|
|
Shares
|
Value ($)
|
|
|||
Common Stocks 43.3%
|
|
||
Canada 0.2%
|
|
||
Nutrien Ltd. (Cost $435,461)
|
|
5,500
|
378,895
|
France 7.4%
|
|
||
Alstom SA
|
|
52,210
|
1,597,005
|
AXA SA
|
|
153,475
|
4,719,821
|
BNP Paribas SA
|
|
37,656
|
2,484,995
|
Bureau Veritas SA
|
|
19,969
|
548,459
|
EssilorLuxottica SA
|
|
4,521
|
909,366
|
Euroapi SA*
|
|
828
|
9,659
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
665
|
620,103
|
Orange SA
|
|
140,443
|
1,588,026
|
Sanofi
|
|
18,286
|
1,952,039
|
Veolia Environnement SA
|
|
24,674
|
803,021
|
(Cost $13,188,820)
|
|
|
15,232,494
|
Germany 9.7%
|
|
||
Allianz SE (Registered)
|
|
13,207
|
3,156,887
|
Bayer AG (Registered)
|
|
57,504
|
3,359,812
|
Deutsche Telekom AG (Registered)
|
|
109,844
|
2,396,388
|
E.ON SE
|
|
391,439
|
4,951,606
|
Evonik Industries AG
|
|
38,673
|
799,820
|
Infineon Technologies AG
|
|
25,844
|
1,136,619
|
ProSiebenSat.1 Media SE
|
|
8,353
|
83,135
|
Siemens Energy AG*
|
|
119,043
|
2,014,364
|
Vonovia SE
|
|
82,614
|
1,929,317
|
(Cost $18,266,505)
|
|
|
19,827,948
|
Ireland 1.2%
|
|
||
Medtronic PLC (Cost $2,713,211)
|
|
27,248
|
2,391,284
|
Italy 0.6%
|
|
||
Enel SpA (Cost $1,360,216)
|
|
166,384
|
1,147,395
|
Japan 3.1%
|
|
||
Daikin Industries Ltd.
|
|
5,800
|
1,169,662
|
FANUC Corp.
|
|
17,600
|
537,903
|
Keyence Corp.
|
|
2,100
|
941,173
|
Mitsubishi Electric Corp.
|
|
13,300
|
191,743
|
Secom Co., Ltd.
|
|
7,500
|
502,566
|
Takeda Pharmaceutical Co., Ltd.
|
|
68,100
|
2,077,968
|
Yaskawa Electric Corp.
|
|
22,300
|
967,303
|
(Cost $6,541,156)
|
|
|
6,388,318
|
Korea 0.5%
|
|
||
Samsung Electronics Co., Ltd. (Cost $865,026)
|
|
19,601
|
1,073,353
|
Netherlands 2.4%
|
|
||
ASML Holding NV
|
|
1,829
|
1,311,565
|
ING Groep NV
|
|
148,247
|
2,164,609
|
Koninklijke Ahold Delhaize NV
|
|
44,255
|
1,527,143
|
(Cost $3,613,776)
|
|
|
5,003,317
|
Switzerland 1.9%
|
|
||
Novartis AG (Registered)
|
|
17,030
|
1,778,478
|
Roche Holding AG (Genusschein)
|
|
6,471
|
2,007,973
|
(Cost $3,129,319)
|
|
|
3,786,451
|
United Kingdom 0.3%
|
|
||
Smith & Nephew PLC (Cost $863,389)
|
|
41,767
|
635,180
|
United States 16.0%
|
|
||
Activision Blizzard, Inc.*
|
|
17,353
|
1,609,664
|
Alphabet, Inc. "A"*
|
|
39,421
|
5,231,955
|
Amgen, Inc.
|
|
5,062
|
1,185,267
|
AT&T, Inc.
|
|
84,667
|
1,229,365
|
CVS Health Corp.
|
|
29,465
|
2,200,741
|
Intel Corp.
|
|
25,780
|
922,151
|
JPMorgan Chase & Co.
|
|
10,454
|
1,651,314
|
Linde PLC
|
|
4,013
|
1,567,759
|
Merck & Co., Inc.
|
|
9,460
|
1,008,909
|
Microsoft Corp.
|
|
16,792
|
5,640,769
|
NextEra Energy, Inc.
|
|
21,149
|
1,550,222
|
PayPal Holdings, Inc.*
|
|
41,818
|
3,170,641
|
Pfizer, Inc.
|
|
53,638
|
1,934,186
|
TE Connectivity Ltd.
|
|
8,492
|
1,218,517
|
Union Pacific Corp.
|
|
4,521
|
1,048,962
|
Warner Bros Discovery, Inc.*
|
|
118,974
|
1,554,983
|
(Cost $27,244,715)
|
|
|
32,725,405
|
Total Common Stocks (Cost $78,221,594)
|
|
|
88,590,040
|
|
|
Principal
Amount ($) (a)
|
Value ($)
|
|
|||
Bonds 40.4%
|
|
||
Australia 1.8%
|
|
||
Australia Government Bond, Series A, REG S, 0.25%, 11/21/2024 (Cost $4,122,169)
|
AUD
|
5,645,000
|
3,606,976
|
Germany 1.7%
|
|
||
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/2023 (Cost $3,482,826)
|
|
3,485,000
|
3,445,306
|
Netherlands 1.0%
|
|
||
ING Groep NV, 3.95%, 3/29/2027
|
|
650,000
|
620,544
|
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025
|
EUR
|
800,000
|
868,210
|
Teva Pharmaceutical Finance Netherlands III BV, 6.0%, 4/15/2024
|
|
600,000
|
597,228
|
(Cost $1,983,013)
|
|
|
2,085,982
|
Turkey 0.3%
|
|
||
Republic of Turkey:
|
|
|
|
3.25%, 6/14/2025
|
EUR
|
200,000
|
211,214
|
7.375%, 2/5/2025
|
|
500,000
|
504,100
|
(Cost $711,337)
|
|
|
715,314
|
United States 35.6%
|
|
||
AbbVie, Inc., 2.95%, 11/21/2026
|
|
3,000,000
|
2,814,260
|
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028
|
|
170,000
|
164,018
|
Coty, Inc.:
|
|
|
|
REG S, 4.75%, 4/15/2026
|
EUR
|
1,151,000
|
1,236,595
|
144A, 6.5%, 4/15/2026
|
|
1,136,000
|
1,126,776
|
DISH DBS Corp., 7.75%, 7/1/2026
|
|
40,000
|
25,860
|
General Motors Financial Co., Inc., 2.7%, 8/20/2027
|
|
1,000,000
|
895,699
|
Howmet Aerospace, Inc., 5.125%, 10/1/2024
|
|
1,320,000
|
1,307,042
|
HP, Inc., 3.0%, 6/17/2027
|
|
1,100,000
|
1,018,461
|
Netflix, Inc.:
|
|
|
|
4.625%, 5/15/2029
|
EUR
|
185,000
|
207,647
|
6.375%, 5/15/2029
|
|
960,000
|
1,015,053
|
U.S. Treasury Notes:
|
|
|
|
0.125%, 8/31/2023 (b)
|
|
5,000,000
|
4,978,568
|
0.375%, 7/15/2024
|
|
6,500,000
|
6,200,391
|
0.875%, 9/30/2026
|
|
5,000,000
|
4,480,469
|
2.375%, 5/15/2029
|
|
4,000,000
|
3,637,969
|
2.5%, 4/30/2024
|
|
10,267,200
|
10,047,418
|
2.875%, 6/15/2025
|
|
6,500,000
|
6,257,266
|
3.5%, 9/15/2025
|
|
5,000,000
|
4,865,234
|
3.625%, 5/15/2026
|
|
6,000,000
|
5,853,281
|
3.75%, 4/15/2026
|
|
4,000,000
|
3,914,375
|
4.125%, 6/15/2026
|
|
6,000,000
|
5,935,781
|
4.25%, 5/31/2025
|
|
5,200,000
|
5,134,594
|
VeriSign, Inc., 5.25%, 4/1/2025
|
|
300,000
|
297,568
|
Verizon Communications, Inc., 2.625%, 8/15/2026
|
|
800,000
|
744,034
|
Warnermedia Holdings, Inc., 3.755%, 3/15/2027
|
|
900,000
|
842,427
|
(Cost $74,584,992)
|
|
|
73,000,786
|
Total Bonds (Cost $84,884,337)
|
|
|
82,854,364
|
|
|
Shares
|
Value ($)
|
|
|||
Exchange-Traded Funds 8.9%
|
|
||
iShares Core EUR Corp. Bond UCITS ETF
|
|
23,877
|
3,017,756
|
iShares EUR Corp. Bond ex-Financials UCITS ETF
|
|
3,009
|
343,958
|
iShares EUR Corp. Bond Large Cap UCITS ETF
|
|
5,684
|
749,072
|
iShares EUR High Yield Corp. Bond UCITS ETF
|
|
15,760
|
1,588,989
|
iShares MSCI Japan ETF
|
|
34,836
|
2,209,299
|
SPDR Gold MiniShares Trust* (c)
|
|
265,000
|
10,329,700
|
Total Exchange-Traded Funds (Cost $16,954,515)
|
|
|
18,238,774
|
|
|||
Securities Lending Collateral 0.2%
|
|
||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.18% (d) (e) (Cost $339,150)
|
|
339,150
|
339,150
|
|
|||
Cash Equivalents 5.7%
|
|
||
DWS Central Cash Management Government Fund, 5.28% (d) (Cost $11,646,435)
|
|
11,646,435
|
11,646,435
|
|
|||
|
|
% of
Net Assets
|
Value ($)
|
Total Consolidated Investment Portfolio (Cost $192,046,031)
|
|
98.5
|
201,668,763
|
Other Assets and Liabilities, Net
|
|
1.5
|
3,140,798
|
Net Assets
|
|
100.0
|
204,809,561
|
Value ($) 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 0.2%
|
||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.18% (d) (e)
|
||||||||
2,515,670
|
—
|
2,176,520 (f)
|
—
|
—
|
31,575
|
—
|
339,150
|
339,150
|
Cash Equivalents 5.7%
|
||||||||
DWS Central Cash Management Government Fund, 5.28% (d)
|
||||||||
36,717,792
|
53,973,212
|
79,044,569
|
—
|
—
|
854,439
|
—
|
11,646,435
|
11,646,435
|
39,233,462
|
53,973,212
|
81,221,089
|
—
|
—
|
886,014
|
—
|
11,985,585
|
11,985,585
|
*
|
Non-income producing security.
|
(a)
|
Principal amount stated in U.S. dollars unless otherwise noted.
|
(b)
|
At July 31, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
|
(c)
|
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 $288,452, which is 0.1% of net assets.
|
(d)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
|
(e)
|
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
|
(f)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the
period
ended July 31, 2023.
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
|
MSCI: Morgan Stanley Capital International
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the
account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the
Securities Act of 1933.
|
S&P: Standard & Poor's
|
SPDR: Standard & Poor's Depositary Receipt
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
10 Year
U.S. Treasury
Note
|
USD
|
9/20/2023
|
12
|
1,370,375
|
1,336,875
|
(33,500
)
|
2 Year
U.S. Treasury
Note
|
USD
|
9/29/2023
|
11
|
2,266,027
|
2,233,344
|
(32,683
)
|
5 Year
U.S. Treasury
Note
|
USD
|
9/29/2023
|
131
|
14,295,699
|
13,993,461
|
(302,238
)
|
TOPIX Index
|
JPY
|
9/7/2023
|
53
|
8,288,768
|
8,669,103
|
380,335
|
Total net unrealized appreciation
|
11,914
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
DAX Index
|
EUR
|
9/15/2023
|
39
|
17,467,257
|
17,740,741
|
(273,484
)
|
S&P 500 E-Mini
Index
|
USD
|
9/15/2023
|
34
|
7,539,499
|
7,844,650
|
(305,151
)
|
Total unrealized depreciation
|
(578,635
)
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
EUR
|
45,096,351
|
USD
|
50,355,226
|
8/31/2023
|
691,048
|
JPMorgan Chase Securities, Inc.
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
USD
|
2,214,272
|
GBP
|
1,706,614
|
8/31/2023
|
(23,733
)
|
Citigroup, Inc.
|
USD
|
551,264
|
AUD
|
810,107
|
8/31/2023
|
(6,480
)
|
Citigroup, Inc.
|
USD
|
3,176,785
|
JPY
|
442,652,065
|
8/31/2023
|
(48,946
)
|
Citigroup, Inc.
|
USD
|
5,785,863
|
NOK
|
57,944,357
|
8/31/2023
|
(61,893
)
|
Citigroup, Inc.
|
USD
|
3,800,420
|
CHF
|
3,241,172
|
8/31/2023
|
(70,609
)
|
Toronto-Dominion Bank
|
Total unrealized depreciation
|
(211,661
)
|
|
AUD
|
Australian Dollar
|
CHF
|
Swiss Franc
|
EUR
|
Euro
|
GBP
|
British Pound
|
JPY
|
Japanese Yen
|
NOK
|
Norwegian Krone
|
USD
|
United States Dollar
|
Sector Diversification
|
Market Value ($)
|
As a % of Common Stocks and Corporate Bonds
|
Health Care
|
25,730,560
|
24%
|
Financials
|
21,414,117
|
20%
|
Communication Services
|
15,983,678
|
15%
|
Information Technology
|
13,262,608
|
13%
|
Industrials
|
9,885,009
|
9%
|
Utilities
|
8,452,244
|
8%
|
Consumer Staples
|
4,054,532
|
4%
|
Materials
|
2,746,474
|
3%
|
Consumer Discretionary
|
2,358,229
|
2%
|
Real Estate
|
1,929,317
|
2%
|
Total
|
105,816,768
|
100%
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Common Stocks (a)
|
$88,590,040
|
$—
|
$—
|
$88,590,040
|
Bonds (a)
|
—
|
82,854,364
|
—
|
82,854,364
|
Exchange-Traded Funds
|
18,238,774
|
—
|
—
|
18,238,774
|
Short-Term Investments (a)
|
11,985,585
|
—
|
—
|
11,985,585
|
Derivatives (b)
|
|
|
|
|
Futures Contracts
|
380,335
|
—
|
—
|
380,335
|
Forward Foreign Currency Contracts
|
—
|
691,048
|
—
|
691,048
|
Total
|
$119,194,734
|
$83,545,412
|
$—
|
$202,740,146
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Derivatives (b)
|
|
|
|
|
Futures Contracts
|
$(947,056
)
|
$—
|
$—
|
$(947,056
)
|
Forward Foreign Currency Contracts
|
—
|
(211,661
)
|
—
|
(211,661
)
|
Total
|
$(947,056
)
|
$(211,661
)
|
$—
|
$(1,158,717
)
|
(a)
|
See Consolidated 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
|
$—
|
$(198,300
)
|
Interest Rate Contracts
|
$—
|
$(368,421
)
|
Foreign Exchange Contracts
|
$479,387
|
$—
|