Investment Portfolio | as of January 31, 2022 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 54.5% | |||
France 10.2% | |||
Alstom SA | 55,557 | 1,807,342 | |
AXA SA | 157,195 | 4,965,938 | |
BNP Paribas SA | 48,000 | 3,435,581 | |
Bureau Veritas SA | 19,969 | 569,224 | |
Capgemini SE | 5,257 | 1,178,639 | |
Danone SA | 30,000 | 1,867,994 | |
EssilorLuxottica SA | 8,000 | 1,513,269 | |
Orange SA | 175,361 | 2,062,502 | |
Sanofi | 23,544 | 2,462,245 | |
Veolia Environnement SA | 71,223 | 2,569,846 | |
Vinci SA | 12,000 | 1,315,847 | |
(Cost $21,176,280) | 23,748,427 | ||
Germany 13.8% | |||
BASF SE | 35,929 | 2,746,101 | |
Bayer AG (Registered) | 51,000 | 3,106,930 | |
BioNTech SE (ADR)* | 2,500 | 430,200 | |
Deutsche Post AG (Registered) | 21,122 | 1,269,053 | |
Deutsche Telekom AG (Registered) | 365,000 | 6,874,924 | |
E.ON SE | 467,679 | 6,443,745 | |
Evonik Industries AG | 77,581 | 2,531,410 | |
Infineon Technologies AG | 73,972 | 3,053,314 | |
ProSiebenSat.1 Media SE | 35,660 | 555,509 | |
Volkswagen AG (Preference) | 15,866 | 3,310,109 | |
Vonovia SE | 30,229 | 1,717,025 | |
(Cost $27,545,624) | 32,038,320 | ||
Ireland 0.7% | |||
Medtronic PLC (a) (Cost $1,660,444) | 15,562 | 1,610,511 | |
Italy 0.7% | |||
Enel SpA (Cost $2,017,934) | 214,943 | 1,646,331 | |
Japan 2.4% | |||
Daikin Industries Ltd. | 2,700 | 567,505 | |
Panasonic Corp. | 104,600 | 1,154,675 | |
Secom Co., Ltd. | 7,500 | 530,168 | |
Takeda Pharmaceutical Co., Ltd. | 86,900 | 2,525,916 | |
Yaskawa Electric Corp. | 20,100 | 846,836 | |
(Cost $6,217,337) | 5,625,100 | ||
Korea 0.8% | |||
Samsung Electronics Co., Ltd. (Cost $1,333,496) | 27,875 | 1,733,791 | |
Netherlands 2.1% | |||
ASML Holding NV | 2,185 | 1,478,673 |
Koninklijke Ahold Delhaize NV | 49,190 | 1,591,553 | |
Koninklijke Philips NV | 52,026 | 1,724,696 | |
(Cost $5,291,377) | 4,794,922 | ||
Spain 0.9% | |||
Red Electrica Corp. SA (b) (Cost $1,853,863) | 98,909 | 1,993,708 | |
Switzerland 3.8% | |||
Nestle SA (Registered) | 30,749 | 3,968,443 | |
Novartis AG (Registered) | 20,602 | 1,787,084 | |
Roche Holding AG (Genusschein) | 4,994 | 1,935,357 | |
TE Connectivity Ltd. (a) | 8,479 | 1,212,582 | |
(Cost $6,793,589) | 8,903,466 | ||
Taiwan 2.2% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $2,241,590) | 227,000 | 5,217,947 | |
United Kingdom 3.5% | |||
Allfunds Group PLC* | 9,449 | 132,439 | |
Compass Group PLC | 69,707 | 1,582,664 | |
Linde PLC (a) | 6,429 | 2,048,794 | |
Smith & Nephew PLC | 46,000 | 783,436 | |
Unilever PLC | 12,900 | 658,047 | |
Vodafone Group PLC | 1,728,277 | 3,025,144 | |
(Cost $7,798,685) | 8,230,524 | ||
United States 13.4% | |||
Alphabet, Inc. "A"* | 1,794 | 4,854,690 | |
Amazon.com, Inc.* | 507 | 1,516,675 | |
American Express Co. | 6,541 | 1,176,203 | |
Amgen, Inc. | 6,917 | 1,571,127 | |
AT&T, Inc. | 131,588 | 3,355,494 | |
CVS Health Corp. | 10,113 | 1,077,136 | |
Johnson & Johnson | 14,983 | 2,581,421 | |
JPMorgan Chase & Co. | 18,611 | 2,765,595 | |
Microsoft Corp. | 15,648 | 4,866,215 | |
Netflix, Inc.* | 3,547 | 1,515,066 | |
PayPal Holdings, Inc.* | 5,000 | 859,700 | |
Pfizer, Inc. | 45,408 | 2,392,547 | |
Pinterest, Inc. "A"* | 38,983 | 1,152,337 | |
T-Mobile U.S., Inc.* | 3,302 | 357,177 | |
Visa, Inc. "A" | 5,265 | 1,190,785 | |
(Cost $25,082,952) | 31,232,168 | ||
Total Common Stocks (Cost $109,013,171) | 126,775,215 |
Principal Amount ($) (c) | Value ($) | ||
Bonds 18.2% | |||
France 0.2% | |||
BNP Paribas SA, REG S, 3-month EURIBOR + 0.85%, 0.262% (d), 9/22/2022 (Cost $396,272) | EUR | 357,000 | 403,041 |
Germany 3.0% | |||
KFW Government Guarantee, REG S, 0.125%, 5/16/2023 | 3,485,000 | 3,445,805 | |
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/2023 | 3,485,000 | 3,432,806 | |
(Cost $6,929,224) | 6,878,611 | ||
Norway 0.7% | |||
Norway Government Bond, Series 475, REG S, 144A, 2.0%, 5/24/2023 (Cost $1,501,720) | NOK | 13,708,000 | 1,554,260 |
Russia 0.5% | |||
Russian Federal Bond - OFZ, 7.0%, 8/16/2023 (Cost $1,615,187) | RUB | 100,000,000 | 1,248,109 |
Turkey 0.3% | |||
Republic of Turkey: | |||
3.25%, 6/14/2025 | EUR | 200,000 | 216,992 |
5.125%, 3/25/2022 | 200,000 | 200,566 | |
6.25%, 9/26/2022 | 200,000 | 203,488 | |
7.375%, 2/5/2025 | 80,000 | 81,643 | |
(Cost $688,544) | 702,689 | ||
United States 13.5% | |||
AbbVie, Inc., 2.95%, 11/21/2026 | 3,000,000 | 3,085,134 | |
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028 | 170,000 | 184,201 | |
Coty, Inc.: | |||
REG S, 4.0%, 4/15/2023 | EUR | 1,800,000 | 2,007,044 |
144A, 6.5%, 4/15/2026 (b) | 900,000 | 911,394 | |
DISH DBS Corp., 7.75%, 7/1/2026 | 40,000 | 41,164 | |
Howmet Aerospace, Inc., 5.125%, 10/1/2024 | 1,540,000 | 1,609,300 | |
Netflix, Inc.: | |||
4.625%, 5/15/2029 | EUR | 185,000 | 251,454 |
6.375%, 5/15/2029 | 100,000 | 119,375 | |
U.S. Treasury Bills, 0.375% (e), 5/19/2022 (f) | 7,000,000 | 6,994,429 | |
U.S. Treasury Notes: | |||
0.125%, 11/30/2022 | 5,000,000 | 4,976,367 | |
0.875%, 9/30/2026 | 2,000,000 | 1,934,766 | |
2.375%, 5/15/2029 | 4,000,000 | 4,172,031 | |
2.75%, 4/30/2023 | 4,000,000 | 4,090,313 | |
VeriSign, Inc., 5.25%, 4/1/2025 | 300,000 | 326,571 | |
Verizon Communications, Inc., 2.625%, 8/15/2026 | 800,000 | 813,805 | |
(Cost $31,465,523) | 31,517,348 | ||
Total Bonds (Cost $42,596,470) | 42,304,058 |
Shares | Value ($) | ||
Exchange-Traded Funds 7.0% | |||
iShares JPMorgan EM Local Government Bond ETF | 90,000 | 4,558,040 | |
iShares Nasdaq Biotechnology ETF | 9,000 | 1,186,740 | |
SPDR Gold MiniShares Trust * | 546,500 | 9,771,420 | |
WisdomTree Artificial Intelligence UCITS ETF * | 12,117 | 741,337 | |
Total Exchange-Traded Funds (Cost $17,068,491) | 16,257,537 | ||
Securities Lending Collateral 1.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (g) (h) (Cost $3,041,370) | 3,041,370 | 3,041,370 | |
Cash Equivalents 18.1% | |||
DWS Central Cash Management Government Fund, 0.05% (g) (Cost $42,067,298) | 42,067,298 | 42,067,298 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $213,786,800) | 99.1 | 230,445,478 | |
Other Assets and Liabilities, Net | 0.9 | 2,068,865 | |
Net Assets | 100.0 | 232,514,343 |
Value ($) at 10/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 1/31/2022 | Value ($) at 1/31/2022 |
Securities Lending Collateral 1.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (g) (h) | ||||||||
2,897,670 | 143,700 (i) | — | — | — | 9,635 | — | 3,041,370 | 3,041,370 |
Cash Equivalents 18.1% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (g) | ||||||||
47,885,794 | 26,144,626 | 31,963,122 | — | — | 4,174 | — | 42,067,298 | 42,067,298 |
50,783,464 | 26,288,326 | 31,963,122 | — | — | 13,809 | — | 45,108,668 | 45,108,668 |
* | Non-income producing security. |
(a) | Listed on the New York Stock Exchange. |
(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 January 31, 2022 amounted to $2,902,932, which is 1.3% of net assets. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | Variable or floating rate security. These securities are shown at their current rate as of January 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(e) | Annualized yield at time of purchase; not a coupon rate. |
(f) | At January 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(g) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(h) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(i) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2022. |
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 |
EURIBOR: Euro Interbank Offered Rate |
OFZ: Obigatyi Federal novo Zaima (Federal Loan Obligations) |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
S&P: Standard & Poor's |
SPDR: Standard & Poor's Depositary Receipt |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
10 Year U.S. Treasury Note | USD | 3/22/2022 | 60 | 7,757,952 | 7,678,125 | 79,827 |
DAX Index | EUR | 3/18/2022 | 23 | 10,075,034 | 9,950,737 | 124,297 |
NASDAQ 100 E-Mini Index | USD | 3/18/2022 | 15 | 4,788,030 | 4,471,500 | 316,530 |
S&P 500 E-Mini Index | USD | 3/18/2022 | 78 | 18,174,591 | 17,566,575 | 608,016 |
U.S. Treasury Long Bond | USD | 3/22/2022 | 50 | 7,890,494 | 7,781,250 | 109,244 |
Total unrealized appreciation | 1,237,914 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
USD | 3,167,070 | GBP | 2,359,761 | 2/28/2022 | 5,990 | JPMorgan Chase Securities, Inc. |
USD | 6,595,962 | NOK | 59,117,507 | 2/28/2022 | 47,592 | Citigroup, Inc. |
Total unrealized appreciation | 53,582 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
EUR | 54,181,866 | USD | 60,708,180 | 2/28/2022 | (196,482) | Royal Bank of Canada |
RUB | 74,153,136 | USD | 933,792 | 2/28/2022 | (18,737) | Toronto-Dominion Bank |
EUR | 1,975,102 | USD | 2,204,123 | 2/28/2022 | (16,046) | Citigroup, Inc. |
Total unrealized depreciation | (231,265) |
EUR | Euro |
GBP | British Pound |
NOK | Norwegian Krone |
RUB | Russian Ruble |
USD | United States Dollar |
Sector Diversification | Market Value ($) | As a % of Common Stocks and Corporate Bonds |
Health Care | 27,073,740 | 19% |
Communication Services | 23,794,007 | 17% |
Information Technology | 22,302,851 | 15% |
Financials | 19,757,408 | 14% |
Utilities | 12,653,630 | 9% |
Consumer Discretionary | 11,268,637 | 8% |
Consumer Staples | 8,997,431 | 6% |
Industrials | 8,515,275 | 6% |
Materials | 7,326,305 | 5% |
Real Estate | 1,717,025 | 1% |
Total | 143,406,309 | 100% |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
France | $— | $23,748,427 | $— | $23,748,427 |
Germany | 430,200 | 31,608,120 | — | 32,038,320 |
Ireland | 1,610,511 | — | — | 1,610,511 |
Italy | — | 1,646,331 | — | 1,646,331 |
Japan | — | 5,625,100 | — | 5,625,100 |
Korea | — | 1,733,791 | — | 1,733,791 |
Netherlands | — | 4,794,922 | — | 4,794,922 |
Spain | — | 1,993,708 | — | 1,993,708 |
Switzerland | 1,212,582 | 7,690,884 | — | 8,903,466 |
Taiwan | — | 5,217,947 | — | 5,217,947 |
United Kingdom | 2,048,794 | 6,181,730 | — | 8,230,524 |
United States | 31,232,168 | — | — | 31,232,168 |
Bonds | — | 42,304,058 | — | 42,304,058 |
Exchange-Traded Funds | 10,958,160 | 5,299,377 | — | 16,257,537 |
Short-Term Investments (a) | 45,108,668 | — | — | 45,108,668 |
Derivatives (b) | ||||
Futures Contracts | 1,237,914 | — | — | 1,237,914 |
Forward Foreign Currency Contracts | — | 53,582 | — | 53,582 |
Total | $93,838,997 | $137,897,977 | $— | $231,736,974 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Forward Foreign Currency Contracts | $— | $(231,265) | $— | $(231,265) |
Total | $— | $(231,265) | $— | $(231,265) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
Primary Underlying Risk Disclosure | Forward Contracts | Futures Contracts |
Equity Contracts | $ — | $ 1,048,843 |
Interest Rate Contracts | $ — | $ 189,071 |
Foreign Exchange Contracts | $ (177,683) | $ — |