Investment Portfolio | as of May 31, 2020 (Unaudited) |
DWS CROCI® International Fund
Shares | Value ($) | |||||||||
Common Stocks 96.2% | ||||||||||
Australia 7.6% | ||||||||||
Aristocrat Leisure Ltd. | 128,599 | 2,214,923 | ||||||||
Australia & New Zealand Banking Group Ltd. | 564,681 | 6,722,855 | ||||||||
BHP Group Ltd. | 894,841 | 20,647,705 | ||||||||
Commonwealth Bank of Australia | 63,320 | 2,688,844 | ||||||||
National Australia Bank Ltd. | 112,150 | 1,333,579 | ||||||||
Orica Ltd. | 170,152 | 1,948,456 | ||||||||
(Cost $41,082,956) | 35,556,362 | |||||||||
Belgium 3.2% | ||||||||||
UCB SA (Cost $12,673,608) | 149,163 | 14,952,578 | ||||||||
Finland 0.7% | ||||||||||
Nokia Oyj (Cost $2,893,946) | 830,027 | 3,293,840 | ||||||||
France 13.7% | ||||||||||
Arkema SA | 36,239 | 3,163,636 | ||||||||
Atos SE* | 73,653 | 5,593,033 | ||||||||
BNP Paribas SA* | 77,523 | 2,780,435 | ||||||||
Capgemini SE | 35,192 | 3,637,187 | ||||||||
Credit Agricole SA* | 457,298 | 4,014,530 | ||||||||
Engie SA* | 559,759 | 6,640,974 | ||||||||
Kering SA | 9,828 | 5,135,483 | ||||||||
Sanofi | 217,795 | 21,248,992 | ||||||||
Television Francaise 1* | 683,837 | 3,860,441 | ||||||||
TOTAL SA | 212,410 | 7,987,601 | ||||||||
(Cost $75,990,043) | 64,062,312 | |||||||||
Germany 6.3% | ||||||||||
adidas AG* | 12,381 | 3,266,069 | ||||||||
Bayer AG (Registered) | 44,758 | 3,029,753 | ||||||||
Beiersdorf AG | 140,028 | 14,672,668 | ||||||||
Brenntag AG | 101,855 | 5,382,291 | ||||||||
Fresenius SE & Co. KGaA | 66,176 | 3,199,641 | ||||||||
(Cost $30,278,748) | 29,550,422 | |||||||||
Ireland 1.3% | ||||||||||
CRH PLC | 63,564 | 2,065,728 | ||||||||
DCC PLC | 27,236 | 2,272,949 | ||||||||
James Hardie Industries PLC (CDI) | 91,732 | 1,583,018 | ||||||||
(Cost $5,139,160) | 5,921,695 | |||||||||
Japan 31.6% | ||||||||||
Bridgestone Corp. | 532,631 | 17,662,227 | ||||||||
Central Japan Railway Co. | 111,204 | 19,012,589 | ||||||||
Nintendo Co., Ltd. | 17,700 | 7,153,917 | ||||||||
Ono Pharmaceutical Co., Ltd. | 251,300 | 7,173,993 | ||||||||
Sekisui House Ltd. | 669,647 | 12,750,152 | ||||||||
Shin-Etsu Chemical Co., Ltd. | 39,023 | 4,578,336 | ||||||||
Shionogi & Co., Ltd. | 136,500 | 8,054,944 | ||||||||
Sony Corp. | 43,004 | 2,761,403 | ||||||||
Subaru Corp. | 136,584 | 3,014,963 | ||||||||
Sumitomo Electric Industries Ltd. | 782,936 | 9,116,105 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 782,626 | 22,609,151 | ||||||||
Tokyo Electron Ltd. | 30,823 | 6,198,180 | ||||||||
Toyota Industries Corp. | 298,442 | 15,244,125 | ||||||||
Toyota Motor Corp. | 169,574 | 10,624,189 | ||||||||
Z Holdings Corp. | 340,900 | 1,393,261 | ||||||||
(Cost $161,008,760) | 147,347,535 | |||||||||
Netherlands 5.2% | ||||||||||
Koninklijke Ahold Delhaize NV | 369,764 | 9,361,047 | ||||||||
Koninklijke KPN NV | 2,713,787 | 6,662,322 | ||||||||
Randstad NV | 198,107 | 8,368,496 | ||||||||
(Cost $27,738,877) | 24,391,865 | |||||||||
Singapore 2.1% | ||||||||||
Venture Corp., Ltd. (Cost $10,320,296) | 890,401 | 9,703,745 | ||||||||
Spain 1.8% | ||||||||||
Banco Bilbao Vizcaya Argentaria SA (Cost $15,148,877) | 2,701,875 | 8,410,010 | ||||||||
Sweden 2.5% | ||||||||||
Alfa Laval AB* | 79,024 | 1,603,599 | ||||||||
Telefonaktiebolaget LM Ericsson "B" | 857,938 | 7,853,628 | ||||||||
Volvo AB "B" | 155,939 | 2,216,122 | ||||||||
(Cost $11,126,499) | 11,673,349 | |||||||||
Switzerland 8.6% | ||||||||||
Adecco Group AG (Registered) | 211,172 | 10,073,502 | ||||||||
LafargeHolcim Ltd. (Registered)* | 224,323 | 9,267,417 | ||||||||
Roche Holding AG (Genusschein) | 60,208 | 20,813,997 | ||||||||
(Cost $44,917,520) | 40,154,916 | |||||||||
United Kingdom 11.6% | ||||||||||
BAE Systems PLC | 558,647 | 3,451,255 | ||||||||
British American Tobacco PLC | 224,186 | 8,880,984 | ||||||||
Bunzl PLC | 64,310 | 1,504,588 | ||||||||
GlaxoSmithKline PLC | 458,153 | 9,516,462 | ||||||||
HSBC Holdings PLC | 451,112 | 2,067,981 | ||||||||
Imperial Brands PLC | 168,940 | 3,080,774 | ||||||||
Mondi PLC | 91,005 | 1,708,039 | ||||||||
Pearson PLC | 188,595 | 1,083,066 | ||||||||
Persimmon PLC | 353,096 | 10,002,211 | ||||||||
Rio Tinto PLC | 126,215 | 6,750,600 | ||||||||
Smiths Group PLC | 74,965 | 1,231,593 | ||||||||
Taylor Wimpey PLC | 2,695,012 | 4,818,925 | ||||||||
(Cost $58,205,898) | 54,096,478 | |||||||||
Total Common Stocks (Cost $496,525,188) | 449,115,107 | |||||||||
Preferred Stocks 2.7% | ||||||||||
Germany | ||||||||||
Henkel AG & Co. KGaA (Cost $17,179,638) | 141,509 | 12,640,843 | ||||||||
Cash Equivalents 0.7% | ||||||||||
DWS Central Cash Management Government Fund, 0.12% (a) (Cost $3,136,021) | 3,136,021 | 3,136,021 | ||||||||
% of Net Assets | Value ($) | |||||||||
Total Investment Portfolio (Cost $516,840,847) | 99.6 | 464,891,971 | ||||||||
Other Assets and Liabilities, Net | 0.4 | 1,974,395 | ||||||||
Net Assets | 100.0 | 466,866,366 | ||||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated investments during the period ended May 31, 2020 are as follows: |
Value ($) 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 5/31/2020 | Value ($) at 5/31/2020 | ||||||||||
Securities Lending Collateral 0.0% | ||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.07% (a) (b) | ||||||||||||||||||
— | — (c) | — | — | — | 24,456 | — | — | — | ||||||||||
Cash Equivalents 0.7% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 0.12% (a) | ||||||||||||||||||
1,845,787 | 81,292,903 | 80,002,669 | — | — | 31,558 | — | 3,136,021 | 3,136,021 | ||||||||||
1,845,787 | 81,292,903 | 80,002,669 | — | — | 56,014 | — | 3,136,021 | 3,136,021 | ||||||||||
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2020. |
CDI: Chess Depositary Interest | |
At May 31, 2020 the DWS CROCI® International Fund had the following sector diversification: |
Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Cash Equivalents | ||||||
Consumer Discretionary | 96,610,775 | 21 | % | |||||
Health Care | 87,990,360 | 19 | % | |||||
Industrials | 55,116,984 | 12 | % | |||||
Materials | 51,712,935 | 11 | % | |||||
Financials | 50,627,385 | 11 | % | |||||
Consumer Staples | 48,636,316 | 11 | % | |||||
Information Technology | 36,279,613 | 8 | % | |||||
Communication Services | 20,153,007 | 4 | % | |||||
Energy | 7,987,601 | 2 | % | |||||
Utilities | 6,640,974 | 1 | % | |||||
Total | 461,755,950 | 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 May 31, 2020 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Common Stocks | |||||||||
Australia | $ | — | $ | 35,556,362 | $ | — | $ | 35,556,362 | |
Belgium | — | 14,952,578 | — | 14,952,578 | |||||
Finland | — | 3,293,840 | — | 3,293,840 | |||||
France | — | 64,062,312 | — | 64,062,312 | |||||
Germany | — | 29,550,422 | — | 29,550,422 | |||||
Ireland | — | 5,921,695 | — | 5,921,695 | |||||
Japan | — | 147,347,535 | — | 147,347,535 | |||||
Netherlands | — | 24,391,865 | — | 24,391,865 | |||||
Singapore | — | 9,703,745 | — | 9,703,745 | |||||
Spain | — | 8,410,010 | — | 8,410,010 | |||||
Sweden | — | 11,673,349 | — | 11,673,349 | |||||
Switzerland | — | 40,154,916 | — | 40,154,916 | |||||
United Kingdom | — | 54,096,478 | — | 54,096,478 | |||||
Preferred Stocks | — | 12,640,843 | — | 12,640,843 | |||||
Short-Term Investments | 3,136,021 | — | — | 3,136,021 | |||||
Total | $ | 3,136,021 | $ | 461,755,950 | $ | — | $ | 464,891,971 |