UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Â
FORM N-CSRS
Â
Investment Company Act file number: 811-00642
Â
Deutsche DWS International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
Â
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Â
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Â
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Â
Date of fiscal year end: | 10/31 |
 |  |
Date of reporting period: | 4/30/2022 |
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ITEM 1. | REPORT TO STOCKHOLDERS |
 |  |
 | (a) |
 |  |
2 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 3 |
4 | | | DWS Global Macro Fund |
Performance Summary | April 30, 2022 (Unaudited) |
Class A | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
Unadjusted for Sales Charge | –4.86% | –4.46% | 3.38% | 5.70% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –10.33% | –9.95% | 2.16% | 5.08% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 1.12% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge |  | –0.91% | 4.52% | 5.73% |
Adjusted for the Maximum Sales Charge (max 5.75% load) |  | –6.61% | 3.29% | 5.10% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 1.13% | 0.63% |
Class T | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
Unadjusted for Sales Charge | –4.88% | –4.57% | 3.36% | 5.70% |
Adjusted for the Maximum Sales Charge (max 2.50% load) | –7.26% | –6.95% | 2.83% | 5.44% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 1.12% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge |  | –0.95% | 4.52% | 5.72% |
Adjusted for the Maximum Sales Charge (max 2.50% load) |  | –3.43% | 3.99% | 5.46% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 1.13% | 0.63% |
Class C | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
Unadjusted for Sales Charge | –5.20% | –5.30% | 2.59% | 4.91% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –6.15% | –5.30% | 2.59% | 4.91% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 1.12% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge |  | –1.64% | 3.74% | 4.94% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) |  | –1.64% | 3.74% | 4.94% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 1.13% | 0.63% |
DWS Global Macro Fund | | | 5 |
Class R | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
No Sales Charges | –5.00% | –4.72% | 3.12% | 5.43% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 1.12% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
No Sales Charges |  | –1.14% | 4.28% | 5.48% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 1.13% | 0.63% |
Class R6 | 6-Month ‡ | 1-Year | Life of Class* |
Average Annual Total Returns as of 4/30/22 | |||
No Sales Charges | –4.67% | –4.24% | 2.97% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | |||
No Sales Charges |  | –0.61% | 3.99% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 0.65% |
Class S | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
No Sales Charges | –4.74% | –4.34% | 3.62% | 5.92% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 1.12% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
No Sales Charges |  | –0.69% | 4.77% | 5.96% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 1.13% | 0.63% |
Institutional Class | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
No Sales Charges | –4.77% | –4.34% | 3.63% | 5.97% |
ICE BofA 3-Month U.S. Treasury Bill Index †| 0.07% | 0.08% | 1.12% | 0.63% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
No Sales Charges |  | –0.71% | 4.80% | 6.00% |
ICE BofA 3-Month U.S. Treasury Bill Index †|  | 0.06% | 1.13% | 0.63% |
6 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 7 |
* | Class R6 shares commenced operations on July 1, 2019. |
†| ICE BofA 3-Month U.S. Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than three months. |
‡ | Total returns shown for periods less than one year are not annualized. |
 | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional Class |
Net Asset Value | |||||||
4/30/22 | $10.16 | $ 9.96 | $ 9.52 | $ 9.79 | $ 9.96 | $ 9.91 | $ 9.94 |
10/31/21 | $10.76 | $10.55 | $10.07 | $10.37 | $10.54 | $10.49 | $10.53 |
Distribution Information  as of 4/30/22 | |||||||
Income Dividends, Six Months | $ .08 | $ .08 | $ .04 | $ .06 | $ .09 | $ .09 | $ .09 |
8 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 9 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/22 | 10/31/21 |
Common Stocks | 49% | 57% |
Cash Equivalents | 21% | 21% |
U.S. Treasury Obligations | 15% | 6% |
Sovereign Bonds | 6% | 4% |
Commodity Exchange-Traded Funds | 5% | 4% |
Corporate Bonds | 3% | 5% |
Equity Exchange-Traded Funds | 1% | 2% |
Fixed Income Exchanged-Traded Funds | — | 1% |
 | 100% | 100% |
Sector Diversification (As a % of Common Stocks and Corporate Bonds) | 4/30/22 | 10/31/21 |
Health Care | 23% | 17% |
Communication Services | 19% | 19% |
Financials | 16% | 9% |
Information Technology | 15% | 16% |
Utilities | 6% | 9% |
Industrials | 6% | 7% |
Consumer Discretionary | 6% | 9% |
Consumer Staples | 5% | 6% |
Materials | 3% | 7% |
Real Estate | 1% | 1% |
 | 100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 4/30/22 | 10/31/21 |
United States | 44% | 36% |
Germany | 20% | 21% |
France | 12% | 14% |
United Kingdom | 4% | 5% |
Netherlands | 4% | 3% |
Japan | 4% | 3% |
Switzerland | 3% | 6% |
Australia | 2% | — |
Taiwan | 2% | 3% |
Ireland | 2% | — |
Oman | — | 2% |
Other | 3% | 7% |
 | 100% | 100% |
10 | | | DWS Global Macro Fund |
Five Largest Equity Holdings at April 30, 2022  (10.0% of Net Assets) | Country | Percent |
1 Deutsche Telekom AG | Germany | 2.5% |
Integrated telecommunications company | Â | Â |
2 E.ON SE | Germany | 2.1% |
Distributor of electricity to commercial and residential customers | Â | Â |
3 AXA SA | France | 2.1% |
Offers insurance products and retail banking products and services | Â | Â |
4 Alphabet, Inc. | United States | 1.8% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | Â | Â |
5 Bayer AG | Germany | 1.5% |
Produces & markets healthcare and agricultural products | Â | Â |
Five Largest Fixed-Income Long-Term Securities at April 30, 2022  (10.5% of Net Assets) | Country | Percent |
1 U.S. Treasury Note | United States | 2.2% |
0.125%, 11/30/2022 | Â | Â |
2 U.S. Treasury Note | United States | 2.2% |
0.125%, 5/15/2023 | Â | Â |
3 U.S. Treasury Note | United States | 2.2% |
0.125%, 8/31/2023 | Â | Â |
4 U.S. Treasury Note | United States | 2.1% |
0.875%, 9/30/2026 | Â | Â |
5 U.S. Treasury Note | United States | 1.8% |
2.75%, 4/30/2023 | Â | Â |
DWS Global Macro Fund | | | 11 |
Investment Portfolio | as of April 30, 2022 (Unaudited) |
 | Shares | Value ($) | |
Common Stocks 47.0% | Â | ||
France 8.3% | Â | ||
Alstom SA |  |     47,864 |   1,050,102 |
AXA SA (a) |  |    177,320 |   4,670,853 |
BNP Paribas SA |  |     58,263 |   3,015,771 |
Bureau Veritas SA |  |     19,969 |     577,182 |
Danone SA |  |     30,000 |   1,812,134 |
EssilorLuxottica SA |  |      7,609 |   1,302,691 |
Orange SA |  |    175,361 |   2,077,709 |
Sanofi (a) |  |     20,514 |   2,169,604 |
Veolia Environnement SA |  |     50,212 |   1,473,762 |
Vinci SA |  |      4,973 |     480,527 |
(Cost $19,713,855) | Â | Â | 18,630,335 |
Germany 10.9% | Â | ||
Bayer AG (Registered) |  |     51,000 |   3,347,805 |
BioNTech SE (ADR)* |  |      2,500 |     346,950 |
Deutsche Post AG (Registered) |  |     15,780 |     669,603 |
Deutsche Telekom AG (Registered) |  |    302,000 |   5,527,608 |
E.ON SE |  |    453,942 |   4,726,641 |
Evonik Industries AG |  |     71,262 |   1,862,342 |
Infineon Technologies AG |  |     85,737 |   2,448,488 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) |  |      2,993 |     710,646 |
ProSiebenSat.1 Media SE |  |     35,660 |     408,906 |
Siemens Energy AG |  |     14,532 |     278,712 |
Volkswagen AG (Preference) |  |     18,500 |   2,856,352 |
Vonovia SE |  |     30,229 |   1,203,949 |
(Cost $25,594,401) | Â | Â | 24,388,002 |
Ireland 1.2% | Â | ||
Medtronic PLC (b) (Cost $2,732,721) |  |     25,775 |    2,689,879 |
Italy 0.6% | Â | ||
Enel SpA (Cost $2,017,934) |  |    214,943 |    1,396,884 |
Japan 2.6% | Â | ||
Daikin Industries Ltd. |  |      4,900 |     748,523 |
Keyence Corp. |  |        500 |     201,998 |
Panasonic Holdings Corp. |  |    104,600 |     931,999 |
Secom Co., Ltd. |  |      7,500 |     529,141 |
12 | | | DWS Global Macro Fund |
 | Shares | Value ($) | |
Takeda Pharmaceutical Co., Ltd. |  |     86,900 |   2,521,763 |
Yaskawa Electric Corp. |  |     23,000 |     778,344 |
(Cost $6,988,999) | Â | Â | 5,711,768 |
Korea 0.6% | Â | ||
Samsung Electronics Co., Ltd. (Cost $1,115,301) |  |     23,670 |    1,255,397 |
Netherlands 2.8% | Â | ||
ASML Holding NV |  |      4,191 |   2,372,356 |
ING Groep NV |  |    113,976 |   1,075,620 |
Koninklijke Ahold Delhaize NV |  |     51,225 |   1,504,956 |
Koninklijke Philips NV |  |     52,026 |   1,352,000 |
(Cost $7,840,160) | Â | Â | 6,304,932 |
Switzerland 2.5% | Â | ||
Nestle SA (Registered) |  |      6,339 |     816,118 |
Novartis AG (Registered) |  |     20,602 |   1,821,087 |
Roche Holding AG (Genusschein) |  |      4,994 |   1,849,624 |
TE Connectivity Ltd. (b) |  |      8,479 |   1,058,009 |
(Cost $4,160,246) | Â | Â | 5,544,838 |
Taiwan 1.4% | Â | ||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $1,663,764) |  |    175,000 |    3,152,830 |
United Kingdom 3.1% | Â | ||
Allfunds Group PLC |  |      9,269 |      79,579 |
Compass Group PLC |  |     69,707 |   1,466,863 |
Linde PLC* (b) |  |      4,692 |   1,463,716 |
Smith & Nephew PLC |  |     46,000 |     736,512 |
Unilever PLC |  |     17,817 |     826,111 |
Vodafone Group PLC |  |  1,578,000 |   2,363,559 |
(Cost $7,222,398) | Â | Â | 6,936,340 |
United States 13.0% | Â | ||
Activision Blizzard, Inc. |  |     29,899 |   2,260,364 |
Alphabet, Inc. “A” * |  |      1,794 |   4,094,249 |
Amgen, Inc. |  |     10,474 |   2,442,432 |
AT&T, Inc. |  |    175,000 |   3,300,500 |
Intel Corp. |  |     16,051 |     699,663 |
Johnson & Johnson |  |     13,413 |   2,420,510 |
JPMorgan Chase & Co. |  |     18,611 |   2,221,409 |
Microsoft Corp. |  |     11,151 |   3,094,626 |
Netflix, Inc.* |  |      3,934 |     748,876 |
PayPal Holdings, Inc.* |  |     22,406 |   1,970,160 |
Pfizer, Inc. |  |     49,943 |   2,450,703 |
DWS Global Macro Fund | | | 13 |
 | Shares | Value ($) | |
Pinterest, Inc. “A” * |  |     71,569 |   1,468,596 |
Quanta Services, Inc. |  |      3,208 |     372,064 |
Texas Instruments, Inc. |  |      3,441 |     585,830 |
Warner Bros Discovery, Inc.* |  |     42,336 |     768,389 |
(Cost $28,794,367) | Â | Â | 28,898,371 |
Total Common Stocks (Cost $107,844,146) | Â | Â | 104,909,576 |
 | Principal Amount ($) (c) | Value ($) | |
Bonds 24.2% | Â | ||
Australia 1.7% | Â | ||
Australia Government Bond, REG S, 0.25%, 11/21/2024 (Cost $4,052,946) | AUD |  5,645,000 |    3,757,972 |
France 0.2% | Â | ||
BNP Paribas SA, REG S, 3-month EURIBOR + 0.85%, 0.363% (d), 9/22/2022 (Cost $395,978) | EUR |    357,000 |      377,656 |
Germany 3.0% | Â | ||
KFW Government Guarantee, REG S, 0.125%, 5/16/2023 |  |  3,485,000 |   3,404,730 |
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/2023 |  |  3,485,000 |   3,367,313 |
(Cost $6,936,246) | Â | Â | 6,772,043 |
Norway 0.7% | Â | ||
Norway Government Bond, Series 475, REG S, 144A, 2.0%, 5/24/2023 (Cost $1,499,147) | NOK | 13,708,000 |    1,465,159 |
Turkey 0.2% | Â | ||
Republic of Turkey: |  |            |             |
3.25%, 6/14/2025 | EUR |    200,000 |     201,411 |
6.25%, 9/26/2022 |  |    200,000 |     201,382 |
7.375%, 2/5/2025 |  |     80,000 |      79,664 |
(Cost $490,915) | Â | Â | 482,457 |
United States 18.4% | Â | ||
AbbVie, Inc., 2.95%, 11/21/2026 |  |  3,000,000 |   2,872,807 |
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028 |  |    170,000 |     169,181 |
Coty, Inc., 144A, 6.5%, 4/15/2026 (a) |  |    900,000 |     875,250 |
DISH DBS Corp., 7.75%, 7/1/2026 |  |     40,000 |      37,627 |
Howmet Aerospace, Inc., 5.125%, 10/1/2024 |  |  1,540,000 |   1,566,950 |
Netflix, Inc.: |  |            |             |
4.625%, 5/15/2029 | EUR |    185,000 |     204,575 |
6.375%, 5/15/2029 |  |    100,000 |     106,000 |
U.S. Treasury Bills, 0.061% (e), 5/19/2022 (f) |  |  7,000,000 |   6,999,273 |
14 | | | DWS Global Macro Fund |
 | Principal Amount ($) (c) | Value ($) | |
U.S. Treasury Notes: |  |            |             |
0.125%, 11/30/2022 |  |  5,000,000 |   4,957,226 |
0.125%, 5/15/2023 |  |  5,000,000 |   4,894,336 |
0.125%, 8/31/2023 |  |  5,000,000 |   4,847,461 |
0.875%, 9/30/2026 |  |  5,000,000 |   4,570,703 |
2.375%, 5/15/2029 |  |  4,000,000 |   3,854,375 |
2.75%, 4/30/2023 |  |  4,000,000 |   4,022,500 |
VeriSign, Inc., 5.25%, 4/1/2025 |  |    300,000 |     310,063 |
Verizon Communications, Inc., 2.625%, 8/15/2026 |  |    800,000 |     760,288 |
(Cost $42,104,284) | Â | Â | 41,048,615 |
Total Bonds (Cost $55,479,516) | Â | Â | 53,903,902 |
 | Shares | Value ($) | |
Exchange-Traded Funds 5.4% | Â | ||
iShares Biotechnology ETF (a) |  |      9,000 |   1,049,850 |
SPDR Gold MiniShares Trust * (a) |  |    273,250 |  10,293,328 |
WisdomTree Artificial Intelligence UCITS ETF * |  |     12,117 |     620,219 |
Total Exchange-Traded Funds (Cost $11,959,699) | Â | Â | 11,963,397 |
Securities Lending Collateral 7.2% | Â | ||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.26% (g) (h) (Cost $16,143,188) |  | 16,143,188 |   16,143,188 |
Cash Equivalents 20.0% | Â | ||
DWS Central Cash Management Government Fund, 0.32% (g) (Cost $44,519,978) |  | 44,519,978 |   44,519,978 |
 |  | % of Net Assets | Value ($) |
Total Investment Portfolio (Cost $235,946,527) | Â | 103.8 | 231,440,041 |
Other Assets and Liabilities, Net | Â | (3.8) | (8,431,309) |
Net Assets | Â | 100.0 | 223,008,732 |
DWS Global Macro Fund | | | 15 |
Value ($) at 10/31/2021 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 4/30/2022 | Value ($) at 4/30/2022 |
Securities Lending Collateral 7.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.26% (g) (h) | ||||||||
2,897,670 | 13,245,518 (i) | — | — | — | 18,691 | — | 16,143,188 | 16,143,188 |
Cash Equivalents 20.0% | ||||||||
DWS Central Cash Management Government Fund, 0.32% (g) | ||||||||
47,885,794 | 60,713,227 | 64,079,043 | — | — | 21,322 | — | 44,519,978 | 44,519,978 |
50,783,464 | 73,958,745 | 64,079,043 | — | — | 40,013 | — | 60,663,166 | 60,663,166 |
* | 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 April 30, 2022 amounted to $14,744,572, which is 6.6% of net assets. |
(b) | Listed on the New York Stock Exchange. |
(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 April 30, 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) | Annualized yield at time of purchase; not a coupon rate. |
(f) | At April 30, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(g) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(h) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(i) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 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. |
16 | | | DWS Global Macro Fund |
S& P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 6/21/2022 | 85 | 10,760,844 | 10,128,281 | 632,563 |
DAX Index | EUR | 6/17/2022 | 22 | 7,949,573 | 8,175,337 | (225,764) |
EURO-BOBL | EUR | 6/8/2022 | 15 | 2,030,619 | 2,012,528 | 18,091 |
EURO-BUND | EUR | 6/8/2022 | 70 | 11,949,642 | 11,342,087 | 607,555 |
NASDAQ 100 E-Mini Index | USD | 6/17/2022 | 15 | 3,912,725 | 3,855,600 | 57,125 |
S&P 500 E-Mini Index | USD | 6/17/2022 | 50 | 10,408,991 | 10,318,750 | 90,241 |
U.S. Treasury Long Bond | USD | 6/21/2022 | 74 | 11,440,743 | 10,410,875 | 1,029,868 |
Total net unrealized appreciation | 2,209,679 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
JPY | 171,652,024 | USD | 1,335,005 | 5/2/2022 | 12,233 | Brown Brothers Harriman & Co. |
JPY | 360,833,242 | USD | 2,820,244 | 5/2/2022 | 39,617 | Toronto-Dominion Bank |
EUR | 47,648,104 | USD | 50,651,445 | 5/31/2022 | 319,454 | Toronto-Dominion Bank |
Total unrealized appreciation | 371,304 | Â |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 4,342,196 | JPY | 532,485,266 | 5/2/2022 | (238,797) | Royal Bank of Canada |
USD | 2,382,004 | CHF | 2,294,993 | 5/31/2022 | (19,291) | Toronto-Dominion Bank |
USD | 580,268 | AUD | 810,107 | 5/31/2022 | (7,568) | Toronto-Dominion Bank |
USD | 6,397,118 | NOK | 59,117,507 | 5/31/2022 | (93,956) | Toronto-Dominion Bank |
DWS Global Macro Fund | | | 17 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 1,759,609 | GBP | 1,399,324 | 5/31/2022 | (65) | Toronto-Dominion Bank |
USD | 2,822,701 | JPY | 360,833,242 | 5/31/2022 | (39,508) | Toronto-Dominion Bank |
Total unrealized depreciation | (399,185) | Â |
AUD | Australian Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NOK | Norwegian Krone |
USD | United States Dollar |
18 | | | DWS Global Macro Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | Â | Â | Â | Â |
France | $          — | $ 18,630,335 | $— | $ 18,630,335 |
Germany |      346,950 |   24,041,052 | — |  24,388,002 |
Ireland |    2,689,879 |           — | — |   2,689,879 |
Italy |           — |    1,396,884 | — |   1,396,884 |
Japan |           — |    5,711,768 | — |   5,711,768 |
Korea |           — |    1,255,397 | — |   1,255,397 |
Netherlands |           — |    6,304,932 | — |   6,304,932 |
Switzerland |    1,058,009 |    4,486,829 | — |   5,544,838 |
Taiwan |           — |    3,152,830 | — |   3,152,830 |
United Kingdom |    1,463,716 |    5,472,624 | — |   6,936,340 |
United States |  28,898,371 |          — | — |  28,898,371 |
Bonds |          — |  53,903,902 | — |  53,903,902 |
Exchange-Traded Funds |  11,343,178 |     620,219 | — |  11,963,397 |
Short-Term Investments (a) |  60,663,166 |          — | — |  60,663,166 |
Derivatives (b) | Â | Â | Â | Â |
Futures Contracts |    2,435,443 |           — | — |   2,435,443 |
Forward Foreign Currency Contracts |          — |     371,304 | — |     371,304 |
Total | $108,898,712 | $125,348,076 | $ — | $234,246,788 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | Â | Â | Â | Â |
Futures Contracts | $    (225,764) | $          — | $— | $    (225,764) |
Forward Foreign Currency Contracts |          — |     (399,185) | — |     (399,185) |
Total | $ (225,764) | $ (399,185) | $ — | $ (624,949) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
DWS Global Macro Fund | | | 19 |
Assets | Â |
Investments in non-affiliated securities, at value (cost $175,283,361) — including $14,744,572 of securities loaned | $ 170,776,875 |
Investment in DWS Government & Agency Securities Portfolio (cost $16,143,188)* |  16,143,188 |
Investment in DWS Central Cash Management Government Fund (cost $44,519,978) |  44,519,978 |
Cash |          46 |
Foreign currency, at value (cost $5,260,364) |   5,102,828 |
Receivable for investments sold |   1,525,607 |
Receivable for Fund shares sold |      36,900 |
Dividends receivable |     249,512 |
Interest receivable |     234,063 |
Receivable for variation margin on futures contracts |     598,351 |
Unrealized appreciation on forward foreign currency contracts |     371,304 |
Foreign taxes recoverable |     580,427 |
Other assets |      60,693 |
Total assets | 240,199,772 |
Liabilities | Â |
Payable upon return of securities loaned |  16,143,188 |
Payable for investments purchased |     309,238 |
Payable for Fund shares redeemed |      68,046 |
Unrealized depreciation on forward foreign currency contracts |     399,185 |
Accrued management fee |      90,172 |
Accrued Directors' fees |       3,640 |
Other accrued expenses and payables |     177,571 |
Total liabilities | 17,191,040 |
Net assets, at value | $ 223,008,732 |
Net Assets Consist of | Â |
Distributable earnings (loss) |   5,702,020 |
Paid-in capital | 217,306,712 |
Net assets, at value | $ 223,008,732 |
*  | Represents collateral on securities loaned. |
20 | | | DWS Global Macro Fund |
Net Asset Value | Â |
Class A | Â |
Net Asset Value and redemption price per share ($38,754,197 ÷ 3,814,939 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $       10.16 |
Maximum offering price per share (100 ÷ 94.25 of $10.16) | $       10.78 |
Class T | Â |
Net Asset Value and redemption price per share ($11,477 ÷ 1,152 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $         9.96 |
Maximum offering price per share (100 ÷ 97.50 of $9.96) | $       10.22 |
Class C | Â |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,578,798 ÷ 271,011 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $         9.52 |
Class R | Â |
Net Asset Value, offering and redemption price per share ($175,154 ÷ 17,886 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $         9.79 |
Class R6 | Â |
Net Asset Value, offering and redemption price per share ($47,916 ÷ 4,811 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $         9.96 |
Class S | Â |
Net Asset Value, offering and redemption price per share ($92,511,760 ÷ 9,331,873 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $         9.91 |
Institutional Class | Â |
Net Asset Value, offering and redemption price per share ($88,929,430 ÷ 8,943,649 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $         9.94 |
DWS Global Macro Fund | | | 21 |
Investment Income | Â |
Income: | Â |
Dividends (net of foreign taxes withheld of $87,502) | $  1,302,591 |
Interest | 348,480 |
Income distributions — DWS Central Cash Management Government Fund | 21,322 |
Securities lending income, net of borrower rebates | 18,691 |
Total income | 1,691,084 |
Expenses: | Â |
Management fee | 683,779 |
Administration fee | 110,544 |
Services to shareholders | 167,634 |
Distribution and service fees | 64,080 |
Custodian fee | 7,123 |
Professional fees | 48,042 |
Reports to shareholders | 14,350 |
Registration fees | 42,178 |
Directors' fees and expenses | 7,479 |
Other | 19,368 |
Total expenses before expense reductions | 1,164,577 |
Expense reductions | (205,049) |
Total expenses after expense reductions | 959,528 |
Net investment income | 731,556 |
Realized and Unrealized Gain (Loss) | Â |
Net realized gain (loss) from: | Â |
Investments | 4,039,484 |
Futures | 2,985,461 |
Forward foreign currency contracts | 4,877,955 |
Foreign currency | (135,394) |
 | 11,767,506 |
Change in net unrealized appreciation (depreciation) on: | Â |
Investments | (26,244,972) |
Futures | 2,785,311 |
Forward foreign currency contracts | (207,383) |
Foreign currency | 71,961 |
 | (23,595,083) |
Net gain (loss) | (11,827,577) |
Net increase (decrease) in net assets resulting from operations | $ (11,096,021) |
22 | | | DWS Global Macro Fund |
 | Six Months Ended April 30, 2022 | Year Ended October 31, |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | Â | Â |
Net investment income | $  731,556 | $  2,539,241 |
Net realized gain (loss) | 11,767,506 | 5,629,161 |
Change in net unrealized appreciation (depreciation) | (23,595,083) | 16,832,777 |
Net increase (decrease) in net assets resulting from operations | (11,096,021) | 25,001,179 |
Distributions to shareholders: | Â | Â |
Class A | (311,463) | (349,418) |
Class T | (90) | (99) |
Class C | (10,489) | (8,896) |
Class R | (1,359) | (1,341) |
Class R6 | (436) | (534) |
Class S | (813,936) | (1,079,965) |
Institutional Class | (759,344) | (705,626) |
Total distributions | (1,897,117) | (2,145,879) |
Fund share transactions: | Â | Â |
Proceeds from shares sold | 21,628,284 | 65,062,006 |
Reinvestment of distributions | 1,829,823 | 2,061,085 |
Payments for shares redeemed | (20,333,115) | (38,562,318) |
Net increase (decrease) in net assets from Fund share transactions | 3,124,992 | 28,560,773 |
Increase (decrease) in net assets | (9,868,146) | 51,416,073 |
Net assets at beginning of period | 232,876,878 | 181,460,805 |
Net assets at end of period | $223,008,732 | $232,876,878 |
DWS Global Macro Fund | | | 23 |
DWS Global Macro Fund — Class A | ||||||
 | Six Months Ended 4/30/22 | Years Ended October 31, | ||||
 | (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.76 | $9.54 | $10.16 | $10.15 | $9.92 | $8.61 |
Income (loss) from investment operations: | Â | Â | Â | Â | Â | Â |
Net investment incomea | .02 | .11 | .12 | .17 | .15 | .06 |
Net realized and unrealized gain (loss) | (.54) | 1.20 | (.42) | .44 | .08 | 1.25 |
Total from investment operations | (.52) | 1.31 | (.30) | .61 | .23 | 1.31 |
Less distributions from: | Â | Â | Â | Â | Â | Â |
Net investment income | (.08) | (.09) | (.32) | (.42) | — | — |
Net realized gains | — | — | — | (.18) | — | — |
Total distributions | (.08) | (.09) | (.32) | (.60) | — | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $10.16 | $10.76 | $9.54 | $10.16 | $10.15 | $9.92 |
Total Return (%)b,c | (4.86) ** | 13.74 | (3.03) | 6.65 | 2.32 | 15.21 d |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 39 | 43 | 38 | 10 | 10 | 10 |
Ratio of expenses before expense reductions (%) | 1.25 *** | 1.28 | 1.32 | 2.08 | 2.58 | 2.63 |
Ratio of expenses after expense reductions (%) | 1.01 *** | .97 | 1.16 | 1.30 | 1.02 | 1.20 |
Ratio of net investment income (%) | .46 *** | 1.03 | 1.21 | 1.76 | 1.49 | .66 |
Portfolio turnover rate (%) | 27 ** | 43 | 136 | 41 | 80 | 121 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
d | The Fund’s total return includes a reimbursement for commissions paid on trades for portfolio rebalancing related to implementing a new investment strategy. Excluding this reimbursement, total return would have been 0.33% lower. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
24 | | | DWS Global Macro Fund |
DWS Global Macro Fund — Class T | |||
 | Six Months Ended 4/30/22 | Year Ended October 31, | Period Ended |
 | (Unaudited) | 2021 | 10/31/20 a |
Selected Per Share Data | Â | Â | Â |
Net asset value, beginning of period | $10.55 | $9.36 | $10.08 |
Income (loss) from investment operations: | Â | Â | Â |
Net investment incomeb | .02 | .11 | .10 |
Net realized and unrealized gain (loss) | (.53) | 1.17 | (.51) |
Total from investment operations | (.51) | 1.28 | (.41) |
Less distributions from: | Â | Â | Â |
Net investment income | (.08) | (.09) | (.31) |
Net asset value, end of period | $9.96 | $10.55 | $9.36 |
Total Return (%)c,d | (4.88) * | 13.67 | (4.21) * |
Ratios to Average Net Assets and Supplemental Data | |||
Net assets, end of period ($ thousands) | 11 | 12 | 11 |
Ratio of expenses before expense reductions (%) | 1.20 ** | 1.24 | 1.23 ** |
Ratio of expenses after expense reductions (%) | 1.01 ** | .97 | 1.16 ** |
Ratio of net investment income (%) | .46 ** | 1.03 | 1.20 ** |
Portfolio turnover rate (%) | 27 * | 43 | 136 e |
a | For the period from December 2, 2019 (commencement of operations) to October 31, 2020. |
b | Based on average shares outstanding during the period. |
c | Total return does not reflect the effect of any sales charges. |
d | Total return would have been lower had certain expenses not been reduced. |
e | Represents the Fund’s portfolio turnover rate for the year ended October 31, 2020. |
* | Not annualized |
** | Annualized |
DWS Global Macro Fund | | | 25 |
DWS Global Macro Fund — Class C | ||||||
 | Six Months Ended 4/30/22 | Years Ended October 31, | ||||
 | (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.07 | $8.94 | $9.48 | $9.48 | $9.34 | $8.17 |
Income (loss) from investment operations: | Â | Â | Â | Â | Â | Â |
Net investment income (loss)a | (.01) | .03 | .04 | .09 | .07 | (.01) |
Net realized and unrealized gain (loss) | (.50) | 1.11 | (.39) | .41 | .07 | 1.18 |
Total from investment operations | (.51) | 1.14 | (.35) | .50 | .14 | 1.17 |
Less distributions from: | Â | Â | Â | Â | Â | Â |
Net investment income | (.04) | (.01) | (.19) | (.32) | — | — |
Net realized gains | — | — | — | (.18) | — | — |
Total distributions | (.04) | (.01) | (.19) | (.50) | — | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $9.52 | $10.07 | $8.94 | $9.48 | $9.48 | $9.34 |
Total Return (%)b,c | (5.20) ** | 12.79 | (3.75) | 5.85 | 1.50 | 14.32 d |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 3 | 7 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%) | 2.01 *** | 2.02 | 2.03 | 2.82 | 3.32 | 3.34 |
Ratio of expenses after expense reductions (%) | 1.76 *** | 1.72 | 1.92 | 2.05 | 1.77 | 1.95 |
Ratio of net investment income (loss) (%) | (.30) *** | .31 | .45 | 1.02 | .74 | (.10) |
Portfolio turnover rate (%) | 27 ** | 43 | 136 | 41 | 80 | 121 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
d | The Fund’s total return includes a reimbursement for commissions paid on trades for portfolio rebalancing related to implementing a new investment strategy. Excluding this reimbursement, total return would have been 0.33% lower. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
26 | | | DWS Global Macro Fund |
DWS Global Macro Fund — Class R | ||||||
 | Six Months Ended 4/30/22 | Years Ended October 31, | ||||
 | (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per Share Data | Â | Â | Â | Â | Â | Â |
Net asset value, beginning of period | $10.37 | $9.20 | $9.77 | $9.77 | $9.57 | $8.33 |
Income (loss) from investment operations: | Â | Â | Â | Â | Â | Â |
Net investment incomea | .01 | .08 | .09 | .14 | .11 | .04 |
Net realized and unrealized gain (loss) | (.53) | 1.15 | (.39) | .42 | .09 | 1.20 |
Total from investment operations | (.52) | 1.23 | (.30) | .56 | .20 | 1.24 |
Less distributions from: | Â | Â | Â | Â | Â | Â |
Net investment income | (.06) | (.06) | (.27) | (.38) | — | — |
Net realized gains | — | — | — | (.18) | — | — |
Total distributions | (.06) | (.06) | (.27) | (.56) | — | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $9.79 | $10.37 | $9.20 | $9.77 | $9.77 | $9.57 |
Total Return (%)b | (5.00) ** | 13.37 | (3.20) | 6.35 | 2.09 | 14.89 c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | .2 | .2 | .2 | .3 | .4 | 1 |
Ratio of expenses before expense reductions (%) | 1.66 *** | 1.70 | 1.68 | 2.45 | 2.80 | 2.94 |
Ratio of expenses after expense reductions (%) | 1.26 *** | 1.22 | 1.43 | 1.53 | 1.27 | 1.44 |
Ratio of net investment income (%) | .17 *** | .82 | .96 | 1.51 | 1.13 | .44 |
Portfolio turnover rate (%) | 27 ** | 43 | 136 | 41 | 80 | 121 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | The Fund’s total return includes a reimbursement for commissions paid on trades for portfolio rebalancing related to implementing a new investment strategy. Excluding this reimbursement, total return would have been 0.33% lower. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Global Macro Fund | | | 27 |
DWS Global Macro Fund — Class R6 | ||||
 | Six Months Ended 4/30/22 | Years Ended October 31, | Period Ended | |
 | (Unaudited) | 2021 | 2020 | 10/31/19 a |
Selected Per Share Data | Â | Â | Â | Â |
Net asset value, beginning of period | $10.54 | $9.36 | $9.98 | $9.70 |
Income (loss) from investment operations: | Â | Â | Â | Â |
Net investment incomeb | .04 | .13 | .14 | .05 |
Net realized and unrealized gain (loss) | (.53) | 1.16 | (.40) | .23 |
Total from investment operations | (.49) | 1.29 | (.26) | .28 |
Less distributions from: | Â | Â | Â | Â |
Net investment income | (.09) | (.11) | (.36) | — |
Net asset value, end of period | $9.96 | $10.54 | $9.36 | $9.98 |
Total Return (%)c | (4.67) * | 13.84 | (2.70) | 2.89 * |
Ratios to Average Net Assets and Supplemental Data | ||||
Net assets, end of period ($ thousands) | 48 | 50 | 44 | 10 |
Ratio of expenses before expense reductions (%) | .92 ** | .94 | .99 | 1.82 ** |
Ratio of expenses after expense reductions (%) | .76 ** | .72 | .91 | .98 ** |
Ratio of net investment income (%) | .71 ** | 1.29 | 1.46 | 1.55 ** |
Portfolio turnover rate (%) | 27 * | 43 | 136 | 41 d |
a | For the period from July 1, 2019 (commencement of operations) to October 31, 2019. |
b | Based on average shares outstanding during the period. |
c | Total return would have been lower had certain expenses not been reduced. |
d | Represents the Fund’s portfolio turnover rate for the year ended October 31, 2019. |
* | Not annualized |
** | Annualized |
28 | | | DWS Global Macro Fund |
DWS Global Macro Fund — Class S | ||||||
 | Six Months Ended 4/30/22 | Years Ended October 31, | ||||
 | (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.49 | $9.32 | $9.95 | $9.93 | $9.69 | $8.39 |
Income (loss) from investment operations: | Â | Â | Â | Â | Â | Â |
Net investment incomea | .03 | .12 | .14 | .20 | .17 | .09 |
Net realized and unrealized gain (loss) | (.52) | 1.16 | (.40) | .43 | .07 | 1.21 |
Total from investment operations | (.49) | 1.28 | (.26) | .63 | .24 | 1.30 |
Less distributions from: | Â | Â | Â | Â | Â | Â |
Net investment income | (.09) | (.11) | (.37) | (.43) | — | — |
Net realized gains | — | — | — | (.18) | — | — |
Total distributions | (.09) | (.11) | (.37) | (.61) | — | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $9.91 | $10.49 | $9.32 | $9.95 | $9.93 | $9.69 |
Total Return (%)b | (4.74) ** | 13.75 | (2.72) | 7.04 | 2.48 | 15.49 c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 93 | 102 | 96 | 5 | 5 | 4 |
Ratio of expenses before expense reductions (%) | 1.02 *** | 1.04 | 1.07 | 1.86 | 2.32 | 2.41 |
Ratio of expenses after expense reductions (%) | .81 *** | .82 | .92 | .94 | .82 | .96 |
Ratio of net investment income (%) | .66 *** | 1.18 | 1.43 | 2.12 | 1.72 | .94 |
Portfolio turnover rate (%) | 27 ** | 43 | 136 | 41 | 80 | 121 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | The Fund’s total return includes a reimbursement for commissions paid on trades for portfolio rebalancing related to implementing a new investment strategy. Excluding this reimbursement, total return would have been 0.33% lower. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Global Macro Fund | | | 29 |
DWS Global Macro Fund — Institutional Class | ||||||
 | Six Months Ended 4/30/22 | Years Ended October 31, | ||||
 | (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.53 | $9.34 | $9.97 | $9.96 | $9.72 | $8.41 |
Income (loss) from investment operations: | Â | Â | Â | Â | Â | Â |
Net investment incomea | .04 | .14 | .14 | .20 | .18 | .08 |
Net realized and unrealized gain (loss) | (.54) | 1.16 | (.40) | .43 | .06 | 1.23 |
Total from investment operations | (.50) | 1.30 | (.26) | .63 | .24 | 1.31 |
Less distributions from: | Â | Â | Â | Â | Â | Â |
Net investment income | (.09) | (.11) | (.37) | (.44) | — | — |
Net realized gains | — | — | — | (.18) | — | — |
Total distributions | (.09) | (.11) | (.37) | (.62) | — | — |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $9.94 | $10.53 | $9.34 | $9.97 | $9.96 | $9.72 |
Total Return (%)b | (4.77) ** | 13.97 | (2.76) | 6.98 | 2.47 | 15.58 c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 89 | 84 | 39 | 16 | 8 | 2 |
Ratio of expenses before expense reductions (%) | .88 *** | .92 | 1.00 | 1.67 | 2.17 | 2.25 |
Ratio of expenses after expense reductions (%) | .77 *** | .72 | .91 | .97 | .77 | .94 |
Ratio of net investment income (%) | .73 *** | 1.32 | 1.46 | 2.10 | 1.84 | .93 |
Portfolio turnover rate (%) | 27 ** | 43 | 136 | 41 | 80 | 121 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | The Fund’s total return includes a reimbursement for commissions paid on trades for portfolio rebalancing related to implementing a new investment strategy. Excluding this reimbursement, total return would have been 0.33% lower. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
30 | | | DWS Global Macro Fund |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
DWS Global Macro Fund | | | 31 |
32 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 33 |
 | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total |
Securities Lending Transactions | |||||
Common Stocks | $  6,004,083 | $ — | $ — | $ — | $  6,004,083 |
Bonds | 895,755 | — | — | — | 895,755 |
Exchange-Traded Funds | 9,243,350 | — | — | — | 9,243,350 |
Total Borrowings | $ 16,143,188 | $  — | $  — | $  — | $ 16,143,188 |
Gross amount of recognized liabilities for securities lending transactions: | $ 16,143,188 |
34 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 35 |
B. | Derivative Instruments |
36 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 37 |
Assets Derivative | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $  — | $  147,366 | $  147,366 |
Interest Rate Contracts (a) | — | 2,288,077 | 2,288,077 |
Foreign Exchange Contracts (b) | 371,304 | — | 371,304 |
 | $ 371,304 | $ 2,435,443 | $ 2,806,747 |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
(b) | Unrealized appreciation on forward foreign currency contracts |
Liability Derivative | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $  — | $  (225,764) | $  (225,764) |
Foreign Exchange Contracts (b) | (399,185) | — | (399,185) |
 | $ (399,185) | $ (225,764) | $ (624,949) |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
(b) | Unrealized depreciation on forward foreign currency contracts |
Realized Gain (Loss) | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $  — | $ 2,404,484 | $ 2,404,484 |
Interest Rate Contracts (a) | — | 580,977 | 580,977 |
Foreign Exchange Contracts (a) | 4,877,955 | — | 4,877,955 |
 | $4,877,955 | $ 2,985,461 | $ 7,863,416 |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Net realized gain (loss) from forward foreign currency contracts and futures, respectively |
38 | | | DWS Global Macro Fund |
Change in Net Unrealized Appreciation (Depreciation) | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $  — | $  614,523 | $  614,523 |
Interest Rate Contracts (a) | — | 2,170,788 | 2,170,788 |
Foreign Exchange Contracts (a) | (207,383) | — | (207,383) |
 | $ (207,383) | $ 2,785,311 | $ 2,577,928 |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts and futures, respectively |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivative Assets |
Brown Brothers Harriman & Co. | $  12,233 | $  — | $ — | $  12,233 |
Toronto-Dominion Bank | 359,071 | (160,388) | — | 198,683 |
 | $ 371,304 | $ (160,388) | $  — | $ 210,916 |
DWS Global Macro Fund | | | 39 |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivative Liabilities |
Royal Bank of Canada | $ 238,797 | $  — | $ — | $ 238,797 |
Toronto-Dominion Bank | 160,388 | (160,388) | — | — |
 | $ 399,185 | $ (160,388) | $  — | $ 238,797 |
C. | Purchases and Sales of Securities |
 | Purchases | Sales |
Non-U.S. Treasury Obligations | $36,394,196 | $44,399,547 |
U.S. Treasury Obligations | $19,865,892 | $ 4,007,643 |
D. | Related Parties |
40 | | | DWS Global Macro Fund |
First $2.5 billion of the Fund’s average daily net assets | .600% |
Next $2.5 billion of such net assets | .595% |
Next $2.5 billion of such net assets | .565% |
Next $2.5 billion of such net assets | .555% |
Next $2.5 billion of such net assets | .545% |
Over $12.5 billion of such net assets | .535% |
Class A | .97% |
Class T | .97% |
Class C | 1.72% |
Class R | 1.22% |
Class R6 | .72% |
Class S | .81% |
Institutional Class | .72% |
DWS Global Macro Fund | | | 41 |
Class A | Â | 1.06% |
Class T | Â | 1.06% |
Class C | Â | 1.81% |
Class R | Â | 1.31% |
Class R6 | Â | .81% |
Institutional Class | Â | .81% |
Class A | $  47,784 |
Class T | 11 |
Class C | 3,487 |
Class R | 414 |
Class R6 | 38 |
Class S | 103,382 |
Institutional Class | 49,933 |
 | $ 205,049 |
42 | | | DWS Global Macro Fund |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2022 |
Class A | $ 12,530 | $  4,374 |
Class T | 13 | 4 |
Class C | 620 | 220 |
Class R | 92 | 36 |
Class R6 | 20 | 7 |
Class S | 53,569 | 18,062 |
Institutional Class | 432 | 153 |
 | $ 67,276 | $ 22,856 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 22,366 |
Class C | 1,894 |
Class R | 246 |
Class S | 37,921 |
Institutional Class | 20,333 |
 | $ 82,760 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2022 |
Class C | $ 10,447 | $ 1,604 |
Class R | 258 | 36 |
 | $ 10,705 | $ 1,640 |
DWS Global Macro Fund | | | 43 |
Service Fee | Total Aggregated | Unpaid at April 30, 2022 | Annualized Rate |
Class A | $ 49,670 | $ 17,148 | .24% |
Class T | 9 | 9 | .15% |
Class C | 3,438 | 1,107 | .25% |
Class R | 258 | 251 | .25% |
 | $ 53,375 | $ 18,515 |  |
44 | | | DWS Global Macro Fund |
E. | Line of Credit |
F. | Concentration of Ownership |
DWS Global Macro Fund | | | 45 |
G. | Fund Share Transactions |
 | Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
 | Shares | Dollars | Shares | Dollars |
Shares sold | ||||
Class A |    86,135 |  $  914,825 |   476,591 |  $  5,103,626 |
Class C |    14,835 |    143,601 |    14,552 |    145,819 |
Class R |     1,222 |     12,483 |     5,922 |     58,886 |
Class S |    51,396 |    530,632 |   325,658 |  3,416,472 |
Institutional Class | 1,931,950 | 20,026,743 | 5,368,875 | 56,337,203 |
 |  | $  21,628,284 |  | $  65,062,006 |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A |    26,461 |  $  280,295 |    29,754 |    $  312,577 |
Class T |         9 |         90 |         9 |         99 |
Class C |     1,056 |     10,489 |       905 |      8,738 |
Class R |       133 |      1,359 |       133 |      1,341 |
Class R6 |        42 |        436 |        51 |        534 |
Class S |    75,323 |    778,369 |   100,782 |  1,032,768 |
Institutional Class |    73,282 |    758,785 |    68,096 |    705,028 |
 |  | $  1,829,823 |  | $  2,061,085 |
Shares redeemed | ||||
Class A |   (282,379) |  $  (2,995,868) |   (526,538) |  $  (5,567,667) |
Class C |    (57,393) |    (573,937) |   (512,950) |  (5,106,103) |
Class R |     (5,456) |     (55,786) |     (5,551) |     (55,890) |
Class S |   (554,386) |  (5,764,202) | (1,012,871) | (10,418,582) |
Institutional Class | (1,055,602) | (10,943,322) | (1,656,252) | (17,414,076) |
 |  | $ (20,333,115) |  | $ (38,562,318) |
46 | | | DWS Global Macro Fund |
 | Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | ||
 | Shares | Dollars | Shares | Dollars |
Net increase (decrease) | ||||
Class A |   (169,783) |  $  (1,800,748) |    (20,193) |    $  (151,464) |
Class T |         9 |         90 |         9 |         99 |
Class C |    (41,502) |    (419,847) |   (497,493) |  (4,951,546) |
Class R |     (4,101) |     (41,944) |       504 |      4,337 |
Class R6 |        42 |        436 |        51 |        534 |
Class S |   (427,667) |  (4,455,201) |   (586,431) |  (5,969,342) |
Institutional Class |   949,630 |  9,842,206 | 3,780,719 | 39,628,155 |
 |  | $  3,124,992 |  | $  28,560,773 |
H. | Other — COVID-19 Pandemic |
DWS Global Macro Fund | | | 47 |
—  | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000”  line under the share class you hold. |
—  | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
48 | | | DWS Global Macro Fund |
Actual Fund Return | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/22 | $ 951.40 | $ 951.20 | $ 948.00 | $ 950.00 | $ 953.30 | $ 952.60 | $ 952.30 |
Expenses Paid per $1,000* | $ 4.89 | $ 4.89 | $ 8.50 | $ 6.09 | $ 3.68 | $ 3.92 | $ 3.73 |
Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/22 | $1,019.79 | $1,019.79 | $1,016.07 | $1,018.55 | $1,021.03 | $1,020.78 | $1,020.98 |
Expenses Paid per $1,000* | $ 5.06 | $ 5.06 | $ 8.80 | $ 6.31 | $ 3.81 | $ 4.06 | $ 3.86 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional Class |
DWS Global Macro Fund |    1.01% |    1.01% |    1.76% |    1.26% |    .76% |    .81% |    .77% |
DWS Global Macro Fund | | | 49 |
50 | | | DWS Global Macro Fund |
—  | During the entire process, all of the Fund’s Directors were independent of DIMA and its affiliates (the “Independent Directors” ). |
—  | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Directors (the “Fee Consultant” ). |
—  | The Board also received extensive information throughout the year regarding performance of the Fund. |
—  | The Independent Directors regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Directors were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
—  | In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
DWS Global Macro Fund | | | 51 |
52 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 53 |
54 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 55 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWSPO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
56 | | | DWS Global Macro Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
 | DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
 | Class A | Class T | Class C | Class S | Institutional Class |
Nasdaq Symbol | DBISX | DBIUX | DBICX | DBIVX | MGINX |
CUSIP Number | 25156G 871 | 25156G 558 | 25156G 806 | 25156G 608 | 25156G 509 |
Fund Number | 499 | 1799 | 799 | 2399 | 559 |
For shareholders of Class R and Class R6 | ||
Automated Information Line | Â | DWS/Ascensus Plan Access (800) 728-3337 |
24-hour access to your retirement plan account. | ||
Web Site | Â | dws.com |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | ||
For More Information | Â | (800) 728-3337 |
To speak with a service representative. | ||
Written Correspondence | Â | DWS Service Company222 South Riverside Plaza Chicago, IL 60606-5806 |
 | Class R | Class R6 |
Nasdaq Symbol | DBITX | DBIWX |
CUSIP Number | 25156G 707 | 25156G 418 |
Fund Number | 1501 | 1699 |
DWS Global Macro Fund | | | 57 |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
58 | | | DWS Global Macro Fund |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
DWS Global Macro Fund | | | 59 |
 |  | |
 | (b) Not applicable | |
 |  | |
ITEM 2. | CODE OF ETHICS | |
 |  | |
 | Not applicable. | |
 |  | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 6. | SCHEDULE OF INVESTMENTS | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
 |  | |
 | Not applicable | |
 |  | |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
 |  | |
 | There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | |
 |  | |
ITEM 11. | CONTROLS AND PROCEDURES | |
 |  | |
 | (a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
 |  | |
 | (b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
 |  | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
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 | Not applicable | |
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ITEM 13. | EXHIBITS | |
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 | (a)(1) | Not applicable |
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 | (a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
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 | (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Registrant: | DWS Global Macro Fund, a series of Deutsche DWS International Fund, Inc. |
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By: | /s/Hepsen Uzcan Hepsen Uzcan President |
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Date: | 6/29/2022 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: | /s/Hepsen Uzcan Hepsen Uzcan President |
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Date: | 6/29/2022 |
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By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
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Date: | 6/29/2022 |
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