Investment Portfolioas of July 31, 2022 (Unaudited)
DWS Latin America Equity Fund
Shares | Value ($) | ||
Equity Securities 99.4% | |||
Argentina 3.2% | |||
Globant SA* | 34,158 | 6,805,640 | |
MercadoLibre, Inc.* | 3,600 | 2,929,356 | |
(Cost $8,467,518) | 9,734,996 | ||
Brazil 68.2% | |||
Banco Bradesco SA (ADR) | 372,680 | 1,237,298 | |
Banco Bradesco SA (Preferred) | 3,990,937 | 13,444,277 | |
Banco BTG Pactual SA (Units) | 1,371,200 | 5,970,727 | |
Banco do Brasil SA | 2,229,500 | 15,499,336 | |
CCR SA | 1,927,295 | 4,838,631 | |
Centrais Eletricas Brasileiras SA | 852,600 | 7,548,676 | |
Centrais Eletricas Brasileiras SA "B" | 273,910 | 2,505,588 | |
Cosan SA | 740,100 | 2,670,545 | |
Energisa SA (Units) | 814,221 | 6,930,344 | |
Gerdau SA (ADR) (a) | 937,200 | 4,423,584 | |
Gerdau SA (Preferred) | 1,128,000 | 5,332,498 | |
Hapvida Participacoes e Investimentos SA 144A | 4,792,255 | 5,705,396 | |
Itau Unibanco Holding SA (Preferred) | 1,456,500 | 6,648,988 | |
Klabin SA (Units) | 646,800 | 2,491,394 | |
Localiza Rent a Car SA | 922,300 | 10,269,168 | |
Lojas Renner SA | 1,756,420 | 8,585,041 | |
Multiplan Empreendimentos Imobiliarios SA | 1,313,408 | 6,041,459 | |
Petroleo Brasileiro SA | 68,500 | 489,314 | |
Petroleo Brasileiro SA (ADR) | 951,000 | 13,580,280 | |
Petroleo Brasileiro SA (Preferred) | 2,210,434 | 14,589,266 | |
Petroleo Brasileiro SA (Preferred) (ADR) | 419,900 | 5,513,287 | |
Rumo SA | 2,791,700 | 9,463,756 | |
Sendas Distribuidora SA | 758,000 | 2,322,008 | |
Sequoia Logistica e Transportes SA* | 1,780,656 | 1,910,021 | |
Suzano SA | 943,700 | 8,807,575 | |
TOTVS SA | 1,940,922 | 9,891,984 | |
Vale SA | 1,215,607 | 16,387,118 | |
Vale SA (ADR) | 608,400 | 8,189,064 | |
Vibra Energia SA | 605,000 | 1,946,860 | |
WEG SA | 831,902 | 4,508,327 | |
(Cost $212,453,459) | 207,741,810 | ||
Chile 4.1% | |||
Cencosud SA | 4,469,863 | 6,106,316 | |
Empresas COPEC SA | 475,737 | 3,896,281 | |
Parque Arauco SA | 2,866,850 | 2,421,122 | |
(Cost $14,163,001) | 12,423,719 | ||
Mexico 20.6% | |||
America Movil SAB de CV "L" (ADR) | 348,954 | 6,605,699 | |
Cemex SAB de CV (ADR)* | 589,870 | 2,365,379 | |
Coca-Cola Femsa SAB de CV (ADR) | 52,665 | 3,172,013 |
Fomento Economico Mexicano SAB de CV (ADR) | 113,424 | 7,030,019 | |
Fomento Economico Mexicano SAB de CV (Units) | 936,400 | 5,811,647 | |
Gentera SAB de CV | 5,573,826 | 4,500,511 | |
Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 4,251 | 574,055 | |
Grupo Aeroportuario del Pacifico SAB de CV "B" | 384,016 | 5,198,264 | |
Grupo Aeroportuario del Sureste SAB de CV (ADR) | 8,977 | 1,685,970 | |
Grupo Aeroportuario del Sureste SAB de CV "B" | 70,261 | 1,320,916 | |
Grupo Financiero Banorte SAB de CV "O" | 2,355,934 | 13,426,819 | |
Grupo Mexico SAB de CV "B" | 721,765 | 2,860,435 | |
Regional SAB de CV | 864,795 | 4,735,151 | |
Wal-Mart de Mexico SAB de CV | 981,667 | 3,568,779 | |
(Cost $63,391,965) | 62,855,657 | ||
Peru 3.3% | |||
Credicorp Ltd. (Cost $9,067,566) | 79,335 | 10,265,949 | |
Total Equity Securities (Cost $307,543,509) | 303,022,131 | ||
Securities Lending Collateral 0.1% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.55% (b) (c) (Cost $217,000) | 217,000 | 217,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $307,760,509) | 99.5 | 303,239,131 | |
Other Assets and Liabilities, Net | 0.5 | 1,440,409 | |
Net Assets | 100.0 | 304,679,540 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2022 are as follows:
Value ($) at 10/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 7/31/2022 | Value ($) at 7/31/2022 |
Securities Lending Collateral 0.1% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.55% (b) (c) | ||||||||
3,825,448 | — | 3,608,448 (d) | — | — | 13,883 | — | 217,000 | 217,000 |
* | 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, 2022 amounted to $204,848, which is 0.1% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 31, 2022. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
At July 31, 2022 the DWS Latin America Equity Fund had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Securities Lending Collateral |
Financials | 75,729,056 | 25% |
Materials | 50,857,047 | 17% |
Energy | 40,738,973 | 13% |
Industrials | 39,769,108 | 13% |
Consumer Staples | 28,010,782 | 9% |
Utilities | 16,984,608 | 6% |
Information Technology | 16,697,624 | 6% |
Consumer Discretionary | 13,461,257 | 4% |
Real Estate | 8,462,581 | 3% |
Communication Services | 6,605,699 | 2% |
Health Care | 5,705,396 | 2% |
Total | 303,022,131 | 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, 2022 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities (a) | $303,022,131 | $— | $— | $303,022,131 |
Short-Term Investments | 217,000 | — | — | 217,000 |
Total | $303,239,131 | $— | $— | $303,239,131 |
(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-080548-1 (1/23)