Investment Portfolioas of January 31, 2024 (Unaudited)
DWS Emerging Markets Equity Fund
Shares | Value ($) | ||
Equity Securities 95.2% | |||
Argentina 1.2% | |||
Grupo Financiero Galicia SA (ADR)* (a) (Cost $747,187) | 45,000 | 972,450 | |
Brazil 5.6% | |||
Banco Bradesco SA (ADR) | 275,001 | 852,502 | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 60,000 | 955,030 | |
NU Holdings Ltd. "A"* | 120,000 | 1,033,200 | |
Petroleo Brasileiro SA (ADR) | 57,500 | 981,525 | |
Vale SA (ADR) | 60,000 | 821,400 | |
(Cost $3,761,893) | 4,643,657 | ||
Chile 2.8% | |||
Antofagasta PLC (Cost $1,594,926) | 107,500 | 2,353,904 | |
China 16.5% | |||
Alibaba Group Holding Ltd. | 100,000 | 903,877 | |
Baidu, Inc. "A"* | 60,000 | 794,170 | |
BYD Co., Ltd. "H" | 60,500 | 1,354,572 | |
Kweichow Moutai Co., Ltd. "A" | 2,700 | 603,414 | |
Meituan "B" 144A* | 69,980 | 561,165 | |
PetroChina Co., Ltd. "H" | 1,750,000 | 1,266,466 | |
Ping An Insurance Group Co. of China Ltd. "H" | 150,000 | 630,636 | |
Shanghai United Imaging Healthcare Co., Ltd.“A” | 25,000 | 468,963 | |
Shenzhen Mindray Bio-medical Electronics Co., Ltd. "A" | 12,500 | 467,660 | |
Tencent Holdings Ltd. | 115,000 | 4,015,786 | |
Trip.com Group Ltd.* | 30,000 | 1,089,997 | |
Yum China Holdings, Inc. (b) | 45,000 | 1,556,550 | |
(Cost $13,371,703) | 13,713,256 | ||
Hong Kong 2.2% | |||
AIA Group Ltd. | 175,000 | 1,367,175 | |
Budweiser Brewing Co., APAC Ltd. 144A | 300,000 | 472,249 | |
(Cost $2,119,961) | 1,839,424 | ||
India 23.9% | |||
Axis Bank Ltd. | 150,000 | 1,927,252 | |
Bharti Airtel Ltd. | 100,000 | 1,409,132 | |
HDFC Bank Ltd. | 125,000 | 2,198,323 | |
HDFC Bank Ltd. (ADR) | 34,694 | 1,925,170 | |
ICICI Bank Ltd. | 335,000 | 4,125,842 | |
Larsen & Toubro Ltd. | 110,000 | 4,611,909 | |
Maruti Suzuki India Ltd. | 10,094 | 1,235,516 | |
Max Healthcare Institute Ltd. | 60,000 | 569,957 | |
Reliance Industries Ltd. | 55,498 | 1,904,742 | |
(Cost $12,667,570) | 19,907,843 | ||
Indonesia 4.9% | |||
PT Bank Central Asia Tbk | 4,728,100 | 2,857,483 |
PT Bank Mandiri Persero Tbk | 1,400,000 | 588,264 | |
PT Bank Rakyat Indonesia Persero Tbk | 1,750,000 | 630,697 | |
(Cost $3,036,518) | 4,076,444 | ||
Ireland 1.2% | |||
PDD Holdings, Inc. (ADR)* (Cost $784,881) | 7,500 | 951,525 | |
Korea 7.8% | |||
Samsung Electronics Co., Ltd. | 90,000 | 4,863,136 | |
Samsung SDI Co., Ltd. | 2,000 | 551,488 | |
SK Hynix, Inc. | 10,875 | 1,088,509 | |
(Cost $3,178,966) | 6,503,133 | ||
Mexico 5.8% | |||
Corp. Inmobiliaria Vesta SAB de CV | 350,000 | 1,329,925 | |
Fomento Economico Mexicano SAB de CV (ADR) | 17,500 | 2,371,950 | |
Grupo Financiero Banorte SAB de CV "O" | 42,500 | 432,148 | |
Wal-Mart de Mexico SAB de CV | 175,000 | 722,816 | |
(Cost $3,476,146) | 4,856,839 | ||
Poland 1.5% | |||
Allegro.eu SA 144A* | 1,000 | 7,564 | |
Bank Polska Kasa Opieki SA | 7,500 | 288,451 | |
InPost SA* | 35,000 | 527,268 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 35,000 | 443,524 | |
(Cost $931,155) | 1,266,807 | ||
Portugal 1.0% | |||
Jeronimo Martins SGPS SA (Cost $883,952) | 37,500 | 852,656 | |
South Africa 2.6% | |||
Absa Group Ltd. | 75,000 | 653,371 | |
FirstRand Ltd. | 300,000 | 1,085,815 | |
Naspers Ltd. "N" | 2,500 | 419,014 | |
(Cost $2,124,623) | 2,158,200 | ||
Taiwan 14.8% | |||
Alchip Technologies Ltd. | 5,000 | 620,982 | |
Delta Electronics, Inc. | 75,000 | 666,293 | |
MediaTek, Inc. | 33,000 | 1,013,374 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 499,803 | 9,990,390 | |
(Cost $3,533,835) | 12,291,039 | ||
United Kingdom 0.5% | |||
Rio Tinto PLC (Cost $438,528) | 6,500 | 450,990 | |
Uruguay 2.9% | |||
MercadoLibre, Inc.* (Cost $1,690,732) | 1,400 | 2,396,534 | |
Total Equity Securities (Cost $54,342,576) | 79,234,701 | ||
Exchange-Traded Funds 3.2% | |||
iShares MSCI Saudi Arabia ETF (a) (Cost $2,668,048) | 65,000 | 2,707,250 | |
Securities Lending Collateral 4.6% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.26% (c) (d) (Cost $3,802,250) | 3,802,250 | 3,802,250 |
Cash Equivalents 1.6% | |||
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $1,320,446) | 1,320,446 | 1,320,446 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $62,133,320) | 104.6 | 87,064,647 | |
Other Assets and Liabilities, Net | (4.6 ) | (3,844,410 ) | |
Net Assets | 100.0 | 83,220,237 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2024 are as follows:
Value ($) at 10/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 1/31/2024 | Value ($) at 1/31/2024 |
Securities Lending Collateral 4.6% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.26% (c) (d) | ||||||||
4,203,675 | — | 401,425 (e) | — | — | 2,232 | — | 3,802,250 | 3,802,250 |
Cash Equivalents 1.6% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (c) | ||||||||
— | 26,476,002 | 25,155,556 | — | — | 10,825 | — | 1,320,446 | 1,320,446 |
4,203,675 | 26,476,002 | 25,556,981 | — | — | 13,057 | — | 5,122,696 | 5,122,696 |
* | Non-income producing security. |
(a) | 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 January 31, 2024 amounted to $3,665,044, which is 4.4% of net assets. |
(b) | Listed on the New York Stock Exchange. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2024. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
MSCI: Morgan Stanley Capital International |
At January 31, 2024 the DWS Emerging Markets Equity Fund had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Equity Securities |
Financials | 22,012,303 | 28% |
Information Technology | 18,794,172 | 24% |
Consumer Discretionary | 10,476,314 | 13% |
Communication Services | 6,219,088 | 8% |
Industrials | 5,139,177 | 6% |
Consumer Staples | 5,023,085 | 6% |
Energy | 4,152,733 | 5% |
Materials | 3,626,294 | 5% |
Health Care | 1,506,580 | 2% |
Real Estate | 1,329,925 | 2% |
Utilities | 955,030 | 1% |
Total | 79,234,701 | 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 January 31, 2024 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | ||||
Argentina | $972,450 | $— | $— | $972,450 |
Brazil | 4,643,657 | — | — | 4,643,657 |
Chile | — | 2,353,904 | — | 2,353,904 |
China | 1,556,550 | 12,156,706 | — | 13,713,256 |
Hong Kong | — | 1,839,424 | — | 1,839,424 |
India | 1,925,170 | 17,982,673 | — | 19,907,843 |
Indonesia | — | 4,076,444 | — | 4,076,444 |
Ireland | 951,525 | — | — | 951,525 |
Korea | — | 6,503,133 | — | 6,503,133 |
Mexico | 4,856,839 | — | — | 4,856,839 |
Poland | — | 1,266,807 | — | 1,266,807 |
Portugal | — | 852,656 | — | 852,656 |
South Africa | — | 2,158,200 | — | 2,158,200 |
Taiwan | — | 12,291,039 | — | 12,291,039 |
United Kingdom | — | 450,990 | — | 450,990 |
Uruguay | 2,396,534 | — | — | 2,396,534 |
Exchange-Traded Funds | 2,707,250 | — | — | 2,707,250 |
Short-Term Investments (a) | 5,122,696 | — | — | 5,122,696 |
Total | $25,132,671 | $61,931,976 | $— | $87,064,647 |
(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-PH1
R-080548-2 (1/25)