NPORT-EX 2 NPORT_KEA1_33442973_0723.htm EDGAR HTML
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)