|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Equity Securities 93.4%
|
|
||
|
Argentina 2.0%
|
|
||
|
Grupo Financiero Galicia SA (ADR)* (Cost $5,563,871)
|
|
104,708
|
5,284,613
|
|
Brazil 58.3%
|
|
||
|
B3 SA - Brasil Bolsa Balcao
|
|
2,101,929
|
4,722,213
|
|
Banco Bradesco SA (ADR)
|
|
2,370,557
|
6,566,443
|
|
Banco Bradesco SA (Preferred)
|
|
1,704,637
|
4,727,704
|
|
Banco BTG Pactual SA (Units)
|
|
731,846
|
5,114,185
|
|
Centrais Eletricas Brasileiras SA
|
|
1,179,981
|
7,967,619
|
|
Centrais Eletricas Brasileiras SA (Preferred)
|
|
81,521
|
595,442
|
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
|
|
458,035
|
8,859,600
|
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR)
|
|
40,250
|
776,020
|
|
Cia Paranaense de Energia - Copel (ADR) (a)
|
|
29,571
|
252,536
|
|
Cia Paranaense de Energia - Copel "B" (Preferred)
|
|
3,475,092
|
7,360,340
|
|
Cyrela Brazil Realty SA Empreendimentos e Participacoes
|
|
372,300
|
1,630,273
|
|
Direcional Engenharia SA
|
|
312,868
|
2,178,518
|
|
Embraer SA
|
|
122,200
|
1,760,258
|
|
Embraer SA (ADR)
|
|
98,607
|
5,677,791
|
|
Equatorial Energia SA
|
|
1,165,944
|
7,094,090
|
|
Gerdau SA (ADR)
|
|
302,672
|
895,909
|
|
Gerdau SA (Preferred)
|
|
1,696,380
|
5,101,667
|
|
Hapvida Participacoes e Investimentos SA 144A*
|
|
448,229
|
2,647,165
|
|
Iguatemi SA (Units)
|
|
1,129,066
|
4,179,896
|
|
Itaú Unibanco Holding SA (Preferred)
|
|
1,377,640
|
8,650,306
|
|
Localiza Rent a Car SA
|
|
723,268
|
4,472,997
|
|
Lojas Renner SA
|
|
502,230
|
1,459,275
|
|
Motiva Infraestrutura de Mobilidade SA
|
|
1,088,482
|
2,392,909
|
|
Multiplan Empreendimentos Imobiliarios SA
|
|
454,403
|
2,053,093
|
|
NU Holdings Ltd. "A"*
|
|
84,526
|
1,032,908
|
|
Petroleo Brasileiro SA - Petrobras (ADR)
|
|
407,672
|
5,193,741
|
|
Petroleo Brasileiro SA - Petrobras (ADR) (Preferred)
|
|
504,674
|
5,864,312
|
|
Petroleo Brasileiro SA - Petrobras (Preferred)
|
|
1,026,585
|
5,984,005
|
|
Petroleo Brasileiro SA - Petrobras
|
|
225,557
|
1,441,667
|
|
PRIO SA*
|
|
1,250,600
|
9,422,688
|
|
Rede D'Or Sao Luiz SA 144A
|
|
730,605
|
4,240,459
|
|
Rumo SA
|
|
2,209,534
|
6,526,541
|
|
Suzano SA
|
|
612,887
|
5,707,969
|
|
Suzano SA (ADR) (a)
|
|
37,800
|
350,406
|
|
TOTVS SA
|
|
463,229
|
3,607,686
|
|
Vale SA
|
|
340,968
|
3,255,288
|
|
Vale SA (ADR)
|
|
190,900
|
1,819,277
|
|
WEG SA
|
|
772,453
|
5,119,292
|
|
(Cost $141,534,427)
|
|
|
156,702,488
|
|
Chile 4.7%
|
|
||
|
Banco de Chile
|
|
9,487,318
|
1,306,907
|
|
Banco de Chile (ADR)
|
|
32,569
|
889,785
|
|
Falabella SA
|
|
460,143
|
2,294,541
|
|
Latam Airlines Group SA (ADR)
|
|
91,864
|
3,985,979
|
|
Parque Arauco SA
|
|
2,105,882
|
4,295,730
|
|
(Cost $9,694,673)
|
|
|
12,772,942
|
|
Luxembourg 0.9%
|
|
||
|
Millicom International Cellular SA (Cost $1,627,956)
|
|
58,573
|
2,351,706
|
|
Mexico 23.3%
|
|
||
|
BBB Foods, Inc. "A"*
|
|
57,636
|
1,470,871
|
|
Cemex SAB de CV (ADR)
|
|
350,490
|
3,049,263
|
|
Coca-Cola Femsa SAB de CV (ADR)
|
|
80,194
|
6,659,310
|
|
Coca-Cola Femsa SAB de CV (Units)
|
|
14,232
|
118,292
|
|
Fibra MTY SAPI de CV (REIT) (a)
|
|
5,917,882
|
4,190,983
|
|
Fibra Uno Administracion SA de CV (REIT)
|
|
6,027,521
|
8,566,013
|
|
Fomento Economico Mexicano SAB de CV (ADR)
|
|
5,201
|
470,482
|
|
Fomento Economico Mexicano SAB de CV (Units)
|
|
136,368
|
1,232,842
|
|
GCC SAB de CV
|
|
253,792
|
2,372,851
|
|
Gentera SAB de CV
|
|
1,511,249
|
3,427,046
|
|
Grupo Aeroportuario del Sureste SAB de CV (ADR)
|
|
7,899
|
2,395,846
|
|
Grupo Aeroportuario del Sureste SAB de CV "B"
|
|
29,100
|
882,348
|
|
Grupo Financiero Banorte SAB de CV "O"
|
|
1,035,598
|
9,222,943
|
|
Grupo Mexico SAB de CV "B"
|
|
1,522,961
|
9,501,049
|
|
Grupo Televisa SAB (ADR)
|
|
2,830
|
7,924
|
|
Regional SAB de CV
|
|
267,443
|
2,067,810
|
|
Vista Energy SAB de CV (ADR)*
|
|
22,364
|
999,671
|
|
Wal-Mart de Mexico SAB de CV
|
|
2,071,373
|
6,104,868
|
|
(Cost $49,788,390)
|
|
|
62,740,412
|
|
Peru 4.0%
|
|
||
|
Credicorp Ltd. (Cost $4,736,579)
|
|
45,246
|
10,723,302
|
|
United States 0.2%
|
|
||
|
Southern Copper Corp. (Cost $563,181)
|
|
5,971
|
562,229
|
|
Total Equity Securities (Cost $213,509,077)
|
|
|
251,137,692
|
|
|
|||
|
Securities Lending Collateral 0.4%
|
|
||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.25% (b) (c) (Cost $1,134,864)
|
|
1,134,864
|
1,134,864
|
|
|
|||
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $214,643,941)
|
|
93.8
|
252,272,556
|
|
Other Assets and Liabilities, Net
|
|
6.2
|
16,586,891
|
|
Net Assets
|
|
100.0
|
268,859,447
|
|
Value ($) at
10/31/2024
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net Realized
Gain/
(Loss) ($)
|
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
|
Income ($)
|
Capital Gain
Distributions ($)
|
Number
of Shares
at
7/31/2025
|
Value ($) at
7/31/2025
|
|
Securities Lending Collateral 0.4%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.25% (b) (c)
|
||||||||
|
2,045,725
|
—
|
910,861 (d)
|
—
|
—
|
42,029
|
—
|
1,134,864
|
1,134,864
|
|
*
|
Non-income producing security.
|
|
(a)
|
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, 2025 amounted to $1,073,534,
which is 0.4% of net assets.
|
|
(b)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(c)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates.
|
|
(d)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended July 31, 2025.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
ADR: American Depositary Receipt
|
|
REIT: Real Estate Investment Trust
|
|
Sector Diversification
|
Market Value ($)
|
(As a % of Net Assets)
|
|
Financials
|
63,736,165
|
24%
|
|
Industrials
|
33,213,960
|
12%
|
|
Utilities
|
32,905,647
|
12%
|
|
Materials
|
32,615,908
|
12%
|
|
Energy
|
28,906,084
|
11%
|
|
Real Estate
|
23,285,716
|
9%
|
|
Consumer Staples
|
16,056,665
|
6%
|
|
Consumer Discretionary
|
7,562,607
|
3%
|
|
Health Care
|
6,887,624
|
2%
|
|
Information Technology
|
3,607,686
|
1%
|
|
Communication Services
|
2,359,630
|
1%
|
|
Total
|
251,137,692
|
93%
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Equity Securities (a)
|
$251,137,692
|
$—
|
$—
|
$251,137,692
|
|
Short-Term Investments
|
1,134,864
|
—
|
—
|
1,134,864
|
|
Total
|
$252,272,556
|
$—
|
$—
|
$252,272,556
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|