Investment Portfolio | as of November 30, 2021 (Unaudited) |
DWS CROCI® International Fund
Shares | Value ($) | ||
Common Stocks 98.6% | |||
Australia 9.5% | |||
Australia & New Zealand Banking Group Ltd. | 536,665 | 10,126,212 | |
BHP Group Ltd. | 672,896 | 18,702,331 | |
BlueScope Steel Ltd. | 115,934 | 1,614,124 | |
Commonwealth Bank of Australia | 30,992 | 2,046,082 | |
National Australia Bank Ltd. | 405,266 | 7,822,050 | |
Sonic Healthcare Ltd. | 234,835 | 7,093,179 | |
(Cost $43,350,803) | 47,403,978 | ||
Belgium 3.2% | |||
Solvay SA | 26,252 | 2,925,360 | |
UCB SA | 119,151 | 13,009,823 | |
(Cost $17,286,944) | 15,935,183 | ||
Denmark 4.0% | |||
AP Moller - Maersk AS "B" | 5,688 | 17,099,055 | |
Pandora A/S | 21,614 | 2,670,261 | |
(Cost $12,807,227) | 19,769,316 | ||
Finland 1.7% | |||
Nokia Oyj* (Cost $6,011,733) | 1,495,418 | 8,416,506 | |
France 10.3% | |||
BNP Paribas SA | 347,375 | 21,616,717 | |
Credit Agricole SA | 788,650 | 10,761,736 | |
Engie SA | 520,772 | 7,566,042 | |
Kering SA | 3,101 | 2,407,021 | |
Television Francaise 1 | 907,372 | 8,776,542 | |
(Cost $42,435,507) | 51,128,058 | ||
Germany 7.2% | |||
Bayer AG (Registered) | 137,466 | 6,930,817 | |
Beiersdorf AG | 99,455 | 9,937,602 | |
Deutsche Boerse AG | 10,173 | 1,602,615 | |
Deutsche Post AG (Registered) | 194,297 | 11,481,009 | |
Fresenius SE & Co. KGaA | 95,709 | 3,627,496 | |
HeidelbergCement AG | 36,696 | 2,453,154 | |
(Cost $38,115,180) | 36,032,693 | ||
Hong Kong 0.9% | |||
Hong Kong & China Gas Co., Ltd. (Cost $4,563,033) | 2,976,000 | 4,438,360 | |
Ireland 0.8% | |||
CRH PLC (Cost $2,712,117) | 79,538 | 3,838,218 | |
Japan 27.5% | |||
Astellas Pharma, Inc. | 359,900 | 5,645,318 |
Dentsu Group, Inc. | 91,700 | 2,910,619 | |
ITOCHU Corp. | 162,500 | 4,646,372 | |
KDDI Corp. | 131,500 | 3,823,329 | |
Mitsubishi UFJ Financial Group, Inc. | 718,900 | 3,789,950 | |
Murata Manufacturing Co., Ltd. | 64,300 | 4,715,716 | |
NEC Corp. | 31,000 | 1,395,819 | |
Nitto Denko Corp. | 55,200 | 3,825,506 | |
Otsuka Holdings Co., Ltd. | 196,600 | 7,159,340 | |
Sekisui House Ltd. | 628,300 | 12,223,797 | |
Seven & i Holdings Co., Ltd. | 66,400 | 2,651,502 | |
Shin-Etsu Chemical Co., Ltd. | 41,823 | 6,963,708 | |
Sony Group Corp. | 51,000 | 6,206,619 | |
Sumitomo Chemical Co., Ltd. | 359,800 | 1,642,374 | |
Sumitomo Mitsui Financial Group, Inc. | 720,326 | 23,416,385 | |
Takeda Pharmaceutical Co., Ltd. | 198,300 | 5,297,910 | |
Tokyo Electron Ltd. | 36,100 | 18,884,755 | |
Toyota Industries Corp. | 268,742 | 21,871,632 | |
(Cost $130,045,097) | 137,070,651 | ||
Luxembourg 0.6% | |||
ArcelorMittal SA (Cost $3,384,850) | 100,667 | 2,720,374 | |
Netherlands 5.1% | |||
Koninklijke Ahold Delhaize NV | 465,678 | 15,651,332 | |
Koninklijke KPN NV | 2,325,342 | 6,843,094 | |
PostNL NV | 719,520 | 3,063,627 | |
(Cost $20,715,766) | 25,558,053 | ||
Spain 2.0% | |||
Banco Bilbao Vizcaya Argentaria SA | 558,618 | 2,975,884 | |
Banco Santander SA | 2,211,339 | 6,893,252 | |
(Cost $9,814,014) | 9,869,136 | ||
Switzerland 12.3% | |||
Holcim Ltd. | 214,031 | 10,356,515 | |
Logitech International SA (Registered) | 93,814 | 7,468,351 | |
Novartis AG (Registered) | 226,261 | 17,991,892 | |
Roche Holding AG (Genusschein) | 65,363 | 25,601,164 | |
(Cost $64,057,165) | 61,417,922 | ||
United Kingdom 13.5% | |||
AstraZeneca PLC | 14,660 | 1,616,265 | |
BAE Systems PLC | 596,343 | 4,347,291 | |
Barratt Developments PLC | 412,845 | 3,825,827 | |
British American Tobacco PLC | 282,028 | 9,426,516 | |
Bunzl PLC | 147,430 | 5,613,036 | |
Ferguson PLC | 22,844 | 3,476,467 | |
Imperial Brands PLC | 370,177 | 7,603,141 | |
ITV PLC* | 1,580,242 | 2,318,160 | |
Kingfisher PLC | 986,320 | 4,146,858 | |
Persimmon PLC | 340,275 | 12,364,595 | |
Rio Tinto PLC | 133,283 | 8,209,293 | |
Royal Mail PLC | 301,612 | 2,012,439 | |
Taylor Wimpey PLC | 1,016,183 | 2,135,693 | |
(Cost $62,402,704) | 67,095,581 | ||
Total Common Stocks (Cost $457,702,140) | 490,694,029 | ||
Cash Equivalents 0.9% | |||
DWS Central Cash Management Government Fund, 0.04% (a) (Cost $4,546,311) | 4,546,311 | 4,546,311 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $462,248,451) | 99.5 | 495,240,340 | |
Other Assets and Liabilities, Net | 0.5 | 2,681,574 | |
Net Assets | 100.0 | 497,921,914 |
For information on the
Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the
Fund’s transactions with affiliated investments during the period ended November 30, 2021 are as follows:
Value ($) at 8/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2021 | Value ($) at 11/30/2021 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (a) (b) | ||||||||
2,788,170 | — | 2,788,170 (c) | — | — | 28,168 | — | — | — |
Cash Equivalents 0.9% | ||||||||
DWS Central Cash Management Government Fund , 0.04% (a) | ||||||||
2,520,239 | 17,609,477 | 15,583,405 | — | — | 195 | — | 4,546,311 | 4,546,311 |
5,308,409 | 17,609,477 | 18,371,575 | — | — | 28,363 | — | 4,546,311 | 4,546,311 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021. |
At November 30, 2021 the DWS CROCI® International Fund had the following sector diversification:
Sector Diversification | Market Value ($) | (As a % of Investment Portfolio excluding Cash Equivalents) |
Health Care | 93,973,204 | 19% |
Financials | 91,050,883 | 19% |
Industrials | 73,610,928 | 15% |
Materials | 63,250,957 | 13% |
Consumer Discretionary | 45,980,671 | 9% |
Consumer Staples | 45,270,093 | 9% |
Information Technology | 40,881,147 | 8% |
Communication Services | 24,671,744 | 5% |
Utilities | 12,004,402 | 3% |
Total | 490,694,029 | 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, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $47,403,978 | $— | $47,403,978 |
Belgium | — | 15,935,183 | — | 15,935,183 |
Denmark | — | 19,769,316 | — | 19,769,316 |
Finland | — | 8,416,506 | — | 8,416,506 |
France | — | 51,128,058 | — | 51,128,058 |
Germany | — | 36,032,693 | — | 36,032,693 |
Hong Kong | — | 4,438,360 | — | 4,438,360 |
Ireland | — | 3,838,218 | — | 3,838,218 |
Japan | — | 137,070,651 | — | 137,070,651 |
Luxembourg | — | 2,720,374 | — | 2,720,374 |
Netherlands | — | 25,558,053 | — | 25,558,053 |
Spain | — | 9,869,136 | — | 9,869,136 |
Switzerland | — | 61,417,922 | — | 61,417,922 |
United Kingdom | — | 67,095,581 | — | 67,095,581 |
Short-Term Investments | 4,546,311 | — | — | 4,546,311 |
Total | $4,546,311 | $490,694,029 | $— | $495,240,340 |
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
DCIF-PH1
R-080548-1 (1/23)