Investment Portfolio | as of January 31, 2020 (Unaudited) |
DWS Latin America Equity Fund
Shares | Value ($) | ||||||||
Equity Securities 97.7% | |||||||||
Argentina 9.8% | |||||||||
Banco Macro SA (ADR) | 63,162 | 1,937,178 | |||||||
Cablevision Holding SA (GDR)* | 379,218 | 2,277,491 | |||||||
Globant SA* | 129,594 | 15,901,184 | |||||||
Grupo Clarin SA B, (GDR) (REG S)* | 112,076 | 148,752 | |||||||
Grupo Financiero Galicia SA (ADR) | 360,504 | 5,173,232 | |||||||
Grupo Supervielle SA (ADR) (a) | 585,000 | 1,690,650 | |||||||
Pampa Energia SA (ADR)* (a) | 470,446 | 6,195,774 | |||||||
(Cost $42,786,364) | 33,324,261 | ||||||||
Brazil 71.3% | |||||||||
Afya Ltd. "A"* | 122,227 | 3,649,698 | |||||||
Anima Holding SA | 553,826 | 4,773,203 | |||||||
B2W Cia Digital* | 306,852 | 5,101,542 | |||||||
B3 SA - Brasil Bolsa Balcao | 1,372,000 | 15,441,648 | |||||||
Banco Bradesco SA (Preferred) | 507,000 | 3,893,716 | |||||||
Banco do Brasil SA | 1,116,000 | 12,649,008 | |||||||
Banco Inter SA (Units) | 509,246 | 5,606,629 | |||||||
BRF SA* | 983,500 | 7,015,814 | |||||||
C&A Modas Ltd. | 3,152,543 | 11,778,053 | |||||||
Centrais Eletricas Brasileiras SA | 165,547 | 1,516,077 | |||||||
Centrais Eletricas Brasileiras SA (ADR)* | 33,891 | 310,373 | |||||||
Centrais Eletricas Brasileiras SA "B", (Preferred) | 156,904 | 1,497,377 | |||||||
Centrais Eletricas Brasileiras SA (Preferred) | 32,121 | 306,540 | |||||||
Cia Siderurgica Nacional SA | 1,970,000 | 5,934,012 | |||||||
Cogna Educacao | 1,530,000 | 4,151,357 | |||||||
Construtora Tenda SA | 1,390,828 | 11,620,003 | |||||||
Gafisa SA* | 1 | 2 | |||||||
Gerdau SA (Preferred) | 3,695,000 | 17,299,012 | |||||||
Grupo SBF SA* | 943,601 | 8,692,164 | |||||||
Lojas Renner SA | 500,000 | 6,707,374 | |||||||
Magazine Luiza SA | 1,570,934 | 20,468,434 | |||||||
Natura & Co. Holding SA | 1,543,627 | 17,149,809 | |||||||
Ouro Fino Saude Animal Participacoes SA | 43,572 | 427,214 | |||||||
Petroleo Brasileiro SA (ADR) | 141,450 | 1,995,860 | |||||||
Petroleo Brasileiro SA (ADR) (Preferred) | 125,702 | 1,665,552 | |||||||
Raia Drogasil SA | 458,678 | 13,304,297 | |||||||
Vale SA | 1,579,000 | 18,534,612 | |||||||
Vale SA (ADR) | 115,000 | 1,348,950 | |||||||
WEG SA | 2,445,265 | 22,502,193 | |||||||
XP, Inc. "A"* | 403,616 | 16,201,146 | |||||||
(Cost $165,804,826) | 241,541,669 | ||||||||
Chile 3.4% | |||||||||
Banco Santander Chile | 9,350,000 | 459,915 | |||||||
Banco Santander Chile (ADR) | 140,000 | 2,805,600 | |||||||
Embotelladora Andina SA "B", (Preferred) | 984,286 | 2,549,913 | |||||||
Itau CorpBanca | 441,885,335 | 2,121,471 | |||||||
S.A.C.I. Falabella | 932,669 | 3,649,254 | |||||||
(Cost $18,349,435) | 11,586,153 | ||||||||
Colombia 3.0% | |||||||||
Bancolombia SA (ADR) | 98,000 | 5,142,060 | |||||||
Grupo de Inversiones Suramericana SA | 524,111 | 4,903,962 | |||||||
Grupo de Inversiones Suramericana SA (Preferred) | 6,964 | 56,812 | |||||||
(Cost $13,622,185) | 10,102,834 | ||||||||
Mexico 6.7% | |||||||||
Corporativo Fragua SAB de CV | 176,000 | 2,254,082 | |||||||
Fomento Economico Mexicano SAB de CV (ADR) | 13,500 | 1,217,295 | |||||||
Fomento Economico Mexicano SAB de CV (Units) | 1,537,000 | 13,858,257 | |||||||
Regional SAB de CV | 959,770 | 5,465,896 | |||||||
(Cost $24,570,511) | 22,795,530 | ||||||||
Peru 3.5% | |||||||||
InRetail Peru Corp. 144A (Cost $5,867,546) | 315,000 | 11,844,000 | |||||||
Total Equity Securities (Cost $271,000,867) | 331,194,447 | ||||||||
Securities Lending Collateral 2.3% | |||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (b) (c) (Cost $7,934,707) | 7,934,707 | 7,934,707 | |||||||
Cash Equivalents 0.1% | |||||||||
DWS Central Cash Management Government Fund, 1.59% (b) (Cost $185,077) | 185,077 | 185,077 | |||||||
% of Net Assets | Value ($) | ||||||||
Total Investment Portfolio (Cost $279,120,651) | 100.1 | 339,314,231 | |||||||
Other Assets and Liabilities, Net | (0.1) | (446,075) | |||||||
Net Assets | 100.0 | 338,868,156 | |||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated investments during the period ended January 31, 2020 are as follows: |
Value ($) at 10/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 1/31/2020 | Value ($) at 1/31/2020 | ||||||||||
Securities Lending Collateral 2.3% | ||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (b) (c) | ||||||||||||||||||
15,035,808 | — | 7,101,101(d) | — | — | 11,415 | — | 7,934,707 | 7,934,707 | ||||||||||
Cash Equivalents 0.1% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 1.59% (b) | ||||||||||||||||||
214,152 | 28,603,790 | 28,632,865 | — | — | 5,413 | — | 185,077 | 185,077 | ||||||||||
15,249,960 | 28,603,790 | 35,733,966 | — | — | 16,828 | — | 8,119,784 | 8,119,784 | ||||||||||
* | 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, 2020 amounted to $7,371,310, which is 2.2% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2020. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
ADR: American Depositary Receipt | |
GDR: Global Depositary Receipt | |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. | |
At January 31, 2020 the DWS Latin America Equity Fund had the following sector diversification: |
Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral | ||||||
Financials | 83,548,923 | 25 | % | |||||
Consumer Discretionary | 80,591,084 | 24 | % | |||||
Consumer Staples | 69,193,467 | 21 | % | |||||
Materials | 43,116,586 | 13 | % | |||||
Industrials | 22,502,193 | 7 | % | |||||
Information Technology | 15,901,184 | 5 | % | |||||
Utilities | 9,826,141 | 3 | % | |||||
Energy | 3,661,412 | 1 | % | |||||
Communication Services | 2,426,243 | 1 | % | |||||
Health Care | 427,214 | 0 | % | |||||
Total | 331,194,447 | 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, 2020 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Common Stocks | |||||||||
Argentina | $ | 30,898,018 | $ | 2,426,243 | $ | — | $ | 33,324,261 | |
Brazil | 241,541,669 | — | — | 241,541,669 | |||||
Chile | 2,805,600 | 8,780,553 | — | 11,586,153 | |||||
Colombia | 10,102,834 | — | — | 10,102,834 | |||||
Mexico | 22,795,530 | — | — | 22,795,530 | |||||
Peru | 11,844,000 | — | — | 11,844,000 | |||||
Short-Term Investments(e) | 8,119,784 | — | — | 8,119,784 | |||||
Total | $ | 328,107,435 | $ | 11,206,796 | $ | — | $ | 339,314,231 |
(e) | See Investment Portfolio for additional detailed categorizations. |