SUPPLEMENT TO THE CURRENTLY
EFFECTIVE SUMMARY PROSPECTUS
DWS CROCI® International Fund
The following changes are effective
on or about April 15, 2019:
The following information replaces
existing disclosure contained under the “Management process” sub-heading of the “PRINCIPAL INVESTMENT STRATEGY” section of the fund’s summary prospectus.
Management process. Portfolio management will select stocks of companies that it believes offer economic value utilizing the Cash Return on Capital Invested (CROCI®) strategy as the primary factor, in addition to other factors. Under the CROCI® strategy, economic value is measured using various metrics such as the CROCI® Economic Price Earnings Ratio (CROCI® Economic P/E Ratio). The CROCI® Economic P/E Ratio is a proprietary measure of company valuation using the same relationship between valuation and return as an accounting P/E ratio (i.e., price/book value divided by
return on equity). The CROCI® Economic P/E Ratio and other CROCI® metrics may be adjusted from time to time. The CROCI® strategy may apply other measures of company valuation, as determined by the CROCI® Investment Strategy and Valuation Group. Portfolio management may use criteria other than the CROCI® strategy in selecting investments. Portfolio management will select stocks primarily from a universe consisting of the largest companies in developed markets outside North America
represented in the CROCI® Investment Strategy and Valuation Group’s database of companies evaluated using the CROCI® strategy. Generally, this database has included approximately 400 stocks from developed markets outside of North America. The CROCI® strategy is supplied by the CROCI® Investment Strategy and Valuation Group, a unit within the DWS Group, through a licensing arrangement with the fund’s Advisor.
Portfolio management will
periodically review and adjust the fund’s portfolio in order to maintain the desired balance between return potential and various risk factors, such as, without limitation: style, size, country and idiosyncratic
risks. Portfolio management may refer to the output of various optimization tools and other portfolio construction techniques in order to help control for tax efficiency, unwanted portfolio exposure to the risk
factors specified above versus the benchmark, as well as undesired levels of portfolio turnover, and other factors.
The following information is added
to the existing disclosure contained under the “AVERAGE ANNUAL TOTAL RETURNS” sub-heading of the “PAST PERFORMANCE” section of the fund’s summary prospectus.
MSCI EAFE Value Index replaced the
MSCI EAFE US Dollar Hedged Index as the fund’s comparative secondary benchmark index because the Advisor believes the MSCI EAFE Value Index is more consistent with the fund's investment approach.
Please Retain This Supplement
for Future Reference
April 5, 2019
PROSTKR-18
