| Investment Portfolio | as of November 30, 2020 (Unaudited) |
DWS ESG International Core Equity Fund
| | Shares | | Value ($) |
| Common Stocks 91.2% |
| Australia 1.2% |
| Sydney Airport (Units) (Cost $135,429) | | 25,715 | | 126,441 |
| Austria 0.9% |
| Erste Group Bank AG* (Cost $69,930) | | 3,321 | | 95,970 |
| Belgium 0.6% |
| KBC Group NV (Cost $56,498) | | 820 | | 57,474 |
| Denmark 2.5% |
| Novo Nordisk AS "B" (Cost $179,720) | | 3,880 | | 259,922 |
| Finland 2.0% |
| Neste Oyj (Cost $80,182) | | 3,017 | | 202,849 |
| France 12.6% |
| BNP Paribas SA* | | 3,438 | | 175,042 |
| Capgemini SE | | 1,317 | | 183,789 |
| Danone SA | | 1,428 | | 91,846 |
| Kering SA | | 212 | | 152,810 |
| LVMH Moet Hennessy Louis Vuitton SE | | 454 | | 261,370 |
| SEB SA | | 750 | | 133,721 |
| Valeo SA | | 1,770 | | 69,008 |
| Worldline SA 144A* | | 2,359 | | 220,712 |
| (Cost $902,596) | | 1,288,298 |
| Germany 8.7% |
| Allianz SE (Registered) | | 962 | | 225,931 |
| BASF SE | | 2,289 | | 167,361 |
| Bayerische Motoren Werke AG | | 542 | | 47,074 |
| Deutsche Boerse AG | | 717 | | 119,378 |
| LANXESS AG | | 1,338 | | 93,287 |
| Merck KGaA | | 1,256 | | 202,115 |
| Puma SE* | | 383 | | 37,979 |
| (Cost $655,173) | | 893,125 |
| Ireland 1.5% |
| Kingspan Group PLC (Cost $97,656) | | 1,783 | | 156,089 |
| Italy 2.2% |
| Moncler SpA* (Cost $65,423) | | 4,620 | | 227,391 |
| Japan 22.0% |
| Aeon Mall Co., Ltd. | | 3,300 | | 52,496 |
| AGC, Inc. | | 3,500 | | 115,173 |
| Amada Co., Ltd. | | 4,400 | | 41,932 |
| Astellas Pharma, Inc. | | 3,500 | | 49,465 |
| Central Japan Railway Co. | | 700 | | 88,593 |
| Chugai Pharmaceutical Co., Ltd. | | 4,100 | | 197,435 |
| CyberAgent, Inc. | | 1,900 | | 129,857 |
| Daiwa House REIT Investment Corp. (REIT) | | 21 | | 50,560 |
| Dentsu Group, Inc. | | 1,600 | | 51,606 |
| Japan Post Bank Co., Ltd. | | 5,800 | | 45,443 |
| Japan Prime Realty Investment Corp. (REIT) | | 13 | | 38,195 |
| Japan Real Estate Investment Corp. (REIT) | | 9 | | 46,521 |
| Japan Retail Fund Investment Corp. (REIT) | | 37 | | 59,115 |
| KDDI Corp. | | 2,700 | | 77,195 |
| Marubeni Corp. | | 5,900 | | 34,033 |
| Mitsubishi Corp. | | 6,600 | | 153,093 |
| Mitsubishi Electric Corp. | | 6,300 | | 91,729 |
| Mitsubishi UFJ Financial Group, Inc. | | 27,100 | | 114,829 |
| Nippon Telegraph & Telephone Corp. | | 2,300 | | 53,837 |
| NTT DoCoMo, Inc. | | 3,000 | | 111,074 |
| Shionogi & Co., Ltd. | | 1,400 | | 74,900 |
| SoftBank Corp. | | 4,700 | | 57,594 |
| SoftBank Group Corp. | | 1,600 | | 110,421 |
| Sumitomo Heavy Industries Ltd. | | 1,900 | | 40,652 |
| Sumitomo Mitsui Financial Group, Inc. | | 4,000 | | 115,048 |
| Takeda Pharmaceutical Co., Ltd. | | 1,500 | | 53,639 |
| Terumo Corp. | | 3,600 | | 142,332 |
| Toshiba Corp. | | 2,200 | | 61,326 |
| (Cost $2,208,127) | | 2,258,093 |
| Netherlands 7.2% |
| ASML Holding NV | | 543 | | 237,004 |
| Heineken NV | | 1,214 | | 128,542 |
| Koninklijke DSM NV | | 1,098 | | 180,187 |
| Koninklijke Philips NV* | | 2,030 | | 105,041 |
| Royal Dutch Shell PLC "A" | | 5,203 | | 87,377 |
| (Cost $496,671) | | 738,151 |
| Norway 1.6% |
| DNB ASA* (Cost $149,636) | | 8,764 | | 159,101 |
| Portugal 0.5% |
| Galp Energia SGPS SA (Cost $70,294) | | 4,692 | | 50,471 |
| Spain 3.5% |
| Grifols SA | | 4,579 | | 130,169 |
| Iberdrola SA | | 17,132 | | 233,233 |
| (Cost $251,630) | | 363,402 |
| Sweden 4.2% |
| Assa Abloy AB "B" | | 3,334 | | 79,389 |
| Epiroc AB "A" | | 3,373 | | 56,120 |
| Hexagon AB "B"* | | 945 | | 78,796 |
| Skanska AB "B" | | 2,679 | | 63,840 |
| Swedbank AB "A"* | | 4,066 | | 73,652 |
| Swedish Match AB | | 952 | | 76,891 |
| (Cost $332,964) | | 428,688 |
| Switzerland 9.4% |
| Kuehne & Nagel International AG (Registered) | | 378 | | 86,234 |
| Lonza Group AG (Registered) | | 237 | | 148,770 |
| Nestle SA (Registered) | | 3,573 | | 400,069 |
| Schindler Holding AG | | 252 | | 69,574 |
| Sika AG (Registered) | | 735 | | 188,116 |
| Swiss Prime Site AG (Registered) | | 554 | | 50,100 |
| Zurich Insurance Group AG | | 64 | | 25,878 |
| (Cost $634,140) | | 968,741 |
| United Kingdom 10.6% |
| British American Tobacco PLC | | 5,608 | | 197,741 |
| BT Group PLC | | 23,239 | | 36,321 |
| Compass Group PLC | | 9,951 | | 174,863 |
| Diageo PLC | | 5,638 | | 216,936 |
| M&G PLC | | 12,934 | | 32,329 |
| National Grid PLC | | 5,494 | | 61,983 |
| Prudential PLC | | 12,934 | | 200,382 |
| RELX PLC | | 4,741 | | 110,651 |
| SSE PLC | | 2,967 | | 52,654 |
| (Cost $1,154,107) | | 1,083,860 |
| Total Common Stocks (Cost $7,540,176) | | 9,358,066 |
| Preferred Stocks 0.3% |
| Germany | |
| Porsche Automobil Holding SE (Cost $40,654) | | 538 | | 34,489 |
| Exchange-Traded Funds 6.2% |
| United States | |
| iShares MSCI Australia ETF (a) | | 14,141 | | 321,284 |
| iShares MSCI Japan ETF (a) | | 4,837 | | 311,454 |
| Total Exchange-Traded Funds (Cost $597,154) | | 632,738 |
| Securities Lending Collateral 6.2% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.03% (b) (c) (Cost $636,425) | | | 636,425 | | 636,425 |
| Cash Equivalents 1.9% |
| DWS Central Cash Management Government Fund, 0.09% (b) (Cost $195,136) | | | 195,136 | | 195,136 |
| | % of
Net Assets | | Value ($) |
| Total Investment Portfolio (Cost $9,009,545) | 105.8 | | 10,856,854 |
| Other Assets and Liabilities, Net | (5.8) | | (593,271) |
| Net Assets | 100.0 | | 10,263,583 |
| | | | | | | | | | | |
| For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. |
| A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2020 are as follows: |
Value ($) at
8/31/2020 | | 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 11/30/2020 | | Value ($) at
11/30/2020 |
| Securities Lending Collateral 6.2% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.03% (b) (c) |
| — | | 636,425 (d) | | — | | — | | — | | 95 | | — | | 636,425 | | 636,425 |
| Cash Equivalents 1.9% |
| DWS Central Cash Management Government Fund, 0.09% (b) |
| 99,429 | | 789,852 | | 694,145 | | — | | — | | 12 | | — | | 195,136 | | 195,136 |
| 99,429 | | 1,426,277 | | 694,145 | | — | | — | | 107 | | — | | 831,561 | | 831,561 |
| * | 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 November 30, 2020 amounted to $607,458, which is 5.9% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| REIT: Real Estate Investment Trust |
| At November 30, 2020 the DWS ESG International Core Equity Fund had the following sector diversification: |
| Sector Diversification | Market Value ($) | | As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents | |
| Financials | | 1,440,457 | | 15% | | |
| Industrials | | 1,374,869 | | 15% | | |
| Health Care | | 1,363,788 | | 14% | | |
| Consumer Discretionary | | 1,138,705 | | 12% | | |
| Consumer Staples | | 1,112,025 | | 12% | | |
| Information Technology | | 720,301 | | 8% | | |
| Materials | | 628,951 | | 7% | | |
| Communication Services | | 627,905 | | 7% | | |
| Utilities | | 347,870 | | 4% | | |
| Energy | | 340,697 | | 3% | | |
| Real Estate | | 296,987 | | 3% | | |
| Total | 9,392,555 | | 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 November 30, 2020 in valuing the Fund's investments.
| Assets | | Level 1 | | Level 2 | | Level 3 | | Total |
| Common Stocks | | | | | | | | |
| Australia | $ | — | $ | 126,441 | $ | — | $ | 126,441 |
| Austria | | — | | 95,970 | | — | | 95,970 |
| Belgium | | — | | 57,474 | | — | | 57,474 |
| Denmark | | — | | 259,922 | | — | | 259,922 |
| Finland | | — | | 202,849 | | — | | 202,849 |
| France | | — | | 1,288,298 | | — | | 1,288,298 |
| Germany | | — | | 893,125 | | — | | 893,125 |
| Ireland | | — | | 156,089 | | — | | 156,089 |
| Italy | | — | | 227,391 | | — | | 227,391 |
| Japan | | — | | 2,258,093 | | — | | 2,258,093 |
| Netherlands | | — | | 738,151 | | — | | 738,151 |
| Norway | | — | | 159,101 | | — | | 159,101 |
| Portugal | | — | | 50,471 | | — | | 50,471 |
| Spain | | — | | 363,402 | | — | | 363,402 |
| Sweden | | — | | 428,688 | | — | | 428,688 |
| Switzerland | | — | | 968,741 | | — | | 968,741 |
| United Kingdom | | — | | 1,083,860 | | — | | 1,083,860 |
| Preferred Stocks | | — | | 34,489 | | — | | 34,489 |
| Exchange-Traded Funds | | 632,738 | | — | | — | | 632,738 |
| Short-Term Investments(e) | | 831,561 | | — | | — | | 831,561 |
| Total | $ | 1,464,299 | $ | 9,392,555 | $ | — | $ | 10,856,854 |
| (e) | 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
DEICEF-PH1
R-080548-1 (1/23)
