Investment Portfolioas of July 31, 2023 (Unaudited)
DWS Emerging Markets Equity Fund
Shares | Value ($) | ||
Equity Securities 91.9% | |||
Brazil 7.2% | |||
Banco Bradesco SA (ADR) | 666,211 | 2,351,723 | |
Itaú Unibanco Holding SA (ADR) (Preferred) | 464,387 | 2,790,966 | |
Petroleo Brasileiro SA (ADR) | 110,826 | 1,626,926 | |
Vale SA "B" (ADR) | 209,961 | 3,071,729 | |
(Cost $7,040,875) | 9,841,344 | ||
Chile 2.7% | |||
Antofagasta PLC (Cost $2,860,310) | 171,371 | 3,689,307 | |
China 25.9% | |||
Alibaba Group Holding Ltd.* | 192,000 | 2,400,338 | |
Alibaba Group Holding Ltd. (ADR)* | 22,823 | 2,331,598 | |
ANTA Sports Products Ltd. | 127,400 | 1,491,444 | |
Baidu, Inc. "A"* | 81,200 | 1,591,953 | |
BYD Co., Ltd. "H" | 62,500 | 2,208,645 | |
CSPC Pharmaceutical Group Ltd. | 744,000 | 619,133 | |
H World Group Ltd. (ADR)* | 67,630 | 3,248,945 | |
Industrial & Commercial Bank of China Ltd. "H" | 3,739,000 | 1,821,821 | |
Kweichow Moutai Co., Ltd. "A" | 14,300 | 3,762,870 | |
Meituan "B" 144A* | 87,080 | 1,633,539 | |
PetroChina Co., Ltd. "H" | 3,186,000 | 2,324,474 | |
Ping An Insurance Group Co. of China Ltd. "H" | 127,000 | 915,995 | |
Tencent Holdings Ltd. | 194,400 | 8,833,984 | |
Yum China Holdings, Inc. | 35,607 | 2,172,739 | |
(Cost $29,948,221) | 35,357,478 | ||
Hong Kong 2.3% | |||
China Mengniu Dairy Co., Ltd. | 295,000 | 1,113,971 | |
China Resources Beer Holdings Co., Ltd. | 42,000 | 269,000 | |
China State Construction International Holdings Ltd. | 244,000 | 298,160 | |
Galaxy Entertainment Group Ltd.* | 185,000 | 1,342,625 | |
Kunlun Energy Co., Ltd. | 180,000 | 146,559 | |
(Cost $3,184,822) | 3,170,315 | ||
India 17.6% | |||
Axis Bank Ltd. | 277,906 | 3,226,462 | |
Bharti Airtel Ltd. | 314,892 | 3,403,565 | |
HDFC Bank Ltd. (ADR) | 46,031 | 3,142,997 | |
ICICI Bank Ltd. | 411,616 | 4,989,512 | |
ICICI Bank Ltd. (ADR) | 57,788 | 1,419,851 | |
Jio Financial Services Ltd.* (a) | 57,392 | 176,435 | |
Larsen & Toubro Ltd. | 141,384 | 4,610,306 | |
Maruti Suzuki India Ltd. | 10,439 | 1,245,465 | |
Reliance Industries Ltd. | 57,392 | 1,776,562 | |
(Cost $16,149,871) | 23,991,155 |
Indonesia 2.5% | |||
PT Bank Central Asia Tbk | 4,889,400 | 2,958,606 | |
PT Elang Mahkota Teknologi Tbk | 8,919,700 | 384,470 | |
(Cost $3,738,720) | 3,343,076 | ||
Korea 13.5% | |||
Hyundai Mobis Co., Ltd. | 1,678 | 306,731 | |
Hyundai Motor Co. | 4,502 | 692,262 | |
KB Financial Group, Inc. | 32,240 | 1,289,954 | |
NAVER Corp. | 2,756 | 490,811 | |
Samsung Electronics Co., Ltd. | 200,812 | 10,996,491 | |
Samsung SDI Co., Ltd. | 6,715 | 3,503,295 | |
SK Hynix, Inc. | 11,246 | 1,088,735 | |
(Cost $13,031,928) | 18,368,279 | ||
Macau 1.1% | |||
Sands China Ltd.* (Cost $1,059,997) | 393,600 | 1,501,443 | |
Mexico 2.9% | |||
Fomento Economico Mexicano SAB de CV (ADR) (Cost $2,548,823) | 34,817 | 3,943,025 | |
South Africa 4.0% | |||
Clicks Group Ltd. | 78,036 | 1,224,053 | |
FirstRand Ltd. | 672,038 | 2,735,312 | |
Naspers Ltd. "N" | 7,949 | 1,561,958 | |
(Cost $5,680,588) | 5,521,323 | ||
Taiwan 11.1% | |||
Delta Electronics, Inc. | 61,000 | 709,449 | |
Fubon Financial Holding Co., Ltd. | 827,320 | 1,724,324 | |
Hon Hai Precision Industry Co., Ltd. | 264,000 | 911,460 | |
MediaTek, Inc. | 39,000 | 856,284 | |
Nan Ya Printed Circuit Board Corp. | 39,000 | 307,766 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 588,803 | 10,585,770 | |
Unimicron Technology Corp. | 11,000 | 64,579 | |
(Cost $7,546,090) | 15,159,632 | ||
United Kingdom 1.1% | |||
Rio Tinto PLC (Cost $1,482,226) | 21,970 | 1,452,052 | |
Total Equity Securities (Cost $94,272,471) | 125,338,429 | ||
Exchange-Traded Funds 4.4% | |||
iShares MSCI Saudi Arabia ETF (b) (Cost $5,856,941) | 142,689 | 6,002,926 | |
Securities Lending Collateral 4.5% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.18% (c) (d) (Cost $6,151,250) | 6,151,250 | 6,151,250 | |
Cash Equivalents 0.0% | |||
DWS Central Cash Management Government Fund, 5.28% (c) (Cost $5,849) | 5,849 | 5,849 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $106,286,511) | 100.8 | 137,498,454 | |
Other Assets and Liabilities, Net | (0.8 ) | (1,117,727 ) | |
Net Assets | 100.0 | 136,380,727 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2023 are as follows:
Value ($) at 10/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 7/31/2023 | Value ($) at 7/31/2023 |
Securities Lending Collateral 4.5% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.18% (c) (d) | ||||||||
3,430,908 | 2,720,342 (e) | — | — | — | 18,647 | — | 6,151,250 | 6,151,250 |
Cash Equivalents 0.0% | ||||||||
DWS Central Cash Management Government Fund, 5.28% (c) | ||||||||
7,794,443 | 83,851,059 | 91,639,653 | — | — | 136,117 | — | 5,849 | 5,849 |
11,225,351 | 86,571,401 | 91,639,653 | — | — | 154,764 | — | 6,157,099 | 6,157,099 |
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(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, 2023 amounted to $5,915,042, which is 4.3% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 31, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
MSCI: Morgan Stanley Capital International |
At July 31, 2023 the DWS Emerging Markets Equity Fund had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Equity Securities |
Financials | 29,543,958 | 24% |
Information Technology | 29,023,829 | 23% |
Consumer Discretionary | 22,137,732 | 18% |
Communication Services | 14,704,783 | 12% |
Consumer Staples | 10,312,919 | 8% |
Materials | 8,213,088 | 6% |
Energy | 5,727,962 | 5% |
Industrials | 4,908,466 | 4% |
Health Care | 619,133 | 0% |
Utilities | 146,559 | 0% |
Total | 125,338,429 | 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, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | ||||
Brazil | $9,841,344 | $— | $— | $9,841,344 |
Chile | 3,689,307 | — | — | 3,689,307 |
China | 35,357,478 | — | — | 35,357,478 |
Hong Kong | 3,170,315 | — | — | 3,170,315 |
India | 23,814,720 | — | 176,435 | 23,991,155 |
Indonesia | 3,343,076 | — | — | 3,343,076 |
Korea | 18,368,279 | — | — | 18,368,279 |
Macau | 1,501,443 | — | — | 1,501,443 |
Mexico | 3,943,025 | — | — | 3,943,025 |
South Africa | 5,521,323 | — | — | 5,521,323 |
Taiwan | 15,159,632 | — | — | 15,159,632 |
United Kingdom | 1,452,052 | — | — | 1,452,052 |
Exchange-Traded Funds | 6,002,926 | — | — | 6,002,926 |
Short-Term Investments (a) | 6,157,099 | — | — | 6,157,099 |
Total | $137,322,019 | $— | $176,435 | $137,498,454 |
(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
DEMEF-PH3
R-080548-2 (1/25)