Investment Portfolioas of May 31, 2023 (Unaudited)
DWS CROCI® International Fund
Shares | Value ($) | ||
Common Stocks 98.0% | |||
Australia 3.9% | |||
BHP Group Ltd. | 308,374 | 8,396,246 | |
BlueScope Steel Ltd. | 520,994 | 6,251,272 | |
Santos Ltd. | 293,731 | 1,391,819 | |
(Cost $16,852,155) | 16,039,337 | ||
Austria 0.9% | |||
OMV AG (Cost $4,588,354) | 78,983 | 3,530,092 | |
Denmark 2.8% | |||
AP Moller - Maersk AS "B" | 4,794 | 8,068,675 | |
Pandora AS | 42,143 | 3,362,927 | |
(Cost $13,031,096) | 11,431,602 | ||
Finland 3.6% | |||
Fortum Oyj | 94,253 | 1,254,108 | |
Nokia Oyj | 3,388,942 | 13,771,564 | |
(Cost $16,180,824) | 15,025,672 | ||
France 14.8% | |||
BNP Paribas SA (a) | 213,098 | 12,384,211 | |
Cie de Saint-Gobain | 35,123 | 1,955,807 | |
Cie Generale des Etablissements Michelin SCA (a) | 69,448 | 1,984,055 | |
Credit Agricole SA (a) | 739,037 | 8,499,987 | |
Engie SA | 82,058 | 1,238,102 | |
Kering SA | 12,978 | 6,939,302 | |
Sanofi | 94,525 | 9,618,763 | |
Societe Generale SA (a) | 240,015 | 5,589,010 | |
Television Francaise 1 | 983,975 | 6,852,759 | |
TotalEnergies SE | 41,169 | 2,329,382 | |
Vivendi SE | 419,853 | 3,737,757 | |
(Cost $63,880,678) | 61,129,135 | ||
Germany 6.3% | |||
Bayer AG (Registered) | 132,227 | 7,384,391 | |
Brenntag SE | 110,086 | 8,682,634 | |
Deutsche Post AG (Registered) | 93,818 | 4,222,377 | |
Infineon Technologies AG | 149,646 | 5,568,533 | |
(Cost $22,084,707) | 25,857,935 | ||
Hong Kong 0.3% | |||
Yue Yuen Industrial Holdings Ltd. (Cost $1,274,162) | 863,500 | 1,060,023 | |
Ireland 1.0% | |||
CRH PLC (Cost $3,265,871) | 90,317 | 4,276,600 |
Israel 0.5% | |||
Teva Pharmaceutical Industries Ltd. (ADR)* (Cost $2,132,748) | 260,234 | 1,873,685 | |
Italy 1.2% | |||
Intesa Sanpaolo SpA | 948,334 | 2,195,056 | |
UniCredit SpA | 133,623 | 2,579,230 | |
(Cost $3,973,115) | 4,774,286 | ||
Japan 32.3% | |||
Advantest Corp. | 36,000 | 4,572,842 | |
Astellas Pharma, Inc. | 171,600 | 2,714,243 | |
Chugai Pharmaceutical Co., Ltd. | 109,100 | 2,938,081 | |
Fujitsu Ltd. | 32,400 | 4,104,085 | |
ITOCHU Corp. | 163,500 | 5,526,021 | |
Kyocera Corp. | 292,100 | 16,572,451 | |
Mitsubishi UFJ Financial Group, Inc. | 634,900 | 4,239,581 | |
Nintendo Co., Ltd. | 229,500 | 9,760,558 | |
Nitto Denko Corp. | 57,400 | 4,076,837 | |
Ono Pharmaceutical Co., Ltd. | 802,300 | 15,038,295 | |
Sekisui House Ltd. | 576,600 | 11,255,966 | |
Shin-Etsu Chemical Co., Ltd. | 390,515 | 11,996,806 | |
Shionogi & Co., Ltd. | 140,800 | 6,351,354 | |
Sony Group Corp. | 84,400 | 7,924,156 | |
Sumitomo Metal Mining Co., Ltd. | 67,100 | 2,033,648 | |
Sumitomo Mitsui Financial Group, Inc. | 199,826 | 8,150,167 | |
Takeda Pharmaceutical Co., Ltd. | 293,700 | 9,310,483 | |
Tokyo Electron Ltd. | 11,800 | 1,616,443 | |
Tokyo Gas Co., Ltd. | 220,200 | 4,688,045 | |
(Cost $128,215,311) | 132,870,062 | ||
Luxembourg 0.6% | |||
ArcelorMittal SA (Cost $3,362,494) | 102,744 | 2,566,821 | |
Netherlands 3.3% | |||
Randstad NV | 143,055 | 7,031,687 | |
Stellantis NV | 434,336 | 6,615,917 | |
(Cost $14,548,792) | 13,647,604 | ||
Norway 1.6% | |||
Equinor ASA (Cost $8,156,707) | 263,930 | 6,712,667 | |
Singapore 2.8% | |||
DBS Group Holdings Ltd. | 61,900 | 1,383,518 | |
Oversea-Chinese Banking Corp., Ltd. | 230,600 | 2,088,420 | |
Venture Corp., Ltd. | 733,900 | 8,229,073 | |
(Cost $12,929,322) | 11,701,011 | ||
Spain 1.6% | |||
Banco Santander SA (Cost $6,116,945) | 1,983,778 | 6,471,899 | |
Switzerland 6.7% | |||
Glencore PLC | 1,186,802 | 6,080,401 | |
Holcim AG | 161,292 | 9,960,853 | |
STMicroelectronics NV | 264,436 | 11,540,306 | |
(Cost $27,226,450) | 27,581,560 |
United Kingdom 13.8% | |||
BP PLC | 2,288,381 | 12,878,588 | |
British American Tobacco PLC | 269,737 | 8,567,211 | |
GSK PLC | 576,371 | 9,665,111 | |
Imperial Brands PLC | 339,600 | 7,163,047 | |
ITV PLC | 5,863,444 | 5,100,334 | |
Johnson Matthey PLC | 47,380 | 1,021,114 | |
Kingfisher PLC | 1,164,614 | 3,349,507 | |
Lloyds Banking Group PLC | 9,363,249 | 5,167,141 | |
Mondi PLC | 80,636 | 1,250,436 | |
Taylor Wimpey PLC | 1,792,263 | 2,551,106 | |
(Cost $60,713,266) | 56,713,595 | ||
Total Common Stocks (Cost $408,532,997) | 403,263,586 | ||
Securities Lending Collateral 4.2% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (b) (c) (Cost $17,380,500) | 17,380,500 | 17,380,500 | |
Cash Equivalents 0.7% | |||
DWS Central Cash Management Government Fund, 5.13% (b) (Cost $2,908,290) | 2,908,290 | 2,908,290 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $428,821,787) | 102.9 | 423,552,376 | |
Other Assets and Liabilities, Net | (2.9 ) | (11,849,795 ) | |
Net Assets | 100.0 | 411,702,581 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2023 are as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2023 | Value ($) at 5/31/2023 |
Securities Lending Collateral 4.2% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (b) (c) | ||||||||
— | 17,380,500 (d) | — | — | — | 242,280 | — | 17,380,500 | 17,380,500 |
Cash Equivalents 0.7% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (b) | ||||||||
1,536,679 | 41,681,967 | 40,310,356 | — | — | 48,524 | — | 2,908,290 | 2,908,290 |
1,536,679 | 59,062,467 | 40,310,356 | — | — | 290,804 | — | 20,288,790 | 20,288,790 |
* | 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 May 31, 2023 amounted to $16,119,522, which is 3.9% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2023. |
ADR: American Depositary Receipt |
At May 31, 2023 the DWS CROCI® International Fund had the following sector diversification:
Sector Diversification | Market Value ($) | (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
Information Technology | 65,975,297 | 16% |
Health Care | 64,894,406 | 16% |
Financials | 58,748,220 | 15% |
Materials | 57,911,034 | 14% |
Consumer Discretionary | 45,042,959 | 11% |
Industrials | 35,487,201 | 9% |
Energy | 26,842,548 | 7% |
Communication Services | 25,451,408 | 6% |
Consumer Staples | 15,730,258 | 4% |
Utilities | 7,180,255 | 2% |
Total | 403,263,586 | 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, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $16,039,337 | $— | $16,039,337 |
Austria | — | 3,530,092 | — | 3,530,092 |
Denmark | — | 11,431,602 | — | 11,431,602 |
Finland | — | 15,025,672 | — | 15,025,672 |
France | — | 61,129,135 | — | 61,129,135 |
Germany | — | 25,857,935 | — | 25,857,935 |
Hong Kong | — | 1,060,023 | — | 1,060,023 |
Ireland | — | 4,276,600 | — | 4,276,600 |
Israel | 1,873,685 | — | — | 1,873,685 |
Italy | — | 4,774,286 | — | 4,774,286 |
Japan | — | 132,870,062 | — | 132,870,062 |
Luxembourg | — | 2,566,821 | — | 2,566,821 |
Netherlands | — | 13,647,604 | — | 13,647,604 |
Norway | — | 6,712,667 | — | 6,712,667 |
Singapore | — | 11,701,011 | — | 11,701,011 |
Spain | — | 6,471,899 | — | 6,471,899 |
Switzerland | — | 27,581,560 | — | 27,581,560 |
United Kingdom | — | 56,713,595 | — | 56,713,595 |
Short-Term Investments (a) | 20,288,790 | — | — | 20,288,790 |
Total | $22,162,475 | $401,389,901 | $— | $423,552,376 |
(a) | 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
DCIF-PH3
R-080548-2 (1/25)