| Investment Portfolio | as of November 30, 2020 (Unaudited) |
DWS CROCI® International Fund
| Shares | Value ($) | |||||||||
| Common Stocks 95.7% | ||||||||||
| Australia 8.0% | ||||||||||
| Australia & New Zealand Banking Group Ltd. | 566,301 | 9,419,690 | ||||||||
| BHP Group Ltd. | 750,393 | 20,824,497 | ||||||||
| Commonwealth Bank of Australia | 23,483 | 1,362,175 | ||||||||
| National Australia Bank Ltd. | 412,704 | 6,911,626 | ||||||||
| Orica Ltd. | 169,075 | 1,990,741 | ||||||||
| (Cost $38,099,793) | 40,508,729 | |||||||||
| Belgium 1.9% | ||||||||||
| UCB SA (Cost $7,824,733) | 91,514 | 9,796,198 | ||||||||
| Denmark 2.7% | ||||||||||
| AP Moller - Maersk AS "B" | 4,575 | 9,377,265 | ||||||||
| Novo Nordisk AS ''B" | 28,700 | 1,922,616 | ||||||||
| Pandora AS | 21,958 | 2,190,979 | ||||||||
| (Cost $10,595,568) | 13,490,860 | |||||||||
| Finland 1.0% | ||||||||||
| Fortum Oyj | 79,338 | 1,827,448 | ||||||||
| Nokia Oyj* | 803,741 | 3,221,491 | ||||||||
| (Cost $4,468,787) | 5,048,939 | |||||||||
| France 13.4% | ||||||||||
| Atos SE* | 140,686 | 12,966,799 | ||||||||
| BNP Paribas SA* | 359,756 | 18,316,526 | ||||||||
| Danone SA | 81,015 | 5,210,711 | ||||||||
| Engie SA* | 525,199 | 7,785,455 | ||||||||
| Sanofi | 201,583 | 20,331,425 | ||||||||
| Television Francaise 1* | 403,639 | 3,135,225 | ||||||||
| (Cost $62,593,783) | 67,746,141 | |||||||||
| Germany 7.4% | ||||||||||
| Bayer AG (Registered) | 123,790 | 7,124,684 | ||||||||
| Beiersdorf AG | 86,148 | 9,605,090 | ||||||||
| Brenntag AG | 91,713 | 6,998,500 | ||||||||
| Deutsche Boerse AG | 25,572 | 4,257,635 | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 33,272 | 2,813,629 | ||||||||
| Fresenius SE & Co. KGaA | 67,488 | 3,047,201 | ||||||||
| HeidelbergCement AG | 22,108 | 1,584,145 | ||||||||
| Merck KGaA | 13,101 | 2,108,210 | ||||||||
| (Cost $35,416,323) | 37,539,094 | |||||||||
| Hong Kong 0.6% | ||||||||||
| CLP Holdings Ltd. (Cost $2,932,597) | 316,000 | 2,966,561 | ||||||||
| Ireland 0.5% | ||||||||||
| CRH PLC* (Cost $2,168,776) | 68,766 | 2,690,561 | ||||||||
| Italy 2.8% | ||||||||||
| Intesa Sanpaolo SpA* | 5,249,134 | 12,103,104 | ||||||||
| Snam SpA | 366,651 | 2,070,975 | ||||||||
| (Cost $12,886,794) | 14,174,079 | |||||||||
| Japan 26.2% | ||||||||||
| Advantest Corp. | 22,300 | 1,552,745 | ||||||||
| Astellas Pharma, Inc. | 149,400 | 2,111,444 | ||||||||
| Bridgestone Corp. | 306,131 | 10,612,602 | ||||||||
| Dentsu Group, Inc. | 77,600 | 2,502,886 | ||||||||
| Fujitsu Ltd. | 20,200 | 2,786,271 | ||||||||
| ITOCHU Corp. | 68,200 | 1,789,964 | ||||||||
| KDDI Corp. | 54,400 | 1,555,340 | ||||||||
| Mitsubishi UFJ Financial Group, Inc. | 632,400 | 2,679,619 | ||||||||
| Nintendo Co., Ltd. | 16,500 | 9,385,997 | ||||||||
| Ono Pharmaceutical Co., Ltd. | 239,500 | 7,566,949 | ||||||||
| Otsuka Holdings Co., Ltd. | 60,800 | 2,453,265 | ||||||||
| Sekisui House Ltd. | 320,400 | 5,734,435 | ||||||||
| Seven & i Holdings Co., Ltd. | 54,800 | 1,727,779 | ||||||||
| Shin-Etsu Chemical Co., Ltd. | 39,523 | 6,432,511 | ||||||||
| Shionogi & Co., Ltd. | 131,700 | 7,045,928 | ||||||||
| Sony Corp. | 47,004 | 4,356,994 | ||||||||
| Subaru Corp. | 159,784 | 3,138,920 | ||||||||
| Sumitomo Mitsui Financial Group, Inc. | 759,926 | 21,856,929 | ||||||||
| Takeda Pharmaceutical Co., Ltd. | 42,900 | 1,534,066 | ||||||||
| Tokyo Electron Ltd. | 28,923 | 9,776,845 | ||||||||
| Toyota Industries Corp. | 281,042 | 20,228,000 | ||||||||
| Toyota Motor Corp. | 90,074 | 6,007,531 | ||||||||
| (Cost $124,739,060) | 132,837,020 | |||||||||
| Netherlands 3.4% | ||||||||||
| Koninklijke Ahold Delhaize NV | 355,513 | 10,190,267 | ||||||||
| Koninklijke KPN NV | 2,388,974 | 7,127,041 | ||||||||
| (Cost $14,119,096) | 17,317,308 | |||||||||
| Singapore 2.8% | ||||||||||
| Singapore Telecommunications Ltd. | 1,430,700 | 2,551,861 | ||||||||
| Venture Corp., Ltd. | 839,101 | 11,745,110 | ||||||||
| (Cost $12,382,589) | 14,296,971 | |||||||||
| Sweden 2.1% | ||||||||||
| Alfa Laval AB* | 95,484 | 2,416,572 | ||||||||
| Telefonaktiebolaget LM Ericsson "B" | 644,421 | 7,900,815 | ||||||||
| (Cost $7,287,062) | 10,317,387 | |||||||||
| Switzerland 9.5% | ||||||||||
| Adecco Group AG (Registered) | 176,548 | 10,692,729 | ||||||||
| LafargeHolcim Ltd. (Registered) | 218,874 | 11,567,978 | ||||||||
| Novartis AG (Registered) | 55,378 | 5,007,763 | ||||||||
| Roche Holding AG (Genusschein) | 62,971 | 20,719,930 | ||||||||
| (Cost $47,706,704) | 47,988,400 | |||||||||
| United Kingdom 13.4% | ||||||||||
| BAE Systems PLC | 543,714 | 3,625,747 | ||||||||
| Barratt Developments PLC* | 361,004 | 2,997,762 | ||||||||
| British American Tobacco PLC | 227,440 | 8,019,639 | ||||||||
| Bunzl PLC | 62,949 | 1,978,152 | ||||||||
| Ferguson PLC | 12,101 | 1,360,953 | ||||||||
| GlaxoSmithKline PLC | 412,621 | 7,518,390 | ||||||||
| Imperial Brands PLC | 363,924 | 6,615,699 | ||||||||
| Johnson Matthey PLC | 65,556 | 1,937,636 | ||||||||
| Kingfisher PLC* | 795,563 | 2,892,375 | ||||||||
| Mondi PLC | 91,652 | 2,032,288 | ||||||||
| Persimmon PLC | 355,724 | 12,624,209 | ||||||||
| Rio Tinto PLC | 138,028 | 8,925,289 | ||||||||
| Smiths Group PLC | 78,408 | 1,526,887 | ||||||||
| Taylor Wimpey PLC* | 2,776,754 | 5,717,447 | ||||||||
| (Cost $66,687,684) | 67,772,473 | |||||||||
| Total Common Stocks (Cost $449,909,349) | 484,490,721 | |||||||||
| Preferred Stocks 2.9% | ||||||||||
| Germany | ||||||||||
| Henkel AG & Co. KGaA (Cost $16,578,469) | 135,603 | 14,559,163 | ||||||||
| Cash Equivalents 0.9% | ||||||||||
| DWS Central Cash Management Government Fund, 0.09% (a) (Cost $4,804,739) | 4,804,739 | 4,804,739 | ||||||||
| % of Net Assets |
Value ($) | |||||||||
| Total Investment Portfolio (Cost $471,292,557) | 99.5 | 503,854,623 | ||||||||
| Other Assets and Liabilities, Net | 0.5 | 2,647,143 | ||||||||
| Net Assets | 100.0 | 506,501,766 | ||||||||
| For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
| A summary of the Fund's transactions with affiliated investments during the period ended November 30, 2020 are as follows: | |
| Value ($) at 8/31/2020 | 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 11/30/2020 | Value ($) at 11/30/2020 |
||||||||||
| Securities Lending Collateral 0.0% | ||||||||||||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.03% (a) (b) | ||||||||||||||||||
| — | — (c) | — | — | — | 10,880 | — | — | — | ||||||||||
| Cash Equivalents 0.9% | ||||||||||||||||||
| DWS Central Cash Management Government Fund, 0.09% (a) | ||||||||||||||||||
| 2,582,527 | 17,732,137 | 15,509,925 | — | — | 820 | — | 4,804,739 | 4,804,739 | ||||||||||
| 2,582,527 | 17,732,137 | 15,509,925 | — | — | 11,700 | — | 4,804,739 | 4,804,739 | ||||||||||
| * | Non-income producing security. |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (c) | Represents the net increase (purchase cost) or decrease (sales proceeds)in the amount invested in cash collateral for the period ended November 30, 2020. |
| At November 30, 2020 the DWS CROCI® International Fund had the following sector diversification: | |
| Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Cash Equivalents | ||||||
| Health Care | 101,101,698 | 20 | % | |||||
| Financials | 76,907,304 | 16 | % | |||||
| Consumer Discretionary | 76,501,254 | 15 | % | |||||
| Materials | 57,985,646 | 12 | % | |||||
| Consumer Staples | 55,928,348 | 11 | % | |||||
| Information Technology | 49,950,076 | 10 | % | |||||
| Industrials | 39,766,769 | 8 | % | |||||
| Communication Services | 26,258,350 | 5 | % | |||||
| Utilities | 14,650,439 | 3 | % | |||||
| Total | 499,049,884 | 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, 2020 in valuing the Fund's investments.
| Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Common Stocks | |||||||||
| Australia | $ | — | $ | 40,508,729 | $ | — | $ | 40,508,729 | |
| Belgium | — | 9,796,198 | — | 9,796,198 | |||||
| Denmark | — | 13,490,860 | — | 13,490,860 | |||||
| Finland | — | 5,048,939 | — | 5,048,939 | |||||
| France | — | 67,746,141 | — | 67,746,141 | |||||
| Germany | — | 37,539,094 | — | 37,539,094 | |||||
| Hong Kong | — | 2,966,561 | — | 2,966,561 | |||||
| Ireland | — | 2,690,561 | — | 2,690,561 | |||||
| Italy | — | 14,174,079 | — | 14,174,079 | |||||
| Japan | — | 132,837,020 | — | 132,837,020 | |||||
| Netherlands | — | 17,317,308 | — | 17,317,308 | |||||
| Singapore | — | 14,296,971 | — | 14,296,971 | |||||
| Sweden | — | 10,317,387 | — | 10,317,387 | |||||
| Switzerland | — | 47,988,400 | — | 47,988,400 | |||||
| United Kingdom | — | 67,772,473 | — | 67,772,473 | |||||
| Preferred Stocks | — | 14,559,163 | — | 14,559,163 | |||||
| Short-Term Investments | 4,804,739 | — | — | 4,804,739 | |||||
| Total | $ | 4,804,739 | $ | 499,049,884 | $ | — | $ | 503,854,623 | |
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)