Investment Portfolioas of November 30, 2023 (Unaudited)
DWS ESG International Core Equity Fund
Shares | Value ($) | ||
Common Stocks 98.0% | |||
Australia 6.9% | |||
Aurizon Holdings Ltd. | 17,850 | 41,676 | |
BHP Group Ltd. | 3,087 | 94,511 | |
Brambles Ltd. | 5,891 | 52,001 | |
Endeavour Group Ltd. | 13,902 | 45,280 | |
IGO Ltd. | 6,743 | 38,192 | |
Macquarie Group Ltd. | 471 | 52,674 | |
Treasury Wine Estates Ltd. | 10,525 | 74,444 | |
Woodside Energy Group Ltd. | 1,505 | 30,719 | |
Woolworths Group Ltd. | 2,989 | 68,980 | |
(Cost $593,007) | 498,477 | ||
Belgium 0.8% | |||
KBC Group NV (Cost $72,852) | 1,043 | 59,737 | |
Denmark 3.1% | |||
Novo Nordisk AS "B" (Cost $46,641) | 2,173 | 221,055 | |
Finland 1.7% | |||
Kone Oyj "B" | 1,101 | 48,980 | |
Neste Oyj | 1,831 | 69,645 | |
(Cost $105,467) | 118,625 | ||
France 10.3% | |||
Aeroports de Paris SA | 226 | 27,808 | |
Arkema SA | 580 | 58,992 | |
BNP Paribas SA | 1,987 | 125,330 | |
Capgemini SE | 468 | 95,848 | |
Danone SA | 1,252 | 80,408 | |
Kering SA | 92 | 39,626 | |
LVMH Moet Hennessy Louis Vuitton SE | 247 | 188,986 | |
Renault SA | 1,118 | 43,886 | |
STMicroelectronics NV | 1,046 | 49,574 | |
Worldline SA 144A* | 1,841 | 28,490 | |
(Cost $587,389) | 738,948 | ||
Germany 8.7% | |||
adidas AG | 198 | 41,586 | |
Allianz SE (Registered) | 553 | 139,060 | |
BASF SE | 1,729 | 80,568 | |
Bayerische Motoren Werke AG | 476 | 49,619 | |
Deutsche Boerse AG | 593 | 112,629 | |
HelloFresh SE* | 1,543 | 23,598 | |
Merck KGaA | 293 | 51,151 | |
Puma SE | 372 | 23,981 | |
SAP SE | 211 | 33,513 |
Siemens AG (Registered) | 222 | 37,254 | |
Volkswagen AG | 272 | 35,283 | |
(Cost $523,149) | 628,242 | ||
Hong Kong 3.6% | |||
Budweiser Brewing Co., APAC Ltd. 144A | 24,500 | 43,276 | |
HKT Trust & HKT Ltd. (Units) | 74,000 | 78,833 | |
Hong Kong Exchanges & Clearing Ltd. | 1,000 | 35,441 | |
Prudential PLC | 9,231 | 100,804 | |
(Cost $332,402) | 258,354 | ||
Ireland 1.1% | |||
Kingspan Group PLC (Cost $51,426) | 951 | 75,268 | |
Italy 1.3% | |||
Moncler SpA (Cost $23,135) | 1,726 | 95,564 | |
Japan 22.6% | |||
ANA Holdings, Inc.* | 1,200 | 24,744 | |
Astellas Pharma, Inc. | 4,200 | 50,982 | |
Canon, Inc. | 1,800 | 46,403 | |
Chugai Pharmaceutical Co., Ltd. | 3,200 | 112,797 | |
CyberAgent, Inc. | 3,300 | 19,897 | |
Daiichi Sankyo Co., Ltd. | 1,900 | 51,380 | |
Daiwa House Industry Co., Ltd. | 1,400 | 39,736 | |
Hitachi Construction Machinery Co., Ltd. | 1,400 | 36,442 | |
Hulic Co., Ltd. | 3,400 | 33,740 | |
Inpex Corp. | 4,000 | 56,369 | |
Japan Post Bank Co., Ltd. | 9,600 | 94,568 | |
KDDI Corp. | 2,500 | 78,140 | |
Mitsubishi Corp. | 1,900 | 88,468 | |
Mitsubishi UFJ Financial Group, Inc. | 16,200 | 137,695 | |
Mitsui & Co., Ltd. | 3,100 | 113,047 | |
Murata Manufacturing Co., Ltd. | 2,100 | 40,935 | |
Nippon Building Fund, Inc. (REIT) | 5 | 20,957 | |
Nippon Steel Corp. | 3,600 | 84,167 | |
Nippon Telegraph & Telephone Corp. | 30,000 | 35,113 | |
Nomura Real Estate Holdings, Inc. | 1,100 | 26,816 | |
Obayashi Corp. | 3,900 | 32,852 | |
Sony Group Corp. | 400 | 34,558 | |
Sumitomo Mitsui Financial Group, Inc. | 2,400 | 117,812 | |
Takeda Pharmaceutical Co., Ltd. | 3,000 | 84,408 | |
Terumo Corp. | 1,600 | 51,021 | |
Tokio Marine Holdings, Inc. | 1,400 | 34,555 | |
Tokyo Electron Ltd. | 300 | 48,629 | |
Toyota Motor Corp. | 1,700 | 32,220 | |
(Cost $1,398,373) | 1,628,451 | ||
Netherlands 5.4% | |||
ASML Holding NV | 324 | 220,630 | |
Koninklijke Philips NV | 1,995 | 40,580 | |
Stellantis NV | 5,830 | 126,642 | |
(Cost $233,266) | 387,852 | ||
Norway 1.4% | |||
DNB Bank ASA (Cost $90,575) | 5,324 | 101,493 |
Singapore 0.6% | |||
Singapore Telecommunications Ltd. (Cost $46,214) | 23,800 | 41,049 | |
Spain 2.4% | |||
Grifols SA* | 4,019 | 56,722 | |
Iberdrola SA | 9,421 | 116,416 | |
(Cost $168,327) | 173,138 | ||
Sweden 3.2% | |||
Assa Abloy AB "B" | 2,926 | 75,046 | |
Getinge AB "B" | 947 | 20,107 | |
Hexagon AB "B" | 6,743 | 67,424 | |
Skanska AB "B" | 1,464 | 23,520 | |
Svenska Handelsbanken AB "A" | 4,941 | 46,838 | |
(Cost $219,272) | 232,935 | ||
Switzerland 11.6% | |||
ABB Ltd. (Registered) | 2,041 | 81,309 | |
Kuehne & Nagel International AG (Registered) | 332 | 96,167 | |
Lonza Group AG (Registered) | 189 | 73,204 | |
Nestle SA (Registered) | 2,094 | 238,221 | |
Novartis AG (Registered) | 1,061 | 103,841 | |
Sandoz Group AG* | 1,431 | 41,028 | |
Sika AG (Registered) | 434 | 117,861 | |
Straumann Holding AG (Registered) | 180 | 24,794 | |
Swiss Prime Site AG (Registered) | 550 | 55,325 | |
(Cost $604,392) | 831,750 | ||
United Kingdom 13.1% | |||
Ashtead Group PLC | 855 | 51,520 | |
AstraZeneca PLC | 256 | 32,851 | |
Compass Group PLC | 4,485 | 113,541 | |
Diageo PLC | 3,568 | 124,722 | |
HSBC Holdings PLC | 4,663 | 35,564 | |
M&G PLC | 28,349 | 74,969 | |
National Grid PLC | 6,960 | 90,365 | |
RELX PLC | 3,389 | 130,285 | |
Rio Tinto PLC | 521 | 35,516 | |
Shell PLC | 5,953 | 192,675 | |
SSE PLC | 1,456 | 33,718 | |
Vodafone Group PLC | 33,420 | 30,067 | |
(Cost $789,147) | 945,793 | ||
United States 0.2% | |||
Newmont Corp. (Cost $16,282) | 431 | 17,185 | |
Total Common Stocks (Cost $5,901,316) | 7,053,916 | ||
Exchange-Traded Funds 0.6% | |||
iShares ESG Aware MSCI EAFE ETF (Cost $41,964) | 593 | 43,093 | |
Cash Equivalents 0.6% | |||
DWS Central Cash Management Government Fund, 5.38% (a) (Cost $42,388) | 42,388 | 42,388 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $5,985,668) | 99.2 | 7,139,397 | |
Other Assets and Liabilities, Net | 0.8 | 55,056 | |
Net Assets | 100.0 | 7,194,453 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 are as follows:
Value ($) at 8/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2023 | Value ($) at 11/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (a) (b) | ||||||||
73,750 | — | 73,750 (c) | — | — | 171 | — | — | — |
Cash Equivalents 0.6% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (a) | ||||||||
92,251 | 234,580 | 284,443 | — | — | 804 | — | 42,388 | 42,388 |
166,001 | 234,580 | 358,193 | — | — | 975 | — | 42,388 | 42,388 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
EAFE: Europe, Australasia and Far East |
MSCI: Morgan Stanley Capital International |
REIT: Real Estate Investment Trust |
At November 30, 2023 the DWS ESG International Core Equity Fund had the following sector diversification:
Sector Diversification | Market Value ($) | (As a % of Investment Portfolio excluding Exchange-Traded Funds and Cash Equivalents) |
Financials | 1,297,659 | 18% |
Industrials | 1,036,387 | 15% |
Health Care | 1,015,921 | 14% |
Consumer Discretionary | 825,492 | 12% |
Consumer Staples | 698,929 | 10% |
Information Technology | 602,956 | 9% |
Materials | 526,992 | 7% |
Energy | 349,408 | 5% |
Communication Services | 283,099 | 4% |
Utilities | 240,499 | 3% |
Real Estate | 176,574 | 3% |
Total | 7,053,916 | 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, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $498,477 | $— | $498,477 |
Belgium | — | 59,737 | — | 59,737 |
Denmark | — | 221,055 | — | 221,055 |
Finland | — | 118,625 | — | 118,625 |
France | — | 738,948 | — | 738,948 |
Germany | — | 628,242 | — | 628,242 |
Hong Kong | — | 258,354 | — | 258,354 |
Ireland | — | 75,268 | — | 75,268 |
Italy | — | 95,564 | — | 95,564 |
Japan | — | 1,628,451 | — | 1,628,451 |
Netherlands | — | 387,852 | — | 387,852 |
Norway | — | 101,493 | — | 101,493 |
Singapore | — | 41,049 | — | 41,049 |
Spain | — | 173,138 | — | 173,138 |
Sweden | — | 232,935 | — | 232,935 |
Switzerland | — | 831,750 | — | 831,750 |
United Kingdom | — | 945,793 | — | 945,793 |
United States | — | 17,185 | — | 17,185 |
Exchange-Traded Funds | 43,093 | — | — | 43,093 |
Short-Term Investments | 42,388 | — | — | 42,388 |
Total | $85,481 | $7,053,916 | $— | $7,139,397 |
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
DEICEF-PH1
R-080548-2 (1/25)