ITEM 8.01 OTHER EVENTS
The recent Consent Order involving Deutsche Bank AG ("DB"), described below,
does not involve the Registrant or DWS International GmbH ("DWSI"). DWSI has
informed the Registrant's Board of Directors (the "Board") that, subject to the
receipt of temporary and permanent exemptive orders (described below), DWSI
believes the Consent Order will not have any material impact on the Registrant
or the ability of DWSI to perform services for the Registrant.
On June 17, 2020, DB resolved with the Commodity Futures Trading Commission
("CFTC") charges stemming from alleged violations of various swap data reporting
requirements and corresponding supervision and other failures. The matter, which
was resolved by the issuance of a federal court order ("Consent Order"),
involved unintentional conduct that resulted from a system outage that prevented
DB from reporting data in accordance with applicable CFTC requirements for a
period of five days in April 2016.
The matter giving rise to the Consent Order did not arise out of any investment
advisory or fund management activities of DWSI. DWS Group GmbH & Co. KGaA ("DWS
Group"), of which DWSI is a wholly-owned subsidiary, is a separate publicly
traded company but continues to be an affiliate of DB due to, among other
things, DB's 79.49% ownership interest in DWS Group. Under a provision of the
Investment Company Act of 1940, as a result of the Consent Order, DWSI would not
be eligible to continue to provide investment advisory services to the
Registrant absent an order from the Securities and Exchange Commission (the
"SEC"). DB and DWSI are seeking temporary and permanent orders from the SEC to
permit DWSI to continue to provide investment advisory services to the
Registrant and other registered investment companies notwithstanding the Consent
Order. While there can be no assurance that the requested exemptive orders will
be granted, the SEC has granted this type of relief in the past.
Consistent with its fiduciary and other relationships with the Registrant, and
in accordance with the desire of the Board, DWSI continues to provide investment
advisory services to the Registrant.
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