NPORT-EX 2 NPORT_KEA1_91399537_0722.htm EDGAR HTML
Investment Portfolioas of July 31, 2022 (Unaudited)
DWS Global Macro Fund  
 
 
Shares
Value ($)
 
Common Stocks 46.4%
 
France 7.2%
 
Alstom SA
 
    47,864
  1,139,176
AXA SA
 
   160,269
  3,690,628
BNP Paribas SA
 
    58,263
  2,769,308
Bureau Veritas SA
 
    19,969
    550,362
Danone SA
 
    24,844
  1,371,090
EssilorLuxottica SA
 
     5,304
    829,927
Euroapi SA*
 
       828
     14,012
Orange SA
 
   175,361
  1,794,640
Sanofi
 
    19,078
  1,894,480
Veolia Environnement SA
 
    49,945
  1,249,480
Vinci SA
 
3,026
289,233
(Cost $18,123,924)
 
 
15,592,336
Germany 10.5%
 
Bayer AG (Registered)
 
47,185
2,755,413
BioNTech SE (ADR)
 
2,500
412,875
Deutsche Post AG (Registered)
 
15,780
632,631
Deutsche Telekom AG (Registered)
 
278,659
5,301,277
E.ON SE
 
458,125
4,118,657
Evonik Industries AG
 
71,262
1,517,089
Infineon Technologies AG
 
85,737
2,350,679
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
 
7,034
1,594,844
ProSiebenSat.1 Media SE
 
21,393
182,597
Volkswagen AG (Preference)
 
16,500
2,332,407
Vonovia SE
 
38,806
1,291,514
(Cost $25,028,266)
 
 
22,489,983
Ireland 1.0%
 
Medtronic PLC (a) (Cost $2,409,368)
 
22,896
2,118,338
Italy 0.5%
 
Enel SpA (b) (Cost $2,017,934)
 
214,943
1,081,663
Japan 2.8%
 
Daikin Industries Ltd.
 
4,900
860,120
Keyence Corp.
 
1,500
593,259
Panasonic Holdings Corp.
 
104,600
862,341
Secom Co., Ltd.
 
7,500
501,924
Takeda Pharmaceutical Co., Ltd.
 
80,000
2,354,602
Yaskawa Electric Corp.
 
23,000
803,542
(Cost $7,111,268)
 
 
5,975,788
Korea 0.5%
 
Samsung Electronics Co., Ltd. (Cost $1,115,301)
 
23,670
1,123,543
Netherlands 3.2%
 
ASML Holding NV
 
4,191
2,405,970
ING Groep NV
 
   208,920
  2,024,427
Koninklijke Ahold Delhaize NV
 
    57,444
  1,585,380
Koninklijke Philips NV
 
    47,583
    983,631
(Cost $8,771,334)
 
 
6,999,408
Switzerland 2.1%
 
Nestle SA (Registered)
 
     6,339
    775,871
Novartis AG (Registered)
 
    20,602
  1,769,033
Roche Holding AG (Genusschein)
 
     4,994
  1,656,867
Siemens Energy AG*
 
    14,532
    241,847
(Cost $3,625,163)
 
 
4,443,618
Taiwan 1.4%
 
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $1,663,763)
 
   175,000
  2,991,005
United Kingdom 3.0%
 
Allfunds Group PLC
 
     9,269
     78,164
Compass Group PLC
 
45,318
1,063,697
Linde PLC *  (a)
 
4,692
1,416,984
Smith & Nephew PLC
 
48,000
616,288
Unilever PLC
 
17,817
868,630
Vodafone Group PLC
 
1,578,000
2,325,635
(Cost $6,681,154)
 
 
6,369,398
United States 14.2%
 
Activision Blizzard, Inc.
 
29,899
2,390,425
Alphabet, Inc. "A"*
 
35,880
4,173,561
Amgen, Inc.
 
8,456
2,092,606
AT&T, Inc.
 
175,000
3,286,500
Intel Corp.
 
23,924
868,680
Johnson & Johnson
 
13,413
2,340,837
JPMorgan Chase & Co.
 
19,359
2,233,254
Microsoft Corp.
 
11,151
3,130,532
Netflix, Inc.*
 
3,934
884,757
PayPal Holdings, Inc.*
 
29,056
2,514,216
Pfizer, Inc.
 
44,311
2,238,149
Pinterest, Inc. "A"*
 
77,031
1,500,564
TE Connectivity Ltd.
 
8,479
1,133,897
Texas Instruments, Inc.
 
3,441
615,560
Union Pacific Corp.
 
1,140
259,122
Warner Bros Discovery, Inc.*
 
50,001
750,007
(Cost $30,066,398)
 
 
30,412,667
Total Common Stocks (Cost $106,613,873)
 
 
99,597,747
 
 
 
Principal
Amount ($) (c)
Value ($)
 
Bonds 27.2%
 
Australia 1.7%
 
Australia Government Bond, REG S, 0.25%, 11/21/2024 (Cost $4,069,901)
AUD
 5,645,000
  3,741,628
France 0.2%
 
BNP Paribas SA, REG S, 3-month EURIBOR + 0.85%, 0.672% (d), 9/22/2022
(Cost $395,694)
EUR
   357,000
    365,102
Germany 3.2%
 
KFW Government Guarantee, REG S, 0.125%, 5/16/2023
 
 3,485,000
  3,405,850
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/2023
 
 3,485,000
  3,371,041
(Cost $6,941,995)
 
 
6,776,891
Norway 0.6%
 
Norway Government Bond, Series 475, REG S, 144A, 2.0%, 5/24/2023
(Cost $1,496,755)
NOK
13,708,000
  1,412,640
Turkey 0.2%
 
Republic of Turkey:
 
          
           
3.25%, 6/14/2025
EUR
   200,000
    183,306
6.25%, 9/26/2022
 
   200,000
    199,700
7.375%, 2/5/2025
 
    80,000
     75,394
(Cost $492,255)
 
 
458,400
United States 21.3%
 
AbbVie, Inc., 2.95%, 11/21/2026
 
 3,000,000
  2,926,924
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028
 
170,000
173,893
Coty, Inc.:
 
 
 
REG S, 4.75%, 4/15/2026
EUR
1,151,000
1,082,269
144A, 6.5%, 4/15/2026 (b)
 
1,136,000
1,112,627
DISH DBS Corp., 7.75%, 7/1/2026
 
40,000
33,180
Howmet Aerospace, Inc., 5.125%, 10/1/2024
 
1,540,000
1,551,088
Netflix, Inc.:
 
 
 
4.625%, 5/15/2029
EUR
185,000
193,662
6.375%, 5/15/2029
 
100,000
106,175
U.S. Treasury Notes:
 
 
 
0.125%, 11/30/2022
 
5,000,000
4,957,031
0.125%, 5/15/2023
 
5,000,000
4,889,648
0.125%, 8/31/2023 (e)
 
5,000,000
4,849,219
0.875%, 9/30/2026
 
5,000,000
4,633,594
2.375%, 5/15/2029
 
4,000,000
3,915,469
2.5%, 4/30/2024
 
10,267,200
10,188,191
2.75%, 4/30/2023
 
4,000,000
3,992,812
VeriSign, Inc., 5.25%, 4/1/2025
 
300,000
306,273
Verizon Communications, Inc., 2.625%, 8/15/2026
 
800,000
774,296
(Cost $46,702,761)
 
 
45,686,351
Total Bonds (Cost $60,099,361)
 
 
58,441,012
 
 
 
Shares
Value ($)
 
Exchange-Traded Funds 5.2%
 
iShares Biotechnology ETF
 
     9,000
  1,116,720
SPDR Gold MiniShares Trust * (b)
 
   273,250
  9,561,017
WisdomTree Artificial Intelligence UCITS ETF *
 
     9,036
    431,933
Total Exchange-Traded Funds (Cost $11,756,838)
 
 
11,109,670
 
Securities Lending Collateral 3.9%
 
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 1.55% (f) (g) (Cost $8,376,293)
 
 8,376,293
  8,376,293
 
Cash Equivalents 19.4%
 
DWS Central Cash Management Government Fund, 1.62% (f) (Cost $41,572,191)
 
41,572,191
 41,572,191
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $228,418,556)
 
102.1
219,096,913
Other Assets and Liabilities, Net
 
(2.1)
(4,585,695)
Net Assets
 
100.0
214,511,218
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, 2022 are as follows: 
Value ($) at
10/31/2021
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
7/31/2022
Value ($) at
7/31/2022
Securities Lending Collateral 3.9%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.55% (f) (g)
2,897,670
5,478,623 (h)
—
—
—
44,709
—
8,376,293
8,376,293
Cash Equivalents 19.4%
DWS Central Cash Management Government Fund, 1.62% (f)
47,885,794
83,389,295
89,702,898
—
—
133,178
—
41,572,191
41,572,191
50,783,464
88,867,918
89,702,898
—
—
177,887
—
49,948,484
49,948,484
 
*
Non-income producing security.
(a)
Listed on the New York Stock Exchange.
(b)
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, 2022 amounted to $8,198,362, which is 3.8% of net assets.
(c)
Principal amount stated in U.S. dollars unless otherwise noted.
(d)
Variable or floating rate security. These securities are shown at their current rate as of July 31, 2022. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent
rate, where applicable.
(e)
At July 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(f)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(g)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(h)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended July 31, 2022.
 
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
EURIBOR: Euro Interbank Offered Rate
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, 2022, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Depreciation ($)
10 Year
U.S. Treasury
Note
USD
9/21/2022
83
9,957,841
10,054,672
(96,831)
DAX Index
EUR
9/16/2022
25
8,530,049
8,605,658
(75,609)
EURO-BOBL
EUR
9/8/2022
15
1,910,189
1,960,342
(50,153)
EURO-BUND
EUR
9/8/2022
92
14,269,610
14,822,664
(553,054)
NASDAQ 100
E-Mini Index
USD
9/16/2022
15
3,397,698
3,891,450
(493,752)
S&P 500 E-Mini
Index
USD
9/16/2022
47
8,819,897
9,713,725
(893,828)
Total unrealized depreciation
(2,163,227)
At July 31, 2022, the Fund had the following open forward foreign currency contracts: 
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Appreciation ($)
Counterparty
USD
2,641,815
JPY
360,833,242
8/31/2022
70,162
Citigroup, Inc.
USD
1,109,039
EUR
1,090,884
8/31/2022
8,280
Toronto-Dominion Bank
USD
6,011,897
NOK
59,117,507
8/31/2022
109,492
JPMorgan Chase Securities, Inc.
USD
562,337
AUD
810,107
8/31/2022
4,003
JPMorgan Chase Securities, Inc.
USD
2,392,469
CHF
2,294,993
8/31/2022
24,711
JPMorgan Chase Securities, Inc.
USD
1,688,953
GBP
1,399,324
8/31/2022
16,339
JPMorgan Chase Securities, Inc.
Total unrealized appreciation
232,987
 
 
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Depreciation ($)
Counterparty
EUR
44,700,956
USD
45,454,547
8/31/2022
(329,634)
Toronto-Dominion Bank
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, 2022 the DWS Global Macro Fund had the following sector diversification: 
Sector Diversification
Market Value ($)
As a % of Common Stocks and Corporate Bonds
Health Care
24,174,055
21%
Communication Services
22,623,143
20%
Financials
19,532,618
17%
Information Technology
19,107,747
17%
Industrials
6,829,045
6%
Consumer Staples
6,795,867
6%
Utilities
6,449,800
6%
Consumer Discretionary
5,262,265
4%
Materials
2,934,073
2%
Real Estate
1,291,514
1%
Total
115,000,127
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 July 31, 2022 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Common Stocks
 
 
 
 
France
$—
$15,592,336
$—
$15,592,336
Germany
412,875
22,077,108
—
22,489,983
Ireland
2,118,338
—
—
2,118,338
Italy
—
1,081,663
—
1,081,663
Japan
—
5,975,788
—
5,975,788
Korea
—
1,123,543
—
1,123,543
Netherlands
—
6,999,408
—
6,999,408
Switzerland
—
4,443,618
—
4,443,618
Taiwan
—
2,991,005
—
2,991,005
United Kingdom
1,416,984
4,952,414
—
6,369,398
United States
30,412,667
—
—
30,412,667
Bonds (a)
—
58,441,012
—
58,441,012
Exchange-Traded Funds
10,677,737
431,933
—
11,109,670
Short-Term Investments (a)
49,948,484
—
—
49,948,484
Derivatives (b)
 
 
 
 
Forward Foreign Currency Contracts
—
232,987
—
232,987
Total
$94,987,085
$124,342,815
$—
$219,329,900
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (b)
 
 
 
 
Futures Contracts
$(2,163,227)
$—
$—
$(2,163,227)
Forward Foreign Currency Contracts
—
(329,634)
—
(329,634)
Total
$(2,163,227)
$(329,634)
$—
$(2,492,861)
 
(a)
See 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, 2022 categorized by the primary underlying risk exposure. 
Primary Underlying Risk Disclosure
Forward
Contracts
Futures
Contracts
Equity Contracts
$ —
$ (1,463,189)
Primary Underlying Risk Disclosure
Forward
Contracts
Futures
Contracts
Interest Rate Contracts
$ —
$ (700,038)
Foreign Exchange Contracts
$ (96,647)
$ —
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-080548-1 (1/23)