NPORT-EX 2 NPORT_KEA1_37469671_0124.htm EDGAR HTML
Consolidated Investment Portfolioas of January 31, 2024 (Unaudited)
DWS Global Macro Fund
 
 
Shares
Value ($)
Common Stocks 38.7%
Canada 0.3%
Nutrien Ltd. (Cost $924,225)
13,319
664,219
France 8.1%
AXA SA
153,278
5,134,712
BNP Paribas SA
25,754
1,733,055
Bureau Veritas SA
18,047
479,680
Capgemini SE
9,758
2,171,564
EssilorLuxottica SA
4,521
884,009
LVMH Moet Hennessy Louis Vuitton SE
1,288
1,066,489
Orange SA
135,315
1,609,061
Sanofi SA
14,905
1,494,465
Veolia Environnement SA
45,283
1,469,486
(Cost $13,201,135)
16,042,521
Germany 6.9%
Allianz SE (Registered)
12,887
3,442,354
Bayer AG (Registered)
48,745
1,517,285
Deutsche Telekom AG (Registered)
79,679
1,955,426
E.ON SE
259,126
3,508,879
Infineon Technologies AG
21,378
777,648
Vonovia SE
80,545
2,503,899
(Cost $11,771,897)
13,705,491
Ireland 1.1%
Medtronic PLC (a) (Cost $2,557,461)
25,781
2,256,869
Italy 0.6%
Enel SpA (Cost $1,360,216)
166,384
1,136,680
Japan 2.6%
Daikin Industries Ltd.
7,700
1,236,999
FANUC Corp.
25,900
719,268
Keyence Corp.
2,300
1,031,284
Mitsubishi Electric Corp.
13,300
197,233
Takeda Pharmaceutical Co., Ltd.
39,100
1,150,403
Yaskawa Electric Corp.
22,300
839,859
(Cost $5,452,913)
5,175,046
Korea 0.3%
Samsung Electronics Co., Ltd. (Cost $565,717)
12,877
695,807
Netherlands 1.8%
ING Groep NV
121,957
1,728,771
Koninklijke Ahold Delhaize NV
65,154
1,830,363
(Cost $2,967,347)
3,559,134

Switzerland 2.0%
Novartis AG (Registered)
7,088
734,098
Roche Holding AG (Genusschein)
11,726
3,344,618
(Cost $3,702,377)
4,078,716
United Kingdom 1.1%
Reckitt Benckiser Group PLC (Cost $2,063,489)
29,024
2,097,798
United States 13.9%
Alphabet, Inc. "A"*
38,953
5,457,315
Amazon.com, Inc.*
12,956
2,010,771
CVS Health Corp.
29,465
2,191,312
Intel Corp.
9,658
416,067
Linde PLC
3,866
1,565,073
Merck & Co., Inc.
22,804
2,754,267
Microsoft Corp.
14,349
5,704,875
PayPal Holdings, Inc.*
30,596
1,877,065
Pfizer, Inc.
81,441
2,205,422
Pinterest, Inc. "A"*
9,658
361,885
TE Connectivity Ltd.
7,732
1,099,413
Union Pacific Corp.
4,521
1,102,808
Warner Bros Discovery, Inc.*
98,140
983,368
(Cost $20,971,395)
27,729,641
Total Common Stocks (Cost $65,538,172)
77,141,922
 
 
Principal
Amount ($) (b)
Value ($)
Bonds 44.5%
Australia 1.8%
Australia Government Bond, Series 159, REG S, 0.25%, 11/21/2024 (Cost $4,153,073)
AUD
5,645,000
3,594,660
Netherlands 1.1%
ING Groep NV, 3.95%, 3/29/2027
650,000
631,249
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025
EUR
800,000
862,157
Teva Pharmaceutical Finance Netherlands III BV, 6.0%, 4/15/2024
600,000
598,761
(Cost $1,995,948)
2,092,167
Turkey 0.4%
Republic of Turkey:
3.25%, 6/14/2025
EUR
200,000
213,291
7.375%, 2/5/2025
500,000
505,655
(Cost $715,535)
718,946
United States 41.2%
AbbVie, Inc., 2.95%, 11/21/2026
3,000,000
2,875,245
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028
170,000
167,268
Coty, Inc.:
REG S, 4.75%, 4/15/2026
EUR
1,151,000
1,237,666
144A, 6.5% (c), 4/15/2026
1,136,000
1,134,440
DISH DBS Corp., 7.75%, 7/1/2026
40,000
23,569
General Motors Financial Co., Inc., 2.7%, 8/20/2027
1,000,000
926,046
Howmet Aerospace, Inc., 5.125%, 10/1/2024
298,000
296,680
HP, Inc., 3.0%, 6/17/2027
1,100,000
1,040,072

Netflix, Inc.:
4.625%, 5/15/2029
EUR
185,000
212,279
6.375%, 5/15/2029
960,000
1,035,270
U.S. Treasury Bonds:
2.375%, 5/15/2027
5,460,000
5,192,972
3.75%, 11/15/2043
2,800,000
2,581,141
4.375%, 5/15/2040
4,800,000
4,908,750
4.5%, 5/15/2038
2,000,000
2,098,516
U.S. Treasury Notes:
0.375%, 7/15/2024(d)
3,000,000
2,936,367
0.875%, 9/30/2026
5,000,000
4,606,445
2.375%, 5/15/2029
6,400,000
5,941,000
2.5%, 4/30/2024
2,250,000
2,234,443
2.875%, 6/15/2025
8,000,000
7,831,562
3.5%, 9/15/2025
6,000,000
5,919,375
3.5%, 2/15/2033
6,200,000
5,989,055
3.625%, 5/15/2026
6,000,000
5,934,375
3.75%, 4/15/2026
4,000,000
3,965,469
4.125%, 6/15/2026
6,000,000
6,001,406
4.25%, 5/31/2025
5,200,000
5,182,125
VeriSign, Inc., 5.25%, 4/1/2025
300,000
300,003
Verizon Communications, Inc., 2.625%, 8/15/2026
800,000
762,011
Warnermedia Holdings, Inc., 3.755%, 3/15/2027
900,000
864,572
(Cost $82,090,432)
82,198,122
Total Bonds (Cost $88,954,988)
88,603,895
 
 
Shares
Value ($)
Exchange-Traded Funds 10.9%
iShares Core EUR Corp. Bond UCITS ETF
23,877
3,048,967
iShares EUR Corp. Bond ex-Financials UCITS ETF
3,009
349,236
iShares EUR Corp. Bond Large Cap UCITS ETF
5,684
758,122
iShares EUR High Yield Corp. Bond UCITS ETF
15,760
1,602,143
iShares MSCI Japan ETF
34,695
2,297,156
iShares U.S. Healthcare ETF(c)
10,323
3,034,342
SPDR Gold MiniShares Trust(c)
265,000
10,690,100
Total Exchange-Traded Funds (Cost $20,016,355)
21,780,066
Securities Lending Collateral 3.3%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.26% (e) (f) (Cost $6,628,425)
6,628,425
6,628,425
Cash Equivalents 4.4%
DWS Central Cash Management Government Fund, 5.36% (e) (Cost $8,775,131)
8,775,131
8,775,131
 
 
% of
Net Assets
Value ($)
Total Consolidated Investment Portfolio (Cost $189,913,071)
101.8
202,929,439
Other Assets and Liabilities, Net
(1.8
)
(3,656,733
)
Net Assets
100.0
199,272,706
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 3.3%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
5.26% (e) (f)
6,628,425 (g)
2,654
6,628,425
6,628,425
Cash Equivalents 4.4%
DWS Central Cash Management Government Fund, 5.36% (e)
17,503,238
15,217,741
23,945,848
119,247
8,775,131
8,775,131
17,503,238
21,846,166
23,945,848
121,901
15,403,556
15,403,556
*
Non-income producing security.
(a)
Listed on the New York Stock Exchange.
(b)
Principal amount stated in U.S. dollars unless otherwise noted.
(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 January 31, 2024 amounted to $6,475,840, which is 3.3% of net assets.
(d)
At January 31, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(e)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(f)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(g)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended January 31, 2024.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
MSCI: Morgan Stanley Capital International
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933.
S&P: Standard & Poor's
SPDR: Standard & Poor's Depositary Receipt
At January 31, 2024, open futures contracts purchased were as follows:
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation ($)
10 Year
U.S. Treasury
Note
USD
3/19/2024
12
1,305,500
1,347,938
42,438
2 Year U.S
Treasury Note
USD
3/28/2024
9
1,834,264
1,850,906
16,642
5 Year
U.S. Treasury
Note
USD
3/28/2024
54
5,740,165
5,853,094
112,929
S&P 500 E-Mini
Index
USD
3/15/2024
6
1,403,343
1,461,150
57,807
TOPIX Index
JPY
3/7/2024
36
5,762,210
6,245,821
483,611
Total unrealized appreciation
713,427

At January 31, 2024, open futures contracts sold were as follows:
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation ($)
DAX Index
EUR
3/15/2024
9
4,136,562
4,131,976
4,586
At January 31, 2024, the Fund had the following open forward foreign currency contracts:
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Appreciation ($)
Counterparty
EUR
40,229,331
USD
43,600,195
2/29/2024
68,188
Citigroup, Inc.
USD
1,778,693
JPY
261,849,828
2/29/2024
9,067
Citigroup, Inc.
Total unrealized appreciation
77,255
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Depreciation ($)
Counterparty
USD
1,125,351
NOK
11,731,393
2/29/2024
(9,062
)
Citigroup, Inc.
Currency Abbreviation(s)
AUD
Australian Dollar
EUR
Euro
JPY
Japanese Yen
NOK
Norwegian Krone
USD
United States Dollar
At January 31, 2024 the DWS Global Macro Fund had the following sector diversification:
Sector Diversification
Market Value ($)
As a % of Common Stocks and Corporate Bonds
Health Care
22,868,911
25%
Financials
14,547,206
16%
Information Technology
12,936,730
14%
Communication Services
12,700,187
14%
Consumer Staples
6,467,535
7%
Utilities
6,115,045
7%
Industrials
4,872,527
6%
Consumer Discretionary
4,867,878
5%
Real Estate
2,503,899
3%
Materials
2,229,292
3%
Total
90,109,210
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 January 31, 2024, the Fund held $1,023,025 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 January 31, 2024 in valuing the Fund's investments.
Assets
Level 1
Level 2
Level 3
Total
Common Stocks
Canada
$664,219
$
$
$664,219
France
16,042,521
16,042,521
Germany
13,705,491
13,705,491
Ireland
2,256,869
2,256,869
Italy
1,136,680
1,136,680
Japan
5,175,046
5,175,046
Korea
695,807
695,807
Netherlands
3,559,134
3,559,134
Switzerland
4,078,716
4,078,716
United Kingdom
2,097,798
2,097,798
United States
27,729,641
27,729,641
Bonds (a)
88,603,895
88,603,895
Exchange-Traded Funds
16,021,598
5,758,468
21,780,066
Short-Term Investments (a)
15,403,556
15,403,556
Derivatives (b)
Futures Contracts
718,013
718,013
Forward Foreign Currency Contracts
77,255
77,255
Total
$62,793,896
$140,930,811
$
$203,724,707
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (b)
Forward Foreign Currency Contracts
$
$(9,062
)
$
$(9,062
)
Total
$
$(9,062
)
$
$(9,062
)
(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 January 31, 2024 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure
Forward
Contracts
Futures
Contracts
Equity Contracts
$
$546,004
Interest Rate Contracts
$
$172,009
Foreign Exchange Contracts
$68,193
$

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-PH1
R-080548-2 (1/25)