Investment Portfolioas of January 31, 2024 (Unaudited)
DWS Global Small Cap Fund
Shares | Value ($) | ||
Common Stocks 99.4% | |||
Australia 2.9% | |||
AMP Ltd. | 854,202 | 519,433 | |
Charter Hall Long Wale REIT | 355,659 | 869,252 | |
IPH Ltd. | 185,618 | 829,286 | |
Nickel Industries Ltd. | 1,407,204 | 724,221 | |
Orora Ltd. | 652,166 | 1,191,416 | |
Southern Cross Media Group Ltd. | 693,335 | 468,147 | |
Syrah Resources Ltd.* | 487,500 | 132,295 | |
(Cost $6,820,357) | 4,734,050 | ||
Belgium 0.5% | |||
Galapagos NV* (Cost $799,356) | 20,214 | 757,945 | |
Canada 0.6% | |||
Quebecor, Inc. "B" (Cost $478,754) | 42,102 | 1,023,701 | |
Denmark 1.2% | |||
Topdanmark AS (Cost $2,071,484) | 43,026 | 1,909,069 | |
Finland 0.6% | |||
Tokmanni Group Corp. (Cost $719,816) | 61,069 | 1,046,799 | |
France 2.9% | |||
Alten SA | 13,943 | 2,151,876 | |
Eiffage SA | 7,911 | 826,700 | |
Vallourec SACA* | 116,860 | 1,674,013 | |
(Cost $3,905,626) | 4,652,589 | ||
Germany 3.6% | |||
AIXTRON SE | 82,504 | 3,104,726 | |
Jumia Technologies AG (ADR)* (a) | 116,754 | 337,419 | |
MorphoSys AG* (a) | 29,276 | 1,233,231 | |
United Internet AG (Registered) | 44,579 | 1,168,383 | |
(Cost $3,544,443) | 5,843,759 | ||
Ireland 1.1% | |||
Dalata Hotel Group PLC (Cost $1,843,675) | 343,977 | 1,784,879 | |
Italy 2.2% | |||
Buzzi SpA (Cost $2,458,392) | 102,904 | 3,499,136 | |
Japan 6.5% | |||
BML, Inc. | 21,900 | 423,368 | |
JTOWER, Inc.* (a) | 12,900 | 396,430 | |
Kusuri no Aoki Holdings Co., Ltd. | 21,580 | 467,088 | |
Mani, Inc. | 106,300 | 1,477,307 | |
Nankai Electric Railway Co., Ltd. | 44,900 | 874,660 | |
Nippon Paper Industries Co., Ltd.* | 175,800 | 1,629,730 |
Optorun Co., Ltd. | 60,000 | 693,898 | |
Sawai Group Holdings Co., Ltd. | 21,100 | 798,655 | |
Systena Corp. | 859,000 | 1,736,269 | |
Tsurumi Manufacturing Co., Ltd. | 24,400 | 600,578 | |
TV Asahi Holdings Corp. | 34,900 | 416,649 | |
Zenkoku Hosho Co., Ltd. | 26,100 | 970,193 | |
(Cost $10,423,796) | 10,484,825 | ||
Jersey 0.4% | |||
Novocure Ltd.* (b) (Cost $1,040,759) | 50,273 | 699,800 | |
Korea 3.0% | |||
Advanced Nano Products Co., Ltd.* | 14,916 | 1,048,585 | |
Amotech Co., Ltd.* | 220,829 | 1,269,654 | |
Grand Korea Leisure Co., Ltd.* | 48,583 | 459,736 | |
Hite Jinro Co. Ltd.* | 35,898 | 563,082 | |
Seah Besteel Holdings Corp.* | 96,756 | 1,582,481 | |
(Cost $5,409,954) | 4,923,538 | ||
Malta 0.6% | |||
Kindred Group PLC (Cost $706,011) | 85,695 | 1,007,859 | |
Norway 0.4% | |||
Hexagon Composites ASA* | 226,954 | 506,691 | |
Hexagon Purus ASA* (a) | 77,894 | 58,885 | |
(Cost $815,590) | 565,576 | ||
Portugal 0.4% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $692,751) | 244,473 | 601,175 | |
Puerto Rico 0.9% | |||
Popular, Inc. (Cost $1,225,067) | 16,283 | 1,391,382 | |
Singapore 0.5% | |||
Kulicke & Soffa Industries, Inc. (b) (Cost $807,873) | 17,644 | 887,846 | |
Spain 0.5% | |||
Fluidra SA (Cost $650,991) | 40,893 | 883,103 | |
Sweden 1.0% | |||
Cibus Nordic Real Estate AB publ | 97,103 | 1,144,789 | |
Dometic Group AB 144A | 59,888 | 475,997 | |
(Cost $1,964,054) | 1,620,786 | ||
Switzerland 2.9% | |||
OC Oerlikon Corp. AG (Registered) | 569,786 | 2,481,091 | |
Siegfried Holding AG (Registered) | 2,231 | 2,221,750 | |
(Cost $4,579,521) | 4,702,841 | ||
United Kingdom 7.4% | |||
B&M European Value Retail SA | 72,991 | 478,357 | |
Clarkson PLC | 20,800 | 934,985 | |
Computacenter PLC | 57,969 | 2,128,248 | |
Drax Group PLC | 202,959 | 1,310,406 | |
Dunelm Group PLC | 39,688 | 547,336 | |
Genus PLC | 12,128 | 353,091 |
Greggs PLC | 53,283 | 1,800,328 | |
RS GROUP PLC | 148,168 | 1,466,951 | |
Softcat PLC | 61,041 | 1,114,500 | |
TechnipFMC PLC (c) | 91,714 | 1,773,749 | |
(Cost $9,377,462) | 11,907,951 | ||
United States 59.3% | |||
Adeia, Inc. | 43,900 | 532,946 | |
Affiliated Managers Group, Inc. | 11,752 | 1,749,168 | |
Alcoa Corp. | 37,782 | 1,124,015 | |
Americold Realty Trust, Inc. (REIT) | 55,686 | 1,531,365 | |
Apple Hospitality REIT, Inc. (REIT) | 47,123 | 756,795 | |
ArcBest Corp. | 13,756 | 1,638,752 | |
Armada Hoffler Properties, Inc. (REIT) | 42,191 | 504,604 | |
Aspen Aerogels, Inc.* | 99,680 | 1,119,406 | |
Atkore, Inc.* | 12,503 | 1,907,083 | |
Avis Budget Group, Inc. | 7,671 | 1,255,819 | |
Bank OZK | 19,310 | 871,074 | |
Beam Global* (a) | 50,668 | 346,062 | |
Benchmark Electronics, Inc. | 57,293 | 1,553,786 | |
Bluebird Bio, Inc.* | 361,197 | 368,421 | |
Bridgebio Pharma, Inc.* | 61,761 | 2,117,785 | |
Builders FirstSource, Inc.* | 26,853 | 4,665,172 | |
Carvana Co.* | 17,363 | 747,651 | |
Casey's General Stores, Inc. | 13,646 | 3,702,979 | |
Chord Energy Corp. | 5,913 | 909,183 | |
Clearway Energy, Inc. "A" | 22,610 | 507,821 | |
CNX Resources Corp.* | 65,574 | 1,324,595 | |
Delek U.S. Holdings, Inc. | 67,362 | 1,820,795 | |
Ducommun, Inc.* | 38,961 | 1,922,725 | |
Easterly Government Properties, Inc. (REIT) | 48,992 | 601,622 | |
Eastern Bankshares, Inc. | 85,027 | 1,186,977 | |
EastGroup Properties, Inc. (REIT) | 5,599 | 993,431 | |
Essential Properties Realty Trust, Inc. (REIT) | 19,555 | 487,115 | |
Exact Sciences Corp.* | 12,064 | 788,986 | |
First Citizens BancShares, Inc. "A" | 546 | 824,460 | |
Five Below, Inc.* | 4,074 | 731,120 | |
Four Corners Property Trust, Inc. (REIT) | 75,838 | 1,775,368 | |
Hillenbrand, Inc. | 39,165 | 1,823,914 | |
Industrial Logistics Properties Trust (REIT) | 189,736 | 755,149 | |
Jefferies Financial Group, Inc. | 70,602 | 2,877,738 | |
Kimco Realty Corp. (REIT) | 34,729 | 701,516 | |
Kite Realty Group Trust (REIT) | 35,508 | 759,871 | |
Kohl's Corp. | 23,599 | 607,910 | |
Ladder Capital Corp. (REIT) | 58,386 | 638,159 | |
Lamb Weston Holdings, Inc. | 18,360 | 1,880,798 | |
Lazard, Inc. | 28,602 | 1,114,906 | |
Lumentum Holdings, Inc.* | 23,292 | 1,279,662 | |
Madison Square Garden Sports Corp.* | 11,095 | 2,053,685 | |
Modine Manufacturing Co.* | 48,529 | 3,352,869 | |
New Jersey Resources Corp. | 23,014 | 939,662 | |
NiSource, Inc. | 30,515 | 792,475 | |
Option Care Health, Inc.* | 65,375 | 2,042,315 | |
Physicians Realty Trust (REIT) | 80,551 | 985,944 | |
Reinsurance Group of America, Inc. | 10,142 | 1,763,592 | |
Rush Enterprises, Inc. "A" | 82,191 | 3,691,198 | |
SentinelOne, Inc. "A"* | 126,070 | 3,378,676 | |
Skillsoft Corp.* (a) | 38,248 | 536,240 |
SkyWest, Inc.* | 32,441 | 1,727,808 | |
SouthState Corp. | 32,964 | 2,739,308 | |
Spectrum Brands Holdings, Inc. | 13,630 | 1,071,591 | |
Stride, Inc.* | 19,091 | 1,144,505 | |
Synovus Financial Corp. | 69,646 | 2,622,868 | |
Taylor Morrison Home Corp.* | 37,498 | 1,955,146 | |
Teladoc Health, Inc.* | 28,740 | 558,418 | |
Thermon Group Holdings, Inc.* | 92,325 | 3,026,413 | |
TopBuild Corp.* | 12,248 | 4,521,104 | |
Unum Group | 9,630 | 465,514 | |
Vitesse Energy, Inc. | 9,678 | 203,340 | |
Xperi, Inc.* | 29,210 | 311,963 | |
YETI Holdings, Inc.* | 40,276 | 1,770,936 | |
Zions Bancorp. NA | 34,197 | 1,432,854 | |
(Cost $65,114,097) | 95,895,128 | ||
Total Common Stocks (Cost $125,449,829) | 160,823,737 | ||
Securities Lending Collateral 1.5% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.26% (d) (e) (Cost $2,421,172) | 2,421,172 | 2,421,172 | |
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 5.36% (d) (Cost $805,406) | 805,406 | 805,406 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $128,676,407) | 101.4 | 164,050,315 | |
Other Assets and Liabilities, Net | (1.4 ) | (2,315,588 ) | |
Net Assets | 100.0 | 161,734,727 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2024 are as follows:
Value ($) 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 1.5% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.26% (d) (e) | ||||||||
2,372,000 | 49,172 (f) | — | — | — | 20,647 | — | 2,421,172 | 2,421,172 |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (d) | ||||||||
1,298,494 | 4,390,942 | 4,884,030 | — | — | 14,818 | — | 805,406 | 805,406 |
3,670,494 | 4,440,114 | 4,884,030 | — | — | 35,465 | — | 3,226,578 | 3,226,578 |
* | 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 January 31, 2024 amounted to $2,249,231, which is 1.4% of net assets. |
(b) | Listed on the NASDAQ Stock Market, Inc. |
(c) | Listed on the New York Stock Exchange. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2024. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
REIT: Real Estate Investment Trust |
At January 31, 2024 the DWS Global Small Cap Fund had the following sector diversification:
Sector Diversification | Market Value ($) | (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
Industrials | 32,004,116 | 20% |
Financials | 23,076,695 | 14% |
Consumer Discretionary | 22,769,951 | 14% |
Information Technology | 20,144,050 | 13% |
Health Care | 13,841,072 | 9% |
Materials | 12,051,285 | 7% |
Real Estate | 11,866,821 | 7% |
Energy | 7,705,675 | 5% |
Consumer Staples | 7,685,538 | 5% |
Communication Services | 5,526,995 | 3% |
Utilities | 4,151,539 | 3% |
Total | 160,823,737 | 100% |
Sector diversification is subject to change.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2024 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $4,734,050 | $— | $4,734,050 |
Belgium | — | 757,945 | — | 757,945 |
Canada | 1,023,701 | — | — | 1,023,701 |
Denmark | — | 1,909,069 | — | 1,909,069 |
Finland | — | 1,046,799 | — | 1,046,799 |
France | — | 4,652,589 | — | 4,652,589 |
Germany | 337,419 | 5,506,340 | — | 5,843,759 |
Ireland | — | 1,784,879 | — | 1,784,879 |
Italy | — | 3,499,136 | — | 3,499,136 |
Japan | — | 10,484,825 | — | 10,484,825 |
Jersey | 699,800 | — | — | 699,800 |
Korea | — | 4,923,538 | — | 4,923,538 |
Malta | — | 1,007,859 | — | 1,007,859 |
Norway | — | 565,576 | — | 565,576 |
Portugal | — | 601,175 | — | 601,175 |
Puerto Rico | 1,391,382 | — | — | 1,391,382 |
Singapore | 887,846 | — | — | 887,846 |
Spain | — | 883,103 | — | 883,103 |
Sweden | — | 1,620,786 | — | 1,620,786 |
Switzerland | — | 4,702,841 | — | 4,702,841 |
United Kingdom | 1,773,749 | 10,134,202 | — | 11,907,951 |
United States | 95,895,128 | — | — | 95,895,128 |
Short-Term Investments (a) | 3,226,578 | — | — | 3,226,578 |
Total | $105,235,603 | $58,814,712 | $— | $164,050,315 |
(a) | See Investment Portfolio for additional detailed categorizations. |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DGSCF-PH1
R-080548-2 (1/25)