0001752724-24-220500.txt : 20240926 0001752724-24-220500.hdr.sgml : 20240926 20240926162609 ACCESSION NUMBER: 0001752724-24-220500 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240731 FILED AS OF DATE: 20240926 DATE AS OF CHANGE: 20240926 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: 241329349 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 2024-07-31 N 283683665.82 993065.13 282690600.69 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 9202605.46000000 N Banco do Brasil SA QE0Q0253K88YAGNPE356 Banco do Brasil SA 000000000 2354600.00000000 NS 11052505.68000000 3.909753508968 Long EC CORP BR N 1 N N N CCR SA N/A CCR SA 000000000 956843.00000000 NS 2094307.32000000 0.740847879231 Long EC CORP BR N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 Grupo Mexico SAB de CV 000000000 1205018.00000000 NS 6776973.11000000 2.397311086204 Long EC CORP MX N 1 N N N Suzano SA 391200AW174YQSDMGG41 Suzano SA 000000000 281600.00000000 NS 2681501.73000000 0.948564162888 Long EC CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 Embraer SA 29082A107 32534.00000000 NS USD 1010506.04000000 0.357460077389 Long EC CORP BR N 1 N N N Cia Paranaense de Energia - Copel 2549001AS1I9A71VG663 Cia Paranaense de Energia - Copel 000000000 1876532.00000000 NS 3347543.45000000 1.184172180408 Long EP CORP BR N 1 N N N Natura & Co Holding SA N/A Natura & Co Holding SA 000000000 1164979.00000000 NS 3075084.02000000 1.087791391894 Long EC CORP BR N 1 N N N Regional SAB de CV N/A Regional SAB de CV 000000000 501050.00000000 NS 3632484.76000000 1.284968354495 Long EC CORP MX N 1 N N N Direcional Engenharia SA N/A Direcional Engenharia SA 000000000 249896.00000000 NS 1228239.85000000 0.434482026286 Long EC CORP BR N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 000000000 3437937.00000000 NS 7555237.56000000 2.672617179898 Long EP CORP BR N 1 N N N Localiza Rent a Car SA N/A Localiza Rent a Car SA 000000000 13695.00000000 NS 28062.38000000 0.009926888241 Long CORP BR N 1 N N N Southern Copper Corp 2549007U6NAP46Q9TU15 Southern Copper Corp 84265V105 5400.00000000 NS USD 575694.00000000 0.203648086846 Long EC CORP US N 1 N N N BBB Foods Inc N/A BBB Foods Inc 000000000 21351.00000000 NS USD 579679.65000000 0.205057985155 Long EC CORP VG N 1 N N N Despegar.com Corp N/A Despegar.com Corp 000000000 188741.00000000 NS USD 2193170.42000000 0.775820071359 Long EC CORP VG N 1 N N Grupo Aeroportuario del Sureste SAB de CV 5299001W7JIDXCUOUC82 Grupo Aeroportuario del Sureste SAB de CV 000000000 100701.00000000 NS 3024381.11000000 1.069855560325 Long EC CORP MX N 1 N N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV 000000000 871232.00000000 NS 559279.41000000 0.197841530151 Long EC CORP MX N 1 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 000000000 779800.00000000 NS 8496782.09000000 3.005682562229 Long EC CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 000000000 713260.00000000 NS 4717529.87000000 1.668796153280 Long EP CORP BR N 1 N N N Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 059460303 2771400.00000000 NS USD 6152508.00000000 2.176410529739 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 20441A102 25450.00000000 NS USD 397783.50000000 0.140713380292 Long EC CORP BR N 1 N N N GCC SAB de CV 254900WY9XL8033CKX68 GCC SAB de CV 000000000 290999.00000000 NS 2484682.57000000 0.878940638257 Long EC CORP MX N 1 N N N Cencosud SA 549300NLTGCFV7482429 Cencosud SA 000000000 3629312.00000000 NS 6708567.69000000 2.373113104441 Long EC CORP CL N 1 N N N Atacadao SA 549300SMI26ISJIRM371 Atacadao SA 000000000 1364290.00000000 NS 2233555.58000000 0.790106064562 Long EC CORP BR N 1 N N N Itau Unibanco Holding SA 5493002W2IVG62O3ZJ94 Itau Unibanco Holding SA 000000000 1252400.00000000 NS 7501801.05000000 2.653714354736 Long EP CORP BR N 1 N N N Santos Brasil Participacoes SA N/A Santos Brasil Participacoes SA 000000000 156013.00000000 NS 361611.77000000 0.127917861123 Long EC CORP BR N 1 N N N Gentera SAB de CV N/A Gentera SAB de CV 000000000 2704139.00000000 NS 3188767.85000000 1.128006322890 Long EC CORP MX N 1 N N Gerdau SA 254900YDV6SEQQPZVG24 Gerdau SA 373737105 40800.00000000 NS USD 132192.00000000 0.046762078285 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 1375987.00000000 NS 4578991.68000000 1.619789150691 Long EC CORP MX N 1 N N N Gerdau SA 254900YDV6SEQQPZVG24 Gerdau SA 000000000 948339.00000000 NS 3061564.87000000 1.083009078663 Long EP CORP BR N 1 N N N Fibra MTY SAPI de CV N/A Fibra MTY SAPI de CV 000000000 5917882.00000000 NS 3049308.53000000 1.078673476428 Long EC MX N 1 N N N Alsea SAB de CV 4469000001BJLPKNUN21 Alsea SAB de CV 000000000 314138.00000000 NS 944555.35000000 0.334130440734 Long EC CORP MX N 1 N N N Hapvida Participacoes e Investimentos S/A N/A Hapvida Participacoes e Investimentos S/A 000000000 10478666.00000000 NS 7540141.37000000 2.667276998809 Long EC CORP BR N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 71654V101 337400.00000000 NS USD 4440184.00000000 1.570686817730 Long EC CORP BR N 1 N N N Allos SA N/A Allos SA 000000000 973750.00000000 NS 3759925.04000000 1.330049542086 Long EC CORP BR N 1 N N N Arca Continental SAB de CV 254900U2BSJCQHJCXN24 Arca Continental SAB de CV 000000000 438080.00000000 NS 4316373.01000000 1.526889468367 Long EC CORP MX N 1 N N N Banco Santander Brasil SA 549300D1H731B30TSI43 Banco Santander Brasil SA 000000000 168400.00000000 NS 852993.64000000 0.301741068828 Long EC CORP BR N 1 N N N Localiza Rent a Car SA N/A Localiza Rent a Car SA 000000000 874419.00000000 NS 6775949.15000000 2.396948866874 Long EC CORP BR N 1 N N N DWS N/A DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares 147539670 510004.00000000 NS USD 510004.00000000 0.180410667618 Long STIV RF US N 1 N N Energisa S/A N/A Energisa S/A 000000000 320245.00000000 NS 2487268.35000000 0.879855341468 Long EC CORP BR N 1 N N N Grupo Financiero Banorte SAB de CV N/A Grupo Financiero Banorte SAB de CV 000000000 1516667.00000000 NS 11389451.99000000 4.028946120670 Long EC CORP MX N 1 N N N Equatorial Energia SA N/A Equatorial Energia SA 000000000 696500.00000000 NS 4019299.35000000 1.421801552718 Long EC CORP BR N 1 N N N Cyrela Brazil Realty SA Empreendimentos e Participacoes N/A Cyrela Brazil Realty SA Empreendimentos e Participacoes 000000000 729000.00000000 NS 2511993.14000000 0.888601578499 Long EC CORP BR N 1 N N N TIM SA/Brazil N/A TIM SA/Brazil 000000000 409500.00000000 NS 1266259.73000000 0.447931316750 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 350685.00000000 NS 5470937.72000000 1.935309382995 Long EC CORP BR N 1 N N N Lojas Renner SA N/A Lojas Renner SA 000000000 1792400.00000000 NS 4202014.44000000 1.486435852392 Long EC CORP BR N 1 N N N Fomento Economico Mexicano SAB de CV 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 000000000 880098.00000000 NS 9708901.40000000 3.434462050136 Long EC CORP MX N 1 N N N Fomento Economico Mexicano SAB de CV 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV 344419106 35947.00000000 NS USD 3963156.75000000 1.401941465449 Long EC CORP MX N 1 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 91912E105 53000.00000000 NS USD 575050.00000000 0.203420275947 Long EC CORP BR N 1 N N N Parque Arauco SA 2549001WW2PV1Y0UEU97 Parque Arauco SA 000000000 3062835.00000000 NS 4877773.06000000 1.725481161416 Long EC CORP CL N 1 N N N B3 SA - Brasil Bolsa Balcao 4GTK5S46E6H318LMDS44 B3 SA - Brasil Bolsa Balcao 000000000 5727412.00000000 NS 10986699.47000000 3.886474981192 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 15462.00000000 NS USD 4646176.38000000 1.643555310526 Long EC CORP MX N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA 71654V408 312100.00000000 NS USD 4453667.00000000 1.575456343128 Long EC CORP BR N 1 N N N Centrais Eletricas Brasileiras SA 254900I8KYDELP4B4Z08 Centrais Eletricas Brasileiras SA 000000000 1391874.00000000 NS 9737445.82000000 3.444559456958 Long EC CORP BR N 1 N N N Grupo Televisa SAB 549300O4AF0C816ILN62 Grupo Televisa SAB 40049J206 2830.00000000 NS USD 6169.40000000 0.002182385967 Long EC CORP MX N 1 N N N Multiplan Empreendimentos Imobiliarios SA N/A Multiplan Empreendimentos Imobiliarios SA 000000000 809953.00000000 NS 3431039.47000000 1.213708365833 Long EC CORP BR N 1 N N N Rumo SA N/A Rumo SA 000000000 2929469.00000000 NS 11472068.16000000 4.058171064760 Long EC CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 Embraer SA 000000000 289900.00000000 NS 2245435.32000000 0.794308446944 Long EC CORP BR N 1 N N N Credicorp Ltd 529900UYAEYQCQ2BKB17 Credicorp Ltd 000000000 49053.00000000 NS USD 8370403.92000000 2.960977089287 Long EC CORP BM N 1 N N N TOTVS SA N/A TOTVS SA 000000000 1047170.00000000 NS 5137587.85000000 1.817388989043 Long EC CORP BR N 1 N N N MercadoLibre Inc 549300DKPDN9M5S8GB14 MercadoLibre Inc 58733R102 1820.00000000 NS USD 3037398.00000000 1.074460202279 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 2271640.00000000 NS 4048008.59000000 1.431957263566 Long EC CORP MX N 1 N N N Grupo Traxion SAB de CV 4469000001BS6B603745 Grupo Traxion SAB de CV 000000000 1901600.00000000 NS 2325073.69000000 0.822480013245 Long EC CORP MX N 1 N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV 151290889 679193.00000000 NS USD 4360419.06000000 1.542470478097 Long EC CORP MX N 1 N N N PRIO SA/Brazil N/A PRIO SA/Brazil 000000000 954986.00000000 NS 8112775.88000000 2.869842810549 Long EC CORP BR N 1 N N N TIM SA/Brazil N/A TIM SA/Brazil 88706T108 79300.00000000 NS USD 1218048.00000000 0.430876724244 Long EC CORP BR N 1 N N N Coca-Cola Femsa SAB de CV 5493008KEVFYPMGTXO33 Coca-Cola Femsa SAB de CV 191241108 73270.00000000 NS USD 6625806.10000000 2.343836718952 Long EC CORP MX N 1 N N N 2024-08-23 DEUTSCHE DWS INTERNATIONAL FUND, INC. Diane Kenneally Diane Kenneally Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_KEC4_21926822_0724.htm EDGAR HTML
Investment Portfolioas of July 31, 2024 (Unaudited)
DWS Latin America Equity Fund  
 
 
Shares
Value ($)
 
Equity Securities 96.7%
Argentina 0.8%
Despegar.com Corp.* (a) (Cost $2,456,180)
188,741
2,193,170
Brazil 58.9%
Allos SA
973,750
3,759,925
Atacadao SA*
1,364,290
2,233,556
B3 SA - Brasil Bolsa Balcao
5,727,412
10,986,699
Banco Bradesco SA (ADR)
2,771,400
6,152,508
Banco Bradesco SA (Preferred)
3,437,937
7,555,238
Banco do Brasil SA
2,354,600
11,052,506
Banco Santander Brasil SA (Units)
168,400
852,994
CCR SA
956,843
2,094,307
Centrais Eletricas Brasileiras SA
1,391,874
9,737,446
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
350,685
5,470,938
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR)
25,450
397,784
Cia Paranaense de Energia - Copel "B" (Preferred)
1,876,532
3,347,543
Cyrela Brazil Realty SA Empreendimentos e Participacoes
729,000
2,511,993
Direcional Engenharia SA
249,896
1,228,240
Embraer SA*
289,900
2,245,435
Embraer SA (ADR)*
32,534
1,010,506
Energisa SA (Units)
320,245
2,487,268
Equatorial Energia SA
762,257
4,398,764
Gerdau SA (ADR)
40,800
132,192
Gerdau SA (Preferred)
948,339
3,061,565
Hapvida Participacoes e Investimentos SA 144A*
10,478,666
7,540,141
Itaú Unibanco Holding SA (Preferred)
1,252,400
7,501,801
Localiza Rent a Car SA
874,419
6,775,949
Lojas Renner SA
1,792,400
4,202,014
Multiplan Empreendimentos Imobiliarios SA
809,953
3,431,039
Natura & Co. Holding SA
1,164,979
3,075,084
Petroleo Brasileiro SA (ADR)
312,100
4,453,667
Petroleo Brasileiro SA (ADR) (Preferred)
337,400
4,440,184
Petroleo Brasileiro SA (Preferred)
713,260
4,717,530
PRIO SA
954,986
8,112,776
Rumo SA
2,929,469
11,472,068
Santos Brasil Participacoes SA
80,299
186,120
Suzano SA
281,600
2,681,502
TIM SA
409,500
1,266,260
TIM SA (ADR)
79,300
1,218,048
TOTVS SA
1,047,170
5,137,588
Vale SA
779,800
8,496,782
Vale SA (ADR)
105,300
1,142,505
(Cost $167,727,993)
166,568,465
Chile 4.1%
Cencosud SA
3,629,312
6,708,568
Parque Arauco SA
3,062,835
4,877,773
(Cost $8,867,827)
11,586,341
Mexico 28.5%
Alsea SAB de CV
361,738
1,087,680
Arca Continental SAB de CV
438,080
4,316,373
BBB Foods, Inc. "A"*
21,351
579,680
Cemex SAB de CV (ADR)
679,193
4,360,419
Cemex SAB de CV (Units)
871,232
559,279
Coca-Cola Femsa SAB de CV (ADR)
76,470
6,915,182
Fibra MTY SAPI de CV (REIT)
5,917,882
3,049,308
Fomento Economico Mexicano SAB de CV (ADR)
35,947
3,963,157
Fomento Economico Mexicano SAB de CV (Units)
880,098
9,708,901
GCC SAB de CV
290,999
2,484,683
Gentera SAB de CV (a)
2,704,139
3,188,768
Grupo Aeroportuario del Sureste SAB de CV (ADR)
15,462
4,646,176
Grupo Aeroportuario del Sureste SAB de CV "B"
100,701
3,024,381
Grupo Financiero Banorte SAB de CV "O"
1,516,667
11,389,452
Grupo Mexico SAB de CV "B"
1,205,018
6,776,973
Grupo Televisa SAB (ADR)
2,830
6,169
Grupo Traxion SAB de CV 144A* (a)
1,901,600
2,325,074
Kimberly-Clark de Mexico SAB de CV "A"
2,271,640
4,048,009
Regional SAB de CV
501,050
3,632,485
Wal-Mart de Mexico SAB de CV
1,375,987
4,578,992
(Cost $67,284,904)
80,641,141
Peru 3.0%
Credicorp Ltd. (Cost $5,220,001)
49,053
8,370,404
United States 0.3%
Southern Copper Corp. (Cost $861,211)
8,200
874,202
Uruguay 1.1%
MercadoLibre, Inc.* (Cost $2,763,299)
1,820
3,037,398
Total Equity Securities (Cost $255,181,415)
273,271,121
 
Rights 0.0%
Brazil
Localiza Rent a Car SA, Expiration Date 8/6/2024* (Cost $0)
13,695
28,062
 
Securities Lending Collateral 0.2%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.24% (b) (c) (Cost $510,004)
510,004
510,004
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $255,691,419)
96.9
273,809,187
Other Assets and Liabilities, Net
3.1
8,860,865
Net Assets
100.0
282,670,052
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2024 are as follows: 
Value ($) 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
7/31/2024
Value ($) at
7/31/2024
Securities Lending Collateral 0.2%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
5.24% (b) (c)
4,437,600
—
3,927,596 (d)
—
—
8,695
—
510,004
510,004
 
*
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, 2024 amounted to $493,627, which is 0.2% 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, 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
REIT: Real Estate Investment Trust
Securities are listed in country of domicile.
At July 31, 2024 the DWS Latin America Equity Fund had the following sector diversification: 
Sector Diversification
Market Value ($)
(As a % of Net Assets)
Financials
70,682,854
25%
Consumer Staples
46,127,500
16%
Industrials
33,808,079
12%
Materials
30,570,102
11%
Utilities
25,839,743
9%
Energy
21,724,157
8%
Real Estate
15,118,046
5%
Consumer Discretionary
14,260,496
5%
Health Care
7,540,141
3%
Information Technology
5,137,588
2%
Communication Services
2,490,477
1%
Total
273,299,183
97%
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, 2024 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity Securities (a)
$273,271,121
$—
$—
$273,271,121
Rights
28,062
—
—
28,062
Short-Term Investments
510,004
—
—
510,004
Total
$273,809,187
$—
$—
$273,809,187
 
(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)