Consolidated Investment Portfolioas of July 31, 2023 (Unaudited)
DWS Global Macro Fund
Shares | Value ($) | ||
Common Stocks 43.3% | |||
Canada 0.2% | |||
Nutrien Ltd. (Cost $435,461) | 5,500 | 378,895 | |
France 7.4% | |||
Alstom SA | 52,210 | 1,597,005 | |
AXA SA | 153,475 | 4,719,821 | |
BNP Paribas SA | 37,656 | 2,484,995 | |
Bureau Veritas SA | 19,969 | 548,459 | |
EssilorLuxottica SA | 4,521 | 909,366 | |
Euroapi SA* | 828 | 9,659 | |
LVMH Moet Hennessy Louis Vuitton SE | 665 | 620,103 | |
Orange SA | 140,443 | 1,588,026 | |
Sanofi | 18,286 | 1,952,039 | |
Veolia Environnement SA | 24,674 | 803,021 | |
(Cost $13,188,820) | 15,232,494 | ||
Germany 9.7% | |||
Allianz SE (Registered) | 13,207 | 3,156,887 | |
Bayer AG (Registered) | 57,504 | 3,359,812 | |
Deutsche Telekom AG (Registered) | 109,844 | 2,396,388 | |
E.ON SE | 391,439 | 4,951,606 | |
Evonik Industries AG | 38,673 | 799,820 | |
Infineon Technologies AG | 25,844 | 1,136,619 | |
ProSiebenSat.1 Media SE | 8,353 | 83,135 | |
Siemens Energy AG* | 119,043 | 2,014,364 | |
Vonovia SE | 82,614 | 1,929,317 | |
(Cost $18,266,505) | 19,827,948 | ||
Ireland 1.2% | |||
Medtronic PLC (Cost $2,713,211) | 27,248 | 2,391,284 | |
Italy 0.6% | |||
Enel SpA (Cost $1,360,216) | 166,384 | 1,147,395 | |
Japan 3.1% | |||
Daikin Industries Ltd. | 5,800 | 1,169,662 | |
FANUC Corp. | 17,600 | 537,903 | |
Keyence Corp. | 2,100 | 941,173 | |
Mitsubishi Electric Corp. | 13,300 | 191,743 | |
Secom Co., Ltd. | 7,500 | 502,566 | |
Takeda Pharmaceutical Co., Ltd. | 68,100 | 2,077,968 | |
Yaskawa Electric Corp. | 22,300 | 967,303 | |
(Cost $6,541,156) | 6,388,318 | ||
Korea 0.5% | |||
Samsung Electronics Co., Ltd. (Cost $865,026) | 19,601 | 1,073,353 |
Netherlands 2.4% | |||
ASML Holding NV | 1,829 | 1,311,565 | |
ING Groep NV | 148,247 | 2,164,609 | |
Koninklijke Ahold Delhaize NV | 44,255 | 1,527,143 | |
(Cost $3,613,776) | 5,003,317 | ||
Switzerland 1.9% | |||
Novartis AG (Registered) | 17,030 | 1,778,478 | |
Roche Holding AG (Genusschein) | 6,471 | 2,007,973 | |
(Cost $3,129,319) | 3,786,451 | ||
United Kingdom 0.3% | |||
Smith & Nephew PLC (Cost $863,389) | 41,767 | 635,180 | |
United States 16.0% | |||
Activision Blizzard, Inc.* | 17,353 | 1,609,664 | |
Alphabet, Inc. "A"* | 39,421 | 5,231,955 | |
Amgen, Inc. | 5,062 | 1,185,267 | |
AT&T, Inc. | 84,667 | 1,229,365 | |
CVS Health Corp. | 29,465 | 2,200,741 | |
Intel Corp. | 25,780 | 922,151 | |
JPMorgan Chase & Co. | 10,454 | 1,651,314 | |
Linde PLC | 4,013 | 1,567,759 | |
Merck & Co., Inc. | 9,460 | 1,008,909 | |
Microsoft Corp. | 16,792 | 5,640,769 | |
NextEra Energy, Inc. | 21,149 | 1,550,222 | |
PayPal Holdings, Inc.* | 41,818 | 3,170,641 | |
Pfizer, Inc. | 53,638 | 1,934,186 | |
TE Connectivity Ltd. | 8,492 | 1,218,517 | |
Union Pacific Corp. | 4,521 | 1,048,962 | |
Warner Bros Discovery, Inc.* | 118,974 | 1,554,983 | |
(Cost $27,244,715) | 32,725,405 | ||
Total Common Stocks (Cost $78,221,594) | 88,590,040 |
Principal Amount ($) (a) | Value ($) | ||
Bonds 40.4% | |||
Australia 1.8% | |||
Australia Government Bond, Series A, REG S, 0.25%, 11/21/2024 (Cost $4,122,169) | AUD | 5,645,000 | 3,606,976 |
Germany 1.7% | |||
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/2023 (Cost $3,482,826) | 3,485,000 | 3,445,306 | |
Netherlands 1.0% | |||
ING Groep NV, 3.95%, 3/29/2027 | 650,000 | 620,544 | |
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025 | EUR | 800,000 | 868,210 |
Teva Pharmaceutical Finance Netherlands III BV, 6.0%, 4/15/2024 | 600,000 | 597,228 | |
(Cost $1,983,013) | 2,085,982 | ||
Turkey 0.3% | |||
Republic of Turkey: | |||
3.25%, 6/14/2025 | EUR | 200,000 | 211,214 |
7.375%, 2/5/2025 | 500,000 | 504,100 | |
(Cost $711,337) | 715,314 |
United States 35.6% | |||
AbbVie, Inc., 2.95%, 11/21/2026 | 3,000,000 | 2,814,260 | |
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028 | 170,000 | 164,018 | |
Coty, Inc.: | |||
REG S, 4.75%, 4/15/2026 | EUR | 1,151,000 | 1,236,595 |
144A, 6.5%, 4/15/2026 | 1,136,000 | 1,126,776 | |
DISH DBS Corp., 7.75%, 7/1/2026 | 40,000 | 25,860 | |
General Motors Financial Co., Inc., 2.7%, 8/20/2027 | 1,000,000 | 895,699 | |
Howmet Aerospace, Inc., 5.125%, 10/1/2024 | 1,320,000 | 1,307,042 | |
HP, Inc., 3.0%, 6/17/2027 | 1,100,000 | 1,018,461 | |
Netflix, Inc.: | |||
4.625%, 5/15/2029 | EUR | 185,000 | 207,647 |
6.375%, 5/15/2029 | 960,000 | 1,015,053 | |
U.S. Treasury Notes: | |||
0.125%, 8/31/2023 (b) | 5,000,000 | 4,978,568 | |
0.375%, 7/15/2024 | 6,500,000 | 6,200,391 | |
0.875%, 9/30/2026 | 5,000,000 | 4,480,469 | |
2.375%, 5/15/2029 | 4,000,000 | 3,637,969 | |
2.5%, 4/30/2024 | 10,267,200 | 10,047,418 | |
2.875%, 6/15/2025 | 6,500,000 | 6,257,266 | |
3.5%, 9/15/2025 | 5,000,000 | 4,865,234 | |
3.625%, 5/15/2026 | 6,000,000 | 5,853,281 | |
3.75%, 4/15/2026 | 4,000,000 | 3,914,375 | |
4.125%, 6/15/2026 | 6,000,000 | 5,935,781 | |
4.25%, 5/31/2025 | 5,200,000 | 5,134,594 | |
VeriSign, Inc., 5.25%, 4/1/2025 | 300,000 | 297,568 | |
Verizon Communications, Inc., 2.625%, 8/15/2026 | 800,000 | 744,034 | |
Warnermedia Holdings, Inc., 3.755%, 3/15/2027 | 900,000 | 842,427 | |
(Cost $74,584,992) | 73,000,786 | ||
Total Bonds (Cost $84,884,337) | 82,854,364 |
Shares | Value ($) | ||
Exchange-Traded Funds 8.9% | |||
iShares Core EUR Corp. Bond UCITS ETF | 23,877 | 3,017,756 | |
iShares EUR Corp. Bond ex-Financials UCITS ETF | 3,009 | 343,958 | |
iShares EUR Corp. Bond Large Cap UCITS ETF | 5,684 | 749,072 | |
iShares EUR High Yield Corp. Bond UCITS ETF | 15,760 | 1,588,989 | |
iShares MSCI Japan ETF | 34,836 | 2,209,299 | |
SPDR Gold MiniShares Trust* (c) | 265,000 | 10,329,700 | |
Total Exchange-Traded Funds (Cost $16,954,515) | 18,238,774 | ||
Securities Lending Collateral 0.2% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.18% (d) (e) (Cost $339,150) | 339,150 | 339,150 | |
Cash Equivalents 5.7% | |||
DWS Central Cash Management Government Fund, 5.28% (d) (Cost $11,646,435) | 11,646,435 | 11,646,435 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $192,046,031) | 98.5 | 201,668,763 | |
Other Assets and Liabilities, Net | 1.5 | 3,140,798 | |
Net Assets | 100.0 | 204,809,561 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2023 are as follows:
Value ($) at 10/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 7/31/2023 | Value ($) at 7/31/2023 |
Securities Lending Collateral 0.2% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.18% (d) (e) | ||||||||
2,515,670 | — | 2,176,520 (f) | — | — | 31,575 | — | 339,150 | 339,150 |
Cash Equivalents 5.7% | ||||||||
DWS Central Cash Management Government Fund, 5.28% (d) | ||||||||
36,717,792 | 53,973,212 | 79,044,569 | — | — | 854,439 | — | 11,646,435 | 11,646,435 |
39,233,462 | 53,973,212 | 81,221,089 | — | — | 886,014 | — | 11,985,585 | 11,985,585 |
* | Non-income producing security. |
(a) | Principal amount stated in U.S. dollars unless otherwise noted. |
(b) | At July 31, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(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 July 31, 2023 amounted to $288,452, which is 0.1% of net assets. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 31, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
MSCI: Morgan Stanley Capital International |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
S&P: Standard & Poor's |
SPDR: Standard & Poor's Depositary Receipt |
At July 31, 2023, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 9/20/2023 | 12 | 1,370,375 | 1,336,875 | (33,500 ) |
2 Year U.S. Treasury Note | USD | 9/29/2023 | 11 | 2,266,027 | 2,233,344 | (32,683 ) |
5 Year U.S. Treasury Note | USD | 9/29/2023 | 131 | 14,295,699 | 13,993,461 | (302,238 ) |
TOPIX Index | JPY | 9/7/2023 | 53 | 8,288,768 | 8,669,103 | 380,335 |
Total net unrealized appreciation | 11,914 |
At July 31, 2023, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
DAX Index | EUR | 9/15/2023 | 39 | 17,467,257 | 17,740,741 | (273,484 ) |
S&P 500 E-Mini Index | USD | 9/15/2023 | 34 | 7,539,499 | 7,844,650 | (305,151 ) |
Total unrealized depreciation | (578,635 ) |
At July 31, 2023, the Fund had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 45,096,351 | USD | 50,355,226 | 8/31/2023 | 691,048 | JPMorgan Chase Securities, Inc. |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 2,214,272 | GBP | 1,706,614 | 8/31/2023 | (23,733 ) | Citigroup, Inc. |
USD | 551,264 | AUD | 810,107 | 8/31/2023 | (6,480 ) | Citigroup, Inc. |
USD | 3,176,785 | JPY | 442,652,065 | 8/31/2023 | (48,946 ) | Citigroup, Inc. |
USD | 5,785,863 | NOK | 57,944,357 | 8/31/2023 | (61,893 ) | Citigroup, Inc. |
USD | 3,800,420 | CHF | 3,241,172 | 8/31/2023 | (70,609 ) | Toronto-Dominion Bank |
Total unrealized depreciation | (211,661 ) |
Currency Abbreviation(s)
AUD | Australian Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NOK | Norwegian Krone |
USD | United States Dollar |
At July 31, 2023 the DWS Global Macro Fund had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Common Stocks and Corporate Bonds |
Health Care | 25,730,560 | 24% |
Financials | 21,414,117 | 20% |
Communication Services | 15,983,678 | 15% |
Information Technology | 13,262,608 | 13% |
Industrials | 9,885,009 | 9% |
Utilities | 8,452,244 | 8% |
Consumer Staples | 4,054,532 | 4% |
Materials | 2,746,474 | 3% |
Consumer Discretionary | 2,358,229 | 2% |
Real Estate | 1,929,317 | 2% |
Total | 105,816,768 | 100% |
Sector diversification is subject to change.
Investment in Subsidiary
The Fund may seek exposure to gold by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in gold ETFs that do not operate as commodity pools, and fixed income instruments. As of July 31, 2023, the Fund held $999,972 in the Subsidiary, representing 0.4% of the Fund's total assets. The Fund’s Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary
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 July 31, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $88,590,040 | $— | $— | $88,590,040 |
Bonds (a) | — | 82,854,364 | — | 82,854,364 |
Exchange-Traded Funds | 18,238,774 | — | — | 18,238,774 |
Short-Term Investments (a) | 11,985,585 | — | — | 11,985,585 |
Derivatives (b) | ||||
Futures Contracts | 380,335 | — | — | 380,335 |
Forward Foreign Currency Contracts | — | 691,048 | — | 691,048 |
Total | $119,194,734 | $83,545,412 | $— | $202,740,146 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(947,056 ) | $— | $— | $(947,056 ) |
Forward Foreign Currency Contracts | — | (211,661 ) | — | (211,661 ) |
Total | $(947,056 ) | $(211,661 ) | $— | $(1,158,717 ) |
(a) | See Consolidated Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of July 31, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Futures Contracts |
Equity Contracts | $— | $(198,300 ) |
Interest Rate Contracts | $— | $(368,421 ) |
Foreign Exchange Contracts | $479,387 | $— |
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
DGMF-PH3
R-080548-2 (1/25)