127.56000000 1.110001119974 Long EC CORP MX N 1 N N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV 000000000 919332.00000000 NS 762215.24000000 0.180199527967 Long EC CORP MX N 1 N N N Banco BTG Pactual SA ZXLTQRYIK6IJH3R0IK66 Banco BTG Pactual SA 000000000 1976816.00000000 NS 14372055.61000000 3.397777295624 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 712058.00000000 NS 1534866.33000000 0.362866253054 Long EC MX N 1 N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 000000000 1287407.00000000 NS 17607520.25000000 4.162691417369 Long EC CORP BR N 1 N N N Localiza Rent a Car SA N/A Localiza Rent a Car SA 000000000 2871.00000000 NS 5215.36000000 0.001232992153 Long CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 000000000 1270060.00000000 NS 10369353.91000000 2.451476409622 Long EP CORP BR N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 059460303 2363100.00000000 NS USD 7325610.00000000 1.731888047892 Long EC CORP BR N 1 N N N GCC SAB de CV 254900WY9XL8033CKX68 GCC SAB de CV 000000000 386886.00000000 NS 4492521.63000000 1.062101929517 Long EC CORP MX N 1 N N N Cencosud SA 549300NLTGCFV7482429 Cencosud SA 000000000 3958341.00000000 NS 6887060.53000000 1.628208137891 Long EC CORP CL N 2 N N N Itau Unibanco Holding SA 5493002W2IVG62O3ZJ94 Itau Unibanco Holding SA 000000000 1321300.00000000 NS 8742171.40000000 2.066785176973 Long EP CORP BR N 1 N N N Gentera SAB de CV N/A Gentera SAB de CV 000000000 3598700.00000000 NS 4886361.97000000 1.155211906383 Long EC CORP MX N 1 N N N Gerdau SA 254900YDV6SEQQPZVG24 Gerdau SA 373737105 190180.00000000 NS USD 804461.40000000 0.190187176719 Long EC CORP BR N 1 N N N Oncoclinicas do Brasil Servicos Medicos SA N/A Oncoclinicas do Brasil Servicos Medicos SA 000000000 1593095.00000000 NS 3726782.47000000 0.881069292098 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 2113447.00000000 NS 8729334.88000000 2.063750424158 Long EC CORP MX N 1 N N N Gerdau SA 254900YDV6SEQQPZVG24 Gerdau SA 000000000 60060.00000000 NS 255058.61000000 0.060299819151 Long EP CORP BR N 1 N N N Telefonica Brasil SA 529900MTGG2HSDBIWG79 Telefonica Brasil SA 000000000 130503.00000000 NS 1352864.94000000 0.319838296059 Long EC CORP BR N 1 N N N Hapvida Participacoes e Investimentos S/A N/A Hapvida Participacoes e Investimentos S/A 000000000 12999166.00000000 NS 10180196.21000000 2.406756589730 Long EC CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 71654V101 509500.00000000 NS USD 8355800.00000000 1.975440973595 Long EC CORP BR N 1 N N N Allos SA N/A Allos SA 000000000 940350.00000000 NS 4659614.18000000 1.101605205045 Long EC CORP BR N 1 N N N Arca Continental SAB de CV 254900U2BSJCQHJCXN24 Arca Continental SAB de CV 000000000 455044.00000000 NS 5173460.18000000 1.223086384886 Long EC CORP MX N 1 N N N Localiza Rent a Car SA N/A Localiza Rent a Car SA 000000000 1158640.00000000 NS 12656547.07000000 2.992204416849 Long EC CORP BR N 1 N N N DWS N/A DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares 147539670 2231985.00000000 NS USD 2231985.00000000 0.527675940239 Long STIV RF US N 1 N N Energisa S/A N/A Energisa S/A 000000000 383624.00000000 NS 3918781.41000000 0.926460825280 Long EC CORP BR N 1 N N N Grupo Financiero Banorte SAB de CV N/A Grupo Financiero Banorte SAB de CV 000000000 2060730.00000000 NS 20953917.86000000 4.953831817180 Long EC CORP MX N 1 N N N Equatorial Energia SA N/A Equatorial Energia SA 000000000 331400.00000000 NS 2369914.02000000 0.560284504057 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 305935.00000000 NS 4869617.73000000 1.151253307832 Long EC CORP BR N 1 N N N Fomento Economico Mexicano SAB de CV 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 000000000 1051598.00000000 NS 14240243.20000000 3.366614793465 Long EC CORP MX N 1 N N N Fomento Economico Mexicano SAB de CV 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 344419106 95899.00000000 NS USD 12998150.46000000 3.072964766945 Long EC CORP MX N 1 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 91912E105 256700.00000000 NS USD 3514223.00000000 0.830816930102 Long EC CORP BR N 1 N N N Parque Arauco SA 2549001WW2PV1Y0UEU97 Parque Arauco SA 000000000 3150383.00000000 NS 5023214.37000000 1.187565940502 Long EC CORP CL N 2 N N N B3 SA - Brasil Bolsa Balcao 4GTK5S46E6H318LMDS44 B3 SA - Brasil Bolsa Balcao 000000000 4290612.00000000 NS 11336208.44000000 2.680055845950 Long EC CORP BR N 1 N N N Telefonica Brasil SA 529900MTGG2HSDBIWG79 Telefonica Brasil SA 87936R205 20700.00000000 NS USD 213624.00000000 0.050504033431 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 19708.00000000 NS USD 5761436.72000000 1.362093176412 Long EC CORP MX N 1 N N N Sociedad Quimica y Minera de Chile SA TJ88LXZZW5PWIN93ZC81 Sociedad Quimica y Minera de Chile SA 833635105 7400.00000000 NS USD 311318.00000000 0.073600413248 Long EC CORP CL N 1 N N N Grupo Aeroportuario del Pacifico SAB de CV 4469000001BZ368XFI90 Grupo Aeroportuario del Pacifico SAB de CV 400506101 6045.00000000 NS USD 942355.05000000 0.222787378520 Long EC CORP MX N 1 N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 71654V408 654000.00000000 NS USD 11163780.00000000 2.639291083104 Long EC CORP BR N 1 N N N Centrais Eletricas Brasileiras SA 254900I8KYDELP4B4Z08 Centrais Eletricas Brasileiras SA 000000000 1341774.00000000 NS 11052356.88000000 2.612948925961 Long EC CORP BR N 1 N N N Grupo Televisa SAB 549300O4AF0C816ILN62 Grupo Televisa SAB 40049J206 3130.00000000 NS USD 9421.30000000 0.002227341732 Long EC CORP MX N 1 N N N Multiplan Empreendimentos Imobiliarios SA N/A Multiplan Empreendimentos Imobiliarios SA 000000000 777671.00000000 NS 4373065.17000000 1.033860565956 Long EC CORP BR N 1 N N N Rumo SA N/A Rumo SA 000000000 2748850.00000000 NS 12794380.95000000 3.024790488094 Long EC CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 Embraer SA 000000000 779100.00000000 NS 3582249.72000000 0.846899503882 Long EC CORP BR N 1 N N N Credicorp Ltd 529900UYAEYQCQ2BKB17 Credicorp Ltd 000000000 73597.00000000 NS USD 10924002.71000000 2.582604005481 Long EC CORP BM N 1 N N N TOTVS SA N/A TOTVS SA 000000000 1054912.00000000 NS 6711372.97000000 1.586672868428 Long EC CORP BR N 1 N N N MercadoLibre Inc 549300DKPDN9M5S8GB14 MercadoLibre Inc 58733R102 2432.00000000 NS USD 4163121.92000000 0.984226719026 Long EC CORP US N 1 N N N Kimberly-Clark de Mexico SAB de CV 549300JGHL56QT00KT54 Kimberly-Clark de Mexico SAB de CV 000000000 4197913.00000000 NS 9531675.92000000 2.253436314823 Long EC CORP MX N 1 N N N Grupo Traxion SAB de CV 4469000001BS6B603745 Grupo Traxion SAB de CV 000000000 2006200.00000000 NS 3672856.06000000 0.868320250729 Long EC CORP MX N 1 N N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV 151290889 1477112.00000000 NS USD 12230487.36000000 2.891477280210 Long EC CORP MX N 1 N N N PRIO SA/Brazil N/A PRIO SA/Brazil 000000000 1124148.00000000 NS 9967669.47000000 2.356511965615 Long EC CORP BR N 1 N N N Coca-Cola Femsa SAB de CV 5493008KEVFYPMGTXO33 Coca-Cola Femsa SAB de CV 191241108 43273.00000000 NS USD 4108338.62000000 0.971275095544 Long EC CORP MX N 1 N N N 2024-02-26 DEUTSCHE DWS INTERNATIONAL FUND, INC. Diane Kenneally Diane Kenneally Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_KEC4_89335506_0124.htm EDGAR HTML
Investment Portfolioas of January 31, 2024 (Unaudited)
DWS Latin America Equity Fund  
 
 
Shares
Value ($)
 
Equity Securities 97.6%
Brazil 59.0%
Allos SA
940,350
4,659,614
B3 SA - Brasil Bolsa Balcao
4,532,512
11,975,331
Banco Bradesco SA (ADR)
2,363,100
7,325,610
Banco Bradesco SA (Preferred)
3,070,937
9,514,549
Banco BTG Pactual SA (Units)
1,976,816
14,372,056
Banco do Brasil SA
1,668,000
19,005,046
CCR SA
3,067,743
8,123,847
Centrais Eletricas Brasileiras SA
1,341,774
11,052,357
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
305,935
4,869,618
Direcional Engenharia SA
61,366
269,894
Embraer SA*
779,100
3,582,250
Embraer SA (ADR)*
205,200
3,777,732
Energisa SA (Units)
383,624
3,918,781
Equatorial Energia SA
392,000
2,803,278
Gerdau SA (ADR)
2,680
11,336
Gerdau SA (Preferred)
50,160
213,016
Hapvida Participacoes e Investimentos SA 144A*
13,542,366
10,605,599
Hypera SA
605,681
3,879,028
Itaú Unibanco Holding SA (Preferred)
1,321,300
8,742,171
Localiza Rent a Car SA
1,197,140
13,077,107
MRV Engenharia e Participacoes SA*
2,261,461
3,596,866
Multiplan Empreendimentos Imobiliarios SA
777,671
4,373,065
Natura & Co. Holding SA*
912,200
2,945,907
Oncoclinicas Do Brasil Servicos Medicos SA*
1,593,095
3,726,783
Petroleo Brasileiro SA (ADR)
654,000
11,163,780
Petroleo Brasileiro SA (ADR) (Preferred)
509,500
8,355,800
Petroleo Brasileiro SA (Preferred)
1,270,060
10,369,354
PRIO SA
1,124,148
9,967,670
Rumo SA
2,934,150
13,656,850
Suzano SA
698,400
7,276,645
Suzano SA (ADR)
19,400
201,760
Telefonica Brasil SA
130,503
1,352,865
Telefonica Brasil SA (ADR)
20,700
213,624
TOTVS SA
1,054,912
6,711,373
Vale SA
1,287,407
17,607,520
Vale SA (ADR)
256,700
3,514,223
XP, Inc. "A"
115,400
2,836,532
(Cost $213,520,511)
249,648,837
Chile 2.9%
Cencosud SA
3,958,341
6,887,061
Parque Arauco SA
3,150,383
5,023,214
Sociedad Quimica y Minera de Chile SA (ADR)
7,400
311,318
(Cost $10,046,976)
12,221,593
Mexico 32.1%
Arca Continental SAB de CV
455,044
5,173,460
Cemex SAB de CV (ADR)*
1,477,112
12,230,487
Cemex SAB de CV (Units)*
919,332
762,215
Coca-Cola Femsa SAB de CV (ADR)
43,273
4,108,339
Fibra Uno Administracion SA de CV
1,301,834
2,210,883
Fomento Economico Mexicano SAB de CV (ADR)
95,899
12,998,151
Fomento Economico Mexicano SAB de CV (Units)
1,051,598
14,240,243
GCC SAB de CV
386,886
4,492,522
Gentera SAB de CV
3,598,700
4,886,362
Gruma SAB de CV "B"
170,303
3,186,100
Grupo Aeroportuario del Pacifico SAB de CV (ADR) (a)
6,045
942,355
Grupo Aeroportuario del Pacifico SAB de CV "B"
128,058
1,993,989
Grupo Aeroportuario del Sureste SAB de CV (ADR)
19,708
5,761,437
Grupo Aeroportuario del Sureste SAB de CV "B"
161,301
4,695,128
Grupo Financiero Banorte SAB de CV "O"
2,060,730
20,953,918
Grupo Mexico SAB de CV "B"
1,427,318
7,357,386
Grupo Televisa SAB (ADR)
3,130
9,421
Grupo Traxion SAB de CV 144A*
2,006,200
3,672,856
Kimberly-Clark de Mexico SAB de CV "A"
4,104,513
9,319,604
Regional SAB de CV
681,420
6,306,446
TF Administradora Industrial S de Real de CV (a)
712,058
1,534,866
Wal-Mart de Mexico SAB de CV
2,113,447
8,729,335
(Cost $95,118,854)
135,565,503
Peru 2.6%
Credicorp Ltd. (Cost $8,673,529)
73,597
10,924,003
Uruguay 1.0%
MercadoLibre, Inc.* (Cost $3,846,997)
2,432
4,163,122
Total Equity Securities (Cost $331,206,867)
412,523,058
 
Rights 0.0%
Brazil
Localiza Rent a Car SA, Expiration Date 2/5/2024* (Cost $0)
2,871
5,215
 
Securities Lending Collateral 0.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.26% (b) (c) (Cost $2,231,985)
2,231,985
2,231,985
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $333,438,852)
98.1
414,760,258
Other Assets and Liabilities, Net
1.9
8,184,673
Net Assets
100.0
422,944,931
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2024 are as follows: 
Value ($) at
10/31/2023
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
1/31/2024
Value ($) at
1/31/2024
Securities Lending Collateral 0.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
5.26% (b) (c)
4,437,600
—
2,205,615 (d)
—
—
11,905
—
2,231,985
2,231,985
 
*
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 January 31, 2024 amounted to $2,118,977, which is 0.5% 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 January 31, 2024.
 
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
At January 31, 2024 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
116,842,024
28%
Consumer Staples
67,588,200
16%
Industrials
59,288,766
14%
Materials
53,978,428
13%
Energy
39,856,604
10%
Utilities
22,644,034
6%
Health Care
18,211,410
5%
Real Estate
17,801,642
4%
Consumer Discretionary
8,029,882
2%
Information Technology
6,711,373
2%
Communication Services
1,575,910
0%
Total
412,528,273
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 January 31, 2024 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity Securities
Brazil
$249,648,837
$—
$—
$249,648,837
Chile
311,318
11,910,275
—
12,221,593
Mexico
135,565,503
—
—
135,565,503
Peru
10,924,003
—
—
10,924,003
Uruguay
4,163,122
—
—
4,163,122
Rights
5,215
—
—
5,215
Short-Term Investments
2,231,985
—
—
2,231,985
Total
$402,849,983
$11,910,275
$—
$414,760,258
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-PH1
R-080548-2 (1/25)