Investment Portfolio | as of November 30, 2019 (Unaudited) |
DWS CROCI® International Fund
Shares | Value ($) | |||||||||
Common Stocks 95.9% | ||||||||||
Australia 7.3% | ||||||||||
Australia & New Zealand Banking Group Ltd. | 574,804 | 9,660,597 | ||||||||
BHP Group Ltd. | 767,393 | 19,842,572 | ||||||||
Boral Ltd. | 2,445,621 | 8,496,381 | ||||||||
National Australia Bank Ltd. | 102,250 | 1,790,713 | ||||||||
Westpac Banking Corp. | 205,416 | 3,411,290 | ||||||||
(Cost $44,585,747) | 43,201,553 | |||||||||
Belgium 4.4% | ||||||||||
UCB SA (Cost $26,541,870) | 325,223 | 26,351,726 | ||||||||
Finland 0.4% | ||||||||||
Nokian Renkaat Oyj (Cost $4,031,039) | 79,663 | 2,154,528 | ||||||||
France 8.6% | ||||||||||
Arkema SA | 40,519 | 4,192,461 | ||||||||
Atos SE | 72,883 | 6,186,104 | ||||||||
BNP Paribas SA | 39,625 | 2,221,395 | ||||||||
Credit Agricole SA | 373,066 | 5,097,103 | ||||||||
Sanofi | 286,961 | 26,716,477 | ||||||||
Television Francaise 1 | 592,406 | 4,779,096 | ||||||||
TOTAL SA | 40,671 | 2,138,131 | ||||||||
(Cost $53,792,058) | 51,330,767 | |||||||||
Germany 2.6% | ||||||||||
Bayer AG (Registered) | 50,398 | 3,815,501 | ||||||||
Brenntag AG | 217,107 | 11,572,422 | ||||||||
(Cost $15,033,791) | 15,387,923 | |||||||||
Hong Kong 0.9% | ||||||||||
Yue Yuen Industrial Holdings Ltd. (Cost $5,111,093) | 1,743,122 | 5,164,036 | ||||||||
Italy 2.5% | ||||||||||
Intesa Sanpaolo SpA (Cost $11,838,525) | 5,749,761 | 14,563,336 | ||||||||
Japan 30.2% | ||||||||||
Bridgestone Corp. | 427,831 | 17,097,551 | ||||||||
Central Japan Railway Co. | 105,204 | 21,243,333 | ||||||||
Hitachi Ltd. | 39,200 | 1,540,993 | ||||||||
ITOCHU Corp. | 69,100 | 1,507,943 | ||||||||
KDDI Corp. | 255,200 | 7,324,318 | ||||||||
Mitsubishi Corp. | 312,359 | 8,169,849 | ||||||||
Nintendo Co., Ltd. | 20,000 | 7,736,847 | ||||||||
Sekisui House Ltd. | 713,147 | 15,393,026 | ||||||||
Seven & I Holdings Co., Ltd. | 100,700 | 3,749,846 | ||||||||
Shin-Etsu Chemical Co., Ltd. | 41,523 | 4,443,219 | ||||||||
Shionogi & Co., Ltd. | 152,800 | 8,999,171 | ||||||||
Sony Corp. | 65,004 | 4,116,000 | ||||||||
Subaru Corp. | 147,584 | 3,865,082 | ||||||||
Sumitomo Electric Industries Ltd. | 822,536 | 12,283,927 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 727,126 | 26,478,644 | ||||||||
Tokyo Electron Ltd. | 35,423 | 7,311,494 | ||||||||
Toyota Industries Corp. | 221,942 | 13,061,455 | ||||||||
Toyota Motor Corp. | 179,674 | 12,543,860 | ||||||||
Z Holdings Corp. | 786,500 | 2,713,360 | ||||||||
(Cost $172,383,301) | 179,579,918 | |||||||||
Netherlands 7.4% | ||||||||||
Koninklijke DSM NV | 64,182 | 8,210,599 | ||||||||
Randstad NV | 222,104 | 12,920,735 | ||||||||
Royal Dutch Shell PLC "A" | 790,611 | 22,689,179 | ||||||||
(Cost $46,883,063) | 43,820,513 | |||||||||
New Zealand 0.8% | ||||||||||
Fletcher Building Ltd. (Cost $4,826,309) | 1,406,358 | 4,721,034 | ||||||||
Singapore 1.7% | ||||||||||
Venture Corp., Ltd. (Cost $10,079,135) | 871,301 | 10,110,457 | ||||||||
Spain 3.1% | ||||||||||
Banco Bilbao Vizcaya Argentaria SA | 2,140,271 | 11,245,826 | ||||||||
Banco Santander SA | 1,800,415 | 7,008,594 | ||||||||
(Cost $21,187,754) | 18,254,420 | |||||||||
Sweden 0.4% | ||||||||||
Volvo AB "B" (Cost $2,680,264) | 172,816 | 2,664,273 | ||||||||
Switzerland 8.4% | ||||||||||
Adecco Group AG (Registered) | 229,464 | 14,173,024 | ||||||||
LafargeHolcim Ltd. (Registered)* | 112,258 | 5,775,810 | ||||||||
Roche Holding AG (Genusschein) | 96,575 | 29,752,390 | ||||||||
(Cost $49,974,362) | 49,701,224 | |||||||||
United Kingdom 17.2% | ||||||||||
Barratt Developments PLC | 2,531,508 | 21,809,772 | ||||||||
British American Tobacco PLC | 175,800 | 6,945,631 | ||||||||
EI Group PLC* | 2,877,771 | 10,503,589 | ||||||||
Ferguson PLC | 54,754 | 4,755,544 | ||||||||
International Consolidated Airlines Group SA | 1,241,065 | 8,886,957 | ||||||||
Persimmon PLC | 637,915 | 21,067,924 | ||||||||
Rio Tinto PLC | 133,414 | 7,238,419 | ||||||||
Taylor Wimpey PLC | 9,271,402 | 20,899,632 | ||||||||
(Cost $95,842,585) | 102,107,468 | |||||||||
Total Common Stocks (Cost $564,790,896) | 569,113,176 | |||||||||
Preferred Stocks 2.7% | ||||||||||
Germany | ||||||||||
Henkel AG & Co. KGaA (Cost $18,257,815) | 152,190 | 16,054,040 | ||||||||
Securities Lending Collateral 1.7% | ||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.53% (a) (b) (Cost $9,840,000) | 9,840,000 | 9,840,000 | ||||||||
Cash Equivalents 0.7% | ||||||||||
DWS Central Cash Management Government Fund, 1.63% (a) (Cost $4,425,962) | 4,425,962 | 4,425,962 | ||||||||
% of Net Assets | Value ($) | |||||||||
Total Investment Portfolio (Cost $597,314,673) | 101.0 | 599,433,178 | ||||||||
Other Assets and Liabilities, Net | (1.0) | (5,780,575) | ||||||||
Net Assets | 100.0 | 593,652,603 | ||||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2019 are as follows: |
Value ($) at 8/31/2019 | 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 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||
Securities Lending Collateral 1.7% | ||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.53% (a) (b) (d) | ||||||||||||||||||
— | 9,840,000(c) | — | — | — | 1,643 | — | 9,840,000 | 9,840,000 | ||||||||||
Cash Equivalents 0.7% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 1.63% (a) | ||||||||||||||||||
1,845,787 | 24,490,728 | 21,910,553 | — | — | 12,952 | — | 4,425,962 | 4,425,962 | ||||||||||
1,845,787 | 34,330,728 | 21,910,553 | — | — | 14,595 | — | 14,265,962 | 14,265,962 | ||||||||||
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
(d) | Represents prepaid collateral on securities loaned. Settlement date of securities loaned was December 2, 2019. |
At November 30, 2019 the DWS CROCI® International Fund had the following sector diversification: |
Sector Diversification | Market Value ($) | As a % of Investment Collateral & Cash | ||||||
Consumer Discretionary | 159,960,382 | 27 | % | |||||
Health Care | 95,635,265 | 16 | % | |||||
Industrials | 85,894,080 | 15 | % | |||||
Financials | 81,477,498 | 14 | % | |||||
Materials | 62,920,495 | 11 | % | |||||
Consumer Staples | 26,749,517 | 5 | % | |||||
Information Technology | 25,149,048 | 4 | % | |||||
Energy | 24,827,310 | 4 | % | |||||
Communication Services | 22,553,621 | 4 | % | |||||
Total | 585,167,216 | 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, 2019 in valuing the Fund's investments.
| ||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Common Stocks | |||||||||
Australia | $ | — | $ | 43,201,553 | $ | — | $ | 43,201,553 | |
Belgium | — | 26,351,726 | — | 26,351,726 | |||||
Finland | — | 2,154,528 | — | 2,154,528 | |||||
France | — | 51,330,767 | — | 51,330,767 | |||||
Germany | — | 15,387,923 | — | 15,387,923 | |||||
Hong Kong | — | 5,164,036 | — | 5,164,036 | |||||
Italy | — | 14,563,336 | — | 14,563,336 | |||||
Japan | — | 179,579,918 | — | 179,579,918 | |||||
Netherlands | — | 43,820,513 | — | 43,820,513 | |||||
New Zealand | — | 4,721,034 | — | 4,721,034 | |||||
Singapore | — | 10,110,457 | — | 10,110,457 | |||||
Spain | — | 18,254,420 | — | 18,254,420 | |||||
Sweden | — | 2,664,273 | — | 2,664,273 | |||||
Switzerland | — | 49,701,224 | — | 49,701,224 | |||||
United Kingdom | — | 102,107,468 | — | 102,107,468 | |||||
Preferred Stocks | — | 16,054,040 | — | 16,054,040 | |||||
Short-Term Investments(d) | 14,265,962 | — | — | 14,265,962 | |||||
Total | $ | 14,265,962 | $ | 585,167,216 | $ | — | $ | 599,433,178 |
(d) | See Investment Portfolio for additional detailed categorizations. |