|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Common Stocks 40.8%
|
|
||
|
Canada 0.4%
|
|
||
|
Nutrien Ltd. (Cost $1,043,708)
|
|
15,493
|
793,242
|
|
Denmark 1.0%
|
|
||
|
Novo Nordisk AS "B" (Cost $2,068,782)
|
|
15,073
|
1,997,930
|
|
France 8.4%
|
|
||
|
AXA SA
|
|
142,968
|
5,024,364
|
|
BNP Paribas SA
|
|
28,431
|
1,955,468
|
|
Bureau Veritas SA
|
|
18,047
|
567,526
|
|
Capgemini SE
|
|
4,654
|
924,017
|
|
EssilorLuxottica SA
|
|
4,521
|
1,035,856
|
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
1,288
|
910,287
|
|
Orange SA
|
|
126,347
|
1,403,163
|
|
Sanofi SA
|
|
16,909
|
1,747,332
|
|
Schneider Electric SE
|
|
6,354
|
1,533,847
|
|
Veolia Environnement SA
|
|
45,283
|
1,423,799
|
|
(Cost $13,756,023)
|
|
|
16,525,659
|
|
Germany 6.5%
|
|
||
|
Allianz SE (Registered)
|
|
12,642
|
3,569,299
|
|
Bayer AG (Registered)
|
|
31,995
|
950,657
|
|
Deutsche Telekom AG (Registered)
|
|
79,679
|
2,089,173
|
|
E.ON SE
|
|
214,909
|
3,013,981
|
|
Infineon Technologies AG
|
|
23,907
|
835,377
|
|
Vonovia SE
|
|
73,420
|
2,253,866
|
|
(Cost $9,942,832)
|
|
|
12,712,353
|
|
Ireland 1.0%
|
|
||
|
Medtronic PLC (a) (Cost $2,557,461)
|
|
25,781
|
2,070,730
|
|
Italy 0.6%
|
|
||
|
Enel SpA (Cost $1,308,733)
|
|
161,128
|
1,151,928
|
|
Japan 2.5%
|
|
||
|
Daikin Industries Ltd.
|
|
7,700
|
1,115,480
|
|
FANUC Corp.
|
|
25,900
|
772,177
|
|
Keyence Corp.
|
|
2,300
|
1,009,011
|
|
Mitsubishi Electric Corp.
|
|
13,300
|
228,392
|
|
Takeda Pharmaceutical Co., Ltd.
|
|
39,100
|
1,124,705
|
|
Yaskawa Electric Corp.
|
|
22,300
|
772,600
|
|
(Cost $5,452,912)
|
|
|
5,022,365
|
|
Korea 1.0%
|
|
||
|
Samsung Electronics Co., Ltd. (Cost $1,713,402)
|
|
32,305
|
1,978,383
|
|
Netherlands 2.3%
|
|
||
|
ASML Holding NV
|
|
526
|
491,206
|
|
ING Groep NV
|
|
108,488
|
1,962,442
|
|
Koninklijke Ahold Delhaize NV
|
|
63,208
|
2,037,460
|
|
(Cost $3,253,920)
|
|
|
4,491,108
|
|
Switzerland 2.1%
|
|
||
|
Novartis AG (Registered)
|
|
7,088
|
791,387
|
|
Roche Holding AG (Genusschein)
|
|
10,161
|
3,294,874
|
|
(Cost $3,182,747)
|
|
|
4,086,261
|
|
United States 15.0%
|
|
||
|
Alphabet, Inc. "A"
|
|
38,287
|
6,567,752
|
|
Amazon.com, Inc.*
|
|
11,694
|
2,186,544
|
|
Eaton Corp. PLC
|
|
3,062
|
933,267
|
|
Hubbell, Inc.
|
|
2,618
|
1,035,812
|
|
Linde PLC
|
|
5,057
|
2,293,349
|
|
Mastercard, Inc. "A"
|
|
1,035
|
479,940
|
|
Merck & Co., Inc.
|
|
16,307
|
1,844,811
|
|
Meta Platforms, Inc. "A"
|
|
3,387
|
1,608,249
|
|
Microsoft Corp.
|
|
13,906
|
5,817,575
|
|
PayPal Holdings, Inc.*
|
|
16,637
|
1,094,382
|
|
Pfizer, Inc.
|
|
79,011
|
2,412,996
|
|
TE Connectivity Ltd.
|
|
7,732
|
1,193,279
|
|
Union Pacific Corp.
|
|
5,148
|
1,270,166
|
|
Visa, Inc. "A"
|
|
2,522
|
670,020
|
|
(Cost $20,015,592)
|
|
|
29,408,142
|
|
Total Common Stocks (Cost $64,296,112)
|
|
|
80,238,101
|
|
|
|
Principal
Amount ($) (b)
|
Value ($)
|
|
|
|||
|
Bonds 41.7%
|
|
||
|
Australia 1.8%
|
|
||
|
Australia Government Bond, Series 159, REG S, 0.25%, 11/21/2024 (Cost $4,201,058)
|
AUD
|
5,645,000
|
3,646,554
|
|
Netherlands 0.8%
|
|
||
|
ING Groep NV, 3.95%, 3/29/2027
|
|
650,000
|
635,734
|
|
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025
|
EUR
|
800,000
|
865,454
|
|
(Cost $1,408,261)
|
|
|
1,501,188
|
|
Turkey 0.4%
|
|
||
|
Republic of Turkey:
|
|
|
|
|
3.25%, 6/14/2025
|
EUR
|
200,000
|
214,267
|
|
7.375%, 2/5/2025
|
|
500,000
|
503,950
|
|
(Cost $719,851)
|
|
|
718,217
|
|
United States 38.7%
|
|
||
|
AbbVie, Inc., 2.95%, 11/21/2026
|
|
3,000,000
|
2,894,772
|
|
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028
|
|
170,000
|
167,634
|
|
Coty, Inc., REG S, 4.75%, 4/15/2026
|
EUR
|
1,151,000
|
1,242,555
|
|
DISH DBS Corp., 7.75%, 7/1/2026
|
|
40,000
|
25,729
|
|
General Motors Financial Co., Inc., 2.7%, 8/20/2027
|
|
1,000,000
|
937,924
|
|
HP, Inc., 3.0%, 6/17/2027
|
|
1,100,000
|
1,048,798
|
|
Netflix, Inc.:
|
|
|
|
|
4.625%, 5/15/2029
|
EUR
|
185,000
|
212,859
|
|
6.375%, 5/15/2029
|
|
960,000
|
1,031,035
|
|
U.S. Treasury Bonds:
|
|
|
|
|
2.375%, 5/15/2027
|
|
5,460,000
|
5,213,234
|
|
3.75%, 11/15/2043 (c)
|
|
8,400,000
|
7,646,625
|
|
4.375%, 5/15/2040
|
|
6,800,000
|
6,917,672
|
|
4.5%, 5/15/2038
|
|
4,900,000
|
5,089,875
|
|
U.S. Treasury Notes:
|
|
|
|
|
0.875%, 9/30/2026
|
|
5,000,000
|
4,658,984
|
|
2.375%, 5/15/2029
|
|
6,400,000
|
5,963,000
|
|
2.875%, 6/15/2025 (d)
|
|
5,500,000
|
5,408,906
|
|
3.5%, 9/15/2025
|
|
4,000,000
|
3,949,844
|
|
3.5%, 2/15/2033
|
|
6,200,000
|
5,961,203
|
|
3.625%, 5/15/2026
|
|
6,000,000
|
5,925,469
|
|
3.75%, 4/15/2026
|
|
4,000,000
|
3,958,594
|
|
4.125%, 6/15/2026
|
|
6,000,000
|
5,979,609
|
|
VeriSign, Inc., 5.25%, 4/1/2025
|
|
300,000
|
299,756
|
|
Verizon Communications, Inc., 2.625%, 8/15/2026
|
|
800,000
|
769,386
|
|
Warnermedia Holdings, Inc., 3.755%, 3/15/2027
|
|
900,000
|
857,299
|
|
(Cost $75,962,789)
|
|
|
76,160,762
|
|
Total Bonds (Cost $82,291,959)
|
|
|
82,026,721
|
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Exchange-Traded Funds 12.3%
|
|
||
|
iShares Core EUR Corp. Bond UCITS ETF
|
|
23,877
|
3,066,693
|
|
iShares Edge MSCI World Momentum Factor UCITS ETF
|
|
30,000
|
2,297,400
|
|
iShares EUR Corp. Bond ex-Financials UCITS ETF
|
|
3,009
|
351,074
|
|
iShares EUR Corp. Bond Large Cap UCITS ETF
|
|
5,684
|
764,956
|
|
iShares EUR High Yield Corp. Bond UCITS ETF
|
|
15,760
|
1,598,269
|
|
iShares U.S. Healthcare ETF (e)
|
|
51,615
|
3,242,971
|
|
SPDR Gold MiniShares Trust
|
|
265,000
|
12,871,050
|
|
Total Exchange-Traded Funds (Cost $20,382,579)
|
|
|
24,192,413
|
|
|
|||
|
Securities Lending Collateral 0.8%
|
|
||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.24% (f) (g) (Cost $1,599,600)
|
|
1,599,600
|
1,599,600
|
|
|
|||
|
Cash Equivalents 3.4%
|
|
||
|
DWS Central Cash Management Government Fund, 5.37% (f) (Cost $6,555,108)
|
|
6,555,108
|
6,555,108
|
|
|
|||
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Consolidated Investment Portfolio (Cost $175,125,358)
|
|
99.0
|
194,611,943
|
|
Other Assets and Liabilities, Net
|
|
1.0
|
1,998,780
|
|
Net Assets
|
|
100.0
|
196,610,723
|
|
Value ($) 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
7/31/2024
|
Value ($) at
7/31/2024
|
|
Securities Lending Collateral 0.8%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
5.24% (f) (g)
|
||||||||
|
—
|
1,599,600 (h)
|
—
|
—
|
—
|
20,977
|
—
|
1,599,600
|
1,599,600
|
|
Cash Equivalents 3.4%
|
||||||||
|
DWS Central Cash Management Government Fund, 5.37% (f)
|
||||||||
|
17,503,238
|
34,943,889
|
45,892,019
|
—
|
—
|
312,945
|
—
|
6,555,108
|
6,555,108
|
|
17,503,238
|
36,543,489
|
45,892,019
|
—
|
—
|
333,922
|
—
|
8,154,708
|
8,154,708
|
|
*
|
Non-income producing security.
|
|
(a)
|
Listed on the New York Stock Exchange.
|
|
(b)
|
Principal amount stated in U.S. dollars unless otherwise noted.
|
|
(c)
|
At July 31, 2024, this security has been pledged, in whole or in part, as collateral
for open forward foreign currency contracts.
|
|
(d)
|
At July 31, 2024, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures
contracts.
|
|
(e)
|
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, 2024 amounted to $1,558,184,
which is 0.8% of net assets.
|
|
(f)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(g)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates.
|
|
(h)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended July 31, 2024.
|
|
MSCI: Morgan Stanley Capital International
|
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within
the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the
Securities Act of 1933.
|
|
S&P: Standard & Poor's
|
|
SPDR: Standard & Poor's Depositary Receipt
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
|
10 Year
U.S. Treasury
Note
|
USD
|
9/19/2024
|
11
|
1,199,282
|
1,229,937
|
30,655
|
|
2 Year
U.S. Treasury
Note
|
USD
|
9/30/2024
|
7
|
1,425,282
|
1,437,570
|
12,288
|
|
5 Year
U.S. Treasury
Note
|
USD
|
9/30/2024
|
49
|
5,186,463
|
5,286,641
|
100,178
|
|
S&P 500 E-Mini
Index
|
USD
|
9/20/2024
|
18
|
4,992,350
|
5,002,200
|
9,850
|
|
TOPIX Index
|
JPY
|
9/12/2024
|
35
|
6,462,146
|
6,534,829
|
72,683
|
|
Total unrealized appreciation
|
225,654
|
|||||
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
|
DAX Index
|
EUR
|
9/20/2024
|
10
|
4,948,966
|
5,034,085
|
(85,119
)
|
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
|
USD
|
1,050,888
|
NOK
|
11,548,852
|
8/30/2024
|
8,453
|
Citigroup, Inc.
|
|
USD
|
1,100,019
|
JPY
|
168,572,931
|
8/30/2024
|
30,617
|
Toronto-Dominion Bank
|
|
USD
|
2,109,124
|
GBP
|
1,640,394
|
8/30/2024
|
343
|
JPMorgan Chase Securities, Inc.
|
|
Total unrealized appreciation
|
39,413
|
|
||||
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
|
EUR
|
40,859,952
|
USD
|
44,280,167
|
8/30/2024
|
(6,379
)
|
JPMorgan Chase Securities, Inc.
|
|
AUD
|
Australian Dollar
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
JPY
|
Japanese Yen
|
|
NOK
|
Norwegian Krone
|
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Canada
|
$793,242
|
$—
|
$—
|
$793,242
|
|
Denmark
|
—
|
1,997,930
|
—
|
1,997,930
|
|
France
|
—
|
16,525,659
|
—
|
16,525,659
|
|
Germany
|
—
|
12,712,353
|
—
|
12,712,353
|
|
Ireland
|
2,070,730
|
—
|
—
|
2,070,730
|
|
Italy
|
—
|
1,151,928
|
—
|
1,151,928
|
|
Japan
|
—
|
5,022,365
|
—
|
5,022,365
|
|
Korea
|
—
|
1,978,383
|
—
|
1,978,383
|
|
Netherlands
|
—
|
4,491,108
|
—
|
4,491,108
|
|
Switzerland
|
—
|
4,086,261
|
—
|
4,086,261
|
|
United States
|
29,408,142
|
—
|
—
|
29,408,142
|
|
Bonds (a)
|
—
|
82,026,721
|
—
|
82,026,721
|
|
Exchange-Traded Funds
|
18,411,421
|
5,780,992
|
—
|
24,192,413
|
|
Short-Term Investments (a)
|
8,154,708
|
—
|
—
|
8,154,708
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
225,654
|
—
|
—
|
225,654
|
|
Forward Foreign Currency Contracts
|
—
|
39,413
|
—
|
39,413
|
|
Total
|
$59,063,897
|
$135,813,113
|
$—
|
$194,877,010
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(85,119
)
|
$—
|
$—
|
$(85,119
)
|
|
Forward Foreign Currency Contracts
|
—
|
(6,379
)
|
—
|
(6,379
)
|
|
Total
|
$(85,119
)
|
$(6,379
)
|
$—
|
$(91,498
)
|
|
(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
|
$—
|
$(2,586
)
|
|
Interest Rate Contracts
|
$—
|
$143,121
|
|
Foreign Exchange Contracts
|
$33,034
|
$—
|