|
|
Shares
|
Value ($)
|
|
|||
Common Stocks 38.7%
|
|
||
Canada 0.3%
|
|
||
Nutrien Ltd. (Cost $924,225)
|
|
13,319
|
664,219
|
France 8.1%
|
|
||
AXA SA
|
|
153,278
|
5,134,712
|
BNP Paribas SA
|
|
25,754
|
1,733,055
|
Bureau Veritas SA
|
|
18,047
|
479,680
|
Capgemini SE
|
|
9,758
|
2,171,564
|
EssilorLuxottica SA
|
|
4,521
|
884,009
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
1,288
|
1,066,489
|
Orange SA
|
|
135,315
|
1,609,061
|
Sanofi SA
|
|
14,905
|
1,494,465
|
Veolia Environnement SA
|
|
45,283
|
1,469,486
|
(Cost $13,201,135)
|
|
|
16,042,521
|
Germany 6.9%
|
|
||
Allianz SE (Registered)
|
|
12,887
|
3,442,354
|
Bayer AG (Registered)
|
|
48,745
|
1,517,285
|
Deutsche Telekom AG (Registered)
|
|
79,679
|
1,955,426
|
E.ON SE
|
|
259,126
|
3,508,879
|
Infineon Technologies AG
|
|
21,378
|
777,648
|
Vonovia SE
|
|
80,545
|
2,503,899
|
(Cost $11,771,897)
|
|
|
13,705,491
|
Ireland 1.1%
|
|
||
Medtronic PLC (a) (Cost $2,557,461)
|
|
25,781
|
2,256,869
|
Italy 0.6%
|
|
||
Enel SpA (Cost $1,360,216)
|
|
166,384
|
1,136,680
|
Japan 2.6%
|
|
||
Daikin Industries Ltd.
|
|
7,700
|
1,236,999
|
FANUC Corp.
|
|
25,900
|
719,268
|
Keyence Corp.
|
|
2,300
|
1,031,284
|
Mitsubishi Electric Corp.
|
|
13,300
|
197,233
|
Takeda Pharmaceutical Co., Ltd.
|
|
39,100
|
1,150,403
|
Yaskawa Electric Corp.
|
|
22,300
|
839,859
|
(Cost $5,452,913)
|
|
|
5,175,046
|
Korea 0.3%
|
|
||
Samsung Electronics Co., Ltd. (Cost $565,717)
|
|
12,877
|
695,807
|
Netherlands 1.8%
|
|
||
ING Groep NV
|
|
121,957
|
1,728,771
|
Koninklijke Ahold Delhaize NV
|
|
65,154
|
1,830,363
|
(Cost $2,967,347)
|
|
|
3,559,134
|
Switzerland 2.0%
|
|
||
Novartis AG (Registered)
|
|
7,088
|
734,098
|
Roche Holding AG (Genusschein)
|
|
11,726
|
3,344,618
|
(Cost $3,702,377)
|
|
|
4,078,716
|
United Kingdom 1.1%
|
|
||
Reckitt Benckiser Group PLC (Cost $2,063,489)
|
|
29,024
|
2,097,798
|
United States 13.9%
|
|
||
Alphabet, Inc. "A"*
|
|
38,953
|
5,457,315
|
Amazon.com, Inc.*
|
|
12,956
|
2,010,771
|
CVS Health Corp.
|
|
29,465
|
2,191,312
|
Intel Corp.
|
|
9,658
|
416,067
|
Linde PLC
|
|
3,866
|
1,565,073
|
Merck & Co., Inc.
|
|
22,804
|
2,754,267
|
Microsoft Corp.
|
|
14,349
|
5,704,875
|
PayPal Holdings, Inc.*
|
|
30,596
|
1,877,065
|
Pfizer, Inc.
|
|
81,441
|
2,205,422
|
Pinterest, Inc. "A"*
|
|
9,658
|
361,885
|
TE Connectivity Ltd.
|
|
7,732
|
1,099,413
|
Union Pacific Corp.
|
|
4,521
|
1,102,808
|
Warner Bros Discovery, Inc.*
|
|
98,140
|
983,368
|
(Cost $20,971,395)
|
|
|
27,729,641
|
Total Common Stocks (Cost $65,538,172)
|
|
|
77,141,922
|
|
|
Principal
Amount ($) (b)
|
Value ($)
|
|
|||
Bonds 44.5%
|
|
||
Australia 1.8%
|
|
||
Australia Government Bond, Series 159, REG S, 0.25%, 11/21/2024 (Cost $4,153,073)
|
AUD
|
5,645,000
|
3,594,660
|
Netherlands 1.1%
|
|
||
ING Groep NV, 3.95%, 3/29/2027
|
|
650,000
|
631,249
|
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025
|
EUR
|
800,000
|
862,157
|
Teva Pharmaceutical Finance Netherlands III BV, 6.0%, 4/15/2024
|
|
600,000
|
598,761
|
(Cost $1,995,948)
|
|
|
2,092,167
|
Turkey 0.4%
|
|
||
Republic of Turkey:
|
|
|
|
3.25%, 6/14/2025
|
EUR
|
200,000
|
213,291
|
7.375%, 2/5/2025
|
|
500,000
|
505,655
|
(Cost $715,535)
|
|
|
718,946
|
United States 41.2%
|
|
||
AbbVie, Inc., 2.95%, 11/21/2026
|
|
3,000,000
|
2,875,245
|
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028
|
|
170,000
|
167,268
|
Coty, Inc.:
|
|
|
|
REG S, 4.75%, 4/15/2026
|
EUR
|
1,151,000
|
1,237,666
|
144A, 6.5% (c), 4/15/2026
|
|
1,136,000
|
1,134,440
|
DISH DBS Corp., 7.75%, 7/1/2026
|
|
40,000
|
23,569
|
General Motors Financial Co., Inc., 2.7%, 8/20/2027
|
|
1,000,000
|
926,046
|
Howmet Aerospace, Inc., 5.125%, 10/1/2024
|
|
298,000
|
296,680
|
HP, Inc., 3.0%, 6/17/2027
|
|
1,100,000
|
1,040,072
|
Netflix, Inc.:
|
|
|
|
4.625%, 5/15/2029
|
EUR
|
185,000
|
212,279
|
6.375%, 5/15/2029
|
|
960,000
|
1,035,270
|
U.S. Treasury Bonds:
|
|
|
|
2.375%, 5/15/2027
|
|
5,460,000
|
5,192,972
|
3.75%, 11/15/2043
|
|
2,800,000
|
2,581,141
|
4.375%, 5/15/2040
|
|
4,800,000
|
4,908,750
|
4.5%, 5/15/2038
|
|
2,000,000
|
2,098,516
|
U.S. Treasury Notes:
|
|
|
|
0.375%, 7/15/2024 (d)
|
|
3,000,000
|
2,936,367
|
0.875%, 9/30/2026
|
|
5,000,000
|
4,606,445
|
2.375%, 5/15/2029
|
|
6,400,000
|
5,941,000
|
2.5%, 4/30/2024
|
|
2,250,000
|
2,234,443
|
2.875%, 6/15/2025
|
|
8,000,000
|
7,831,562
|
3.5%, 9/15/2025
|
|
6,000,000
|
5,919,375
|
3.5%, 2/15/2033
|
|
6,200,000
|
5,989,055
|
3.625%, 5/15/2026
|
|
6,000,000
|
5,934,375
|
3.75%, 4/15/2026
|
|
4,000,000
|
3,965,469
|
4.125%, 6/15/2026
|
|
6,000,000
|
6,001,406
|
4.25%, 5/31/2025
|
|
5,200,000
|
5,182,125
|
VeriSign, Inc., 5.25%, 4/1/2025
|
|
300,000
|
300,003
|
Verizon Communications, Inc., 2.625%, 8/15/2026
|
|
800,000
|
762,011
|
Warnermedia Holdings, Inc., 3.755%, 3/15/2027
|
|
900,000
|
864,572
|
(Cost $82,090,432)
|
|
|
82,198,122
|
Total Bonds (Cost $88,954,988)
|
|
|
88,603,895
|
|
|
Shares
|
Value ($)
|
|
|||
Exchange-Traded Funds 10.9%
|
|
||
iShares Core EUR Corp. Bond UCITS ETF
|
|
23,877
|
3,048,967
|
iShares EUR Corp. Bond ex-Financials UCITS ETF
|
|
3,009
|
349,236
|
iShares EUR Corp. Bond Large Cap UCITS ETF
|
|
5,684
|
758,122
|
iShares EUR High Yield Corp. Bond UCITS ETF
|
|
15,760
|
1,602,143
|
iShares MSCI Japan ETF
|
|
34,695
|
2,297,156
|
iShares U.S. Healthcare ETF (c)
|
|
10,323
|
3,034,342
|
SPDR Gold MiniShares Trust (c)
|
|
265,000
|
10,690,100
|
Total Exchange-Traded Funds (Cost $20,016,355)
|
|
|
21,780,066
|
|
|||
Securities Lending Collateral 3.3%
|
|
||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.26% (e) (f) (Cost $6,628,425)
|
|
6,628,425
|
6,628,425
|
|
|||
Cash Equivalents 4.4%
|
|
||
DWS Central Cash Management Government Fund, 5.36% (e) (Cost $8,775,131)
|
|
8,775,131
|
8,775,131
|
|
|||
|
|
% of
Net Assets
|
Value ($)
|
Total Consolidated Investment Portfolio (Cost $189,913,071)
|
|
101.8
|
202,929,439
|
Other Assets and Liabilities, Net
|
|
(1.8
)
|
(3,656,733
)
|
Net Assets
|
|
100.0
|
199,272,706
|
Value ($) 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 3.3%
|
||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
5.26% (e) (f)
|
||||||||
—
|
6,628,425 (g)
|
—
|
—
|
—
|
2,654
|
—
|
6,628,425
|
6,628,425
|
Cash Equivalents 4.4%
|
||||||||
DWS Central Cash Management Government Fund, 5.36% (e)
|
||||||||
17,503,238
|
15,217,741
|
23,945,848
|
—
|
—
|
119,247
|
—
|
8,775,131
|
8,775,131
|
17,503,238
|
21,846,166
|
23,945,848
|
—
|
—
|
121,901
|
—
|
15,403,556
|
15,403,556
|
*
|
Non-income producing security.
|
(a)
|
Listed on the New York Stock Exchange.
|
(b)
|
Principal amount stated in U.S. dollars unless otherwise noted.
|
(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 January 31, 2024 amounted to $6,475,840, which is 3.3% of net assets.
|
(d)
|
At January 31, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
|
(e)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
|
(f)
|
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
|
(g)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the
period
ended January 31, 2024.
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
|
MSCI: Morgan Stanley Capital International
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the
account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the
Securities Act of 1933.
|
S&P: Standard & Poor's
|
SPDR: Standard & Poor's Depositary Receipt
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
10 Year
U.S. Treasury
Note
|
USD
|
3/19/2024
|
12
|
1,305,500
|
1,347,938
|
42,438
|
2 Year U.S
Treasury Note
|
USD
|
3/28/2024
|
9
|
1,834,264
|
1,850,906
|
16,642
|
5 Year
U.S. Treasury
Note
|
USD
|
3/28/2024
|
54
|
5,740,165
|
5,853,094
|
112,929
|
S&P 500 E-Mini
Index
|
USD
|
3/15/2024
|
6
|
1,403,343
|
1,461,150
|
57,807
|
TOPIX Index
|
JPY
|
3/7/2024
|
36
|
5,762,210
|
6,245,821
|
483,611
|
Total unrealized appreciation
|
713,427
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
DAX Index
|
EUR
|
3/15/2024
|
9
|
4,136,562
|
4,131,976
|
4,586
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
EUR
|
40,229,331
|
USD
|
43,600,195
|
2/29/2024
|
68,188
|
Citigroup, Inc.
|
USD
|
1,778,693
|
JPY
|
261,849,828
|
2/29/2024
|
9,067
|
Citigroup, Inc.
|
Total unrealized appreciation
|
77,255
|
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
USD
|
1,125,351
|
NOK
|
11,731,393
|
2/29/2024
|
(9,062
)
|
Citigroup, Inc.
|
AUD
|
Australian Dollar
|
EUR
|
Euro
|
JPY
|
Japanese Yen
|
NOK
|
Norwegian Krone
|
USD
|
United States Dollar
|
Sector Diversification
|
Market Value ($)
|
As a % of Common Stocks and Corporate Bonds
|
Health Care
|
22,868,911
|
25%
|
Financials
|
14,547,206
|
16%
|
Information Technology
|
12,936,730
|
14%
|
Communication Services
|
12,700,187
|
14%
|
Consumer Staples
|
6,467,535
|
7%
|
Utilities
|
6,115,045
|
7%
|
Industrials
|
4,872,527
|
6%
|
Consumer Discretionary
|
4,867,878
|
5%
|
Real Estate
|
2,503,899
|
3%
|
Materials
|
2,229,292
|
3%
|
Total
|
90,109,210
|
100%
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Common Stocks
|
|
|
|
|
Canada
|
$664,219
|
$—
|
$—
|
$664,219
|
France
|
—
|
16,042,521
|
—
|
16,042,521
|
Germany
|
—
|
13,705,491
|
—
|
13,705,491
|
Ireland
|
2,256,869
|
—
|
—
|
2,256,869
|
Italy
|
—
|
1,136,680
|
—
|
1,136,680
|
Japan
|
—
|
5,175,046
|
—
|
5,175,046
|
Korea
|
—
|
695,807
|
—
|
695,807
|
Netherlands
|
—
|
3,559,134
|
—
|
3,559,134
|
Switzerland
|
—
|
4,078,716
|
—
|
4,078,716
|
United Kingdom
|
—
|
2,097,798
|
—
|
2,097,798
|
United States
|
27,729,641
|
—
|
—
|
27,729,641
|
Bonds (a)
|
—
|
88,603,895
|
—
|
88,603,895
|
Exchange-Traded Funds
|
16,021,598
|
5,758,468
|
—
|
21,780,066
|
Short-Term Investments (a)
|
15,403,556
|
—
|
—
|
15,403,556
|
Derivatives (b)
|
|
|
|
|
Futures Contracts
|
718,013
|
—
|
—
|
718,013
|
Forward Foreign Currency Contracts
|
—
|
77,255
|
—
|
77,255
|
Total
|
$62,793,896
|
$140,930,811
|
$—
|
$203,724,707
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Derivatives (b)
|
|
|
|
|
Forward Foreign Currency Contracts
|
$—
|
$(9,062
)
|
$—
|
$(9,062
)
|
Total
|
$—
|
$(9,062
)
|
$—
|
$(9,062
)
|
(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
|
$—
|
$546,004
|
Interest Rate Contracts
|
$—
|
$172,009
|
Foreign Exchange Contracts
|
$68,193
|
$—
|