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 Board of Directors (the "Board") that, subject to the receipt of a
permanent exemptive order from the SEC (described below), DWSI believes the
Consent Order will not have any material impact on the Registrant or the ability
of the DWSI to perform services for the Registrant. The SEC has granted a
temporary exemptive order permitting DWSI to continue to provide investment
advisory services to 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 the provisions 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"). On September 24, 2020, the SEC granted a temporary order, effective as
of the date of the Consent Order, permitting DWSI to continue to provide
investment advisory services to the Registrant and other registered investment
companies. DB and DWSI also are seeking a permanent order from the SEC. While
there can be no assurance that the requested permanent order will be granted,
the SEC has granted this type of relief in the past.
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