Investment Portfolio | as of July 31, 2020 (Unaudited) |
DWS Emerging Markets Equity Fund
Shares | Value ($) | ||||||||
Equity Securities 90.7% | |||||||||
Brazil 4.3% | |||||||||
B3 SA - Brasil Bolsa Balcao | 230,281 | 2,800,515 | |||||||
Banco Bradesco SA (ADR) | 671,262 | 2,832,726 | |||||||
CCR SA | 261,962 | 751,254 | |||||||
Cia Siderurgica Nacional SA | 736,904 | 1,730,468 | |||||||
Itau Unibanco Holding SA (ADR) (Preferred) | 383,212 | 1,954,381 | |||||||
Lojas Americanas SA (Preferred) | 626,580 | 4,095,883 | |||||||
Multiplan Empreendimentos Imobiliarios SA | 1,848 | 7,489 | |||||||
Vale SA (ADR) | 296,918 | 3,456,126 | |||||||
(Cost $14,910,637) | 17,628,842 | ||||||||
China 37.7% | |||||||||
Alibaba Group Holding Ltd. (ADR)* | 154,203 | 38,708,037 | |||||||
Anhui Conch Cement Co., Ltd. "H" | 552,500 | 4,145,509 | |||||||
Bank of China Ltd. "H" | 8,227,000 | 2,747,955 | |||||||
BYD Co., Ltd. "H" | 319,500 | 3,033,561 | |||||||
China Construction Bank Corp. "H" | 10,831,577 | 7,908,104 | |||||||
China Life Insurance Co., Ltd. "H" | 1,830,000 | 4,167,786 | |||||||
China Petroleum & Chemical Corp. "H" | 3,050,000 | 1,297,068 | |||||||
Datang International Power Generation Co., Ltd. "H" | 1,116,000 | 147,148 | |||||||
Huatai Securities Co., Ltd. 144A | 924,200 | 1,671,725 | |||||||
Industrial & Commercial Bank of China Ltd. "H" | 12,432,095 | 7,315,790 | |||||||
JD.com, Inc. (ADR)* | 82,596 | 5,268,799 | |||||||
KWG Group Holdings Ltd. | 2,069,000 | 3,662,409 | |||||||
Meituan Dianping "B"* | 279,500 | 6,909,772 | |||||||
NetEase, Inc. (ADR) | 11,708 | 5,367,181 | |||||||
New Oriental Education & Technology Group, Inc. (ADR)* | 33,801 | 4,738,900 | |||||||
PetroChina Co., Ltd. "H" | 5,607,300 | 1,935,856 | |||||||
Ping An Insurance (Group) Co. of China Ltd. "H" | 1,091,532 | 11,498,796 | |||||||
TAL Education Group (ADR)* | 58,188 | 4,548,556 | |||||||
Tencent Holdings Ltd. | 538,200 | 36,736,377 | |||||||
Topsports International Holdings Ltd. 144A | 1,320,000 | 1,581,319 | |||||||
Zhuzhou CRRC Times Electric Co., Ltd. "H" | 797,000 | 2,792,624 | |||||||
(Cost $118,504,206) | 156,183,272 | ||||||||
Colombia 0.3% | |||||||||
Bancolombia SA (ADR) (Cost $2,198,435) | 43,000 | 1,200,560 | |||||||
Hong Kong 4.7% | |||||||||
AIA Group Ltd. | 258,400 | 2,320,348 | |||||||
China Mobile Ltd. | 845,652 | 5,771,040 | |||||||
China Overseas Land & Investment Ltd. | 1,441,475 | 4,368,276 | |||||||
Geely Automobile Holdings Ltd. | 881,000 | 1,843,633 | |||||||
Hong Kong Exchanges & Clearing Ltd. | 45,300 | 2,159,273 | |||||||
Shimao Property Holdings Ltd. | 579,000 | 2,445,101 | |||||||
SJM Holdings Ltd. | 670,000 | 751,393 | |||||||
(Cost $22,403,853) | 19,659,064 | ||||||||
India 9.5% | |||||||||
HDFC Bank Ltd. (ADR) | 210,453 | 9,838,678 | |||||||
ICICI Bank Ltd.* | 240,257 | 1,117,430 | |||||||
ICICI Bank Ltd. (ADR)* | 422,378 | 3,966,129 | |||||||
Infosys Ltd. (ADR) | 382,295 | 4,912,491 | |||||||
ITC Ltd. | 770,000 | 1,996,524 | |||||||
Larsen & Toubro Ltd. | 32,190 | 392,066 | |||||||
Maruti Suzuki India Ltd. | 10,439 | 871,011 | |||||||
Reliance Industries Ltd. 144A, (GDR) | 175,388 | 9,663,879 | |||||||
Tata Consultancy Services Ltd. | 206,744 | 6,304,956 | |||||||
UltraTech Cement Ltd. | 8,316 | 458,789 | |||||||
(Cost $35,984,375) | 39,521,953 | ||||||||
Indonesia 1.4% | |||||||||
PT Bank Central Asia Tbk | 1,002,000 | 2,141,567 | |||||||
PT Telekomunikasi Indonesia Persero Tbk | 17,422,200 | 3,624,534 | |||||||
(Cost $6,567,877) | 5,766,101 | ||||||||
Korea 14.0% | |||||||||
Hyundai Motor Co. | 28,454 | 3,034,404 | |||||||
KB Financial Group, Inc. | 27,810 | 825,341 | |||||||
KT Corp. | 20,066 | 401,147 | |||||||
LG Chem Ltd. | 15,981 | 7,641,167 | |||||||
LG Household & Health Care Ltd. | 2,852 | 3,289,282 | |||||||
Naver Corp. | 11,733 | 2,975,020 | |||||||
Netmarble Corp. 144A* | 12,408 | 1,336,908 | |||||||
POSCO | 23,358 | 3,787,982 | |||||||
Samsung Electro-Mechanics Co., Ltd. | 18,803 | 2,234,519 | |||||||
Samsung Electronics Co., Ltd. | 420,960 | 20,576,509 | |||||||
Samsung Fire & Marine Insurance Co., Ltd. | 12,812 | 1,844,037 | |||||||
Shinhan Financial Group Co., Ltd. | 87,983 | 2,218,834 | |||||||
Shinsegae, Inc. | 5,912 | 1,041,349 | |||||||
SK Hynix, Inc. | 97,741 | 6,813,440 | |||||||
(Cost $51,880,537) | 58,019,939 | ||||||||
Mexico 1.1% | |||||||||
Fomento Economico Mexicano SAB de CV (ADR) | 54,712 | 3,365,335 | |||||||
Gruma SAB de CV "B" | 61,238 | 717,906 | |||||||
Grupo Financiero Inbursa SAB de CV "O" | 505,109 | 364,278 | |||||||
(Cost $6,389,693) | 4,447,519 | ||||||||
Russia 1.9% | |||||||||
LUKOIL PJSC (ADR) | 29,111 | 1,993,230 | |||||||
Sberbank of Russia PJSC (ADR)* | 184,799 | 2,202,804 | |||||||
Yandex NV "A"* (a) | 62,340 | 3,587,044 | |||||||
(Cost $6,881,732) | 7,783,078 | ||||||||
South Africa 2.3% | |||||||||
FirstRand Ltd. | 915,114 | 2,092,489 | |||||||
Naspers Ltd. "N" | 40,102 | 7,279,094 | |||||||
(Cost $12,093,613) | 9,371,583 | ||||||||
Taiwan 11.4% | |||||||||
ASE Technology Holdings Co., Ltd. | 1,127,761 | 2,897,694 | |||||||
Catcher Technology Co., Ltd. | 201,000 | 1,482,926 | |||||||
Chunghwa Telecom Co., Ltd. | 891,000 | 3,331,954 | |||||||
Formosa Plastics Corp. | 1,047,000 | 2,795,318 | |||||||
Fubon Financial Holding Co., Ltd. | 1,984,000 | 2,813,260 | |||||||
Hon Hai Precision Industry Co., Ltd. | 810,000 | 2,157,547 | |||||||
Largan Precision Co., Ltd. | 13,000 | 1,696,340 | |||||||
MediaTek, Inc. | 56,000 | 1,337,479 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 774,803 | 11,150,757 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 185,376 | 14,624,313 | |||||||
Vanguard International Semiconductor Corp. | 947,000 | 3,067,988 | |||||||
(Cost $32,729,792) | 47,355,576 | ||||||||
Thailand 0.8% | |||||||||
Kasikornbank PCL (NVDR) | 257,700 | 667,603 | |||||||
PTT PCL (NVDR) | 1,292,300 | 1,621,634 | |||||||
Thai Oil PCL (NVDR) | 926,800 | 1,254,400 | |||||||
(Cost $5,665,966) | 3,543,637 | ||||||||
Turkey 0.1% | |||||||||
KOC Holding AS | 100,545 | 233,653 | |||||||
Turkiye Garanti Bankasi AS* | 97,879 | 98,302 | |||||||
(Cost $716,326) | 331,955 | ||||||||
United Arab Emirates 0.1% | |||||||||
Emaar Malls PJSC* (Cost $589,330) | 687,850 | 249,608 | |||||||
United States 1.1% | |||||||||
Yum! Brands, Inc. (Cost $4,249,570) | 49,139 | 4,474,106 | |||||||
Total Equity Securities (Cost $321,765,942) | 375,536,793 | ||||||||
Exchange-Traded Funds 4.2% | |||||||||
iShares FTSE A50 China ETF (b) (Cost $15,707,719) | 8,185,800 | 17,279,274 | |||||||
Securities Lending Collateral 3.2% | |||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.04% (c) (d) (Cost $13,402,858) | 13,402,858 | 13,402,858 | |||||||
Cash Equivalents 0.3% | |||||||||
DWS Central Cash Management Government Fund, 0.11% (c) (Cost $1,242,124) | 1,242,124 | 1,242,124 | |||||||
% of Net Assets |
Value ($) | ||||||||
Total Investment Portfolio (Cost $352,118,643) | 98.4 | 407,461,049 | |||||||
Other Assets and Liabilities, Net | 1.6 | 6,688,805 | |||||||
Net Assets | 100.0 | 414,149,854 | |||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated investments during the period ended July 31, 2020 are as follows: |
Value ($) at 10/31/2019 | 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 7/31/2020 | Value ($) at 7/31/2020 |
||||||||||
Securities Lending Collateral 3.2% | ||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.04% (c) (d) | ||||||||||||||||||
15,219,626 | — | 1,816,768 (e) | — | — | 261,445 | — | 13,402,858 | 13,402,858 | ||||||||||
Cash Equivalents 0.3% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 0.11% (c) | ||||||||||||||||||
12,146,299 | 227,595,280 | 238,499,455 | — | — | 176,768 | — | 1,242,124 | 1,242,124 | ||||||||||
27,365,925 | 227,595,280 | 240,316,223 | — | — | 438,213 | — | 14,644,982 | 14,644,982 | ||||||||||
* | Non-income producing security. |
(a) | Listed on the NASDAQ Stock Market, Inc. |
(b) | 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 July 31, 2020 amounted to $12,743,263, which is 3.1% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 31, 2020. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
ADR: American Depositary Receipt | |
FTSE: Financial Times and the London Stock Exchange | |
GDR: Global Depositary Receipt | |
NVDR: Non-Voting Depository Receipt | |
PJSC: Public Joint Stock Company | |
At July 31, 2020 the DWS Emerging Markets Equity Fund had the following sector diversification: |
Sector Diversification | Market Value ($) | As a % of Equity Securities | ||||||
Consumer Discretionary | 88,179,817 | 23 | % | |||||
Information Technology | 79,256,959 | 21 | % | |||||
Financials | 78,768,711 | 21 | % | |||||
Communication Services | 63,131,205 | 17 | % | |||||
Materials | 24,015,359 | 6 | % | |||||
Energy | 17,766,067 | 5 | % | |||||
Real Estate | 10,732,883 | 3 | % | |||||
Consumer Staples | 9,369,047 | 3 | % | |||||
Industrials | 4,169,597 | 1 | % | |||||
Utilities | 147,148 | 0 | % | |||||
Total | 375,536,793 | 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 July 31, 2020 in valuing the Fund's investments. |
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Equity Securities | |||||||||
Brazil | $ | 17,628,842 | $ | — | $ | — | $ | 17,628,842 | |
China | 58,631,473 | 97,551,799 | — | 156,183,272 | |||||
Colombia | 1,200,560 | — | — | 1,200,560 | |||||
Hong Kong | — | 19,659,064 | — | 19,659,064 | |||||
India | 28,381,177 | 11,140,776 | — | 39,521,953 | |||||
Indonesia | — | 5,766,101 | — | 5,766,101 | |||||
Korea | — | 58,019,939 | — | 58,019,939 | |||||
Mexico | 4,447,519 | — | — | 4,447,519 | |||||
Russia | 7,783,078 | — | — | 7,783,078 | |||||
South Africa | — | 9,371,583 | — | 9,371,583 | |||||
Taiwan | 14,624,313 | 32,731,263 | — | 47,355,576 | |||||
Thailand | — | 3,543,637 | — | 3,543,637 | |||||
Turkey | — | 331,955 | — | 331,955 | |||||
United Arab Emirates | — | 249,608 | — | 249,608 | |||||
United States | 4,474,106 | — | — | 4,474,106 | |||||
Exchange-Traded Funds | — | 17,279,274 | — | 17,279,274 | |||||
Short-Term Investments (f) | 14,644,982 | — | — | 14,644,982 | |||||
Total | $ | 151,816,050 | $ | 255,644,999 | $ | — | $ | 407,461,049 |
(f) | See Investment Portfolio for additional detailed categorizations. |