Investment Portfolio | as of January 31, 2020 (Unaudited) |
DWS Global Macro Fund
Shares | Value ($) | ||||||||||||
Common Stocks 49.1% | |||||||||||||
Austria 0.1% | |||||||||||||
Lenzing AG | 3,053 | 242,484 | |||||||||||
Verbund AG | 945 | 49,898 | |||||||||||
(Cost $341,311) | 292,382 | ||||||||||||
Belgium 0.0% | |||||||||||||
bpost SA (Cost $133,105) | 8,908 | 88,563 | |||||||||||
China 1.5% | |||||||||||||
Alibaba Group Holding Ltd. (ADR)* | 7,803 | 1,612,022 | |||||||||||
Tencent Holdings Ltd. | 25,100 | 1,191,330 | |||||||||||
(Cost $2,699,946) | 2,803,352 | ||||||||||||
France 6.2% | |||||||||||||
Airbus SE | 6,407 | 943,384 | |||||||||||
AXA SA | 99,970 | 2,658,838 | |||||||||||
Bureau Veritas SA | 12,950 | 356,314 | |||||||||||
Capgemini SE | 4,047 | 502,116 | |||||||||||
Cie de Saint-Gobain | 25,739 | 972,776 | |||||||||||
EssilorLuxottica SA | 3,238 | 480,174 | |||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,876 | 1,690,867 | |||||||||||
Sanofi | 15,702 | 1,508,614 | |||||||||||
TOTAL SA | 36,152 | 1,767,015 | |||||||||||
Veolia Environnement SA | 32,293 | 952,916 | |||||||||||
(Cost $11,918,926) | 11,833,014 | ||||||||||||
Germany 11.1% | |||||||||||||
Allianz SE (Registered) | 4,055 | 969,452 | |||||||||||
BASF SE | 15,539 | 1,048,610 | |||||||||||
Bayer AG (Registered) | 26,707 | 2,156,136 | |||||||||||
Deutsche Post AG (Registered) | 8,000 | 279,294 | |||||||||||
Deutsche Telekom AG (Registered) | 93,742 | 1,517,992 | |||||||||||
E.ON SE | 239,925 | 2,718,334 | |||||||||||
Evonik Industries AG | 58,252 | 1,593,305 | |||||||||||
Fresenius SE & Co. KGaA | 25,091 | 1,281,704 | |||||||||||
Infineon Technologies AG | 120,000 | 2,585,381 | |||||||||||
Merck KGaA | 3,189 | 408,189 | |||||||||||
SAP SE | 6,976 | 907,712 | |||||||||||
Vonovia SE | 100,483 | 5,737,567 | |||||||||||
(Cost $20,811,965) | 21,203,676 | ||||||||||||
Japan 1.1% | |||||||||||||
Panasonic Corp. | 161,800 | 1,612,187 | |||||||||||
Secom Co., Ltd. | 5,000 | 443,151 | |||||||||||
(Cost $2,005,089) | 2,055,338 | ||||||||||||
Korea 0.2% | |||||||||||||
Samsung Electronics Co., Ltd. (Cost $351,103) | 8,000 | 373,973 | |||||||||||
Netherlands 2.4% | |||||||||||||
ING Groep NV | 129,503 | 1,404,715 | |||||||||||
Koninklijke Ahold Delhaize NV | 38,562 | 946,224 | |||||||||||
Royal Dutch Shell PLC "A" | 85,279 | 2,237,307 | |||||||||||
(Cost $5,011,104) | 4,588,246 | ||||||||||||
Russia 0.6% | |||||||||||||
Sberbank of Russia PJSC (ADR) (Cost $984,741) | 67,484 | 1,075,830 | |||||||||||
Singapore 0.1% | |||||||||||||
Singapore Exchange Ltd. (Cost $126,948) | 20,000 | 126,668 | |||||||||||
Spain 0.3% | |||||||||||||
Banco Santander SA (Cost $719,961) | 164,615 | 645,752 | |||||||||||
Switzerland 2.7% | |||||||||||||
Nestle SA (Registered) | 13,000 | 1,432,497 | |||||||||||
Novartis AG (Registered) | 6,108 | 575,965 | |||||||||||
Roche Holding AG (Genusschein) | 6,888 | 2,311,792 | |||||||||||
TE Connectivity Ltd.(a) | 9,750 | 898,755 | |||||||||||
(Cost $3,845,156) | 5,219,009 | ||||||||||||
Taiwan 1.4% | |||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $2,719,650) | 264,000 | 2,727,357 | |||||||||||
United Kingdom 3.7% | |||||||||||||
Compass Group PLC | 40,470 | 999,930 | |||||||||||
Reckitt Benckiser Group PLC | 19,115 | 1,583,218 | |||||||||||
Smith & Nephew PLC | 40,651 | 974,633 | |||||||||||
Vodafone Group PLC | 1,759,985 | 3,458,970 | |||||||||||
(Cost $6,874,964) | 7,016,751 | ||||||||||||
United States 17.7% | |||||||||||||
AbbVie, Inc. | 33,847 | 2,742,284 | |||||||||||
Allergan PLC | 5,676 | 1,059,369 | |||||||||||
Alphabet, Inc. "A"* | 3,881 | 5,560,619 | |||||||||||
American Express Co. | 15,583 | 2,023,764 | |||||||||||
Amgen, Inc. | 735 | 158,797 | |||||||||||
AT&T, Inc. | 81,608 | 3,070,093 | |||||||||||
Booking Holdings, Inc.* | 724 | 1,325,318 | |||||||||||
Cisco Systems, Inc. | 33,421 | 1,536,363 | |||||||||||
CVS Health Corp. | 22,654 | 1,536,394 | |||||||||||
Johnson & Johnson | 37,627 | 5,601,531 | |||||||||||
MasterCard, Inc. "A" | 3,335 | 1,053,660 | |||||||||||
Microsoft Corp. | 22,808 | 3,882,606 | |||||||||||
Pfizer, Inc. | 42,648 | 1,588,212 | |||||||||||
Walt Disney Co. | 19,234 | 2,660,255 | |||||||||||
(Cost $32,367,304) | 33,799,265 | ||||||||||||
Total Common Stocks (Cost $90,911,273) | 93,849,176 | ||||||||||||
Preferred Stocks 1.2% | |||||||||||||
Germany | |||||||||||||
Volkswagen AG (Cost $2,673,349) | 13,000 | 2,329,862 | |||||||||||
Principal Amount ($) (b) | Value ($) | ||||||||||||
Bonds 36.6% | |||||||||||||
France 1.4% | |||||||||||||
BNP Paribas SA, REG S, 3-month EURIBOR + 0.850%, 0.452% **, 9/22/2022 | EUR | 357,000 | 401,287 | ||||||||||
CMA CGM SA: | |||||||||||||
REG S, 5.25%, 1/15/2025 | 1,200,000 | 1,041,398 | |||||||||||
REG S, 6.5%, 7/15/2022 | 1,000,000 | 981,331 | |||||||||||
REG S, 7.75%, 1/15/2021 | 250,000 | 262,931 | |||||||||||
(Cost $2,784,102) | 2,686,947 | ||||||||||||
Germany 1.6% | |||||||||||||
Hapag-Lloyd AG, REG S, 5.125%, 7/15/2024 | EUR | 500,000 | 579,099 | ||||||||||
Kreditanstalt fuer Wiederaufbau, 1.0%, 10/12/2021 | NOK | 23,400,000 | 2,521,301 | ||||||||||
(Cost $3,178,422) | 3,100,400 | ||||||||||||
Ireland 0.4% | |||||||||||||
GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/2020 (Cost $808,744) | 810,000 | 812,735 | |||||||||||
Netherlands 0.9% | |||||||||||||
Petrobras Global Finance BV: | |||||||||||||
5.375%, 1/27/2021 | 823,000 | 846,875 | |||||||||||
8.375%, 5/23/2021 (c) | 812,000 | 875,823 | |||||||||||
(Cost $1,707,022) | 1,722,698 | ||||||||||||
Norway 2.3% | |||||||||||||
Norway Government Bond: | |||||||||||||
REG S, 3.75%, 5/25/2021 | 23,000,000 | 2,579,345 | |||||||||||
Series 475, 2.0%, 5/24/2023 | 16,800,000 | 1,869,749 | |||||||||||
(Cost $4,552,730) | 4,449,094 | ||||||||||||
Oman 0.4% | |||||||||||||
Oman Government International Bond, REG S, 5.625%, 1/17/2028 (Cost $705,403) | 700,000 | 724,147 | |||||||||||
Russia 1.7% | |||||||||||||
Russian Federal Bond - OFZ: | |||||||||||||
7.0%, 8/16/2023 | RUB | 100,000,000 | 1,631,343 | ||||||||||
7.6%, 4/14/2021 | RUB | 100,000,000 | 1,605,005 | ||||||||||
(Cost $3,260,162) | 3,236,348 | ||||||||||||
Turkey 1.9% | |||||||||||||
Republic of Turkey: | |||||||||||||
3.25%, 6/14/2025 | 200,000 | 228,043 | |||||||||||
4.35%, 11/12/2021 | 1,000,000 | 1,174,483 | |||||||||||
5.125%, 5/18/2020 | 208,000 | 233,280 | |||||||||||
5.125%, 3/25/2022 | 200,000 | 207,500 | |||||||||||
5.625%, 3/30/2021 | 208,000 | 214,240 | |||||||||||
6.25%, 9/26/2022 | 200,000 | 213,500 | |||||||||||
7.0%, 6/5/2020 | 1,300,000 | 1,317,875 | |||||||||||
7.375%, 2/5/2025 | 80,000 | 90,394 | |||||||||||
(Cost $3,581,781) | 3,679,315 | ||||||||||||
United States 26.0% | |||||||||||||
AbbVie, Inc.: | |||||||||||||
144A, 2.95%, 11/21/2026 | 3,000,000 | 3,098,606 | |||||||||||
144A, 3.2%, 11/21/2029 | 1,000,000 | 1,038,485 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028 | 170,000 | 190,482 | |||||||||||
Arconic, Inc., 5.125%, 10/1/2024 | 1,500,000 | 1,619,655 | |||||||||||
Coty, Inc.: | |||||||||||||
144A, 6.5%, 4/15/2026 (c) | 900,000 | 938,250 | |||||||||||
REG S, 4.0%, 4/15/2023 | 1,000,000 | 1,131,264 | |||||||||||
DISH DBS Corp., 7.75%, 7/1/2026 | 40,000 | 42,000 | |||||||||||
Netflix, Inc.: | |||||||||||||
4.625%, 5/15/2029 | 185,000 | 228,580 | |||||||||||
6.375%, 5/15/2029 | 100,000 | 116,750 | |||||||||||
Sprint Communications, Inc., 7.0%, 8/15/2020 | 800,000 | 814,160 | |||||||||||
Sprint Corp., 7.25%, 9/15/2021 | 800,000 | 839,000 | |||||||||||
T-Mobile U.S.A., Inc.: | |||||||||||||
6.0%, 3/1/2023 | 1,000,000 | 1,018,280 | |||||||||||
6.375%, 3/1/2025 | 800,000 | 825,752 | |||||||||||
The Goldman Sachs Group, Inc., REG S, 3-month EURIBOR + 1.000%, 0.614% **, 7/27/2021 | EUR | 352,000 | 394,914 | ||||||||||
Transocean, Inc., 6.5%, 11/15/2020 | 79,000 | 80,185 | |||||||||||
U.S. Treasury Floating Rate Notes: | |||||||||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.569% **, 4/30/2020 | 8,000,000 | 8,000,319 | |||||||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.043%, 1.579% **, 7/31/2020 | 4,000,000 | 3,999,465 | |||||||||||
U.S. Treasury Notes: | |||||||||||||
1.375%, 9/30/2020 | 1,000,000 | 998,711 | |||||||||||
1.5%, 9/30/2021 | 4,000,000 | 4,007,344 | |||||||||||
1.625%, 12/31/2021 | 4,000,000 | 4,020,937 | |||||||||||
1.75%, 10/31/2020 | 1,000,000 | 1,001,289 | |||||||||||
2.375%, 5/15/2029 | 12,000,000 | 12,898,594 | |||||||||||
2.75%, 4/30/2023 | 650,000 | 679,605 | |||||||||||
2.875%, 10/31/2020 | 466,000 | 470,423 | |||||||||||
VeriSign, Inc., 5.25%, 4/1/2025 | 300,000 | 330,300 | |||||||||||
Verizon Communications, Inc., 2.625%, 8/15/2026 | 800,000 | 828,791 | |||||||||||
(Cost $49,057,768) | 49,612,141 | ||||||||||||
Total Bonds (Cost $69,636,134) | 70,023,825 | ||||||||||||
Convertible Bonds 0.9% | |||||||||||||
Mexico 0.5% | |||||||||||||
America Movil SAB de CV, REG S, 0.00%, 5/28/2020* (Cost $889,141) | EUR | 800,000 | 885,359 | ||||||||||
United States 0.4% | |||||||||||||
Twitter, Inc., 1.0%, 9/15/2021 (Cost $862,828) | 883,000 | 862,404 | |||||||||||
Total Convertible Bonds (Cost $1,751,969) | 1,747,763 | ||||||||||||
Shares | Value ($) | ||||||||||||
Exchange-Traded Funds 1.9% | |||||||||||||
iShares Floating Rate Bond ETF | 60,000 | 3,064,200 | |||||||||||
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 5,423 | 496,421 | |||||||||||
Total Exchange-Traded Funds (Cost $3,550,452) | 3,560,621 | ||||||||||||
Securities Lending Collateral 0.2% | |||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (d) (e) (Cost $417,365) | 417,365 | 417,365 | |||||||||||
Cash Equivalents 7.2% | |||||||||||||
DWS Central Cash Management Government Fund, 1.59% (d) (Cost $13,688,854) | 13,688,854 | 13,688,854 | |||||||||||
% of Net Assets | Value ($) | ||||||||||||
Total Investment Portfolio (Cost $182,629,396) | 97.1 | 185,617,466 | |||||||||||
Other Assets and Liabilities, Net | 2.9 | 5,563,472 | |||||||||||
Net Assets | 100.0 | 191,180,938 | |||||||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated investments during the period ended January 31, 2020 are as follows: |
Value ($) at 10/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 1/31/2020 | Value ($) at 1/31/2020 | ||||||||||
Securities Lending Collateral 0.2% | ||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (d) (e) | ||||||||||||||||||
125,775 | 291,590 (f) | — | — | — | 368 | — | 417,365 | 417,365 | ||||||||||
Cash Equivalents 7.2% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 1.59% (d) | ||||||||||||||||||
3,541,267 | 67,926,500 | 57,778,913 | — | — | 82,261 | — | 13,688,854 | 13,688,854 | ||||||||||
3,667,042 | 68,218,090 | 57,778,913 | — | — | 82,629 | — | 14,106,219 | 14,106,219 | ||||||||||
* | Non-income producing security. |
** | Variable or floating rate security. These securities are shown at their current rate as of January 31, 2020. 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. |
(a) | Listed on the New York Stock Exchange. |
(b) | Principal amount stated in U.S. dollars unless otherwise noted. |
(c) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at January 31, 2020 amounted to $400,189, which is 0.2% of net assets. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2020. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
ADR: American Depositary Receipt | |
EURIBOR: Euro Interbank Offered Rate | |
OFZ: Obigatyi Federal novo Zaima (Federal Loan Obligations) | |
PJSC: Public Joint Stock Company | |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. | |
S&P: Standard & Poor's | |
SPDR: Standard & Poor's Depositary Receipt | |
At January 31, 2020, open futures contracts sold were as follows: |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
Mini-DAX Index | EUR | 3/20/2020 | 17 | 6,292,036 | 6,124,670 | 167,366 | |||||||||||||||
NASDAQ 100 E-Mini Index | USD | 3/20/2020 | 27 | 4,732,398 | 4,858,785 | (126,387) | |||||||||||||||
S&P 500 E-Mini Index | USD | 3/20/2020 | 82 | 13,141,900 | 13,218,400 | (76,500) | |||||||||||||||
Total net unrealized depreciation | (35,521) | ||||||||||||||||||||
As of January 31, 2020, the Fund had the following open forward foreign currency contracts: |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||||||||||||||
USD | 978,307 | KRW | 1,152,748,938 | 2/28/2020 | (10,661) | Citigroup, Inc. | ||||||||||||
EUR | 41,775,142 | USD | 46,055,507 | 2/28/2020 | (352,036) | Royal Bank of Canada | ||||||||||||
GBP | 13,268,570 | USD | 17,286,667 | 2/28/2020 | (247,111) | Royal Bank of Canada | ||||||||||||
Total unrealized depreciation | (609,808) |
Currency Abbreviations | |||
EUR | Euro | ||
GBP | British Pound | ||
KRW | South Korean Won | ||
NOK | Norwegian Krone | ||
RUB | Russian Ruble | ||
USD | United States Dollar |
At January 31, 2020 the DWS Global Macro Fund had the following sector diversification: |
Sector Diversification | Market Value ($) | As a % of Common Stocks, Preferred Stocks, Corporate Bonds and Convertible Bonds | ||||||
Health Care | 27,652,149 | 23 | % | |||||
Communication Services | 24,133,885 | 20 | % | |||||
Information Technology | 14,584,673 | 12 | % | |||||
Financials | 13,035,256 | 11 | % | |||||
Consumer Discretionary | 9,570,186 | 8 | % | |||||
Industrials | 7,567,896 | 7 | % | |||||
Energy | 5,807,205 | 5 | % | |||||
Real Estate | 5,737,567 | 5 | % | |||||
Consumer Staples | 5,090,671 | 4 | % | |||||
Utilities | 3,721,148 | 3 | % | |||||
Materials | 2,884,399 | 2 | % | |||||
Total | 119,785,035 | 100 | % | |||||
Sector diversification is subject to change. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2020 in valuing the Fund's investments. |
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Common Stocks | |||||||||
Austria | $ | — | $ | 292,382 | $ | — | $ | 292,382 | |
Belgium | — | 88,563 | — | 88,563 | |||||
China | 1,612,022 | 1,191,330 | — | 2,803,352 | |||||
France | — | 11,833,014 | — | 11,833,014 | |||||
Germany | — | 21,203,676 | — | 21,203,676 | |||||
Japan | — | 2,055,338 | — | 2,055,338 | |||||
Korea | — | 373,973 | — | 373,973 | |||||
Netherlands | — | 4,588,246 | — | 4,588,246 | |||||
Russia | 1,075,830 | — | — | 1,075,830 | |||||
Singapore | — | 126,668 | — | 126,668 | |||||
Spain | — | 645,752 | — | 645,752 | |||||
Switzerland | 898,755 | 4,320,254 | — | 5,219,009 | |||||
Taiwan | — | 2,727,357 | — | 2,727,357 | |||||
United Kingdom | — | 7,016,751 | — | 7,016,751 | |||||
United States | 33,799,265 | — | — | 33,799,265 | |||||
Preferred Stocks | — | 2,329,862 | — | 2,329,862 | |||||
Corporate Bonds | — | 70,023,825 | — | 70,023,825 | |||||
Convertible Bonds | — | 1,747,763 | — | 1,747,763 | |||||
Exchange-Traded Funds | 3,560,621 | — | — | 3,560,621 | |||||
Short-Term Investments(g) | 14,106,219 | — | — | 14,106,219 | |||||
Derivatives(h) | |||||||||
Futures Contracts | $ | 167,366 | $ | — | $ | — | $ | 167,366 | |
Total | $ | 55,220,078 | $ | 130,564,754 | $ | — | $ | 185,784,832 | |
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||
Derivatives(h) | |||||||||
Futures Contracts | $ | (202,887) | $ | — | $ | — | $ | (202,887) | |
Forward Foreign Currency Contracts | — | (609,808) | — | (609,808) | |||||
Total | $ | (202,887) | $ | (609,808) | $ | — | $ | (812,695) |
(g) | See Investment Portfolio for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of January 31, 2020 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures | Forward Currency Contracts |
Foreign Exchange Contracts | $ — | $ (609,808) |
Interest Rate Contracts | $ (35,521) |