Investment Portfolio | as of January 31, 2021 (Unaudited) |
DWS Latin America Equity Fund
Shares | Value ($) | ||
Equity Securities 94.9% | |||
Argentina 8.9% | |||
Cablevision Holding SA (GDR) | 379,218 | 1,528,825 | |
Globant SA* | 107,821 | 20,701,632 | |
Grupo Clarin SA "B", (GDR) (REG S)* | 112,076 | 100,123 | |
Pampa Energia SA (ADR)* | 314,438 | 3,965,063 | |
(Cost $26,905,832) | 26,295,643 | ||
Brazil 49.0% | |||
Ambev SA | 1,600,000 | 4,418,613 | |
Banco Bradesco SA (Preferred) | 1,799,000 | 8,134,529 | |
Banco do Brasil SA | 690,000 | 4,270,096 | |
Banco Santander Brasil SA (Units) | 1,352,300 | 9,703,421 | |
Boa Vista Servicos SA | 1,300,000 | 2,259,568 | |
Cia Siderurgica Nacional SA | 536,909 | 2,983,155 | |
Construtora Tenda SA | 864,201 | 4,591,571 | |
Grupo Mateus SA* | 4,100,000 | 6,317,030 | |
Itau Unibanco Holding SA (Preferred) | 1,659,000 | 8,593,059 | |
Lojas Quero Quero SA | 1,270,404 | 4,121,371 | |
Magazine Luiza SA | 1,222,336 | 5,645,435 | |
Natura & Co. Holding SA* | 38,800 | 347,905 | |
Natura & Co. Holding SA (ADR) (a) | 185,000 | 3,294,850 | |
Pet Center Comercio e Participacoes SA | 1,253,185 | 4,924,421 | |
Petroleo Brasileiro SA | 720,000 | 3,596,447 | |
Petroleo Brasileiro SA (ADR) | 800,000 | 8,040,000 | |
Petroleo Brasileiro SA (Preferred) | 2,679,500 | 13,070,851 | |
Raia Drogasil SA | 1,445,390 | 6,583,163 | |
Sequoia Logistica e Transportes SA* | 3,770,000 | 19,272,380 | |
Usinas Siderurgicas de Minas Gerais SA Usiminas “A”, (Preferred) | 1,793,389 | 4,326,632 | |
Vale SA (ADR) | 645,000 | 10,416,750 | |
Vale SA | 250,000 | 4,018,624 | |
WEG SA | 343,138 | 5,254,877 | |
(Cost $110,684,968) | 144,184,748 | ||
Chile 9.9% | |||
Antofagasta PLC | 718,000 | 14,018,009 | |
Banco de Chile | 16,900,000 | 1,737,022 | |
Banco Santander Chile (ADR) | 220,000 | 4,441,800 | |
Banco Santander Chile | 124,350,000 | 6,341,473 | |
Embotelladora Andina SA “B”, (Preferred) | 984,286 | 2,495,090 | |
(Cost $21,231,977) | 29,033,394 | ||
Colombia 2.0% | |||
Ecopetrol SA (ADR) (a) | 220,000 | 2,503,600 | |
Grupo de Inversiones Suramericana SA | 524,111 | 3,333,512 | |
Grupo de Inversiones Suramericana SA (Preferred) | 6,964 | 40,000 | |
(Cost $11,374,040) | 5,877,112 |
Mexico 19.2% | |||
America Movil SAB de CV "L" (ADR) | 660,000 | 8,718,600 | |
Cemex SAB de CV (ADR)* | 1,570,000 | 8,996,100 | |
Corporativo Fragua SAB de CV | 176,000 | 2,330,182 | |
Fomento Economico Mexicano SAB de CV (Units) | 967,000 | 6,585,355 | |
Fresnillo PLC | 144,393 | 1,950,887 | |
Grupo Aeroportuario del Pacifico SAB de CV "B"* | 1,266,000 | 12,729,788 | |
Grupo Financiero Banorte SAB de CV "O"* | 2,028,606 | 10,103,940 | |
Industrias Penoles SAB de CV* | 82,504 | 1,231,664 | |
Regional SAB de CV* | 959,770 | 3,941,336 | |
(Cost $58,570,971) | 56,587,852 | ||
Peru 5.9% | |||
Credicorp Ltd. | 17,198 | 2,585,375 | |
InRetail Peru Corp. 144A | 315,000 | 13,230,000 | |
Southern Copper Corp. | 24,000 | 1,593,840 | |
(Cost $9,728,975) | 17,409,215 | ||
Total Equity Securities (Cost $238,496,763) | 279,387,964 | ||
Securities Lending Collateral 2.1% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b) (c) (Cost $6,174,036) | 6,174,036 | 6,174,036 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $244,670,799) | 97.0 | 285,562,000 | |
Other Assets and Liabilities, Net | 3.0 | 8,756,634 | |
Net Assets | 100.0 | 294,318,634 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2021 are as follows:
Value ($) at 10/31/2020 | 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 1/31/2021 | Value ($) at 1/31/2021 |
Securities Lending Collateral 2.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b) (c) | ||||||||
15,547,698 | — | 9,373,662 (d) | — | — | 9,521 | — | 6,174,036 | 6,174,036 |
* | 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, 2021 amounted to $5,740,466, which is 2.0% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
GDR: Global Depositary Receipt |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
At January 31, 2021 the DWS Latin America Equity Fund had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Securities Lending Collateral |
Financials | 63,225,563 | 23% |
Materials | 49,535,661 | 18% |
Consumer Staples | 45,602,188 | 16% |
Industrials | 39,516,613 | 14% |
Energy | 27,210,898 | 10% |
Information Technology | 20,701,632 | 7% |
Consumer Discretionary | 19,282,798 | 7% |
Communication Services | 10,347,548 | 4% |
Utilities | 3,965,063 | 1% |
Total | 279,387,964 | 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, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | ||||
Argentina | $24,666,695 | $1,628,948 | $— | $26,295,643 |
Brazil | 144,184,748 | — | — | 144,184,748 |
Chile | 4,441,800 | 24,591,594 | — | 29,033,394 |
Colombia | 5,877,112 | — | — | 5,877,112 |
Mexico | 54,636,965 | 1,950,887 | — | 56,587,852 |
Peru | 17,409,215 | — | — | 17,409,215 |
Short-Term Investments | 6,174,036 | — | — | 6,174,036 |
Total | $257,390,571 | $28,171,429 | $— | $285,562,000 |
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 closedend 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-080548-1 (1/23)