|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Common Stocks 99.2%
|
|
||
|
Australia 1.5%
|
|
||
|
DroneShield Ltd. REG S*
|
|
520,949
|
1,247,632
|
|
Orora Ltd.
|
|
868,806
|
1,154,143
|
|
(Cost $1,532,636)
|
|
|
2,401,775
|
|
Canada 3.4%
|
|
||
|
Aecon Group, Inc. (a)
|
|
61,416
|
831,084
|
|
Badger Infrastructure Solutions Ltd.
|
|
17,531
|
661,588
|
|
Finning International, Inc.
|
|
56,194
|
2,448,754
|
|
Richelieu Hardware Ltd.
|
|
17,798
|
445,335
|
|
Russel Metals, Inc.
|
|
33,847
|
1,084,101
|
|
(Cost $4,355,994)
|
|
|
5,470,862
|
|
Denmark 0.7%
|
|
||
|
Royal Unibrew A/S (Cost $950,892)
|
|
14,285
|
1,069,499
|
|
Finland 0.2%
|
|
||
|
Kemira Oyj (Cost $388,002)
|
|
16,139
|
342,775
|
|
France 3.8%
|
|
||
|
Alten SA
|
|
12,250
|
996,679
|
|
Eiffage SA
|
|
23,062
|
3,088,404
|
|
Unibail-Rodamco-Westfield (REIT)*
|
|
12,125
|
1,172,526
|
|
Vallourec SACA
|
|
42,451
|
792,261
|
|
(Cost $5,373,916)
|
|
|
6,049,870
|
|
Germany 0.7%
|
|
||
|
Scout24 SE 144A (Cost $771,362)
|
|
8,494
|
1,135,837
|
|
Hong Kong 0.6%
|
|
||
|
PCCW Ltd. (Cost $779,206)
|
|
1,396,000
|
1,000,206
|
|
Ireland 0.7%
|
|
||
|
Dalata Hotel Group PLC
|
|
69,702
|
507,700
|
|
Dole PLC (b)
|
|
36,413
|
518,521
|
|
(Cost $803,655)
|
|
|
1,026,221
|
|
Italy 1.7%
|
|
||
|
Buzzi SpA (Cost $1,160,534)
|
|
52,028
|
2,702,205
|
|
Japan 6.9%
|
|
||
|
Denka Co., Ltd.
|
|
94,300
|
1,329,006
|
|
EDION Corp.
|
|
72,800
|
967,529
|
|
Itoham Yonekyu Holdings, Inc.
|
|
37,900
|
1,279,088
|
|
Kaken Pharmaceutical Co., Ltd.
|
|
44,500
|
1,165,983
|
|
Nextage Co., Ltd.
|
|
46,100
|
576,925
|
|
Nippon Gas Co., Ltd.
|
|
54,500
|
993,680
|
|
Nisshin Oillio Group Ltd.
|
|
18,100
|
617,011
|
|
NSD Co., Ltd.
|
|
32,800
|
784,194
|
|
Open Up Group, Inc.
|
|
41,100
|
503,390
|
|
Sangetsu Corp.
|
|
23,800
|
474,326
|
|
TV Asahi Holdings Corp. (a)
|
|
33,000
|
621,028
|
|
Zenkoku Hosho Co., Ltd.
|
|
79,400
|
1,686,795
|
|
(Cost $10,109,276)
|
|
|
10,998,955
|
|
Korea 2.2%
|
|
||
|
Hy-Lok Corp.
|
|
17,540
|
384,852
|
|
Hyundai Elevator Co., Ltd.
|
|
18,125
|
1,107,500
|
|
MNC Solution Co., Ltd.
|
|
5,063
|
591,803
|
|
Satrec Initiative Co., Ltd.
|
|
14,735
|
516,905
|
|
TK Corp.
|
|
58,066
|
953,936
|
|
(Cost $3,166,243)
|
|
|
3,554,996
|
|
Malaysia 0.7%
|
|
||
|
Frencken Group Ltd. (Cost $870,197)
|
|
920,500
|
1,169,562
|
|
Netherlands 0.6%
|
|
||
|
Akzo Nobel NV
|
|
9,480
|
593,212
|
|
Pharming Group NV* (a)
|
|
335,138
|
369,058
|
|
(Cost $949,899)
|
|
|
962,270
|
|
Puerto Rico 1.2%
|
|
||
|
Popular, Inc. (Cost $1,204,935)
|
|
16,037
|
1,837,519
|
|
Spain 0.3%
|
|
||
|
Grifols SA* (Cost $316,459)
|
|
32,106
|
480,152
|
|
Sweden 1.5%
|
|
||
|
BioGaia AB "B"
|
|
32,186
|
323,401
|
|
Cibus Nordic Real Estate AB publ
|
|
41,648
|
737,284
|
|
Hufvudstaden AB "A"
|
|
40,521
|
490,083
|
|
New Wave Group AB "B"
|
|
32,940
|
393,674
|
|
Vitrolife AB
|
|
25,284
|
370,583
|
|
(Cost $2,116,254)
|
|
|
2,315,025
|
|
Switzerland 1.8%
|
|
||
|
International Workplace Group PLC
|
|
295,332
|
861,018
|
|
Siegfried Holding AG (Registered)
|
|
17,353
|
1,940,114
|
|
(Cost $1,951,986)
|
|
|
2,801,132
|
|
United Kingdom 6.4%
|
|
||
|
Clarkson PLC
|
|
14,281
|
650,090
|
|
Computacenter PLC
|
|
26,566
|
804,551
|
|
Drax Group PLC
|
|
255,224
|
2,383,100
|
|
Genus PLC
|
|
41,858
|
1,372,154
|
|
Greggs PLC
|
|
52,479
|
1,091,132
|
|
nVent Electric PLC (b)
|
|
6,562
|
514,592
|
|
Softcat PLC
|
|
37,053
|
797,832
|
|
TechnipFMC PLC (b)
|
|
69,910
|
2,542,627
|
|
(Cost $6,737,641)
|
|
|
10,156,078
|
|
United States 64.3%
|
|
||
|
ACM Research, Inc. "A"*
|
|
23,733
|
720,534
|
|
Adeia, Inc.
|
|
43,238
|
559,932
|
|
Affiliated Managers Group, Inc.
|
|
11,575
|
2,429,245
|
|
Alcoa Corp.
|
|
37,212
|
1,115,244
|
|
Alpha & Omega Semiconductor Ltd.*
|
|
19,987
|
509,069
|
|
Ambarella, Inc.*
|
|
11,538
|
762,546
|
|
Americold Realty Trust, Inc. (REIT)
|
|
54,846
|
881,924
|
|
Antero Midstream Corp.
|
|
33,905
|
622,157
|
|
Apple Hospitality REIT, Inc. (REIT)
|
|
46,412
|
545,341
|
|
Armada Hoffler Properties, Inc. (REIT)
|
|
85,429
|
583,480
|
|
Ashland, Inc.
|
|
15,454
|
796,808
|
|
Aspen Aerogels, Inc.*
|
|
101,447
|
777,084
|
|
Atkore, Inc.
|
|
24,861
|
1,914,794
|
|
Bank OZK
|
|
19,019
|
937,637
|
|
Benchmark Electronics, Inc.
|
|
56,428
|
2,172,478
|
|
Bridgebio Pharma, Inc.*
|
|
60,829
|
2,875,387
|
|
Brinker International, Inc.*
|
|
2,207
|
347,823
|
|
Butterfly Network, Inc.* (a)
|
|
299,617
|
512,345
|
|
C.H. Robinson Worldwide, Inc.
|
|
7,125
|
821,655
|
|
Casey's General Stores, Inc.
|
|
6,707
|
3,488,512
|
|
Cboe Global Markets, Inc.
|
|
4,022
|
969,463
|
|
Ceribell, Inc.*
|
|
20,346
|
292,982
|
|
Clean Energy Fuels Corp.*
|
|
162,604
|
330,086
|
|
ClearPoint Neuro, Inc.* (a)
|
|
28,051
|
291,730
|
|
Clearway Energy, Inc. "A"
|
|
22,269
|
685,440
|
|
CNX Resources Corp.*
|
|
58,773
|
1,781,410
|
|
Coeur Mining, Inc.*
|
|
88,348
|
767,744
|
|
Curtiss-Wright Corp.
|
|
2,978
|
1,459,875
|
|
Dick's Sporting Goods, Inc.
|
|
2,883
|
609,783
|
|
Ducommun, Inc.*
|
|
19,303
|
1,756,187
|
|
Duolingo, Inc.*
|
|
1,142
|
395,760
|
|
Easterly Government Properties, Inc. (REIT)
|
|
18,857
|
414,854
|
|
EastGroup Properties, Inc. (REIT)
|
|
5,515
|
900,269
|
|
EchoStar Corp. "A"*
|
|
26,536
|
864,808
|
|
EMCOR Group, Inc.
|
|
1,105
|
693,376
|
|
Enact Holdings, Inc.
|
|
44,836
|
1,558,499
|
|
Enphase Energy, Inc.*
|
|
12,351
|
399,678
|
|
Essent Group Ltd.
|
|
26,988
|
1,511,058
|
|
Essential Properties Realty Trust, Inc. (REIT)
|
|
19,260
|
587,237
|
|
Everus Construction Group, Inc.*
|
|
9,094
|
675,320
|
|
Exact Sciences Corp.*
|
|
36,534
|
1,715,271
|
|
Expedia Group, Inc.
|
|
2,274
|
409,820
|
|
Federal Agricultural Mortgage Corp. "C"
|
|
10,463
|
1,802,461
|
|
Four Corners Property Trust, Inc. (REIT)
|
|
74,694
|
1,885,277
|
|
Hasbro, Inc.
|
|
19,199
|
1,442,997
|
|
Healthpeak Properties, Inc. (REIT)
|
|
53,472
|
905,816
|
|
Hecla Mining Co.
|
|
213,597
|
1,226,047
|
|
Hillenbrand, Inc.
|
|
38,574
|
798,868
|
|
Impinj, Inc.*
|
|
4,793
|
740,902
|
|
Kimco Realty Corp. (REIT)
|
|
34,204
|
726,151
|
|
Kite Realty Group Trust (REIT)
|
|
34,972
|
768,685
|
|
Kontoor Brands, Inc.
|
|
9,343
|
520,031
|
|
Ladder Capital Corp. (REIT)
|
|
57,505
|
627,955
|
|
Lumentum Holdings, Inc.*
|
|
28,093
|
3,092,477
|
|
Madison Square Garden Sports Corp.*
|
|
10,928
|
2,208,549
|
|
MaxLinear, Inc.*
|
|
40,954
|
647,892
|
|
MDU Resources Group, Inc.
|
|
35,340
|
609,615
|
|
Merchants Bancorp.
|
|
35,437
|
1,038,304
|
|
MGIC Investment Corp.
|
|
41,624
|
1,078,062
|
|
MicroStrategy, Inc. "A"*
|
|
7,357
|
2,956,484
|
|
Mr Cooper Group, Inc.*
|
|
4,760
|
741,227
|
|
Myomo, Inc.*
|
|
159,387
|
307,617
|
|
National HealthCare Corp.
|
|
9,552
|
917,279
|
|
Neogen Corp.*
|
|
72,784
|
338,446
|
|
NMI Holdings, Inc.*
|
|
23,888
|
891,500
|
|
Option Care Health, Inc.*
|
|
10,680
|
313,458
|
|
Outset Medical, Inc.*
|
|
16,810
|
269,969
|
|
Premier, Inc. "A"
|
|
100,128
|
2,150,749
|
|
Radian Group, Inc.
|
|
22,791
|
743,215
|
|
Ralph Lauren Corp.
|
|
3,894
|
1,163,333
|
|
Regal Rexnord Corp.
|
|
2,508
|
383,423
|
|
Reinsurance Group of America, Inc.
|
|
9,989
|
1,922,383
|
|
Rush Enterprises, Inc. "A"
|
|
34,739
|
1,880,770
|
|
Sensata Technologies Holding PLC
|
|
16,962
|
521,751
|
|
Senseonics Holdings, Inc.*
|
|
1,204,732
|
584,295
|
|
SentinelOne, Inc. "A"*
|
|
114,709
|
2,103,763
|
|
SiTime Corp.*
|
|
3,824
|
775,698
|
|
SkyWater Technology, Inc.* (a)
|
|
41,266
|
369,331
|
|
SkyWest, Inc.*
|
|
28,471
|
3,301,497
|
|
Stride, Inc.*
|
|
18,803
|
2,411,109
|
|
Synovus Financial Corp.
|
|
41,177
|
1,945,202
|
|
Taylor Morrison Home Corp.*
|
|
36,932
|
2,189,329
|
|
Thermon Group Holdings, Inc.*
|
|
33,476
|
946,701
|
|
TopBuild Corp.*
|
|
8,066
|
2,987,888
|
|
Trupanion, Inc.*
|
|
27,794
|
1,317,714
|
|
Unum Group
|
|
21,642
|
1,554,112
|
|
VF Corp.
|
|
33,095
|
387,873
|
|
Walker & Dunlop, Inc.
|
|
12,743
|
955,852
|
|
Williams-Sonoma, Inc.
|
|
2,020
|
377,841
|
|
Zions Bancorp. NA
|
|
33,681
|
1,805,975
|
|
(Cost $77,102,550)
|
|
|
102,080,518
|
|
Total Common Stocks (Cost $120,641,637)
|
|
|
157,555,457
|
|
|
|||
|
Securities Lending Collateral 1.1%
|
|
||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.25% (c) (d) (Cost $1,832,373)
|
|
1,832,373
|
1,832,373
|
|
|
|||
|
Cash Equivalents 0.8%
|
|
||
|
DWS Central Cash Management Government Fund, 4.37% (c) (Cost $1,224,691)
|
|
1,224,691
|
1,224,691
|
|
|
|||
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $123,698,701)
|
|
101.1
|
160,612,521
|
|
Other Assets and Liabilities, Net
|
|
(1.1
)
|
(1,818,834
)
|
|
Net Assets
|
|
100.0
|
158,793,687
|
|
Value ($) 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 1.1%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.25% (c) (d)
|
||||||||
|
2,495,042
|
—
|
662,669 (e)
|
—
|
—
|
40,638
|
—
|
1,832,373
|
1,832,373
|
|
Cash Equivalents 0.8%
|
||||||||
|
DWS Central Cash Management Government Fund, 4.37% (c)
|
||||||||
|
2,339,751
|
18,535,963
|
19,651,023
|
—
|
—
|
50,012
|
—
|
1,224,691
|
1,224,691
|
|
4,834,793
|
18,535,963
|
20,313,692
|
—
|
—
|
90,650
|
—
|
3,057,064
|
3,057,064
|
|
*
|
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 $1,706,061,
which is 1.1% of net assets.
|
|
(b)
|
Listed on the New York Stock Exchange.
|
|
(c)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown
is the annualized seven-day yield at
period end.
|
|
(d)
|
Represents cash collateral held in connection with securities lending. Income earned
by the Fund is net of borrower rebates.
|
|
(e)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period
ended July 31, 2025.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within
the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the
Securities Act of 1933.
|
|
REIT: Real Estate Investment Trust
|
|
Sector Diversification
|
Market Value ($)
|
(As a % of Net Assets)
|
|
Industrials
|
31,353,746
|
20%
|
|
Financials
|
27,354,178
|
17%
|
|
Information Technology
|
19,194,041
|
12%
|
|
Consumer Discretionary
|
17,254,874
|
11%
|
|
Health Care
|
16,590,973
|
10%
|
|
Real Estate
|
11,459,944
|
7%
|
|
Materials
|
10,804,268
|
7%
|
|
Consumer Staples
|
6,972,630
|
4%
|
|
Energy
|
6,068,540
|
4%
|
|
Communication Services
|
5,830,428
|
4%
|
|
Utilities
|
4,671,835
|
3%
|
|
Total
|
157,555,457
|
99%
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Australia
|
$—
|
$2,401,775
|
$—
|
$2,401,775
|
|
Canada
|
5,470,862
|
—
|
—
|
5,470,862
|
|
Denmark
|
—
|
1,069,499
|
—
|
1,069,499
|
|
Finland
|
—
|
342,775
|
—
|
342,775
|
|
France
|
—
|
6,049,870
|
—
|
6,049,870
|
|
Germany
|
—
|
1,135,837
|
—
|
1,135,837
|
|
Hong Kong
|
—
|
1,000,206
|
—
|
1,000,206
|
|
Ireland
|
518,521
|
507,700
|
—
|
1,026,221
|
|
Italy
|
—
|
2,702,205
|
—
|
2,702,205
|
|
Japan
|
—
|
10,998,955
|
—
|
10,998,955
|
|
Korea
|
591,803
|
2,963,193
|
—
|
3,554,996
|
|
Malaysia
|
—
|
1,169,562
|
—
|
1,169,562
|
|
Netherlands
|
—
|
962,270
|
—
|
962,270
|
|
Puerto Rico
|
1,837,519
|
—
|
—
|
1,837,519
|
|
Spain
|
—
|
480,152
|
—
|
480,152
|
|
Sweden
|
—
|
2,315,025
|
—
|
2,315,025
|
|
Switzerland
|
—
|
2,801,132
|
—
|
2,801,132
|
|
United Kingdom
|
3,057,219
|
7,098,859
|
—
|
10,156,078
|
|
United States
|
102,080,518
|
—
|
—
|
102,080,518
|
|
Short-Term Investments (a)
|
3,057,064
|
—
|
—
|
3,057,064
|
|
Total
|
$116,613,506
|
$43,999,015
|
$—
|
$160,612,521
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|