|
|
Shares
|
Value ($)
|
|
|||
Common Stocks 46.4%
|
|
||
France 7.2%
|
|
||
Alstom SA
|
|
47,864
|
1,139,176
|
AXA SA
|
|
160,269
|
3,690,628
|
BNP Paribas SA
|
|
58,263
|
2,769,308
|
Bureau Veritas SA
|
|
19,969
|
550,362
|
Danone SA
|
|
24,844
|
1,371,090
|
EssilorLuxottica SA
|
|
5,304
|
829,927
|
Euroapi SA*
|
|
828
|
14,012
|
Orange SA
|
|
175,361
|
1,794,640
|
Sanofi
|
|
19,078
|
1,894,480
|
Veolia Environnement SA
|
|
49,945
|
1,249,480
|
Vinci SA
|
|
3,026
|
289,233
|
(Cost $18,123,924)
|
|
|
15,592,336
|
Germany 10.5%
|
|
||
Bayer AG (Registered)
|
|
47,185
|
2,755,413
|
BioNTech SE (ADR)
|
|
2,500
|
412,875
|
Deutsche Post AG (Registered)
|
|
15,780
|
632,631
|
Deutsche Telekom AG (Registered)
|
|
278,659
|
5,301,277
|
E.ON SE
|
|
458,125
|
4,118,657
|
Evonik Industries AG
|
|
71,262
|
1,517,089
|
Infineon Technologies AG
|
|
85,737
|
2,350,679
|
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
|
|
7,034
|
1,594,844
|
ProSiebenSat.1 Media SE
|
|
21,393
|
182,597
|
Volkswagen AG (Preference)
|
|
16,500
|
2,332,407
|
Vonovia SE
|
|
38,806
|
1,291,514
|
(Cost $25,028,266)
|
|
|
22,489,983
|
Ireland 1.0%
|
|
||
Medtronic PLC (a) (Cost $2,409,368)
|
|
22,896
|
2,118,338
|
Italy 0.5%
|
|
||
Enel SpA (b) (Cost $2,017,934)
|
|
214,943
|
1,081,663
|
Japan 2.8%
|
|
||
Daikin Industries Ltd.
|
|
4,900
|
860,120
|
Keyence Corp.
|
|
1,500
|
593,259
|
Panasonic Holdings Corp.
|
|
104,600
|
862,341
|
Secom Co., Ltd.
|
|
7,500
|
501,924
|
Takeda Pharmaceutical Co., Ltd.
|
|
80,000
|
2,354,602
|
Yaskawa Electric Corp.
|
|
23,000
|
803,542
|
(Cost $7,111,268)
|
|
|
5,975,788
|
Korea 0.5%
|
|
||
Samsung Electronics Co., Ltd. (Cost $1,115,301)
|
|
23,670
|
1,123,543
|
Netherlands 3.2%
|
|
||
ASML Holding NV
|
|
4,191
|
2,405,970
|
ING Groep NV
|
|
208,920
|
2,024,427
|
Koninklijke Ahold Delhaize NV
|
|
57,444
|
1,585,380
|
Koninklijke Philips NV
|
|
47,583
|
983,631
|
(Cost $8,771,334)
|
|
|
6,999,408
|
Switzerland 2.1%
|
|
||
Nestle SA (Registered)
|
|
6,339
|
775,871
|
Novartis AG (Registered)
|
|
20,602
|
1,769,033
|
Roche Holding AG (Genusschein)
|
|
4,994
|
1,656,867
|
Siemens Energy AG*
|
|
14,532
|
241,847
|
(Cost $3,625,163)
|
|
|
4,443,618
|
Taiwan 1.4%
|
|
||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $1,663,763)
|
|
175,000
|
2,991,005
|
United Kingdom 3.0%
|
|
||
Allfunds Group PLC
|
|
9,269
|
78,164
|
Compass Group PLC
|
|
45,318
|
1,063,697
|
Linde PLC * (a)
|
|
4,692
|
1,416,984
|
Smith & Nephew PLC
|
|
48,000
|
616,288
|
Unilever PLC
|
|
17,817
|
868,630
|
Vodafone Group PLC
|
|
1,578,000
|
2,325,635
|
(Cost $6,681,154)
|
|
|
6,369,398
|
United States 14.2%
|
|
||
Activision Blizzard, Inc.
|
|
29,899
|
2,390,425
|
Alphabet, Inc. "A"*
|
|
35,880
|
4,173,561
|
Amgen, Inc.
|
|
8,456
|
2,092,606
|
AT&T, Inc.
|
|
175,000
|
3,286,500
|
Intel Corp.
|
|
23,924
|
868,680
|
Johnson & Johnson
|
|
13,413
|
2,340,837
|
JPMorgan Chase & Co.
|
|
19,359
|
2,233,254
|
Microsoft Corp.
|
|
11,151
|
3,130,532
|
Netflix, Inc.*
|
|
3,934
|
884,757
|
PayPal Holdings, Inc.*
|
|
29,056
|
2,514,216
|
Pfizer, Inc.
|
|
44,311
|
2,238,149
|
Pinterest, Inc. "A"*
|
|
77,031
|
1,500,564
|
TE Connectivity Ltd.
|
|
8,479
|
1,133,897
|
Texas Instruments, Inc.
|
|
3,441
|
615,560
|
Union Pacific Corp.
|
|
1,140
|
259,122
|
Warner Bros Discovery, Inc.*
|
|
50,001
|
750,007
|
(Cost $30,066,398)
|
|
|
30,412,667
|
Total Common Stocks (Cost $106,613,873)
|
|
|
99,597,747
|
|
|
Principal
Amount ($) (c)
|
Value ($)
|
|
|||
Bonds 27.2%
|
|
||
Australia 1.7%
|
|
||
Australia Government Bond, REG S, 0.25%, 11/21/2024 (Cost $4,069,901)
|
AUD
|
5,645,000
|
3,741,628
|
France 0.2%
|
|
||
BNP Paribas SA, REG S, 3-month EURIBOR + 0.85%, 0.672% (d), 9/22/2022
(Cost $395,694)
|
EUR
|
357,000
|
365,102
|
Germany 3.2%
|
|
||
KFW Government Guarantee, REG S, 0.125%, 5/16/2023
|
|
3,485,000
|
3,405,850
|
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/2023
|
|
3,485,000
|
3,371,041
|
(Cost $6,941,995)
|
|
|
6,776,891
|
Norway 0.6%
|
|
||
Norway Government Bond, Series 475, REG S, 144A, 2.0%, 5/24/2023
(Cost $1,496,755)
|
NOK
|
13,708,000
|
1,412,640
|
Turkey 0.2%
|
|
||
Republic of Turkey:
|
|
|
|
3.25%, 6/14/2025
|
EUR
|
200,000
|
183,306
|
6.25%, 9/26/2022
|
|
200,000
|
199,700
|
7.375%, 2/5/2025
|
|
80,000
|
75,394
|
(Cost $492,255)
|
|
|
458,400
|
United States 21.3%
|
|
||
AbbVie, Inc., 2.95%, 11/21/2026
|
|
3,000,000
|
2,926,924
|
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028
|
|
170,000
|
173,893
|
Coty, Inc.:
|
|
|
|
REG S, 4.75%, 4/15/2026
|
EUR
|
1,151,000
|
1,082,269
|
144A, 6.5%, 4/15/2026 (b)
|
|
1,136,000
|
1,112,627
|
DISH DBS Corp., 7.75%, 7/1/2026
|
|
40,000
|
33,180
|
Howmet Aerospace, Inc., 5.125%, 10/1/2024
|
|
1,540,000
|
1,551,088
|
Netflix, Inc.:
|
|
|
|
4.625%, 5/15/2029
|
EUR
|
185,000
|
193,662
|
6.375%, 5/15/2029
|
|
100,000
|
106,175
|
U.S. Treasury Notes:
|
|
|
|
0.125%, 11/30/2022
|
|
5,000,000
|
4,957,031
|
0.125%, 5/15/2023
|
|
5,000,000
|
4,889,648
|
0.125%, 8/31/2023 (e)
|
|
5,000,000
|
4,849,219
|
0.875%, 9/30/2026
|
|
5,000,000
|
4,633,594
|
2.375%, 5/15/2029
|
|
4,000,000
|
3,915,469
|
2.5%, 4/30/2024
|
|
10,267,200
|
10,188,191
|
2.75%, 4/30/2023
|
|
4,000,000
|
3,992,812
|
VeriSign, Inc., 5.25%, 4/1/2025
|
|
300,000
|
306,273
|
Verizon Communications, Inc., 2.625%, 8/15/2026
|
|
800,000
|
774,296
|
(Cost $46,702,761)
|
|
|
45,686,351
|
Total Bonds (Cost $60,099,361)
|
|
|
58,441,012
|
|
|
Shares
|
Value ($)
|
|
|||
Exchange-Traded Funds 5.2%
|
|
||
iShares Biotechnology ETF
|
|
9,000
|
1,116,720
|
SPDR Gold MiniShares Trust * (b)
|
|
273,250
|
9,561,017
|
WisdomTree Artificial Intelligence UCITS ETF *
|
|
9,036
|
431,933
|
Total Exchange-Traded Funds (Cost $11,756,838)
|
|
|
11,109,670
|
|
|||
Securities Lending Collateral 3.9%
|
|
||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 1.55% (f) (g) (Cost $8,376,293)
|
|
8,376,293
|
8,376,293
|
|
|||
Cash Equivalents 19.4%
|
|
||
DWS Central Cash Management Government Fund, 1.62% (f) (Cost $41,572,191)
|
|
41,572,191
|
41,572,191
|
|
|||
|
|
% of
Net Assets
|
Value ($)
|
Total Investment Portfolio (Cost $228,418,556)
|
|
102.1
|
219,096,913
|
Other Assets and Liabilities, Net
|
|
(2.1)
|
(4,585,695)
|
Net Assets
|
|
100.0
|
214,511,218
|
Value ($) 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
7/31/2022
|
Value ($) at
7/31/2022
|
Securities Lending Collateral 3.9%
|
||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.55% (f) (g)
|
||||||||
2,897,670
|
5,478,623 (h)
|
—
|
—
|
—
|
44,709
|
—
|
8,376,293
|
8,376,293
|
Cash Equivalents 19.4%
|
||||||||
DWS Central Cash Management Government Fund, 1.62% (f)
|
||||||||
47,885,794
|
83,389,295
|
89,702,898
|
—
|
—
|
133,178
|
—
|
41,572,191
|
41,572,191
|
50,783,464
|
88,867,918
|
89,702,898
|
—
|
—
|
177,887
|
—
|
49,948,484
|
49,948,484
|
*
|
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 July 31, 2022 amounted to $8,198,362, which is 3.8% of net assets.
|
(c)
|
Principal amount stated in U.S. dollars unless otherwise noted.
|
(d)
|
Variable or floating rate security. These securities are shown at their current rate as of July 31, 2022. For securities based
on a
published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the
inherent
rate, where applicable.
|
(e)
|
At July 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
|
(f)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
|
(g)
|
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
|
(h)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the
period
ended July 31, 2022.
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
|
ADR: American Depositary Receipt
|
EURIBOR: Euro Interbank Offered Rate
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the
account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the
Securities Act of 1933.
|
S&P: Standard & Poor's
|
SPDR: Standard & Poor's Depositary Receipt
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
10 Year
U.S. Treasury
Note
|
USD
|
9/21/2022
|
83
|
9,957,841
|
10,054,672
|
(96,831)
|
DAX Index
|
EUR
|
9/16/2022
|
25
|
8,530,049
|
8,605,658
|
(75,609)
|
EURO-BOBL
|
EUR
|
9/8/2022
|
15
|
1,910,189
|
1,960,342
|
(50,153)
|
EURO-BUND
|
EUR
|
9/8/2022
|
92
|
14,269,610
|
14,822,664
|
(553,054)
|
NASDAQ 100
E-Mini Index
|
USD
|
9/16/2022
|
15
|
3,397,698
|
3,891,450
|
(493,752)
|
S&P 500 E-Mini
Index
|
USD
|
9/16/2022
|
47
|
8,819,897
|
9,713,725
|
(893,828)
|
Total unrealized depreciation
|
(2,163,227)
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
USD
|
2,641,815
|
JPY
|
360,833,242
|
8/31/2022
|
70,162
|
Citigroup, Inc.
|
USD
|
1,109,039
|
EUR
|
1,090,884
|
8/31/2022
|
8,280
|
Toronto-Dominion Bank
|
USD
|
6,011,897
|
NOK
|
59,117,507
|
8/31/2022
|
109,492
|
JPMorgan Chase Securities, Inc.
|
USD
|
562,337
|
AUD
|
810,107
|
8/31/2022
|
4,003
|
JPMorgan Chase Securities, Inc.
|
USD
|
2,392,469
|
CHF
|
2,294,993
|
8/31/2022
|
24,711
|
JPMorgan Chase Securities, Inc.
|
USD
|
1,688,953
|
GBP
|
1,399,324
|
8/31/2022
|
16,339
|
JPMorgan Chase Securities, Inc.
|
Total unrealized appreciation
|
232,987
|
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
EUR
|
44,700,956
|
USD
|
45,454,547
|
8/31/2022
|
(329,634)
|
Toronto-Dominion Bank
|
AUD
|
Australian Dollar
|
CHF
|
Swiss Franc
|
EUR
|
Euro
|
GBP
|
British Pound
|
JPY
|
Japanese Yen
|
NOK
|
Norwegian Krone
|
USD
|
United States Dollar
|
Sector Diversification
|
Market Value ($)
|
As a % of Common Stocks and Corporate Bonds
|
Health Care
|
24,174,055
|
21%
|
Communication Services
|
22,623,143
|
20%
|
Financials
|
19,532,618
|
17%
|
Information Technology
|
19,107,747
|
17%
|
Industrials
|
6,829,045
|
6%
|
Consumer Staples
|
6,795,867
|
6%
|
Utilities
|
6,449,800
|
6%
|
Consumer Discretionary
|
5,262,265
|
4%
|
Materials
|
2,934,073
|
2%
|
Real Estate
|
1,291,514
|
1%
|
Total
|
115,000,127
|
100%
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Common Stocks
|
|
|
|
|
France
|
$—
|
$15,592,336
|
$—
|
$15,592,336
|
Germany
|
412,875
|
22,077,108
|
—
|
22,489,983
|
Ireland
|
2,118,338
|
—
|
—
|
2,118,338
|
Italy
|
—
|
1,081,663
|
—
|
1,081,663
|
Japan
|
—
|
5,975,788
|
—
|
5,975,788
|
Korea
|
—
|
1,123,543
|
—
|
1,123,543
|
Netherlands
|
—
|
6,999,408
|
—
|
6,999,408
|
Switzerland
|
—
|
4,443,618
|
—
|
4,443,618
|
Taiwan
|
—
|
2,991,005
|
—
|
2,991,005
|
United Kingdom
|
1,416,984
|
4,952,414
|
—
|
6,369,398
|
United States
|
30,412,667
|
—
|
—
|
30,412,667
|
Bonds (a)
|
—
|
58,441,012
|
—
|
58,441,012
|
Exchange-Traded Funds
|
10,677,737
|
431,933
|
—
|
11,109,670
|
Short-Term Investments (a)
|
49,948,484
|
—
|
—
|
49,948,484
|
Derivatives (b)
|
|
|
|
|
Forward Foreign Currency Contracts
|
—
|
232,987
|
—
|
232,987
|
Total
|
$94,987,085
|
$124,342,815
|
$—
|
$219,329,900
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Derivatives (b)
|
|
|
|
|
Futures Contracts
|
$(2,163,227)
|
$—
|
$—
|
$(2,163,227)
|
Forward Foreign Currency Contracts
|
—
|
(329,634)
|
—
|
(329,634)
|
Total
|
$(2,163,227)
|
$(329,634)
|
$—
|
$(2,492,861)
|
(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
|
$ —
|
$ (1,463,189)
|
Primary Underlying Risk Disclosure
|
Forward
Contracts
|
Futures
Contracts
|
Interest Rate Contracts
|
$ —
|
$ (700,038)
|
Foreign Exchange Contracts
|
$ (96,647)
|
$ —
|