UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-00642
Deutsche DWS International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
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2 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 3 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
Unadjusted for Sales Charge | 7.06% | 3.22% | 3.02% | 3.74% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 0.90% | –2.72% | 1.81% | 3.12% |
ICE BofA 3-Month U.S. Treasury Bill Index † | 2.66% | 5.36% | 2.07% | 1.42% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 6.09% | 3.80% | 3.90% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –0.01% | 2.58% | 3.29% | |
ICE BofA 3-Month U.S. Treasury Bill Index † | 5.24% | 2.02% | 1.38% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
Unadjusted for Sales Charge | 6.73% | 2.50% | 2.23% | 2.96% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 5.73% | 2.50% | 2.23% | 2.96% |
ICE BofA 3-Month U.S. Treasury Bill Index † | 2.66% | 5.36% | 2.07% | 1.42% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 5.33% | 3.02% | 3.12% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 5.33% | 3.02% | 3.12% | |
ICE BofA 3-Month U.S. Treasury Bill Index † | 5.24% | 2.02% | 1.38% |
Class R6 | 6-Month‡ | 1-Year | Life of Class* |
Average Annual Total Returns as of 4/30/24 | |||
No Sales Charges | 7.11% | 3.52% | 3.32% |
ICE BofA 3-Month U.S. Treasury Bill Index † | 2.66% | 5.36% | 2.04% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | |||
No Sales Charges | 6.25% | 3.80% | |
ICE BofA 3-Month U.S. Treasury Bill Index † | 5.24% | 1.99% |
4 | | | DWS Global Macro Fund |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 7.25% | 3.51% | 3.27% | 3.96% |
ICE BofA 3-Month U.S. Treasury Bill Index † | 2.66% | 5.36% | 2.07% | 1.42% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 6.36% | 4.05% | 4.14% | |
ICE BofA 3-Month U.S. Treasury Bill Index † | 5.24% | 2.02% | 1.38% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 7.23% | 3.62% | 3.28% | 4.01% |
ICE BofA 3-Month U.S. Treasury Bill Index † | 2.66% | 5.36% | 2.07% | 1.42% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 6.35% | 4.09% | 4.18% | |
ICE BofA 3-Month U.S. Treasury Bill Index † | 5.24% | 2.02% | 1.38% |
DWS Global Macro Fund | | | 5 |
![](https://capedge.com/proxy/N-CSRS/0000088053-24-000510/imgaa84b1543.jpg)
* | 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 C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
4/30/24 | $10.18 | $9.52 | $9.98 | $9.94 | $9.97 |
10/31/23 | $9.53 | $8.92 | $9.35 | $9.30 | $9.33 |
Distribution Information as of 4/30/24 | |||||
Income Dividends, Six Months | $.02 | $— | $.04 | $.03 | $.03 |
6 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 7 |
Asset Allocation (As a % of Net Assets) | 4/30/24 | 10/31/23 |
Common Stocks | 40% | 36% |
U.S. Treasury Obligations | 35% | 34% |
Corporate Bonds | 6% | 7% |
Gold Exchange-Traded Funds | 6% | 5% |
Cash and Cash Equivalents | 5% | 11% |
Futures Contracts Fixed Income | 4% | 9% |
Futures Contracts Equity | 3% | 4% |
Fixed Income Exchange-Traded Funds | 3% | 3% |
Equity Exchange-Traded Funds | 3% | 1% |
Sovereign Bonds | 2% | 2% |
Sector Diversification (As a % of Common Stocks and Corporate Bonds) | 4/30/24 | 10/31/23 |
Health Care | 23% | 22% |
Financials | 17% | 17% |
Communication Services | 16% | 16% |
Information Technology | 14% | 17% |
Consumer Staples | 7% | 5% |
Utilities | 6% | 7% |
Industrials | 6% | 7% |
Consumer Discretionary | 5% | 4% |
Materials | 3% | 3% |
Real Estate | 3% | 2% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 4/30/24 | 10/31/23 |
United States | 67% | 67% |
France | 10% | 9% |
Germany | 8% | 10% |
Netherlands | 4% | 4% |
Japan | 3% | 3% |
Australia | 2% | 2% |
Switzerland | 2% | 2% |
United Kingdom | 1% | — |
Other | 3% | 3% |
100% | 100% |
8 | | | DWS Global Macro Fund |
Five Largest Equity Holdings at April 30, 2024 (12.3% of Net Assets) | Country | Percent |
1Alphabet, Inc. | United States | 3.4% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | ||
2Microsoft Corp. | United States | 2.8% |
Develops, manufactures, licenses, sells and supports software products | ||
3AXA SA | France | 2.7% |
Offers insurance products and retail banking products and services | ||
4Allianz SE | Germany | 1.9% |
Provider of multi-line insurance services | ||
5E.ON SE | Germany | 1.5% |
Distributor of electricity to commercial and residential customers |
Five Largest Fixed-Income Long-Term Securities at April 30, 2024 (15.9% of Net Assets) | Country | Percent |
1U.S. Treasury Note | United States | 4.0% |
2.875%, 6/15/2025 | ||
2U.S. Treasury Note | United States | 3.0% |
4.125%, 6/15/2026 | ||
3U.S. Treasury Note | United States | 3.0% |
3.50%, 9/15/2025 | ||
4U.S. Treasury Note | United States | 3.0% |
3.625%, 5/15/2026 | ||
5U.S. Treasury Note | United States | 2.9% |
2.375%, 5/15/2029 |
DWS Global Macro Fund | | | 9 |
Shares | Value ($) | ||
Common Stocks 39.5% | |||
Canada 0.3% | |||
Nutrien Ltd. (Cost $924,225) | 13,319 | 702,844 | |
France 8.3% | |||
AXA SA (a) | 151,461 | 5,226,195 | |
BNP Paribas SA | 25,754 | 1,854,109 | |
Bureau Veritas SA | 18,047 | 527,418 | |
Capgemini SE | 9,758 | 2,046,740 | |
EssilorLuxottica SA | 4,521 | 965,715 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,288 | 1,058,413 | |
Orange SA | 135,315 | 1,507,523 | |
Sanofi SA | 16,909 | 1,675,418 | |
Veolia Environnement SA | 45,283 | 1,407,139 | |
(Cost $13,329,946) | 16,268,670 | ||
Germany 6.5% | |||
Allianz SE (Registered) | 12,887 | 3,667,323 | |
Bayer AG (Registered) | 34,493 | 1,002,400 | |
Deutsche Telekom AG (Registered) | 79,679 | 1,825,891 | |
E.ON SE | 224,139 | 2,971,099 | |
Infineon Technologies AG | 23,907 | 827,372 | |
Vonovia SE | 80,545 | 2,327,454 | |
(Cost $10,556,359) | 12,621,539 | ||
Ireland 1.1% | |||
Medtronic PLC (b) (Cost $2,557,461) | 25,781 | 2,068,667 | |
Italy 0.5% | |||
Enel SpA (Cost $1,308,734) | 161,128 | 1,059,218 | |
Japan 2.6% | |||
Daikin Industries Ltd. | 7,700 | 1,053,612 | |
FANUC Corp. | 25,900 | 756,066 | |
Keyence Corp. | 2,300 | 1,014,671 | |
Mitsubishi Electric Corp. | 13,300 | 232,148 | |
Takeda Pharmaceutical Co., Ltd. | 39,100 | 1,029,991 | |
Yaskawa Electric Corp. | 22,300 | 919,445 | |
(Cost $5,452,913) | 5,005,933 | ||
Korea 0.4% | |||
Samsung Electronics Co., Ltd. (Cost $565,717) | 12,877 | 718,069 |
10 | | | DWS Global Macro Fund |
Shares | Value ($) | ||
Netherlands 2.0% | |||
ING Groep NV | 117,121 | 1,855,968 | |
Koninklijke Ahold Delhaize NV | 65,154 | 1,979,609 | |
(Cost $2,916,944) | 3,835,577 | ||
Switzerland 1.8% | |||
Novartis AG (Registered) | 7,088 | 685,968 | |
Roche Holding AG (Genusschein) | 11,601 | 2,776,223 | |
(Cost $3,659,773) | 3,462,191 | ||
United Kingdom 0.7% | |||
Reckitt Benckiser Group PLC (Cost $1,851,448) | 26,090 | 1,455,680 | |
United States 15.3% | |||
Alphabet, Inc. “A” * | 40,410 | 6,577,940 | |
Amazon.com, Inc.* | 12,030 | 2,105,250 | |
CVS Health Corp. | 29,003 | 1,963,793 | |
Intel Corp. | 9,658 | 294,279 | |
Linde PLC | 5,203 | 2,294,315 | |
Mastercard, Inc. “A” | 1,035 | 466,992 | |
Merck & Co., Inc. | 22,558 | 2,914,945 | |
Meta Platforms, Inc. “A” | 3,387 | 1,456,986 | |
Microsoft Corp. | 14,179 | 5,520,310 | |
PayPal Holdings, Inc.* | 18,120 | 1,230,710 | |
Pfizer, Inc. | 81,441 | 2,086,519 | |
TE Connectivity Ltd. | 7,732 | 1,093,923 | |
Union Pacific Corp. | 5,148 | 1,220,900 | |
Visa, Inc. “A” | 2,522 | 677,434 | |
(Cost $21,838,742) | 29,904,296 | ||
Total Common Stocks (Cost $64,962,262) | 77,102,684 |
Principal Amount ($) (c) | Value ($) | ||
Bonds 43.1% | |||
Australia 1.8% | |||
Australia Government Bond, Series 159, REG S, 0.25%, 11/21/2024 (Cost $4,184,282) | AUD | 5,645,000 | 3,578,659 |
Netherlands 0.8% | |||
ING Groep NV, 3.95%, 3/29/2027 | 650,000 | 620,930 | |
Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025 | EUR | 800,000 | 848,655 |
(Cost $1,402,280) | 1,469,585 |
DWS Global Macro Fund | | | 11 |
Principal Amount ($) (c) | Value ($) | ||
Turkey 0.4% | |||
Republic of Turkey: | |||
3.25%, 6/14/2025 | EUR | 200,000 | 211,861 |
7.375%, 2/5/2025 | 500,000 | 505,473 | |
(Cost $717,660) | 717,334 | ||
United States 40.1% | |||
AbbVie, Inc., 2.95%, 11/21/2026 | 3,000,000 | 2,832,676 | |
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028 | 170,000 | 163,598 | |
Coty, Inc.: | |||
REG S, 4.75%, 4/15/2026 | EUR | 1,151,000 | 1,222,206 |
144A, 6.5%, 4/15/2026 | 1,136,000 | 1,136,769 | |
DISH DBS Corp., 7.75%, 7/1/2026 | 40,000 | 25,103 | |
General Motors Financial Co., Inc., 2.7%, 8/20/2027 | 1,000,000 | 911,516 | |
Howmet Aerospace, Inc., 5.125%, 10/1/2024 | 298,000 | 296,493 | |
HP, Inc., 3.0%, 6/17/2027 | 1,100,000 | 1,023,250 | |
Netflix, Inc.: | |||
4.625%, 5/15/2029 | EUR | 185,000 | 205,274 |
6.375%, 5/15/2029 | 960,000 | 999,707 | |
U.S. Treasury Bonds: | |||
2.375%, 5/15/2027 | 5,460,000 | 5,078,653 | |
3.75%, 11/15/2043 | 5,400,000 | 4,607,086 | |
4.375%, 5/15/2040 | 4,800,000 | 4,575,000 | |
4.5%, 5/15/2038 | 4,900,000 | 4,805,637 | |
U.S. Treasury Notes: | |||
0.375%, 7/15/2024 (d) | 1,000,000 | 989,902 | |
0.875%, 9/30/2026 | 5,000,000 | 4,540,820 | |
2.375%, 5/15/2029 | 6,400,000 | 5,731,250 | |
2.875%, 6/15/2025 | 8,000,000 | 7,796,250 | |
3.5%, 9/15/2025 | 6,000,000 | 5,866,641 | |
3.5%, 2/15/2033 | 6,200,000 | 5,669,852 | |
3.625%, 5/15/2026 | 6,000,000 | 5,838,047 | |
3.75%, 4/15/2026 | 4,000,000 | 3,904,219 | |
4.125%, 6/15/2026 | 6,000,000 | 5,892,891 | |
4.25%, 5/31/2025 | 2,200,000 | 2,176,797 | |
VeriSign, Inc., 5.25%, 4/1/2025 | 300,000 | 298,759 | |
Verizon Communications, Inc., 2.625%, 8/15/2026 | 800,000 | 752,092 | |
Warnermedia Holdings, Inc., 3.755%, 3/15/2027 | 900,000 | 848,067 | |
(Cost $80,275,837) | 78,188,555 | ||
Total Bonds (Cost $86,580,059) | 83,954,133 |
12 | | | DWS Global Macro Fund |
Shares | Value ($) | ||
Exchange-Traded Funds 11.8% | |||
iShares Core EUR Corp. Bond UCITS ETF | 23,877 | 2,998,559 | |
iShares EUR Corp. Bond ex-Financials UCITS ETF | 3,009 | 341,822 | |
iShares EUR Corp. Bond Large Cap UCITS ETF | 5,684 | 739,401 | |
iShares EUR High Yield Corp. Bond UCITS ETF | 15,760 | 1,538,352 | |
iShares MSCI Japan ETF | 34,695 | 2,333,933 | |
iShares U.S. Healthcare ETF (a) | 51,615 | 3,036,510 | |
SPDR Gold MiniShares Trust | 265,000 | 12,031,000 | |
Total Exchange-Traded Funds (Cost $20,016,356) | 23,019,577 | ||
Securities Lending Collateral 4.0% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.23% (e) (f) (Cost $7,733,125) | 7,733,125 | 7,733,125 | |
Cash Equivalents 3.7% | |||
DWS Central Cash Management Government Fund, 5.35% (e) (Cost $7,272,546) | 7,272,546 | 7,272,546 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $186,564,348) | 102.1 | 199,082,065 | |
Other Assets and Liabilities, Net | (2.1 ) | (4,150,427 ) | |
Net Assets | 100.0 | 194,931,638 |
DWS Global Macro Fund | | | 13 |
Value ($) at 10/31/2023 | 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 4/30/2024 | Value ($) at 4/30/2024 |
Securities Lending Collateral 4.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.23% (e) (f) | ||||||||
— | 7,733,125 (g) | — | — | — | 9,653 | — | 7,733,125 | 7,733,125 |
Cash Equivalents 3.7% | ||||||||
DWS Central Cash Management Government Fund, 5.35% (e) | ||||||||
17,503,238 | 23,956,277 | 34,186,969 | — | — | 221,603 | — | 7,272,546 | 7,272,546 |
17,503,238 | 31,689,402 | 34,186,969 | — | — | 231,256 | — | 15,005,671 | 15,005,671 |
* | 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, 2024 amounted to $7,087,755, which is 3.6% of net assets. |
(b) | Listed on the New York Stock Exchange. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | At April 30, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2024. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
MSCI: Morgan Stanley Capital International |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
S&P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
14 | | | DWS Global Macro Fund |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 6/18/2024 | 11 | 1,214,669 | 1,181,812 | (32,857) |
2 Year U.S. Treasury Note | USD | 6/28/2024 | 8 | 1,637,769 | 1,621,250 | (16,519) |
5 Year U.S. Treasury Note | USD | 6/28/2024 | 52 | 5,558,439 | 5,446,594 | (111,845) |
S&P 500 E-Mini Index | USD | 6/21/2024 | 19 | 4,886,691 | 4,813,650 | (73,041) |
TOPIX Index | JPY | 6/13/2024 | 35 | 5,968,590 | 6,096,123 | 127,533 |
Total net unrealized depreciation | (106,729) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
DAX Index | EUR | 6/21/2024 | 10 | 4,825,988 | 4,827,748 | (1,760) |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 39,506,569 | USD | 42,367,994 | 5/31/2024 | 154,532 | Citigroup, Inc. |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 1,521,923 | JPY | 232,601,926 | 5/31/2024 | (39,974) | JPMorgan Chase Securities, Inc. |
USD | 1,071,991 | NOK | 11,789,747 | 5/31/2024 | (9,816) | Toronto-Dominion Bank |
Total unrealized depreciation | (49,790) |
EUR | Euro |
JPY | Japanese Yen |
NOK | Norwegian Krone |
USD | United States Dollar |
DWS Global Macro Fund | | | 15 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Canada | $702,844 | $— | $— | $702,844 |
France | — | 16,268,670 | — | 16,268,670 |
Germany | — | 12,621,539 | — | 12,621,539 |
Ireland | 2,068,667 | — | — | 2,068,667 |
Italy | — | 1,059,218 | — | 1,059,218 |
Japan | — | 5,005,933 | — | 5,005,933 |
Korea | — | 718,069 | — | 718,069 |
Netherlands | — | 3,835,577 | — | 3,835,577 |
Switzerland | — | 3,462,191 | — | 3,462,191 |
United Kingdom | — | 1,455,680 | — | 1,455,680 |
United States | 29,904,296 | — | — | 29,904,296 |
Bonds (a) | — | 83,954,133 | — | 83,954,133 |
Exchange-Traded Funds | 17,401,443 | 5,618,134 | — | 23,019,577 |
Short-Term Investments (a) | 15,005,671 | — | — | 15,005,671 |
Derivatives (b) | ||||
Futures Contracts | 127,533 | — | — | 127,533 |
Forward Foreign Currency Contracts | — | 154,532 | — | 154,532 |
Total | $65,210,454 | $134,153,676 | $— | $199,364,130 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(236,022 ) | $— | $— | $(236,022 ) |
Forward Foreign Currency Contracts | — | (49,790 ) | — | (49,790 ) |
Total | $(236,022 ) | $(49,790 ) | $— | $(285,812 ) |
(a) | See Consolidated Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
16 | | | DWS Global Macro Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $171,558,677) — including $7,087,755 of securities loaned | $184,076,394 |
Investment in DWS Government & Agency Securities Portfolio (cost $7,733,125)* | 7,733,125 |
Investment in DWS Central Cash Management Government Fund (cost $7,272,546) | 7,272,546 |
Foreign currency, at value (cost $2,510,341) | 2,462,595 |
Receivable for Fund shares sold | 109,169 |
Dividends receivable | 422,040 |
Interest receivable | 960,787 |
Affiliated securities lending income receivable | 4,838 |
Receivable for variation margin on futures contracts | 83,548 |
Unrealized appreciation on forward foreign currency contracts | 154,532 |
Foreign taxes recoverable | 348,432 |
Other assets | 47,865 |
Total assets | 203,675,871 |
Liabilities | |
Payable upon return of securities loaned | 7,733,125 |
Payable for Fund shares redeemed | 68,157 |
Payable upon return of collateral for forward foreign currency contracts | 616,757 |
Unrealized depreciation on forward foreign currency contracts | 49,790 |
Accrued management fee | 96,875 |
Accrued Directors' fees | 2,290 |
Other accrued expenses and payables | 177,239 |
Total liabilities | 8,744,233 |
Net assets, at value | $194,931,638 |
DWS Global Macro Fund | | | 17 |
Net Assets Consist of | |
Distributable earnings (loss) | 7,018,647 |
Paid-in capital | 187,912,991 |
Net assets, at value | $194,931,638 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($33,618,134 ÷ 3,301,850 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $10.18 |
Maximum offering price per share (100 ÷ 94.25 of $10.18) | $10.80 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,353,551 ÷ 142,237 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $9.52 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($23,995 ÷ 2,403 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)** | $9.98 |
Class S | |
Net Asset Value, offering and redemption price per share ($81,259,720 ÷ 8,176,032 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $9.94 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($78,676,238 ÷ 7,894,807 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $9.97 |
18 | | | DWS Global Macro Fund |
Investment Income | |
Income: | |
Interest | $1,783,446 |
Dividends (net of foreign taxes withheld of $117,080) | 1,160,305 |
Income distributions — DWS Central Cash Management Government Fund | 221,603 |
Affiliated securities lending income | 9,653 |
Total income | 3,175,007 |
Expenses: | |
Management fee | 587,795 |
Administration fee | 95,027 |
Services to shareholders | 150,430 |
Distribution and service fees | 47,756 |
Custodian fee | 7,753 |
Professional fees | 49,130 |
Reports to shareholders | 23,270 |
Registration fees | 40,168 |
Directors' fees and expenses | 5,159 |
Other | 22,264 |
Total expenses before expense reductions | 1,028,752 |
Expense reductions | (45,744 ) |
Total expenses after expense reductions | 983,008 |
Net investment income | 2,191,999 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | (1,638,163 ) |
Futures | 785,543 |
Forward foreign currency contracts | (189,354 ) |
Foreign currency | 14,202 |
(1,027,772 ) | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 11,744,007 |
Futures | 349,086 |
Forward foreign currency contracts | 188,412 |
Foreign currency | 78,264 |
12,359,769 | |
Net gain (loss) | 11,331,997 |
Net increase (decrease) in net assets resulting from operations | $13,523,996 |
DWS Global Macro Fund | | | 19 |
Six Months Ended April 30, 2024 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,191,999 | $3,887,440 |
Net realized gain (loss) | (1,027,772 ) | (5,231,855 ) |
Change in net unrealized appreciation (depreciation) | 12,359,769 | 11,251,813 |
Net increase (decrease) in net assets resulting from operations | 13,523,996 | 9,907,398 |
Distributions to shareholders: | ||
Class A | (77,475 ) | (1,744,433 ) |
Class C | — | (69,985 ) |
Class R | (132 )* | (5,911 ) |
Class R6 | (84 ) | (1,140 ) |
Class S | (292,994 ) | (4,327,733 ) |
Institutional Class | (268,254 ) | (3,956,337 ) |
Return of capital distributions to shareholders: | ||
Class A | — | (240,778 ) |
Class C | — | (9,009 ) |
Class R | — | (781 ) |
Class R6 | — | (159 ) |
Class S | — | (600,702 ) |
Institutional Class | — | (549,736 ) |
Total distributions | (638,939 ) | (11,506,704 ) |
Fund share transactions: | ||
Proceeds from shares sold | 8,703,218 | 16,274,684 |
Reinvestment of distributions | 617,818 | 11,072,650 |
Payments for shares redeemed | (18,225,524 ) | (34,551,649 ) |
Net increase (decrease) in net assets from Fund share transactions | (8,904,488 ) | (7,204,315 ) |
Increase (decrease) in net assets | 3,980,569 | (8,803,621 ) |
Net assets at beginning of period | 190,951,069 | 199,754,690 |
Net assets at end of period | $194,931,638 | $190,951,069 |
* | For the period from November 1, 2023 to March 25, 2024 (Class R liquidation date). |
20 | | | DWS Global Macro Fund |
DWS Global Macro Fund — Class A | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.53 | $9.63 | $10.76 | $9.54 | $10.16 | $10.15 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .10 | .17 | .11 | .11 | .12 | .17 |
Net realized and unrealized gain (loss) | .57 | .28 | (1.07 ) | 1.20 | (.42 ) | .44 |
Total from investment operations | .67 | .45 | (.96 ) | 1.31 | (.30 ) | .61 |
Less distributions from: | ||||||
Net investment income | (.02 ) | (.38 ) | (.17 ) | (.09 ) | (.32 ) | (.42 ) |
Net realized gains | — | (.11 ) | — | — | — | (.18 ) |
Return of capital | — | (.06 ) | — | — | — | — |
Total distributions | (.02 ) | (.55 ) | (.17 ) | (.09 ) | (.32 ) | (.60 ) |
Net asset value, end of period | $10.18 | $9.53 | $9.63 | $10.76 | $9.54 | $10.16 |
Total Return (%)b,c | 7.06 * | 4.67 | (8.97 ) | 13.74 | (3.03 ) | 6.65 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 34 | 33 | 35 | 43 | 38 | 10 |
Ratio of expenses before expense reductions (%) | 1.29 ** | 1.28 | 1.27 | 1.28 | 1.32 | 2.08 |
Ratio of expenses after expense reductions (%) | 1.22 ** | 1.14 | 1.04 | .97 | 1.16 | 1.30 |
Ratio of net investment income (%) | 2.02 ** | 1.73 | 1.04 | 1.03 | 1.21 | 1.76 |
Portfolio turnover rate (%) | 21 * | 48 | 40 | 43 | 136 | 41 |
Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated. | |
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. |
* | Not annualized |
** | Annualized |
DWS Global Macro Fund | | | 21 |
DWS Global Macro Fund — Class C | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.92 | $9.02 | $10.07 | $8.94 | $9.48 | $9.48 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .06 | .08 | .03 | .03 | .04 | .09 |
Net realized and unrealized gain (loss) | .54 | .27 | (.99 ) | 1.11 | (.39 ) | .41 |
Total from investment operations | .60 | .35 | (.96 ) | 1.14 | (.35 ) | .50 |
Less distributions from: | ||||||
Net investment income | — | (.29 ) | (.09 ) | (.01 ) | (.19 ) | (.32 ) |
Net realized gains | — | (.11 ) | — | — | — | (.18 ) |
Return of capital | — | (.05 ) | — | — | — | — |
Total distributions | — | (.45 ) | (.09 ) | (.01 ) | (.19 ) | (.50 ) |
Net asset value, end of period | $9.52 | $8.92 | $9.02 | $10.07 | $8.94 | $9.48 |
Total Return (%)b,c | 6.73 * | 3.88 | (9.57 ) | 12.79 | (3.75 ) | 5.85 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1 | 1 | 2 | 3 | 7 | 2 |
Ratio of expenses before expense reductions (%) | 2.09 ** | 2.07 | 2.04 | 2.02 | 2.03 | 2.82 |
Ratio of expenses after expense reductions (%) | 1.97 ** | 1.88 | 1.78 | 1.72 | 1.92 | 2.05 |
Ratio of net investment income (%) | 1.26 ** | .91 | .31 | .31 | .45 | 1.02 |
Portfolio turnover rate (%) | 21 * | 48 | 40 | 43 | 136 | 41 |
Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated. | |
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. |
* | Not annualized |
** | Annualized |
22 | | | DWS Global Macro Fund |
DWS Global Macro Fund — Class R6 | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | Period Ended | ||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 10/31/19a | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.35 | $9.44 | $10.54 | $9.36 | $9.98 | $9.70 |
Income (loss) from investment operations: | ||||||
Net investment incomeb | .11 | .19 | .14 | .13 | .14 | .05 |
Net realized and unrealized gain (loss) | .56 | .29 | (1.05 ) | 1.16 | (.40 ) | .23 |
Total from investment operations | .67 | .48 | (.91 ) | 1.29 | (.26 ) | .28 |
Less distributions from: | ||||||
Net investment income | (.04 ) | (.39 ) | (.19 ) | (.11 ) | (.36 ) | — |
Net realized gains | — | (.11 ) | — | — | — | — |
Return of capital | — | (.07 ) | — | — | — | — |
Total distributions | (.04 ) | (.57 ) | (.19 ) | (.11 ) | — | — |
Net asset value, end of period | $9.98 | $9.35 | $9.44 | $10.54 | $9.36 | $9.98 |
Total Return (%)c | 7.11 * | 5.06 | (8.67 ) | 13.84 | (2.70 ) | 2.89 * |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ thousands) | 24 | 22 | 21 | 50 | 44 | 10 |
Ratio of expenses before expense reductions (%) | .98 ** | .98 | .96 | .94 | .99 | 1.82 ** |
Ratio of expenses after expense reductions (%) | .92 ** | .88 | .78 | .72 | .91 | .98 ** |
Ratio of net investment income (%) | 2.32 ** | 1.99 | 1.38 | 1.29 | 1.46 | 1.55 ** |
Portfolio turnover rate (%) | 21 * | 48 | 40 | 43 | 136 | 41 d |
Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated. | |
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 |
DWS Global Macro Fund | | | 23 |
DWS Global Macro Fund — Class S | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.30 | $9.40 | $10.49 | $9.32 | $9.95 | $9.93 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .11 | .19 | .13 | .12 | .14 | .20 |
Net realized and unrealized gain (loss) | .56 | .27 | (1.04 ) | 1.16 | (.40 ) | .43 |
Total from investment operations | .67 | .46 | (.91 ) | 1.28 | (.26 ) | .63 |
Less distributions from: | ||||||
Net investment income | (.03 ) | (.39 ) | (.18 ) | (.11 ) | (.37 ) | (.43 ) |
Net realized gains | — | (.11 ) | — | — | — | (.18 ) |
Return of capital | — | (.06 ) | — | — | — | — |
Total distributions | (.03 ) | (.56 ) | (.18 ) | (.11 ) | (.37 ) | (.61 ) |
Net asset value, end of period | $9.94 | $9.30 | $9.40 | $10.49 | $9.32 | $9.95 |
Total Return (%)b | 7.25 * | 4.91 | (8.70 ) | 13.75 | (2.72 ) | 7.04 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 81 | 81 | 84 | 102 | 96 | 5 |
Ratio of expenses before expense reductions (%) | 1.05 ** | 1.05 | 1.04 | 1.04 | 1.07 | 1.86 |
Ratio of expenses after expense reductions (%) | .97 ** | .89 | .81 | .82 | .92 | .94 |
Ratio of net investment income (%) | 2.26 ** | 1.98 | 1.27 | 1.18 | 1.43 | 2.12 |
Portfolio turnover rate (%) | 21 * | 48 | 40 | 43 | 136 | 41 |
Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated. | |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
24 | | | DWS Global Macro Fund |
DWS Global Macro Fund — Institutional Class | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.33 | $9.42 | $10.53 | $9.34 | $9.97 | $9.96 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .11 | .19 | .13 | .14 | .14 | .20 |
Net realized and unrealized gain (loss) | .56 | .29 | (1.05 ) | 1.16 | (.40 ) | .43 |
Total from investment operations | .67 | .48 | (.92 ) | 1.30 | (.26 ) | .63 |
Less distributions from: | ||||||
Net investment income | (.03 ) | (.39 ) | (.19 ) | (.11 ) | (.37 ) | (.44 ) |
Net realized gains | — | (.11 ) | — | — | — | (.18 ) |
Return of capital | — | (.07 ) | — | — | — | — |
Total distributions | (.03 ) | (.57 ) | (.19 ) | (.11 ) | (.37 ) | (.62 ) |
Net asset value, end of period | $9.97 | $9.33 | $9.42 | $10.53 | $9.34 | $9.97 |
Total Return (%) | 7.23 * | 5.05 b | (8.78 )b | 13.97 b | (2.76 )b | 6.98 b |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 79 | 75 | 79 | 84 | 39 | 16 |
Ratio of expenses before expense reductions (%) | .93 ** | .93 | .91 | .92 | 1.00 | 1.67 |
Ratio of expenses after expense reductions (%) | .93 ** | .89 | .79 | .72 | .91 | .97 |
Ratio of net investment income (%) | 2.32 ** | 1.99 | 1.33 | 1.32 | 1.46 | 2.10 |
Portfolio turnover rate (%) | 21 * | 48 | 40 | 43 | 136 | 41 |
Effective July 11, 2023, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to the year ended October 31, 2023 have not been consolidated. | |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS Global Macro Fund | | | 25 |
26 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 27 |
28 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 29 |
Overnight and Continuous | ˂30 days | Between 30 & 90 days | ˃90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $5,775,000 | $— | $— | $— | $5,775,000 |
Exchange-Traded Funds | 1,958,125 | — | — | — | 1,958,125 |
Total Borrowings | $7,733,125 | $— | $— | $— | $7,733,125 |
Gross amount of recognized liabilities for securities lending transactions: | $7,733,125 |
30 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 31 |
32 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 33 |
Asset Derivatives | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $127,533 | $127,533 |
Foreign Exchange Contracts (b) | 154,532 | — | 154,532 |
$154,532 | $127,533 | $282,065 | |
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: |
(a) | Futures contracts are reported in the table above using cumulative appreciation of futures contracts, as reported in the futures contracts table following the Fund’s Consolidated Investment Portfolio; within the Consolidated Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts. |
(b) | Unrealized appreciation on forward foreign currency contracts |
Liability Derivatives | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $(74,801 ) | $(74,801 ) |
Interest Rate Contracts (a) | — | (161,221 ) | (161,221 ) |
Foreign Exchange Contracts (b) | (49,790 ) | — | (49,790 ) |
$(49,790 ) | $(236,022 ) | $(285,812 ) | |
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: |
(a) | Futures contracts are reported in the table above using cumulative depreciation of futures contracts, as reported in the futures contracts table following the Fund’s Consolidated Investment Portfolio; within the Consolidated Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts. |
(b) | Unrealized depreciation on forward foreign currency contracts |
34 | | | DWS Global Macro Fund |
Realized Gain (Loss) | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $694,843 | $694,843 |
Interest Rate Contracts (a) | — | 90,700 | 90,700 |
Foreign Exchange Contracts (a) | (189,354 ) | — | (189,354 ) |
$(189,354 ) | $785,543 | $596,189 | |
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: |
(a) | Net realized gain (loss) from forward foreign currency contracts and futures, respectively |
Change in Net Unrealized Appreciation (Depreciation) | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $244,621 | $244,621 |
Interest Rate Contracts (a) | — | 104,465 | 104,465 |
Foreign Exchange Contracts (a) | 188,412 | — | 188,412 |
$188,412 | $349,086 | $537,498 | |
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts and futures, respectively |
DWS Global Macro Fund | | | 35 |
Counterparty | Gross Amount of Assets Presented in the Consolidated Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Non-Cash Collateral Received (a) | Cash Collateral Received (a) | Net Amount of Derivative Assets |
Citigroup, Inc. | $154,532 | $— | $— | $(154,532 ) | $— |
Counterparty | Gross Amount of Liabilities Presented in the Consolidated Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities |
JPMorgan Chase Securities, Inc. | $39,974 | $— | $— | $— | $39,974 |
Toronto-Dominion Bank | 9,816 | — | — | — | 9,816 |
$49,790 | $— | $— | $— | $49,790 |
(a) | The actual collateral received and/or pledged may be more than the amounts shown. |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $20,321,000 | $18,868,536 |
U.S. Treasury Obligations | $21,961,514 | $19,528,179 |
36 | | | 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 | 1.18% |
Class C | 1.93% |
Class R | 1.43% |
Class R6 | .93% |
Class S | .93% |
Institutional Class | 1.04% |
DWS Global Macro Fund | | | 37 |
Class A | 1.29% | |
Class C | 2.04% | |
Class R | 1.54% | |
Class R6 | .95% | |
Class S | 1.04% |
Class A | $11,698 |
Class C | 832 |
Class R | 151 |
Class R6 | 7 |
Class S | 33,056 |
$45,744 |
38 | | | DWS Global Macro Fund |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2024 |
Class A | $11,284 | $3,921 |
Class C | 514 | 202 |
Class R | 71 | 14 |
Class R6 | 15 | 5 |
Class S | 49,601 | 16,944 |
Institutional Class | 511 | 195 |
$61,996 | $21,281 |
Sub-Recordkeeping | Total Aggregated |
Class A | $19,142 |
Class C | 1,033 |
Class R | 120 |
Class S | 25,952 |
Institutional Class | 21,942 |
$68,189 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2024 |
Class C | $5,146 | $838 |
Class R | 120 | — |
$5,266 | $838 |
DWS Global Macro Fund | | | 39 |
Service Fee | Total Aggregated | Unpaid at April 30, 2024 | Annualized Rate |
Class A | $40,662 | $14,897 | .24% |
Class C | 1,708 | 601 | .25% |
Class R | 120 | 120 | .25% |
$42,490 | $15,618 |
40 | | | DWS Global Macro Fund |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 25,389 | $257,931 | 120,313 | $1,189,813 |
Class C | 19,073 | 180,317 | 24,765 | 228,617 |
Class R | 1,368 * | 13,317 * | 2,097 | 19,977 |
Class S | 34,454 | 338,683 | 75,680 | 733,145 |
Institutional Class | 797,726 | 7,912,970 | 1,456,779 | 14,103,132 |
$8,703,218 | $16,274,684 |
DWS Global Macro Fund | | | 41 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 6,905 | $70,112 | 184,771 | $1,787,475 |
Class C | — | — | 8,737 | 78,994 |
Class R | 14 * | 132 * | 719 | 6,692 |
Class R6 | 8 | 84 | 137 | 1,299 |
Class S | 28,139 | 279,386 | 497,294 | 4,696,445 |
Institutional Class | 26,937 | 268,104 | 475,566 | 4,501,745 |
$617,818 | $11,072,650 | |||
Shares redeemed | ||||
Class A | (235,387 ) | $(2,371,206 ) | (475,200 ) | $(4,684,684 ) |
Class C | (22,734 ) | (214,524 ) | (101,449 ) | (936,736 ) |
Class R | (13,276 )* | (131,927 )* | (5,435 ) | (51,311 ) |
Class S | (596,678 ) | (5,892,279 ) | (771,194 ) | (7,427,446 ) |
Institutional Class | (978,502 ) | (9,615,588 ) | (2,223,175 ) | (21,451,472 ) |
$(18,225,524 ) | $(34,551,649 ) | |||
Net increase (decrease) | ||||
Class A | (203,093 ) | $(2,043,163 ) | (170,116 ) | $(1,707,396 ) |
Class C | (3,661 ) | (34,207 ) | (67,947 ) | (629,125 ) |
Class R | (11,894 )* | (118,478 )* | (2,619 ) | (24,642 ) |
Class R6 | 8 | 84 | 137 | 1,299 |
Class S | (534,085 ) | (5,274,210 ) | (198,220 ) | (1,997,856 ) |
Institutional Class | (153,839 ) | (1,434,514 ) | (290,830 ) | (2,846,595 ) |
$(8,904,488 ) | $(7,204,315 ) |
* | For the period from November 1, 2023 to March 25, 2024 (Class R liquidation date). |
42 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 43 |
44 | | | DWS Global Macro Fund |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,070.60 | $1,067.30 | $1,071.10 | $1,072.50 | $1,072.30 |
Expenses Paid per $1,000* | $6.28 | $10.13 | $4.74 | $5.00 | $4.79 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,018.80 | $1,015.07 | $1,020.29 | $1,020.04 | $1,020.24 |
Expenses Paid per $1,000* | $6.12 | $9.87 | $4.62 | $4.87 | $4.67 |
* | 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 182 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Global Macro Fund | 1.22% | 1.97% | .92% | .97% | .93% |
DWS Global Macro Fund | | | 45 |
46 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 47 |
48 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 49 |
50 | | | DWS Global Macro Fund |
DWS Global Macro Fund | | | 51 |
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 Classes A, 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 | DWS PO 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 the 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 |
52 | | | 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 C | Class S | Institutional Class | |
Nasdaq Symbol | DBISX | DBICX | DBIVX | MGINX |
CUSIP Number | 25156G 871 | 25156G 806 | 25156G 608 | 25156G 509 |
Fund Number | 499 | 799 | 2399 | 559 |
For shareholders of Class R6 | |
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 |
24-hour access to your retirement plan account. | |
Web Site | 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 | (800) 728-3337 |
To speak with a service representative. | |
Written Correspondence | DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | DBIWX |
CUSIP Number | 25156G 418 |
Fund Number | 1699 |
DWS Global Macro Fund | | | 53 |
(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. | 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. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(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. | |
(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. |
SIGNATURES
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.
Registrant: | DWS Global Macro Fund, a series of Deutsche DWS International Fund, Inc. |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 6/28/2024 |
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.
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 6/28/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 6/28/2024 |