| Investment Portfolio | as of July 31, 2021 (Unaudited) |
DWS Global Macro Fund
| Shares | Value ($) | ||
| Common Stocks 57.2% | |||
| China 1.2% | |||
| Alibaba Group Holding Ltd. (ADR)* | 9,000 | 1,756,710 | |
| Tencent Holdings Ltd. | 18,000 | 1,115,259 | |
| (Cost $2,768,168) | 2,871,969 | ||
| France 9.1% | |||
| Alstom SA* (a) | 48,000 | 1,992,427 | |
| AXA SA | 162,245 | 4,204,573 | |
| BNP Paribas SA | 23,144 | 1,412,368 | |
| Bureau Veritas SA | 18,055 | 596,268 | |
| Capgemini SE | 5,831 | 1,262,165 | |
| Cie de Saint-Gobain | 20,281 | 1,449,173 | |
| Danone SA | 17,424 | 1,281,947 | |
| EssilorLuxottica SA | 7,500 | 1,417,169 | |
| LVMH Moet Hennessy Louis Vuitton SE | 312 | 249,171 | |
| Orange SA | 112,918 | 1,256,550 | |
| Sanofi | 23,544 | 2,426,384 | |
| Veolia Environnement SA | 85,979 | 2,825,296 | |
| Vinci SA | 12,000 | 1,268,573 | |
| (Cost $19,297,659) | 21,642,064 | ||
| Germany 14.8% | |||
| BASF SE | 47,876 | 3,768,086 | |
| Bayer AG (Registered) | 49,654 | 2,960,385 | |
| Deutsche Post AG (Registered) | 37,838 | 2,566,422 | |
| Deutsche Telekom AG (Registered) | 252,588 | 5,250,279 | |
| E.ON SE | 467,679 | 5,762,143 | |
| Evonik Industries AG | 77,581 | 2,699,153 | |
| HeidelbergCement AG | 15,327 | 1,361,545 | |
| Infineon Technologies AG | 73,972 | 2,826,680 | |
| Knorr-Bremse AG | 2,000 | 226,947 | |
| ProSiebenSat.1 Media SE | 35,660 | 678,538 | |
| Volkswagen AG (Preference) | 17,500 | 4,274,505 | |
| Vonovia SE | 45,180 | 3,008,475 | |
| (Cost $29,000,837) | 35,383,158 | ||
| Ireland 0.7% | |||
| Johnson Controls International PLC (b) (Cost $1,044,433) | 23,192 | 1,656,373 | |
| Italy 0.6% | |||
| Enel SpA (Cost $1,536,389) | 154,887 | 1,428,799 | |
| Japan 2.5% | |||
| Daikin Industries Ltd. | 2,700 | 560,535 | |
| Panasonic Corp. | 138,600 | 1,655,050 | |
| Secom Co., Ltd. | 7,500 | 566,506 | |
| Takeda Pharmaceutical Co., Ltd. | 72,200 | 2,418,371 | |
| Yaskawa Electric Corp. | 15,300 | 754,489 | |
| (Cost $5,917,036) | 5,954,951 | ||
| Korea 0.9% | |||
| Samsung Electronics Co., Ltd. (Cost $1,655,775) | 32,449 | 2,220,207 | |
| Netherlands 0.6% | |||
| Koninklijke Ahold Delhaize NV (Cost $1,253,350) | 49,190 | 1,528,279 | |
| Spain 1.3% | |||
| Red Electrica Corp. SA (Cost $2,888,332) | 150,311 | 2,979,409 | |
| Switzerland 4.4% | |||
| Alcon, Inc. | 8,658 | 630,149 | |
| Nestle SA (Registered) | 33,468 | 4,241,642 | |
| Novartis AG (Registered) | 20,602 | 1,906,079 | |
| Roche Holding AG (Genusschein) | 5,641 | 2,180,229 | |
| TE Connectivity Ltd. (b) | 11,206 | 1,652,549 | |
| (Cost $8,070,882) | 10,610,648 | ||
| Taiwan 2.6% | |||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $3,224,385) | 295,000 | 6,169,505 | |
| United Kingdom 3.0% | |||
| Allfunds Group PLC* | 9,449 | 166,628 | |
| Compass Group PLC* | 56,234 | 1,186,268 | |
| Linde PLC* (b) | 7,691 | 2,364,137 | |
| Smith & Nephew PLC | 38,283 | 779,562 | |
| Vodafone Group PLC | 1,667,268 | 2,681,697 | |
| (Cost $7,123,972) | 7,178,292 | ||
| United States 15.5% | |||
| Alphabet, Inc. "A"* | 2,700 | 7,275,231 | |
| Amazon.com, Inc.* | 700 | 2,329,313 | |
| American Express Co. | 14,512 | 2,474,731 | |
| AT&T, Inc. | 130,917 | 3,672,222 | |
| Cisco Systems, Inc. | 19,735 | 1,092,727 | |
| CVS Health Corp. | 10,113 | 832,907 | |
| Edison International | 4,000 | 218,000 | |
| Johnson & Johnson | 18,042 | 3,106,832 | |
| JPMorgan Chase & Co. | 18,611 | 2,824,777 | |
| Microsoft Corp. | 15,648 | 4,458,272 | |
| Netflix, Inc.* | 4,398 | 2,276,273 | |
| PayPal Holdings, Inc.* | 5,000 | 1,377,650 | |
| Pfizer, Inc. | 58,636 | 2,510,207 | |
| Union Pacific Corp. | 4,834 | 1,057,486 | |
| Visa, Inc. "A" (a) | 5,679 | 1,399,249 | |
| (Cost $27,976,832) | 36,905,877 | ||
| Total Common Stocks (Cost $111,758,050) | 136,529,531 | ||
| Principal Amount ($) (c) | Value ($) | ||
| Bonds 18.9% | |||
| France 0.8% | |||
| BNP Paribas SA, REG S, 3-month EURIBOR + 0.85%, 0.306% (d), 9/22/2022 | EUR | 357,000 | 427,130 |
| CMA CGM SA, REG S, 5.25%, 1/15/2025 | EUR | 1,200,000 | 1,451,463 |
| (Cost $1,546,720) | 1,878,593 | ||
| Germany 2.0% | |||
| KFW Government Guarantee, REG S, 0.125%, 5/16/2023 | 2,103,000 | 2,098,838 | |
| Kreditanstalt fuer Wiederaufbau, 1.0%, 10/12/2021 | NOK | 23,400,000 | 2,651,688 |
| (Cost $4,716,814) | 4,750,526 | ||
| Norway 0.7% | |||
| Norway Government Bond, Series 475, REG S, 144A, 2.0%, 5/24/2023 (Cost $1,507,026) | NOK | 13,708,000 | 1,592,010 |
| Oman 1.1% | |||
| Oman Government International Bond: | |||
| REG S, 4.75%, 6/15/2026 | 1,000,000 | 1,033,790 | |
| REG S, 5.625%, 1/17/2028 | 1,600,000 | 1,683,104 | |
| (Cost $2,266,873) | 2,716,894 | ||
| Russia 0.6% | |||
| Russian Federal Bond - OFZ, 7.0%, 8/16/2023 (Cost $1,620,712) | RUB | 100,000,000 | 1,375,934 |
| Turkey 0.8% | |||
| Republic of Turkey: | |||
| 3.25%, 6/14/2025 | EUR | 200,000 | 235,096 |
| 4.35%, 11/12/2021 | EUR | 1,000,000 | 1,197,109 |
| 5.125%, 3/25/2022 | 200,000 | 203,750 | |
| 6.25%, 9/26/2022 | 200,000 | 207,734 | |
| 7.375%, 2/5/2025 | 80,000 | 86,793 | |
| (Cost $1,803,822) | 1,930,482 | ||
| United States 12.9% | |||
| AbbVie, Inc., 2.95%, 11/21/2026 | 3,000,000 | 3,251,640 | |
| Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028 | 170,000 | 194,822 | |
| Coty, Inc.: | |||
| REG S, 4.0%, 4/15/2023 | EUR | 1,800,000 | 2,117,633 |
| 144A, 6.5%, 4/15/2026 | 900,000 | 904,500 | |
| DISH DBS Corp., 7.75%, 7/1/2026 | 40,000 | 45,650 | |
| Howmet Aerospace, Inc., 5.125%, 10/1/2024 | 1,540,000 | 1,695,447 | |
| Netflix, Inc.: | |||
| 4.625%, 5/15/2029 | EUR | 185,000 | 278,252 |
| 6.375%, 5/15/2029 | 100,000 | 128,548 | |
| Sprint Corp., 7.25%, 9/15/2021 | 800,000 | 805,200 | |
| U.S. Treasury Notes: | |||
| 0.125%, 11/30/2022 | 4,000,000 | 4,000,469 | |
| 1.5%, 9/30/2021 | 6,000,000 | 6,014,002 | |
| 1.625%, 12/31/2021 (e) | 6,000,000 | 6,038,672 | |
| 2.375%, 5/15/2029 | 2,957,000 | 3,242,766 | |
| 2.75%, 4/30/2023 | 1,000,000 | 1,045,039 | |
| VeriSign, Inc., 5.25%, 4/1/2025 | 300,000 | 341,280 | |
| Verizon Communications, Inc., 2.625%, 8/15/2026 | 800,000 | 852,888 | |
| (Cost $30,168,393) | 30,956,808 | ||
| Total Bonds (Cost $43,630,360) | 45,201,247 |
| Shares | Value ($) | ||
| Exchange-Traded Funds 6.8% | |||
| iShares JPMorgan EM Local Government Bond ETF | 90,000 | 4,963,970 | |
| iShares Nasdaq Biotechnology ETF (a) | 8,005 | 1,327,069 | |
| SPDR Gold MiniShares Trust * | 546,500 | 9,858,860 | |
| Total Exchange-Traded Funds (Cost $16,118,959) | 16,149,899 | ||
| Securities Lending Collateral 2.0% | |||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (f) (g) (Cost $4,784,486) | 4,784,486 | 4,784,486 | |
| Cash Equivalents 15.3% | |||
| DWS Central Cash Management Government Fund, 0.03% (f) (Cost $36,611,006) | 36,611,006 | ��36,611,006 | |
| % of Net Assets | Value ($) | ||
| Total Investment Portfolio (Cost $212,902,861) | 100.2 | 239,276,169 | |
| Other Assets and Liabilities, Net | (0.2) | (446,229) | |
| Net Assets | 100.0 | 238,829,940 | |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2021 are as follows:
| Value ($) at 10/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 7/31/2021 | Value ($) at 7/31/2021 |
| Securities Lending Collateral 2.0% | ||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (f) (g) | ||||||||
| 5,843,600 | — | 1,059,114 (h) | — | — | 28,317 | — | 4,784,486 | 4,784,486 |
| Cash Equivalents 15.3% | ||||||||
| DWS Central Cash Management Government Fund, 0.03% (f) | ||||||||
| 41,650,529 | 70,363,891 | 75,403,414 | — | — | 13,196 | — | 36,611,006 | 36,611,006 |
| 47,494,129 | 70,363,891 | 76,462,528 | — | — | 41,513 | — | 41,395,492 | 41,395,492 |
| * | 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 July 31, 2021 amounted to $4,589,201, which is 1.9% 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 July 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
| (e) | At July 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
| (f) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (g) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (h) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 31, 2021. |
| 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 |
| MSCI: Morgan Stanley Capital International |
| OFZ: Obigatyi Federal novo Zaima (Federal Loan Obligations) |
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| S&P: Standard & Poor's |
| SPDR: Standard & Poor's Depositary Receipt |
At July 31, 2021, open futures contracts sold were as follows:
| Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| 10 Year U.S. Treasury Note | USD | 9/21/2021 | 26 | 3,425,094 | 3,495,782 | (70,688) |
| DAX Index | EUR | 9/17/2021 | 32 | 14,944,631 | 14,755,994 | 188,637 |
| Euro Stoxx 50 Index | EUR | 9/17/2021 | 238 | 11,678,472 | 11,541,543 | 136,929 |
| MSCI World Index | EUR | 9/17/2021 | 52 | 2,358,216 | 2,455,370 | (97,154) |
| S&P 500 E-Mini Index | USD | 9/17/2021 | 73 | 15,496,249 | 16,021,675 | (525,426) |
| U.S. Treasury Long Bond | USD | 9/21/2021 | 31 | 4,839,071 | 5,106,281 | (267,210) |
| Total net unrealized depreciation | (634,912) | |||||
At July 31, 2021, the Fund had the following open forward foreign currency contracts:
| Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
| USD | 3,463,604 | NOK | 30,743,955 | 8/31/2021 | 16,675 | Toronto-Dominion Bank |
| USD | 3,278,024 | GBP | 2,359,761 | 8/31/2021 | 2,282 | Royal Bank of Canada |
| Total unrealized appreciation | 18,957 | |||||
| Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
| EUR | 60,058,713 | USD | 71,061,349 | 8/31/2021 | (225,909) | Royal Bank of Canada |
| RUB | 74,153,136 | USD | 1,003,240 | 8/31/2021 | (5,308) | Toronto-Dominion Bank |
| Total unrealized depreciation | (231,217) | |||||
Currency Abbreviation(s)
| EUR | Euro |
| GBP | British Pound |
| NOK | Norwegian Krone |
| RUB | Russian Ruble |
| USD | United States Dollar |
At July 31, 2021 the DWS Global Macro Fund had the following sector diversification:
| Sector Diversification | Market Value ($) | As a % of Common Stocks and Corporate Bonds |
| Information Technology | 24,865,172 | 16% |
| Communication Services | 24,251,699 | 16% |
| Health Care | 23,002,745 | 15% |
| Financials | 16,260,733 | 10% |
| Industrials | 15,842,109 | 10% |
| Consumer Discretionary | 15,180,641 | 10% |
| Utilities | 13,213,647 | 9% |
| Materials | 10,192,921 | 7% |
| Consumer Staples | 7,956,368 | 5% |
| Real Estate | 3,008,475 | 2% |
| Total | 153,774,510 | 100% |
Sector diversification is subject to change.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of July 31, 2021 in valuing the Fund's investments.
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | ||||
| China | $1,756,710 | $1,115,259 | $— | $2,871,969 |
| France | — | 21,642,064 | — | 21,642,064 |
| Germany | — | 35,383,158 | — | 35,383,158 |
| Ireland | 1,656,373 | — | — | 1,656,373 |
| Italy | — | 1,428,799 | — | 1,428,799 |
| Japan | — | 5,954,951 | — | 5,954,951 |
| Korea | — | 2,220,207 | — | 2,220,207 |
| Netherlands | — | 1,528,279 | — | 1,528,279 |
| Spain | — | 2,979,409 | — | 2,979,409 |
| Switzerland | 1,652,549 | 8,958,099 | — | 10,610,648 |
| Taiwan | — | 6,169,505 | — | 6,169,505 |
| United Kingdom | 2,364,137 | 4,814,155 | — | 7,178,292 |
| United States | 36,905,877 | — | — | 36,905,877 |
| Bonds | — | 45,201,247 | — | 45,201,247 |
| Exchange-Traded Funds | 11,185,929 | 4,963,970 | — | 16,149,899 |
| Short-Term Investments (a) | 41,395,492 | — | — | 41,395,492 |
| Derivatives (b) | ||||
| Futures Contracts | 325,566 | — | — | 325,566 |
| Forward Foreign Currency Contracts | — | 18,957 | — | 18,957 |
| Total | $97,242,633 | $142,378,059 | $— | $239,620,692 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Derivatives (b) | ||||
| Futures Contracts | $(960,478) | $— | $— | $(960,478) |
| Forward Foreign Currency Contracts | — | (231,217) | — | (231,217) |
| Total | $(960,478) | $(231,217) | $— | $(1,191,695) |
| (a) | See Investment Portfolio for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of July 31, 2021 categorized by the primary underlying risk exposure.
| Primary Underlying Risk Disclosure | Forward Contracts | Futures Contracts |
| Equity Contracts | $ — | $ (297,014) |
| Interest Rate Contracts | $ — | $ (337,898) |
| Foreign Exchange Contracts | $ (212,260) | $ — |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DGMF-PH3
R-080548-1 (1/23)